NPORT-EX 2 FTFT.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FTFT-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
2
Franklin
Arizona
Tax-Free
Income
Fund
6
Franklin
Colorado
Tax-Free
Income
Fund
13
Franklin
Connecticut
Tax-Free
Income
Fund
20
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
24
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
46
Franklin
Georgia
Tax-Free
Income
Fund
61
Franklin
High
Yield
Tax-Free
Income
Fund
66
Franklin
Louisiana
Tax-Free
Income
Fund
117
Franklin
Maryland
Tax-Free
Income
Fund
122
Franklin
Massachusetts
Tax-Free
Income
Fund
126
Franklin
Michigan
Tax-Free
Income
Fund
131
Franklin
Minnesota
Tax-Free
Income
Fund
139
Franklin
Missouri
Tax-Free
Income
Fund
147
Franklin
New
Jersey
Tax-Free
Income
Fund
153
Franklin
North
Carolina
Tax-Free
Income
Fund
159
Franklin
Ohio
Tax-Free
Income
Fund
166
Franklin
Oregon
Tax-Free
Income
Fund
176
Franklin
Pennsylvania
Tax-Free
Income
Fund
183
Franklin
Virginia
Tax-Free
Income
Fund
191
Notes
to
Schedules
of
Investments
197
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Alabama
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
96.9%
Alabama
90.0%
Alabama
Community
College
System
,
Bishop
State
Community
College
,
Revenue
,
2019
,
BAM
Insured
,
4
%
,
1/01/49
......................................
$
2,000,000
$
2,026,741
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
,
Ascension
Health
Credit
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/46
...................
3,000,000
3,149,936
Alabama
State
University
,
Revenue,
2022,
Refunding,
BAM
Insured,
5%,
9/01/36
......................
1,500,000
1,657,851
Revenue,
2022,
Refunding,
BAM
Insured,
5%,
9/01/40
......................
1,500,000
1,646,609
Alexander
City
Board
of
Education
,
Special
Tax
,
2022
,
BAM
Insured
,
4
%
,
2/01/52
...
3,000,000
3,034,266
Auburn
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
6/01/33
..................
2,500,000
2,662,956
Bessemer
Governmental
Utility
Services
Corp.
,
Water
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/39
...........................................
6,000,000
6,604,563
Birmingham
Airport
Authority
,
Revenue,
2020,
Refunding,
BAM
Insured,
5%,
7/01/32
......................
300,000
340,887
Revenue,
2020,
Refunding,
BAM
Insured,
5%,
7/01/33
......................
325,000
366,024
Revenue,
2020,
Refunding,
BAM
Insured,
5%,
7/01/34
......................
400,000
448,087
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/35
......................
350,000
360,649
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/36
......................
500,000
514,610
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/37
......................
545,000
558,315
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/38
......................
400,000
409,068
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/39
......................
2,540,000
2,584,175
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/40
......................
705,000
716,161
Birmingham-Jefferson
Civic
Center
Authority
,
Special
Tax
,
2018
A
,
5
%
,
7/01/33
.....
1,605,000
1,757,552
a
Black
Belt
Energy
Gas
District
,
Revenue,
2021
A,
Refunding,
Mandatory
Put,
4%,
12/01/31
..................
2,000,000
2,104,363
Revenue,
2022
A,
Mandatory
Put,
4%,
12/01/29
...........................
1,000,000
1,024,969
Board
of
Water
&
Sewer
Commissioners
of
the
City
of
Mobile
,
Revenue
,
2014
,
Refunding
,
5
%
,
1/01/36
.............................................
10,000,000
10,145,239
Calhoun
County
Board
of
Education
,
Special
Tax
,
2016
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
2/01/46
......................................................
6,000,000
6,612,963
City
of
Bessemer
,
Water
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/47
...
2,590,000
2,787,768
City
of
Birmingham
,
GO
,
2021
A
,
4
%
,
6/01/50
..............................
2,500,000
2,550,354
City
of
Boaz
,
Water
&
Sewer,
Revenue,
2021,
AGMC
Insured,
4%,
9/01/46
.................
1,000,000
1,019,892
Water
&
Sewer,
Revenue,
2021,
AGMC
Insured,
4%,
9/01/50
.................
1,500,000
1,524,167
City
of
Decatur
,
Water
&
Sewer
,
Revenue
,
2021
A
,
4
%
,
8/15/50
.................
3,000,000
3,048,131
City
of
Huntsville
,
GO,
2018
B,
5%,
5/01/38
............................................
4,775,000
5,357,117
Water,
Revenue,
2015,
Pre-Refunded,
5%,
11/01/35
.......................
4,000,000
4,338,991
City
of
Lincoln
,
GO
,
2020
,
BAM
Insured
,
4
%
,
6/01/50
........................
2,500,000
2,641,705
City
of
Madison
,
GO
,
2015
A
,
Pre-Refunded
,
5
%
,
4/01/37
.....................
2,590,000
2,804,068
City
of
Pelham
,
GO
,
2014
,
Pre-Refunded
,
5
%
,
2/01/34
.......................
2,635,000
2,773,963
City
of
Trussville
,
GO,
2014
B,
Pre-Refunded,
5%,
10/01/39
...............................
1,895,000
1,977,959
GO,
2018
A,
4%,
8/01/41
............................................
3,000,000
3,117,650
City
of
Tuscaloosa
,
GO
,
2020
A
,
4
%
,
10/01/50
..............................
4,580,000
4,680,410
County
of
Mobile
,
GO,
2020
A,
Refunding,
4%,
8/01/38
...................................
1,000,000
1,062,746
b
Revenue,
144A,
2020,
4%,
11/01/45
...................................
2,500,000
2,126,527
DCH
Healthcare
Authority
,
Revenue,
2015,
Refunding,
5%,
6/01/36
.................................
2,000,000
2,077,244
Revenue,
2021
A,
4%,
6/01/46
........................................
2,310,000
2,285,110
East
Alabama
Health
Care
Authority
(The)
,
Revenue,
2018
A,
4%,
9/01/30
........................................
1,000,000
1,044,121
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Alabama
(continued)
East
Alabama
Health
Care
Authority
(The),
(continued)
Revenue,
2018
A,
5%,
9/01/41
........................................
$
3,000,000
$
3,193,498
Florence
City
Board
of
Education
,
Special
Tax
,
2022
,
4
%
,
3/01/46
...............
3,000,000
3,065,360
Florence
Public
Building
Authority
,
City
of
Florence
,
Revenue
,
2021
,
4
%
,
9/01/35
....
500,000
518,950
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Health
Care
Authority
of
City
of
Huntsville
(The)
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
6/01/45
..............
10,000,000
9,948,198
Homewood
Educational
Building
Authority
,
Samford
University,
Revenue,
2019
A,
Refunding,
4%,
12/01/49
...............
2,500,000
2,492,388
Samford
University,
Revenue,
2021
A,
4%,
12/01/51
.......................
1,470,000
1,458,951
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
,
Infirmary
Health
System
Obligated
Group,
Revenue,
2016
A,
5%,
2/01/41
.......
3,000,000
3,128,030
Infirmary
Health
System
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/46
3,000,000
2,914,483
Jacksonville
State
University
,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
12/01/36
...................
5,000,000
5,557,357
Revenue,
2020,
Refunding,
4%,
12/01/50
................................
5,000,000
4,973,605
Limestone
County
Water
&
Sewer
Authority
,
Revenue
,
2015
B
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
12/01/43
..............................................
5,920,000
6,231,872
a
Lower
Alabama
Gas
District
(The)
,
Revenue
,
2020
,
Mandatory
Put
,
4
%
,
12/01/25
...
2,000,000
2,037,181
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/44
...............
3,000,000
3,060,430
Madison
Water
&
Wastewater
Board
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/41
.....
4,610,000
5,068,256
Marshall
County
Board
of
Education
,
Special
Tax
,
2016
,
AGMC
Insured
,
4
%
,
3/01/41
1,000,000
1,012,068
Opelika
Utilities
Board
,
Revenue
,
2017
,
Refunding
,
4
%
,
6/01/41
................
2,000,000
2,037,096
Oxford
City
Board
of
Education
,
Special
Tax
,
2020
A
,
Refunding
,
4
%
,
5/01/50
......
2,500,000
2,537,025
a
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
10/01/28
.....................................................
5,000,000
5,145,291
Special
Care
Facilities
Financing
Authority
of
the
City
of
Pell
City
Alabama
,
Noland
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/39
.................
4,000,000
4,088,607
Talladega
County
Board
of
Education
,
Special
Tax
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
11/01/39
........................................................
2,000,000
2,181,615
Troy
Public
Educational
Building
Authority
,
Troy
City
Board
of
Education
,
Revenue
,
2011
,
AGMC
Insured
,
5.25
%
,
12/01/40
..................................
295,000
295,513
Tuscaloosa
City
Board
of
Education
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
8/01/41
...
4,000,000
4,465,495
UAB
Medicine
Finance
Authority
,
UAB
Medicine
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
9/01/29
.............................................
5,000,000
5,408,231
University
of
Alabama
(The)
,
Revenue,
2013
D-2,
Pre-Refunded,
5%,
10/01/37
.........................
7,520,000
7,833,983
Revenue,
2018
B2,
5%,
9/01/48
.......................................
5,000,000
5,518,898
University
of
Montevallo
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
5/01/42
....
2,500,000
2,742,547
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
2,000,000
2,223,343
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue
,
2016
B
,
Pre-Refunded
,
5
%
,
1/01/43
......................................................
5,000,000
5,631,183
200,713,361
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
700,000
629,142
Florida
0.6%
b
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
500,000
374,096
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
1,150,000
976,925
1,351,021
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
0.4%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/42
.
$
1,000,000
$
976,720
Kentucky
0.5%
b,c
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
Zero
Cpn.,
5/01/52
....................................
1,500,000
1,177,665
New
Jersey
0.1%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2019
BB
,
4
%
,
6/15/50
...
250,000
245,390
New
York
1.3%
Metropolitan
Transportation
Authority
,
Revenue,
2020
A-1,
4%,
11/15/53
.....................................
1,000,000
959,047
Revenue,
2021
A-1,
4%,
11/15/48
.....................................
375,000
363,914
Revenue,
2021
A-2,
4%,
11/15/41
.....................................
1,600,000
1,589,019
2,911,980
South
Carolina
0.6%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
500,000
419,957
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
500,000
419,506
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
750,000
620,629
1,460,092
Texas
0.5%
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
600,000
508,776
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
800,000
679,792
1,188,568
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
500,000
419,634
Wisconsin
0.8%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
500,000
416,858
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
1,300,000
1,291,637
1,708,495
U.S.
Territories
1.6%
Guam
0.5%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
1,000,000
1,098,750
Puerto
Rico
1.1%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
500,000
521,532
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
1,042,483
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
203
.
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
,
L
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/35
.............................................
$
530,000
$
551,371
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
250,000
254,804
2,370,190
Total
U.S.
Territories
....................................................................
3,468,940
Total
Municipal
Bonds
(Cost
$222,192,123)
.....................................
216,251,008
a
a
a
a
a
Total
Investments
(Cost
$222,192,123)
96.9%
...................................
$216,251,008
Other
Assets,
less
Liabilities
3.1%
.............................................
6,825,232
Net
Assets
100.0%
...........................................................
$223,076,240
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$9,012,496,
representing
4.0%
of
net
assets.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Arizona
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
99.0%
Arizona
92.8%
Arizona
Department
of
Transportation
,
State
Highway
Fund,
Revenue,
2015,
Refunding,
5%,
7/01/31
................
$
10,000,000
$
10,547,963
State
Highway
Fund,
Revenue,
2016,
Refunding,
5%,
7/01/36
................
8,680,000
9,505,160
Arizona
Health
Facilities
Authority
,
HonorHealth
Obligated
Group,
Revenue,
2014
A,
Refunding,
5%,
12/01/39
......
15,000,000
15,461,721
HonorHealth
Obligated
Group,
Revenue,
2014
A,
Refunding,
5%,
12/01/42
......
9,535,000
9,812,350
Arizona
Industrial
Development
Authority
,
Academies
of
Math
&
Science
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/42
........................................................
2,045,000
2,173,027
Academies
of
Math
&
Science
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/51
........................................................
1,080,000
1,139,137
Arizona
Agribusiness
and
Equine
Center,
Inc.,
Revenue,
2017
A,
5%,
3/01/48
....
1,555,000
1,649,323
Ball
Charter
Schools
Obligated
Group,
Revenue,
2022,
Refunding,
2.65%,
7/01/26
835,000
809,992
Ball
Charter
Schools
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/31
...
550,000
560,580
Ball
Charter
Schools
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/41
...
2,000,000
1,912,020
Ball
Charter
Schools
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/51
...
2,340,000
2,139,209
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
2017
F,
Refunding,
5%,
7/01/47
..
3,350,000
3,557,230
Children's
National
Medical
Center
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/40
865,000
884,463
Children's
National
Medical
Center
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/46
2,750,000
2,741,072
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/34
.......................................................
1,000,000
1,078,934
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/38
.......................................................
2,740,000
2,939,559
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/44
.......................................................
6,645,000
7,076,621
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
4%,
11/01/49
.......................................................
5,115,000
4,966,869
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
2019
A,
5%,
1/01/38
.....
1,175,000
905,813
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
2019
A,
5%,
1/01/54
.....
1,250,000
867,774
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019
B,
5%,
1/01/36
........................................................
1,105,000
828,114
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019
B,
5%,
1/01/49
........................................................
3,500,000
2,330,865
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019
B,
5.125%,
1/01/54
.................................................
2,000,000
1,330,001
GreatHearts
Arizona
Obligated
Group,
Revenue,
2021
B,
4%,
7/01/31
..........
315,000
314,345
GreatHearts
Arizona
Obligated
Group,
Revenue,
2021
B,
4%,
7/01/41
..........
405,000
379,673
GreatHearts
Arizona
Obligated
Group,
Revenue,
2021
B,
4%,
7/01/52
..........
840,000
743,729
Kipp
New
York,
Inc.
Gerard
Facility,
Revenue,
2021
C,
3.25%,
7/01/31
..........
1,550,000
1,383,634
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
5%,
7/01/32
..........
660,000
701,989
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
4%,
7/01/34
..........
660,000
637,667
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
4%,
7/01/36
..........
315,000
302,190
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
4%,
7/01/41
..........
2,800,000
2,618,077
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
4%,
7/01/51
..........
8,000,000
7,112,370
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
4%,
7/01/61
..........
15,580,000
13,373,141
Leman
Academy
of
Excellence
Obligated
Group,
Revenue,
2022
A,
Refunding,
4.5%,
7/01/54
........................................................
3,000,000
2,873,795
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
3%,
2/01/41
........................................................
885,000
768,503
Provident
Group-NCCU
Properties
LLC,
Revenue,
2019
A,
BAM
Insured,
5%,
6/01/49
........................................................
3,345,000
3,673,986
Provident
Group-NCCU
Properties
LLC,
Revenue,
2019
A,
BAM
Insured,
5%,
6/01/54
........................................................
3,240,000
3,544,203
Arizona
Sports
&
Tourism
Authority
,
Revenue
,
2012
A
,
5
%
,
7/01/36
..............
1,550,000
1,554,831
Arizona
State
University
,
Revenue,
2014,
5%,
8/01/33
.........................................
2,200,000
2,304,327
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
State
University,
(continued)
Revenue,
2014,
5%,
8/01/34
.........................................
$
3,320,000
$
3,472,445
Revenue,
2014,
5%,
8/01/44
.........................................
4,145,000
4,298,154
Revenue,
2015
B,
Refunding,
5%,
7/01/41
...............................
14,070,000
14,855,551
Revenue,
2015
D,
5%,
7/01/41
........................................
5,000,000
5,279,158
Revenue,
2015
D,
5%,
7/01/46
........................................
5,000,000
5,241,629
Revenue,
2016
B,
5%,
7/01/42
........................................
2,000,000
2,140,386
Revenue,
2016
C,
5%,
7/01/46
........................................
10,000,000
10,697,976
Revenue,
2017
B,
Refunding,
5%,
7/01/43
...............................
4,005,000
4,399,367
Revenue,
2019
A,
5%,
7/01/43
........................................
2,100,000
2,365,939
Carefree
Utilities
Community
Facilities
District
,
Town
of
Carefree
Water
System
,
Revenue
,
2021
,
4
%
,
7/01/51
.........................................
2,000,000
2,008,449
Central
Arizona
Water
Conservation
District
,
Revenue
,
2016
,
5
%
,
1/01/34
.........
1,000,000
1,084,967
City
of
Bullhead
,
Excise
Taxes
,
Revenue
,
2022
,
4
%
,
7/01/52
...................
2,885,000
2,980,099
City
of
El
Mirage
,
GO
,
2012
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/42
.............
2,200,000
2,206,856
City
of
Goodyear
,
Water
&
Sewer,
Revenue,
Sub.
Lien,
2020,
Refunding,
AGMC
Insured,
4%,
7/01/39
600,000
628,316
Water
&
Sewer,
Revenue,
Sub.
Lien,
2020,
AGMC
Insured,
4%,
7/01/45
.........
5,000,000
5,153,960
Water
&
Sewer,
Revenue,
Sub.
Lien,
Second
Series,
2020,
AGMC
Insured,
4%,
7/01/40
........................................................
650,000
675,567
City
of
Lake
Havasu
City
,
Wastewater
System,
Revenue,
2015
B,
Refunding,
AGMC
Insured,
5%,
7/01/40
...
15,000,000
16,102,454
Wastewater
System,
Revenue,
2015
B,
Refunding,
AGMC
Insured,
5%,
7/01/43
...
9,155,000
9,802,556
City
of
Mesa
,
Utility
System,
Revenue,
2018,
5%,
7/01/32
..............................
1,000,000
1,135,878
Utility
System,
Revenue,
2018,
5%,
7/01/34
..............................
1,265,000
1,428,405
Utility
System,
Revenue,
2018,
4%,
7/01/38
..............................
1,425,000
1,477,699
Utility
System,
Revenue,
2018,
4%,
7/01/39
..............................
6,135,000
6,353,223
Utility
System,
Revenue,
2018,
5%,
7/01/42
..............................
15,000,000
16,727,682
Utility
System,
Revenue,
2019
A,
5%,
7/01/43
............................
10,000,000
11,266,375
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport,
Revenue,
2017
A,
5%,
7/01/42
..................................
15,090,000
16,092,394
Airport,
Revenue,
Junior
Lien,
2017
D,
Refunding,
4%,
7/01/40
...............
20,570,000
21,024,679
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/49
........................
8,500,000
9,145,107
Airport,
Revenue,
Senior
Lien,
2018,
5%,
7/01/48
..........................
5,000,000
5,349,269
Excise
Tax,
Revenue,
2015
A,
Refunding,
5%,
7/01/41
......................
10,000,000
10,728,818
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/34
..................................................
2,500,000
2,809,464
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/37
..................................................
1,500,000
1,680,122
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/38
..................................................
8,420,000
9,388,558
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
4%,
7/01/45
..................................................
2,500,000
2,498,146
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/27
........................................................
3,945,000
4,526,280
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/28
........................................................
2,000,000
2,328,987
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/29
........................................................
2,000,000
2,354,625
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/36
........................................................
5,000,000
6,243,564
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/37
........................................................
7,000,000
8,819,877
Wastewater,
Revenue,
Junior
Lien,
2018
A,
5%,
7/01/37
.....................
1,000,000
1,131,284
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
City
of
Phoenix
Civic
Improvement
Corp.,
(continued)
Wastewater,
Revenue,
Junior
Lien,
2018
A,
4%,
7/01/39
.....................
$
5,000,000
$
5,219,843
Water
System,
Revenue,
Junior
Lien,
2016,
Refunding,
5%,
7/01/39
............
5,000,000
5,465,168
County
of
Maricopa
,
Banner
Health
Obligated
Group
,
Revenue
,
2005
,
Pre-Refunded
,
5
%
,
4/01/35
......................................................
12,090,000
12,752,258
a
Gilbert
Water
Resource
Municipal
Property
Corp.
,
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/39
.........................
10,000,000
10,597,790
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/41
...........
1,500,000
1,532,637
People
of
Faith,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/56
...........
4,000,000
4,025,569
Glendale
Municipal
Property
Corp.
,
City
of
Glendale
Excise
Tax
,
Revenue
,
2012
C
,
Refunding
,
5
%
,
7/01/38
.............................................
18,530,000
18,863,071
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
1,031,217
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/49
......
1,995,000
2,048,750
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/54
......
2,665,000
2,728,698
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/25
1,015,000
1,065,453
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/27
425,000
454,425
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/30
700,000
742,082
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/32
250,000
262,404
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/33
600,000
629,441
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/37
2,750,000
2,871,386
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/42
8,550,000
8,857,696
GreatHearts
Arizona
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/36
.
4,065,000
4,180,399
GreatHearts
Arizona
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/41
.
1,225,000
1,254,736
GreatHearts
Arizona
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
.
1,335,000
1,361,618
JMF-Higley
2012
LLC,
Revenue,
2012,
5%,
12/01/34
.......................
1,355,000
1,371,547
JMF-Higley
2012
LLC,
Revenue,
2012,
5%,
12/01/39
.......................
5,610,000
5,675,723
Vista
College
Preparatory
Obligated
Group,
Revenue,
2018
A,
5%,
7/01/48
......
1,000,000
1,068,731
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
Christian
Care
Tucson,
Inc.,
Revenue,
2017
C,
Pre-Refunded,
5%,
12/15/47
.....
3,840,000
4,172,376
Christian
Care
Tucson,
Inc.,
Revenue,
Senior
Lien,
2017
A,
Pre-Refunded,
5%,
12/15/32
.......................................................
1,765,000
1,917,772
Christian
Care
Tucson,
Inc.,
Revenue,
Senior
Lien,
2017
A,
Pre-Refunded,
5%,
6/15/37
........................................................
2,240,000
2,433,886
TMC
HealthCare
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
4/01/40
....
1,350,000
1,369,982
TMC
HealthCare
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
4/01/41
....
1,685,000
1,707,330
TMC
HealthCare
Obligated
Group,
Revenue,
2021
A,
Refunding,
3%,
4/01/51
....
12,000,000
9,520,220
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
4,487,276
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/36
............................................
1,310,000
1,378,630
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
8/01/38
............................................
1,510,000
1,544,632
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
8/01/39
............................................
1,350,000
1,459,654
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
8/01/43
............................................
3,000,000
3,037,010
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/23
....................
110,000
111,820
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/25
....................
90,000
93,878
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/26
....................
95,000
100,036
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/27
....................
75,000
79,658
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/28
....................
80,000
85,457
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/29
....................
110,000
117,784
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
La
Paz
County
Industrial
Development
Authority,
(continued)
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/30
....................
$
100,000
$
107,177
Harmony
Public
Schools,
Revenue,
2021
A,
4%,
2/15/41
....................
430,000
404,480
Harmony
Public
Schools,
Revenue,
2021
A,
4%,
2/15/46
....................
345,000
314,793
Harmony
Public
Schools,
Revenue,
2021
A,
4%,
2/15/51
....................
580,000
518,549
Maricopa
County
High
School
District
No.
214
Tolleson
Union
High
School
,
GO
,
2018
A
,
5
%
,
7/01/37
....................................................
1,000,000
1,113,439
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group,
Revenue,
A,
4%,
1/01/41
...................
9,630,000
9,705,912
Banner
Health
Obligated
Group,
Revenue,
A,
5%,
1/01/41
...................
37,590,000
40,147,364
Christian
Care
Obligated
Group,
Revenue,
2016
A,
Pre-Refunded,
5%,
1/01/36
...
3,860,000
4,192,003
Christian
Care
Obligated
Group,
Revenue,
2016
C,
Pre-Refunded,
5%,
1/01/40
...
9,740,000
10,577,749
Creighton
University,
Revenue,
2020,
5%,
7/01/47
.........................
13,000,000
14,184,905
Creighton
University,
Revenue,
2020,
4%,
7/01/50
.........................
6,695,000
6,659,764
GreatHearts
Arizona
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
.
1,000,000
1,072,227
GreatHearts
Arizona
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/52
.
1,000,000
1,057,459
Highland
Prep
Obligated
Group,
Revenue,
2019,
5%,
1/01/37
................
1,000,000
1,099,242
Highland
Prep
Obligated
Group,
Revenue,
2019,
5%,
1/01/50
................
1,715,000
1,851,585
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/37
.......
4,025,000
4,326,378
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/42
.......
4,000,000
4,271,688
HonorHealth
Obligated
Group,
Revenue,
2021
A,
3%,
9/01/51
................
1,600,000
1,267,538
Legacy
Traditional
School
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/49
........................................................
3,920,000
4,220,032
Reid
Traditional
Schools
Obligated
Group,
Revenue,
2016,
5%,
7/01/36
.........
1,120,000
1,169,034
Reid
Traditional
Schools
Obligated
Group,
Revenue,
2016,
5%,
7/01/47
.........
3,325,000
3,434,493
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.,
Revenue,
2009
B,
Refunding,
3.6%,
4/01/40
.............
13,500,000
12,765,296
El
Paso
Electric
Co.,
Revenue,
2012
A,
Refunding,
4.5%,
8/01/42
.............
10,000,000
10,009,165
b
Public
Service
Co.
of
New
Mexico,
Revenue,
2010
A,
Refunding,
Mandatory
Put,
0.875%,
10/01/26
................................................
4,500,000
4,097,337
b
Public
Service
Co.
of
New
Mexico,
Revenue,
2010
B,
Refunding,
Mandatory
Put,
0.875%,
10/01/26
................................................
2,150,000
1,957,616
Southern
California
Edison
Co.,
Revenue,
2000
A,
Refunding,
2.4%,
6/01/35
.....
10,000,000
8,289,925
Maricopa
County
School
District
No.
83-Cartwright
Elementary
,
GO
,
2011
A
,
Refunding
,
AGMC
Insured
,
5.375
%
,
7/01/30
......................................
5,415,000
5,433,503
Maricopa
County
Unified
School
District
No.
11-Peoria
,
GO,
2013,
5%,
7/01/31
.............................................
5,100,000
5,271,821
GO,
2018,
BAM
Insured,
5%,
7/01/33
...................................
1,000,000
1,110,421
Maricopa
County
Unified
School
District
No.
95
Queen
Creek
,
GO,
2018,
5%,
7/01/33
.............................................
500,000
546,480
GO,
2018,
5%,
7/01/37
.............................................
1,200,000
1,311,553
McAllister
Academic
Village
LLC
,
Arizona
State
University,
Revenue,
2016
A,
Refunding,
5%,
7/01/33
............
2,000,000
2,175,548
Arizona
State
University,
Revenue,
2016
A,
Refunding,
5%,
7/01/38
............
2,000,000
2,157,084
Arizona
State
University,
Revenue,
2016
A,
Refunding,
5%,
7/01/39
............
1,000,000
1,077,344
Mohave
County
Union
High
School
District
No.
2
Colorado
River
,
GO
,
2017
,
5
%
,
7/01/35
.........................................................
1,000,000
1,109,417
Northern
Arizona
University
,
Revenue,
2013,
5%,
8/01/26
.........................................
2,380,000
2,446,702
Revenue,
2014,
5%,
6/01/40
.........................................
4,545,000
4,715,668
Revenue,
2014,
Pre-Refunded,
5%,
6/01/40
..............................
2,820,000
2,986,097
Pima
County
Unified
School
District
No.
20
Vail
,
GO
,
2016
,
Refunding
,
BAM
Insured
,
5
%
,
7/01/36
......................................................
3,305,000
3,611,135
Pima
County
Unified
School
District
No.
30
Sahuarita
,
GO,
2017,
BAM
Insured,
5%,
7/01/33
...................................
2,665,000
2,957,934
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Pima
County
Unified
School
District
No.
30
Sahuarita,
(continued)
GO,
2017,
BAM
Insured,
5%,
7/01/34
...................................
$
2,800,000
$
3,103,561
Pima
County
Unified
School
District
No.
6
Marana
,
GO,
2017
C,
BAM
Insured,
5%,
7/01/36
.................................
2,385,000
2,655,552
GO,
2018
D,
AGMC
Insured,
5%,
7/01/38
................................
2,500,000
2,778,565
Pinal
County
Community
College
District
,
Revenue
,
2017
,
BAM
Insured
,
5
%
,
7/01/34
1,065,000
1,160,199
Pinal
County
Electric
District
No.
3
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/35
.......
1,195,000
1,300,855
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue,
2012
A,
Refunding,
5%,
12/01/30
..............................
4,500,000
4,500,000
Revenue,
2016
A,
Refunding,
5%,
1/01/38
...............................
9,745,000
10,719,901
Revenue,
2017
A,
Refunding,
5%,
1/01/37
...............................
10,000,000
11,157,645
Revenue,
2017
A,
Refunding,
5%,
1/01/38
...............................
3,310,000
3,688,640
Revenue,
2017
A,
Refunding,
5%,
1/01/39
...............................
5,605,000
6,238,413
Revenue,
2019
A,
5%,
1/01/47
........................................
5,000,000
5,639,386
Salt
Verde
Financial
Corp.
,
Revenue,
2007-1,
5%,
12/01/32
.......................................
10,000,000
11,173,275
Revenue,
2007-1,
5%,
12/01/37
.......................................
5,000,000
5,649,008
Student
&
Academic
Services
LLC
,
Revenue,
2014,
BAM
Insured,
5%,
6/01/33
..............................
1,000,000
1,049,454
Revenue,
2014,
BAM
Insured,
5%,
6/01/39
..............................
1,400,000
1,463,375
Revenue,
2014,
BAM
Insured,
5%,
6/01/44
..............................
3,155,000
3,287,803
Town
of
Gilbert
,
Pledged
,
Revenue,
Sub.
Lien
,
2015
,
5
%
,
7/01/45
...............
10,000,000
10,618,831
Town
of
Queen
Creek
,
Excise
Tax,
Revenue,
2018
A,
5%,
8/01/42
...............................
2,500,000
2,784,053
Excise
Tax,
Revenue,
2018
A,
5%,
8/01/47
...............................
5,000,000
5,530,818
Excise
Tax,
Revenue,
2020,
4%,
8/01/50
................................
8,740,000
8,922,134
University
Medical
Center
Corp.
,
Banner-University
Medical
Center
Tucson
Campus
LLC
,
Revenue
,
2013
,
Pre-Refunded
,
5.625
%
,
7/01/36
......................
5,000,000
5,210,517
University
of
Arizona
(The)
,
Revenue,
2013,
5%,
8/01/38
.........................................
5,790,000
5,924,399
Revenue,
2016,
Refunding,
5%,
6/01/39
.................................
2,750,000
2,959,248
Revenue,
2018
A,
5%,
6/01/43
........................................
5,000,000
5,544,851
Revenue,
2019
A,
5%,
6/01/42
........................................
2,000,000
2,255,007
802,127,912
Florida
0.1%
c
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
800,000
598,553
Georgia
0.3%
c
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
3,290,000
2,755,201
South
Carolina
0.4%
South
Carolina
Jobs-Economic
Development
Authority
,
c
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,900,000
1,595,837
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,900,000
1,594,121
3,189,958
Texas
0.6%
c
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
2,600,000
2,204,699
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,300,000
2,804,141
5,008,840
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
0.2%
c
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
$
1,900,000
$
1,594,607
Wisconsin
1.1%
c
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
1,900,000
1,584,062
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
5,000,000
4,967,834
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
3,300,000
2,757,071
9,308,967
U.S.
Territories
3.5%
Guam
1.4%
Guam
Power
Authority
,
Revenue,
2014
A,
AGMC
Insured,
5%,
10/01/39
...........................
6,490,000
6,812,991
Revenue,
2014
A,
AGMC
Insured,
5%,
10/01/44
...........................
5,325,000
5,574,185
12,387,176
Puerto
Rico
2.1%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
3,700,000
3,859,334
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.5%,
7/01/29
.................
770,000
825,966
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
750,000
797,459
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/31
....................
2,790,000
2,997,011
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/32
...................
1,970,000
2,082,722
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
5,050,000
5,253,628
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
2,290,000
2,460,846
18,276,966
Total
U.S.
Territories
....................................................................
30,664,142
Total
Municipal
Bonds
(Cost
$870,480,823)
.....................................
855,248,180
a
a
a
a
Short
Term
Investments
0.6%
Municipal
Bonds
0.6%
Arizona
0.6%
d
Arizona
Industrial
Development
Authority
,
Phoenix
Children's
Hospital
,
Revenue
,
2019
A
,
Refunding
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.62
%
,
2/01/48
5,000,000
5,000,000
Total
Municipal
Bonds
(Cost
$5,000,000)
.......................................
5,000,000
Total
Short
Term
Investments
(Cost
$5,000,000
)
.................................
5,000,000
a
Total
Investments
(Cost
$875,480,823)
99.6%
...................................
$860,248,180
Other
Assets,
less
Liabilities
0.4%
.............................................
3,572,654
Net
Assets
100.0%
...........................................................
$863,820,834
a
Security
purchased
on
a
when-issued
basis.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$20,862,005,
representing
2.4%
of
net
assets.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Colorado
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.5%
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
$
2,000,000
$
1,797,549
Colorado
91.0%
Adams
&
Weld
Counties
School
District
No.
27J
Brighton
,
GO
,
2015
,
5
%
,
12/01/40
..
7,500,000
8,121,824
Adams
12
Five
Star
Schools
,
GO
,
2016
B
,
Refunding
,
5
%
,
12/15/36
.............
5,000,000
5,518,817
Adams
State
University
,
Revenue,
2012,
5%,
5/15/37
.........................................
630,000
631,165
Revenue,
2019
A,
Refunding,
4%,
5/15/42
...............................
1,515,000
1,554,912
Anthem
West
Metropolitan
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/35
3,000,000
3,249,777
Arapahoe
County
School
District
No.
1
Englewood
,
GO
,
2017
,
5
%
,
12/01/42
.......
7,000,000
7,687,002
Arapahoe
County
School
District
No.
6
Littleton
,
GO
,
2019
A
,
5.5
%
,
12/01/43
......
12,980,000
15,056,242
Arapahoe
County
Water
&
Wastewater
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
12/01/37
........................................................
1,000,000
1,070,313
Auraria
Higher
Education
Center
,
Revenue
,
2013
A
,
AGMC
Insured
,
5
%
,
4/01/34
...
6,150,000
6,272,966
Board
of
Governors
of
Colorado
State
University
System
,
Revenue,
2013
A,
Refunding,
5%,
3/01/43
...............................
5,000,000
6,150,307
Revenue,
2013
C,
Pre-Refunded,
5%,
3/01/44
............................
5,135,000
5,267,312
Revenue,
2015
A,
5%,
3/01/40
........................................
3,010,000
3,163,214
Revenue,
2015
A,
Pre-Refunded,
5%,
3/01/40
............................
3,990,000
4,300,245
Revenue,
2017
E,
Refunding,
4%,
3/01/43
...............................
4,500,000
4,545,633
Revenue,
2019
A,
Refunding,
5%,
3/01/49
...............................
4,000,000
4,499,660
Revenue,
A,
Refunding,
4%,
3/01/40
...................................
5,000,000
5,065,821
Board
of
Water
Commissioners
City
&
County
of
Denver
(The)
,
Revenue
,
2017
A
,
5
%
,
9/15/47
.........................................................
10,000,000
10,998,682
Boulder
Valley
School
District
No.
Re-2
Boulder
,
GO
,
2015
,
5
%
,
12/01/41
.........
5,000,000
5,305,166
a
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-1
,
Refunding
,
5
%
,
12/01/49
........................................................
4,380,000
4,209,273
Castle
Oaks
Metropolitan
District
No.
3
,
GO
,
2020
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/50
........................................................
1,150,000
1,151,535
Centennial
Water
&
Sanitation
District
,
Revenue,
2019,
5%,
12/01/43
........................................
3,000,000
3,361,018
Revenue,
2019,
5.25%,
12/01/48
......................................
6,760,000
7,752,433
Central
Weld
County
Water
District
,
Revenue
,
2020
,
AGMC
Insured
,
4
%
,
12/01/40
..
1,000,000
1,046,173
Cherokee
Metropolitan
District
,
Revenue
,
2020
,
BAM
Insured
,
4
%
,
8/01/45
........
2,250,000
2,304,313
City
&
County
of
Denver
,
Revenue,
2016
A,
Refunding,
4%,
8/01/46
...............................
3,500,000
3,542,631
Revenue,
2018
A-1,
5%,
8/01/48
......................................
5,000,000
5,401,115
Revenue,
2021
A,
4%,
8/01/33
........................................
1,250,000
1,384,746
Revenue,
2021
A,
4%,
8/01/34
........................................
1,000,000
1,096,818
Airport
System,
Revenue,
2013
B,
5%,
11/15/43
...........................
5,000,000
5,148,895
Airport
System,
Revenue,
2018
B,
Refunding,
5%,
12/01/43
..................
5,000,000
5,468,652
Airport
System,
Revenue,
2018
B,
Refunding,
5%,
12/01/48
..................
4,440,000
4,827,880
Airport
System,
Revenue,
2019
C,
Refunding,
5%,
11/15/35
..................
3,000,000
3,376,819
City
of
Colorado
Springs
,
Utilities
System,
Revenue,
2013
B-1,
5%,
11/15/38
.........................
4,000,000
4,160,441
Utilities
System,
Revenue,
2014
A-2,
5%,
11/15/44
.........................
5,000,000
5,274,811
Utilities
System,
Revenue,
2015
A,
Refunding,
5%,
11/15/40
.................
3,000,000
3,245,909
Utilities
System,
Revenue,
2015
A,
Refunding,
5%,
11/15/45
.................
2,665,000
2,870,625
Utilities
System,
Revenue,
2017
A-2,
Refunding,
5%,
11/15/47
................
6,000,000
6,658,648
Utilities
System,
Revenue,
2018
A-4,
5%,
11/15/48
.........................
5,000,000
5,565,335
Utilities
System,
Revenue,
2020
C,
5%,
11/15/50
..........................
3,000,000
3,425,433
City
of
Fort
Collins
,
Electric
Utility
Enterprise
,
Revenue
,
2018
A
,
5
%
,
12/01/42
......
13,500,000
15,035,715
City
of
Grand
Junction
,
COP,
2021,
4%,
12/01/40
............................................
1,500,000
1,569,259
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
City
of
Grand
Junction,
(continued)
COP,
2021,
4%,
12/01/45
............................................
$
1,000,000
$
1,036,121
Sales
&
Use
Tax,
Revenue,
2020
B,
4%,
3/01/45
..........................
1,500,000
1,549,953
Sales
&
Use
Tax,
Revenue,
2020
B,
4%,
3/01/49
..........................
1,240,000
1,275,904
Colorado
Educational
&
Cultural
Facilities
Authority
,
Alexander
Dawson
School
LLC
(The),
Revenue,
2010,
5%,
2/15/40
............
5,280,000
5,295,367
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/36
....................
425,000
403,738
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/41
....................
150,000
138,508
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/51
....................
370,000
323,244
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/61
....................
550,000
462,920
Denver
School
of
Science
&
Technology,
Inc.,
Revenue,
2021,
3%,
8/01/41
......
1,460,000
1,232,401
Denver
School
of
Science
&
Technology,
Inc.,
Revenue,
2021,
3%,
8/01/51
......
3,635,000
2,806,376
Golden
View
Classical
Academy,
Revenue,
2022,
Refunding,
4%,
1/01/26
.......
195,000
196,375
Golden
View
Classical
Academy,
Revenue,
2022,
Refunding,
4%,
1/01/32
.......
280,000
275,951
Golden
View
Classical
Academy,
Revenue,
2022,
Refunding,
4%,
1/01/52
.......
1,355,000
1,183,333
Golden
View
Classical
Academy,
Revenue,
2022,
Refunding,
4%,
1/01/62
.......
1,600,000
1,347,674
Lighthouse
Building
Corp.,
Revenue,
2021,
4%,
10/01/46
....................
345,000
315,774
Lighthouse
Building
Corp.,
Revenue,
2021,
4%,
10/01/56
....................
1,000,000
866,474
Lighthouse
Building
Corp.,
Revenue,
2021,
4%,
10/01/61
....................
2,210,000
1,865,523
Pinnacle
Charter
School,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
12/01/50
.......
5,820,000
5,954,276
Union
Colony
Schools,
Revenue,
2018,
Refunding,
5%,
4/01/48
...............
715,000
770,863
University
of
Denver,
Revenue,
2017,
5%,
3/01/47
.........................
3,950,000
4,270,743
West
Ridge
Academy
Charter
School,
Revenue,
2019
A,
Refunding,
5%,
6/01/49
..
400,000
411,413
Westgate
Community
School,
Revenue,
2021
A,
Refunding,
4%,
7/01/41
........
2,370,000
2,425,973
Windsor
Charter
Academy
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/50
2,400,000
2,421,512
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group,
Revenue,
2016
A,
Refunding,
4%,
11/15/41
......
3,000,000
3,031,535
AdventHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
11/15/37
......
5,000,000
5,523,450
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/35
.......................................................
1,575,000
1,612,271
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/37
.......................................................
850,000
862,139
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/38
.......................................................
705,000
711,300
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/39
.......................................................
835,000
838,010
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/40
.......................................................
725,000
722,118
BSLC
Obligated
Group,
Revenue,
2018
A-1,
Refunding,
5%,
9/15/48
...........
3,000,000
3,092,733
BSLC
Obligated
Group,
Revenue,
2018
A-1,
Refunding,
4.75%,
9/15/53
.........
1,500,000
1,505,560
Children's
Hospital
Colorado
Obligated
Group,
Revenue,
2016
A,
5%,
12/01/44
...
5,000,000
5,215,486
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/37
3,000,000
3,156,879
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/39
2,000,000
2,100,747
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/44
7,000,000
7,309,076
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
4%,
8/01/49
9,990,000
9,765,497
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2013
A,
Pre-
Refunded,
5.75%,
12/01/36
.........................................
5,000,000
5,297,108
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
12/01/35
...........................................
7,150,000
7,350,069
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2018
A,
5%,
12/01/48
.......................................................
5,000,000
5,206,413
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/50
...........................................
5,700,000
5,269,560
Craig
Hospital
Obligated
Group,
Revenue,
2022
A,
5%,
12/01/52
..............
3,535,000
3,849,284
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2013,
Pre-
Refunded,
5.5%,
6/01/33
..........................................
1,000,000
1,037,945
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Health
Facilities
Authority,
(continued)
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2013,
Pre-
Refunded,
5.625%,
6/01/43
.........................................
$
4,000,000
$
4,156,706
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
6/01/40
............................................
4,000,000
4,335,186
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
6/01/45
............................................
2,750,000
2,980,441
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2016,
5%,
9/01/46
.....
5,000,000
5,216,896
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/50
...
6,275,000
6,006,806
Sanford
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
11/01/39
..........
1,000,000
1,005,834
Sanford
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
11/01/44
..........
10,455,000
11,156,352
Sisters
of
Charity
of
Leavenworth
Health
System,
Inc.
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
1/01/38
.....................................
3,660,000
3,719,106
Valley
View
Hospital
Association,
Revenue,
2015,
5%,
5/15/40
................
2,000,000
2,070,895
Valley
View
Hospital
Association,
Revenue,
2015,
5%,
5/15/45
................
1,000,000
1,031,655
Colorado
High
Performance
Transportation
Enterprise
,
Revenue
,
2017
,
5
%
,
12/31/47
2,555,000
2,614,391
Colorado
Housing
and
Finance
Authority
,
Revenue,
2019
B-1,
I,
3.15%,
10/01/44
.................................
1,000,000
942,049
Revenue,
2019
B-1,
I,
3.25%,
10/01/49
.................................
1,000,000
936,387
Colorado
Mesa
University
,
Revenue,
2019
B,
5%,
5/15/44
........................................
1,000,000
1,119,531
Revenue,
2019
B,
5%,
5/15/49
........................................
1,565,000
1,742,608
Colorado
School
of
Mines
,
Revenue,
2012
B,
5%,
12/01/32
.......................................
110,000
111,403
Revenue,
2017
A,
5%,
12/01/42
.......................................
2,450,000
2,694,208
Revenue,
2017
A,
5%,
12/01/47
.......................................
3,000,000
3,279,059
Commerce
City
,
Northern
Infrastructure
General
Improvement
District
,
GO
,
2013
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/31
................................
2,040,000
2,075,207
Crystal
Valley
Metropolitan
District
No.
2
,
GO
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
12/01/49
........................................................
3,000,000
2,657,575
Denver
City
&
County
School
District
No.
1
,
COP,
2013
C,
5%,
12/15/30
..........................................
4,000,000
4,176,492
COP,
2020
A,
5%,
12/01/42
..........................................
2,000,000
2,287,012
GO,
2017,
5%,
12/01/41
.............................................
12,440,000
13,683,062
Denver
Convention
Center
Hotel
Authority
,
Revenue,
Senior
Lien
,
2016
,
Refunding
,
5
%
,
12/01/40
.....................................................
9,775,000
10,144,943
Denver
Health
&
Hospital
Authority
,
COP,
2018,
5%,
12/01/48
............................................
5,255,000
5,566,699
Revenue,
2014
A,
5.25%,
12/01/45
....................................
9,250,000
9,429,257
Revenue,
2019
A,
Refunding,
5%,
12/01/30
..............................
1,000,000
1,112,281
Revenue,
2019
A,
Refunding,
5%,
12/01/31
..............................
1,400,000
1,550,902
Revenue,
2019
A,
Refunding,
5%,
12/01/33
..............................
3,300,000
3,631,674
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
A
,
4
%
,
12/01/48
........................................................
350,000
345,727
Eagle
River
Water
and
Sanitation
District
,
GO
,
2016
,
5
%
,
12/01/45
..............
1,360,000
1,474,259
East
Cherry
Creek
Valley
Water
and
Sanitation
District
,
Revenue
,
2019
A
,
4
%
,
11/15/38
1,000,000
1,071,655
Erie
Farm
Metropolitan
District
,
GO,
2021,
Refunding,
AGMC
Insured,
5%,
12/01/41
........................
575,000
653,076
GO,
2021,
Refunding,
AGMC
Insured,
5%,
12/01/46
........................
700,000
787,184
GO,
2021,
Refunding,
AGMC
Insured,
4%,
12/01/51
........................
1,200,000
1,210,031
a,b
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5.55
%
,
12/01/47
3,500,000
3,731,683
Flying
Horse
Metropolitan
District
No.
2
,
GO,
2020
A,
Refunding,
AGMC
Insured,
4%,
12/01/44
......................
520,000
534,076
GO,
2020
A,
Refunding,
AGMC
Insured,
4%,
12/01/50
......................
875,000
876,168
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Larimer
County
School
District
No.
R-1
Poudre
,
GO
,
2018
,
5
%
,
12/15/40
..........
$
5,000,000
$
5,630,370
Metropolitan
State
University
of
Denver
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
12/01/45
4,000,000
4,378,001
Park
70
Metropolitan
District
,
GO,
2016,
Refunding,
5%,
12/01/36
....................................
1,000,000
1,064,138
GO,
2016,
Refunding,
5%,
12/01/46
....................................
1,500,000
1,580,059
Park
Creek
Metropolitan
District
,
Revenue,
2017
A,
5%,
12/01/41
.......................................
3,000,000
3,187,655
Revenue,
2017
A,
5%,
12/01/46
.......................................
2,500,000
2,643,623
Revenue,
Senior
Lien,
2015
A,
Refunding,
5%,
12/01/45
....................
7,000,000
7,442,639
Revenue,
Senior
Lien,
2018
A,
5%,
12/01/46
.............................
2,875,000
3,179,830
Parker
Water
&
Sanitation
District
,
Revenue
,
2018
,
5
%
,
11/01/42
................
6,475,000
7,230,908
Patriot
Park
Metropolitan
District
No.
2
,
GO
,
2021
,
4.3
%
,
12/01/50
...............
550,000
473,001
Prairiestar
Metropolitan
District
No.
2
,
GO,
2021
A,
Refunding,
BAM
Insured,
5%,
12/01/36
.......................
500,000
571,529
GO,
2021
A,
Refunding,
BAM
Insured,
5%,
12/01/41
.......................
500,000
567,021
GO,
2021
A,
Refunding,
BAM
Insured,
5%,
12/01/46
.......................
500,000
560,983
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
9,900,000
12,971,303
Pueblo
City
Schools
,
GO
,
2020
,
5
%
,
12/15/38
..............................
3,000,000
3,429,620
Regional
Transportation
District
,
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
1/15/33
........
550,000
547,681
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/35
........
1,000,000
988,526
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/36
........
750,000
739,557
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/38
........
700,000
681,067
Sales
Tax,
Revenue,
2016
A,
5%,
11/01/41
...............................
10,000,000
10,948,955
Sales
Tax,
Revenue,
2016
A,
5%,
11/01/46
...............................
11,000,000
11,972,142
Roaring
Fork
Transportation
Authority
,
Sales
&
Use
Tax
,
Revenue
,
2019
,
Refunding
,
4
%
,
12/01/44
.....................................................
1,000,000
1,034,259
Sand
Creek
Metropolitan
District
,
GO
,
2020
B
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/40
........................................................
2,665,000
2,788,051
Silver
Peaks
Metropolitan
District
No.
3
,
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/50
....
1,000,000
928,865
South
Timnath
Metropolitan
District
No.
2
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/42
.....
5,690,000
6,011,125
State
of
Colorado
,
COP,
2013
I,
Pre-Refunded,
5%,
3/15/36
................................
3,000,000
3,168,149
COP,
2017
J,
5.25%,
3/15/42
.........................................
5,000,000
5,576,180
COP,
2019
O,
4%,
3/15/44
...........................................
5,000,000
5,111,095
COP,
2020,
Refunding,
4%,
6/15/39
....................................
1,000,000
1,031,340
COP,
2020,
Refunding,
4%,
6/15/40
....................................
1,315,000
1,354,136
COP,
2020
A,
4%,
12/15/38
..........................................
3,555,000
3,679,072
University
of
Colorado,
COP,
2013
A,
Pre-Refunded,
5%,
11/01/29
.............
3,105,000
3,248,147
Sterling
Hills
West
Metropolitan
District
,
GO
,
2017
,
Refunding
,
5
%
,
12/01/39
.......
1,125,000
1,227,630
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
3.75%,
12/01/40
.................................................
500,000
428,480
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
4.25%,
12/01/50
.................................................
1,250,000
1,088,288
Thompson
Crossing
Metropolitan
District
No.
2
,
GO
,
2016
B
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/46
..............................................
4,500,000
4,874,122
Town
of
Castle
Rock
,
Sales
&
Use
Tax,
Revenue,
2013,
Pre-Refunded,
5%,
6/01/32
................
1,845,000
1,907,786
Sales
&
Use
Tax,
Revenue,
2013,
Pre-Refunded,
5%,
6/01/35
................
2,775,000
2,869,434
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Town
of
Firestone
,
Water
Enterprise
,
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/49
........................................................
$
1,400,000
$
1,418,315
Town
of
Monument
,
COP,
2020,
AGMC
Insured,
4%,
12/01/40
...............................
1,000,000
1,036,454
COP,
2020,
AGMC
Insured,
4%,
12/01/45
...............................
1,000,000
1,028,552
University
of
Colorado
,
Revenue
,
2019
B
,
5
%
,
6/01/44
.......................
1,930,000
2,162,048
Vauxmont
Metropolitan
District
,
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/15/27
........................
380,000
415,672
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/15/32
........................
480,000
523,265
Weld
County
School
District
No.
RE-4
,
GO
,
2016
,
5.25
%
,
12/01/41
..............
5,000,000
5,552,315
Winter
Farm
Metropolitan
District
No.
2
,
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/01/39
........................
630,000
700,259
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/01/44
........................
500,000
551,614
569,246,868
Florida
1.1%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
....
4,104,000
3,741,945
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
800,000
598,553
a
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn
.,
5/01/57
3,215,000
2,731,143
7,071,641
Georgia
0.3%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
2,400,000
2,009,873
Illinois
1.0%
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
3,000,000
3,061,688
GO,
2019
B,
4%,
11/01/33
...........................................
1,250,000
1,227,948
GO,
2021
A,
5%,
3/01/31
............................................
650,000
711,779
GO,
2021
A,
5%,
3/01/32
............................................
500,000
541,586
GO,
2021
A,
4%,
3/01/39
............................................
500,000
477,591
6,020,592
New
York
0.1%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/48
..........
900,000
873,394
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,400,000
1,175,880
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,400,000
1,174,615
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
750,000
620,630
2,971,125
Texas
0.6%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
1,900,000
1,611,126
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,400,000
2,039,375
3,650,501
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,400,000
1,174,974
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
1.1%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
$
1,400,000
$
1,167,203
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
3,700,000
3,676,197
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
2,400,000
2,005,143
6,848,543
U.S.
Territories
1.3%
Guam
0.3%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
1,500,000
1,648,125
Puerto
Rico
1.0%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,200,000
1,251,676
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
1,042,483
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/31
....................
1,670,000
1,793,910
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,485,000
1,595,788
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
750,000
764,412
6,448,269
Total
U.S.
Territories
....................................................................
8,096,394
Total
Municipal
Bonds
(Cost
$622,880,010)
.....................................
609,761,454
a
a
a
a
Short
Term
Investments
1.5%
Municipal
Bonds
1.5%
Colorado
1.5%
c
City
&
County
of
Denver
,
COP,
2008
A-1,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.62%,
12/01/29
.................................................
2,000,000
2,000,000
COP,
2008
A-2,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.62%,
12/01/29
.................................................
3,500,000
3,500,000
COP,
2008
A-3,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.62%,
12/01/31
.................................................
