NPORT-EX 2 FTFT.htm
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Alabama
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
1
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.6%
Alabama
97.1%
Alabama
Community
College
System
,
Bishop
State
Community
College
,
Revenue
,
2019
,
BAM
Insured
,
4
%
,
1/01/49
......................................
$
2,000,000
$
2,268,280
Alabama
Federal
Aid
Highway
Finance
Authority
,
Revenue
,
2017A
,
Refunding
,
5
%
,
6/01/37
.........................................................
4,130,000
5,171,999
Alabama
Highway
Finance
Corp.
,
Rebuild
Alabama
Act
Gasoline/Diesel
Tax
,
Revenue
,
2020
A
,
5
%
,
8/01/40
................................................
1,000,000
1,328,390
Alabama
Public
School
and
College
Authority
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/40
........................................................
2,000,000
2,469,240
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
,
Ascension
Health
Credit
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/46
...................
3,000,000
3,536,490
Anniston
Public
Building
Authority
,
State
of
Alabama
Department
of
Human
Resources
,
Revenue
,
2011
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
3/01/43
..................
2,120,000
2,145,398
Auburn
University
,
Revenue
,
2015A
,
Refunding
,
5
%
,
6/01/33
...................
2,500,000
2,925,650
Baldwin
County
Board
of
Education
,
Revenue
,
2012
,
Pre-Refunded
,
5
%
,
6/01/27
...
3,015,000
3,232,201
Bessemer
Governmental
Utility
Services
Corp.
,
Water
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/39
...........................................
6,000,000
7,311,900
Birmingham
Airport
Authority
,
Revenue,
2020,
Refunding,
BAM
Insured,
5%,
7/01/32
......................
300,000
391,344
Revenue,
2020,
Refunding,
BAM
Insured,
5%,
7/01/33
......................
325,000
421,684
Revenue,
2020,
Refunding,
BAM
Insured,
5%,
7/01/34
......................
400,000
517,964
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/35
......................
350,000
415,310
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/36
......................
500,000
591,055
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/37
......................
545,000
642,119
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/38
......................
400,000
469,896
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/39
......................
2,540,000
2,976,651
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/40
......................
705,000
824,103
Birmingham-Jefferson
Civic
Center
Authority
,
Special
Tax
,
2018
A
,
5
%
,
7/01/33
.....
1,605,000
1,797,728
Board
of
Water
&
Sewer
Commissioners
of
the
City
of
Mobile
,
Revenue
,
2014
,
Refunding
,
5
%
,
1/01/36
.............................................
10,000,000
10,831,900
Calhoun
County
Board
of
Education
,
Special
Tax
,
2016
,
BAM
Insured
,
5
%
,
2/01/46
..
6,000,000
6,877,080
City
of
Bessemer
,
Water
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/47
...
2,590,000
3,039,650
City
of
Birmingham
,
GO
,
2013-A
,
Pre-Refunded
,
5
%
,
3/01/43
..................
5,000,000
5,536,650
City
of
Homewood
,
GO
,
2012
,
Pre-Refunded
,
5
%
,
9/01/42
....................
4,000,000
4,336,160
City
of
Huntsville
,
GO,
2018-B,
5%,
5/01/38
............................................
4,775,000
5,971,185
Water,
Revenue,
2015,
5%,
11/01/35
...................................
4,000,000
4,706,320
City
of
Lincoln
,
GO
,
2020
,
BAM
Insured
,
4
%
,
6/01/50
........................
3,500,000
4,111,030
City
of
Madison
,
GO
,
2015A
,
Pre-Refunded
,
5
%
,
4/01/37
.....................
2,590,000
3,117,065
City
of
Oxford
,
GO
,
2012
C
,
Pre-Refunded
,
5
%
,
10/01/29
.....................
1,435,000
1,561,065
City
of
Pelham
,
GO
,
2014
,
5
%
,
2/01/34
...................................
2,635,000
2,968,090
City
of
Phenix
City
,
GO
,
2014A
,
Pre-Refunded
,
5
%
,
8/01/43
...................
3,000,000
3,380,670
City
of
Trussville
,
GO,
Pre-Refunded,
5%,
10/01/39
......................................
3,000,000
3,398,160
GO,
2018A,
4%,
8/01/41
............................................
3,000,000
3,481,170
City
of
Tuscaloosa
,
GO
,
2020
A
,
4
%
,
10/01/50
..............................
4,580,000
5,375,454
County
of
Mobile
,
a
GO,
2020A,
Refunding,
4%,
8/01/38
....................................
1,000,000
1,221,020
b
Revenue,
144A,
2020,
4%,
11/01/45
...................................
1,000,000
1,012,710
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Alabama
(continued)
DCH
Healthcare
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/36
..............
$
2,000,000
$
2,253,460
East
Alabama
Health
Care
Authority
(The)
,
Revenue
,
2018A
,
5
%
,
9/01/41
.........
3,000,000
3,602,520
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
6/01/45
....................................................
2,500,000
2,831,550
Homewood
Educational
Building
Authority
,
Samford
University,
Revenue,
2013A,
Pre-Refunded,
AGMC
Insured,
5%,
12/01/41
10,000,000
10,924,700
Samford
University,
Revenue,
2019
A,
Refunding,
4%,
12/01/49
...............
2,500,000
2,769,450
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
,
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2016A
,
5
%
,
2/01/41
...............
3,000,000
3,379,530
Jacksonville
State
University
,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
12/01/36
...................
5,000,000
6,169,450
Revenue,
2020,
Refunding,
4%,
12/01/50
................................
5,000,000
5,588,450
Limestone
County
Water
&
Sewer
Authority
,
Revenue
,
2015-B
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
12/01/43
..............................................
5,920,000
6,737,374
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/44
...............
3,000,000
3,566,940
Madison
Water
&
Wastewater
Board
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/41
.....
4,610,000
5,570,540
Marshall
County
Board
of
Education
,
Special
Tax
,
2016
,
AGMC
Insured
,
4
%
,
3/01/41
1,000,000
1,097,300
Morgan
County
Board
of
Education
,
Revenue
,
2012
,
Pre-Refunded
,
5
%
,
3/01/35
...
7,020,000
7,575,773
Opelika
Utilities
Board
,
Revenue
,
2017
,
Refunding
,
4
%
,
6/01/41
................
2,000,000
2,271,760
Oxford
City
Board
of
Education
,
Special
Tax
,
2020A
,
Refunding
,
4
%
,
5/01/50
......
2,500,000
2,935,625
Selma
Industrial
Development
Board
,
International
Paper
Co.
,
Revenue
,
2011A
,
5.375
%
,
12/01/35
..................................................
3,000,000
3,122,580
Talladega
County
Board
of
Education
,
Special
Tax
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
11/01/39
........................................................
2,000,000
2,394,600
Troy
Public
Educational
Building
Authority
,
Troy
City
Schools
,
Revenue
,
2011
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/40
..............................
295,000
295,965
Tuscaloosa
City
Board
of
Education
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
8/01/41
...
4,000,000
5,049,880
Tuscaloosa
County
Board
of
Education
,
Special
Tax
,
2017
,
4
%
,
2/01/47
..........
5,000,000
5,525,500
UAB
Medicine
Finance
Authority
,
UAB
Medicine
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
9/01/29
.............................................
5,000,000
6,084,400
University
of
Alabama
(The)
,
Revenue,
2013-D2,
5%,
10/01/37
......................................
7,520,000
8,299,373
Revenue,
2018
B2,
5%,
9/01/48
.......................................
5,000,000
6,142,050
University
of
Montevallo
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
5/01/42
....
2,500,000
3,039,200
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
2,000,000
2,435,200
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue,
2013B,
Pre-Refunded,
5%,
1/01/43
.............................
3,745,000
4,117,216
Revenue,
2016
B,
Refunding,
5%,
1/01/43
...............................
10,000,000
12,099,000
Revenue,
Senior
Lien,
2016
A,
Refunding,
4%,
1/01/35
.....................
4,000,000
4,629,200
240,871,367
U.S.
Territories
0.5%
Guam
0.5%
Guam
Government
Waterworks
Authority,
Revenue,
2020
A,
5%,
1/01/50
.........
1,000,000
1,230,230
Total
Municipal
Bonds
(Cost
$223,446,252)
.....................................
242,101,597
a
a
a
a
a
Total
Investments
(Cost
$223,446,252)
97.6%
...................................
$242,101,597
Other
Assets,
less
Liabilities
2.4%
.............................................
5,936,677
Net
Assets
100.0%
...........................................................
$248,038,274
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
a
Security
purchased
on
a
when-issued
basis.
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
November
30,
2020,
the
value
of
this
security
was
$1,012,710,
representing
0.4%
of
net
assets.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Arizona
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.1%
Arizona
95.6%
Arizona
Board
of
Regents
,
Revenue,
2020
A,
5%,
7/01/35
........................................
$
1,000,000
$
1,345,720
University
of
Arizona
(The),
COP,
2012C,
Refunding,
5%,
6/01/31
..............
7,025,000
7,445,376
Arizona
Department
of
Transportation
,
State
Highway
Fund,
Revenue,
2011A,
Pre-Refunded,
5%,
7/01/36
............
10,000,000
10,281,900
State
Highway
Fund,
Revenue,
2015,
Refunding,
5%,
7/01/31
................
10,000,000
11,499,400
State
Highway
Fund,
Revenue,
2016,
Refunding,
5%,
7/01/36
................
8,680,000
10,535,090
Arizona
Health
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group,
Revenue,
2011
B-2,
Pre-Refunded,
AGMC
Insured,
5%,
3/01/41
..............................................
5,000,000
5,059,250
CommonSpirit
Health
Obligated
Group,
Revenue,
B-1,
Pre-Refunded,
5.25%,
3/01/39
........................................................
10,000,000
10,124,700
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
2/01/42
........................................................
8,000,000
8,324,000
Scottsdale
Healthcare
Hospitals
Obligated
Group,
Revenue,
2014A,
Refunding,
5%,
12/01/39
.......................................................
15,000,000
17,162,550
Scottsdale
Healthcare
Hospitals
Obligated
Group,
Revenue,
2014A,
Refunding,
5%,
12/01/42
.......................................................
9,535,000
10,862,558
Arizona
Industrial
Development
Authority
,
Academies
of
Math
&
Science
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
7/01/42
........................................................
2,045,000
2,396,638
Academies
of
Math
&
Science
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
7/01/51
........................................................
1,080,000
1,253,556
Arizona
Agribusiness
and
Equine
Center,
Inc.,
Revenue,
2017
A,
5%,
3/01/48
....
1,555,000
1,825,897
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
2017
F,
Refunding,
5%,
7/01/47
..
3,350,000
3,893,705
Children's
National
Medical
Center
Obligated
Group,
Revenue,
2020A,
4%,
9/01/40
865,000
992,345
Children's
National
Medical
Center
Obligated
Group,
Revenue,
2020A,
4%,
9/01/46
2,750,000
3,109,150
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/33
.......................................................
1,000,000
1,250,860
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/38
.......................................................
1,630,000
2,017,223
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/39
.......................................................
1,000,000
1,233,710
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/44
.......................................................
6,645,000
8,092,281
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
4%,
11/01/49
.......................................................
5,115,000
5,762,661
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020A,
4%,
11/01/40
.......................................................
800,000
938,472
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
2019A,
5%,
1/01/38
.....
1,175,000
1,105,452
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
2019A,
5%,
1/01/54
.....
1,250,000
1,090,375
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019B,
5%,
1/01/36
........................................................
1,105,000
984,190
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019B,
5%,
1/01/49
........................................................
3,500,000
2,833,775
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019B,
5.125%,
1/01/54
........................................................
2,000,000
1,620,920
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020A,
5%,
2/01/40
.....
550,000
693,082
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020A,
4%,
2/01/50
.....
11,595,000
13,164,731
Provident
Group-NCCU
Properties
LLC,
Revenue,
2019A,
BAM
Insured,
5%,
6/01/49
3,345,000
4,007,845
Provident
Group-NCCU
Properties
LLC,
Revenue,
2019A,
BAM
Insured,
5%,
6/01/54
3,240,000
3,865,126
Arizona
Sports
&
Tourism
Authority
,
Revenue
,
2012
A
,
Refunding
,
5
%
,
7/01/36
.....
1,550,000
1,615,658
Arizona
State
University
,
Revenue,
2014,
5%,
8/01/33
.........................................
2,200,000
2,507,472
Revenue,
2014,
5%,
8/01/34
.........................................
3,320,000
3,779,853
Revenue,
2014,
5%,
8/01/44
.........................................
4,145,000
4,660,306
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
State
University,
(continued)
Revenue,
2015
D,
5%,
7/01/41
........................................
$
5,000,000
$
5,832,100
Revenue,
2015
D,
5%,
7/01/46
........................................
5,000,000
5,793,300
Revenue,
2015B,
Refunding,
5%,
7/01/41
...............................
14,070,000
16,411,529
Revenue,
2016
B,
5%,
7/01/42
........................................
2,000,000
2,398,200
Revenue,
2016
C,
5%,
7/01/46
........................................
10,000,000
11,925,500
Revenue,
2017
B,
Refunding,
5%,
7/01/43
...............................
4,005,000
4,888,063
Revenue,
2019A,
5%,
7/01/43
........................................
2,100,000
2,695,140
Central
Arizona
Water
Conservation
District
,
Revenue
,
2016
,
5
%
,
1/01/34
.........
1,000,000
1,210,390
City
of
El
Mirage
,
GO
,
2012
,
AGMC
Insured
,
5
%
,
7/01/42
.....................
2,200,000
2,340,668
a
City
of
Glendale
,
Water
&
Sewer,
Revenue,
Sub.
Lien,
2020,
Refunding,
5%,
7/01/29
............
1,000,000
1,340,340
Water
&
Sewer,
Revenue,
Sub.
Lien,
2020,
Refunding,
5%,
7/01/30
............
1,030,000
1,410,729
City
of
Goodyear
,
Water
&
Sewer,
Revenue,
Sub.
Lien,
2011,
Pre-Refunded,
AGMC
Insured,
5.25%,
7/01/31
........................................................
1,000,000
1,029,340
Water
&
Sewer,
Revenue,
Sub.
Lien,
2011,
Pre-Refunded,
AGMC
Insured,
5.5%,
7/01/41
........................................................
1,500,000
1,546,185
Water
&
Sewer,
Revenue,
Sub.
Lien,
2020,
Refunding,
AGMC
Insured,
4%,
7/01/39
600,000
721,548
Water
&
Sewer,
Revenue,
Sub.
Lien,
2020,
AGMC
Insured,
4%,
7/01/40
.........
650,000
779,864
Water
&
Sewer,
Revenue,
Sub.
Lien,
2020,
AGMC
Insured,
4%,
7/01/45
.........
12,135,000
14,417,836
City
of
Lake
Havasu
City
,
Wastewater
System,
Revenue,
2015B,
Refunding,
AGMC
Insured,
5%,
7/01/40
...
15,000,000
17,560,950
Wastewater
System,
Revenue,
2015B,
Refunding,
AGMC
Insured,
5%,
7/01/43
...
9,155,000
10,678,026
City
of
Mesa
,
Utility
System,
Revenue,
2018,
5%,
7/01/32
..............................
1,000,000
1,288,340
Utility
System,
Revenue,
2018,
5%,
7/01/34
..............................
1,265,000
1,618,846
Utility
System,
Revenue,
2018,
4%,
7/01/38
..............................
1,425,000
1,679,619
Utility
System,
Revenue,
2018,
4%,
7/01/39
..............................
6,135,000
7,216,846
Utility
System,
Revenue,
2018,
5%,
7/01/42
..............................
15,000,000
18,784,350
Utility
System,
Revenue,
2019A,
5%,
7/01/43
.............................
10,000,000
12,806,200
a
Utility
System,
Revenue,
2020,
Refunding,
4%,
7/01/34
.....................
2,500,000
3,130,875
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport,
Revenue,
2017
A,
5%,
7/01/42
..................................
15,090,000
17,857,355
Airport,
Revenue,
Junior
Lien,
2017
D,
Refunding,
4%,
7/01/40
...............
20,570,000
23,028,938
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/44
........................
8,500,000
10,339,570
Airport,
Revenue,
Senior
Lien,
2018,
5%,
7/01/48
..........................
5,000,000
5,960,250
Excise
Tax,
Revenue,
2015A,
Refunding,
5%,
7/01/41
......................
10,000,000
11,726,900
Excise
Tax,
Revenue,
2020
A,
Refunding,
4%,
7/01/39
......................
1,200,000
1,469,484
Excise
Tax,
Revenue,
2020
A,
Refunding,
4%,
7/01/40
......................
800,000
977,152
Excise
Tax,
Revenue,
2020
A,
Refunding,
4%,
7/01/45
......................
3,550,000
4,272,319
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/34
..................................................
2,500,000
2,956,625
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/37
..................................................
1,500,000
1,758,870
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/38
..................................................
8,420,000
9,845,085
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
4%,
7/01/45
..................................................
2,500,000
2,625,975
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/27
........................................................
3,945,000
5,060,488
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/28
........................................................
2,000,000
2,629,440
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/29
........................................................
2,000,000
2,688,000
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
City
of
Phoenix
Civic
Improvement
Corp.,
(continued)
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/36
........................................................
$
5,000,000
$
7,616,850
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/37
........................................................
7,000,000
10,813,950
Wastewater,
Revenue,
Junior
Lien,
2018A,
5%,
7/01/37
.....................
1,000,000
1,277,750
Wastewater,
Revenue,
Junior
Lien,
2018A,
4%,
7/01/39
.....................
5,000,000
5,901,300
Water
System,
Revenue,
Junior
Lien,
2014A,
5%,
7/01/39
...................
10,000,000
11,415,500
Water
System,
Revenue,
Junior
Lien,
2016,
Refunding,
5%,
7/01/39
............
5,000,000
6,029,450
Water
System,
Revenue,
Junior
Lien,
2020
B,
5%,
7/01/44
...................
5,000,000
6,579,050
City
of
Tempe
,
Revenue
,
2011A
,
Pre-Refunded
,
5
%
,
7/01/31
...................
2,325,000
2,390,542
City
of
Tucson
,
Water
System,
Revenue,
2011,
Pre-Refunded,
5%,
7/01/32
..................
5,000,000
5,140,950
Water
System,
Revenue,
2020,
4%,
7/01/36
..............................
650,000
806,240
Water
System,
Revenue,
2020,
4%,
7/01/37
..............................
500,000
618,110
Water
System,
Revenue,
2020,
3%,
7/01/39
..............................
1,150,000
1,289,484
County
of
Maricopa
,
Banner
Health
Obligated
Group
,
Revenue
,
2005
,
Pre-Refunded
,
5
%
,
4/01/35
......................................................
12,090,000
13,958,509
Glendale
Industrial
Development
Authority
,
Midwestern
University
,
Revenue
,
2007
,
Refunding
,
5
%
,
5/15/31
.............................................
3,455,000
3,634,384
Glendale
Municipal
Property
Corp.
,
Revenue,
Refunding,
5%,
7/01/38
.....................................
18,530,000
20,078,628
Industrial
Development
Authority
of
the
City
of
Phoenix
(The)
,
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/44
......
1,000,000
1,060,800
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/49
......
1,995,000
2,105,982
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/54
......
1,330,000
1,399,093
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018A,
Refunding,
5%,
7/01/33
600,000
656,112
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018A,
Refunding,
5%,
7/01/37
2,000,000
2,162,200
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018A,
Refunding,
5%,
7/01/42
8,550,000
9,126,954
GreatHearts
Arizona
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/36
.
4,065,000
4,511,337
GreatHearts
Arizona
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/41
.
1,225,000
1,348,921
GreatHearts
Arizona
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
.
1,335,000
1,460,971
JMF-
Higley
2012
LLC,
Revenue,
2012,
5%,
12/01/34
.......................
1,355,000
1,465,012
JMF-
Higley
2012
LLC,
Revenue,
2012,
5%,
12/01/39
.......................
5,610,000
6,045,729
Vista
College
Preparatory
Obligated
Group,
Revenue,
2018A,
5%,
7/01/48
.......
1,000,000
1,193,590
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
Christian
Care
Tucson,
Inc.,
Revenue,
2017C,
Refunding,
5%,
12/15/47
.........
3,840,000
4,256,486
Christian
Care
Tucson,
Inc.,
Revenue,
Senior
Lien,
2017A,
Refunding,
5%,
12/15/32
1,765,000
2,003,434
Christian
Care
Tucson,
Inc.,
Revenue,
Senior
Lien,
2017A,
Refunding,
5%,
6/15/37
2,240,000
2,515,655
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
4,994,175
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/36
............................................
1,310,000
1,532,844
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
8/01/38
............................................
1,510,000
1,742,525
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
8/01/39
............................................
1,350,000
1,679,224
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
8/01/43
............................................
3,000,000
3,417,630
Maricopa
County
High
School
District
No.
214
Tolleson
Union
High
School
,
GO
,
2018
A
,
5
%
,
7/01/37
....................................................
1,000,000
1,238,920
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group,
Revenue,
A,
4%,
1/01/41
...................
9,630,000
11,061,885
Banner
Health
Obligated
Group,
Revenue,
A,
5%,
1/01/41
...................
37,590,000
45,699,291
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Maricopa
County
Industrial
Development
Authority,
(continued)
Christian
Care
Obligated
Group,
Revenue,
2016A,
Refunding,
5%,
1/01/36
......
$
3,860,000
$
4,371,296
Christian
Care
Obligated
Group,
Revenue,
2016C,
Refunding,
5%,
1/01/40
......
9,740,000
10,944,156
Creighton
University,
Revenue,
2020,
5%,
7/01/47
.........................
13,000,000
15,560,610
Creighton
University,
Revenue,
2020,
4%,
7/01/50
.........................
1,695,000
1,841,973
GreatHearts
Arizona
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
7/01/37
..
1,000,000
1,203,130
GreatHearts
Arizona
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
7/01/52
..
1,000,000
1,176,700
Highland
Prep
Obligated
Group,
Revenue,
2019,
5%,
1/01/37
................
1,000,000
1,259,010
Highland
Prep
Obligated
Group,
Revenue,
2019,
5%,
1/01/50
................
1,715,000
2,102,333
Legacy
Traditional
School
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/49
........................................................
3,920,000
4,719,915
Reid
Traditional
Schools
Painted
Rock
Academy,
Revenue,
2016,
5%,
7/01/36
....
1,120,000
1,261,826
Reid
Traditional
Schools
Painted
Rock
Academy,
Revenue,
2016,
5%,
7/01/47
....
3,325,000
3,675,920
Scottsdale
Healthcare
Hospitals
Obligated
Group,
Revenue,
2019A,
Refunding,
5%,
9/01/37
........................................................
4,025,000
4,930,343
Scottsdale
Healthcare
Hospitals
Obligated
Group,
Revenue,
2019A,
Refunding,
5%,
9/01/42
........................................................
4,000,000
4,842,240
Western
IB
Hunt
Groves
LP,
Revenue,
2001A-1,
AMBAC
Insured,
5.3%,
12/01/22
.
620,000
620,893
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.,
Revenue,
2009
B,
Refunding,
3.6%,
4/01/40
.............
13,500,000
14,771,295
El
Paso
Electric
Co.,
Revenue,
2012
A,
Refunding,
4.5%,
8/01/42
.............
10,000,000
10,362,900
b
Public
Service
Co.
of
New
Mexico,
Revenue,
2003
A,
Refunding,
Mandatory
Put,
1.05%,
6/01/22
..................................................
4,250,000
4,278,475
Maricopa
County
School
District
No.
83-Cartwright
Elementary
,
GO
,
2011A
,
AGMC
Insured
,
5.375
%
,
7/01/30
............................................
5,415,000
5,568,461
Maricopa
County
Unified
School
District
No.
11-Peoria
,
GO,
2013,
5%,
7/01/31
.............................................
5,100,000
5,667,579
GO,
2018,
BAM
Insured,
5%,
7/01/33
...................................
1,000,000
1,243,110
a
Maricopa
County
Unified
School
District
No.
69
Paradise
Valley
,
GO,
Second
Series,
2020
SECOND,
4%,
7/01/32
..........................
250,000
311,580
GO,
Second
Series,
2020
SECOND,
4%,
7/01/38
..........................
500,000
607,525
GO,
Second
Series,
2020
SECOND,
4%,
7/01/39
..........................
500,000
605,740
Maricopa
County
Unified
School
District
No.
95
Queen
Creek
,
GO,
2018,
5%,
7/01/33
.............................................
500,000
598,805
GO,
2018,
5%,
7/01/37
.............................................
1,200,000
1,427,640
McAllister
Academic
Village
LLC
,
Arizona
State
University,
Revenue,
2016
A,
Refunding,
5%,
7/01/33
............
2,000,000
2,406,280
Arizona
State
University,
Revenue,
2016
A,
Refunding,
5%,
7/01/38
............
2,000,000
2,381,900
Arizona
State
University,
Revenue,
2016
A,
Refunding,
5%,
7/01/39
............
1,000,000
1,189,190
Mohave
County
Union
High
School
District
No.
2
Colorado
River
,
GO
,
2017
,
5
%
,
7/01/35
.........................................................
1,000,000
1,230,920
Northern
Arizona
University
,
Revenue,
2013,
5%,
8/01/26
.........................................
2,380,000
2,638,468
Revenue,
2014,
Pre-Refunded,
5%,
6/01/40
..............................
2,820,000
3,277,545
Revenue,
2014,
Refunding,
5%,
6/01/40
.................................
4,545,000
5,067,584
Revenue,
2014,
Pre-Refunded,
5%,
6/01/44
..............................
8,005,000
9,288,602
Revenue,
2020
B,
Refunding,
BAM
Insured,
5%,
6/01/38
....................
4,000,000
5,135,080
Revenue,
2020
B,
Refunding,
BAM
Insured,
5%,
6/01/39
....................
1,355,000
1,735,321
Pima
County
Unified
School
District
No.
20
Vail
,
GO
,
2016
,
Refunding
,
BAM
Insured
,
5
%
,
7/01/36
......................................................
3,305,000
4,023,375
Pima
County
Unified
School
District
No.
30
Sahuarita
,
GO,
2017,
BAM
Insured,
5%,
7/01/33
...................................
2,665,000
3,293,860
GO,
2017,
BAM
Insured,
5%,
7/01/34
...................................
2,800,000
3,453,744
Pima
County
Unified
School
District
No.
6
Marana
,
GO,
2017C,
BAM
Insured,
5%,
7/01/36
.................................
2,385,000
2,944,783
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Pima
County
Unified
School
District
No.
6
Marana,
(continued)
GO,
2018-D,
AGMC
Insured,
5%,
7/01/38
...............................
$
2,500,000
$
3,064,275
Pinal
County
Community
College
District
,
Revenue
,
2017
,
BAM
Insured
,
5
%
,
7/01/34
1,065,000
1,301,015
Pinal
County
Electric
District
No.
3
,
Revenue,
2011,
Pre-Refunded,
5.25%,
7/01/33
...........................
1,500,000
1,544,460
Revenue,
2011,
Pre-Refunded,
5.25%,
7/01/41
...........................
6,800,000
7,001,552
Revenue,
2016,
Refunding,
5%,
7/01/35
.................................
1,195,000
1,454,016
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue,
2012
A,
Refunding,
5%,
12/01/30
..............................
4,500,000
4,809,735
Revenue,
2016
A,
Refunding,
5%,
1/01/38
...............................
9,745,000
11,987,422
Revenue,
2017A,
Refunding,
5%,
1/01/37
...............................
10,000,000
12,693,800
Revenue,
2017A,
Refunding,
5%,
1/01/38
...............................
3,310,000
4,192,214
Revenue,
2017A,
Refunding,
5%,
1/01/39
...............................
5,605,000
7,083,655
Revenue,
2019
A,
5%,
1/01/47
........................................
5,000,000
6,491,500
Salt
Verde
Financial
Corp.
,
Revenue,
2007-1,
5%,
12/01/32
.......................................
10,000,000
13,386,100
Revenue,
2007-1,
5%,
12/01/37
.......................................
5,000,000
7,075,350
Student
&
Academic
Services
LLC
,
Revenue,
2014,
BAM
Insured,
5%,
6/01/33
..............................
1,000,000
1,145,030
Revenue,
2014,
BAM
Insured,
5%,
6/01/39
..............................
1,400,000
1,592,122
Revenue,
2014,
BAM
Insured,
5%,
6/01/44
..............................
3,155,000
3,570,482
Town
of
Gilbert
,
Revenue,
Sub.
Lien
,
2015
,
5
%
,
7/01/45
......................
10,000,000
11,606,000
Town
of
Queen
Creek
,
Excise
Tax,
Revenue,
2018
A,
5%,
8/01/42
...............................
2,500,000
3,132,525
Excise
Tax,
Revenue,
2018
A,
5%,
8/01/47
...............................
5,000,000
6,210,550
Excise
Tax,
Revenue,
2020,
4%,
8/01/45
................................
5,710,000
6,823,450
Excise
Tax,
Revenue,
2020,
4%,
8/01/50
................................
8,740,000
10,329,631
University
Medical
Center
Corp.
,
Banner-University
Medical
Center
Tucson
Campus
LLC,
Revenue,
2011,
Pre-
Refunded,
6%,
7/01/39
............................................
5,000,000
5,168,150
Banner-University
Medical
Center
Tucson
Campus
LLC,
Revenue,
2013,
Pre-
Refunded,
5.625%,
7/01/36
.........................................
5,000,000
5,689,450
University
of
Arizona
(The)
,
Revenue,
2013,
Pre-Refunded,
5%,
8/01/38
..............................
4,360,000
4,907,006
Revenue,
2013,
Refunding,
5%,
8/01/38
.................................
5,790,000
6,349,603
Revenue,
2016,
Refunding,
5%,
6/01/39
.................................
2,750,000
3,305,060
Revenue,
2018
A,
5%,
6/01/43
........................................
5,000,000
6,236,700
Revenue,
2019
A,
5%,
6/01/42
........................................
2,000,000
2,562,460
Revenue,
2020
A,
Refunding,
4%,
8/01/44
...............................
11,245,000
13,158,787
956,158,736
U.S.
Territories
1.5%
Guam
1.3%
Guam
Power
Authority
,
Revenue,
2014A,
AGMC
Insured,
5%,
10/01/39
...........................
6,490,000
7,328,833
Revenue,
2014A,
AGMC
Insured,
5%,
10/01/44
...........................
5,325,000
5,974,703
13,303,536
Puerto
Rico
0.2%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
750,000
889,845
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
$
500,000
$
595,620
1,485,465
Total
U.S.
Territories
....................................................................
14,789,001
Total
Municipal
Bonds
(Cost
$894,692,676)
.....................................
970,947,737
a
a
a
a
Short
Term
Investments
2.0%
Municipal
Bonds
2.0%
Arizona
2.0%
c
Arizona
Health
Facilities
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2015B
,
LOC
MUFG
Bank
Ltd.
,
Daily
VRDN
and
Put
,
0.11
%
,
1/01/46
.................
7,900,000
7,900,000
c
Arizona
Industrial
Development
Authority
,
Phoenix
Children's
Hospital
,
Revenue
,
2019
A
,
Refunding
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.12
%
,
2/01/48
12,500,000
12,500,000
20,400,000
Total
Municipal
Bonds
(Cost
$20,400,000)
......................................
20,400,000
Total
Short
Term
Investments
(Cost
$20,400,000
)
................................
20,400,000
a
Total
Investments
(Cost
$915,092,676)
99.1%
...................................
$991,347,737
Other
Assets,
less
Liabilities
0.9%
.............................................
8,458,980
Net
Assets
100.0%
...........................................................
$999,806,717
a
Security
purchased
on
a
when-issued
basis.
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Colorado
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.4%
Colorado
98.0%
Adams
&
Weld
Counties
School
District
No.
27J
Brighton
,
GO
,
2015
,
5
%
,
12/01/40
..
$
7,500,000
$
8,987,175
Adams
12
Five
Star
Schools
,
GO
,
2016B
,
Refunding
,
5
%
,
12/15/36
..............
5,000,000
6,129,300
Adams
State
University
,
Revenue,
2012,
Pre-Refunded,
5%,
5/15/37
..............................
370,000
393,625
Revenue,
2012,
Refunding,
5%,
5/15/37
.................................
630,000
662,363
Revenue,
2019
A,
Refunding,
4%,
5/15/42
...............................
1,515,000
1,753,900
Anthem
West
Metropolitan
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/35
3,000,000
3,586,770
Arapahoe
County
School
District
No.
1
Englewood
,
GO
,
2017
,
5
%
,
12/01/42
.......
7,000,000
8,496,320
Arapahoe
County
School
District
No.
6
Littleton
,
GO
,
2019A
,
5.5
%
,
12/01/43
.......
12,980,000
16,897,883
Arapahoe
County
Water
&
Wastewater
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
12/01/37
........................................................
1,000,000
1,226,010
Auraria
Higher
Education
Center
,
Revenue
,
2013A
,
AGMC
Insured
,
5
%
,
4/01/34
....
6,150,000
6,749,994
Board
of
Governors
of
Colorado
State
University
System
,
Revenue,
2013A,
Refunding,
5%,
3/01/43
...............................
5,000,000
7,421,550
Revenue,
Pre-Refunded,
5%,
3/01/44
..................................
5,135,000
5,682,929
Revenue,
2015A,
Pre-Refunded,
5%,
3/01/40
.............................
3,990,000
4,767,731
Revenue,
2015A,
Refunding,
5%,
3/01/40
...............................
3,010,000
3,428,932
Revenue,
2016B,
Refunding,
5%,
3/01/41
...............................
1,000,000
1,195,760
Revenue,
2017E,
Refunding,
4%,
3/01/43
...............................
4,500,000
5,168,835
Revenue,
2019A,
Refunding,
5%,
3/01/49
...............................
4,000,000
5,104,160
Revenue,
A,
Refunding,
4%,
3/01/40
...................................
5,000,000
5,734,550
Board
of
Water
Commissioners
City
&
County
of
Denver
(The)
,
Revenue
,
2017A
,
5
%
,
9/15/47
.........................................................
10,000,000
12,374,600
Boulder
Valley
School
District
No.
Re-2
Boulder
,
GO
,
2015
,
5
%
,
12/01/41
.........
5,000,000
5,889,450
Castle
Oaks
Metropolitan
District
No.
3
,
GO
,
2020
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/50
........................................................
1,150,000
1,333,299
Centennial
Water
&
Sanitation
District
,
Revenue,
2019,
5%,
12/01/43
........................................
3,000,000
3,805,710
Revenue,
2019,
5.25%,
12/01/48
......................................
6,760,000
8,606,021
Cherokee
Metropolitan
District
,
Revenue
,
2020
,
BAM
Insured
,
4
%
,
8/01/50
........
2,000,000
2,363,760
City
&
County
of
Denver
,
Revenue,
2016
A,
Refunding,
4%,
8/01/46
...............................
3,500,000
3,802,225
Revenue,
2018
A-1,
5%,
8/01/48
......................................
5,000,000
5,903,050
Airport
System,
Revenue,
2013B,
5%,
11/15/43
...........................
5,000,000
5,465,050
Airport
System,
Revenue,
2018
B,
Refunding,
5%,
12/01/43
..................
5,000,000
6,168,550
Airport
System,
Revenue,
2018
B,
Refunding,
5%,
12/01/48
..................
4,440,000
5,435,048
Airport
System,
Revenue,
2019
C,
Refunding,
5%,
11/15/35
..................
3,000,000
3,847,230
City
of
Aurora
,
Water,
Revenue,
First
Lien,
2016,
Refunding,
5%,
8/01/41
...................
3,000,000
3,637,650
Water,
Revenue,
First
Lien,
2016,
Refunding,
5%,
8/01/46
...................
5,000,000
5,992,800
City
of
Colorado
Springs
,
Utilities
System,
Revenue,
2013B-1,
5%,
11/15/38
.........................
4,000,000
4,491,320
Utilities
System,
Revenue,
2014A-2,
5%,
11/15/44
.........................
5,000,000
5,783,700
Utilities
System,
Revenue,
2015A,
Refunding,
5%,
11/15/40
..................
3,000,000
3,578,610
Utilities
System,
Revenue,
2015A,
Refunding,
5%,
11/15/45
..................
2,665,000
3,153,495
Utilities
System,
Revenue,
2017A-2,
Refunding,
5%,
11/15/47
................
6,000,000
7,412,160
Utilities
System,
Revenue,
2018
A-4,
5%,
11/15/48
.........................
5,000,000
6,316,650
City
of
Commerce
City
,
Revenue
,
2016
,
AGMC
Insured
,
5
%
,
8/01/41
.............
4,000,000
4,840,400
City
of
Fort
Collins
,
Electric
Utility
Enterprise
,
Revenue
,
2018A
,
5
%
,
12/01/42
......
13,500,000
16,886,745
City
of
Grand
Junction
,
Revenue,
2020
B,
4%,
3/01/45
........................................
1,500,000
1,775,685
Revenue,
2020
B,
4%,
3/01/49
........................................
1,240,000
1,459,492
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Educational
&
Cultural
Facilities
Authority
,
Alexander
Dawson
School
LLC
(The),
Revenue,
2010,
5%,
2/15/40
............
$
5,280,000
$
5,297,530
Union
Colony
Schools,
Revenue,
2018,
Refunding,
5%,
4/01/48
...............
715,000
840,954
University
of
Denver,
Revenue,
2017,
5%,
3/01/47
.........................
3,950,000
4,612,218
West
Ridge
Academy
Charter
School,
Revenue,
2019A,
Refunding,
5%,
6/01/49
..
400,000
435,004
Windsor
Charter
Academy,
Revenue,
2020,
Refunding,
4%,
9/01/50
............
1,400,000
1,597,596
Colorado
Health
Facilities
Authority
,
Adventist
Health
System/Sunbelt
Obligated
Group,
Revenue,
2016A,
Refunding,
4%,
11/15/41
.......................................................
3,000,000
3,325,290
Adventist
Health
System/Sunbelt
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
11/15/37
.......................................................
5,000,000
6,405,400
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/35
.......................................................
1,575,000
1,837,143
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/37
.......................................................
850,000
988,601
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/38
.......................................................
705,000
817,518
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/39
.......................................................
835,000
965,293
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/40
.......................................................
725,000
835,106
BSLC
Obligated
Group,
Revenue,
2018
A-1,
Refunding,
5%,
9/15/48
...........
3,000,000
3,244,710
Children's
Hospital
Colorado
Obligated
Group,
Revenue,
2016A,
5%,
12/01/44
....
5,000,000
5,799,050
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/37
3,000,000
3,711,360
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/39
2,000,000
2,462,620
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
4%,
8/01/49
5,000,000
5,539,650
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2013A,
Pre-
Refunded,
5.75%,
12/01/36
.........................................
5,000,000
5,807,600
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2015A,
Refunding,
5%,
12/01/35
...........................................
7,150,000
7,999,492
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2018
A,
5%,
12/01/48
.......................................................
5,000,000
5,739,000
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2020A,
Refunding,
4%,
12/01/50
...........................................
5,700,000
6,291,945
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2012,
Pre-
Refunded,
5%,
12/01/33
...........................................
2,500,000
2,678,125
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2013,
Pre-
Refunded,
5.5%,
6/01/33
..........................................
1,000,000
1,130,350
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2013,
Pre-
Refunded,
5.625%,
6/01/43
.........................................
4,000,000
4,533,840
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2015A,
Pre-
Refunded,
5%,
6/01/40
............................................
4,000,000
4,835,200
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2015A,
Pre-
Refunded,
5%,
6/01/45
............................................
2,750,000
3,324,200
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2017,
Pre-
Refunded,
5%,
6/01/47
............................................
6,000,000
7,732,800
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2016,
5%,
9/01/46
.....
5,000,000
5,719,000
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020A,
4%,
9/01/50
....
6,275,000
7,032,957
Sanford
Obligated
Group,
Revenue,
2019A,
Refunding,
5%,
11/01/44
...........
10,455,000
12,889,447
Sisters
of
Charity
of
Leavenworth
Health
System,
Inc.
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
1/01/38
.....................................
3,660,000
4,304,965
Valley
View
Hospital
Association,
Revenue,
2015,
5%,
5/15/40
................
2,000,000
2,254,000
Valley
View
Hospital
Association,
Revenue,
2015,
5%,
5/15/45
................
1,000,000
1,118,740
Colorado
High
Performance
Transportation
Enterprise
,
Revenue
,
2017
,
5
%
,
12/31/47
2,555,000
2,790,801
Colorado
Housing
and
Finance
Authority
,
Revenue,
2019
B-1,
I,
3.15%,
10/01/44
.................................
1,000,000
1,073,370
Revenue,
2019
B-1,
I,
3.25%,
10/01/49
.................................
1,000,000
1,069,790
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Mesa
University
,
Revenue,
2016,
5%,
5/15/45
.........................................
$
4,000,000
$
4,667,200
Revenue,
2019
B,
5%,
5/15/44
........................................
1,000,000
1,250,640
Revenue,
2019
B,
5%,
5/15/49
........................................
1,565,000
1,942,650
Colorado
School
of
Mines
,
Revenue,
2012
B,
Refunding,
5%,
12/01/32
..............................
110,000
118,612
Revenue,
2017
A,
5%,
12/01/42
.......................................
2,450,000
2,926,696
Revenue,
2017
A,
5%,
12/01/47
.......................................
3,000,000
3,556,500
Colorado
Water
Resources
&
Power
Development
Authority
,
Revenue,
2011C,
Pre-Refunded,
5%,
9/01/36
.............................
1,900,000
1,967,906
Revenue,
2013A,
AGMC
Insured,
5%,
9/01/38
............................
1,210,000
1,296,951
Commerce
City
,
Northern
Infrastructure
General
Improvement
District
,
GO
,
2013
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/31
................................
2,040,000
2,223,070
Consolidated
Bell
Mountain
Ranch
Metropolitan
District
,
GO
,
2010
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
12/01/39
.........................................
3,160,000
3,160,000
County
of
Pueblo
,
COP
,
2012
,
AGMC
Insured
,
5
%
,
9/15/42
....................
10,000,000
10,701,100
Crystal
Valley
Metropolitan
District
No.
2
,
GO
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
12/01/49
........................................................
3,000,000
3,119,550
Denver
City
&
County
School
District
No.
1
,
COP,
2013C,
5%,
12/15/30
..........................................
4,000,000
4,515,160
COP,
2020
A,
5%,
12/01/42
..........................................
2,000,000
2,603,200
GO,
2017,
5%,
12/01/41
.............................................
12,440,000
15,155,279
Denver
Convention
Center
Hotel
Authority
,
Revenue,
Senior
Lien
,
2016
,
Refunding
,
5
%
,
12/01/40
.....................................................
9,775,000
10,855,724
Denver
Health
&
Hospital
Authority
,
COP,
2018,
5%,
12/01/48
............................................
5,255,000
6,160,909
Revenue,
2010,
Pre-Refunded,
5.5%,
12/01/30
...........................
1,500,000
1,500,000
Revenue,
2010,
Pre-Refunded,
5.625%,
12/01/40
.........................
4,000,000
4,000,000
Revenue,
2014A,
5.25%,
12/01/45
.....................................
9,250,000
9,937,645
Revenue,
2019
A,
Refunding,
5%,
12/01/30
..............................
1,000,000
1,249,050
Revenue,
2019
A,
Refunding,
5%,
12/01/31
..............................
1,400,000
1,739,808
Revenue,
2019
A,
Refunding,
5%,
12/01/33
..............................
3,300,000
4,057,977
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
A
,
4
%
,
12/01/48
........................................................
350,000
363,205
Eagle
River
Water
and
Sanitation
District
,
GO,
2016,
5%,
12/01/45
.............................................
1,360,000
1,643,723
Revenue,
2012,
Pre-Refunded,
5%,
12/01/42
.............................
3,500,000
3,827,320
Revenue,
2020
A,
AGMC
Insured,
4%,
12/01/49
...........................
7,200,000
8,532,648
Flying
Horse
Metropolitan
District
No.
2
,
GO,
2020
A,
Refunding,
AGMC
Insured,
4%,
12/01/44
......................
520,000
617,827
GO,
2020
A,
Refunding,
AGMC
Insured,
4%,
12/01/50
......................
875,000
1,029,919
Ignacio
School
District
11JT
,
GO
,
2012
,
Pre-Refunded
,
5
%
,
12/01/31
.............
1,215,000
1,272,700
Larimer
County
School
District
No.
R-1
Poudre
,
GO
,
2018
,
5
%
,
12/15/40
..........
5,000,000
6,418,150
a
Little
Thompson
Water
District
,
Revenue
,
2020
,
4
%
,
12/01/50
..................
1,200,000
1,413,648
Meridian
Metropolitan
District
,
GO
,
2011
A
,
Pre-Refunded
,
5
%
,
12/01/41
..........
5,000,000
5,229,700
Metropolitan
State
University
of
Denver
,
Revenue
,
2016
,
5
%
,
12/01/45
...........
4,000,000
4,643,720
Park
70
Metropolitan
District
,
GO,
2016,
Refunding,
5%,
12/01/36
....................................
1,000,000
1,140,810
GO,
2016,
Refunding,
5%,
12/01/46
....................................
1,500,000
1,693,740
Park
Creek
Metropolitan
District
,
Revenue,
2011A,
Pre-Refunded,
AGMC
Insured,
6%,
12/01/38
...............
2,500,000
2,500,000
Revenue,
2011A,
Pre-Refunded,
AGMC
Insured,
6.125%,
12/01/41
............
2,500,000
2,500,000
Revenue,
2017A,
5%,
12/01/41
.......................................
3,000,000
3,469,290
Revenue,
2017A,
5%,
12/01/46
.......................................
2,500,000
2,875,550
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Park
Creek
Metropolitan
District,
(continued)
Revenue,
Senior
Lien,
2015
A,
Refunding,
5%,
12/01/45
....................
$
7,000,000
$
8,055,180
Revenue,
Senior
Lien,
2018A,
5%,
12/01/46
..............................
2,875,000
3,482,056
Parker
Water
&
Sanitation
District
,
Revenue
,
2018
,
5
%
,
11/01/42
................
6,475,000
8,038,324
Platte
River
Power
Authority
,
Revenue
,
II
,
5
%
,
6/01/37
........................
12,000,000
12,775,560
Poudre
Tech
Metropolitan
District
,
GO
,
2010A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/39
........................................................
7,435,000
7,435,000
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
9,900,000
15,674,076
Pueblo
City
Schools
,
GO
,
2020
,
5
%
,
12/15/38
..............................
3,000,000
3,939,360
Pueblo
Urban
Renewal
Authority
,
Revenue,
2011-B,
Pre-Refunded,
5.25%,
12/01/28
.........................
1,000,000
1,049,970
Revenue,
2011-B,
Pre-Refunded,
5.5%,
12/01/31
..........................
1,010,000
1,062,985
Revenue,
2011-B,
Pre-Refunded,
5.25%,
12/01/38
.........................
3,615,000
3,795,641
Regional
Transportation
District
Sales
Tax
,
Revenue,
2016
A,
5%,
11/01/41
.......................................
10,000,000
11,913,900
Revenue,
2016
A,
5%,
11/01/46
.......................................
11,000,000
13,009,810
Roaring
Fork
Transportation
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
12/01/44
....
1,000,000
1,179,940
Sand
Creek
Metropolitan
District
,
GO
,
2020
B
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/40
........................................................
2,665,000
3,174,122
South
Timnath
Metropolitan
District
No.
2
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/42
.....
5,690,000
6,492,745
State
of
Colorado
,
COP,
2011G,
Pre-Refunded,
5%,
3/15/32
................................
10,000,000
10,140,100
COP,
2013I,
Pre-Refunded,
5%,
3/15/36
.................................
3,000,000
3,468,180
COP,
2017
J,
5.25%,
3/15/42
.........................................
5,000,000
6,127,450
COP,
2019
O,
4%,
3/15/44
...........................................
5,000,000
5,887,400
COP,
2020,
Refunding,
4%,
6/15/39
....................................
1,000,000
1,196,200
COP,
2020,
Refunding,
4%,
6/15/40
....................................
1,315,000
1,567,796
COP,
2020,
Refunding,
4%,
6/15/41
....................................
1,275,000
1,515,070
COP,
2020
A,
4%,
12/15/39
..........................................
2,750,000
3,348,427
a
COP,
2020R,
4%,
3/15/45
...........................................
7,000,000
8,354,010
University
of
Colorado,
COP,
2013A,
Refunding,
5%,
11/01/29
................
3,105,000
3,486,294
Sterling
Hills
West
Metropolitan
District
,
GO
,
2017
,
Refunding
,
5
%
,
12/01/39
.......
1,125,000
1,317,263
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
3.75%,
12/01/40
.................................................
500,000
510,190
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
4.25%,
12/01/50
.................................................
1,250,000
1,306,163
Thompson
Crossing
Metropolitan
District
No.
2
,
GO
,
2016B
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/46
..............................................
4,500,000
5,384,385
Town
of
Castle
Rock
,
Sales
&
Use
Tax,
Revenue,
2013,
Pre-Refunded,
5%,
6/01/31
................
1,800,000
2,012,238
Sales
&
Use
Tax,
Revenue,
2013,
Pre-Refunded,
5%,
6/01/32
................
1,845,000
2,062,544
Sales
&
Use
Tax,
Revenue,
2013,
Pre-Refunded,
5%,
6/01/35
................
2,775,000
3,102,200
Town
of
Firestone
,
Water
Enterprise
,
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/49
........................................................
1,400,000
1,678,376
Town
of
Monument
,
COP,
2020,
AGMC
Insured,
4%,
12/01/40
...............................
1,000,000
1,145,260
COP,
2020,
AGMC
Insured,
4%,
12/01/45
...............................
1,000,000
1,131,860
University
of
Colorado
,
Revenue,
2015A,
Pre-Refunded,
5%,
6/01/38
.............................
5,655,000
6,849,845
Revenue,
2018
B,
5%,
6/01/48
........................................
5,000,000
6,208,350
Revenue,
2019B,
Refunding,
5%,
6/01/44
...............................
3,385,000
4,332,157
Revenue,
2019B,
Refunding,
5%,
6/01/49
...............................
3,295,000
4,185,539
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
14
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
University
of
Northern
Colorado
,
Revenue
,
2011A
,
Pre-Refunded
,
5
%
,
6/01/30
.....
$
1,690,000
$
1,730,560
Upper
Eagle
Regional
Water
Authority
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/50
........................................................
2,500,000
2,992,600
Vauxmont
Metropolitan
District
,
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/15/27
........................
380,000
450,022
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/15/32
........................
480,000
559,426
Weld
County
School
District
No.
6
Greeley
,
GO
,
2020
,
5
%
,
12/01/40
.............
8,750,000
11,496,188
Weld
County
School
District
No.
RE-4
,
GO
,
2016
,
5.25
%
,
12/01/41
..............
5,000,000
6,232,250
Winter
Farm
Metropolitan
District
No.
2
,
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/01/39
........................
630,000
786,794
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/01/44
........................
500,000
616,350
Woodmoor
Water
&
Sanitation
District
No.
1
,
Revenue
,
2011
,
5
%
,
12/01/36
........
5,000,000
5,221,500
726,110,385
U.S.
Territories
0.4%
Guam
0.2%
Guam
Government
Waterworks
Authority,
Revenue,
2020
A,
5%,
1/01/50
.........
1,500,000
1,845,345
Puerto
Rico
0.2%
Puerto
Rico
Highway
&
Transportation
Authority,
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.............................................
1,000,000
1,191,240
Total
U.S.
Territories
....................................................................
3,036,585
Total
Municipal
Bonds
(Cost
$671,655,474)
.....................................
729,146,970
a
a
a
a
Short
Term
Investments
0.3%
Municipal
Bonds
0.3%
Colorado
0.3%
b
City
&
County
of
Denver
,
COP,
2008A1,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.13%,
12/01/29
.................................................
1,400,000
1,400,000
COP,
2008A2,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.13%,
12/01/29
.................................................
410,000
410,000
b
Colorado
Educational
&
Cultural
Facilities
Authority
,
Daughters
of
Israel,
Inc.
,
Revenue
,
B-4
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.13
%
,
12/01/35
................
760,000
760,000
2,570,000
Total
Municipal
Bonds
(Cost
$2,570,000)
.......................................
2,570,000
Total
Short
Term
Investments
(Cost
$2,570,000
)
.................................
2,570,000
a
Total
Investments
(Cost
$674,225,474)
98.7%
...................................
$731,716,970
Other
Assets,
less
Liabilities
1.3%
.............................................
9,272,151
Net
Assets
100.0%
...........................................................
$740,989,121
a
Security
purchased
on
a
when-issued
basis.
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Connecticut
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
99.1%
Connecticut
99.1%
City
of
Bridgeport
,
GO,
Pre-Refunded,
5%,
2/15/32
.......................................
$
10,000,000
$
10,572,600
City
of
New
Britain
,
GO
,
2017
C
,
AGMC
Insured
,
5
%
,
3/01/36
..................
1,000,000
1,206,960
City
of
New
Haven
,
GO
,
2002C
,
NATL
Insured
,
ETM,
5
%
,
11/01/22
..............
25,000
25,091
City
of
Stamford
,
Water
Pollution
Control
System
&
Facility,
Revenue,
2013A,
5.25%,
8/15/43
......
1,000,000
1,121,960
a
Water
Pollution
Control
System
&
Facility,
Revenue,
2020
A,
4%,
11/15/45
.......
1,175,000
1,414,841
Connecticut
Housing
Finance
Authority
,
Revenue,
10,
5%,
6/15/28
...........................................
420,000
421,499
Revenue,
13,
5%,
6/15/40
...........................................
1,500,000
1,505,310
Revenue,
2020
C-2,
Refunding,
2.2%,
11/15/34
...........................
1,250,000
1,261,563
Revenue,
2020C-1,
Refunding,
2.05%,
5/15/37
...........................
1,400,000
1,415,260
Revenue,
E-E1,
3.05%,
11/15/44
......................................
5,000,000
5,319,400
Revenue,
E-E1,
3.1%,
11/15/49
.......................................
2,000,000
2,113,380
Connecticut
Municipal
Electric
Energy
Cooperative
,
Revenue
,
2013A
,
5
%
,
1/01/38
..
3,000,000
3,246,330
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/34
345,000
431,543
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/35
310,000
385,671
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/36
480,000
594,888
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/37
300,000
370,563
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/38
315,000
388,578
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/39
380,000
467,240
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/42
860,000
1,049,432
Connecticut
College,
Revenue,
L-1,
Refunding,
4%,
7/01/46
..................
5,000,000
5,428,850
Connecticut
State
University
System,
Revenue,
N,
5%,
11/01/29
..............
5,060,000
5,648,680
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2018
B,
5%,
12/01/40
.......................................................
4,000,000
4,671,520
Fairfield
University,
Revenue,
Q-1,
5%,
7/01/46
...........................
9,000,000
10,245,060
Hartford
HealthCare
Obligated
Group,
Revenue,
2011A,
Pre-Refunded,
5%,
7/01/41
12,000,000
12,327,600
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/38
.....
1,000,000
1,107,220
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/41
.....
3,105,000
3,412,209
Quinnipiac
University,
Revenue,
L,
Refunding,
5%,
7/01/45
..................
8,250,000
9,281,663
Sacred
Heart
University,
Inc.,
Revenue,
2011G,
Pre-Refunded,
5.375%,
7/01/31
..
1,500,000
1,545,105
Sacred
Heart
University,
Inc.,
Revenue,
2011G,
Pre-Refunded,
5.625%,
7/01/41
..
5,500,000
5,673,360
Sacred
Heart
University,
Inc.,
Revenue,
2012H,
Pre-Refunded,
AGMC
Insured,
5%,
7/01/28
........................................................
2,290,000
2,464,132
Sacred
Heart
University,
Inc.,
Revenue,
I-1,
Refunding,
5%,
7/01/42
............
4,375,000
5,159,569
Sacred
Heart
University,
Inc.,
Revenue,
K,
4%,
7/01/45
.....................
1,200,000
1,348,080
Stamford
Hospital
Obligated
Group
(The),
Revenue,
2010-1,
5%,
7/01/30
........
5,000,000
5,098,100
Stamford
Hospital
Obligated
Group
(The),
Revenue,
J,
5%,
7/01/42
............
5,000,000
5,205,050
Trinity
College,
Revenue,
R,
Refunding,
4%,
6/01/45
.......................
2,500,000
2,861,200
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016,
5%,
12/01/41
............
5,000,000
5,894,300
Western
Connecticut
Health
Obligated
Group,
Revenue,
2011
M,
Pre-Refunded,
5.375%,
7/01/41
.................................................
1,000,000
1,030,070
Yale-New
Haven
Health
Obligated
Group,
Revenue,
N,
5%,
7/01/48
............
5,000,000
5,423,800
Connecticut
State
Higher
Education
Supplement
Loan
Authority
,
Revenue,
2020
B,
3.25%,
11/15/36
....................................
1,700,000
1,736,057
Revenue,
2020
D,
Refunding,
3%,
11/15/35
..............................
1,145,000
1,163,675
Connecticut
Transmission
Municipal
Electric
Energy
Cooperative
,
Revenue
,
2012A
,
5
%
,
1/01/42
......................................................
5,000,000
5,211,550
Metropolitan
District
(The)
,
Revenue,
2013A,
Pre-Refunded,
5%,
4/01/36
.............................
5,000,000
5,320,100
Revenue,
2014A,
5%,
11/01/42
.......................................
5,000,000
5,701,650
South
Central
Connecticut
Regional
Water
Authority
,
Revenue,
A-THIRTIETH,
Pre-Refunded,
5%,
8/01/39
.......................
1,500,000
1,760,295
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
16
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
(continued)
South
Central
Connecticut
Regional
Water
Authority,
(continued)
Revenue,
A-THIRTIETH,
Pre-Refunded,
5%,
8/01/44
.......................
$
1,615,000
$
1,895,251
Revenue,
Second
Series,
B-THIRTY
SECOND,
Refunding,
5%,
8/01/38
.........
1,720,000
2,075,077
State
of
Connecticut
,
GO,
2020
A,
4%,
1/15/36
............................................
5,000,000
6,014,850
GO,
2020
A,
4%,
1/15/38
............................................
2,250,000
2,685,172
GO,
2020
C,
4%,
6/01/39
............................................
600,000
717,924
Special
Tax,
2013,
5%,
10/01/30
......................................
5,000,000
5,602,900
Special
Tax,
2016A,
5%,
9/01/33
......................................
1,000,000
1,210,020
Special
Tax,
2018
A,
5%,
1/01/36
......................................
1,000,000
1,242,070
Special
Tax,
2020
A,
4%,
5/01/39
......................................
1,000,000
1,178,040
Bradley
International
Airport
CFC,
Revenue,
2019
A,
5%,
7/01/49
..............
1,400,000
1,662,962
Clean
Water
Fund
-
State
Revolving
Fund,
Revenue,
2015A,
5%,
3/01/34
.......
5,000,000
5,906,150
Clean
Water
Fund
-
State
Revolving
Fund,
Revenue,
2015A,
5%,
3/01/35
.......
1,000,000
1,179,840
Clean
Water
Fund
-
State
Revolving
Fund,
Revenue,
2017A,
5%,
5/01/37
.......
3,000,000
3,723,570
Town
of
Darien
,
GO
,
2020
A
,
Refunding
,
4
%
,
8/01/39
........................
350,000
417,882
Town
of
Stratford
,
GO
,
2017
,
AGMC
Insured
,
5
%
,
7/01/33
.....................
1,000,000
1,181,520
Town
of
Windham
,
GO
,
2020
,
Refunding
,
4
%
,
8/15/45
........................
2,000,000
2,338,780
University
of
Connecticut
,
Revenue,
2013A,
5%,
8/15/28
........................................
6,590,000
7,313,977
Revenue,
2014
A,
5%,
2/15/31
........................................
2,000,000
2,242,720
Revenue,
2017
A,
5%,
1/15/37
........................................
4,000,000
4,780,760
201,400,469
Total
Municipal
Bonds
(Cost
$189,316,556)
.....................................
201,400,469
a
a
a
a
Short
Term
Investments
0.3%
Municipal
Bonds
0.3%
Connecticut
0.3%
b
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Yale
University
,
Revenue
,
2001
V-2
,
D
aily
VRDN
and
Put
,
0.07
%
,
7/01/36
...........................
600,000
600,000
Total
Municipal
Bonds
(Cost
$600,000)
.........................................
600,000
Total
Short
Term
Investments
(Cost
$600,000
)
..................................
600,000
a
Total
Investments
(Cost
$189,916,556)
99.4%
...................................
$202,000,469
Other
Assets,
less
Liabilities
0.6%
.............................................
1,217,607
Net
Assets
100.0%
...........................................................
$203,218,076
a
Security
purchased
on
a
when-issued
basis.
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
17
a
a
Shares
a
Value
a
Management
Investment
Companies
0.7%
Capital
Markets
0.7%
a
Franklin
Liberty
Federal
Tax-Free
Bond
ETF
...............................
965,000
$
26,209,400
Total
Management
Investment
Companies
(Cost
$26,174,687)
....................
26,209,400
Principal
Amount
a
a
a
a
Municipal
Bonds
98.3%
Alabama
2.2%
Alabama
Public
School
and
College
Authority
,
Revenue
,
2014-B
,
Refunding
,
5
%
,
1/01/27
.........................................................
$
25,000,000
29,147,500
Chatom
Industrial
Development
Board
,
PowerSouth
Energy
Cooperative,
Revenue,
2020,
Refunding,
AGMC
Insured,
5%,
8/01/28
........................................................
500,000
630,325
PowerSouth
Energy
Cooperative,
Revenue,
2020,
Refunding,
AGMC
Insured,
5%,
8/01/29
........................................................
485,000
620,756
PowerSouth
Energy
Cooperative,
Revenue,
2020,
Refunding,
AGMC
Insured,
5%,
8/01/30
........................................................
425,000
552,798
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
6/01/39
....................................................
2,250,000
2,592,203
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
,
Infirmary
Health
System
Obligated
Group,
Revenue,
2016A,
5%,
2/01/27
........
4,920,000
5,860,310
Infirmary
Health
System
Obligated
Group,
Revenue,
2016A,
5%,
2/01/28
........
5,000,000
5,904,950
Madison
City
Board
of
Education
,
Special
Tax,
2019,
4%,
2/01/33
.......................................
2,855,000
3,542,598
Special
Tax,
2019,
4%,
2/01/34
.......................................
2,970,000
3,671,900
Special
Tax,
2019,
4%,
2/01/35
.......................................
3,095,000
3,819,013
Special
Tax,
2019,
4%,
2/01/37
.......................................
3,350,000
4,105,325
Shelby
County
Board
of
Education
,
Special
Tax,
2011,
Refunding,
5%,
2/01/22
...............................
5,250,000
5,291,685
Special
Tax,
2011,
Refunding,
5%,
2/01/23
...............................
5,520,000
5,563,829
Special
Tax,
2011,
Refunding,
5%,
2/01/24
...............................
5,055,000
5,095,136
Special
Tax,
2011,
Refunding,
5%,
2/01/25
...............................
5,920,000
5,967,005
82,365,333
Alaska
0.1%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue,
2020,
Refunding,
4%,
12/01/35
................................
1,710,000
2,011,182
Revenue,
2020,
Refunding,
4%,
12/01/37
................................
1,305,000
1,524,110
3,535,292
Arizona
3.7%
Arizona
Department
of
Transportation
,
State
Highway
Fund,
Revenue,
2011A,
Pre-Refunded,
5%,
7/01/24
............
5,000,000
5,140,950
State
Highway
Fund,
Revenue,
2011A,
Pre-Refunded,
5%,
7/01/25
............
5,000,000
5,140,950
State
Highway
Fund,
Revenue,
2015,
Refunding,
5%,
7/01/29
................
10,920,000
12,632,911
Arizona
Health
Facilities
Authority
,
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2012
A
,
Refunding
,
5
%
,
2/01/27
...............................
6,000,000
6,309,000
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/29
.......................................................
1,100,000
1,400,069
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/30
.......................................................
600,000
760,194
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/31
.......................................................
630,000
795,646
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/32
.......................................................
1,000,000
1,256,490
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/35
.......................................................
1,115,000
1,391,096
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
18
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%,
11/01/36
.......................................................
$
1,250,000
$
1,556,700
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/37
.......................................................
1,050,000
1,303,460
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020A,
4%,
11/01/37
.......................................................
1,105,000
1,311,160
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020A,
4%,
11/01/38
.......................................................
600,000
708,624
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020A,
5%,
2/01/35
.....
500,000
642,160
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020A,
5%,
2/01/36
.....
750,000
958,372
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020A,
5%,
2/01/37
.....
600,000
762,894
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020A,
5%,
2/01/38
.....
1,000,000
1,268,930
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020A,
3%,
2/01/39
.....
1,200,000
1,282,668
City
of
Mesa
,
Utility
System
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/29
............
2,500,000
3,090,850
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport,
Revenue,
Junior
Lien,
2017
D,
Refunding,
5%,
7/01/30
...............
10,000,000
12,390,600
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/35
........................
3,500,000
4,360,300
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/36
........................
10,225,000
12,695,564
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/35
..................................................
9,720,000
11,462,602
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/36
..................................................
6,380,000
7,502,433
County
of
Pima
,
Sewer
System,
Revenue,
2011
B,
Pre-Refunded,
5%,
7/01/24
................
6,030,000
6,198,177
Sewer
System,
Revenue,
2011
B,
Pre-Refunded,
5%,
7/01/25
................
4,500,000
4,625,505
Glendale
Industrial
Development
Authority
,
Midwestern
University
Foundation,
Revenue,
2020,
Refunding,
5%,
5/15/30
......
525,000
687,377
Midwestern
University
Foundation,
Revenue,
2020,
Refunding,
5%,
5/15/31
......
425,000
553,580
Midwestern
University
Foundation,
Revenue,
2020,
Refunding,
5%,
5/15/32
......
525,000
678,662
Maricopa
County
Industrial
Development
Authority
,
Scottsdale
Healthcare
Hospitals
Obligated
Group,
Revenue,
2019A,
Refunding,
5%,
9/01/30
........................................................
850,000
1,066,793
Scottsdale
Healthcare
Hospitals
Obligated
Group,
Revenue,
2019A,
Refunding,
5%,
9/01/31
........................................................
1,000,000
1,249,500
Scottsdale
Healthcare
Hospitals
Obligated
Group,
Revenue,
2019A,
Refunding,
5%,
9/01/32
........................................................
1,000,000
1,242,690
Scottsdale
Healthcare
Hospitals
Obligated
Group,
Revenue,
2019A,
Refunding,
5%,
9/01/33
........................................................
800,000
990,072
Pima
County
Regional
Transportation
Authority
,
Revenue,
2014,
5%,
6/01/24
.........................................
3,385,000
3,787,544
Revenue,
2014,
5%,
6/01/26
.........................................
7,180,000
8,020,419
Scottsdale
Municipal
Property
Corp.
,
Revenue,
2015,
Refunding,
5%,
7/01/26
.................................
2,580,000
3,133,642
Revenue,
2015,
Refunding,
5%,
7/01/27
.................................
2,000,000
2,423,080
Revenue,
2015,
Refunding,
5%,
7/01/28
.................................
3,325,000
4,021,621
134,803,285
Arkansas
0.7%
Arkansas
Development
Finance
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/32
........................................................
3,885,000
4,892,924
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/35
........................................................
4,630,000
5,770,045
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/36
........................................................
3,625,000
4,500,727
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arkansas
(continued)
Arkansas
Development
Finance
Authority,
(continued)
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/37
........................................................
$
1,250,000
$
1,547,138
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/38
........................................................
1,000,000
1,234,160
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/39
........................................................
1,000,000
1,231,410
City
of
Fort
Smith
,
Sales
&
Use
Tax
,
Revenue
,
2012
,
Refunding
,
5
%
,
5/01/23
......
5,000,000
5,303,100
24,479,504
California
7.4%
Bay
Area
Toll
Authority
,
Revenue,
2017
S-7,
Refunding,
4%,
4/01/31
.............................
7,000,000
8,266,720
Revenue,
2017
S-7,
Refunding,
4%,
4/01/33
.............................
5,000,000
5,854,450
California
State
Public
Works
Board
,
Revenue,
A,
5.25%,
10/01/22
.........................................
3,300,000
3,438,204
Revenue,
A,
5.25%,
10/01/23
.........................................
5,365,000
5,589,686
Revenue,
A,
5.25%,
10/01/24
.........................................
3,000,000
3,125,640
Revenue,
A,
5.25%,
10/01/25
.........................................
3,000,000
3,125,640
California
Statewide
Communities
Development
Authority
,
Emanate
Health
Obligated
Group,
Revenue,
2020
A,
5%,
4/01/35
.............
1,300,000
1,677,429
Emanate
Health
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/37
.............
700,000
821,709
Emanate
Health
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/38
.............
1,350,000
1,580,162
City
of
Riverside
,
Sewer,
Revenue,
2015A,
Refunding,
5%,
8/01/34
..........................
10,605,000
12,713,698
Sewer,
Revenue,
2015A,
Refunding,
5%,
8/01/35
..........................
11,000,000
13,176,020
Livermore-Amador
Valley
Water
Management
Agency
,
Revenue,
2011,
Refunding,
5%,
8/01/24
.................................
5,660,000
5,835,120
Revenue,
2011,
Refunding,
5%,
8/01/25
.................................
4,765,000
4,912,096
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2013A,
5%,
7/01/26
............................
11,025,000
12,103,355
Power
System,
Revenue,
2017B,
Refunding,
5%,
7/01/31
...................
8,220,000
10,317,251
Power
System,
Revenue,
2017C,
5%,
7/01/32
............................
4,615,000
5,860,127
Power
System,
Revenue,
2017C,
5%,
7/01/33
............................
3,960,000
5,008,727
Power
System,
Revenue,
2017C,
5%,
7/01/34
............................
4,080,000
5,150,061
Los
Angeles
Unified
School
District
,
GO,
2018
B-1,
5%,
7/01/32
..........................................
8,000,000
10,178,880
GO,
2020
RYQ,
5%,
7/01/35
.........................................
6,500,000
8,691,540
San
Diego
Public
Facilities
Financing
Authority
,
City
of
San
Diego
Water
Utility,
Revenue,
2020
A,
4%,
8/01/36
................
855,000
1,070,640
City
of
San
Diego
Water
Utility,
Revenue,
2020
A,
4%,
8/01/37
................
1,250,000
1,560,100
State
of
California
,
GO,
5.25%,
10/01/23
...............................................
25,050,000
26,107,862
GO,
5.25%,
10/01/24
...............................................
9,780,000
10,192,129
GO,
Refunding,
5.25%,
9/01/25
.......................................
15,000,000
15,568,800
GO,
Refunding,
5%,
10/01/25
.........................................
15,000,000
16,655,400
GO,
5.25%,
10/01/25
...............................................
5,000,000
5,210,300
GO,
Refunding,
5.25%,
3/01/30
.......................................
10,000,000
10,001,400
GO,
Refunding,
5%,
8/01/30
.........................................
35,000,000
42,998,100
GO,
2007,
Refunding,
AGMC
Insured,
5.25%,
8/01/32
......................
10,000,000
14,341,200
271,132,446
Colorado
2.1%
City
&
County
of
Denver
,
Airport
System,
Revenue,
B,
5.25%,
11/15/26
.............................
5,000,000
5,634,900
Airport
System,
Revenue,
B,
5.25%,
11/15/27
.............................
4,250,000
4,780,400
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Health
Facilities
Authority
,
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/29
.......................................................
$
650,000
$
835,354
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/30
.......................................................
700,000
913,045
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/31
.......................................................
1,000,000
1,295,170
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/32
.......................................................
750,000
966,352
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/33
.......................................................
1,000,000
1,281,260
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/34
.......................................................
1,100,000
1,405,184
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/33
2,000,000
2,502,620
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/36
8,500,000
10,546,035
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
8/01/37
2,250,000
2,584,170
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
8/01/39
1,250,000
1,424,500
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/32
2,000,000
2,516,280
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/33
3,000,000
3,753,930
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/34
5,500,000
6,866,035
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/35
4,500,000
5,602,140
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/37
2,000,000
2,474,240
Regional
Transportation
District
,
COP
,
2013A
,
Refunding
,
5
%
,
6/01/26
...........
14,000,000
15,523,760
State
of
Colorado
,
COP
,
2020
A
,
4
%
,
12/15/35
.............................
4,000,000
4,930,520
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
3.375
%
,
12/01/30
................
500,000
509,530
76,345,425
Connecticut
2.7%
City
of
Stamford
,
GO,
2019,
3%,
6/01/35
.............................................
3,025,000
3,330,495
GO,
2019,
3%,
6/01/36
.............................................
3,025,000
3,311,437
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/37
..........
2,500,000
2,910,675
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/32
.....
5,900,000
7,255,112
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/33
.....
5,000,000
6,070,500
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/35
.....
250,000
279,327
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/36
.....
4,750,000
5,289,077
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/32
.....................
700,000
903,056
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/33
.....................
625,000
801,988
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/34
.....................
725,000
927,000
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/35
.....................
550,000
701,239
State
of
Connecticut
,
GO,
2013
E,
5%,
8/15/25
............................................
11,295,000
12,705,294
GO,
2013
E,
5%,
8/15/26
............................................
18,585,000
20,858,689
GO,
2020
C,
4%,
6/01/34
............................................
1,500,000
1,826,910
GO,
2020
C,
4%,
6/01/36
............................................
1,800,000
2,176,272
Special
Tax,
2020
A,
5%,
5/01/35
......................................
4,500,000
5,935,140
Special
Tax,
2020
A,
4%,
5/01/36
......................................
3,500,000
4,159,715
Special
Tax,
A,
5%,
1/01/28
..........................................
10,000,000
10,910,100
University
of
Connecticut
,
Revenue,
2016
A,
5%,
3/15/30
........................................
3,075,000
3,675,086
Revenue,
2016
A,
5%,
3/15/31
........................................
5,025,000
5,987,036
100,014,148
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
8.1%
Alachua
County
Health
Facilities
Authority
,
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/31
.......................................................
$
5,000,000
$
6,465,700
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/32
.......................................................
1,600,000
2,052,400
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/33
.......................................................
3,445,000
4,401,229
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/35
.......................................................
2,350,000
2,986,991
Broward
County
,
Water
&
Sewer
Utility,
Revenue,
B,
Refunding,
5%,
10/01/24
.................
6,000,000
6,514,620
Water
&
Sewer
Utility,
Revenue,
B,
Refunding,
5%,
10/01/25
.................
6,325,000
6,866,294
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/30
............................................
1,000,000
1,149,840
City
of
Clearwater
,
Water
&
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/33
......
5,520,000
6,887,690
City
of
Gainesville
,
Utilities
System
,
Revenue
,
2017
A
,
5
%
,
10/01/30
.............
1,500,000
1,917,015
City
of
Jacksonville
,
Revenue,
2012A,
Refunding,
5%,
10/01/28
..............................
6,000,000
6,468,600
Genesis
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/39
..
1,650,000
1,881,165
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/40
........................................
2,500,000
2,584,075
City
of
Port
St.
Lucie
,
Utility
System,
Revenue,
2016,
Refunding,
4%,
9/01/30
.....................
1,500,000
1,732,530
Utility
System,
Revenue,
2016,
Refunding,
4%,
9/01/31
.....................
1,635,000
1,870,178
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/33
...................
6,000,000
6,846,300
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/38
..................................................
700,000
815,017
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/39
..................................................
500,000
580,755
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
5%,
7/01/40
..................................................
1,000,000
1,250,590
County
of
Miami-Dade
,
Aviation,
Revenue,
2010
A-1,
5%,
10/01/21
..............................
5,000,000
5,017,850
Aviation,
Revenue,
2010
A-1,
5%,
10/01/22
..............................
5,890,000
5,910,497
Aviation,
Revenue,
2010
A-1,
5.25%,
10/01/23
............................
4,875,000
4,892,307
Transit
System,
Revenue,
2012,
Pre-Refunded,
5%,
7/01/24
.................
2,250,000
2,421,090
Transit
System,
Revenue,
2012,
Pre-Refunded,
5%,
7/01/25
.................
3,000,000
3,228,120
Transit
System,
Revenue,
2012,
Pre-Refunded,
5%,
7/01/26
.................
4,000,000
4,304,160
Transit
System,
Revenue,
2012,
Pre-Refunded,
5%,
7/01/27
.................
4,000,000
4,304,160
Transit
System,
Revenue,
2019,
Refunding,
4%,
7/01/35
....................
13,890,000
16,708,142
Water
&
Sewer
System,
Revenue,
2013B,
Pre-Refunded,
5%,
10/01/27
.........
15,000,000
17,022,000
County
of
Palm
Beach
,
Water
&
Sewer
,
Revenue
,
2013
,
Pre-Refunded
,
5
%
,
10/01/28
1,240,000
1,407,152
Greater
Orlando
Aviation
Authority
,
Revenue,
2019
A,
5%,
10/01/34
.......................................
15,560,000
19,777,849
Revenue,
2019
A,
4%,
10/01/35
.......................................
5,000,000
5,869,550
Herons
Glen
Recreation
District
,
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/32
.............
185,000
199,635
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/33
.............
300,000
321,522
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/34
.............
245,000
260,629
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/35
.............
255,000
269,668
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/36
.............
260,000
273,907
JEA
Water
&
Sewer
System
,
Revenue,
2014A,
Pre-Refunded,
5%,
10/01/26
............................
1,530,000
1,766,461
Revenue,
2014A,
Refunding,
5%,
10/01/26
..............................
1,455,000
1,674,298
Revenue,
2014A,
Pre-Refunded,
5%,
10/01/27
............................
5,375,000
6,205,706
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
JEA
Water
&
Sewer
System,
(continued)
Revenue,
2014A,
Refunding,
5%,
10/01/27
..............................
$
5,130,000
$
5,892,164
Revenue,
2014A,
Pre-Refunded,
5%,
10/01/29
............................
1,265,000
1,460,506
Revenue,
2014A,
Refunding,
5%,
10/01/29
..............................
1,205,000
1,379,279
Revenue,
2017A,
Refunding,
5%,
10/01/31
..............................
17,435,000
22,196,150
Lee
Memorial
Health
System
,
Lee
Memorial
Health
System
Obligated
Group
,
Revenue
,
A-1
,
Refunding
,
4
%
,
4/01/37
.........................................
5,000,000
5,804,350
Leon
County
School
District
,
Revenue
,
2014
,
5
%
,
9/01/25
.....................
6,040,000
6,789,745
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group,
Revenue,
2016A,
Refunding,
5%,
10/01/28
.....
1,000,000
1,224,180
Orlando
Health
Obligated
Group,
Revenue,
2016A,
Refunding,
5%,
10/01/30
.....
2,875,000
3,487,375
Orlando
Utilities
Commission
,
Revenue,
2012A,
Refunding,
5%,
10/01/24
..............................
2,405,000
2,840,281
Revenue,
2012A,
Refunding,
5%,
10/01/25
..............................
2,000,000
2,451,920
Revenue,
2018
A,
5%,
10/01/33
.......................................
1,755,000
2,235,115
Orlando-Orange
County
Expressway
Authority
,
Central
Florida
Expressway
Authority
,
Revenue
,
2013B
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/24
...................
14,650,000
16,423,529
Palm
Beach
County
School
District
,
COP
,
2014B
,
5
%
,
8/01/25
..................
4,000,000
4,844,560
Palm
Beach
County
Solid
Waste
Authority
,
Revenue
,
2011
,
Refunding
,
5
%
,
10/01/23
.
17,290,000
17,969,497
State
of
Florida
,
GO,
2015E,
Refunding,
4%,
6/01/33
....................................
11,855,000
13,550,976
GO,
2017
C,
Refunding,
4%,
6/01/32
...................................
12,855,000
15,250,401
GO,
2017
C,
Refunding,
4%,
6/01/33
...................................
5,000,000
5,907,350
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
4
%
,
10/01/32
..........
2,855,000
3,259,382
298,072,452
Georgia
1.9%
City
of
Atlanta
,
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014A,
Refunding,
5%,
1/01/27
........................................................
7,000,000
7,932,890
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014A,
Refunding,
5%,
1/01/28
........................................................
5,100,000
5,764,632
Water
&
Wastewater,
Revenue,
2015,
Refunding,
5%,
11/01/26
...............
5,165,000
6,209,621
Water
&
Wastewater,
Revenue,
2018
C,
Refunding,
5%,
11/01/33
..............
6,750,000
8,642,228
Water
&
Wastewater,
Revenue,
2018
C,
Refunding,
5%,
11/01/34
..............
3,000,000
3,835,350
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/32
900,000
1,086,228
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/33
565,000
676,169
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/34
450,000
536,697
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/35
865,000
1,029,194
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/36
1,400,000
1,659,616
b
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/32
250,000
293,530
b
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/33
250,000
290,633
b
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/34
275,000
317,864
b
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/35
275,000
315,876
b
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/36
275,000
315,222
Development
Authority
for
Fulton
County
,
Spelman
College,
Revenue,
2015,
Refunding,
5%,
6/01/28
...................
3,785,000
4,363,764
Spelman
College,
Revenue,
2015,
Refunding,
5%,
6/01/29
...................
4,385,000
5,033,761
Spelman
College,
Revenue,
2015,
Refunding,
5%,
6/01/30
...................
4,805,000
5,496,776
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/27
........................................................
1,750,000
2,181,935
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/28
........................................................
2,100,000
2,594,991
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/29
........................................................
2,000,000
2,457,180
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Gainesville
&
Hall
County
Hospital
Authority,
(continued)
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/30
........................................................
$
1,000,000
$
1,222,080
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
B,
5%,
1/01/29
........................................
500,000
632,935
Revenue,
2019
B,
5%,
1/01/30
........................................
480,000
603,576
Revenue,
2019
B,
5%,
1/01/31
........................................
700,000
876,526
Revenue,
2019
B,
5%,
1/01/32
........................................
750,000
937,942
Revenue,
2019
B,
5%,
1/01/33
........................................
1,045,000
1,302,248
Revenue,
2019
B,
5%,
1/01/34
........................................
700,000
867,734
Revenue,
2019A,
5%,
1/01/30
........................................
1,000,000
1,265,660
Revenue,
2019A,
5%,
1/01/31
........................................
600,000
756,210
Revenue,
2019A,
5%,
1/01/32
........................................
500,000
627,330
Revenue,
2019A,
5%,
1/01/33
........................................
1,000,000
1,247,790
71,374,188
Hawaii
0.9%
State
of
Hawaii
,
GO,
EO,
5%,
8/01/28
...............................................
25,000,000
29,068,250
Airports
System,
Revenue,
2020
A,
4%,
7/01/35
...........................
4,420,000
5,114,559
34,182,809
Illinois
2.4%
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien,
2020
C,
Refunding,
4%,
1/01/35
.....................
4,000,000
4,719,120
Revenue,
Senior
Lien,
2020
E,
Refunding,
4%,
1/01/35
.....................
1,560,000
1,840,457
Chicago
Park
District
,
GO,
2020
F-2,
Refunding,
5%,
1/01/32
..................................
1,500,000
1,831,335
GO,
2020
F-2,
Refunding,
5%,
1/01/33
..................................
3,000,000
3,636,810
GO,
2020
F-2,
Refunding,
4%,
1/01/34
..................................
1,100,000
1,225,048
GO,
2020
F-2,
Refunding,
5%,
1/01/35
..................................
2,375,000
2,856,579
Chicago
Transit
Authority
,
Revenue
,
2011
,
Refunding
,
AGMC
Insured
,
5.25
%
,
6/01/25
6,125,000
6,265,569
County
of
Cook
,
GO
,
A
,
Refunding
,
MAC
Insured
,
5.25
%
,
11/15/22
..............
12,395,000
12,958,724
Illinois
Finance
Authority
,
Northwestern
University
,
Revenue
,
2015
,
5
%
,
12/01/28
....
1,675,000
2,236,376
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
B
,
Pre-Refunded
,
5
%
,
6/15/23
...
600,000
642,414
State
of
Illinois
,
GO,
2013
A,
AGMC
Insured,
5%,
4/01/25
................................
18,000,000
19,267,200
GO,
2014,
MAC
Insured,
5%,
2/01/26
...................................
5,650,000
6,179,914
GO,
2016,
Refunding,
5%,
2/01/26
.....................................
1,000,000
1,099,990
GO,
2017C,
5%,
11/01/29
...........................................
3,675,000
3,999,576
GO,
2017D,
3.25%,
11/01/26
.........................................
750,000
752,452
GO,
2017D,
5%,
11/01/27
...........................................
1,500,000
1,654,995
GO,
2020,
5.5%,
5/01/39
............................................
2,650,000
2,991,055
GO,
2020
C,
4%,
10/01/37
...........................................
7,870,000
7,969,477
b,c
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group
,
Revenue
,
144A,
2020A
,
Refunding
,
3.5
%
,
12/01/32
......
6,400,000
6,417,664
88,544,755
Indiana
0.3%
Indiana
Finance
Authority
,
State
Revolving
Fund
,
Revenue
,
2018
A
,
5
%
,
2/01/35
....
9,795,000
12,516,639
Iowa
0.5%
Iowa
Higher
Education
Loan
Authority
,
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/31
.
1,800,000
2,286,540
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/32
.
1,920,000
2,426,400
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/33
.
2,030,000
2,551,121
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/34
.
2,135,000
2,677,269
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Iowa
(continued)
Iowa
Higher
Education
Loan
Authority,
(continued)
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/35
.
$
1,250,000
$
1,562,175
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/36
.
2,470,000
3,077,719
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/37
.
2,595,000
3,223,561
17,804,785
Kansas
0.3%
State
of
Kansas
,
Department
of
Transportation
,
Revenue
,
2014A
,
5
%
,
9/01/28
.....
8,000,000
9,373,920
Kentucky
1.0%
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019A-1
,
Refunding
,
5
%
,
8/01/34
........................
1,000,000
1,248,370
Kentucky
Municipal
Power
Agency
,
Revenue,
2019
A,
Refunding,
5%,
9/01/31
...............................
1,500,000
1,864,350
Revenue,
2019
A,
Refunding,
5%,
9/01/32
...............................
1,600,000
1,977,824
Revenue,
2019
A,
Refunding,
5%,
9/01/33
...............................
1,000,000
1,231,070
Kentucky
State
Property
&
Building
Commission
,
Kentucky
Finance
and
Administration
Cabinet
,
Revenue
,
BAM
Insured
,
5
%
,
5/01/32
............................
2,000,000
2,530,980
Kentucky
Turnpike
Authority
,
Kentucky
Transportation
Cabinet,
Revenue,
B,
Refunding,
5%,
7/01/26
.........
2,570,000
3,137,996
Kentucky
Transportation
Cabinet,
Revenue,
B,
Refunding,
5%,
7/01/28
.........
3,000,000
3,729,480
Louisville
and
Jefferson
County
,
Metropolitan
Sewer
District
,
Revenue
,
2011
A
,
5
%
,
5/15/24
.........................................................
7,000,000
7,314,860
Paducah
Electric
Plant
Board
,
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
10/01/29
..................
5,500,000
6,661,545
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
10/01/31
..................
5,500,000
6,614,080
36,310,555
Louisiana
2.1%
East
Baton
Rouge
Sewerage
Commission
,
Revenue,
2019
A,
Refunding,
4%,
2/01/35
...............................
1,310,000
1,580,319
Revenue,
2019
A,
Refunding,
4%,
2/01/36
...............................
2,000,000
2,406,460
Revenue,
2019
B,
Refunding,
5%,
2/01/32
...............................
2,000,000
2,807,400
Jefferson
Sales
Tax
District
,
Revenue
,
2019
B
,
AGMC
Insured
,
4
%
,
12/01/36
.......
7,000,000
8,344,210
Lafayette
Consolidated
Government
,
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/25
...................
2,400,000
2,892,720
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/27
...................
3,500,000
4,186,140
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/29
...................
4,685,000
5,560,767
b,c
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.
,
Revenue
,
144A,
2020A
,
Refunding
,
3.5
%
,
12/01/32
.....................................
1,960,000
1,963,508
Louisiana
Public
Facilities
Authority
,
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/29
........................................................
10,000
12,405
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
5/15/29
1,240,000
1,492,018
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/30
........................................................
5,000
6,203
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
5/15/30
995,000
1,192,159
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/32
........................................................
15,000
18,608
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
5/15/32
1,485,000
1,766,927
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/28
1,000,000
1,243,070
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/29
2,000,000
2,471,300
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/30
2,250,000
2,766,577
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/31
1,745,000
2,137,642
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/32
1,750,000
2,134,493
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/33
2,000,000
2,429,520
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
(continued)
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/36
.................
$
1,750,000
$
2,230,883
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/37
.................
2,000,000
2,541,020
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/38
.................
3,120,000
3,946,769
d
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017B-2
,
Refunding
,
Mandatory
Put
,
2.375
%
,
7/01/26
......................................
2,500,000
2,577,325
Port
New
Orleans
Board
of
Commissioners
,
Revenue,
2020
E,
5%,
4/01/35
........................................
1,000,000
1,234,760
Revenue,
2020
E,
5%,
4/01/36
........................................
1,495,000
1,840,794
Revenue,
2020
E,
5%,
4/01/37
........................................
1,065,000
1,307,969
Revenue,
2020
E,
5%,
4/01/38
........................................
1,000,000
1,225,650
Revenue,
2020
E,
5%,
4/01/39
........................................
1,500,000
1,835,325
State
of
Louisiana
,
GO
,
2014-C
,
Refunding
,
5
%
,
8/01/25
......................
10,000,000
11,698,000
77,850,941
Maine
0.2%
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineHealth
Obligated
Group,
Revenue,
2020A,
5%,
7/01/35
.................
1,000,000
1,293,270
MaineHealth
Obligated
Group,
Revenue,
2020A,
4%,
7/01/36
.................
1,000,000
1,186,920
MaineHealth
Obligated
Group,
Revenue,
2020A,
4%,
7/01/37
.................
1,150,000
1,360,438
MaineHealth
Obligated
Group,
Revenue,
2020A,
4%,
7/01/38
.................
1,440,000
1,698,509
5,539,137
Maryland
2.3%
City
of
Baltimore
,
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/29
.....................
1,000,000
1,244,890
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/30
.....................
2,940,000
3,643,924
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/31
.....................
2,085,000
2,574,996
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/32
.....................
3,240,000
3,984,390
Wastewater
Utility
Fund,
Revenue,
2017
C,
Refunding,
5%,
7/01/30
............
6,450,000
8,028,831
Wastewater
Utility
Fund,
Revenue,
2017
C,
Refunding,
5%,
7/01/32
............
5,905,000
7,300,883
Wastewater
Utility
Fund,
Revenue,
Senior
Lien,
D,
Refunding,
5%,
7/01/28
......
2,790,000
3,290,024
Wastewater
Utility
Fund,
Revenue,
Senior
Lien,
D,
Refunding,
5%,
7/01/29
......
5,835,000
6,853,441
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/29
.........................
1,320,000
1,643,255
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/30
.........................
1,785,000
2,212,382
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/31
.........................
3,765,000
4,649,813
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/32
.........................
4,000,000
4,919,000
County
of
Anne
Arundel
,
GO
,
2015
,
5
%
,
4/01/29
............................
7,495,000
8,955,326
Maryland
Community
Development
Administration
,
Residential
,
Revenue
,
2019
B
,
Refunding
,
3
%
,
9/01/34
.............................................
5,000,000
5,408,800
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
3.25%,
7/01/39
500,000
519,750
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/40
..
300,000
342,549
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
7/01/30
............................................
8,520,000
10,617,879
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
7/01/31
............................................
7,415,000
9,194,897
85,385,030
Massachusetts
4.0%
Commonwealth
of
Massachusetts
,
GO,
A,
Refunding,
5%,
7/01/28
.......................................
7,500,000
9,078,675
GO,
A,
Refunding,
5%,
7/01/29
.......................................
6,000,000
7,242,960
Massachusetts
Bay
Transportation
Authority
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
7/01/34
.........................................................
6,000,000
8,065,380
Massachusetts
Clean
Water
Trust
(The)
,
Revenue,
17A,
5%,
2/01/24
..........................................
9,380,000
10,355,145
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Clean
Water
Trust
(The),
(continued)
Revenue,
17A,
5%,
2/01/25
..........................................
$
9,750,000
$
10,763,610
Revenue,
2014,
Refunding,
5%,
8/01/26
.................................
10,650,000
13,468,096
Massachusetts
Development
Finance
Agency
,
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/30
.......................................................
150,000
200,151
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/31
.......................................................
475,000
630,358
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/32
.......................................................
450,000
593,114
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/33
.......................................................
525,000
688,637
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/34
.......................................................
450,000
588,969
Massachusetts
Port
Authority
,
Revenue,
2019
C,
5%,
7/01/32
........................................
4,220,000
5,395,143
Revenue,
2019
C,
5%,
7/01/33
........................................
4,430,000
5,635,979
Revenue,
2019
C,
5%,
7/01/34
........................................
9,280,000
11,742,448
Massachusetts
School
Building
Authority
,
Revenue,
Pre-Refunded,
5%,
8/15/27
..................................
6,000,000
6,491,039
Revenue,
Senior
Lien,
Pre-Refunded,
5%,
8/15/25
.........................
10,975,000
11,872,279
Revenue,
Senior
Lien,
2012A,
Pre-Refunded,
5%,
8/15/26
...................
495,000
534,660
Massachusetts
Transportation
Trust
Fund
,
Metropolitan
Highway
System
,
Revenue,
Senior
Lien
,
2019
A
,
Refunding
,
5
%
,
1/01/35
.............................
7,000,000
8,949,080
Massachusetts
Water
Resources
Authority
,
Revenue
,
C
,
Refunding
,
5
%
,
8/01/32
....
13,920,000
17,662,531
University
of
Massachusetts
Building
Authority
,
University
of
Massachusetts,
Revenue,
2017-3,
Refunding,
5%,
11/01/31
........
10,035,000
12,726,488
University
of
Massachusetts,
Revenue,
2017-3,
Refunding,
5%,
11/01/32
........
5,000,000
6,308,300
148,993,042
Michigan
1.7%
Lansing
Board
of
Water
&
Light
,
Revenue
,
2019
A
,
5
%
,
7/01/36
.................
4,645,000
6,088,619
Lansing
School
District
,
GO,
2016
I,
5%,
5/01/30
.............................................
1,860,000
2,295,537
GO,
2016
I,
5%,
5/01/31
.............................................
2,010,000
2,474,632
GO,
2016
I,
5%,
5/01/32
.............................................
2,310,000
2,837,073
Michigan
Finance
Authority
,
Clean
Water
Revolving
Fund,
Revenue,
2012,
Pre-Refunded,
5%,
10/01/24
......
5,000,000
5,439,250
Clean
Water
Revolving
Fund,
Revenue,
2013,
Pre-Refunded,
5%,
10/01/24
......
7,000,000
7,614,950
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/35
...
1,000,000
1,189,260
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016
MI,
Refunding,
5%,
12/01/34
8,200,000
9,796,458
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group,
Revenue,
1999B-3,
4%,
11/15/31
.............
5,100,000
6,098,529
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2008C,
Refunding,
5%,
12/01/31
..
2,700,000
3,385,773
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2008C,
Refunding,
5%,
12/01/32
..
1,250,000
1,559,200
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2012MI,
Refunding,
5%,
12/01/24
.
8,000,000
8,512,640
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
3
%
,
10/01/39
..
3,500,000
3,748,850
61,040,771
Missouri
1.5%
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District
,
Revenue,
2019,
Refunding,
4%,
10/01/34
................................
4,530,000
5,461,911
Revenue,
2019,
Refunding,
4%,
10/01/35
................................
6,800,000
8,172,648
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
27
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
,
Mercy
Health
,
Revenue
,
2018A
,
Refunding
,
5
%
,
6/01/31
...............................
$
12,500,000
$
15,839,125
Missouri
Joint
Municipal
Electric
Utility
Commission
,
Revenue,
2014A,
Refunding,
5%,
1/01/27
...............................
3,250,000
3,804,808
Revenue,
2014A,
Refunding,
5%,
1/01/28
...............................
4,500,000
5,249,430
Revenue,
2014A,
Refunding,
5%,
1/01/29
...............................
4,045,000
4,701,827
Southeast
Missouri
State
University
,
Revenue,
2020,
Refunding,
4%,
4/01/33
.................................
2,745,000
3,115,191
Revenue,
2020,
Refunding,
4%,
4/01/34
.................................
2,180,000
2,465,602
Revenue,
2020,
Refunding,
4%,
4/01/35
.................................
1,575,000
1,777,135
Revenue,
2020,
Refunding,
4%,
4/01/36
.................................
3,205,000
3,603,093
Revenue,
2020,
Refunding,
4%,
4/01/37
.................................
2,000,000
2,240,740
56,431,510
Nevada
0.2%
Washoe
County
School
District
,
GO
,
2012-A
,
Refunding
,
5
%
,
6/01/25
............
6,130,000
6,530,963
New
Hampshire
0.2%
City
of
Manchester
,
General
Airport
,
Revenue
,
2012
A
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/25
.........................................................
7,930,000
8,276,938
New
Jersey
4.0%
County
of
Hudson
,
Hudson
County
Improvement
Authority,
Revenue,
2010,
Refunding,
AGMC
Insured,
5.375%,
10/01/22
................................................
5,220,000
5,708,279
Hudson
County
Improvement
Authority,
Revenue,
2010,
Refunding,
AGMC
Insured,
5.375%,
10/01/23
................................................
5,375,000
6,141,529
Hudson
County
Improvement
Authority,
Revenue,
2010,
Refunding,
AGMC
Insured,
5.375%,
10/01/24
................................................
2,050,000
2,444,256
New
Jersey
Economic
Development
Authority
,
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2011
EE,
Refunding,
5.25%,
9/01/24
..................................................
12,210,000
12,351,758
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
5%,
6/15/39
1,000,000
1,189,400
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/34
....
5,000,000
5,735,400
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey,
Revenue,
2016
B,
5%,
9/01/36
.......................
5,000,000
5,674,400
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/32
...............
420,000
525,399
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/33
...............
680,000
846,117
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/34
...............
545,000
676,274
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/35
...............
565,000
698,555
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Inspira
Health
Obligated
Group,
Revenue,
2017A,
5%,
7/01/30
................
900,000
1,122,894
Inspira
Health
Obligated
Group,
Revenue,
2017A,
5%,
7/01/31
................
1,080,000
1,342,332
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
3.5%,
12/01/39
...................
4,300,000
4,427,194
Revenue,
Senior
Lien,
2020B,
3.5%,
12/01/39
............................
2,000,000
2,059,680
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
5.5%,
12/15/22
............................................
36,465,000
40,057,914
Revenue,
2012
AA,
AGMC
Insured,
5%,
6/15/26
..........................
26,650,000
28,238,340
Rutgers
The
State
University
of
New
Jersey
,
Revenue,
2013
J,
Pre-Refunded,
5%,
5/01/26
............................
5,000,000
5,576,350
Revenue,
2013
J,
Pre-Refunded,
5%,
5/01/27
............................
10,830,000
12,078,374
Revenue,
2013
L,
Pre-Refunded,
5%,
5/01/27
............................
5,270,000
5,877,473
State
of
New
Jersey
,
GO,
2020
A,
4%,
6/01/31
............................................
2,000,000
2,440,480
GO,
2020
A,
4%,
6/01/32
............................................
1,700,000
2,085,305
147,297,703
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
11.4%
City
of
New
York
,
GO,
2013D,
5%,
8/01/27
............................................
$
10,000,000
$
10,982,300
GO,
2013I,
5%,
8/01/24
.............................................
10,200,000
11,437,260
GO,
2014G,
5%,
8/01/22
............................................
8,000,000
8,612,400
GO,
2014G,
5%,
8/01/23
............................................
6,860,000
7,703,780
GO,
2015C,
Refunding,
5%,
8/01/25
...................................
2,000,000
2,346,580
GO,
2015C,
Refunding,
5%,
8/01/26
...................................
10,000,000
11,723,900
GO,
2015C,
Refunding,
5%,
8/01/27
...................................
7,500,000
8,789,550
GO,
2019
E,
Refunding,
5%,
8/01/32
...................................
2,000,000
2,547,860
GO,
2019
E,
Refunding,
5%,
8/01/34
...................................
3,500,000
4,419,555
GO,
2021
C,
4%,
8/01/36
............................................
5,000,000
6,018,500
GO,
2021B,
Refunding,
5%,
11/01/31
...................................
11,120,000
14,863,881
GO,
A-1
2017
A,
5%,
8/01/29
.........................................
10,000,000
12,156,100
Erie
County
Industrial
Development
Agency
(The)
,
Buffalo
City
School
District,
Revenue,
2012A,
Refunding,
5%,
5/01/23
..........
6,235,000
6,633,978
Buffalo
City
School
District,
Revenue,
2012A,
Refunding,
5%,
5/01/24
..........
8,000,000
8,508,400
Long
Island
Power
Authority
,
Revenue
,
2012B
,
5
%
,
9/01/26
....................
5,000,000
5,381,100
Metropolitan
Transportation
Authority
,
Revenue,
2012F,
Refunding,
5%,
11/15/25
...............................
25,000,000
26,188,500
Revenue,
2013A,
Pre-Refunded,
5%,
11/15/27
............................
3,500,000
3,911,775
d
Revenue,
2015
A-2,
Mandatory
Put,
5%,
5/15/30
..........................
7,000,000
8,182,020
Revenue,
2016A-2,
Refunding,
5%,
11/15/25
.............................
21,090,000
23,479,286
Revenue,
2016B,
Refunding,
5%,
11/15/34
...............................
3,265,000
3,618,502
Revenue,
2017
B,
Refunding,
5%,
11/15/26
..............................
2,140,000
2,422,801
Revenue,
2017C-1,
Refunding,
5%,
11/15/31
.............................
1,870,000
2,138,214
Revenue,
2017C-1,
Refunding,
4%,
11/15/37
.............................
2,500,000
2,636,750
Revenue,
2019
D-1,
5%,
9/01/22
......................................
10,000,000
10,429,700
Nassau
County
Local
Economic
Assistance
Corp.
,
Catholic
Health
Services
of
Long
Island
Obligated
Group
,
Revenue
,
2011
,
Refunding
,
5
%
,
7/01/21
..............
9,000,000
9,229,140
New
York
City
Industrial
Development
Agency
,
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
3/01/36
.................................
2,500,000
2,719,200
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured,
Revenue,
2003
A-1,
Refunding,
5%,
11/01/23
.............
11,500,000
11,997,260
Future
Tax
Secured,
Revenue,
2012
C,
Refunding,
5%,
11/01/24
..............
7,620,000
7,948,041
Future
Tax
Secured,
Revenue,
2014D-1,
5%,
2/01/27
.......................
8,740,000
9,947,606
Future
Tax
Secured,
Revenue,
2014D-1,
5%,
2/01/28
.......................
5,000,000
5,687,500
Future
Tax
Secured,
Revenue,
2020C,
4%,
5/01/37
........................
1,400,000
1,696,114
Future
Tax
Secured,
Revenue,
2021C,
4%,
5/01/36
........................
5,000,000
6,079,250
New
York
State
Dormitory
Authority
,
Revenue,
2009A,
Refunding,
AGMC
Insured,
5%,
10/01/24
..................
285,000
286,054
City
University
of
New
York
(The),
Revenue,
2005
A,
NATL
Insured,
5.5%,
7/01/23
.
7,915,000
8,999,830
Northwell
Health
Obligated
Group,
Revenue,
2015A,
Refunding,
5%,
5/01/29
.....
10,000,000
11,666,200
State
of
New
York
Personal
Income
Tax,
Revenue,
2012A,
Refunding,
5%,
12/15/27
10,000,000
10,912,400
State
of
New
York
Personal
Income
Tax,
Revenue,
2014E,
Refunding,
5%,
2/15/30
5,000,000
5,883,300
State
of
New
York
Personal
Income
Tax,
Revenue,
2015A,
Refunding,
5%,
3/15/28
7,185,000
8,511,998
State
of
New
York
Personal
Income
Tax,
Revenue,
2018A,
Pre-Refunded,
5%,
3/15/32
........................................................
5,000
6,685
State
of
New
York
Personal
Income
Tax,
Revenue,
2018A,
Refunding,
5%,
3/15/32
9,995,000
12,784,804
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
D,
Refunding,
4%,
2/15/36
10,900,000
13,065,067
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/32
........
10,000,000
12,937,300
State
University
Construction
Fund,
Revenue,
2012A,
5%,
5/15/24
.............
7,000,000
7,461,230
New
York
State
Thruway
Authority
,
Revenue
,
I
,
Pre-Refunded
,
5
%
,
1/01/26
........
10,000,000
10,522,300
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2013D
,
5
%
,
3/15/24
........................................
10,000,000
11,068,300
b
New
York
Transportation
Development
Corp.
,
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/34
...
450,000
555,381
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/35
...
400,000
493,020
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
b
New
York
Transportation
Development
Corp.,
(continued)
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/36
...
$
200,000
$
245,970
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
2014,
5%,
9/01/34
.........................................
2,500,000
3,179,150
Revenue,
2014,
5%,
9/01/35
.........................................
3,075,000
3,881,726
Revenue,
2018,
5%,
11/01/39
........................................
3,000,000
3,757,590
Revenue,
221,
4%,
7/15/36
..........................................
2,180,000
2,584,390
Suffolk
County
Economic
Development
Corp.
,
Catholic
Health
Services
of
Long
Island
Obligated
Group
,
Revenue
,
2011
,
5
%
,
7/01/22
............................
10,000,000
10,254,000
Triborough
Bridge
&
Tunnel
Authority
,
Revenue
,
B
,
Refunding
,
5
%
,
11/15/30
.......
8,960,000
11,210,931
Troy
Capital
Resource
Corp.
,
Rensselaer
Polytechnic
Institute,
Revenue,
2020A,
Refunding,
5%,
9/01/28
......
1,300,000
1,618,708
Rensselaer
Polytechnic
Institute,
Revenue,
2020A,
Refunding,
5%,
9/01/30
......
2,900,000
3,711,188
Rensselaer
Polytechnic
Institute,
Revenue,
2020A,
Refunding,
5%,
9/01/34
......
4,175,000
5,232,235
421,266,560
North
Carolina
0.6%
City
of
Charlotte
,
Water
&
Sewer
System
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/27
..
10,000,000
12,089,500
County
of
Buncombe
,
Revenue
,
A
,
5
%
,
6/01/28
.............................
5,000,000
5,817,400
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien,
2020A,
5%,
6/01/25
...............................
125,000
141,570
Revenue,
Senior
Lien,
2020A,
5%,
6/01/26
...............................
300,000
346,506
Revenue,
Senior
Lien,
2020A,
5%,
6/01/27
...............................
450,000
527,292
Revenue,
Senior
Lien,
2020A,
5%,
6/01/28
...............................
500,000
588,960
Revenue,
Senior
Lien,
2020A,
5%,
6/01/29
...............................
350,000
419,006
Revenue,
Senior
Lien,
2020A,
3.125%,
6/01/39
...........................
1,065,000
1,070,250
21,000,484
Ohio
5.8%
American
Municipal
Power,
Inc.
,
Revenue
,
2019
B
,
Refunding
,
5
%
,
2/15/35
........
31,270,000
40,779,207
City
of
Akron
,
Community
Learning
Center,
Revenue,
2012
A,
Refunding,
5%,
12/01/24
........
5,265,000
5,623,283
Community
Learning
Center,
Revenue,
2012
A,
Refunding,
5%,
12/01/25
........
6,645,000
7,093,072
Community
Learning
Center,
Revenue,
2012
A,
Refunding,
5%,
12/01/26
........
8,240,000
8,790,515
City
of
Cincinnati
,
GO,
2014A,
Pre-Refunded,
5%,
12/01/25
................................
2,000,000
2,144,080
GO,
2014A,
Pre-Refunded,
5%,
12/01/27
................................
2,000,000
2,144,080
GO,
2014A,
Pre-Refunded,
5%,
12/01/28
................................
2,350,000
2,519,294
City
of
Cleveland
,
Airport
System,
Revenue,
2012A,
Pre-Refunded,
AGMC
Insured,
5%,
1/01/25
....
5,000,000
5,257,250
Airport
System,
Revenue,
2012A,
Pre-Refunded,
AGMC
Insured,
5%,
1/01/26
....
5,000,000
5,257,250
City
of
Toledo
,
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/25
....................
4,000,000
4,449,560
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/26
....................
6,140,000
6,815,707
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/27
....................
6,450,000
7,146,471
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/28
....................
6,570,000
7,269,179
County
of
Hamilton
,
Sewer
System,
Revenue,
2013A,
Refunding,
5%,
12/01/24
..................
2,500,000
2,851,575
Sewer
System,
Revenue,
2013A,
Refunding,
5%,
12/01/25
..................
2,400,000
2,731,320
Sewer
System,
Revenue,
2013A,
Refunding,
5%,
12/01/26
..................
4,000,000
4,544,480
Sewer
System,
Revenue,
2013A,
Refunding,
5%,
12/01/27
..................
5,000,000
5,677,400
Sewer
System,
Revenue,
2013A,
Refunding,
5%,
12/01/28
..................
3,000,000
3,404,520
Kent
State
University
,
Revenue,
2012
A,
Pre-Refunded,
5%,
5/01/23
............................
1,200,000
1,281,636
Revenue,
2012
A,
Pre-Refunded,
5%,
5/01/24
............................
1,500,000
1,602,045
Revenue,
2012
A,
Pre-Refunded,
5%,
5/01/25
............................
1,500,000
1,602,045
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Kent
State
University,
(continued)
Revenue,
2012
A,
Pre-Refunded,
5%,
5/01/26
............................
$
1,600,000
$
1,708,848
Northeast
Ohio
Regional
Sewer
District
,
Revenue
,
2019
,
Refunding
,
4
%
,
11/15/36
..
4,250,000
5,249,855
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue
,
1998
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
2/15/24
..............................................
10,000,000
11,162,800
Ohio
Water
Development
Authority
,
Revenue,
2019,
5%,
12/01/35
........................................
3,000,000
4,007,760
Revenue,
2019,
5%,
12/01/36
........................................
5,650,000
7,521,167
Water
Pollution
Control
Loan
Fund,
Revenue,
2017
A,
5%,
12/01/31
............
10,000,000
12,665,400
Water
Pollution
Control
Loan
Fund,
Revenue,
2019
B,
Refunding,
3%,
12/01/33
...
4,000,000
4,628,840
Water
Pollution
Control
Loan
Fund,
Revenue,
2019
B,
Refunding,
3%,
12/01/34
...
6,470,000
7,402,845
State
of
Ohio
,
GO,
R,
Pre-Refunded,
5%,
5/01/26
....................................
11,000,000
12,722,050
GO,
R,
Pre-Refunded,
5%,
5/01/27
....................................
5,000,000
5,782,750
GO,
R,
Pre-Refunded,
5%,
5/01/28
....................................
9,100,000
10,524,605
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
11/15/35
1,000,000
1,224,860
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/36
905,000
1,012,242
214,597,991
Oregon
4.9%
City
of
Portland
,
Water
System
,
Revenue,
Second
Lien
,
2013
A
,
Refunding
,
5
%
,
10/01/25
........................................................
5,000,000
5,546,850
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO
,
B
,
5
%
,
6/15/32
....
3,725,000
4,683,815
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
...
5,240,000
6,099,360
Hillsboro
School
District
No.
1J
,
GO,
2020,
4%,
6/15/34
.............................................
1,295,000
1,622,518
GO,
2020,
4%,
6/15/35
.............................................
1,250,000
1,561,663
GO,
2020,
4%,
6/15/36
.............................................
2,605,000
3,242,157
GO,
2020,
4%,
6/15/37
.............................................
4,370,000
5,420,548
GO,
2020,
4%,
6/15/38
.............................................
4,575,000
5,658,131
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group,
Revenue,
2020A,
Refunding,
5%,
8/15/34
1,100,000
1,435,940
Asante
Health
System
Obligated
Group,
Revenue,
2020A,
Refunding,
5%,
8/15/35
800,000
1,041,048
Asante
Health
System
Obligated
Group,
Revenue,
2020A,
Refunding,
5%,
8/15/36
1,300,000
1,685,372
Oregon
State
Facilities
Authority
,
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/25
.......................................................
425,000
502,622
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/26
.......................................................
150,000
181,947
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/28
.......................................................
325,000
409,051
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/29
.......................................................
600,000
766,542
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/35
.......................................................
275,000
347,292
Port
of
Portland
,
Airport,
Revenue,
TWENTY
SEVEN
A,
5%,
7/01/34
........................
9,110,000
11,565,601
Airport,
Revenue,
TWENTY
SEVEN
A,
5%,
7/01/35
........................
6,565,000
8,310,896
Salem
Hospital
Facility
Authority
,
Salem
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/33
.......
9,440,000
12,091,601
Salem
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/34
.......
3,780,000
4,828,270
Salem
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/35
.......
9,010,000
11,481,623
State
of
Oregon
,
Department
of
Transportation,
Revenue,
Senior
Lien,
2014A,
Pre-Refunded,
5%,
11/15/27
.......................................................
3,000,000
3,560,130
Department
of
Transportation,
Revenue,
Senior
Lien,
2014A,
Pre-Refunded,
5%,
11/15/28
.......................................................
3,500,000
4,153,485
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
31
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
State
of
Oregon,
(continued)
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019A,
Refunding,
5%,
11/15/35
$
17,980,000
$
23,958,710
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019A,
Refunding,
5%,
11/15/36
15,805,000
21,017,647
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019A,
Refunding,
4%,
11/15/42
16,000,000
19,184,800
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton
,
GO,
B,
Pre-Refunded,
5%,
6/15/27
.....................................
5,000,000
5,839,450
GO,
B,
Pre-Refunded,
5%,
6/15/28
.....................................
5,000,000
5,839,450
GO,
B,
Pre-Refunded,
5%,
6/15/29
.....................................
7,500,000
8,759,175
180,795,694
Pennsylvania
3.2%
Allegheny
County
Hospital
Development
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/15/34
.......................................
5,000,000
6,364,150
City
of
Philadelphia
,
Water
&
Wastewater,
Revenue,
2017
B,
Refunding,
5%,
11/01/31
..............
5,750,000
7,274,613
Water
&
Wastewater,
Revenue,
2020A,
Refunding,
5%,
11/01/36
..............
1,000,000
1,331,450
Water
&
Wastewater,
Revenue,
2020A,
Refunding,
5%,
11/01/37
..............
1,500,000
1,984,575
Water
&
Wastewater,
Revenue,
2020A,
Refunding,
5%,
11/01/38
..............
2,000,000
2,636,180
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development,
Revenue,
2010C-1,
AGMC
Insured,
5%,
6/01/22
..............
4,130,000
4,145,405
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development,
Revenue,
2010C-1,
AGMC
Insured,
5%,
6/01/23
..............
4,345,000
4,361,120
Commonwealth
of
Pennsylvania
,
GO,
Second
Series
,
2013
,
5
%
,
10/15/26
.........
13,375,000
15,140,233
Geisinger
Authority
,
Geisinger
Health
System
Obligated
Group
,
Revenue
,
2020A
,
Refunding
,
4
%
,
4/01/39
.............................................
3,500,000
4,122,020
Lancaster
County
Solid
Waste
Management
Authority
,
Revenue,
2013
A,
5.25%,
12/15/25
....................................
5,345,000
6,136,167
Revenue,
2013
A,
5.25%,
12/15/26
....................................
5,835,000
6,694,904
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group,
Revenue,
2020
A,
5%,
4/15/33
.....................
2,100,000
2,710,113
UPMC
Obligated
Group,
Revenue,
2020
A,
5%,
4/15/34
.....................
1,750,000
2,251,112
UPMC
Obligated
Group,
Revenue,
2020
A,
5%,
4/15/35
.....................
1,450,000
1,860,727
UPMC
Obligated
Group,
Revenue,
2020
A,
4%,
4/15/38
.....................
3,245,000
3,751,837
UPMC
Obligated
Group,
Revenue,
2020
A,
4%,
4/15/39
.....................
3,685,000
4,243,056
Pennsylvania
Higher
Educational
Facilities
Authority
,
Drexel
University,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
5%,
5/01/38
.....
6,950,000
8,887,451
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2017
A,
4%,
8/15/34
....................................................
5,895,000
6,917,311
Pennsylvania
State
University
(The)
,
Revenue
,
A
,
5
%
,
9/01/30
.................
4,000,000
5,086,160
Pennsylvania
Turnpike
Commission
,
Revenue,
2011,
Pre-Refunded,
5%,
12/01/24
.............................
5,000,000
5,234,850
Revenue,
2011,
Pre-Refunded,
5%,
12/01/25
.............................
10,000,000
10,469,700
Philadelphia
Authority
for
Industrial
Development
,
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/30
............
200,000
239,768
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/40
............
300,000
357,165
Philadelphia
Gas
Works
Co.
,
Revenue,
15th,
Refunding,
5%,
8/01/30
.................................
2,000,000
2,488,940
Revenue,
15th,
Refunding,
5%,
8/01/31
.................................
4,030,000
4,989,986
119,678,993
Rhode
Island
0.2%
State
of
Rhode
Island
,
GO,
2019C,
5%,
1/15/32
............................................
4,500,000
5,935,275
GO,
2019C,
4%,
1/15/34
............................................
1,520,000
1,849,886
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
32
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Rhode
Island
(continued)
State
of
Rhode
Island,
(continued)
GO,
2019C,
4%,
1/15/35
............................................
$
600,000
$
728,418
8,513,579
South
Carolina
0.8%
City
of
Anderson
,
Water
&
Sewer,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
7/01/22
........
2,555,000
2,748,005
Water
&
Sewer,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
7/01/23
........
2,695,000
2,896,559
Water
&
Sewer,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
7/01/24
........
2,825,000
3,036,282
Water
&
Sewer,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
7/01/25
........
2,965,000
3,186,248
County
of
Berkeley
,
Combined
Utility
System,
Revenue,
2013,
Pre-Refunded,
5%,
6/01/25
..........
3,665,000
4,097,140
Combined
Utility
System,
Revenue,
2013,
Pre-Refunded,
5%,
6/01/26
..........
1,700,000
1,900,447
South
Carolina
Jobs-Economic
Development
Authority
,
Prisma
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
5/01/33
...............................
6,000,000
7,339,080
South
Carolina
Public
Service
Authority
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/31
.
2,355,000
3,152,662
28,356,423
Tennessee
1.0%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CommonSpirit
Health
Obligated
Group,
Revenue,
2019A-1,
Refunding,
5%,
8/01/31
1,500,000
1,902,495
CommonSpirit
Health
Obligated
Group,
Revenue,
2019A-1,
Refunding,
5%,
8/01/34
1,000,000
1,248,370
CommonSpirit
Health
Obligated
Group,
Revenue,
2019A-1,
Refunding,
5%,
8/01/35
1,250,000
1,556,150
CommonSpirit
Health
Obligated
Group,
Revenue,
2019A-1,
Refunding,
4%,
8/01/36
1,000,000
1,152,800
City
of
Memphis
,
GO
,
2012A
,
Refunding
,
5
%
,
4/01/22
........................
15,805,000
16,810,356
Metropolitan
Government
of
Nashville
&
Davidson
County
,
Water
&
Sewer,
Revenue,
2013,
5%,
7/01/26
.............................
1,675,000
1,878,864
Water
&
Sewer,
Revenue,
2013,
5%,
7/01/27
.............................
1,800,000
2,013,138
Tennessee
State
School
Bond
Authority
,
Revenue
,
2015B
,
5
%
,
11/01/28
..........
8,180,000
10,010,030
36,572,203
Texas
11.5%
City
of
Austin
,
Water
&
Wastewater
System,
Revenue,
2012,
Refunding,
5%,
11/15/26
.........
4,835,000
5,276,194
Water
&
Wastewater
System,
Revenue,
2012,
Refunding,
5%,
11/15/27
.........
4,000,000
4,361,720
Water
&
Wastewater
System,
Revenue,
2013
A,
Refunding,
5%,
11/15/28
.......
5,000,000
5,550,250
City
of
Dallas
,
Waterworks
&
Sewer
System,
Revenue,
2017,
Refunding,
5%,
10/01/30
........
1,500,000
1,926,510
Waterworks
&
Sewer
System,
Revenue,
2017,
Refunding,
5%,
10/01/31
........
2,500,000
3,205,625
Waterworks
&
Sewer
System,
Revenue,
2017,
Refunding,
5%,
10/01/32
........
1,000,000
1,278,100
City
of
El
Paso
,
GO,
2020
A,
Refunding,
4%,
8/15/34
...................................
1,000,000
1,232,520
GO,
2020
A,
Refunding,
4%,
8/15/35
...................................
1,000,000
1,227,960
GO,
2020
A,
Refunding,
4%,
8/15/36
...................................
1,000,000
1,222,720
City
of
Fort
Worth
,
GO,
2012,
Refunding,
5%,
3/01/25
.....................................
6,000,000
6,336,600
GO,
2012,
Refunding,
5%,
3/01/26
.....................................
6,790,000
7,165,623
City
of
Houston
,
Combined
Utility
System,
Revenue,
First
Lien,
2014
C,
Refunding,
5%,
5/15/24
...
5,000,000
5,814,650
Combined
Utility
System,
Revenue,
First
Lien,
2014
C,
Refunding,
5%,
5/15/26
...
19,690,000
22,794,719
Combined
Utility
System,
Revenue,
First
Lien,
2017
B,
Refunding,
5%,
11/15/34
..
3,250,000
4,122,008
Combined
Utility
System,
Revenue,
First
Lien,
2017
B,
Refunding,
5%,
11/15/35
..
4,500,000
5,691,780
City
of
San
Antonio
,
Electric
&
Gas
Systems,
Revenue,
2012,
Refunding,
5.25%,
2/01/25
...........
27,000,000
32,559,030
Electric
&
Gas
Systems,
Revenue,
2015,
Refunding,
5%,
2/01/27
..............
10,415,000
12,834,405
Electric
&
Gas
Systems,
Revenue,
Junior
Lien,
2019,
Refunding,
5%,
2/01/35
....
4,400,000
5,835,676
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
33
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Clear
Creek
Independent
School
District
,
GO,
2012B,
Pre-Refunded,
5%,
2/15/25
.................................
$
11,370,000
$
12,021,046
GO,
2012B,
Pre-Refunded,
5%,
2/15/26
.................................
12,060,000
12,750,556
County
of
Williamson
,
GO,
2012,
Refunding,
5%,
2/15/23
.....................................
6,235,000
6,596,505
GO,
2012,
Refunding,
5%,
2/15/25
.....................................
13,780,000
14,573,866
Dallas
Fort
Worth
International
Airport
,
Revenue,
2013D,
Refunding,
5.25%,
11/01/27
............................
5,000,000
5,645,350
Revenue,
2013D,
Refunding,
5.25%,
11/01/28
............................
2,100,000
2,367,792
Ector
County
Hospital
District
,
GO,
2020,
Refunding,
5%,
9/15/29
.....................................
800,000
998,320
GO,
2020,
Refunding,
5%,
9/15/30
.....................................
745,000
943,267
GO,
2020,
Refunding,
5%,
9/15/31
.....................................
450,000
567,607
GO,
2020,
Refunding,
5%,
9/15/32
.....................................
600,000
752,976
GO,
2020,
Refunding,
5%,
9/15/33
.....................................
650,000
811,109
GO,
2020,
Refunding,
4%,
9/15/34
.....................................
650,000
738,842
GO,
2020,
Refunding,
4%,
9/15/35
.....................................
700,000
794,297
El
Paso
Independent
School
District
,
GO,
2015,
Pre-Refunded,
PSF
Guaranty,
5%,
8/15/27
......................
5,460,000
6,417,466
GO,
2015,
Pre-Refunded,
PSF
Guaranty,
5%,
8/15/28
......................
2,500,000
2,938,400
Harris
County
Toll
Road
Authority
(The)
,
Revenue,
Senior
Lien,
2018
A,
Refunding,
5%,
8/15/32
.....................
2,500,000
3,162,300
Revenue,
Senior
Lien,
2018
A,
Refunding,
5%,
8/15/33
.....................
2,500,000
3,149,750
Lower
Colorado
River
Authority
,
LCRA
Transmission
Services
Corp.,
Revenue,
2011A,
Refunding,
5%,
5/15/24
....
6,000,000
6,129,720
LCRA
Transmission
Services
Corp.,
Revenue,
2011B,
Refunding,
5%,
5/15/24
....
10,620,000
10,849,604
Metropolitan
Transit
Authority
of
Harris
County
,
Sales
&
Use
Tax,
Revenue,
2014,
Pre-Refunded,
5%,
11/01/26
...............
2,000,000
2,365,480
Sales
&
Use
Tax,
Revenue,
2014,
Pre-Refunded,
5%,
11/01/27
...............
2,000,000
2,365,480
Sales
&
Use
Tax,
Revenue,
2014,
5%,
11/01/28
...........................
2,000,000
2,366,340
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System,
Revenue,
First
Tier,
A,
Refunding,
4%,
1/01/33
.....
5,000,000
5,762,750
Special
Projects
System,
Revenue,
2011D,
Pre-Refunded,
5%,
9/01/24
.........
12,000,000
12,428,880
Northwest
Independent
School
District
,
GO,
2015A,
Pre-Refunded,
PSF
Guaranty,
5%,
2/15/28
.....................
4,815,000
5,754,936
GO,
2015A,
Pre-Refunded,
PSF
Guaranty,
5%,
2/15/29
.....................
7,015,000
8,384,398
Permanent
University
Fund
,
University
of
Texas
System
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
7/01/27
......................................................
10,000,000
11,568,600
San
Angelo
Independent
School
District
,
GO
,
A
,
Pre-Refunded
,
PSF
Guaranty
,
5
%
,
2/15/28
.........................................................
5,220,000
6,014,066
San
Antonio
Water
System
,
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/24
......................
1,500,000
1,711,215
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/26
......................
2,200,000
2,508,374
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/28
......................
2,000,000
2,275,260
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/29
......................
1,000,000
1,137,310
Texas
Transportation
Commission
,
State
Highway
Fund,
Revenue,
First
Tier,
2014-A,
Refunding,
5%,
4/01/23
.......
20,000,000
22,227,000
State
Highway
Fund,
Revenue,
First
Tier,
2014-A,
Refunding,
5%,
4/01/24
.......
20,000,000
23,151,400
State
Highway
Fund,
Revenue,
First
Tier,
2014-A,
Refunding,
5%,
4/01/25
.......
20,000,000
23,000,000
Texas
Water
Development
Board
,
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2017
A,
5%,
10/15/31
.......................................................
12,585,000
16,202,810
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2018
A,
4%,
10/15/34
.......................................................
5,800,000
7,054,192
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2018
B,
4%,
10/15/36
.......................................................
10,000,000
12,227,300
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
34
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Texas
Water
Development
Board,
(continued)
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2019
A,
4%,
10/15/36
.......................................................
$
4,000,000
$
4,934,200
University
of
Houston
,
Revenue,
Pre-Refunded,
5%,
2/15/27
..................................
5,000,000
5,048,549
Revenue,
2020
A,
Refunding,
3%,
2/15/36
...............................
10,560,000
11,740,819
Revenue,
2020
A,
Refunding,
3%,
2/15/37
...............................
10,885,000
12,058,294
422,932,516
Virginia
3.0%
City
of
Norfolk
,
Water,
Revenue,
2012,
Refunding,
5%,
11/01/24
..........................
95,000
101,359
Water,
Revenue,
2012,
Refunding,
5%,
11/01/25
..........................
90,000
95,998
City
of
Richmond
,
Public
Utility
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/15/32
........
10,000,000
12,292,100
Virginia
College
Building
Authority
,
Revenue
,
2015
D
,
5
%
,
2/01/25
...............
7,405,000
8,856,454
Virginia
Commonwealth
Transportation
Board
,
Revenue
,
2019
,
3
%
,
5/15/36
.......
9,460,000
10,634,743
Virginia
Public
Building
Authority
,
Revenue,
B,
Pre-Refunded,
4%,
8/01/29
................................
1,075,000
1,293,515
Revenue,
B,
Refunding,
4%,
8/01/29
...................................
12,060,000
14,224,408
Virginia
Public
School
Authority
,
Revenue,
2014C,
5%,
8/01/27
........................................
4,460,000
5,205,712
County
of
Prince
William,
Revenue,
2019
A,
3%,
10/01/37
...................
5,405,000
6,178,510
Virginia
Resources
Authority
,
Clean
Water
Revolving
Fund,
Revenue,
2014B,
Refunding,
5%,
10/01/26
........
26,155,000
30,943,980
Clean
Water
Revolving
Fund,
Revenue,
2015,
Refunding,
5%,
10/01/28
.........
11,950,000
14,598,837
Virginia
Small
Business
Financing
Authority
,
National
Senior
Campuses,
Inc.
Obligated
Group,
Revenue,
2020A,
Refunding,
5%,
1/01/35
........................................................
3,000,000
3,637,320
National
Senior
Campuses,
Inc.
Obligated
Group,
Revenue,
2020A,
Refunding,
4%,
1/01/36
........................................................
3,000,000
3,415,590
111,478,526
Washington
4.0%
City
of
Seattle
,
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/24
..............
5,230,000
6,078,411
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/25
..............
5,500,000
6,386,105
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/26
..............
2,995,000
3,471,954
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/27
..............
3,150,000
3,646,975
Municipal
Light
&
Power,
Revenue,
2017
C,
Refunding,
4%,
9/01/34
............
5,300,000
6,262,162
County
of
King
,
Sewer,
Revenue,
2014B,
Refunding,
5%,
7/01/25
..........................
1,200,000
1,401,744
Sewer,
Revenue,
2014B,
Refunding,
5%,
7/01/26
..........................
1,200,000
1,397,064
Sewer,
Revenue,
2014B,
Refunding,
5%,
7/01/27
..........................
1,900,000
2,209,814
Sewer,
Revenue,
2014B,
Refunding,
5%,
7/01/28
..........................
3,050,000
3,543,765
Sewer,
Revenue,
2014B,
Refunding,
5%,
7/01/29
..........................
2,600,000
3,018,912
Energy
Northwest
,
Bonneville
Power
Administration,
Revenue,
2014-A,
Refunding,
5%,
7/01/22
.....
3,250,000
3,495,505
Bonneville
Power
Administration,
Revenue,
2019
A,
Refunding,
5%,
7/01/36
......
7,000,000
9,202,200
Bonneville
Power
Administration,
Revenue,
A,
Refunding,
5%,
7/01/23
..........
3,500,000
3,929,835
Bonneville
Power
Administration,
Revenue,
A,
Refunding,
5%,
7/01/24
..........
1,250,000
1,461,612
State
of
Washington
,
GO,
2017D,
5%,
2/01/31
............................................
5,480,000
6,907,540
GO,
2017D,
5%,
2/01/32
............................................
10,000,000
12,556,100
GO,
R-2015B,
Refunding,
5%,
7/01/25
..................................
29,370,000
34,342,047
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/35
1,370,000
1,705,540
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
35
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
Washington
Health
Care
Facilities
Authority,
(continued)
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/30
$
2,800,000
$
3,576,412
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/31
3,700,000
4,692,821
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/32
1,500,000
1,887,210
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/33
1,395,000
1,745,578
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/34
1,225,000
1,529,253
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/35
1,250,000
1,556,150
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/36
5,125,000
6,358,639
Overlake
Hospital
Medical
Center
Obligated
Group,
Revenue,
B,
Refunding,
5%,
7/01/30
........................................................
1,000,000
1,238,850
Overlake
Hospital
Medical
Center
Obligated
Group,
Revenue,
B,
Refunding,
5%,
7/01/31
........................................................
1,925,000
2,375,123
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/38
........................................................
1,000,000
1,279,360
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/39
........................................................
1,000,000
1,276,490
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/40
........................................................
1,000,000
1,270,070
Virginia
Mason
Medical
Center
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/31
........................................................
2,250,000
2,563,155
Virginia
Mason
Medical
Center
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/32
........................................................
1,605,000
1,819,797
Virginia
Mason
Medical
Center
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/35
........................................................
2,400,000
2,701,848
146,888,041
West
Virginia
0.3%
State
of
West
Virginia
,
GO
,
2019
A
,
5
%
,
12/01/36
...........................
9,700,000
12,668,976
Wisconsin
0.4%
Public
Finance
Authority
,
b
2017
IAVF
Rubix
LLC,
Revenue,
2020A,
3.5%,
12/01/32
....................
1,405,000
1,407,979
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020A,
4%,
11/15/37
.......................................................
600,000
668,148
Renown
Regional
Medical
Center,
Revenue,
2020A,
Refunding,
4%,
6/01/35
.....
2,100,000
2,455,678
Wisconsin
Department
of
Transportation
,
Revenue
,
2017
2
,
Refunding
,
5
%
,
7/01/31
.
5,000,000
6,337,700
Wisconsin
Health
&
Educational
Facilities
Authority
,
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020A,
Refunding,
AGMC
Insured,
4%,
2/15/34
........................................
600,000
707,028
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020A,
Refunding,
AGMC
Insured,
4%,
2/15/35
........................................
1,000,000
1,175,890
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020A,
Refunding,
AGMC
Insured,
4%,
2/15/36
........................................
600,000
702,978
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020A,
Refunding,
AGMC
Insured,
4%,
2/15/37
........................................
600,000
700,506
14,155,907
U.S.
Territories
0.7%
District
of
Columbia
0.7%
District
of
Columbia,
Income
Tax,
Revenue,
2019A,
5%,
3/01/33
................
3,000,000
4,013,040
Washington
Metropolitan
Area
Transit
Authority
,
Revenue,
2017B,
5%,
7/01/31
........................................
5,000,000
6,261,250
Revenue,
2017B,
5%,
7/01/32
........................................
5,750,000
7,167,605
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
36
s
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
District
of
Columbia
(continued)
Revenue,
2020A,
5%,
7/15/35
........................................
$
5,000,000
$
6,685,900
24,127,795
Total
U.S.
Territories
....................................................................
24,127,795
Total
Municipal
Bonds
(Cost
$3,386,782,221)
...................................
3,621,235,259
Total
Long
Term
Investments
(Cost
$3,412,956,908)
.............................
3,647,444,659
a
a
a
a
a
Short
Term
Investments
0.3%
Municipal
Bonds
0.3%
Arizona
0.1%
e
Arizona
Health
Facilities
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2015B
,
LOC
MUFG
Bank
Ltd.
,
Daily
VRDN
and
Put
,
0.11
%
,
1/01/46
.................
3,600,000
3,600,000
Florida
0.0%
†
e
County
of
St.
Lucie
,
Florida
Power
&
Light
Co.
,
Revenue
,
2000
,
Refunding
,
Daily
VRDN
and
Put
,
0.14
%
,
9/01/28
.......................................
500,000
500,000
Maryland
0.1%
e
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2008D
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.09
%
,
7/01/41
.............................................
4,500,000
4,500,000
Oregon
0.1%
e
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.09
%
,
8/01/34
............
1,500,000
1,500,000
Total
Municipal
Bonds
(Cost
$10,100,000)
......................................
10,100,000
Total
Short
Term
Investments
(Cost
$10,100,000
)
................................
10,100,000
a
Total
Investments
(Cost
$3,423,056,908)
99.3%
..................................
$3,657,544,659
Other
Assets,
less
Liabilities
0.7%
.............................................
28,165,864
Net
Assets
100.0%
...........................................................
$3,685,710,523
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
b
Security
purchased
on
a
when-issued
basis.
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
November
30,
2020,
the
aggregate
value
of
these
securities
was
$8,381,172,
representing
0.2%
of
net
assets.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
37
a
a
Shares
a
Value
a
Management
Investment
Companies
2.7%
Capital
Markets
2.7%
a
Franklin
Liberty
Federal
Tax-Free
Bond
ETF
...............................
1,250,000
$
33,950,000
Total
Management
Investment
Companies
(Cost
$32,524,075)
....................
33,950,000
Principal
Amount
a
a
a
a
Municipal
Bonds
87.1%
Alabama
1.3%
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2016
A
,
Mandatory
Put
,
4
%
,
6/01/21
.....
$
5,000,000
5,075,650
b
Industrial
Development
Board
of
the
City
of
Mobile
Alabama
,
Alabama
Power
Co.,
Revenue,
2007
A,
Mandatory
Put,
1%,
6/26/25
...........
4,000,000
4,042,760
Alabama
Power
Co.,
Revenue,
2008,
Mandatory
Put,
2.9%,
12/12/23
...........
7,550,000
8,064,382
17,182,792
Alaska
1.0%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue,
2020,
Refunding,
5%,
12/01/20
................................
300,000
300,000
Revenue,
2020,
Refunding,
5%,
12/01/21
................................
1,000,000
1,044,710
Borough
of
Matanuska-Susitna
,
State
of
Alaska
Department
of
Administration
,
Revenue
,
2015
,
Refunding
,
5.25
%
,
9/01/29
..............................
10,000,000
11,734,600
13,079,310
Arizona
1.5%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020A,
4%,
11/01/24
.......................................................
1,000,000
1,129,670
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020A,
4%,
11/01/25
.......................................................
1,000,000
1,161,330
b
Maricopa
County
Industrial
Development
Authority
,
Scottsdale
Healthcare
Hospitals
Obligated
Group
,
Revenue
,
2019
C
,
Mandatory
Put
,
0.91
%
,
9/01/24
............
17,000,000
16,942,030
19,233,030
Arkansas
0.9%
State
of
Arkansas
,
GO
,
2013
,
3.25
%
,
6/15/22
..............................
11,195,000
11,377,255
California
4.1%
California
County
Tobacco
Securitization
Agency
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
3%,
6/01/21
.....................
400,000
405,908
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/22
.....................
400,000
423,396
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/23
.....................
400,000
438,372
b
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
14,335,964
California
Statewide
Communities
Development
Authority
,
b
Southern
California
Edison
Co.,
Revenue,
D,
Refunding,
Mandatory
Put,
2.625%,
12/01/23
.......................................................
3,000,000
3,185,640
Viamonte
Senior
Living
1,
Inc.,
Revenue,
2018
B-3,
California
Mortgage
Insured,
3%,
7/01/27
........................................................
3,500,000
3,506,475
County
of
Los
Angeles
,
Revenue
,
2020-21
A
,
4
%
,
6/30/21
.....................
5,000,000
5,109,950
Los
Angeles
Unified
School
District
,
GO,
2020
A,
Refunding,
3%,
7/01/27
...................................
4,975,000
5,767,717
GO,
2020
A,
Refunding,
4%,
7/01/28
...................................
3,400,000
4,237,658
Mount
San
Antonio
Community
College
District
,
GO
,
2017
,
ETM,
Zero
Cpn
.,
4/01/22
.
10,000,000
9,964,200
Napa
Valley
Unified
School
District
,
GO
,
2020-21
,
4
%
,
2/26/21
.................
5,000,000
5,044,350
52,419,630
Colorado
0.6%
Denver
City
&
County
School
District
No.
1
,
GO
,
2012B
,
4
%
,
12/01/27
...........
7,480,000
7,985,573
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
38
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
0.8%
b
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Yale
University,
Revenue,
2015A,
Refunding,
Mandatory
Put,
2.05%,
7/12/21
.....
$
7,500,000
$
7,581,900
Yale
University,
Revenue,
X-2,
Mandatory
Put,
1.8%,
2/09/21
.................
3,000,000
3,008,580
10,590,480
Delaware
0.4%
b,c
Delaware
State
Economic
Development
Authority
,
NRG
Energy,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
Mandatory
Put
,
Zero
Cpn
.,
10/01/25
...........................
5,000,000
5,018,950
Florida
2.1%
County
of
Escambia
,
Gulf
Power
Co.
,
Revenue
,
2003
,
Refunding
,
2.6
%
,
6/01/23
....
5,000,000
5,267,650
Florida
Municipal
Power
Agency
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/25
......
1,000,000
1,219,510
Jacksonville
Transportation
Authority
,
Revenue,
Senior
Lien,
2020,
5%,
8/01/22
................................
1,615,000
1,740,889
Revenue,
Senior
Lien,
2020,
5%,
8/01/23
................................
1,720,000
1,932,540
Revenue,
Senior
Lien,
2020,
5%,
8/01/24
................................
1,805,000
2,106,074
Revenue,
Senior
Lien,
2020,
5%,
8/01/25
................................
1,800,000
2,176,344
Revenue,
Senior
Lien,
2020,
5%,
8/01/26
................................
1,940,000
2,416,270
Revenue,
Senior
Lien,
2020,
5%,
8/01/27
................................
2,095,000
2,675,441
Orlando-Orange
County
Expressway
Authority
,
Central
Florida
Expressway
Authority
,
Revenue
,
2012
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/24
....................
4,000,000
4,299,000
State
of
Florida
,
Department
of
Transportation
Turnpike
System
,
Revenue
,
2012
A
,
2.875
%
,
7/01/25
...................................................
3,000,000
3,124,080
26,957,798
Georgia
3.5%
City
of
Atlanta
,
Department
of
Aviation,
Revenue,
2020A,
Refunding,
5%,
7/01/24
.............
2,500,000
2,905,700
Department
of
Aviation,
Revenue,
2020A,
Refunding,
5%,
7/01/25
.............
1,500,000
1,806,690
b
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
2.05
%
,
11/19/21
...................
3,250,000
3,297,125
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2018
A
,
Mandatory
Put
,
4
%
,
9/01/23
......
10,025,000
10,939,781
Metropolitan
Atlanta
Rapid
Transit
Authority
,
Revenue
,
2018A
,
Refunding
,
3
%
,
7/01/23
11,000,000
11,752,840
State
of
Georgia
,
GO
,
2016A
,
5
%
,
2/01/23
................................
12,375,000
13,667,198
44,369,334
Hawaii
2.4%
State
of
Hawaii
,
GO
,
EF
,
Refunding
,
5
%
,
11/01/23
...........................
10,000,000
10,909,900
University
of
Hawaii
,
Revenue,
2020
D,
Refunding,
5%,
10/01/24
..............................
600,000
703,074
Revenue,
2020
D,
Refunding,
5%,
10/01/25
..............................
1,725,000
2,094,426
Revenue,
2020
D,
Refunding,
5%,
10/01/26
..............................
4,360,000
5,450,174
Revenue,
2020B,
Refunding,
5%,
10/01/24
..............................
3,440,000
4,030,958
Revenue,
2020B,
Refunding,
5%,
10/01/25
..............................
3,440,000
4,176,710
Revenue,
2020B,
Refunding,
5%,
10/01/26
..............................
2,865,000
3,581,365
30,946,607
Illinois
2.4%
Chicago
Park
District
,
GO,
2020
F-2,
Refunding,
5%,
1/01/25
..................................
350,000
400,670
GO,
2020
F-2,
Refunding,
5%,
1/01/26
..................................
500,000
587,450
GO,
2020
F-2,
Refunding,
5%,
1/01/27
..................................
550,000
656,359
b
Illinois
Finance
Authority
,
Field
Museum
of
Natural
History,
Revenue,
2019,
Refunding,
Mandatory
Put,
0.601%,
9/01/22
.................................................
8,510,000
8,466,939
OSF
Healthcare
System
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
Mandatory
Put,
5%,
11/15/24
.......................................
1,250,000
1,431,325
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
39
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
State
of
Illinois
,
GO,
2017D,
5%,
11/01/25
...........................................
$
10,000,000
$
10,869,100
GO,
2018A,
6%,
5/01/25
............................................
6,000,000
6,781,680
c,d
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group
,
Revenue
,
144A,
2020B
,
Refunding
,
3.25
%
,
3/01/23
......
1,195,000
1,198,322
30,391,845
Iowa
0.8%
Des
Moines
Independent
Community
School
District
,
Revenue
,
2018
,
AGMC
Insured
,
3
%
,
6/01/29
......................................................
9,300,000
10,277,244
Kansas
0.2%
Reno
County
Unified
School
District
No.
308
Hutchinson
,
GO
,
2019
,
Refunding
,
5
%
,
9/01/27
.........................................................
1,575,000
2,019,119
Kentucky
1.8%
b
Kentucky
Public
Energy
Authority
,
Revenue,
2018A,
Mandatory
Put,
4%,
4/01/24
............................
10,000,000
11,084,300
Revenue,
2020
A,
Mandatory
Put,
4%,
6/01/26
............................
10,000,000
11,660,300
22,744,600
Louisiana
3.8%
c
City
of
New
Orleans
,
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/26
.........................
450,000
549,864
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/27
.........................
600,000
751,392
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/28
.........................
550,000
702,108
c,d
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.
,
Revenue
,
144A,
2020A
,
Refunding
,
2.75
%
,
12/01/25
....................................
1,155,000
1,156,831
b
Louisiana
Public
Facilities
Authority
,
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
Mandatory
Put
,
5
%
,
5/15/25
...................
7,500,000
8,964,675
Louisiana
Stadium
&
Exposition
District
,
Revenue
,
2020
,
5
%
,
7/03/23
............
1,150,000
1,243,368
b
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
B1
,
Refunding
,
Mandatory
Put
,
2.125
%
,
7/01/24
......................................
4,000,000
4,074,160
State
of
Louisiana
,
GO,
2013-A,
Pre-Refunded,
4%,
5/15/31
................................
15,225,000
16,616,261
GO,
2019-A,
5%,
3/01/31
............................................
10,870,000
14,320,464
48,379,123
Maryland
5.3%
City
of
Baltimore
,
GO
,
2017
B
,
Refunding
,
5
%
,
10/15/25
......................
5,000,000
6,133,200
County
of
Montgomery
,
COP
,
2020
A
,
5
%
,
10/01/27
..........................
7,465,000
9,693,750
b
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2020B-2
,
Refunding
,
Mandatory
Put
,
5
%
,
7/01/27
......................................................
5,110,000
6,328,275
State
of
Maryland
,
GO,
2017
B,
Refunding,
5%,
8/01/26
...................................
12,330,000
15,568,845
GO,
Second
Series,
2013A,
Pre-Refunded,
5%,
8/01/23
.....................
11,355,000
11,720,290
Washington
Suburban
Sanitary
Commission
,
Revenue,
2013,
Pre-Refunded,
4%,
6/01/28
..............................
5,500,000
6,018,925
Revenue,
2013,
Pre-Refunded,
4%,
6/01/30
..............................
5,500,000
6,018,925
Revenue,
2013,
Pre-Refunded,
4%,
6/01/31
..............................
5,500,000
6,018,925
67,501,135
Massachusetts
0.4%
b
Massachusetts
Development
Finance
Agency
,
Partners
Healthcare
System,
Inc.
,
Revenue
,
2017
S-4
,
Refunding
,
Mandatory
Put
,
5
%
,
1/25/24
.................
5,000,000
5,712,600
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
40
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
1.4%
City
of
Grand
Rapids
,
Sanitary
Sewer
System
,
Revenue
,
1998
A
,
Refunding
,
BHAC,
AGMC,
FGIC
Insured
,
5.5
%
,
1/01/22
...................................
$
2,145,000
$
2,212,889
Michigan
Finance
Authority
,
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
B1
,
2
,
Refunding
,
1.25
%
,
6/01/30
...........................................
1,000,000
1,025,350
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
1.5
%
,
10/01/22
.
1,000,000
1,000,760
Michigan
State
University
,
Revenue,
2020
A,
Refunding,
5%,
8/15/29
...............................
3,500,000
4,670,575
Revenue,
2020
A,
Refunding,
5%,
8/15/31
...............................
5,415,000
7,327,145
State
of
Michigan
,
GO
,
2020A
,
5
%
,
5/15/30
................................
1,350,000
1,860,570
18,097,289
Minnesota
2.4%
b
City
of
Brooklyn
Center
,
Brooklyn
Center
AH
I
LLLP
,
Revenue
,
2019
,
Refunding
,
Mandatory
Put
,
1.35
%
,
7/01/22
.......................................
4,000,000
4,003,360
City
of
Minneapolis
,
GO,
2020,
Refunding,
2%,
12/01/29
....................................
5,730,000
6,051,166
b
Trinity
LP,
Revenue,
2020,
Mandatory
Put,
1%,
6/01/21
.....................
5,000,000
5,001,600
Farmington
Independent
School
District
No.
192
,
GO
,
2015
C
,
Refunding
,
5
%
,
2/01/24
6,065,000
6,962,863
b
Hennepin
County
Housing
&
Redevelopment
Authority
,
Holmes
Housing
Partners
LP
,
Revenue
,
2019
A
,
Mandatory
Put
,
1.35
%
,
12/01/20
........................
1,250,000
1,250,000
Minnesota
Higher
Education
Facilities
Authority
,
University
of
St.
Thomas,
Revenue,
2019,
5%,
10/01/26
.....................
1,000,000
1,212,980
University
of
St.
Thomas,
Revenue,
2019,
5%,
10/01/27
.....................
1,000,000
1,239,470
Northern
Municipal
Power
Agency
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/21
.......
5,000,000
5,018,800
30,740,239
Montana
0.5%
b
Montana
Facility
Finance
Authority
,
Billings
Clinic
Obligated
Group
,
Revenue
,
2018C
,
Refunding
,
Mandatory
Put
,
0.66
%
,
8/15/23
...............................
6,300,000
6,314,175
Nevada
2.3%
County
of
Clark
Department
of
Aviation
,
Revenue,
Sub.
Lien
,
2018A
,
Refunding
,
5
%
,
7/01/21
.........................................................
17,080,000
17,534,157
Las
Vegas
Valley
Water
District
,
GO,
2020
D,
Refunding,
5%,
6/01/24
...................................
1,745,000
2,032,942
GO,
2020
D,
Refunding,
5%,
6/01/25
...................................
2,750,000
3,331,048
State
of
Nevada
,
Highway
Improvement
,
Revenue
,
2013
,
Refunding
,
5
%
,
12/01/20
..
7,000,000
7,000,000
29,898,147
New
Jersey
7.6%
Bergen
County
Improvement
Authority
(The)
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
8/15/22
.........................................................
2,500,000
2,611,675
City
of
Newark
,
GO,
2020
A,
Refunding,
AGMC
Insured,
5%,
10/01/23
......................
1,000,000
1,121,780
GO,
2020
A,
Refunding,
AGMC
Insured,
5%,
10/01/24
......................
1,000,000
1,160,610
County
of
Atlantic
,
GO,
2020,
0.375%,
6/01/21
..........................................
501,000
499,923
GO,
2020,
0.375%,
6/01/23
..........................................