4,000,000
4,000,000
9,500,000
Total
Municipal
Bonds
(Cost
$9,500,000)
.......................................
9,500,000
Total
Short
Term
Investments
(Cost
$9,500,000
)
.................................
9,500,000
a
Total
Investments
(Cost
$632,380,010)
99.0%
...................................
$619,261,454
Other
Assets,
less
Liabilities
1.0%
.............................................
6,000,145
Net
Assets
100.0%
...........................................................
$625,261,599
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$26,751,053,
representing
4.3%
of
net
assets.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
c
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Connecticut
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.9%
Connecticut
91.6%
City
of
Ansonia
,
GO,
2021
A,
AGMC
Insured,
4%,
2/15/31
................................
$
170,000
$
184,575
GO,
2021
A,
AGMC
Insured,
4%,
2/15/33
................................
100,000
107,197
GO,
2021
A,
AGMC
Insured,
4%,
2/15/34
................................
100,000
106,559
GO,
2021
A,
AGMC
Insured,
3%,
2/15/37
................................
500,000
474,428
City
of
Bridgeport
,
GO,
2021
A,
4%,
8/01/40
............................................
765,000
790,456
GO,
2021
A,
4%,
8/01/46
............................................
375,000
382,761
GO,
2021
A,
4%,
8/01/51
............................................
575,000
584,079
City
of
New
Britain
,
GO
,
2017
C
,
AGMC
Insured
,
5
%
,
3/01/36
..................
1,000,000
1,096,923
City
of
New
Haven
,
GO,
2002
C,
NATL
Insured,
ETM,
5%,
11/01/22
...........................
25,000
25,080
GO,
2021
A,
Refunding,
4%,
8/01/40
...................................
2,000,000
2,060,285
City
of
Stamford
,
Water
Pollution
Control
System
&
Facility
,
Revenue
,
2013
A
,
5.25
%
,
8/15/43
.........................................................
1,000,000
1,031,065
City
of
West
Haven
,
GO
,
2021
,
4
%
,
9/15/41
...............................
565,000
575,310
Connecticut
Housing
Finance
Authority
,
Revenue,
2019
E-E1,
3.05%,
11/15/44
..................................
5,000,000
4,418,207
Revenue,
2019
E-E1,
3.1%,
11/15/49
...................................
2,000,000
1,711,170
Revenue,
2020
C-1,
Refunding,
2.05%,
5/15/37
...........................
1,000,000
832,525
Revenue,
2020
C-2,
Refunding,
2.2%,
11/15/34
...........................
960,000
844,671
Connecticut
Municipal
Electric
Energy
Cooperative
,
Revenue,
2013
A,
5%,
1/01/38
........................................
1,550,000
1,570,158
Revenue,
2013
A,
Pre-Refunded,
5%,
1/01/38
............................
1,450,000
1,479,550
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Avon
Old
Farms
School
Obligated
Group,
Revenue,
D-1,
Refunding,
4%,
7/01/46
..
1,000,000
1,020,552
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/34
345,000
368,487
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/35
310,000
329,505
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/36
480,000
507,843
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/37
600,000
631,837
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/38
315,000
331,141
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/39
380,000
397,401
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/42
860,000
885,828
Connecticut
College,
Revenue,
L-1,
Refunding,
4%,
7/01/46
..................
5,000,000
5,003,457
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2018
B,
5%,
12/01/40
.......................................................
4,000,000
4,191,769
Fairfield
University,
Revenue,
Q-1,
5%,
7/01/46
...........................
9,000,000
9,473,682
Hartford
HealthCare
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/46
..........
4,500,000
4,533,756
Jerome
Home,
Revenue,
2021
E,
Refunding,
4%,
7/01/41
...................
735,000
701,858
Jerome
Home,
Revenue,
2021
E,
Refunding,
4%,
7/01/51
...................
1,250,000
1,130,362
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/38
.....
1,000,000
1,001,634
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/41
.....
6,310,000
6,300,469
Quinnipiac
University,
Revenue,
L,
Refunding,
5%,
7/01/45
..................
8,250,000
8,524,133
Sacred
Heart
University,
Inc.,
Revenue,
I-1,
Refunding,
5%,
7/01/42
............
4,375,000
4,632,242
Sacred
Heart
University,
Inc.,
Revenue,
K,
4%,
7/01/45
.....................
1,200,000
1,203,691
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
4%,
7/01/37
...
2,550,000
2,524,906
Taft
School
Corp.
(The),
Revenue,
L,
Refunding,
3%,
7/01/46
.................
2,210,000
1,901,087
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016,
5%,
12/01/41
............
5,000,000
5,273,456
Trustees
of
Trinity
College
(The),
Revenue,
R,
Refunding,
4%,
6/01/45
..........
2,500,000
2,516,216
Trustees
of
Trinity
College
(The),
Revenue,
S,
Refunding,
4%,
6/01/46
..........
2,000,000
2,010,886
Trustees
of
Trinity
College
(The),
Revenue,
S,
Refunding,
4%,
6/01/51
..........
2,000,000
1,995,276
Yale-New
Haven
Health
Obligated
Group,
Revenue,
N,
5%,
7/01/48
............
5,000,000
5,164,085
Connecticut
State
Higher
Education
Supplement
Loan
Authority
,
Revenue,
2020
B,
3.25%,
11/15/36
....................................
1,700,000
1,540,572
Revenue,
2020
D,
Pre-Refunded,
3%,
11/15/35
...........................
1,145,000
1,182,455
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
(continued)
Connecticut
State
Higher
Education
Supplement
Loan
Authority,
(continued)
Revenue,
2021
B,
2.25%,
11/15/37
....................................
$
2,500,000
$
2,113,890
Hartford
County
Metropolitan
District
,
Clean
Water
Project
,
Revenue
,
2014
A
,
Pre-
Refunded
,
5
%
,
11/01/42
.............................................
5,000,000
5,360,890
South
Central
Connecticut
Regional
Water
Authority
,
Revenue,
A-Thirtieth,
Pre-Refunded,
5%,
8/01/44
..........................
1,615,000
1,720,728
Revenue,
Second
Series,
B-Thirty
Second,
Refunding,
5%,
8/01/38
............
1,720,000
1,855,540
State
of
Connecticut
,
GO,
2020
A,
4%,
1/15/36
............................................
5,000,000
5,165,083
GO,
2020
A,
4%,
1/15/38
............................................
2,250,000
2,298,460
GO,
2020
C,
4%,
6/01/39
............................................
600,000
610,357
Special
Tax,
2013,
5%,
10/01/30
......................................
5,000,000
5,189,916
Special
Tax,
2016
A,
5%,
9/01/33
......................................
1,000,000
1,083,783
Special
Tax,
2018
A,
5%,
1/01/36
......................................
1,000,000
1,104,130
Special
Tax,
2020
A,
5%,
5/01/37
......................................
500,000
569,673
Special
Tax,
2020
A,
4%,
5/01/39
......................................
1,000,000
1,025,355
Special
Tax,
2021
A,
4%,
5/01/40
......................................
1,100,000
1,128,997
Bradley
International
Airport
CFC,
Revenue,
2019
A,
5%,
7/01/49
..............
1,400,000
1,453,318
Clean
Water
Fund
-
State
Revolving
Fund,
Revenue,
2015
A,
5%,
3/01/34
.......
5,000,000
5,338,973
Clean
Water
Fund
-
State
Revolving
Fund,
Revenue,
2015
A,
5%,
3/01/35
.......
1,000,000
1,067,244
Clean
Water
Fund
-
State
Revolving
Fund,
Revenue,
2017
A,
5%,
5/01/37
.......
3,000,000
3,330,374
Town
of
Darien
,
GO
,
2020
A
,
Refunding
,
4
%
,
8/01/39
........................
350,000
359,650
Town
of
Hamden
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
..............
500,000
513,900
Town
of
Stafford
,
GO,
2021,
Refunding,
3%,
2/01/36
.....................................
250,000
238,659
GO,
2021,
Refunding,
3%,
2/01/38
.....................................
310,000
290,106
GO,
2021,
Refunding,
3%,
2/01/41
.....................................
300,000
275,393
Town
of
Stratford
,
GO,
2017,
AGMC
Insured,
5%,
7/01/33
.................................
1,000,000
1,059,513
GO,
2020
A,
Refunding,
BAM
Insured,
5%,
7/01/31
........................
1,000,000
1,145,079
GO,
2020
A,
Refunding,
BAM
Insured,
4%,
7/01/36
........................
300,000
308,766
GO,
2020
A,
Refunding,
BAM
Insured,
4%,
7/01/38
........................
300,000
305,959
GO,
2020
A,
Refunding,
BAM
Insured,
4%,
7/01/40
........................
300,000
304,958
University
of
Connecticut
,
Revenue,
2013
A,
5%,
8/15/28
........................................
6,590,000
6,797,574
Revenue,
2014
A,
5%,
2/15/31
........................................
2,000,000
2,080,307
Revenue,
2017
A,
5%,
1/15/37
........................................
1,000,000
1,083,943
Revenue,
2020
A,
5%,
2/15/40
........................................
1,000,000
1,120,488
Revenue,
2020
A,
5%,
2/15/41
........................................
995,000
1,113,398
150,967,989
Florida
0.2%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
500,000
374,096
Georgia
0.3%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
625,000
523,404
Illinois
0.6%
State
of
Illinois
,
GO
,
2020
C
,
4
%
,
10/01/42
................................
1,000,000
936,372
New
Jersey
0.4%
New
Jersey
Economic
Development
Authority
,
Revenue,
2021
QQQ,
4%,
6/15/35
.....................................
300,000
304,723
Revenue,
2021
QQQ,
4%,
6/15/36
.....................................
100,000
101,298
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2020
AA
,
3
%
,
6/15/50
...
$
230,000
$
178,540
584,561
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
500,000
419,957
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
500,000
419,506
839,463
Texas
0.9%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
500,000
423,980
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/47
.................................
780,000
611,018
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
615,000
522,590
1,557,588
Washington
0.3%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
500,000
419,634
Wisconsin
0.8%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
400,000
333,486
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
1,000,000
993,567
1,327,053
U.S.
Territories
2.3%
Puerto
Rico
2.3%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/31
....................
1,480,000
1,589,813
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
...................
2,010,000
2,134,241
3,724,054
Total
U.S.
Territories
....................................................................
3,724,054
Total
Municipal
Bonds
(Cost
$169,397,025)
.....................................
161,254,214
a
a
a
a
Short
Term
Investments
0.8%
Municipal
Bonds
0.8%
Connecticut
0.8%
b
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Yale
University
,
Revenue
,
2001
V-2
,
Daily
VRDN
and
Put
,
0.3
%
,
7/01/36
............................
1,400,000
1,400,000
Total
Municipal
Bonds
(Cost
$1,400,000)
.......................................
1,400,000
Total
Short
Term
Investments
(Cost
$1,400,000
)
.................................
1,400,000
a
Total
Investments
(Cost
$170,797,025)
98.7%
...................................
$162,654,214
Other
Assets,
less
Liabilities
1.3%
.............................................
2,106,857
Net
Assets
100.0%
...........................................................
$164,761,071
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$4,010,714,
representing
2.4%
of
net
assets.
b
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Shares
a
Value
a
Management
Investment
Companies
1.7%
Capital
Markets
1.7%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
2,115,000
$
51,267,600
Total
Management
Investment
Companies
(Cost
$57,603,313)
....................
51,267,600
Principal
Amount
a
a
a
a
Municipal
Bonds
97.8%
Alabama
2.0%
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
....
$
7,000,000
7,174,782
Chatom
Industrial
Development
Board
,
PowerSouth
Energy
Cooperative,
Revenue,
2020,
Refunding,
AGMC
Insured,
5%,
8/01/28
........................................................
500,000
565,892
PowerSouth
Energy
Cooperative,
Revenue,
2020,
Refunding,
AGMC
Insured,
5%,
8/01/29
........................................................
485,000
554,338
PowerSouth
Energy
Cooperative,
Revenue,
2020,
Refunding,
AGMC
Insured,
5%,
8/01/30
........................................................
425,000
489,471
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Health
Care
Authority
of
City
of
Huntsville
(The)
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
6/01/39
..............
2,250,000
2,284,171
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
,
Infirmary
Health
System
Obligated
Group,
Revenue,
2016
A,
5%,
2/01/27
.......
4,920,000
5,281,756
Infirmary
Health
System
Obligated
Group,
Revenue,
2016
A,
5%,
2/01/28
.......
5,000,000
5,350,131
b
Lower
Alabama
Gas
District
(The)
,
Revenue
,
2020
,
Mandatory
Put
,
4
%
,
12/01/25
...
25,935,000
26,417,145
Madison
City
Board
of
Education
,
Special
Tax,
2019,
4%,
2/01/33
.......................................
2,855,000
3,001,924
Special
Tax,
2019,
4%,
2/01/34
.......................................
2,970,000
3,105,199
Special
Tax,
2019,
4%,
2/01/35
.......................................
3,095,000
3,231,135
Special
Tax,
2019,
4%,
2/01/37
.......................................
3,350,000
3,488,020
60,943,964
Alaska
0.1%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue,
2020,
Refunding,
4%,
12/01/35
................................
1,710,000
1,828,152
Revenue,
2020,
Refunding,
4%,
12/01/37
................................
1,305,000
1,372,424
3,200,576
Arizona
3.2%
Arizona
Department
of
Transportation
,
State
Highway
Fund
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/29
.............................................
10,920,000
11,516,093
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/29
.......................................................
1,100,000
1,199,890
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/30
.......................................................
600,000
652,621
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/31
.......................................................
630,000
684,278
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/32
.......................................................
1,000,000
1,085,948
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/35
.......................................................
1,115,000
1,201,767
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/36
.......................................................
1,250,000
1,345,944
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/37
.......................................................
1,050,000
1,129,889
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/37
.......................................................
1,105,000
1,111,425
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/38
.......................................................
600,000
601,991
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/27
............
160,000
168,045
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/28
............
$
170,000
$
178,025
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/29
............
160,000
167,074
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/30
............
185,000
192,710
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/31
............
195,000
202,587
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
5%,
7/01/27
..........
55,000
58,122
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
5%,
7/01/28
..........
60,000
63,570
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
5%,
7/01/29
..........
60,000
63,785
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
5%,
7/01/30
..........
65,000
69,287
Kipp
New
York,
Inc.
Macombs
Facility,
Revenue,
2021
A,
5%,
7/01/31
..........
70,000
74,640
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
5%,
2/01/35
.....
500,000
546,326
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
5%,
2/01/36
.....
750,000
818,548
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
5%,
2/01/37
.....
600,000
653,789
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
5%,
2/01/38
.....
1,000,000
1,087,902
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
3%,
2/01/39
.....
1,200,000
1,099,599
City
of
Mesa
,
Utility
System
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/29
............
2,500,000
2,763,216
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport,
Revenue,
Junior
Lien,
2017
D,
Refunding,
5%,
7/01/30
...............
10,000,000
11,042,450
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/35
........................
7,500,000
8,223,088
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/36
........................
6,225,000
6,818,201
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/35
..................................................
9,720,000
10,910,058
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/36
..................................................
6,380,000
7,153,793
Glendale
Industrial
Development
Authority
,
Midwestern
University
Foundation,
Revenue,
2020,
Refunding,
5%,
5/15/30
......
525,000
611,405
Midwestern
University
Foundation,
Revenue,
2020,
Refunding,
5%,
5/15/31
......
425,000
490,848
Midwestern
University
Foundation,
Revenue,
2020,
Refunding,
5%,
5/15/32
......
525,000
604,111
Maricopa
County
Industrial
Development
Authority
,
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/30
.......
850,000
935,777
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/31
.......
1,000,000
1,095,041
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/32
.......
1,000,000
1,087,162
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/33
.......
800,000
868,243
Pima
County
Regional
Transportation
Authority
,
Excise
Tax,
Revenue,
2014,
5%,
6/01/24
................................
3,385,000
3,498,487
Excise
Tax,
Revenue,
2014,
5%,
6/01/26
................................
7,180,000
7,414,909
Scottsdale
Municipal
Property
Corp.
,
City
of
Scottsdale
Excise
Tax,
Revenue,
2015,
Refunding,
5%,
7/01/26
..........
2,580,000
2,803,202
City
of
Scottsdale
Excise
Tax,
Revenue,
2015,
Pre-Refunded,
5%,
7/01/28
.......
3,325,000
3,620,968
95,914,814
Arkansas
0.6%
Arkansas
Development
Finance
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/35
........................................................
4,630,000
5,031,629
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/36
........................................................
3,625,000
3,926,763
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/37
........................................................
1,250,000
1,349,962
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/38
........................................................
1,000,000
1,075,942
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/39
........................................................
1,000,000
1,071,912
City
of
Fort
Smith
,
Sales
&
Use
Tax
,
Revenue
,
2012
,
Refunding
,
5
%
,
5/01/23
......
5,000,000
5,014,867
17,471,075
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
4.4%
Bay
Area
Toll
Authority
,
Revenue,
2017
S-7,
Refunding,
4%,
4/01/31
.............................
$
7,000,000
$
7,365,394
Revenue,
2017
S-7,
Refunding,
4%,
4/01/33
.............................
5,000,000
5,244,810
b
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
12/01/27
.....................................................
2,500,000
2,582,649
b
California
Infrastructure
&
Economic
Development
Bank
,
California
Academy
of
Sciences
,
Revenue
,
2018
B
,
Refunding
,
Mandatory
Put
,
1.14
%
,
(
SIFMA
Municipal
Swap
Index
+
0.35
%
),
8/01/24
........................................
2,500,000
2,477,741
California
Statewide
Communities
Development
Authority
,
Emanate
Health
Obligated
Group,
Revenue,
2020
A,
5%,
4/01/35
.............
1,300,000
1,457,236
Emanate
Health
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/37
.............
700,000
715,196
Emanate
Health
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/38
.............
1,350,000
1,375,156
Southern
California
Edison
Co.,
Revenue,
2010
A,
Refunding,
1.75%,
9/01/29
....
7,000,000
6,155,528
City
of
Riverside
,
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/34
.........................
10,605,000
11,443,277
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/35
.........................
11,000,000
11,855,549
Golden
State
Tobacco
Securitization
Corp.
,
Revenue,
2021
B-1,
Refunding,
1.85%,
6/01/31
...........................
3,000,000
2,975,516
Revenue,
2021
B-1,
Refunding,
3.85%,
6/01/50
...........................
5,000,000
4,596,334
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2013
A,
5%,
7/01/26
............................
11,025,000
11,230,918
Power
System,
Revenue,
2017
B,
Refunding,
5%,
7/01/31
...................
8,220,000
9,105,085
Power
System,
Revenue,
2017
C,
5%,
7/01/32
............................
4,615,000
5,140,855
Power
System,
Revenue,
2017
C,
5%,
7/01/33
............................
3,960,000
4,388,926
Power
System,
Revenue,
2017
C,
5%,
7/01/34
............................
4,080,000
4,513,842
Los
Angeles
Unified
School
District
,
GO
,
2018
B-1
,
5
%
,
7/01/32
................
8,000,000
8,933,311
San
Diego
Public
Facilities
Financing
Authority
,
City
of
San
Diego
Water
Utility,
Revenue,
2020
A,
4%,
8/01/36
................
855,000
904,930
City
of
San
Diego
Water
Utility,
Revenue,
2020
A,
4%,
8/01/37
................
1,250,000
1,321,505
State
of
California
,
GO,
Refunding,
5%,
10/01/25
.........................................
15,000,000
15,400,188
GO,
Refunding,
5%,
8/01/30
.........................................
10,000,000
10,809,512
129,993,458
Colorado
3.5%
City
&
County
of
Denver
,
Airport
System,
Revenue,
B,
5.25%,
11/15/26
.............................
5,000,000
5,209,728
Airport
System,
Revenue,
B,
5.25%,
11/15/27
.............................
4,250,000
4,422,859
Colorado
Health
Facilities
Authority
,
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/29
.......................................................
650,000
730,604
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/30
.......................................................
700,000
791,014
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/32
.......................................................
750,000
834,117
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/33
.......................................................
1,000,000
1,109,740
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/34
.......................................................
1,100,000
1,214,263
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/33
2,000,000
2,134,188
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/36
8,500,000
8,953,211
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
8/01/37
2,250,000
2,254,379
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
8/01/39
1,250,000
1,247,147
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/32
2,000,000
2,144,762
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/33
3,000,000
3,201,282
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/34
5,500,000
5,841,221
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/35
4,500,000
4,759,160
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Health
Facilities
Authority,
(continued)
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/37
$
2,000,000
$
2,104,586
c,d
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5
%
,
12/01/32
..
1,000,000
1,066,019
Fort
Carson
Family
Housing
LLC
,
Revenue
,
1999
,
NATL
Insured
,
7.86
%
,
11/15/29
..
33,650,000
38,253,993
Regional
Transportation
District
,
COP,
2013
A,
Refunding,
5%,
6/01/26
..................................
14,000,000
14,432,645
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/33
........
1,000,000
994,222
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/34
........
1,400,000
1,387,493
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
3.375
%
,
12/01/30
................
500,000
445,714
103,532,347
Connecticut
2.2%
City
of
Stamford
,
GO,
2019,
3%,
6/01/35
.............................................
3,025,000
2,941,709
GO,
2019,
3%,
6/01/36
.............................................
3,025,000
2,883,340
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/38
..........
2,500,000
2,550,973
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/33
.....
5,000,000
5,426,308
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/35
.....
250,000
250,253
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/36
.....
4,750,000
4,755,684
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/32
.....................
700,000
790,594
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/33
.....................
625,000
704,367
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/34
.....................
725,000
814,345
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/35
.....................
550,000
615,293
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/26
...
200,000
216,910
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/27
...
250,000
274,612
State
of
Connecticut
,
GO,
2020
C,
4%,
6/01/34
............................................
1,500,000
1,574,208
GO,
2020
C,
4%,
6/01/36
............................................
1,800,000
1,861,242
GO,
2021
A,
3%,
1/15/33
............................................
3,500,000
3,422,237
GO,
2021
B,
3%,
6/01/37
............................................
8,620,000
8,051,768
Special
Tax,
2020
A,
5%,
5/01/35
......................................
4,500,000
5,153,616
Special
Tax,
2020
A,
4%,
5/01/36
......................................
3,500,000
3,618,264
Special
Tax,
2021
A,
5%,
5/01/41
......................................
1,500,000
1,715,271
Special
Tax,
A,
5%,
1/01/28
..........................................
10,000,000
10,178,674
University
of
Connecticut
,
Revenue,
2016
A,
5%,
3/15/30
........................................
3,075,000
3,330,644
Revenue,
2016
A,
5%,
3/15/31
........................................
5,025,000
5,433,341
66,563,653
Florida
8.0%
Alachua
County
Health
Facilities
Authority
,
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/31
.......................................................
5,000,000
5,556,434
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/32
.......................................................
1,600,000
1,763,177
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/33
.......................................................
3,445,000
3,788,861
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/35
.......................................................
2,350,000
2,561,274
Broward
County
,
Water
&
Sewer
Utility,
Revenue,
B,
Refunding,
5%,
10/01/24
.................
6,000,000
6,069,144
Water
&
Sewer
Utility,
Revenue,
B,
Refunding,
5%,
10/01/25
.................
6,325,000
6,397,889
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/30
............................................
$
1,000,000
$
1,069,471
c
Capital
Trust
Agency,
Inc.
,
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
5,345,000
4,870,311
Revenue,
144A,
2021
A-2,
5.1%,
12/01/31
...............................
1,850,000
1,657,933
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1
T,
5.05%,
7/01/34
..........
855,000
774,326
Centre
Lake
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/30
.........................................................
255,000
225,135
City
of
Clearwater
,
Water
&
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/33
......
5,520,000
6,093,777
City
of
Gainesville
,
Utilities
System
,
Revenue
,
2017
A
,
5
%
,
10/01/30
.............
1,500,000
1,679,780
City
of
Jacksonville
,
Genesis
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/39
..
1,650,000
1,650,145
Sales
Tax,
Revenue,
2012
A,
Refunding,
5%,
10/01/28
......................
6,000,000
6,054,684
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/40
........................................................
2,500,000
2,393,483
John
Knox
Village
of
Florida,
Inc.
Obligated
Group,
Revenue,
2021
B-1,
2%,
1/01/29
4,300,000
3,806,669
City
of
Port
St.
Lucie
,
Utility
System,
Revenue,
2016,
Refunding,
4%,
9/01/30
.....................
1,500,000
1,598,577
Utility
System,
Revenue,
2016,
Refunding,
4%,
9/01/31
.....................
1,635,000
1,741,149
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/33
...................
6,000,000
6,085,004
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/38
..................................................
700,000
707,075
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/39
..................................................
500,000
504,178
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
5%,
7/01/40
..................................................
1,000,000
1,088,558
County
of
Lee
,
Airport
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/31
..............
6,000,000
6,784,435
County
of
Miami-Dade
,
Transit
System
,
Revenue
,
2019
,
Refunding
,
4
%
,
7/01/35
....
13,890,000
14,532,240
Escambia
County
Health
Facilities
Authority
,
Baptist
Health
Care
Corp.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/34
.........................
1,000,000
1,093,711
Greater
Orlando
Aviation
Authority
,
Revenue,
2019
A,
5%,
10/01/34
.......................................
15,560,000
17,164,672
Revenue,
2019
A,
4%,
10/01/35
.......................................
5,000,000
5,122,084
Herons
Glen
Recreation
District
,
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/32
.............
185,000
184,059
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/33
.............
300,000
294,897
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/34
.............
245,000
239,666
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/35
.............
255,000
248,513
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/36
.............
260,000
252,492
JEA
Water
&
Sewer
System
,
Revenue,
2014
A,
5%,
10/01/26
.......................................
1,455,000
1,534,566
Revenue,
2014
A,
Pre-Refunded,
5%,
10/01/26
...........................
1,530,000
1,613,809
Revenue,
2014
A,
5%,
10/01/27
.......................................
5,130,000
5,405,778
Revenue,
2014
A,
Pre-Refunded,
5%,
10/01/27
...........................
5,375,000
5,669,428
Revenue,
2014
A,
5%,
10/01/29
.......................................
1,205,000
1,268,441
Revenue,
2014
A,
Pre-Refunded,
5%,
10/01/29
...........................
1,265,000
1,334,293
Revenue,
2017
A,
Refunding,
5%,
10/01/31
..............................
17,435,000
19,675,260
Lee
Memorial
Health
System
,
Lee
Memorial
Health
System
Obligated
Group
,
Revenue
,
A-1
,
Refunding
,
4
%
,
4/01/37
.........................................
5,000,000
5,111,494
c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
5/01/57
6,965,000
5,998,606
Leon
County
School
District
,
Revenue
,
2014
,
5
%
,
9/01/25
.....................
6,040,000
6,290,110
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/28
.....
1,000,000
1,083,662
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Orange
County
Health
Facilities
Authority,
(continued)
Orlando
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/30
.....
$
2,875,000
$
3,081,593
Orlando
Utilities
Commission
,
Revenue,
2012
A,
Refunding,
5%,
10/01/24
..............................
2,405,000
2,571,532
Revenue,
2012
A,
Refunding,
5%,
10/01/25
..............................
2,000,000
2,189,667
Revenue,
2018
A,
5%,
10/01/33
.......................................
1,755,000
1,967,879
Orlando-Orange
County
Expressway
Authority
,
Central
Florida
Expressway
Authority
,
Revenue
,
2013
B
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
7/01/24
................
14,650,000
15,169,197
Palm
Beach
County
Health
Facilities
Authority
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2019
,
4
%
,
8/15/49
....................................
11,895,000
11,932,701
Palm
Beach
County
School
District
,
COP
,
2014
B
,
5
%
,
8/01/25
.................
4,000,000
4,327,622
River
Hall
Community
Development
District
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/31
......................................................
500,000
440,785
State
of
Florida
,
GO,
2015
E,
Refunding,
4%,
6/01/33
...................................
11,855,000
12,400,067
GO,
2017
C,
Refunding,
4%,
6/01/32
...................................
7,855,000
8,363,909
GO,
2017
C,
Refunding,
4%,
6/01/33
...................................
5,000,000
5,299,332
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
4
%
,
10/01/32
..........
2,855,000
3,044,239
239,827,773
Georgia
2.4%
City
of
Atlanta
,
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014
A,
Refunding,
5%,
1/01/27
........................................................
7,000,000
7,302,153
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014
A,
Refunding,
5%,
1/01/28
........................................................
5,100,000
5,312,584
Water
&
Wastewater,
Revenue,
2015,
Refunding,
5%,
11/01/26
...............
5,165,000
5,577,892
Water
&
Wastewater,
Revenue,
2018
C,
Refunding,
5%,
11/01/33
..............
6,750,000
7,572,617
Water
&
Wastewater,
Revenue,
2018
C,
Refunding,
5%,
11/01/34
..............
3,000,000
3,361,390
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/32
900,000
935,372
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/33
565,000
583,964
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/34
450,000
462,594
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/35
865,000
883,753
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/36
1,400,000
1,425,828
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/32
250,000
259,826
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/33
250,000
258,391
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/34
275,000
282,697
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/35
275,000
280,962
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/36
275,000
280,073
Development
Authority
for
Fulton
County
,
Spelman
College,
Revenue,
2015,
Refunding,
5%,
6/01/28
...................
3,785,000
4,062,216
Spelman
College,
Revenue,
2015,
Refunding,
5%,
6/01/29
...................
4,385,000
4,700,905
Spelman
College,
Revenue,
2015,
Refunding,
5%,
6/01/30
...................
4,805,000
5,149,724
b
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
......................
2,375,000
2,116,963
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/27
........................................................
1,750,000
1,916,593
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/28
........................................................
2,100,000
2,290,305
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/29
........................................................
2,000,000
2,169,248
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/30
........................................................
1,000,000
1,079,280
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2021
C,
4%,
12/01/25
.......................................
1,000,000
1,027,308
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Main
Street
Natural
Gas,
Inc.,
(continued)
b
Revenue,
2022
A,
Mandatory
Put,
4%,
12/01/29
...........................
$
5,000,000
$
5,105,061
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
A,
5%,
1/01/30
........................................
1,000,000
1,110,835
Revenue,
2019
A,
5%,
1/01/31
........................................
600,000
663,356
Revenue,
2019
A,
5%,
1/01/32
........................................
500,000
550,974
Revenue,
2019
A,
5%,
1/01/33
........................................
1,000,000
1,100,024
Revenue,
2019
B,
5%,
1/01/29
........................................
500,000
553,878
Revenue,
2019
B,
5%,
1/01/30
........................................
480,000
527,042
Revenue,
2019
B,
5%,
1/01/31
........................................
700,000
766,194
Revenue,
2019
B,
5%,
1/01/32
........................................
750,000
819,083
Revenue,
2019
B,
5%,
1/01/33
........................................
1,045,000
1,139,266
Revenue,
2019
B,
5%,
1/01/34
........................................
700,000
761,892
72,390,243
Hawaii
1.0%
State
of
Hawaii
,
GO,
EO,
5%,
8/01/28
...............................................
21,695,000
22,944,452
GO,
EO,
Pre-Refunded,
5%,
8/01/28
...................................
3,305,000
3,514,112
Airports
System,
Revenue,
2020
A,
4%,
7/01/35
...........................
4,420,000
4,507,749
30,966,313
Illinois
6.0%
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien,
2020
C,
Refunding,
4%,
1/01/35
.....................
4,000,000
4,077,755
Revenue,
Senior
Lien,
2020
E,
Refunding,
4%,
1/01/35
.....................
1,560,000
1,590,324
Chicago
Park
District
,
GO,
2020
F-2,
Refunding,
5%,
1/01/32
..................................
1,500,000
1,678,886
GO,
2020
F-2,
Refunding,
5%,
1/01/33
..................................
3,000,000
3,350,690
GO,
2020
F-2,
Refunding,
4%,
1/01/34
..................................
1,100,000
1,131,980
GO,
2020
F-2,
Refunding,
5%,
1/01/35
..................................
2,375,000
2,643,239
Chicago
Transit
Authority
Capital
Grant
Receipts
,
Revenue
,
2021
,
Refunding
,
5
%
,
6/01/28
.........................................................
1,750,000
1,951,439
City
of
Berwyn
,
GO
,
2022
B
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/41
...........
6,000,000
6,331,222
City
of
Chicago
,
GO,
1999,
NATL
Insured,
Zero
Cpn.,
1/01/31
.............................
4,000,000
2,851,898
GO,
2003
B,
Refunding,
5%,
1/01/26
...................................
1,795,000
1,862,235
GO,
2020
A,
Refunding,
5%,
1/01/28
...................................
4,000,000
4,272,453
GO,
2020
A,
Refunding,
5%,
1/01/29
...................................
2,500,000
2,684,579
City
of
Galesburg
,
Knox
College,
Revenue,
2021
A,
Refunding,
4%,
10/01/36
...................
1,125,000
1,142,943
Knox
College,
Revenue,
2021
A,
Refunding,
4%,
10/01/41
...................
1,475,000
1,474,698
County
of
Cook
,
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/40
...........
5,250,000
5,420,932
b
Illinois
Development
Finance
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2019
,
Mandatory
Put
,
0.4
%
,
11/01/22
.......................................
5,000,000
4,962,960
Illinois
Finance
Authority
,
Carle
Foundation
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
8/15/41
14,200,000
14,219,727
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/28
.........
1,065,000
1,054,970
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/29
.........
1,100,000
1,081,626
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/30
.........
1,310,000
1,279,428
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/31
.........
1,095,000
1,062,856
Northwestern
University,
Revenue,
2015,
5%,
12/01/28
.....................
1,675,000
1,931,284
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
2022
A,
Refunding,
3%,
6/15/25
...............................
1,000,000
999,791
Revenue,
B,
Pre-Refunded,
5%,
6/15/23
................................
600,000
600,761
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Northern
Illinois
University
,
Revenue,
2021,
BAM
Insured,
4%,
10/01/41
.............................
$
400,000
$
404,403
Revenue,
2021,
BAM
Insured,
4%,
10/01/43
.............................
2,075,000
2,088,588
Railsplitter
Tobacco
Settlement
Authority
,
Revenue
,
2017
,
5
%
,
6/01/26
...........
3,500,000
3,786,904
State
of
Illinois
,
GO,
2013
A,
AGMC
Insured,
5%,
4/01/25
................................
18,000,000
18,466,240
GO,
2014,
AGMC
Insured,
5%,
2/01/26
.................................
5,650,000
5,912,593
GO,
2016,
Refunding,
5%,
2/01/26
.....................................
1,000,000
1,076,174
GO,
2016,
Refunding,
5%,
2/01/29
.....................................
2,250,000
2,413,714
GO,
2017
C,
5%,
11/01/29
...........................................
8,690,000
9,343,683
GO,
2017
D,
3.25%,
11/01/26
.........................................
750,000
760,835
GO,
2017
D,
5%,
11/01/27
...........................................
1,500,000
1,641,783
GO,
2018
A,
Refunding,
5%,
10/01/29
..................................
1,125,000
1,223,488
GO,
2018
B,
Refunding,
5%,
10/01/31
..................................
1,500,000
1,599,185
GO,
2018
B,
Refunding,
5%,
10/01/32
..................................
1,120,000
1,184,561
GO,
2019
B,
5%,
11/01/30
...........................................
1,125,000
1,222,282
GO,
2019
B,
4%,
11/01/38
...........................................
1,030,000
988,514
GO,
2020,
5.5%,
5/01/30
............................................
6,550,000
7,420,695
GO,
2020,
5.5%,
5/01/39
............................................
3,700,000
4,007,977
GO,
2020
C,
4%,
10/01/37
...........................................
8,170,000
7,895,535
GO,
2021
A,
5%,
3/01/46
............................................
2,000,000
2,084,372
GO,
2021
B,
4%,
12/01/39
...........................................
2,500,000
2,380,318
d
GO,
2022
A,
5%,
3/01/29
............................................
6,385,000
7,011,871
Sales
Tax,
Revenue,
2021
A,
4%,
6/15/25
...............................
5,000,000
5,174,857
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/26
.............
2,500,000
2,702,620
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/27
.............
6,000,000
6,529,814
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/28
.............
5,000,000
5,462,190
c
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group
,
Revenue
,
144A,
2020
A
,
Refunding
,
3.5
%
,
12/01/32
......
6,400,000
5,749,669
178,191,541
Indiana
1.2%
c
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
B
,
4.75
%
,
8/01/24
1,560,000
1,504,163
Indiana
Finance
Authority
,
e
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/26
..
1,065,000
1,049,032
e
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/27
..
1,150,000
1,120,145
e
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/28
..
1,235,000
1,187,933
e
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/29
..
1,330,000
1,261,384
e
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/30
..
1,425,000
1,334,244
Indianapolis
Power
&
Light
Co.,
Revenue,
2021
A,
Refunding,
1.4%,
8/01/29
.....
3,000,000
2,604,525
State
Revolving
Fund,
Revenue,
2018
A,
5%,
2/01/35
......................
9,795,000
11,017,152
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue
,
2021
A
,
Refunding
,
AGMC
Insured
,
4
%
,
6/01/41
..........................................
15,265,000
15,693,802
36,772,380
Iowa
0.9%
Iowa
Higher
Education
Loan
Authority
,
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/31
.
1,800,000
1,981,834
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/32
.
1,920,000
2,109,071
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/33
.
2,030,000
2,226,597
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/34
.
2,135,000
2,337,424
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/35
.
1,250,000
1,364,849
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/36
.
2,470,000
2,691,824
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/37
.
2,595,000
2,821,668
Iowa
Tobacco
Settlement
Authority
,
Revenue,
2021
A-2,
1,
Refunding,
4%,
6/01/49
............................
8,500,000
8,227,012
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Iowa
(continued)
Iowa
Tobacco
Settlement
Authority,
(continued)
Revenue,
2021
B-1,
2,
Refunding,
4%,
6/01/49
...........................
$
1,500,000
$
1,490,191
25,250,470
Kansas
0.3%
State
of
Kansas
,
Department
of
Transportation
,
Revenue
,
2014
A
,
5
%
,
9/01/28
.....
8,000,000
8,496,231
Kentucky
1.1%
Eastern
Kentucky
University
,
Revenue,
2021
A,
Refunding,
4%,
10/01/29
..............................
1,355,000
1,460,595
Revenue,
2021
A,
Refunding,
4%,
10/01/30
..............................
1,410,000
1,525,272
Revenue,
2021
A,
Refunding,
4%,
10/01/31
..............................
1,470,000
1,593,077
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/34
........................
1,000,000
1,062,040
Kentucky
Municipal
Power
Agency
,
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/34
....................
1,500,000
1,634,772
Revenue,
2019
A,
Refunding,
5%,
9/01/31
...............................
1,500,000
1,664,902
Revenue,
2019
A,
Refunding,
5%,
9/01/32
...............................
1,600,000
1,772,646
Revenue,
2019
A,
Refunding,
5%,
9/01/33
...............................
1,000,000
1,106,003
Kentucky
State
Property
&
Building
Commission
,
Kentucky
Finance
and
Administration
Cabinet
,
Revenue
,
BAM
Insured
,
5
%
,
5/01/32
............................
2,000,000
2,246,822
Kentucky
Turnpike
Authority
,
Kentucky
Transportation
Cabinet,
Revenue,
B,
Refunding,
5%,
7/01/26
.........
2,570,000
2,819,547
Kentucky
Transportation
Cabinet,
Revenue,
B,
Refunding,
5%,
7/01/28
.........
3,000,000
3,326,818
Paducah
Electric
Plant
Board
,
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
10/01/29
..................
5,500,000
6,147,422
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
10/01/31
..................
5,500,000
6,123,310
32,483,226
Louisiana
3.0%
East
Baton
Rouge
Sewerage
Commission
,
Revenue,
2019
A,
Refunding,
4%,
2/01/35
...............................
1,310,000
1,365,615
Revenue,
2019
A,
Refunding,
4%,
2/01/36
...............................
2,000,000
2,076,657
Revenue,
2019
B,
Refunding,
5%,
2/01/32
...............................
2,000,000
2,396,951
Jefferson
Sales
Tax
District
,
Revenue
,
2019
B
,
AGMC
Insured
,
4
%
,
12/01/38
.......
6,000,000
6,119,721
Lafayette
Consolidated
Government
,
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/25
...................
2,400,000
2,621,112
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/27
...................
3,500,000
3,823,662
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/29
...................
4,685,000
5,102,106
c
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
City
of
New
Orleans,
Revenue,
144A,
2021,
4%,
11/01/46
...................
10,000,000
8,254,606
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020
A,
Refunding,
3.5%,
12/01/32
.........................................
1,960,000
1,760,836
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
3.75%,
10/01/38
4,592,712
3,879,056
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
B,
5.25%,
10/01/32
5,350,000
4,831,309
Louisiana
Public
Facilities
Authority
,
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
5%,
5/15/29
.......
1,240,000
1,328,418
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/29
........................................................
10,000
11,013
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
5%,
5/15/30
.......
995,000
1,061,466
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/30
........................................................
5,000
5,507
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
5%,
5/15/32
.......
1,485,000
1,570,628
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/32
........................................................
15,000
16,520
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/28
1,000,000
1,093,781
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
(continued)
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/29
$
2,000,000
$
2,176,055
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/30
2,250,000
2,435,447
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/31
1,745,000
1,880,155
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/32
1,750,000
1,874,366
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/33
2,000,000
2,139,098
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/36
.................
4,750,000
5,273,398
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/37
.................
2,000,000
2,217,150
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/38
.................
3,120,000
3,450,838
b
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
B-2
,
Refunding
,
Mandatory
Put
,
2.375
%
,
7/01/26
......................................
2,500,000
2,384,703
Port
New
Orleans
Board
of
Commissioners
,
Revenue,
2020
E,
5%,
4/01/35
........................................
1,000,000
1,092,730
Revenue,
2020
E,
5%,
4/01/36
........................................
1,495,000
1,631,784
Revenue,
2020
E,
5%,
4/01/37
........................................
1,065,000
1,160,757
Revenue,
2020
E,
5%,
4/01/38
........................................
1,000,000
1,088,135
Revenue,
2020
E,
5%,
4/01/39
........................................
2,750,000
2,987,438
State
of
Louisiana
,
GO
,
2014
C
,
Refunding
,
5
%
,
8/01/25
......................
10,000,000
10,595,534
89,706,552
Maine
0.2%
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineHealth
Obligated
Group,
Revenue,
2020
A,
5%,
7/01/35
................
1,000,000
1,103,793
MaineHealth
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/36
................
1,000,000
1,022,870
MaineHealth
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/37
................
1,150,000
1,174,862
MaineHealth
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/38
................
2,690,000
2,743,430
6,044,955
Maryland
2.8%
City
of
Baltimore
,
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/29
.....................
1,000,000
1,103,957
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/30
.....................
2,940,000
3,230,135
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/31
.....................
2,085,000
2,285,827
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/32
.....................
3,240,000
3,547,074
Wastewater
Utility
Fund,
Revenue,
2017
C,
Refunding,
5%,
7/01/30
............
6,450,000
7,130,469
Wastewater
Utility
Fund,
Revenue,
2017
C,
Refunding,
5%,
7/01/32
............
5,905,000
6,477,975
Wastewater
Utility
Fund,
Revenue,
Senior
Lien,
D,
Refunding,
5%,
7/01/28
......
2,790,000
2,984,088
Wastewater
Utility
Fund,
Revenue,
Senior
Lien,
D,
Refunding,
5%,
7/01/29
......
5,835,000
6,230,650
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/29
.........................
1,320,000
1,457,224
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/30
.........................
1,785,000
1,961,154
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/31
.........................
3,765,000
4,127,644
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/32
.........................
4,000,000
4,379,104
County
of
Anne
Arundel
,
GO
,
2015
,
5
%
,
4/01/29
............................
7,495,000
8,084,385
Maryland
Community
Development
Administration
,
Residential
,
Revenue
,
2019
B
,
Refunding
,
3
%
,
9/01/34
.............................................
5,000,000
4,754,279
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
3.25%,
7/01/39
500,000
446,143
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/40
..
300,000
300,598
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
7/01/30
............................................
8,520,000
9,235,779
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
7/01/31
............................................
7,415,000
8,001,004
Town
of
Chestertown
,
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/28
...............
1,000,000
1,108,876
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/29
...............
1,340,000
1,494,206
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/30
...............
2,810,000
3,143,540
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/31
...............
1,480,000
1,662,460
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
34
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Town
of
Chestertown,
(continued)
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/32
...............
$
1,550,000
$
1,731,219
84,877,790
Massachusetts
3.9%
Commonwealth
of
Massachusetts
,
GO,
A,
Refunding,
5%,
7/01/28
.......................................
7,500,000
8,100,858
GO,
A,
Refunding,
5%,
7/01/29
.......................................
6,000,000
6,468,110
Massachusetts
Clean
Energy
Cooperative
Corp.
,
Revenue,
2021,
Refunding,
2.135%,
7/01/29
.............................
5,000,000
4,467,824
Revenue,
2021,
Refunding,
2.235%,
7/01/30
.............................
6,420,000
5,657,157
Massachusetts
Clean
Water
Trust
(The)
,
Revenue,
17
A,
5%,
2/01/24
..........................................
9,380,000
9,592,837
Revenue,
17
A,
5%,
2/01/25
..........................................
9,750,000
9,946,052
Revenue,
2014,
Refunding,
5%,
8/01/26
.................................
10,650,000
11,902,925
Massachusetts
Development
Finance
Agency
,
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/30
.......................................................
150,000
172,459
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/31
.......................................................
475,000
536,855
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/32
.......................................................
450,000
503,930
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/33
.......................................................
525,000
584,622
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/34
.......................................................
450,000
498,455
Massachusetts
Port
Authority
,
Revenue,
2019
C,
5%,
7/01/32
........................................
4,220,000
4,660,767
Revenue,
2019
C,
5%,
7/01/33
........................................
4,430,000
4,883,291
Massachusetts
School
Building
Authority
,
Revenue,
2012
B,
Pre-Refunded,
5%,
8/15/27
............................
6,000,000
6,047,107
Revenue,
Senior
Lien,
2012
A,
Pre-Refunded,
5%,
8/15/25
...................
1,870,000
1,884,503
Revenue,
Senior
Lien,
2012
A,
Pre-Refunded,
5%,
8/15/26
...................
495,000
498,788
Massachusetts
Transportation
Trust
Fund
,
Metropolitan
Highway
System
,
Revenue,
Senior
Lien
,
2019
A
,
Refunding
,
5
%
,
1/01/35
.............................
7,000,000
7,895,662
Massachusetts
Water
Resources
Authority
,
Revenue
,
C
,
Refunding
,
5
%
,
8/01/32
....
13,920,000
15,571,186
University
of
Massachusetts
Building
Authority
,
Revenue,
2017-3,
Refunding,
5%,
11/01/31
..............................
10,035,000
11,212,207
Revenue,
2017-3,
Refunding,
5%,
11/01/32
..............................
5,000,000
5,577,606
116,663,201
Michigan
2.0%
Lansing
Board
of
Water
&
Light
,
Revenue
,
2019
A
,
5
%
,
7/01/36
.................
4,645,000
5,271,583
Lansing
School
District
,
GO,
2016
I,
5%,
5/01/30
.............................................
1,860,000
2,045,992
GO,
2016
I,
5%,
5/01/31
.............................................
2,010,000
2,210,991
GO,
2016
I,
5%,
5/01/32
.............................................
2,310,000
2,540,080
Michigan
Finance
Authority
,
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/35
...
1,000,000
1,018,313
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016
MI,
Refunding,
5%,
12/01/34
8,200,000
8,692,330
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group,
Revenue,
1999
B-3,
4%,
11/15/31
.............
5,100,000
5,288,623
Michigan
Finance
Authority,
Revenue,
2008
C,
5%,
12/01/32
.................
1,115,000
1,206,971
Michigan
Finance
Authority,
Revenue,
2008
C,
Pre-Refunded,
5%,
12/01/32
......
135,000
153,679
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2008
C,
Refunding,
5%,
12/01/31
.
2,700,000
2,941,569
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2012
MI,
Refunding,
5%,
12/01/24
8,000,000
8,025,064
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
3
%
,
10/01/39
..
$
3,500,000
$
3,189,271
b
Michigan
Strategic
Fund
,
Consumers
Energy
Co.
,
Revenue
,
2005
,
Mandatory
Put
,
0.875
%
,
10/08/26
..................................................
5,000,000
4,573,869
c
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
144A,
2017
E
,
Refunding
,
4
%
,
12/01/27
.................................
10,785,000
11,300,642
58,458,977
Mississippi
0.3%
Mississippi
Home
Corp.
,
c
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4%,
6/01/46
..
8,143,623
6,299,690
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
3.65%,
6/01/33
..................................................
101,412
87,800
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
4.15%,
6/01/46
..................................................
400,000
317,237
c
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
144A,
2021
E-8,
5.5%,
6/01/36
...........................................
2,540,000
2,241,574
8,946,301
Missouri
1.3%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Mercy
Health
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
6/01/31
...............................
12,500,000
13,776,334
Missouri
Joint
Municipal
Electric
Utility
Commission
,
Revenue,
2014
A,
Refunding,
5%,
1/01/27
...............................
3,250,000
3,464,897
Revenue,
2014
A,
Refunding,
5%,
1/01/28
...............................
4,500,000
4,792,889
Revenue,
2014
A,
Refunding,
5%,
1/01/29
...............................
4,045,000
4,299,912
Southeast
Missouri
State
University
,
Revenue,
2020,
Refunding,
4%,
4/01/33
.................................
2,745,000
2,865,830
Revenue,
2020,
Refunding,
4%,
4/01/34
.................................
2,180,000
2,256,081
Revenue,
2020,
Refunding,
4%,
4/01/35
.................................
1,575,000
1,616,703
Revenue,
2020,
Refunding,
4%,
4/01/36
.................................
3,205,000
3,264,129
Revenue,
2020,
Refunding,
4%,
4/01/37
.................................
2,000,000
2,033,870
38,370,645
Nebraska
0.2%
Nebraska
Public
Power
District
,
Revenue
,
2021
C
,
Refunding
,
5
%
,
1/01/24
........
4,500,000
4,725,456
Nevada
0.2%
Washoe
County
School
District
,
GO
,
2012
A
,
Refunding
,
5
%
,
6/01/25
............
6,130,000
6,130,000
New
Hampshire
0.3%
City
of
Manchester
,
General
Airport
,
Revenue
,
2012
A
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/25
.........................................................
7,930,000
7,947,733
New
Jersey
2.4%
Hudson
County
Improvement
Authority
,
County
of
Hudson,
Revenue,
2010,
Refunding,
AGMC
Insured,
5.375%,
10/01/22
.
5,220,000
5,290,090
County
of
Hudson,
Revenue,
2010,
Refunding,
AGMC
Insured,
5.375%,
10/01/23
.
5,375,000
5,628,703
County
of
Hudson,
Revenue,
2010,
Refunding,
AGMC
Insured,
5.375%,
10/01/24
.
2,050,000
2,206,944
New
Jersey
Economic
Development
Authority
,
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
5%,
6/15/39
1,000,000
1,089,582
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/34
....
5,000,000
5,306,014
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey,
Revenue,
2016
B,
5%,
9/01/36
.......................
5,000,000
5,279,772
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/33
...............
680,000
744,546
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/34
...............
545,000
595,551
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/35
...............
565,000
616,582
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Inspira
Health
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/30
...............
900,000
975,610
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
36
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Health
Care
Facilities
Financing
Authority,
(continued)
Inspira
Health
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/31
...............
$
1,080,000
$
1,165,352
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
3.5%,
12/01/39
...................
4,300,000
4,255,621
Revenue,
Senior
Lien,
2020
B,
3.5%,
12/01/39
............................
2,000,000
1,993,114
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2020
AA,
4%,
6/15/35
.......................................
2,000,000
2,031,486
Revenue,
2021
A,
Refunding,
4%,
6/15/36
...............................
4,200,000
4,257,518
Revenue,
2022
A,
4%,
6/15/41
........................................
7,500,000
7,529,088
New
Jersey
Turnpike
Authority
,
Revenue
,
2021
A
,
4
%
,
1/01/42
.................
1,800,000
1,856,926
Newark
Board
of
Education
,
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/26
..........................
275,000
303,388
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/27
..........................
330,000
369,640
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/28
..........................
325,000
368,783
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/29
..........................
320,000
368,010
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/31
..........................
400,000
469,727
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/32
..........................
430,000
502,164
Rutgers
The
State
University
of
New
Jersey
,
Revenue,
2013
J,
Pre-Refunded,
5%,
5/01/26
............................
5,000,000
5,157,338
Revenue,
2013
L,
Pre-Refunded,
5%,
5/01/27
............................
5,270,000
5,435,835
State
of
New
Jersey
,
GO
,
2020
A
,
4
%
,
6/01/31
.............................
7,000,000
7,557,375
71,354,759
New
Mexico
0.4%
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
A
,
Refunding
,
2.15
%
,
4/01/33
...................................................
13,500,000
10,848,426
New
York
10.5%
City
of
New
York
,
GO,
2013
D,
5%,
8/01/27
............................................
10,000,000
10,218,677
GO,
2013
I,
5%,
8/01/24
.............................................
10,200,000
10,572,473
GO,
2014
G,
5%,
8/01/23
............................................
6,860,000
7,129,128
GO,
2015
C,
Refunding,
5%,
8/01/25
...................................
2,000,000
2,141,213
GO,
2015
C,
Refunding,
5%,
8/01/27
...................................