1,730,000
1,700,365
GO,
2020,
0.375%,
6/01/24
..........................................
1,765,000
1,718,987
GO,
2020,
0.375%,
6/01/25
..........................................
1,800,000
1,738,260
County
of
Union
,
GO,
2020,
0.5%,
3/01/23
............................................
5,215,000
5,238,833
GO,
2020,
0.5%,
3/01/24
............................................
5,290,000
5,309,414
Garden
State
Preservation
Trust
,
Revenue
,
2005
A
,
AGMC
Insured
,
5.75
%
,
11/01/28
25,000,000
31,503,250
New
Jersey
Economic
Development
Authority
,
e
Revenue,
FRN,
2019
A,
Refunding,
5.25%,
4/01/28
........................
5,000,000
6,182,450
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
41
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority,
(continued)
b
New
Jersey-American
Water
Co.,
Inc.,
Revenue,
2019
B,
Refunding,
Mandatory
Put,
2.05%,
12/03/29
.................................................
$
7,500,000
$
8,126,700
e
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
FRN,
2013
I,
Refunding,
1.71%,
(SIFMA
Municipal
Swap
Index
+
1.6%),
3/01/28
....................
5,565,000
5,466,054
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006C,
AMBAC
Insured,
Zero
Cpn
.,
12/15/26
.....................
10,000,000
9,039,600
Revenue,
2006C,
BHAC
Insured,
Zero
Cpn
.,
12/15/27
......................
11,110,000
10,095,768
State
of
New
Jersey
,
GO,
3%,
6/01/25
..................................................
2,000,000
2,112,140
GO,
2020
A,
5%,
6/01/29
............................................
3,000,000
3,829,500
97,455,309
New
York
5.5%
b
Chautauqua
County
Capital
Resource
Corp.
,
Jamestown
Center
City
Development
Corp.
,
Revenue
,
2013
,
Refunding
,
Mandatory
Put
,
2
%
,
11/01/21
..............
4,750,000
4,786,527
City
of
New
York
,
GO
,
2019A
,
Refunding
,
5
%
,
8/01/22
........................
5,000,000
5,382,750
County
of
Suffolk
,
GO
,
2018
B
,
AGMC
Insured
,
4
%
,
10/15/28
..................
4,205,000
4,900,759
Metropolitan
Transportation
Authority
,
Revenue
,
2020
A-1
,
5
%
,
2/01/23
...........
8,250,000
8,681,310
New
York
City
Industrial
Development
Agency
,
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
5
%
,
3/01/28
.................................
1,350,000
1,719,306
New
York
State
Dormitory
Authority
,
Cornell
University,
Revenue,
2020A,
Refunding,
5%,
7/01/26
.................
5,000,000
6,306,800
State
of
New
York
Personal
Income
Tax,
Revenue,
2020
B,
5%,
3/31/21
.........
5,000,000
5,080,450
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
3,520,350
b
Rochester
Gas
and
Electric
Corp.,
Revenue,
1997
A,
Refunding,
Mandatory
Put,
3%,
7/01/25
........................................................
10,000,000
10,986,400
New
York
State
Housing
Finance
Agency
,
Revenue,
2017K,
GNMA
Insured,
1.5%,
5/01/21
...........................
10,000,000
10,041,300
Revenue,
2020F,
1.1%,
11/01/26
......................................
2,860,000
2,882,051
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
3/15/27
...............................
4,000,000
5,071,680
c
New
York
Transportation
Development
Corp.
,
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/25
..............................
500,000
585,005
69,944,688
North
Carolina
1.0%
City
of
Charlotte
,
COP
,
2013B
,
3
%
,
6/01/22
................................
7,500,000
7,516,875
North
Carolina
State
University
at
Raleigh
,
Revenue,
2018,
Refunding,
5%,
10/01/26
................................
3,000,000
3,793,350
Revenue,
2018,
Refunding,
5%,
10/01/27
................................
1,500,000
1,950,180
13,260,405
North
Dakota
0.3%
City
of
West
Fargo
,
GO
,
2018
,
Refunding
,
2.15
%
,
5/01/21
.....................
4,075,000
4,083,232
Ohio
3.6%
County
of
Cuyahoga
,
Revenue
,
2020
D
,
Refunding
,
3
%
,
12/01/21
...............
9,090,000
9,338,793
County
of
Lucas
,
Promedica
Healthcare
Obligated
Group
,
Revenue
,
2011A
,
Pre-
Refunded
,
6.5
%
,
11/15/37
...........................................
10,000,000
10,591,400
Hillsdale
Local
School
District
,
COP,
2020,
BAM
Insured,
4%,
12/01/20
.................................
1,400,000
1,400,000
COP,
2020,
BAM
Insured,
4%,
12/01/22
.................................
1,200,000
1,286,844
Ohio
Water
Development
Authority
,
Revenue,
2018,
5%,
6/01/28
.........................................
7,000,000
9,213,890
Water
Pollution
Control
Loan
Fund,
Revenue,
2019A,
5%,
6/01/29
.............
8,500,000
11,465,055
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
42
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Sycamore
Community
City
School
District
,
GO
,
2020
,
4
%
,
12/01/23
.............
$
2,560,000
$
2,847,744
46,143,726
Oklahoma
0.5%
Oklahoma
County
Finance
Authority
,
Oklahoma
County
Independent
School
District
No.
52
Midwest
City-Del
City
,
Revenue
,
2018
,
5
%
,
10/01/22
..................
1,000,000
1,084,580
Tulsa
County
Industrial
Authority
,
Tulsa
County
Independent
School
District
No.
11
Owasso,
Revenue,
2018,
5%,
9/01/21
........................................................
2,010,000
2,079,666
Tulsa
County
Independent
School
District
No.
11
Owasso,
Revenue,
2018,
5%,
9/01/22
........................................................
1,500,000
1,621,110
Tulsa
County
Independent
School
District
No.
11
Owasso,
Revenue,
2018,
5%,
9/01/23
........................................................
1,170,000
1,314,893
6,100,249
Oregon
0.9%
Salem-Keizer
School
District
No.
24J
,
GO
,
2018
,
5
%
,
6/15/25
..................
2,000,000
2,427,140
State
of
Oregon
,
GO,
2015B,
Refunding,
5%,
8/01/27
....................................
2,785,000
3,375,893
Department
of
Transportation,
Revenue,
Senior
Lien,
2012
A,
Refunding,
5%,
11/15/22
.......................................................
5,000,000
5,471,650
11,274,683
Pennsylvania
5.9%
Commonwealth
of
Pennsylvania
,
GO,
First
Series
,
2020
,
4
%
,
5/01/32
............
13,855,000
17,034,584
Delaware
Valley
Regional
Finance
Authority
,
Revenue,
1998
A,
AMBAC
Insured,
5.5%,
8/01/28
.........................
10,000,000
13,070,200
b
Revenue,
2018
B,
Mandatory
Put,
0.53%,
9/01/22
.........................
2,500,000
2,486,225
b
Geisinger
Authority
,
Geisinger
Health
System
Obligated
Group
,
Revenue
,
2014B
,
Refunding
,
Mandatory
Put
,
1.167
%
,
6/01/24
..............................
10,000,000
10,054,300
Lehigh
County
Industrial
Development
Authority
,
PPL
Electric
Utilities
Corp.
,
Revenue
,
2016
A
,
Refunding
,
Mandatory
Put
,
1.8
%
,
9/01/22
.........................
10,000,000
10,109,300
Philadelphia
Gas
Works
Co.
,
Revenue,
SIXTEENTH
A,
AGMC
Insured,
5%,
8/01/25
......................
500,000
604,280
Revenue,
SIXTEENTH
A,
AGMC
Insured,
5%,
8/01/26
......................
600,000
746,538
e
University
of
Pittsburgh-of
the
Commonwealth
System
of
Higher
Education
,
Revenue,
FRN,
2018,
0.35%,
(SIFMA
Municipal
Swap
Index
+
0.24%),
9/15/21
...
5,000,000
4,999,600
Revenue,
FRN,
2019,
0.47%,
(SIFMA
Municipal
Swap
Index
+
0.36%),
2/15/24
...
7,750,000
7,752,325
Westmoreland
County
Municipal
Authority
,
Revenue
,
2013
,
Pre-Refunded
,
5
%
,
8/15/37
7,895,000
8,899,955
75,757,307
Tennessee
2.1%
City
of
Memphis
,
GO,
2018,
5%,
6/01/24
.............................................
6,915,000
8,053,417
GO,
2018,
5%,
6/01/25
.............................................
7,260,000
8,783,148
GO,
2018,
5%,
6/01/26
.............................................
7,625,000
9,559,691
26,396,256
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
43
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
10.2%
Board
of
Regents
of
the
University
of
Texas
System
,
Revenue
,
2016
J
,
5
%
,
8/15/21
.
$
4,000,000
$
4,136,800
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2002-A
,
Refunding
,
BHAC,
AMBAC
Insured
,
Zero
Cpn
.,
8/15/27
...................................
3,280,000
3,080,773
City
of
Dallas
,
Waterworks
&
Sewer
System
,
Revenue
,
2015A
,
Refunding
,
5
%
,
10/01/26
........................................................
5,000,000
6,108,400
City
of
Houston
,
Combined
Utility
System
,
Revenue,
First
Lien
,
2018
D
,
Refunding
,
5
%
,
11/15/26
........................................................
1,000,000
1,268,950
City
of
Lubbock
,
GO
,
2018
,
Refunding
,
5
%
,
2/15/25
.........................
5,150,000
6,137,615
Clifton
Higher
Education
Finance
Corp.
,
IDEA
Public
Schools,
Revenue,
2017,
Refunding,
PSF
Guaranty,
4%,
8/15/21
....
2,000,000
2,052,040
IDEA
Public
Schools,
Revenue,
2017,
Refunding,
PSF
Guaranty,
4%,
8/15/22
....
3,200,000
3,400,928
Comal
Independent
School
District
,
GO,
2017,
PSF
Guaranty,
5%,
2/01/21
..................................
2,280,000
2,298,217
GO,
2017,
PSF
Guaranty,
5%,
2/01/22
..................................
2,250,000
2,375,753
Cypress-Fairbanks
Independent
School
District
,
GO,
2013,
Refunding,
PSF
Guaranty,
5%,
2/15/22
.........................
7,320,000
7,746,463
b
GO,
2017A-1,
PSF
Guaranty,
Mandatory
Put,
2.125%,
8/16/21
................
5,730,000
5,804,433
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2013
B
,
Pre-Refunded
,
5.25
%
,
10/01/51
........................................................
27,930,000
31,891,870
San
Antonio
Independent
School
District
,
GO
,
2015
,
Refunding
,
PSF
Guaranty
,
5
%
,
2/15/21
.........................................................
14,880,000
15,026,270
State
of
Texas
,
GO,
2018
B-3,
Refunding,
5%,
8/01/24
..................................
4,750,000
5,574,553
GO,
2018
B-3,
Refunding,
5%,
8/01/25
..................................
2,000,000
2,439,880
GO,
2018
B-3,
Refunding,
5%,
8/01/26
..................................
2,000,000
2,522,800
Revenue,
2020,
4%,
8/26/21
.........................................
10,000,000
10,280,900
b
Texas
Transportation
Commission
State
Highway
Fund
,
Revenue,
First
Tier
,
2016-B
,
Refunding
,
Mandatory
Put
,
4
%
,
10/01/21
................................
3,000,000
3,092,010
Texas
Water
Development
Board
,
State
Revolving
Fund
,
Revenue
,
2018
,
5
%
,
8/01/27
4,200,000
5,449,206
Travis
County
Housing
Finance
Corp.
,
AMTEX
McKinney
Fund
LP
,
Revenue
,
2018
,
2.75
%
,
4/01/21
...................................................
10,000,000
10,012,600
130,700,461
Utah
0.8%
South
Valley
Water
Reclamation
Facility
,
Revenue
,
2018
,
AGMC
Insured
,
5
%
,
2/15/23
1,225,000
1,346,606
State
of
Utah
,
GO
,
2020
,
5
%
,
7/01/26
....................................
7,250,000
9,144,860
10,491,466
Virginia
1.3%
Virginia
College
Building
Authority
,
Revenue
,
2012
A
,
Pre-Refunded
,
4
%
,
2/01/29
...
15,375,000
16,057,496
Washington
5.3%
Auburn
School
District
No.
408
of
King
&
Pierce
Counties
,
GO,
2018,
5%,
12/01/27
.............................................
1,700,000
2,218,466
GO,
2018,
5%,
12/01/28
.............................................
3,300,000
4,281,420
Energy
Northwest
,
Bonneville
Power
Administration
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/23
.........................................................
5,000,000
5,614,050
King
County
School
District
No.
410
Snoqualmie
Valley
,
GO,
2017,
Refunding,
5%,
12/01/20
....................................
4,880,000
4,880,000
GO,
2017,
Refunding,
5%,
12/01/21
....................................
2,455,000
2,573,846
King
County
School
District
No.
414
Lake
Washington
,
GO,
2020,
4%,
12/01/20
.............................................
1,405,000
1,405,000
GO,
2020,
4%,
12/01/21
.............................................
1,415,000
1,468,982
Pierce
County
School
District
No.
320
Sumner
,
GO
,
2017
,
Refunding
,
4
%
,
12/01/20
.
7,250,000
7,250,000
Spokane
County
School
District
No.
354
Mead
,
GO,
2018,
4%,
12/01/32
.............................................
1,150,000
1,363,670
GO,
2018,
5%,
12/01/33
.............................................
1,500,000
1,895,790
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
44
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
Spokane
County
School
District
No.
356
Central
Valley
,
GO
,
2018
,
4
%
,
12/01/31
....
$
8,295,000
$
9,889,714
State
of
Washington
,
GO,
2012D,
Pre-Refunded,
5%,
2/01/34
.................................
6,545,000
6,911,586
GO,
R-2012D,
Refunding,
5%,
7/01/23
..................................
4,085,000
4,394,561
GO,
R-2013B,
Refunding,
5%,
7/01/23
..................................
3,255,000
3,501,664
GO,
R-2015D,
Refunding,
5%,
7/01/28
..................................
3,985,000
4,729,398
b
University
of
Washington
,
Revenue
,
2019A
,
Mandatory
Put
,
5
%
,
5/01/22
..........
5,000,000
5,216,650
67,594,797
Wisconsin
1.7%
City
of
Fond
Du
Lac
,
GO
,
2017
B
,
Refunding
,
2
%
,
4/01/22
.....................
1,000,000
1,023,230
City
of
Milwaukee
,
Milwaukee
Public
Schools
,
Revenue
,
2020
M8
,
3
%
,
7/01/21
.....
10,000,000
10,163,700
c
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC
,
Revenue
,
2020A
,
2.75
%
,
12/01/25
..
825,000
826,126
State
of
Wisconsin
,
GO
,
2012B
,
Pre-Refunded
,
3
%
,
5/01/33
...................
9,000,000
9,106,830
21,119,886
U.S.
Territories
0.5%
District
of
Columbia
0.5%
District
of
Columbia,
GO,
2019
A,
5%,
10/15/26
.............................
5,000,000
6,346,000
Total
Municipal
Bonds
(Cost
$1,076,576,377)
...................................
1,113,962,236
Total
Long
Term
Investments
(Cost
$1,109,100,452)
.............................
1,147,912,236
a
a
a
a
a
Short
Term
Investments
10.0%
Municipal
Bonds
10.0%
Colorado
1.2%
f
City
&
County
of
Denver
,
COP,
2008A2,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.13%,
12/01/29
.................................................
8,710,000
8,710,000
COP,
2008A3,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.13%,
12/01/31
.................................................
7,000,000
7,000,000
15,710,000
Georgia
0.0%
†
f
Athens-Clarke
County
Unified
Government
Development
Authority
,
University
of
Georgia
Athletic
Association,
Inc.
,
Revenue
,
2005
B
,
LOC
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
0.1
%
,
7/01/35
....................................
100,000
100,000
Maryland
0.6%
f
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.13
%
,
11/01/37
........................................................
2,000,000
2,000,000
f
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2008D
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.09
%
,
7/01/41
.............................................
5,140,000
5,140,000
7,140,000
Michigan
0.6%
f
University
of
Michigan
,
Revenue
,
2012D-1
,
Daily
VRDN
and
Put
,
0.07
%
,
12/01/24
...
7,600,000
7,600,000
Minnesota
2.9%
f
City
of
Minneapolis
St.
Paul
Housing
&
Redevelopment
Authority
,
Allina
Health
Obligated
Group,
Revenue,
2009-B-1,
LOC
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.1%,
11/15/35
..................................
3,025,000
3,025,000
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
45
See
Abbreviations
on
page
160
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
f
City
of
Minneapolis
St.
Paul
Housing
&
Redevelopment
Authority,
(continued)
Allina
Health
Obligated
Group,
Revenue,
B-2,
LOC
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.12%,
11/15/35
.....................................
$
33,525,000
$
33,525,000
36,550,000
New
York
2.9%
f
City
of
New
York
,
GO
,
2006
I
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
0.1
%
,
4/01/36
....................................................
4,600,000
4,600,000
f
Metropolitan
Transportation
Authority
,
Dedicated
Tax
Fund
,
Revenue
,
2008A-1
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.09
%
,
11/01/31
...........
4,000,000
4,000,000
f
New
York
City
,
Water
&
Sewer
System,
Revenue,
2014
AA-1,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.12%,
6/15/50
......................................
4,200,000
4,200,000
Water
&
Sewer
System,
Revenue,
BB
1B,
SPA
State
Street
Bank
&
Trust
Co.,
Daily
VRDN
and
Put,
0.1%,
6/15/49
.......................................
7,200,000
7,200,000
f
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2019
B-4
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.12
%
,
8/01/42
..........
7,800,000
7,800,000
f
Triborough
Bridge
&
Tunnel
Authority
,
Revenue,
2005
B-2,
Refunding,
LOC
Citibank
NA,
Daily
VRDN
and
Put,
0.1%,
1/01/32
........................................................
7,145,000
7,145,000
Revenue,
2005B-3,
Refunding,
LOC
State
Street
Bank
&
Trust
Co.,
Daily
VRDN
and
Put,
0.1%,
1/01/32
...............................................
1,300,000
1,300,000
36,245,000
Ohio
0.2%
f
County
of
Allen
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2010-C
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
0.11
%
,
6/01/34
...........................
3,200,000
3,200,000
Oregon
0.5%
f
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.09
%
,
8/01/34
............
6,900,000
6,900,000
Tennessee
1.1%
f
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2008A
,
AGMC
Insured
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.1
%
,
6/01/42
....................................
14,430,000
14,430,000
Total
Municipal
Bonds
(Cost
$127,875,000)
.....................................
127,875,000
Total
Short
Term
Investments
(Cost
$127,875,000
)
...............................
127,875,000
a
Total
Investments
(Cost
$1,236,975,452)
99.8%
..................................
$1,275,787,236
Other
Assets,
less
Liabilities
0.2%
.............................................
2,401,120
Net
Assets
100.0%
...........................................................
$1,278,188,356
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
purchased
on
a
when-issued
basis.
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
November
30,
2020,
the
aggregate
value
of
these
securities
was
$2,355,153,
representing
0.2%
of
net
assets.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
46
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Florida
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
47
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.8%
Florida
97.8%
Brevard
County
Health
Facilities
Authority
,
Health
First,
Inc.
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5
%
,
4/01/39
........................................
$
5,000,000
$
5,507,850
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/35
............................................
1,000,000
1,126,470
Central
Florida
Expressway
Authority
,
Revenue,
Senior
Lien,
2016
B,
Refunding,
4%,
7/01/39
.....................
5,000,000
5,658,850
Revenue,
Senior
Lien,
2016
B,
Refunding,
4%,
7/01/40
.....................
5,825,000
6,588,832
Revenue,
Senior
Lien,
2019
B,
5%,
7/01/49
..............................
5,000,000
6,235,800
Citizens
Property
Insurance
Corp.
,
Revenue
,
2012A-1
,
5
%
,
6/01/22
.............
5,000,000
5,350,800
City
of
Atlantic
Beach
,
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/38
.......................................
1,105,000
1,208,737
City
of
Fort
Myers
,
Utility
System
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
10/01/44
......
7,000,000
8,239,560
City
of
Gainesville
,
Utilities
System
,
Revenue
,
2019
A
,
5
%
,
10/01/47
.............
5,000,000
6,442,450
City
of
Jacksonville
,
Revenue,
2012,
Refunding,
5%,
10/01/30
................................
2,000,000
2,155,820
Revenue,
2020
A,
Refunding,
4%,
10/01/50
..............................
8,510,000
10,012,866
Genesis
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/45
..
5,000,000
5,570,150
City
of
Lakeland
,
Lakeland
Regional
Health
Systems
Obligated
Group
,
Revenue
,
2015
,
5
%
,
11/15/45
.....................................................
12,300,000
13,914,744
City
of
Melbourne
,
Water
&
Sewer,
Revenue,
2000A,
FGIC
Insured,
ETM,
Zero
Cpn
.,
10/01/26
......
1,500,000
1,452,720
Water
&
Sewer,
Revenue,
2002
B,
Refunding,
NATL
Insured,
Zero
Cpn
.,
10/01/22
.
1,785,000
1,768,828
Water
&
Sewer,
Revenue,
2002
B,
Refunding,
NATL
Insured,
Zero
Cpn
.,
10/01/26
.
4,500,000
4,273,965
City
of
Miami
Beach
,
Stormwater
,
Revenue
,
2015
,
5
%
,
9/01/41
.................
10,000,000
11,837,200
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
8/15/42
........................................................
5,000,000
5,592,600
Baptist
Health
South
Florida
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/42
........................................................
6,500,000
7,742,020
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2016
B,
Refunding,
5%,
7/01/37
.........................................
5,000,000
5,813,650
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/45
..................................................
4,150,000
4,737,931
Water
&
Wastewater
System,
Revenue,
2020
A,
4%,
10/01/48
................
7,500,000
9,233,925
Water
&
Wastewater
System,
Revenue,
2020
A,
5%,
10/01/54
................
10,000,000
13,196,100
Collier
County
Educational
Facilities
Authority
,
Hodges
University,
Inc.
,
Revenue
,
2013
,
5.625
%
,
11/01/28
..................................................
2,860,000
2,993,076
Collier
County
Industrial
Development
Authority
,
NCH
Healthcare
System,
Inc.
Obligated
Group
,
Revenue
,
2011
,
6.25
%
,
10/01/39
.........................
5,000,000
5,087,750
County
of
Broward
,
Port
Facilities
,
Revenue,
Senior
Lien
,
2019
B
,
4
%
,
9/01/44
.....
5,000,000
5,429,000
County
of
Miami-Dade
,
Aviation,
Revenue,
2014B,
Refunding,
5%,
10/01/37
.......................
10,000,000
11,318,200
Aviation,
Revenue,
2017B,
Refunding,
5%,
10/01/40
.......................
5,000,000
5,925,900
Seaport
Department,
Revenue,
2013A,
6%,
10/01/38
.......................
10,000,000
11,361,600
Transit
System,
Revenue,
2012,
Pre-Refunded,
5%,
7/01/42
.................
15,000,000
16,140,600
Transit
System,
Revenue,
2018,
5%,
7/01/43
.............................
10,000,000
12,368,200
Transit
System,
Revenue,
2018,
4%,
7/01/47
.............................
5,000,000
5,766,400
Transit
System,
Revenue,
2020
A,
4%,
7/01/45
...........................
4,000,000
4,755,480
Transit
System,
Revenue,
2020
A,
4%,
7/01/50
...........................
5,000,000
5,903,000
Water
&
Sewer
System,
Revenue,
2013A,
Pre-Refunded,
5%,
10/01/42
.........
10,000,000
10,878,500
Water
&
Sewer
System,
Revenue,
2019,
5%,
10/01/43
......................
5,000,000
6,288,750
Water
&
Sewer
System,
Revenue,
2019
B,
4%,
10/01/49
....................
4,000,000
4,728,640
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Florida
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
48
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
County
of
Polk
,
Utility
System
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/43
..........
$
4,600,000
$
5,643,234
Florida
Governmental
Utility
Authority
,
Revenue
,
2010
,
Pre-Refunded
,
5.25
%
,
10/01/40
5,000,000
5,206,400
Florida
Higher
Educational
Facilities
Financial
Authority
,
Nova
Southeastern
University,
Inc.,
Revenue,
2011,
Pre-Refunded,
6.375%,
4/01/31
2,750,000
2,805,605
Rollins
College,
Revenue,
2010,
Pre-Refunded,
5%,
12/01/37
................
8,000,000
8,000,000
University
of
Tampa,
Inc.
(The),
Revenue,
2012A,
Pre-Refunded,
5.25%,
4/01/42
..
2,000,000
2,131,920
Florida
Housing
Finance
Corp.
,
Revenue,
2020
1,
GNMA
Insured,
2.75%,
7/01/50
.........................
2,000,000
2,081,360
Revenue,
2020
2,
GNMA
Insured,
2.5%,
7/01/50
..........................
2,220,000
2,278,874
Florida
Municipal
Loan
Council
,
Revenue
,
2011D
,
AGMC
Insured
,
5.5
%
,
10/01/41
...
3,750,000
3,898,463
Fort
Pierce
Utilities
Authority
,
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn
.,
10/01/21
....................
2,585,000
2,571,325
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn
.,
10/01/22
....................
3,090,000
3,050,850
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn
.,
10/01/23
....................
3,060,000
2,994,118
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn
.,
10/01/24
....................
2,560,000
2,481,997
Greater
Orlando
Aviation
Authority
,
Revenue,
2010A,
5%,
10/01/39
.......................................
5,000,000
5,016,200
Revenue,
2019
A,
4%,
10/01/49
.......................................
5,000,000
5,682,900
Halifax
Hospital
Medical
Center
,
Halifax
Hospital
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
6/01/46
........................................................
4,250,000
4,745,380
Halifax
Hospital
Medical
Center
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
6/01/36
........................................................
2,500,000
2,898,950
Herons
Glen
Recreation
District
,
Special
Assessment,
2020,
Refunding,
BAM
Insured,
4%,
5/01/45
.............
1,515,000
1,717,404
Special
Assessment,
2020,
Refunding,
BAM
Insured,
4%,
5/01/50
.............
1,800,000
2,026,260
Hillsborough
County
Aviation
Authority
,
Revenue,
2015A,
5%,
10/01/44
.......................................
5,000,000
5,542,650
Revenue,
2018E,
5%,
10/01/43
.......................................
5,000,000
6,038,300
Hillsborough
County
Industrial
Development
Authority
,
Florida
Health
Sciences
Center,
Inc.
,
Revenue
,
2020A
,
4
%
,
8/01/55
....................................
3,000,000
3,333,120
JEA
Water
&
Sewer
System
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
10/01/40
.........
1,000,000
1,220,060
Lee
County
Industrial
Development
Authority
,
Shell
Point/Alliance
Obligated
Group
,
Revenue
,
2019
,
5
%
,
11/15/44
........................................
5,000,000
5,479,100
Martin
County
Health
Facilities
Authority
,
Martin
Memorial
Medical
Center
Obligated
Group
,
Revenue
,
2012
,
Pre-Refunded
,
5.5
%
,
11/15/42
......................
2,100,000
2,205,273
Miami
Beach
Redevelopment
Agency
,
Tax
Allocation
,
2015A
,
Refunding
,
AGMC
Insured
,
5
%
,
2/01/40
...............................................
5,000,000
5,645,400
Miami-Dade
County
Expressway
Authority
,
Revenue
,
A
,
5
%
,
7/01/40
.............
18,770,000
18,822,931
Miami-Dade
County
Health
Facilities
Authority
,
Nicklaus
Children's
Hospital
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/01/42
........................................................
3,000,000
3,560,130
Nicklaus
Children's
Hospital
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
8/01/47
........................................................
3,500,000
3,859,485
Nicklaus
Children's
Hospital
Obligated
Group,
Revenue,
A,
Refunding,
6.125%,
8/01/42
........................................................
1,055,000
1,058,798
Mid-Bay
Bridge
Authority
,
Revenue,
2015A,
Refunding,
5%,
10/01/40
..............................
5,000,000
5,638,700
Revenue,
A,
ETM,
6.875%,
10/01/22
...................................
2,715,000
2,932,309
Revenue,
D,
ETM,
6.1%,
10/01/22
.....................................
3,545,000
3,807,897
North
Sumter
County
Utility
Dependent
District
,
Revenue,
Senior
Lien
,
2019
,
BAM
Insured
,
5
%
,
10/01/44
..............................................
4,000,000
5,072,000
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group,
Revenue,
2012A,
Pre-Refunded,
5%,
10/01/42
..
10,000,000
10,626,400
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Florida
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
49
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Orange
County
Health
Facilities
Authority,
(continued)
Orlando
Health
Obligated
Group,
Revenue,
2019
A,
5%,
10/01/47
.............
$
5,000,000
$
6,111,500
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/41
............................................
5,000,000
5,468,650
Orlando-Orange
County
Expressway
Authority
,
Central
Florida
Expressway
Authority
,
Revenue
,
2013A
,
Refunding
,
5
%
,
7/01/35
...............................
8,330,000
9,238,970
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020B,
4%,
11/15/41
.......................................................
500,000
551,035
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020B,
5%,
11/15/42
.......................................................
500,000
588,055
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2016
B,
5%,
5/15/41
....
5,000,000
5,356,450
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment,
Senior
Lien,
2020A-1,
Refunding,
AGMC
Insured,
2.625%,
5/01/34
........................................................
1,205,000
1,220,147
Special
Assessment,
Senior
Lien,
2020A-1,
Refunding,
AGMC
Insured,
2.8%,
5/01/37
........................................................
995,000
1,009,388
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2017A,
5%,
1/01/37
........................................................
2,350,000
2,518,965
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2017A,
5%,
1/01/42
........................................................
1,600,000
1,704,800
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2017A,
5%,
1/01/47
........................................................
2,450,000
2,603,051
Sunnyside
Village
Obligated
Group,
Revenue,
2018,
5%,
5/15/33
..............
600,000
659,052
Sunnyside
Village
Obligated
Group,
Revenue,
2018,
5%,
5/15/38
..............
1,025,000
1,114,657
Sunnyside
Village
Obligated
Group,
Revenue,
2018,
5%,
5/15/48
..............
1,850,000
1,990,230
Sarasota
County
Public
Hospital
District
,
Sarasota
County
Public
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
............................
10,000,000
11,211,900
School
Board
of
Miami-Dade
County
(The)
,
GO
,
2013
,
5
%
,
3/15/43
..............
2,465,000
2,676,324
St.
Johns
County
Industrial
Development
Authority
,
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/55
...
2,500,000
2,677,025
State
of
Florida
,
GO,
1999
D,
Refunding,
6%,
6/01/23
...................................
15,000,000
17,165,250
GO,
2016
C,
Refunding,
4%,
6/01/35
...................................
5,340,000
6,185,482
GO,
2016
F,
Refunding,
4%,
6/01/37
...................................
8,000,000
9,221,120
Tampa
Bay
Water
,
Revenue
,
2013
,
5
%
,
10/01/38
...........................
10,000,000
11,284,100
Tampa
Sports
Authority
,
Revenue
,
1995
,
NATL
Insured
,
6.1
%
,
10/01/26
...........
2,695,000
3,132,991
Tampa-Hillsborough
County
Expressway
Authority
,
Revenue
,
2017
,
5
%
,
7/01/47
....
5,000,000
5,990,250
Town
of
Palm
Beach
,
GO
,
2018
,
4
%
,
7/01/43
..............................
5,000,000
5,829,350
University
of
North
Florida
Financing
Corp.
(The)
,
Revenue
,
2016
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/35
..............................................
5,000,000
6,021,500
Volusia
County
Educational
Facility
Authority
,
Embry-Riddle
Aeronautical
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/15/42
1,500,000
1,794,780
Embry-Riddle
Aeronautical
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/15/47
3,500,000
4,155,865
Embry-Riddle
Aeronautical
University,
Inc.,
Revenue,
2020A,
Refunding,
5%,
10/15/49
.......................................................
3,000,000
3,675,090
533,836,734
U.S.
Territories
1.0%
Puerto
Rico
1.0%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
300,000
355,938
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
950,000
1,131,678
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Florida
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
50
See
Abbreviations
on
page
160
.
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,
AES
Puerto
Rico
LP,
Revenue,
2000A,
6.625%,
6/01/26
.....
$
3,900,000
$
4,036,500
5,524,116
Total
U.S.
Territories
....................................................................
5,524,116
Total
Municipal
Bonds
(Cost
$501,673,128)
.....................................
539,360,850
a
a
a
a
Short
Term
Investments
0.3%
Municipal
Bonds
0.3%
Florida
0.3%
a
County
of
St.
Lucie
,
Florida
Power
&
Light
Co.
,
Revenue
,
2000
,
Refunding
,
Daily
VRDN
and
Put
,
0.14
%
,
9/01/28
.......................................
1,600,000
1,600,000
Total
Municipal
Bonds
(Cost
$1,600,000)
.......................................
1,600,000
Total
Short
Term
Investments
(Cost
$1,600,000
)
.................................
1,600,000
a
Total
Investments
(Cost
$503,273,128)
99.1%
...................................
$540,960,850
Other
Assets,
less
Liabilities
0.9%
.............................................
4,804,167
Net
Assets
100.0%
...........................................................
$545,765,017
a
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Georgia
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
51
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.4%
Georgia
98.0%
Athens
Housing
Authority
,
UGAREF
East
Campus
Housing
Phase
II
LLC,
Revenue,
2017,
Refunding,
5%,
6/15/36
........................................................
$
2,390,000
$
2,840,348
UGAREF
East
Campus
Housing
Phase
II
LLC,
Revenue,
2017,
Refunding,
4%,
6/15/40
........................................................
5,000,000
5,552,400
Athens-Clarke
County
Unified
Government
,
GO
,
2020
,
4
%
,
12/01/30
.............
1,350,000
1,758,793
Atlanta
&
Fulton
County
Recreation
Authority
,
City
of
Atlanta
Park
Tax
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/35
..........................................
3,530,000
4,105,990
Atlanta
Development
Authority
(The)
,
Revenue,
2015A-1,
5.25%,
7/01/40
....................................
7,750,000
8,575,298
Revenue,
2015A-1,
5.25%,
7/01/44
....................................
3,000,000
3,299,430
Piedmont
Ellis
LLC,
Revenue,
2013,
Pre-Refunded,
5%,
9/01/32
..............
2,000,000
2,255,800
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/26
..
2,555,000
2,995,022
Auburn
Urban
Redevelopment
Agency
,
City
of
Auburn,
Revenue,
2020,
BAM
Insured,
4%,
10/01/45
..................
1,000,000
1,172,970
City
of
Auburn,
Revenue,
2020,
BAM
Insured,
4%,
10/01/50
..................
1,000,000
1,164,960
Bainbridge
Public
Facilities
Authority
,
County
of
Decatur
,
Revenue
,
2018
,
AGMC
Insured
,
4
%
,
3/01/43
...............................................
4,000,000
4,621,000
a
Baldwin
County
Hospital
Authority
,
Oconee
Regional
Medical
Center
Obligated
Group,
Revenue,
1998,
5.25%,
12/01/22
2,500,000
25
Oconee
Regional
Medical
Center
Obligated
Group,
Revenue,
1998,
5.375%,
12/01/28
.......................................................
2,000,000
20
Bartow-Cartersville
Joint
Development
Authority
,
GHC
Student
Center
LLC
,
Revenue
,
2011
,
AGMC
Insured
,
5
%
,
6/15/36
.....................................
4,155,000
4,236,189
Bibb
County
Development
Authority
,
Macon
State
College
Foundation
Real
Estate
LLC
,
Revenue
,
2012
,
AGMC
Insured
,
5
%
,
7/01/40
.............................
5,000,000
5,253,050
Bleckley
County
School
District
,
GO
,
2020
,
5
%
,
10/01/42
.....................
2,055,000
2,721,169
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
6,000,000
6,983,520
Carroll
City-County
Hospital
Authority
,
Tanner
Medical
Center
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/45
.
1,250,000
1,471,675
Tanner
Medical
Center
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/50
.
1,500,000
1,753,740
Tanner
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2015,
5%,
7/01/41
......
2,000,000
2,315,440
Carrollton
Payroll
Development
Authority
,
UWG
Athletic
Complex
LLC
,
Revenue
,
2014
,
Refunding
,
AGMC
Insured
,
5
%
,
6/15/37
.................................
3,140,000
3,612,727
City
of
Atlanta
,
Tax
Allocation,
2016B,
Refunding,
5%,
1/01/31
............................
1,780,000
2,114,319
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014A,
Refunding,
5%,
1/01/33
........................................................
4,005,000
4,483,918
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014A,
Refunding,
5%,
1/01/34
........................................................
3,250,000
3,634,410
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2019
D,
4%,
7/01/36
.....
4,500,000
5,229,180
Department
of
Aviation,
Revenue,
2010C,
Refunding,
6%,
1/01/30
.............
6,000,000
6,028,260
Department
of
Aviation,
Revenue,
2012B,
5%,
1/01/42
......................
2,000,000
2,079,100
Water
&
Wastewater,
Revenue,
2001A,
AGMC,
NATL
RE
Insured,
5.5%,
11/01/27
.
5,000,000
6,226,250
Water
&
Wastewater,
Revenue,
2015,
Pre-Refunded,
5%,
11/01/43
............
10,000,000
12,074,000
Water
&
Wastewater,
Revenue,
2018
B,
Refunding,
5%,
11/01/47
..............
5,000,000
6,226,600
Water
&
Wastewater,
Revenue,
2019,
Refunding,
4%,
11/01/38
...............
1,450,000
1,777,178
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
52
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
City
of
Buford
,
GO
,
2017
C
,
Refunding
,
4
%
,
1/01/43
.........................
$
5,000,000
$
5,705,650
City
of
Cartersville
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/48
...................
4,000,000
4,947,560
City
of
Columbus
,
Water
&
Sewerage
,
Revenue
,
2014A
,
Pre-Refunded
,
5
%
,
5/01/33
.
1,030,000
1,196,973
City
of
Dalton
,
GO
,
2018
,
5
%
,
2/01/48
....................................
3,000,000
3,691,170
City
of
Fairburn
,
GO
,
2011
,
Pre-Refunded
,
AGMC
Insured
,
5.75
%
,
12/01/31
.......
2,000,000
2,110,940
City
of
Monroe
,
Combined
Utility
,
Revenue
,
2020
,
AGMC
Insured
,
4
%
,
12/01/50
....
1,500,000
1,781,985
City
of
Warner
Robins
,
Water
&
Sewerage
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/45
.
1,000,000
1,188,870
Clayton
County
Development
Authority
,
CSU
Foundation
Real
Estate
II
LLC,
Revenue,
2011,
AGMC
Insured,
5%,
7/01/36
.
3,000,000
3,058,650
TUFF
Archives
LLC,
Revenue,
2012,
Refunding,
5%,
7/01/33
.................
5,000,000
5,322,950
County
of
DeKalb
,
Water
&
Sewerage,
Revenue,
2006
B,
Refunding,
AGMC
Insured,
5%,
10/01/35
..
10,655,000
13,072,726
Water
&
Sewerage,
Revenue,
2011A,
5.25%,
10/01/41
......................
11,425,000
11,810,937
County
of
Fulton
,
GO,
2017,
4%,
7/01/40
.............................................
5,000,000
5,774,100
Water
&
Sewerage,
Revenue,
2020A,
3%,
1/01/45
.........................
5,000,000
5,489,500
Coweta
County
Water
&
Sewage
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
6/01/39
.
1,500,000
1,794,780
Dalton
Whitfield
County
Joint
Development
Authority
,
Hamilton
Health
Care
System
Obligated
Group
,
Revenue
,
2017
,
4
%
,
8/15/41
............................
3,000,000
3,399,300
Decatur
Urban
Redevelopment
Agency
,
Revenue
,
2013A
,
Pre-Refunded
,
5
%
,
1/01/38
6,195,000
6,803,907
DeKalb
Newton
&
Gwinnett
Counties
Joint
Development
Authority
,
GGCF
Athletic
Fields
LLC
,
Revenue
,
2012A
,
AGMC
Insured
,
5
%
,
7/01/39
...................
5,000,000
5,322,950
Development
Authority
for
Fulton
County
,
AMC
Campus
Project
I
LLC,
Revenue,
2011,
AGMC
Insured,
5%,
6/15/37
.......
3,075,000
3,138,253
Georgia
Tech
Facilities,
Inc.,
Revenue,
2010A,
5%,
6/01/41
..................
3,500,000
3,510,500
Georgia
Tech
Facilities,
Inc.,
Revenue,
2018,
4%,
3/01/43
...................
2,000,000
2,266,740
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2014A,
Refunding,
5%,
7/01/44
........................................................
10,000,000
11,194,700
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2019
A,
4%,
7/01/49
......
5,000,000
5,675,550
WellStar
Health
System
Obligated
Group,
Revenue,
2017,
5%,
4/01/47
.........
1,000,000
1,189,220
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/50
........
4,000,000
4,599,880
Development
Authority
of
Bulloch
County
,
Georgia
Southern
University
Housing
Foundation
Five
LLC
,
Revenue
,
2011
,
AGMC
Insured
,
5
%
,
7/01/36
............
2,055,000
2,097,354
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.
,
Revenue
,
2017
,
Refunding
,
4.125
%
,
11/01/45
....................................
6,000,000
6,740,040
Development
Authority
of
Cobb
County
(The)
,
Georgia
Tech
Cobb
Research
Campus
LLC,
Revenue,
2017
A,
4%,
6/01/42
......
1,600,000
1,785,024
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC,
Revenue,
Senior
Lien,
2015A,
Refunding,
5%,
7/15/38
.................................
2,000,000
2,273,000
KSU
SRAC
Real
Estate
Foundation
LLC,
Revenue,
2013,
5%,
7/15/35
..........
2,500,000
2,674,650
KSU
SRAC
Real
Estate
Foundation
LLC,
Revenue,
2013,
5%,
7/15/38
..........
2,500,000
2,671,550
University
System
of
Georgia,
Revenue,
2020
C,
4%,
7/15/52
................
2,000,000
2,227,860
Development
Authority
of
Gwinnett
County
,
Gwinnett
County
School
District,
COP,
2006,
NATL
Insured,
5.25%,
1/01/22
......
3,000,000
3,164,790
Gwinnett
County
School
District,
COP,
2006,
NATL
Insured,
5.25%,
1/01/24
......
2,000,000
2,307,680
Etowah
Water
&
Sewer
Authority
,
Revenue,
2019,
Refunding,
BAM
Insured,
4%,
3/01/36
......................
1,450,000
1,696,471
Revenue,
2019,
Refunding,
BAM
Insured,
3%,
3/01/44
......................
1,250,000
1,316,012
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
53
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Floyd
County
Hospital
Authority
,
Floyd
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
4
%
,
7/01/43
......................................................
$
7,735,000
$
8,568,678
Forsyth
County
School
District
,
GO
,
2018
,
5
%
,
2/01/38
.......................
2,650,000
3,363,645
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
6,000,000
6,329,400
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
2/15/42
....................................................
7,000,000
8,274,210
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
2/15/45
....................................................
5,000,000
5,723,950
Gainesville
School
District
,
GO
,
2020
,
4
%
,
11/01/42
.........................
1,000,000
1,224,050
Georgia
Higher
Education
Facilities
Authority
,
USG
Real
Estate
Foundation
III
LLC
,
Revenue
,
2020
,
Refunding
,
4
%
,
6/15/41
.................................
2,305,000
2,643,420
Georgia
Housing
&
Finance
Authority
,
Revenue,
2013A,
3.8%,
12/01/37
......................................
5,000,000
5,172,700
Revenue,
2018
A,
3.85%,
12/01/38
....................................
5,705,000
6,303,797
Revenue,
2018
A,
3.95%,
12/01/43
....................................
2,005,000
2,199,344
Revenue,
2018B,
4.05%,
12/01/38
.....................................
605,000
635,123
Revenue,
2019A,
Refunding,
3.7%,
6/01/49
..............................
5,000,000
5,458,850
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
5,000,000
5,753,900
Gwinnett
County
School
District
,
GO
,
2019
,
5
%
,
2/01/41
......................
3,000,000
3,886,380
Hall
County
School
District
,
GO
,
2020
,
4
%
,
2/01/40
..........................
2,500,000
3,115,375
Henry
County
School
District
,
GO
,
2016
,
4
%
,
8/01/33
........................
5,000,000
5,806,750
Hogansville
Ga
Combined
Public
Utility
System
,
Revenue
,
1993
,
Refunding
,
AGMC
Insured
,
6
%
,
10/01/23
..............................................
1,430,000
1,545,716
Lawrenceville
Building
Authority
,
City
of
Lawrenceville
,
Revenue
,
2015
,
5
%
,
4/01/35
.
2,270,000
2,665,797
Macon
Water
Authority
,
Revenue
,
2015
,
4
%
,
10/01/35
........................
2,810,000
3,254,233
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007A,
5.5%,
9/15/27
.......................................
5,000,000
6,398,250
Revenue,
2019
A,
5%,
5/15/38
........................................
2,500,000
3,548,825
Metropolitan
Atlanta
Rapid
Transit
Authority
,
Revenue
,
2015B
,
5
%
,
7/01/45
........
5,000,000
6,025,400
Monroe
County
Public
Facilities
Authority
,
County
of
Monroe
,
Revenue
,
2020
,
4
%
,
6/01/42
.........................................................
1,000,000
1,174,340
Moultrie-Colquitt
Counties
Development
Authority
,
Philadelphia
College
of
Osteopathic
Medicine
Obligated
Group
,
Revenue
,
2018
,
5
%
,
12/01/43
...................
4,815,000
5,916,191
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019A,
AGMC
Insured,
4%,
1/01/44
............................
5,000,000
5,724,050
Revenue,
2020
A,
Refunding,
5%,
1/01/50
...............................
3,500,000
4,382,525
Revenue,
GG,
Refunding,
5%,
1/01/39
..................................
7,000,000
7,505,190
Municipal
Gas
Authority
of
Georgia
,
Revenue,
S,
Refunding,
5%,
10/01/25
..................................
2,500,000
2,712,100
Revenue,
S,
Refunding,
5%,
10/01/26
..................................
2,500,000
2,711,150
Paulding
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2012A
,
5
%
,
4/01/42
........................................
3,500,000
3,645,985
Pierce
County
School
District
,
GO
,
2017
,
4
%
,
1/01/43
........................
3,725,000
4,291,796
Private
Colleges
&
Universities
Authority
,
Emory
University,
Revenue,
2011A,
Pre-Refunded,
5%,
9/01/41
...............
8,695,000
9,009,150
Emory
University,
Revenue,
2013A,
5%,
10/01/43
.........................
5,000,000
5,518,200
Emory
University,
Revenue,
2019B,
Refunding,
5%,
9/01/48
..................
4,000,000
5,089,240
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
54
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Pulaski
County
School
District
,
GO
,
2020
,
4
%
,
10/01/42
......................
$
1,000,000
$
1,222,610
Richmond
County
Hospital
Authority
,
University
Health
Services
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
4
%
,
1/01/35
.................................
8,000,000
8,952,560
Sandy
Springs
Public
Facilities
Authority
,
City
of
Sandy
Springs
,
Revenue
,
2015
,
Pre-
Refunded
,
5
%
,
5/01/41
.............................................
3,000,000
3,762,120
Savannah
Hospital
Authority
,
St.
Joseph's/Candler
Health
System
Obligated
Group
,
Revenue
,
2019A
,
Refunding
,
4
%
,
7/01/43
...............................
10,000,000
11,142,100
Sinclair
Water
Authority
,
Revenue
,
2019
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/48
...
2,000,000
2,512,780
State
of
Georgia
,
GO,
2017
A,
4%,
2/01/36
............................................
5,000,000
5,894,100
GO,
2018A,
4%,
7/01/36
............................................
5,000,000
6,023,300
Tift
County
Hospital
Authority
,
Southwell
Obligated
Group
,
Revenue
,
2013
,
5
%
,
12/01/38
........................................................
2,000,000
2,133,440
Valdosta
&
Lowndes
County
Hospital
Authority
,
Revenue
,
2011B
,
Pre-Refunded
,
5
%
,
10/01/41
........................................................
3,000,000
3,120,210
Worth
County
School
District
,
GO
,
2017
,
5
%
,
12/01/42
.......................
5,000,000
6,112,150
466,018,083
U.S.
Territories
0.4%
Puerto
Rico
0.4%
a
Puerto
Rico
Electric
Power
Authority,
Revenue,
XX-RSA-1,
5.25%,
7/01/40
........
2,270,000
1,708,175
Total
Municipal
Bonds
(Cost
$438,018,132)
.....................................
467,726,258
a
a
a
a
Short
Term
Investments
0.2%
Municipal
Bonds
0.2%
Georgia
0.2%
b
Athens-Clarke
County
Unified
Government
Development
Authority
,
University
of
Georgia
Athletic
Association,
Inc.
,
Revenue
,
2005
B
,
LOC
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
0.1
%
,
7/01/35
....................................
795,000
795,000
Total
Municipal
Bonds
(Cost
$795,000)
.........................................
795,000
Total
Short
Term
Investments
(Cost
$795,000
)
..................................
795,000
a
Total
Investments
(Cost
$438,813,132)
98.6%
...................................
$468,521,258
Other
Assets,
less
Liabilities
1.4%
.............................................
6,982,819
Net
Assets
100.0%
...........................................................
$475,504,077
a
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
High
Yield
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
55
a
a
Shares
a
Value
a
Management
Investment
Companies
0.4%
Capital
Markets
0.4%
a
Franklin
Liberty
Federal
Intermediate
Tax-Free
Bond
Opportunities
ETF
..........
855,000
$
22,264,200
Total
Management
Investment
Companies
(Cost
$21,856,613)
....................
22,264,200
Principal
Amount
a
a
a
a
U.S.
Government
and
Agency
Securities
0.0%
†
b,c
Coalview
Centralia
LLC,
15%,
2/28/21
....................................
$
1,900,000
1,898,691
Total
U.S.
Government
and
Agency
Securities
(Cost
$1,900,000)
..................
1,898,691
Municipal
Bonds
99.6%
Alabama
2.6%
County
of
Jefferson
,
Sewer,
Revenue,
Sub.
Lien,
2013-E,
Zero
Cpn.,
10/01/28
....................
7,350,000
5,198,067
Sewer,
Revenue,
Sub.
Lien,
2013-E,
Zero
Cpn.,
10/01/29
....................
13,465,000
8,767,061
Sewer,
Revenue,
Sub.
Lien,
2013-E,
Zero
Cpn.,
10/01/30
....................
19,050,000
11,405,235
Sewer,
Revenue,
Sub.
Lien,
2013-E,
Zero
Cpn.,
10/01/31
....................
24,845,000
13,649,097
Sewer,
Revenue,
Sub.
Lien,
2013-E,
Zero
Cpn.,
10/01/32
....................
30,825,000
15,542,890
Sewer,
Revenue,
Sub.
Lien,
2013-E,
Zero
Cpn.,
10/01/33
....................
35,700,000
16,571,226
Sewer,
Revenue,
Sub.
Lien,
2013-E,
Zero
Cpn.,
10/01/34
....................
28,020,000
11,969,864
Sewer,
Revenue,
Sub.
Lien,
2013-E,
Zero
Cpn.,
10/01/35
....................
15,000,000
5,896,500
Sewer,
Revenue,
Sub.
Lien,
2013-E,
Zero
Cpn.,
10/01/36
....................
12,425,000
4,476,355
Sewer,
Revenue,
Sub.
Lien,
2013-F,
Zero
Cpn.,
10/01/39
....................
75,000,000
76,077,000
Cullman
County
Health
Care
Authority
,
Revenue
,
2009A
,
Refunding
,
7
%
,
2/01/36
...
5,000
5,012
Selma
Industrial
Development
Board
,
International
Paper
Co.
,
Revenue
,
2011A
,
5.375
%
,
12/01/35
..................................................
3,250,000
3,382,795
172,941,102
Arizona
1.3%
Industrial
Development
Authority
of
the
City
of
Phoenix
(The)
,
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/54
......
1,335,000
1,404,353
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018A,
Refunding,
5%,
7/01/42
1,000,000
1,067,480
d
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
American
Leadership
Academy,
Inc.,
Revenue,
144A,
2017,
5%,
6/15/47
........
5,450,000
5,540,906
American
Leadership
Academy,
Inc.,
Revenue,
144A,
2019,
Refunding,
5%,
6/15/49
1,235,000
1,286,524
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools,
Revenue,
2018
A,
5%,
2/15/38
....................
1,000,000
1,159,220
Harmony
Public
Schools,
Revenue,
2018
A,
5%,
2/15/48
....................
1,000,000
1,137,970
d
Maricopa
County
Industrial
Development
Authority
,
Benjamin
Franklin
Charter
School
Obligated
Group,
Revenue,
144A,
2018A,
6%,
7/01/38
........................................................
5,000,000
5,913,450
Benjamin
Franklin
Charter
School
Obligated
Group,
Revenue,
144A,
2018A,
6%,
7/01/52
........................................................
10,000,000
11,608,300
Salt
Verde
Financial
Corp.
,
Revenue,
2007-1,
5.25%,
12/01/25
....................................
6,000,000
7,240,020
Revenue,
2007-1,
5.5%,
12/01/29
.....................................
11,105,000
14,784,309
Tempe
Industrial
Development
Authority
,
d
Mirabella
at
ASU,
Inc.,
Revenue,
144A,
2017A,
6%,
10/01/37
.................
1,200,000
1,260,120
d
Mirabella
at
ASU,
Inc.,
Revenue,
144A,
2017A,
6.125%,
10/01/47
.............
1,400,000
1,453,984
d
Mirabella
at
ASU,
Inc.,
Revenue,
144A,
2017A,
6.125%,
10/01/52
.............
1,400,000
1,449,938
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2019,
5%,
12/01/50
........
4,300,000
4,326,445
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2019,
5%,
12/01/54
........
8,000,000
8,028,720
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
56
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Yuma
County
Industrial
Development
Authority
,
Far
West
Water
&
Sewer,
Inc.
,
Revenue
,
2007A
,
Refunding
,
6.375
%
,
12/01/37
...........................
$
14,660,000
$
13,951,189
81,612,928
Arkansas
0.1%
Arkansas
Development
Finance
Authority
,
Baptist
Health
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/47
................................................
3,000,000
3,648,900
California
19.0%
Alvord
Unified
School
District
,
GO
,
2011B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
......
30,750,000
17,191,710
d
California
Community
Housing
Agency
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/49
......
10,800,000
12,113,064
California
County
Tobacco
Securitization
Agency
,
Alameda
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2002
,
5.875
%
,
6/01/35
......................
3,625,000
3,629,277
California
Municipal
Finance
Authority
,
Special
Tax,
2020
B,
4%,
9/01/30
......................................
100,000
110,140
d
California
Baptist
University,
Revenue,
144A,
2015A,
5.5%,
11/01/45
...........
17,400,000
18,754,416
d
California
Baptist
University,
Revenue,
144A,
2016
A,
5%,
11/01/46
............
6,800,000
7,206,164
d
California
Pollution
Control
Financing
Authority
,
e
CalPlant
I
LLC,
Revenue,
144A,
2017,
7.5%,
7/01/32
.......................
24,500,000
15,925,000
e
CalPlant
I
LLC,
Revenue,
144A,
2017,
8%,
7/01/39
........................
10,000,000
6,500,000
CalPlant
I
LLC,
Revenue,
144A,
2020,
7.5%,
7/01/32
.......................
10,000,000
9,000,300
Rialto
Bioenergy
Facility
LLC,
Revenue,
144A,
2018,
7.5%,
12/01/40
...........
4,050,000
4,016,911
d
California
Public
Finance
Authority
,
f
Crossroads
Christian
Schools
Obligated
Group,
Revenue,
144A,
2020,
5%,
1/01/56
4,015,000
4,066,793
Keck
Graduate
Institute
of
Applied
Life
Sciences,
Revenue,
144A,
2017A,
Refunding,
5%,
7/01/47
....................................................
2,900,000
2,436,000
California
State
Public
Works
Board
,
Revenue
,
2012
A
,
5
%
,
4/01/30
.............
17,785,000
18,849,077
California
Statewide
Communities
Development
Authority
,
d
Lancer
Educational
Housing
LLC,
Revenue,
144A,
2016
A,
Refunding,
5%,
6/01/36
7,210,000
7,709,365
Loma
Linda
University
Medical
Center
Obligated
Group,
Revenue,
2014A,
5.25%,
12/01/44
.......................................................
20,555,000
22,347,396
d
Loma
Linda
University
Medical
Center
Obligated
Group,
Revenue,
144A,
2016
A,
5.25%,
12/01/56
.................................................
3,000,000
3,343,950
d
NCCD-Hooper
Street
LLC,
Revenue,
144A,
2019,
5.25%,
7/01/39
.............
1,275,000
1,258,858
d
NCCD-Hooper
Street
LLC,
Revenue,
144A,
2019,
5.25%,
7/01/49
.............
3,725,000
3,693,673
Centinela
Valley
Union
High
School
District
,
GO
,
2012
B
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
8/01/37
.................................................
8,400,000
3,482,388
City
of
San
Buenaventura
,
Community
Memorial
Health
System,
Revenue,
2011,
8%,
12/01/31
............
10,000,000
10,653,000
Community
Memorial
Health
System,
Revenue,
2011,
7.5%,
12/01/41
..........
15,000,000
15,881,400
City
of
San
Jose
,
Hotel
Tax
,
Special
Tax
,
2011
,
6.5
%
,
5/01/42
..................
10,000,000
10,099,500
Compton
Community
College
District
,
GO,
2013D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/30
...................
3,425,000
2,182,958
GO,
2013D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/32
...................
4,000,000
2,216,920
GO,
2013D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/34
...................
4,560,000
2,184,742
GO,
2013D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/36
...................
5,250,000
2,179,275
GO,
2013D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/37
...................
3,065,000
1,184,132
GO,
2013D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/38
...................
6,000,000
2,158,860
Folsom
Ranch
Financing
Authority
,
City
of
Folsom
Community
Facilities
District
No.
23
,
Special
Tax
,
2020
,
4
%
,
9/01/30
.......................................
75,000
82,311
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/30
..............
10,000,000
11,760,900
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/31
..............
7,295,000
8,779,168
Revenue,
Junior
Lien,
C,
Refunding,
6.25%,
1/15/33
.......................
17,580,000
20,139,472
Revenue,
Junior
Lien,
C,
Refunding,
6.5%,
1/15/43
........................
28,790,000
32,999,674
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
57
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Golden
State
Tobacco
Securitization
Corp.
,
Revenue,
2007B,
Zero
Cpn.,
6/01/47
...................................
$
50,000,000
$
10,711,500
Revenue,
2018
A2,
Refunding,
5%,
6/01/47
..............................
20,000,000
20,642,200
M-S-R
Energy
Authority
,
Revenue,
2009B,
6.125%,
11/01/29
....................................
30,050,000
38,500,361
Revenue,
2009B,
7%,
11/01/34
.......................................
20,000,000
31,946,800
Revenue,
2009C,
6.5%,
11/01/39
......................................
20,000,000
33,136,600
Novato
Redevelopment
Agency
Successor
Agency
,
Tax
Allocation
,
2011
,
Pre-
Refunded
,
6.75
%
,
9/01/40
...........................................
3,750,000
3,930,975
Palmdale
Elementary
School
District
,
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/28
.....................
1,500,000
1,335,540
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/30
.....................
1,250,000
1,050,750
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/31
.....................
1,250,000
1,021,550
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/34
.....................
2,500,000
2,713,475
Riverside
County
Transportation
Commission
,
Revenue,
Senior
Lien,
2013A,
5.75%,
6/01/44
............................
6,065,000
6,598,841
Revenue,
Senior
Lien,
2013B,
Zero
Cpn.,
6/01/32
.........................
4,000,000
3,010,240
Revenue,
Senior
Lien,
2013B,
Zero
Cpn.,
6/01/33
.........................
5,500,000
3,998,060
Revenue,
Senior
Lien,
2013B,
Zero
Cpn.,
6/01/41
.........................
5,000,000
2,767,650
Revenue,
Senior
Lien,
2013B,
Zero
Cpn.,
6/01/42
.........................
7,000,000
3,731,840
San
Diego
Unified
School
District
,
GO,
2012
E,
Zero
Cpn.,
7/01/42
.......................................
44,565,000
43,171,898
GO,
2012
E,
Zero
Cpn.,
7/01/47
.......................................
33,305,000
32,888,688
GO,
2014
G,
Pre-Refunded,
Zero
Cpn.,
7/01/35
...........................
10,000,000
5,324,600
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
1997
A,
Refunding,
Zero
Cpn.,
1/15/41
..........................
35,256,000
49,667,242
Revenue,
1997
A,
Refunding,
Zero
Cpn.,
1/15/42
..........................
35,256,000
49,920,381
Revenue,
Junior
Lien,
ETM,
Zero
Cpn.,
1/01/24
...........................
52,700,000
52,215,687
Revenue,
Junior
Lien,
ETM,
Zero
Cpn.,
1/01/25
...........................
45,200,000
44,559,516
Revenue,
Junior
Lien,
ETM,
Zero
Cpn.,
1/01/26
...........................
131,900,000
128,726,486
Revenue,
Junior
Lien,
ETM,
Zero
Cpn.,
1/01/27
...........................
139,100,000
133,879,577
Revenue,
Junior
Lien,
2014B,
Refunding,
5.25%,
1/15/44
....................
20,000,000
22,273,800
Revenue,
Junior
Lien,
2014B,
Refunding,
5.25%,
1/15/49
....................
25,000,000
27,735,750
San
Mateo
Foster
City
School
District
,
GO
,
A
,
Zero
Cpn.,
8/01/42
...............
40,000,000
45,458,800
San
Mateo
Union
High
School
District
,
GO
,
2011A
,
Zero
Cpn.,
9/01/41
...........
20,000,000
23,508,600
San
Ysidro
School
District
,
GO,
2015,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/42
...................
10,000,000
3,781,300
GO,
2015,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/43
...................
12,500,000
4,471,625
Silicon
Valley
Tobacco
Securitization
Authority
,
Revenue,
2007A,
Zero
Cpn.,
6/01/36
...................................
15,000,000
6,352,050
Revenue,
2007C,
Zero
Cpn.,
6/01/56
...................................
60,000,000
6,636,600
Southern
California
Public
Power
Authority
,
Revenue
,
2007A
,
5.25
%
,
11/01/27
.....
9,855,000
12,546,992
State
of
California
,
GO,
Refunding,
5.25%,
3/01/30
.......................................
80,000,000
80,011,200
GO,
5%,
10/01/41
.................................................
10,000,000
10,366,500
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2006B,
Zero
Cpn.,
6/01/46
........................................................
50,000,000
10,412,500
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
B-2,
Refunding,
Zero
Cpn.,
6/01/54
......................................
18,000,000
3,203,820
1,246,346,788
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
58
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
5.7%
3rd
and
Havana
Metropolitan
District
,
GO
,
2020
A
,
5.25
%
,
12/01/49
.............
$
3,775,000
$
3,864,052
9th
Avenue
Metropolitan
District
No.
2
,
GO
,
2018
,
5
%
,
12/01/48
................
7,420,000
7,781,948
Aerotropolis
Regional
Transportation
Authority
,
Revenue
,
2019
,
5
%
,
12/01/51
......
5,500,000
5,686,945
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO,
Senior
Lien,
2020A,
5%,
12/01/40
..................................
1,500,000
1,568,820
GO,
Senior
Lien,
2020A,
5%,
12/01/50
..................................
1,500,000
1,546,320
Banning
Lewis
Ranch
Regional
Metropolitan
District
No.
1
,
GO
,
2018
A
,
5.375
%
,
12/01/48
........................................................
2,245,000
2,371,236
d
Bent
Grass
Metropolitan
District
,
GO
,
144A,
2020
,
Refunding
,
5.25
%
,
12/01/49
.....
1,685,000
1,755,955
Bradburn
Metropolitan
District
No.
2
,
GO,
2018A,
Refunding,
5%,
12/01/38
...................................
600,000
658,752
GO,
2018A,
Refunding,
5%,
12/01/47
...................................
2,400,000
2,595,984
Brighton
Crossing
Metropolitan
District
No.
4
,
GO,
2017
A,
5%,
12/01/37
...........................................
525,000
551,197
GO,
2017
A,
5%,
12/01/47
...........................................
2,440,000
2,531,622
d
Broadway
Park
North
Metropolitan
District
No.
2
,
GO,
144A,
2020,
Refunding,
5%,
12/01/40
...............................
1,325,000
1,393,608
GO,
144A,
2020,
Refunding,
5%,
12/01/49
...............................
1,575,000
1,639,213
Centerra
Metropolitan
District
No.
1
,
GO
,
2020
A
,
Refunding
,
5
%
,
12/01/51
........
4,000,000
4,174,040
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/48
24,120,000
28,893,830
Colorado
Health
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/44
4,300,000
5,181,113
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
4%,
8/01/49
11,990,000
13,284,081
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2015A,
Pre-
Refunded,
5%,
6/01/45
............................................
10,000,000
12,088,000
Frasier
Meadows
Manor,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/47
........................................................
6,500,000
7,467,135
Frasier
Meadows
Manor,
Inc.
Obligated
Group,
Revenue,
2017B,
Refunding,
5%,
5/15/48
........................................................
12,255,000
12,880,740
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020A,
4%,
9/01/45
....
1,000,000
1,128,490
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020A,
4%,
9/01/50
....
4,525,000
5,071,575
Constitution
Heights
Metropolitan
District
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/49
.....
1,760,000
1,856,061
Copperleaf
Metropolitan
District
No.
2
,
GO
,
2015
,
Refunding
,
5.75
%
,
12/01/45
.....
2,000,000
2,060,000
Copperleaf
Metropolitan
District
No.
6
,
GO
,
2018
A
,
5.25
%
,
12/01/48
.............
3,850,000
4,002,344
Cornerstar
Metropolitan
District
,
GO,
A,
Refunding,
5.125%,
12/01/37
...................................
2,000,000
2,075,820
GO,
A,
Refunding,
5.25%,
12/01/47
....................................
5,200,000
5,367,856
Cottonwood
Highlands
Metropolitan
District
No.
1
,
GO
,
2019A
,
5
%
,
12/01/49
.......
900,000
931,977
d
Denver
Health
&
Hospital
Authority
,
Revenue,
144A,
2017
A,
Refunding,
4%,
12/01/35
.........................
5,000,000
5,521,550
Revenue,
144A,
2017
A,
Refunding,
4%,
12/01/36
.........................
5,000,000
5,505,650
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019B
,
6
%
,
12/01/48
........................................................
4,290,000
4,578,502
d
DIATC
Metropolitan
District
,
GO
,
144A,
2019
,
Refunding
,
5
%
,
12/01/49
...........
2,000,000
2,077,540
E-470
Public
Highway
Authority
,
Revenue
,
2004
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
9/01/28
.....................................................
15,000,000
13,619,850
Evan's
Place
Metropolitan
District
,
GO,
2020A(3),
5%,
12/01/40
.........................................
550,000
561,995
GO,
2020A(3),
5%,
12/01/50
.........................................
1,575,000
1,583,253
First
Creek
Village
Metropolitan
District
,
GO,
2019A,
5%,
12/01/39
...........................................
595,000
642,053
GO,
2019A,
5%,
8/01/49
............................................
540,000
575,883
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
59
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Hunters
Overlook
Metropolitan
District
No.
5
,
GO,
2019
A,
5%,
12/01/39
...........................................
$
750,000
$
792,652
GO,
2019
A,
5%,
12/01/49
...........................................
1,000,000
1,047,120
Jefferson
Center
Metropolitan
District
No.
1
,
Revenue,
2020
A-2,
4.125%,
12/01/40
..................................
575,000
592,089
Revenue,
2020
A-2,
4.375%,
12/01/47
..................................
1,125,000
1,161,225
d
Karl's
Farm
Metropolitan
District
No.
2
,
GO,
144A,
2020
A(3),
5.375%,
12/01/40
.................................
645,000
671,522
GO,
144A,
2020
A(3),
5.625%,
12/01/50
.................................
1,900,000
1,973,929
Leyden
Rock
Metropolitan
District
No.
10
,
GO
,
2016
A
,
Refunding
,
5
%
,
12/01/45
....
3,020,000
3,130,683
Meadowlark
Metropolitan
District
,
Meadowland
Metropolitan
District,
GO,
Senior
Lien,
2020A,
4.875%,
12/01/40
....
520,000
532,090
Meadowland
Metropolitan
District,
GO,
Senior
Lien,
2020A,
5.125%,
12/01/50
....
750,000
769,523
Palisade
Park
West
Metropolitan
District
,
GO
,
2019A
,
5.125
%
,
12/01/49
..........
1,500,000
1,551,450
d
Plaza
Metropolitan
District
No.
1
,
Tax
Allocation
,
144A,
2013
,
Refunding
,
5
%
,
12/01/40
3,000,000
3,069,240
Prairie
Center
Metropolitan
District
No.
7
,
GO,
2020,
4.125%,
12/15/36
.........................................
900,000
922,905
GO,
2020,
4.875%,
12/15/44
.........................................
725,000
742,908
Public
Authority
for
Colorado
Energy
,
Revenue,
2008,
6.125%,
11/15/23
.....................................
1,615,000
1,777,776
Revenue,
2008,
6.25%,
11/15/28
......................................
12,500,000
15,956,625
Revenue,
2008,
6.5%,
11/15/38
.......................................
80,100,000
126,817,524
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System,
Revenue,
2020,
5%,
12/01/40
...................
625,000
642,412
Non-Potable
Water
System,
Revenue,
2020,
5.25%,
12/01/50
................
4,250,000
4,361,563
Ritoro
Metropolitan
District
,
GO
,
2019A
,
5
%
,
12/01/49
........................
2,000,000
2,077,480
Severance
Shores
Metropolitan
District
No.
4
,
GO
,
2020
A
,
5
%
,
12/01/49
.........
2,900,000
3,068,606
Sierra
Ridge
Metropolitan
District
No.
2
,
GO,
Senior
Lien
,
2016
A
,
5.5
%
,
12/01/46
...
1,500,000
1,559,535
South
Aurora
Regional
Improvement
Authority
,
Revenue
,
2018
,
6.25
%
,
12/01/57
....
2,815,000
2,974,048
Southglenn
Metropolitan
District
,
GO,
2016,
Refunding,
5%,
12/01/30
....................................
3,470,000
3,610,535
GO,
2016,
Refunding,
5%,
12/01/36
....................................
810,000
835,483
GO,
2016,
Refunding,
5%,
12/01/46
....................................
4,200,000
4,300,716
STC
Metropolitan
District
No.
2
,
GO,
2019A,
Refunding,
5%,
12/01/38
...................................
2,000,000
2,088,680
GO,
2019A,
Refunding,
5%,
12/01/49
...................................
1,000,000
1,030,900
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
3.75%,
12/01/40
.................................................
500,000
510,190
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
4.25%,
12/01/50
.................................................
1,150,000
1,201,670
Timberleaf
Metropolitan
District
,
GO
,
2020
A
,
5.75
%
,
12/01/50
..................
1,730,000
1,833,575
Village
at
Dry
Creek
Metropolitan
District
No.
2
(The)
,
GO
,
2019
,
4.375
%
,
12/01/44
..
1,370,000
1,371,110
Village
Metropolitan
District
(The)
,
GO,
2020,
Refunding,
5%,
12/01/40
....................................
1,100,000
1,168,464
GO,
2020,
Refunding,
5%,
12/01/49
....................................
1,750,000
1,834,543
Villages
At
Castle
Rock
Metropolitan
District
No.
4
,
1989
,
Zero
Cpn.,
6/01/31
.......
3,000,000
2,700,000
Wild
Plum
Metropolitan
District
,
GO
,
2019
A
,
5
%
,
12/01/49
....................
595,000
628,963
Willow
Bend
Metropolitan
District
,
GO,
Senior
Lien
,
2019A
,
5
%
,
12/01/49
.........
1,000,000
1,037,000
375,419,724
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
60
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
0.5%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
d
Church
Home
of
Hartford
Obligated
Group,
Revenue,
144A,
2016A,
5%,
9/01/46
..
$
1,000,000
$
1,034,220
d
Church
Home
of
Hartford
Obligated
Group,
Revenue,
144A,
A,
5%,
9/01/53
......
7,850,000
8,070,271
Masonicare
Corp.
Obligated
Group,
Revenue,
F,
Refunding,
5%,
7/01/37
........
5,500,000
5,888,850
Masonicare
Corp.
Obligated
Group,
Revenue,
F,
Refunding,
5%,
7/01/43
........
13,000,000
13,764,010
d
McLean
Affiliates
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
1/01/45
........
2,000,000
2,138,120
d
McLean
Affiliates
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
1/01/55
........
2,800,000
2,974,384
33,869,855
Florida
8.4%
d
Astonia
Community
Development
District
,
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
550,000
565,576
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,395,000
1,421,184
Avalon
Park
West
Community
Development
District
,
Special
Assessment,
2020,
Refunding,
3.25%,
5/01/30
......................
215,000
219,440
Special
Assessment,
2020,
Refunding,
3.75%,
5/01/40
......................
580,000
594,343
Special
Assessment,
2020,
Refunding,
4%,
5/01/51
........................
880,000
905,036
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
2C,
Special
Assessment,
2020,
3%,
5/01/30
................
250,000
254,535
Assessment
Area
2C,
Special
Assessment,
2020,
4%,
5/01/40
................
775,000
823,872
Assessment
Area
2C,
Special
Assessment,
2020,
4%,
5/01/51
................
1,550,000
1,619,874
Assessment
Area
3A,
Special
Assessment,
2020,
3%,
5/01/30
................
250,000
254,538
Assessment
Area
3A,
Special
Assessment,
2020,
4%,
5/01/40
................
1,840,000
1,956,030
Assessment
Area
3A,
Special
Assessment,
2020,
4%,
5/01/50
................
2,500,000
2,612,700
Assessment
Area
3B,
Special
Assessment,
2020,
4%,
5/01/40
................
385,000
409,278
Assessment
Area
3B,
Special
Assessment,
2020,
4%,
5/01/51
................
890,000
930,121
f
Belmond
Reserve
Community
Development
District
,
Special
Assessment,
2020,
4%,
5/01/40
.................................
1,750,000
1,823,115
Special
Assessment,
2020,
4%,
5/01/51
.................................
3,635,000
3,706,173
Belmont
II
Community
Development
District
,
Special
Assessment,
2020,
3.125%,
12/15/30
.............................
325,000
332,247
Special
Assessment,
2020,
3.625%,
12/15/40
.............................
1,390,000
1,417,578
Special
Assessment,
2020,
4%,
12/15/50
................................
1,000,000
1,034,280
Brooks
of
Bonita
Springs
Community
Development
District
,
Special
Assessment
,
6.85
%
,
5/01/31
...................................................
785,000
786,656
d
Cape
Coral
Health
Facilities
Authority
,
Gulf
Care,
Inc.
Obligated
Group
,
Revenue,
Senior
Lien
,
144A,
2015
,
Refunding
,
6
%
,
7/01/45
..........................
5,250,000
5,283,022
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/34
............................................
2,000,000
2,261,840
Capital
Trust
Agency,
Inc.
,
Liza
Jackson
Preparatory
School,
Inc.,
Revenue,
2020
A,
5%,
8/01/55
..........
800,000
926,744
d
Odyssey
Charter
School,
Inc.,
Revenue,
144A,
2019,
5%,
7/01/49
.............
1,280,000
1,387,674
d
Odyssey
Charter
School,
Inc.,
Revenue,
144A,
2019,
5%,
7/01/54
.............
2,390,000
2,584,737
d
Sarasota-Manatee
Jewish
Housing
Council
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
7/01/46
............................................
3,250,000
3,284,352
d
South
Tech
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
6/15/40
......
1,235,000
1,289,501
d
South
Tech
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
6/15/55
......
3,805,000
3,918,161
d
University
Bridge
LLC,
Revenue,
144A,
2018A,
5.25%,
12/01/43
..............
31,755,000
32,820,380
d
WFCS
Holdings
LLC,
Revenue,
144A,
2020
A-1,
5%,
1/01/55
.................
3,500,000
3,555,790
Chaparral
Palm
Bay
Community
Development
District
,
Special
Assessment,
2020
A-1,
4%,
5/01/40
..............................
1,235,000
1,278,101
Special
Assessment,
2020
A-1,
4%,
5/01/50
..............................
2,015,000
2,052,580
f
Chapel
Crossings
Community
Development
District
,
Special
Assessment,
2020,
2.625%,
5/01/25
.............................
485,000
486,552
Special
Assessment,
2020,
3.2%,
5/01/30
...............................
695,000
701,881
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
61
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
f
Chapel
Crossings
Community
Development
District,
(continued)
Special
Assessment,
2020,
3.7%,
5/01/40
...............................
$
1,825,000
$
1,843,706
Special
Assessment,
2020,
4%,
5/01/51
.................................
3,010,000
3,057,016
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
3.5%,
9/01/30
........................................................
100,000
107,537
John
Knox
Village
of
Florida,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/50
........................................................
2,220,000
2,264,400
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
5%,
7/01/50
..................................................
2,000,000
2,468,400
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/34
............
650,000
444,763
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/40
............
1,000,000
520,460
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/41
............
1,000,000
496,180
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/42
............
1,000,000
472,850
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/45
............
2,000,000
826,940
d
Coco
Palms
Community
Development
District
,
Special
Assessment
,
144A,
2019
,
4.75
%
,
6/15/39
...................................................
500,000
553,780
Collier
County
Educational
Facilities
Authority
,
Ave
Maria
University,
Inc.,
Revenue,
2013A,
Refunding,
6%,
6/01/33
...........
5,500,000
5,748,545
Ave
Maria
University,
Inc.,
Revenue,
2013A,
Refunding,
6%,
6/01/38
...........
12,000,000
12,499,920
Hodges
University,
Inc.,
Revenue,
2013,
6.125%,
11/01/43
...................
10,035,000
10,478,045
Coral
Keys
Homes
Community
Development
District
,
Special
Assessment,
2020,
4%,
5/01/40
.................................
570,000
600,746
Special
Assessment,
2020,
4%,
5/01/50
.................................
750,000
775,980
County
of
Broward
,
Port
Facilities
,
Revenue,
Senior
Lien
,
2019
B
,
4
%
,
9/01/49
.....
5,000,000
5,389,300
County
of
Miami-Dade
,
Aviation
,
Revenue
,
2019A
,
5
%
,
10/01/44
................
8,500,000
10,342,460
d,f
Crestview
II
Community
Development
District
,
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/31
...................
250,000
278,233
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/37
...................
475,000
509,290
d
Currents
Community
Development
District
,
Special
Assessment,
144A,
2020
A,
4%,
5/01/40
..........................
3,100,000
3,206,950
Special
Assessment,
144A,
2020
A,
4%,
5/01/51
..........................
5,815,000
5,949,326
d
Cypress
Bluff
Community
Development
District
,
Special
Assessment,
144A,
2020
A,
3.125%,
5/01/30
.......................
250,000
255,618
Special
Assessment,
144A,
2020
A,
3.625%,
5/01/40
.......................
800,000
820,872
Special
Assessment,
144A,
2020
A,
3.8%,
5/01/50
.........................
1,175,000
1,203,987
d
Cypress
Park
Estates
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.25%,
5/01/30
.........................
295,000
300,112
Special
Assessment,
144A,
2020,
3.875%,
5/01/40
.........................
1,170,000
1,205,404
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,210,000
1,234,866
Downtown
Doral
South
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2018
,
5
%
,
12/15/48
.................................
5,310,000
6,021,805
Eden
Hills
Community
Development
District
,
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
110,000
111,389
Special
Assessment,
2020,
4%,
5/01/40
.................................
300,000
309,261
Special
Assessment,
2020,
4.125%,
5/01/51
.............................
500,000
509,370
d
Enbrook
Community
Development
District
,
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
835,000
877,802
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,150,000
1,190,147
Epperson
North
Community
Development
District
,
Special
Assessment
,
144A,
2018
A-1
,
5.5
%
,
11/01/39
................................................
1,500,000
1,713,165
Epperson
Ranch
II
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2020,
3.25%,
5/01/25
...............
775,000
789,469
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
62
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Epperson
Ranch
II
Community
Development
District,
(continued)
Assessment
Area
2,
Special
Assessment,
2020,
3.625%,
5/01/30
..............
$
1,135,000
$
1,183,419
Assessment
Area
2,
Special
Assessment,
2020,
4.2%,
5/01/40
................
3,075,000
3,247,600
Assessment
Area
2,
Special
Assessment,
2020,
4.375%,
5/01/51
..............
5,315,000
5,604,296
Escambia
County
Health
Facilities
Authority
,
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
8/15/45
........................................................
9,000,000
9,798,570
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
8/15/50
........................................................
3,200,000
3,469,312
d
Florida
Development
Finance
Corp.
,
Mayflower
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2020A
,
5.25
%
,
6/01/50
...........................
5,000,000
5,331,000
d
Forest
Lake
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.25%,
5/01/30
.........................
350,000
357,479
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
1,285,000
1,338,212
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,190,000
1,220,036
Grand
Oaks
Community
Development
District
,
Special
Assessment,
2020,
4.25%,
5/01/40
..............................
1,100,000
1,125,091
Special
Assessment,
2020,
4.5%,
5/01/52
...............................
3,500,000
3,593,730
Greater
Orlando
Aviation
Authority
,
Revenue
,
2019
A
,
5
%
,
10/01/44
..............
14,200,000
17,559,720
d
Greeneway
Improvement
District
,
Special
Assessment
,
144A,
2013
,
5.125
%
,
5/01/43
35,910,000
37,080,307
Hammock
Reserve
Community
Development
District
,
Special
Assessment,
2020,
4%,
5/01/40
.................................
540,000
561,044
Special
Assessment,
2020,
4%,
5/01/51
.................................
860,000
878,954
Heritage
Harbour
North
Community
Development
District
,
Special
Assessment
,
2014
,
5.125
%
,
5/01/45
...................................................
2,170,000
2,485,952
d
Hills
Minneola
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.5%,
5/01/31
..........................
1,000,000
1,041,910
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
2,625,000
2,748,611
Special
Assessment,
144A,
2020,
4%,
5/01/50
............................
5,505,000
5,719,090
Hillsborough
County
Industrial
Development
Authority
,
Florida
Health
Sciences
Center,
Inc.
,
Revenue
,
2020A
,
4
%
,
8/01/55
....................................
2,000,000
2,222,080
Holly
Hill
Road
East
Community
Development
District
,
Special
Assessment,
2020,
4.5%,
11/01/31
...............................
165,000
176,595
Special
Assessment,
2020,
5%,
11/01/41
................................
350,000
387,726
Special
Assessment,
2020,
5%,
11/01/50
................................
520,000
575,198
Indian
Trace
Development
District
,
Special
Assessment
,
2003
,
5.5
%
,
5/01/33
......
2,000,000
2,005,900
Indigo
Community
Development
District
,
Special
Assessment,
1999
A,
7%,
5/01/31
...............................
595,000
595,976
Special
Assessment,
1999C,
7%,
5/01/30
................................
4,123,752
2,886,626
Kindred
Community
Development
District
II
,
Special
Assessment,
2020,
3.5%,
5/01/40
...............................
395,000
402,947
Special
Assessment,
2020,
3.75%,
5/01/50
..............................
570,000
584,096
Kingman
Gate
Community
Development
District
,
Special
Assessment,
2020,
3.125%,
6/15/30
.............................
375,000
389,700
Special
Assessment,
2020,
4%,
6/15/40
.................................
775,000
831,536
Special
Assessment,
2020,
4%,
6/15/50
.................................
2,270,000
2,387,609
Lake
Ashton
Community
Development
District
,
Special
Assessment
,
2015A-1
,
Refunding
,
5
%
,
5/01/32
.............................................
2,280,000
2,430,548
Lakewood
Ranch
Stewardship
District
,
f
Special
Assessment,
2020,
Refunding,
3%,
5/01/30
........................
470,000
470,620
d
Special
Assessment,
144A,
2020,
3.125%,
5/01/30
.........................
250,000
255,325
d,f
Special
Assessment,
144A,
2020,
Refunding,
3.2%,
5/01/30
..................
440,000
450,604
f
Special
Assessment,
2020,
Refunding,
3.5%,
5/01/40
.......................
750,000
752,970
d
Special
Assessment,
144A,
2020,
3.625%,
5/01/40
.........................
1,080,000
1,102,907
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
63
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Lakewood
Ranch
Stewardship
District,
(continued)
d,f
Special
Assessment,
144A,
2020,
Refunding,
3.75%,
5/01/40
.................
$
2,100,000
$
2,162,160
d,f
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/50
...................
1,250,000
1,291,813
f
Special
Assessment,
2020,
Refunding,
4%,
5/01/50
........................
1,270,000
1,303,007
d
Special
Assessment,
144A,
2020,
3.875%,
5/01/51
.........................
2,650,000
2,717,283
Special
Assessment,
2020
A,
3.75%,
5/01/40
.............................
525,000
541,296
Special
Assessment,
2020
A,
3.9%,
5/01/50
..............................
770,000
791,075
Live
Oak
Lake
Community
Development
District
,
Special
Assessment,
2020,
4.4%,
5/01/40
...............................
1,600,000
1,640,896
Special
Assessment,
2020,
4.6%,
5/01/51
...............................
2,845,000
2,914,845
d
Magnolia
Park
Community
Development
District
,
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/31
...................
250,000
278,227
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/39
...................
688,000
737,667
Marshall
Creek
Community
Development
District
,
Special
Assessment
,
2015A
,
Refunding
,
5
%
,
5/01/32
.............................................
1,890,000
1,994,914
Martin
County
Health
Facilities
Authority
,
Martin
Memorial
Medical
Center
Obligated
Group
,
Revenue
,
2012
,
Pre-Refunded
,
5.5
%
,
11/15/42
......................
3,800,000
3,990,494
Miami-Dade
County
Educational
Facilities
Authority
,
University
of
Miami
,
Revenue
,
B
,
Refunding
,
AMBAC
Insured
,
5.25
%
,
4/01/27
..............................
10,995,000
13,592,899
Miami-Dade
County
Expressway
Authority
,
Revenue
,
A
,
5
%
,
7/01/40
.............
44,360,000
44,485,095
f
North
River
Ranch
Community
Development
District
,
Special
Assessment,
2020
A-2,
4.2%,
5/01/35
............................
1,670,000
1,680,254
d
Special
Assessment,
144A,
2020
A3,
4.75%,
5/01/40
.......................
2,000,000
2,000,140
Special
Assessment,
2020A-1,
3%,
5/01/25
..............................
590,000
591,309
Special
Assessment,
2020A-1,
3.5%,
5/01/30
.............................
855,000
859,463
Special
Assessment,
2020A-1,
4%,
5/01/40
..............................
1,150,000
1,157,130
Special
Assessment,
2020A-1,
4.25%,
5/01/51
............................
1,960,000
1,972,015
d
North
Springs
Improvement
District
,
Special
Assessment
,
144A,
2017-2
,
5
%
,
5/01/48
5,000,000
5,505,700
Northern
Palm
Beach
County
,
Improvement
District
Unit
of
Development
No.
2C,
Special
Assessment,
2014,
5%,
8/01/34
........................................................
2,700,000
2,917,701
Improvement
District
Unit
of
Development
No.
2C,
Special
Assessment,
2014,
5.2%,
8/01/46
........................................................
6,000,000
6,440,520
Improvement
District
Unit
of
Development
No.
2C,
Special
Assessment,
2017,
5%,
8/01/37
........................................................
750,000
844,080
Improvement
District
Unit
of
Development
No.
2C,
Special
Assessment,
2017,
5%,
8/01/46
........................................................
3,000,000
3,336,030
Old
Hickory
Community
Development
District
,
Special
Assessment,
2020,
4%,
6/15/40
.................................
1,300,000
1,379,391
Special
Assessment,
2020,
4%,
6/15/50
.................................
1,955,000
2,041,704
Orange
County
Health
Facilities
Authority
,
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/41
............................................
3,800,000
4,156,174
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/47
............................................
4,285,000
4,670,222
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/32
...............
1,500,000
1,750,425
Parkview
at
Long
Lake
Ranch
Community
Development
District
,
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
955,000
977,070
Special
Assessment,
2020,
4%,
5/01/51
.................................
800,000
824,696
Pelican
Marsh
Community
Development
District
,
Special
Assessment,
2012,
Refunding,
4.875%,
5/01/22
.....................
330,000
337,679
Special
Assessment,
2012,
Refunding,
5.375%,
5/01/31
.....................
1,260,000
1,305,688
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
64
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment
,
2020
A-2
,
Refunding
,
3.75
%
,
5/01/37
.......................................
$
700,000
$
720,153
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.,
Revenue,
2017,
5%,
7/01/39
................................................
2,000,000
2,281,740
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.,
Revenue,
2019,
5%,
7/01/29
................................................
1,000,000
1,114,210
River
Hall
Community
Development
District
,
Special
Assessment,
2020
A,
3.25%,
5/01/31
.............................
430,000
441,313
Special
Assessment,
2020
A,
3.625%,
5/01/40
............................
1,030,000
1,053,793
Special
Assessment,
2020
A,
3.875%,
5/01/51
............................
2,690,000
2,768,145
f
River
Landing
Community
Development
District
,
Special
Assessment,
2020
A,
3%,
5/01/25
...............................
325,000
326,918
Special
Assessment,
2020
A,
3.6%,
5/01/30
..............................
475,000
482,177
Special
Assessment,
2020
A,
4.125%,
5/01/40
............................
850,000
864,926
Special
Assessment,
2020
A,
4.35%,
5/01/51
.............................
1,100,000
1,119,547
Special
Assessment,
2020
B,
4.25%,
11/01/35
............................
1,200,000
1,227,984
River
Place
on
the
St.
Lucie
Community
Development
District
,
Special
Assessment,
2001
A,
7.625%,
5/01/30
............................
1,190,000
1,190,143
e
Special
Assessment,
2001
B,
7.25%,
5/01/10
.............................
35,000
1,750
Rivington
Community
Development
District
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
1,910,000
1,967,013
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
,
Special
Assessment,
2020,
3%,
6/15/30
.................................
250,000
253,230
Special
Assessment,
2020,
4%,
6/15/40
.................................
610,000
644,172
Special
Assessment,
2020,
4%,
6/15/50
.................................
785,000
815,937
d
Sandmine
Road
Community
Development
District
,
Assessment
Area
One,
Special
Assessment,
144A,
2020,
3.125%,
5/01/30
.......
300,000
307,044
Assessment
Area
One,
Special
Assessment,
144A,
2020,
3.625%,
5/01/40
.......
1,040,000
1,071,876
Assessment
Area
One,
Special
Assessment,
144A,
2020,
3.75%,
5/01/50
.......
2,020,000
2,072,601
Sarasota
National
Community
Development
District
,
Special
Assessment,
2020,
Refunding,
3.5%,
5/01/31
.......................
1,500,000
1,592,985
Special
Assessment,
2020,
Refunding,
4%,
5/01/39
........................
2,210,000
2,350,821
School
Board
of
Miami-Dade
County
(The)
,
COP
,
2013A
,
5
%
,
5/01/31
............
7,985,000
8,813,444
Six
Mile
Creek
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
3.125%,
11/01/25
....
350,000
356,913
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
3.625%,
11/01/31
....
505,000
528,558
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
4.125%,
11/01/40
....
1,375,000
1,452,330
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
4.25%,
11/01/50
.....
2,305,000
2,421,080
Somerset
Community
Development
District
,
Special
Assessment
,
2005
,
5.3
%
,
5/01/37
5,900,000
5,904,661
State
of
Florida
,
GO
,
1999
D
,
Refunding
,
6
%
,
6/01/23
........................
5,000,000
5,721,750
d,f
Stoneybrook
South
Community
Development
District
,
Special
Assessment,
144A,
2020,
3%,
12/15/30
...........................
500,000
501,420
Special
Assessment,
144A,
2020,
3.5%,
12/15/40
.........................
1,000,000
1,003,360
Special
Assessment,
144A,
2020,
3.75%,
12/15/50
.........................
1,500,000
1,504,965
f
Summerstone
Community
Development
District
,
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
165,000
168,411
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
700,000
714,476
Special
Assessment,
2020,
4%,
5/01/51
.................................
910,000
932,231
Timber
Creek
Southwest
Community
Development
District
,
Special
Assessment,
2020,
4%,
6/15/40
.................................
1,000,000
1,061,070
Special
Assessment,
2020,
4%,
6/15/50
.................................
2,000,000
2,088,700
d
Trevesta
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.25%,
5/01/30
.........................
235,000
239,698
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
65
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
d
Trevesta
Community
Development
District,
(continued)
Special
Assessment,
144A,
2020,
3.75%,
5/01/40
.........................
$
880,000
$
897,494
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,750,000
1,792,805
d
V-Dana
Community
Development
District
,
Assessment
Area
One,
Special
Assessment,
144A,
2020,
3.5%,
5/01/31
........
375,000
387,735
Assessment
Area
One,
Special
Assessment,
144A,
2020,
4%,
5/01/40
..........
1,775,000
1,850,278
Assessment
Area
One,
Special
Assessment,
144A,
2020,
4%,
5/01/51
..........
3,500,000
3,609,235
Village
Community
Development
District
No.
10
,
Special
Assessment,
2012,
5%,
5/01/32
.................................
4,970,000
5,201,652
Special
Assessment,
2012,
5.125%,
5/01/43
.............................
8,000,000
8,393,680
Special
Assessment,
2014,
5.75%,
5/01/31
..............................
1,700,000
1,858,746
Special
Assessment,
2014,
6%,
5/01/44
.................................
7,100,000
7,810,071
d,f
Village
Community
Development
District
No.
13
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
5/01/51
....................................................
17,000,000
17,379,100
Village
Community
Development
District
No.
6
,
Special
Assessment
,
2013
,
Refunding
,
4
%
,
5/01/35
......................................................
3,415,000
3,508,912
Village
Community
Development
District
No.
9
,
Special
Assessment,
1,
6.75%,
5/01/31
.................................
6,220,000
6,347,821
Special
Assessment,
1,
7%,
5/01/41
....................................
5,510,000
5,645,216
Special
Assessment,
2012,
Refunding,
5%,
5/01/22
........................
385,000
396,488
Special
Assessment,
2012,
Refunding,
5.25%,
5/01/31
......................
1,770,000
1,838,074
Special
Assessment,
2012,
Refunding,
5.5%,
5/01/42
.......................
1,780,000
1,849,901
Villamar
Community
Development
District
,
Special
Assessment,
2020,
3.2%,
5/01/30
...............................
240,000
243,679
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
655,000
666,967
Special
Assessment,
2020,
4%,
5/01/51
.................................
1,000,000
1,018,060
Windward
Community
Development
District
,
Special
Assessment,
2020
A1,
3%,
5/01/25
..............................
100,000
100,961
Special
Assessment,
2020
A1,
3.65%,
5/01/30
............................
130,000
132,825
Special
Assessment,
2020
A1,
4.25%,
5/01/40
............................
630,000
646,216
Special
Assessment,
2020
A1,
4.5%,
5/01/51
.............................
495,000
507,593
Special
Assessment,
2020
A-2,
4.4%,
11/01/35
...........................
2,000,000
2,073,180
Wiregrass
II
Community
Development
District
,
Special
Assessment,
2020,
3.125%,
5/01/30
.............................
645,000
655,998
Special
Assessment,
2020,
3.7%,
5/01/40
...............................
1,680,000
1,716,187
Special
Assessment,
2020,
3.875%,
5/01/50
.............................
1,960,000
1,994,829
551,923,591
Georgia
1.3%
e
Baldwin
County
Hospital
Authority
,
Oconee
Regional
Medical
Center
Obligated
Group,
Revenue,
1998,
5.375%,
12/01/28
.......................................................
1,470,000
15
Oconee
Regional
Medical
Center
Obligated
Group,
Revenue,
2016,
6.5%,
4/30/17
.
480,367
37,228
f
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
4/01/38
625,000
780,162
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
4/01/40
600,000
745,458
WellStar
Health
System
Obligated
Group,
Revenue,
2020B,
Refunding,
4%,
4/01/39
325,000
369,272
d
Development
Authority
of
Cobb
County
(The)
,
Presbyterian
Village
Austell,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
12/01/39
1,825,000
1,839,472
Presbyterian
Village
Austell,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
12/01/49
10,760,000
10,470,987
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
66
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Forsyth
County
Hospital
Authority
,
Georgia
Baptist
Healthcare
System
Obligated
Group
,
Revenue
,
1998
,
ETM,
6.375
%
,
10/01/28
...........................
$
6,765,000
$
8,449,891
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
2/15/39
.................
8,300,000
9,660,038
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007A,
5.5%,
9/15/25
.......................................
5,000,000
6,091,900
Revenue,
2007A,
5.5%,
9/15/27
.......................................
4,000,000
5,118,600
Revenue,
2007A,
5.5%,
9/15/28
.......................................
10,000,000
12,976,500
Revenue,
2019
A,
5%,
5/15/49
........................................
11,500,000
17,311,985
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
B,
5%,
1/01/48
........................................
4,595,000
5,494,563
Revenue,
2019A,
5%,
1/01/56
........................................
5,000,000
5,986,450
85,332,521
Idaho
0.2%
Idaho
Housing
&
Finance
Association
,
Revenue
,
2010A
,
7
%
,
2/01/36
............
13,305,000
13,394,010
Illinois
5.3%
Bureau
County
Township
High
School
District
No.
502
,
GO
,
2013A
,
Pre-Refunded
,
BAM
Insured
,
6.625
%
,
10/01/43
.......................................
5,250,000
6,229,650
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
,
Revenue,
Second
Lien
,
2020
A
,
Refunding
,
5
%
,
12/01/55
............................................
3,750,000
4,469,925
County
of
Cook
,
GO
,
2012C
,
Refunding
,
5
%
,
11/15/29
.......................
34,555,000
36,909,923
Illinois
Finance
Authority
,
e
2017
IAVF
Windy
City
Obligated
Group,
Revenue,
2017
A-1,
4.375%,
12/01/42
...
2,815,000
1,871,975
e
2018
Blue
Island
LLC,
Revenue,
2018A-1,
5%,
12/01/43
....................
3,000,000
1,800,000
e
2018
Blue
Island
LLC,
Revenue,
2018A-1,
5%,
12/01/53
....................
3,075,000
1,845,000
e
BHF
Chicago
Housing
Group
C
LLC,
Revenue,
2018
A-1,
5.1%,
12/01/43
.......
1,600,000
320,000
e
BHF
Chicago
Housing
Group
C
LLC,
Revenue,
2018
A-1,
5.25%,
12/01/53
......
2,600,000
520,000
CHF-Dekalb
II
LLC,
Revenue,
2011,
6.875%,
10/01/43
......................
15,000,000
15,295,800
CHF-Normal
LLC,
Revenue,
2011,
Pre-Refunded,
7%,
4/01/43
................
7,500,000
7,665,075
d,g
Navistar
International
Corp.,
Revenue,
144A,
2020,
Refunding,
Mandatory
Put,
4.75%,
8/01/30
..................................................
26,100,000
27,145,044
Noble
Network
of
Charter
Schools,
Revenue,
2015,
Refunding,
5%,
9/01/25
......
2,750,000
2,990,322
Noble
Network
of
Charter
Schools,
Revenue,
2015,
Refunding,
5%,
9/01/32
......
3,750,000
4,059,487
OSF
Healthcare
System
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
11/15/45
.......................................................
15,750,000
17,917,830
OSF
Healthcare
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
5/15/50
4,570,000
5,168,853
Plymouth
Place
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
5/15/37
.......
2,500,000
2,590,675
Plymouth
Place
Obligated
Group,
Revenue,
2015,
Refunding,
5.25%,
5/15/45
....
1,100,000
1,137,862
Plymouth
Place
Obligated
Group,
Revenue,
2015,
Refunding,
5.25%,
5/15/50
....
3,150,000
3,250,706
Rosalind
Franklin
University
of
Medicine
and
Science,
Revenue,
A,
Refunding,
5%,
8/01/47
........................................................
1,525,000
1,678,232
Rosalind
Franklin
University
of
Medicine
and
Science,
Revenue,
C,
5%,
8/01/46
...
1,900,000
2,092,698
Westminster
Village,
Inc.
Obligated
Group,
Revenue,
2018A,
Refunding,
5%,
5/01/48
4,030,000
3,907,045
Westminster
Village,
Inc.
Obligated
Group,
Revenue,
2018A,
Refunding,
5.25%,
5/01/48
........................................................
10,000,000
10,085,000
Westminster
Village,
Inc.
Obligated
Group,
Revenue,
2018A,
Refunding,
5.5%,
5/01/53
........................................................
8,310,000
8,456,256
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
1996,
ETM,
7%,
7/01/26
.....................................
5,485,000
6,590,447
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn.,
6/15/35
.......................
15,000,000
9,345,000
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn.,
6/15/36
.......................
4,925,000
2,939,880
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn.,
12/15/37
......................
13,650,000
7,649,597
Revenue,
2002
A,
AGMC,
NATL
Insured,
Zero
Cpn.,
12/15/40
................
4,000,000
2,065,760
Revenue,
2010-B-1,
Refunding,
AGMC
Insured,
Zero
Cpn.,
6/15/45
............
18,100,000
7,708,609
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
67
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Metropolitan
Pier
&
Exposition
Authority,
(continued)
Revenue,
2020
B,
Refunding,
5%,
6/15/42
...............................
$
5,000,000
$
5,729,500
Railsplitter
Tobacco
Settlement
Authority
,
Revenue
,
2010
,
Pre-Refunded
,
6
%
,
6/01/28
9,650,000
9,929,464
State
of
Illinois
,
GO,
2016,
Refunding,
5%,
2/01/26
.....................................
4,000,000
4,399,960
GO,
2017
A,
4.25%,
12/01/40
.........................................
1,850,000
1,886,371
GO,
2017C,
5%,
11/01/29
...........................................
10,330,000
11,242,346
GO,
2017D,
3.25%,
11/01/26
.........................................
2,500,000
2,508,175
GO,
2017D,
5%,
11/01/26
...........................................
5,200,000
5,703,932
GO,
2017D,
5%,
11/01/27
...........................................
6,445,000
7,110,962
GO,
2017D,
5%,
11/01/28
...........................................
8,545,000
9,363,611
GO,
2019
B,
4%,
11/01/34
...........................................
2,400,000
2,449,104
GO,
2019
C,
4%,
11/01/40
...........................................
1,490,000
1,498,538
GO,
2020,
5.5%,
5/01/30
............................................
3,300,000
3,849,813
GO,
2020,
5.5%,
5/01/39
............................................
12,360,000
13,950,732
GO,
2020,
5.75%,
5/01/45
...........................................
7,420,000
8,435,279
GO,
2020
B,
4%,
10/01/34
...........................................
2,000,000
2,044,700
GO,
2020
C,
4%,
10/01/37
...........................................
4,650,000
4,708,776
GO,
2020
C,
4%,
10/01/38
...........................................
5,250,000
5,301,082
GO,
2020
C,
4%,
10/01/39
...........................................
2,545,000
2,564,189
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group,
Revenue,
2018A-1,
5%,
12/01/54
.......................................................
11,000,000
11,000,000
d
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group,
Revenue,
144A,
2018B,
6%,
12/01/54
...................................................
5,475,000
5,475,000
d,f
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group,
Revenue,
144A,
2020C,
Refunding,
5%,
12/01/50
...........................................
10,750,000
10,660,237
Village
of
Bolingbrook
,
GO
,
2013A
,
Pre-Refunded
,
Zero
Cpn.,
1/01/35
............
19,800,000
10,801,296
Village
of
Hillside
,
Mannheim
Redevelopment
Project
Area
,
Tax
Allocation
,
2018
,
Refunding
,
5
%
,
1/01/30
.............................................
2,690,000
2,788,266
347,107,984
Indiana
1.0%
City
of
Anderson
,
Sweet
Galilee
at
the
Wigwam
LLC
,
Revenue
,
2020A
,
5.375
%
,
1/01/40
.........................................................
2,740,000
2,802,006
d
City
of
Jeffersonville
,
Vivera
Senior
Living
of
Columbus
LLC
,
Revenue
,
144A,
2020
A
,
5.25
%
,
11/01/40
...................................................
4,500,000
4,528,440
Indiana
Finance
Authority
,
BHI
Senior
Living
Obligated
Group,
Revenue,
2011,
5.75%,
11/15/41
...........
5,000,000
5,118,600
Greencroft
Goshen
Obligated
Group,
Revenue,
2013A,
7%,
11/15/43
...........
5,000,000
5,357,600
Marian
University,
Inc.,
Revenue,
2011,
Pre-Refunded,
6.375%,
9/15/41
.........
12,500,000
13,103,875
Ohio
Valley
Electric
Corp.,
Revenue,
2012A,
5%,
6/01/32
....................
10,000,000
10,404,500
WVB
East
End
Partners
LLC,
Revenue,
2013A,
5%,
7/01/40
.................
12,500,000
13,399,625
WVB
East
End
Partners
LLC,
Revenue,
2013A,
5.25%,
1/01/51
...............
12,500,000
13,378,000
68,092,646
Iowa
0.7%
Iowa
Finance
Authority
,
Northcrest
Obligated
Group
,
Revenue
,
2018A
,
5
%
,
3/01/48
..
7,500,000
7,838,775
Iowa
Tobacco
Settlement
Authority
,
Revenue
,
2005B
,
5.6
%
,
6/01/34
.............
35,850,000
36,386,316
44,225,091
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
68
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kansas
0.1%
City
of
Derby
,
Revenue
,
2020
,
3.9
%
,
3/01/37
...............................
$
1,625,000
$
1,636,326
Wyandotte
County-Kansas
City
Unified
Government
,
Revenue
,
2018
,
4.5
%
,
6/01/40
.
1,820,000
1,839,056
3,475,382
Kentucky
0.4%
Kentucky
Economic
Development
Finance
Authority
,
Owensboro
Health,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
6/01/41
.......................
10,000,000
11,290,100
Kentucky
Public
Transportation
Infrastructure
Authority
,
Revenue,
First
Tier,
2013C,
Zero
Cpn.,
7/01/39
...........................
10,000,000
11,256,600
Revenue,
First
Tier,
2013C,
Zero
Cpn.,
7/01/43
...........................
5,000,000
5,609,750
28,156,450
Louisiana
1.5%
Calcasieu
Parish
Memorial
Hospital
Service
District
,
Southwest
Louisiana
Healthcare
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/39
............
2,055,000
2,268,103
d
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
GOMESA,
Revenue,
144A,
2018,
5.375%,
11/01/38
........................
2,575,000
2,827,710
f
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020A,
Refunding,
4%,
12/01/40
...........................................
2,970,000
2,975,554
f
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020A,
Refunding,
4.25%,
12/01/50
........................................
5,665,000
5,675,707
Parish
of
Jefferson,
Revenue,
144A,
2019,
4%,
11/01/44
....................
2,655,000
2,688,745
Parish
of
Lafourche,
Revenue,
144A,
2019,
3.95%,
11/01/43
.................
4,475,000
4,518,497
Parish
of
St.
Martin,
Revenue,
144A,
2019,
4.4%,
11/01/44
...................
3,250,000
3,375,353
Parish
of
Vermilion,
Revenue,
144A,
2019,
4.625%,
11/01/38
.................
2,080,000
2,205,029
Provident
Group
-
ULM
Properties
LLC,
Revenue,
144A,
2019
A,
5%,
7/01/54
....
4,000,000
3,803,480
Terrebonne
Parish
Consolidated
Government,
Revenue,
144A,
2018,
5.5%,
11/01/39
1,985,000
2,150,350
Louisiana
Public
Facilities
Authority
,
Lafayette
General
Health
System,
Inc.
Obligated
Group,
Revenue,
2016A,
Pre-
Refunded,
5%,
11/01/41
...........................................
2,000,000
2,434,140
Lafayette
General
Health
System,
Inc.
Obligated
Group,
Revenue,
2016A,
Pre-
Refunded,
5%,
11/01/45
...........................................
7,405,000
9,012,403
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2011,
Pre-Refunded,
6.75%,
5/15/41
........................................................
15,500,000
15,958,490
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/47
........................................................
60,000
74,433
d
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.375%,
1/01/40
5,000,000
5,338,350
d
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.5%,
1/01/50
.
4,500,000
4,794,255
d
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-2,
7%,
1/01/57
...
10,000,000
10,383,300
Parish
of
Beauregard
,
OfficeMax,
Inc.
,
Revenue
,
2002
,
Refunding
,
6.8
%
,
2/01/27
...
13,990,000
13,992,099
St.
Tammany
Parish
Finance
Authority
,
Christwood
Obligated
Group,
Revenue,
2014,
Refunding,
5.25%,
11/15/29
.......
1,200,000
1,264,176
Christwood
Obligated
Group,
Revenue,
2014,
Refunding,
5.25%,
11/15/37
.......
1,650,000
1,706,991
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2013A
,
Refunding
,
5.25
%
,
5/15/35
..
1,000,000
1,089,210
98,536,375
Maine
0.2%
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineGeneral
Health
Obligated
Group,
Revenue,
2011,
6.75%,
7/01/36
.........
4,250,000
4,340,397
MaineGeneral
Health
Obligated
Group,
Revenue,
2011,
7%,
7/01/41
...........
10,000,000
10,222,300
14,562,697
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
69
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
0.6%
City
of
Baltimore
,
Harbor
Point
Special
Taxing
District,
Revenue,
2016,
Refunding,
5%,
6/01/36
.....
$
1,250,000
$
1,307,375
Harbor
Point
Special
Taxing
District,
Revenue,
2016,
Refunding,
5.125%,
6/01/43
.
5,500,000
5,740,955
County
of
Frederick
,
Oakdale-Lake
Linganore
Development
District,
Special
Tax,
2019,
Refunding,
3.25%,
7/01/29
........................................................
750,000
752,812
Oakdale-Lake
Linganore
Development
District,
Special
Tax,
2019,
Refunding,
3.75%,
7/01/39
........................................................
1,410,000
1,384,028
d
Technology
Park
Project
TIF
Development
District,
Special
Tax,
144A,
2020
B,
Refunding,
4.625%,
7/01/43
........................................
3,365,000
3,542,336
Urbana
Community
Development
Authority,
Special
Tax,
2020
B,
Refunding,
4%,
7/01/40
........................................................
400,000
408,308
Urbana
Community
Development
Authority,
Special
Tax,
2020
C,
4%,
7/01/50
....
4,000,000
4,079,760
County
of
Harford
,
Tax
Allocation
,
2011
,
7.5
%
,
7/01/40
.......................
6,745,000
6,753,701
Maryland
Community
Development
Administration
,
Residential
,
Revenue
,
2019
B
,
Refunding
,
3.2
%
,
9/01/39
............................................
10,000,000
10,946,100
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/50
...................
1,715,000
1,916,444
36,831,819
Massachusetts
1.1%
Commonwealth
of
Massachusetts
,
Revenue
,
2005
,
Refunding
,
NATL
Insured
,
5.5
%
,
1/01/34
.........................................................
35,000,000
48,656,300
Massachusetts
Bay
Transportation
Authority
,
Revenue
,
1991-A
,
Refunding
,
7
%
,
3/01/21
.........................................................
260,000
264,394
Massachusetts
Development
Finance
Agency
,
d
Linden
Ponds
Obligated
Group,
Revenue,
144A,
2018,
5%,
11/15/38
...........
3,000,000
3,241,470
d
Linden
Ponds
Obligated
Group,
Revenue,
144A,
2018,
5.125%,
11/15/46
........
5,000,000
5,378,350
d
North
Hill
Communities,
Inc.
Obligated
Group,
Revenue,
144A,
2013A,
Pre-
Refunded,
6.25%,
11/15/28
.........................................
1,658,000
1,894,680
d
North
Hill
Communities,
Inc.
Obligated
Group,
Revenue,
144A,
2013A,
Pre-
Refunded,
6.25%,
11/15/33
.........................................
2,000,000
2,351,500
d
North
Hill
Communities,
Inc.
Obligated
Group,
Revenue,
144A,
2013A,
Pre-
Refunded,
6.5%,
11/15/43
..........................................
4,125,000
4,874,925
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
4%,
10/01/45
.......................................................
1,500,000
1,744,935
Massachusetts
Educational
Financing
Authority
,
Revenue
,
2013K
,
5.25
%
,
7/01/29
...
4,575,000
4,816,285
73,222,839
Michigan
3.3%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Second
Lien,
2001B,
NATL
Insured,
5.5%,
7/01/29
..................................
5,000,000
6,331,950
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Second
Lien,
2006B,
Refunding,
NATL
Insured,
5%,
7/01/36
..........................
15,000
15,053
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2012A,
Pre-Refunded,
5.25%,
7/01/39
................................
12,000,000
12,959,760
City
of
Ecorse
,
GO
,
2011
,
6.5
%
,
11/01/35
.................................
3,815,000
4,002,850
Detroit
City
School
District
,
GO
,
2001A
,
AGMC
Insured
,
6
%
,
5/01/29
.............
15,900,000
20,216,850
Kalamazoo
Economic
Development
Corp.
,
Heritage
Community
of
Kalamazoo
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/43
1,120,000
1,206,497
Heritage
Community
of
Kalamazoo
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/55
8,860,000
9,393,904
Michigan
Finance
Authority
,
Bronson
Healthcare
Group
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/54
........................................................
20,000,000
23,064,200
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
70
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Finance
Authority,
(continued)
Detroit
Public
Lighting
Authority
Utility
Users
Tax,
Revenue,
2014B,
5%,
7/01/39
...
$
5,600,000
$
6,053,096
Detroit
Public
Lighting
Authority
Utility
Users
Tax,
Revenue,
2014B,
5%,
7/01/44
...
5,000,000
5,365,750
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2014C-3,
AGMC
Insured,
5%,
7/01/32
.................................
10,000,000
11,461,200
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2014C-3,
AGMC
Insured,
5%,
7/01/33
.................................
3,000,000
3,430,350
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2014C-6,
Refunding,
5%,
7/01/33
....................................
10,000,000
11,407,900
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
D-1,
Refunding,
AGMC
Insured,
5%,
7/01/37
..............................................
5,000,000
5,679,350
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
D-4,
Refunding,
5%,
7/01/29
........................................................
11,000,000
12,649,340
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
D-4,
Refunding,
5%,
7/01/30
........................................................
9,000,000
10,342,620
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
D-4,
Refunding,
5%,
7/01/34
........................................................
10,000,000
11,392,800
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2019A,
5%,
11/15/48
.....
10,000,000
12,394,500
d
Thomas
M
Cooley
Law
School,
Revenue,
144A,
2014,
Refunding,
6%,
7/01/24
...
2,500,000
2,581,325
d
Thomas
M
Cooley
Law
School,
Revenue,
144A,
2014,
Refunding,
6.75%,
7/01/44
.
5,505,000
5,666,186
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/49
...
3,000,000
3,384,570
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
B-2,
2,
Refunding,
Zero
Cpn.,
6/01/65
........................................................
110,000,000
13,190,100
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2011MI,
Pre-Refunded,
5%,
12/01/39
.......................................................
75,000
78,485
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2013MI-5,
4%,
12/01/40
........
3,000,000
3,498,930
Trinity
Health
Corp.
Obligated
Group,
Revenue,
MI
2019
A,
Refunding,
5%,
12/01/41
7,500,000
9,507,225
Michigan
State
Building
Authority
,
Revenue
,
2011
II-A
,
Pre-Refunded
,
5.375
%
,
10/15/41
........................................................
10,000,000
10,452,000
Michigan
Tobacco
Settlement
Finance
Authority
,
Michigan
Finance
Authority
Tobacco
Settlement
,
Revenue
,
2007B
,
Zero
Cpn.,
6/01/52
..........................
26,990,000
2,864,449
218,591,240
Minnesota
0.1%
City
of
Minneapolis
,
Ecumen
Mill
City
Quarter
LLC,
Revenue,
2015,
5.25%,
11/01/45
..............
2,800,000
2,814,980
Ecumen
Mill
City
Quarter
LLC,
Revenue,
2015,
5.375%,
11/01/50
..............
1,000,000
1,000,240
3,815,220
Mississippi
0.9%
County
of
Lowndes
,
International
Paper
Co.
,
Revenue
,
1992-B
,
Refunding
,
6.7
%
,
4/01/22
.........................................................
18,875,000
20,358,764
d
Mississippi
Development
Bank
,
County
of
Hancock
,
Revenue
,
144A,
2019
,
4.55
%
,
11/01/39
........................................................
2,250,000
2,358,067
Mississippi
Hospital
Equipment
&
Facilities
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
A
,
5
%
,
9/01/41
...............................
30,000,000
34,497,000
57,213,831
Missouri
0.8%
Cape
Girardeau
County
Industrial
Development
Authority
,
SoutheastHEALTH
Obligated
Group,
Revenue,
2016
A,
Refunding,
6%,
3/01/33
...
4,685,000
5,218,528
SoutheastHEALTH
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
3/01/29
...
250,000
278,692
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
71
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
City
of
Maryland
Heights
,
Tax
Allocation
,
2020
,
4.125
%
,
11/01/38
...............
$
2,500,000
$
2,548,750
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/46
...............................................
23,000,000
27,685,100
Kirkwood
Industrial
Development
Authority
,
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/42
...................................
1,000,000
1,065,770
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/50
...................................
3,500,000
3,697,680
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
of
West
County
,
Revenue
,
2012
,
Pre-Refunded
,
5
%
,
9/01/42
..............................
7,000,000
7,581,840
Stoddard
County
Industrial
Development
Authority
,
SoutheastHEALTH
Obligated
Group
,
Revenue
,
2016B
,
Refunding
,
6
%
,
3/01/37
..........................
4,000,000
4,406,240
52,482,600
Montana
0.1%
Montana
Facility
Finance
Authority
,
Kalispell
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/48
...............................
5,765,000
6,650,504
Nevada
1.1%
City
of
Henderson
,
Local
Improvement
District
No.
T-16,
Special
Assessment,
2005,
5.1%,
3/01/22
...
970,000
941,705
Local
Improvement
District
No.
T-16,
Special
Assessment,
2005,
5.125%,
3/01/25
.
1,015,000
922,635
Local
Improvement
District
No.
T-18,
Special
Assessment,
2016,
Refunding,
4%,
9/01/32
........................................................
1,750,000
1,802,762
Local
Improvement
District
No.
T-18,
Special
Assessment,
2016,
Refunding,
4%,
9/01/35
........................................................
2,500,000
2,545,850
City
of
Las
Vegas
,
Special
Improvement
District
No.
610,
Special
Assessment,
2018,
5%,
6/01/48
....
8,185,000
8,737,979
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/33
....
185,000
195,484
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/34
....
185,000
194,405
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/35
....
185,000
193,638
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/40
....
450,000
465,471
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4.125%,
6/01/50
1,150,000
1,183,258
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/27
...
1,465,000
1,612,174
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/30
...
1,690,000
1,833,734
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/35
...
1,070,000
1,143,113
Special
Improvement
District
No.
814,
Special
Assessment,
2019,
4%,
6/01/39
....
450,000
467,829
Special
Improvement
District
No.
814,
Special
Assessment,
2019,
4%,
6/01/44
....
750,000
770,633
Special
Improvement
District
No.
815,
Special
Assessment,
2020,
4.75%,
12/01/40
1,000,000
1,079,270
d
City
of
Reno
,
Sales
Tax
,
Revenue
,
144A,
2018
C
,
Refunding
,
Zero
Cpn.,
7/01/58
....
19,000,000
2,743,030
County
of
Clark
,
Special
Improvement
District
No.
128,
Special
Assessment,
2001-2007,
5%,
2/01/26
1,295,000
1,299,403
Special
Improvement
District
No.
128,
Special
Assessment,
2001-2007,
5.05%,
2/01/31
........................................................
1,010,000
1,012,848
Special
Improvement
District
No.
142,
Special
Assessment,
2012,
Refunding,
5%,
8/01/21
........................................................
1,010,000
1,036,997
Special
Improvement
District
No.
159,
Special
Assessment,
2015,
5%,
8/01/35
....
2,315,000
2,458,137
d
State
of
Nevada
Department
of
Business
&
Industry
,
Fulcrum
Sierra
Biofuels
LLC,
Revenue,
144A,
2017,
5.875%,
12/15/27
..........
11,885,000
11,975,564
Fulcrum
Sierra
Biofuels
LLC,
Revenue,
144A,
2017,
6.25%,
12/15/37
...........
9,000,000
8,934,570
Somerset
Academy
of
Las
Vegas,
Revenue,
144A,
2018A,
5%,
12/15/38
........
1,000,000
1,052,180
Somerset
Academy
of
Las
Vegas,
Revenue,
144A,
2018A,
5%,
12/15/48
........
1,500,000
1,562,925
Tahoe-Douglas
Visitors
Authority
,
Revenue,
2020,
5%,
7/01/33
.........................................
3,190,000
3,601,478
Revenue,
2020,
5%,
7/01/40
.........................................
3,225,000
3,557,788
Revenue,
2020,
5%,
7/01/45
.........................................
3,250,000
3,530,702
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
72
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Nevada
(continued)
Tahoe-Douglas
Visitors
Authority,
(continued)
Revenue,
2020,
5%,
7/01/51
.........................................
$
4,250,000
$
4,599,435
71,454,997
New
Hampshire
0.1%
d,g
New
Hampshire
Business
Finance
Authority
,
Covanta
Holding
Corp.
,
Revenue
,
144A,
2020
B
,
Refunding
,
Mandatory
Put
,
3.75
%
,
7/02/40
........................
3,000,000
3,002,700
New
Jersey
4.4%
New
Jersey
Economic
Development
Authority
,
New
Jersey
Transit
Corp.,
Revenue,
2020
A,
5%,
11/01/44
...................
7,800,000
9,122,100
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/32
..........
500,000
496,080
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/37
..........
2,150,000
2,118,717
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/47
..........
1,000,000
931,860
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018EEE,
5%,
6/15/33
1,365,000
1,632,854
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018EEE,
5%,
6/15/36
2,640,000
3,113,431
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018EEE,
4.625%,
6/15/48
........................................................
1,000,000
1,109,960
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018EEE,
5%,
6/15/48
10,000,000
11,483,600
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
5%,
6/15/39
750,000
892,050
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
4%,
6/15/44
3,300,000
3,556,806
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/35
....
3,450,000
3,949,422
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/41
....
4,550,000
5,144,549
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/34
..............................................
1,020,000
1,192,431
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/35
..............................................
1,100,000
1,281,610
United
Airlines,
Inc.,
Revenue,
1999,
5.125%,
9/15/23
......................
15,300,000
16,037,307
United
Airlines,
Inc.,
Revenue,
1999,
5.25%,
9/15/29
.......................
25,000,000
26,225,000
United
Airlines,
Inc.,
Revenue,
2003,
5.5%,
6/01/33
........................
16,480,000
17,221,600
d
White
Horse
HMT
Urban
Renewal
LLC,
Revenue,
144A,
2020,
5%,
1/01/40
......
3,000,000
2,919,360
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue
,
2019
B
,
Refunding
,
3
%
,
12/01/32
............................................
8,000,000
8,133,920
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006C,
NATL
Insured,
Zero
Cpn.,
12/15/30
.......................
500,000
401,860
Revenue,
2006C,
NATL
Insured,
Zero
Cpn.,
12/15/31
.......................
3,675,000
2,865,361
Revenue,
2008
A,
Zero
Cpn.,
12/15/38
..................................
46,750,000
26,635,345
Revenue,
2009A,
Zero
Cpn.,
12/15/39
..................................
42,425,000
23,271,809
Revenue,
2010A,
Zero
Cpn.,
12/15/40
..................................
2,750,000
1,448,480
Revenue,
2011B,
5.25%,
6/15/36
......................................
17,500,000
17,886,050
Revenue,
2014
BB-1,
5%,
6/15/34
.....................................
500,000
595,440
Revenue,
2014AA,
5%,
6/15/38
.......................................
5,060,000
5,523,547
Revenue,
2014AA,
5%,
6/15/44
.......................................
9,335,000
10,111,298
Revenue,
2015AA,
5.25%,
6/15/41
.....................................
2,500,000
2,793,800
Revenue,
2018
A,
Refunding,
5%,
12/15/32
..............................
4,100,000
4,912,046
Revenue,
2018
A,
Refunding,
5%,
12/15/35
..............................
1,800,000
2,130,534
Revenue,
2019
A,
Refunding,
4%,
12/15/39
..............................
1,500,000
1,637,325
Revenue,
2019
AA,
5%,
6/15/46
.......................................
2,500,000
2,878,900
Revenue,
2019
BB,
4%,
6/15/44
.......................................
1,000,000
1,070,210
Revenue,
2019
BB,
5%,
6/15/44
.......................................
3,050,000
3,525,129
Revenue,
2019
BB,
5%,
6/15/50
.......................................
670,000
767,599
Tobacco
Settlement
Financing
Corp.
,
Revenue,
2018
A,
Refunding,
5%,
6/01/46
...............................
9,500,000
11,293,125
Revenue,
2018
A,
Refunding,
5.25%,
6/01/46
.............................
18,000,000
21,723,840
Revenue,
2018B,
Refunding,
5%,
6/01/46
...............................
25,000,000
28,805,750
286,840,105
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
73
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Mexico
0.1%
Lower
Petroglyphs
Public
Improvement
District
,
Special
Tax,
2018,
Refunding,
5%,
10/01/33
..............................
$
500,000
$
536,395
Special
Tax,
2018,
Refunding,
5%,
10/01/38
..............................
450,000
477,396
Special
Tax,
2018,
Refunding,
5%,
10/01/48
..............................
1,205,000
1,270,757
New
Mexico
Hospital
Equipment
Loan
Council
,
Haverland
Carter
Lifestyle
Obligated
Group
,
Revenue
,
2012
,
5
%
,
7/01/42
....................................
5,000,000
5,089,150
7,373,698
New
York
7.1%
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
College
,
Revenue
,
2020A
,
Refunding
,
4
%
,
11/01/45
......................................
2,000,000
2,096,660
City
of
New
York
,
GO,
1992-F,
Refunding,
7.5%,
2/01/21
..................................
5,000
5,029
GO,
1992G,
Refunding,
7.5%,
2/01/22
..................................
5,000
5,029
Metropolitan
Transportation
Authority
,
Revenue,
2013
D,
5%,
11/15/38
.......................................
14,040,000
14,872,432
Revenue,
2013E,
5%,
11/15/33
.......................................
10,000,000
10,610,400
g
Revenue,
2015
A-2,
Mandatory
Put,
5%,
5/15/30
..........................
1,000,000
1,168,860
Revenue,
2015D-1,
Refunding,
5%,
11/15/32
.............................
1,250,000
1,371,487
Revenue,
2016A-1,
5.25%,
11/15/56
...................................
5,000,000
5,530,150
Revenue,
2017A-2,
Refunding,
5%,
11/15/26
.............................
1,000,000
1,132,150
Revenue,
2017C-1,
Refunding,
5%,
11/15/34
.............................
7,500,000
8,495,025
Revenue,
2020
A-1,
5%,
11/15/47
.....................................
24,300,000
27,971,730
Revenue,
2020
A-1,
5%,
11/15/48
.....................................
650,000
747,636
Revenue,
2020
A-1,
5%,
11/15/49
.....................................
2,500,000
2,873,325
Revenue,
2020
C-1,
4.75%,
11/15/45
...................................
2,950,000
3,333,235
Revenue,
2020
C-1,
5%,
11/15/50
.....................................
42,795,000
49,147,918
Revenue,
2020
D,
5%,
11/15/44
.......................................
33,000,000
38,333,790
Revenue,
2020
D,
4%,
11/15/50
.......................................
40,000,000
42,358,400
Municipal
Assistance
Corp.
for
the
City
of
Troy
,
Revenue,
1996-C,
NATL
Insured,
Zero
Cpn.,
7/15/21
.......................
428,010
427,111
Revenue,
1996-C,
NATL
Insured,
Zero
Cpn.,
1/15/22
.......................
649,658
646,819
New
York
City
Housing
Development
Corp.
,
FC
8
Spruce
Street
Residential
LLC
,
Revenue
,
2014F
,
F
,
Refunding
,
4.5
%
,
2/15/48
............................
9,825,000
10,240,303
New
York
Liberty
Development
Corp.
,
d
3
World
Trade
Center
LLC,
Revenue,
144A,
2014,
2,
Refunding,
5.375%,
11/15/40
.
15,000,000
15,663,150
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
65,000,000
93,909,400
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/45
........................................
10,000,000
11,416,600
Revenue,
2019
B,
4%,
1/01/50
........................................
10,000,000
11,344,200
New
York
Transportation
Development
Corp.
,
American
Airlines,
Inc.,
Revenue,
2020,
Refunding,
5.25%,
8/01/31
............
12,000,000
13,101,360
American
Airlines,
Inc.,
Revenue,
2020,
Refunding,
5.375%,
8/01/36
...........
14,950,000
16,407,326
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
6,500,000
7,679,490
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
6,000,000
6,987,060
Laguardia
Gateway
Partners
LLC,
Revenue,
2016
A,
5%,
7/01/46
.............
41,785,000
45,609,581
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
2014
,
4
%
,
9/01/43
...........
5,500,000
6,285,345
d
Rockland
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
144A,
2005
A
,
Zero
Cpn.,
8/15/45
.........................................................
61,000,000
14,596,080
464,367,081
North
Carolina
0.3%
North
Carolina
Medical
Care
Commission
,
Galloway
Ridge
Obligated
Group,
Revenue,
2014A,
Refunding,
5.25%,
1/01/41
...
2,720,000
2,794,501
Maryfield,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
10/01/30
.......
2,790,000
2,977,879
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
74
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Medical
Care
Commission,
(continued)
Maryfield,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
10/01/35
.......
$
1,000,000
$
1,055,860
Maryfield,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/45
..............
1,000,000
1,094,740
Maryfield,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/50
..............
1,500,000
1,632,600
United
Church
Homes
&
Services
Obligated
Group,
Revenue,
2015A,
Refunding,
5%,
9/01/37
....................................................
2,100,000
2,138,598
United
Church
Homes
&
Services
Obligated
Group,
Revenue,
2017C,
Refunding,
5%,
9/01/41
....................................................
2,120,000
2,160,110
United
Church
Homes
&
Services
Obligated
Group,
Revenue,
2017C,
Refunding,
5%,
9/01/46
....................................................
6,325,000
6,406,403
20,260,691
North
Dakota
0.1%
County
of
Burleigh
,
University
of
Mary,
Revenue,
2016,
5.1%,
4/15/36
.........................
2,800,000
2,819,432
University
of
Mary,
Revenue,
2016,
5.2%,
4/15/46
.........................
5,430,000
5,432,172
8,251,604
Ohio
3.1%
f
Akron
Bath
Copley
Joint
Township
Hospital
District
,
Summa
Health
System
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
3
%
,
11/15/40
..........................
2,300,000
2,343,309
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien,
2020A-2,
1,
Refunding,
3%,
6/01/48
..................
25,130,000
25,651,950
Revenue,
Senior
Lien,
2020A-2,
1,
Refunding,
4%,
6/01/48
..................
1,000,000
1,130,630
Revenue,
Senior
Lien,
2020
B-2,
2,
Refunding,
5%,
6/01/55
..................
20,975,000
23,588,905
City
of
Centerville
,
Graceworks
Lutheran
Services
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/01/50
..........................................
5,000,000
5,166,500
Cleveland-Cuyahoga
County
Port
Authority
,
Playhouse
Square
Foundation,
Revenue,
2018,
Refunding,
5.25%,
12/01/38
.....
700,000
751,947
Playhouse
Square
Foundation,
Revenue,
2018,
Refunding,
5.5%,
12/01/43
......
700,000
755,356
County
of
Fairfield
,
Fairfield
Medical
Center
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/15/43
.............................................
10,000,000
10,417,500
f
County
of
Franklin
,
Wesley
Communities
Obligated
Group,
Revenue,
2020,
Refunding,
5.25%,
11/15/40
2,910,000
3,109,742
Wesley
Communities
Obligated
Group,
Revenue,
2020,
Refunding,
5.25%,
11/15/55
8,800,000
9,179,632
County
of
Lake
,
Lake
Hospital
System,
Inc.
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/45
6,000,000
6,762,420
Franklin
County
Convention
Facilities
Authority
,
Revenue
,
2019
,
5
%
,
12/01/51
......
5,000,000
5,166,900
Little
Miami
Local
School
District
,
GO,
2011,
Pre-Refunded,
6.875%,
12/01/34
..............................
5,100,000
5,267,280
GO,
2011,
6.875%,
12/01/34
.........................................
200,000
200,000
Ohio
Air
Quality
Development
Authority
,
Buckeye
Power,
Inc.
,
Revenue
,
2010
,
6
%
,
12/01/40
........................................................
15,000,000
15,067,500
Ohio
Higher
Educational
Facility
Commission
,
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/42
...........
1,360,000
1,495,633
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/45
...........
1,205,000
1,318,981
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/50
...........
2,570,000
2,805,797
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
Zero
Cpn.,
2/15/35
.....................................................
35,000,000
43,479,800
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2012,
Refunding,
6%,
12/01/42
.......................................................
14,000,000
14,528,080
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
12/01/35
.......................................................
1,000,000
1,030,150
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
12/01/43
.......................................................
1,000,000
1,015,420
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
75
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Southeastern
Ohio
Port
Authority,
(continued)
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5.5%,
12/01/43
.......................................................
$
1,300,000
$
1,359,969
State
of
Ohio
,
d
Aultman
Health
Foundation
Obligated
Group,
Revenue,
144A,
2018,
Refunding,
5%,
12/01/48
.......................................................
15,195,000
16,195,439
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/39
875,000
966,691
University
Hospitals
Health
System,
Inc.
Obligated
Group,
Revenue,
2016A,
Refunding,
5%,
1/15/46
............................................
6,000,000
6,885,840
205,641,371
Oklahoma
0.2%
Tulsa
County
Industrial
Authority
,
Montereau
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
11/15/37
.......
1,000,000
1,077,240
Montereau
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
11/15/45
.......
10,280,000
10,944,294
12,021,534
Oregon
0.6%
Clackamas
&
Washington
Counties
School
District
No.
3
,
GO
,
2020
A
,
Refunding
,
Zero
Cpn.,
6/15/49
.....................................................
1,750,000
790,965
Clackamas
County
Hospital
Facility
Authority
,
Rose
Villa,
Inc.
Obligated
Group,
Revenue,
2020A,
Refunding,
5.125%,
11/15/40
..
500,000
534,705
Rose
Villa,
Inc.
Obligated
Group,
Revenue,
2020A,
Refunding,
5.25%,
11/15/50
...
1,250,000
1,328,600
Rose
Villa,
Inc.
Obligated
Group,
Revenue,
2020A,
Refunding,
5.375%,
11/15/55
..
1,500,000
1,599,165
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/45
...
9,285,000
10,419,627
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Mirabella
at
South
Waterfront,
Revenue,
2014A,
Refunding,
5.4%,
10/01/44
......
3,000,000
3,137,850
Mirabella
at
South
Waterfront,
Revenue,
2014A,
Refunding,
5.5%,
10/01/49
......
5,500,000
5,756,190
Polk
County
Hospital
Facility
Authority
,
Dallas
Mennonite
Retirement
Community
Obligated
Group,
Revenue,
2020
A,
5.125%,
7/01/55
.................................................
3,500,000
3,555,510
Dallas
Mennonite
Retirement
Community
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/24
........................................................
1,500,000
1,504,620
Salem
Hospital
Facility
Authority
,
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2012,
Refunding,
5%,
5/15/22
....
425,000
436,326
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2012,
Refunding,
5.75%,
5/15/27
..
1,000,000
1,053,120
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2012,
Refunding,
5.625%,
5/15/32
.
1,000,000
1,045,030
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2012,
Refunding,
6%,
5/15/42
....
3,100,000
3,232,525
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2012,
Refunding,
6%,
5/15/47
....
2,000,000
2,082,600
Yamhill
County
Hospital
Authority
,
Friendsview
Manor
Obligated
Group
,
Revenue
,
2016A
,
Refunding
,
5
%
,
11/15/51
......................................
4,325,000
4,540,342
41,017,175
Pennsylvania
2.4%
Allegheny
County
Higher
Education
Building
Authority
,
Carlow
University,
Revenue,
2011,
Pre-Refunded,
6.75%,
11/01/31
............
1,215,000
1,286,114
Carlow
University,
Revenue,
2011,
Pre-Refunded,
7%,
11/01/40
...............
2,000,000
2,121,040
d
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue,
144A,
2017,
Refunding,
5%,
5/01/32
............................
11,975,000
12,898,751
Revenue,
144A,
2018,
5%,
5/01/42
....................................
3,245,000
3,451,512
Revenue,
144A,
2018,
5.375%,
5/01/42
.................................
5,000,000
5,308,900
Chester
County
Industrial
Development
Authority
,
d,f
Borough
of
Phoenixville
Steelpointe
Neighborhood
Improvement
District,
Special
Assessment,
144A,
2020,
4.75%,
3/01/50
..............................
4,250,000
4,278,560
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
76
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Chester
County
Industrial
Development
Authority,
(continued)
Renaissance
Academy
Charter
School,
Revenue,
2014,
5%,
10/01/34
..........
$
1,500,000
$
1,630,200
Renaissance
Academy
Charter
School,
Revenue,
2014,
5%,
10/01/39
..........
3,325,000
3,594,624
Renaissance
Academy
Charter
School,
Revenue,
2014,
5%,
10/01/44
..........
1,945,000
2,089,358
d
Woodlands
at
Greystone
Neighborhood
Improvement
District,
Special
Assessment,
144A,
2018,
5%,
3/01/38
...........................................
525,000
536,482
d
Woodlands
at
Greystone
Neighborhood
Improvement
District,
Special
Assessment,
144A,
2018,
5.125%,
3/01/48
.......................................
1,000,000
1,015,340
County
of
Lehigh
,
Lehigh
Valley
Health
Network
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/49
.............................................
10,000,000
11,418,100
Dallas
Area
Municipal
Authority
,
Misericordia
University,
Revenue,
2019,
Refunding,
5%,
5/01/39
..............
1,100,000
1,205,886
Misericordia
University,
Revenue,
2019,
Refunding,
5%,
5/01/48
..............
4,000,000
4,316,840
East
Hempfield
Township
Industrial
Development
Authority
,
Student
Services,
Inc.,
Revenue,
2013,
4%,
7/01/21
........................
350,000
348,799
Student
Services,
Inc.,
Revenue,
2013,
5%,
7/01/35
........................
1,000,000
1,004,760
Student
Services,
Inc.,
Revenue,
2013,
5%,
7/01/45
........................
2,500,000
2,504,850
Student
Services,
Inc.,
Revenue,
2014,
5%,
7/01/39
........................
875,000
878,378
Student
Services,
Inc.,
Revenue,
2014,
5%,
7/01/46
........................
3,100,000
3,107,936
Student
Services,
Inc.,
Revenue,
2015,
5%,
7/01/35
........................
1,060,000
1,068,586
Student
Services,
Inc.,
Revenue,
2015,
5%,
7/01/47
........................
4,750,000
4,764,488
Franklin
County
Industrial
Development
Authority
,
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/38
...
1,000,000
1,074,720
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/43
...
1,200,000
1,270,488
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/48
...
4,600,000
4,825,492
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/53
...
3,050,000
3,188,927
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2019,
5%,
12/01/54
............
1,000,000
1,044,880
Lancaster
County
Hospital
Authority
,
Brethren
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5.125%,
7/01/37
...
1,000,000
1,065,680
Brethren
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
7/01/41
....
3,500,000
3,719,590
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/36
...........................................
6,710,000
7,704,422
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
5%,
11/15/45
.......................................................
1,000,000
1,170,490
d
Pennsylvania
Economic
Development
Financing
Authority
,
CarbonLite
P
LLC
,
Revenue
,
144A,
2019
,
5.75
%
,
6/01/36
..................................
5,000,000
5,006,650
Pennsylvania
Turnpike
Commission
,
Revenue,
2009C,
AGMC
Insured,
6.25%,
6/01/33
.........................
5,000,000
6,388,850
Revenue,
B-2,
Zero
Cpn.,
12/01/37
....................................
20,000,000
20,703,200
Revenue,
B-2,
Zero
Cpn.,
12/01/40
....................................
25,075,000
25,780,109
Philadelphia
Authority
for
Industrial
Development
,
Evangelical
Services
for
the
Aging
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
7/01/49
......................
3,000,000
3,021,600
154,794,602
Rhode
Island
0.1%
Rhode
Island
Health
and
Educational
Building
Corp.
,
Care
New
England
Health
System
Obligated
Group
,
Revenue
,
2013A
,
Pre-Refunded
,
6
%
,
9/01/33
.........
7,320,000
8,447,573
South
Carolina
1.2%
South
Carolina
Jobs-Economic
Development
Authority
,
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group,
Revenue,
2017,
5%,
4/01/52
........................................................
1,750,000
1,858,430
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
4/01/48
............................................
3,500,000
3,718,120
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
77
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
South
Carolina
Jobs-Economic
Development
Authority,
(continued)
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
4/01/53
.........................................
$
11,000,000
$
11,759,880
South
Carolina
Public
Service
Authority
,
Revenue
,
2013
B
,
Refunding
,
5.125
%
,
12/01/43
........................................................
52,890,000
59,093,997
76,430,427
South
Dakota
0.2%
City
of
Sioux
Falls
,
Dow
Rummel
Village,
Revenue,
2016,
Refunding,
5%,
11/01/46
...............
11,110,000
11,132,109
Dow
Rummel
Village,
Revenue,
2017,
5%,
11/01/42
........................
3,000,000
3,083,280
14,215,389
Tennessee
1.2%
Johnson
City
Health
&
Educational
Facilities
Board
,
Mountain
States
Health
Alliance
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/27
....................................
19,365,000
17,628,734
Mountain
States
Health
Alliance
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/28
....................................
19,400,000
17,202,368
Mountain
States
Health
Alliance
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/29
....................................
19,365,000
16,678,881
Mountain
States
Health
Alliance
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/30
....................................
19,370,000
16,191,770
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
Vanderbilt
University
Medical
Center
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
7/01/40
.........................................................
10,000,000
11,733,000
d
Nashville
Metropolitan
Development
&
Housing
Agency
,
Tax
Allocation
,
144A,
2018
,
5.125
%
,
6/01/36
...................................................
900,000
959,121
80,393,874
Texas
8.2%
d,f
Cedar
Bayou
Navigation
District
,
Special
Assessment
,
144A,
2020
,
6
%
,
9/15/51
....
7,500,000
7,568,775
Central
Texas
Regional
Mobility
Authority
,
Revenue,
2010,
Zero
Cpn.,
1/01/35
....................................
3,000,000
2,123,010
Revenue,
2010,
Zero
Cpn.,
1/01/37
....................................
2,500,000
1,657,200
Revenue,
2010,
Zero
Cpn.,
1/01/38
....................................
2,405,000
1,541,846
Revenue,
2010,
Zero
Cpn.,
1/01/39
....................................
2,545,000
1,579,809
Revenue,
Senior
Lien,
2011,
Pre-Refunded,
5.75%,
1/01/31
..................
2,500,000
2,511,275
Revenue,
Senior
Lien,
2011,
Pre-Refunded,
6.25%,
1/01/46
..................
24,340,000
24,459,509
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2012-A
,
Pre-Refunded
,
5
%
,
8/15/41
.........................................................
5,000,000
5,409,550
d
City
of
Austin
,
Whisper
Valley
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.625%,
11/01/39
................................................
1,405,000
1,574,218
Whisper
Valley
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.75%,
11/01/48
.................................................
2,545,000
2,834,138
City
of
Celina
,
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
9/01/35
.............
1,020,000
1,052,660
d
Special
Assessment,
144A,
2020,
4.25%,
9/01/40
.........................
230,000
235,815
d
Special
Assessment,
144A,
2020,
4.375%,
9/01/49
.........................
1,845,000
1,893,708
d
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.25%,
9/01/49
..................................................
3,065,000
3,257,543
d
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/01/50
.................................................
1,800,000
1,840,554
Wells
North
Public
Improvement
District,
Special
Assessment,
2020,
3.75%,
9/01/40
425,000
434,754
Wells
North
Public
Improvement
District,
Special
Assessment,
2020,
4%,
9/01/50
..
520,000
531,788
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
78
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Celina,
(continued)
d
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/40
........................................................
$
350,000
$
369,068
d
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
965,000
1,001,284
d
City
of
Fate
,
Williamsburg
East
Public
Improvement
District,
Revenue,
144A,
2020,
4.125%,
8/15/30
........................................................
665,000
676,165
Williamsburg
East
Public
Improvement
District,
Revenue,
144A,
2020,
4.625%,
8/15/40
........................................................
1,163,000
1,185,586
Williamsburg
East
Public
Improvement
District,
Revenue,
144A,
2020,
4.875%,
8/15/50
........................................................
1,772,000
1,806,076
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
8/15/30
.................................................
125,000
127,551
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.875%,
8/15/40
.................................................
691,000
704,820
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
8/15/50
.................................................
994,000
1,013,691
d
City
of
Fort
Worth
,
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2017,
5%,
9/01/27
................................
1,965,000
2,091,625
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2017,
5%,
9/01/32
................................
1,270,000
1,320,000
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2017,
5.125%,
9/01/37
.............................
1,650,000
1,692,520
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2018,
5%,
9/01/27
................................
1,605,000
1,668,767
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2018,
5%,
9/01/32
................................
1,550,000
1,605,118
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2018,
5%,
9/01/37
................................
2,000,000
2,037,220
City
of
Horseshoe
Bay
,
Special
Assessment,
2020,
Refunding,
3%,
10/01/30
.......................
500,000
510,240
Special
Assessment,
2020,
Refunding,
3.25%,
10/01/33
.....................
435,000
445,679
City
of
Lago
Vista
,
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.125%,
9/01/30
........................................
300,000
308,154
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.75%,
9/01/42
.........................................
1,045,000
1,078,597
d
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020
A,
Refunding,
5%,
9/01/30
.....................................
2,000,000
2,011,800
d
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020
A,
Refunding,
5.125%,
9/01/35
..................................
2,070,000
2,059,857
d
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020
A,
Refunding,
5.5%,
9/01/40
....................................
2,715,000
2,719,941
d
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020B,
Refunding,
4.875%,
9/01/50
..................................
2,500,000
2,576,125
City
of
Leander
,
Oak
Creek
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.25%,
9/01/32
..................................................
530,000
560,125
Oak
Creek
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.25%,
9/01/38
..................................................
1,275,000
1,316,476
Oak
Creek
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.25%,
9/01/44
..................................................
1,490,000
1,516,567
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
79
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Liberty
Hill
,
Summerlyn
West
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.125%,
9/01/30
.................................................
$
250,000
$
255,040
Summerlyn
West
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/40
........................................................
845,000
891,036
Summerlyn
West
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/54
........................................................
1,890,000
1,950,026
d
City
of
Oak
Point
,
Oak
Point
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2020,
3.25%,
9/01/30
..................................................
300,000
307,566
Oak
Point
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2020,
3.75%,
9/01/40
..................................................
1,170,000
1,198,794
Oak
Point
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
1,060,000
1,085,779
d
City
of
Princeton
,
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
2.875%,
9/01/25
.................................................
152,000
154,893
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
9/01/30
.................................................
180,000
187,333
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.875%,
9/01/40
.................................................
650,000
681,466
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/01/50
.................................................
936,000
983,128
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.25%,
9/01/30
........................................................
200,000
211,020
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.75%,
9/01/40
........................................................
470,000
497,218
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
675,000
722,263
d
City
of
Royse
City
,
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
9/15/30
........................................................
450,000
459,027
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.625%,
9/15/30
........................................................
225,000
233,492
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.375%,
9/15/30
........................................................
210,000
216,132
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.875%,
9/15/40
........................................................
1,190,000
1,218,227
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/15/40
........................................................
590,000
613,187
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.875%,
9/15/40
........................................................
375,000
388,609
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/15/50
........................................................
1,780,000
1,821,705
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.375%,
9/15/50
........................................................
715,000
742,899
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
5.125%,
9/15/50
........................................................
575,000
596,108
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2017,
5%,
9/15/48
........................................................
2,700,000
2,980,692
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.375%,
9/15/39
........................................................
610,000
657,958
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.5%,
9/15/48
........................................................
1,260,000
1,351,111
d
City
of
Sachse
,
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
3.25%,
9/15/30
405,000
413,181
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
80
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
City
of
Sachse,
(continued)
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
3.75%,
9/15/40
$
1,070,000
$
1,095,530
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
5.375%,
9/15/40
........................................................
2,035,000
2,079,892
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
4%,
9/15/50
.
1,485,000
1,520,002
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
5.625%,
9/15/50
........................................................
2,235,000
2,283,723
City
of
San
Marcos
,
Whisper
Public
Improvement
District,
Special
Assessment,
2020,
4.375%,
9/01/25
.
270,000
276,831
Whisper
Public
Improvement
District,
Special
Assessment,
2020,
4.875%,
9/01/30
.
400,000
421,576
Whisper
Public
Improvement
District,
Special
Assessment,
2020,
5.375%,
9/01/40
.
1,500,000
1,584,705
Whisper
Public
Improvement
District,
Special
Assessment,
2020,
5.625%,
9/01/50
.
1,500,000
1,593,510
d
City
of
Tomball
,
Raburn
Reserve
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
9/15/30
.................................................
375,000
381,360
Raburn
Reserve
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/15/50
........................................................
2,015,000
2,062,070
Clifton
Higher
Education
Finance
Corp.
,
Uplift
Education
,
Revenue
,
A
,
5
%
,
12/01/45
.
3,855,000
4,164,749
d
County
of
Hays
,
La
Cima
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.25%,
9/15/30
........................................................
100,000
102,531
La
Cima
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.75%,
9/15/40
........................................................
800,000
819,760
La
Cima
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/15/50
1,200,000
1,229,280
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2013B
,
5
%
,
11/01/44
...........
11,385,000
12,122,976
El
Paso
Downtown
Development
Corp.
,
Revenue
,
2013
A
,
7.25
%
,
8/15/38
........
15,000,000
17,669,100
Grand
Parkway
Transportation
Corp.