7,500,000
8,017,489
GO,
2019
E,
Refunding,
5%,
8/01/32
...................................
2,000,000
2,274,299
GO,
2019
E,
Refunding,
5%,
8/01/34
...................................
3,500,000
3,932,248
GO,
2021
C,
4%,
8/01/36
............................................
5,000,000
5,222,414
GO,
A-1
2017
A,
5%,
8/01/29
.........................................
10,000,000
10,970,844
County
of
Nassau
,
GO,
2021
A,
AGMC
Insured,
4%,
4/01/48
................................
7,140,000
7,194,853
GO,
2021
A,
AGMC
Insured,
4%,
4/01/49
................................
7,960,000
8,013,752
Erie
County
Industrial
Development
Agency
(The)
,
Buffalo
City
School
District,
Revenue,
2012
A,
Refunding,
5%,
5/01/23
..........
6,235,000
6,242,432
Buffalo
City
School
District,
Revenue,
2012
A,
Refunding,
5%,
5/01/24
..........
8,000,000
8,009,535
Long
Island
Power
Authority
,
Revenue
,
2012
B
,
5
%
,
9/01/26
...................
5,000,000
5,039,195
Metropolitan
Transportation
Authority
,
Revenue,
2012
F,
Refunding,
5%,
11/15/25
..............................
25,000,000
25,330,910
Revenue,
2013
A,
Pre-Refunded,
5%,
11/15/27
...........................
3,500,000
3,615,826
b
Revenue,
2015
A-2,
Mandatory
Put,
5%,
5/15/30
..........................
7,000,000
7,786,785
Revenue,
2016
A-2,
Refunding,
5%,
11/15/25
.............................
21,090,000
22,649,789
Revenue,
2016
B,
Refunding,
5%,
11/15/34
..............................
3,265,000
3,451,325
Revenue,
2017
B,
Refunding,
5%,
11/15/26
..............................
2,140,000
2,330,595
Revenue,
2017
C-1,
Refunding,
5%,
11/15/31
............................
1,870,000
2,009,693
Revenue,
2017
C-1,
Refunding,
4%,
11/15/37
............................
2,500,000
2,489,166
Revenue,
2019
D-1,
5%,
9/01/22
......................................
10,000,000
10,082,724
Revenue,
2020
A-1,
AGMC
Insured,
4%,
11/15/41
.........................
6,045,000
6,032,258
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/27
$
1,000,000
$
1,095,520
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/28
1,000,000
1,104,303
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
3%,
1/01/46
10,000,000
8,440,467
Yankee
Stadium
LLC,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
3/01/36
..
2,500,000
2,292,974
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured,
Revenue,
2014
D-1,
5%,
2/01/27
......................
8,740,000
9,177,327
Future
Tax
Secured,
Revenue,
2014
D-1,
5%,
2/01/28
......................
5,000,000
5,249,344
Future
Tax
Secured,
Revenue,
2020
C,
4%,
5/01/37
........................
1,400,000
1,469,584
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
2,340,000
2,067,037
New
York
State
Dormitory
Authority
,
Revenue,
2009
A,
AGMC
Insured,
5%,
10/01/24
...........................
220,000
220,698
City
University
of
New
York
(The),
Revenue,
2005
A,
NATL
Insured,
5.5%,
7/01/23
.
7,915,000
8,245,537
Northwell
Health
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/01/29
....
10,000,000
10,548,806
State
of
New
York
Personal
Income
Tax,
Revenue,
2012
A,
Refunding,
5%,
12/15/27
10,000,000
10,173,375
State
of
New
York
Personal
Income
Tax,
Revenue,
2014
E,
Refunding,
5%,
2/15/30
5,000,000
5,357,333
State
of
New
York
Personal
Income
Tax,
Revenue,
2015
A,
Refunding,
5%,
3/15/28
7,185,000
7,712,033
State
of
New
York
Personal
Income
Tax,
Revenue,
2018
A,
5%,
3/15/32
.........
9,995,000
11,407,657
State
of
New
York
Personal
Income
Tax,
Revenue,
2018
A,
Pre-Refunded,
5%,
3/15/32
........................................................
5,000
5,788
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/32
........
10,000,000
11,240,266
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2013
D,
5%,
3/15/24
.........
10,000,000
10,273,156
State
of
New
York
Personal
Income
Tax,
Revenue,
2020
A,
5%,
3/15/41
.........
5,000,000
5,626,579
New
York
Transportation
Development
Corp.
,
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/34
...
450,000
481,763
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/35
...
400,000
428,278
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/36
...
200,000
213,870
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/33
...
1,200,000
1,305,904
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
2014,
5%,
9/01/34
.........................................
2,500,000
2,718,655
Revenue,
2014,
5%,
9/01/35
.........................................
20,000
21,618
Revenue,
2018,
5%,
11/01/39
........................................
3,000,000
3,222,950
Revenue,
221,
4%,
7/15/36
..........................................
2,180,000
2,219,181
Troy
Capital
Resource
Corp.
,
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/28
......
1,300,000
1,449,227
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/30
......
2,900,000
3,285,987
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/34
......
4,175,000
4,652,833
312,465,673
North
Carolina
0.6%
City
of
Charlotte
,
Water
&
Sewer
System
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/27
..
10,000,000
10,853,841
County
of
Buncombe
,
Revenue
,
A
,
5
%
,
6/01/28
.............................
5,000,000
5,261,516
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/25
..............................
125,000
133,297
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/26
..............................
300,000
324,828
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/27
..............................
450,000
493,623
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/28
..............................
500,000
552,049
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/29
..............................
350,000
389,145
Revenue,
Senior
Lien,
2020
A,
3.125%,
6/01/39
...........................
725,000
671,607
18,679,906
North
Dakota
0.2%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/29
..
1,600,000
1,789,862
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/30
..
1,600,000
1,804,243
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Dakota
(continued)
City
of
Grand
Forks,
(continued)
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/31
..
$
1,300,000
$
1,477,616
5,071,721
Ohio
3.4%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien,
2020
A-1,
1,
Refunding,
2%,
6/01/27
..................
1,475,000
1,329,525
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
4%,
6/01/48
..................
7,000,000
6,779,792
City
of
Akron
,
Community
Learning
Center,
Revenue,
2012
A,
Refunding,
5%,
12/01/24
........
5,265,000
5,265,000
Community
Learning
Center,
Revenue,
2012
A,
Refunding,
5%,
12/01/25
........
6,645,000
6,645,000
Community
Learning
Center,
Revenue,
2012
A,
Refunding,
5%,
12/01/26
........
8,240,000
8,240,000
City
of
Toledo
,
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/25
....................
4,000,000
4,112,553
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/26
....................
6,140,000
6,309,234
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/27
....................
6,450,000
6,622,833
Water
System,
Revenue,
2013,
Refunding,
5%,
11/15/28
....................
6,570,000
6,740,388
County
of
Hamilton
,
Sewer
System,
Revenue,
2013
A,
Pre-Refunded,
5%,
12/01/24
...............
2,500,000
2,619,056
Sewer
System,
Revenue,
2013
A,
Pre-Refunded,
5%,
12/01/25
...............
2,400,000
2,514,294
Sewer
System,
Revenue,
2013
A,
Pre-Refunded,
5%,
12/01/26
...............
4,000,000
4,190,490
Sewer
System,
Revenue,
2013
A,
Pre-Refunded,
5%,
12/01/27
...............
5,000,000
5,238,112
Sewer
System,
Revenue,
2013
A,
Pre-Refunded,
5%,
12/01/28
...............
3,000,000
3,142,867
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue
,
1998
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
2/15/24
..............................................
6,845,000
7,142,951
Ohio
Water
Development
Authority
,
Revenue,
2019,
5%,
12/01/36
........................................
5,650,000
6,510,866
Water
Pollution
Control
Loan
Fund,
Revenue,
2017
A,
5%,
12/01/31
............
10,000,000
11,186,518
State
of
Ohio
,
GO,
R,
Pre-Refunded,
5%,
5/01/27
....................................
5,000,000
5,294,669
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
11/15/35
1,000,000
1,099,757
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/36
905,000
906,446
101,890,351
Oregon
3.3%
City
of
Portland
,
Water
System
,
Revenue,
Second
Lien
,
2013
A
,
Refunding
,
5
%
,
10/01/25
........................................................
5,000,000
5,126,264
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO
,
B
,
5
%
,
6/15/32
....
3,725,000
4,145,019
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
...
5,240,000
5,741,114
Hillsboro
School
District
No.
1J
,
GO,
2020,
4%,
6/15/35
.............................................
1,250,000
1,328,346
GO,
2020,
4%,
6/15/36
.............................................
2,605,000
2,755,559
GO,
2020,
4%,
6/15/37
.............................................
4,370,000
4,616,651
GO,
2020,
4%,
6/15/38
.............................................
4,575,000
4,824,905
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/34
1,100,000
1,212,957
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/35
800,000
877,998
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/36
1,300,000
1,425,071
Oregon
State
Facilities
Authority
,
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/25
.......................................................
425,000
457,475
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/26
.......................................................
150,000
164,335
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/28
.......................................................
325,000
360,669
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/29
.......................................................
600,000
670,233
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
39
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Oregon
State
Facilities
Authority,
(continued)
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/35
.......................................................
$
275,000
$
302,128
Willamette
University,
Revenue,
2021
A,
Refunding,
4%,
10/01/51
.............
2,000,000
1,931,549
Port
of
Portland
,
Airport
,
Revenue
,
Twenty-Seven
A
,
5
%
,
7/01/34
................
9,110,000
10,136,829
Salem
Hospital
Facility
Authority
,
Salem
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/33
.......
9,440,000
10,331,685
Salem
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/34
.......
3,780,000
4,117,426
Salem
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/35
.......
9,010,000
9,773,433
State
of
Oregon
,
Department
of
Transportation,
Revenue,
Senior
Lien,
2014
A,
Pre-Refunded,
5%,
11/15/27
.......................................................
3,000,000
3,219,962
Department
of
Transportation,
Revenue,
Senior
Lien,
2014
A,
Pre-Refunded,
5%,
11/15/28
.......................................................
3,500,000
3,756,622
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019
A,
Refunding,
4%,
11/15/42
16,000,000
16,607,298
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton
,
GO
,
B
,
Pre-
Refunded
,
5
%
,
6/15/28
.............................................
5,000,000
5,312,467
99,195,995
Pennsylvania
3.8%
Allegheny
County
Hospital
Development
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/15/34
.......................................
5,000,000
5,574,221
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue,
2022,
Refunding,
5%,
5/01/28
.................................
600,000
652,495
Revenue,
2022,
Refunding,
5%,
5/01/29
.................................
600,000
657,240
Revenue,
2022,
Refunding,
5%,
5/01/30
.................................
700,000
773,298
Revenue,
2022,
Refunding,
5%,
5/01/31
.................................
675,000
749,760
City
of
Philadelphia
,
Water
&
Wastewater,
Revenue,
2017
B,
Refunding,
5%,
11/01/31
..............
5,750,000
6,430,686
Water
&
Wastewater,
Revenue,
2020
A,
Refunding,
5%,
11/01/36
..............
1,000,000
1,138,432
Water
&
Wastewater,
Revenue,
2020
A,
Refunding,
5%,
11/01/37
..............
1,500,000
1,705,113
Water
&
Wastewater,
Revenue,
2020
A,
Refunding,
5%,
11/01/38
..............
2,000,000
2,269,521
Commonwealth
of
Pennsylvania
,
GO,
Second
Series
,
2013
,
5
%
,
10/15/26
.........
13,375,000
13,954,578
Delaware
Valley
Regional
Finance
Authority
,
Revenue
,
1998
A
,
AMBAC
Insured
,
5.5
%
,
8/01/28
.........................................................
7,000,000
8,034,435
Lancaster
County
Solid
Waste
Management
Authority
,
Revenue,
2013
A,
5.25%,
12/15/25
....................................
5,345,000
5,639,293
Revenue,
2013
A,
5.25%,
12/15/26
....................................
5,835,000
6,156,273
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group,
Revenue,
2020
A,
5%,
4/15/33
.....................
2,100,000
2,366,205
UPMC
Obligated
Group,
Revenue,
2020
A,
5%,
4/15/34
.....................
1,750,000
1,967,860
UPMC
Obligated
Group,
Revenue,
2020
A,
5%,
4/15/35
.....................
1,450,000
1,628,205
UPMC
Obligated
Group,
Revenue,
2020
A,
4%,
4/15/38
.....................
3,245,000
3,299,092
UPMC
Obligated
Group,
Revenue,
2020
A,
4%,
4/15/39
.....................
3,685,000
3,745,091
b
Waste
Management
Obligated
Group,
Revenue,
2009,
Mandatory
Put,
0.95%,
12/01/26
.......................................................
3,000,000
2,673,775
b
Waste
Management,
Inc.,
Revenue,
2017
A,
Mandatory
Put,
0.58%,
8/01/24
.....
5,500,000
5,194,402
b
Waste
Management,
Inc.,
Revenue,
2021
B,
Refunding,
Mandatory
Put,
1.1%,
11/02/26
.......................................................
6,750,000
6,069,106
Pennsylvania
Higher
Educational
Facilities
Authority
,
Drexel
University,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
5%,
5/01/38
.....
6,950,000
7,894,854
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2017
A,
4%,
8/15/34
....................................................
5,895,000
6,009,776
Pennsylvania
State
University
(The)
,
Revenue
,
A
,
5
%
,
9/01/30
.................
4,000,000
4,483,764
Philadelphia
Authority
for
Industrial
Development
,
City
of
Philadelphia,
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn.,
4/15/24
......
5,500,000
5,189,199
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/30
............
200,000
209,342
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
40
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Philadelphia
Authority
for
Industrial
Development,
(continued)
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/40
............
$
300,000
$
314,091
Philadelphia
Gas
Works
Co.
,
Revenue,
15th,
Refunding,
5%,
8/01/30
.................................
2,000,000
2,228,498
Revenue,
15th,
Refunding,
5%,
8/01/31
.................................
4,030,000
4,482,042
Redevelopment
Authority
of
the
City
of
Philadelphia
,
Revenue
,
2021
A
,
BAM
Insured
,
2.799
%
,
9/01/33
...................................................
2,425,000
2,169,846
113,660,493
Rhode
Island
0.3%
State
of
Rhode
Island
,
GO,
2019
C,
5%,
1/15/32
............................................
4,500,000
5,198,389
GO,
2019
C,
4%,
1/15/34
............................................
1,520,000
1,631,385
GO,
2019
C,
4%,
1/15/35
............................................
600,000
643,064
7,472,838
South
Carolina
2.4%
City
of
Anderson
,
Water
&
Sewer,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
7/01/22
........
2,555,000
2,562,900
Water
&
Sewer,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
7/01/23
........
2,695,000
2,703,399
Water
&
Sewer,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
7/01/24
........
2,825,000
2,833,804
Water
&
Sewer,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
7/01/25
........
2,965,000
2,974,241
County
of
Richland
,
International
Paper
Co.,
Revenue,
2014
A,
Refunding,
3.875%,
4/01/23
.........
10,000,000
10,082,627
c
Village
at
Sandhill
Improvement
District,
Special
Assessment,
144A,
2021,
Refunding,
3.625%,
11/01/31
.......................................
1,000,000
872,332
South
Carolina
Jobs-Economic
Development
Authority
,
c
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
6,600,000
5,543,434
c
Revenue,
144A,
2021
A-2,
5.3%,
12/01/29
...............................
1,805,000
1,623,939
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
7,400,000
6,208,682
Prisma
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/33
......
6,000,000
6,490,754
South
Carolina
Public
Service
Authority
,
Revenue,
2020
A,
Refunding,
5%,
12/01/31
..............................
2,355,000
2,666,043
Revenue,
2020
A,
Refunding,
5%,
12/01/43
..............................
20,280,000
22,185,689
Revenue,
2021
A,
Refunding,
5%,
12/01/25
..............................
1,000,000
1,083,259
Revenue,
2021
A,
Refunding,
5%,
12/01/26
..............................
750,000
823,941
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/24
..................................
3,300,000
3,177,782
71,832,826
South
Dakota
0.1%
County
of
Lincoln
,
Augustana
College
Association
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/51
......................................................
1,500,000
1,391,687
South
Dakota
Health
&
Educational
Facilities
Authority
,
Presbyterian
Retirement
Village
of
Rapid
City,
Inc.
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/41
..................
1,150,000
944,841
2,336,528
Tennessee
0.7%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/31
1,500,000
1,616,759
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/34
1,000,000
1,062,040
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/35
1,250,000
1,321,989
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
8/01/36
1,000,000
1,003,569
Metropolitan
Government
of
Nashville
&
Davidson
County
,
Water
&
Sewer,
Revenue,
2013,
Pre-Refunded,
5%,
7/01/26
.................
1,675,000
1,736,198
Water
&
Sewer,
Revenue,
2013,
Pre-Refunded,
5%,
7/01/27
.................
1,800,000
1,865,764
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Tennessee
(continued)
b
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
5
%
,
11/01/31
$
4,000,000
$
4,401,128
Tennessee
State
School
Bond
Authority
,
Revenue
,
2015
B
,
5
%
,
11/01/28
.........
8,180,000
8,891,411
21,898,858
Texas
8.9%
Abilene
Convention
Center
Hotel
Development
Corp.
,
City
of
Abilene
Abilene
Convention
Center
,
Revenue,
First
Lien
,
2021
A
,
2.5
%
,
10/01/31
..............
1,075,000
992,806
Central
Texas
Regional
Mobility
Authority
,
Revenue,
Senior
Lien
,
2021
B
,
5
%
,
1/01/46
3,500,000
3,820,838
City
of
Austin
,
Water
&
Wastewater
System,
Revenue,
2012,
5%,
11/15/26
..................
3,515,000
3,558,904
Water
&
Wastewater
System,
Revenue,
2012,
Pre-Refunded,
5%,
11/15/26
......
1,320,000
1,341,577
Water
&
Wastewater
System,
Revenue,
2012,
5%,
11/15/27
..................
3,400,000
3,441,385
Water
&
Wastewater
System,
Revenue,
2012,
Pre-Refunded,
5%,
11/15/27
......
600,000
609,808
Water
&
Wastewater
System,
Revenue,
2013
A,
Refunding,
5%,
11/15/28
.......
5,000,000
5,123,459
City
of
Dallas
,
Waterworks
&
Sewer
System,
Revenue,
2017,
Refunding,
5%,
10/01/30
........
1,500,000
1,698,952
Waterworks
&
Sewer
System,
Revenue,
2017,
Refunding,
5%,
10/01/31
........
2,500,000
2,826,574
Waterworks
&
Sewer
System,
Revenue,
2017,
Refunding,
5%,
10/01/32
........
1,000,000
1,128,830
City
of
El
Paso
,
GO,
2020
A,
Refunding,
4%,
8/15/35
...................................
1,000,000
1,052,045
GO,
2020
A,
Refunding,
4%,
8/15/36
...................................
1,000,000
1,044,353
City
of
Fort
Worth
,
GO,
2012,
Refunding,
5%,
3/01/25
.....................................
6,000,000
6,027,085
GO,
2012,
Refunding,
5%,
3/01/26
.....................................
6,790,000
6,820,652
City
of
Houston
,
Combined
Utility
System,
Revenue,
First
Lien,
2014
C,
Refunding,
5%,
5/15/24
...
5,000,000
5,287,418
Combined
Utility
System,
Revenue,
First
Lien,
2017
B,
Refunding,
5%,
11/15/34
..
3,250,000
3,631,741
Combined
Utility
System,
Revenue,
First
Lien,
2017
B,
Refunding,
5%,
11/15/35
..
4,500,000
5,021,632
City
of
San
Antonio
,
Electric
&
Gas
Systems,
Revenue,
2015,
Refunding,
5%,
2/01/27
..............
10,415,000
11,389,553
Electric
&
Gas
Systems,
Revenue,
Junior
Lien,
2019,
Refunding,
5%,
2/01/35
....
4,400,000
5,025,895
Electric
&
Gas
Systems,
Revenue,
Junior
Lien,
2021
A,
Refunding,
5%,
2/01/46
...
7,500,000
8,435,141
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel,
Revenue,
First
Lien,
2021
A,
2.5%,
10/01/31
....
500,000
429,113
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/30
....
100,000
115,532
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/31
....
60,000
69,723
County
of
Williamson
,
GO
,
2012
,
Refunding
,
5
%
,
2/15/23
.....................
6,235,000
6,253,002
Dallas
Fort
Worth
International
Airport
,
Revenue,
2013
D,
Refunding,
5.25%,
11/01/27
............................
5,000,000
5,196,169
Revenue,
2013
D,
Refunding,
5.25%,
11/01/28
............................
2,100,000
2,181,965
Ector
County
Hospital
District
,
GO,
2020,
Refunding,
5%,
9/15/29
.....................................
800,000
873,174
GO,
2020,
Refunding,
5%,
9/15/30
.....................................
745,000
817,652
GO,
2020,
Refunding,
5%,
9/15/31
.....................................
450,000
492,931
GO,
2020,
Refunding,
5%,
9/15/32
.....................................
600,000
656,623
GO,
2020,
Refunding,
5%,
9/15/33
.....................................
650,000
709,319
GO,
2020,
Refunding,
4%,
9/15/34
.....................................
650,000
654,660
GO,
2020,
Refunding,
4%,
9/15/35
.....................................
700,000
704,069
El
Paso
Independent
School
District
,
GO,
2015,
Pre-Refunded,
PSF
Guaranty,
5%,
8/15/27
......................
5,460,000
5,817,621
GO,
2015,
Pre-Refunded,
PSF
Guaranty,
5%,
8/15/28
......................
2,500,000
2,663,746
Harris
County
Toll
Road
Authority
(The)
,
Revenue,
Senior
Lien,
2018
A,
Refunding,
5%,
8/15/32
.....................
2,500,000
2,822,315
Revenue,
Senior
Lien,
2018
A,
Refunding,
5%,
8/15/33
.....................
2,500,000
2,814,989
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO,
2021,
2%,
9/01/28
.............................................
155,000
135,861
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
42
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Kaufman
County
Fresh
Water
Supply
District
No.
1-D,
(continued)
GO,
2021,
2%,
9/01/29
.............................................
$
155,000
$
132,990
c
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
3,975,000
3,233,639
Lower
Colorado
River
Authority
,
LCRA
Transmission
Services
Corp.,
Revenue,
2021,
Refunding,
5%,
5/15/27
.....
2,000,000
2,237,556
LCRA
Transmission
Services
Corp.,
Revenue,
2021,
Refunding,
5%,
5/15/28
.....
2,200,000
2,495,847
LCRA
Transmission
Services
Corp.,
Revenue,
2021,
Refunding,
5%,
5/15/29
.....
2,000,000
2,293,870
Metropolitan
Transit
Authority
of
Harris
County
,
Sales
&
Use
Tax,
Revenue,
2014,
Pre-Refunded,
5%,
11/01/26
...............
2,000,000
2,144,356
Sales
&
Use
Tax,
Revenue,
2014,
Pre-Refunded,
5%,
11/01/27
...............
2,000,000
2,144,355
Sales
&
Use
Tax,
Revenue,
2014,
Pre-Refunded,
5%,
11/01/28
...............
2,000,000
2,144,356
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System
,
Revenue,
First
Tier
,
A
,
Refunding
,
4
%
,
1/01/33
.............................................
5,000,000
5,226,032
Northwest
Independent
School
District
,
GO,
2015
A,
Pre-Refunded,
PSF
Guaranty,
5%,
2/15/28
.....................
4,815,000
5,197,952
GO,
2015
A,
Pre-Refunded,
PSF
Guaranty,
5%,
2/15/29
.....................
7,015,000
7,572,926
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
12/01/37
...........
12,000,000
10,655,792
Permanent
University
Fund
,
University
of
Texas
System
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
7/01/27
......................................................
10,000,000
10,594,091
San
Angelo
Independent
School
District
,
GO
,
A
,
Pre-Refunded
,
PSF
Guaranty
,
5
%
,
2/15/28
.........................................................
5,220,000
5,497,104
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/37
......
635,000
630,211
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/39
......
2,435,000
2,397,292
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/40
......
2,000,000
1,962,239
San
Antonio
Water
System
,
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/24
......................
1,500,000
1,568,648
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/26
......................
2,200,000
2,289,529
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/28
......................
2,000,000
2,076,425
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/29
......................
1,000,000
1,037,338
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue,
2021,
Refunding,
5%,
12/15/27
................................
1,000,000
1,074,712
Revenue,
2021,
Refunding,
5%,
12/15/30
................................
9,750,000
10,537,257
Revenue,
2021,
Refunding,
5%,
12/15/31
................................
7,250,000
7,830,197
Revenue,
2021,
Refunding,
5%,
12/15/32
................................
2,250,000
2,438,620
Texas
Transportation
Commission
,
State
Highway
Fund,
Revenue,
First
Tier,
2014
A,
Refunding,
5%,
4/01/24
.......
20,000,000
21,130,816
State
Highway
Fund,
Revenue,
First
Tier,
2014
A,
Refunding,
5%,
4/01/25
.......
20,000,000
21,097,400
Texas
Water
Development
Board
,
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2017
A
,
5
%
,
10/15/31
.................................
12,585,000
14,185,216
c
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
9/01/31
..............................................
281,000
238,987
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien,
2021,
2%,
8/15/29
.....................................
290,000
258,356
GO,
Sub.
Lien,
2021,
2.25%,
8/15/31
...................................
300,000
263,259
GO,
Sub.
Lien,
2021,
3%,
8/15/33
.....................................
315,000
293,200
GO,
Sub.
Lien,
2021,
3%,
8/15/35
.....................................
335,000
304,185
GO,
Sub.
Lien,
2021,
3%,
8/15/37
.....................................
355,000
315,437
265,187,302
Utah
0.1%
City
of
Lehi
,
Sales
Tax
,
Revenue
,
2021
,
AGMC
Insured
,
4
%
,
2/01/48
.............
3,000,000
3,064,785
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
4
%
,
10/15/35
.....................
400,000
377,059
3,441,844
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
2.9%
City
of
Norfolk
,
Water,
Revenue,
2012,
5%,
11/01/24
...................................
$
95,000
$
95,292
Water,
Revenue,
2012,
5%,
11/01/25
...................................
90,000
90,276
City
of
Richmond
,
Public
Utility
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/15/32
........
10,000,000
10,868,442
Virginia
Commonwealth
Transportation
Board
,
Revenue
,
2019
,
3
%
,
5/15/36
.......
9,460,000
8,822,948
Virginia
Public
Building
Authority
,
Revenue,
B,
4%,
8/01/29
............................................
12,060,000
12,857,324
Revenue,
B,
Pre-Refunded,
4%,
8/01/29
................................
1,075,000
1,152,983
Virginia
Public
School
Authority
,
Revenue
,
2014
C
,
5
%
,
8/01/27
.................
4,460,000
4,739,259
Virginia
Resources
Authority
,
Clean
Water
Revolving
Fund
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
10/01/26
............................................
26,155,000
27,984,647
Virginia
Small
Business
Financing
Authority
,
Capital
Beltway
Express
LLC,
Revenue,
Sub.
Lien,
2022,
Refunding,
2%,
12/31/23
7,700,000
7,703,076
e
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
1/01/32
........................................................
2,500,000
2,560,744
e
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
7/01/32
........................................................
2,000,000
2,047,464
National
Senior
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
1/01/35
....................................................
3,000,000
3,312,418
National
Senior
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/36
....................................................
3,000,000
3,076,770
85,311,643
Washington
4.4%
City
of
Seattle
,
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/24
..............
5,230,000
5,539,240
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/25
..............
5,500,000
5,818,796
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/26
..............
2,995,000
3,165,114
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/27
..............
3,150,000
3,325,867
Municipal
Light
&
Power,
Revenue,
2017
C,
Refunding,
4%,
9/01/34
............
5,300,000
5,556,299
County
of
King
,
GO,
2021
C,
0.61%,
12/01/23
........................................
7,130,000
6,918,148
GO,
2021
C,
1.01%,
12/01/24
........................................
9,405,000
8,954,810
Sewer,
Revenue,
2014
B,
Refunding,
5%,
7/01/25
.........................
1,200,000
1,272,806
Sewer,
Revenue,
2014
B,
Refunding,
5%,
7/01/26
.........................
1,200,000
1,270,534
Sewer,
Revenue,
2014
B,
Refunding,
5%,
7/01/27
.........................
1,900,000
2,010,482
Sewer,
Revenue,
2014
B,
Refunding,
5%,
7/01/28
.........................
3,050,000
3,224,153
Sewer,
Revenue,
2014
B,
Pre-Refunded,
5%,
7/01/29
......................
2,600,000
2,764,326
Energy
Northwest
,
Bonneville
Power
Administration,
Revenue,
2014
A,
ETM,
5%,
7/01/22
..........
3,250,000
3,260,129
Bonneville
Power
Administration,
Revenue,
2019
A,
Refunding,
5%,
7/01/36
......
7,000,000
8,040,887
Bonneville
Power
Administration,
Revenue,
A,
Refunding,
5%,
7/01/23
..........
3,500,000
3,629,028
Bonneville
Power
Administration,
Revenue,
A,
Refunding,
5%,
7/01/24
..........
1,250,000
1,329,531
Seattle
Housing
Authority
,
Yesler
Block
7.3
LLLP
,
Revenue
,
2021
,
1
%
,
6/01/25
.....
7,225,000
6,919,862
State
of
Washington
,
GO,
2017
D,
5%,
2/01/31
............................................
5,480,000
6,081,865
GO,
2017
D,
5%,
2/01/32
............................................
10,000,000
11,075,052
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/35
1,370,000
1,448,900
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/30
2,800,000
3,036,382
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/31
3,700,000
3,988,004
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/32
1,500,000
1,608,572
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/33
1,395,000
1,488,596
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/34
1,225,000
1,300,999
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/35
1,250,000
1,321,989
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/36
5,125,000
5,398,259
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
44
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
Washington
Health
Care
Facilities
Authority,
(continued)
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/38
........................................................
$
1,000,000
$
1,093,638
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/39
........................................................
1,000,000
1,091,756
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/40
........................................................
1,000,000
1,090,095
c
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
3%,
12/01/35
.......................................................
440,000
408,756
Overlake
Hospital
Medical
Center
Obligated
Group,
Revenue,
B,
Refunding,
5%,
7/01/30
........................................................
1,000,000
1,091,574
Overlake
Hospital
Medical
Center
Obligated
Group,
Revenue,
B,
Refunding,
5%,
7/01/31
........................................................
1,925,000
2,090,788
Virginia
Mason
Medical
Center
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/31
........................................................
2,250,000
2,420,074
Virginia
Mason
Medical
Center
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/32
........................................................
1,605,000
1,715,737
Virginia
Mason
Medical
Center
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/35
........................................................
2,400,000
2,556,231
Washington
State
Housing
Finance
Commission
,
Revenue,
2021-1,
A,
3.5%,
12/20/35
...................................
6,900,487
6,453,227
c
Madison
at
Rivers
Edge
Apartments
LLC,
Revenue,
144A,
2021
B,
5.3%,
1/01/30
.
1,300,000
1,189,483
130,949,989
Wisconsin
1.7%
City
of
Milwaukee
,
Sewerage
System
,
Revenue
,
2021
S-2
,
Refunding
,
3
%
,
6/01/46
..
4,600,000
4,097,406
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
3.5%,
12/01/32
....................
1,405,000
1,262,232
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
11/15/37
.......................................................
600,000
597,934
c
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
13,400,000
13,313,795
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/46
........................................................
1,100,000
1,050,653
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/29
..........
285,000
281,382
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/30
..........
200,000
195,870
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/31
..........
200,000
194,245
c
Hope
Housing
Foundation
Obligated
Group,
Revenue,
144A,
2022
A,
3.8%,
12/01/37
5,600,000
4,992,704
c
Hope
Housing
Foundation
Obligated
Group,
Revenue,
144A,
2022
B,
5.75%,
12/01/27
.......................................................
2,065,000
2,000,960
Renown
Regional
Medical
Center,
Revenue,
2020
A,
Refunding,
4%,
6/01/35
.....
2,100,000
2,140,117
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/27
...........................................
195,000
199,506
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/28
...........................................
250,000
254,047
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/29
...........................................
320,000
322,213
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/30
...........................................
265,000
265,361
b,c
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-1,
Mandatory
Put,
3.5%,
12/01/35
..................................................
9,700,000
8,343,469
Wisconsin
Department
of
Transportation
,
Revenue
,
2017-2
,
Refunding
,
5
%
,
7/01/31
.
5,000,000
5,601,135
Wisconsin
Health
&
Educational
Facilities
Authority
,
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
2/15/34
........................................
600,000
620,382
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
2/15/35
........................................
1,000,000
1,029,661
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
45
s
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Wisconsin
Health
&
Educational
Facilities
Authority,
(continued)
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
2/15/36
........................................
$
600,000
$
614,633
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
2/15/37
........................................
600,000
614,053
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/28
....................................................
375,000
373,321
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/29
....................................................
390,000
385,766
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/30
....................................................
405,000
396,173
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/37
....................................................
1,460,000
1,361,746
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/41
......
1,650,000
1,550,655
52,059,419
U.S.
Territories
0.6%
District
of
Columbia
0.5%
District
of
Columbia
,
Income
Tax
,
Revenue
,
2019
A
,
5
%
,
3/01/33
................
3,000,000
3,484,963
Washington
Metropolitan
Area
Transit
Authority
,
Revenue,
2017
B,
5%,
7/01/31
........................................
5,000,000
5,580,883
Revenue,
2017
B,
5%,
7/01/32
........................................
5,750,000
6,408,082
15,473,928
Puerto
Rico
0.1%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue
,
CC
,
Refunding
,
AGMC
Insured
,
5.5
%
,
7/01/29
..............................................
1,000,000
1,072,684
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/27
..
450,000
497,436
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/30
..
550,000
624,814
2,194,934
Total
U.S.
Territories
....................................................................
17,668,862
Total
Municipal
Bonds
(Cost
$3,010,242,023)
...................................
2,915,197,107
Total
Long
Term
Investments
(Cost
$3,067,845,336)
.............................
2,966,464,707
a
a
a
a
a
a
Total
Investments
(Cost
$3,067,845,336)
99.5%
..................................
$2,966,464,707
Other
Assets,
less
Liabilities
0.5%
.............................................
14,962,204
Net
Assets
100.0%
...........................................................
$2,981,426,911
a
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$115,783,812,
representing
3.9%
of
net
assets.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
Security
purchased
on
a
when-issued
basis.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
46
a
a
Shares
a
Value
a
Management
Investment
Companies
2.9%
Capital
Markets
2.9%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
1,550,000
$
37,572,000
Total
Management
Investment
Companies
(Cost
$39,888,825)
....................
37,572,000
Principal
Amount
a
a
a
a
Senior
Floating
Rate
Interests
0.4%
Equity
Real
Estate
Investment
Trusts
(REITs)
0.3%
b,c
Centennial
Gardens
LP
,
Delayed
Draw
Term
Loan
,
2.75
%
,
(
3-month
USD
LIBOR
),
1/08/24
.........................................................
$
4,532,930
4,532,929
Real
Estate
Management
&
Development
0.1%
b,c
TBG
Hillcrest
Senior
II
LP
,
Delayed
Draw
Term
Loan
,
2.75
%
,
(
3-month
USD
LIBOR
+
1.55
%
),
1/01/38
...................................................
1,230,754
1,230,754
Total
Senior
Floating
Rate
Interests
(Cost
$5,763,683)
...........................
5,763,683
Municipal
Bonds
88.8%
Alabama
3.6%
Black
Belt
Energy
Gas
District
,
d
Revenue,
2019
A-1,
Mandatory
Put,
4%,
12/01/25
.........................
6,675,000
6,888,709
Revenue,
2021
A,
Refunding,
4%,
6/01/22
...............................
340,000
340,000
Revenue,
2021
A,
Refunding,
4%,
12/01/22
..............................
490,000
495,403
Revenue,
2021
A,
Refunding,
4%,
6/01/23
...............................
400,000
407,789
Revenue,
2021
A,
Refunding,
4%,
6/01/24
...............................
400,000
412,505
d
Revenue,
2021
B,
Mandatory
Put,
4%,
12/01/26
...........................
15,000,000
15,520,060
d
Revenue,
2021
C-1,
Mandatory
Put,
4%,
12/01/26
.........................
5,000,000
5,173,354
d
Industrial
Development
Board
of
the
City
of
Mobile
Alabama
,
Alabama
Power
Co.,
Revenue,
2007
A,
Mandatory
Put,
1%,
6/26/25
...........
4,000,000
3,815,394
Alabama
Power
Co.,
Revenue,
2008,
Mandatory
Put,
2.9%,
12/12/23
...........
7,550,000
7,643,308
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue,
2021
A,
4%,
10/01/22
.......................................
355,000
357,193
Revenue,
2021
A,
4%,
10/01/23
.......................................
450,000
458,127
Revenue,
2021
A,
4%,
10/01/24
.......................................
725,000
742,735
Special
Care
Facilities
Financing
Authority
of
the
City
of
Pell
City
Alabama
,
Noland
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
12/01/22
...........
1,445,000
1,464,085
Noland
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
12/01/24
...........
1,500,000
1,590,078
Noland
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
12/01/26
...........
1,030,000
1,130,171
46,438,911
Alaska
0.8%
Borough
of
Matanuska-Susitna
,
State
of
Alaska
Department
of
Administration
,
Revenue
,
2015
,
Refunding
,
5.25
%
,
9/01/29
..............................
10,000,000
10,782,501
Arizona
1.5%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/24
.......................................................
1,000,000
1,030,050
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/25
.......................................................
1,000,000
1,035,352
Kipp
New
York,
Inc.
Gerard
Facility,
Revenue,
2021
C,
1.4%,
7/01/22
...........
175,000
174,757
Kipp
New
York,
Inc.
Gerard
Facility,
Revenue,
2021
C,
1.8%,
7/01/24
...........
450,000
427,312
d
Maricopa
County
Industrial
Development
Authority
,
HonorHealth
Obligated
Group
,
Revenue
,
2019
C
,
Mandatory
Put
,
1.59
%
,
(
SIFMA
Municipal
Swap
Index
+
0.8
%
),
9/01/24
.........................................................
17,000,000
16,963,331
19,630,802
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
47
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
3.0%
California
Community
Choice
Financing
Authority
,
Revenue,
2021
B-1,
4%,
8/01/25
......................................
$
535,000
$
555,940
Revenue,
2021
B-1,
4%,
2/01/26
......................................
850,000
886,515
Revenue,
2021
B-1,
4%,
8/01/26
......................................
325,000
340,375
Revenue,
2021
B-1,
4%,
8/01/27
......................................
400,000
421,127
Revenue,
2021
B-1,
4%,
2/01/28
......................................
375,000
395,035
Revenue,
2021
B-1,
4%,
8/01/28
......................................
470,000
495,804
California
County
Tobacco
Securitization
Agency
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/22
.....................
400,000
400,000
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
6/01/23
.....................
400,000
405,440
d
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
13,015,364
d
California
Municipal
Finance
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2020
,
Mandatory
Put
,
1
%
,
9/01/22
..........................................
10,000,000
10,000,000
California
Statewide
Communities
Development
Authority
,
d
Southern
California
Edison
Co.,
Revenue,
D,
Refunding,
Mandatory
Put,
2.625%,
12/01/23
.......................................................
3,000,000
2,978,740
Viamonte
Senior
Living
1,
Inc.,
Revenue,
2018
B-3,
California
Mortgage
Insured,
3%,
7/01/27
........................................................
3,500,000
3,501,001
Los
Angeles
Unified
School
District
,
GO
,
2020
C
,
4
%
,
7/01/37
..................
4,240,000
4,471,151
San
Diego
County
Regional
Airport
Authority
,
Revenue
,
2021
C
,
Refunding
,
0.454
%
,
7/01/22
.........................................................
1,500,000
1,498,657
39,365,149
Colorado
1.9%
Denver
City
&
County
School
District
No.
1
,
GO
,
2012
B
,
4
%
,
12/01/27
...........
7,480,000
7,547,373
Fort
Carson
Family
Housing
LLC
,
Revenue
,
1999
,
NATL
Insured
,
7.86
%
,
11/15/29
..
14,425,000
16,398,629
Regional
Transportation
District
,
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/15/24
........
400,000
416,841
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
5%,
7/15/24
........
300,000
311,459
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/15/25
........
325,000
339,591
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
5%,
7/15/25
........
400,000
420,622
25,434,515
Connecticut
0.0%
†
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/23
...
175,000
180,571
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/24
...
175,000
183,351
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/25
...
170,000
181,296
545,218
Delaware
0.4%
d
Delaware
State
Economic
Development
Authority
,
NRG
Energy,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
Mandatory
Put
,
1.25
%
,
10/01/25
..............................
5,000,000
4,710,973
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
48
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
2.4%
Centre
Lake
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/24
.........................................................
$
215,000
$
213,337
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2021
B-2
,
1.45
%
,
1/01/27
............................................
2,000,000
1,811,953
County
of
Escambia
,
Florida
Power
&
Light
Co.
,
Revenue
,
2003
,
Refunding
,
2.6
%
,
6/01/23
.........................................................
5,000,000
5,039,463
d
Florida
Development
Finance
Corp.
,
Brightline
Trains
Florida
LLC
,
Revenue
,
2021
A
,
Mandatory
Put
,
0.3
%
,
7/01/22
........................................
2,150,000
2,147,584
Florida
Municipal
Power
Agency
,
All-Requirements
Power
Supply
Project
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/25
......................................
1,000,000
1,086,413
Jacksonville
Transportation
Authority
,
Revenue,
Senior
Lien,
2020,
5%,
8/01/22
................................
1,615,000
1,625,041
Revenue,
Senior
Lien,
2020,
5%,
8/01/23
................................
1,720,000
1,785,040
Revenue,
Senior
Lien,
2020,
5%,
8/01/24
................................
1,805,000
1,921,185
Revenue,
Senior
Lien,
2020,
5%,
8/01/25
................................
1,800,000
1,959,506
Revenue,
Senior
Lien,
2020,
5%,
8/01/26
................................
1,940,000
2,155,928
d,e
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A-2
,
Mandatory
Put
,
6.5
%
,
5/01/25
....................................................
3,375,000
3,368,088
Orlando-Orange
County
Expressway
Authority
,
Central
Florida
Expressway
Authority
,
Revenue
,
2012
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
7/01/24
.................
4,000,000
4,012,467
River
Hall
Community
Development
District
,
Special
Assessment,
2021
A-1,
Refunding,
3%,
5/01/23
.....................
175,000
175,012
Special
Assessment,
2021
A-1,
Refunding,
3%,
5/01/24
.....................
235,000
233,962
Special
Assessment,
2021
A-1,
Refunding,
3%,
5/01/25
.....................
180,000
177,093
Special
Assessment,
2021
A-1,
Refunding,
3%,
5/01/26
.....................
220,000
212,571
State
of
Florida
,
Department
of
Transportation
Turnpike
System
,
Revenue
,
2012
A
,
Refunding
,
2.875
%
,
7/01/25
..........................................
3,000,000
3,004,096
30,928,739
Georgia
5.1%
d
Atlanta
Urban
Residential
Finance
Authority
,
Hollywood
Shawnee
Housing
Partners
LP,
Revenue,
2021
A,
Mandatory
Put,
0.24%,
1/01/23
........................................................
1,250,000
1,234,950
e
Hollywood
Shawnee
Housing
Partners
LP,
Revenue,
144A,
2021
B,
Mandatory
Put,
1.35%,
1/01/23
..................................................
2,600,000
2,590,433
City
of
Atlanta
,
Department
of
Aviation,
Revenue,
2020
A,
Refunding,
5%,
7/01/24
.............
2,500,000
2,646,421
Department
of
Aviation,
Revenue,
2020
A,
Refunding,
5%,
7/01/25
.............
1,500,000
1,620,902
d
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
......................
2,000,000
1,782,705
d,e
Housing
Authority
of
Clayton
County
Facilities
Holding
Co.
LLC
(The)
,
Riverwood
Housing
Partners
LP
,
Revenue
,
144A,
2021
B
,
Mandatory
Put
,
1.4
%
,
4/01/23
.....
2,000,000
1,985,137
d
Macon-Bibb
County
Housing
Authority
,
Green
Meadows
Housing
Partners
LP
,
Revenue
,
2021
A
,
Mandatory
Put
,
0.25
%
,
10/01/22
........................
2,150,000
2,137,540
Main
Street
Natural
Gas,
Inc.
,
d
Revenue,
2018
A,
Mandatory
Put,
4%,
9/01/23
............................
10,025,000
10,213,708
Revenue,
2021
C,
4%,
12/01/22
.......................................
500,000
504,196
Revenue,
2021
C,
4%,
12/01/23
.......................................
725,000
738,064
Revenue,
2021
C,
4%,
12/01/24
.......................................
735,000
751,592
d,e
Revenue,
144A,
2022
C,
Mandatory
Put,
4%,
11/01/27
......................
15,000,000
15,009,159
Metropolitan
Atlanta
Rapid
Transit
Authority
,
Revenue
,
2018
A
,
Refunding
,
3
%
,
7/01/23
11,000,000
11,165,971
Private
Colleges
&
Universities
Authority
,
Mercer
University,
Revenue,
2021,
Refunding,
5%,
10/01/22
.................
300,000
303,346
Mercer
University,
Revenue,
2021,
Refunding,
5%,
10/01/23
.................
300,000
311,598
Mercer
University,
Revenue,
2021,
Refunding,
5%,
10/01/24
.................
400,000
422,719
Mercer
University,
Revenue,
2021,
Refunding,
5%,
10/01/25
.................
425,000
457,475
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
49
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
State
of
Georgia
,
GO
,
2016
A
,
5
%
,
2/01/23
................................
$
12,375,000
$
12,670,584
66,546,500
Hawaii
2.2%
State
of
Hawaii
,
GO
,
EF
,
Pre-Refunded
,
5
%
,
11/01/23
........................
10,000,000
10,153,590
University
of
Hawaii
,
Revenue,
2020
B,
Refunding,
5%,
10/01/24
..............................
3,440,000
3,674,133
Revenue,
2020
B,
Refunding,
5%,
10/01/25
..............................
3,440,000
3,759,251
Revenue,
2020
B,
Refunding,
5%,
10/01/26
..............................
2,865,000
3,192,195
Revenue,
2020
D,
Refunding,
5%,
10/01/24
..............................
600,000
640,837
Revenue,
2020
D,
Refunding,
5%,
10/01/25
..............................
1,725,000
1,885,090
Revenue,
2020
D,
Refunding,
5%,
10/01/26
..............................
4,360,000
4,857,931
28,163,027
Illinois
9.1%
Chicago
Board
of
Education
,
GO
,
2018
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/23
.
1,000,000
1,041,121
Chicago
Park
District
,
GO,
2020
F-2,
Refunding,
5%,
1/01/25
..................................
350,000
371,515
GO,
2020
F-2,
Refunding,
5%,
1/01/26
..................................
500,000
540,700
GO,
2020
F-2,
Refunding,
5%,
1/01/27
..................................
550,000
603,778
Chicago
Transit
Authority
Capital
Grant
Receipts
,
Revenue
,
2021
,
Refunding
,
5
%
,
6/01/24
.........................................................
1,425,000
1,497,181
City
of
Chicago
,
GO,
2015
C,
Refunding,
5%,
1/01/25
...................................
1,900,000
1,976,183
GO,
2020
A,
Refunding,
5%,
1/01/28
...................................
3,100,000
3,311,151
City
of
Moline
,
GO,
2021
C,
AGMC
Insured,
0.542%,
12/01/22
...........................
500,000
495,471
GO,
2021
C,
AGMC
Insured,
0.702%,
12/01/23
...........................
1,175,000
1,141,416
GO,
2021
C,
AGMC
Insured,
1.151%,
12/01/24
...........................
580,000
553,320
GO,
2021
C,
AGMC
Insured,
1.439%,
12/01/25
...........................
925,000
867,975
County
of
Cook
,
GO,
2021
A,
Refunding,
5%,
11/15/22
..................................
5,000,000
5,074,309
Sales
Tax,
Revenue,
2021
A,
Refunding,
5%,
11/15/29
......................
845,000
975,154
d
Illinois
Development
Finance
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2019
,
Mandatory
Put
,
0.4
%
,
11/01/22
.......................................
10,000,000
9,925,921
Illinois
Finance
Authority
,
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/27
.........
2,810,000
2,799,962
d,f
Field
Museum
of
Natural
History,
Revenue,
2019,
Refunding,
Mandatory
Put,
1.044%,
9/01/22
.................................................
12,150,000
12,201,606
d
OSF
Healthcare
System
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
Mandatory
Put,
5%,
11/15/24
.......................................
1,250,000
1,309,821
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
3
%
,
6/15/24
..
2,500,000
2,503,946
Railsplitter
Tobacco
Settlement
Authority
,
Revenue
,
2017
,
5
%
,
6/01/26
...........
2,000,000
2,163,945
State
of
Illinois
,
GO,
2010-4,
AGMC
Insured,
6.875%,
7/01/25
............................
1,000,000
1,047,154
GO,
2016,
Refunding,
5%,
2/01/29
.....................................
750,000
804,572
GO,
2017
C,
5%,
11/01/29
...........................................
2,000,000
2,150,445
GO,
2017
D,
5%,
11/01/24
...........................................
5,000,000
5,280,202
GO,
2017
D,
5%,
11/01/25
...........................................
10,000,000
10,722,423
GO,
2017
D,
5%,
11/01/27
...........................................
5,025,000
5,499,974
GO,
2018
A,
6%,
5/01/25
............................................
6,000,000
6,550,112
GO,
2018
A,
Refunding,
5%,
10/01/29
..................................
375,000
407,829
GO,
2018
B,
Refunding,
5%,
10/01/31
..................................
625,000
666,327
GO,
2019
B,
5%,
11/01/30
...........................................
375,000
407,427
GO,
2020,
5.5%,
5/01/30
............................................
1,710,000
1,937,311
f
GO,
2022
B,
Refunding,
5%,
3/01/24
...................................
2,500,000
2,611,043
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
50
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
State
of
Illinois,
(continued)
Sales
Tax,
Revenue,
2021
A,
4%,
6/15/24
...............................
$
5,000,000
$
5,141,097
Sales
Tax,
Revenue,
2021
A,
4%,
6/15/27
...............................
1,500,000
1,556,630
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/22
.............
4,000,000
4,005,184
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/23
.............
3,000,000
3,084,484
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/24
.............
3,300,000
3,458,176
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/25
.............
2,000,000
2,127,774
University
of
Illinois
,
Auxiliary
Facilities
System
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
4/01/25
.........................................................
11,660,000
11,722,164
e
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group
,
Revenue
,
144A,
2020
B
,
Refunding
,
4.25
%
,
3/01/23
......
425,000
425,073
118,959,876
Indiana
0.7%
e
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
B
,
4.75
%
,
8/01/24
1,560,000
1,504,163
Indiana
Finance
Authority
,
Greencroft
Goshen
Obligated
Group,
Revenue,
2021
B,
Refunding,
3.25%,
11/15/23
195,000
190,329
g
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/23
..
1,000,000
999,803
g
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/24
..
1,000,000
998,028
g
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/25
..
1,000,000
992,960
Indianapolis
Power
&
Light
Co.,
Revenue,
2021
B,
Refunding,
0.65%,
8/01/25
....
4,500,000
4,149,083
8,834,366
Iowa
0.8%
Des
Moines
Independent
Community
School
District
,
Sales
Services
&
Use
Tax
,
Revenue
,
2018
,
AGMC
Insured
,
3
%
,
6/01/29
.............................
9,300,000
9,361,773
Iowa
Tobacco
Settlement
Authority
,
Revenue
,
2021
B-1
,
2
,
Refunding
,
0.375
%
,
6/01/30
715,000
715,000
10,076,773
Kansas
0.1%
Reno
County
Unified
School
District
No.
308
Hutchinson
,
GO
,
2019
,
Refunding
,
5
%
,
9/01/27
.........................................................
1,575,000
1,776,505
Kentucky
3.3%
County
of
Trimble
,
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2001
A
,
Refunding
,
0.625
%
,
9/01/26
...................................................
3,375,000
3,013,800
Eastern
Kentucky
University
,
Revenue,
2021
A,
Refunding,
3.2%,
10/01/22
.............................
1,050,000
1,055,829
Revenue,
2021
A,
Refunding,
3.25%,
10/01/23
............................
1,080,000
1,097,791
Revenue,
2021
A,
Refunding,
3.5%,
10/01/24
.............................
1,120,000
1,151,451
Revenue,
2021
A,
Refunding,
3.5%,
10/01/25
.............................
1,155,000
1,197,307
Revenue,
2021
A,
Refunding,
4%,
10/01/26
..............................
1,205,000
1,282,350
Revenue,
2021
A,
Refunding,
4%,
10/01/27
..............................
1,255,000
1,345,786
Revenue,
2021
A,
Refunding,
4%,
10/01/28
..............................
1,305,000
1,402,452
d
Kentucky
Public
Energy
Authority
,
Revenue,
2018
A,
Mandatory
Put,
4%,
4/01/24
............................
10,000,000
10,179,048
Revenue,
2020
A,
Mandatory
Put,
4%,
6/01/26
............................
10,000,000
10,316,399
Revenue,
2022
A-2,
Mandatory
Put,
1.723%,
8/01/30
.......................
9,375,000
9,128,211
e,f
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
B
,
6.75
%
,
5/01/25
................................
1,950,000
1,967,336
43,137,760
Louisiana
4.8%
City
of
New
Orleans
,
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/26
.........................