,
Revenue,
2013
B,
Zero
Cpn.,
10/01/45
..................................
10,000,000
11,557,400
Revenue,
First
Tier,
2013
A,
5.125%,
10/01/43
............................
2,850,000
3,055,627
Revenue,
First
Tier,
2020
C,
Refunding,
4%,
10/01/45
......................
6,000,000
7,084,800
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group,
Revenue,
2013
B,
Pre-Refunded,
7%,
1/01/43
........................................................
3,000,000
3,401,730
Brazos
Presbyterian
Homes
Obligated
Group,
Revenue,
2013
B,
Pre-Refunded,
7%,
1/01/48
........................................................
5,250,000
5,953,027
Brazos
Presbyterian
Homes
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
1/01/48
........................................................
5,000,000
5,261,850
Harris
County-Houston
Sports
Authority
,
Revenue,
Third
Lien
,
2004A-3
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
11/15/37
.....................................
3,700,000
1,520,256
Mesquite
Health
Facilities
Development
Corp.
,
Christian
Care
Centers,
Inc.
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
2/15/36
........................................................
1,000,000
879,270
Christian
Care
Centers,
Inc.
Obligated
Group,
Revenue,
2014,
Refunding,
5.125%,
2/15/42
........................................................
3,750,000
3,175,950
Christian
Care
Centers,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
2/15/35
........................................................
5,175,000
4,593,692
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
Cardinal
Bay,
Inc.,
Revenue,
D,
6%,
7/01/26
.............................
130,000
120,505
Cardinal
Bay,
Inc.,
Revenue,
D,
7%,
7/01/51
.............................
5,110,000
4,103,534
CHF-Collegiate
Housing
College
Station
I
LLC,
Revenue,
2014A,
5%,
4/01/29
....
2,190,000
2,218,645
CHF-Collegiate
Housing
College
Station
I
LLC,
Revenue,
2014A,
5%,
4/01/46
....
1,500,000
1,503,405
CHF-Collegiate
Housing
Corpus
Christi
II
LLC,
Revenue,
A,
5%,
4/01/31
........
1,300,000
1,274,247
CHF-Collegiate
Housing
Corpus
Christi
II
LLC,
Revenue,
A,
5%,
4/01/36
........
1,000,000
968,200
CHF-Collegiate
Housing
Corpus
Christi
II
LLC,
Revenue,
A,
5%,
4/01/48
........
2,500,000
2,340,875
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017A,
4%,
4/01/21
.....
335,000
332,735
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
81
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
(continued)
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017A,
4%,
4/01/22
.....
$
250,000
$
247,463
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017A,
5%,
4/01/24
.....
965,000
958,631
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017A,
5%,
4/01/26
.....
525,000
522,034
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017A,
5%,
4/01/27
.....
460,000
457,682
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017A,
5%,
4/01/28
.....
420,000
418,135
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017A,
5%,
4/01/29
.....
255,000
254,013
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017A,
5%,
4/01/32
.....
425,000
422,624
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017A,
5%,
4/01/42
.....
4,500,000
4,390,155
CHF-Collegiate
Housing
Stephenville
III
LLC,
Revenue,
A,
Pre-Refunded,
5%,
4/01/47
........................................................
10,420,000
12,391,672
CHF-Stephenville
LLC,
Revenue,
2013
A,
Pre-Refunded,
6%,
4/01/45
..........
3,000,000
3,344,640
d
Cityscape
Schools,
Inc.,
Revenue,
144A,
2019
A,
5%,
8/15/39
................
500,000
547,880
d
Cityscape
Schools,
Inc.,
Revenue,
144A,
2019
A,
5%,
8/15/51
................
1,570,000
1,700,750
Longhorn
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
1/01/42
......
5,000,000
5,381,000
Longhorn
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
1/01/47
......
4,595,000
4,931,032
Morningside
Ministries
Obligated
Group,
Revenue,
2013,
6.5%,
1/01/43
.........
4,350,000
4,566,630
Morningside
Ministries
Obligated
Group,
Revenue,
2020A,
5%,
1/01/55
.........
4,100,000
4,223,451
MRC
Crestview
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/36
......
1,020,000
1,073,540
MRC
Crestview
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/46
......
4,100,000
4,244,894
NCCD-College
Station
Properties
LLC,
Revenue,
A,
5%,
7/01/47
..............
30,000,000
24,900,000
Presbyterian
Village
North
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
10/01/39
.......................................................
2,750,000
2,805,165
Presbyterian
Village
North
Obligated
Group,
Revenue,
2018,
Refunding,
5.25%,
10/01/49
.......................................................
12,600,000
12,809,286
Presbyterian
Village
North
Obligated
Group,
Revenue,
2020
A,
5.25%,
10/01/55
...
2,500,000
2,526,600
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
Second
Tier,
2019
B,
5.5%,
12/01/54
................................................
15,000,000
13,518,900
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
Third
Tier,
2019
C,
6%,
12/01/54
...................................................
7,490,000
6,296,993
Wesleyan
Homes
Obligated
Group,
Revenue,
2014,
5.5%,
1/01/43
............
3,200,000
3,311,936
Wesleyan
Homes
Obligated
Group,
Revenue,
2014,
5.5%,
1/01/49
............
1,000,000
1,031,220
Wesleyan
Homes
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
1/01/50
.....
1,180,000
1,198,762
Wesleyan
Homes
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
1/01/55
.....
4,400,000
4,455,264
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System,
Revenue,
First
Tier,
I,
Refunding,
6.5%,
1/01/43
.....
25,000,000
30,026,250
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn.,
9/01/37
....
7,500,000
4,218,675
Special
Projects
System,
Revenue,
2011
C,
Pre-Refunded,
Zero
Cpn.,
9/01/43
....
10,000,000
13,919,800
Special
Projects
System,
Revenue,
2011
C,
Pre-Refunded,
0%,
9/01/45
.........
25,000,000
37,634,250
d
Northwood
Municipal
Utility
District
No.
1
,
GO,
144A,
2020,
Refunding,
3.5%,
8/01/25
..............................
1,295,000
1,303,236
GO,
144A,
2020,
Refunding,
4%,
8/01/31
................................
1,070,000
1,079,405
Red
River
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2017
,
Refunding
,
5.5
%
,
10/01/46
...........................................
4,250,000
4,674,830
Red
River
Health
Facilities
Development
Corp.
,
e
Eden
Home,
Inc.
Obligated
Group,
Revenue,
2012,
7.25%,
12/15/42
...........
11,000,000
7,287,500
Wichita
Falls
Retirement
Foundation
Obligated
Group,
Revenue,
2012,
5.5%,
1/01/32
........................................................
1,500,000
1,524,630
Wichita
Falls
Retirement
Foundation
Obligated
Group,
Revenue,
2012,
5.125%,
1/01/41
........................................................
2,000,000
2,016,120
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Cumberland
Rest,
Inc.
(The)
,
Revenue
,
A-1
,
Refunding
,
5
%
,
10/01/49
............................
5,125,000
5,356,957
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue,
2012,
5%,
12/15/30
........................................
25,000,000
26,780,000
Revenue,
2012,
5%,
12/15/31
........................................
24,500,000
26,198,830
Revenue,
2012,
5%,
12/15/32
........................................
10,000,000
10,671,400
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
82
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Texas
Transportation
Commission
,
Revenue,
First
Tier,
2019A,
Zero
Cpn.,
8/01/46
...........................
$
3,000,000
$
980,310
Revenue,
First
Tier,
2019A,
Zero
Cpn.,
8/01/47
...........................
5,750,000
1,782,443
Revenue,
First
Tier,
2019A,
Zero
Cpn.,
8/01/51
...........................
3,500,000
869,960
Revenue,
First
Tier,
2019A,
Zero
Cpn.,
8/01/52
...........................
4,000,000
938,640
Revenue,
First
Tier,
2019A,
Zero
Cpn.,
8/01/53
...........................
400,000
88,776
Town
of
Ponder
,
Special
Assessment,
2017,
5%,
9/01/45
.................................
500,000
552,290
Special
Assessment,
2017,
5%,
9/01/47
.................................
865,000
954,960
Viridian
Municipal
Management
District
,
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
2.875%,
12/01/30
.
258,000
261,062
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
3.125%,
12/01/35
.
415,000
420,022
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
3.375%,
12/01/40
.
486,000
491,915
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
3.5%,
12/01/47
..
835,000
844,928
Wood
County
Central
Hospital
District
,
East
Texas
Medical
Center
Quitman
,
Revenue
,
2011
,
Pre-Refunded
,
6
%
,
11/01/41
.....................................
9,350,000
9,827,131
536,115,109
Utah
0.1%
Salt
Lake
City
Corp.
,
Airport
,
Revenue
,
2018A
,
5.25
%
,
7/01/48
.................
5,600,000
6,820,576
d
Utah
Charter
School
Finance
Authority
,
Mountain
West
Montessori
Academy,
Inc.,
Revenue,
144A,
2020A,
5%,
6/15/39
...
475,000
510,345
Mountain
West
Montessori
Academy,
Inc.,
Revenue,
144A,
2020A,
5%,
6/15/49
...
825,000
872,916
8,203,837
Virginia
1.4%
Farmville
Industrial
Development
Authority
,
Longwood
Housing
Foundation
LLC,
Revenue,
2018
A,
Refunding,
5%,
1/01/43
...
500,000
550,900
Longwood
Housing
Foundation
LLC,
Revenue,
2018
A,
Refunding,
5%,
1/01/48
...
500,000
547,585
Longwood
Housing
Foundation
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/01/40
...
2,000,000
2,254,500
Longwood
Housing
Foundation
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/01/50
...
2,700,000
2,992,383
Longwood
Housing
Foundation
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/01/59
...
2,000,000
2,199,600
Henrico
County
Economic
Development
Authority
,
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group,
Revenue,
2019A,
5%,
6/01/44
........................................................
3,550,000
3,639,176
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group,
Revenue,
2019A,
5%,
6/01/49
........................................................
4,065,000
4,149,023
Norfolk
Economic
Development
Authority
,
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2012
B
,
Refunding
,
5
%
,
11/01/43
..............................
17,575,000
18,668,868
Roanoke
Economic
Development
Authority
,
Carilion
Clinic
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/47
.......................................
1,000,000
1,609,040
Virginia
Small
Business
Financing
Authority
,
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2017,
5%,
1/01/40
.............
8,000,000
8,293,600
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2012,
6%,
1/01/37
...
6,485,000
6,914,826
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2012,
5.5%,
1/01/42
.
35,790,000
37,464,614
89,284,115
Washington
1.7%
Greater
Wenatchee
Regional
Events
Center
Public
Facilities
District
,
Revenue
,
A
,
5.5
%
,
9/01/42
....................................................
10,000,000
10,234,800
Ocean
Shores
Local
Improvement
District
,
Special
Assessment
,
2011
,
7.25
%
,
2/01/31
3,040,000
3,726,675
Washington
Economic
Development
Finance
Authority
,
e
Coalview
Centralia
LLC,
Revenue,
2013,
8.25%,
8/01/25
....................
3,800,000
2,090,000
e
Coalview
Centralia
LLC,
Revenue,
2013,
9.5%,
8/01/25
.....................
12,855,000
7,070,250
g
Propeller
Airports
Paine
Field
LLC,
Revenue,
A,
Mandatory
Put,
6.5%,
3/01/24
....
24,750,000
25,760,295
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
83
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/44
$
15,500,000
$
18,676,105
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2012A,
5%,
10/01/42
...
19,725,000
20,819,541
d
Washington
State
Housing
Finance
Commission
,
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
2019A,
5%,
1/01/49
..............................................
1,500,000
1,563,690
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
2019A,
5%,
1/01/55
..............................................
1,800,000
1,868,598
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
A,
Refunding,
5%,
1/01/46
.........................................
2,250,000
2,324,902
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
A,
Refunding,
5%,
1/01/51
.........................................
1,700,000
1,752,003
Spokane
United
Methodist
Homes
Obligated
Group,
Revenue,
144A,
2019,
5%,
1/01/55
........................................................
9,020,000
8,961,190
f
Spokane
United
Methodist
Homes
Obligated
Group,
Revenue,
144A,
2020A,
5%,
1/01/51
........................................................
6,000,000
6,043,380
110,891,429
West
Virginia
0.1%
County
of
Kanawha
,
West
Virginia
State
University
Foundation,
Inc.
,
Revenue
,
2013
,
6.75
%
,
7/01/45
...................................................
6,650,000
6,794,172
Wisconsin
1.6%
Public
Finance
Authority
,
f
2017
IAVF
Rubix
LLC,
Revenue,
2020A,
4%,
12/01/40
......................
1,070,000
1,073,199
f
2017
IAVF
Rubix
LLC,
Revenue,
2020A,
4.25%,
12/01/50
...................
7,225,000
7,249,059
A&T
Real
Estate
Foundation
LLC,
Revenue,
2019
B,
5%,
6/01/39
.............
1,595,000
1,699,409
A&T
Real
Estate
Foundation
LLC,
Revenue,
2019
B,
5%,
6/01/44
.............
1,900,000
2,003,550
A&T
Real
Estate
Foundation
LLC,
Revenue,
2019
B,
5%,
6/01/49
.............
3,975,000
4,170,809
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020A,
5%,
11/15/41
.......................................................
1,205,000
1,420,599
Adams-Columbia
Electric
Cooperative,
Revenue,
2010A,
5.5%,
12/01/40
........
6,755,000
6,755,000
Blue
Ridge
Healthcare
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/45
1,440,000
1,623,816
Celanese
US
Holdings
LLC,
Revenue,
2016C,
Refunding,
4.3%,
11/01/30
.......
4,000,000
4,417,840
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2017
A,
5%,
7/01/45
..........
2,805,000
3,153,633
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2017
A,
5%,
7/01/53
..........
4,345,000
4,865,922
d
Eno
River
Academy
Holdings,
Inc.,
Revenue,
144A,
2020
A,
5%,
6/15/40
........
815,000
902,930
d
Eno
River
Academy
Holdings,
Inc.,
Revenue,
144A,
2020
A,
5%,
6/15/54
........
1,380,000
1,502,199
d
Friends
Homes
Obligated
Group,
Revenue,
144A,
2019,
Refunding,
5%,
9/01/39
..
1,230,000
1,379,543
d
Friends
Homes
Obligated
Group,
Revenue,
144A,
2019,
Refunding,
5%,
9/01/49
..
7,600,000
8,400,508
d
Friends
Homes
Obligated
Group,
Revenue,
144A,
2019,
Refunding,
5%,
9/01/54
..
1,920,000
2,111,597
d
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
3/01/37
............................................
625,000
663,950
d
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
3/01/52
............................................
4,100,000
4,269,043
d
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2020A,
5.25%,
3/01/45
..................................................
1,665,000
1,789,792
d
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2020A,
5.25%,
3/01/55
..................................................
6,810,000
7,266,747
d
UMA
Education,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
10/01/34
.........
8,970,000
9,658,896
d
UMA
Education,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
10/01/39
.........
8,500,000
9,029,125
d
WFCS
Holdings
LLC,
Revenue,
144A,
2020
A-1,
5%,
1/01/55
.................
4,500,000
4,571,730
Wisconsin
Health
&
Educational
Facilities
Authority
,
Beaver
Dam
Community
Hospitals,
Inc.,
Revenue,
2013
A,
Pre-Refunded,
5.25%,
8/15/34
........................................................
5,000,000
5,655,550
Chiara
Communities,
Inc.,
Revenue,
2018
C,
7%,
7/01/43
...................
1,000,000
913,600
Chiara
Communities,
Inc.,
Revenue,
2018
C,
7.5%,
7/01/53
..................
2,750,000
2,540,807
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
84
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Wisconsin
Health
&
Educational
Facilities
Authority,
(continued)
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2015B,
Refunding,
5%,
9/15/45
........................................................
$
3,500,000
$
3,564,400
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2018
A,
5%,
9/15/45
....
3,500,000
3,598,630
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2018
A,
5%,
9/15/50
....
500,000
512,630
106,764,513
Wyoming
0.1%
West
Park
Hospital
District
,
Revenue
,
2011A
,
7
%
,
6/01/40
.....................
5,500,000
5,638,270
Wyoming
Community
Development
Authority
,
CHF-Wyoming
LLC,
Revenue,
2011,
6.25%,
7/01/31
.......................
600,000
608,706
CHF-Wyoming
LLC,
Revenue,
2011,
6.5%,
7/01/43
........................
1,600,000
1,619,552
7,866,528
U.S.
Territories
9.0%
District
of
Columbia
2.6%
District
of
Columbia
,
American
Society
of
Hematology,
Inc.
(The),
Revenue,
2009,
5%,
7/01/42
.......
9,515,000
10,114,064
American
Society
of
Hematology,
Inc.
(The),
Revenue,
2009,
5%,
7/01/36
.......
1,500,000
1,599,585
Association
of
American
Medical
Colleges,
Revenue,
2011
B,
Pre-Refunded,
5.25%,
10/01/36
.......................................................
12,425,000
12,948,590
Center
for
Strategic
International
Studies,
Inc.,
Revenue,
2011,
Pre-Refunded,
6.375%,
3/01/31
.................................................
4,440,000
4,508,287
Center
for
Strategic
International
Studies,
Inc.,
Revenue,
2011,
Pre-Refunded,
6.625%,
3/01/41
.................................................
5,500,000
5,587,285
Methodist
Home
of
the
District
of
Columbia
Obligated
Group,
Revenue,
2009A,
Refunding,
5.125%,
1/01/35
........................................
1,565,000
1,438,767
Methodist
Home
of
the
District
of
Columbia
Obligated
Group,
Revenue,
2009A,
Refunding,
5.25%,
1/01/39
.........................................
1,015,000
923,295
Tobacco
Settlement
Financing
Corp.,
Revenue,
2001,
6.5%,
5/15/33
...........
10,520,000
11,631,964
Tobacco
Settlement
Financing
Corp.,
Revenue,
2002,
Zero
Cpn.,
6/15/46
........
175,000,000
36,438,500
Metropolitan
Washington
Airports
Authority,
Dulles
Toll
Road,
Revenue,
Second
Lien,
2009C,
AGMC
Insured,
6.5%,
10/01/41
.................................
60,145,000
75,587,229
Washington
Convention
&
Sports
Authority,
Tax
Allocation,
Senior
Lien,
2010-A,
5%,
10/01/40
........................................................
10,000,000
10,019,100
170,796,666
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue,
2013B,
AGMC
Insured,
5.5%,
10/01/33
..........................
2,000,000
2,191,860
Revenue,
2013B,
AGMC
Insured,
5.75%,
10/01/43
.........................
3,000,000
3,281,190
Territory
of
Guam,
Revenue,
2011A,
6.5%,
11/01/40
.........................
10,380,000
10,496,671
15,969,721
Pacific
Islands
0.2%
Northern
Mariana
Island
Ports
Authority,
Revenue,
1998A,
6.6%,
3/15/28
.........
10,025,000
9,724,350
Puerto
Rico
6.0%
Children's
Trust
Fund
,
Revenue,
5.5%,
5/15/39
.............................................
9,500,000
9,748,615
Revenue,
2002,
5.625%,
5/15/43
......................................
2,500,000
2,513,250
e
Commonwealth
of
Puerto
Rico,
GO,
2014A,
8%,
7/01/35
......................
25,000,000
16,375,000
GDB
Debt
Recovery
Authority
of
Puerto
Rico,
7.5%,
8/20/40
...................
24,187,284
17,596,249
e
Puerto
Rico
Electric
Power
Authority
,
Revenue,
2013A-RSA-1,
6.75%,
7/01/36
................................
29,750,000
22,758,750
Revenue,
2013A-RSA-1,
7%,
7/01/43
...................................
5,000,000
3,837,500
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
85
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Revenue,
2013A-RSA-1,
7.25%,
7/01/30
................................
$
25,000,000
$
19,250,000
Revenue,
A-4-RSA-1
2016
A-4,
10%,
7/01/19
.............................
5,500,000
4,413,750
Revenue,
B-2-RSA-1
2016
B-4,
10%,
7/01/19
............................
5,500,000
4,413,750
Revenue,
E-1-RSA-1,
10%,
1/01/21
....................................
6,000,000
4,725,000
Revenue,
E-2-RSA-1,
10%,
7/01/21
....................................
6,000,000
4,725,000
Revenue,
E-3-RSA-1,
10%,
1/01/22
....................................
1,989,500
1,566,731
Revenue,
E-4-RSA-1,
10%,
7/01/22
....................................
1,989,499
1,566,730
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
10,895,000
8,198,488
Revenue,
XX-RSA-1,
5.75%,
7/01/36
...................................
23,620,000
17,892,150
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
700,000
830,522
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
7,125,000
8,487,585
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority,
AES
Puerto
Rico
LP,
Revenue,
2000A,
6.625%,
6/01/26
.....
16,835,000
17,424,225
Puerto
Rico
Infrastructure
Financing
Authority,
Special
Tax,
2005C,
Refunding,
AMBAC
Insured,
5.5%,
7/01/27
..............................................
27,500,000
30,440,300
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.55%,
7/01/40
................................
393,000
425,867
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
28,550,000
31,017,577
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
23,600,000
26,030,092
Sales
Tax,
Revenue,
A-1,
Zero
Cpn.,
7/01/46
.............................
141,421,000
42,448,927
Sales
Tax,
Revenue,
A-1,
Zero
Cpn.,
7/01/51
.............................
82,259,000
17,847,735
Sales
Tax,
Revenue,
4.329%,
7/01/40
..................................
36,243,000
38,742,317
Sales
Tax,
Revenue,
A-2,
4.784%,
7/01/58
...............................
37,346,000
40,656,350
393,932,460
Total
U.S.
Territories
....................................................................
590,423,197
Total
Municipal
Bonds
(Cost
$5,753,498,174)
...................................
6,528,309,818
Total
Long
Term
Investments
(Cost
$5,777,254,787)
.............................
6,552,472,709
a
a
a
a
a
Short
Term
Investments
0.5%
Municipal
Bonds
0.5%
Florida
0.0%
†
h
County
of
Martin
,
Florida
Power
&
Light
Co.
,
Revenue
,
2000
,
Refunding
,
Daily
VRDN
and
Put
,
0.14
%
,
7/15/22
.............................................
1,500,000
1,500,000
New
York
0.0%
†
h
New
York
City
,
Water
&
Sewer
System
,
Revenue
,
2014
AA-1
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.12
%
,
6/15/50
...........................
2,100,000
2,100,000
Oregon
0.3%
h
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.09
%
,
8/01/34
............
18,500,000
18,500,000
Tennessee
0.1%
h
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2008A
,
AGMC
Insured
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.1
%
,
6/01/42
....................................
5,700,000
5,700,000
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
86
See
Abbreviations
on
page
160
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
0.1%
h
Albermarle
County
Economic
Development
Authority
,
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.09
%
,
10/01/48
........................................................
$
3,300,000
$
3,300,000
Total
Municipal
Bonds
(Cost
$31,100,000)
......................................
31,100,000
Total
Short
Term
Investments
(Cost
$31,100,000
)
................................
31,100,000
a
Total
Investments
(Cost
$5,808,354,787)
100.5%
................................
$6,583,572,709
Other
Assets,
less
Liabilities
(0.5)%
...........................................
(29,264,944)
Net
Assets
100.0%
...........................................................
$6,554,307,765
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
6
regarding
investments
in
affiliated
management
investment
companies.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
7
regarding
fair
value
measurements.
c
See
Note
5
regarding
restricted
securities.
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
November
30,
2020,
the
aggregate
value
of
these
securities
was
$760,933,755,
representing
11.6%
of
net
assets.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
Security
purchased
on
a
when-issued
basis.
g
The
maturity
date
shown
represents
the
mandatory
put
date.
h
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Kentucky
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
87
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.7%
Kentucky
97.6%
Campbell
Kenton
&
Boone
Counties
Sanitation
District
No.
1
,
Revenue
,
2019
,
Refunding
,
4
%
,
8/01/34
.............................................
$
5,310,000
$
6,174,468
City
of
Glasgow
,
TJ
Samson
Community
Hospital
Obligated
Group
,
Revenue
,
2011
,
6.45
%
,
2/01/41
...................................................
2,000,000
2,057,380
City
of
Owensboro
,
Electric
Light
&
Power
System,
Revenue,
2017,
Refunding,
4%,
1/01/27
.........
1,250,000
1,472,725
Water,
Revenue,
2018,
Refunding,
BAM
Insured,
4%,
9/15/45
................
5,000,000
5,632,550
City
of
Pikeville
,
Pikeville
Medical
Center,
Inc.
,
Revenue
,
2011
,
Pre-Refunded
,
6.5
%
,
3/01/41
.........................................................
2,875,000
2,919,361
City
of
Russell
,
Bon
Secours
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2013
,
Pre-Refunded
,
5
%
,
11/01/26
.........................................
4,000,000
4,354,480
County
of
Boyle
,
Centre
College
of
Kentucky
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/37
2,000,000
2,319,120
a
County
of
Carroll
,
Kentucky
Utilities
Co.
,
Revenue
,
2016
A
,
Refunding
,
Mandatory
Put
,
1.55
%
,
9/01/26
...................................................
2,000,000
2,026,860
County
of
Warren
,
Bowling
Green-Warren
County
Community
Hospital
Corp.
,
Revenue
,
2012A
,
5
%
,
10/01/33
...............................................
1,000,000
1,060,770
Eastern
Kentucky
University
,
Revenue
,
2018
A
,
4
%
,
10/01/37
..................
1,540,000
1,674,026
Fayette
County
School
District
Finance
Corp.
,
Fayette
County
School
District,
Revenue,
2015D,
5%,
8/01/34
................
1,985,000
2,332,057
Fayette
County
School
District,
Revenue,
2018
A,
4%,
5/01/38
................
1,000,000
1,126,650
Greater
Kentucky
Housing
Assistance
Corp.
,
Revenue
,
1997
A
,
Refunding
,
NATL,
FHA
Insured
,
6.1
%
,
1/01/24
..............................................
120,000
120,463
Jefferson
County
School
District
Finance
Corp.
,
Kentucky
School
Facilities
Construction
Commission
,
Revenue
,
2015B
,
Refunding
,
4
%
,
12/01/26
..........
3,500,000
4,162,410
Kentucky
Bond
Development
Corp.
,
Revenue,
2018
A,
5%,
9/01/48
........................................
2,500,000
2,836,850
Transylvania
University,
Revenue,
2019B,
4%,
3/01/49
......................
2,500,000
2,657,800
Kentucky
Economic
Development
Finance
Authority
,
Baptist
Healthcare
System
Obligated
Group,
Revenue,
2011,
Pre-Refunded,
5.25%,
8/15/46
........................................................
5,000,000
5,175,400
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/44
4,000,000
4,819,640
Kentucky
Housing
Corp.
,
Revenue,
2010,
GNMA
Insured,
5%,
4/20/40
.............................
2,280,000
2,283,260
Revenue,
2010,
GNMA
Insured,
5.25%,
4/20/45
...........................
1,850,000
1,852,572
Kentucky
Infrastructure
Authority
,
Revenue,
2012A,
Pre-Refunded,
5%,
2/01/28
.............................
2,000,000
2,112,020
Revenue,
2012A,
Pre-Refunded,
5%,
2/01/31
.............................
4,190,000
4,424,682
Kentucky
Municipal
Power
Agency
,
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/36
....................
3,000,000
3,527,490
Revenue,
2019
A,
Refunding,
4%,
9/01/45
...............................
2,000,000
2,216,640
Kentucky
Rural
Water
Finance
Corp.
,
Revenue,
2001A,
5%,
2/01/26
........................................
485,000
486,892
Revenue,
2004
I,
5%,
2/01/34
........................................
1,010,000
1,013,171
Kentucky
State
Property
&
Building
Commission
,
Kentucky
Finance
and
Administration
Cabinet,
Revenue,
5%,
4/01/38
...........
2,500,000
2,983,375
Kentucky
Finance
and
Administration
Cabinet,
Revenue,
A,
Refunding,
5%,
8/01/34
3,500,000
4,056,640
Kentucky
Turnpike
Authority
,
Kentucky
Transportation
Cabinet,
Revenue,
2011
A,
Refunding,
5%,
7/01/30
.....
2,500,000
2,552,125
Kentucky
Transportation
Cabinet,
Revenue,
2013A,
5%,
7/01/32
..............
2,000,000
2,174,120
Kentucky
Transportation
Cabinet,
Revenue,
2015
A,
Refunding,
5%,
7/01/33
.....
3,000,000
3,444,030
Kentucky
Transportation
Cabinet,
Revenue,
2017
A,
Refunding,
5%,
7/01/36
.....
550,000
660,616
Kentucky
Transportation
Cabinet,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
.....
700,000
838,817
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Kentucky
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
88
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kentucky
(continued)
Lexington
Fayette
Urban
County
Government
Public
Facilities
Corp.
,
Revenue
,
2011A
,
5.25
%
,
6/01/32
...................................................
$
3,000,000
$
3,056,310
Lexington-Fayette
Urban
County
Airport
Board
,
Lexington-Fayette
Urban
County
Government
,
Revenue
,
2012B
,
Pre-Refunded
,
5
%
,
7/01/29
..................
1,185,000
1,275,107
Louisville
and
Jefferson
County
,
Metropolitan
Sewer
District,
Revenue,
2017
A,
4%,
5/15/48
..................
2,750,000
3,075,270
Metropolitan
Sewer
District,
Revenue,
2018
A,
Refunding,
4%,
5/15/38
..........
5,000,000
5,880,900
Louisville/Jefferson
County
Metropolitan
Government
,
Bellarmine
University,
Inc.,
Revenue,
2015,
Refunding,
5%,
5/01/31
............
2,000,000
2,144,940
Bellarmine
University,
Inc.,
Revenue,
2017
A,
Refunding,
5%,
5/01/36
..........
2,715,000
2,944,988
Norton
Healthcare
Obligated
Group,
Revenue,
2020A,
4%,
10/01/39
...........
2,500,000
2,899,800
Morehead
State
University
,
Revenue
,
2014A
,
Refunding
,
5
%
,
10/01/28
...........
1,910,000
2,134,368
Paducah
Electric
Plant
Board
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/34
........................................................
5,700,000
6,794,457
Scott
County
School
District
Finance
Corp.
,
Scott
County
Board
of
Education
,
Revenue
,
2018
,
4
%
,
6/01/38
.........................................
1,615,000
1,809,640
Shelby
County
School
District
Finance
Corp.
,
Shelby
County
Public
School
District
,
Revenue
,
2018
,
4
%
,
8/01/38
.........................................
3,465,000
3,893,413
University
of
Kentucky
,
Revenue,
2014A,
4%,
4/01/44
........................................
2,250,000
2,403,518
Revenue,
2018
A,
4%,
10/01/32
.......................................
4,000,000
4,524,200
University
of
Louisville
,
Revenue,
2011
A,
Refunding,
5%,
9/01/28
...............................
2,220,000
2,291,684
Revenue,
2016
D,
5%,
3/01/30
........................................
4,140,000
4,917,864
Western
Kentucky
University
,
Revenue
,
2012A
,
Refunding
,
5
%
,
5/01/32
..........
1,625,000
1,693,055
139,288,974
U.S.
Territories
0.1%
Puerto
Rico
0.1%
Puerto
Rico
Highway
&
Transportation
Authority,
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.............................................
200,000
238,248
Total
Municipal
Bonds
(Cost
$130,785,427)
.....................................
139,527,222
a
a
a
a
Short
Term
Investments
1.3%
Municipal
Bonds
1.3%
Kentucky
1.3%
b
Louisville/Jefferson
County
Metropolitan
Government
,
Norton
Healthcare
Obligated
Group
,
Revenue
,
2011B
,
LOC
PNC
Bank
NA
,
Daily
VRDN
and
Put
,
0.13
%
,
10/01/39
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
$132,685,427)
99.0%
...................................
$141,427,222
Other
Assets,
less
Liabilities
1.0%
.............................................
1,328,301
Net
Assets
100.0%
...........................................................
$142,755,523
a
The
maturity
date
shown
represents
the
mandatory
put
date.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Kentucky
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
89
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Louisiana
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
90
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
100.6%
Louisiana
100.4%
Ascension
Parish
School
Board
,
GO
,
2020
,
4
%
,
3/01/40
......................
$
1,000,000
$
1,197,260
Calcasieu
Parish
Public
Trust
Authority
,
Cowboy
Facilities,
Inc.
,
Revenue
,
2011
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/29
.................................
2,050,000
2,171,688
Calcasieu
Parish
School
District
No.
23
,
GO,
2012A,
Pre-Refunded,
5%,
2/15/29
.................................
1,380,000
1,459,019
GO,
2019,
BAM
Insured,
4%,
9/01/36
...................................
670,000
809,353
GO,
2019,
BAM
Insured,
4%,
9/01/37
...................................
600,000
719,934
GO,
2019,
BAM
Insured,
4%,
9/01/39
...................................
2,060,000
2,441,388
Calcasieu
Parish
School
District
No.
31
,
GO,
2018,
BAM
Insured,
5%,
3/01/36
...................................
1,000,000
1,274,530
GO,
2018,
BAM
Insured,
5%,
3/01/38
...................................
1,000,000
1,268,090
GO,
2019,
BAM
Insured,
4%,
3/01/37
...................................
1,000,000
1,213,160
GO,
2019,
BAM
Insured,
4%,
3/01/39
...................................
750,000
905,977
Central
Community
School
System
,
GO,
2020,
4%,
3/01/39
.............................................
1,125,000
1,354,174
GO,
2020,
4%,
3/01/40
.............................................
1,190,000
1,429,249
City
of
Alexandria
,
Utilities
,
Revenue
,
2013A
,
Pre-Refunded
,
5
%
,
5/01/38
.........
10,000,000
11,139,800
City
of
Bossier
City
,
Revenue,
2017,
5%,
12/01/36
........................................
1,405,000
1,713,032
Utilities,
Revenue,
2014,
Refunding,
5%,
10/01/37
.........................
5,280,000
6,041,535
City
of
Kenner
,
Revenue
,
2013A
,
Refunding
,
5
%
,
6/01/33
.....................
8,605,000
9,485,894
City
of
Lafayette
,
Public
Improvement
1961
Sales
Tax
Trust,
Revenue,
2011,
Pre-Refunded,
5%,
3/01/36
........................................................
1,865,000
1,887,585
Sales
&
Use
Tax,
Revenue,
2019
A,
5%,
5/01/44
..........................
4,350,000
5,455,509
Sales
&
Use
Tax,
Revenue,
2020
B,
4%,
3/01/45
..........................
5,000,000
5,909,600
a
City
of
New
Orleans
,
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/45
.........................
1,700,000
2,152,200
Sewerage
Service,
Revenue,
2020
B,
4%,
6/01/50
.........................
1,300,000
1,503,463
City
of
Ruston
,
Revenue
,
2016
,
AGMC
Insured
,
5
%
,
6/01/35
...................
1,085,000
1,292,235
City
of
Shreveport
,
GO,
2011,
Pre-Refunded,
5%,
8/01/29
..................................
4,790,000
4,942,466
Revenue,
2016,
Refunding,
BAM
Insured,
5%,
3/01/27
......................
1,500,000
1,853,730
Water
&
Sewer,
Revenue,
2016
B,
5%,
12/01/41
..........................
4,000,000
4,754,800
a
Water
&
Sewer,
Revenue,
2020B,
Refunding,
3%,
12/01/50
..................
1,250,000
1,267,962
Consolidated
Government
of
the
City
of
Baton
Rouge
&
Parish
of
East
Baton
Rouge
,
Sales
Tax
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/30
............
1,000,000
1,352,810
East
Baton
Rouge
Sewerage
Commission
,
Revenue,
2014B,
Pre-Refunded,
5%,
2/01/33
.............................
1,000,000
1,195,710
Revenue,
2014B,
Pre-Refunded,
5%,
2/01/39
.............................
5,000,000
5,978,550
Revenue,
2019
A,
Refunding,
4%,
2/01/45
...............................
5,000,000
5,899,100
Revenue,
2020A,
Refunding,
5%,
2/01/31
...............................
750,000
1,009,912
Greater
New
Orleans
Expressway
Commission
,
Revenue
,
2017
,
AGMC
Insured
,
5
%
,
11/01/47
........................................................
4,000,000
4,654,400
Jefferson
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2011A
,
Pre-Refunded
,
6
%
,
1/01/39
.........................................................
3,105,000
3,119,500
Jefferson
Sales
Tax
District
,
Revenue,
2017
B,
AGMC
Insured,
5%,
12/01/42
...........................
2,250,000
2,720,430
Revenue,
2019
B,
AGMC
Insured,
4%,
12/01/42
...........................
5,000,000
5,862,000
Kenner
Consolidated
Sewerage
District
,
Revenue
,
2011
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
11/01/36
..............................................
4,000,000
4,172,200
Lafayette
Consolidated
Government
,
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/28
...................
1,345,000
1,602,527
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/31
...................
2,400,000
2,831,568
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
91
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Lafayette
Parish
School
Board
,
Revenue
,
2018
,
Pre-Refunded
,
5
%
,
4/01/48
.......
$
6,000,000
$
7,753,980
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Cowboy
Facilities,
Inc.,
Revenue,
2011,
AGMC
Insured,
5%,
3/01/36
...........
1,800,000
1,890,486
East
Ascension
Parish
Gravity
Drainage
District
No.
1,
Revenue,
2015,
Refunding,
BAM
Insured,
5%,
12/01/40
........................................
2,925,000
3,463,551
East
Baton
Rouge
Sewerage
Commission,
Revenue,
Sub.
Lien,
2013A,
Pre-
Refunded,
5%,
2/01/43
............................................
3,000,000
3,310,080
East
Baton
Rouge
Sewerage
Commission,
Revenue,
Sub.
Lien,
2014A,
Pre-
Refunded,
5%,
2/01/34
............................................
2,550,000
2,928,854
Innovative
Student
Facilities,
Inc.,
Revenue,
2016
A,
AGMC
Insured,
4%,
10/01/33
.
800,000
898,576
Innovative
Student
Facilities,
Inc.,
Revenue,
2016
A,
AGMC
Insured,
4%,
10/01/34
.
620,000
695,404
a,b
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020A,
Refunding,
4.25%,
12/01/50
........................................
8,000,000
8,015,120
Louisiana
Community
&
Technical
College
System,
Revenue,
2014,
5%,
10/01/32
.
3,000,000
3,383,790
Louisiana
Community
&
Technical
College
System,
Revenue,
2014,
5%,
10/01/33
.
5,000,000
5,627,850
Ragin
Cajun
Facilities,
Inc.,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
10/01/39
.......................................................
2,680,000
3,228,087
University
of
Louisiana
at
Lafayette,
Revenue,
2018,
AGMC
Insured,
5%,
10/01/48
3,500,000
4,095,035
University
of
Louisiana
System,
Revenue,
2019,
Refunding,
AGMC
Insured,
4%,
8/01/34
........................................................
1,000,000
1,167,170
Woman's
Hospital
Foundation,
Revenue,
2017
A,
Refunding,
5%,
10/01/44
......
5,000,000
5,912,450
Louisiana
Public
Facilities
Authority
,
CHRISTUS
Health
Obligated
Group,
Revenue,
2018
E,
5%,
7/01/48
...........
5,000,000
6,055,100
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group,
Revenue,
2015A,
Pre-Refunded,
5%,
7/01/35
...................................
35,000
42,265
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group,
Revenue,
2015A,
Refunding,
5%,
7/01/35
......................................
4,965,000
5,666,604
Louisiana
Children's
Medical
Center
Obligated
Group,
Revenue,
2015
A1,
5%,
6/01/45
........................................................
10,000,000
12,049,700
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/46
..............................................
6,500,000
7,287,410
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2017,
5%,
7/01/52
................................................
2,310,000
2,626,817
Loyola
University
New
Orleans,
Revenue,
2011,
5%,
10/01/41
................
5,000,000
5,067,150
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2002B,
ETM,
5.75%,
5/15/23
2,500,000
2,828,750
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2011,
Pre-Refunded,
6.75%,
5/15/41
........................................................
5,000,000
5,147,900
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/34
........................................................
30,000
37,216
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/47
........................................................
20,000
24,811
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/46
10,000,000
11,834,700
b
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.5%,
1/01/50
.
2,000,000
2,130,780
c
Roman
Catholic
Church
of
the
Archdiocese
of
New
Orleans,
Revenue,
2017,
Refunding,
5%,
7/01/37
............................................
3,750,000
2,962,500
Tulane
University,
Revenue,
2013B,
5%,
10/01/37
.........................
5,540,000
5,988,906
Tulane
University,
Revenue,
2016
A,
Refunding,
5%,
12/15/41
................
3,000,000
3,565,500
Tulane
University,
Revenue,
2017A,
Refunding,
4%,
12/15/50
................
2,000,000
2,204,080
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/45
.................
1,000,000
1,239,490
Louisiana
Stadium
&
Exposition
District
,
Revenue
,
2020
,
5
%
,
7/03/23
............
1,150,000
1,243,369
Louisiana
State
Transportation
Authority
,
Revenue
,
2013A
,
Refunding
,
5
%
,
8/15/38
..
4,500,000
5,002,740
Louisiana
State
University
&
Agricultural
&
Mechanical
College
,
Revenue,
2013,
Pre-Refunded,
5%,
7/01/37
..............................
4,000,000
4,487,320
Revenue,
2014,
Refunding,
5%,
7/01/29
.................................
1,000,000
1,129,480
Revenue,
2014,
Refunding,
5%,
7/01/30
.................................
1,040,000
1,171,477
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
92
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
State
University
&
Agricultural
&
Mechanical
College,
(continued)
Revenue,
2014,
Refunding,
5%,
7/01/34
.................................
$
1,000,000
$
1,117,180
Revenue,
2016
A,
Refunding,
5%,
7/01/40
...............................
4,500,000
5,225,220
Natchitoches
Parish
School
District
No.
9
,
GO
,
2018
,
AGMC
Insured
,
5
%
,
3/01/38
...
1,440,000
1,814,832
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017A
,
5
%
,
1/01/48
........................................
10,000,000
11,726,000
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
Revenue,
2019,
4%,
8/01/44
.........................................
2,055,000
2,467,295
Revenue,
2019,
5%,
8/01/48
.........................................
2,500,000
3,175,050
Port
New
Orleans
Board
of
Commissioners
,
Revenue,
2018
A,
AGMC
Insured,
5%,
4/01/48
............................
2,750,000
3,285,508
Revenue,
2018
B,
Refunding,
AGMC
Insured,
5%,
4/01/43
...................
2,000,000
2,400,380
Revenue,
2020
D,
5%,
4/01/50
........................................
4,000,000
4,905,160
St.
Charles
Parish
School
Board
,
Revenue
,
2019
,
4
%
,
8/01/38
.................
805,000
966,427
St.
Tammany
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/48
.........................................................
5,000,000
5,956,400
State
of
Louisiana
,
GO,
2014-C,
Refunding,
5%,
8/01/27
...................................
7,200,000
8,374,104
GO,
2016
A,
5%,
9/01/36
............................................
5,000,000
6,049,400
GO,
2019-A,
5%,
3/01/37
............................................
3,000,000
3,865,530
Revenue,
2013,
5%,
9/01/33
.........................................
5,860,000
6,419,513
Revenue,
2013A,
5%,
6/15/30
........................................
2,860,000
3,180,320
Revenue,
2014A,
5%,
6/15/32
........................................
9,850,000
11,311,247
Revenue,
2019A,
5%,
9/01/30
........................................
2,000,000
2,603,540
Revenue,
2019A,
5%,
9/01/31
........................................
4,750,000
6,159,990
Gasoline
&
Fuels
Tax,
Revenue,
First
Lien,
2015
A,
Refunding,
5%,
5/01/41
......
3,000,000
3,513,660
Gasoline
&
Fuels
Tax,
Revenue,
Second
Lien,
2017
C,
Refunding,
5%,
5/01/40
...
5,000,000
6,078,200
Gasoline
&
Fuels
Tax,
Revenue,
Second
Lien,
2017
C,
Refunding,
5%,
5/01/45
...
10,000,000
11,988,400
Gasoline
&
Fuels
Tax,
Revenue,
Second
Lien,
C-1,
Pre-Refunded,
5%,
5/01/43
...
5,000,000
5,576,350
Terrebonne
Levee
&
Conservation
District
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
6/01/41
1,000,000
1,152,920
Terrebonne
Parish
Consolidated
Government
,
a
Revenue,
2020
A,
4%,
3/01/41
........................................
2,660,000
3,130,395
Revenue,
ST-2011,
Pre-Refunded,
AGMC
Insured,
5%,
4/01/32
...............
2,265,000
2,301,285
West
Feliciana
Parish
Parishwide
Consolidated
School
District
No.
1
,
GO
,
2020
,
4
%
,
3/01/50
.........................................................
3,000,000
3,479,340
386,430,484
U.S.
Territories
0.2%
Puerto
Rico
0.2%
c
Puerto
Rico
Electric
Power
Authority,
Revenue,
WW-RSA-1,
5.25%,
7/01/33
.......
855,000
643,387
Total
Municipal
Bonds
(Cost
$360,382,358)
.....................................
387,073,871
a
a
a
a
a
Total
Investments
(Cost
$360,382,358)
100.6%
..................................
$387,073,871
Other
Assets,
less
Liabilities
(0.6)%
...........................................
(2,425,896)
Net
Assets
100.0%
...........................................................
$384,647,975
a
Security
purchased
on
a
when-issued
basis.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
93
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
November
30,
2020,
the
aggregate
value
of
these
securities
was
$10,145,900,
representing
2.6%
of
net
assets.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Maryland
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
94
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
99.6%
Maryland
96.9%
City
of
Annapolis
,
GO
,
2011
,
Pre-Refunded
,
5
%
,
8/01/31
......................
$
1,250,000
$
1,290,212
City
of
Baltimore
,
a
Revenue,
2020
A,
4%,
7/01/45
........................................
4,500,000
5,424,435
a
Revenue,
2020
A,
5%,
7/01/50
........................................
4,690,000
6,088,323
Wastewater
Utility
Fund,
Revenue,
2011A,
5%,
7/01/41
.....................
14,435,000
14,841,923
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/46
.....................
5,000,000
5,977,750
Water
Utility
Fund,
Revenue,
2011A,
5%,
7/01/41
..........................
7,845,000
8,066,151
Water
Utility
Fund,
Revenue,
2013A,
5%,
7/01/38
..........................
8,930,000
10,236,816
Water
Utility
Fund,
Revenue,
2013B,
Refunding,
5%,
7/01/38
.................
5,000,000
5,731,700
County
of
Anne
Arundel
,
GO,
2011,
5%,
4/01/41
..............................................
12,620,000
12,792,389
GO,
2013,
5%,
4/01/33
.............................................
3,140,000
3,452,367
GO,
2019,
5%,
10/01/46
.............................................
2,140,000
2,770,808
b
Glenview
Housing
LP,
Revenue,
2009,
Mandatory
Put,
5%,
1/01/27
............
1,890,000
1,933,678
County
of
Baltimore
,
GO,
5%,
2/01/39
..................................................
2,900,000
3,479,623
GO,
5%,
2/01/41
..................................................
2,900,000
3,469,241
County
of
Montgomery
,
GO,
2016
A,
4%,
12/01/33
...........................................
7,000,000
7,807,660
Revenue,
2011A,
5%,
4/01/27
........................................
1,625,000
1,650,269
Revenue,
2011A,
5%,
4/01/28
........................................
2,230,000
2,264,208
Revenue,
2011A,
5%,
4/01/30
........................................
1,935,000
1,963,716
Revenue,
2011A,
5%,
4/01/31
........................................
2,470,000
2,506,062
Water
Quality
Protection
Charge,
Revenue,
2012A,
5%,
4/01/30
...............
1,855,000
1,861,715
Water
Quality
Protection
Charge,
Revenue,
2012A,
5%,
4/01/31
...............
1,240,000
1,244,414
County
of
Prince
George's
,
COP,
2011,
5%,
10/01/30
............................................
2,060,000
2,067,457
GO,
2018
A,
4%,
7/15/35
............................................
11,405,000
13,773,477
GO,
2020
A,
5%,
7/15/40
............................................
900,000
1,151,307
Howard
County
Housing
Commission
,
Revenue,
2013,
5%,
10/01/28
........................................
10,000,000
11,045,900
Revenue,
2016,
4%,
6/01/46
.........................................
2,000,000
2,168,200
Revenue,
2017,
5%,
12/01/46
........................................
5,000,000
5,844,700
Maryland
Community
Development
Administration
,
Housing,
Revenue,
2019
D,
3%,
7/01/39
................................
1,500,000
1,611,900
Housing,
Revenue,
2019
D,
3.2%,
7/01/44
...............................
1,000,000
1,082,980
Maryland
Community
Development
Administration
Local
Government
Infrastructure
,
Revenue,
2014
A-2,
5%,
6/01/34
......................................
3,500,000
3,860,710
Revenue,
2017
A-1,
4%,
6/01/47
......................................
2,300,000
2,547,940
Revenue,
2018A-1,
5%,
6/01/48
.......................................
1,310,000
1,614,090
Revenue,
Senior
Lien,
2019
B-1,
4%,
6/01/49
.............................
3,000,000
3,482,640
Maryland
Economic
Development
Corp.
,
Revenue,
2012,
Refunding,
5%,
7/01/27
.................................
1,500,000
1,563,690
Revenue,
2012,
Refunding,
5%,
7/01/33
.................................
2,495,000
2,581,277
Revenue,
2016,
Refunding,
AGMC
Insured,
5%,
6/01/35
....................
4,225,000
4,900,789
Revenue,
2016,
Refunding,
AGMC
Insured,
5%,
6/01/43
....................
3,305,000
3,778,078
Revenue,
Senior
Lien,
2012,
Refunding,
5%,
7/01/27
.......................
4,750,000
4,951,685
Revenue,
Senior
Lien,
2012,
Refunding,
5%,
7/01/34
.......................
2,150,000
2,222,562
Revenue,
Senior
Lien,
2013,
Refunding,
5%,
10/01/33
......................
5,000,000
5,298,950
University
Park
Phase
I
&
II
at
Salisbury
University,
Revenue,
2013,
Refunding,
5%,
6/01/34
........................................................
2,040,000
2,130,454
West
Village
&
Millennium
Hall
Student
Housing
at
Towson
University,
Revenue,
Senior
Lien,
2012,
5%,
7/01/27
......................................
1,145,000
1,156,908
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group,
Revenue,
2016
A,
5.5%,
1/01/46
.........
9,750,000
11,110,222
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
95
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Maryland
Health
&
Higher
Educational
Facilities
Authority,
(continued)
Charlestown
Community,
Inc.,
Revenue,
2016
A,
Refunding,
5%,
1/01/45
........
$
4,170,000
$
4,656,806
Goucher
College,
Revenue,
2012A,
5%,
7/01/34
..........................
1,500,000
1,558,485
Goucher
College,
Revenue,
2017
A,
Refunding,
5%,
7/01/44
.................
7,470,000
8,433,854
Johns
Hopkins
Health
System
Obligated
Group,
Revenue,
2015A,
Refunding,
5%,
5/15/37
........................................................
10,000,000
11,686,900
Johns
Hopkins
Medical
Institutional
Parking
System,
Revenue,
2001,
AMBAC
Insured,
5%,
7/01/27
..............................................
655,000
661,249
Johns
Hopkins
Medical
Institutional
Parking
System,
Revenue,
2004,
AMBAC
Insured,
5%,
7/01/34
..............................................
5,000,000
5,048,100
Johns
Hopkins
Medical
Institutional
Parking
System,
Revenue,
2004
B,
AMBAC
Insured,
5%,
7/01/38
..............................................
6,200,000
6,206,634
Johns
Hopkins
University,
Revenue,
2012A,
Pre-Refunded,
5%,
7/01/37
........
5,000,000
5,376,050
Johns
Hopkins
University,
Revenue,
2012A,
Pre-Refunded,
5%,
7/01/41
........
15,000,000
16,128,150
Johns
Hopkins
University,
Revenue,
2013
B,
5%,
7/01/38
....................
5,000,000
5,468,700
LifeBridge
Health
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
7/01/47
.....
4,000,000
4,613,360
LifeBridge
Health
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
7/01/44
.....
2,000,000
2,367,360
Loyola
University
Maryland,
Inc.,
Revenue,
2012A,
Pre-Refunded,
5%,
10/01/39
..
5,275,000
5,728,228
Loyola
University
Maryland,
Inc.,
Revenue,
2014,
Refunding,
5%,
10/01/45
......
2,250,000
2,495,182
Loyola
University
Maryland,
Inc.,
Revenue,
2019
A,
Refunding,
5%,
10/01/49
.....
2,000,000
2,439,420
Luminis
Health
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
7/01/39
.......
10,000,000
11,127,700
Maryland
Institute
College
of
Art,
Revenue,
2012,
5%,
6/01/29
................
1,000,000
1,049,510
Maryland
Institute
College
of
Art,
Revenue,
2016,
Refunding,
4%,
6/01/42
.......
5,325,000
5,590,930
MedStar
Health
Obligated
Group,
Revenue,
1997,
AMBAC
Insured,
ETM,
5%,
7/01/27
........................................................
8,930,000
10,456,762
MedStar
Health
Obligated
Group,
Revenue,
2013A,
5%,
8/15/38
..............
5,000,000
5,520,300
MedStar
Health
Obligated
Group,
Revenue,
2017
A,
5%,
5/15/45
..............
5,000,000
5,924,850
Meritus
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
7/01/45
.
8,535,000
9,586,427
Peninsula
Regional
Health
System
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
7/01/45
........................................................
6,330,000
6,962,051
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017
MD,
5%,
12/01/46
........
1,680,000
2,017,831
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
7/01/35
....................................................
2,100,000
2,447,067
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
7/01/39
............................................
10,000,000
12,061,800
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
D,
4%,
7/01/48
........................................................
5,000,000
5,538,000
Maryland
Industrial
Development
Financing
Authority
,
McDonogh
School,
Inc.,
Revenue,
2019,
Refunding,
4%,
9/01/43
..............
1,100,000
1,277,683
McDonogh
School,
Inc.,
Revenue,
2019,
Refunding,
4%,
9/01/48
..............
610,000
702,586
Maryland
Stadium
Authority
,
Baltimore
City
Public
School
Construction
Financing
Fund,
Revenue,
2016,
Pre-
Refunded,
5%,
5/01/46
............................................
10,085,000
12,646,993
Baltimore
City
Public
School
Construction
Financing
Fund,
Revenue,
2020
A,
5%,
5/01/50
........................................................
4,225,000
6,481,573
Maryland
State
Transportation
Authority
,
Revenue,
2020,
4%,
7/01/45
.........................................
3,000,000
3,581,130
Revenue,
2020,
4%,
7/01/50
.........................................
5,000,000
5,922,200
State
of
Maryland
,
GO,
2020A,
5%,
8/01/35
............................................
5,000,000
6,833,550
Department
of
Transportation,
Revenue,
2020,
5%,
10/01/33
.................
3,000,000
4,122,060
Washington
Suburban
Sanitary
Commission
,
Revenue,
Second
Series,
2016,
5%,
6/01/37
.............................
5,000,000
6,085,550
Revenue,
Second
Series,
2016,
4%,
6/01/43
.............................
8,070,000
9,144,601
412,749,008
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
96
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
2.7%
District
of
Columbia
2.3%
Washington
Metropolitan
Area
Transit
Authority
,
Revenue,
2017B,
5%,
7/01/42
........................................
$
5,000,000
$
6,057,550
Revenue,
2020A,
5%,
7/15/45
........................................
3,000,000
3,886,860
9,944,410
Puerto
Rico
0.4%
c
Puerto
Rico
Electric
Power
Authority,
Revenue,
WW-RSA-1,
5.5%,
7/01/38
........
1,975,000
1,491,125
Total
U.S.
Territories
....................................................................
11,435,535
Total
Municipal
Bonds
(Cost
$397,775,797)
.....................................
424,184,543
a
a
a
a
Short
Term
Investments
1.7%
Municipal
Bonds
1.7%
Maryland
1.7%
d
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.13
%
,
11/01/37
........................................................
2,000,000
2,000,000
d
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2008D
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.09
%
,
7/01/41
.............................................
5,300,000
5,300,000
7,300,000
Total
Municipal
Bonds
(Cost
$7,300,000)
.......................................
7,300,000
Total
Short
Term
Investments
(Cost
$7,300,000
)
.................................
7,300,000
a
Total
Investments
(Cost
$405,075,797)
101.3%
..................................
$431,484,543
Other
Assets,
less
Liabilities
(1.3)%
...........................................
(5,613,096)
Net
Assets
100.0%
...........................................................
$425,871,447
a
Security
purchased
on
a
when-issued
basis.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Massachusetts
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
97
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.9%
Massachusetts
97.9%
Acton
&
Boxborough
Regional
School
District
,
GO,
5%,
3/01/33
..................................................
$
2,095,000
$
2,767,474
GO,
3%,
3/01/34
..................................................
1,485,000
1,705,507
GO,
3%,
3/01/35
..................................................
2,130,000
2,432,226
Boston
Water
&
Sewer
Commission,
Revenue,
Senior
Lien,
2014A,
4%,
11/01/28
...
4,400,000
4,987,444
City
of
Lowell
,
GO,
2020,
Refunding,
4%,
9/01/31
.....................................
2,000,000
2,498,060
GO,
2020,
Refunding,
4%,
9/01/33
.....................................
2,025,000
2,492,208
GO,
2020,
Refunding,
3%,
9/01/34
.....................................
1,000,000
1,128,510
City
of
Quincy,
GO,
2014,
4%,
6/01/32
....................................
2,565,000
2,829,939
City
of
Waltham,
GO,
3%,
10/15/31
......................................
3,500,000
4,087,650
City
of
Worcester
,
GO,
2013,
3.25%,
11/01/25
..........................................
3,370,000
3,454,149
GO,
2013,
3.5%,
11/01/26
...........................................
3,000,000
3,081,510
GO,
2020
A,
3%,
2/01/42
............................................
1,685,000
1,823,220
Commonwealth
of
Massachusetts
,
GO,
2018A,
5%,
1/01/47
............................................
5,000,000
6,183,700
GO,
A,
5.25%,
4/01/42
..............................................
5,000,000
6,237,250
GO,
F,
4%,
11/01/29
................................................
6,000,000
6,425,340
Revenue,
2005,
Refunding,
AGMC,
NATL
Insured,
5.5%,
1/01/34
..............
11,900,000
16,772,812
Transportation
Fund,
Revenue,
2012A,
Pre-Refunded,
4%,
6/01/31
............
3,000,000
3,057,840
Transportation
Fund,
Revenue,
2016B,
4%,
6/01/45
........................
7,175,000
8,002,493
Transportation
Fund,
Revenue,
2017A,
5%,
6/01/47
........................
5,000,000
6,112,750
Transportation
Fund,
Revenue,
2018
A,
5%,
6/01/48
.......................
5,000,000
6,220,350
Transportation
Fund,
Revenue,
2019A,
5%,
6/01/49
........................
1,925,000
2,450,525
Massachusetts
Bay
Transportation
Authority
,
Revenue,
2020
B-1,
Refunding,
5%,
7/01/50
.............................
5,000,000
6,162,250
Revenue,
A,
5%,
7/01/40
............................................
5,000,000
5,878,800
Revenue,
A-1,
Refunding,
5.25%,
7/01/30
...............................
4,000,000
5,607,320
Revenue,
Senior
Lien,
B,
Refunding,
5%,
7/01/33
..........................
2,500,000
2,970,950
Massachusetts
Clean
Water
Trust
(The)
,
Revenue,
1999A,
5.75%,
8/01/29
......................................
250,000
251,083
Revenue,
2000-6,
5.5%,
8/01/30
......................................
195,000
195,790
Revenue,
2020,
Refunding,
3%,
8/01/38
.................................
1,580,000
1,783,236
Revenue,
2020,
Refunding,
3%,
8/01/39
.................................
1,605,000
1,807,021
Revenue,
2020,
Refunding,
3%,
8/01/40
.................................
1,635,000
1,835,794
Revenue,
7,
5.125%,
2/01/31
.........................................
260,000
260,967
Massachusetts
Development
Finance
Agency
,
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2015
F,
Refunding,
5%,
8/15/32
2,975,000
3,508,894
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2015
F,
Refunding,
5%,
8/15/34
5,000,000
5,866,000
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2016
I,
Refunding,
5%,
7/01/34
1,500,000
1,804,260
Brandeis
University,
Revenue,
2019
S-1,
Refunding,
5%,
10/01/38
.............
2,410,000
3,023,851
Broad
Institute,
Inc.
(The),
Revenue,
2011A,
Pre-Refunded,
5.375%,
4/01/41
.....
15,000,000
15,261,450
Broad
Institute,
Inc.
(The),
Revenue,
2017,
Refunding,
4%,
4/01/41
............
5,000,000
5,725,100
Dana-Farber
Cancer
Institute
Obligated
Group,
Revenue,
2016N,
5%,
12/01/46
...
6,890,000
8,054,341
Northeastern
University,
Revenue,
2014A,
5%,
3/01/44
.....................
5,000,000
5,530,150
Partners
Healthcare
System,
Inc.,
Revenue,
2012L,
Pre-Refunded,
5%,
7/01/41
...
5,000,000
5,140,950
Partners
Healthcare
System,
Inc.,
Revenue,
2016Q,
Refunding,
5%,
7/01/34
.....
5,000,000
6,011,200
Partners
Healthcare
System,
Inc.,
Revenue,
2017
S-1,
Refunding,
5%,
7/01/33
...
1,880,000
2,348,646
Partners
Healthcare
System,
Inc.,
Revenue,
2017
S-1,
Refunding,
4%,
7/01/41
...
7,500,000
8,576,025
Partners
Healthcare
System,
Inc.,
Revenue,
2020A-2,
Refunding,
4%,
7/01/41
....
1,000,000
1,175,270
President
&
Trustees
of
Williams
College,
Revenue,
2017S,
4%,
7/01/46
........
9,550,000
10,892,348
President
and
Fellows
of
Harvard
College,
Revenue,
2016
A,
Refunding,
5%,
7/15/33
5,000,000
6,212,250
President
and
Fellows
of
Harvard
College,
Revenue,
2016
A,
Refunding,
5%,
7/15/40
1,000,000
1,529,060
President
and
Fellows
of
Harvard
College,
Revenue,
2020
A,
Refunding,
5%,
10/15/30
.......................................................
1,250,000
1,759,063
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
98
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
(continued)
Sterling
and
Francine
Clark
Art
Institute,
Revenue,
2011,
Pre-Refunded,
5%,
7/01/41
$
12,900,000
$
13,263,651
Trustees
of
Boston
College,
Revenue,
2017T,
Refunding,
5%,
7/01/42
..........
3,750,000
4,545,750
Trustees
of
Boston
University,
Revenue,
BB-1,
4%,
10/01/46
.................
5,000,000
5,506,000
Wellesley
College,
Revenue,
2018
L,
Refunding,
4%,
7/01/44
.................
6,160,000
7,170,178
Woods
Hole
Oceanographic
Institution,
Revenue,
2018,
Refunding,
5%,
6/01/35
..
1,200,000
1,515,204
Woods
Hole
Oceanographic
Institution,
Revenue,
2018,
Refunding,
5%,
6/01/36
..
1,000,000
1,258,880
Worcester
Polytechnic
Institute,
Revenue,
2012,
4%,
9/01/49
.................
4,825,000
4,966,083
Worcester
Polytechnic
Institute,
Revenue,
2017,
Refunding,
5%,
9/01/42
........
1,090,000
1,297,928
Worcester
Polytechnic
Institute,
Revenue,
2019,
4%,
9/01/44
.................
1,350,000
1,514,633
Massachusetts
Educational
Financing
Authority
,
Revenue,
2009
I,
6%,
1/01/28
........................................
1,350,000
1,375,002
Revenue,
2010A,
5.5%,
1/01/22
.......................................
3,000,000
3,009,660
Massachusetts
Health
&
Educational
Facilities
Authority
,
Southcoast
Hospitals
Group,
Inc.,
Revenue,
2009D,
5%,
7/01/39
..............
5,500,000
5,518,975
Trustees
of
Boston
College,
Revenue,
M2,
5.5%,
6/01/35
....................
8,600,000
12,703,920
Massachusetts
Housing
Finance
Agency
,
Revenue,
159,
FNMA
Insured,
4.05%,
12/01/32
...........................
950,000
971,774
Revenue,
162,
GNMA
Insured,
3.15%,
12/01/32
...........................
10,905,000
11,142,402
Revenue,
1979
A,
ETM,
7%,
4/01/21
...................................
215,000
219,659
Revenue,
2009C,
Refunding,
5.125%,
12/01/39
...........................
1,045,000
1,046,547
Revenue,
2009C,
Refunding,
5.35%,
12/01/49
............................
2,770,000
2,774,210
Revenue,
2012F,
3.15%,
12/01/32
.....................................
105,000
105,983
Revenue,
2012F,
3.45%,
12/01/37
.....................................
45,000
45,493
Revenue,
214,
GNMA
Insured,
2.55%,
12/01/34
...........................
1,000,000
1,059,090
Revenue,
214,
GNMA
Insured,
2.8%,
12/01/39
............................
4,000,000
4,236,680
Revenue,
A,
3.25%,
12/01/27
.........................................
4,000,000
4,170,160
Revenue,
A,
3.5%,
12/01/31
..........................................
5,805,000
6,019,321
Massachusetts
Port
Authority
,
Revenue,
2019-B,
5%,
7/01/44
........................................
5,000,000
6,332,100
Revenue,
2019-B,
5%,
7/01/49
........................................
5,000,000
6,285,400
Massachusetts
School
Building
Authority
,
Revenue,
2018
B,
5.25%,
2/15/48
.....................................
2,315,000
2,920,766
Revenue,
2019A,
5%,
2/15/44
........................................
1,000,000
1,269,900
Revenue,
2020
A,
4%,
8/15/45
........................................
8,000,000
9,643,760
Revenue,
Senior
Lien,
2011B,
Pre-Refunded,
5%,
10/15/41
..................
10,000,000
10,419,400
Revenue,
Senior
Lien,
2016C,
Refunding,
5%,
11/15/34
.....................
5,000,000
6,219,650
Massachusetts
State
College
Building
Authority
,
Revenue,
2003
B,
Refunding,
AGMC
Insured,
5.5%,
5/01/39
.................
5,000,000
7,784,250
Revenue,
2017
D,
Refunding,
4%,
5/01/38
...............................
4,350,000
5,079,843
Massachusetts
Transportation
Trust
Fund
,
Metropolitan
Highway
System,
Revenue,
2019
B-1,
Refunding,
5%,
1/01/37
......
1,015,000
1,309,979
Metropolitan
Highway
System,
Revenue,
Senior
Lien,
2019
A,
Refunding,
5%,
1/01/37
........................................................
2,750,000
3,488,650
Massachusetts
Water
Resources
Authority
,
Revenue,
2016C,
Refunding,
5%,
8/01/40
...............................
5,000,000
6,116,550
Revenue,
2018
B,
5%,
8/01/43
........................................
4,000,000
5,068,120
Revenue,
2020
B,
5%,
8/01/36
........................................
1,500,000
2,032,530
Revenue,
B,
Refunding,
AGMC
Insured,
5.25%,
8/01/28
.....................
5,490,000
7,403,759
Revenue,
B,
5%,
8/01/40
............................................
1,140,000
1,419,790
Revenue,
B,
5%,
8/01/42
............................................
3,145,000
3,898,228
Metropolitan
Boston
Transit
Parking
Corp.
,
Revenue,
2011,
5.25%,
7/01/36
.......................................
5,585,000
5,730,266
Revenue,
2011,
5%,
7/01/41
.........................................
7,500,000
7,676,250
Springfield
Water
&
Sewer
Commission,
Revenue,
2017C,
5%,
4/15/37
...........
1,260,000
1,548,061
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
99
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Town
of
Belmont
,
GO,
2019,
4%,
3/15/45
.............................................
$
3,020,000
$
3,518,481
GO,
2020,
3%,
6/01/33
.............................................
2,695,000
3,123,882
Town
of
Braintree
,
GO,
Refunding,
5%,
5/15/27
.........................................
2,000,000
2,579,880
GO,
2019,
3%,
6/01/35
.............................................
1,765,000
1,985,378
Town
of
Natick,
GO,
2018,
4%,
7/15/35
...................................
4,970,000
5,875,186
Town
of
Plymouth,
GO,
2017,
4%,
5/01/47
.................................
5,000,000
5,669,050
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien,
1,
Pre-Refunded,
5%,
11/01/44
......................
4,000,000
4,730,960
Revenue,
Senior
Lien,
2017-1,
5.25%,
11/01/42
...........................
5,000,000
6,282,000
Revenue,
Senior
Lien,
2019-1,
Refunding,
5%,
5/01/39
.....................
5,000,000
6,445,400
451,217,678
U.S.
Territories
0.0%
†
Puerto
Rico
0.0%
†
Puerto
Rico
Highway
&
Transportation
Authority,
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.............................................
250,000
297,810
Total
Municipal
Bonds
(Cost
$415,941,744)
.....................................
451,515,488
a
a
a
a
Short
Term
Investments
0.5%
Municipal
Bonds
0.5%
Massachusetts
0.5%
a
Massachusetts
Health
&
Educational
Facilities
Authority
,
President
and
Fellows
of
Harvard
College
,
Revenue
,
R
,
Daily
VRDN
and
Put
,
0.06
%
,
11/01/49
...........
2,300,000
2,300,000
Total
Municipal
Bonds
(Cost
$2,300,000)
.......................................
2,300,000
Total
Short
Term
Investments
(Cost
$2,300,000
)
.................................
2,300,000
a
Total
Investments
(Cost
$418,241,744)
98.4%
...................................
$453,815,488
Other
Assets,
less
Liabilities
1.6%
.............................................
7,161,560
Net
Assets
100.0%
...........................................................
$460,977,048
†
Rounds
to
less
than
0.1%
of
net
assets.
a
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Michigan
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
100
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.6%
Michigan
98.3%
Ann
Arbor
School
District
,
GO,
2015,
Refunding,
5%,
5/01/28
.....................................
$
1,000,000
$
1,192,900
GO,
2015,
Refunding,
5%,
5/01/29
.....................................
1,235,000
1,470,848
Byron
Center
Public
Schools
,
GO,
2017
I,
5%,
5/01/34
.............................................
1,000,000
1,239,170
GO,
2017
I,
5%,
5/01/35
.............................................
1,920,000
2,373,600
GO,
2017
I,
5%,
5/01/36
.............................................
650,000
801,905
GO,
2017
I,
5%,
5/01/37
.............................................
1,480,000
1,821,495
GO,
2017
I,
5%,
5/01/38
.............................................
1,330,000
1,632,628
GO,
2017
I,
5%,
5/01/39
.............................................
2,290,000
2,801,357
GO,
2017
I,
5%,
5/01/43
.............................................
2,250,000
2,718,000
GO,
2017
I,
5%,
5/01/47
.............................................
4,140,000
4,971,602
Caledonia
Community
Schools
,
GO
,
2015
,
Refunding
,
5
%
,
5/01/26
..............
1,000,000
1,240,790
Central
Michigan
University
,
Revenue,
2014,
Refunding,
5%,
10/01/30
................................
1,910,000
2,175,853
Revenue,
2014,
Refunding,
5%,
10/01/31
................................
1,055,000
1,200,263
Revenue,
2014,
Refunding,
5%,
10/01/34
................................
1,600,000
1,812,576
Revenue,
2014,
Refunding,
5%,
10/01/39
................................
2,000,000
2,254,520
Charter
Township
of
Bloomfield
,
GO,
2016,
Refunding,
5%,
5/01/29
.....................................
470,000
587,166
GO,
2016,
Refunding,
5%,
5/01/32
.....................................
1,000,000
1,237,770
Charter
Township
of
Commerce
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/38
............
3,250,000
3,905,005
Chippewa
Valley
Schools
,
GO,
2013,
Pre-Refunded,
5%,
5/01/28
..................................
6,075,000
6,775,265
GO,
2013,
Pre-Refunded,
5%,
5/01/29
..................................
6,425,000
7,165,610
GO,
2013,
Pre-Refunded,
5%,
5/01/30
..................................
6,420,000
7,160,034
GO,
2013,
Pre-Refunded,
5%,
5/01/31
..................................
3,000,000
3,345,810
GO,
2013,
Pre-Refunded,
5%,
5/01/32
..................................
6,590,000
7,349,629
City
of
Battle
Creek
,
Water
&
Wastewater
System
,
Revenue
,
2016
A
,
5
%
,
6/01/36
...
1,300,000
1,576,107
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2012A,
Pre-Refunded,
AGMC
Insured,
5%,
7/01/39
.......................
5,000,000
5,380,200
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
Second
Lien,
2003-B,
Refunding,
NATL
Insured,
5%,
7/01/34
................................
25,000
25,094
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
Senior
Lien,
06A,
Refunding,
AGMC
Insured,
5%,
7/01/34
...............................
30,000
30,116
City
of
Grand
Rapids
,
Sanitary
Sewer
System,
Revenue,
2014,
Refunding,
5%,
1/01/28
..............
1,560,000
1,774,578
Sanitary
Sewer
System,
Revenue,
2014,
Refunding,
5%,
1/01/29
..............
1,000,000
1,137,550
Sanitary
Sewer
System,
Revenue,
2014,
Refunding,
5%,
1/01/31
..............
2,095,000
2,379,019
Sanitary
Sewer
System,
Revenue,
2014,
Refunding,
5%,
1/01/32
..............
1,175,000
1,332,756
Sanitary
Sewer
System,
Revenue,
2014,
Refunding,
5%,
1/01/33
..............
1,125,000
1,274,929
Sanitary
Sewer
System,
Revenue,
2014,
Refunding,
5%,
1/01/34
..............
1,000,000
1,132,610
Sanitary
Sewer
System,
Revenue,
2014,
Refunding,
5%,
1/01/35
..............
1,500,000
1,696,950
Sanitary
Sewer
System,
Revenue,
2014,
Refunding,
5%,
1/01/39
..............
880,000
994,391
Sanitary
Sewer
System,
Revenue,
2014,
Refunding,
5%,
1/01/44
..............
2,000,000
2,255,400
Sanitary
Sewer
System,
Revenue,
2016,
Refunding,
5%,
1/01/36
..............
1,250,000
1,504,675
Sanitary
Sewer
System,
Revenue,
2016,
Refunding,
5%,
1/01/38
..............
1,000,000
1,198,240
Sanitary
Sewer
System,
Revenue,
2018,
5%,
1/01/37
.......................
1,040,000
1,304,014
Sanitary
Sewer
System,
Revenue,
2018,
5%,
1/01/43
.......................
1,000,000
1,237,440
Sanitary
Sewer
System,
Revenue,
2018,
5%,
1/01/48
.......................
5,000,000
6,139,850
Sanitary
Sewer
System,
Revenue,
2020,
Refunding,
5%,
1/01/45
..............
1,500,000
1,933,065
Sanitary
Sewer
System,
Revenue,
2020,
Refunding,
4%,
1/01/50
..............
3,440,000
4,065,805
Water
Supply
System,
Revenue,
2016,
Refunding,
5%,
1/01/41
...............
2,190,000
2,612,144
Water
Supply
System,
Revenue,
2016,
Refunding,
5%,
1/01/46
...............