450,000
494,031
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/27
.........................
600,000
669,994
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/28
.........................
550,000
621,711
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
51
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
d
Lake
Charles
Harbor
&
Terminal
District
,
Big
Lake
Fuels
LLC
,
Revenue
,
2021
,
Mandatory
Put
,
1
%
,
12/01/24
.........................................
$
10,000,000
$
9,331,231
e
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.
,
Revenue
,
144A,
2020
A
,
Refunding
,
2.75
%
,
12/01/25
...................................
845,000
812,199
Louisiana
Public
Facilities
Authority
,
Loyola
University
New
Orleans,
Revenue,
2021,
Refunding,
5%,
10/01/25
.......
250,000
265,567
d
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2020
B,
Refunding,
Mandatory
Put,
5%,
5/15/25
........................................
7,500,000
8,002,648
Louisiana
Stadium
&
Exposition
District
,
Revenue,
2020,
5%,
7/03/23
.........................................
4,650,000
4,726,023
e
Revenue,
144A,
2022
A,
1.872%,
7/03/23
...............................
3,000,000
2,957,868
d
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
B-1
,
Refunding
,
Mandatory
Put
,
2.125
%
,
7/01/24
......................................
17,100,000
16,695,515
State
of
Louisiana
,
GO,
2013
A,
Pre-Refunded,
4%,
5/15/31
................................
15,225,000
15,580,976
d
Gasoline
&
Fuels
Tax,
Revenue,
Second
Lien,
2022
A,
Refunding,
Mandatory
Put,
1.046%,
5/01/26
.................................................
2,975,000
2,919,213
63,076,976
Maryland
4.3%
City
of
Baltimore
,
GO
,
2017
B
,
Refunding
,
5
%
,
10/15/25
......................
5,000,000
5,479,148
City
of
Cumberland
,
GO,
2021,
Refunding,
AGMC
Insured,
5%,
6/01/24
.........................
395,000
417,627
GO,
2021,
Refunding,
AGMC
Insured,
5%,
6/01/25
.........................
455,000
491,612
Maryland
Economic
Development
Corp.
,
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
A
,
5
%
,
11/12/28
...............................................
10,000,000
10,598,521
d
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2020
B-2
,
Refunding
,
Mandatory
Put
,
5
%
,
7/01/27
......................................................
5,110,000
5,630,483
State
of
Maryland
,
GO
,
2017
B
,
Refunding
,
5
%
,
8/01/26
......................
12,330,000
13,770,113
Town
of
Chestertown
,
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/26
...............
1,035,000
1,123,759
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/27
...............
1,215,000
1,337,785
Washington
Suburban
Sanitary
Commission
,
Revenue,
2013,
Pre-Refunded,
4%,
6/01/28
..............................
5,500,000
5,632,950
Revenue,
2013,
Pre-Refunded,
4%,
6/01/30
..............................
5,500,000
5,632,949
Revenue,
2013,
Pre-Refunded,
4%,
6/01/31
..............................
5,500,000
5,632,949
55,747,896
Massachusetts
0.5%
d
Massachusetts
Development
Finance
Agency
,
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-4,
Refunding,
Mandatory
Put,
5%,
1/25/24
........................................................
5,000,000
5,211,651
President
&
Trustees
of
Williams
College
(The),
Revenue,
2011
N,
Mandatory
Put,
0.45%,
7/01/25
..................................................
1,000,000
924,886
6,136,537
Michigan
0.8%
Michigan
Finance
Authority
,
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/27
.......................................................
2,000,000
2,183,496
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
B-1,
2,
Refunding,
1.25%,
6/01/30
225,000
225,000
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
1.5
%
,
10/01/22
.
955,000
954,534
d
Michigan
Strategic
Fund
,
Consumers
Energy
Co.,
Revenue,
2005,
Mandatory
Put,
0.875%,
10/08/26
......
4,350,000
3,979,267
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
52
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
d
Michigan
Strategic
Fund,
(continued)
Waste
Management
of
Michigan,
Inc.,
Revenue,
2001,
Mandatory
Put,
0.58%,
8/01/24
........................................................
$
3,300,000
$
3,116,641
10,458,938
Minnesota
2.2%
d
Dakota
County
Community
Development
Agency
,
Eagan
AH
I
LLLP
,
Revenue
,
2020
,
Mandatory
Put
,
0.35
%
,
6/01/23
.......................................
6,000,000
5,848,501
Farmington
Independent
School
District
No.
192
,
GO
,
2015
C
,
Refunding
,
5
%
,
2/01/24
6,065,000
6,375,634
Minnesota
Higher
Education
Facilities
Authority
,
University
of
St.
Thomas,
Revenue,
2019,
5%,
10/01/26
.....................
1,000,000
1,098,575
University
of
St.
Thomas,
Revenue,
2019,
5%,
10/01/27
.....................
1,000,000
1,112,924
d
Minnesota
Municipal
Gas
Agency
,
Revenue,
2022
A,
Mandatory
Put,
4%,
12/01/27
...........................
8,000,000
8,383,303
Revenue,
2022
B,
Mandatory
Put,
1.523%,
12/01/27
.......................
6,000,000
5,914,942
28,733,879
Mississippi
0.2%
d
Mississippi
Business
Finance
Corp.
,
Waste
Management,
Inc.
,
Revenue
,
2004
,
Mandatory
Put
,
0.7
%
,
9/01/26
........................................
2,500,000
2,217,706
Mississippi
Home
Corp.
,
e
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
2.75%,
6/01/26
326,937
305,351
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
2.9%,
6/01/26
...................................................
72,598
68,202
2,591,259
Missouri
0.4%
Missouri
Development
Finance
Board
,
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/23
...............
280,000
286,292
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/24
...............
300,000
312,912
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/25
...............
500,000
523,298
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/26
...............
405,000
427,846
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/27
...............
660,000
703,048
d
St.
Charles
County
Industrial
Development
Authority
,
Hidden
Valley
Housing
Partners
LP
,
Revenue
,
2021
,
Mandatory
Put
,
0.27
%
,
10/01/23
.......................
3,500,000
3,367,090
5,620,486
Montana
0.5%
d
Montana
Facility
Finance
Authority
,
Billings
Clinic
Obligated
Group
,
Revenue
,
2018
C
,
Refunding
,
Mandatory
Put
,
1.34
%
,
(
SIFMA
Municipal
Swap
Index
+
0.55
%
),
8/15/23
6,090,000
6,092,189
Nebraska
0.3%
Nebraska
Public
Power
District
,
Revenue,
2021
C,
Refunding,
5%,
1/01/23
...............................
1,500,000
1,531,187
Revenue,
2021
C,
Refunding,
5%,
1/01/24
...............................
2,500,000
2,625,253
4,156,440
Nevada
0.4%
Las
Vegas
Valley
Water
District
,
GO,
2020
D,
Refunding,
5%,
6/01/24
...................................
1,745,000
1,850,958
GO,
2020
D,
Refunding,
5%,
6/01/25
...................................
2,750,000
2,987,124
4,838,082
New
Hampshire
0.4%
d
New
Hampshire
Business
Finance
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2018
A
,
Refunding
,
Mandatory
Put
,
1.165
%
,
(
SIFMA
Municipal
Swap
Index
+
0.375
%
),
7/01/24
.........................................................
5,000,000
4,810,805
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
53
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
8.3%
Bergen
County
Improvement
Authority
(The)
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
8/15/22
.........................................................
$
2,500,000
$
2,508,665
City
of
Newark
,
GO,
2020
A,
Refunding,
AGMC
Insured,
5%,
10/01/23
......................
1,000,000
1,037,586
GO,
2020
A,
Refunding,
AGMC
Insured,
5%,
10/01/24
......................
1,000,000
1,059,132
County
of
Atlantic
,
GO,
2020,
0.375%,
6/01/23
..........................................
1,730,000
1,703,964
GO,
2020,
0.375%,
6/01/24
..........................................
1,765,000
1,682,662
GO,
2020,
0.375%,
6/01/25
..........................................
1,800,000
1,670,616
County
of
Morris
,
GO
,
2021
,
2
%
,
2/01/26
.................................
4,215,000
4,105,480
County
of
Union
,
GO,
2020,
0.5%,
3/01/23
............................................
5,215,000
5,166,702
GO,
2020,
0.5%,
3/01/24
............................................
5,290,000
5,133,895
Garden
State
Preservation
Trust
,
Revenue
,
2005
A
,
AGMC
Insured
,
5.75
%
,
11/01/28
25,000,000
28,674,827
New
Jersey
Economic
Development
Authority
,
Revenue,
1997
A,
NATL
Insured,
7.425%,
2/15/29
.........................
3,000,000
3,409,181
e
Revenue,
144A,
2019,
Refunding,
5.25%,
9/01/27
.........................
6,000,000
6,600,360
d
New
Jersey-American
Water
Co.,
Inc.,
Revenue,
2019
B,
Refunding,
Mandatory
Put,
2.05%,
12/03/29
.................................................
7,500,000
7,020,112
h
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
FRN,
2013
I,
Refunding,
2.39%,
(SIFMA
Municipal
Swap
Index
+
1.6%),
3/01/28
....................
12,170,000
12,261,495
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006
C,
AMBAC
Insured,
Zero
Cpn.,
12/15/26
....................
10,000,000
8,865,579
Revenue,
2006
C,
BHAC
Insured,
Zero
Cpn.,
12/15/27
......................
11,110,000
9,591,031
Newark
Board
of
Education
,
GO,
2021,
Refunding,
5%,
7/15/22
.....................................
130,000
130,597
GO,
2021,
Refunding,
5%,
7/15/23
.....................................
300,000
310,930
GO,
2021,
Refunding,
5%,
7/15/24
.....................................
400,000
422,703
State
of
New
Jersey
,
GO,
3%,
6/01/25
..................................................
2,000,000
2,010,366
GO,
2020
A,
4%,
6/01/30
............................................
5,000,000
5,408,479
108,774,362
New
Mexico
0.3%
d
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
.....................................
4,250,000
3,869,707
New
York
4.5%
City
of
New
York
,
GO
,
2019
A
,
Refunding
,
5
%
,
8/01/22
.......................
5,000,000
5,032,425
County
of
Suffolk
,
GO
,
2018
B
,
AGMC
Insured
,
4
%
,
10/15/28
..................
4,205,000
4,475,100
Metropolitan
Transportation
Authority
,
d
Revenue,
2012
G-4,
Refunding,
Mandatory
Put,
1.086%,
11/01/22
.............
6,205,000
6,177,530
Revenue,
2017
A-2,
Refunding,
5%,
11/15/25
.............................
3,980,000
4,274,157
Revenue,
2020
A-1,
5%,
2/01/23
......................................
8,250,000
8,393,892
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/24
1,000,000
1,045,622
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/25
1,000,000
1,061,472
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
780,000
689,012
New
York
State
Dormitory
Authority
,
Cornell
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/26
......................................................
5,000,000
5,557,369
New
York
State
Energy
Research
&
Development
Authority
,
New
York
State
Electric
&
Gas
Corp.,
Revenue,
1994
D,
Refunding,
3.5%,
10/01/29
3,000,000
2,975,843
d
Rochester
Gas
and
Electric
Corp.,
Revenue,
1997
A,
Refunding,
Mandatory
Put,
3%,
7/01/25
........................................................
10,000,000
10,190,372
New
York
State
Housing
Finance
Agency
,
Revenue,
2020
F,
1.1%,
11/01/26
......................................
2,860,000
2,658,959
d
Revenue,
2022
A-2,
Mandatory
Put,
2.5%,
5/01/27
.........................
3,000,000
2,900,322
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
54
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
Transportation
Development
Corp.
,
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/25
...
$
500,000
$
528,047
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/25
...
2,200,000
2,348,904
State
of
New
York
Mortgage
Agency
,
Revenue
,
212
,
2.95
%
,
4/01/25
.............
895,000
897,835
59,206,861
North
Carolina
0.8%
City
of
Charlotte
,
COP
,
2013
B
,
3
%
,
6/01/22
...............................
2,740,000
2,740,000
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/24
..........
1,200,000
1,263,293
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/25
..........
1,000,000
1,071,304
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/26
..........
850,000
922,719
North
Carolina
State
University
at
Raleigh
,
Revenue,
2018,
Refunding,
5%,
10/01/26
................................
3,000,000
3,351,821
Revenue,
2018,
Refunding,
5%,
10/01/27
................................
1,500,000
1,706,897
11,056,034
North
Dakota
0.7%
Cass
County
Joint
Water
Resource
District
,
GO
,
2021
A
,
Refunding
,
0.48
%
,
5/01/24
.
5,000,000
4,829,894
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/27
..
1,125,000
1,241,321
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/28
..
1,680,000
1,867,663
City
of
Horace
,
GO
,
2021
B
,
Refunding
,
0.6
%
,
10/01/23
......................
1,600,000
1,554,795
9,493,673
Ohio
3.6%
American
Municipal
Power,
Inc.
,
Revenue
,
2009
B
,
5.355
%
,
2/15/24
.............
4,465,000
4,580,746
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien,
2020
A-1,
1,
Refunding,
1.65%,
6/01/23
................
2,500,000
2,469,311
Revenue,
Senior
Lien,
2020
A-1,
1,
Refunding,
1.709%,
6/01/24
...............
6,225,000
6,014,610
Revenue,
Senior
Lien,
2020
A-1,
1,
Refunding,
1.809%,
6/01/25
...............
1,850,000
1,744,392
Hillsdale
Local
School
District
,
COP
,
2020
,
BAM
Insured
,
4
%
,
12/01/22
...........
1,200,000
1,215,028
d,f
Ohio
Air
Quality
Development
Authority
,
Duke
Energy
Corp.
,
Revenue
,
2022
A
,
Refunding
,
Mandatory
Put
,
4.25
%
,
6/01/27
...............................
7,500,000
7,811,021
Ohio
Water
Development
Authority
,
Revenue,
2018,
5%,
6/01/28
.........................................
7,000,000
8,029,946
Water
Pollution
Control
Loan
Fund,
Revenue,
2019
A,
5%,
6/01/29
.............
8,500,000
9,884,270
Sycamore
Community
City
School
District
,
GO
,
2020
,
4
%
,
12/01/23
.............
2,560,000
2,645,020
Youngstown
State
University
,
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
12/15/24
...................
645,000
675,618
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
12/15/25
...................
580,000
615,303
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
12/15/26
...................
850,000
913,337
46,598,602
Oklahoma
0.4%
Oklahoma
Capitol
Improvement
Authority
,
Oklahoma
State
Regents
for
Higher
Education
,
Revenue
,
2021
A
,
0.453
%
,
7/01/22
............................
575,000
574,369
Oklahoma
County
Finance
Authority
,
Oklahoma
County
Independent
School
District
No.
52
Midwest
City-Del
City
,
Revenue
,
2018
,
5
%
,
10/01/22
..................
1,000,000
1,012,061
Oklahoma
State
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
9/01/23
...........
705,000
732,944
Tulsa
County
Industrial
Authority
,
Tulsa
County
Independent
School
District
No.
11
Owasso,
Revenue,
2018,
5%,
9/01/22
........................................................
1,500,000
1,513,758
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oklahoma
(continued)
Tulsa
County
Industrial
Authority,
(continued)
Tulsa
County
Independent
School
District
No.
11
Owasso,
Revenue,
2018,
5%,
9/01/23
........................................................
$
1,170,000
$
1,216,524
5,049,656
Oregon
0.9%
Deschutes
&
Jefferson
Counties
School
District
No.
2J
Redmond
,
GO
,
2021
,
3
%
,
6/15/25
.........................................................
850,000
873,067
Salem-Keizer
School
District
No.
24J
,
GO
,
2018
,
5
%
,
6/15/25
..................
2,000,000
2,171,384
State
of
Oregon
,
GO,
2015
B,
Refunding,
5%,
8/01/27
...................................
2,785,000
3,030,899
Department
of
Transportation,
Revenue,
Senior
Lien,
2012
A,
Refunding,
5%,
11/15/22
.......................................................
5,000,000
5,085,762
11,161,112
Pennsylvania
4.5%
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue,
2022,
Refunding,
5%,
5/01/24
.................................
150,000
156,216
Revenue,
2022,
Refunding,
5%,
5/01/25
.................................
500,000
527,671
Revenue,
2022,
Refunding,
5%,
5/01/26
.................................
500,000
534,702
Revenue,
2022,
Refunding,
5%,
5/01/27
.................................
590,000
637,739
d
Bethlehem
Area
School
District
Authority
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
0.873
%
,
(
SOFR
+
0.35
%
),
11/01/25
................................
1,995,000
1,933,726
d
Geisinger
Authority
,
Geisinger
Health
System
Obligated
Group
,
Revenue
,
2014
B
,
Refunding
,
Mandatory
Put
,
1.78
%
,
(
1-month
USD
LIBOR
+
1.07
%
),
6/01/24
......
10,000,000
10,083,396
d
Lehigh
County
Industrial
Development
Authority
,
PPL
Electric
Utilities
Corp.
,
Revenue
,
2016
A
,
Refunding
,
Mandatory
Put
,
1.8
%
,
9/01/22
.........................
10,000,000
9,988,132
Pennsylvania
Economic
Development
Financing
Authority
,
d
Republic
Services,
Inc.,
Revenue,
2019
B-2,
Mandatory
Put,
0.3%,
7/15/22
......
2,500,000
2,492,145
UPMC
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/29
...........
1,230,000
1,355,872
d
Waste
Management,
Inc.,
Revenue,
2021
A,
Mandatory
Put,
1.19%,
6/03/24
.....
6,000,000
5,785,225
d
Waste
Management,
Inc.,
Revenue,
2021
B,
Refunding,
Mandatory
Put,
1.1%,
11/02/26
.......................................................
4,000,000
3,596,507
Philadelphia
Authority
for
Industrial
Development
,
City
of
Philadelphia
,
Revenue
,
1999
B
,
AMBAC
Insured
,
Zero
Cpn.,
4/15/24
.................................
4,100,000
3,868,312
Philadelphia
Gas
Works
Co.
,
Revenue,
Sixteenth
A,
AGMC
Insured,
5%,
8/01/25
........................
500,000
539,681
Revenue,
Sixteenth
A,
AGMC
Insured,
5%,
8/01/26
........................
600,000
659,248
h
University
of
Pittsburgh-of
the
Commonwealth
System
of
Higher
Education
,
Revenue
,
FRN
,
2019
,
1.15
%
,
(
SIFMA
Municipal
Swap
Index
+
0.36
%
),
2/15/24
...........
7,750,000
7,774,166
Westmoreland
County
Industrial
Development
Authority
,
Excela
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
7/01/22
......
300,000
300,515
Excela
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
7/01/23
......
375,000
381,536
Westmoreland
County
Municipal
Authority
,
Revenue
,
2013
,
Pre-Refunded
,
5
%
,
8/15/37
7,895,000
8,213,043
58,827,832
Rhode
Island
0.2%
City
of
Providence
,
GO,
2021
A,
Refunding,
5%,
1/15/23
...................................
475,000
484,016
GO,
2021
A,
Refunding,
5%,
1/15/24
...................................
500,000
521,377
GO,
2021
A,
Refunding,
5%,
1/15/25
...................................
500,000
531,121
GO,
2021
A,
Refunding,
5%,
1/15/26
...................................
500,000
539,819
2,076,333
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
56
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
1.8%
d
Columbia
Housing
Authority
,
Columbia
Leased
Housing
Associates
I
LLLP
,
Revenue
,
2022
,
Mandatory
Put
,
2.25
%
,
10/01/25
..................................
$
9,000,000
$
8,860,537
e
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3
%
,
11/01/26
...................................
805,000
743,719
South
Carolina
Public
Service
Authority
,
Revenue,
2021
B,
5%,
12/01/22
.......................................
1,500,000
1,526,415
Revenue,
2021
B,
5%,
12/01/24
.......................................
1,750,000
1,859,025
Revenue,
D,
2.388%,
12/01/23
........................................
6,745,000
6,662,906
e
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/24
..................................
1,500,000
1,444,446
d
Spartanburg
Housing
Authority
,
CV
Housing
Partners
LP
,
Revenue
,
2022
,
Mandatory
Put
,
1.05
%
,
8/01/23
................................................
2,000,000
1,972,955
23,070,003
South
Dakota
0.2%
South
Dakota
Health
&
Educational
Facilities
Authority
,
Sanford
Obligated
Group,
Revenue,
2021,
Refunding,
0.594%,
11/01/22
........
390,000
387,986
Sanford
Obligated
Group,
Revenue,
2021,
Refunding,
0.744%,
11/01/23
........
710,000
689,632
Sanford
Obligated
Group,
Revenue,
2021,
Refunding,
1.225%,
11/01/24
........
450,000
428,998
Sanford
Obligated
Group,
Revenue,
2021,
Refunding,
1.568%,
11/01/25
........
1,695,000
1,594,305
3,100,921
Tennessee
1.9%
City
of
Memphis
,
GO,
2018,
5%,
6/01/24
.............................................
6,915,000
7,330,684
GO,
2018,
5%,
6/01/25
.............................................
7,260,000
7,874,974
GO,
2018,
5%,
6/01/26
.............................................
7,625,000
8,460,148
Tennessee
Energy
Acquisition
Corp.
,
Revenue,
2021
A,
5%,
11/01/22
.......................................
175,000
177,044
Revenue,
2021
A,
5%,
11/01/23
.......................................
250,000
258,216
Revenue,
2021
A,
5%,
11/01/24
.......................................
250,000
262,119
Revenue,
2021
A,
5%,
11/01/25
.......................................
350,000
372,028
24,735,213
Texas
5.2%
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2002
A
,
BHAC,
AMBAC
Insured
,
Zero
Cpn.,
8/15/27
.................................................
3,280,000
2,846,167
City
of
Dallas
,
Waterworks
&
Sewer
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
10/01/26
........................................................
5,000,000
5,465,716
City
of
Houston
,
Combined
Utility
System
,
Revenue,
First
Lien
,
2018
D
,
Refunding
,
5
%
,
11/15/26
........................................................
1,000,000
1,122,343
City
of
Lubbock
,
GO
,
2018
,
Refunding
,
5
%
,
2/15/25
.........................
5,150,000
5,544,761
City
of
San
Antonio
,
Electric
&
Gas
Systems
,
Revenue
,
2022
,
Refunding
,
5
%
,
2/01/23
4,000,000
4,093,926
Clifton
Higher
Education
Finance
Corp.
,
IDEA
Public
Schools
,
Revenue
,
2017
,
Refunding
,
PSF
Guaranty
,
4
%
,
8/15/22
.................................
3,200,000
3,215,236
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2013
B
,
Pre-Refunded
,
5.25
%
,
10/01/51
........................................................
27,930,000
29,225,287
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO,
2021,
2%,
9/01/24
.............................................
140,000
135,354
GO,
2021,
2%,
9/01/25
.............................................
145,000
137,378
GO,
2021,
2%,
9/01/26
.............................................
150,000
138,788
GO,
2021,
2%,
9/01/27
.............................................
155,000
139,970
State
of
Texas
,
GO,
2018
B-3,
Refunding,
5%,
8/01/24
..................................
4,750,000
5,062,009
GO,
2018
B-3,
Refunding,
5%,
8/01/25
..................................
2,000,000
2,179,797
GO,
2018
B-3,
Refunding,
5%,
8/01/26
..................................
2,000,000
2,226,825
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
57
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Texas
Water
Development
Board
,
State
Revolving
Fund
,
Revenue
,
2018
,
5
%
,
8/01/27
$
4,200,000
$
4,779,559
e
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
9/01/26
..............................................
245,000
223,181
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien,
2021,
2%,
8/15/23
.....................................
255,000
254,346
GO,
Sub.
Lien,
2021,
2%,
8/15/25
.....................................
265,000
255,950
GO,
Sub.
Lien,
2021,
2%,
8/15/27
.....................................
280,000
260,776
67,307,369
Utah
0.5%
City
of
Salt
Lake
City
,
Airport,
Revenue,
2021
A,
5%,
7/01/24
..................................
1,000,000
1,049,377
Airport,
Revenue,
2021
A,
5%,
7/01/26
..................................
3,900,000
4,231,322
South
Valley
Water
Reclamation
Facility
,
Revenue
,
2018
,
AGMC
Insured
,
5
%
,
2/15/23
1,225,000
1,254,374
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
3
%
,
10/15/23
.....................
475,000
475,045
7,010,118
Virginia
1.0%
Virginia
Small
Business
Financing
Authority
,
Capital
Beltway
Express
LLC,
Revenue,
Sub.
Lien,
2022,
Refunding,
2%,
12/31/23
10,000,000
10,003,995
g
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
1/01/29
........................................................
180,000
185,458
g
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
7/01/29
........................................................
1,750,000
1,802,954
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/22
...
240,000
239,765
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/23
...
300,000
298,696
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/24
...
220,000
217,650
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/25
...
230,000
225,133
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/26
...
235,000
227,389
13,201,040
Washington
3.7%
Auburn
School
District
No.
408
of
King
&
Pierce
Counties
,
GO,
2018,
5%,
12/01/27
.............................................
1,700,000
1,942,477
GO,
2018,
5%,
12/01/28
.............................................
3,300,000
3,770,690
Clark
County
School
District
No.
37
Vancouver
,
GO
,
2021
,
4
%
,
12/01/22
..........
3,575,000
3,622,453
County
of
King
,
GO
,
2021
C
,
0.61
%
,
12/01/23
..............................
10,000,000
9,702,872
Energy
Northwest
,
Bonneville
Power
Administration
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/23
.........................................................
5,000,000
5,184,325
Spokane
County
School
District
No.
354
Mead
,
GO,
2018,
4%,
12/01/32
.............................................
1,150,000
1,229,248
GO,
2018,
5%,
12/01/33
.............................................
1,500,000
1,679,325
Spokane
County
School
District
No.
356
Central
Valley
,
GO
,
2018
,
4
%
,
12/01/31
....
8,295,000
8,938,536
State
of
Washington
,
GO,
R-2012D,
Refunding,
5%,
7/01/23
..................................
4,085,000
4,097,731
GO,
R-2013B,
Refunding,
5%,
7/01/23
..................................
3,255,000
3,265,145
GO,
R-2015
D,
Refunding,
5%,
7/01/28
.................................
3,985,000
4,262,980
e
Washington
Health
Care
Facilities
Authority
,
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/31
..............................
280,000
314,766
48,010,548
West
Virginia
0.1%
d
West
Virginia
Economic
Development
Authority
,
Appalachian
Power
Co.
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.625
%
,
12/15/25
......................
1,000,000
906,986
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
58
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
0.3%
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
2.75%,
12/01/25
...................
$
596,554
$
573,397
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/26
..........
150,000
150,880
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/25
...........................................
285,000
292,769
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/26
...........................................
300,000
308,399
e
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
B,
4.25%,
6/01/25
2,174,000
2,101,648
Wisconsin
Health
&
Educational
Facilities
Authority
,
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/23
....................................................
250,000
251,151
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/24
....................................................
160,000
161,486
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/26
....................................................
345,000
348,548
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/27
....................................................
360,000
362,389
4,550,667
Wyoming
0.1%
County
of
Laramie
,
Cheyenne
Regional
Medical
Center,
Revenue,
2021,
Refunding,
4%,
5/01/23
.....
800,000
816,986
Cheyenne
Regional
Medical
Center,
Revenue,
2021,
Refunding,
4%,
5/01/27
.....
550,000
588,272
1,405,258
U.S.
Territories
0.1%
Puerto
Rico
0.1%
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/22
..
150,000
150,430
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/23
..
100,000
103,162
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/25
..
195,000
208,673
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/27
..
450,000
497,436
959,701
Total
U.S.
Territories
....................................................................
959,701
Total
Municipal
Bonds
(Cost
$1,182,630,375)
...................................
1,157,967,098
Total
Long
Term
Investments
(Cost
$1,228,282,883)
.............................
1,201,302,781
a
a
a
a
a
Short
Term
Investments
9.7%
Municipal
Bonds
9.7%
Arizona
0.0%
†
i
Arizona
Industrial
Development
Authority
,
Phoenix
Children's
Hospital
,
Revenue
,
2019
A
,
Refunding
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.62
%
,
2/01/48
500,000
500,000
Florida
2.3%
i
County
of
Martin
,
Florida
Power
&
Light
Co.
,
Revenue
,
2000
,
Refunding
,
Daily
VRDN
and
Put
,
0.7
%
,
7/15/22
..............................................
30,000,000
30,000,000
Georgia
0.2%
i
Development
Authority
of
Monroe
County
(The)
,
Florida
Power
&
Light
Co.
,
Revenue
,
2002
,
Refunding
,
Daily
VRDN
and
Put
,
0.71
%
,
9/01/37
.....................
2,700,000
2,700,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
59
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Maryland
2.0%
i
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.62
%
,
11/01/37
........................................................
$
13,550,000
$
13,550,000
i
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2008
D
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.61
%
,
7/01/41
.............................................
11,900,000
11,900,000
25,450,000
Minnesota
0.5%
i
City
of
Minneapolis
St.
Paul
Housing
&
Redevelopment
Authority
,
Allina
Health
Obligated
Group
,
Revenue
,
B-2
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.62
%
,
11/15/35
...............................................
7,020,000
7,020,000
Missouri
0.2%
i
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Washington
University
(The)
,
Revenue
,
2000
B
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.62
%
,
3/01/40
...................................................
3,100,000
3,100,000
New
Jersey
0.0%
†
i
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009
C
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.55
%
,
7/01/43
.........................................................
200,000
200,000
New
York
1.3%
i
City
of
New
York
,
GO
,
2006
I
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
0.62
%
,
4/01/36
...................................................
3,800,000
3,800,000
i
Metropolitan
Transportation
Authority
,
Dedicated
Tax
Fund
,
Revenue
,
2008
A-1
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.6
%
,
11/01/31
............
1,400,000
1,400,000
i
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
BB
1B
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
0.58
%
,
6/15/49
..
7,200,000
7,200,000
i
Triborough
Bridge
&
Tunnel
Authority
,
Revenue
,
2001
C
,
Refunding
,
LOC
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
0.6
%
,
1/01/32
......................
5,300,000
5,300,000
17,700,000
North
Carolina
0.1%
i
North
Carolina
Medical
Care
Commission
,
Moses
H
Cone
Memorial
Hospital
Obligated
Group
,
Revenue
,
2001
B
,
SPA
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
0.6
%
,
10/01/35
........................................................
800,000
800,000
Tennessee
2.5%
i
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2008
A
,
AGMC
Insured
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.64
%
,
6/01/42
...................................
32,000,000
32,000,000
Virginia
0.6%
i
Albemarle
County
Economic
Development
Authority
,
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.65
%
,
10/01/48
........................................................
7,700,000
7,700,000
Total
Municipal
Bonds
(Cost
$127,170,000)
.....................................
127,170,000
Total
Short
Term
Investments
(Cost
$127,170,000
)
...............................
127,170,000
a
Total
Investments
(Cost
$1,355,452,883)
101.8%
................................
$1,328,472,781
Other
Assets,
less
Liabilities
(1.8)%
...........................................
(23,927,874)
Net
Assets
100.0%
...........................................................
$1,304,544,907
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
60
See
Abbreviations
on
page
203
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
c
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$42,352,927,
representing
3.2%
of
net
assets.
f
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
g
Security
purchased
on
a
when-issued
basis.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Georgia
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
61
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.3%
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
$
1,300,000
$
1,168,407
Florida
1.1%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
....
2,592,000
2,363,333
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
750,000
561,144
a
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
2,030,000
1,724,485
4,648,962
Georgia
89.0%
Athens
Housing
Authority
,
UGAREF
East
Campus
Housing
Phase
II
LLC,
Revenue,
2017,
Refunding,
5%,
6/15/36
........................................................
2,390,000
2,626,019
UGAREF
East
Campus
Housing
Phase
II
LLC,
Revenue,
2017,
Refunding,
4%,
6/15/40
........................................................
5,000,000
5,100,431
Atlanta
&
Fulton
County
Recreation
Authority
,
City
of
Atlanta
Park
Tax
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
12/01/35
..........................................
3,530,000
3,740,595
Atlanta
Development
Authority
(The)
,
City
of
Atlanta
Hotel
Motel
Tax,
Revenue,
2015
A-1,
5.25%,
7/01/40
............
7,750,000
8,230,941
City
of
Atlanta
Hotel
Motel
Tax,
Revenue,
2015
A-1,
5.25%,
7/01/44
............
3,000,000
3,176,534
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/26
..
2,555,000
2,704,597
Auburn
Urban
Redevelopment
Agency
,
City
of
Auburn,
Revenue,
2020,
BAM
Insured,
4%,
10/01/45
..................
1,000,000
1,020,954
City
of
Auburn,
Revenue,
2020,
BAM
Insured,
4%,
10/01/50
..................
1,000,000
1,015,461
Bainbridge
Public
Facilities
Authority
,
County
of
Decatur
,
Revenue
,
2018
,
AGMC
Insured
,
4
%
,
3/01/43
...............................................
4,000,000
4,071,605
b
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
Bleckley
County
School
District
,
GO
,
2020
,
5
%
,
10/01/42
.....................
2,055,000
2,369,216
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
6,000,000
6,018,857
Carroll
City-County
Hospital
Authority
,
Tanner
Medical
Center
Obligated
Group,
Revenue,
2015,
5%,
7/01/41
..........
2,000,000
2,084,385
Tanner
Medical
Center
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/45
.
1,250,000
1,254,704
Tanner
Medical
Center
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/50
.
1,500,000
1,494,607
Carrollton
Payroll
Development
Authority
,
UWG
Athletic
Complex
LLC
,
Revenue
,
2014
,
Refunding
,
AGMC
Insured
,
5
%
,
6/15/37
.................................
3,140,000
3,332,829
City
of
Atlanta
,
Tax
Allocation,
2016
B,
Refunding,
5%,
1/01/31
...........................
1,780,000
1,941,461
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014
A,
Refunding,
5%,
1/01/33
........................................................
4,005,000
4,153,606
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014
A,
Refunding,
5%,
1/01/34
........................................................
3,250,000
3,368,993
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2019
D,
4%,
7/01/36
.....
4,500,000
4,631,379
Department
of
Aviation,
Revenue,
2021
B,
Refunding,
5%,
7/01/37
.............
1,480,000
1,714,002
Department
of
Aviation,
Revenue,
2021
C,
Refunding,
5%,
7/01/37
.............
1,500,000
1,680,161
Water
&
Wastewater,
Revenue,
2001
A,
AGMC,
NATL
RE
Insured,
5.5%,
11/01/27
.
5,000,000
5,565,030
Water
&
Wastewater,
Revenue,
2015,
Pre-Refunded,
5%,
11/01/43
............
10,000,000
10,847,478
Water
&
Wastewater,
Revenue,
2018
B,
Refunding,
5%,
11/01/47
..............
5,000,000
5,523,997
Water
&
Wastewater,
Revenue,
2019,
Refunding,
4%,
11/01/38
...............
1,450,000
1,514,988
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
62
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
City
of
Baldwin
,
Water
&
Sewerage
,
Revenue
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
6/01/46
.........................................................
$
1,835,000
$
1,699,575
City
of
Buford
,
GO
,
2017
C
,
Pre-Refunded
,
4
%
,
1/01/43
......................
5,000,000
5,402,535
City
of
Cartersville
,
Water
&
Sewer
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/48
.......
4,000,000
4,411,692
City
of
Dalton
,
GO
,
2018
,
5
%
,
2/01/48
....................................
3,000,000
3,325,813
City
of
Monroe
,
Combined
Utility
,
Revenue
,
2020
,
AGMC
Insured
,
4
%
,
12/01/50
....
1,500,000
1,523,648
City
of
Warner
Robins
,
Water
&
Sewerage
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/45
.
1,000,000
1,020,429
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
4/01/38
375,000
416,395
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/39
425,000
430,745
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
4/01/40
400,000
442,772
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/41
375,000
378,978
WellStar
Health
System
Obligated
Group,
Revenue,
2022
A,
4%,
4/01/52
........
3,100,000
3,100,671
County
of
DeKalb
,
Water
&
Sewerage,
Revenue,
2006
B,
Refunding,
AGMC
Insured,
5%,
10/01/35
..
5,655,000
6,203,092
Water
&
Sewerage,
Revenue,
2011
A,
5.25%,
10/01/41
.....................
4,225,000
4,233,732
County
of
Fulton
,
Water
&
Sewerage
,
Revenue
,
2020
A
,
3
%
,
1/01/45
.............
5,000,000
4,408,081
County
of
Oconee
,
GO
,
2021
,
4
%
,
1/01/32
................................
1,000,000
1,101,825
County
of
Rockdale
,
Stormwater
System,
Revenue,
2021,
4%,
7/01/36
.........................
500,000
530,080
Stormwater
System,
Revenue,
2021,
4%,
7/01/41
.........................
500,000
515,707
Coweta
County
Water
&
Sewage
Authority
,
Revenue,
2021
B,
3%,
6/01/43
........................................
820,000
742,876
Revenue,
2021
B,
3%,
6/01/46
........................................
1,000,000
878,750
Dalton
Whitfield
County
Joint
Development
Authority
,
Hamilton
Health
Care
System
Obligated
Group
,
Revenue
,
2017
,
4
%
,
8/15/41
............................
3,000,000
3,039,407
DeKalb
Newton
&
Gwinnett
Counties
Joint
Development
Authority
,
GGCF
Athletic
Fields
LLC
,
Revenue
,
2012
A
,
AGMC
Insured
,
5
%
,
7/01/39
..................
5,000,000
5,008,407
Development
Authority
for
Fulton
County
,
Georgia
Tech
Facilities,
Inc.,
Revenue,
2018,
4%,
3/01/43
...................
2,000,000
2,035,803
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2014
A,
Refunding,
5%,
7/01/44
........................................................
10,000,000
10,374,203
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2019
A,
4%,
7/01/49
......
5,000,000
5,031,083
Tuff/Atlanta
Housing
LLC,
Revenue,
2022,
Refunding,
5%,
9/01/29
.............
1,000,000
1,149,728
Tuff/Atlanta
Housing
LLC,
Revenue,
2022,
Refunding,
5%,
9/01/30
.............
1,030,000
1,199,604
Tuff/Atlanta
Housing
LLC,
Revenue,
2022,
Refunding,
5%,
9/01/31
.............
1,235,000
1,452,432
Tuff/Atlanta
Housing
LLC,
Revenue,
2022,
Refunding,
5%,
9/01/32
.............
1,350,000
1,601,447
WellStar
Health
System
Obligated
Group,
Revenue,
2017,
5%,
4/01/47
.........
1,000,000
1,064,065
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/50
........
4,000,000
4,007,480
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.
,
Revenue
,
2017
,
Refunding
,
4.125
%
,
11/01/45
....................................
6,000,000
5,973,239
Development
Authority
of
Cobb
County
(The)
,
Georgia
Tech
Cobb
Research
Campus
LLC,
Revenue,
2017
A,
4%,
6/01/42
......
1,600,000
1,627,671
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC,
Revenue,
Senior
Lien,
2015
A,
Refunding,
5%,
7/15/38
.................................
2,000,000
2,129,087
KSU
2020
Housing
Real
Estate
Foundation
LLC,
Revenue,
2020,
4%,
7/15/52
....
5,720,000
5,776,451
KSU
University
II
Real
Estate
Foundation
LLC,
Revenue,
2021,
Refunding,
4%,
7/15/34
........................................................
1,000,000
1,060,874
University
System
of
Georgia,
Revenue,
2020
C,
4%,
7/15/52
................
2,000,000
2,019,738
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
63
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Development
Authority
of
Gwinnett
County
,
Gwinnett
County
School
District
,
COP
,
2006
,
NATL
Insured
,
5.25
%
,
1/01/24
...................................
$
2,000,000
$
2,107,961
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
4,825,000
4,040,682
Etowah
Water
&
Sewer
Authority
,
Revenue
,
2019
,
Refunding
,
BAM
Insured
,
3
%
,
3/01/44
.........................................................
1,250,000
1,093,626
Floyd
County
Hospital
Authority
,
Floyd
Obligated
Group
,
Revenue
,
2016
,
Pre-
Refunded
,
4
%
,
7/01/43
.............................................
7,735,000
8,318,493
Forsyth
County
School
District
,
GO
,
2018
,
5
%
,
2/01/38
.......................
2,650,000
2,986,894
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
6,000,000
6,130,666
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/15/42
....................................................
7,000,000
7,398,854
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
2/15/45
....................................................
5,000,000
4,922,867
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
2021
A,
4%,
2/15/51
5,000,000
4,855,120
Gainesville
School
District
,
GO
,
2020
,
4
%
,
11/01/42
.........................
1,000,000
1,045,907
Georgia
Higher
Education
Facilities
Authority
,
USG
Real
Estate
Foundation
III
LLC
,
Revenue
,
2020
,
Refunding
,
4
%
,
6/15/41
.................................
2,305,000
2,375,119
Georgia
Housing
&
Finance
Authority
,
Revenue,
2013
A,
3.8%,
12/01/37
.....................................
2,625,000
2,632,088
Revenue,
2018
A,
3.85%,
12/01/38
....................................
3,165,000
3,192,262
Revenue,
2018
A,
3.95%,
12/01/43
....................................
1,210,000
1,219,854
Revenue,
2019
A,
Refunding,
3.7%,
6/01/49
..............................
4,720,000
4,572,273
Georgia
Ports
Authority
,
Revenue
,
2021
,
4
%
,
7/01/51
........................
3,250,000
3,321,048
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
5,000,000
5,180,351
Gwinnett
County
School
District
,
GO
,
2019
,
5
%
,
2/01/41
......................
3,000,000
3,433,641
Henry
County
School
District
,
GO
,
2016
,
Pre-Refunded
,
4
%
,
8/01/33
.............
5,000,000
5,373,042
Hogansville
Ga
Combined
Public
Utility
System
,
Revenue
,
1993
,
Refunding
,
AGMC
Insured
,
6
%
,
10/01/23
..............................................
980,000
1,034,006
Lawrenceville
Building
Authority
,
City
of
Lawrenceville
,
Revenue
,
2015
,
5
%
,
4/01/35
.
2,270,000
2,417,778
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007
A,
5.5%,
9/15/27
......................................
5,000,000
5,569,060
Revenue,
2019
A,
5%,
5/15/38
........................................
2,500,000
2,757,528
a,c
Revenue,
144A,
2022
C,
Mandatory
Put,
4%,
11/01/27
......................
8,000,000
8,004,885
Metropolitan
Atlanta
Rapid
Transit
Authority
,
Revenue
,
2015
B
,
5
%
,
7/01/45
........
5,000,000
5,430,369
Monroe
County
Public
Facilities
Authority
,
County
of
Monroe
,
Revenue
,
2020
,
4
%
,
6/01/42
.........................................................
1,000,000
1,015,852
Moultrie-Colquitt
Counties
Development
Authority
,
Philadelphia
College
of
Osteopathic
Medicine
Obligated
Group
,
Revenue
,
2018
,
5
%
,
12/01/43
...................
4,815,000
5,379,349
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
A,
AGMC
Insured,
4%,
1/01/44
............................
5,000,000
5,059,959
Revenue,
2020
A,
Refunding,
5%,
1/01/50
...............................
3,500,000
3,823,374
Revenue,
2021
A,
Refunding,
4%,
1/01/46
...............................
330,000
321,101
Revenue,
2021
A,
Refunding,
4%,
1/01/51
...............................
425,000
407,921
Revenue,
2021
A,
Refunding,
5%,
1/01/56
...............................
750,000
805,871
Revenue,
GG,
Refunding,
5%,
1/01/39
..................................
7,000,000
7,077,451
Municipal
Gas
Authority
of
Georgia
,
Revenue,
S,
Refunding,
5%,
10/01/25
..................................
2,500,000
2,523,742
Revenue,
S,
Refunding,
5%,
10/01/26
..................................
2,500,000
2,523,247
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
64
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Pierce
County
School
District
,
GO
,
2017
,
4
%
,
1/01/43
........................
$
3,725,000
$
3,819,470
Private
Colleges
&
Universities
Authority
,
Emory
University,
Revenue,
2013
A,
5%,
10/01/43
.........................
5,000,000
5,116,895
Emory
University,
Revenue,
2019
B,
Refunding,
5%,
9/01/48
.................
4,000,000
4,471,627
Mercer
University,
Revenue,
2021,
Refunding,
4%,
10/01/50
.................
5,400,000
5,238,089
Pulaski
County
School
District
,
GO
,
2020
,
4
%
,
10/01/42
......................
1,000,000
1,045,499
Richmond
County
Hospital
Authority
,
University
Health
Services
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
4
%
,
1/01/35
.................................
8,000,000
8,146,673
Savannah
Hospital
Authority
,
St.
Joseph's/Candler
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/43
...............................
10,000,000
9,844,224
Sinclair
Water
Authority
,
Revenue
,
2019
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/48
...
2,000,000
2,231,472
Worth
County
School
District
,
GO
,
2017
,
5
%
,
12/01/42
.......................
5,000,000
5,541,991
358,309,171
Illinois
0.8%
State
of
Illinois
,
GO,
2021
A,
5%,
3/01/37
............................................
250,000
264,554
GO,
2021
B,
4%,
12/01/38
...........................................
3,000,000
2,878,834
3,143,388
New
Jersey
0.3%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/15/31
.........................................................
1,220,000
1,367,294
New
York
0.7%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/48
..........
3,000,000
2,911,313
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
900,000
755,923
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
900,000
755,110
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
500,000
413,753
1,924,786
Texas
0.6%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
1,200,000
1,017,553
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,500,000
1,274,610
2,292,163
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
900,000
755,340
Wisconsin
1.1%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
900,000
750,345
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
2,300,000
2,285,204
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
1,500,000
1,253,214
4,288,763
U.S.
Territories
2.7%
Puerto
Rico
2.7%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
560,000
584,116
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
65
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Electric
Power
Authority,
(continued)
b
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
$
2,270,000
$
2,122,450
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/32
...................
4,800,000
5,074,653
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,450,000
1,508,467
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,100,000
1,182,066
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
480,000
489,223
10,960,975
Total
U.S.
Territories
....................................................................
10,960,975
Total
Municipal
Bonds
(Cost
$407,891,016)
.....................................
391,770,562
a
a
a
a
Short
Term
Investments
0.1%
Municipal
Bonds
0.1%
Georgia
0.1%
d
Development
Authority
of
Monroe
County
(The)
,
Florida
Power
&
Light
Co.
,
Revenue
,
2002
,
Refunding
,
Daily
VRDN
and
Put
,
0.71
%
,
9/01/37
.....................
400,000
400,000
Total
Municipal
Bonds
(Cost
$400,000)
.........................................
400,000
Total
Short
Term
Investments
(Cost
$400,000
)
..................................
400,000
a
Total
Investments
(Cost
$408,291,016)
97.4%
...................................
$392,170,562
Other
Assets,
less
Liabilities
2.6%
.............................................
10,447,559
Net
Assets
100.0%
...........................................................
$402,618,121
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$22,837,138,
representing
5.7%
of
net
assets.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
High
Yield
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
66
a
a
Shares
a
Value
a
Management
Investment
Companies
0.7%
Capital
Markets
0.7%
a
Franklin
Dynamic
Municipal
Bond
ETF
...................................
1,705,000
$
41,090,500
Total
Management
Investment
Companies
(Cost
$44,466,488)
....................
41,090,500
Principal
Amount
a
a
a
a
Corporate
Bonds
1.8%
Commercial
Services
&
Supplies
0.2%
b
CalPlant
I
LLC
,
21A,
Senior
Secured
Note,
144A,
9.5%,
10/12/22
..........................
$
1,920,000
1,922,844
21B,
Senior
Secured
Note,
144A,
9.5%,
10/12/22
..........................
7,205,000
7,214,688
c
22A,
Senior
Secured
Note,
144A,
9.5%,
10/12/22
..........................
3,975,000
3,980,887
13,118,419
Diversified
Consumer
Services
1.5%
Grand
Canyon
University
,
5.125
%
,
10/01/28
...............................
93,000,000
89,745,000
Health
Care
Providers
&
Services
0.1%
b
Christian
Care
Centers,
Inc.
,
144A,
12
%
,
11/30/22
...........................
2,950,000
2,876,250
Total
Corporate
Bonds
(Cost
$108,978,604)
.....................................
105,739,669
Municipal
Bonds
96.5%
Alabama
2.9%
County
of
Jefferson
,
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/28
....................
7,350,000
5,165,108
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/29
....................
13,465,000
8,733,386
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/30
....................
19,050,000
11,379,758
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/31
....................
24,845,000
13,643,783
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/32
....................
30,825,000
15,602,031
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/33
....................
35,700,000
16,678,901
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/34
....................
28,020,000
12,052,769
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/35
....................
15,000,000
5,946,357
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/36
....................
12,425,000
4,526,118
Sewer,
Revenue,
Sub.
Lien,
2013
F,
Zero
Cpn.,
10/01/39
....................
75,000,000
76,201,110
MidCity
Improvement
District
,
Assessment
Area,
Special
Assessment,
2022,
3.875%,
11/01/27
..............
300,000
277,907
Assessment
Area,
Special
Assessment,
2022,
4.25%,
11/01/32
...............
600,000
532,415
Assessment
Area,
Special
Assessment,
2022,
4.5%,
11/01/42
................
1,090,000
915,927
Assessment
Area,
Special
Assessment,
2022,
4.75%,
11/01/49
...............
1,250,000
1,042,469
172,698,039
Arizona
1.8%
Arizona
Industrial
Development
Authority
,
b
Doral
Academy
of
Northern
Nevada
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/15/41
............................................
265,000
238,655
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019
B,
5.125%,
1/01/54
.................................................
3,005,000
1,998,327
Industrial
Development
Authority
of
the
City
of
Phoenix
(The)
,
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/42
..............
1,000,000
1,035,988
b
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
American
Leadership
Academy,
Inc.,
Revenue,
144A,
2017,
Refunding,
5%,
6/15/47
2,150,000
2,152,846
American
Leadership
Academy,
Inc.,
Revenue,
144A,
2019,
Refunding,
5%,
6/15/49
1,235,000
1,245,693
American
Leadership
Academy,
Inc.,
Revenue,
144A,
2022,
Refunding,
4%,
6/15/57
8,500,000
7,093,470
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools,
Revenue,
2018
A,
5%,
2/15/38
....................
1,000,000
1,050,854
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
67
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
La
Paz
County
Industrial
Development
Authority,
(continued)
Harmony
Public
Schools,
Revenue,
2018
A,
5%,
2/15/48
....................
$
1,000,000
$
1,039,839
b
Maricopa
County
Industrial
Development
Authority
,
Arizona
Autism
Charter
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
7/01/41
........................................................
370,000
319,491
Arizona
Autism
Charter
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
7/01/51
........................................................
545,000
437,759
Arizona
Autism
Charter
Schools
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
7/01/61
........................................................
2,625,000
2,015,072
Benjamin
Franklin
Charter
School
Obligated
Group,
Revenue,
144A,
2018
A,
6%,
7/01/38
........................................................
5,000,000
5,566,212
Benjamin
Franklin
Charter
School
Obligated
Group,
Revenue,
144A,
2018
A,
6%,
7/01/52
........................................................
10,000,000
10,967,940
Commercial
Metals
Co.,
Revenue,
144A,
2022,
4%,
10/15/47
.................
4,000,000
3,682,046
Salt
Verde
Financial
Corp.
,
Revenue,
2007-1,
5.25%,
12/01/25
....................................
6,000,000
6,468,025
Revenue,
2007-1,
5.5%,
12/01/29
.....................................
11,105,000
12,631,618
b
Sierra
Vista
Industrial
Development
Authority
,
Georgetown
Community
Development
Authority,
Revenue,
144A,
2021
A,
Zero
Cpn.,
10/01/56
.......................................................
18,880,000
12,159,552
Georgetown
Community
Development
Authority,
Revenue,
144A,
2021
B,
6.25%,
10/01/36
.......................................................
3,945,000
3,371,245
Tempe
Industrial
Development
Authority
,
b
Mirabella
at
ASU,
Inc.,
Revenue,
144A,
2017
A,
6%,
10/01/37
................
1,900,000
1,904,957
b
Mirabella
at
ASU,
Inc.,
Revenue,
144A,
2017
A,
6.125%,
10/01/47
.............
4,850,000
4,846,400
b
Mirabella
at
ASU,
Inc.,
Revenue,
144A,
2017
A,
6.125%,
10/01/52
.............
2,800,000
2,778,723
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2019,
5%,
12/01/50
........
4,300,000
4,099,275
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2019,
5%,
12/01/54
........
8,000,000
7,558,990
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/01/46
.......................................................
500,000
404,346
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2021
B,
4%,
12/01/56
.......
4,260,000
3,197,935
Yuma
County
Industrial
Development
Authority
,
Far
West
Water
&
Sewer,
Inc.
,
Revenue
,
2007
A
,
Refunding
,
6.375
%
,
12/01/37
...........................
13,715,000
11,894,697
110,159,955
California
19.0%
Alvord
Unified
School
District
,
GO
,
2011
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
.....
30,750,000
13,789,708
b
California
Community
Housing
Agency
,
Annadel
Apartments,
Revenue,
144A,
2019
A,
5%,
4/01/49
..................
10,800,000
10,458,265
Aster
Apartments,
Revenue,
Junior
Lien,
144A,
2021
A-2,
4%,
2/01/43
..........
8,895,000
7,925,417
Aster
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
..........
1,800,000
1,692,132
Brio
Apartments
&
Next
on
Lex
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
....................................................