2,525,000
2,991,115
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
101
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,
2018,
Refunding,
5%,
1/01/43
...............
$
1,500,000
$
1,856,160
Water
Supply
System,
Revenue,
2018,
Refunding,
5%,
1/01/48
...............
2,000,000
2,455,940
Water
Supply
System,
Revenue,
2020,
5%,
1/01/40
........................
2,240,000
2,927,344
Water
Supply
System,
Revenue,
2020,
5%,
1/01/45
........................
2,425,000
3,125,122
Water
Supply
System,
Revenue,
2020,
5%,
1/01/50
........................
3,000,000
3,839,160
County
of
Kent
,
GO,
2016,
5%,
6/01/32
.............................................
1,305,000
1,620,040
GO,
2016,
5%,
6/01/33
.............................................
1,275,000
1,577,341
County
of
Muskegon
,
GO,
2015,
Refunding,
5%,
11/01/33
....................................
1,360,000
1,639,942
GO,
2015,
Refunding,
5%,
11/01/36
....................................
1,735,000
2,086,546
Detroit
City
School
District
,
GO
,
2001A
,
AGMC
Insured
,
6
%
,
5/01/29
.............
10,000,000
12,715,000
DeWitt
Public
Schools
,
GO,
2017,
5%,
5/01/30
.............................................
500,000
632,150
GO,
2017,
5%,
5/01/33
.............................................
815,000
1,018,530
GO,
2017,
5%,
5/01/34
.............................................
1,000,000
1,246,180
GO,
2017,
5%,
5/01/35
.............................................
1,000,000
1,243,230
GO,
2017,
5%,
5/01/36
.............................................
1,000,000
1,240,680
Downriver
Utility
Wastewater
Authority
,
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/34
....................
510,000
637,378
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/36
....................
1,600,000
1,984,976
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/38
....................
1,500,000
1,848,060
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/43
....................
3,000,000
3,648,390
East
Lansing
School
District
,
GO,
2017
I,
5%,
5/01/35
.............................................
1,500,000
1,865,910
GO,
2017
I,
5%,
5/01/37
.............................................
1,100,000
1,356,113
GO,
2017
I,
5%,
5/01/42
.............................................
3,500,000
4,235,805
Farmington
Public
School
District
,
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/27
.........................
1,000,000
1,192,900
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/28
.........................
2,000,000
2,380,980
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/32
.........................
4,035,000
4,776,512
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/33
.........................
2,900,000
3,426,031
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/34
.........................
3,000,000
3,539,880
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/35
.........................
1,000,000
1,178,050
GO,
2018,
BAM
Insured,
4.5%,
5/01/38
.................................
7,225,000
8,733,797
Grand
Traverse
County
Hospital
Finance
Authority
,
Munson
Healthcare
Obligated
Group,
Revenue,
2014A,
5%,
7/01/44
...........
2,000,000
2,211,680
Munson
Healthcare
Obligated
Group,
Revenue,
2014A,
5%,
7/01/47
...........
2,500,000
2,758,275
Munson
Healthcare
Obligated
Group,
Revenue,
2019A,
5%,
7/01/44
...........
1,110,000
1,342,589
Munson
Healthcare
Obligated
Group,
Revenue,
2019B,
5%,
7/01/39
...........
1,625,000
1,988,383
Grand
Valley
State
University
,
Revenue,
2016
A,
Refunding,
5%,
12/01/32
..............................
4,295,000
5,092,496
Revenue,
2018,
5%,
12/01/38
........................................
900,000
1,112,661
Revenue,
2018,
5%,
12/01/43
........................................
1,800,000
2,199,708
Grandville
Public
Schools
,
GO,
II,
AGMC
Insured,
5%,
5/01/29
....................................
750,000
891,067
GO,
II,
AGMC
Insured,
5%,
5/01/30
....................................
1,000,000
1,185,210
GO,
II,
AGMC
Insured,
5%,
5/01/31
....................................
1,150,000
1,359,691
GO,
II,
AGMC
Insured,
5%,
5/01/32
....................................
1,165,000
1,375,201
GO,
II,
AGMC
Insured,
5%,
5/01/34
....................................
1,315,000
1,546,019
GO,
II,
AGMC
Insured,
5%,
5/01/35
....................................
1,225,000
1,437,305
GO,
II,
AGMC
Insured,
5%,
5/01/37
....................................
2,915,000
3,406,440
GO,
II,
AGMC
Insured,
5%,
5/01/40
....................................
6,215,000
7,219,033
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
102
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Gull
Lake
Community
School
District
,
GO
,
2018
-I
,
5
%
,
5/01/48
.................
$
5,000,000
$
6,102,250
Holly
Area
School
District
,
GO,
2014,
Refunding,
5%,
5/01/30
.....................................
1,045,000
1,202,941
GO,
2014,
Refunding,
5%,
5/01/32
.....................................
1,040,000
1,194,887
Hudsonville
Public
Schools
,
GO,
2017,
Refunding,
5%,
5/01/37
.....................................
1,550,000
1,918,435
GO,
2017,
Refunding,
5%,
5/01/39
.....................................
2,500,000
3,073,775
GO,
2017,
Refunding,
5%,
5/01/41
.....................................
2,500,000
3,044,650
Kelloggsville
Public
Schools
,
GO,
2015,
AGMC
Insured,
5%,
5/01/33
.................................
1,045,000
1,235,043
GO,
2015,
AGMC
Insured,
5%,
5/01/35
.................................
1,150,000
1,350,399
GO,
2015,
AGMC
Insured,
5%,
5/01/38
.................................
3,815,000
4,454,585
Kentwood
Public
Schools
,
GO,
2016,
5%,
5/01/35
.............................................
1,205,000
1,461,376
GO,
2016,
5%,
5/01/36
.............................................
1,205,000
1,457,122
GO,
2016,
5%,
5/01/38
.............................................
1,210,000
1,455,388
GO,
2016,
5%,
5/01/41
.............................................
1,120,000
1,338,030
GO,
2016,
5%,
5/01/44
.............................................
1,800,000
2,141,064
L'Anse
Creuse
Public
Schools
,
GO,
2015,
Refunding,
5%,
5/01/28
.....................................
5,230,000
6,226,263
GO,
2015,
Refunding,
5%,
5/01/30
.....................................
5,560,000
6,592,436
GO,
2015,
Refunding,
5%,
5/01/32
.....................................
5,890,000
6,969,637
GO,
2015,
Refunding,
5%,
5/01/34
.....................................
6,220,000
7,333,380
GO,
2015,
Refunding,
5%,
5/01/35
.....................................
2,840,000
3,341,629
Lansing
Board
of
Water
&
Light
,
Revenue
,
2019
A
,
5
%
,
7/01/48
.................
10,000,000
12,668,200
Lansing
Community
College
,
GO,
2012,
Pre-Refunded,
5%,
5/01/32
..................................
2,310,000
2,465,440
GO,
2012,
Refunding,
5%,
5/01/32
.....................................
690,000
734,257
GO,
2017,
Refunding,
5%,
5/01/32
.....................................
2,000,000
2,554,520
Lansing
School
District
,
GO,
2016
I,
5%,
5/01/37
.............................................
1,490,000
1,807,877
GO,
2016
I,
5%,
5/01/39
.............................................
2,125,000
2,567,127
GO,
2016
I,
5%,
5/01/40
.............................................
2,200,000
2,651,286
Lenawee
County
Hospital
Finance
Authority
,
Promedica
Healthcare
Obligated
Group
,
Revenue
,
2011B
,
Pre-Refunded
,
6
%
,
11/15/35
............................
5,000,000
5,270,950
Livonia
Public
Schools
,
GO,
2013
I,
Pre-Refunded,
AGMC
Insured,
5%,
5/01/36
.....................
5,725,000
6,377,536
GO,
2013
I,
Pre-Refunded,
AGMC
Insured,
5%,
5/01/38
.....................
6,000,000
6,683,880
GO,
2013
I,
Pre-Refunded,
AGMC
Insured,
5%,
5/01/43
.....................
16,850,000
18,770,563
Macomb
Interceptor
Drain
Drainage
District
,
Special
Assessment,
2017
A,
Refunding,
5%,
5/01/34
.......................
2,000,000
2,489,560
Special
Assessment,
2017
A,
Refunding,
5%,
5/01/42
.......................
7,500,000
9,102,225
Mason
County
Central
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
5/01/26
.........
1,100,000
1,316,975
Mattawan
Consolidated
School
District
,
GO,
2015
I,
5%,
5/01/30
.............................................
1,000,000
1,190,490
GO,
2015
I,
5%,
5/01/31
.............................................
1,915,000
2,277,950
GO,
2015
I,
5%,
5/01/32
.............................................
1,110,000
1,318,780
GO,
2015
I,
5%,
5/01/34
.............................................
2,325,000
2,753,381
GO,
2015
I,
5%,
5/01/39
.............................................
3,375,000
3,985,571
Meridian
Public
School
District
,
GO,
2015,
Refunding,
5%,
5/01/27
.....................................
735,000
885,697
GO,
2015,
Refunding,
5%,
5/01/29
.....................................
775,000
930,504
GO,
2015,
Refunding,
5%,
5/01/31
.....................................
1,130,000
1,352,350
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
103
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Finance
Authority
,
Beaumont
Health
Obligated
Group,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
11/01/32
.......................................................
$
10,005,000
$
10,748,972
Beaumont
Health
Obligated
Group,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
11/01/42
.......................................................
12,000,000
12,824,040
Beaumont
Health
Obligated
Group,
Revenue,
2013,
Refunding,
5%,
8/15/28
.....
5,585,000
6,219,623
Beaumont
Health
Obligated
Group,
Revenue,
2013,
Refunding,
5%,
8/15/29
.....
5,865,000
6,513,728
Clean
Water
Revolving
Fund,
Revenue,
2012,
Pre-Refunded,
5%,
10/01/28
......
3,000,000
3,263,550
Clean
Water
Revolving
Fund,
Revenue,
2012,
Pre-Refunded,
5%,
10/01/29
......
3,000,000
3,263,550
Clean
Water
Revolving
Fund,
Revenue,
2012,
Pre-Refunded,
5%,
10/01/32
......
2,000,000
2,175,700
Clean
Water
Revolving
Fund,
Revenue,
2016
B,
Refunding,
4%,
10/01/30
.......
2,750,000
3,249,345
Clean
Water
Revolving
Fund,
Revenue,
2018B,
Refunding,
5%,
10/01/38
........
8,055,000
10,401,019
County
of
Wayne,
Revenue,
Second
Lien,
2020,
Refunding,
4%,
11/01/50
.......
4,000,000
4,668,200
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/32
.......................................................
2,725,000
3,295,915
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/37
.......................................................
4,235,000
5,061,333
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/41
.......................................................
22,015,000
26,005,659
Kalamazoo
College,
Revenue,
2018,
Refunding,
4%,
12/01/47
................
2,610,000
2,834,538
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/35
.................
400,000
453,076
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/36
.................
565,000
637,631
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/37
.................
640,000
720,058
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/38
.................
675,000
757,303
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/39
.................
645,000
722,058
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/45
.................
3,780,000
4,161,515
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/50
.................
3,000,000
3,281,310
Michigan
Finance
Authority
Clean
Water
Revolving
Fund,
Revenue,
2018B,
Refunding,
5%,
10/01/39
...........................................
6,000,000
7,733,400
Sparrow
Health
Obligated
Group,
Revenue,
2012,
AGMC
Insured,
5%,
11/15/42
..
8,000,000
8,480,400
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/49
...
15,600,000
17,599,764
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016
MI,
Pre-Refunded,
5%,
12/01/45
.......................................................
290,000
362,103
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016
MI,
Refunding,
5%,
12/01/45
19,710,000
23,083,563
Michigan
State
Building
Authority
,
Revenue,
2011
I-A,
Pre-Refunded,
5.5%,
10/15/45
.........................
2,000,000
2,092,580
Revenue,
2013
A-1,
Refunding,
5%,
10/15/33
.............................
5,000,000
5,614,000
Revenue,
2013
A-1,
Refunding,
5.25%,
10/15/47
..........................
5,000,000
5,619,000
Revenue,
2016
I,
Refunding,
5%,
4/15/41
................................
13,000,000
15,766,400
Revenue,
2016
I,
Refunding,
5%,
10/15/46
...............................
9,910,000
11,919,253
Revenue,
2016
I,
Refunding,
5%,
10/15/51
...............................
1,000,000
1,198,380
Revenue,
2019
I,
Refunding,
4%,
10/15/49
...............................
2,500,000
2,881,675
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group,
Revenue,
1999B-3,
4%,
11/15/32
.............
5,000,000
5,937,250
Ascension
Health
Credit
Group,
Revenue,
1999B-3,
4%,
11/15/33
.............
5,370,000
6,345,192
Ascension
Health
Credit
Group,
Revenue,
2010F-7,
Refunding,
5%,
11/15/47
.....
10,000,000
11,934,700
Ascension
Health
Credit
Group,
Revenue,
2010F-8,
Refunding,
5%,
11/15/46
.....
5,000,000
5,972,400
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
6/01/26
........................................................
2,065,000
2,198,069
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
6/01/27
........................................................
2,285,000
2,428,155
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
6/01/28
........................................................
2,615,000
2,774,358
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
6/01/35
........................................................
2,250,000
2,370,622
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2009B,
Pre-Refunded,
5%,
12/01/48
20,000,000
21,425,000
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
104
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
State
Housing
Development
Authority
,
Revenue,
2019B,
3.1%,
12/01/44
......................................
$
15,000,000
$
15,903,000
Revenue,
2020
A,
2.8%,
12/01/45
.....................................
4,350,000
4,481,892
Revenue,
2020
A,
2.85%,
6/01/50
.....................................
5,150,000
5,301,204
Michigan
State
University
,
Revenue
,
2015A
,
5
%
,
8/15/40
......................
8,500,000
9,911,850
Michigan
Strategic
Fund
,
DTE
Electric
Co.,
Revenue,
BB,
Refunding,
AMBAC
Insured,
7%,
5/01/21
.......
3,000,000
3,083,070
State
of
Michigan
Department
of
Transportation,
Revenue,
2018,
5%,
12/31/43
...
7,000,000
8,291,850
Michigan
Technological
University
,
Revenue
,
2015A
,
5
%
,
10/01/45
..............
2,400,000
2,844,552
Oakland
School
District
,
GO,
2016,
Refunding,
5%,
5/01/35
.....................................
1,500,000
1,829,760
GO,
2016,
Refunding,
5%,
5/01/36
.....................................
1,005,000
1,222,371
Oakland
University
,
Revenue,
2014,
Refunding,
5%,
3/01/27
.................................
1,000,000
1,123,920
Revenue,
2014,
Refunding,
5%,
3/01/30
.................................
1,010,000
1,124,393
Revenue,
2014,
Refunding,
5%,
3/01/31
.................................
1,260,000
1,399,948
Revenue,
2014,
Refunding,
5%,
3/01/32
.................................
1,000,000
1,108,620
Revenue,
2014,
Refunding,
5%,
3/01/33
.................................
1,285,000
1,421,184
Revenue,
2014,
Refunding,
5%,
3/01/34
.................................
1,000,000
1,104,440
Revenue,
2014,
Refunding,
5%,
3/01/39
.................................
3,000,000
3,294,510
Revenue,
2016,
5%,
3/01/47
.........................................
7,230,000
8,239,308
Revenue,
2019,
5%,
3/01/50
.........................................
3,500,000
4,214,700
Rochester
Community
School
District
,
GO,
2016
I,
5%,
5/01/32
.............................................
5,575,000
6,847,048
GO,
2016
I,
5%,
5/01/35
.............................................
6,450,000
7,867,968
GO,
2016
I,
5%,
5/01/36
.............................................
2,800,000
3,405,612
Roseville
Community
Schools
,
GO,
2014,
Refunding,
5%,
5/01/26
.....................................
1,400,000
1,678,194
GO,
2014,
Refunding,
5%,
5/01/27
.....................................
1,370,000
1,637,575
GO,
2014,
Refunding,
5%,
5/01/28
.....................................
3,040,000
3,626,416
GO,
2014,
Refunding,
5%,
5/01/29
.....................................
3,300,000
3,930,201
GO,
2014,
Refunding,
5%,
5/01/30
.....................................
1,620,000
1,926,261
GO,
2014,
Refunding,
5%,
5/01/31
.....................................
1,585,000
1,881,601
Royal
Oak
Hospital
Finance
Authority
,
Beaumont
Health
Obligated
Group,
Revenue,
2014D,
Refunding,
5%,
9/01/27
....
3,350,000
3,816,052
Beaumont
Health
Obligated
Group,
Revenue,
2014D,
Refunding,
5%,
9/01/28
....
2,500,000
2,841,075
Beaumont
Health
Obligated
Group,
Revenue,
2014D,
Refunding,
5%,
9/01/39
....
17,500,000
19,622,225
Saginaw
Valley
State
University
,
Revenue,
2016
A,
Refunding,
5%,
7/01/30
...............................
1,750,000
2,141,020
Revenue,
2016
A,
Refunding,
5%,
7/01/31
...............................
2,170,000
2,646,944
Revenue,
2016
A,
Refunding,
5%,
7/01/33
...............................
1,240,000
1,504,269
Saline
Area
Schools
Historic
Preservation
Foundation
,
GO,
2016,
5%,
5/01/34
.............................................
2,750,000
3,362,727
GO,
2016,
5%,
5/01/36
.............................................
2,950,000
3,588,056
South
Haven
Public
Schools
,
GO,
2015B,
AGMC
Insured,
5%,
5/01/33
................................
350,000
413,151
GO,
2015B,
AGMC
Insured,
5%,
5/01/35
................................
1,575,000
1,853,192
Sparta
Area
Schools
,
GO
,
II
,
5
%
,
5/01/48
.................................
5,750,000
7,026,500
State
of
Michigan
,
Trunk
Line
,
Revenue
,
2020
B
,
4
%
,
11/15/45
.................
12,000,000
14,478,120
Trenton
Public
Schools
School
District
,
GO,
2018,
5%,
5/01/42
.............................................
4,920,000
6,071,673
GO,
2018,
5%,
5/01/45
.............................................
11,480,000
14,085,501
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
105
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
University
of
Michigan
,
Revenue,
2015,
Refunding,
5%,
4/01/46
.................................
$
2,000,000
$
2,386,980
Revenue,
2017
A,
Refunding,
5%,
4/01/37
...............................
2,700,000
3,347,325
Revenue,
2017
A,
Refunding,
5%,
4/01/42
...............................
26,635,000
32,693,131
Revenue,
2017
A,
Refunding,
5%,
4/01/47
...............................
5,000,000
6,089,650
Warren
Consolidated
Schools
,
GO
,
2012
,
5
%
,
5/01/32
.......................
2,500,000
2,654,475
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport,
Revenue,
2017B,
5%,
12/01/42
......
1,045,000
1,226,715
Detroit
Metropolitan
Wayne
County
Airport,
Revenue,
2018A,
5%,
12/01/43
......
7,750,000
9,445,390
Wayne
State
University
,
Revenue,
2015A,
Refunding,
5%,
11/15/31
...............................
1,860,000
2,125,757
Revenue,
2015A,
Refunding,
5%,
11/15/33
...............................
1,500,000
1,705,500
Revenue,
2018A,
5%,
11/15/43
.......................................
4,500,000
5,513,085
Revenue,
2018A,
4%,
11/15/48
.......................................
10,000,000
11,277,000
Western
Michigan
University
,
Revenue,
2015A,
Refunding,
5%,
11/15/26
...............................
1,500,000
1,788,900
Revenue,
2015A,
Refunding,
5%,
11/15/27
...............................
2,160,000
2,569,709
Revenue,
2015A,
Refunding,
5%,
11/15/28
...............................
1,635,000
1,941,971
Revenue,
2015A,
Refunding,
5%,
11/15/29
...............................
2,000,000
2,373,560
Revenue,
2015A,
Refunding,
5%,
11/15/30
...............................
2,500,000
2,958,500
Revenue,
2015A,
Refunding,
5%,
11/15/40
...............................
1,560,000
1,831,892
Revenue,
2015A,
Refunding,
5%,
11/15/45
...............................
2,000,000
2,339,060
Revenue,
2019
A,
Refunding,
5%,
11/15/49
..............................
5,100,000
6,205,935
Zeeland
Public
Schools
,
GO,
2015A,
AGMC
Insured,
5%,
5/01/31
................................
1,530,000
1,814,106
GO,
2015A,
AGMC
Insured,
5%,
5/01/33
................................
2,000,000
2,359,920
GO,
2015A,
Pre-Refunded,
AGMC
Insured,
5%,
5/01/34
.....................
2,000,000
2,405,020
GO,
2015A,
Pre-Refunded,
AGMC
Insured,
5%,
5/01/35
.....................
2,000,000
2,405,020
955,017,099
U.S.
Territories
0.3%
Guam
0.2%
Guam
Government
Waterworks
Authority,
Revenue,
2020
A,
5%,
1/01/50
.........
1,750,000
2,152,903
Puerto
Rico
0.1%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
500,000
593,230
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
400,000
476,496
1,069,726
Total
U.S.
Territories
....................................................................
3,222,629
Total
Municipal
Bonds
(Cost
$876,814,516)
.....................................
958,239,728
a
a
a
a
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
106
See
Abbreviations
on
page
160
.
Short
Term
Investments
0.6%
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
0.6%
Michigan
0.6%
a
Michigan
Strategic
Fund
,
Edison
Institute
(The)
,
Revenue
,
2002
,
LOC
Comerica
Bank
,
Daily
VRDN
and
Put
,
0.14
%
,
12/01/33
..................................
$
1,350,000
$
1,350,000
a
University
of
Michigan
,
Revenue
,
2012D-1
,
Daily
VRDN
and
Put
,
0.07
%
,
12/01/24
...
4,700,000
4,700,000
6,050,000
Total
Municipal
Bonds
(Cost
$6,050,000)
.......................................
6,050,000
Total
Short
Term
Investments
(Cost
$6,050,000
)
.................................
6,050,000
a
Total
Investments
(Cost
$882,864,516)
99.2%
...................................
$964,289,728
Other
Assets,
less
Liabilities
0.8%
.............................................
7,810,283
Net
Assets
100.0%
...........................................................
$972,100,011
a
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Minnesota
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
107
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.3%
Minnesota
98.2%
Alexandria
Independent
School
District
No.
206
,
GO,
2011-A,
Refunding,
5%,
2/01/37
...................................
$
11,700,000
$
11,788,803
GO,
2017
A,
Refunding,
3%,
2/01/37
...................................
29,905,000
32,481,914
Anoka-Hennepin
Independent
School
District
No.
11
,
GO,
2018A,
3.25%,
2/01/37
..........................................
5,355,000
5,899,282
GO,
2018A,
3.375%,
2/01/43
.........................................
6,020,000
6,596,415
GO,
2020
A,
3%,
2/01/45
............................................
4,000,000
4,321,840
Big
Lake
Independent
School
District
No.
727
,
GO,
2012B,
Refunding,
5%,
2/01/23
....................................
2,990,000
3,154,898
GO,
2012B,
Refunding,
5%,
2/01/24
....................................
3,000,000
3,165,090
GO,
2012B,
Refunding,
5%,
2/01/25
....................................
1,225,000
1,292,265
Brainerd
Independent
School
District
No.
181
,
GO,
2018
A,
4%,
2/01/32
............................................
3,065,000
3,587,552
GO,
2018
A,
4%,
2/01/39
............................................
10,600,000
12,190,318
GO,
2018
A,
4%,
2/01/42
............................................
1,900,000
2,171,966
GO,
2018
C,
Refunding,
5%,
2/01/28
...................................
3,735,000
4,546,204
Cambridge-Isanti
Independent
School
District
No.
911
,
GO,
2012A,
Refunding,
3%,
2/01/27
....................................
3,410,000
3,509,027
GO,
2012A,
Refunding,
3%,
2/01/30
....................................
5,585,000
5,702,564
Centennial
Independent
School
District
No.
12
,
GO,
2015A,
Zero
Cpn
.,
2/01/32
.......................................
1,450,000
1,047,335
GO,
2015A,
Zero
Cpn
.,
2/01/34
.......................................
1,600,000
1,051,824
GO,
2015A,
Zero
Cpn
.,
2/01/35
.......................................
350,000
219,898
Central
Minnesota
Municipal
Power
Agency
,
Revenue,
2012,
5%,
1/01/32
.........................................
1,150,000
1,206,833
Revenue,
2012,
5%,
1/01/42
.........................................
1,615,000
1,690,324
City
of
Bemidji
,
GO
,
2011
,
Pre-Refunded
,
5.25
%
,
2/01/38
.....................
12,055,000
12,155,659
City
of
Center
City
,
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2019
,
Refunding
,
4
%
,
11/01/41
........................................................
1,000,000
1,108,400
City
of
Fridley
,
Fridley
Leased
Housing
Associates
I
LLLP
,
Revenue
,
2018
,
FNMA
Insured
,
3.75
%
,
11/01/34
............................................
9,775,906
11,126,252
City
of
Lakeville
,
GO
,
2012B
,
Refunding
,
3
%
,
2/01/30
........................
4,690,000
4,802,513
City
of
Minneapolis
,
GO,
2018,
4%,
12/01/43
.............................................
5,000,000
5,719,450
GO,
2018,
4%,
12/01/46
.............................................
3,500,000
3,964,380
GO,
2019,
3%,
12/01/28
.............................................
1,400,000
1,590,904
GO,
2019,
3%,
12/01/40
.............................................
5,000,000
5,362,150
GO,
2020,
Refunding,
2%,
12/01/29
....................................
5,730,000
6,051,167
Revenue,
2018
A,
Refunding,
AGMC
Insured,
5%,
11/15/49
..................
6,000,000
7,260,780
14th
and
Central
LLLP,
Revenue,
2020,
FNMA
Insured,
2.35%,
2/01/38
.........
10,000,000
10,337,600
Fairview
Health
Services
Obligated
Group,
Revenue,
2015
A,
Refunding,
AGMC
Insured,
5%,
11/15/44
.............................................
10,000,000
11,499,000
City
of
Minneapolis
St.
Paul
Housing
&
Redevelopment
Authority
,
Allina
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/26
.......
2,000,000
2,495,220
Allina
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/27
.......
2,000,000
2,516,340
City
of
Plymouth
,
GO,
2020A,
2%,
2/01/31
............................................
1,790,000
1,895,646
GO,
2020A,
2%,
2/01/32
............................................
2,080,000
2,190,968
GO,
2020A,
2%,
2/01/33
............................................
2,125,000
2,226,299
City
of
Ramsey
,
GO,
2012A,
3%,
12/15/28
...........................................
1,105,000
1,130,603
GO,
2012A,
3.375%,
12/15/31
........................................
1,215,000
1,242,277
City
of
Rochester
,
Electric
Utility,
Revenue,
2013B,
5%,
12/01/43
............................
1,000,000
1,115,160
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
108
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%,
12/01/42
...................
$
2,000,000
$
2,409,580
Electric
Utility,
Revenue,
2017
A,
Refunding,
5%,
12/01/47
...................
9,210,000
11,031,646
Mayo
Clinic,
Revenue,
2016B,
Refunding,
5%,
11/15/33
.....................
4,425,000
6,408,196
Mayo
Clinic,
Revenue,
2016B,
Refunding,
5%,
11/15/34
.....................
10,235,000
15,075,746
Mayo
Clinic,
Revenue,
2016B,
Refunding,
5%,
11/15/35
.....................
5,000,000
7,462,450
Mayo
Clinic,
Revenue,
2016B,
Refunding,
5%,
11/15/36
.....................
4,200,000
6,340,908
Mayo
Clinic,
Revenue,
2018,
4%,
11/15/48
...............................
6,000,000
6,792,360
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group,
Revenue,
2010A,
Refunding,
5.125%,
5/01/30
........................................................
750,000
752,370
CentraCare
Health
System
Obligated
Group,
Revenue,
2016A,
Refunding,
4%,
5/01/37
........................................................
12,310,000
13,563,527
CentraCare
Health
System
Obligated
Group,
Revenue,
2016A,
Refunding,
5%,
5/01/46
........................................................
4,650,000
5,373,029
City
of
St.
Paul
,
Sales
&
Use
Tax,
Revenue,
2014G,
5%,
11/01/31
..........................
1,000,000
1,164,040
Sales
&
Use
Tax,
Revenue,
2014G,
5%,
11/01/32
..........................
1,000,000
1,166,990
Sewer,
Revenue,
2020
D,
Refunding,
4%,
12/01/23
........................
1,020,000
1,135,291
Sewer,
Revenue,
2020
D,
Refunding,
5%,
12/01/26
........................
1,165,000
1,486,610
City
of
Virginia
,
GO,
2020
A,
AGMC
Insured,
4%,
2/01/36
................................
1,000,000
1,160,270
GO,
2020
A,
AGMC
Insured,
4%,
2/01/40
................................
1,160,000
1,333,814
City
of
Willmar
,
GO
,
2012A
,
Refunding
,
3
%
,
2/01/29
.........................
500,000
501,665
Cloquet
Independent
School
District
No.
94
,
GO
,
2015B
,
5
%
,
2/01/32
............
3,615,000
4,279,003
County
of
Hennepin
,
GO,
2019
B,
5%,
12/15/33
...........................................
2,280,000
2,997,721
GO,
2019
B,
5%,
12/15/34
...........................................
1,055,000
1,384,930
GO,
2019
B,
5%,
12/15/36
...........................................
12,680,000
16,539,539
GO,
2020
C,
5%,
12/15/31
...........................................
7,220,000
9,867,574
Dakota
County
Community
Development
Agency
,
Revenue
,
2011
A
,
GNMA
Insured
,
4.875
%
,
12/01/33
..................................................
590,000
590,507
Dawson-Boyd
Independent
School
District
No.
378
,
GO
,
2019
A
,
3.125
%
,
2/01/40
...
2,965,000
3,264,791
Dilworth
Glyndon
Felton
Independent
School
District
No.
2164
,
GO,
2020
A,
3%,
2/01/37
............................................
1,000,000
1,072,900
GO,
2020
A,
3%,
2/01/39
............................................
1,000,000
1,069,270
GO,
2020
A,
3%,
2/01/41
............................................
1,225,000
1,305,825
Duluth
Economic
Development
Authority
,
Essentia
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
2/15/53
...
15,900,000
18,989,529
Essentia
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
2/15/58
...
13,035,000
15,493,662
Duluth
Independent
School
District
No.
709
,
COP,
2016
A,
Refunding,
5%,
2/01/25
..................................
1,015,000
1,190,433
COP,
2016
A,
Refunding,
5%,
2/01/26
..................................
2,740,000
3,319,592
COP,
2016
A,
Refunding,
4%,
2/01/27
..................................
3,750,000
4,324,088
COP,
2016
A,
Refunding,
4%,
2/01/28
..................................
1,500,000
1,721,970
GO,
2015B,
Refunding,
4%,
2/01/25
....................................
3,450,000
3,905,227
GO,
2015B,
Refunding,
2.5%,
2/01/26
..................................
2,840,000
3,033,830
Edina
Independent
School
District
No.
273
,
GO
,
2019A
,
3
%
,
2/01/36
.............
1,630,000
1,770,310
Elk
River
Independent
School
District
No.
728
,
GO
,
2015A
,
4
%
,
2/01/32
..........
6,130,000
6,683,478
Farmington
Independent
School
District
No.
192
,
GO
,
2016
A
,
4
%
,
2/01/28
........
3,830,000
4,474,474
Fridley
Independent
School
District
No.
14
,
GO
,
2016
A
,
4
%
,
2/01/29
............
2,220,000
2,567,230
Hastings
Independent
School
District
No.
200
,
GO,
2018A,
Zero
Cpn
.,
2/01/38
.......................................
4,685,000
2,824,915
GO,
2018A,
Zero
Cpn
.,
2/01/39
.......................................
4,685,000
2,703,198
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
109
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Hastings
Independent
School
District
No.
200,
(continued)
GO,
2018A,
Zero
Cpn
.,
2/01/40
.......................................
$
4,685,000
$
2,585,745
Hennepin
County
Regional
Railroad
Authority
,
GO,
2019A,
5%,
12/01/35
...........................................
4,480,000
5,828,704
GO,
2019A,
5%,
12/01/36
...........................................
5,220,000
6,769,714
Hermantown
Independent
School
District
No.
700
,
GO
,
2014A
,
Refunding
,
4
%
,
2/01/29
2,310,000
2,580,478
Hopkins
Independent
School
District
No.
270
,
GO,
2019A,
3%,
2/01/33
............................................
5,640,000
6,174,390
GO,
2019A,
3%,
2/01/34
............................................
2,450,000
2,674,787
Jordan
Independent
School
District
No.
717
,
GO,
2014A,
Refunding,
5%,
2/01/31
....................................
1,460,000
1,600,890
GO,
Refunding,
5%,
2/01/32
.........................................
2,000,000
2,193,000
GO,
2014A,
Refunding,
5%,
2/01/33
....................................
1,700,000
1,864,050
GO,
2014A,
Refunding,
5%,
2/01/34
....................................
1,805,000
1,979,182
GO,
2014A,
Refunding,
5%,
2/01/35
....................................
1,000,000
1,096,500
Lakeville
Independent
School
District
No.
194
,
GO
,
2012B
,
3
%
,
2/01/25
..........
3,560,000
3,673,137
Mankato
Independent
School
District
No.
77
,
GO,
2020A,
4%,
2/01/37
............................................
935,000
1,116,633
GO,
2020A,
4%,
2/01/41
............................................
1,385,000
1,635,962
Maple
River
Independent
School
District
No.
2135
,
GO,
2020
A,
4%,
2/01/45
............................................
6,000,000
7,207,080
GO,
2020
A,
4%,
2/01/50
............................................
10,000,000
11,926,100
Metropolitan
Council
,
GO,
2016
C,
Refunding,
3%,
3/01/30
...................................
3,305,000
3,638,838
GO,
2019A,
3%,
3/01/29
............................................
6,400,000
7,114,176
GO,
2020
B,
2.125%,
3/01/36
.........................................
4,500,000
4,641,480
GO,
2020
B,
2.125%,
3/01/37
.........................................
4,000,000
4,110,440
GO,
2020
B,
2.125%,
3/01/38
.........................................
4,000,000
4,097,960
Minneapolis
Special
School
District
No.
1
,
GO
,
2017
B
,
5
%
,
2/01/30
.............
2,590,000
3,349,492
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
,
Revenue,
2012B,
Refunding,
5%,
1/01/27
...............................
1,500,000
1,568,130
Revenue,
2012B,
Refunding,
5%,
1/01/28
...............................
2,250,000
2,351,677
Revenue,
2019
A,
Refunding,
5%,
1/01/44
...............................
4,750,000
5,869,765
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/34
..............................
2,870,000
3,491,298
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/35
..............................
4,025,000
4,890,053
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/41
..............................
19,655,000
23,591,110
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/46
..............................
15,500,000
18,428,570
Minnesota
Higher
Education
Facilities
Authority
,
Carleton
College,
Revenue,
2017,
Refunding,
4%,
3/01/47
...................
3,575,000
4,048,973
Macalester
College,
Revenue,
2017,
Refunding,
3%,
3/01/33
.................
3,010,000
3,264,225
Macalester
College,
Revenue,
2017,
Refunding,
4%,
3/01/42
.................
900,000
1,017,711
St.
Olaf
College,
Revenue,
EIGHT
N,
Refunding,
4%,
10/01/33
................
1,500,000
1,682,175
St.
Olaf
College,
Revenue,
EIGHT
N,
Refunding,
4%,
10/01/35
................
500,000
558,105
University
of
St.
Thomas,
Revenue,
2016
8-L,
Refunding,
4%,
4/01/31
..........
4,200,000
4,663,302
University
of
St.
Thomas,
Revenue,
2016
8-L,
Refunding,
5%,
4/01/35
..........
1,720,000
2,002,097
University
of
St.
Thomas,
Revenue,
2017A,
Refunding,
4%,
10/01/36
...........
750,000
839,587
University
of
St.
Thomas,
Revenue,
2017A,
Refunding,
4%,
10/01/37
...........
750,000
837,653
University
of
St.
Thomas,
Revenue,
2019,
5%,
10/01/40
.....................
3,260,000
3,983,720
University
of
St.
Thomas,
Revenue,
2019,
4%,
10/01/44
.....................
2,745,000
3,065,671
Minnesota
Housing
Finance
Agency
,
Revenue,
2009,
4%,
8/01/29
.........................................
3,675,000
3,684,224
Revenue,
2011,
5%,
8/01/31
.........................................
2,225,000
2,289,747
Revenue,
2011-E,
GNMA
Insured,
4.45%,
7/01/31
.........................
2,040,000
2,074,149
Revenue,
2011G,
GNMA
Insured,
4%,
7/01/26
............................
1,020,000
1,038,697
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
110
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Minnesota
Housing
Finance
Agency,
(continued)
Revenue,
2011G,
GNMA
Insured,
4.4%,
7/01/32
..........................
$
1,755,000
$
1,783,624
Revenue,
2019
C,
4%,
8/01/39
........................................
1,000,000
1,195,250
Revenue,
2020
B,
GNMA
Insured,
2.8%,
1/01/44
..........................
4,340,000
4,540,248
Revenue,
2020
E,
GNMA
Insured,
2.5%,
7/01/40
..........................
2,430,000
2,523,652
Revenue,
2020
E,
GNMA
Insured,
2.7%,
7/01/44
..........................
3,410,000
3,535,522
Revenue,
2020
G,
GNMA
Insured,
2.45%,
7/01/45
.........................
2,500,000
2,563,525
Revenue,
2020B,
4%,
8/01/39
........................................
2,055,000
2,499,127
Revenue,
2020B,
4%,
8/01/40
........................................
3,405,000
4,126,588
Revenue,
2020B,
4%,
8/01/41
........................................
3,100,000
3,747,001
Revenue,
2020D,
4%,
8/01/41
........................................
1,000,000
1,208,710
Revenue,
2020D,
4%,
8/01/42
........................................
1,000,000
1,204,790
Revenue,
2020D,
4%,
8/01/43
........................................
1,000,000
1,201,770
Minnesota
Municipal
Power
Agency
,
Revenue,
2014A,
Refunding,
4%,
10/01/31
..............................
1,265,000
1,399,571
Revenue,
2014A,
Refunding,
4%,
10/01/32
..............................
1,200,000
1,322,712
Revenue,
2014A,
Refunding,
4%,
10/01/33
..............................
1,000,000
1,099,130
Revenue,
2014A,
Refunding,
5%,
10/01/34
..............................
1,000,000
1,161,020
Revenue,
2014A,
Refunding,
5%,
10/01/35
..............................
1,005,000
1,166,825
Revenue,
2016,
4%,
10/01/41
........................................
4,680,000
5,227,700
Revenue,
2016,
5%,
10/01/47
........................................
4,650,000
5,596,787
Minnesota
Public
Facilities
Authority
,
Revenue
,
2010A
,
5
%
,
3/01/24
..............
17,010,000
19,629,710
Minnesota
State
Colleges
And
Universities
Foundation
,
Revenue,
2011A,
5%,
10/01/28
.......................................
2,135,000
2,215,618
Revenue,
2012A,
Refunding,
5%,
10/01/22
..............................
1,410,000
1,527,904
Moorhead
Independent
School
District
No.
152
,
GO
,
2020A
,
2.5
%
,
2/01/37
........
9,295,000
9,790,424
New
Prague
Independent
School
District
No.
721
,
GO,
2012-A,
Refunding,
4%,
2/01/22
...................................
3,090,000
3,109,467
GO,
2012-A,
Refunding,
4%,
2/01/23
...................................
3,045,000
3,064,183
GO,
2012-A,
Refunding,
4%,
2/01/24
...................................
3,245,000
3,265,444
GO,
2012-A,
Refunding,
4%,
2/01/25
...................................
2,000,000
2,012,600
North
St.
Paul-Maplewood-Oakdale
Independent
School
District
No.
622
,
GO,
2019
A,
3%,
2/01/42
............................................
5,975,000
6,511,376
GO,
2019
A,
3%,
2/01/46
............................................
23,965,000
25,897,058
Northern
Municipal
Power
Agency
,
Revenue,
2013A,
5%,
1/01/30
........................................
1,190,000
1,291,840
Revenue,
2017,
Refunding,
5%,
1/01/41
.................................
800,000
951,512
Prior
Lake-Savage
Independent
School
District
No.
719
,
GO,
2018B,
Zero
Cpn
.,
2/01/27
.......................................
10,545,000
9,986,748
GO,
2018B,
Zero
Cpn
.,
2/01/28
.......................................
13,055,000
12,112,820
GO,
2018B,
Zero
Cpn
.,
2/01/30
.......................................
9,010,000
7,778,423
GO,
2018B,
Zero
Cpn
.,
2/01/31
.......................................
5,310,000
4,417,230
Rochester
Independent
School
District
No.
535
,
GO,
2020A,
4%,
2/01/28
............................................
4,300,000
5,337,805
GO,
2020A,
4%,
2/01/29
............................................
6,565,000
8,094,842
Rosemount-Apple
Valley-Eagan
Independent
School
District
No.
196
,
GO
,
2012C
,
Refunding
,
4
%
,
2/01/21
.............................................
1,365,000
1,373,490
Roseville
Independent
School
District
No.
623
,
GO,
2018A,
5%,
2/01/30
............................................
3,700,000
4,591,848
GO,
2018A,
4%,
2/01/34
............................................
9,535,000
10,939,982
Sartell-St.
Stephen
Independent
School
District
No.
748
,
GO,
2016B,
Zero
Cpn
.,
2/01/36
.......................................
3,000,000
1,957,260
GO,
2016B,
Zero
Cpn
.,
2/01/37
.......................................
2,820,000
1,766,025
GO,
2016B,
Zero
Cpn
.,
2/01/38
.......................................
5,220,000
3,146,929
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
111
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Sartell-St.
Stephen
Independent
School
District
No.
748,
(continued)
GO,
2016B,
Zero
Cpn
.,
2/01/39
.......................................
$
3,020,000
$
1,751,902
South
Washington
County
Independent
School
District
No.
833
,
GO
,
2016
C
,
4
%
,
2/01/29
.........................................................
5,260,000
6,062,571
Southern
Minnesota
Municipal
Power
Agency
,
Revenue,
1994A,
NATL
Insured,
Zero
Cpn
.,
1/01/23
........................
4,000,000
3,952,760
Revenue,
1994A,
NATL
Insured,
Zero
Cpn
.,
1/01/26
........................
5,395,000
5,180,711
Revenue,
1994A,
NATL
Insured,
Zero
Cpn
.,
1/01/27
........................
6,600,000
6,224,856
Revenue,
2015
A,
Refunding,
5%,
1/01/46
...............................
9,345,000
11,014,578
Revenue,
2017
A,
5%,
1/01/42
........................................
1,315,000
1,635,820
Revenue,
2019
A,
5%,
1/01/32
........................................
700,000
928,795
Revenue,
2019
A,
5%,
1/01/33
........................................
560,000
738,270
Revenue,
2019
A,
5%,
1/01/34
........................................
610,000
801,064
St.
Cloud
Independent
School
District
No.
742
,
COP,
2017
A,
4%,
2/01/38
...........................................
1,000,000
1,086,900
GO,
2015A,
4%,
2/01/28
............................................
2,080,000
2,355,829
GO,
2017
B,
4%,
2/01/30
............................................
4,060,000
4,668,635
GO,
2017
B,
4%,
2/01/36
............................................
2,500,000
2,829,200
GO,
2017
B,
4%,
2/01/37
............................................
2,250,000
2,540,857
St.
Francis
Independent
School
District
No.
15
,
GO,
2018A,
4%,
2/01/37
............................................
1,025,000
1,081,898
GO,
2018A,
3.5%,
2/01/41
...........................................
6,350,000
6,558,661
St.
Michael-Albertville
Independent
School
District
No.
885
,
GO
,
2011-A
,
Refunding
,
4.25
%
,
2/01/32
...................................................
10,295,000
10,691,049
St.
Paul
Independent
School
District
No.
625
,
GO,
2012A,
Refunding,
3%,
2/01/30
....................................
1,385,000
1,391,537
GO,
2012A,
Refunding,
3%,
2/01/31
....................................
1,195,000
1,200,640
GO,
2013B,
Refunding,
5%,
2/01/24
....................................
2,925,000
3,222,356
State
of
Minnesota
,
COP,
2014,
5%,
6/01/36
.............................................
3,615,000
4,115,099
GO,
2013F,
Refunding,
4%,
10/01/25
...................................
15,000,000
16,605,150
GO,
2016
A,
5%,
8/01/28
............................................
4,215,000
5,306,011
GO,
2018
A,
5%,
8/01/31
............................................
5,000,000
6,587,800
GO,
2019
A,
5%,
8/01/29
............................................
10,000,000
13,692,300
GO,
2019
A,
5%,
8/01/38
............................................
3,540,000
4,684,517
GO,
2020
A,
5%,
8/01/38
............................................
10,000,000
13,543,500
Revenue,
2012B,
Refunding,
4%,
3/01/26
...............................
3,000,000
3,132,720
Revenue,
2012B,
Refunding,
3%,
3/01/30
...............................
5,000,000
5,122,450
Revenue,
2014A,
5%,
6/01/38
........................................
8,500,000
9,353,740
University
of
Minnesota
,
Revenue,
2011B,
5%,
8/01/36
........................................
5,000,000
5,148,900
Revenue,
2014B,
5%,
1/01/38
........................................
4,500,000
5,071,725
Revenue,
2015
A,
Refunding,
5%,
8/01/25
...............................
5,000,000
6,086,750
Revenue,
2015
A,
Refunding,
5%,
8/01/28
...............................
7,225,000
8,662,414
Revenue,
2016
A,
5%,
4/01/41
........................................
5,000,000
5,978,650
Revenue,
2017
B,
Refunding,
5%,
12/01/30
..............................
5,575,000
7,158,189
Revenue,
2017A,
5%,
9/01/42
........................................
4,410,000
5,439,338
Revenue,
2019A,
5%,
4/01/39
........................................
1,805,000
2,328,811
Revenue,
2019A,
5%,
4/01/41
........................................
6,045,000
7,762,082
Revenue,
2019A,
5%,
4/01/44
........................................
8,505,000
10,845,746
Revenue,
2020A,
5%,
11/01/39
.......................................
5,880,000
7,887,138
Virginia
Independent
School
District
No.
706
,
Rock
Ridge
Independent
School
District
No.
2909,
GO,
2019A,
5%,
2/01/30
......
3,600,000
4,655,664
Rock
Ridge
Independent
School
District
No.
2909,
GO,
2019A,
3%,
2/01/40
......
3,295,000
3,600,414
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
112
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Watertown-Mayer
Independent
School
District
No.
111
,
GO,
2020
A,
Zero
Cpn
.,
2/01/33
.......................................
$
2,470,000
$
1,980,915
GO,
2020
A,
Zero
Cpn
.,
2/01/34
.......................................
2,470,000
1,917,758
GO,
2020
A,
Zero
Cpn
.,
2/01/36
.......................................
1,470,000
1,068,690
GO,
2020
A,
Zero
Cpn
.,
2/01/37
.......................................
2,470,000
1,732,384
Waterville-Elysian-Morristown
Independent
School
District
No.
2143
,
GO
,
2019
A
,
3
%
,
2/01/32
.........................................................
1,995,000
2,207,886
West
St.
Paul-Mendota
Heights-Eagan
Independent
School
District
No.
197
,
GO
,
2018
A
,
4
%
,
2/01/34
....................................................
2,655,000
3,090,420
Western
Minnesota
Municipal
Power
Agency
,
Revenue,
2012A,
Refunding,
5%,
1/01/24
...............................
5,000,000
5,484,650
Revenue,
2012A,
Refunding,
5%,
1/01/25
...............................
3,370,000
3,694,430
Revenue,
2012A,
Refunding,
5%,
1/01/29
...............................
1,200,000
1,310,268
Revenue,
2014A,
Pre-Refunded,
5%,
1/01/40
.............................
8,075,000
9,256,695
Revenue,
2014A,
Pre-Refunded,
5%,
1/01/46
.............................
11,870,000
13,607,056
Revenue,
2015A,
Refunding,
5%,
1/01/35
...............................
3,000,000
3,576,660
Revenue,
2015A,
Refunding,
5%,
1/01/36
...............................
2,035,000
2,420,612
Revenue,
2018
A,
5%,
1/01/49
........................................
5,000,000
6,188,800
1,077,146,296
U.S.
Territories
0.1%
Puerto
Rico
0.1%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
700,000
830,522
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
800,000
952,992
1,783,514
Total
U.S.
Territories
....................................................................
1,783,514
Total
Municipal
Bonds
(Cost
$1,000,120,526)
...................................
1,078,929,810
a
a
a
a
Short
Term
Investments
0.6%
Municipal
Bonds
0.6%
Minnesota
0.6%
a
City
of
Minneapolis
St.
Paul
Housing
&
Redevelopment
Authority
,
Allina
Health
Obligated
Group
,
Revenue
,
2009-B-1
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.1
%
,
11/15/35
.............................................
6,350,000
6,350,000
Total
Municipal
Bonds
(Cost
$6,350,000)
.......................................
6,350,000
Total
Short
Term
Investments
(Cost
$6,350,000
)
.................................
6,350,000
a
Total
Investments
(Cost
$1,006,470,526)
98.9%
..................................
$1,085,279,810
Other
Assets,
less
Liabilities
1.1%
.............................................
11,888,685
Net
Assets
100.0%
...........................................................
$1,097,168,495
a
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Missouri
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
113
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.7%
Missouri
95.9%
Affton
School
District
No.
101
,
GO,
2017
A,
Refunding,
5%,
3/01/32
...................................
$
1,500,000
$
1,888,755
GO,
2017
A,
Refunding,
5%,
3/01/33
...................................
1,595,000
1,996,334
GO,
2017
A,
Refunding,
5%,
3/01/34
...................................
1,700,000
2,122,382
GO,
2017
A,
Refunding,
5%,
3/01/35
...................................
1,810,000
2,253,758
GO,
2017
A,
Refunding,
5%,
3/01/36
...................................
1,920,000
2,380,665
Belton
School
District
No.
124
,
GO,
2020
A,
4%,
3/01/39
............................................
1,500,000
1,859,295
GO,
2020
A,
4%,
3/01/40
............................................
1,200,000
1,484,136
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District
,
Revenue,
2013A,
Pre-Refunded,
5%,
10/01/33
............................
14,425,000
15,692,236
Revenue,
2013A,
Pre-Refunded,
5%,
10/01/44
............................
10,000,000
10,878,500
Revenue,
2019,
Refunding,
4%,
10/01/34
................................
830,000
1,000,748
Revenue,
2019,
Refunding,
5%,
10/01/44
................................
10,995,000
14,066,013
Revenue,
2019,
Refunding,
4%,
10/01/48
................................
10,000,000
11,614,900
Cape
Girardeau
County
Industrial
Development
Authority
,
Procter
&
Gamble
Co.
(The),
Revenue,
1998,
5.3%,
5/15/28
..................
6,875,000
6,898,719
St.
Francis
Medical
Center,
Revenue,
2013A,
5%,
6/01/33
...................
5,000,000
5,250,650
St.
Francis
Medical
Center,
Revenue,
2013A,
5%,
6/01/37
...................
11,000,000
11,524,590
St.
Francis
Medical
Center,
Revenue,
2016,
Refunding,
5%,
6/01/39
...........
5,110,000
5,954,836
Cape
Girardeau
County
School
District
No.
R-2
,
COP,
2020
A,
BAM
Insured,
4%,
4/01/39
................................
1,150,000
1,322,052
GO,
2018,
4%,
3/01/32
.............................................
1,000,000
1,201,000
GO,
2018,
4%,
3/01/33
.............................................
1,000,000
1,193,400
GO,
2018,
5%,
3/01/38
.............................................
2,195,000
2,774,743
Cape
Girardeau
School
District
No.
63
,
GO,
2019,
Refunding,
4%,
3/01/38
.....................................
650,000
759,824
GO,
2019,
Refunding,
4%,
3/01/39
.....................................
500,000
583,390
Center
School
District
No.
58
,
GO
,
2019A
,
Refunding
,
4
%
,
3/01/36
..............
3,910,000
4,552,921
City
of
Kansas
City
,
Sanitary
Sewer
System,
Revenue,
2011A,
Refunding,
5%,
1/01/37
.............
29,210,000
29,316,909
Sanitary
Sewer
System,
Revenue,
2018
A,
4%,
1/01/35
.....................
1,500,000
1,789,785
Sanitary
Sewer
System,
Revenue,
2018
A,
4%,
1/01/42
.....................
5,000,000
5,905,800
Water,
Revenue,
2017
A,
4%,
12/01/41
.................................
4,970,000
5,738,909
Water,
Revenue,
2020
A,
4%,
12/01/37
.................................
500,000
631,155
Water,
Revenue,
2020
A,
4%,
12/01/38
.................................
600,000
756,366
Water,
Revenue,
2020
A,
4%,
12/01/39
.................................
700,000
882,021
Water,
Revenue,
2020
A,
4%,
12/01/40
.................................
500,000
628,120
Water,
Revenue,
2020
A,
4%,
12/01/41
.................................
550,000
688,253
Water,
Revenue,
2020
A,
4%,
12/01/42
.................................
685,000
854,537
Water,
Revenue,
2020
A,
4%,
12/01/44
.................................
1,200,000
1,488,540
City
of
Marshfield
,
Waterworks
&
Sewer
System,
Revenue,
2020
B,
AGMC
Insured,
5%,
2/01/43
....
1,305,000
1,585,405
Waterworks
&
Sewer
System,
Revenue,
2020
B,
AGMC
Insured,
5%,
2/01/50
....
1,585,000
1,900,970
City
of
Peculiar
,
Water
&
Sewer,
Revenue,
2017,
AGMC
Insured,
4%,
6/01/39
.................
1,000,000
1,159,230
Water
&
Sewer,
Revenue,
2017,
AGMC
Insured,
4%,
6/01/42
.................
2,405,000
2,769,863
City
of
Sikeston
,
Electric
System,
Revenue,
2012,
Refunding,
5%,
6/01/21
....................
13,130,000
13,417,022
Electric
System,
Revenue,
2012,
Refunding,
5%,
6/01/22
....................
12,570,000
13,380,513
City
of
Springfield
,
Revenue,
2012,
5%,
4/01/31
.........................................
1,795,000
1,905,374
Revenue,
2012,
5%,
4/01/32
.........................................
1,885,000
2,000,645
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
114
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
City
of
St.
Charles
,
COP,
2020B,
Refunding,
4%,
2/01/36
...................................
$
1,500,000
$
1,813,500
COP,
2020B,
Refunding,
3%,
2/01/37
...................................
1,500,000
1,659,495
COP,
2020B,
Refunding,
3%,
2/01/38
...................................
2,200,000
2,418,262
COP,
2020B,
Refunding,
3%,
2/01/39
...................................
1,500,000
1,642,680
City
of
St.
Louis
,
Airport,
Revenue,
2005,
Refunding,
NATL
Insured,
5.5%,
7/01/29
..............
13,070,000
17,341,145
Airport,
Revenue,
2017A,
Refunding,
AGMC
Insured,
5%,
7/01/25
.............
5,000,000
5,984,600
Airport,
Revenue,
2017C,
Refunding,
AGMC
Insured,
5%,
7/01/42
.............
3,930,000
4,680,080
Airport,
Revenue,
2017C,
Refunding,
AGMC
Insured,
5%,
7/01/47
.............
10,670,000
12,608,739
Airport,
Revenue,
2017D,
Refunding,
AGMC
Insured,
5%,
7/01/33
.............
1,000,000
1,203,040
Airport,
Revenue,
2017D,
Refunding,
AGMC
Insured,
5%,
7/01/34
.............
1,415,000
1,699,853
Airport,
Revenue,
2017D,
Refunding,
AGMC
Insured,
5%,
7/01/36
.............
1,125,000
1,345,084
Airport,
Revenue,
2017D,
Refunding,
AGMC
Insured,
5%,
7/01/37
.............
1,000,000
1,192,830
Airport,
Revenue,
2019
A,
5%,
7/01/44
..................................
600,000
730,374
Airport,
Revenue,
2019
A,
5%,
7/01/49
..................................
2,500,000
3,020,950
Airport,
Revenue,
2019C,
Refunding,
5%,
7/01/27
.........................
1,705,000
2,119,537
Clay
County
Reorganized
School
District
No.
R-1
,
GO,
2017,
3%,
3/01/34
.............................................
1,670,000
1,781,155
GO,
2017,
3%,
3/01/35
.............................................
1,730,000
1,843,090
GO,
2017,
3%,
3/01/36
.............................................
1,540,000
1,637,636
GO,
2017,
3.125%,
3/01/37
..........................................
1,855,000
1,978,617
County
of
St.
Louis
,
Revenue
,
2020A
,
Refunding
,
2
%
,
12/01/33
.................
975,000
1,006,746
Curators
of
the
University
of
Missouri
(The)
,
Revenue
,
2011
,
Pre-Refunded
,
5
%
,
11/01/27
.....................................................
1,065,000
1,111,849
Ferguson
Reorganized
School
District
No.
R-2
,
GO,
2018,
4%,
5/01/32
.............................................
1,000,000
1,162,910
GO,
2018,
5%,
5/01/38
.............................................
2,250,000
2,746,485
Fort
Osage
School
District
No.
R-1
,
GO
,
2018
,
Refunding
,
5.5
%
,
3/01/38
.........
3,010,000
3,923,806
Greene
County
Reorganized
School
District
No.
R-2
Willard
,
GO
,
2018
,
4
%
,
3/01/30
.
1,000,000
1,188,030
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
AT
Still
University
of
Health
Sciences,
Revenue,
2011,
Pre-Refunded,
5%,
10/01/26
3,095,000
3,219,017
AT
Still
University
of
Health
Sciences,
Revenue,
2011,
Pre-Refunded,
5.25%,
10/01/31
.......................................................
1,200,000
1,250,568
AT
Still
University
of
Health
Sciences,
Revenue,
2011,
Pre-Refunded,
5.25%,
10/01/41
.......................................................
4,500,000
4,689,630
AT
Still
University
of
Health
Sciences,
Revenue,
2014,
Pre-Refunded,
5%,
10/01/39
1,250,000
1,418,500
Bethesda
Health
Group,
Inc.
Obligated
Group,
Revenue,
2015,
5%,
8/01/40
......
1,650,000
1,729,712
Bethesda
Health
Group,
Inc.
Obligated
Group,
Revenue,
2015,
5%,
8/01/45
......
1,300,000
1,356,446
BJC
Healthcare
Obligated
Group,
Revenue,
2014,
5%,
1/01/44
...............
8,175,000
8,951,134
Capital
Region
Medical
Center,
Revenue,
2020,
Refunding,
5%,
11/01/35
........
1,700,000
2,056,252
Capital
Region
Medical
Center,
Revenue,
2020,
Refunding,
5%,
11/01/40
........
2,000,000
2,389,940
CoxHealth
Obligated
Group,
Revenue,
2013A,
5%,
11/15/38
.................
11,680,000
12,827,443
CoxHealth
Obligated
Group,
Revenue,
2013A,
5%,
11/15/44
.................
2,760,000
3,011,105
CoxHealth
Obligated
Group,
Revenue,
2015A,
Refunding,
5%,
11/15/39
.........
17,000,000
19,621,400
CoxHealth
Obligated
Group,
Revenue,
2019
A,
4%,
11/15/44
.................
5,000,000
5,661,450
Kansas
City
University
of
Medicine
and
Biosciences,
Revenue,
2017
A,
5%,
6/01/42
2,800,000
3,358,964
Kansas
City
University
of
Medicine
and
Biosciences,
Revenue,
2017
A,
5%,
6/01/47
4,875,000
5,803,102
Lake
Regional
Health
System,
Revenue,
2012,
5%,
2/15/34
..................
7,000,000
7,232,890
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2011,
5.75%,
2/01/31
......
1,900,000
1,912,768
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2011,
6%,
2/01/41
........
4,250,000
4,275,712
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2016
B,
Refunding,
5%,
2/01/46
........................................................
11,575,000
12,715,022
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2016A,
5%,
2/01/46
.......
4,000,000
4,393,960
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2019
A,
5%,
2/01/34
.......
2,000,000
2,227,700
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
115
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)
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2019
A,
5%,
2/01/42
.......
$
1,750,000
$
1,933,802
Maryville
University
of
St.
Louis,
Revenue,
2015,
5%,
6/15/44
.................
5,000,000
5,547,650
Maryville
University
of
St.
Louis,
Revenue,
2019A,
5%,
6/15/45
...............
4,000,000
4,714,600
Maryville
University
of
St.
Louis,
Revenue,
2020A,
Refunding,
4%,
6/15/34
.......
4,345,000
4,955,429
Maryville
University
of
St.
Louis,
Revenue,
2020A,
Refunding,
4%,
6/15/38
.......
4,885,000
5,500,510
Mercy
Health,
Revenue,
2012,
4%,
11/15/42
.............................
8,000,000
8,420,800
Mercy
Health,
Revenue,
2014F,
5%,
11/15/45
.............................
25,000,000
27,854,750
Mercy
Health,
Revenue,
2015
B,
Refunding,
5%,
2/01/45
....................
6,870,000
7,882,982
Mercy
Health,
Revenue,
2017
C,
Refunding,
5%,
11/15/47
...................
12,500,000
14,850,000
a
Mercy
Health,
Revenue,
2020,
4%,
6/01/50
..............................
5,000,000
5,664,450
Mosaic
Health
System
Obligated
Group,
Revenue,
2019A,
Refunding,
4%,
2/15/54
4,000,000
4,516,440
SSM
Health
Care
Obligated
Group,
Revenue,
2018A,
5%,
6/01/48
.............
5,000,000
6,004,650
St.
Louis
University,
Revenue,
2015
A,
5%,
10/01/38
.......................
10,000,000
11,687,500
St.
Louis
University,
Revenue,
2017
A,
5%,
10/01/47
.......................
15,000,000
17,909,550
St.
Louis
University,
Revenue,
2019A,
5%,
10/01/46
........................
5,775,000
6,973,197
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/35
3,950,000
4,695,997
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2018A,
Refunding,
5%,
11/15/43
.......................................................
2,000,000
2,431,680
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/50
2,500,000
2,823,150
University
of
Central
Missouri,
Revenue,
2013
C-2,
5%,
10/01/34
..............
5,000,000
5,571,100
Washington
University
(The),
Revenue,
2011B,
Pre-Refunded,
5%,
11/15/37
.....
10,000,000
10,458,600
Webster
University,
Revenue,
2011,
Pre-Refunded,
5%,
4/01/36
...............
7,000,000
7,110,950
Jackson
County
School
District
No.
R-IV
Blue
Springs
,
GO,
2018
A,
5.5%,
3/01/36
...........................................
3,000,000
4,044,960
GO,
2018
A,
5.5%,
3/01/37
...........................................
2,000,000
2,688,340
a
Jasper
County
Reorganized
School
District
No.
R-IX
Carthage
,
GO
,
2020
B
,
Refunding
,
4
%
,
3/01/34
.............................................
1,635,000
1,963,537
Jefferson
City
School
District
,
GO
,
2018
,
5
%
,
3/01/38
........................
6,070,000
7,435,447
Joplin
Industrial
Development
Authority
,
Freeman
Health
System
Obligated
Group,
Revenue,
2011,
Pre-Refunded,
5.125%,
2/15/26
........................................................
6,000,000
6,059,880
Freeman
Health
System
Obligated
Group,
Revenue,
2011,
Pre-Refunded,
5%,
2/15/28
........................................................
1,150,000
1,161,178
Freeman
Health
System
Obligated
Group,
Revenue,
2011,
Pre-Refunded,
5.5%,
2/15/31
........................................................
2,055,000
2,077,071
Freeman
Health
System
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
2/15/35
4,000,000
4,414,040
Joplin
Schools
,
GO
,
2017
,
Refunding
,
4
%
,
3/01/32
..........................
4,000,000
4,688,920
Kansas
City
Industrial
Development
Authority
,
Revenue,
2011-A,
Refunding,
5.5%,
9/01/29
.............................
5,000,000
5,191,600
Revenue,
2011-A,
Refunding,
5.5%,
9/01/30
.............................
12,000,000
12,459,840
Revenue,
2011-A,
Refunding,
5%,
9/01/32
...............................
3,000,000
3,103,290
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/46
...................
26,925,000
32,409,623
City
of
Kansas
City
Airport,
Revenue,
2019
B,
AGMC
Insured,
5%,
3/01/49
.......
3,000,000
3,639,600
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/54
...................
10,090,000
12,053,312
City
of
Kansas
City
Airport,
Revenue,
2020
A,
AGMC
Insured,
4%,
3/01/57
.......
3,500,000
3,932,845
Liberty
Public
School
District
No.
53
,
GO
,
2018
,
4
%
,
3/01/37
...................
4,500,000
5,048,775
Metropolitan
St.
Louis
Sewer
District
,
Revenue,
2015
B,
Refunding,
5%,
5/01/38
...............................
8,770,000
10,409,639
Revenue,
2015
B,
Pre-Refunded,
5%,
5/01/45
............................
1,610,000
1,936,041
Revenue,
2015
B,
Refunding,
5%,
5/01/45
...............................
3,390,000
3,984,403
Revenue,
2016
C,
5%,
5/01/46
........................................
24,700,000
29,693,599
Revenue,
2017
A,
Refunding,
5%,
5/01/42
...............................
5,000,000
6,188,850
Revenue,
2017
A,
Refunding,
5%,
5/01/47
...............................
10,000,000
12,281,600
Revenue,
2019
B,
5%,
5/01/44
........................................
3,500,000
4,493,650
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
116
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Metropolitan
St.
Louis
Sewer
District,
(continued)
Revenue,
2019
B,
5%,
5/01/49
........................................
$
6,290,000
$
8,020,631
Missouri
Development
Finance
Board
,
City
of
Independence,
Revenue,
2012A,
5%,
6/01/37
.......................
5,000,000
5,286,600
Procter
&
Gamble
Co.
(The),
Revenue,
1999,
5.2%,
3/15/29
..................
3,000,000
3,939,090
Missouri
Housing
Development
Commission
,
Revenue,
2018
B,
GNMA
Insured,
4%,
11/01/38
...........................
1,295,000
1,451,695
Revenue,
2019
C,
GNMA
Insured,
3%,
11/01/44
...........................
3,955,000
4,175,175
Revenue,
2020
C,
GNMA
Insured,
2.4%,
11/01/45
.........................
2,300,000
2,343,884
Missouri
Joint
Municipal
Electric
Utility
Commission
,
Revenue,
2014A,
Refunding,
5%,
1/01/30
...............................
3,000,000
3,379,950
Revenue,
2014A,
Refunding,
5%,
1/01/31
...............................
2,000,000
2,249,740
Revenue,
Refunding,
5%,
1/01/32
.....................................
11,500,000
13,218,410
Revenue,
2014A,
Refunding,
5%,
1/01/33
...............................
7,500,000
8,626,425
Revenue,
2014A,
Refunding,
5%,
1/01/34
...............................
2,000,000
2,238,380
Revenue,
2015
A,
Refunding,
5%,
12/01/35
..............................
7,335,000
8,536,620
Revenue,
2015A,
Refunding,
5%,
12/01/30
..............................
4,000,000
4,708,400
Revenue,
2015A,
Refunding,
5%,
12/01/31
..............................
6,000,000
7,042,980
Revenue,
2016
A,
Refunding,
5%,
12/01/40
..............................
27,950,000
32,845,722
Revenue,
2018,
5%,
12/01/43
........................................
2,000,000
2,378,160
Missouri
State
Environmental
Improvement
&
Energy
Resources
Authority
,
State
Revolving
Fund,
Revenue,
2000
B,
Refunding,
5.5%,
7/01/21
............
15,000
15,027
State
Revolving
Fund,
Revenue,
2008-A,
Refunding,
5.75%,
1/01/29
...........
190,000
190,359
State
Revolving
Fund,
Revenue,
2013A,
Refunding,
5%,
1/01/26
..............
2,315,000
2,596,759
Monarch-Chesterfield
Levee
District
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
3/01/40
....
4,395,000
4,895,942
Move
Rolla
Transportation
Development
District
,
Revenue
,
2017
,
4.75
%
,
6/01/47
...
5,000,000
5,399,850
Pattonville
R-3
School
District
,
GO,
2018
A,
5%,
3/01/37
............................................
2,750,000
3,286,113
GO,
2018
A,
5%,
3/01/38
............................................
1,000,000
1,193,470
Raytown
C-2
School
District
,
GO,
2019A,
5%,
3/01/37
............................................
1,650,000
2,145,511
GO,
2019A,
5%,
3/01/38
............................................
2,500,000
3,237,950
GO,
2019A,
5%,
3/01/39
............................................
2,250,000
2,907,360
Riverside-
Quindaro
Bend
Levee
District
of
Platte
County
,
Special
Assessment,
2017,
Refunding,
5%,
3/01/26
........................
1,000,000
1,162,310
Special
Assessment,
2017,
Refunding,
5%,
3/01/29
........................
2,585,000
2,986,890
Southeast
Missouri
State
University
,
Revenue,
2020,
Refunding,
4%,
4/01/40
.................................
5,075,000
5,642,436
Revenue,
2020,
Refunding,
4%,
4/01/43
.................................
2,580,000
2,842,618
Springfield
School
District
No.
R-12
,
GO,
2013,
Refunding,
5%,
3/01/33
.....................................
1,000,000
1,102,560
GO,
2019,
5%,
3/01/37
.............................................
24,250,000
31,710,270
St.
Charles
County
School
District
No.
R-IV
Wentzville
,
GO
,
2018
,
Refunding
,
4
%
,
3/01/38
.........................................................
15,400,000
17,721,396
St.
Charles
School
District
,
GO
,
2017
,
4
%
,
3/01/36
..........................
2,000,000
2,268,120
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
of
West
County,
Revenue,
2012,
Pre-Refunded,
5%,
9/01/42
...
3,165,000
3,428,075
Friendship
Village
St.
Louis
Obligated
Group,
Revenue,
2013A,
5.875%,
9/01/43
..
7,000,000
7,484,540
Friendship
Village
St.
Louis
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
9/01/48
........................................................
7,095,000
7,592,785
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/45
.....................................................
5,000,000
6,252,400
St.
Louis
Municipal
Library
District
,
COP,
2020,
Refunding,
BAM
Insured,
4%,
3/15/44
.........................
1,450,000
1,664,832
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
117
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
St.
Louis
Municipal
Library
District,
(continued)
COP,
2020,
Refunding,
BAM
Insured,
4%,
3/15/48
.........................
$
4,800,000
$
5,471,376
Washington
School
District
,
GO,
2019,
4%,
3/01/38
.............................................
3,000,000
3,526,650
GO,
2019,
4%,
3/01/39
.............................................
1,500,000
1,760,040
971,791,800
U.S.
Territories
1.8%
Guam
1.3%
Guam
Government
Waterworks
Authority,
Revenue,
2020
A,
5%,
1/01/50
.........
5,790,000
7,123,032
Guam
Power
Authority,
Revenue,
2012A,
Refunding,
AGMC
Insured,
5%,
10/01/25
..
5,420,000
5,871,486
12,994,518
Puerto
Rico
0.5%
b
Puerto
Rico
Electric
Power
Authority,
Revenue,
WW-RSA-1,
5.5%,
7/01/38
........
4,690,000
3,540,950
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
500,000
593,230
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
700,000
833,868
4,968,048
Total
U.S.
Territories
....................................................................
17,962,566
Total
Municipal
Bonds
(Cost
$919,752,058)
.....................................
989,754,366
a
a
a
a
Short
Term
Investments
1.1%
Municipal
Bonds
1.1%
Missouri
1.1%
c
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
St.
Louis
University,
Revenue,
2002,
SPA
US
Bank
NA,
Daily
VRDN
and
Put,
0.08%,
7/01/32
........................................................
1,400,000
1,400,000
Washington
University
(The),
Revenue,
2000
B,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.12%,
3/01/40
.................................
2,300,000
2,300,000
Washington
University
(The),
Revenue,
2003B,
SPA
US
Bank
NA,
Daily
VRDN
and
Put,
0.11%,
2/15/33
...............................................
7,135,000
7,135,000
10,835,000
Total
Municipal
Bonds
(Cost
$10,835,000)
......................................
10,835,000
Total
Short
Term
Investments
(Cost
$10,835,000
)
................................
10,835,000
a
Total
Investments
(Cost
$930,587,058)
98.8%
...................................
$1,000,589,366
Other
Assets,
less
Liabilities
1.2%
.............................................
12,123,391
Net
Assets
100.0%
...........................................................
$1,012,712,757
a
Security
purchased
on
a
when-issued
basis.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Municipal
Green
Bond
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
118
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
94.1%
Arizona
4.9%
Arizona
State
University
,
Revenue
,
2016
B
,
5
%
,
7/01/42
......................
$
150,000
$
179,865
City
of
Phoenix
Civic
Improvement
Corp.
,
Water
System
,
Revenue,
Junior
Lien
,
2020
B
,
5
%
,
7/01/44
....................................................
100,000
131,581
311,446
Arkansas
1.8%
Central
Arkansas
Water
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
10/01/33
.............
100,000
117,118
California
22.7%
California
Housing
Finance
,
Lakeside
Drive
Senior
Housing
LP
,
Revenue
,
2019N
,
FNMA
Insured
,
2.35
%
,
12/01/35
.......................................
98,580
103,399
California
Infrastructure
&
Economic
Development
Bank
,
California
State
Teachers'
Retirement
System
,
Revenue
,
2019
,
5
%
,
8/01/49
..........................
180,000
224,048
City
of
Foster
City
,
GO
,
2020
,
4
%
,
8/01/32
.................................
100,000
120,348
City
of
San
Francisco
,
Public
Utilities
Commission
Water
,
Revenue
,
2020
A
,
4
%
,
11/01/50
.....................................................
100,000
121,080
Los
Angeles
County
Metropolitan
Transportation
Authority
,
Revenue
,
2019
A
,
5
%
,
7/01/44
.........................................................
150,000
189,000
Sacramento
Municipal
Utility
District
,
Electric
System
,
Revenue
,
2020
H
,
5
%
,
8/15/30
100,000
139,388
San
Francisco
Bay
Area
Rapid
Transit
District
,
GO
,
2019
F-1
,
3
%
,
8/01/36
........
150,000
169,587
Southern
California
Public
Power
Authority
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/38
150,000
183,381
Transbay
Joint
Powers
Authority
,
Transbay
Redevelopment
Project
Tax
Increment
Re-
Development
Project
,
Tax
Allocation,
Senior
Lien
,
2020
A
,
5
%
,
10/01/34
.........
150,000
193,988
1,444,219
Colorado
2.9%
Board
of
Water
Commissioners
City
&
County
of
Denver
(The)
,
Revenue
,
2017A
,
5
%
,
9/15/47
.........................................................
150,000
185,619
Florida
6.2%
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
3A
,
Special
Assessment
,
2020
,
2.5
%
,
5/01/25
.....................................
100,000
100,784
City
of
Tampa
,
Special
Assessment
,
2018
,
5
%
,
5/01/36
.......................
135,000
170,489
County
of
Palm
Beach
,
Water
&
Sewer
,
Revenue
,
2019
,
Refunding
,
4
%
,
10/01/31
...