8,500,000
7,990,621
Fountains
at
Emerald
Park,
Revenue,
Junior
Lien,
144A,
2021
A-2,
4%,
8/01/46
...
5,250,000
4,347,620
K
Street
Flats,
Revenue,
144A,
2021
A-2,
4%,
8/01/50
......................
16,500,000
13,195,330
Mira
Vista
Hills
Apartments,
Revenue,
144A,
2021
A,
4%,
2/01/56
.............
30,500,000
26,490,360
d
Twin
Creek
Apartments,
Revenue,
Junior
Lien,
144A,
2022
B,
5.5%,
2/01/40
.....
4,400,000
4,259,764
California
County
Tobacco
Securitization
Agency
,
Alameda
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2002
,
5.875
%
,
6/01/35
......................
2,815,000
2,857,730
b
California
Municipal
Finance
Authority
,
California
Baptist
University,
Revenue,
144A,
2015
A,
5.5%,
11/01/45
...........
17,400,000
18,406,665
California
Baptist
University,
Revenue,
144A,
2016
A,
5%,
11/01/46
............
6,800,000
7,100,394
Capital
Christian
Center,
Revenue,
144A,
2021
A,
5%,
10/01/51
...............
8,425,000
7,722,941
b
California
Pollution
Control
Financing
Authority
,
e
CalPlant
I
LLC,
Revenue,
144A,
2017,
7.5%,
7/01/32
.......................
24,500,000
14,700,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
68
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
California
Pollution
Control
Financing
Authority,
(continued)
e
CalPlant
I
LLC,
Revenue,
144A,
2017,
8%,
7/01/39
........................
$
10,000,000
$
6,000,000
CalPlant
I
LLC,
Revenue,
144A,
2020,
7.5%,
7/01/32
.......................
10,000,000
8,500,000
Rialto
Bioenergy
Facility
LLC,
Revenue,
144A,
2018,
6.75%,
12/01/28
..........
1,700,000
1,349,942
Rialto
Bioenergy
Facility
LLC,
Revenue,
144A,
2018,
7.5%,
12/01/40
...........
5,300,000
3,591,538
b
California
Public
Finance
Authority
,
Crossroads
Christian
Schools
Obligated
Group,
Revenue,
144A,
2020,
5%,
1/01/56
4,015,000
3,635,160
Keck
Graduate
Institute
of
Applied
Life
Sciences,
Revenue,
144A,
2017
A,
Refunding,
5%,
7/01/47
............................................
2,900,000
2,290,814
Kendal
at
Sonoma
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
5%,
11/15/46
.......................................................
1,250,000
1,254,640
California
Statewide
Communities
Development
Authority
,
b
Lancer
Educational
Housing
LLC,
Revenue,
144A,
2016
A,
Refunding,
5%,
6/01/36
7,210,000
7,492,805
Loma
Linda
University
Medical
Center
Obligated
Group,
Revenue,
2014
A,
5.25%,
12/01/44
.......................................................
20,555,000
21,072,900
b
Loma
Linda
University
Medical
Center
Obligated
Group,
Revenue,
144A,
2016
A,
5.25%,
12/01/56
.................................................
3,000,000
3,055,470
b
NCCD-Hooper
Street
LLC,
Revenue,
144A,
2019,
5.25%,
7/01/39
.............
1,275,000
1,230,348
b
NCCD-Hooper
Street
LLC,
Revenue,
144A,
2019,
5.25%,
7/01/49
.............
3,725,000
3,446,676
Centinela
Valley
Union
High
School
District
,
GO
,
2012
B
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
8/01/37
.................................................
8,400,000
3,504,064
City
of
San
Francisco
,
5.25
%
,
9/01/49
....................................
10,000,000
7,955,690
b
CMFA
Special
Finance
Agency
,
Revenue,
Junior
Lien,
144A,
2022
A-2,
4.5%,
8/01/51
.......................
38,000,000
28,877,545
Solana
at
Grand,
Revenue,
Junior
Lien,
144A,
2021
A-2,
4%,
8/01/45
...........
35,000,000
29,009,533
Solana
at
Grand,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
8/01/56
..........
1,700,000
1,597,458
b
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The),
Revenue,
144A,
2021
A-1,
3%,
8/01/56
..........
1,750,000
1,334,241
Breakwater
Apartments
(The),
Revenue,
144A,
2021
A-2,
4%,
8/01/47
..........
34,150,000
27,968,648
b
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
4,500,000
3,719,129
b
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue
,
144A,
2022
A-2
,
4.375
%
,
8/01/49
...................................................
17,000,000
13,966,382
Compton
Community
College
District
,
GO,
2013
D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/30
...................
3,425,000
2,173,046
GO,
2013
D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/32
...................
4,000,000
2,206,855
GO,
2013
D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/34
...................
4,560,000
2,174,820
GO,
2013
D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/36
...................
5,250,000
2,169,369
GO,
2013
D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/37
...................
3,065,000
1,178,749
GO,
2013
D,
Refunding,
BAM
Insured,
Zero
Cpn.,
8/01/38
...................
6,000,000
2,149,081
b
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments,
Revenue,
144A,
2021
B,
4%,
3/01/57
............
10,000,000
7,826,236
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
3/01/57
.
7,500,000
5,704,928
Crescent
(The),
Revenue,
144A,
2022
B,
5.5%,
7/01/59
.....................
15,935,000
12,997,942
Dublin,
Revenue,
144A,
2021
B,
4%,
2/01/57
.............................
7,500,000
5,823,155
Escondido
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/48
........
16,000,000
12,364,293
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-2,
3.125%,
8/01/56
10,000,000
7,585,040
Park
Crossing
Apartments,
Revenue,
144A,
2021
B,
4%,
12/01/48
.............
14,235,000
11,191,459
Parrallel-Anaheim,
Revenue,
144A,
2021
A,
4%,
8/01/56
....................
8,000,000
7,126,382
Union
South
Bay,
Revenue,
144A,
2021
A-2,
4%,
7/01/56
....................
12,500,000
10,848,775
Wood
Creek
Apartments,
Revenue,
Sub.
Lien,
144A,
2021
B,
4%,
12/01/59
......
19,800,000
12,909,356
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/30
..............
10,000,000
10,729,086
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/31
..............
7,295,000
7,931,347
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
69
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
M-S-R
Energy
Authority
,
Revenue,
2009
B,
6.125%,
11/01/29
...................................
$
28,865,000
$
32,565,857
Revenue,
2009
B,
7%,
11/01/34
.......................................
20,000,000
25,530,762
Revenue,
2009
C,
6.5%,
11/01/39
.....................................
20,000,000
25,616,982
Palmdale
Elementary
School
District
,
Community
Facilities
District
No.
90-1,
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/28
...................................................
1,500,000
1,238,912
Community
Facilities
District
No.
90-1,
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/30
...................................................
1,250,000
952,340
Community
Facilities
District
No.
90-1,
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/31
...................................................
1,250,000
912,816
Community
Facilities
District
No.
90-1,
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/34
...................................................
2,500,000
2,479,872
River
Islands
Public
Financing
Authority
,
Community
Facilities
District
No.
2021-1,
Special
Tax,
2021,
4%,
9/01/28
........
480,000
486,490
Community
Facilities
District
No.
2021-1,
Special
Tax,
2021,
4%,
9/01/32
........
520,000
516,656
Riverside
County
Transportation
Commission
,
Revenue,
Senior
Lien,
2013
B,
Zero
Cpn.,
6/01/32
.........................
4,000,000
2,635,108
Revenue,
Senior
Lien,
2013
B,
Zero
Cpn.,
6/01/33
.........................
5,500,000
3,455,648
Revenue,
Senior
Lien,
2013
B,
Zero
Cpn.,
6/01/41
.........................
5,000,000
2,158,449
Revenue,
Senior
Lien,
2013
B,
Zero
Cpn.,
6/01/42
.........................
7,000,000
2,875,694
San
Diego
Unified
School
District
,
GO,
2012
E,
Zero
Cpn.,
7/01/42
.......................................
44,565,000
33,645,857
GO,
2012
E,
Zero
Cpn.,
7/01/47
.......................................
33,305,000
25,324,193
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
1997
A,
Refunding,
6%,
1/15/45
...............................
35,834,000
47,236,232
Revenue,
1997
A,
Refunding,
6%,
1/15/46
...............................
35,834,000
47,373,261
Revenue,
Junior
Lien,
ETM,
Zero
Cpn.,
1/01/25
...........................
45,200,000
42,889,516
Revenue,
Junior
Lien,
ETM,
Zero
Cpn.,
1/01/26
...........................
131,900,000
122,075,165
Revenue,
Junior
Lien,
ETM,
Zero
Cpn.,
1/01/27
...........................
139,100,000
125,408,554
Revenue,
Junior
Lien,
2014
B,
Refunding,
5.25%,
1/15/44
...................
20,000,000
20,793,208
Revenue,
Junior
Lien,
2014
B,
Refunding,
5.25%,
1/15/49
...................
25,000,000
25,933,660
San
Mateo
Foster
City
School
District
,
GO
,
A
,
Zero
Cpn.,
8/01/42
...............
40,000,000
40,489,472
San
Mateo
Union
High
School
District
,
GO
,
2011
A
,
Zero
Cpn.,
9/01/41
...........
20,000,000
19,891,114
San
Ysidro
School
District
,
GO,
2015,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/42
...................
10,000,000
3,656,074
GO,
2015,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/43
...................
12,500,000
4,325,546
Silicon
Valley
Tobacco
Securitization
Authority
,
Revenue,
2007
A,
Zero
Cpn.,
6/01/36
...................................
15,000,000
6,902,558
Revenue,
2007
C,
Zero
Cpn.,
6/01/56
..................................
60,000,000
7,042,302
Southern
California
Public
Power
Authority
,
Revenue
,
2007
A
,
5.25
%
,
11/01/27
.....
9,855,000
10,831,480
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2006
B,
Zero
Cpn.,
6/01/46
........................................................
50,000,000
9,694,905
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
B-2,
Refunding,
Zero
Cpn.,
6/01/54
......................................
18,000,000
3,285,675
1,145,104,207
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
70
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
5.7%
3rd
and
Havana
Metropolitan
District
,
GO
,
2020
A
,
5.25
%
,
12/01/49
.............
$
3,775,000
$
3,701,098
9th
Avenue
Metropolitan
District
No.
2
,
GO
,
2018
,
5
%
,
12/01/48
................
7,420,000
7,183,994
Aerotropolis
Regional
Transportation
Authority
,
Revenue
,
2019
,
5
%
,
12/01/51
......
5,500,000
5,513,132
Allison
Valley
Metropolitan
District
No.
1
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/47
......
4,250,000
3,977,059
Allison
Valley
Metropolitan
District
No.
2
,
GO
,
2020
,
Refunding
,
4.7
%
,
12/01/47
.....
3,000,000
2,657,944
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO,
Senior
Lien,
2020
A,
5%,
12/01/40
.................................
1,500,000
1,507,973
GO,
Senior
Lien,
2020
A,
5%,
12/01/50
.................................
1,500,000
1,429,980
Banning
Lewis
Ranch
Regional
Metropolitan
District
No.
1
,
GO
,
2018
A
,
5.375
%
,
12/01/48
........................................................
2,245,000
2,275,710
Baseline
Metropolitan
District
No.
1
,
GO,
2021
A,
5%,
12/01/51
...........................................
1,500,000
1,364,740
GO,
2021
B,
7.5%,
12/15/51
.........................................
2,190,000
2,008,442
b
Bent
Grass
Metropolitan
District
,
GO
,
144A,
2020
,
Refunding
,
5.25
%
,
12/01/49
.....
1,685,000
1,689,290
Bradburn
Metropolitan
District
No.
2
,
GO,
2018
A,
Refunding,
5%,
12/01/38
..................................
600,000
607,675
GO,
2018
A,
Refunding,
5%,
12/01/47
..................................
2,400,000
2,404,897
Brighton
Crossing
Metropolitan
District
No.
4
,
GO,
2017
A,
5%,
12/01/37
...........................................
525,000
531,374
GO,
2017
A,
5%,
12/01/47
...........................................
2,440,000
2,446,353
Brighton
Crossing
Metropolitan
District
No.
6
,
GO
,
2020
A(3)
,
5
%
,
12/01/50
........
2,000,000
1,895,421
b
Broadway
Park
North
Metropolitan
District
No.
2
,
GO,
144A,
2020,
Refunding,
5%,
12/01/40
...............................
1,325,000
1,333,028
GO,
144A,
2020,
Refunding,
5%,
12/01/49
...............................
1,575,000
1,563,360
b
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-2
,
Refunding
,
5
%
,
12/01/49
........................................................
740,000
705,994
Centerra
Metropolitan
District
No.
1
,
GO
,
2020
A
,
Refunding
,
5
%
,
12/01/51
........
4,000,000
3,821,972
Clear
Creek
Transit
Metropolitan
District
No.
2
,
GO,
2021
A,
5%,
12/01/41
...........................................
580,000
557,695
GO,
2021
A,
5%,
12/01/50
...........................................
1,000,000
918,568
Colliers
Hill
Metropolitan
District
No.
2
,
GO
,
2022
B-1
,
Refunding
,
6
%
,
12/15/47
....
2,250,000
1,930,932
Colorado
Health
Facilities
Authority
,
Aberdeen
Ridge,
Inc.
Obligated
Group,
Revenue,
2021
A,
5%,
5/15/49
..........
2,235,000
2,043,724
Aberdeen
Ridge,
Inc.
Obligated
Group,
Revenue,
2021
A,
5%,
5/15/58
..........
4,750,000
4,178,556
Frasier
Meadows
Manor,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/47
........................................................
6,500,000
6,615,951
Frasier
Meadows
Manor,
Inc.
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
5/15/48
........................................................
12,255,000
12,633,346
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/45
...
1,000,000
974,105
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/50
...
4,525,000
4,331,601
Conestoga
Metropolitan
District
No.
2
,
GO
,
2021
A-3
,
Refunding
,
5.25
%
,
12/01/51
..
1,625,000
1,486,137
Constitution
Heights
Metropolitan
District
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/49
.....
1,760,000
1,744,409
Copperleaf
Metropolitan
District
No.
6
,
GO,
2018
A,
Pre-Refunded,
5.25%,
12/01/48
.............................
3,850,000
4,153,990
GO,
2022
B,
6%,
12/15/41
...........................................
1,225,000
1,207,965
Cornerstar
Metropolitan
District
,
GO,
A,
Refunding,
5.125%,
12/01/37
...................................
2,000,000
2,015,934
GO,
A,
Refunding,
5.25%,
12/01/47
....................................
5,200,000
5,217,923
Cottonwood
Highlands
Metropolitan
District
No.
1
,
GO
,
2019
A
,
5
%
,
12/01/49
......
900,000
895,202
b
Denver
Health
&
Hospital
Authority
,
Revenue,
144A,
2017
A,
Refunding,
4%,
12/01/35
.........................
5,000,000
5,004,892
Revenue,
144A,
2017
A,
Refunding,
4%,
12/01/36
.........................
5,000,000
5,005,347
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
71
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
B
,
6
%
,
12/01/48
........................................................
$
4,290,000
$
4,381,534
b
DIATC
Metropolitan
District
,
GO
,
144A,
2019
,
Refunding
,
5
%
,
12/01/49
...........
2,000,000
2,001,674
E-470
Public
Highway
Authority
,
Revenue
,
2004
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
9/01/28
.....................................................
15,000,000
12,498,120
Eagle
Brook
Meadows
Metropolitan
District
No.
3
,
GO
,
2021
,
5
%
,
12/01/51
........
1,600,000
1,426,941
Evan's
Place
Metropolitan
District
,
GO,
2020
A(3),
5%,
12/01/40
.........................................
550,000
557,001
GO,
2020
A(3),
5%,
12/01/50
.........................................
1,575,000
1,517,803
First
Creek
Village
Metropolitan
District
,
GO,
2019
A,
5%,
12/01/39
...........................................
595,000
609,138
GO,
2019
A,
5%,
8/01/49
............................................
540,000
545,169
Greenways
Metropolitan
District
No.
1
,
GO
,
2021
A-3
,
4.625
%
,
12/01/51
..........
1,580,000
1,311,047
b
Hidden
Creek
Metropolitan
District
,
GO
,
144A,
2021
A
,
4.625
%
,
12/01/45
.........
1,140,000
948,454
b
Horizon
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A
,
4.5
%
,
12/01/51
...........
1,675,000
1,244,130
Hunters
Overlook
Metropolitan
District
No.
5
,
GO,
2019
A,
5%,
12/01/39
...........................................
750,000
767,302
GO,
2019
A,
5%,
12/01/49
...........................................
1,000,000
1,013,272
b
Jacoby
Farm
Metropolitan
District
,
GO
,
144A,
2021
,
Refunding
,
5
%
,
12/15/46
......
5,000,000
4,492,973
Jay
Grove
Metropolitan
District
,
GO
,
2021
,
4.25
%
,
12/01/51
...................
1,225,000
993,110
Jefferson
Center
Metropolitan
District
No.
1
,
Revenue,
2020
A-2,
4.125%,
12/01/40
..................................
575,000
533,769
Revenue,
2020
A-2,
4.375%,
12/01/47
..................................
1,125,000
1,036,468
Johnstown
Farms
East
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
............
1,500,000
1,303,502
Johnstown
Plaza
Metropolitan
District
,
GO
,
2022
,
Refunding
,
4.25
%
,
12/01/46
.....
8,500,000
7,577,931
b
Karl's
Farm
Metropolitan
District
No.
2
,
GO,
144A,
2020
A(3),
5.375%,
12/01/40
.................................
645,000
650,814
GO,
144A,
2020
A(3),
5.625%,
12/01/50
.................................
1,900,000
1,889,401
Liberty
Ranch
Metropolitan
District
,
GO
,
2021
A
,
Refunding
,
5.25
%
,
12/01/51
......
6,590,000
5,685,795
Meadowlark
Metropolitan
District
,
Meadowland
Metropolitan
District,
GO,
Senior
Lien,
2020
A,
4.875%,
12/01/40
....
520,000
496,308
Meadowland
Metropolitan
District,
GO,
Senior
Lien,
2020
A,
5.125%,
12/01/50
....
750,000
704,234
Morgan
Hill
Metropolitan
District
No.
3
,
GO
,
2021
B
,
Refunding
,
6.375
%
,
12/15/51
...
1,465,000
1,365,697
Murphy
Creek
Metropolitan
District
No.
4
,
GO
,
2021
,
5
%
,
12/01/51
..............
8,000,000
6,922,422
Nexus
North
at
DIA
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
...............
565,000
514,067
Palisade
Park
West
Metropolitan
District
,
GO
,
2019
A
,
5.125
%
,
12/01/49
..........
1,500,000
1,496,704
b
Plaza
Metropolitan
District
No.
1
,
Tax
Allocation
,
144A,
2013
,
Refunding
,
5
%
,
12/01/40
3,000,000
3,003,502
Prairie
Center
Metropolitan
District
No.
7
,
GO,
2020,
4.125%,
12/15/36
.........................................
500,000
470,058
GO,
2020,
4.875%,
12/15/44
.........................................
725,000
674,164
GO,
2021,
6.375%,
6/15/46
..........................................
1,330,000
1,230,043
Pronghorn
Valley
Metropolitan
District
,
GO,
2021
A,
3.75%,
12/01/41
.........................................
515,000
430,818
GO,
2021
A,
4%,
12/01/51
...........................................
650,000
545,017
Ptarmigan
West
Metropolitan
District
No.
2
,
GO
,
2021-3
,
4.125
%
,
12/01/51
........
1,475,000
1,146,818
Public
Authority
for
Colorado
Energy
,
Revenue,
2008,
6.125%,
11/15/23
.....................................
1,125,000
1,166,475
Revenue,
2008,
6.25%,
11/15/28
......................................
12,500,000
14,164,769
Revenue,
2008,
6.5%,
11/15/38
.......................................
60,100,000
78,744,979
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System,
Revenue,
2020,
5%,
12/01/40
...................
625,000
613,902
Non-Potable
Water
System,
Revenue,
2020,
5.25%,
12/01/50
................
4,250,000
4,033,626
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
72
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Rampart
Range
Metropolitan
District
No.
5
,
Revenue,
2021,
4%,
12/01/36
........................................
$
1,250,000
$
1,128,177
Revenue,
2021,
4%,
12/01/41
........................................
2,730,000
2,337,550
Revenue,
2021,
4%,
12/01/51
........................................
6,670,000
5,324,803
Reunion
Metropolitan
District
,
Water
Activity
Enterprise
Revenue
,
Revenue
,
2021
A
,
3.625
%
,
12/01/44
..................................................
5,750,000
4,528,250
Ritoro
Metropolitan
District
,
GO
,
2019
A
,
5
%
,
12/01/49
.......................
2,000,000
2,000,872
RRC
Metropolitan
District
No.
2
,
GO
,
2021
,
5.25
%
,
12/01/51
...................
5,625,000
4,853,202
Severance
Shores
Metropolitan
District
No.
4
,
GO
,
2020
A
,
5
%
,
12/01/49
.........
2,900,000
2,910,585
South
Aurora
Regional
Improvement
Authority
,
Revenue
,
2018
,
6.25
%
,
12/01/57
....
2,815,000
2,778,196
Southglenn
Metropolitan
District
,
GO,
2016,
Refunding,
5%,
12/01/30
....................................
3,470,000
3,503,779
GO,
2016,
Refunding,
5%,
12/01/36
....................................
810,000
813,773
GO,
2016,
Refunding,
5%,
12/01/46
....................................
4,200,000
4,199,714
STC
Metropolitan
District
No.
2
,
GO,
2019
A,
Refunding,
5%,
12/01/38
..................................
2,000,000
2,026,859
GO,
2019
A,
Refunding,
5%,
12/01/49
..................................
1,000,000
1,002,513
Timberleaf
Metropolitan
District
,
GO
,
2020
A
,
5.75
%
,
12/01/50
..................
1,730,000
1,745,689
Village
at
Dry
Creek
Metropolitan
District
No.
2
(The)
,
GO
,
2019
,
4.375
%
,
12/01/44
..
893,000
820,385
Village
Metropolitan
District
(The)
,
GO,
2020,
Refunding,
5%,
12/01/40
....................................
1,100,000
1,135,063
GO,
2020,
Refunding,
5%,
12/01/49
....................................
1,750,000
1,795,846
Villages
at
Castle
Rock
Metropolitan
District
No.
4
,
1989
,
11.12
%
,
6/01/31
.........
3,000,000
2,850,000
Waterfront
at
Foster
Lake
Metropolitan
District
No.
2
,
GO,
2022
A(3)-1,
5%,
12/01/42
.......................................
3,705,000
3,378,266
GO,
2022
A(3)-1,
5%,
12/01/51
.......................................
4,085,000
3,471,556
GO,
2022
A(3)-2,
Zero
Cpn.,
12/01/51
..................................
5,130,000
3,043,981
Water
Tap
Fee,
Revenue,
2022,
4.625%,
12/01/28
.........................
6,000,000
5,622,176
Wild
Plum
Metropolitan
District
,
GO
,
2019
A
,
5
%
,
12/01/49
....................
595,000
597,416
Willow
Bend
Metropolitan
District
,
GO,
Senior
Lien
,
2019
A
,
5
%
,
12/01/49
.........
1,000,000
988,214
343,101,529
Connecticut
0.6%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
b
Church
Home
of
Hartford
Obligated
Group,
Revenue,
144A,
2016
A,
5%,
9/01/46
..
1,000,000
1,008,293
b
Church
Home
of
Hartford
Obligated
Group,
Revenue,
144A,
A,
5%,
9/01/53
......
7,850,000
7,891,131
Masonicare
Corp.
Obligated
Group,
Revenue,
F,
Refunding,
5%,
7/01/37
........
5,500,000
5,734,457
Masonicare
Corp.
Obligated
Group,
Revenue,
F,
Refunding,
5%,
7/01/43
........
13,000,000
13,464,743
b
McLean
Affiliates
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
1/01/45
........
2,000,000
2,050,777
b
McLean
Affiliates
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
1/01/55
........
2,800,000
2,850,331
b
Steel
Point
Infrastructure
Improvement
District
,
Tax
Allocation,
144A,
2021,
4%,
4/01/31
.................................
100,000
96,881
Tax
Allocation,
144A,
2021,
4%,
4/01/36
.................................
605,000
571,685
Tax
Allocation,
144A,
2021,
4%,
4/01/41
.................................
575,000
525,712
Tax
Allocation,
144A,
2021,
4%,
4/01/51
.................................
1,655,000
1,440,029
35,634,039
Florida
14.0%
Anabelle
Island
Community
Development
District
,
Special
Assessment,
2022,
2.7%,
5/01/27
...............................
655,000
605,829
Special
Assessment,
2022,
3.1%,
5/01/32
...............................
750,000
661,485
Special
Assessment,
2022,
3.5%,
5/01/42
...............................
1,945,000
1,635,041
Special
Assessment,
2022,
4%,
5/01/52
.................................
2,840,000
2,478,031
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
73
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Artisan
Lakes
East
Community
Development
District
,
Special
Assessment,
2021-1,
2.3%,
5/01/26
..............................
$
220,000
$
203,498
Special
Assessment,
2021-1,
2.75%,
5/01/31
.............................
250,000
218,768
Special
Assessment,
2021-1,
3.125%,
5/01/41
............................
470,000
379,411
Special
Assessment,
2021-1,
4%,
5/01/51
...............................
455,000
399,748
b
Special
Assessment,
144A,
2021-2,
2.75%,
5/01/31
........................
275,000
239,420
b
Special
Assessment,
144A,
2021-2,
3.125%,
5/01/41
.......................
515,000
415,737
b
Special
Assessment,
144A,
2021-2,
4%,
5/01/52
..........................
550,000
482,156
b
Astonia
Community
Development
District
,
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
540,000
499,527
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,375,000
1,209,907
Assessment
Area
2,
Special
Assessment,
144A,
2021,
2.5%,
5/01/26
...........
200,000
186,931
Assessment
Area
2,
Special
Assessment,
144A,
2021,
3%,
5/01/31
............
500,000
439,591
Assessment
Area
2,
Special
Assessment,
144A,
2021,
3.2%,
5/01/41
...........
750,000
617,327
Assessment
Area
2,
Special
Assessment,
144A,
2021,
4%,
5/01/52
............
800,000
702,195
North
Parcel
Assessment
Area,
Special
Assessment,
144A,
2021,
2.5%,
5/01/26
..
195,000
182,257
North
Parcel
Assessment
Area,
Special
Assessment,
144A,
2021,
3%,
5/01/31
....
320,000
281,338
North
Parcel
Assessment
Area,
Special
Assessment,
144A,
2021,
3.2%,
5/01/41
..
750,000
616,349
North
Parcel
Assessment
Area,
Special
Assessment,
144A,
2021,
4%,
5/01/51
....
500,000
439,639
Avalon
Groves
Community
Development
District
,
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
360,000
293,278
Special
Assessment,
2021,
4%,
5/01/51
.................................
500,000
438,928
Assessment
Area
3,
Special
Assessment,
2021,
3%,
5/01/32
.................
200,000
174,497
Assessment
Area
3,
Special
Assessment,
2021,
3.375%,
5/01/41
..............
500,000
423,390
Assessment
Area
3,
Special
Assessment,
2021,
4%,
5/01/51
.................
1,500,000
1,319,140
Avalon
Park
West
Community
Development
District
,
Special
Assessment,
2020,
Refunding,
3.25%,
5/01/30
......................
215,000
196,237
Special
Assessment,
2020,
Refunding,
3.75%,
5/01/40
......................
580,000
516,215
Special
Assessment,
2020,
Refunding,
4%,
5/01/51
........................
880,000
771,705
Ave
Maria
Stewardship
Community
District
,
Special
Assessment,
2022
A,
Refunding,
4%,
5/01/42
.......................
5,020,000
4,585,791
Maple
Ridge
Phase
5
Project
Area,
Special
Assessment,
2022,
4%,
5/01/52
......
2,640,000
2,295,065
Avenir
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021
A-1,
2.75%,
5/01/31
............
3,250,000
2,871,383
Assessment
Area
2,
Special
Assessment,
2021
A-1,
3.2%,
5/01/41
.............
5,000,000
4,148,629
Assessment
Area
2,
Special
Assessment,
2021
A-1,
3.4%,
5/01/52
.............
5,000,000
4,038,938
Aviary
at
Rutland
Ranch
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021,
3.1%,
11/01/31
...............
170,000
149,774
Assessment
Area
2,
Special
Assessment,
2021,
3.4%,
11/01/41
...............
410,000
338,763
Assessment
Area
2,
Special
Assessment,
2021,
4%,
11/01/51
................
750,000
652,754
Babcock
Ranch
Community
Independent
Special
District
,
Special
Assessment,
2021,
2.875%,
5/01/31
.............................
465,000
407,574
Special
Assessment,
2021,
3.2%,
5/01/41
...............................
5,250,000
4,348,641
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,910,000
1,674,095
Special
Assessment,
2022,
5%,
5/01/42
.................................
4,000,000
4,043,931
Special
Assessment,
2022,
5%,
5/01/53
.................................
5,000,000
4,986,681
Assessment
Area
2C,
Special
Assessment,
2020,
3%,
5/01/30
................
250,000
227,279
Assessment
Area
2C,
Special
Assessment,
2020,
4%,
5/01/40
................
775,000
716,913
Assessment
Area
2C,
Special
Assessment,
2020,
4%,
5/01/51
................
1,550,000
1,368,272
Assessment
Area
3A,
Special
Assessment,
2020,
2.5%,
5/01/25
...............
60,000
57,983
Assessment
Area
3A,
Special
Assessment,
2020,
3%,
5/01/30
................
250,000
227,279
Assessment
Area
3A,
Special
Assessment,
2020,
4%,
5/01/40
................
1,840,000
1,702,090
Assessment
Area
3A,
Special
Assessment,
2020,
4%,
5/01/50
................
2,500,000
2,213,825
Assessment
Area
3B,
Special
Assessment,
2020,
4%,
5/01/40
................
385,000
356,144
Assessment
Area
3B,
Special
Assessment,
2020,
4%,
5/01/51
................
890,000
785,653
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
74
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Balm
Grove
Community
Development
District
,
Special
Assessment,
2022,
3.25%,
11/01/27
..............................
$
1,365,000
$
1,289,987
Special
Assessment,
2022,
3.625%,
11/01/32
.............................
1,290,000
1,172,576
Special
Assessment,
2022,
4%,
11/01/42
................................
2,500,000
2,280,871
Special
Assessment,
2022,
4.125%,
11/01/51
.............................
3,125,000
2,760,710
Bannon
Lakes
Community
Development
District
,
b
Special
Assessment,
144A,
2021,
3.5%,
5/01/41
..........................
700,000
595,598
b
Special
Assessment,
144A,
2021,
4%,
5/01/51
............................
775,000
680,777
Special
Assessment,
2022,
3.3%,
5/01/32
...............................
365,000
328,133
Special
Assessment,
2022,
4%,
5/01/42
.................................
1,385,000
1,265,494
Special
Assessment,
2022,
4%,
5/01/53
.................................
2,260,000
1,974,481
Banyan
Cay
Community
Development
District
,
Special
Assessment
,
2020
NM
,
4
%
,
11/01/51
........................................................
3,000,000
2,594,117
Belmond
Reserve
Community
Development
District
,
Special
Assessment,
2020,
4%,
5/01/40
.................................
1,750,000
1,617,598
Special
Assessment,
2020,
4%,
5/01/51
.................................
3,635,000
3,182,887
Belmont
II
Community
Development
District
,
Special
Assessment,
2020,
3.125%,
12/15/30
.............................
325,000
293,925
Special
Assessment,
2020,
3.625%,
12/15/40
.............................
1,390,000
1,215,765
Special
Assessment,
2020,
4%,
12/15/50
................................
1,000,000
877,780
Berry
Bay
Community
Development
District
,
Special
Assessment,
2021,
2.625%,
5/01/26
.............................
200,000
188,112
Special
Assessment,
2021,
3.125%,
5/01/31
.............................
400,000
356,587
Special
Assessment,
2021,
3.625%,
5/01/41
.............................
1,250,000
1,066,459
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,500,000
1,307,037
Black
Creek
Community
Development
District
,
Special
Assessment,
2022,
5.125%,
6/15/32
.............................
150,000
155,112
Special
Assessment,
2022,
5.625%,
6/15/52
.............................
2,000,000
2,066,555
Boggy
Branch
Community
Development
District
,
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
295,000
276,455
Special
Assessment,
2021,
3%,
5/01/31
.................................
450,000
397,151
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
1,165,000
980,149
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,360,000
1,186,960
Bridgewater
North
Community
Development
District
,
Special
Assessment,
2022,
3.125%,
5/01/27
.............................
200,000
189,072
Special
Assessment,
2022,
3.5%,
5/01/32
...............................
350,000
315,847
Special
Assessment,
2022,
4%,
5/01/42
.................................
1,000,000
913,714
Special
Assessment,
2022,
4%,
5/01/52
.................................
3,000,000
2,608,028
Brightwater
Community
Development
District
,
Special
Assessment,
2021,
2.85%,
5/01/31
..............................
300,000
264,359
Special
Assessment,
2021,
3.15%,
5/01/41
..............................
750,000
616,552
Special
Assessment,
2021,
4%,
5/01/52
.................................
3,895,000
3,410,674
b
Cape
Coral
Health
Facilities
Authority
,
Gulf
Care,
Inc.
Obligated
Group
,
Revenue,
Senior
Lien
,
144A,
2015
,
Refunding
,
6
%
,
7/01/45
..........................
5,250,000
5,268,672
b
Capital
Trust
Agency,
Inc.
,
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A,
3%,
7/01/31
..........
100,000
87,957
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A,
4%,
7/01/41
..........
450,000
404,283
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A,
4%,
7/01/51
..........
540,000
455,482
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A,
4%,
7/01/56
..........
445,000
364,406
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A-2,
4%,
7/01/41
.........
750,000
673,805
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A-2,
4%,
7/01/51
.........
975,000
822,398
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A-2,
4%,
7/01/56
.........
750,000
614,167
Educational
Growth
Fund
LLC,
Revenue,
144A,
2021
B,
Zero
Cpn.,
7/01/31
......
10,715,000
5,807,577
Educational
Growth
Fund
LLC,
Revenue,
Senior
Lien,
144A,
2021
A-1,
5%,
7/01/56
5,000,000
5,050,699
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
75
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
b
Capital
Trust
Agency,
Inc.,
(continued)
Sarasota-Manatee
Jewish
Housing
Council
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
7/01/46
............................................
$
3,250,000
$
2,895,414
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-2,
4.43%,
1/01/57
...........
10,245,000
7,886,622
South
Tech
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
6/15/40
......
1,235,000
1,227,720
South
Tech
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
6/15/55
......
3,805,000
3,616,435
University
Bridge
LLC,
Revenue,
144A,
2018
A,
5.25%,
12/01/43
..............
31,755,000
32,120,544
WFCS
Holdings
II
LLC,
Revenue,
144A,
2021
A-1,
3.3%,
1/01/31
..............
100,000
87,614
WFCS
Holdings
II
LLC,
Revenue,
144A,
2021
A-1,
5%,
1/01/56
...............
1,050,000
994,490
WFCS
Holdings
LLC,
Revenue,
144A,
2020
A-1,
5%,
1/01/55
.................
3,500,000
3,322,191
Celebration
Community
Development
District
,
Special
Assessment,
2021,
2.25%,
5/01/26
..............................
100,000
92,436
Special
Assessment,
2021,
2.75%,
5/01/31
..............................
240,000
208,887
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
590,000
475,528
Special
Assessment,
2021,
4%,
5/01/51
.................................
850,000
747,145
Celebration
Pointe
Community
Development
District
No.
1
,
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
1,000,000
826,102
Special
Assessment,
2021,
4%,
5/01/53
.................................
1,500,000
1,300,700
CFM
Community
Development
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
190,000
176,416
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,265,000
1,104,047
Chaparral
Palm
Bay
Community
Development
District
,
Special
Assessment,
2020
A-1,
4%,
5/01/40
..............................
1,235,000
1,142,435
Special
Assessment,
2020
A-1,
4%,
5/01/50
..............................
2,015,000
1,770,532
b
Chapel
Creek
Community
Development
District
,
Special
Assessment,
144A,
2021,
3%,
5/01/31
............................
260,000
230,900
Special
Assessment,
144A,
2021,
3.375%,
5/01/41
.........................
875,000
738,127
Special
Assessment,
144A,
2021,
4%,
5/01/52
............................
1,125,000
987,462
b
Chapel
Crossings
Community
Development
District
,
Special
Assessment,
144A,
2020,
2.625%,
5/01/25
.........................
370,000
356,004
Special
Assessment,
144A,
2020,
3.2%,
5/01/30
..........................
695,000
630,678
Special
Assessment,
144A,
2020,
3.7%,
5/01/40
..........................
1,825,000
1,612,755
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
3,010,000
2,635,947
b
Charlotte
County
Industrial
Development
Authority
,
MSKP
Town
&
Country
Utility
LLC,
Revenue,
144A,
2021
A,
4%,
10/01/41
.......
1,500,000
1,316,894
MSKP
Town
&
Country
Utility
LLC,
Revenue,
144A,
2021
A,
4%,
10/01/51
.......
4,000,000
3,310,820
MSKP
Town
&
Country
Utility
LLC,
Revenue,
144A,
2021
B,
5%,
10/01/36
.......
2,500,000
2,185,678
b
Coco
Palms
Community
Development
District
,
Special
Assessment
,
144A,
2019
,
4.75
%
,
6/15/39
...................................................
500,000
504,635
Collier
County
Educational
Facilities
Authority
,
Ave
Maria
University,
Inc.,
Revenue,
2013
A,
Refunding,
6%,
6/01/33
...........
5,500,000
5,658,172
Ave
Maria
University,
Inc.,
Revenue,
2013
A,
Refunding,
6%,
6/01/38
...........
12,000,000
12,334,351
Coral
Keys
Homes
Community
Development
District
,
Special
Assessment,
2020,
4%,
5/01/40
.................................
570,000
526,740
Special
Assessment,
2020,
4%,
5/01/50
.................................
750,000
659,981
Cordoba
Ranch
Community
Development
District
,
Special
Assessment,
2021,
Refunding,
3%,
5/01/31
........................
835,000
741,319
Special
Assessment,
2021,
Refunding,
3%,
5/01/37
........................
825,000
688,486
b
Cordova
Palms
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.4%,
5/01/26
..........................
345,000
319,724
Special
Assessment,
144A,
2021,
2.8%,
5/01/31
..........................
385,000
333,570
Special
Assessment,
144A,
2021,
3%,
5/01/41
............................
1,215,000
956,954
Special
Assessment,
144A,
2021,
4%,
5/01/52
............................
1,945,000
1,702,001
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
76
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Creekview
Community
Development
District
,
Special
Assessment,
2022,
4.25%,
5/01/32
..............................
$
805,000
$
785,874
Special
Assessment,
2022,
4.625%,
5/01/42
.............................
2,455,000
2,380,295
Special
Assessment,
2022,
4.75%,
5/01/53
..............................
4,145,000
3,988,027
b
Crestview
II
Community
Development
District
,
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/31
...................
250,000
249,251
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/37
...................
475,000
445,938
Cross
Creek
North
Community
Development
District
,
Special
Assessment,
2022,
3.75%,
5/01/32
..............................
460,000
432,335
Special
Assessment,
2022,
4.25%,
5/01/42
..............................
2,340,000
2,213,254
Special
Assessment,
2022,
4.5%,
5/01/52
...............................
1,750,000
1,646,858
Crystal
Cay
Community
Development
District
,
Special
Assessment,
2021,
2.7%,
5/01/31
...............................
200,000
172,412
Special
Assessment,
2021,
3.05%,
5/01/41
..............................
850,000
677,108
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,000,000
875,588
b
Currents
Community
Development
District
,
Special
Assessment,
144A,
2020
A,
4%,
5/01/40
..........................
3,100,000
2,867,652
Special
Assessment,
144A,
2020
A,
4%,
5/01/51
..........................
5,815,000
5,091,546
b
Cypress
Bluff
Community
Development
District
,
Special
Assessment,
144A,
2020
A,
3.125%,
5/01/30
.......................
250,000
228,313
Special
Assessment,
144A,
2020
A,
3.625%,
5/01/40
.......................
800,000
704,662
Special
Assessment,
144A,
2020
A,
3.8%,
5/01/50
.........................
1,175,000
1,004,314
b
Cypress
Park
Estates
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.25%,
5/01/30
.........................
295,000
273,274
Special
Assessment,
144A,
2020,
3.875%,
5/01/40
.........................
1,170,000
1,055,921
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,210,000
1,052,979
DG
Farms
Community
Development
District
,
Special
Assessment,
2020,
2.75%,
5/01/25
..............................
100,000
95,896
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
200,000
180,070
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
325,000
281,625
b
Downtown
Doral
South
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2018
,
5
%
,
12/15/48
.................................
5,310,000
5,359,154
b
DW
Bayview
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.375%,
5/01/26
.........................
335,000
312,573
Special
Assessment,
144A,
2021,
3%,
5/01/32
............................
430,000
377,213
Special
Assessment,
144A,
2021,
3.375%,
5/01/41
.........................
1,160,000
976,976
Special
Assessment,
144A,
2021,
4%,
5/01/51
............................
750,000
659,328
East
547
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
2.5%,
5/01/26
................
130,000
121,501
Assessment
Area
1,
Special
Assessment,
2021,
3%,
5/01/31
.................
140,000
124,205
Assessment
Area
1,
Special
Assessment,
2021,
3.3%,
5/01/41
................
600,000
503,377
Assessment
Area
1,
Special
Assessment,
2021,
4%,
5/01/51
.................
1,770,000
1,562,387
East
Bonita
Beach
Road
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/32
.................................
255,000
222,967
Special
Assessment,
2021,
3.25%,
5/01/41
..............................
750,000
616,126
Special
Assessment,
2021,
4%,
5/01/51
.................................
750,000
658,817
East
Nassau
Stewardship
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
305,000
283,850
Special
Assessment,
2021,
3%,
5/01/31
.................................
500,000
440,008
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
1,270,000
1,061,062
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,520,000
1,315,959
Eden
Hills
Community
Development
District
,
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
110,000
100,161
Special
Assessment,
2020,
4%,
5/01/40
.................................
300,000
277,515
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
77
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Eden
Hills
Community
Development
District,
(continued)
Special
Assessment,
2020,
4.125%,
5/01/51
.............................
$
500,000
$
443,584
Special
Assessment,
2022,
3.25%,
5/01/27
..............................
455,000
432,171
Special
Assessment,
2022,
3.625%,
5/01/32
.............................
610,000
555,087
Special
Assessment,
2022,
4%,
5/01/42
.................................
1,645,000
1,499,072
Special
Assessment,
2022,
4.125%,
5/01/52
.............................
1,590,000
1,402,153
Edgewater
East
Community
Development
District
,
Assessment
Area
One,
Special
Assessment,
2021,
2.5%,
5/01/26
.............
425,000
401,258
Assessment
Area
One,
Special
Assessment,
2021,
3.1%,
5/01/31
.............
700,000
628,924
Assessment
Area
One,
Special
Assessment,
2021,
3.6%,
5/01/41
.............
2,625,000
2,297,774
Assessment
Area
One,
Special
Assessment,
2021,
4%,
5/01/51
...............
2,825,000
2,469,684
Assessment
Area
Two,
Special
Assessment,
2022,
3.375%,
5/01/32
............
1,985,000
1,806,755
Assessment
Area
Two,
Special
Assessment,
2022,
4%,
5/01/42
...............
4,000,000
3,655,828
Assessment
Area
Two,
Special
Assessment,
2022,
4%,
5/01/52
...............
6,200,000
5,393,458
b
Enbrook
Community
Development
District
,
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
835,000
771,398
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,150,000
1,010,189
b
Entrada
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.125%,
5/01/26
.........................
165,000
153,942
Special
Assessment,
144A,
2021,
2.625%,
5/01/31
.........................
370,000
324,311
Special
Assessment,
144A,
2021,
3.125%,
5/01/41
.........................
935,000
771,730
Special
Assessment,
144A,
2021,
4%,
5/01/52
............................
2,300,000
2,018,812
Epperson
North
Community
Development
District
,
b
Special
Assessment,
144A,
2018
A-1,
5.5%,
11/01/39
.......................
1,500,000
1,562,887
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
210,000
196,492
Special
Assessment,
2021,
3%,
5/01/31
.................................
300,000
263,340
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
1,460,000
1,243,272
Special
Assessment,
2021,
4%,
5/01/51
.................................
3,010,000
2,641,823
Special
Assessment,
2021
A,
2.45%,
11/01/26
............................
250,000
230,816
Special
Assessment,
2021
A,
3.1%,
11/01/31
.............................
500,000
440,755
Special
Assessment,
2021
A,
4%,
11/01/51
..............................
2,750,000
2,407,012
Epperson
Ranch
II
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2020,
3.25%,
5/01/25
...............
435,000
427,507
Assessment
Area
2,
Special
Assessment,
2020,
3.625%,
5/01/30
..............
840,000
792,220
Assessment
Area
2,
Special
Assessment,
2020,
4.2%,
5/01/40
................
2,290,000
2,173,755
Assessment
Area
2,
Special
Assessment,
2020,
4.375%,
5/01/51
..............
3,960,000
3,657,616
Fallschase
Community
Development
District
,
Special
Assessment,
2021,
3.125%,
5/01/31
.............................
750,000
660,003
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
1,000,000
826,059
Special
Assessment,
2021,
4%,
5/01/52
.................................
2,215,000
1,924,176
Florida
Development
Finance
Corp.
,
b
Revenue,
144A,
2021
A,
4%,
7/01/51
...................................
1,700,000
1,478,308
b,f
Brightline
Trains
Florida
LLC,
Revenue,
144A,
2019
A,
Refunding,
Mandatory
Put,
6.375%,
1/01/26
.................................................
2,000,000
1,961,477
b,f
Brightline
Trains
Florida
LLC,
Revenue,
144A,
2019
A,
Refunding,
Mandatory
Put,
6.5%,
1/01/29
...................................................
4,000,000
3,867,114
b
Brightline
Trains
Florida
LLC,
Revenue,
144A,
2019
B,
7.375%,
1/01/49
.........
12,000,000
12,142,760
b,f
Brightline
Trains
Florida
LLC,
Revenue,
144A,
2021
A-1,
Mandatory
Put,
6.75%,
8/15/23
........................................................
31,000,000
30,827,758
Glenridge
on
Palmer
Ranch
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
6/01/31
........................................................
450,000
437,616
Glenridge
on
Palmer
Ranch
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
6/01/51
........................................................
5,500,000
4,830,200
b
Mayflower
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
144A,
2020
A,
5.25%,
6/01/50
........................................................
5,000,000
5,055,287
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
78
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Florida
Development
Finance
Corp.,
(continued)
b
Mayflower
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
6/01/55
............................................
$
3,750,000
$
2,979,199
River
City
Education
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/55
..........
1,000,000
864,040
b
Forest
Lake
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.25%,
5/01/30
.........................
350,000
327,351
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
1,275,000
1,179,605
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,170,000
1,030,218
Special
Assessment,
144A,
2022,
4.75%,
5/01/27
.........................
110,000
110,922
Special
Assessment,
144A,
2022,
5%,
5/01/32
............................
175,000
178,004
Special
Assessment,
144A,
2022,
5.375%,
5/01/42
.........................
700,000
713,982
Special
Assessment,
144A,
2022,
5.5%,
5/01/52
..........................
620,000
632,311
Gracewater
Sarasota
Community
Development
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
250,000
232,051
Special
Assessment,
2021,
2.95%,
5/01/31
..............................
500,000
439,244
Special
Assessment,
2021,
3.35%,
5/01/41
..............................
3,170,000
2,631,140
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,535,000
1,334,441
Grand
Oaks
Community
Development
District
,
Special
Assessment,
2020,
4.25%,
5/01/40
..............................
1,100,000
1,046,870
Special
Assessment,
2020,
4.5%,
5/01/52
...............................
3,500,000
3,281,401
Assessment
Area
No.
3,
Special
Assessment,
2021,
3.2%,
11/01/31
............
215,000
190,496
Assessment
Area
No.
3,
Special
Assessment,
2021,
3.5%,
11/01/41
............
555,000
467,611
Assessment
Area
No.
3,
Special
Assessment,
2021,
4%,
11/01/51
.............
1,205,000
1,050,464
Grande
Pines
Community
Development
District
,
Special
Assessment,
2021,
3.75%,
5/01/41
..............................
710,000
610,118
Special
Assessment,
2021,
4%,
5/01/51
.................................
750,000
649,004
Greeneway
Improvement
District
,
Special
Assessment
,
2013
,
5.125
%
,
5/01/43
.....
26,745,000
26,815,922
Grove
Resort
Community
Development
District
,
Special
Assessment,
2022,
3.3%,
5/01/32
...............................
170,000
152,339
Special
Assessment,
2022,
3.55%,
5/01/42
..............................
435,000
371,318
Special
Assessment,
2022,
4%,
5/01/52
.................................
640,000
560,963
Hammock
Reserve
Community
Development
District
,
Special
Assessment,
2020,
4%,
5/01/40
.................................
540,000
498,397
Special
Assessment,
2020,
4%,
5/01/51
.................................
860,000
753,035
Special
Assessment,
2021,
3%,
5/01/31
.................................
200,000
175,431
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
520,000
430,519
Special
Assessment,
2021,
4%,
5/01/51
.................................
630,000
551,621
Special
Assessment,
2022,
4.4%,
5/01/32
...............................
500,000
491,312
Special
Assessment,
2022,
4.7%,
5/01/42
...............................
1,500,000
1,467,663
Special
Assessment,
2022,
5%,
5/01/52
.................................
2,300,000
2,284,004
Hawkstone
Community
Development
District
,
Special
Assessment,
2021,
2.6%,
5/01/26
...............................
155,000
146,086
Special
Assessment,
2021,
3.2%,
5/01/31
...............................
440,000
394,851
Special
Assessment,
2021,
3.45%,
5/01/41
..............................
1,125,000
965,917
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,000,000
877,744
Heritage
Harbour
North
Community
Development
District
,
Special
Assessment
,
2014
,
5.125
%
,
5/01/45
...................................................
2,170,000
2,224,766
Hills
of
Minneola
Community
Development
District
,
b
Special
Assessment,
144A,
2020,
3.5%,
5/01/31
..........................
1,000,000
926,407
b
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
2,625,000
2,428,254
b
Special
Assessment,
144A,
2020,
4%,
5/01/50
............................
5,505,000
4,861,507
Special
Assessment,
2021,
2.375%,
5/01/26
.............................
100,000
92,530
Special
Assessment,
2021,
2.8%,
5/01/31
...............................
250,000
218,404
Special
Assessment,
2021,
3.2%,
5/01/41
...............................
500,000
411,551
Special
Assessment,
2021,
4%,
5/01/52
.................................
900,000
789,372
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
79
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
g
Hilltop
Point
Community
Development
District
,
Assessment
Area
One,
Special
Assessment,
2022-1,
5.375%,
5/01/52
..........
$
700,000
$
703,965
Assessment
Area
Two,
Special
Assessment,
2022-2,
5.6%,
5/01/53
............
745,000
750,584
Holly
Hill
Road
East
Community
Development
District
,
Special
Assessment,
2020,
4.5%,
11/01/31
...............................
165,000
165,590
Special
Assessment,
2020,
5%,
11/01/41
................................
350,000
348,693
Special
Assessment,
2020,
5%,
11/01/50
................................
520,000
517,896
Hyde
Park
Community
Development
District
No.
1
,
Special
Assessment,
2022,
4%,
5/01/42
.................................
2,710,000
2,476,165
Special
Assessment,
2022,
4%,
5/01/52
.................................
2,545,000
2,194,548
Indigo
Community
Development
District
,
Special
Assessment,
1999
A,
7%,
5/01/31
...............................
475,000
475,525
Special
Assessment,
1999
C,
7%,
5/01/30
...............................
4,123,752
2,886,626
2021
Assessment
Area,
Special
Assessment,
2021,
2.2%,
5/01/26
.............
245,000
226,114
2021
Assessment
Area,
Special
Assessment,
2021,
2.7%,
5/01/31
.............
240,000
208,198
2021
Assessment
Area,
Special
Assessment,
2021,
3.125%,
5/01/41
...........
855,000
686,711
2021
Assessment
Area,
Special
Assessment,
2021,
4%,
5/01/52
..............
1,375,000
1,199,271
Kindred
Community
Development
District
II
,
Special
Assessment,
2020,
3.5%,
5/01/40
...............................
395,000
348,955
Special
Assessment,
2020,
3.75%,
5/01/50
..............................
570,000
487,948
Special
Assessment,
2021,
2.2%,
5/01/26
...............................
100,000
93,128
Special
Assessment,
2021,
2.7%,
5/01/31
...............................
235,000
205,960
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
500,000
411,302
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,810,000
1,588,717
Kingman
Gate
Community
Development
District
,
Special
Assessment,
2020,
3.125%,
6/15/30
.............................
375,000
347,829
Special
Assessment,
2020,
4%,
6/15/40
.................................
775,000
722,017
Special
Assessment,
2020,
4%,
6/15/50
.................................
2,270,000
2,004,772
Special
Assessment,
2021,
2.5%,
6/15/26
...............................
100,000
94,072
Special
Assessment,
2021,
3.125%,
6/15/31
.............................
250,000
224,419
Special
Assessment,
2021,
3.6%,
6/15/41
...............................
750,000
653,193
Special
Assessment,
2021,
4%,
6/15/51
.................................