100,000
125,555
396,828
Georgia
2.0%
Private
Colleges
&
Universities
Authority
,
Emory
University
,
Revenue
,
2019B
,
Refunding
,
5
%
,
9/01/48
.............................................
100,000
127,231
Louisiana
1.8%
Terrebonne
Levee
&
Conservation
District
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
6/01/40
100,000
115,576
Maine
1.8%
City
of
Portland
,
General
Airport
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/35
.........
100,000
114,733
Maryland
1.8%
Washington
Suburban
Sanitary
Commission
,
Revenue,
Second
Series
,
2019
B
,
3
%
,
6/01/35
.........................................................
100,000
114,151
Massachusetts
1.7%
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2019
C-1
,
2.65
%
,
12/01/34
.....
100,000
106,481
Minnesota
1.7%
City
of
Minneapolis
,
GO
,
2019
,
3
%
,
12/01/40
...............................
100,000
107,243
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Municipal
Green
Bond
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
119
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
13.5%
Battery
Park
City
Authority
,
Revenue,
Senior
Lien
,
2019A
,
5
%
,
11/01/49
..........
$
100,000
$
128,863
Metropolitan
Transportation
Authority
,
Revenue,
2017
B,
Refunding,
5%,
11/15/24
..............................
50,000
54,617
Revenue,
2017
B,
Refunding,
5%,
11/15/28
..............................
110,000
127,827
Dedicated
Tax
Fund,
Revenue,
2017B-2,
4%,
11/15/32
......................
160,000
182,005
New
York
State
Dormitory
Authority
,
Cornell
University
,
Revenue
,
2019
D
,
5
%
,
7/01/35
100,000
150,622
New
York
State
Housing
Finance
Agency
,
Revenue,
2019
N,
FNMA
Insured,
2.6%,
11/01/34
.........................
100,000
105,705
Revenue,
2019
P,
2%,
5/01/28
........................................
100,000
106,136
855,775
Ohio
4.1%
American
Municipal
Power,
Inc.
,
Revenue
,
2020A
,
Refunding
,
5
%
,
2/15/29
........
100,000
131,992
State
of
Ohio
,
GO
,
2019A
,
4
%
,
3/01/30
...................................
100,000
127,771
259,763
Oregon
3.0%
Port
of
Portland
,
Airport
,
Revenue
,
TWENTY
SEVEN
A
,
5
%
,
7/01/36
.............
150,000
189,194
Pennsylvania
2.1%
School
District
of
Philadelphia
(The)
,
GO
,
2019
B
,
5
%
,
9/01/29
.................
100,000
130,732
Rhode
Island
3.5%
Rhode
Island
Housing
and
Mortgage
Finance
Corp.
,
Revenue
,
2019
1-B
,
FHA
Insured
,
2.75
%
,
10/01/34
...................................................
150,000
161,056
Rhode
Island
Infrastructure
Bank
,
Revenue
,
2020
A
,
4
%
,
10/01/27
..............
50,000
61,018
222,074
Utah
3.0%
City
of
Spanish
Fork
City
,
Sewer
,
Revenue
,
2020
,
BAM
Insured
,
5
%
,
9/01/26
.......
150,000
188,714
Vermont
3.6%
Vermont
Educational
&
Health
Buildings
Financing
Agency
,
University
of
Vermont
Health
Network
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
12/01/38
.............
195,000
227,159
Virginia
3.0%
a
City
of
Hampton
,
GO,
2020
A,
5%,
9/01/27
............................................
50,000
64,671
GO,
2020
A,
4%,
9/01/31
............................................
100,000
127,825
192,496
Washington
4.2%
Central
Puget
Sound
Regional
Transit
Authority
,
Revenue
,
2015S-1
,
Refunding
,
5
%
,
11/01/32
........................................................
100,000
120,638
FYI
Properties
,
State
of
Washington
Consolidated
Technology
Services
,
Revenue
,
2019
,
Refunding
,
5
%
,
6/01/21
........................................
140,000
143,266
263,904
Wisconsin
1.7%
Milwaukee
Metropolitan
Sewerage
District
,
GO
,
2020
A
,
3
%
,
10/01/35
............
100,000
111,089
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Municipal
Green
Bond
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
120
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
3.1%
District
of
Columbia
3.1%
District
of
Columbia,
Water
&
Sewer
Authority,
Revenue,
Sub.
Lien,
2019
A,
5%,
10/01/44
........................................................
$
150,000
$
195,196
Total
Municipal
Bonds
(Cost
$5,745,902)
.......................................
5,976,741
a
a
a
a
a
Total
Investments
(Cost
$5,745,902)
94.1%
.....................................
$5,976,741
Other
Assets,
less
Liabilities
5.9%
.............................................
375,806
Net
Assets
100.0%
...........................................................
$6,352,547
a
Security
purchased
on
a
when-issued
basis.
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
New
Jersey
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
121
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.6%
Delaware
2.5%
Delaware
River
&
Bay
Authority
,
Revenue,
2012
A,
Refunding,
5%,
1/01/42
...............................
$
6,000,000
$
6,405,300
Revenue,
2019,
Refunding,
4%,
1/01/44
.................................
13,500,000
15,422,130
21,827,430
New
Jersey
81.3%
Bergen
County
Improvement
Authority
(The)
,
Borough
of
Ridgefield,
Revenue,
2020,
4%,
10/15/42
.......................
5,205,000
6,308,876
County
of
Bergen,
Revenue,
2019,
4%,
10/15/37
..........................
3,600,000
4,350,708
County
of
Bergen,
Revenue,
2019,
4%,
10/15/38
..........................
3,745,000
4,513,512
County
of
Bergen,
Revenue,
2019,
4%,
10/15/39
..........................
3,000,000
3,608,250
Cape
May
County
Industrial
Pollution
Control
Financing
Authority
,
Atlantic
City
Electric
Co.
,
Revenue
,
1991
A
,
Refunding
,
NATL
Insured
,
6.8
%
,
3/01/21
...............
5,400,000
5,483,214
County
of
Hudson
,
Hudson
County
Improvement
Authority
,
Revenue
,
2016
,
5
%
,
5/01/46
.........................................................
6,000,000
7,119,600
County
of
Middlesex
,
COP
,
1998
,
NATL
Insured
,
Zero
Cpn
.,
6/15/24
.............
1,000,000
974,640
Cumberland
County
Improvement
Authority
(The)
,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
9/01/39
.................
2,000,000
2,354,920
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/36
............
955,000
1,190,914
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/37
............
1,000,000
1,243,520
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/38
............
1,020,000
1,265,545
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/39
............
1,070,000
1,324,756
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/44
............
5,725,000
7,013,239
Gloucester
County
Improvement
Authority
(The)
,
Rowan
University
Foundation,
Inc.,
Revenue,
2015C,
AGMC
Insured,
4%,
7/01/42
.
2,500,000
2,718,850
Rowan
University
Foundation,
Inc.,
Revenue,
2015C,
5%,
7/01/44
.............
3,500,000
3,959,585
Rowan
University
Foundation,
Inc.,
Revenue,
2019,
4%,
7/01/37
..............
750,000
886,417
Rowan
University
Foundation,
Inc.,
Revenue,
2019,
4%,
7/01/38
..............
700,000
825,111
Rowan
University
Foundation,
Inc.,
Revenue,
2019,
4%,
7/01/39
..............
600,000
705,684
Rowan
University
Foundation,
Inc.,
Revenue,
2019,
5%,
7/01/44
..............
4,925,000
6,169,991
Rowan
University
Foundation,
Inc.,
Revenue,
2019,
4%,
7/01/48
..............
5,250,000
6,068,738
Hudson
County
Improvement
Authority
,
Revenue,
2019,
Refunding,
4%,
1/01/40
.................................
1,000,000
1,181,150
County
of
Hudson,
Revenue,
2020,
4%,
10/01/46
..........................
5,000,000
5,950,250
County
of
Hudson,
Revenue,
2020,
4%,
10/01/51
..........................
5,000,000
5,911,700
Mercer
County
Improvement
Authority
(The)
,
County
of
Mercer,
Revenue,
2019,
Refunding,
4%,
4/01/31
...................
1,545,000
1,916,124
County
of
Mercer,
Revenue,
2019,
Refunding,
4%,
4/01/33
...................
1,500,000
1,837,410
Monmouth
County
Improvement
Authority
(The)
,
Revenue,
2019
B,
4%,
12/01/34
.......................................
750,000
923,063
Revenue,
2019
B,
4%,
12/01/36
.......................................
750,000
915,000
Revenue,
2019
B,
4%,
12/01/37
.......................................
500,000
608,275
Revenue,
2019
B,
4%,
12/01/38
.......................................
750,000
909,885
Revenue,
2019
B,
4%,
12/01/39
.......................................
600,000
726,474
Revenue,
2019A,
4%,
8/01/32
........................................
300,000
369,966
Revenue,
2019A,
4%,
8/01/33
........................................
350,000
429,201
Revenue,
2019A,
4%,
8/01/34
........................................
525,000
642,243
Revenue,
2019A,
4%,
8/01/35
........................................
525,000
639,928
Revenue,
2019A,
4%,
8/01/36
........................................
500,000
606,865
Revenue,
2019A,
4%,
8/01/37
........................................
275,000
332,777
Revenue,
2019A,
4%,
8/01/38
........................................
225,000
271,537
Revenue,
2019A,
4%,
8/01/39
........................................
400,000
481,692
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
122
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Brunswick
Parking
Authority
,
Revenue
,
2016A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/39
.........................................................
$
5,000,000
$
5,841,100
New
Jersey
Economic
Development
Authority
,
Lutheran
Social
Ministries
at
Crane's
Mill,
Inc.,
Revenue,
2018,
Refunding,
5%,
1/01/34
........................................................
1,500,000
1,651,815
Lutheran
Social
Ministries
at
Crane's
Mill,
Inc.,
Revenue,
2018,
Refunding,
5%,
1/01/39
........................................................
1,250,000
1,361,800
Lutheran
Social
Ministries
at
Crane's
Mill,
Inc.,
Revenue,
2018,
Refunding,
5%,
1/01/49
........................................................
3,000,000
3,227,790
Middlesex
Water
Co.,
Revenue,
2019,
4%,
8/01/59
........................
6,200,000
6,954,230
Middlesex
Water
Co.,
Revenue,
2019,
5%,
8/01/59
........................
3,750,000
4,595,963
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/32
..........
640,000
634,982
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/37
..........
600,000
591,270
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/47
..........
1,500,000
1,397,790
Provident
Group-Montclair
Properties
LLC,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
6/01/42
..............................................
6,000,000
7,028,760
Provident
Group-Rowan
Properties
LLC,
Revenue,
A,
5%,
1/01/48
.............
7,000,000
6,575,240
Rutgers
The
State
University
of
New
Jersey,
Revenue,
2013,
Pre-Refunded,
5%,
6/15/38
........................................................
5,000,000
5,598,700
Rutgers
The
State
University
of
New
Jersey,
Revenue,
2013,
Pre-Refunded,
5%,
6/15/46
........................................................
7,500,000
8,398,050
State
of
New
Jersey
Cigarette
Tax,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
6/15/22
........................................................
10,000,000
10,379,700
State
of
New
Jersey
Cigarette
Tax,
Revenue,
2012,
Refunding,
5%,
6/15/28
......
3,000,000
3,067,230
State
of
New
Jersey
Cigarette
Tax,
Revenue,
2012,
Refunding,
5%,
6/15/29
......
1,000,000
1,020,070
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2005
N1,
Refunding,
NATL
Insured,
5.5%,
9/01/27
........................................
8,660,000
10,834,526
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2015
WW,
5%,
6/15/37
4,760,000
5,299,641
New
Jersey
Educational
Facilities
Authority
,
Kean
University,
Revenue,
2015H,
Refunding,
AGMC
Insured,
5%,
7/01/34
......
2,205,000
2,543,467
Kean
University,
Revenue,
2015H,
Refunding,
AGMC
Insured,
5%,
7/01/35
......
5,000,000
5,758,900
Kean
University,
Revenue,
2017D,
Refunding,
BAM
Insured,
4%,
9/01/38
........
1,150,000
1,284,182
Montclair
State
University,
Inc.,
Revenue,
2014
A,
5%,
7/01/39
................
5,000,000
5,550,950
Montclair
State
University,
Inc.,
Revenue,
2014
A,
5%,
7/01/44
................
16,380,000
18,077,787
Montclair
State
University,
Inc.,
Revenue,
2015D,
Refunding,
5%,
7/01/35
.......
2,245,000
2,567,562
Montclair
State
University,
Inc.,
Revenue,
2015D,
Refunding,
5%,
7/01/36
.......
1,210,000
1,381,179
Montclair
State
University,
Inc.,
Revenue,
2016B,
Refunding,
5%,
7/01/34
.......
1,325,000
1,551,602
Ramapo
College
of
New
Jersey,
Revenue,
2012
B,
Refunding,
5%,
7/01/37
......
1,000,000
1,052,980
Ramapo
College
of
New
Jersey,
Revenue,
2012
B,
Refunding,
5%,
7/01/42
......
1,000,000
1,050,100
Ramapo
College
of
New
Jersey,
Revenue,
2017
A,
Refunding,
AGMC
Insured,
5%,
7/01/35
........................................................
3,955,000
4,804,336
Seton
Hall
University,
Revenue,
2015C,
Refunding,
5%,
7/01/34
...............
400,000
441,960
Seton
Hall
University,
Revenue,
2015C,
Refunding,
5%,
7/01/37
...............
1,300,000
1,429,077
Seton
Hall
University,
Revenue,
2017D,
Refunding,
5%,
7/01/42
...............
3,945,000
4,447,909
Seton
Hall
University,
Revenue,
2020
C,
AGMC
Insured,
3.25%,
7/01/49
........
1,150,000
1,203,176
Seton
Hall
University,
Revenue,
2020
C,
AGMC
Insured,
4%,
7/01/50
...........
1,850,000
2,100,878
Stevens
Institute
of
Technology,
Revenue,
1998
1,
Pre-Refunded,
ETM,
5%,
7/01/28
600,000
708,720
Stevens
Institute
of
Technology,
Revenue,
2017
A,
Refunding,
5%,
7/01/36
......
1,600,000
1,875,104
Stevens
Institute
of
Technology,
Revenue,
2017
A,
Refunding,
5%,
7/01/42
......
9,310,000
10,774,835
Stevens
Institute
of
Technology,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
......
4,085,000
4,670,299
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/45
...............
4,000,000
4,813,000
Stevens
Institute
of
Technology,
Revenue,
2020
A,
4%,
7/01/50
...............
11,640,000
12,697,610
Trustees
of
Princeton
University
(The),
Revenue,
2011B,
5%,
7/01/39
...........
15,000,000
15,381,000
Trustees
of
Princeton
University
(The),
Revenue,
2011B,
4.375%,
7/01/41
.......
10,000,000
10,181,300
Trustees
of
Princeton
University
(The),
Revenue,
2014
A,
5%,
7/01/44
..........
15,000,000
17,073,000
Trustees
of
Princeton
University
(The),
Revenue,
2017
I,
Refunding,
5%,
7/01/35
..
5,800,000
7,361,070
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
123
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Health
Care
Facilities
Financing
Authority
,
AHS
Hospital
Corp.,
Revenue,
2008A,
Refunding,
5%,
7/01/27
................
$
220,000
$
220,717
AHS
Hospital
Corp.,
Revenue,
2016,
Refunding,
4%,
7/01/41
.................
10,000,000
11,224,700
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2011,
Refunding,
5%,
7/01/27
........................................................
2,500,000
2,671,850
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
7/01/37
........................................................
3,000,000
3,632,250
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
7/01/38
........................................................
3,000,000
3,624,720
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2017A,
Refunding,
5%,
7/01/39
........................................................
5,000,000
6,030,900
Hunterdon
Medical
Center,
Revenue,
2014A,
Refunding,
5%,
7/01/45
...........
2,650,000
2,938,797
Inspira
Health
Obligated
Group,
Revenue,
2016A,
Refunding,
5%,
7/01/46
.......
18,500,000
21,671,640
Inspira
Health
Obligated
Group,
Revenue,
2017A,
5%,
7/01/42
................
8,000,000
9,614,560
Inspira
Health
Obligated
Group,
Revenue,
2017A,
4%,
7/01/47
................
8,700,000
9,724,860
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2013A,
5.5%,
7/01/43
........
4,000,000
4,395,760
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2014A,
5%,
7/01/43
.........
3,650,000
4,070,443
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2014A,
Refunding,
5%,
7/01/44
15,530,000
17,299,178
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/43
15,000,000
17,605,500
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2013,
Refunding,
5%,
8/15/31
....
2,935,000
3,208,953
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2013,
Refunding,
5%,
8/15/34
....
1,500,000
1,632,645
St.
Peter's
University
Hospital
Obligated
Group,
Revenue,
2011,
Refunding,
6%,
7/01/26
........................................................
1,000,000
1,023,380
St.
Peter's
University
Hospital
Obligated
Group,
Revenue,
2011,
Refunding,
6.25%,
7/01/35
........................................................
3,400,000
3,480,648
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/35
...........
1,000,000
1,172,100
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/36
...........
1,750,000
2,041,095
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/38
...........
2,000,000
2,319,440
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/39
...........
2,200,000
2,545,796
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/44
...........
11,000,000
12,562,330
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
2010-2,
5%,
12/01/30
.......................................
1,500,000
1,501,425
Revenue,
2010-2,
5%,
12/01/36
.......................................
1,000,000
1,000,910
Revenue,
2011-1,
5.875%,
12/01/33
....................................
2,140,000
2,237,006
Revenue,
2019
B,
Refunding,
3.25%,
12/01/39
............................
10,000,000
10,158,900
Revenue,
2020
C,
Refunding,
4.25%,
12/01/50
...........................
1,750,000
1,802,185
Revenue,
Senior
Lien,
2020
A,
Refunding,
3.5%,
12/01/39
...................
7,000,000
7,207,060
New
Jersey
Housing
&
Mortgage
Finance
Agency
,
Revenue,
2018
A,
Refunding,
3.95%,
11/01/43
............................
1,100,000
1,220,505
Revenue,
2019
A,
Refunding,
3%,
11/01/44
..............................
510,000
538,744
Revenue,
2020
E,
Refunding,
2.05%,
10/01/35
............................
5,000,000
5,063,050
Revenue,
2020
E,
Refunding,
2.25%,
10/01/40
............................
10,000,000
10,123,500
Revenue,
2020
E,
Refunding,
2.4%,
10/01/45
.............................
4,000,000
4,039,760
Revenue,
2020
E,
Refunding,
2.45%,
10/01/50
............................
3,000,000
3,022,320
New
Jersey
Housing
&
Mortgage
Finance
Agency
Single-Family
Home
Mortgage,
Revenue,
2019
C,
Refunding,
3.95%,
10/01/44
..........................
4,300,000
4,740,578
New
Jersey
Institute
of
Technology
,
Revenue,
Pre-Refunded,
5%,
7/01/42
..................................
7,000,000
7,524,694
Revenue,
2015A,
5%,
7/01/45
........................................
6,000,000
6,857,340
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006C,
AGMC
Insured,
Zero
Cpn
.,
12/15/33
......................
10,000,000
7,454,600
Revenue,
2009A,
Zero
Cpn
.,
12/15/32
..................................
10,000,000
7,118,800
Revenue,
2010A,
Zero
Cpn
.,
12/15/29
..................................
5,000,000
3,968,050
Revenue,
2013AA,
5.25%,
6/15/31
.....................................
10,000,000
10,828,400
Revenue,
2019
BB,
4%,
6/15/44
.......................................
6,000,000
6,421,260
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
124
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Turnpike
Authority
,
Revenue,
2017
A,
5%,
1/01/34
........................................
$
6,505,000
$
7,921,659
Revenue,
2017
A,
5%,
1/01/35
........................................
3,495,000
4,250,724
Revenue,
2017B,
Refunding,
5%,
1/01/40
...............................
15,245,000
18,654,696
Revenue,
2017G,
Refunding,
4%,
1/01/43
...............................
5,000,000
5,643,700
Revenue,
2019
A,
5%,
1/01/48
........................................
15,500,000
19,104,835
Newark
Housing
Authority
Scholarship
Foundation
A
New
Jersey
Non
Profit
Corp.
(The)
,
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
2017
,
Refunding
,
4
%
,
1/01/37
.........................................................
20,745,000
23,097,068
North
Hudson
Sewerage
Authority
,
COP,
Senior
Lien,
Pre-Refunded,
5%,
6/01/42
............................
17,800,000
19,069,044
Rutgers
The
State
University
of
New
Jersey
,
Revenue
,
2013
L
,
Pre-Refunded
,
5
%
,
5/01/43
......................................................
12,000,000
13,383,240
Somerset
County
Improvement
Authority
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
..
10,115,000
12,096,630
South
Jersey
Transportation
Authority
,
Revenue
,
2020A
,
5
%
,
11/01/45
...........
3,500,000
4,308,710
State
of
New
Jersey
,
GO,
2020
A,
4%,
6/01/31
............................................
2,300,000
2,806,552
GO,
2020
A,
4%,
6/01/32
............................................
2,200,000
2,698,630
698,557,087
New
York
6.9%
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
166,
5.25%,
7/15/36
........................................
5,000,000
5,027,150
Revenue,
179,
5%,
12/01/38
.........................................
15,000,000
16,638,150
Revenue,
2014,
4%,
9/01/43
.........................................
3,000,000
3,428,370
Revenue,
2017,
4%,
11/01/49
........................................
9,000,000
10,395,630
Revenue,
TWO
HUNDRED
SIXTEENTH,
4%,
9/01/45
......................
5,000,000
5,791,900
Revenue,
First
Series,
171ST,
5%,
7/15/30
...............................
12,200,000
12,749,976
JFK
International
Air
Terminal
LLC,
Revenue,
NATL
Insured,
5.75%,
12/01/22
....
5,065,000
5,097,872
59,129,048
Pennsylvania
7.5%
Delaware
River
Joint
Toll
Bridge
Commission
,
Revenue,
2017,
5%,
7/01/42
.........................................
19,500,000
23,869,950
Revenue,
2019
A,
5%,
7/01/33
........................................
100,000
131,248
Revenue,
2019
A,
5%,
7/01/34
........................................
150,000
196,371
Revenue,
2019
A,
5%,
7/01/35
........................................
150,000
195,858
Revenue,
2019
A,
5%,
7/01/36
........................................
150,000
195,196
Revenue,
2019
A,
5%,
7/01/37
........................................
150,000
194,619
Revenue,
2019
A,
5%,
7/01/38
........................................
150,000
194,250
Revenue,
2019
A,
5%,
7/01/39
........................................
150,000
193,832
Revenue,
2019
A,
5%,
7/01/44
........................................
760,000
968,757
Revenue,
2019B,
Refunding,
5%,
7/01/31
...............................
850,000
1,127,593
Revenue,
2019B,
Refunding,
5%,
7/01/32
...............................
1,000,000
1,318,960
Delaware
River
Port
Authority
,
Revenue,
2013,
5%,
1/01/37
.........................................
10,000,000
11,163,500
Revenue,
2018
A,
5%,
1/01/37
........................................
3,285,000
4,104,903
Revenue,
2018
A,
5%,
1/01/38
........................................
5,050,000
6,294,674
Revenue,
2018
A,
5%,
1/01/39
........................................
2,300,000
2,860,004
Revenue,
2018
A,
5%,
1/01/40
........................................
9,565,000
11,872,556
64,882,271
U.S.
Territories
0.4%
Puerto
Rico
0.4%
a
Puerto
Rico
Electric
Power
Authority,
Revenue,
WW-RSA-1,
5.5%,
7/01/38
........
3,950,000
2,982,250
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
125
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
$
300,000
$
355,938
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
200,000
238,248
3,576,436
Total
U.S.
Territories
....................................................................
3,576,436
Total
Municipal
Bonds
(Cost
$791,596,471)
.....................................
847,972,272
a
a
a
a
Short
Term
Investments
0.1%
Municipal
Bonds
0.1%
New
Jersey
0.1%
b
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009C
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.12
%
,
7/01/43
.........................................................
700,000
700,000
Total
Municipal
Bonds
(Cost
$700,000)
.........................................
700,000
Total
Short
Term
Investments
(Cost
$700,000
)
..................................
700,000
a
Total
Investments
(Cost
$792,296,471)
98.7%
...................................
$848,672,272
Other
Assets,
less
Liabilities
1.3%
.............................................
11,125,657
Net
Assets
100.0%
...........................................................
$859,797,929
a
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
North
Carolina
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
126
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
96.3%
North
Carolina
95.9%
Cape
Fear
Public
Utility
Authority
,
Revenue,
2011,
Pre-Refunded,
5%,
8/01/36
..............................
$
8,000,000
$
8,251,920
Revenue,
2014A,
Pre-Refunded,
5%,
6/01/40
.............................
2,250,000
2,623,612
Revenue,
2019A,
Refunding,
4%,
8/01/44
...............................
8,000,000
9,441,360
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group,
Revenue,
2011A,
5.125%,
1/15/37
.............
4,000,000
4,017,600
Atrium
Health
Obligated
Group,
Revenue,
2011A,
5.25%,
1/15/42
.............
10,000,000
10,042,500
Atrium
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
1/15/40
.......
20,000,000
23,607,200
Atrium
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
1/15/36
.......
5,000,000
6,333,400
City
of
Charlotte
,
COP,
2008A,
Refunding,
5%,
6/01/33
...................................
2,500,000
2,508,725
COP,
2019A,
Refunding,
5%,
6/01/44
...................................
8,250,000
10,475,520
Airport
Special
Facilities,
Revenue,
2010-A,
5.5%,
7/01/34
...................
3,765,000
3,778,667
Airport
Special
Facilities,
Revenue,
2010-A,
5%,
7/01/39
....................
3,000,000
3,009,060
Airport
Special
Facilities,
Revenue,
2011A,
5%,
7/01/41
.....................
10,000,000
10,203,200
Airport
Special
Facilities,
Revenue,
2019A,
4%,
7/01/44
.....................
3,550,000
4,099,256
Airport
Special
Facilities,
Revenue,
2019A,
5%,
7/01/49
.....................
4,460,000
5,546,322
Airport
Special
Facilities,
Revenue,
2019B,
4%,
7/01/44
.....................
5,515,000
6,252,080
Storm
Water,
Revenue,
2014,
Refunding,
5%,
12/01/39
.....................
7,970,000
9,246,635
Water
&
Sewer
System,
Revenue,
2015,
Refunding,
5%,
7/01/40
..............
10,000,000
11,777,200
Water
&
Sewer
System,
Revenue,
2018,
Refunding,
4%,
7/01/37
..............
5,000,000
6,067,350
Water
&
Sewer
System,
Revenue,
2020,
Refunding,
2%,
7/01/41
..............
500,000
508,115
Water
&
Sewer
System,
Revenue,
2020,
Refunding,
2%,
7/01/42
..............
1,000,000
1,013,360
Water
&
Sewer
System,
Revenue,
2020,
Refunding,
4%,
7/01/46
..............
6,000,000
7,303,560
Water
&
Sewer
System,
Revenue,
2020,
Refunding,
2.25%,
7/01/50
............
3,350,000
3,409,462
City
of
Durham
,
Water
&
Sewer
Utility
System
,
Revenue
,
2011
,
Pre-Refunded
,
5
%
,
6/01/41
.........................................................
4,000,000
4,097,000
City
of
Fayetteville
,
Public
Works
Commission
,
Revenue
,
2018
,
Refunding
,
4
%
,
3/01/41
4,015,000
4,646,519
City
of
Greensboro
,
GO,
2018
B,
5%,
10/01/29
...........................................
5,000,000
6,664,850
Combined
Water
&
Sewer
System,
Revenue,
2020A,
Refunding,
4%,
6/01/45
....
5,000,000
6,059,300
City
of
Raleigh
,
GO,
2016
A,
Refunding,
5%,
9/01/26
...................................
5,000,000
6,339,200
Combined
Enterprise
System,
Revenue,
2011,
Pre-Refunded,
5%,
3/01/40
.......
11,915,000
12,059,291
Combined
Enterprise
System,
Revenue,
2013
A,
Pre-Refunded,
5%,
3/01/43
.....
10,000,000
11,073,300
Combined
Enterprise
System,
Revenue,
2016
A,
4%,
3/01/46
.................
5,000,000
5,711,750
Combined
Enterprise
System,
Revenue,
2016
B,
Refunding,
4%,
3/01/34
........
1,000,000
1,179,190
City
of
Salisbury
,
Combined
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
5
%
,
2/01/45
.........................................................
1,000,000
1,286,970
City
of
Wilmington
,
Storm
Water
Fee
,
Revenue
,
2007
,
Refunding
,
AMBAC
Insured
,
5
%
,
6/01/33
.........................................................
225,000
225,781
City
of
Winston-Salem
,
Water
&
Sewer
System,
Revenue,
2014A,
Pre-Refunded,
5%,
6/01/33
..........
2,350,000
2,740,218
Water
&
Sewer
System,
Revenue,
2016A,
Refunding,
4%,
6/01/34
.............
1,350,000
1,563,273
Water
&
Sewer
System,
Revenue,
2016A,
Refunding,
4%,
6/01/37
.............
5,000,000
5,740,200
Water
&
Sewer
System,
Revenue,
2017,
4%,
6/01/47
.......................
10,000,000
11,472,700
County
of
Buncombe
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/34
.................
3,000,000
3,556,050
County
of
Dare
,
Utilities
System
,
Revenue
,
2011
,
Pre-Refunded
,
5
%
,
2/01/41
......
5,000,000
5,039,300
County
of
Durham
,
GO,
2019,
4%,
6/01/36
.............................................
500,000
614,280
GO,
2019,
4%,
6/01/37
.............................................
450,000
551,151
GO,
2019,
4%,
6/01/39
.............................................
700,000
849,989
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
127
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
County
of
Guilford
,
GO
,
2017
B
,
4
%
,
5/01/33
...............................
$
5,000,000
$
5,948,800
County
of
Lincoln
,
Enterprise
System,
Revenue,
2020,
Refunding,
3%,
8/01/38
..................
400,000
447,264
Enterprise
System,
Revenue,
2020,
Refunding,
3%,
8/01/41
..................
480,000
531,595
County
of
Mecklenburg
,
GO,
2015A,
5%,
4/01/28
............................................
5,000,000
6,011,100
GO,
2017
A,
4%,
4/01/30
............................................
5,000,000
6,011,900
County
of
New
Hanover
,
New
Hanover
Regional
Medical
Center,
Revenue,
2017,
Refunding,
5%,
10/01/42
.
5,000,000
5,970,800
New
Hanover
Regional
Medical
Center,
Revenue,
2017,
Refunding,
5%,
10/01/47
.
13,565,000
16,075,203
County
of
Union
,
Enterprise
System,
Revenue,
2015,
5%,
6/01/34
..........................
1,000,000
1,205,550
Enterprise
System,
Revenue,
2019,
4%,
6/01/41
..........................
3,200,000
3,797,728
Enterprise
System,
Revenue,
2019,
4%,
6/01/44
..........................
2,325,000
2,737,781
County
of
Wake
,
GO,
2018A,
5%,
3/01/30
............................................
8,000,000
10,447,680
GO,
2019
A,
5%,
3/01/32
............................................
7,870,000
10,498,423
Revenue,
2019,
4%,
9/01/38
.........................................
5,250,000
6,387,517
Greenville
Utilities
Commission
,
Revenue
,
2019
,
5
%
,
8/01/44
..................
4,750,000
6,065,085
Nash
Health
Care
Systems
,
Revenue,
2003,
AGMC
Insured,
5%,
11/01/30
............................
2,250,000
2,257,380
Revenue,
2012,
5%,
11/01/41
........................................
5,000,000
5,170,000
North
Carolina
Capital
Facilities
Finance
Agency
,
Davidson
College
Trustees,
Revenue,
2012,
5%,
3/01/40
....................
4,000,000
4,209,440
Davidson
College
Trustees,
Revenue,
2014,
Refunding,
5%,
3/01/45
...........
3,500,000
3,677,870
Duke
University,
Revenue,
2015
B,
Pre-Refunded,
5%,
10/01/41
..............
13,585,000
16,630,078
Duke
University,
Revenue,
2016
B,
Refunding,
5%,
7/01/42
..................
10,000,000
12,281,600
Duke
University,
Revenue,
2016
B,
Refunding,
4%,
10/01/44
.................
5,085,000
5,778,086
Duke
University,
Revenue,
2016
B,
Refunding,
5%,
10/01/44
.................
11,000,000
13,474,780
Wake
Forest
University,
Revenue,
2016,
Refunding,
4%,
1/01/35
..............
5,000,000
5,680,800
Wake
Forest
University,
Revenue,
2016,
Refunding,
4%,
1/01/38
..............
5,500,000
6,208,290
Wake
Forest
University,
Revenue,
2016,
Refunding,
4%,
1/01/39
..............
5,250,000
5,915,647
Wake
Forest
University,
Revenue,
2018,
4%,
1/01/48
.......................
20,000,000
22,736,600
Wake
Forest
University,
Revenue,
2018,
5%,
1/01/48
.......................
13,500,000
16,526,970
North
Carolina
Housing
Finance
Agency
,
Revenue,
41,
GNMA
Insured,
3.55%,
7/01/44
.............................
6,435,000
7,012,026
Revenue,
41,
GNMA
Insured,
3.625%,
7/01/49
............................
9,905,000
10,770,796
Revenue,
42,
GNMA
Insured,
2.45%,
7/01/34
.............................
1,000,000
1,057,660
Revenue,
42,
GNMA
Insured,
2.625%,
7/01/39
............................
4,000,000
4,221,920
Revenue,
42,
GNMA
Insured,
2.85%,
1/01/43
.............................
3,500,000
3,673,495
Revenue,
43,
GNMA
Insured,
2.8%,
1/01/40
..............................
6,000,000
6,383,640
Revenue,
43,
GNMA
Insured,
2.95%,
7/01/43
.............................
2,750,000
2,897,318
Revenue,
44,
3%,
7/01/46
...........................................
3,000,000
3,172,050
Revenue,
45,
Refunding,
GNMA
Insured,
2.2%,
7/01/40
.....................
2,000,000
2,036,600
North
Carolina
Medical
Care
Commission
,
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2011A,
Pre-
Refunded,
6.5%,
7/01/31
..........................................
5,000,000
5,179,950
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2011A,
Pre-
Refunded,
6.625%,
7/01/34
.........................................
6,000,000
6,220,320
Duke
University
Health
System,
Inc.,
Revenue,
2012
A,
Pre-Refunded,
5%,
6/01/42
10,000,000
10,720,400
Duke
University
Health
System,
Inc.,
Revenue,
2016
D,
Refunding,
4%,
6/01/42
...
7,000,000
7,776,440
Friends
Homes
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/50
..............
3,000,000
3,116,760
Novant
Health
Obligated
Group,
Revenue,
2013
A,
Refunding,
5%,
11/01/46
.....
20,000,000
21,192,600
Novant
Health
Obligated
Group,
Revenue,
2019A,
4%,
11/01/49
..............
5,115,000
5,881,227
Novant
Health
Obligated
Group,
Revenue,
2019A,
4%,
11/01/52
..............
7,640,000
8,738,785
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
128
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Medical
Care
Commission,
(continued)
Pines
at
Davidson,
Inc.
Obligated
Group,
Revenue,
2019
A,
5%,
1/01/49
........
$
5,000,000
$
5,375,300
Presbyterian
Homes
Obligated
Group,
Revenue,
2016
C,
Refunding,
5%,
10/01/31
5,000,000
5,648,950
Presbyterian
Homes
Obligated
Group,
Revenue,
2020A,
4%,
10/01/45
..........
1,000,000
1,089,000
Presbyterian
Homes
Obligated
Group,
Revenue,
2020A,
5%,
10/01/45
..........
1,800,000
2,107,746
Presbyterian
Homes
Obligated
Group,
Revenue,
2020A,
4%,
10/01/50
..........
1,350,000
1,458,175
Presbyterian
Homes
Obligated
Group,
Revenue,
2020A,
5%,
10/01/50
..........
1,400,000
1,629,740
Rex
Hospital,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/49
............
4,000,000
4,519,760
Scotland
Memorial
Hospital,
Inc.,
Revenue,
1999,
AGMC
Insured,
5.5%,
10/01/29
.
1,125,000
1,128,814
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2017A,
Refunding,
5%,
10/01/37
...........................................
200,000
213,728
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2017A,
Refunding,
5%,
10/01/42
...........................................
2,250,000
2,392,425
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2017A,
Refunding,
5%,
10/01/47
...........................................
2,540,000
2,692,984
Vidant
Health
Obligated
Group,
Revenue,
2012
A,
Pre-Refunded,
5%,
6/01/36
....
5,000,000
5,356,250
Vidant
Health
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
6/01/40
........
5,000,000
5,780,550
Wake
Forest
Baptist
Obligated
Group,
Revenue,
2019A,
5%,
12/01/32
..........
1,000,000
1,252,450
Wake
Forest
Baptist
Obligated
Group,
Revenue,
2019A,
5%,
12/01/33
..........
1,000,000
1,247,870
WakeMed
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
10/01/38
........
5,000,000
5,288,900
North
Carolina
Municipal
Power
Agency
No.
1
,
Revenue
,
2015A
,
Refunding
,
5
%
,
1/01/32
.........................................................
4,200,000
4,940,880
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien,
2020A,
5%,
6/01/25
...............................
125,000
141,570
Revenue,
Senior
Lien,
2020A,
5%,
6/01/26
...............................
300,000
346,506
Revenue,
Senior
Lien,
2020A,
5%,
6/01/27
...............................
450,000
527,292
Revenue,
Senior
Lien,
2020A,
5%,
6/01/28
...............................
500,000
588,960
Revenue,
Senior
Lien,
2020A,
5%,
6/01/29
...............................
350,000
419,006
Revenue,
Senior
Lien,
2020A,
3.125%,
6/01/39
...........................
1,060,000
1,065,226
North
Carolina
State
University
at
Raleigh
,
Revenue,
2013
A,
Pre-Refunded,
5%,
10/01/33
...........................
5,595,000
6,340,702
Revenue,
2013
A,
Pre-Refunded,
5%,
10/01/42
...........................
8,980,000
10,176,854
Revenue,
2020
A,
Refunding,
2.375%,
10/01/44
...........................
5,000,000
5,117,600
North
Carolina
Turnpike
Authority
,
Revenue,
2011,
5%,
7/01/41
.........................................
5,000,000
5,139,450
Revenue,
2016A,
Refunding,
5%,
7/01/47
...............................
2,500,000
2,825,650
Revenue,
2018A,
Refunding,
4%,
1/01/36
...............................
9,875,000
11,638,379
Revenue,
2018A,
Refunding,
4%,
1/01/39
...............................
9,815,000
11,425,347
Revenue,
Senior
Lien,
2017,
Refunding,
AGMC
Insured,
5%,
1/01/31
...........
1,000,000
1,213,550
Revenue,
Senior
Lien,
2017,
Refunding,
AGMC
Insured,
5%,
1/01/39
...........
1,200,000
1,425,936
Revenue,
Senior
Lien,
2019,
AGMC
Insured,
5%,
1/01/49
...................
9,480,000
11,803,832
Raleigh
Durham
Airport
Authority
,
Revenue,
2015A,
Refunding,
5%,
5/01/27
...............................
350,000
412,317
Revenue,
2015A,
Refunding,
5%,
5/01/29
...............................
1,000,000
1,172,360
Revenue,
2015A,
Refunding,
5%,
5/01/30
...............................
550,000
642,725
Revenue,
2020
A,
Refunding,
5%,
5/01/35
...............................
2,250,000
2,905,515
State
of
North
Carolina
,
GO,
2016
A,
Refunding,
5%,
6/01/25
...................................
4,000,000
4,859,160
Revenue,
2011C,
Pre-Refunded,
5%,
5/01/29
.............................
10,000,000
10,202,300
Revenue,
2020
B,
4%,
5/01/35
........................................
2,750,000
3,431,725
Town
of
Cary
,
Combined
Utility
Systems,
Revenue,
2013,
Pre-Refunded,
5%,
12/01/42
........
10,000,000
10,956,300
Combined
Utility
Systems,
Revenue,
2017,
Pre-Refunded,
5%,
12/01/41
........
1,710,000
2,188,509
Combined
Utility
Systems,
Revenue,
2017B,
Refunding,
4%,
12/01/42
..........
8,000,000
9,332,000
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
129
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
Town
of
Oak
Island
,
Enterprise
System
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/33
......................................................
$
1,000,000
$
1,229,920
University
of
North
Carolina
,
System
,
Revenue
,
2008A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/33
........................................................
160,000
160,544
University
of
North
Carolina
at
Chapel
Hill
,
Hospitals
at
Chapel
Hill
,
Revenue
,
2016
,
5
%
,
2/01/46
......................................................
4,265,000
4,950,428
University
of
North
Carolina
at
Charlotte
(The)
,
Revenue,
2012A,
Pre-Refunded,
5%,
4/01/37
.............................
12,995,000
13,817,973
Revenue,
2012A,
Pre-Refunded,
5%,
4/01/41
.............................
18,000,000
19,139,940
Revenue,
2014,
5%,
4/01/43
.........................................
5,000,000
5,551,700
Revenue,
2015,
Refunding,
5%,
4/01/45
.................................
9,450,000
10,783,489
Revenue,
2017,
5%,
10/01/47
........................................
10,000,000
12,112,600
Revenue,
2017A,
Refunding,
4%,
10/01/40
..............................
2,250,000
2,587,433
Revenue,
2020A,
Refunding,
4%,
10/01/40
..............................
290,000
343,491
Revenue,
2020A,
Refunding,
4%,
10/01/49
..............................
2,800,000
3,255,336
University
of
North
Carolina
at
Greensboro
,
Revenue,
2014,
5%,
4/01/39
.........................................
3,500,000
3,908,415
Revenue,
2017,
Refunding,
4%,
4/01/35
.................................
1,205,000
1,404,958
Revenue,
2017,
Refunding,
4%,
4/01/36
.................................
1,000,000
1,162,440
Revenue,
2018,
5%,
4/01/43
.........................................
2,500,000
3,057,600
University
of
North
Carolina
at
Wilmington
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/37
.
3,000,000
3,410,370
Western
Carolina
University
,
Revenue,
2020,
4%,
10/01/45
........................................
5,980,000
7,027,636
Revenue,
2020,
4%,
10/01/49
........................................
4,255,000
4,974,733
Revenue,
2020
B,
4%,
4/01/45
........................................
5,000,000
5,883,150
Revenue,
2020
B,
4%,
4/01/50
........................................
10,000,000
11,683,300
838,590,119
U.S.
Territories
0.4%
Puerto
Rico
0.4%
a
Puerto
Rico
Electric
Power
Authority,
Revenue,
XX-RSA-1,
5.25%,
7/01/40
........
4,120,000
3,100,300
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
300,000
355,938
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
350,000
416,934
3,873,172
Total
U.S.
Territories
....................................................................
3,873,172
Total
Municipal
Bonds
(Cost
$787,917,298)
.....................................
842,463,291
a
a
a
a
Short
Term
Investments
2.6%
Municipal
Bonds
2.6%
North
Carolina
2.6%
b
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group,
Revenue,
2007B,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.12%,
1/15/38
..........................
2,600,000
2,600,000
Atrium
Health
Obligated
Group,
Revenue,
2018
H,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.13%,
1/15/48
.................................
1,830,000
1,830,000
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
130
See
Abbreviations
on
page
160
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
b
North
Carolina
Medical
Care
Commission
,
Moses
H
Cone
Memorial
Hospital
Obligated
Group
,
Revenue
,
2001B
,
SPA
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
0.1
%
,
10/01/35
........................................................
$
17,900,000
$
17,900,000
22,330,000
Total
Municipal
Bonds
(Cost
$22,330,000)
......................................
22,330,000
Total
Short
Term
Investments
(Cost
$22,330,000
)
................................
22,330,000
a
Total
Investments
(Cost
$810,247,298)
98.9%
...................................
$864,793,291
Other
Assets,
less
Liabilities
1.1%
.............................................
9,679,264
Net
Assets
100.0%
...........................................................
$874,472,555
a
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Ohio
Tax-Free
Income
Fund
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
131
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.6%
Ohio
97.5%
a
Akron
Bath
Copley
Joint
Township
Hospital
District
,
Summa
Health
System
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
3
%
,
11/15/40
..........................
$
3,100,000
$
3,158,373
American
Municipal
Power,
Inc.
,
Revenue,
2015A,
Refunding,
5%,
2/15/28
...............................
5,000,000
5,670,200
Revenue,
2015A,
Pre-Refunded,
BAM
Insured,
5.25%,
2/15/31
...............
10,000,000
10,608,800
Revenue,
2016
A,
4%,
2/15/36
........................................
1,000,000
1,121,830
Revenue,
2016
A,
5%,
2/15/46
........................................
5,000,000
5,817,000
Revenue,
2016A,
Refunding,
5%,
2/15/46
...............................
7,500,000
8,676,900
Revenue,
2017
A,
Refunding,
5%,
2/15/37
...............................
3,700,000
4,567,280
Revenue,
2017
A,
Refunding,
5%,
2/15/38
...............................
3,500,000
4,310,635
Revenue,
2019
A,
5%,
2/15/44
........................................
3,345,000
4,160,210
Revenue,
2019
C,
Refunding,
4%,
2/15/39
...............................
18,795,000
22,431,080
Revenue,
2020A,
4%,
2/15/44
........................................
1,215,000
1,410,761
Anthony
Wayne
Local
School
District
,
GO
,
2017
A
,
4
%
,
12/01/39
................
3,000,000
3,338,670
Apollo
Joint
Vocational
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
12/01/39
........
6,530,000
7,569,119
Ashland
City
School
District
,
GO
,
2013-2
,
4
%
,
11/01/49
.......................
6,685,000
6,700,710
Bath
Local
School
District
,
GO,
2012,
Refunding,
AGMC
Insured,
4%,
12/01/44
........................
1,295,000
1,295,000
GO,
2012,
Refunding,
AGMC
Insured,
5%,
12/01/49
........................
5,380,000
5,380,000
Beaver
Local
School
District
,
GO
,
2012
,
4
%
,
12/01/40
........................
3,000,000
3,111,840
Bethel
Local
School
District
,
COP,
2020,
BAM
Insured,
3%,
12/01/45
.................................
3,095,000
3,231,830
COP,
2020,
BAM
Insured,
2.75%,
12/01/49
..............................
4,000,000
4,063,600
Big
Walnut
Local
School
District
,
GO
,
2019
,
5
%
,
12/01/53
.....................
9,155,000
11,263,122
Bloom-Carroll
Local
School
District
,
GO
,
2018A
,
5
%
,
11/01/55
..................
7,025,000
8,610,472
Bowling
Green
State
University
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/42
........
3,250,000
3,854,890
Brecksville-Broadview
Heights
City
School
District
,
GO
,
2018
,
Pre-Refunded
,
5.25
%
,
12/01/54
........................................................
7,390,000
8,497,465
Brooklyn
City
School
District
,
GO,
2013,
Pre-Refunded,
AGMC
Insured,
5.25%,
12/01/43
..................
3,000,000
3,000,000
GO,
2017,
Refunding,
AGMC
Insured,
5%,
12/01/38
........................
1,905,000
2,321,223
GO,
2017,
Refunding,
AGMC
Insured,
5%,
12/01/49
........................
9,000,000
10,779,210
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020A-2
,
1
,
Refunding
,
3
%
,
6/01/48
.............................................
12,875,000
13,142,414
Canal
Winchester
Local
School
District
,
GO,
2005,
NATL
Insured,
Zero
Cpn
.,
12/01/32
............................
3,955,000
3,159,175
GO,
2005,
NATL
Insured,
Zero
Cpn
.,
12/01/33
............................
2,000,000
1,551,100
Central
Ohio
Solid
Waste
Authority
,
GO,
2012,
Pre-Refunded,
4%,
12/01/32
.................................
16,945,000
17,908,898
Chillicothe
City
School
District
,
GO,
2006,
Refunding,
NATL
Insured,
Zero
Cpn
.,
12/01/22
...................
1,905,000
1,882,349
GO,
2006,
Refunding,
NATL
Insured,
Zero
Cpn
.,
12/01/23
...................
1,905,000
1,864,138
GO,
2006,
Refunding,
NATL
Insured,
Zero
Cpn
.,
12/01/24
...................
1,905,000
1,846,612
Cincinnati
City
School
District
,
GO,
2006,
Refunding,
NATL
Insured,
5.25%,
12/01/27
......................
14,900,000
19,651,610
GO,
2006,
Refunding,
NATL
Insured,
5.25%,
12/01/28
......................
8,180,000
11,065,250
City
of
Akron
,
Community
Learning
Center,
Revenue,
2014,
Pre-Refunded,
5%,
12/01/33
......
4,250,000
4,556,170
Waterworks
System,
Revenue,
2009,
Refunding,
AGMC
Insured,
5%,
3/01/34
....
1,000,000
1,003,670
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
132
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
City
of
Chillicothe
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/37
.....................................................
$
5,000,000
$
6,001,350
City
of
Cincinnati
,
GO
,
2015A
,
Pre-Refunded
,
5.25
%
,
12/01/40
.................
6,500,000
7,945,990
City
of
Cleveland
,
GO,
2012,
Pre-Refunded,
5%,
12/01/30
.................................
2,965,000
3,248,543
GO,
2012,
Refunding,
5%,
12/01/30
....................................
35,000
38,097
GO,
2020
A,
4%,
12/01/35
...........................................
1,000,000
1,242,480
GO,
2020
A,
2%,
12/01/36
...........................................
1,215,000
1,234,877
Airport
System,
Revenue,
2012A,
Pre-Refunded,
AGMC
Insured,
5%,
1/01/30
....
3,000,000
3,154,350
Airport
System,
Revenue,
2012A,
Pre-Refunded,
AGMC
Insured,
5%,
1/01/31
....
1,500,000
1,577,175
Water
Pollution
Control,
Revenue,
2016,
5%,
11/15/41
......................
2,000,000
2,374,020
City
of
Columbus
,
GO,
2014A,
5%,
2/15/25
............................................
5,000,000
5,759,600
GO,
2016-3,
Refunding,
5%,
2/15/27
...................................
5,000,000
6,421,950
GO,
2018
A,
5%,
4/01/34
............................................
7,000,000
9,096,080
Sewerage,
Revenue,
2014,
Refunding,
4%,
6/01/31
........................
15,000,000
16,852,950
Sewerage,
Revenue,
2015,
Refunding,
5%,
6/01/29
........................
5,000,000
6,219,300
City
of
Marysville
,
Wastewater
Treatment
System,
Revenue,
2015,
Refunding,
BAM
Insured,
4%,
12/01/40
.......................................................
3,015,000
3,279,024
Wastewater
Treatment
System,
Revenue,
2015,
Refunding,
BAM
Insured,
5%,
12/01/47
.......................................................
5,035,000
5,837,176
Wastewater
Treatment
System,
Revenue,
2016,
Refunding,
BAM
Insured,
4%,
12/01/46
.......................................................
9,370,000
10,272,893
City
of
Middleburg
Heights
,
Southwest
General
Health
Center
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/47
...............................
4,425,000
5,045,916
City
of
St.
Bernard
,
Income
Tax
,
Revenue
,
2013
,
AGMC
Insured
,
5
%
,
12/01/43
.....
3,760,000
4,181,195
City
of
Toledo
,
GO,
2010,
Refunding,
AGMC
Insured,
5%,
12/01/28
........................
3,000,000
3,008,100
Water
System,
Revenue,
2012A,
4%,
11/15/36
............................
9,125,000
9,371,740
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/38
....................
19,395,000
21,314,135
City
of
Westerville
,
Revenue
,
2014
,
5
%
,
12/01/30
...........................
2,765,000
3,192,967
Cleveland
Department
of
Public
Utilities
Division
of
Public
Power
,
Revenue,
2020A,
Refunding,
AGMC
Insured,
4%,
11/15/38
..................
600,000
710,808
Revenue,
B-2,
NATL
Insured,
Zero
Cpn
.,
11/15/38
.........................
10,000,000
6,520,700
Cleveland
Department
of
Public
Utilities
Division
of
Water
,
Revenue,
2020
FF,
Refunding,
5%,
1/01/32
..............................
1,000,000
1,350,360
Revenue,
2020
FF,
Refunding,
5%,
1/01/33
..............................
1,000,000
1,344,750
Cleveland
Municipal
School
District
,
GO,
2013,
Refunding,
5%,
12/01/25
....................................
3,600,000
3,932,136
GO,
2013,
Refunding,
5%,
12/01/27
....................................
1,000,000
1,091,000
Cleveland
Public
Library
,
Revenue
,
2019
A
,
4
%
,
12/01/45
.....................
5,000,000
5,908,450
Columbus
Metropolitan
Library
,
Revenue,
2012-1,
Refunding,
4%,
12/01/28
..............................
2,970,000
2,970,000
Revenue,
2012-1,
Refunding,
4%,
12/01/29
..............................
4,125,000
4,125,000
Revenue,
2019,
3%,
12/01/43
........................................
1,550,000
1,662,049
Revenue,
2020,
Refunding,
2%,
12/01/35
................................
4,525,000
4,499,841
Revenue,
2020,
Refunding,
2%,
12/01/36
................................
4,620,000
4,582,255
Revenue,
2020,
Refunding,
2%,
12/01/37
................................
4,705,000
4,640,165
County
of
Butler
,
Cincinnati
Children's
Hospital
Medical
Center
Obligated
Group,
Revenue,
2016
X,
Refunding,
5%,
5/15/29
............................................
6,750,000
8,866,395
Kettering
Health
Network
Obligated
Group,
Revenue,
2011,
6.375%,
4/01/36
.....
5,000,000
5,078,600
Kettering
Health
Network
Obligated
Group,
Revenue,
2011,
5.625%,
4/01/41
.....
5,000,000
5,066,600
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
133
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
County
of
Butler,
(continued)
UC
Health
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/45
..........
$
20,270,000
$
23,503,673
UC
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
11/15/35
..........
2,000,000
2,248,560
UC
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
11/15/36
..........
2,140,000
2,399,047
UC
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
11/15/37
..........
1,500,000
1,677,765
County
of
Cuyahoga
,
GO,
2020
A,
Refunding,
4%,
12/01/34
..................................
750,000
921,570
GO,
2020
A,
Refunding,
3%,
12/01/35
..................................
1,040,000
1,162,637
GO,
2020
A,
Refunding,
3%,
12/01/36
..................................
1,100,000
1,225,928
GO,
2020
A,
Refunding,
3%,
12/01/37
..................................
1,610,000
1,787,357
Revenue,
2015,
Pre-Refunded,
5%,
12/01/25
.............................
500,000
570,390
County
of
Franklin
,
Nationwide
Children's
Hospital,
Inc.,
Revenue,
2016
C,
Refunding,
5%,
11/01/34
..
2,600,000
3,167,736
Nationwide
Children's
Hospital,
Inc.,
Revenue,
2016
C,
Refunding,
4%,
11/01/40
..
5,000,000
5,679,500
Nationwide
Children's
Hospital,
Inc.,
Revenue,
2017A,
Refunding,
4%,
11/01/44
...
7,050,000
7,956,489
OhioHealth
Obligated
Group,
Revenue,
2015,
5%,
5/15/33
...................
6,290,000
7,324,453
Sales
Tax,
Revenue,
2018,
5%,
6/01/43
.................................
6,000,000
7,546,980
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017,
5%,
12/01/46
............
7,500,000
8,947,125
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2019
A,
4%,
12/01/44
..........
5,075,000
5,878,677
County
of
Hamilton
,
Cincinnati
Children's
Hospital
Medical
Center
Obligated
Group,
Revenue,
2019
CC,
5%,
11/15/49
...................................................
15,000,000
23,718,450
Sewer
System,
Revenue,
2019A,
Refunding,
5%,
12/01/33
..................
6,965,000
9,303,220
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/32
..................
1,000,000
1,377,200
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/33
..................
1,500,000
2,051,490
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/34
..................
2,200,000
3,003,440
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/35
..................
1,000,000
1,359,990
TriHealth
Obligated
Group,
Revenue,
2017A,
5%,
8/15/42
...................
5,000,000
6,025,150
University
of
Cincinnati,
Revenue,
2010,
Refunding,
AGMC
Insured,
5%,
6/01/30
..
7,000,000
7,025,620
University
of
Cincinnati,
Revenue,
2010,
Refunding,
AGMC
Insured,
4.75%,
6/01/39
7,000,000
7,021,420
County
of
Mahoning
,
Western
Reserve
Care
System
,
Revenue
,
1995
,
NATL
Insured
,
ETM,
5.5
%
,
10/15/25
...............................................
2,690,000
3,051,590
County
of
Miami
,
Kettering
Health
Network
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
8/01/49
.............................................
12,000,000
14,460,480
County
of
Montgomery
,
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2019A
,
Refunding
,
4
%
,
11/15/39
............................................
5,000,000
5,481,700
County
of
Ross
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/49
............................................
5,000,000
6,030,200
County
of
Union
,
GO
,
2018
,
5
%
,
12/01/47
.................................
5,000,000
6,068,400
Coventry
Local
School
District
,
GO
,
2013
,
5.25
%
,
11/01/47
....................
5,000,000
5,207,800
Cuyahoga
Community
College
District
,
Revenue
,
2012D
,
Refunding
,
5
%
,
8/01/32
...
2,310,000
2,481,748
Dayton
City
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
11/01/30
................
5,000,000
6,848,700
a
Dayton
Metro
Library
,
GO
,
2013A
,
Pre-Refunded
,
4.75
%
,
12/01/38
..............
20,000,000
20,889,600
Deer
Park
Community
City
School
District
,
GO
,
2017
A
,
5.25
%
,
12/01/53
.........
3,000,000
3,524,640
Defiance
City
School
District
,
GO
,
2014
,
Pre-Refunded
,
5
%
,
12/01/46
............
6,635,000
7,269,505
Delaware
City
School
District
,
GO
,
2013
,
Pre-Refunded
,
5.75
%
,
12/01/49
.........
6,000,000
6,827,460
Dublin
City
School
District
,
GO
,
2019
A
,
4
%
,
12/01/44
........................
10,000,000
11,900,200
Elyria
City
School
District
,
GO
,
2017A
,
5
%
,
12/01/43
.........................
5,500,000
6,636,850
Franklin
County
Convention
Facilities
Authority
,
Revenue
,
2014
,
Pre-Refunded
,
5
%
,
12/01/35
........................................................
20,000,000
23,732,200
Fremont
City
School
District
,
GO
,
2017A
,
5
%
,
1/15/49
........................
13,970,000
16,465,601
Grandview
Heights
City
School
District
,
GO,
2019,
4%,
12/01/51
.............................................
1,980,000
2,289,058
GO,
2019,
5%,
12/01/53
.............................................
2,150,000
2,696,810
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
134
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Greenville
City
School
District
,
GO
,
2013
,
Pre-Refunded
,
5.25
%
,
1/01/41
.........
$
2,000,000
$
2,108,280
Groveport-Madison
Local
School
District
,
GO
,
2014
,
Pre-Refunded
,
5
%
,
10/01/44
...
6,205,000
6,744,152
Highland
Local
School
District
,
GO
,
2018A
,
Pre-Refunded
,
5.25
%
,
12/01/54
.......
12,000,000
13,505,520
Hilliard
School
District
,
GO,
2005,
Refunding,
NATL
Insured,
Zero
Cpn
.,
12/01/20
...................
4,525,000
4,525,000
GO,
2017,
4%,
12/01/46
.............................................
10,000,000
11,265,900
Hillsdale
Local
School
District
,
COP,
2020,
BAM
Insured,
4%,
12/01/38
.................................
2,465,000
2,924,032
COP,
2020,
BAM
Insured,
4%,
12/01/40
.................................
1,435,000
1,692,525
Hudson
City
School
District
,
GO
,
2018
,
4
%
,
12/01/45
........................
18,870,000
21,030,049
Indian
Creek
Local
School
District
,
GO,
2018
A,
5%,
11/01/55
...........................................
3,000,000
3,657,360
GO,
2018B,
BAM
Insured,
5%,
11/01/55
.................................
3,910,000
4,754,013
JobsOhio
Beverage
System
,
Revenue,
Senior
Lien
,
2013A
,
Pre-Refunded
,
5
%
,
1/01/38
......................................................
26,010,000
28,595,134
Lakewood
City
School
District
,
GO
,
2014A
,
Pre-Refunded
,
5
%
,
11/01/43
..........
10,895,000
11,893,418
Lakota
Local
School
District
,
GO,
2005,
Refunding,
NATL
Insured,
5.25%,
12/01/26
......................
2,000,000
2,568,060
GO,
2014
C,
Refunding,
5%,
12/01/30
..................................
4,035,000
4,763,196
Lancaster
City
School
District
,
GO,
2012,
Pre-Refunded,
5%,
10/01/49
.................................
10,000,000
10,877,612
Little
Miami
Local
School
District
,
GO,
2018,
5%,
11/01/43
.............................................
1,000,000
1,186,680
GO,
2018,
5%,
11/01/48
.............................................
2,460,000
2,903,735
Madeira
City
School
District
,
GO
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/32
.....
9,605,000
13,341,057
Marysville
Exempted
Village
School
District
,
GO,
2002,
Refunding,
NATL
Insured,
Zero
Cpn
.,
12/01/20
...................
1,000,000
1,000,000
GO,
2002,
Refunding,
NATL
Insured,
Zero
Cpn
.,
12/01/21
...................
1,000,000
996,120
Miami
University
,
Revenue,
2011,
Refunding,
5%,
9/01/31
.................................
4,000,000
4,137,720
Revenue,
2014,
Refunding,
5%,
9/01/31
.................................
2,320,000
2,698,717
Revenue,
2014,
Refunding,
5%,
9/01/34
.................................
3,500,000
4,055,800
Revenue,
2017,
Refunding,
5%,
9/01/41
.................................
5,000,000
5,985,100
Revenue,
2020A,
Refunding,
4%,
9/01/45
...............................
6,025,000
7,107,271
Miami
Valley
Career
Technology
Center
,
GO
,
2018
,
5
%
,
12/01/44
...............
20,000,000
24,670,800
Middletown
City
School
District
,
GO,
2014,
Pre-Refunded,
5.25%,
12/01/40
...............................
2,625,000
2,886,319
GO,
2014,
Pre-Refunded,
5.25%,
12/01/48
...............................
15,000,000
16,493,250
Napoleon
Area
City
School
District
,
GO
,
2012
,
Pre-Refunded
,
5
%
,
12/01/49
.......
11,460,000
12,285,578
New
Albany
Community
Authority
,
Revenue,
2012C,
Refunding,
5%,
10/01/23
..............................
1,100,000
1,192,444
Revenue,
2012C,
Refunding,
5%,
10/01/24
..............................
1,250,000
1,353,362
New
Albany
Plain
Local
School
District
,
GO
,
2013
,
Refunding
,
4
%
,
12/01/49
.......
10,000,000
10,446,600
North
Canton
City
School
District
,
GO
,
2020
,
3
%
,
11/01/45
....................
2,730,000
2,951,239
Northeast
Ohio
Regional
Sewer
District
,
Revenue,
2014,
Pre-Refunded,
5%,
11/15/32
.............................
5,500,000
6,526,905
Revenue,
2014,
Refunding,
4%,
11/15/49
................................
6,000,000
6,594,120
Revenue,
2017,
Refunding,
4%,
11/15/43
................................
10,000,000
11,655,100
Revenue,
2019,
Refunding,
3%,
11/15/35
................................
4,500,000
5,148,090
Northeastern
Local
School
District
,
GO,
2018,
AGMC
Insured,
5.25%,
12/01/45
..............................
5,420,000
6,874,674
GO,
2018,
AGMC
Insured,
4%,
12/01/55
................................
5,000,000
5,663,000
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
135
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Northmont
City
School
District
,
GO
,
2012A
,
Pre-Refunded
,
5
%
,
11/01/49
..........
$
5,130,000
$
5,355,669
Northwest
Local
School
District
,
GO,
2015,
Pre-Refunded,
5%,
12/01/45
.................................
3,760,000
4,289,333
GO,
2015,
4%,
12/01/50
.............................................
5,000,000
5,347,700
Norwood
City
School
District
,
GO,
2017
A,
5%,
11/01/46
...........................................
5,000,000
5,938,750
GO,
2017
A,
5.25%,
11/01/51
.........................................
7,645,000
9,192,960
Oakwood
City
School
District
,
GO
,
2019
,
4
%
,
12/01/48
.......................
6,340,000
7,324,095
Ohio
Air
Quality
Development
Authority
,
Buckeye
Power,
Inc.
,
Revenue
,
2010
,
6
%
,
12/01/40
........................................................
6,020,000
6,047,090
Ohio
Center
Local
Government
Capital
Asset
Financing
Program
,
GO
,
2003
,
Pre-
Refunded
,
AGMC
Insured
,
5.25
%
,
12/01/23
..............................
445,000
446,780
Ohio
Higher
Educational
Facility
Commission
,
Case
Western
Reserve
University,
Revenue,
2016,
Refunding,
5%,
12/01/40
.....
6,000,000
7,096,800
Denison
University,
Revenue,
2012,
5%,
11/01/26
.........................
1,445,000
1,532,813
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/42
...........
1,540,000
1,693,584
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/45
...........
1,360,000
1,488,642
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/50
...........
2,900,000
3,166,075
Kenyon
College,
Revenue,
2016,
Refunding,
5%,
7/01/42
...................
10,500,000
12,203,205
Kenyon
College,
Revenue,
2017,
5%,
7/01/42
............................
1,250,000
1,478,388
Kenyon
College,
Revenue,
2017,
4%,
7/01/47
............................
5,000,000
5,514,500
University
of
Dayton,
Revenue,
2018
A,
4%,
12/01/43
.......................
11,885,000
13,388,096
Ohio
Housing
Finance
Agency
,
Revenue
,
2020B
,
GNMA
Insured
,
2.1
%
,
9/01/35
....
600,000
615,396
Ohio
State
University
(The)
,
Revenue
,
2014A
,
4
%
,
12/01/30
...................
4,325,000
4,865,409
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
2018
A,
5%,
2/15/43
........................................
33,350,000
41,389,017
Revenue,
Junior
Lien,
2013
A-1,
5.25%,
2/15/33
...........................
4,200,000
4,571,028
Revenue,
Junior
Lien,
2013
A-2,
BAM
Insured,
Zero
Cpn
.,
2/15/38
.............
3,665,000
2,649,795
Revenue,
Junior
Lien,
2013
A-2,
Zero
Cpn
.,
2/15/43
........................
10,485,000
6,184,787
Ohio
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/44
...................
7,000,000
8,428,350
Ohio
Water
Development
Authority
,
Revenue,
2019,
5%,
6/01/44
.........................................
4,000,000
5,220,040
Drinking
Water
Assistance
Fund,
Revenue,
2019,
5%,
12/01/29
...............
12,655,000
17,261,547
Water
Pollution
Control
Loan
Fund,
Revenue,
2019
B,
Refunding,
5%,
12/01/44
...
15,000,000
19,546,350
Water
Pollution
Control
Loan
Fund,
Revenue,
2020
A,
5%,
6/01/33
.............
7,250,000
9,872,470
Water
Pollution
Control
Loan
Fund,
Revenue,
2020
A,
5%,
12/01/38
............
5,405,000
7,236,160
Water
Pollution
Control
Loan
Fund,
Revenue,
2020
A,
5%,
12/01/39
............
5,000,000
6,680,450
Water
Pollution
Control
Loan
Fund,
Revenue,
2020
A,
5%,
12/01/50
............
2,500,000
3,278,575
Water
Pollution
Control
Loan
Fund,
Revenue,
2020
B,
4%,
12/01/37
............
14,160,000
17,618,155
Olentangy
Local
School
District
,
GO,
2016,
4%,
12/01/46
.............................................
15,235,000
17,052,993
GO,
2020
A,
3%,
12/01/38
...........................................
500,000
565,560
GO,
2020
A,
2.5%,
12/01/49
..........................................
6,935,000
7,055,114
Perrysburg
Exempted
Village
School
District
,
GO
,
2015
,
5
%
,
12/01/38
............
3,225,000
3,766,477
Princeton
City
School
District
,
COP,
2012,
Pre-Refunded,
4.5%,
12/01/41
...............................
3,000,000
3,129,060
GO,
2014,
Pre-Refunded,
5%,
12/01/39
.................................
12,000,000
14,265,720
GO,
2014,
Refunding,
Zero
Cpn
.,
12/01/40
...............................
6,000,000
4,003,500
GO,
2014,
Refunding,
Zero
Cpn
.,
12/01/41
...............................
6,000,000
3,878,100
Reading
Community
City
School
District
,
GO
,
2016A
,
5
%
,
11/01/46
..............
2,000,000
2,311,320
Revere
Local
School
District
,
GO,
2017
A,
Pre-Refunded,
5%,
12/01/42
...............................
3,025,000
3,242,921
GO,
2017
A,
Pre-Refunded,
5%,
12/01/45
...............................
2,560,000
2,744,422
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
136
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Riverside
Local
School
District
,
GO
,
2017
A
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
10/01/47
........................................................
$
5,000,000
$
5,781,800
Sandusky
City
School
District
,
GO
,
2017-1
,
Pre-Refunded
,
5
%
,
11/01/50
..........
6,000,000
6,394,920
South-Western
City
School
District
,
GO,
2012,
Pre-Refunded,
4%,
12/01/42
.................................
10,000,000
10,570,900
GO,
2019
A,
4%,
12/01/48
...........................................
3,500,000
4,121,460
Springboro
Community
City
School
District
,
GO,
2007,
Refunding,
AGMC
Insured,
5.25%,
12/01/27
.....................
5,175,000
6,710,112
GO,
2007,
Refunding,
AGMC
Insured,
5.25%,
12/01/28
.....................
2,000,000
2,652,440
State
of
Ohio
,
GO,
2017
A,
5%,
3/15/36
............................................
5,000,000
5,703,100
GO,
2018
A,
5%,
6/15/38
............................................
10,000,000
12,144,500
GO,
2019
A,
5%,
5/01/36
............................................
11,000,000
13,794,550
GO,
2019
A,
5%,
6/15/38
............................................
6,500,000
8,500,635
GO,
V,
5%,
5/01/33
................................................
1,000,000
1,289,770
GO,
V,
5%,
5/01/34
................................................
4,000,000
5,145,720
GO,
W,
5%,
5/01/32
................................................
1,035,000
1,409,329
GO,
W,
5%,
5/01/33
................................................
1,600,000
2,166,112
GO,
W,
5%,
5/01/35
................................................
1,125,000
1,514,396
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2017A,
Refunding,
3.25%,
1/01/35
..................................................
10,000,000
10,994,100
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/37
1,000,000
1,112,300
University
Hospitals
Health
System,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
1/15/45
............................................
5,000,000
5,191,750
Summit
County
Development
Finance
Authority
,
University
of
Akron
(The),
Revenue,
2011,
Pre-Refunded,
6%,
1/01/42
..........
11,580,000
11,634,542
a
Switzerland
of
Ohio
Local
School
District
,
GO
,
2013
,
Pre-Refunded
,
4
%
,
12/01/37
...
5,500,000
6,011,665
Sycamore
Community
City
School
District
,
GO
,
2020
,
4
%
,
12/01/45
.............
6,500,000
7,648,225
Sylvania
City
School
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/36
....
9,700,000
11,420,877
Three
Rivers
Local
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
12/01/39
...........
5,885,000
6,827,659
Toledo
City
School
District
,
GO
,
2012B
,
Pre-Refunded
,
5
%
,
12/01/32
............
7,830,000
8,578,783
University
of
Akron
(The)
,
Revenue,
2015A,
Refunding,
5%,
1/01/31
...............................
4,365,000
4,981,993
Revenue,
2016A,
Refunding,
BAM
Insured,
5%,
1/01/34
.....................
6,000,000
7,092,900
Revenue,
2016A,
Refunding,
5%,
1/01/36
...............................
11,065,000
12,970,725
Revenue,
2016A,
Refunding,
5%,
1/01/38
...............................
13,225,000
15,439,394
Revenue,
2018
A,
Refunding,
5%,
1/01/42
...............................
5,725,000
6,939,845
University
of
Cincinnati
,
Revenue,
2010-F,
Refunding,
5%,
6/01/32
...............................
140,000
140,496
Revenue,
Pre-Refunded,
5%,
6/01/32
..................................
5,665,000
5,665,000
Revenue,
2013
C,
Pre-Refunded,
5%,
6/01/39
............................
6,255,000
7,145,649
Revenue,
2018A,
Refunding,
4%,
6/01/48
...............................
10,000,000
11,408,100
Upper
Arlington
City
School
District
,
GO
,
2018
A
,
5
%
,
12/01/48
.................
13,000,000
16,012,880
Village
of
Bluffton
,
Blanchard
Valley
Health
System
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
12/01/33
.......................................................
1,655,000
1,884,582
Blanchard
Valley
Health
System
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
12/01/34
.......................................................
1,900,000
2,160,661
Warrensville
Heights
City
School
District
,
GO,
2019
A,
Refunding,
BAM
Insured,
5%,
12/01/44
.......................
650,000
744,192
GO,
2019
A,
Pre-Refunded,
BAM
Insured,
5.25%,
12/01/55
..................
1,740,000
2,081,962
West
Carrollton
City
School
District
,
GO,
2020
A,
3%,
12/01/44
...........................................
2,540,000
2,718,384
GO,
2020
A,
3%,
12/01/49
...........................................
1,645,000
1,750,149
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
137
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
West
Carrollton
City
School
District,
(continued)
GO,
2020
A,
4%,
12/01/56
...........................................
$
3,500,000
$
3,958,885
Westerville
City
School
District
,
GO
,
2006
,
Refunding
,
XLCA
Insured
,
5
%
,
12/01/27
..
3,820,000
4,866,260
Willoughby-Eastlake
City
School
District
,
GO
,
2016
,
Pre-Refunded
,
5
%
,
12/01/46
...
10,000,000
12,318,300
Winton
Woods
City
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
11/01/43
...........
7,000,000
7,981,680
Wyoming
City
School
District
,
GO
,
2012
,
Pre-Refunded
,
5
%
,
12/01/42
............
7,250,000
7,772,290
Xenia
Community
School
District
,
GO
,
2014
,
Pre-Refunded
,
5
%
,
12/01/40
.........
7,285,000
8,628,500
1,626,324,632
U.S.
Territories
0.1%
Puerto
Rico
0.1%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
800,000
949,168
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
700,000
833,868
1,783,036
Total
U.S.
Territories
....................................................................
1,783,036
Total
Municipal
Bonds
(Cost
$1,499,250,444)
...................................
1,628,107,668
a
a
a
a
Short
Term
Investments
1.0%
Municipal
Bonds
1.0%
Ohio
1.0%
b
County
of
Allen
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2010-C
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
0.11
%
,
6/01/34
...........................
17,350,000
17,350,000
Total
Municipal
Bonds
(Cost
$17,350,000)
......................................
17,350,000
Total
Short
Term
Investments
(Cost
$17,350,000
)
................................
17,350,000
a
Total
Investments
(Cost
$1,516,600,444)
98.6%
..................................
$1,645,457,668
Other
Assets,
less
Liabilities
1.4%
.............................................