750,000
659,379
Lake
Ashton
Community
Development
District
,
Special
Assessment
,
2015
A-1
,
Refunding
,
5
%
,
5/01/32
.............................................
2,175,000
2,199,775
Lakes
of
Sarasota
Community
Development
District
,
Special
Assessment,
2021
A-1,
3.9%,
5/01/41
............................
285,000
247,579
Special
Assessment,
2021
A-1,
4.1%,
5/01/51
............................
265,000
233,185
Special
Assessment,
2021
A-2,
3.875%,
5/01/31
..........................
670,000
599,072
Special
Assessment,
2021
B-1,
3.625%,
5/01/31
..........................
125,000
112,296
Special
Assessment,
2021
B-1,
4.125%,
5/01/41
..........................
200,000
182,679
Special
Assessment,
2021
B-1,
4.3%,
5/01/51
............................
325,000
292,064
Special
Assessment,
2021
B-2,
4.125%,
5/01/31
..........................
1,000,000
941,771
Lakewood
Park
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
3.2%,
5/01/31
................
125,000
110,732
Assessment
Area
1,
Special
Assessment,
2021,
3.625%,
5/01/41
..............
325,000
275,177
Assessment
Area
1,
Special
Assessment,
2021,
4%,
5/01/52
.................
500,000
431,133
Lakewood
Ranch
Stewardship
District
,
Special
Assessment,
2020,
3%,
5/01/30
.................................
470,000
420,014
b
Special
Assessment,
144A,
2020,
3.125%,
5/01/30
.........................
250,000
227,842
b
Special
Assessment,
144A,
2020,
Refunding,
3.2%,
5/01/30
..................
440,000
402,213
Special
Assessment,
2020,
3.5%,
5/01/40
...............................
750,000
640,393
b
Special
Assessment,
144A,
2020,
3.625%,
5/01/40
.........................
1,080,000
948,701
b
Special
Assessment,
144A,
2020,
Refunding,
3.75%,
5/01/40
.................
2,100,000
1,868,846
Special
Assessment,
2020,
4%,
5/01/50
.................................
1,270,000
1,104,046
b
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/50
...................
1,250,000
1,098,972
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
80
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Lakewood
Ranch
Stewardship
District,
(continued)
b
Special
Assessment,
144A,
2020,
3.875%,
5/01/51
.........................
$
2,650,000
$
2,274,047
Special
Assessment,
2020
A,
3.75%,
5/01/40
.............................
525,000
467,874
Special
Assessment,
2020
A,
3.9%,
5/01/50
..............................
770,000
667,250
Star
Farms
at
Lakewood
Ranch
Proj-Phase
1/2,
Special
Assessment,
2021,
2.3%,
5/01/26
........................................................
185,000
172,051
Star
Farms
at
Lakewood
Ranch
Proj-Phase
1/2,
Special
Assessment,
2021,
2.7%,
5/01/31
........................................................
105,000
92,524
Star
Farms
at
Lakewood
Ranch
Proj-Phase
1/2,
Special
Assessment,
2021,
3%,
5/01/41
........................................................
430,000
346,057
Star
Farms
at
Lakewood
Ranch
Proj-Phase
1/2,
Special
Assessment,
2021,
4%,
5/01/52
........................................................
685,000
597,331
Laurel
Road
Community
Development
District
,
Special
Assessment,
2021
A-1,
2.6%,
5/01/26
............................
230,000
214,629
Special
Assessment,
2021
A-1,
3%,
5/01/31
..............................
350,000
308,154
Special
Assessment,
2021
A-1,
3.25%,
5/01/41
...........................
1,195,000
966,420
Special
Assessment,
2021
A-1,
4%,
5/01/52
..............................
1,455,000
1,258,701
Special
Assessment,
2021
A-2,
3.125%,
5/01/31
..........................
2,140,000
1,889,608
Leomas
Landing
Community
Development
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
335,000
311,617
Special
Assessment,
2021,
2.95%,
5/01/31
..............................
470,000
413,723
Special
Assessment,
2021,
3.35%,
5/01/41
..............................
1,210,000
998,074
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,645,000
1,430,069
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
8,000,000
6,796,000
Live
Oak
Lake
Community
Development
District
,
Special
Assessment,
2020,
4.4%,
5/01/40
...............................
1,600,000
1,559,273
Special
Assessment,
2020,
4.6%,
5/01/51
...............................
2,845,000
2,739,568
LTC
Ranch
West
Residential
Community
Development
District
,
Special
Assessment,
2021
B,
3.25%,
5/01/31
.............................
4,000,000
3,583,872
Assessment
Area
1,
Special
Assessment,
2021
A,
3.125%,
5/01/31
............
700,000
626,534
Assessment
Area
1,
Special
Assessment,
2021
A,
3.45%,
5/01/41
.............
1,250,000
1,069,736
b
Magnolia
Park
Community
Development
District
,
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/31
...................
250,000
250,711
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/39
...................
688,000
640,588
Mangrove
Point
&
Mangrove
Manor
,
Community
Development
District,
Special
Assessment,
2022,
4%,
5/01/32
.......
345,000
334,181
Community
Development
District,
Special
Assessment,
2022,
4.25%,
5/01/42
.....
1,130,000
1,075,838
Community
Development
District,
Special
Assessment,
2022,
4.375%,
5/01/52
....
1,500,000
1,406,053
Marshall
Creek
Community
Development
District
,
Special
Assessment
,
2015
A
,
Refunding
,
5
%
,
5/01/32
.............................................
1,680,000
1,696,002
Meadow
View
at
Twin
Creeks
Community
Development
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
360,000
334,269
Special
Assessment,
2021,
3%,
5/01/31
.................................
430,000
377,598
Special
Assessment,
2021,
3.25%,
5/01/41
..............................
1,945,000
1,586,764
Special
Assessment,
2021,
3.75%,
5/01/52
..............................
630,000
518,101
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,000,000
873,629
Mirada
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/32
...............................................
3,000,000
2,644,311
Mirada
II
Community
Development
District
,
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
405,000
378,811
Special
Assessment,
2021,
3.125%,
5/01/31
.............................
650,000
575,990
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
2,100,000
1,762,565
Special
Assessment,
2021,
4%,
5/01/51
.................................
2,375,000
2,062,815
New
Port
Tampa
Bay
Community
Development
District
,
Special
Assessment,
2021,
2.875%,
5/01/26
.............................
350,000
330,421
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
81
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
New
Port
Tampa
Bay
Community
Development
District,
(continued)
Special
Assessment,
2021,
3.5%,
5/01/31
...............................
$
500,000
$
446,271
Special
Assessment,
2021,
3.875%,
5/01/41
.............................
1,250,000
1,081,119
Special
Assessment,
2021,
4.125%,
5/01/52
.............................
2,250,000
1,980,442
North
AR-1
Pasco
Community
Development
District
,
Special
Assessment,
2021,
2.625%,
5/01/26
.............................
200,000
187,430
Special
Assessment,
2021,
3.125%,
5/01/31
.............................
400,000
353,217
Assessment
Area
2,
Special
Assessment,
2021
A,
2.625%,
5/01/26
............
250,000
233,419
Assessment
Area
2,
Special
Assessment,
2021
A,
3.25%,
5/01/31
.............
275,000
241,805
Assessment
Area
2,
Special
Assessment,
2021
A,
3.55%,
5/01/41
.............
985,000
822,587
Assessment
Area
2,
Special
Assessment,
2021
A,
4%,
5/01/52
................
1,500,000
1,293,398
North
Park
Isle
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021,
2.45%,
11/01/26
..............
265,000
243,665
Assessment
Area
2,
Special
Assessment,
2021,
3%,
11/01/31
................
500,000
438,187
Assessment
Area
2,
Special
Assessment,
2021,
3.375%,
11/01/41
.............
1,500,000
1,244,486
Assessment
Area
2,
Special
Assessment,
2021,
4%,
11/01/51
................
2,500,000
2,197,933
North
Powerline
Road
Community
Development
District
,
Special
Assessment,
2020,
3.125%,
5/01/30
.............................
490,000
442,395
Special
Assessment,
2020,
3.625%,
5/01/40
.............................
1,000,000
873,790
Special
Assessment,
2020,
4%,
5/01/51
.................................
1,495,000
1,313,671
b,d
Special
Assessment,
144A,
2022,
5.25%,
5/01/32
.........................
295,000
296,913
b,d
Special
Assessment,
144A,
2022,
5.625%,
5/01/52
.........................
2,000,000
2,014,961
North
River
Ranch
Community
Development
District
,
Special
Assessment,
2020
A-1,
3%,
5/01/25
..............................
450,000
435,312
Special
Assessment,
2020
A-1,
3.5%,
5/01/30
............................
855,000
781,574
Special
Assessment,
2020
A-1,
4%,
5/01/40
..............................
1,150,000
1,059,812
Special
Assessment,
2020
A-1,
4.25%,
5/01/51
...........................
1,960,000
1,769,993
Special
Assessment,
2020
A-2,
4.2%,
5/01/35
............................
1,670,000
1,577,405
Special
Assessment,
2020
A-3,
4.75%,
5/01/40
...........................
2,000,000
1,914,267
b
North
Springs
Improvement
District
,
Special
Assessment
,
144A,
2017-2
,
5
%
,
5/01/48
5,000,000
5,047,614
Northern
Palm
Beach
County
,
Improvement
District
Unit
of
Development
No.
2C,
Special
Assessment,
2014,
5%,
8/01/34
........................................................
2,700,000
2,757,880
Improvement
District
Unit
of
Development
No.
2C,
Special
Assessment,
2014,
5.2%,
8/01/46
........................................................
6,000,000
6,077,275
Improvement
District
Unit
of
Development
No.
2C,
Special
Assessment,
2017,
5%,
8/01/37
........................................................
750,000
777,552
Improvement
District
Unit
of
Development
No.
2C,
Special
Assessment,
2017,
5%,
8/01/46
........................................................
3,000,000
3,054,361
Old
Hickory
Community
Development
District
,
Special
Assessment,
2020,
4%,
6/15/40
.................................
1,300,000
1,202,158
Special
Assessment,
2020,
4%,
6/15/50
.................................
1,955,000
1,727,238
Orange
County
Health
Facilities
Authority
,
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/41
............................................
3,800,000
4,055,465
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/47
............................................
4,285,000
4,573,070
b
Osceola
Village
Center
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.875%,
5/01/31
.........................
180,000
155,791
Special
Assessment,
144A,
2021,
3.3%,
5/01/41
..........................
370,000
298,711
Special
Assessment,
144A,
2021,
4%,
5/01/51
............................
405,000
350,462
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/32
...........................................
1,500,000
1,604,129
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
82
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Palm
Beach
County
Health
Facilities
Authority,
(continued)
Federation
CCRC
Operations
Corp.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
6/01/36
....................................................
$
2,000,000
$
1,904,973
Palm
Coast
Park
Community
Development
District
,
Spring
Lake
-
Tracts
2
&
3,
Special
Assessment,
2021,
2.8%,
5/01/31
...........
350,000
300,927
Spring
Lake
-
Tracts
2
&
3,
Special
Assessment,
2021,
3.125%,
5/01/41
.........
730,000
579,867
Spring
Lake
-
Tracts
2
&
3,
Special
Assessment,
2021,
4%,
5/01/52
............
1,210,000
1,053,630
Park
East
Community
Development
District
,
Special
Assessment,
2021,
3.15%,
11/01/41
..............................
750,000
601,244
Special
Assessment,
2021,
4%,
11/01/51
................................
2,750,000
2,406,855
Parkview
at
Long
Lake
Ranch
Community
Development
District
,
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
955,000
848,615
Special
Assessment,
2020,
4%,
5/01/51
.................................
800,000
701,604
Parrish
Plantation
Community
Development
District
,
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
255,000
239,014
Special
Assessment,
2021,
3.125%,
5/01/31
.............................
235,000
208,659
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
790,000
664,081
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,370,000
1,191,000
b
Pine
Isle
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.375%,
12/15/26
........................
100,000
91,791
Special
Assessment,
144A,
2021,
3%,
12/15/31
...........................
225,000
195,209
Special
Assessment,
144A,
2021,
3.25%,
12/15/41
.........................
1,000,000
816,597
Special
Assessment,
144A,
2021,
4%,
12/15/51
...........................
1,200,000
1,049,252
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment
,
2020
A-2
,
Refunding
,
3.75
%
,
5/01/37
.......................................
700,000
629,914
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.,
Revenue,
2017,
5%,
7/01/39
................................................
2,000,000
2,075,953
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.,
Revenue,
2019,
5%,
7/01/29
................................................
900,000
940,458
Preserve
at
South
Branch
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/31
.................................
150,000
133,171
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
750,000
636,863
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,000,000
879,792
Quail
Roost
Community
Development
District
,
Expansion
Area,
Special
Assessment,
2021,
2.2%,
12/15/26
.................
200,000
184,463
Expansion
Area,
Special
Assessment,
2021,
2.7%,
12/15/31
.................
200,000
174,417
Expansion
Area,
Special
Assessment,
2021,
3.125%,
12/15/41
................
740,000
604,828
Expansion
Area,
Special
Assessment,
2021,
4%,
12/15/51
...................
2,375,000
2,087,153
Reunion
East
Community
Development
District
,
2021
Assessment
Area,
Special
Assessment,
2021,
2.4%,
5/01/26
.............
405,000
377,266
2021
Assessment
Area,
Special
Assessment,
2021,
2.85%,
5/01/31
............
400,000
352,967
2021
Assessment
Area,
Special
Assessment,
2021,
3.15%,
5/01/41
............
1,455,000
1,194,880
2021
Assessment
Area,
Special
Assessment,
2021,
4%,
5/01/51
..............
4,535,000
4,022,869
Rhodine
Road
North
Community
Development
District
,
Special
Assessment,
2022,
2.6%,
5/01/27
...............................
125,000
115,527
Special
Assessment,
2022,
3%,
5/01/32
.................................
190,000
166,494
Special
Assessment,
2022,
3.3%,
5/01/42
...............................
490,000
406,487
Special
Assessment,
2022,
4%,
5/01/52
.................................
1,065,000
933,477
Ridge
at
Apopka
Community
Development
District
,
Special
Assessment,
2022,
5.375%,
5/01/42
.............................
850,000
866,978
Special
Assessment,
2022,
5.5%,
5/01/52
...............................
2,150,000
2,192,689
River
Glen
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/31
.................................
350,000
312,426
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
83
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
River
Glen
Community
Development
District,
(continued)
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
$
1,000,000
$
845,298
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,000,000
875,051
River
Hall
Community
Development
District
,
Special
Assessment,
2020
A,
3.25%,
5/01/31
.............................
430,000
390,285
Special
Assessment,
2020
A,
3.625%,
5/01/40
............................
1,030,000
902,568
Special
Assessment,
2020
A,
3.875%,
5/01/51
............................
2,690,000
2,306,367
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/23
.....................
150,000
149,893
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/24
.....................
250,000
248,417
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/25
.....................
150,000
147,163
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/31
.....................
1,000,000
878,035
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/36
.....................
1,000,000
829,444
River
Landing
Community
Development
District
,
Special
Assessment,
2020
A,
3%,
5/01/25
...............................
250,000
242,160
Special
Assessment,
2020
A,
3.6%,
5/01/30
..............................
475,000
437,685
Special
Assessment,
2020
A,
4.125%,
5/01/40
............................
850,000
794,161
Special
Assessment,
2020
A,
4.35%,
5/01/51
.............................
1,100,000
1,010,038
Special
Assessment,
2020
B,
4.25%,
11/01/35
............................
1,135,000
1,046,212
River
Place
on
the
St.
Lucie
Community
Development
District
,
Special
Assessment,
2001
A,
7.625%,
5/01/30
............................
1,005,000
963,375
e
Special
Assessment,
2001
B,
7.25%,
5/01/10
.............................
35,000
1,750
Rivers
Edge
II
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/31
.................................
205,000
179,577
Special
Assessment,
2021,
4%,
5/01/51
.................................
910,000
791,658
b
Rivers
Edge
III
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.4%,
5/01/26
..........................
165,000
153,744
Special
Assessment,
144A,
2021,
3%,
5/01/31
............................
300,000
264,914
Special
Assessment,
144A,
2021,
3.5%,
5/01/41
..........................
775,000
652,476
Special
Assessment,
144A,
2021,
4%,
5/01/51
............................
905,000
788,579
Rivington
Community
Development
District
,
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
1,745,000
1,535,730
Special
Assessment,
2022,
3.625%,
5/01/32
.............................
430,000
390,472
Special
Assessment,
2022,
4%,
5/01/52
.................................
4,365,000
3,763,789
Rolling
Hills
Community
Development
District
,
Special
Assessment,
2022
A-1,
4%,
5/01/52
..............................
945,000
814,841
Special
Assessment,
2022
A-2,
Refunding,
3.65%,
5/01/32
...................
1,000,000
902,570
Rustic
Oaks
Community
Development
District
,
Special
Assessment,
2022,
3.2%,
5/01/32
...............................
1,000,000
887,952
Special
Assessment,
2022,
3.45%,
5/01/42
..............................
2,000,000
1,689,053
Special
Assessment,
2022,
4%,
5/01/52
.................................
1,500,000
1,316,616
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
,
Special
Assessment,
2020,
3%,
6/15/30
.................................
250,000
225,836
Special
Assessment,
2020,
4%,
6/15/40
.................................
610,000
564,089
Special
Assessment,
2020,
4%,
6/15/50
.................................
785,000
692,174
Special
Assessment,
2022,
3.1%,
12/15/32
..............................
300,000
265,504
Special
Assessment,
2022,
3.35%,
12/15/41
.............................
485,000
407,052
Special
Assessment,
2022,
4%,
12/15/51
................................
1,000,000
879,358
Sanctuary
Cove
Community
Development
District
,
Special
Assessment,
2021,
2.625%,
5/01/31
.............................
190,000
163,163
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
400,000
319,133
Special
Assessment,
2021,
4%,
5/01/52
.................................
770,000
670,492
Sandmine
Road
Community
Development
District
,
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
3.125%,
5/01/30
.........
300,000
273,858
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
3.625%,
5/01/40
.........
1,040,000
923,528
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
84
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Sandmine
Road
Community
Development
District,
(continued)
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
3.75%,
5/01/50
..........
$
2,020,000
$
1,714,930
Assessment
Area
2,
Special
Assessment,
2021,
2.3%,
11/01/26
...............
250,000
230,289
Assessment
Area
2,
Special
Assessment,
2021,
3%,
11/01/31
................
450,000
394,628
Assessment
Area
2,
Special
Assessment,
2021,
3.3%,
11/01/41
...............
1,180,000
978,783
Assessment
Area
2,
Special
Assessment,
2021,
4%,
11/01/51
................
750,000
658,294
Sandridge
Community
Development
District
,
Special
Assessment,
2021
A-1,
2.875%,
5/01/26
..........................
400,000
379,037
Special
Assessment,
2021
A-1,
3.4%,
5/01/31
............................
750,000
671,653
Special
Assessment,
2021
A-1,
3.875%,
5/01/41
..........................
740,000
648,992
Special
Assessment,
2021
A-1,
4%,
5/01/51
..............................
735,000
636,024
Sarasota
National
Community
Development
District
,
Special
Assessment,
2020,
Refunding,
3.5%,
5/01/31
.......................
1,490,000
1,414,095
Special
Assessment,
2020,
Refunding,
4%,
5/01/39
........................
2,210,000
2,060,173
Sawyers
Landing
Community
Development
District
,
Special
Assessment,
2021,
3.75%,
5/01/31
..............................
1,400,000
1,326,652
Special
Assessment,
2021,
4.125%,
5/01/41
.............................
3,055,000
2,883,646
Special
Assessment,
2021,
4.25%,
5/01/53
..............................
6,015,000
5,521,852
Scenic
Highway
Community
Development
District
,
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
470,000
423,164
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
1,230,000
1,065,844
Special
Assessment,
2020,
4%,
5/01/51
.................................
1,250,000
1,081,674
Scenic
Terrace
South
Community
Development
District
,
Special
Assessment,
2022,
3.75%,
5/01/27
..............................
500,000
484,636
Special
Assessment,
2022,
4.125%,
5/01/32
.............................
750,000
727,972
Special
Assessment,
2022,
4.5%,
5/01/42
...............................
3,305,000
3,170,444
Special
Assessment,
2022,
4.625%,
5/01/53
.............................
3,385,000
3,216,049
b
Seminole
County
Industrial
Development
Authority
,
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/36
.....
310,000
295,549
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/41
.....
425,000
394,412
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/51
.....
830,000
730,092
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/56
.....
705,000
603,531
Shingle
Creek
at
Bronson
Community
Development
District
,
Special
Assessment,
2021,
3.1%,
6/15/31
...............................
375,000
335,196
Special
Assessment,
2021,
3.5%,
6/15/41
...............................
1,000,000
866,689
Special
Assessment,
2021,
4%,
6/15/51
.................................
1,250,000
1,100,387
Silver
Palms
West
Community
Development
District
,
Special
Assessment,
2022,
2.6%,
6/15/27
...............................
410,000
379,774
Special
Assessment,
2022,
3%,
6/15/32
.................................
765,000
675,736
Special
Assessment,
2022,
3.25%,
6/15/42
..............................
1,750,000
1,496,352
Special
Assessment,
2022,
4%,
6/15/52
.................................
2,170,000
1,920,031
Six
Mile
Creek
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
3.125%,
11/01/25
....
285,000
278,943
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
3.625%,
11/01/31
....
505,000
472,446
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
4.125%,
11/01/40
....
1,375,000
1,290,152
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
4.25%,
11/01/50
.....
2,305,000
2,090,651
Assessment
Area
2,
Special
Assessment,
2021,
Refunding,
2.5%,
5/01/26
.......
230,000
214,449
Assessment
Area
2,
Special
Assessment,
2021,
Refunding,
3.1%,
5/01/31
.......
250,000
219,068
Assessment
Area
2,
Special
Assessment,
2021,
Refunding,
3.4%,
5/01/41
.......
750,000
614,628
Assessment
Area
2,
Special
Assessment,
2021,
Refunding,
4%,
5/01/52
........
2,050,000
1,767,644
Assessment
Area
3,
Special
Assessment,
2021,
2.5%,
5/01/26
................
285,000
266,321
Assessment
Area
3,
Special
Assessment,
2021,
3%,
5/01/31
.................
520,000
457,956
Assessment
Area
3,
Special
Assessment,
2021,
3.4%,
5/01/41
................
805,000
659,701
Assessment
Area
3,
Special
Assessment,
2021,
3.5%,
5/01/41
................
1,585,000
1,321,964
Assessment
Area
3,
Special
Assessment,
2021,
4%,
5/01/51
.................
1,200,000
1,038,136
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
85
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Six
Mile
Creek
Community
Development
District,
(continued)
Assessment
Area
3,
Special
Assessment,
2021,
4%,
5/01/52
.................
$
655,000
$
564,784
Somerset
Community
Development
District
,
Special
Assessment,
2022,
Refunding,
4%,
5/01/32
........................
750,000
723,742
Special
Assessment,
2022,
Refunding,
4.2%,
5/01/37
.......................
1,000,000
959,947
South
Creek
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
2.875%,
6/15/31
..............
175,000
155,158
Assessment
Area
1,
Special
Assessment,
2021,
3.25%,
6/15/41
...............
500,000
420,391
Assessment
Area
1,
Special
Assessment,
2021,
4%,
6/15/51
.................
500,000
443,456
Southern
Groves
Community
Development
District
No.
5
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
425,000
393,462
Special
Assessment,
2021,
2.8%,
5/01/31
...............................
495,000
428,824
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
1,500,000
1,196,477
Special
Assessment,
2021,
4%,
5/01/48
.................................
940,000
829,118
b
Southshore
Bay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/33
..................................
2,735,000
2,333,919
St.
Johns
County
Industrial
Development
Authority
,
Life
Care
Ponte
Vedra
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/15/46
........................
1,950,000
1,574,363
Stellar
North
Community
Development
District
,
Special
Assessment,
2021,
2.45%,
5/01/26
..............................
170,000
157,651
Special
Assessment,
2021,
3%,
5/01/31
.................................
250,000
217,756
Special
Assessment,
2021,
3.2%,
5/01/41
...............................
885,000
711,408
Special
Assessment,
2021,
4%,
5/01/52
.................................
2,225,000
1,940,639
b
Stillwater
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.375%,
6/15/26
.........................
375,000
348,519
Special
Assessment,
144A,
2021,
3%,
6/15/31
............................
325,000
288,188
Special
Assessment,
144A,
2021,
3.5%,
6/15/41
..........................
1,290,000
1,105,855
Special
Assessment,
144A,
2021,
4%,
6/15/51
............................
1,750,000
1,530,792
b
Stonewater
Community
Development
District
,
Special
Assessment,
144A,
2021,
3%,
11/01/32
...........................
250,000
217,530
Special
Assessment,
144A,
2021,
3.3%,
11/01/41
..........................
635,000
523,376
Special
Assessment,
144A,
2021,
4%,
11/01/51
...........................
1,000,000
874,631
b
Stoneybrook
South
Community
Development
District
,
Special
Assessment,
144A,
2020,
3%,
12/15/30
...........................
500,000
445,623
Special
Assessment,
144A,
2020,
3.5%,
12/15/40
.........................
1,000,000
857,001
Special
Assessment,
144A,
2020,
3.75%,
12/15/50
.........................
1,500,000
1,261,233
Storey
Drive
Community
Development
District
,
Special
Assessment,
2022,
2.55%,
6/15/27
..............................
200,000
183,053
Special
Assessment,
2022,
3%,
6/15/32
.................................
375,000
325,716
Special
Assessment,
2022,
3.25%,
6/15/42
..............................
900,000
731,297
Special
Assessment,
2022,
4%,
6/15/52
.................................
2,000,000
1,721,251
b
Storey
Park
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.875%,
6/15/31
.........................
230,000
202,046
Special
Assessment,
144A,
2021,
3.3%,
6/15/41
..........................
620,000
517,908
Special
Assessment,
144A,
2021,
4%,
6/15/51
............................
625,000
548,875
Summer
Woods
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021,
3%,
5/01/31
.................
200,000
174,809
Assessment
Area
2,
Special
Assessment,
2021,
3.4%,
5/01/41
................
500,000
412,438
Assessment
Area
2,
Special
Assessment,
2021,
4%,
5/01/51
.................
375,000
324,442
Assessment
Area
3,
Special
Assessment,
2021,
2.5%,
5/01/26
................
195,000
181,541
Assessment
Area
3,
Special
Assessment,
2021,
3.15%,
5/01/31
...............
200,000
175,746
Assessment
Area
3,
Special
Assessment,
2021,
3.45%,
5/01/41
...............
725,000
601,523
Assessment
Area
3,
Special
Assessment,
2021,
4%,
5/01/52
.................
1,000,000
861,658
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
86
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Summerstone
Community
Development
District
,
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
$
165,000
$
152,402
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
700,000
634,241
Special
Assessment,
2020,
4%,
5/01/51
.................................
910,000
801,898
b
Special
Assessment,
144A,
2021,
2.75%,
5/01/31
.........................
175,000
152,959
b
Special
Assessment,
144A,
2021,
3.15%,
5/01/41
.........................
700,000
575,448
b
Special
Assessment,
144A,
2021,
4%,
5/01/51
............................
1,750,000
1,541,327
Tamarindo
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/31
.................................
185,000
163,558
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
820,000
690,017
Special
Assessment,
2021,
4%,
5/01/51
.................................
680,000
598,915
Tern
Bay
Community
Development
District
,
Special
Assessment,
2022,
3.4%,
6/15/32
...............................
1,650,000
1,495,851
Special
Assessment,
2022,
4%,
6/15/42
.................................
3,600,000
3,288,059
Special
Assessment,
2022,
4%,
6/15/52
.................................
6,500,000
5,651,140
Timber
Creek
Southwest
Community
Development
District
,
Special
Assessment,
2020,
4%,
6/15/40
.................................
1,000,000
923,244
Special
Assessment,
2020,
4%,
6/15/50
.................................
2,000,000
1,759,389
Assessment
Area
2,
Special
Assessment,
2021,
2.35%,
12/15/26
..............
400,000
371,135
Assessment
Area
2,
Special
Assessment,
2021,
3%,
12/15/31
................
750,000
663,392
Assessment
Area
2,
Special
Assessment,
2021,
3.3%,
12/15/41
...............
2,175,000
1,809,375
Assessment
Area
2,
Special
Assessment,
2021,
4%,
12/15/51
................
4,085,000
3,588,201
Tohoqua
Community
Development
District
,
Special
Assessment,
2021,
2.875%,
5/01/31
.............................
215,000
189,113
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
810,000
673,808
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,785,000
1,557,923
Tolomato
Community
Development
District
,
Special
Assessment,
2022
B,
Refunding,
3%,
5/01/32
......................
1,500,000
1,319,226
Special
Assessment,
2022
C,
Refunding,
3.2%,
5/01/32
.....................
1,500,000
1,330,015
Assessment
Area
One,
Special
Assessment,
2022-1,
3.3%,
5/01/32
............
515,000
458,546
Assessment
Area
One,
Special
Assessment,
2022-1,
4%,
5/01/52
.............
1,970,000
1,721,050
Assessment
Area
Two,
Special
Assessment,
2022-2,
3.3%,
5/01/32
............
195,000
174,742
Assessment
Area
Two,
Special
Assessment,
2022-2,
4%,
5/01/51
.............
665,000
582,266
b
Towne
Park
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.125%,
5/01/30
.........................
410,000
369,150
Special
Assessment,
144A,
2020,
3.625%,
5/01/40
.........................
1,075,000
933,718
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,000,000
876,061
Tradition
Community
Development
District
No.
9
,
Special
Assessment,
2021,
2.3%,
5/01/26
...............................
390,000
361,001
Special
Assessment,
2021,
2.7%,
5/01/31
...............................
445,000
385,639
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,400,000
1,223,081
b
Trevesta
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.25%,
5/01/30
.........................
235,000
213,321
Special
Assessment,
144A,
2020,
3.75%,
5/01/40
.........................
880,000
772,641
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,750,000
1,524,758
Triple
Creek
Community
Development
District
,
b
Special
Assessment,
144A,
2021,
2.375%,
11/01/26
........................
185,000
169,765
b
Special
Assessment,
144A,
2021,
2.875%,
11/01/31
........................
450,000
391,221
Special
Assessment,
2021,
3%,
11/01/31
................................
250,000
220,389
b
Special
Assessment,
144A,
2021,
3.125%,
11/01/41
........................
1,190,000
960,873
Special
Assessment,
2021,
3.5%,
11/01/41
...............................
740,000
625,009
Special
Assessment,
2021,
4%,
11/01/50
................................
750,000
658,339
b
Special
Assessment,
144A,
2021,
4%,
11/01/51
...........................
2,520,000
2,202,177
Tuckers
Pointe
Community
Development
District
,
Special
Assessment,
2022,
3%,
5/01/27
.................................
310,000
292,966
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
87
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Tuckers
Pointe
Community
Development
District,
(continued)
Special
Assessment,
2022,
3.375%,
5/01/32
.............................
$
565,000
$
508,799
Special
Assessment,
2022,
3.625%,
5/01/32
.............................
4,500,000
4,063,401
Special
Assessment,
2022,
4%,
5/01/42
.................................
1,505,000
1,375,050
Special
Assessment,
2022,
4%,
5/01/52
.................................
1,500,000
1,299,753
Two
Rivers
North
Community
Development
District
,
Special
Assessment,
2022,
4.625%,
5/01/27
.............................
100,000
100,446
Special
Assessment,
2022,
4.875%,
5/01/32
.............................
380,000
383,006
Special
Assessment,
2022,
5.125%,
5/01/42
.............................
1,540,000
1,560,244
Special
Assessment,
2022,
5.25%,
5/01/52
..............................
2,000,000
2,018,375
Two
Rivers
West
Community
Development
District
,
Special
Assessment
,
2022
,
3
%
,
1/15/23
.........................................................
2,000,000
1,984,622
b
Union
Park
East
Community
Development
District
,
Assessment
Area
3,
Special
Assessment,
144A,
2021,
2.95%,
5/01/31
..........
125,000
109,469
Assessment
Area
3,
Special
Assessment,
144A,
2021,
3.35%,
5/01/41
..........
325,000
266,894
Assessment
Area
3,
Special
Assessment,
144A,
2021,
4%,
5/01/51
............
450,000
389,403
V-Dana
Community
Development
District
,
Special
Assessment,
2021,
3.125%,
5/01/31
.............................
400,000
359,654
Special
Assessment,
2021,
3.625%,
5/01/41
.............................
1,250,000
1,098,053
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,500,000
1,310,229
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
3.5%,
5/01/31
...........
375,000
346,983
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
4%,
5/01/40
............
1,775,000
1,639,798
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
4%,
5/01/51
............
3,500,000
3,081,979
b
Veranda
Community
Development
District
II
,
Special
Assessment,
144A,
2021,
Refunding,
2.5%,
5/01/26
..................
355,000
333,757
Special
Assessment,
144A,
2021,
Refunding,
3.1%,
5/01/31
..................
415,000
370,250
Special
Assessment,
144A,
2021,
Refunding,
3.6%,
5/01/41
..................
1,020,000
872,472
Special
Assessment,
144A,
2021,
Refunding,
4%,
5/01/51
...................
1,500,000
1,309,147
Verano
No.
3
Community
Development
District
,
Phase
1
Assessment
Area,
Special
Assessment,
2021,
3.375%,
5/01/41
.........
750,000
637,292
Phase
1
Assessment
Area,
Special
Assessment,
2021,
4%,
5/01/51
............
1,000,000
878,425
Viera
Stewardship
District
,
Special
Assessment,
2021,
2.3%,
5/01/26
...............................
500,000
462,320
Special
Assessment,
2021,
2.8%,
5/01/31
...............................
800,000
701,219
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
1,750,000
1,423,952
Special
Assessment,
2021,
4%,
5/01/53
.................................
1,715,000
1,502,215
Village
Community
Development
District
No.
10
,
Special
Assessment,
2014,
5.75%,
5/01/31
..............................
1,515,000
1,544,091
Special
Assessment,
2014,
6%,
5/01/44
.................................
6,500,000
6,635,720
Village
Community
Development
District
No.
13
,
b
Special
Assessment,
144A,
2020,
3.5%,
5/01/51
..........................
16,860,000
14,028,226
Special
Assessment,
2021,
2.85%,
5/01/36
..............................
1,750,000
1,479,742
Special
Assessment,
2021,
3%,
5/01/41
.................................
2,500,000
2,056,538
Special
Assessment,
2021,
3.25%,
5/01/52
..............................
6,500,000
5,226,064
Villages
of
Glen
Creek
Community
Development
District
,
Special
Assessment,
2022,
Refunding,
2.7%,
5/01/27
.......................
135,000
120,738
Special
Assessment,
2022,
Refunding,
3.15%,
5/01/32
......................
210,000
180,748
Special
Assessment,
2022,
Refunding,
3.45%,
5/01/42
......................
550,000
446,074
Special
Assessment,
2022,
Refunding,
4%,
5/01/52
........................
1,205,000
1,044,135
Special
Assessment,
2022
A,
4.625%,
5/01/27
............................
100,000
100,603
Special
Assessment,
2022
A,
4.875%,
5/01/32
............................
250,000
252,474
Special
Assessment,
2022
A,
5.125%,
5/01/42
............................
710,000
718,224
Special
Assessment,
2022
A,
5.25%,
5/01/53
.............................
1,250,000
1,264,391
Villamar
Community
Development
District
,
Special
Assessment,
2020,
3.2%,
5/01/30
...............................
240,000
218,193
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
88
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Villamar
Community
Development
District,
(continued)
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
$
655,000
$
581,169
Special
Assessment,
2020,
4%,
5/01/51
.................................
1,000,000
875,622
Phase
4
Project,
Special
Assessment,
2022,
3.25%,
5/01/27
.................
175,000
165,699
Phase
4
Project,
Special
Assessment,
2022,
3.625%,
5/01/32
................
250,000
226,306
Phase
4
Project,
Special
Assessment,
2022,
4%,
5/01/42
....................
670,000
609,790
Phase
4
Project,
Special
Assessment,
2022,
4.125%,
5/01/52
................
500,000
440,505
West
Port
Community
Development
District
,
b
Special
Assessment,
144A,
2020,
3.25%,
5/01/31
.........................
410,000
366,731
b
Special
Assessment,
144A,
2020,
3.625%,
5/01/41
.........................
1,085,000
928,516
b
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,545,000
1,348,421
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
200,000
185,837
Special
Assessment,
2021,
3%,
5/01/31
.................................
570,000
502,339
Special
Assessment,
2021,
3.4%,
5/01/41
...............................
1,470,000
1,221,548
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,250,000
1,082,203
West
Villages
Improvement
District
,
Unit
of
Development
No.
7,
Special
Assessment,
2021,
2.5%,
5/01/26
..........
205,000
193,128
Unit
of
Development
No.
7,
Special
Assessment,
2021,
3.125%,
5/01/31
........
200,000
179,009
Unit
of
Development
No.
7,
Special
Assessment,
2021,
3.5%,
5/01/41
..........
800,000
686,066
Unit
of
Development
No.
7,
Special
Assessment,
2021,
4%,
5/01/51
............
1,050,000
924,005
Unit
of
Development
No.
8,
Special
Assessment,
2021,
2.5%,
5/01/26
..........
160,000
150,764
Unit
of
Development
No.
8,
Special
Assessment,
2021,
3.125%,
5/01/31
........
525,000
469,898
Unit
of
Development
No.
8,
Special
Assessment,
2021,
3.5%,
5/01/41
..........
1,000,000
857,582
Unit
of
Development
No.
8,
Special
Assessment,
2021,
4%,
5/01/51
............
1,855,000
1,632,383
Westside
Haines
City
Community
Development
District
,
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
250,000
234,889
Special
Assessment,
2021,
3%,
5/01/31
.................................
350,000
314,904
Special
Assessment,
2021,
3.25%,
5/01/41
..............................
1,000,000
833,793
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,250,000
1,106,603
Wind
Meadows
South
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
2.4%,
5/01/26
................
220,000
203,560
Assessment
Area
1,
Special
Assessment,
2021,
2.95%,
5/01/31
...............
250,000
217,424
Assessment
Area
1,
Special
Assessment,
2021,
3.35%,
5/01/41
...............
940,000
765,801
Assessment
Area
1,
Special
Assessment,
2021,
4%,
5/01/52
.................
1,500,000
1,293,398
Windward
Community
Development
District
,
Special
Assessment,
2020
A-1,
3%,
5/01/25
..............................
25,000
24,262
Special
Assessment,
2020
A-1,
3.65%,
5/01/30
...........................
130,000
121,270
Special
Assessment,
2020
A-1,
4.25%,
5/01/40
...........................
630,000
599,571
Special
Assessment,
2020
A-1,
4.5%,
5/01/51
............................
495,000
463,089
Special
Assessment,
2020
A-2,
4.4%,
11/01/35
...........................
1,600,000
1,531,715
Wiregrass
II
Community
Development
District
,
Assessment
Area
One,
Special
Assessment,
2020,
3.125%,
5/01/30
...........
645,000
586,116
Assessment
Area
One,
Special
Assessment,
2020,
3.7%,
5/01/40
.............
1,680,000
1,486,765
Assessment
Area
One,
Special
Assessment,
2020,
3.875%,
5/01/50
...........
1,960,000
1,674,630
d
Assessment
Area
Two,
Special
Assessment,
2022,
5.25%,
5/01/52
.............
1,000,000
1,001,464
Zephyr
Lakes
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021,
2.5%,
5/01/26
................
175,000
163,167
Assessment
Area
2,
Special
Assessment,
2021,
3%,
5/01/31
.................
160,000
139,932
Assessment
Area
2,
Special
Assessment,
2021,
3.375%,
5/01/41
..............
680,000
561,241
Assessment
Area
2,
Special
Assessment,
2021,
4%,
5/01/51
.................
970,000
846,514
844,724,560
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
89
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
1.1%
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
b
Development
Authority
of
Cobb
County
(The)
,
Presbyterian
Village
Austell,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
12/01/39
1,825,000
1,753,004
Presbyterian
Village
Austell,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
12/01/49
10,760,000
9,789,598
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
B
,
4.5
%
,
12/01/36
................................
10,835,000
9,182,335
Forsyth
County
Hospital
Authority
,
Georgia
Baptist
Healthcare
System
Obligated
Group
,
Revenue
,
1998
,
ETM,
6.375
%
,
10/01/28
...........................
6,090,000
6,972,852
b
George
L
Smith
II
Congress
Center
Authority
,
Signia
Hotel
Management
LLC,
Revenue,
Second
Tier,
144A,
2021
B,
5%,
1/01/36
2,500,000
2,529,224
Signia
Hotel
Management
LLC,
Revenue,
Second
Tier,
144A,
2021
B,
5%,
1/01/54
10,000,000
9,635,799
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007
A,
5.5%,
9/15/25
......................................
5,000,000
5,403,282
Revenue,
2007
A,
5.5%,
9/15/27
......................................
4,000,000
4,455,248
Revenue,
2007
A,
5.5%,
9/15/28
......................................
10,000,000
11,230,084
Revenue,
2019
A,
5%,
5/15/49
........................................
6,500,000
7,369,890
68,358,559
Idaho
0.2%
Idaho
Housing
&
Finance
Association
,
Revenue
,
2010
A
,
7
%
,
2/01/36
............
13,305,000
13,335,214
Illinois
3.1%
Chicago
Board
of
Education
,
GO,
2022
A,
4%,
12/01/47
...........................................
14,265,000
13,395,457
GO,
2022
A,
5%,
12/01/47
...........................................
5,250,000
5,500,685
GO,
2022
B,
Refunding,
4%,
12/01/40
..................................
2,500,000
2,428,047
City
of
Belleville
,
Sales
Tax,
Tax
Allocation,
2021
B,
Refunding,
3.25%,
7/01/29
.................
825,000
765,424
Sales
Tax,
Tax
Allocation,
2021
B,
Refunding,
3.75%,
7/01/41
.................
1,000,000
869,799
Illinois
Finance
Authority
,
e
2017
IAVF
Windy
City
Obligated
Group,
Revenue,
2017
A-1,
4.375%,
12/01/42
...
883,103
7,241
e
2018
Blue
Island
LLC,
Revenue,
2018
A-1,
5%,
12/01/43
....................
3,000,000
6,000
e
2018
Blue
Island
LLC,
Revenue,
2018
A-1,
5%,
12/01/53
....................
3,075,000
6,150
b
McKinley
Foundation
at
University
of
Illinois
(The),
Revenue,
144A,
2021
A,
Refunding,
5.125%,
11/01/55
.......................................
13,560,000
12,457,167
b
McKinley
Foundation
at
University
of
Illinois
(The),
Revenue,
144A,
2021
B,
7%,
11/01/37
.......................................................
4,190,000
4,236,367
Noble
Network
of
Charter
Schools,
Revenue,
2015,
Refunding,
5%,
9/01/25
......
2,255,000
2,330,410
Noble
Network
of
Charter
Schools,
Revenue,
2015,
Refunding,
5%,
9/01/32
......
3,750,000
3,874,718
OSF
Healthcare
System
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
11/15/45
.......................................................
15,750,000
16,410,377
Rosalind
Franklin
University
of
Medicine
and
Science,
Revenue,
A,
Refunding,
5%,
8/01/47
........................................................
1,525,000
1,586,467
Rosalind
Franklin
University
of
Medicine
and
Science,
Revenue,
C,
5%,
8/01/46
...
1,900,000
1,977,786
Westminster
Village,
Inc.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/48
........................................................
4,030,000
3,536,781
Westminster
Village,
Inc.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
5/01/48
........................................................
10,000,000
9,229,007
Westminster
Village,
Inc.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.5%,
5/01/53
........................................................
10,810,000
10,096,287
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
1996,
ETM,
7%,
7/01/26
.....................................
4,720,000
5,208,124
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
90
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Metropolitan
Pier
&
Exposition
Authority,
(continued)
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn.,
6/15/35
.......................
$
10,000,000
$
5,927,503
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn.,
12/15/37
......................
13,650,000
7,224,246
Revenue,
2010
B-1,
Refunding,
AGMC
Insured,
Zero
Cpn.,
6/15/45
............
18,100,000
6,893,434
State
of
Illinois
,
GO,
2017
A,
4.25%,
12/01/40
.........................................
1,850,000
1,808,938
GO,
2017
C,
5%,
11/01/29
...........................................
6,130,000
6,591,113
GO,
2019
B,
4%,
11/01/34
...........................................
2,400,000
2,341,866
GO,
2019
C,
4%,
11/01/40
...........................................
1,490,000
1,410,768
GO,
2019
C,
4%,
11/01/43
...........................................
2,515,000
2,338,955
GO,
2020,
5.5%,
5/01/39
............................................
14,175,000
15,354,885
GO,
2020,
5.75%,
5/01/45
...........................................
7,420,000
8,103,746
GO,
2020
B,
4%,
10/01/34
...........................................
2,000,000
1,952,104
GO,
2020
C,
4%,
10/01/37
...........................................
5,400,000
5,218,591
GO,
2020
C,
4%,
10/01/38
...........................................
5,250,000
5,045,137
GO,
2020
C,
4%,
10/01/39
...........................................
2,545,000
2,426,794
GO,
2021
A,
5%,
3/01/46
............................................
7,000,000
7,295,303
b
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group
,
Revenue
,
144A,
2020
C
,
Refunding
,
5
%
,
12/01/50
.......
10,750,000
9,552,327
Village
of
Hillside
,
Mannheim
Redevelopment
Project
Area
,
Tax
Allocation
,
2018
,
Refunding
,
5
%
,
1/01/30
.............................................
2,690,000
2,753,960
b
Village
of
Lincolnwood
,
North
Lincoln
Redevelopment
Project
Area
,
COP
,
144A,
2021
A
,
4.82
%
,
1/01/41
.................................................
3,035,000
2,661,664
Village
of
Villa
Park
,
Garden
Station
Redevelopment
Area
,
Tax
Allocation
,
2021
,
Zero
Cpn.,
12/31/38
....................................................
1,815,000
1,332,638
190,156,266
Indiana
0.4%
City
of
Anderson
,
Sweet
Galilee
at
the
Wigwam
LLC
,
Revenue
,
2020
A
,
5.375
%
,
1/01/40
.........................................................
2,740,000
2,461,992
b
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
A
,
5
%
,
8/01/41
..
4,065,000
3,340,121
b
City
of
Jeffersonville
,
Vivera
Senior
Living
of
Columbus
LLC
,
Revenue
,
144A,
2020
A
,
5.25
%
,
11/01/40
...................................................
4,500,000
3,984,605
b
City
of
Valparaiso
,
Green
Oaks
of
Valparaiso
LLC
,
Revenue
,
144A,
2021
,
5.375
%
,
12/01/41
........................................................
3,650,000
2,961,048
Indiana
Finance
Authority
,
Greencroft
Goshen
Obligated
Group,
Revenue,
2013
A,
Refunding,
7%,
11/15/43
..
5,000,000
5,357,223
University
of
Evansville,
Revenue,
2022
B,
7%,
9/01/32
.....................
4,000,000
3,873,060
b
Indiana
Housing
&
Community
Development
Authority
,
Vita
of
Marion
LLC
,
Revenue
,
144A,
2021
A
,
5.25
%
,
4/01/41
........................................
4,750,000
4,137,909
26,115,958
Iowa
0.3%
Iowa
Finance
Authority
,
Iowa
Fertilizer
Co.
LLC,
Revenue,
2022,
Refunding,
5%,
12/01/50
.............
11,000,000
11,654,532
Northcrest
Obligated
Group,
Revenue,
2018
A,
5%,
3/01/48
..................
7,500,000
7,527,708
19,182,240
Kansas
0.1%
City
of
Derby
,
Revenue
,
2020
,
3.9
%
,
3/01/37
...............................
1,300,000
1,261,560
City
of
Manhattan
,
Meadowlark
Hills
Retirement
Community
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/01/36
............................................
1,000,000
939,562
Meadowlark
Hills
Retirement
Community
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/01/46
............................................
1,150,000
1,007,826
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
91
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kansas
(continued)
Wyandotte
County-Kansas
City
Unified
Government
,
Revenue
,
2018
,
4.5
%
,
6/01/40
.
$
1,705,000
$
1,574,097
4,783,045
Kentucky
0.7%
b
City
of
Henderson
,
Pratt
Paper
LLC
,
Revenue
,
144A,
2022
A
,
4.7
%
,
1/01/52
.......
2,500,000
2,515,251
Kentucky
Economic
Development
Finance
Authority
,
Owensboro
Health,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
6/01/41
.......................
10,000,000
10,542,036
Kentucky
Public
Transportation
Infrastructure
Authority
,
Revenue,
First
Tier,
2013
C,
Zero
Cpn.,
7/01/39
...........................
10,000,000
11,197,205
Revenue,
First
Tier,
2013
C,
Zero
Cpn.,
7/01/43
...........................
5,000,000
5,592,354
b,g
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
Zero
Cpn.,
5/01/52
....................................
19,650,000
15,427,412
45,274,258
Louisiana
1.3%
Calcasieu
Parish
Memorial
Hospital
Service
District
,
Southwest
Louisiana
Healthcare
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/39
............
2,055,000
2,184,494
Juban
Trails
Community
Development
District
,
Special
Assessment,
2022,
3.375%,
6/01/27
.............................
100,000
94,704
Special
Assessment,
2022,
4.25%,
6/01/51
..............................
1,235,000
1,061,181
Lakeshore
Villages
Master
Community
Development
District
,
Special
Assessment,
2021,
2.375%,
6/01/26
.............................
450,000
419,438
Special
Assessment,
2021,
2.875%,
6/01/31
.............................
695,000
610,303
Special
Assessment,
2021,
3.2%,
6/01/41
...............................
2,730,000
2,273,802
Special
Assessment,
2021,
4%,
6/01/51
.................................
2,035,000
1,802,478
b
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
GOMESA,
Revenue,
144A,
2018,
5.375%,
11/01/38
........................
2,410,000
2,507,195
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020
A,
Refunding,
4%,
12/01/40
...........................................
2,970,000
2,618,633
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020
A,
Refunding,
4.25%,
12/01/50
........................................
5,665,000
4,865,958
Parish
of
Jefferson,
Revenue,
144A,
2019,
4%,
11/01/44
....................
2,650,000
2,272,709
Parish
of
Lafourche,
Revenue,
144A,
2019,
3.95%,
11/01/43
.................
4,475,000
3,866,784
Parish
of
St.
John
the
Baptist,
Revenue,
144A,
2019,
3.9%,
11/01/44
...........
2,350,000
1,984,163
Parish
of
St.
Martin,
Revenue,
144A,
2019,
4.4%,
11/01/44
...................
3,240,000
3,033,538
Parish
of
Vermilion,
Revenue,
144A,
2019,
4.625%,
11/01/38
.................
1,960,000
1,956,574
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
C,
5.5%,
10/01/61
.
6,300,000
5,085,826
Provident
Group
-
ULM
Properties
LLC,
Revenue,
144A,
2019
A,
5%,
7/01/54
....
4,000,000
3,408,167
Terrebonne
Parish
Consolidated
Government,
Revenue,
144A,
2018,
5.5%,
11/01/39
1,790,000
1,871,450
Louisiana
Public
Facilities
Authority
,
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/47
........................................................
60,000
66,081
b
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.375%,
1/01/40
5,000,000
5,167,847
b
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.5%,
1/01/50
.
4,500,000
4,620,327
b
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-2,
7%,
1/01/57
...
10,000,000
10,252,780
Parish
of
Beauregard
,
OfficeMax,
Inc.
,
Revenue
,
2002
,
Refunding
,
6.8
%
,
2/01/27
...
13,990,000
13,993,197
St.
Tammany
Parish
Finance
Authority
,
Christwood
Obligated
Group,
Revenue,
2014,
Refunding,
5.25%,
11/15/29
.......
1,200,000
1,236,386
Christwood
Obligated
Group,
Revenue,
2014,
Refunding,
5.25%,
11/15/37
.......
1,650,000
1,683,388
78,937,403
Maryland
0.3%
City
of
Baltimore
,
Harbor
Point
Special
Taxing
District,
Revenue,
2016,
Refunding,
5%,
6/01/36
.....
1,250,000
1,280,898
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
92
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
City
of
Baltimore,
(continued)
Harbor
Point
Special
Taxing
District,
Revenue,
2016,
Refunding,
5.125%,
6/01/43
.
$
5,500,000
$
5,596,300
County
of
Frederick
,
Oakdale-Lake
Linganore
Development
District,
Special
Tax,
2019,
Refunding,
3.25%,
7/01/29
........................................................
750,000
714,251
Oakdale-Lake
Linganore
Development
District,
Special
Tax,
2019,
Refunding,
3.75%,
7/01/39
........................................................
1,410,000
1,265,878
b
Technology
Park
Project
TIF
Development
District,
Special
Tax,
144A,
2020
B,
Refunding,
4.625%,
7/01/43
........................................
3,260,000
3,330,070
Urbana
Community
Development
Authority,
Special
Tax,
2020
B,
Refunding,
4%,
7/01/40
........................................................
375,000
359,582
Urbana
Community
Development
Authority,
Special
Tax,
2020
C,
4%,
7/01/50
....
4,000,000
3,725,061
Maryland
Economic
Development
Corp.
,
Morgan
State
University,
Revenue,
2020,
4.25%,
7/01/50
....................
500,000
465,099
Morgan
State
University,
Revenue,
2020,
5%,
7/01/56
......................
1,000,000
1,032,223
17,769,362
Massachusetts
0.2%
b
Massachusetts
Development
Finance
Agency
,
Linden
Ponds
Obligated
Group,
Revenue,
144A,
2018,
5%,
11/15/38
...........
3,000,000
3,186,361
Linden
Ponds
Obligated
Group,
Revenue,
144A,
2018,
5.125%,
11/15/46
........
5,000,000
5,307,102
North
Hill
Communities,
Inc.
Obligated
Group,
Revenue,
144A,
2013
A,
Pre-
Refunded,
6.25%,
11/15/28
.........................................
1,473,000
1,553,714
Massachusetts
Educational
Financing
Authority
,
Revenue
,
2013
K
,
5.25
%
,
7/01/29
..
2,280,000
2,285,814
12,332,991
Michigan
1.7%
City
of
Detroit
,
GO,
2021
A,
5%,
4/01/31
............................................
480,000
527,173
GO,
2021
A,
5%,
4/01/33
............................................
770,000
833,586
GO,
2021
A,
5%,
4/01/35
............................................
955,000
1,024,803
GO,
2021
A,
5%,
4/01/37
............................................
875,000
936,296
GO,
2021
A,
4%,
4/01/41
............................................
600,000
570,891
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Second
Lien,
2001
B,
NATL
Insured,
5.5%,
7/01/29
.....................................
5,000,000
5,610,314
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Second
Lien,
2006
B,
NATL
Insured,
5%,
7/01/36
.......................................
15,000
15,046
City
of
Ecorse
,
GO
,
2011
,
6.5
%
,
11/01/35
.................................
2,215,000
2,223,003
Detroit
City
School
District
,
GO
,
2001
A
,
AGMC
Insured
,
6
%
,
5/01/29
............
14,660,000
16,829,768
Kalamazoo
Economic
Development
Corp.
,
b
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/31
....................................................
1,000,000
1,006,527
b
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/41
....................................................
1,235,000
1,189,158
b
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/51
....................................................
1,505,000
1,398,174
Heritage
Community
of
Kalamazoo
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/43
1,120,000
1,099,997
Heritage
Community
of
Kalamazoo
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/55
8,860,000
8,408,118
Michigan
Finance
Authority
,
Detroit
Public
Lighting
Authority
Utility
Users
Tax,
Revenue,
2014
B,
5%,
7/01/39
..
5,600,000
5,723,109
Detroit
Public
Lighting
Authority
Utility
Users
Tax,
Revenue,
2014
B,
5%,
7/01/44
..
5,000,000
5,093,004
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2014
C-6,
Refunding,
5%,
7/01/33
........................................
10,000,000
10,415,216
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
D-4,
Refunding,
5%,
7/01/34
........................................................
10,000,000
10,406,990
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
93
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Finance
Authority,
(continued)
b
Thomas
M
Cooley
Law
School,
Revenue,
144A,
2014,
Refunding,
6%,
7/01/24
...
$
1,800,000
$
1,826,357
b
Thomas
M
Cooley
Law
School,
Revenue,
144A,
2014,
Refunding,
6.75%,
7/01/44
.
5,505,000
5,642,666
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/49
...
3,000,000
2,913,094
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
B-2,
2,
Refunding,
Zero
Cpn.,
6/01/65
........................................................
100,000,000
12,123,640
b
Michigan
Strategic
Fund
,
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/31
....................................................
815,000
820,319
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/41
....................................................
895,000
861,779
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/51
....................................................
1,380,000
1,282,047
Michigan
Tobacco
Settlement
Finance
Authority
,
Michigan
Finance
Authority
Tobacco
Settlement
,
Revenue
,
2007
B
,
Zero
Cpn.,
6/01/52
.........................
26,990,000
3,187,211
101,968,286
Minnesota
0.2%
City
of
Apple
Valley
,
PHS
Apple
Valley
Senior
Housing,
Inc.,
Revenue,
2021,
4%,
9/01/36
...........
200,000
186,357
PHS
Apple
Valley
Senior
Housing,
Inc.,
Revenue,
2021,
4%,
9/01/41
...........
290,000
260,710
PHS
Apple
Valley
Senior
Housing,
Inc.,
Revenue,
2021,
4%,
9/01/51
...........
500,000
422,204
PHS
Apple
Valley
Senior
Housing,
Inc.,
Revenue,
2021,
4%,
9/01/61
...........
870,000
710,808
City
of
Minneapolis
,
Ecumen
Mill
City
Quarter
LLC,
Revenue,
2015,
5.25%,
11/01/45
..............
2,800,000
2,813,499
Ecumen
Mill
City
Quarter
LLC,
Revenue,
2015,
5.375%,
11/01/50
..............
1,000,000
1,000,391
Duluth
Economic
Development
Authority
,
Benedictine
Health
System
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
7/01/31
........................................................
1,500,000
1,494,308
Benedictine
Health
System
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
7/01/36
........................................................
1,500,000
1,457,428
Benedictine
Health
System
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
7/01/41
........................................................
930,000
881,125
Housing
&
Redevelopment
Authority
of
The
City
of
St.
Paul
Minnesota
,
Episcopal
Homes
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/01/33
...
200,000
182,594
Episcopal
Homes
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/01/35
...
350,000
313,859
Episcopal
Homes
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/01/36
...
100,000
88,865
Episcopal
Homes
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/01/42
...
1,260,000
1,059,916
10,872,064
Mississippi
0.7%
b
Mississippi
Development
Bank
,
County
of
Hancock,
Revenue,
144A,
2019,
4.55%,
11/01/39
..................
2,250,000
2,217,978
Magnolia
Regional
Health
Center,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/34
900,000
904,975
Magnolia
Regional
Health
Center,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/35
800,000
801,375
Magnolia
Regional
Health
Center,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/36
850,000
851,614
Magnolia
Regional
Health
Center,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/41
3,000,000
2,999,386
Mississippi
Home
Corp.
,
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4.5%,
6/01/62
.
7,000,000
5,210,012
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
C-5,
5.1%,
6/01/62
8,000,000
6,097,896
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
4.65%,
6/01/62
..................................................
5,515,000
4,226,319
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
94
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Mississippi
(continued)
Mississippi
Hospital
Equipment
&
Facilities
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
A
,
5
%
,
9/01/41
...............................
$
20,000,000
$
20,963,044
44,272,599
Missouri
0.3%
Cape
Girardeau
County
Industrial
Development
Authority
,
SoutheastHEALTH
Obligated
Group,
Revenue,
2016
A,
Refunding,
6%,
3/01/33
...
4,170,000
4,391,502
SoutheastHEALTH
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
3/01/29
...
250,000
268,792
City
of
Maryland
Heights
,
Tax
Allocation
,
2020
,
4.125
%
,
11/01/38
...............
2,500,000
2,264,743
Kirkwood
Industrial
Development
Authority
,
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/42
...................................
1,000,000
998,745
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/50
...................................
3,500,000
3,409,823
Stoddard
County
Industrial
Development
Authority
,
SoutheastHEALTH
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
6
%
,
3/01/37
.........................
3,740,000
3,935,919
15,269,524
Montana
0.1%
Montana
Facility
Finance
Authority
,
Kalispell
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/48
...............................
5,765,000
6,087,351
Nevada
1.2%
City
of
Henderson
,
Local
Improvement
District
No.
T-16,
Special
Assessment,
2005,
5.125%,
3/01/25
.
920,000
839,287
Local
Improvement
District
No.
T-18,
Special
Assessment,
2016,
Refunding,
4%,
9/01/32
........................................................
1,750,000
1,736,671
Local
Improvement
District
No.
T-18,
Special
Assessment,
2016,
Refunding,
4%,
9/01/35
........................................................
2,500,000
2,436,775
City
of
Las
Vegas
,
Special
Improvement
District
No.
610,
Special
Assessment,
2018,
5%,
6/01/48
....
8,165,000
8,359,803
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/33
....
185,000
183,053
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/34
....
185,000
181,712
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/35
....
185,000
180,598
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/40
....
450,000
424,412
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4.125%,
6/01/50
1,150,000
1,055,730
Special
Improvement
District
No.
612
Skye
Hills,
Special
Assessment,
2020,
3.5%,
6/01/35
........................................................
210,000
187,606
Special
Improvement
District
No.
612
Skye
Hills,
Special
Assessment,
2020,
4%,
6/01/50
........................................................
1,000,000
863,474
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/27
...
1,400,000
1,462,930
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/30
...
1,620,000
1,676,802
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/35
...
1,025,000
1,054,303
Special
Improvement
District
No.
814,
Special
Assessment,
2019,
4%,
6/01/39
....
445,000
433,232
Special
Improvement
District
No.
814,
Special
Assessment,
2019,
4%,
6/01/44
....
745,000
703,174
Special
Improvement
District
No.
815,
Special
Assessment,
2020,
4.75%,
12/01/40
1,000,000
1,029,855
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
2.75%,
6/01/33
.
520,000
433,244
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
2.75%,
6/01/36
.
830,000
660,022
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
3%,
6/01/41
....
650,000
505,363
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
3.125%,
6/01/51
1,425,000
1,031,472
b
City
of
Reno
,
Sales
Tax
,
Revenue
,
144A,
2018
C
,
Refunding
,
Zero
Cpn.,
7/01/58
....
18,000,000
2,129,762
County
of
Clark
,
Special
Improvement
District
No.
128,
Special
Assessment,
2001-2007,
5%,
2/01/26
1,060,000
1,062,740
Special
Improvement
District
No.
128,
Special
Assessment,
2001-2007,
5.05%,
2/01/31
........................................................
1,010,000
1,011,842
Special
Improvement
District
No.
159,
Special
Assessment,
2015,
5%,
8/01/35
....
2,165,000
2,223,288
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
95
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Nevada
(continued)
Henderson
Local
Improvement
Districts
,
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch,
Special
Assessment,
2022,
3%,
9/01/36
...............................
$
315,000
$
257,289
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch,
Special
Assessment,
2022,
3.5%,
9/01/45
..............................
750,000
601,400
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch,
Special
Assessment,
2022,
4%,
9/01/51
...............................
500,000
433,917
b
State
of
Nevada
Department
of
Business
&
Industry
,
Fulcrum
Sierra
Biofuels
LLC,
Revenue,
144A,
2017,
5.875%,
12/15/27
..........
10,467,202
11,006,460
Fulcrum
Sierra
Biofuels
LLC,
Revenue,
144A,
2017,
6.25%,
12/15/37
...........
9,000,000
8,713,241
Somerset
Academy
NLV
Building
1
/
Sky
Pointe
/
Stephanie
/
Losee
Campuses,
Revenue,
144A,
2018
A,
5%,
12/15/38
................................
1,000,000
1,035,657
Somerset
Academy
NLV
Building
1
/
Sky
Pointe
/
Stephanie
/
Losee
Campuses,
Revenue,
144A,
2018
A,
5%,
12/15/48
................................
1,500,000
1,535,067
Tahoe-Douglas
Visitors
Authority
,
Revenue,
2020,
5%,
7/01/33
.........................................
3,190,000
3,387,155
Revenue,
2020,
5%,
7/01/40
.........................................
3,225,000
3,375,252
Revenue,
2020,
5%,
7/01/45
.........................................
3,250,000
3,366,796
Revenue,
2020,
5%,
7/01/51
.........................................
4,250,000
4,382,634
69,962,018
New
Hampshire
0.2%
New
Hampshire
Business
Finance
Authority
,
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
3.75%,
8/15/30
...............
100,000
96,093
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.125%,
8/15/40
..............
2,545,000
2,361,267
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.25%,
8/15/46
...............
2,860,000
2,605,550
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.5%,
8/15/55
................
5,940,000
5,478,885
10,541,795
New
Jersey
3.0%
New
Jersey
Economic
Development
Authority
,
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/32
..........
500,000
507,744
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/37
..........
2,150,000
2,177,104
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/47
..........
2,200,000
2,204,368
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
5%,
6/15/48
10,000,000
10,646,926
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
4%,
6/15/44
3,300,000
3,286,586
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/35
....
3,450,000
3,658,287
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/41
....
4,550,000
4,800,177
United
Airlines,
Inc.,
Revenue,
1999,
5.125%,
9/15/23
......................
10,510,000
10,644,723
United
Airlines,
Inc.,
Revenue,
1999,
5.25%,
9/15/29
.......................
25,000,000
25,178,703
United
Airlines,
Inc.,
Revenue,
2003,
5.5%,
6/01/33
........................
16,480,000
16,732,665
b
White
Horse
HMT
Urban
Renewal
LLC,
Revenue,
144A,
2020,
5%,
1/01/40
......
3,000,000
2,540,747
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2008
A,
Zero
Cpn.,
12/15/38
..................................
46,750,000
24,551,749
Revenue,
2014
AA,
5%,
6/15/38
.......................................
5,060,000
5,197,255
Revenue,
2014
AA,
5%,
6/15/44
.......................................
9,335,000
9,560,103
Revenue,
2015
AA,
5.25%,
6/15/41
....................................
2,500,000
2,612,280
Revenue,
2019
AA,
5%,
6/15/46
.......................................
2,500,000
2,663,217
Revenue,
2019
BB,
5%,
6/15/44
.......................................
1,000,000
1,071,377
Revenue,
2019
BB,
5%,
6/15/50
.......................................
670,000
712,946
Tobacco
Settlement
Financing
Corp.
,
Revenue,
2018
A,
Refunding,
5%,
6/01/46
...............................
9,500,000
10,080,097
Revenue,
2018
A,
Refunding,
5.25%,
6/01/46
.............................
18,000,000
19,387,998
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
96
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
Tobacco
Settlement
Financing
Corp.,
(continued)
Revenue,
2018
B,
Refunding,
5%,
6/01/46
...............................
$
25,000,000
$
25,716,780
183,931,832
New
Mexico
0.1%
Lower
Petroglyphs
Public
Improvement
District
,
Special
Tax,
2018,
Refunding,
5%,
10/01/33
..............................
500,000
505,793
Special
Tax,
2018,
Refunding,
5%,
10/01/38
..............................
450,000
451,167
Special
Tax,
2018,
Refunding,
5%,
10/01/48
..............................
1,205,000
1,195,197
b
Winrock
Town
Center
Tax
Increment
Development
District
No.
1
,
Tax
Allocation,
Senior
Lien,
144A,
2022,
Refunding,
4%,
5/01/33
..............
1,000,000
915,053
Tax
Allocation,
Senior
Lien,
144A,
2022,
Refunding,
4.25%,
5/01/40
............
2,750,000
2,433,096
5,500,306
New
York
6.5%
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
College
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/45
......................................
2,000,000
2,004,943
Metropolitan
Transportation
Authority
,
Revenue,
2013
D,
5%,
11/15/38
.......................................
14,040,000
14,484,708
f
Revenue,
2015
A-2,
Mandatory
Put,
5%,
5/15/30
..........................
1,000,000
1,112,398
Revenue,
2016
A-1,
5.25%,
11/15/56
...................................
5,000,000
5,248,483
Revenue,
2017
C-1,
Refunding,
5%,
11/15/34
............................
7,500,000
7,997,950
Revenue,
2020
A-1,
5%,
11/15/47
.....................................
24,300,000
25,885,138
Revenue,
2020
A-1,
5%,
11/15/49
.....................................
2,500,000
2,658,698
Revenue,
2020
C-1,
4.75%,
11/15/45
...................................
2,950,000
3,033,595
Revenue,
2020
C-1,
5%,
11/15/50
.....................................
42,795,000
45,472,555
Revenue,
2020
D,
5%,
11/15/44
.......................................
33,000,000
35,419,454
Revenue,
2020
D,
4%,
11/15/50
.......................................
40,000,000
38,669,760
New
York
City
Housing
Development
Corp.
,
FC
8
Spruce
Street
Residential
LLC
,
Revenue
,
2014
,
F
,
Refunding
,
4.5
%
,
2/15/48
.............................
9,825,000
9,778,816
New
York
Liberty
Development
Corp.
,
b
3
World
Trade
Center
LLC,
Revenue,
144A,
2014,
2,
Refunding,
5.375%,
11/15/40
.
15,000,000
15,266,361
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
65,000,000
76,824,599
New
York
Transportation
Development
Corp.
,
American
Airlines,
Inc.,
Revenue,
2020,
Refunding,
5.25%,
8/01/31
............
11,265,000
11,979,919
American
Airlines,
Inc.,
Revenue,
2020,
Refunding,
5.375%,
8/01/36
...........
14,950,000
16,255,613
American
Airlines,
Inc.,
Revenue,
2021,
Refunding,
2.25%,
8/01/26
............
1,930,000
1,822,161
American
Airlines,
Inc.,
Revenue,
2021,
Refunding,
3%,
8/01/31
...............
4,500,000
4,210,162
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
6,500,000
6,819,239
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
6,000,000
6,219,260
Laguardia
Gateway
Partners
LLC,
Revenue,
2016
A,
5%,
7/01/46
.............
41,785,000
43,225,814
b
Rockland
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
144A,
2005
A
,
Zero
Cpn.,
8/15/45
.........................................................
61,000,000
15,922,299
390,311,925
North
Carolina
0.1%
North
Carolina
Medical
Care
Commission
,
Galloway
Ridge
Obligated
Group,
Revenue,
2014
A,
Refunding,
5.25%,
1/01/41
...
2,720,000
2,736,659
Maryfield,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
10/01/30
.......
2,790,000
2,831,470
Maryfield,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
10/01/35
.......
1,000,000
1,010,443
Maryfield,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/45
..............
1,000,000
999,931
Maryfield,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/50
..............
1,500,000
1,488,659
9,067,162
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
97
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Dakota
0.3%
County
of
Burleigh
,
University
of
Mary,
Revenue,
2016,
5.1%,
4/15/36
.........................
$
2,800,000
$
2,758,811
University
of
Mary,
Revenue,
2016,
5.2%,
4/15/46
.........................
3,130,000
3,001,805
b
County
of
Grand
Forks
,
Red
River
Biorefinery
LLC,
Revenue,
144A,
2021
A,
6.625%,
12/15/31
..........
2,875,000
1,782,397
Red
River
Biorefinery
LLC,
Revenue,
144A,
2021
A,
7%,
12/15/43
.............
14,000,000
8,452,664
15,995,677
Ohio
2.8%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
3%,
6/01/48
..................
25,130,000
19,549,406
Revenue,
Senior
Lien,
2020
B-2,
2,
Refunding,
5%,
6/01/55
..................
28,000,000
28,442,414
City
of
Centerville
,
Graceworks
Lutheran
Services
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/01/50
..........................................
5,000,000
5,018,443
Cleveland-Cuyahoga
County
Port
Authority
,
b
Flats
East
Bank
TIF
District,
Tax
Allocation,
144A,
2021
B,
Refunding,
4.5%,
12/01/55
1,500,000
1,345,150
b
Flats
East
Bank
TIF
District,
Tax
Allocation,
Senior
Lien,
144A,
2021
A,
Refunding,
4%,
12/01/55
...................................................
1,250,000
1,078,620
Playhouse
Square
Foundation,
Revenue,
2018,
Refunding,
5.25%,
12/01/38
.....
700,000
740,599
Playhouse
Square
Foundation,
Revenue,
2018,
Refunding,
5.5%,
12/01/43
......
700,000
743,104
County
of
Fairfield
,
Fairfield
Medical
Center
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/15/43
.............................................
10,000,000
10,090,122
County
of
Franklin
,
Wesley
Communities
Obligated
Group,
Revenue,
2020,
Refunding,
5.25%,
11/15/40
2,910,000
2,975,680
Wesley
Communities
Obligated
Group,
Revenue,
2020,
Refunding,
5.25%,
11/15/55
8,800,000
8,847,468
Franklin
County
Convention
Facilities
Authority
,
Revenue
,
2019
,
5
%
,
12/01/51
......
5,000,000
5,098,967
Ohio
Higher
Educational
Facility
Commission
,
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/42
...........
1,360,000
1,416,351
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/45
...........
1,205,000
1,247,155
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/50
...........
2,570,000
2,645,272
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
Zero
Cpn.,
2/15/35
.....................................................
35,000,000
40,182,615
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2012,
Refunding,
6%,
12/01/42
.......................................................
14,000,000
14,145,529
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
12/01/35
.......................................................
1,000,000
1,021,156
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
12/01/43
.......................................................
1,000,000
1,014,727
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5.5%,
12/01/43
.......................................................
1,300,000
1,342,129
b
State
of
Ohio
,
Aultman
Health
Foundation
Obligated
Group,
Revenue,
144A,
2018,
Refunding,
5%,
12/01/38
.......................................................
5,000,000
4,904,855
Aultman
Health
Foundation
Obligated
Group,
Revenue,
144A,
2018,
Refunding,
5%,
12/01/48
.......................................................
15,195,000
14,372,803
166,222,565
Oklahoma
0.2%
Tulsa
County
Industrial
Authority
,
Montereau
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
11/15/37
.......
1,000,000
1,055,366
Montereau
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
11/15/45
.......
10,280,000
10,749,980
11,805,346
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
98
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
0.6%
Clackamas
County
Hospital
Facility
Authority
,
Rose
Villa,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5.125%,
11/15/40
.
$
500,000
$
507,942
Rose
Villa,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5.25%,
11/15/50
..
1,250,000
1,257,612
Rose
Villa,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5.375%,
11/15/55
.
1,500,000
1,514,406
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/45
...
9,285,000
9,960,786
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Mirabella
at
South
Waterfront,
Revenue,
2014
A,
Refunding,
5.4%,
10/01/44
.....
3,000,000
3,053,591
Mirabella
at
South
Waterfront,
Revenue,
2014
A,
Refunding,
5.5%,
10/01/49
.....
5,500,000
5,601,748
Polk
County
Hospital
Facility
Authority
,
Dallas
Mennonite
Retirement
Community
Obligated
Group
,
Revenue
,
2020
A
,
5.125
%
,
7/01/55
.......................
3,500,000
3,300,848
Yamhill
County
Hospital
Authority
,
Friendsview
Manor
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
11/15/51
..
4,325,000
4,113,978
Friendsview
Manor
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
11/15/56
..
6,115,000
5,600,738
34,911,649
Pennsylvania
2.0%
b
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue,
144A,
2017,
5%,
5/01/32
....................................
11,975,000
12,696,465
Revenue,
144A,
2018,
5%,
5/01/42
....................................
3,245,000
3,429,133
Revenue,
144A,
2018,
5.375%,
5/01/42
.................................
5,000,000
5,357,066
g
Revenue,
144A,
2022,
5.25%,
5/01/42
..................................
6,000,000
6,045,762
Chester
County
Industrial
Development
Authority
,
b
Borough
of
Phoenixville
Steelpointe
Neighborhood
Improvement
District,
Special
Assessment,
144A,
2020,
4.75%,
3/01/50
..............................
4,250,000
3,832,176
Renaissance
Academy
Charter
School,
Revenue,
2014,
5%,
10/01/34
..........
1,500,000
1,568,082
Renaissance
Academy
Charter
School,
Revenue,
2014,
5%,
10/01/39
..........
3,325,000
3,465,223
Renaissance
Academy
Charter
School,
Revenue,
2014,
5%,
10/01/44
..........
1,945,000
2,020,853
b
Woodlands
at
Greystone
Neighborhood
Improvement
District,
Special
Assessment,
144A,
2018,
5%,
3/01/38
...........................................
325,000
331,806
b
Woodlands
at
Greystone
Neighborhood
Improvement
District,
Special
Assessment,
144A,
2018,
5.125%,
3/01/48
.......................................
1,000,000
1,013,573
Dallas
Area
Municipal
Authority
,
Misericordia
University,
Revenue,
2019,
Refunding,
5%,
5/01/39
..............
1,100,000
1,142,923
Misericordia
University,
Revenue,
2019,
Refunding,
5%,
5/01/48
..............
4,000,000
4,096,847
Franklin
County
Industrial
Development
Authority
,
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/38
...
1,000,000
1,001,647
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/43
...
1,200,000
1,189,077
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/48
...
4,600,000
4,474,914
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/53
...
3,050,000
2,937,692
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2019,
5%,
12/01/54
............
1,000,000
961,218
Lancaster
County
Hospital
Authority
,
Brethren
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5.125%,
7/01/37
...
1,000,000
1,009,522
Brethren
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
7/01/41
....
3,500,000
3,541,809
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School,
Revenue,
2021
A,
4%,
5/01/31
............
680,000
657,178
Seven
Generations
Charter
School,
Revenue,
2021
A,
4%,
5/01/51
............
2,385,000
1,962,361
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/36
...........................................
6,710,000
7,107,354
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
5%,
11/15/45
.......................................................
1,000,000
1,079,394
Pennsylvania
Turnpike
Commission
,
Revenue,
2009
C,
AGMC
Insured,
6.25%,
6/01/33
.........................
5,000,000
5,712,943
Revenue,
B-2,
Zero
Cpn.,
12/01/37
....................................
20,000,000
18,631,584
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
99
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Pennsylvania
Turnpike
Commission,
(continued)
Revenue,
B-2,
Zero
Cpn.,
12/01/40
....................................
$
25,075,000
$
23,308,411
Philadelphia
Authority
for
Industrial
Development
,
Evangelical
Services
for
the
Aging
Obligated
Group,
Revenue,
A,
Refunding,
5%,
7/01/49
........................................................
3,000,000
2,746,566
Philadelphia
Electrical
&
Technology
Charter
High
School,
Revenue,
2021
A,
4%,
6/01/51
........................................................
1,600,000
1,356,421
Philadelphia
Electrical
&
Technology
Charter
High
School,
Revenue,
2021
A,
4%,
6/01/56
........................................................
850,000
699,754
123,377,754
South
Carolina
0.3%
South
Carolina
Jobs-Economic
Development
Authority
,
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group,
Revenue,
2017,
5%,
4/01/52
........................................................
1,750,000
1,710,088
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
4/01/48
............................................
3,500,000
3,444,875
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
4/01/53
.........................................
11,000,000
11,041,032
16,195,995
South
Dakota
0.2%
City
of
Sioux
Falls
,
Dow
Rummel
Village,
Revenue,
2016,
Refunding,
5%,
11/01/46
...............
11,110,000
10,145,569
Dow
Rummel
Village,
Revenue,
2017,
5%,
11/01/42
........................
3,000,000
2,958,340
13,103,909
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
16,586,783
Mountain
States
Health
Alliance
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/28
....................................
19,400,000
15,964,714
Mountain
States
Health
Alliance
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/29
....................................
19,365,000
15,307,209
Mountain
States
Health
Alliance
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/30
....................................
19,370,000
14,674,970
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
10,616,097
b
Nashville
Metropolitan
Development
&
Housing
Agency
,
Tax
Allocation
,
144A,
2018
,
5.125
%
,
6/01/36
...................................................
900,000
939,851
74,089,624
Texas
8.4%
Cedar
Bayou
Navigation
District
,
Special
Assessment
,
2020
,
6
%
,
9/15/51
.........
7,500,000
6,902,061
Central
Texas
Regional
Mobility
Authority
,
Revenue,
2010,
Zero
Cpn.,
1/01/35
....................................
3,000,000
1,799,727
Revenue,
2010,
Zero
Cpn.,
1/01/37
....................................
2,500,000
1,362,242
Revenue,
2010,
Zero
Cpn.,
1/01/38
....................................
2,405,000
1,246,515
Revenue,
2010,
Zero
Cpn.,
1/01/39
....................................
2,545,000
1,257,366
b
City
of
Anna
,
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
3.75%,
9/15/31
..................................................
300,000
263,448
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
100
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Anna,
(continued)
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
4.5%,
9/15/31
...................................................
$
157,000
$
146,286
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
4%,
9/15/41
....................................................
867,000
762,404
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
4.25%,
9/15/51
..................................................
1,406,000
1,200,599
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
5%,
9/15/51
....................................................
503,000
450,603
b
City
of
Austin
,
Whisper
Valley
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.625%,
11/01/39
................................................
1,405,000
1,410,559
Whisper
Valley
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.75%,
11/01/48
.................................................
2,450,000
2,434,841
City
of
Celina
,
b
Celina
Hills
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.875%,
9/01/42
........................................................
804,000
785,231
b
Celina
Hills
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5%,
9/01/51
........................................................
1,120,000
1,102,986
b
Creeks
of
Legacy
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.25%,
9/01/40
..................................................
230,000
214,998
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/01/31
..................................................
215,000
206,594
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/01/41
..................................................
500,000
446,663
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.25%,
9/01/41
..................................................
370,000
349,708
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/01/50
...................................................
605,000
534,714
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.5%,
9/01/50
...................................................
500,000
472,742
b
Hillside
Village
Public
Improvement
District,
Special
Assessment,
144A,
2022,
2.75%,
9/01/27
........................................................
290,000
261,613
b
Hillside
Village
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.125%,
9/01/32
.................................................
231,000
196,193
b
Hillside
Village
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.375%,
9/01/42
.................................................
866,000
690,075
Lakes
at
Mustang
Ranch
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
9/01/35
.................................
1,020,000
879,732
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
2.75%,
9/01/26
.............................................
145,000
133,800
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
3.5%,
9/01/26
..............................................
245,000
233,061
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
3.25%,
9/01/31
.............................................
150,000
133,312
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
4%,
9/01/31
................................................
473,000
443,431
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
3.5%,
9/01/41
..............................................
1,205,000
1,035,479
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
4.25%,
9/01/41
.............................................
2,015,000
1,809,400
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
4.5%,
9/01/51
..............................................
2,501,000
2,213,776
b
Sutton
Fields
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.25%,
9/01/27
..................................................
227,000
210,895
b
Sutton
Fields
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.625%,
9/01/32
.................................................
336,000
302,832
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
101
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Celina,
(continued)
b
Sutton
Fields
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4%,
9/01/43
....................................................
$
1,009,000
$
897,721
b
Sutton
Fields
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.125%,
9/01/51
.................................................
1,033,000
895,943
b
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.25%,
9/01/49
..................................................
3,065,000
2,810,922
b
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/01/50
.................................................
1,800,000
1,604,294
b
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2022,
2.875%,
9/01/27
.................................................
115,000
104,908
b
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.25%,
9/01/32
..................................................
250,000
215,468
b
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.5%,
9/01/42
........................................................
1,175,000
949,588
b
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4%,
9/01/51
........................................................
7,000,000
6,074,830
b
Wells
North
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.75%,
9/01/40
........................................................
425,000
378,684
b
Wells
North
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
520,000
461,199
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.125%,
9/01/30
........................................................
150,000
137,963
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/40
........................................................
350,000
327,412
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
965,000
856,385
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3%,
9/01/31
........................................................
158,000
139,235
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/01/41
........................................................
379,000
318,390
b
City
of
Crandall
,
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/31
........................................................
409,000
374,885
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/15/31
..................................................
161,000
147,675
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/15/41
..................................................
1,000,000
889,598
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5%,
9/15/41
........................................................
1,144,000
1,052,066
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/15/51
...................................................
2,000,000
1,747,132
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.25%,
9/15/51
..................................................
750,000
680,904
b
City
of
Dayton
,
Westpointe
Public
Improvement
District,
Special
Assessment,
Junior
Lien,
144A,
5.75%,
9/01/52
..................................................
1,464,000
1,469,872
Westpointe
Public
Improvement
District,
Special
Assessment,
Senior
Lien,
144A,
2022
A,
4.875%,
9/01/32
...........................................
269,000
270,264
Westpointe
Public
Improvement
District,
Special
Assessment,
Senior
Lien,
144A,
2022
A,
5.125%,
9/01/42
...........................................
764,000
768,175
Westpointe
Public
Improvement
District,
Special
Assessment,
Senior
Lien,
144A,
2022
A,
5.25%,
9/01/52
............................................
1,000,000
1,005,428
b
City
of
Elmendorf
,
Hickory
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/01/31
.................................................
398,000
338,385
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
102
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Elmendorf,
(continued)
Hickory
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/01/41
........................................................
$
1,205,000
$
973,392
Hickory
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/51
........................................................
1,172,000
969,807
b
City
of
Fate
,
Monterra
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.75%,
8/15/26
........................................................
400,000
372,677
Monterra
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
8/15/31
........................................................
711,000
636,516
Monterra
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
8/15/41
........................................................
1,871,000
1,651,113
Monterra
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
8/15/51
1,765,000
1,540,352
Williamsburg
East
Public
Improvement
District,
Revenue,
144A,
2020,
4.125%,
8/15/30
........................................................
665,000
626,838
Williamsburg
East
Public
Improvement
District,
Revenue,
144A,
2020,
4.625%,
8/15/40
........................................................
1,163,000
1,077,543
Williamsburg
East
Public
Improvement
District,
Revenue,
144A,
2020,
4.875%,
8/15/50
........................................................
1,772,000
1,627,274
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
8/15/30
.................................................
125,000
114,104
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.875%,
8/15/40
.................................................
691,000
606,351
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
8/15/50
.................................................
994,000
872,045
Williamsburg
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
4.25%,
8/15/42
..................................................
1,204,000
1,142,661
Williamsburg
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
4.375%,
8/15/52
.................................................
1,100,000
1,023,298
b
City
of
Ferris
,
Woodstone
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2022,
3.375%,
9/01/32
.................................................
1,074,000
923,117
Woodstone
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2022,
3.75%,
9/01/42
..................................................
1,259,000
1,038,431
Woodstone
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2022,
4%,
9/01/51
........................................................
1,577,000
1,314,190
b
City
of
Fort
Worth
,
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2017,
5%,
9/01/27
................................
1,765,000
1,762,173
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2017,
5%,
9/01/32
................................
1,270,000
1,236,155
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2017,
5.125%,
9/01/37
.............................
1,650,000
1,576,060
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2018,
5%,
9/01/27
................................
1,390,000
1,387,774
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2018,
5%,
9/01/32
................................
1,530,000
1,481,677
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2018,
5%,
9/01/37
................................
1,975,000
1,847,851
b
City
of
Georgetown
,
Parks
at
Westhaven
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.875%,
9/15/32
.................................................
409,000
391,943
Parks
at
Westhaven
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.125%,
9/15/42
.................................................
1,060,000
989,345
Parks
at
Westhaven
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.25%,
9/15/47
..................................................
716,000
662,591
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
103
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Haslet
,
Public
Improvement
District
No.
5,
Special
Assessment,
144A,
2021,
2.625%,
9/01/26
........................................................
$
447,000
$
413,332
Public
Improvement
District
No.
5,
Special
Assessment,
144A,
2021,
3.25%,
9/01/31
150,000
130,239
Public
Improvement
District
No.
5,
Special
Assessment,
144A,
2021,
3.625%,
9/01/41
........................................................
1,271,000
1,050,226
City
of
Horseshoe
Bay
,
Escondido
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3%,
10/01/30
.......................................................
500,000
454,144
Escondido
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.25%,
10/01/33
.................................................
435,000
394,414
City
of
Houston
Airport
System
,
United
Airlines,
Inc.
,
Revenue
,
2021
A
,
4
%
,
7/01/41
.
15,990,000
14,291,848
b
City
of
Hutto
,
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.5%,
9/01/26
...................................................
330,000
302,657
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/01/31
.................................................
260,000
226,360
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/01/41
...................................................
1,038,000
859,485
Durango
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.75%,
9/01/26
..................................................
270,000
251,322
Durango
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/01/31
........................................................
392,000
349,147
Durango
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.875%,
9/01/41
.................................................
1,000,000
855,995
Durango
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/56
........................................................
3,479,000
2,922,765
Emory
Crossing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.25%,
9/01/31
..................................................
206,000
179,765
Emory
Crossing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.625%,
9/01/41
.................................................
519,000
430,770
Emory
Crossing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/56
........................................................
1,146,000
954,875
b
City
of
Justin
,
Timberbrook
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3%,
9/01/31
....................................................
500,000
441,313
Timberbrook
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.375%,
9/01/41
.................................................
2,812,000
2,371,875
Timberbrook
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
4%,
9/01/51
....................................................
1,052,000
929,430
b
City
of
Kaufman
,
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
........................................................
230,000
196,922
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.625%,
9/15/41
........................................................
570,000
463,841
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
4%,
9/15/50
.
440,000
363,109
b
City
of
Kyle
,
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.125%,
9/01/30
........................................................
400,000
352,892
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.625%,
9/01/40
........................................................
1,310,000
1,116,126
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.5%,
9/01/44
........................................................
1,380,000
1,115,162
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/46
375,000
330,467
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.75%,
9/01/26
........................................................
224,000
204,072
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
104
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Kyle,
(continued)
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/01/31
........................................................
$
530,000
$
465,423
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/01/41
........................................................
1,428,000
1,199,453
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/46
1,000,000
873,056
Plum
Creek
North
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.875%,
9/01/32
.................................................
500,000
485,197
Plum
Creek
North
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.125%,
9/01/41
.................................................
1,185,000
1,121,534
Plum
Creek
North
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.625%,
9/01/41
.................................................
501,000
481,206
City
of
Lago
Vista
,
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.125%,
9/01/30
........................................
300,000
278,299
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.75%,
9/01/42
.........................................
1,045,000
920,441
b
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020
A,
Refunding,
5%,
9/01/30
.....................................
2,000,000
1,915,319
b
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020
A,
Refunding,
5.125%,
9/01/35
..................................
2,070,000
1,949,719
b
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020
A,
Refunding,
5.5%,
9/01/40
....................................
2,715,000
2,586,314
b
City
of
Lavon
,
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.5%,
9/15/27
600,000
562,260
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.75%,
9/15/27
........................................................
305,000
285,572
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.875%,
9/15/32
........................................................
1,000,000
904,698
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.125%,
9/15/32
........................................................
455,000
419,116
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4%,
9/15/42
2,259,000
2,007,361
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.375%,
9/15/42
........................................................
1,000,000
900,758
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.125%,
9/15/52
........................................................
5,295,000
4,635,402
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.5%,
9/15/52
1,495,000
1,315,311
City
of
Leander
,
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/32
...........................................
530,000
493,860
b
City
of
Liberty
Hill
,
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
2.625%,
9/01/27
........................................................
550,000
511,815
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.5%,
9/01/27
........................................................
225,000
214,489
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.125%,
9/01/32
........................................................
750,000
672,658
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.875%,
9/01/32
........................................................
275,000
255,543
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.375%,
9/01/42
........................................................
1,771,000
1,505,781
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.125%,
9/01/42
........................................................
1,097,000
990,575
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4%,
9/01/52
........................................................
2,500,000
2,222,550
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.375%,
9/01/52
........................................................
1,705,000
1,525,467
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
105
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Liberty
Hill,
(continued)
Summerlyn
West
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.125%,
9/01/30
.................................................
$
250,000
$
226,676
Summerlyn
West
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/40
........................................................
845,000
783,738
Summerlyn
West
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/54
........................................................
1,890,000
1,635,543
b
City
of
Manor
,
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.5%,
9/15/26
........................................................
110,000
99,429
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/15/26
.................................................
210,000
191,439
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
.................................................
250,000
215,179
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/15/31
........................................................
310,000
272,230
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/15/41
........................................................
700,000
571,797
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/15/41
.................................................
830,000
733,212
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/51
........................................................
1,000,000
868,457
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.375%,
9/15/51
.................................................
1,225,000
1,052,132
b
City
of
Marble
Falls
,
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.875%,
9/01/31
.................................................
350,000
317,233
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.625%,
9/01/31
.................................................
150,000
138,634
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/01/41
.................................................
1,000,000
895,435
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.875%,
9/01/41
.................................................
450,000
408,131
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.375%,
9/01/51
.................................................
1,470,000
1,273,791
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.125%,
9/01/51
.................................................
620,000
561,744
b
City
of
Mclendon-Chisholm
,
Special
Assessment,
144A,
2021,
2.625%,
9/15/26
.........................
205,000
188,031
Special
Assessment,
144A,
2021,
3.625%,
9/15/41
.........................
620,000
507,954
Special
Assessment,
144A,
2021,
4%,
9/15/51
............................
865,000
725,216
d
Sonoma
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.375%,
9/15/32
........................................................
250,000
252,411
d
Sonoma
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.75%,
9/15/52
........................................................
2,700,000
2,733,088
b
City
of
Midlothian
,
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/15/31
........................................................
410,000
366,959
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/15/31
.................................................
230,000
213,965
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.875%,
9/15/41
.................................................
1,105,000
960,544
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/15/41
........................................................
420,000
380,634
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/15/51
.................................................
1,635,000
1,417,267
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
106
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Midlothian,
(continued)
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/15/51
..................................................
$
610,000
$
540,521
b
City
of
New
Braunfels
,
Solms
Landing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.625%,
9/01/26
.................................................
220,000
207,494
Solms
Landing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/01/31
..................................................
320,000
297,594
Solms
Landing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/01/41
........................................................
882,000
784,352
Solms
Landing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/01/51
..................................................
1,454,000
1,271,414
b
City
of
Oak
Point
,
Oak
Point
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2020,
3.25%,
9/01/30
..................................................
300,000
273,529
Oak
Point
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2020,
3.75%,
9/01/40
..................................................
1,170,000
1,038,426
Oak
Point
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
1,060,000
930,876
Wildridge
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
2.75%,
9/01/31
..................................................
160,000
139,093
Wildridge
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.125%,
9/01/41
.................................................
643,000
520,900
Wildridge
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
4%,
9/01/51
........................................................
987,000
865,775
b,g
City
of
Pilot
Point
,
Mobberly
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.125%,
9/15/32
........................................................
500,000
513,542
Mobberly
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.625%,
9/15/32
........................................................
810,000
831,750
Mobberly
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.5%,
9/15/48
........................................................
4,026,000
4,133,359
Mobberly
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6%,
9/15/52
4,001,000
4,124,428
Mobberly
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6.5%,
9/15/52
........................................................
1,600,000
1,648,168
b
City
of
Plano
,
Collin
Creek
East
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.375%,
9/15/51
.................................................
7,750,000
6,542,284
Collin
Creek
West
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/51
....................................................
2,343,000
1,981,407
b
City
of
Princeton
,
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
2.875%,
9/01/25
.................................................
128,000
125,011
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
9/01/30
.................................................
180,000
168,230
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.875%,
9/01/40
.................................................
650,000
579,028
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/01/50
.................................................
936,000
836,230
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.75%,
9/01/27
........................................................
201,000
198,727
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4%,
9/01/32
........................................................
280,000
271,051
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.25%,
9/01/42
........................................................
752,000
713,717
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
107
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Princeton,
(continued)
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.375%,
9/01/52
.................................................
$
1,139,000
$
1,061,119
Brookside
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.5%,
9/01/26
........................................................
111,000
103,586
Brookside
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3%,
9/01/31
........................................................
128,000
114,247
Brookside
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/01/41
........................................................
325,000
269,221
Brookside
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/51
........................................................
435,000
381,762
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.25%,
9/01/30
........................................................
200,000
185,483
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.75%,
9/01/40
........................................................
470,000
410,214
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
675,000
580,122
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.875%,
9/01/31
........................................................
110,000
97,613
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.25%,
9/01/41
........................................................
518,000
419,401
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/51
........................................................
620,000
543,850
b
City
of
Red
Oak
,
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
2.625%,
9/15/26
........................................................
150,000
138,162
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
........................................................
354,000
307,366
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.375%,
9/15/41
........................................................
500,000
408,959
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
4%,
9/15/51
.
665,000
579,180
b
City
of
Rowlett
,
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
............................................
200,000
180,488
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/15/31
.............................................
300,000
278,516
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/15/41
.............................................
820,000
707,128
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/15/41
............................................
600,000
551,559
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/51
................................................
1,172,000
1,020,749
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/15/51
.............................................
1,000,000
892,296
b
City
of
Royse
City
,
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
9/15/30
........................................................
450,000
413,969
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.625%,
9/15/30
........................................................
225,000
210,867
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.375%,
9/15/30
........................................................
210,000
203,225
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.875%,
9/15/40
........................................................
1,190,000
1,059,440
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/15/40
........................................................
590,000
547,733
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.875%,
9/15/40
........................................................
375,000
356,243
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
108
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Royse
City,
(continued)
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/15/50
........................................................
$
1,780,000
$
1,583,664
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.375%,
9/15/50
........................................................
715,000
656,352
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
5.125%,
9/15/50
........................................................
575,000
540,201
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2017,
5%,
9/15/48
........................................................
2,700,000
2,739,888
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.375%,
9/15/39
........................................................
610,000
598,276
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.5%,
9/15/48
........................................................
1,260,000
1,209,023
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.75%,
9/15/49
........................................................
1,495,000
1,490,044
b
City
of
Sachse
,
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
3.25%,
9/15/30
405,000
365,329
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
3.75%,
9/15/40
1,070,000
923,121
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
5.375%,
9/15/40
........................................................
2,035,000
1,944,730
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
4%,
9/15/50
.
1,485,000
1,297,954
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
5.625%,
9/15/50
........................................................
2,235,000
2,133,300
City
of
San
Marcos
,
Whisper
Public
Improvement
District,
Special
Assessment,
2020,
4.375%,
9/01/25
.
260,000
262,849
Whisper
Public
Improvement
District,
Special
Assessment,
2020,
4.875%,
9/01/30
.
305,000
308,516
Whisper
Public
Improvement
District,
Special
Assessment,
2020,
5.375%,
9/01/40
.
1,300,000
1,322,052
Whisper
Public
Improvement
District,
Special
Assessment,
2020,
5.625%,
9/01/50
.
1,300,000
1,322,948
b
Whisper
South
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.75%,
9/01/27
..................................................
300,000
289,565
b
Whisper
South
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4%,
9/01/32
........................................................
425,000
401,630
b
Whisper
South
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.25%,
9/01/42
..................................................
1,221,000
1,089,263
b
Whisper
South
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.5%,
9/01/51
........................................................
1,621,000
1,420,484
b
City
of
Santa
Fe
,
Mulberry
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.875%,
9/01/42
.................................................
508,000
492,698
Mulberry
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5%,
9/01/52
........................................................
858,000
838,953
b
City
of
Sinton
,
Somerset
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
4.375%,
9/01/27
.................................................
381,000
368,839
Somerset
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
4.75%,
9/01/32
..................................................
660,000
633,041
Somerset
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
5.125%,
9/01/42
.................................................
1,000,000
948,962
Somerset
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
5.25%,
9/01/51
..................................................
1,250,000
1,150,653
b
City
of
Tomball
,
Raburn
Reserve
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/15/30
.........................................
375,000
350,106
b
City
of
Venus
,
Patriot
Estates
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.625%,
9/15/26
.................................................
234,000
216,178
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
109
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Venus,
(continued)
Patriot
Estates
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
.................................................
$
250,000
$
220,657
Patriot
Estates
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/15/41
.................................................
1,105,000
918,378
Patriot
Estates
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/51
........................................................
2,024,000
1,784,538
b,d
City
of
Waxahachie
,
North
Grove
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.125%,
8/15/32
........................................................
302,000
311,626
North
Grove
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.5%,
8/15/52
........................................................
2,395,000
2,483,573
Clifton
Higher
Education
Finance
Corp.
,
Uplift
Education
,
Revenue
,
A
,
5
%
,
12/01/45
.
3,855,000
3,959,056
b
Club
Municipal
Management
District
No.
1
,
Improvement
Area
#2,
Special
Assessment,
144A,
2021,
2.5%,
9/01/26
.........
200,000
185,489
Improvement
Area
#2,
Special
Assessment,
144A,
2021,
3%,
9/01/31
...........
271,000
235,862
Improvement
Area
#2,
Special
Assessment,
144A,
2021,
3.25%,
9/01/41
........
1,012,000
824,570
Improvement
Area
#2,
Special
Assessment,
144A,
2021,
4%,
9/01/50
...........
1,420,000
1,243,220
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel,
Revenue,
Second
Lien,
2021
B,
3.5%,
10/01/31
.
450,000
389,575
Conroe
Convention
Center
Hotel,
Revenue,
Second
Lien,
2021
B,
5%,
10/01/50
..
1,200,000
1,077,672
b
County
of
Hays
,
La
Cima
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.25%,
9/15/30
........................................................
100,000
90,290
La
Cima
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.75%,
9/15/40
........................................................
800,000
690,081
La
Cima
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/15/50
1,200,000
1,037,214
b
County
of
Medina
,
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/01/26
........................................................
240,000
222,072
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/01/31
........................................................
400,000
366,843
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.875%,
9/01/31
........................................................
815,000
749,485
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/01/41
........................................................
1,085,000
955,427
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.25%,
9/01/41
........................................................
780,000
715,173
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/01/50
........................................................
870,000
763,281
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.5%,
9/01/50
........................................................
1,160,000
1,056,837
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
9,065,000
7,686,767
Grand
Parkway
Transportation
Corp.
,
Revenue,
2013
B,
Zero
Cpn.,
10/01/45
..................................
10,000,000
10,868,107
Revenue,
First
Tier,
2013
A,
5.125%,
10/01/43
............................
2,850,000
2,928,260
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group,
Revenue,
2013
B,
Pre-Refunded,
7%,
1/01/43
........................................................
3,000,000
3,093,902
Brazos
Presbyterian
Homes
Obligated
Group,
Revenue,
2013
B,
Pre-Refunded,
7%,
1/01/48
........................................................
5,250,000
5,414,328
Brazos
Presbyterian
Homes
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
1/01/48
........................................................
5,000,000
4,992,625
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
110
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Harris
County-Houston
Sports
Authority
,
Revenue,
Third
Lien
,
2004
A-3
,
NATL
Insured
,
Zero
Cpn.,
11/15/37
................................................
$
3,700,000
$
1,561,267
e
Mesquite
Health
Facilities
Development
Corp.
,
Christian
Care
Centers,
Inc.
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
2/15/36
........................................................
1,000,000
830,000
Christian
Care
Centers,
Inc.
Obligated
Group,
Revenue,
2014,
Refunding,
5.125%,
2/15/42
........................................................
3,750,000
3,112,500
Christian
Care
Centers,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
2/15/35
........................................................
5,175,000
4,295,250
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
Cardinal
Bay,
Inc.,
Revenue,
D,
6%,
7/01/26
.............................
110,000
49,500
Cardinal
Bay,
Inc.,
Revenue,
D,
7%,
7/01/51
.............................
5,110,000
2,299,500
CHF-Collegiate
Housing
College
Station
I
LLC,
Revenue,
2014
A,
5%,
4/01/29
....
2,190,000
2,218,507
CHF-Collegiate
Housing
College
Station
I
LLC,
Revenue,
2014
A,
5%,
4/01/46
....
1,500,000
1,501,974
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017
A,
ETM,
5%,
4/01/24
965,000
1,018,129
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017
A,
ETM,
5%,
4/01/26
525,000
578,749
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017
A,
ETM,
5%,
4/01/27
460,000
517,333
b
CityScape
Schools,
Inc.,
Revenue,
144A,
2019
A,
5%,
8/15/39
................
500,000
512,614
b
CityScape
Schools,
Inc.,
Revenue,
144A,
2019
A,
5%,
8/15/51
................
1,570,000
1,591,002
Longhorn
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
1/01/42
......
5,000,000
5,075,381
Longhorn
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
1/01/47
......
4,595,000
4,645,379
Morningside
Ministries
Obligated
Group,
Revenue,
2013,
Refunding,
6.5%,
1/01/43
4,350,000
4,469,268
Morningside
Ministries
Obligated
Group,
Revenue,
2020
A,
5%,
1/01/55
.........
4,100,000
3,891,709
NCCD-College
Station
Properties
LLC,
Revenue,
A,
5%,
7/01/47
..............
30,000,000
28,500,000
Presbyterian
Village
North
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
10/01/39
.......................................................
2,750,000
2,678,293
Presbyterian
Village
North
Obligated
Group,
Revenue,
2018,
Refunding,
5.25%,
10/01/49
.......................................................
12,600,000
12,365,906
Presbyterian
Village
North
Obligated
Group,
Revenue,
2020
A,
5.25%,
10/01/55
...
2,500,000
2,371,947
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/39
.......................................................
125,000
123,850
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
Second
Tier,
2019
B,
5.5%,
12/01/54
................................................
14,845,000
14,280,731
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
Third
Tier,
2019
C,
6%,
12/01/54
...................................................
6,895,000
6,592,086
Wesleyan
Homes
Obligated
Group,
Revenue,
2014,
5.5%,
1/01/43
............
3,200,000
3,059,444
Wesleyan
Homes
Obligated
Group,
Revenue,
2014,
5.5%,
1/01/49
............
1,000,000
937,701
Wesleyan
Homes
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
1/01/50
.....
1,180,000
1,003,560
Wesleyan
Homes
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
1/01/55
.....
4,400,000
3,675,293
b
North
Parkway
Municipal
Management
District
No.
1
,
Special
Assessment,
144A,
2021,
3.625%,
9/15/26
.........................
1,000,000
992,244
Special
Assessment,
144A,
2021,
4.25%,
9/15/31
.........................
1,500,000
1,469,475
Special
Assessment,
144A,
2021,
4.75%,
9/15/41
.........................
5,000,000
4,888,393
Special
Assessment,
144A,
2021,
5%,
9/15/51
............................
6,250,000
6,173,745
City
of
Celina
Legacy
Hills
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.625%,
9/15/31
............................................
250,000
232,990
City
of
Celina
Legacy
Hills
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/41
................................................
1,000,000
917,761
City
of
Celina
Legacy
Hills
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/15/51
.............................................
1,160,000
1,055,906
North
Texas
Tollway
Authority
,
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn.,
9/01/37
....
7,500,000
3,747,391
Special
Projects
System,
Revenue,
2011
C,
Pre-Refunded,
6.75%,
9/01/45
......
25,000,000
33,446,297
Special
Projects
System,
Revenue,
2011
C,
Pre-Refunded,
Zero
Cpn.,
9/01/43
....