22,536,248
Net
Assets
100.0%
...........................................................
$1,667,993,916
a
Security
purchased
on
a
when-issued
basis.
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Oregon
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
138
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.0%
Oregon
97.0%
Astoria
Hospital
Facilities
Authority
,
Columbia
Lutheran
Charities
Obligated
Group,
Revenue,
2012,
Refunding,
5%,
8/01/28
........................................................
$
1,325,000
$
1,406,978
Columbia
Lutheran
Charities
Obligated
Group,
Revenue,
2016,
5%,
8/01/41
......
4,250,000
4,928,427
Columbia
Lutheran
Charities
Obligated
Group,
Revenue,
2016,
4%,
8/01/46
......
1,750,000
1,905,960
Benton
&
Polk
School
District
No.
17J
,
GO
,
2010B
,
Zero
Cpn.,
6/15/31
...........
1,000,000
862,120
Central
Lincoln
People's
Utility
District
JATC,
Inc.
,
Revenue
,
2016
,
5
%
,
12/01/45
....
2,900,000
3,442,271
City
of
Beaverton
,
Water,
Revenue,
2020,
5%,
4/01/35
....................................
1,675,000
2,233,060
Water,
Revenue,
2020,
5%,
4/01/36
....................................
1,760,000
2,337,896
Water,
Revenue,
2020,
5%,
4/01/37
....................................
1,850,000
2,449,141
Water,
Revenue,
2020,
5%,
4/01/38
....................................
1,940,000
2,551,080
Water,
Revenue,
2020,
5%,
4/01/39
....................................
2,040,000
2,675,848
Water,
Revenue,
2020,
5%,
4/01/40
....................................
2,140,000
2,800,725
City
of
Eugene
,
Electric
Utility
System,
Revenue,
2011
A,
Pre-Refunded,
5%,
8/01/40
...........
6,745,000
6,961,987
Electric
Utility
System,
Revenue,
2017,
5%,
8/01/47
........................
3,580,000
4,364,915
Electric
Utility
System,
Revenue,
2020
A,
4%,
8/01/45
......................
4,170,000
5,011,840
Electric
Utility
System,
Revenue,
2020
A,
4%,
8/01/49
......................
2,500,000
2,983,300
Water
Utility
System,
Revenue,
2011,
Pre-Refunded,
5%,
8/01/40
.............
4,425,000
4,567,352
City
of
Forest
Grove
,
Oak
Tree
Foundation,
Inc.,
Revenue,
2017,
Refunding,
4%,
3/01/37
............
3,500,000
3,307,360
Pacific
University,
Revenue,
2015A,
Refunding,
5%,
5/01/36
..................
2,500,000
2,704,900
City
of
Keizer
,
Special
Assessment
,
2008
,
5.2
%
,
6/01/31
......................
1,600,000
1,606,064
City
of
Portland
,
GO,
2001-B,
Zero
Cpn.,
6/01/21
.......................................
1,000,000
999,060
GO,
2011
A,
Refunding,
5%,
6/01/28
...................................
7,840,000
8,020,947
GO,
2011
A,
Refunding,
5%,
6/01/29
...................................
8,330,000
8,521,840
GO,
2011
A,
Refunding,
5%,
6/01/30
...................................
8,750,000
8,948,887
Tax
Allocation,
2011B,
5%,
6/15/29
.....................................
1,000,000
1,024,060
Tax
Allocation,
2011B,
5%,
6/15/30
.....................................
1,000,000
1,023,900
Tax
Allocation,
2011B,
5%,
6/15/31
.....................................
1,000,000
1,023,620
Tax
Allocation,
2012B,
Refunding,
5%,
6/15/22
............................
1,035,000
1,110,990
Tax
Allocation,
2012C,
5%,
6/15/28
....................................
1,000,000
1,068,690
Tax
Allocation,
2012C,
5%,
6/15/30
....................................
1,000,000
1,068,210
Sewer
System,
Revenue,
Second
Lien,
2020A,
4%,
3/01/34
..................
5,000,000
6,294,250
Water
System,
Revenue,
Second
Lien,
2019
A,
5%,
5/01/44
..................
5,500,000
7,127,175
City
of
Sherwood
,
GO
,
2011
,
AGMC
Insured
,
5
%
,
6/01/36
.....................
4,240,000
4,332,686
City
of
Tigard
,
Water,
Revenue,
2012,
Pre-Refunded,
5%,
8/01/37
........................
11,050,000
11,924,828
Water,
Revenue,
2012,
Pre-Refunded,
5%,
8/01/42
........................
20,915,000
22,570,841
Water,
Revenue,
2015,
5%,
8/01/45
....................................
23,545,000
27,669,142
Clackamas
Community
College
District
,
GO,
2017A,
5%,
6/15/38
............................................
760,000
930,521
GO,
2017A,
5%,
6/15/39
............................................
1,000,000
1,222,260
GO,
2017A,
5%,
6/15/40
............................................
1,250,000
1,525,125
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO,
2017A,
Zero
Cpn.,
6/15/40
.......................................
10,000,000
4,940,500
GO,
2017A,
Zero
Cpn.,
6/15/41
.......................................
17,030,000
8,017,724
GO,
2017A,
Zero
Cpn.,
6/15/42
.......................................
16,625,000
7,457,310
GO,
2017B,
5%,
6/15/34
............................................
8,000,000
9,998,480
GO,
2017B,
5%,
6/15/37
............................................
10,000,000
12,410,300
GO,
2018,
5%,
6/15/42
.............................................
1,750,000
2,200,642
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
139
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Clackamas
County
School
District
No.
46
Oregon
Trail
,
GO,
Zero
Cpn.,
6/15/37
.............................................
$
12,130,000
$
8,829,184
GO,
Zero
Cpn.,
6/15/38
.............................................
12,495,000
8,819,846
Clackamas
County
School
District
No.
7J
Lake
Oswego
,
GO
,
2005
,
Refunding
,
AGMC
Insured
,
5.25
%
,
6/01/25
.............................................
3,075,000
3,754,452
Clackamas
County
School
District
No.
86
Canby
,
GO,
2020
A,
Refunding,
4%,
6/15/35
...................................
580,000
725,794
GO,
2020
A,
Refunding,
4%,
6/15/36
...................................
3,000,000
3,733,770
GO,
2020
A,
Refunding,
4%,
6/15/38
...................................
2,815,000
3,472,950
GO,
2020
A,
Refunding,
4%,
6/15/40
...................................
2,670,000
3,275,049
Clackamas
River
Water
,
Revenue
,
2016
,
5
%
,
11/01/43
.......................
1,970,000
2,306,772
Coos
County
School
District
No.
13
North
Bend
,
GO
,
2002
,
Refunding
,
AGMC
Insured
,
5
%
,
6/15/22
......................................................
55,000
55,212
Coos
County
School
District
No.
9
Coos
Bay
,
GO,
2018,
5%,
6/15/43
.............................................
5,005,000
6,280,975
GO,
2020,
5%,
6/15/42
.............................................
1,770,000
2,311,390
GO,
2020,
5%,
6/15/43
.............................................
1,155,000
1,504,503
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/40
...
7,010,000
8,004,789
Crook
County
School
District
,
GO,
2013,
Pre-Refunded,
5%,
6/15/34
..................................
4,475,000
5,010,836
GO,
2013,
Pre-Refunded,
5%,
6/15/37
..................................
8,090,000
9,058,697
Deschutes
&
Jefferson
Counties
School
District
No.
2J
Redmond
,
GO
,
2004A
,
Pre-
Refunded
,
NATL
Insured
,
5
%
,
6/15/21
..................................
85,000
85,332
Deschutes
County
Hospital
Facilities
Authority
,
St.
Charles
Health
System
Obligated
Group,
Revenue,
2020
A,
4%,
1/01/49
......
5,160,000
5,748,343
St.
Charles
Health
System,
Inc.,
Revenue,
2016
A,
Refunding,
5%,
1/01/48
......
8,440,000
9,677,726
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
,
Revenue
,
2012
,
Refunding
,
5
%
,
12/01/29
................................
3,690,000
3,845,903
Jackson
County
School
District
No.
5
Ashland
,
GO,
2019,
5%,
6/15/42
.............................................
5,970,000
7,671,868
GO,
2019,
5%,
6/15/43
.............................................
6,495,000
8,327,499
GO,
2019,
5%,
6/15/44
.............................................
6,000,000
7,674,060
Jackson
County
School
District
No.
6
Central
Point
,
GO,
2019
B,
Zero
Cpn.,
6/15/40
.......................................
705,000
414,512
GO,
2019
B,
Zero
Cpn.,
6/15/41
.......................................
710,000
400,476
GO,
2019
B,
Zero
Cpn.,
6/15/42
.......................................
610,000
330,254
GO,
2019
B,
Zero
Cpn.,
6/15/43
.......................................
820,000
426,416
GO,
2019
B,
Zero
Cpn.,
6/15/44
.......................................
1,115,000
556,251
GO,
2019
B,
Zero
Cpn.,
6/15/45
.......................................
985,000
472,603
GO,
2019
B,
Zero
Cpn.,
6/15/46
.......................................
1,190,000
546,448
GO,
2019
B,
Zero
Cpn.,
6/15/47
.......................................
1,170,000
516,356
GO,
2019
B,
Zero
Cpn.,
6/15/48
.......................................
1,320,000
559,706
GO,
2019
B,
Zero
Cpn.,
6/15/49
.......................................
1,270,000
517,246
Jefferson
County
School
District
No.
509J
,
GO,
2013,
Pre-Refunded,
5%,
6/15/30
..................................
1,000,000
1,119,740
GO,
2013,
Pre-Refunded,
5%,
6/15/31
..................................
1,410,000
1,578,833
GO,
2013B,
Pre-Refunded,
5%,
6/15/30
.................................
2,000,000
2,239,480
Klamath
County
School
District
,
GO,
2013,
5%,
6/15/29
.............................................
1,155,000
1,286,335
GO,
2013,
5%,
6/15/30
.............................................
1,095,000
1,218,932
GO,
2013,
5%,
6/15/31
.............................................
1,000,000
1,112,100
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
140
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
$
1,136,880
Lane
&
Douglas
Counties
School
District
No.
28J
Fern
Ridge
,
GO,
2014
A,
5%,
6/15/30
............................................
3,175,000
3,916,585
GO,
2014
A,
5%,
6/15/33
............................................
2,115,000
2,590,938
GO,
2014
A,
5%,
6/15/36
............................................
2,000,000
2,430,720
Lane
Community
College
,
GO,
2020
A,
4%,
6/15/37
............................................
5,345,000
6,613,743
GO,
2020
A,
4%,
6/15/38
............................................
2,500,000
3,079,300
GO,
2020
A,
4%,
6/15/39
............................................
2,795,000
3,434,216
GO,
2020
A,
4%,
6/15/40
............................................
1,200,000
1,470,744
Lebanon
Rural
Fire
Protection
District
,
GO
,
2020
,
BAM
Insured
,
4
%
,
6/15/45
.......
5,000,000
5,580,850
Marion
&
Linn
Counties
School
District
No.
14J
Jefferson
,
GO
,
2017
B
,
5
%
,
6/15/41
.
1,360,000
1,660,193
Marion
County
School
District
No.
103
Woodburn
,
GO,
2015,
5%,
6/15/33
.............................................
2,930,000
3,468,388
GO,
2015,
5%,
6/15/34
.............................................
3,200,000
3,781,728
GO,
2015,
5%,
6/15/35
.............................................
2,075,000
2,446,155
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group,
Revenue,
2020A,
Refunding,
5%,
8/15/45
4,500,000
5,687,685
Rogue
Valley
Manor,
Revenue,
2013A,
Refunding,
5%,
10/01/33
..............
1,500,000
1,594,770
Rogue
Valley
Manor,
Revenue,
2013A,
Refunding,
5%,
10/01/42
..............
9,420,000
9,945,730
Metro
,
County
of
Multnomah,
Revenue,
2017,
5%,
6/15/42
........................
7,500,000
9,134,175
County
of
Multnomah,
Revenue,
2017,
5%,
6/15/47
........................
10,950,000
13,232,966
Multnomah
&
Clackamas
Counties
School
District
No.
10JT
Gresham-Barlow
,
GO,
2017B,
5%,
6/15/37
............................................
7,885,000
9,813,592
GO,
2019A,
Zero
Cpn.,
6/15/39
.......................................
9,500,000
5,617,730
Multnomah
County
School
District
No.
3
Parkrose
,
GO,
2011A,
Pre-Refunded,
5%,
6/30/35
.................................
2,000,000
2,055,760
GO,
2011A,
Pre-Refunded,
5%,
6/30/36
.................................
1,500,000
1,541,820
Multnomah
County
School
District
No.
40
,
GO,
2012B,
Zero
Cpn.,
6/15/24
.......................................
1,640,000
1,610,857
GO,
2012B,
Zero
Cpn.,
6/15/25
.......................................
1,325,000
1,291,769
GO,
2012B,
Zero
Cpn.,
6/15/26
.......................................
2,585,000
2,487,959
GO,
2012B,
Zero
Cpn.,
6/15/27
.......................................
2,655,000
2,508,895
GO,
2012B,
Zero
Cpn.,
6/15/28
.......................................
2,495,000
2,309,497
GO,
2012B,
Zero
Cpn.,
6/15/29
.......................................
2,595,000
2,350,344
GO,
2012B,
Zero
Cpn.,
6/15/30
.......................................
1,885,000
1,664,813
GO,
2012B,
Zero
Cpn.,
6/15/31
.......................................
2,030,000
1,750,104
GO,
2012B,
Zero
Cpn.,
6/15/32
.......................................
2,000,000
1,679,160
Multnomah
County
School
District
No.
7
Reynolds
,
GO
,
2010
,
Refunding
,
5
%
,
6/01/35
6,605,000
6,620,654
Multnomah-Clackamas
Counties
Centennial
School
District
No.
28JT
,
GO
,
2020
,
Refunding
,
5
%
,
6/15/50
.............................................
24,655,000
31,976,302
Oregon
City
School
District
No.
62
,
GO,
2014,
Pre-Refunded,
MAC
Insured,
5%,
6/01/29
.......................
440,000
511,390
GO,
2014,
Refunding,
MAC
Insured,
5%,
6/01/29
..........................
560,000
646,044
GO,
2014,
Pre-Refunded,
MAC
Insured,
5%,
6/01/34
.......................
780,000
906,555
GO,
2014,
Refunding,
MAC
Insured,
5%,
6/01/34
..........................
990,000
1,136,164
GO,
2014,
Pre-Refunded,
MAC
Insured,
5%,
6/01/39
.......................
550,000
639,237
GO,
2014,
Refunding,
MAC
Insured,
5%,
6/01/39
..........................
700,000
805,973
GO,
2018
B,
Refunding,
5%,
6/15/49
...................................
20,000,000
24,957,200
Oregon
Health
&
Science
University
,
Oregon
Health
&
Science
University
Obligated
Group,
Revenue,
1995A&B,
NATL
Insured,
Zero
Cpn.,
7/01/21
........................................
2,320,000
2,316,218
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
141
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Oregon
Health
&
Science
University,
(continued)
Oregon
Health
&
Science
University
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/42
$
10,000,000
$
12,142,900
Oregon
State
Facilities
Authority
,
Revenue,
2016
A,
Pre-Refunded,
5%,
10/01/46
...........................
220,000
277,250
Revenue,
2016
A,
Refunding,
5%,
10/01/46
..............................
3,280,000
3,769,442
CHF-Ashland
LLC,
Revenue,
2012,
AGMC
Insured,
5%,
7/01/44
..............
8,910,000
9,463,667
a
CHNW
Clifton
House
LLC,
Revenue,
144A,
A,
4%,
10/01/26
.................
1,625,000
1,619,914
a
CHNW
Clifton
House
LLC,
Revenue,
144A,
A,
5%,
10/01/36
.................
1,670,000
1,679,953
a
CHNW
Clifton
House
LLC,
Revenue,
144A,
A,
5%,
10/01/48
.................
4,000,000
4,001,720
Legacy
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
6/01/46
......
8,000,000
9,239,120
Lewis
&
Clark
College,
Revenue,
2011
A,
Pre-Refunded,
5.75%,
10/01/41
.......
30,000,000
31,375,800
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2015
C,
5%,
10/01/45
..
4,000,000
4,560,080
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/41
.......................................................
7,800,000
9,034,272
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/40
.......................................................
8,125,000
10,103,681
Willamette
University,
Revenue,
2016
B,
Refunding,
5%,
10/01/40
.............
1,950,000
2,219,978
Oregon
State
Lottery
,
Revenue,
2013A,
5%,
4/01/28
........................................
5,800,000
6,409,928
Revenue,
2013A,
5%,
4/01/32
........................................
5,000,000
5,504,900
Oregon
State
University
,
Revenue
,
2015A
,
5
%
,
4/01/45
.......................
12,500,000
14,286,375
Port
of
Portland
,
Airport,
Revenue,
TWENTY-
FOUR
A,
5%,
7/01/47
.........................
4,700,000
5,507,695
Airport,
Revenue,
TWENTY-
FOUR
B,
5%,
7/01/47
.........................
9,395,000
10,869,639
Airport,
Revenue,
TWENTY
SEVEN
A,
5%,
7/01/38
........................
10,000,000
12,536,500
Airport,
Revenue,
TWENTY
SIX
B,
Refunding,
5%,
7/01/33
..................
650,000
844,707
Airport,
Revenue,
TWENTY
SIX
B,
Refunding,
5%,
7/01/37
..................
800,000
1,027,464
Airport,
Revenue,
TWENTY
SIX
B,
Refunding,
5%,
7/01/40
..................
675,000
860,288
Airport,
Revenue,
TWENTY
SIX
C,
Refunding,
5%,
7/01/28
..................
1,300,000
1,649,128
Airport,
Revenue,
TWENTY-FIVE
A,
5%,
7/01/49
..........................
12,425,000
15,252,806
Airport,
Revenue,
TWENTY-FIVE
B,
5%,
7/01/44
..........................
16,250,000
19,710,112
Airport,
Revenue,
TWENTY-SIX
A,
Refunding,
5%,
7/01/33
..................
500,000
649,775
Airport,
Revenue,
TWENTY-SIX
A,
Refunding,
4%,
7/01/37
..................
600,000
703,482
Airport,
Revenue,
TWENTY-SIX
A,
Refunding,
4%,
7/01/40
..................
500,000
581,635
Salem
Hospital
Facility
Authority
,
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/33
.............
555,000
612,770
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/38
.............
500,000
545,465
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/43
.............
2,250,000
2,433,532
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/48
.............
2,700,000
2,907,711
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/53
.............
1,000,000
1,071,790
Salem
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
5/15/46
.......
40,500,000
47,181,285
Salem-Keizer
School
District
No.
24J
,
GO,
2009B,
Zero
Cpn.,
6/15/30
.......................................
8,500,000
7,471,670
GO,
2020
A,
Zero
Cpn.,
6/15/39
.......................................
2,805,000
1,825,522
GO,
2020
A,
Zero
Cpn.,
6/15/40
.......................................
4,500,000
2,832,075
GO,
2020
C,
4%,
6/15/37
............................................
5,000,000
6,202,000
GO,
2020
C,
4%,
6/15/38
............................................
10,000,000
12,317,200
Santiam
Canyon
School
District
129J
,
GO,
2019,
5%,
6/15/39
.............................................
1,000,000
1,286,240
GO,
2019,
5%,
6/15/44
.............................................
2,330,000
2,948,126
Seaside
School
District
No.
10
,
GO,
2017B,
5%,
6/15/35
............................................
2,000,000
2,494,600
GO,
2017B,
5%,
6/15/36
............................................
2,500,000
3,109,925
State
of
Oregon
,
GO,
2007
A,
4.7%,
8/01/42
...........................................
3,050,000
3,057,442
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
142
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
State
of
Oregon,
(continued)
GO,
2015
M,
5%,
8/01/45
............................................
$
3,315,000
$
3,892,374
GO,
2015
O,
5%,
8/01/40
............................................
7,005,000
8,288,036
GO,
2017
A,
5%,
5/01/42
............................................
10,000,000
12,384,600
GO,
2017
H,
5%,
8/01/42
............................................
15,000,000
18,701,100
GO,
2019
A,
5%,
5/01/44
............................................
5,000,000
6,424,050
GO,
2019
G,
5%,
8/01/44
............................................
25,370,000
32,773,981
GO,
2020
E,
Refunding,
5%,
6/01/39
...................................
1,785,000
2,383,564
GO,
2020
E,
Refunding,
5%,
6/01/40
...................................
1,640,000
2,184,660
GO,
H,
Pre-Refunded,
5%,
5/01/36
....................................
1,000,000
1,068,030
GO,
L,
Refunding,
5%,
8/01/42
........................................
3,270,000
4,076,840
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019A,
Refunding,
5%,
11/15/37
12,500,000
16,526,500
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019A,
Refunding,
5%,
11/15/42
30,000,000
39,045,300
Department
of
Transportation,
Revenue,
Sub.
Lien,
2020A,
5%,
11/15/40
........
25,000,000
33,465,750
Housing
&
Community
Services
Department,
Revenue,
2010C,
4.75%,
7/01/42
...
65,000
65,240
Housing
&
Community
Services
Department,
Revenue,
2018
B,
2.9%,
7/01/43
....
29,020,000
30,399,611
Housing
&
Community
Services
Department,
Revenue,
2019A,
2.9%,
7/01/43
....
13,905,000
14,759,045
Tillamook
&
Yamhill
Counties
School
District
No.
101
Nestucca
Valley
,
GO,
2018
B,
5%,
6/15/36
............................................
2,850,000
3,659,172
GO,
2018
B,
5%,
6/15/37
............................................
2,520,000
3,226,810
Tri-County
Metropolitan
Transportation
District
of
Oregon
,
Revenue,
2012
A,
Pre-Refunded,
5%,
9/01/37
............................
11,000,000
11,924,440
Revenue,
2015
A,
Pre-Refunded,
5%,
9/01/40
............................
6,000,000
7,337,760
Revenue,
2018
A,
5%,
10/01/32
.......................................
6,865,000
8,604,385
Revenue,
2018
A,
4%,
9/01/48
........................................
7,850,000
8,972,157
Revenue,
2018
A,
5%,
9/01/48
........................................
18,505,000
22,719,884
Revenue,
Senior
Lien,
2017
A,
5%,
9/01/41
..............................
18,650,000
22,904,065
Umatilla
County
School
District
No.
16R
Pendleton
,
GO
,
2014A
,
Pre-Refunded
,
5
%
,
6/15/37
.........................................................
4,970,000
5,804,413
University
of
Oregon
,
Revenue,
2015A,
5%,
4/01/45
........................................
20,000,000
22,822,200
Revenue,
2016
A,
5%,
4/01/46
........................................
11,690,000
13,629,839
Revenue,
2020A,
5%,
4/01/50
........................................
20,000,000
25,489,800
a
Warm
Springs
Reservation
Confederated
Tribe
,
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/33
.........................
250,000
308,883
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/34
.........................
200,000
245,984
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/36
.........................
750,000
913,935
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/39
.........................
700,000
847,042
Washington
&
Clackamas
Counties
School
District
No.
23J
Tigard-Tualatin
,
GO,
2017,
5%,
6/15/36
.............................................
9,400,000
11,726,876
GO,
2017,
5%,
6/15/37
.............................................
6,000,000
7,467,540
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton
,
GO,
2014B,
Pre-Refunded,
5%,
6/15/33
.................................
8,000,000
9,343,120
GO,
2014B,
Pre-Refunded,
5%,
6/15/34
.................................
11,000,000
12,846,790
GO,
2017D,
5%,
6/15/35
............................................
10,000,000
12,544,800
GO,
2017D,
5%,
6/15/36
............................................
10,000,000
12,511,300
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO,
2018
A,
Zero
Cpn.,
6/15/38
.......................................
2,350,000
1,340,464
GO,
2018
A,
Zero
Cpn.,
6/15/39
.......................................
3,275,000
1,784,187
Washington
County
School
District
No.
15
Forest
Grove
,
GO,
2012B,
Zero
Cpn.,
6/15/29
.......................................
2,545,000
2,279,760
GO,
2012B,
Zero
Cpn.,
6/15/30
.......................................
2,490,000
2,174,293
GO,
2012B,
Zero
Cpn.,
6/15/31
.......................................
3,140,000
2,678,891
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
143
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Yachats
Rural
Fire
Protection
District
,
GO
,
2017
,
AGMC
Insured
,
5
%
,
6/15/47
......
$
1,600,000
$
1,921,504
1,291,056,192
U.S.
Territories
1.0%
Puerto
Rico
1.0%
Children's
Trust
Fund,
Revenue,
2002,
5.625%,
5/15/43
......................
6,000,000
6,031,800
b
Puerto
Rico
Electric
Power
Authority,
Revenue,
WW-RSA-1,
5.25%,
7/01/33
.......
7,040,000
5,297,600
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
1,100,000
1,305,106
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
400,000
476,496
13,111,002
Total
U.S.
Territories
....................................................................
13,111,002
Total
Municipal
Bonds
(Cost
$1,205,168,686)
...................................
1,304,167,194
a
a
a
a
Short
Term
Investments
1.0%
Municipal
Bonds
1.0%
Oregon
1.0%
c
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.09
%
,
8/01/34
............
4,300,000
4,300,000
c
State
of
Oregon
,
GO,
2020
J,
Refunding,
SPA
US
Bank
NA,
Daily
VRDN
and
Put,
0.08%,
6/01/39
..
3,100,000
3,100,000
GO,
2020
M,
SPA
US
Bank
NA,
Daily
VRDN
and
Put,
0.08%,
12/01/44
..........
5,700,000
5,700,000
13,100,000
Total
Municipal
Bonds
(Cost
$13,100,000)
......................................
13,100,000
Total
Short
Term
Investments
(Cost
$13,100,000
)
................................
13,100,000
a
Total
Investments
(Cost
$1,218,268,686)
99.0%
..................................
$1,317,267,194
Other
Assets,
less
Liabilities
1.0%
.............................................
13,524,057
Net
Assets
100.0%
...........................................................
$1,330,791,251
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
November
30,
2020,
the
aggregate
value
of
these
securities
was
$9,617,431,
representing
0.7%
of
net
assets.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Pennsylvania
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
144
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
95.4%
Pennsylvania
94.8%
Abington
School
District
,
GO
,
2017
A
,
4
%
,
10/01/42
.........................
$
12,000,000
$
13,706,280
Allegheny
County
Higher
Education
Building
Authority
,
Duquesne
University
of
the
Holy
Spirit,
Revenue,
2011A,
Pre-Refunded,
5.5%,
3/01/31
........................................................
3,000,000
3,039,660
Robert
Morris
University,
Revenue,
2017,
5%,
10/15/37
.....................
1,000,000
1,085,130
Robert
Morris
University,
Revenue,
2017,
5%,
10/15/47
.....................
1,300,000
1,383,759
Allegheny
County
Sanitary
Authority
,
Revenue,
2010,
Refunding,
AGMC
Insured,
5%,
6/01/40
....................
5,000,000
5,000,000
Revenue,
2018,
5%,
6/01/43
.........................................
9,785,000
11,995,236
Revenue,
2020
B,
4%,
6/01/45
........................................
2,000,000
2,391,240
Revenue,
2020
B,
4%,
6/01/50
........................................
2,825,000
3,352,964
Berks
County
Industrial
Development
Authority
,
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
5/15/42
........................................................
1,000,000
1,081,150
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
5/15/47
........................................................
600,000
644,754
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2017
C,
5%,
5/15/37
......
1,245,000
1,343,878
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
5/15/38
1,030,000
1,114,831
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
5/15/48
1,000,000
1,069,890
Bradys
Run
Sanitary
Authority
,
Sewer
System
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/45
..............................................
1,580,000
1,815,831
Bucks
County
Industrial
Development
Authority
,
George
School,
Revenue,
2011,
5%,
9/15/41
.............................
5,000,000
5,174,250
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2019,
4%,
8/15/44
.............
1,500,000
1,655,490
Bucks
County
Water
and
Sewer
Authority
,
Revenue,
2010A,
Pre-Refunded,
AGMC
Insured,
5%,
12/01/35
...............
2,500,000
2,500,000
Revenue,
2011,
Pre-Refunded,
AGMC
Insured,
5%,
12/01/41
.................
10,000,000
10,480,000
Butler
County
Hospital
Authority
,
Butler
Health
System
Obligated
Group
,
Revenue
,
2015A
,
Refunding
,
5
%
,
7/01/39
.......................................
1,625,000
1,812,623
Canon
Mcmillan
School
District
,
GO,
2019,
Refunding,
BAM
Insured,
4%,
6/01/44
..........................
6,075,000
6,873,923
GO,
2019,
Refunding,
BAM
Insured,
4%,
6/01/46
..........................
7,680,000
8,676,634
GO,
2019,
Refunding,
BAM
Insured,
4%,
6/01/48
..........................
5,250,000
5,920,740
GO,
2019,
Refunding,
BAM
Insured,
4%,
6/01/50
..........................
6,000,000
6,741,360
Centennial
School
District
Bucks
County
,
GO
,
2010A
,
Refunding
,
5
%
,
12/15/37
.....
5,855,000
5,865,363
Central
Bradford
Progress
Authority
,
Guthrie
Clinic
(The)
,
Revenue
,
2011
,
Pre-
Refunded
,
5.375
%
,
12/01/41
.........................................
3,000,000
3,153,660
Centre
County
Hospital
Authority
,
Mount
Nittany
Medical
Center
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
11/15/42
.......................................................
1,215,000
1,454,476
Mount
Nittany
Medical
Center
Obligated
Group,
Revenue,
2018
A,
Refunding,
4%,
11/15/47
.......................................................
1,840,000
2,048,472
Chester
County
Health
and
Education
Facilities
Authority
,
Main
Line
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2020A
,
4
%
,
9/01/50
.......................
4,500,000
5,254,515
Chester
County
Industrial
Development
Authority
,
University
Student
Housing
LLC,
Revenue,
2013A,
5%,
8/01/35
...............
500,000
487,290
University
Student
Housing
LLC,
Revenue,
2013A,
5%,
8/01/45
...............
1,500,000
1,447,710
City
of
Bethlehem
,
GO
,
2011B
,
Pre-Refunded
,
AGMC
Insured
,
6.5
%
,
12/01/32
.....
4,970,000
5,115,870
City
of
Philadelphia
,
GO,
2013A,
Pre-Refunded,
5.25%,
7/15/33
..............................
5,000,000
5,156,550
GO,
2019B,
5%,
2/01/36
............................................
3,300,000
4,170,408
GO,
2019B,
5%,
2/01/37
............................................
4,950,000
6,248,682
GO,
2019B,
5%,
2/01/38
............................................
2,500,000
3,154,425
GO,
2019B,
5%,
2/01/39
............................................
2,500,000
3,148,900
Airport,
Revenue,
2017
B,
Refunding,
5%,
7/01/42
.........................
10,000,000
11,813,600
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
145
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
City
of
Philadelphia,
(continued)
Airport,
Revenue,
2020
C,
Refunding,
4%,
7/01/45
.........................
$
2,725,000
$
3,036,740
Airport,
Revenue,
2020
C,
Refunding,
4%,
7/01/50
.........................
3,225,000
3,569,204
Water
&
Wastewater,
Revenue,
2011A,
Pre-Refunded,
5%,
1/01/41
............
13,000,000
13,050,700
Water
&
Wastewater,
Revenue,
2013
A,
Pre-Refunded,
5.125%,
1/01/43
........
5,000,000
5,264,000
Water
&
Wastewater,
Revenue,
2015A,
5%,
7/01/40
........................
10,000,000
11,309,800
Water
&
Wastewater,
Revenue,
2015A,
5%,
7/01/45
........................
5,000,000
5,624,950
Water
&
Wastewater,
Revenue,
2017
A,
5%,
10/01/42
......................
10,000,000
12,235,200
Water
&
Wastewater,
Revenue,
2017
A,
5%,
10/01/47
......................
5,000,000
6,077,900
Water
&
Wastewater,
Revenue,
2018
A,
5%,
10/01/43
......................
5,000,000
6,221,900
Water
&
Wastewater,
Revenue,
2019
B,
5%,
11/01/49
......................
5,000,000
6,305,350
Water
&
Wastewater,
Revenue,
2020A,
Refunding,
5%,
11/01/45
..............
5,000,000
6,430,600
Water
&
Wastewater,
Revenue,
2020A,
Refunding,
5%,
11/01/50
..............
5,000,000
6,393,250
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development
,
Revenue
,
2015
A
,
5
%
,
6/01/34
..........
10,000,000
11,692,300
County
of
Allegheny
,
GO,
Pre-Refunded,
5.375%,
5/01/31
...................................
5,000,000
5,108,900
GO,
C-78,
4%,
11/01/45
.............................................
6,500,000
7,831,785
GO,
C-78,
4%,
11/01/49
.............................................
10,000,000
11,984,600
County
of
Chester
,
GO,
2020,
4%,
7/15/37
.............................................
1,000,000
1,174,620
GO,
2020,
4%,
7/15/39
.............................................
1,120,000
1,310,165
GO,
2020,
4%,
7/15/40
.............................................
1,330,000
1,552,708
County
of
York
,
GO,
2020
B,
4%,
6/01/37
............................................
940,000
1,142,795
GO,
2020
B,
4%,
6/01/38
............................................
860,000
1,042,475
Cumberland
County
Municipal
Authority
,
Dickinson
College
,
Revenue
,
2012
,
5
%
,
11/01/42
........................................................
4,500,000
4,798,755
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2014
,
Refunding
,
5
%
,
5/01/37
......................................................
2,500,000
2,627,825
Dauphin
County
General
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2012A
,
5
%
,
6/01/42
.........................................................
15,590,000
16,412,061
Delaware
County
Authority
,
Elwyn
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
6/01/27
..............
3,040,000
3,229,696
Elwyn
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
6/01/32
..............
1,620,000
1,705,260
Villanova
University,
Revenue,
2015,
4%,
8/01/45
..........................
2,120,000
2,298,695
Delaware
County
Regional
Water
Quality
Control
Authority
,
Revenue
,
2016
,
4
%
,
11/01/36
........................................................
2,005,000
2,255,424
Delaware
County
Vocational
&
Technical
School
Authority
,
Delaware
County
Intermediate
Unit
,
Revenue
,
2013
,
BAM
Insured
,
5
%
,
11/01/38
................
1,250,000
1,391,987
East
Hempfield
Township
Industrial
Development
Authority
,
Student
Services,
Inc.,
Revenue,
2013,
5%,
7/01/45
........................
3,250,000
3,256,305
Student
Services,
Inc.,
Revenue,
2015,
5%,
7/01/47
........................
3,750,000
3,761,438
Erie
City
Water
Authority
,
Revenue
,
2016
,
Refunding
,
5
%
,
12/01/43
..............
6,000,000
7,224,900
Falls
Township
Authority
,
Revenue
,
2011
,
Refunding
,
5
%
,
12/01/41
..............
2,210,000
2,304,942
Geisinger
Authority
,
Geisinger
Health
System
Obligated
Group,
Revenue,
2017
A-1,
Refunding,
5%,
2/15/45
........................................................
19,055,000
22,705,557
Geisinger
Health
System
Obligated
Group,
Revenue,
2020A,
Refunding,
4%,
4/01/50
13,000,000
14,949,610
General
Authority
of
Southcentral
Pennsylvania
,
WellSpan
Health
Obligated
Group,
Revenue,
2014A,
Refunding,
5%,
6/01/44
.....
11,955,000
13,283,440
York
College
of
Pennsylvania,
Revenue,
2011,
Pre-Refunded,
5.75%,
11/01/41
...
9,500,000
9,717,645
Governor
Mifflin
School
District
,
GO,
2020
A,
4%,
4/01/40
............................................
680,000
784,509
GO,
2020
A,
4%,
4/01/41
............................................
1,700,000
1,956,071
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
146
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Governor
Mifflin
School
District,
(continued)
GO,
2020
A,
4%,
4/01/44
............................................
$
1,725,000
$
1,971,658
GO,
2020
A,
4%,
4/01/45
............................................
1,750,000
1,995,297
Greater
Johnstown
Water
Authority
,
Sewer,
Revenue,
2020,
AGMC
Insured,
4%,
8/15/38
.......................
1,740,000
2,030,197
Sewer,
Revenue,
2020,
AGMC
Insured,
4%,
8/15/41
.......................
2,650,000
3,070,449
Sewer,
Revenue,
2020,
AGMC
Insured,
4%,
8/15/44
.......................
3,590,000
4,124,695
Sewer,
Revenue,
2020,
AGMC
Insured,
4%,
8/15/48
.......................
4,210,000
4,803,736
Hospitals
&
Higher
Education
Facilities
Authority
of
Philadelphia
(The)
,
Children's
Hospital
of
Philadelphia
Obligated
Group
,
Revenue
,
2011C
,
5
%
,
7/01/41
........
5,000,000
5,105,700
Lancaster
County
Hospital
Authority
,
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2016B
,
Refunding
,
5
%
,
8/15/46
.............
4,165,000
4,930,735
Lancaster
Industrial
Development
Authority
,
Willow
Valley
Communities
Obligated
Group,
Revenue,
2019,
5%,
12/01/44
......
1,850,000
2,099,954
Willow
Valley
Communities
Obligated
Group,
Revenue,
2019,
5%,
12/01/49
......
2,300,000
2,601,438
Latrobe
Industrial
Development
Authority
,
St.
Vincent
College
Corp.
,
Revenue
,
2013
,
5
%
,
5/01/43
......................................................
4,120,000
4,270,462
Lehigh
County
Authority
,
Revenue,
2013A,
Pre-Refunded,
5%,
12/01/43
............................
2,805,000
3,195,372
Revenue,
2013A,
Refunding,
5%,
12/01/43
..............................
2,435,000
2,700,926
Lycoming
County
Authority
,
Lycoming
College,
Revenue,
2013
MM1,
5.25%,
11/01/38
...................
1,400,000
1,582,868
Lycoming
College,
Revenue,
2013
MM1,
5.25%,
11/01/43
...................
1,495,000
1,687,033
Mckeesport
Area
School
District
,
GO
,
2020
B
,
AGMC
Insured
,
4
%
,
10/01/40
.......
1,500,000
1,774,110
Monroe
County
Hospital
Authority
,
Lehigh
Valley
Health
Network
Obligated
Group
,
Revenue
,
2012A
,
Pre-Refunded
,
5
%
,
1/01/41
.............................
4,000,000
4,199,080
Montgomery
County
Higher
Education
and
Health
Authority
,
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
9/01/43
........................................................
3,000,000
3,530,580
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
9/01/44
........................................................
10,000,000
11,045,200
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
4%,
11/15/43
.......................................................
600,000
658,422
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
5%,
11/15/45
.......................................................
1,985,000
2,323,423
Main
Line
Health
System,
Inc.
Obligated
Group,
Revenue,
2012A,
Pre-Refunded,
5%,
10/01/41
...................................................
9,600,000
10,214,592
Meadowood
Corp.
Obligated
Group
(The),
Revenue,
2018A,
Refunding,
5%,
12/01/38
.......................................................
2,500,000
2,713,800
Waverly
Heights
Ltd.
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
12/01/49
..
2,000,000
2,219,200
Northampton
County
General
Purpose
Authority
,
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
8/15/46
...
10,000,000
11,479,800
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2018A,
Refunding,
5%,
8/15/43
...
2,285,000
2,733,248
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2018A,
Refunding,
5%,
8/15/48
...
2,500,000
2,965,400
Northeastern
Pennsylvania
Hospital
and
Education
Authority
,
King's
College,
Revenue,
2019,
5%,
5/01/44
.............................
1,000,000
1,093,720
Wilkes
University,
Revenue,
2012A,
5.25%,
3/01/42
........................
2,400,000
2,431,320
Pennsylvania
Economic
Development
Financing
Authority
,
Aqua
Pennsylvania,
Inc.,
Revenue,
2010B,
5%,
12/01/43
....................
25,000,000
25,053,000
City
of
Philadelphia
Water
&
Wastewater,
Revenue,
2020,
Refunding,
4%,
1/01/29
.
500,000
580,950
City
of
Philadelphia
Water
&
Wastewater,
Revenue,
2020,
Refunding,
4%,
1/01/32
.
1,300,000
1,528,774
UPMC
Obligated
Group,
Revenue,
2014A,
5%,
2/01/45
.....................
5,000,000
5,559,550
UPMC
Obligated
Group,
Revenue,
2017
A,
Refunding,
4%,
11/15/42
...........
5,000,000
5,606,650
UPMC
Obligated
Group,
Revenue,
2020
A,
4%,
4/15/45
.....................
8,835,000
10,003,429
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
147
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Pennsylvania
Higher
Educational
Facilities
Authority
,
Bryn
Mawr
College,
Revenue,
2014,
Refunding,
5%,
12/01/44
................
$
6,365,000
$
7,199,070
Bryn
Mawr
College,
Revenue,
2019,
Refunding,
4%,
12/01/44
................
1,000,000
1,176,710
Bryn
Mawr
College,
Revenue,
2019,
Refunding,
4%,
12/01/48
................
2,500,000
2,925,400
Drexel
University,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
5/01/50
.....
5,000,000
5,686,950
Foundation
for
Indiana
University
of
Pennsylvania
(The),
Revenue,
2012A,
Pre-
Refunded,
5%,
7/01/41
............................................
1,250,000
1,339,887
Gwynedd
Mercy
University,
Revenue,
2012-KK1,
5.375%,
5/01/42
.............
1,800,000
1,854,414
Shippensburg
University
of
Pennsylvania,
Revenue,
2011,
Pre-Refunded,
6.25%,
10/01/43
.......................................................
7,000,000
7,348,810
Shippensburg
University
Student
Services,
Inc.,
Revenue,
2012,
Pre-Refunded,
5%,
10/01/35
.......................................................
1,400,000
1,521,646
Shippensburg
University
Student
Services,
Inc.,
Revenue,
2012,
Pre-Refunded,
5%,
10/01/44
.......................................................
2,000,000
2,173,780
St.
Francis
University,
Revenue,
2011-JJ2,
Pre-Refunded,
6.25%,
11/01/41
......
3,840,000
4,050,163
Temple
University-of
The
Commonwealth
System
of
Higher
Education,
Revenue,
First
Series,
2012,
Pre-Refunded,
5%,
4/01/42
..........................
15,000,000
15,960,300
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2015A,
Refunding,
5%,
9/01/45
........................................................
7,465,000
8,357,515
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2011A,
Pre-Refunded,
5%,
9/01/41
....................................................
25,000,000
25,302,750
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2017A,
5%,
8/15/36
...
2,750,000
3,360,583
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2017A,
5%,
8/15/46
...
14,000,000
16,797,620
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2018A,
4%,
2/15/43
...
12,575,000
14,261,559
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2018A,
5%,
2/15/48
...
5,000,000
6,104,300
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2011A,
Pre-Refunded,
5.75%,
8/15/41
......................................
3,950,000
4,105,314
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2015,
Refunding,
5%,
8/15/40
............................................
6,475,000
7,544,023
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2017
A,
4%,
8/15/42
....................................................
5,000,000
5,727,200
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2017
A,
5%,
8/15/42
....................................................
9,000,000
10,972,440
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2019,
4%,
8/15/44
....................................................
6,000,000
6,969,000
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2019,
4%,
8/15/49
....................................................
3,000,000
3,461,220
University
of
Sciences,
Revenue,
2012,
5%,
11/01/42
.......................
5,000,000
5,114,250
Pennsylvania
Housing
Finance
Agency
,
Revenue,
2019-129,
3.4%,
10/01/49
...................................
6,000,000
6,406,800
Revenue,
2019-130A,
3%,
10/01/46
....................................
5,000,000
5,222,400
Revenue,
2020-132
A,
2.55%,
10/01/41
.................................
11,280,000
11,602,721
Revenue,
2020-133,
2.5%,
10/01/45
...................................
10,000,000
10,297,700
Pennsylvania
State
University
(The)
,
Revenue,
2015A,
Refunding,
5%,
9/01/40
...............................
10,490,000
12,294,909
Revenue,
2016A,
Refunding,
5%,
9/01/41
...............................
10,000,000
11,970,200
Revenue,
2017A,
5%,
9/01/42
........................................
15,750,000
19,391,873
Revenue,
2017A,
5%,
9/01/47
........................................
10,000,000
12,217,600
Revenue,
2018,
5%,
9/01/48
.........................................
5,955,000
7,437,080
Revenue,
2019
A,
5%,
9/01/45
........................................
5,475,000
7,011,504
Revenue,
2019
A,
5%,
9/01/46
........................................
5,780,000
7,392,736
Revenue,
2019
A,
5%,
9/01/49
........................................
6,720,000
8,564,304
Revenue,
2020A,
4%,
9/01/50
........................................
5,000,000
5,826,800
Pennsylvania
Turnpike
Commission
,
Revenue,
2011A,
Pre-Refunded,
5.5%,
12/01/41
..........................
5,000,000
5,000,000
Revenue,
2013
C,
Pre-Refunded,
5%,
12/01/43
...........................
7,595,000
8,676,452
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
148
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Pennsylvania
Turnpike
Commission,
(continued)
Revenue,
2013
C,
Refunding,
5%,
12/01/43
..............................
$
2,405,000
$
2,651,296
Revenue,
2018A,
5%,
12/01/48
.......................................
18,600,000
23,331,468
Philadelphia
Authority
for
Industrial
Development
,
Beech
International
LLC,
Revenue,
2010A,
5.625%,
6/15/42
.................
4,000,000
4,005,600
Children's
Hospital
of
Philadelphia
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/42
5,000,000
5,600,250
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/30
............
200,000
239,768
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/40
............
300,000
357,165
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/50
............
2,515,000
2,930,050
Temple
University-of
The
Commonwealth
System
of
Higher
Education,
Revenue,
First
Series,
2015,
Refunding,
5%,
4/01/40
.............................
5,000,000
5,708,450
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
9/01/47
........................................................
11,150,000
12,698,512
Philadelphia
Gas
Works
Co.
,
Revenue,
14TH,
Refunding,
5%,
10/01/32
...............................
1,000,000
1,206,720
Revenue,
15TH,
Refunding,
5%,
8/01/42
................................
5,000,000
6,009,600
Revenue,
15TH,
Refunding,
5%,
8/01/47
................................
6,000,000
7,156,080
Revenue,
SIXTEENTH
A,
AGMC
Insured,
4%,
8/01/45
......................
3,750,000
4,397,700
Revenue,
SIXTEENTH
A,
AGMC
Insured,
5%,
8/01/50
......................
7,000,000
8,901,760
Philadelphia
Housing
Authority
,
Revenue
,
2002A
,
AGMC
Insured
,
5
%
,
12/01/21
....
5,000,000
5,019,500
a
Pittsburgh
Water
&
Sewer
Authority
,
Revenue,
First
Lien,
2020
B,
AGMC
Insured,
4%,
9/01/45
...................
1,700,000
2,016,965
Revenue,
First
Lien,
2020
B,
AGMC
Insured,
4%,
9/01/50
...................
6,105,000
7,217,209
Pocono
Mountains
Industrial
Park
Authority
,
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2015A
,
5
%
,
8/15/40
........................................
5,000,000
5,607,400
Scranton-Lackawanna
Health
and
Welfare
Authority
,
University
of
Scranton
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/37
.......................................
4,000,000
4,645,360
State
College
Area
School
District
,
GO,
2015,
5%,
3/15/40
.............................................
16,400,000
19,170,944
GO,
2018,
5%,
5/15/37
.............................................
1,075,000
1,369,174
GO,
2018,
5%,
5/15/44
.............................................
3,500,000
4,388,370
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The),
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
6/01/32
....................................................
7,095,000
8,584,311
School
District
of
Philadelphia
(The),
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
6/01/33
....................................................
3,000,000
3,614,370
Swarthmore
Borough
Authority
,
Swarthmore
College
,
Revenue
,
2013
,
5
%
,
9/15/43
..
1,000,000
1,118,440
Township
of
Lower
Paxton
,
GO
,
2020
A
,
4
%
,
4/01/50
.........................
1,100,000
1,269,741
Township
of
Moon
,
GO
,
2020
A
,
4
%
,
11/15/50
..............................
3,270,000
3,750,396
Township
of
Swatara
,
GO
,
2020
,
4
%
,
10/01/50
.............................
3,550,000
4,095,280
Union
County
Higher
Educational
Facilities
Financing
Authority
,
Bucknell
University
,
Revenue
,
2012A
,
Pre-Refunded
,
5
%
,
4/01/42
.............................
5,000,000
5,316,650
Upper
Darby
School
District
,
GO
,
2020
,
AGMC
Insured
,
4
%
,
4/01/45
.............
2,400,000
2,755,104
Upper
Merion
Area
School
District
,
GO
,
2020
,
4
%
,
9/01/49
....................
1,265,000
1,480,164
West
Shore
School
District
,
GO
,
2020
,
4
%
,
11/15/48
.........................
3,845,000
4,532,140
1,034,062,294
U.S.
Territories
0.6%
Puerto
Rico
0.6%
b
Puerto
Rico
Electric
Power
Authority,
Revenue,
XX-RSA-1,
5.25%,
7/01/40
........
5,175,000
3,894,187
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
950,000
1,127,137
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
149
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
$
1,290,000
$
1,536,700
6,558,024
Total
U.S.
Territories
....................................................................
6,558,024
Total
Municipal
Bonds
(Cost
$983,589,309)
.....................................
1,040,620,318
a
a
a
a
Short
Term
Investments
3.7%
Municipal
Bonds
3.7%
Pennsylvania
3.7%
c
Allegheny
County
Higher
Education
Building
Authority
,
Carnegie
Mellon
University
,
Revenue
,
2008
A
,
Refunding
,
SPA
Bank
of
New
York
Mellon
(The)
,
Daily
VRDN
and
Put
,
0.07
%
,
12/01/37
...............................................
28,900,000
28,900,000
c
Hospitals
&
Higher
Education
Facilities
Authority
of
Philadelphia
(The)
,
Children's
Hospital
of
Philadelphia
Obligated
Group
,
Revenue
,
2011
B
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
0.11
%
,
7/01/41
................................
11,000,000
11,000,000
39,900,000
Total
Municipal
Bonds
(Cost
$39,900,000)
......................................
39,900,000
Total
Short
Term
Investments
(Cost
$39,900,000
)
................................
39,900,000
a
Total
Investments
(Cost
$1,023,489,309)
99.1%
..................................
$1,080,520,318
Other
Assets,
less
Liabilities
0.9%
.............................................
10,216,027
Net
Assets
100.0%
...........................................................
$1,090,736,345
a
Security
purchased
on
a
when-issued
basis.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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
Statement
of
Investments
(unaudited),
November
30,
2020
Franklin
Virginia
Tax-Free
Income
Fund
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
150
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
99.1%
Virginia
95.3%
Alexandria
Industrial
Development
Authority
,
Goodwin
House,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/45
................................
$
975,000
$
1,043,913
Arlington
County
Industrial
Development
Authority
,
Virginia
Hospital
Center
Arlington
Health
System
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/45
....................
2,000,000
2,329,980
Chesapeake
Hospital
Authority
,
Chesapeake
Hospital
Authority
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
7/01/39
........................................................
1,000,000
1,150,370
Chesapeake
Hospital
Authority
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
7/01/43
........................................................
4,000,000
4,552,800
City
of
Bristol
,
Revenue
,
2001
,
Refunding
,
AGMC
Insured
,
ETM,
5
%
,
7/15/21
......
270,000
278,035
City
of
Hopewell
,
Sewer
System
,
Revenue
,
2011
A
,
Refunding
,
5
%
,
7/15/42
.......
4,850,000
4,971,202
City
of
Norfolk
,
GO,
2012
C,
Pre-Refunded,
5%,
10/01/42
...............................
7,825,000
7,951,687
GO,
2013A,
Pre-Refunded,
5%,
8/01/32
.................................
5,845,000
6,586,672
GO,
2016A,
Pre-Refunded,
5%,
10/01/41
................................
1,040,000
1,324,378
GO,
2016A,
Pre-Refunded,
5%,
10/01/46
................................
2,500,000
3,183,600
GO,
2019,
Pre-Refunded,
5%,
8/01/44
..................................
3,995,000
5,323,777
Water,
Revenue,
2018,
5%,
11/01/43
...................................
6,920,000
8,596,785
Water,
Revenue,
2018,
5%,
11/01/47
...................................
6,925,000
8,551,613
City
of
Portsmouth
,
GO,
2012A,
Pre-Refunded,
5%,
7/15/41
.................................
5,990,000
6,451,590
GO,
2012A,
Refunding,
5%,
7/15/41
....................................
4,010,000
4,286,730
City
of
Richmond
,
Public
Utility,
Revenue,
2013A,
Pre-Refunded,
5%,
1/15/43
..................
10,000,000
11,012,400
Public
Utility,
Revenue,
2016
A,
Refunding,
5%,
1/15/33
.....................
10,000,000
12,286,400
Public
Utility,
Revenue,
2020
A,
4%,
1/15/38
..............................
5,745,000
7,029,869
City
of
Suffolk
,
GO,
2011,
Pre-Refunded,
5%,
2/01/41
..................................
10,000,000
10,079,634
GO,
2012,
Pre-Refunded,
5%,
6/01/42
..................................
10,000,000
10,242,500
City
of
Virginia
Beach
,
Storm
Water
Utility,
Revenue,
2020A,
5%,
11/15/31
........................
2,920,000
4,063,559
Storm
Water
Utility,
Revenue,
2020A,
3%,
11/15/43
........................
4,225,000
4,712,692
County
of
Arlington
,
GO,
2019,
4%,
6/15/34
.............................................
2,000,000
2,477,380
GO,
2020A,
Refunding,
4%,
8/01/38
....................................
9,190,000
11,482,997
County
of
Fairfax
,
GO,
2018A,
4%,
10/01/34
...........................................
3,000,000
3,655,110
GO,
2020A,
Refunding,
5%,
10/01/32
...................................
5,735,000
7,867,388
GO,
2020A,
Refunding,
5%,
10/01/34
...................................
5,000,000
6,812,850
GO,
2020A,
Refunding,
5%,
10/01/35
...................................
5,750,000
7,808,902
GO,
2020A,
Refunding,
5%,
10/01/36
...................................
5,030,000
6,800,811
GO,
2020A,
Refunding,
5%,
10/01/37
...................................
1,980,000
2,669,060
Sewer,
Revenue,
2017,
5%,
7/15/37
....................................
2,760,000
3,486,984
County
of
Henrico
,
Water
&
Sewer,
Revenue,
2020A,
3%,
5/01/46
............................
2,150,000
2,370,783
Water
&
Sewer,
Revenue,
2020A,
4%,
5/01/50
............................
6,050,000
7,259,516
County
of
Smyth
,
GO
,
2011
A
,
Pre-Refunded
,
5
%
,
11/01/31
....................
4,145,000
4,327,339
Fairfax
County
Economic
Development
Authority
,
Revenue,
2017,
5%,
4/01/42
.........................................
5,085,000
6,186,258
Goodwin
House,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/36
4,865,000
5,282,709
Goodwin
House,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
4%,
10/01/42
1,500,000
1,548,780
Fairfax
County
Industrial
Development
Authority
,
Inova
Health
System
Obligated
Group,
Revenue,
2014
A,
5%,
5/15/44
..........
2,500,000
2,850,325
Inova
Health
System
Obligated
Group,
Revenue,
2018
A,
Refunding,
4%,
5/15/48
.
5,000,000
5,749,000
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
151
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Fairfax
County
Water
Authority
,
Revenue,
2017,
Refunding,
5%,
4/01/43
.................................
$
3,510,000
$
4,329,129
Revenue,
2017,
Refunding,
5%,
4/01/47
.................................
5,000,000
6,110,000
Farmville
Industrial
Development
Authority
,
Longwood
Housing
Foundation
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/48
...............................
5,000,000
5,475,850
Hampton
Roads
Sanitation
District
,
Revenue,
2016
A,
Pre-Refunded,
5%,
8/01/31
............................
6,200,000
7,847,216
Revenue,
2016
A,
Pre-Refunded,
5%,
8/01/33
............................
5,115,000
6,473,953
Revenue,
2016
A,
Pre-Refunded,
5%,
8/01/43
............................
11,840,000
14,985,651
Hampton
Roads
Transportation
Accountability
Commission
,
Revenue,
Senior
Lien,
2018
A,
5%,
7/01/48
..............................
20,000,000
24,637,400
Revenue,
Senior
Lien,
2020
A,
5%,
7/01/50
..............................
4,000,000
5,172,040
Revenue,
Senior
Lien,
2020
A,
5%,
7/01/60
..............................
2,000,000
2,568,200
Henrico
County
Economic
Development
Authority
,
a
Revenue,
2020,
Refunding,
4%,
10/01/40
................................
500,000
552,265
a
Revenue,
2020,
Refunding,
4%,
10/01/45
................................
725,000
792,454
a
Revenue,
2020,
Refunding,
4%,
10/01/50
................................
1,500,000
1,629,315
Bon
Secours
Health
System,
Inc.
Obligated
Group,
Revenue,
2013C,
Pre-Refunded,
5%,
11/01/30
...................................................
7,000,000
7,634,410
Lexington
Industrial
Development
Authority
,
Lexington
Retirement
Community
Obligated
Group,
Revenue,
2017A,
5%,
1/01/42
.
2,000,000
2,101,340
Washington
&
Lee
University
(The),
Revenue,
2013,
Pre-Refunded,
5%,
1/01/43
..
10,000,000
10,520,100
Washington
&
Lee
University
(The),
Revenue,
2018
A,
Refunding,
5%,
1/01/35
....
1,105,000
1,396,842
Washington
&
Lee
University
(The),
Revenue,
2018
A,
Refunding,
5%,
1/01/48
....
1,500,000
1,857,825
Loudoun
County
Sanitation
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/29
....
4,770,000
5,667,428
Lynchburg
Economic
Development
Authority
,
Centra
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
1/01/47
.......................................
4,500,000
5,120,685
Montgomery
County
Economic
Development
Authority
,
Virginia
Tech
Foundation,
Inc.,
Revenue,
2019A,
4%,
6/01/36
.................
1,200,000
1,447,344
Virginia
Tech
Foundation,
Inc.,
Revenue,
2019A,
4%,
6/01/37
.................
500,000
601,210
Virginia
Tech
Foundation,
Inc.,
Revenue,
2019A,
4%,
6/01/38
.................
1,750,000
2,098,635
Norfolk
Airport
Authority
,
Revenue,
2019,
5%,
7/01/37
.........................................
1,000,000
1,224,710
Revenue,
2019,
5%,
7/01/39
.........................................
800,000
975,144
Revenue,
2019,
5%,
7/01/43
.........................................
2,925,000
3,528,662
Northern
Virginia
Transportation
Authority
,
Special
Tax
,
2014
,
5
%
,
6/01/33
.........
3,000,000
3,462,060
Prince
Edward
County
Industrial
Development
Authority
,
President
and
Trustees
of
Hampden-Sydney
College
,
Revenue
,
2018
,
5
%
,
9/01/48
....................
2,050,000
2,404,978
Prince
William
County
Industrial
Development
Authority
,
George
Mason
University
Foundation
Prince
William
Life
Sciences
LAB
LLC,
Revenue,
2011AA,
Pre-Refunded,
5.125%,
9/01/41
.......................
3,200,000
3,316,128
Novant
Health
Obligated
Group,
Revenue,
2013B,
Refunding,
5%,
11/01/46
......
10,000,000
10,596,300
Riverside
Regional
Jail
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/31
.........
6,215,000
7,457,565
Roanoke
Economic
Development
Authority
,
Carilion
Clinic
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/51
.......................................
10,055,000
11,695,775
Salem
Economic
Development
Authority
,
Roanoke
College
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/49
......................................................
925,000
1,038,155
Stafford
County
&
Staunton
Industrial
Development
Authority
,
Revenue
,
2007E
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/37
.................................
960,000
960,451
University
of
Virginia
,
Revenue,
2013A,
Pre-Refunded,
5%,
6/01/43
.............................
15,000,000
16,788,600
Revenue,
2017
A,
Refunding,
5%,
4/01/47
...............................
9,630,000
11,794,054
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
152
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Upper
Occoquan
Sewage
Authority
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
7/01/35
.....
$
6,165,000
$
7,103,375
Virginia
Beach
Development
Authority
,
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
9/01/40
............................................
1,750,000
1,960,945
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
9/01/44
............................................
2,215,000
2,468,285
Virginia
College
Building
Authority
,
Revenue,
2016
A,
Refunding,
5%,
9/01/27
...............................
4,000,000
5,027,200
Revenue,
2016A,
Refunding,
4%,
2/01/30
...............................
7,000,000
8,099,070
Revenue,
2019A,
4%,
2/01/34
........................................
5,000,000
6,086,050
Revenue,
2020
A,
4%,
2/01/38
........................................
5,000,000
6,132,250
Washington
&
Lee
University
(The),
Revenue,
2015A,
Refunding,
5%,
1/01/40
....
5,000,000
5,672,900
Virginia
Commonwealth
Transportation
Board
,
Revenue,
2016,
5%,
9/15/30
.........................................
2,260,000
2,814,287
Revenue,
2016,
5%,
9/15/31
.........................................
4,000,000
4,965,640
Revenue,
2019,
4%,
5/15/40
.........................................
13,060,000
15,672,392
Revenue,
2020,
4%,
9/15/35
.........................................
4,000,000
4,954,720
Virginia
Housing
Development
Authority
,
Revenue
,
2018
D
,
3.8
%
,
10/01/43
........
3,805,000
4,189,381
Virginia
Public
Building
Authority
,
Revenue
,
2019A
,
4
%
,
8/01/35
................
1,250,000
1,546,688
Virginia
Public
School
Authority
,
Revenue,
2014
B,
Refunding,
5%,
8/01/24
...............................
10,000,000
11,707,900
Revenue,
2018
B,
5%,
8/01/30
........................................
5,280,000
6,904,709
Revenue,
2019A,
5%,
8/01/30
........................................
3,535,000
4,794,733
Revenue,
2019A,
5%,
8/01/31
........................................
2,625,000
3,530,021
Revenue,
2020B,
Refunding,
4%,
8/01/34
...............................
5,190,000
6,566,388
County
of
Prince
William,
Revenue,
2018,
4%,
3/01/33
......................
5,795,000
6,991,667
County
of
Prince
William,
Revenue,
2019
A,
3%,
10/01/38
...................
5,455,000
6,218,100
Virginia
Resources
Authority
,
Revenue,
2008,
Refunding,
5%,
11/01/38
................................
135,000
135,386
Revenue,
2011B,
Pre-Refunded,
5%,
11/01/41
............................
9,410,000
9,819,523
Revenue,
2015
A,
5%,
11/01/38
.......................................
5,165,000
6,242,058
Revenue,
2015B,
Refunding,
5%,
11/01/45
...............................
5,255,000
6,288,921
Revenue,
2018C,
Refunding,
5%,
11/01/48
..............................
7,655,000
9,714,272
Revenue,
2020
B,
Refunding,
4%,
11/01/32
..............................
1,470,000
1,882,967
Clean
Water
Revolving
Fund,
Revenue,
2020,
4%,
10/01/52
..................
1,915,000
2,284,959
Virginia
Small
Business
Financing
Authority
,
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2012,
5%,
1/01/40
.............
2,400,000
2,488,080
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2019,
5%,
1/01/44
.............
2,500,000
2,587,550
Bon
Secours
Mercy
Health,
Inc.,
Revenue,
2020A,
Refunding,
4%,
12/01/49
.....
5,000,000
5,695,850
I-66
Express
Mobility
Partners
LLC,
Revenue,
Senior
Lien,
2017,
5%,
12/31/47
...
6,600,000
7,560,498
National
Senior
Campuses,
Inc.
Obligated
Group,
Revenue,
2020A,
Refunding,
4%,
1/01/45
........................................................
750,000
827,505
Sentara
Healthcare
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/38
...
4,000,000
4,725,440
Sentara
Healthcare
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/39
...
8,730,000
10,292,495
Winchester
Economic
Development
Authority
,
Valley
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
1/01/44
.................................
5,000,000
5,724,600
608,585,057
U.S.
Territories
3.8%
District
of
Columbia
3.3%
Metropolitan
Washington
Airports
Authority,
Revenue,
2019A,
Refunding,
5%,
10/01/49
5,000,000
6,116,500
Washington
Metropolitan
Area
Transit
Authority
,
Revenue,
2017B,
5%,
7/01/42
........................................
5,000,000
6,057,550
Franklin
Tax-Free
Trust
Statement
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
153
See
Abbreviations
on
page
160
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
District
of
Columbia
(continued)
Revenue,
2020A,
5%,
7/15/45
........................................
$
7,000,000
$
9,069,340
21,243,390
Puerto
Rico
0.5%
b
Puerto
Rico
Electric
Power
Authority
,
Revenue,
WW-RSA-1,
5.5%,
7/01/38
...................................
1,040,000
785,200
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
1,900,000
1,429,750
Puerto
Rico
Highway
&
Transportation
Authority,
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.............................................
900,000
1,072,116
3,287,066
Total
U.S.
Territories
....................................................................
24,530,456
Total
Municipal
Bonds
(Cost
$591,483,471)
.....................................
633,115,513
a
a
a
a
Short
Term
Investments
0.2%
Municipal
Bonds
0.2%
Virginia
0.2%
c
Virginia
College
Building
Authority
,
University
of
Richmond
,
Revenue
,
2006
,
SPA
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
0.11
%
,
11/01/36
......................
1,520,000
1,520,000
Total
Municipal
Bonds
(Cost
$1,520,000)
.......................................
1,520,000
Total
Short
Term
Investments
(Cost
$1,520,000
)
.................................
1,520,000
a
Total
Investments
(Cost
$593,003,471)
99.3%
...................................
$634,635,513
Other
Assets,
less
Liabilities
0.7%
.............................................
3,943,531
Net
Assets
100.0%
...........................................................
$638,579,044
a
Security
purchased
on
a
when-issued
basis.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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
Notes
to
Statements
of
Investments
(unaudited)
154
Quarterly
Statements
of
Investments
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-three
separate
funds
(Funds)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP). 
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
Funds’
administrator
has
responsibility
for
oversight
of
valuation,
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,
book
values,
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. 
3.
Concentration
of
Risk 
Certain
or
all
Funds
invest
a
large
percentage
of
their
total
assets
in
obligations
of
issuers
within
their
respective
state,
U.S.
territories,
and
the
District
of
Columbia.
Such
concentration
may
subject
the
Funds
to
risks
associated
with
industrial
or
regional
matters,
and
economic,
political
or
legal
developments
occurring
within
those
states,
U.S.
territories,
and
the
District
of
Columbia.
Investing
in
Puerto
Rico
securities
may
expose
the
Funds to
heightened
risks
due
to
recent
adverse
economic
and
market
changes,
credit
downgrades
and
ongoing
restructuring
discussions.
In
addition,
investments
in
these
securities
are
sensitive
to
interest
rate
changes
and
credit
risk
of
the
issuer
and
may
subject
the
Funds
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell. 
Franklin
Tax-Free
Trust
Notes
to
Statements
of
Investments
(unaudited)
155
Quarterly
Statements
of
Investments
4. Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the
Funds, their ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and their ability
to
achieve their investment
objectives.
5. Restricted
Securities 
At
November
30,
2020,
investments
in
restricted
securities,
excluding
securities
exempt
from
registration
under
the
Securities
Act
of
1933,
were
as
follows:
6.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
November
30,
2020,
investments
in
affiliated
management
investment
companies
were
as
follows: 
Principal
Amount
Issuer
Acquisition
Date
Cost
Value
Franklin
High
Yield
Tax-Free
Income
Fund
1,900,000
Coalview
Centralia
LLC
.......................
4/17/20
$
1,900,000
$
1,898,691
Total
Restricted
Securities
(Value
is
0.03%
of
Net
Assets)
.............
$1,900,000
$1,898,691
    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
Non-Controlled
Affiliates
Dividends
Franklin
Liberty
Federal
Tax-Free
Bond
ETF
................
$—
$26,174,688
$—
$—
$34,712
$26,209,400
965,000
$80,763
Total
Affiliated
Securities
....
$—
$26,174,688
$—
$—
$34,712
$26,209,400
$80,763
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Liberty
Federal
Tax-Free
Bond
ETF
................
$19,265,675
$14,133,512
$—
$
—
$
550,813
$
33,950,000
1,250,000
$
337,296
Total
Affiliated
Securities
....
$19,265,675
$14,133,512
$—
$—
$550,813
$33,950,000
$337,296
Franklin
High
Yield
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Liberty
Federal
Intermediate
Tax-Free
Bond
Opportunities
ETF
..........
$2,604,000
$19,301,862
$—
—
358,338
22,264,200
855,000
165,389
Total
Affiliated
Securities
....
$2,604,000
$19,301,862
$—
$—
$358,338
$22,264,200
$165,389
Franklin
Tax-Free
Trust
Notes
to
Statements
of
Investments
(unaudited)
156
Quarterly
Statements
of
Investments
7. 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)
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
November
30,
2020,
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:
Municipal
Bonds
.........................
$
—
$
242,101,597
$
—
$
242,101,597
Total
Investments
in
Securities
...........
$—
$242,101,597
$—
$242,101,597
Franklin
Arizona
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
970,947,737
—
970,947,737
Short
Term
Investments
...................
—
20,400,000
—
20,400,000
Total
Investments
in
Securities
...........
$—
$991,347,737
$—
$991,347,737
Franklin
Colorado
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
729,146,970
—
729,146,970
Short
Term
Investments
...................
—
2,570,000
—
2,570,000
Total
Investments
in
Securities
...........
$—
$731,716,970
$—
$731,716,970
Franklin
Connecticut
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
201,400,469
—
201,400,469
Short
Term
Investments
...................
—
600,000
—
600,000
Total
Investments
in
Securities
...........
$—
$202,000,469
$—
$202,000,469
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
26,209,400
—
—
26,209,400
Municipal
Bonds
.........................
—
3,621,235,258
—
3,621,235,258
Short
Term
Investments
...................
—
10,100,000
—
10,100,000
Total
Investments
in
Securities
...........
$26,209,400
$3,631,335,258
$—
$3,657,544,658
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
33,950,000
—
—
33,950,000
Municipal
Bonds
.........................
—
1,113,962,236
—
1,113,962,236
Franklin
Tax-Free
Trust
Notes
to
Statements
of
Investments
(unaudited)
157
Quarterly
Statements
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Assets:
Investments
in
Securities:
Short
Term
Investments
...................
—
$
127,875,000
—
$
127,875,000
Total
Investments
in
Securities
...........
$33,950,000
$1,241,837,236
$—
$1,275,787,236
Franklin
Florida
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
$
—
539,360,850
$
—
539,360,850
Short
Term
Investments
...................
—
1,600,000
—
1,600,000
Total
Investments
in
Securities
...........
$—
$540,960,850
$—
$540,960,850
Franklin
Georgia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
467,726,258
—
467,726,258
Short
Term
Investments
...................
—
795,000
—
795,000
Total
Investments
in
Securities
...........
$—
$468,521,258
$—
$468,521,258
Franklin
High
Yield
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
22,264,200
—
—
22,264,200
U.S.
Government
and
Agency
Securities
.......
—
—
1,898,691
1,898,691
Municipal
Bonds
.........................
—
6,528,309,818
—
6,528,309,818
Short
Term
Investments
...................
—
31,100,000
—
31,100,000
Total
Investments
in
Securities
...........
$22,264,200
$6,559,409,818
$1,898,691
$6,583,572,709
Franklin
Kentucky
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
139,527,222
—
139,527,222
Short
Term
Investments
...................
—
1,900,000
—
1,900,000
Total
Investments
in
Securities
...........
$—
$141,427,222
$—
$141,427,222
Franklin
Louisiana
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
387,073,871
—
387,073,871
Total
Investments
in
Securities
...........
$—
$387,073,871
$—
$387,073,871
Franklin
Maryland
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
424,184,543
—
424,184,543
Short
Term
Investments
...................
—
7,300,000
—
7,300,000
Total
Investments
in
Securities
...........
$—
$431,484,543
$—
$431,484,543
Franklin
Massachusetts
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
451,515,488
—
451,515,488
Short
Term
Investments
...................
—
2,300,000
—
2,300,000
Total
Investments
in
Securities
...........
$—
$453,815,488
$—
$453,815,488
Franklin
Michigan
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
958,239,728
—
958,239,728
7. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Statements
of
Investments
(unaudited)
158
Quarterly
Statements
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Assets:
Investments
in
Securities:
Short
Term
Investments
...................
—
$
6,050,000
—
$
6,050,000
Total
Investments
in
Securities
...........
$—
$964,289,728
$—
$964,289,728
Franklin
Minnesota
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
$
—
1,078,929,810
$
—
1,078,929,810
Short
Term
Investments
...................
—
6,350,000
—
6,350,000
Total
Investments
in
Securities
...........
$—
$1,085,279,810
$—
$1,085,279,810
Franklin
Missouri
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
989,754,366
—
989,754,366
Short
Term
Investments
...................
—
10,835,000
—
10,835,000
Total
Investments
in
Securities
...........
$—
$1,000,589,366
$—
$1,000,589,366
Franklin
Municipal
Green
Bond
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
5,976,741
—
5,976,741
Total
Investments
in
Securities
...........
$—
$5,976,741
$—
$5,976,741
Franklin
New
Jersey
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
847,972,272
—
847,972,272
Short
Term
Investments
...................
—
700,000
—
700,000
Total
Investments
in
Securities
...........
$—
$848,672,272
$—
$848,672,272
Franklin
North
Carolina
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
842,463,291
—
842,463,291
Short
Term
Investments
...................
—
22,330,000
—
22,330,000
Total
Investments
in
Securities
...........
$—
$864,793,291
$—
$864,793,291
Franklin
Ohio
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
1,628,107,668
—
1,628,107,668
Short
Term
Investments
...................
—
17,350,000
—
17,350,000
Total
Investments
in
Securities
...........
$—
$1,645,457,668
$—
$1,645,457,668
Franklin
Oregon
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
1,304,167,194
—
1,304,167,194
Short
Term
Investments
...................
—
13,100,000
—
13,100,000
Total
Investments
in
Securities
...........
$—
$1,317,267,194
$—
$1,317,267,194
Franklin
Pennsylvania
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
1,040,620,318
—
1,040,620,318
7. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Statements
of
Investments
(unaudited)
159
Quarterly
Statements
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.
8.
Subsequent
Events
The
Funds
have evaluated
subsequent
events
through
the
issuance
of
the
Statements of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure.
Level
1
Level
2
Level
3
Total
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Assets:
Investments
in
Securities:
Short
Term
Investments
...................
—
$
39,900,000
—
$
39,900,000
Total
Investments
in
Securities
...........
$—
$1,080,520,318
$—
$1,080,520,318
Franklin
Virginia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
$
—
633,115,513
$
—
633,115,513
Short
Term
Investments
...................
—
1,520,000
—
1,520,000
Total
Investments
in
Securities
...........
$—
$634,635,513
$—
$634,635,513
7. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Statements
of
Investments
(unaudited)
160
Quarterly
Statements
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.
COP
Certificate
of
Participation
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co..
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
MAC
Municipal
Assurance
Corp
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
SIFMA
Securities
Industry
and
Financial
Markets
Association
SPA
Standby
Purchase
Agreement
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.