10,000,000
12,632,652
b
Northwood
Municipal
Utility
District
No.
1
,
GO,
144A,
2020,
Refunding,
3.5%,
8/01/25
..............................
1,035,000
1,037,512
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
111
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
Northwood
Municipal
Utility
District
No.
1,
(continued)
GO,
144A,
2020,
Refunding,
4%,
8/01/31
................................
$
1,070,000
$
1,100,726
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
B
,
6
%
,
12/01/52
..............
5,075,000
4,387,968
Red
River
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2017
,
Refunding
,
5.5
%
,
10/01/46
...........................................
4,250,000
4,539,123
e
Red
River
Health
Facilities
Development
Corp.
,
Eden
Home,
Inc.
Obligated
Group
,
Revenue
,
2012
,
7.25
%
,
12/15/42
......................................
11,000,000
6,875,000
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Cumberland
Rest,
Inc.
(The)
,
Revenue
,
A-1
,
Refunding
,
5
%
,
10/01/49
............................
5,125,000
5,226,241
Texas
Transportation
Commission
,
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/46
...........................
3,000,000
954,460
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/47
...........................
5,750,000
1,735,832
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/51
...........................
3,500,000
848,756
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/52
...........................
4,000,000
915,251
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/53
...........................
400,000
86,592
b
Town
of
Flower
Mound
,
River
Walk
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
Refunding,
2.625%,
9/01/26
........................................
820,000
751,464
River
Walk
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
Refunding,
3.25%,
9/01/31
.........................................
750,000
642,105
River
Walk
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
Refunding,
3.5%,
9/01/36
..........................................
800,000
666,836
River
Walk
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
Refunding,
4%,
9/01/43
............................................
2,500,000
2,175,145
b
Town
of
Little
Elm
,
Spiritas
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.25%,
9/01/27
........................................................
139,000
129,590
Spiritas
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.5%,
9/01/32
........................................................
205,000
181,067
Spiritas
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.75%,
9/01/42
........................................................
529,000
445,570
Spiritas
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4%,
9/01/51
........................................................
509,000
429,739
Town
of
Ponder
,
Special
Assessment,
2017,
5%,
9/01/45
.................................
500,000
507,332
Special
Assessment,
2017,
5%,
9/01/47
.................................
865,000
877,725
Viridian
Municipal
Management
District
,
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
2.875%,
12/01/30
.
258,000
229,456
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
3.125%,
12/01/35
.
415,000
360,240
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
3.375%,
12/01/40
.
486,000
406,757
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
3.5%,
12/01/47
..
835,000
677,704
505,523,938
Utah
0.5%
Military
Installation
Development
Authority
,
Revenue,
2021
A-2,
4%,
6/01/36
......................................
2,250,000
1,947,969
Revenue,
2021
A-2,
4%,
6/01/41
......................................
7,215,000
5,928,332
Revenue,
2021
A-2,
4%,
6/01/52
......................................
24,745,000
18,818,921
b
Utah
Charter
School
Finance
Authority
,
Mountain
West
Montessori
Academy,
Inc.,
Revenue,
144A,
2020
A,
5%,
6/15/39
..
475,000
483,042
Mountain
West
Montessori
Academy,
Inc.,
Revenue,
144A,
2020
A,
5%,
6/15/49
..
825,000
826,523
28,004,787
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
112
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Vermont
0.0%
†
Vermont
Economic
Development
Authority
,
Wake
Robin
Corp.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/01/45
.............................................
$
2,850,000
$
2,432,499
Virgin
Islands
0.1%
Matching
Fund
Special
Purpose
Securitization
Corp.
,
United
States
Virgin
Islands
Federal
Excise
Tax
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/39
...............
4,500,000
4,582,251
Virginia
0.5%
b
Farms
New
Kent
Community
Development
Authority
,
Special
Assessment
,
144A,
2021
A
,
Refunding
,
3.75
%
,
3/01/36
.........................................
7,300,000
7,045,102
Farmville
Industrial
Development
Authority
,
Longwood
Housing
Foundation
LLC,
Revenue,
2018
A,
Refunding,
5%,
1/01/43
...
500,000
515,521
Longwood
Housing
Foundation
LLC,
Revenue,
2018
A,
Refunding,
5%,
1/01/48
...
500,000
512,367
Longwood
Housing
Foundation
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/01/40
...
2,000,000
2,086,319
Longwood
Housing
Foundation
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/01/50
...
2,700,000
2,775,770
Longwood
Housing
Foundation
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/01/59
...
2,000,000
2,042,574
Henrico
County
Economic
Development
Authority
,
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group,
Revenue,
2019
A,
5%,
6/01/44
........................................................
3,550,000
3,540,603
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group,
Revenue,
2019
A,
5%,
6/01/49
........................................................
4,065,000
4,011,620
James
City
County
Economic
Development
Authority
,
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/01/41
............................................
625,000
541,981
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/01/47
............................................
1,000,000
824,633
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2012
,
Refunding
,
6
%
,
1/01/37
.......................
6,485,000
6,508,473
30,404,963
Washington
1.1%
c
Coalview
Centralia
LLC
,
15
%
,
3/31/22
....................................
212,000
212,000
Ocean
Shores
Local
Improvement
District
,
Special
Assessment
,
2011
,
7.25
%
,
2/01/31
1,310,000
1,488,122
Washington
Economic
Development
Finance
Authority
,
e
Coalview
Centralia
LLC,
Revenue,
2013,
8.25%,
8/01/25
....................
3,800,000
608,000
e
Coalview
Centralia
LLC,
Revenue,
2013,
9.5%,
8/01/25
.....................
12,855,000
2,056,800
f
Propeller
Airports
Paine
Field
LLC,
Revenue,
A,
Mandatory
Put,
6.5%,
3/01/24
....
24,250,000
24,341,675
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
.............................
5,000,000
5,220,769
b
Washington
State
Housing
Finance
Commission
,
eliseo
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
1/01/41
........
5,000,000
4,253,254
eliseo
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
1/01/51
........
10,070,000
7,954,432
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
2019
A,
5%,
1/01/49
..............................................
2,750,000
2,588,208
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
2019
A,
5%,
1/01/55
..............................................
1,800,000
1,669,341
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
A,
Refunding,
5%,
1/01/46
.........................................
2,250,000
2,136,423
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
A,
Refunding,
5%,
1/01/51
.........................................
1,700,000
1,594,415
Spokane
United
Methodist
Homes
Obligated
Group,
Revenue,
144A,
2019,
5%,
1/01/55
........................................................
9,020,000
7,578,284
Spokane
United
Methodist
Homes
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
1/01/51
........................................................
6,000,000
5,111,984
66,813,707
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
113
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
West
Virginia
0.2%
County
of
Kanawha
,
West
Virginia
State
University
Foundation,
Inc.
,
Revenue
,
2013
,
Pre-Refunded
,
6.75
%
,
7/01/45
........................................
$
6,650,000
$
7,000,899
b
Monongalia
County
Commission
Excise
Tax
District
,
Revenue,
144A,
2021
A,
Refunding,
4.125%,
6/01/43
.......................
2,250,000
2,183,752
Revenue,
144A,
2021
B,
4.875%,
6/01/43
...............................
1,635,000
1,520,206
10,704,857
Wisconsin
2.3%
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
4%,
12/01/40
.....................
1,070,000
943,413
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
4.25%,
12/01/50
...................
7,225,000
6,205,922
A&T
Real
Estate
Foundation
LLC,
Revenue,
2019
B,
5%,
6/01/39
.............
1,595,000
1,643,382
A&T
Real
Estate
Foundation
LLC,
Revenue,
2019
B,
5%,
6/01/44
.............
1,900,000
1,941,608
A&T
Real
Estate
Foundation
LLC,
Revenue,
2019
B,
5%,
6/01/49
.............
5,225,000
5,308,205
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
11/15/41
.......................................................
1,205,000
1,308,156
b
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
13,200,000
13,115,082
Celanese
US
Holdings
LLC,
Revenue,
2016
C,
Refunding,
4.3%,
11/01/30
.......
4,000,000
4,115,994
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2017
A,
5%,
7/01/45
..........
2,805,000
2,859,696
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2017
A,
5%,
7/01/53
..........
4,345,000
4,405,730
b
Eno
River
Academy
Holdings,
Inc.,
Revenue,
144A,
2020
A,
5%,
6/15/40
........
815,000
830,645
b
Eno
River
Academy
Holdings,
Inc.,
Revenue,
144A,
2020
A,
5%,
6/15/54
........
1,380,000
1,383,594
b
Estancia
Valley
Classical
Academy,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/41
1,000,000
802,775
b
Estancia
Valley
Classical
Academy,
Revenue,
144A,
2021
A,
Refunding,
4.25%,
7/01/51
........................................................
4,000,000
3,105,753
b
Friends
Homes
Obligated
Group,
Revenue,
144A,
2019,
Refunding,
5%,
9/01/39
..
1,230,000
1,252,354
b
Friends
Homes
Obligated
Group,
Revenue,
144A,
2019,
Refunding,
5%,
9/01/49
..
7,600,000
7,622,326
b
Friends
Homes
Obligated
Group,
Revenue,
144A,
2019,
Refunding,
5%,
9/01/54
..
1,920,000
1,919,852
b
High
Desert
Montessori
Charter
School,
Revenue,
144A,
2021
A,
5%,
6/01/36
....
300,000
301,759
b
High
Desert
Montessori
Charter
School,
Revenue,
144A,
2021
A,
5%,
6/01/51
....
1,000,000
958,669
b
High
Desert
Montessori
Charter
School,
Revenue,
144A,
2021
A,
5%,
6/01/61
....
1,275,000
1,196,302
b
Hope
Housing
Foundation
Obligated
Group,
Revenue,
144A,
2022
C,
4.6%,
12/01/37
5,460,000
4,899,262
b
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
3/01/37
............................................
625,000
629,607
b
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
3/01/52
............................................
4,100,000
4,000,473
b
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2020
A,
5.25%,
3/01/45
..................................................
1,665,000
1,681,743
b
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2020
A,
5.25%,
3/01/55
..................................................
6,810,000
6,835,221
b
Ocean
Academy
Charter
School,
Revenue,
144A,
2021,
4%,
10/15/31
..........
185,000
173,130
b
Ocean
Academy
Charter
School,
Revenue,
144A,
2021,
5%,
10/15/41
..........
570,000
560,249
b
Ocean
Academy
Charter
School,
Revenue,
144A,
2021,
5%,
10/15/51
..........
1,130,000
1,076,500
b
Signature
Preparatory,
Revenue,
144A,
2021
A,
5%,
6/15/31
.................
600,000
604,943
b
Signature
Preparatory,
Revenue,
144A,
2021
A,
5%,
6/15/51
.................
2,250,000
2,121,899
b
Signature
Preparatory,
Revenue,
144A,
2021
A,
5%,
6/15/56
.................
2,465,000
2,297,653
b
UHF
RISE
Student
Housing
LLC,
Revenue,
144A,
2021
A-2,
5.35%,
7/01/40
.....
3,000,000
2,650,775
b
UHF
RISE
Student
Housing
LLC,
Revenue,
144A,
2021
B,
5.25%,
7/01/61
.......
2,000,000
1,642,057
b
UMA
Education,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
10/01/34
.........
8,970,000
9,476,195
b
UMA
Education,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
10/01/39
.........
8,500,000
8,930,226
b
WFCS
Holdings
II
LLC,
Revenue,
144A,
2021
A-1,
5%,
1/01/56
...............
1,865,000
1,752,592
b,f
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-1,
Mandatory
Put,
3.5%,
12/01/35
..................................................
2,000,000
1,720,303
b,f
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-2,
Mandatory
Put,
4%,
12/01/35
...................................................
18,000,000
15,556,970
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
114
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Wisconsin
Health
&
Educational
Facilities
Authority
,
Chiara
Communities,
Inc.,
Revenue,
2018
C,
6%,
7/01/28
...................
$
175,000
$
137,375
Chiara
Communities,
Inc.,
Revenue,
2018
C,
6.5%,
7/01/33
..................
300,000
215,462
Chiara
Communities,
Inc.,
Revenue,
2018
C,
7%,
7/01/43
...................
1,000,000
671,323
Chiara
Communities,
Inc.,
Revenue,
2018
C,
7.5%,
7/01/53
..................
5,750,000
3,942,146
HOPE
Christian
Schools
Obligated
Group,
Revenue,
2021,
4%,
12/01/41
........
850,000
780,695
HOPE
Christian
Schools
Obligated
Group,
Revenue,
2021,
4%,
12/01/51
........
1,000,000
868,789
HOPE
Christian
Schools
Obligated
Group,
Revenue,
2021,
4%,
12/01/56
........
1,000,000
852,372
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2015
B,
Refunding,
5%,
9/15/45
........................................................
3,500,000
3,536,140
138,835,317
U.S.
Territories
10.0%
District
of
Columbia
1.1%
District
of
Columbia
,
Tobacco
Settlement
Financing
Corp.,
Revenue,
2001,
6.5%,
5/15/33
...........
2,900,000
3,042,030
Tobacco
Settlement
Financing
Corp.,
Revenue,
2002,
Zero
Cpn.,
6/15/46
........
175,000,000
38,711,068
Metropolitan
Washington
Airports
Authority
,
Dulles
Toll
Road
,
Revenue,
Second
Lien
,
2009
C
,
Pre-Refunded
,
AGMC
Insured
,
6.5
%
,
10/01/41
.....................
20,145,000
23,823,751
65,576,849
Pacific
Islands
0.1%
Northern
Mariana
Island
Ports
Authority
,
Revenue
,
1998
A
,
6.6
%
,
3/15/28
.........
7,960,000
7,837,526
Puerto
Rico
8.8%
Children's
Trust
Fund
,
Revenue,
5.5%,
5/15/39
.............................................
9,500,000
9,651,325
Revenue,
2002,
5.625%,
5/15/43
......................................
2,500,000
2,545,610
Commonwealth
of
Puerto
Rico
,
h
GO,
FRN,
Zero
Cpn.,
11/01/43
........................................
7,803,975
4,048,312
GO,
2022
A-1,
5.25%,
7/01/23
........................................
1,745,585
1,768,967
GO,
2022
A-1,
5.375%,
7/01/25
.......................................
1,740,691
1,833,086
GO,
2022
A-1,
5.625%,
7/01/27
.......................................
1,724,925
1,883,889
GO,
2022
A-1,
5.625%,
7/01/29
.......................................
1,696,941
1,877,688
GO,
2022
A-1,
5.75%,
7/01/31
........................................
1,648,225
1,867,326
GO,
2022
A-1,
4%,
7/01/33
..........................................
1,562,950
1,532,722
GO,
2022
A-1,
4%,
7/01/35
..........................................
3,579,884
3,462,739
GO,
2022
A-1,
4%,
7/01/37
..........................................
3,249,761
3,143,353
GO,
2022
A-1,
4%,
7/01/41
..........................................
1,769,144
1,680,555
GO,
2022
A-1,
4%,
7/01/46
..........................................
21,788,775
20,384,974
GO,
2022
A-1,
Zero
Cpn.,
7/01/24
.....................................
803,981
739,287
GO,
2022
A-1,
Zero
Cpn.,
7/01/33
.....................................
2,011,366
1,193,746
GDB
Debt
Recovery
Authority
of
Puerto
Rico
,
7.5
%
,
8/20/40
...................
46,582,014
41,574,448
b
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
,
Revenue,
144A,
2021
B,
Refunding,
5%,
7/01/28
..........................
17,705,000
18,923,324
Revenue,
144A,
2021
B,
Refunding,
5%,
7/01/33
..........................
4,295,000
4,585,477
Revenue,
144A,
2021
B,
Refunding,
5%,
7/01/37
..........................
35,000,000
37,040,440
Revenue,
144A,
2021
B,
Refunding,
4%,
7/01/42
..........................
2,500,000
2,432,485
Revenue,
Senior
Lien,
144A,
2020
A,
Refunding,
5%,
7/01/47
................
15,000,000
15,585,245
e
Puerto
Rico
Electric
Power
Authority
,
Revenue,
2013
A
RSA-1,
7.25%,
7/01/30
................................
25,000,000
24,312,487
Revenue,
2013
A
RSA-1,
6.75%,
7/01/36
................................
29,750,000
28,783,116
Revenue,
2013
A
RSA-1,
7%,
7/01/43
..................................
5,000,000
4,849,998
Revenue,
A-4-RSA-1
2016
A-4,
10%,
7/01/19
.............................
5,500,000
5,458,750
Revenue,
B-2-RSA-1
2016
B-4,
10%,
7/01/19
............................
5,500,000
5,458,750
Revenue,
E-1-RSA-1,
10%,
1/01/21
....................................
6,000,000
5,955,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
115
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
e
Puerto
Rico
Electric
Power
Authority,
(continued)
Revenue,
E-2-RSA-1,
10%,
7/01/21
....................................
$
6,000,000
$
5,955,000
Revenue,
E-3-RSA-1,
10%,
1/01/22
....................................
1,989,500
1,974,579
Revenue,
E-4-RSA-1,
10%,
7/01/22
....................................
1,989,499
1,996,960
Revenue,
XX-RSA-1,
5.75%,
7/01/36
...................................
23,620,000
22,261,850
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
10,895,000
10,186,825
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
700,000
744,295
Revenue,
L,
Refunding,
AMBAC
Insured,
5.25%,
7/01/38
....................
9,080,000
9,304,369
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
7,125,000
7,562,810
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
AES
Puerto
Rico
LP
,
Revenue
,
2000
A
,
6.625
%
,
6/01/26
.....
16,835,000
17,448,036
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.55%,
7/01/40
................................
393,000
398,090
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
43,740,000
44,580,490
Sales
Tax,
Revenue,
A-1,
Zero
Cpn.,
7/01/46
.............................
176,941,000
53,838,104
Sales
Tax,
Revenue,
A-1,
Zero
Cpn.,
7/01/51
.............................
34,759,000
7,680,126
Sales
Tax,
Revenue,
A-2,
4.329%,
7/01/40
...............................
49,093,000
49,154,308
Sales
Tax,
Revenue,
A-2,
4.784%,
7/01/58
...............................
44,841,000
45,194,589
530,853,530
Total
U.S.
Territories
....................................................................
604,267,905
Total
Municipal
Bonds
(Cost
$5,785,666,560)
...................................
5,822,725,230
Total
Long
Term
Investments
(Cost
$5,939,111,652)
.............................
5,969,555,399
a
a
a
a
a
Short
Term
Investments
0.8%
Municipal
Bonds
0.8%
Georgia
0.1%
i
Development
Authority
of
Monroe
County
(The)
,
Florida
Power
&
Light
Co.
,
Revenue
,
2002
,
Refunding
,
Daily
VRDN
and
Put
,
0.71
%
,
9/01/37
.....................
5,000,000
5,000,000
New
York
0.1%
i
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.52
%
,
1/01/34
5,500,000
5,500,000
i
Triborough
Bridge
&
Tunnel
Authority
,
Revenue
,
2003
B-1
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.67
%
,
1/01/33
.......................................
1,800,000
1,800,000
7,300,000
North
Carolina
0.5%
i
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group,
Revenue,
2007
B,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.62%,
1/15/38
..........................
15,700,000
15,700,000
Atrium
Health
Obligated
Group,
Revenue,
2007
C,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.62%,
1/15/37
..........................
12,400,000
12,400,000
28,100,000
Oregon
0.0%
†
i
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.6
%
,
8/01/34
.............
3,000,000
3,000,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
116
See
Abbreviations
on
page
203
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Tennessee
0.1%
i
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2008
A
,
AGMC
Insured
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.64
%
,
6/01/42
...................................
$
5,400,000
$
5,400,000
Total
Municipal
Bonds
(Cost
$48,800,000)
......................................
48,800,000
Total
Short
Term
Investments
(Cost
$48,800,000
)
................................
48,800,000
a
Total
Investments
(Cost
$5,987,911,652)
99.8%
..................................
$6,018,355,399
Other
Assets,
less
Liabilities
0.2%
.............................................
13,419,213
Net
Assets
100.0%
...........................................................
$6,031,774,612
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$1,559,003,363,
representing
25.8%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
d
Security
purchased
on
a
when-issued
basis.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
The
maturity
date
shown
represents
the
mandatory
put
date.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Louisiana
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
117
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
96.9%
Florida
0.1%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
$
500,000
$
374,096
Georgia
0.3%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
1,225,000
1,025,872
Louisiana
92.1%
Ascension
Parish
School
Board
,
GO
,
2020
,
4
%
,
3/01/40
......................
1,000,000
1,035,655
Caddo
Parish
Parishwide
School
District
,
GO
,
2021
,
AGMC
Insured
,
3
%
,
3/01/36
...
505,000
481,899
Calcasieu
Parish
School
District
No.
23
,
GO,
2019,
BAM
Insured,
4%,
9/01/36
...................................
670,000
714,079
GO,
2019,
BAM
Insured,
4%,
9/01/39
...................................
2,060,000
2,145,688
Calcasieu
Parish
School
District
No.
31
,
GO,
2018,
BAM
Insured,
5%,
3/01/36
...................................
1,000,000
1,119,709
GO,
2018,
BAM
Insured,
5%,
3/01/38
...................................
1,000,000
1,116,964
GO,
2019,
BAM
Insured,
4%,
3/01/37
...................................
1,000,000
1,054,514
GO,
2019,
BAM
Insured,
4%,
3/01/39
...................................
750,000
779,276
Central
Community
School
System
,
GO,
2020,
4%,
3/01/39
.............................................
1,125,000
1,174,630
GO,
2020,
4%,
3/01/40
.............................................
1,190,000
1,232,429
City
of
Bossier
City
,
Utilities
,
Revenue
,
2014
,
Pre-Refunded
,
5
%
,
10/01/37
........
5,280,000
5,649,357
City
of
Lafayette
,
Sales
&
Use
Tax,
Revenue,
2019
A,
5%,
5/01/44
..........................
4,350,000
4,913,539
Sales
&
Use
Tax,
Revenue,
2020
B,
4%,
3/01/45
..........................
5,000,000
5,108,546
City
of
New
Orleans
,
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/45
.........................
1,700,000
1,915,076
Sewerage
Service,
Revenue,
2020
B,
4%,
6/01/50
.........................
1,300,000
1,329,379
City
of
Ruston
,
Sales
Tax
,
Revenue
,
2016
,
AGMC
Insured
,
5
%
,
6/01/35
...........
1,085,000
1,186,830
City
of
Shreveport
,
Revenue,
2016,
Refunding,
BAM
Insured,
5%,
3/01/27
......................
1,500,000
1,669,792
Water
&
Sewer,
Revenue,
2016
B,
5%,
12/01/41
..........................
4,000,000
4,381,910
Water
&
Sewer,
Revenue,
2020
B,
Refunding,
3%,
12/01/50
..................
5,070,000
4,332,828
Consolidated
Government
of
the
City
of
Baton
Rouge
&
Parish
of
East
Baton
Rouge
,
Sales
Tax
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/30
............
2,000,000
2,301,824
East
Baton
Rouge
Sewerage
Commission
,
Revenue,
2014
B,
Pre-Refunded,
5%,
2/01/33
............................
1,000,000
1,078,420
Revenue,
2014
B,
Pre-Refunded,
5%,
2/01/39
............................
5,000,000
5,392,103
Revenue,
2019
A,
Refunding,
4%,
2/01/45
...............................
5,000,000
5,080,346
Revenue,
2020
A,
Refunding,
5%,
2/01/31
...............................
750,000
872,827
Greater
New
Orleans
Expressway
Commission
,
Revenue
,
2017
,
AGMC
Insured
,
5
%
,
11/01/47
........................................................
4,000,000
4,300,169
Jefferson
Parish
Consolidated
Sewerage
District
No.
1
,
Revenue
,
2022
,
BAM
Insured
,
4
%
,
2/01/38
......................................................
1,000,000
1,043,759
Jefferson
Sales
Tax
District
,
Revenue
,
2017
B
,
AGMC
Insured
,
5
%
,
12/01/42
.......
2,250,000
2,468,299
Lafayette
Consolidated
Government
,
GO,
2020,
Refunding,
3%,
3/01/34
.....................................
250,000
240,969
GO,
2020,
Refunding,
3%,
3/01/35
.....................................
200,000
191,761
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/28
...................
1,345,000
1,467,060
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/31
...................
2,400,000
2,607,081
Livingston
Parish
School
Board
,
Sales
&
Use
Tax,
Revenue,
2021
A,
Refunding,
4%,
5/01/30
.................
500,000
546,596
Sales
&
Use
Tax,
Revenue,
2021
A,
Refunding,
4%,
5/01/31
.................
1,300,000
1,418,008
Sales
&
Use
Tax,
Revenue,
2021
A,
Refunding,
4%,
5/01/32
.................
1,500,000
1,619,471
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
118
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Correctional
Facilities
Corp.
,
State
of
Louisiana
Office
of
Juvenile
Justice,
Revenue,
2021,
4%,
10/01/37
......
$
875,000
$
932,542
State
of
Louisiana
Office
of
Juvenile
Justice,
Revenue,
2021,
4%,
10/01/40
......
1,305,000
1,354,565
Louisiana
Housing
Corp.
,
Revenue,
2021
B,
GNMA
Insured,
2.05%,
6/01/36
.........................
625,000
545,818
Revenue,
2021
B,
GNMA
Insured,
2.2%,
6/01/41
..........................
1,995,000
1,627,274
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
a
City
of
New
Orleans,
Revenue,
144A,
2021,
4%,
11/01/46
...................
2,000,000
1,650,921
East
Ascension
Parish
Gravity
Drainage
District
No.
1,
Revenue,
2015,
Refunding,
BAM
Insured,
5%,
12/01/40
........................................
2,925,000
3,166,491
Entergy
Louisiana
LLC,
Revenue,
2021
A,
Refunding,
2%,
6/01/30
.............
1,500,000
1,338,350
Entergy
Louisiana
LLC,
Revenue,
2021
B,
Refunding,
2.5%,
4/01/36
...........
3,000,000
2,567,129
Innovative
Student
Facilities,
Inc.,
Revenue,
2016
A,
AGMC
Insured,
4%,
10/01/33
.
800,000
826,609
Innovative
Student
Facilities,
Inc.,
Revenue,
2016
A,
AGMC
Insured,
4%,
10/01/34
.
620,000
639,429
a
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020
A,
Refunding,
4.25%,
12/01/50
........................................
8,000,000
6,871,609
Louisiana
Community
&
Technical
College
System,
Revenue,
2014,
Pre-Refunded,
5%,
10/01/32
...................................................
3,000,000
3,209,862
Louisiana
Community
&
Technical
College
System,
Revenue,
2014,
Pre-Refunded,
5%,
10/01/33
...................................................
5,000,000
5,349,770
a
Parish
of
Assumption,
Revenue,
144A,
2021,
3.875%,
11/01/45
...............
1,000,000
815,896
a
Parish
of
St.
Bernard,
Revenue,
144A,
2021,
4%,
11/01/45
...................
1,225,000
1,019,970
a
Parish
of
St.
Charles,
Revenue,
144A,
2022,
4.5%,
11/01/47
.................
2,000,000
1,750,137
a
Parish
of
St.
Tammany
LA
GOMESA,
Revenue,
144A,
2020,
3.875%,
11/01/45
....
1,900,000
1,583,916
a
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
10/01/43
...
250,000
205,168
a
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4.25%,
10/01/48
221,200
178,295
a
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4.5%,
10/01/53
.
309,471
246,909
a
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
5%,
10/01/61
...
249,529
198,785
Ragin
Cajun
Facilities,
Inc.,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
10/01/39
.......................................................
2,680,000
2,938,223
University
of
Louisiana
at
Lafayette,
Revenue,
2018,
AGMC
Insured,
5%,
10/01/48
3,500,000
3,805,315
University
of
Louisiana
System,
Revenue,
2019,
Refunding,
AGMC
Insured,
4%,
8/01/34
........................................................
1,000,000
1,046,733
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
10/01/39
.......................................
1,060,000
1,109,828
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
10/01/41
.......................................
500,000
514,585
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
10/01/43
.......................................
500,000
511,334
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2022,
Refunding,
4%,
5/01/30
....................................................
1,020,000
1,081,407
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2022,
Refunding,
4%,
5/01/31
....................................................
1,065,000
1,131,459
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2022,
Refunding,
4%,
5/01/32
....................................................
1,100,000
1,165,487
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2022,
Refunding,
4%,
5/01/33
....................................................
1,155,000
1,220,790
Woman's
Hospital
Foundation,
Revenue,
2017
A,
Refunding,
5%,
10/01/44
......
5,000,000
5,280,145
Louisiana
Public
Facilities
Authority
,
Revenue,
2017
A,
4%,
12/15/50
.......................................
1,940,000
1,939,541
Revenue,
2017
A,
Pre-Refunded,
4%,
12/15/50
...........................
60,000
64,856
CHRISTUS
Health
Obligated
Group,
Revenue,
2018
E,
5%,
7/01/48
...........
5,000,000
5,314,637
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group,
Revenue,
2015
A,
5%,
7/01/35
..............................................
4,965,000
5,163,916
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group,
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/35
..................................
35,000
38,060
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
119
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
(continued)
Louisiana
Children's
Medical
Center
Obligated
Group,
Revenue,
2015
A-1,
5%,
6/01/45
........................................................
$
10,000,000
$
10,608,004
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/46
..............................................
6,500,000
6,819,639
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2017,
5%,
7/01/52
................................................
2,310,000
2,441,282
Loyola
University
New
Orleans,
Revenue,
2021,
Refunding,
4%,
10/01/37
.......
2,020,000
2,024,939
Loyola
University
New
Orleans,
Revenue,
2021,
Refunding,
4%,
10/01/39
.......
3,460,000
3,443,495
Loyola
University
New
Orleans,
Revenue,
2021,
Refunding,
4%,
10/01/41
.......
2,850,000
2,819,135
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2002
B,
ETM,
5.75%,
5/15/23
2,500,000
2,596,034
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/34
........................................................
30,000
33,041
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/47
........................................................
20,000
22,027
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/46
10,000,000
10,499,727
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
5/15/49
........................................................
5,000,000
4,936,290
a
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.5%,
1/01/50
.
2,000,000
2,053,479
Roman
Catholic
Church
of
the
Archdiocese
of
New
Orleans,
Revenue,
2017,
Refunding,
5%,
7/01/37
............................................
3,750,000
3,525,000
Tulane
University,
Revenue,
2013
B,
5%,
10/01/37
.........................
5,540,000
5,623,231
Tulane
University,
Revenue,
2016
A,
Refunding,
5%,
12/15/41
................
3,000,000
3,216,956
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/45
.................
1,000,000
1,094,404
Louisiana
Stadium
&
Exposition
District
,
Revenue
,
2020
,
5
%
,
7/03/23
............
1,150,000
1,168,801
Louisiana
State
Transportation
Authority
,
Revenue
,
2013
A
,
Pre-Refunded
,
5
%
,
8/15/38
4,500,000
4,678,530
Louisiana
State
University
&
Agricultural
&
Mechanical
College
,
Auxiliary,
Revenue,
2014,
Pre-Refunded,
5%,
7/01/29
......................
1,000,000
1,062,147
Auxiliary,
Revenue,
2014,
Pre-Refunded,
5%,
7/01/30
......................
1,040,000
1,104,632
Auxiliary,
Revenue,
2014,
Pre-Refunded,
5%,
7/01/34
......................
1,000,000
1,062,147
Auxiliary,
Revenue,
2016
A,
Pre-Refunded,
5%,
7/01/40
.....................
4,500,000
5,005,359
Natchitoches
Parish
School
District
No.
9
,
GO
,
2018
,
AGMC
Insured
,
5
%
,
3/01/38
...
1,440,000
1,620,956
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
A
,
5
%
,
1/01/48
........................................
10,000,000
10,635,676
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
Revenue,
2019,
5%,
8/01/31
.........................................
1,000,000
1,163,008
Revenue,
2019,
4%,
8/01/44
.........................................
2,055,000
2,096,395
Revenue,
2019,
5%,
8/01/48
.........................................
2,500,000
2,810,508
Parish
of
Terrebonne
,
Sales
&
Use
Tax,
Revenue,
2020
A,
4%,
3/01/35
..........................
1,015,000
1,091,459
Sales
&
Use
Tax,
Revenue,
2020
A,
4%,
3/01/41
..........................
2,660,000
2,732,855
Port
New
Orleans
Board
of
Commissioners
,
Revenue,
2018
A,
AGMC
Insured,
5%,
4/01/48
............................
2,750,000
2,987,520
Revenue,
2018
B,
Refunding,
AGMC
Insured,
5%,
4/01/43
...................
2,000,000
2,143,700
Revenue,
2020
D,
5%,
4/01/50
........................................
4,000,000
4,384,320
St.
Charles
Parish
School
Board
,
Revenue
,
2019
,
4
%
,
8/01/38
.................
805,000
844,707
St.
Tammany
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/48
.........................................................
5,500,000
5,822,772
State
of
Louisiana
,
GO,
2014
C,
Refunding,
5%,
8/01/27
...................................
7,200,000
7,620,934
GO,
2016
A,
5%,
9/01/36
............................................
5,000,000
5,476,570
GO,
2019
A,
5%,
3/01/37
............................................
3,000,000
3,391,704
Revenue,
2019
A,
5%,
9/01/30
........................................
2,000,000
2,280,767
Revenue,
2019
A,
5%,
9/01/31
........................................
4,750,000
5,402,398
Revenue,
2021,
5%,
9/01/33
.........................................
1,200,000
1,400,036
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
120
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
State
of
Louisiana,
(continued)
Gasoline
&
Fuels
Tax,
Revenue,
First
Lien,
2015
A,
Pre-Refunded,
5%,
5/01/41
...
$
3,000,000
$
3,240,955
Gasoline
&
Fuels
Tax,
Revenue,
Second
Lien,
2017
C,
Refunding,
5%,
5/01/40
...
5,000,000
5,519,681
Gasoline
&
Fuels
Tax,
Revenue,
Second
Lien,
2017
C,
Refunding,
5%,
5/01/45
...
10,000,000
10,916,677
Tangipahoa
Parish
Hospital
Service
District
No.
1
,
Revenue,
2021,
Refunding,
4%,
2/01/35
.................................
2,250,000
2,252,378
Revenue,
2021,
Refunding,
4%,
2/01/38
.................................
2,000,000
2,003,859
Terrebonne
Levee
&
Conservation
District
,
Sales
Tax
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
6/01/41
......................................................
1,000,000
1,028,198
West
Feliciana
Parish
Parishwide
Consolidated
School
District
No.
1
,
GO
,
2020
,
4
%
,
3/01/50
.........................................................
3,000,000
3,065,830
308,148,716
South
Carolina
0.4%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
700,000
587,940
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
700,000
587,308
1,175,248
Texas
0.5%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
900,000
763,165
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,250,000
1,062,174
1,825,339
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
700,000
587,487
Wisconsin
1.0%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
800,000
666,974
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
1,800,000
1,788,420
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
1,225,000
1,023,458
3,478,852
U.S.
Territories
2.3%
Puerto
Rico
2.3%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
500,000
521,532
b
Revenue,
WW-RSA-1,
5.25%,
7/01/33
..................................
855,000
799,425
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue
,
L
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/35
.............................................
6,230,000
6,481,208
7,802,165
Total
U.S.
Territories
....................................................................
7,802,165
Total
Municipal
Bonds
(Cost
$336,657,988)
.....................................
324,417,775
a
a
a
a
a
Total
Investments
(Cost
$336,657,988)
96.9%
...................................
$324,417,775
Other
Assets,
less
Liabilities
3.1%
.............................................
10,290,932
Net
Assets
100.0%
...........................................................
$334,708,707
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
121
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$24,454,671,
representing
7.3%
of
net
assets.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Maryland
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
122
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.3%
Georgia
0.3%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
$
1,325,000
$
1,109,617
Maryland
90.5%
City
of
Baltimore
,
Revenue,
2020
A,
4%,
7/01/45
........................................
4,500,000
4,639,543
Revenue,
2020
A,
5%,
7/01/50
........................................
9,115,000
10,253,245
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/46
.....................
5,000,000
5,384,756
City
of
Gaithersburg
,
Asbury
Maryland
Obligated
Group
,
Revenue
,
2022
,
4.5
%
,
1/01/42
1,500,000
1,408,761
b
County
of
Anne
Arundel
,
Glenview
Housing
LP
,
Revenue
,
2009
,
Mandatory
Put
,
5
%
,
1/01/27
.........................................................
1,845,000
1,848,375
County
of
Baltimore
,
GO,
5%,
2/01/39
..................................................
2,900,000
3,141,832
GO,
5%,
2/01/41
..................................................
2,900,000
3,137,290
County
of
Harford
,
Tax
Allocation,
2021,
Refunding,
4%,
7/01/31
.............................
150,000
160,166
Tax
Allocation,
2021,
Refunding,
4%,
7/01/36
.............................
750,000
775,110
Tax
Allocation,
2021,
Refunding,
4%,
7/01/40
.............................
675,000
695,655
County
of
Prince
George's
,
GO,
2018
A,
4%,
7/15/35
............................................
5,000,000
5,316,724
GO,
2020
A,
5%,
7/15/40
............................................
900,000
1,016,527
Howard
County
Housing
Commission
,
Revenue,
2013,
5%,
10/01/28
........................................
10,000,000
10,285,266
Revenue,
2016,
4%,
6/01/46
.........................................
2,000,000
2,027,246
Revenue,
2017,
5%,
12/01/46
........................................
5,000,000
5,338,398
Maryland
Community
Development
Administration
,
Housing,
Revenue,
2019
D,
3%,
7/01/39
................................
1,500,000
1,395,321
Housing,
Revenue,
2019
D,
3.2%,
7/01/44
...............................
1,000,000
921,152
Maryland
Community
Development
Administration
Local
Government
Infrastructure
,
Revenue,
2014
A-2,
Pre-Refunded,
5%,
6/01/34
...........................
455,000
469,795
Revenue,
2017
A-1,
4%,
6/01/47
......................................
2,300,000
2,334,464
Revenue,
2018
A-1,
5%,
6/01/48
......................................
1,310,000
1,441,066
Revenue,
A-2,
5%,
6/01/34
...........................................
1,245,000
1,276,070
Revenue,
Senior
Lien,
2019
B-1,
4%,
6/01/49
.............................
3,000,000
3,070,236
Maryland
Economic
Development
Corp.
,
Frostburg
State
University
Project,
Revenue,
Senior
Lien,
2013,
Refunding,
5%,
10/01/33
.......................................................
5,000,000
5,037,587
Morgan
State
University,
Revenue,
2020,
4%,
7/01/40
......................
1,000,000
940,918
Morgan
State
University,
Revenue,
2020,
5%,
7/01/50
......................
1,250,000
1,291,989
Morgan
View
&
Thurgood
Marshall
Student
Housing,
Revenue,
Senior
Lien,
2012,
Refunding,
5%,
7/01/27
............................................
4,750,000
4,764,804
Morgan
View
&
Thurgood
Marshall
Student
Housing,
Revenue,
Senior
Lien,
2012,
Refunding,
5%,
7/01/34
............................................
2,150,000
2,156,701
Purple
Line
Transit
Partners
LLC,
Revenue,
2022
B,
5.25%,
6/30/47
...........
5,000,000
5,307,559
Purple
Line
Transit
Partners
LLC,
Revenue,
2022
B,
5.25%,
6/30/52
...........
5,000,000
5,289,849
University
of
Maryland
College
Park,
Revenue,
2016,
Refunding,
AGMC
Insured,
5%,
6/01/35
........................................................
4,225,000
4,563,962
University
of
Maryland
College
Park,
Revenue,
2016,
Refunding,
AGMC
Insured,
5%,
6/01/43
........................................................
3,305,000
3,539,243
University
Park
Phase
I
&
II
at
Salisbury
University,
Revenue,
2013,
Refunding,
5%,
6/01/34
........................................................
2,040,000
2,053,594
University
Village
at
Sheppard
Pratt,
Revenue,
2012,
Refunding,
5%,
7/01/27
.....
1,500,000
1,501,474
University
Village
at
Sheppard
Pratt,
Revenue,
2012,
Refunding,
5%,
7/01/33
.....
2,495,000
2,496,492
West
Village
&
Millennium
Hall
Student
Housing
at
Towson
University,
Revenue,
Senior
Lien,
2012,
5%,
7/01/27
......................................
1,145,000
1,145,946
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
123
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group,
Revenue,
2016
A,
5.5%,
1/01/46
.........
$
9,750,000
$
10,385,323
Adventist
Healthcare
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
1/01/38
...
865,000
872,941
Adventist
Healthcare
Obligated
Group,
Revenue,
2021
B,
4%,
1/01/51
..........
2,000,000
1,948,743
Charlestown
Community,
Inc.,
Revenue,
2016
A,
Refunding,
5%,
1/01/45
........
4,170,000
4,445,883
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/50
..
1,715,000
1,641,968
Goucher
College,
Revenue,
2012
A,
5%,
7/01/34
..........................
1,500,000
1,502,035
Goucher
College,
Revenue,
2017
A,
Refunding,
5%,
7/01/44
.................
7,470,000
7,902,696
Johns
Hopkins
Health
System
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/15/37
........................................................
10,000,000
10,432,054
Johns
Hopkins
Medical
Institutions
Parking
System,
Revenue,
2001,
AMBAC
Insured,
5%,
7/01/27
..............................................
655,000
660,376
Johns
Hopkins
Medical
Institutions
Parking
System,
Revenue,
2004,
AMBAC
Insured,
5%,
7/01/34
..............................................
5,000,000
5,040,999
Johns
Hopkins
Medical
Institutions
Parking
System,
Revenue,
2004
B,
AMBAC
Insured,
5%,
7/01/38
..............................................
6,200,000
6,200,000
LifeBridge
Health
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
7/01/47
.....
4,000,000
4,165,272
LifeBridge
Health
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
7/01/44
.....
2,000,000
2,107,331
Loyola
University
Maryland,
Inc.,
Revenue,
2014,
Refunding,
5%,
10/01/45
......
2,250,000
2,337,346
Loyola
University
Maryland,
Inc.,
Revenue,
2019
A,
Refunding,
5%,
10/01/49
.....
2,000,000
2,203,507
Luminis
Health
Obligated
Group,
Revenue,
2014,
Pre-Refunded,
5%,
7/01/39
....
7,000,000
7,427,649
Maryland
Institute
College
of
Art,
Revenue,
2012,
5%,
6/01/29
................
1,000,000
1,001,071
Maryland
Institute
College
of
Art,
Revenue,
2016,
Refunding,
4%,
6/01/42
.......
5,325,000
5,335,035
MedStar
Health
Obligated
Group,
Revenue,
1997,
AMBAC
Insured,
ETM,
5%,
7/01/27
........................................................
8,175,000
8,791,616
MedStar
Health
Obligated
Group,
Revenue,
2013
A,
5%,
8/15/38
..............
5,000,000
5,090,510
MedStar
Health
Obligated
Group,
Revenue,
2017
A,
5%,
5/15/45
..............
5,000,000
5,255,841
Meritus
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
7/01/45
.
8,535,000
8,741,296
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
6/01/28
..........
630,000
686,578
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
6/01/30
..........
1,125,000
1,236,035
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
6/01/32
..........
800,000
877,772
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/34
..........
350,000
348,305
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/36
..........
1,125,000
1,114,481
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/40
..........
1,850,000
1,805,758
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/46
..........
1,000,000
948,078
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/55
..........
3,250,000
2,989,432
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017
MD,
5%,
12/01/46
........
1,680,000
1,780,325
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
7/01/35
....................................................
2,100,000
2,184,134
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
7/01/39
............................................
10,000,000
10,597,660
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
D,
4%,
7/01/48
........................................................
5,000,000
4,923,565
Maryland
Industrial
Development
Financing
Authority
,
McDonogh
School,
Inc.,
Revenue,
2019,
Refunding,
4%,
9/01/43
..............
1,100,000
1,116,144
McDonogh
School,
Inc.,
Revenue,
2019,
Refunding,
4%,
9/01/48
..............
610,000
615,154
Maryland
Stadium
Authority
,
Baltimore
City
Public
School
Construction
Financing
Fund,
Revenue,
2016,
Pre-
Refunded,
5%,
5/01/46
............................................
10,085,000
11,197,277
Baltimore
City
Public
School
Construction
Financing
Fund,
Revenue,
2020
A,
5%,
5/01/50
........................................................
12,225,000
14,220,631
Maryland
Stadium
Authority
Built
to
Learn
,
Revenue
,
2022
A
,
4
%
,
6/01/47
.........
5,000,000
5,039,337
Maryland
State
Transportation
Authority
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
7/01/46
..
4,900,000
5,639,860
State
of
Maryland
,
GO,
2020
A,
5%,
8/01/35
............................................
2,000,000
2,353,466
Department
of
Transportation,
Revenue,
2020,
5%,
10/01/33
.................
3,000,000
3,538,264
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
124
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
State
of
Maryland
Department
of
Transportation
,
Maryland
Aviation
Administration,
Revenue,
2021
B,
5%,
8/01/46
..............
$
3,000,000
$
3,295,546
Maryland
Aviation
Administration,
Revenue,
2021
B,
4%,
8/01/51
..............
3,500,000
3,473,699
Town
of
Chestertown
,
Washington
College,
Revenue,
2021
A,
Refunding,
4%,
3/01/36
...............
3,700,000
3,783,754
Washington
College,
Revenue,
2021
A,
Refunding,
4%,
3/01/37
...............
2,095,000
2,143,424
University
System
of
Maryland
,
Revenue,
2021
A,
Refunding,
5%,
4/01/31
...............................
8,685,000
10,300,762
Revenue,
2021
A,
Refunding,
4%,
4/01/32
...............................
5,855,000
6,342,470
Washington
Suburban
Sanitary
Commission
,
Revenue,
Second
Series,
2016,
5%,
6/01/37
.............................
5,000,000
5,481,110
Revenue,
Second
Series,
2016,
4%,
6/01/43
.............................
5,000,000
5,129,875
323,079,504
South
Carolina
0.3%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
700,000
587,940
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
700,000
587,308
1,175,248
Texas
0.6%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
1,000,000
847,961
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,300,000
1,104,662
1,952,623
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
700,000
587,487
Wisconsin
0.7%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
800,000
666,973
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
2,000,000
1,987,134
2,654,107
U.S.
Territories
5.7%
District
of
Columbia
3.0%
Washington
Metropolitan
Area
Transit
Authority
,
Revenue,
2017
B,
5%,
7/01/42
........................................
5,000,000
5,463,294
Revenue,
2020
A,
5%,
7/15/45
........................................
3,000,000
3,395,988
Revenue,
2021
A,
4%,
7/15/43
........................................
1,750,000
1,813,463
10,672,745
Puerto
Rico
2.7%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
2,000,000
2,086,127
c
Revenue,
WW-RSA-1,
5.5%,
7/01/38
...................................
1,975,000
1,854,031
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/33
...................
1,805,000
1,912,718
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,000,000
1,040,322
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,550,000
1,665,638
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
125
See
Abbreviations
on
page
203
.
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,
(continued)
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
$
1,000,000
$
1,061,447
9,620,283
Total
U.S.
Territories
....................................................................
20,293,028
Total
Municipal
Bonds
(Cost
$364,659,001)
.....................................
350,851,614
a
a
a
a
Short
Term
Investments
0.4%
Municipal
Bonds
0.4%
Maryland
0.4%
d
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2008
D
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.61
%
,
7/01/41
.............................................
1,500,000
1,500,000
Total
Municipal
Bonds
(Cost
$1,500,000)
.......................................
1,500,000
Total
Short
Term
Investments
(Cost
$1,500,000
)
.................................
1,500,000
a
Total
Investments
(Cost
$366,159,001)
98.7%
...................................
$352,351,614
Other
Assets,
less
Liabilities
1.3%
.............................................
4,470,864
Net
Assets
100.0%
...........................................................
$356,822,478
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$6,891,774,
representing
1.9%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Massachusetts
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
126
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
91.9%
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
$
1,200,000
$
1,078,529
Florida
0.6%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
750,000
561,144
a
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
2,000,000
1,699,000
2,260,144
Illinois
0.8%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/42
.
1,750,000
1,709,259
State
of
Illinois
,
GO,
2017
D,
5%,
11/01/26
...........................................
1,000,000
1,086,456
GO,
2017
D,
5%,
11/01/27
...........................................
140,000
153,233
2,948,948
Massachusetts
84.4%
Acton
&
Boxborough
Regional
School
District
,
GO,
5%,
3/01/33
..................................................
2,095,000
2,426,305
GO,
3%,
3/01/34
..................................................
1,485,000
1,491,847
GO,
3%,
3/01/35
..................................................
2,130,000
2,128,473
Boston
Water
&
Sewer
Commission
,
Revenue,
Senior
Lien
,
2014
A
,
Pre-Refunded
,
4
%
,
11/01/28
.....................................................
4,400,000
4,615,365
City
of
Lowell
,
GO,
2020,
Refunding,
4%,
9/01/31
.....................................
2,000,000
2,154,607
GO,
2020,
Refunding,
4%,
9/01/33
.....................................
2,025,000
2,130,503
GO,
2020,
Refunding,
3%,
9/01/34
.....................................
1,000,000
975,232
City
of
Quincy
,
GO
,
2014
,
4
%
,
6/01/32
....................................
2,565,000
2,625,450
City
of
Worcester
,
GO
,
2020
A
,
3
%
,
2/01/42
................................
1,685,000
1,521,939
Commonwealth
of
Massachusetts
,
GO,
2018
A,
5%,
1/01/47
............................................
5,000,000
5,522,602
GO,
A,
5.25%,
4/01/42
..............................................
5,000,000
5,557,193
GO,
F,
4%,
11/01/29
................................................
6,000,000
6,041,596
Revenue,
2005,
Refunding,
AGMC,
NATL
Insured,
5.5%,
1/01/34
..............
11,900,000
14,510,974
Transportation
Fund,
Revenue,
2016
B,
4%,
6/01/45
.......................
7,175,000
7,306,455
Transportation
Fund,
Revenue,
2017
A,
5%,
6/01/47
.......................
5,000,000
5,511,076
Transportation
Fund,
Revenue,
2018
A,
5%,
6/01/48
.......................
5,000,000
5,569,593
Transportation
Fund,
Revenue,
2019
A,
5%,
6/01/49
.......................
1,925,000
2,175,673
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax,
Revenue,
A,
5%,
7/01/40
....................................
5,000,000
5,349,793
Sales
Tax,
Revenue,
A-1,
Refunding,
5.25%,
7/01/30
.......................
4,000,000
4,818,140
Sales
Tax,
Revenue,
Senior
Lien,
B,
Refunding,
5%,
7/01/33
.................
2,500,000
2,686,963
Massachusetts
Clean
Water
Trust
(The)
,
Revenue,
1999
A,
5.75%,
8/01/29
.....................................
250,000
250,706
Revenue,
2000-6,
5.5%,
8/01/30
......................................
130,000
130,324
Revenue,
7,
5.125%,
2/01/31
.........................................
130,000
130,293
Massachusetts
Development
Finance
Agency
,
Babson
College,
Revenue,
2022,
Refunding,
4%,
10/01/44
...................
700,000
702,971
Bentley
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/37
................
1,000,000
1,015,380
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2015
F,
Refunding,
5%,
8/15/32
2,975,000
3,125,029
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2015
F,
Refunding,
5%,
8/15/34
5,000,000
5,242,819
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2016
I,
Refunding,
5%,
7/01/34
1,500,000
1,590,505
Brandeis
University,
Revenue,
2019
S-1,
Refunding,
5%,
10/01/38
.............
2,410,000
2,697,248
Broad
Institute,
Inc.
(The),
Revenue,
2017,
Refunding,
4%,
4/01/41
............
5,000,000
5,122,573
Dana-Farber
Cancer
Institute
Obligated
Group,
Revenue,
2016
N,
5%,
12/01/46
..
6,890,000
7,205,428
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
127
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
(continued)
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2021
C,
4%,
11/01/46
.......................................................
$
1,250,000
$
1,249,818
Loomis
Obligated
Group,
Revenue,
2021,
4%,
1/01/41
......................
435,000
432,167
Loomis
Obligated
Group,
Revenue,
2021,
4%,
1/01/51
......................
300,000
285,740
a,b
Loomis
Obligated
Group,
Revenue,
144A,
2022,
Refunding,
4%,
1/01/26
........
1,000,000
1,013,523
a,b
Loomis
Obligated
Group,
Revenue,
144A,
2022,
Refunding,
4%,
1/01/31
........
870,000
855,003
a,b
Loomis
Obligated
Group,
Revenue,
144A,
2022,
Refunding,
4%,
1/01/41
........
485,000
449,339
a,b
Loomis
Obligated
Group,
Revenue,
144A,
2022,
Refunding,
4%,
1/01/51
........
520,000
453,131
Mass
General
Brigham,
Inc.,
Revenue,
2016
Q,
Refunding,
5%,
7/01/34
.........
5,000,000
5,284,107
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-1,
Refunding,
5%,
7/01/33
.......
1,880,000
2,030,342
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-1,
Refunding,
4%,
7/01/41
.......
7,500,000
7,566,632
Mass
General
Brigham,
Inc.,
Revenue,
2020
A-2,
Refunding,
4%,
7/01/41
.......
1,000,000
1,011,646
Merrimack
College,
Revenue,
2021
B,
4%,
7/01/42
........................
475,000
463,537
Merrimack
College,
Revenue,
2021
B,
4%,
7/01/50
........................
3,650,000
3,448,840
Northeastern
University,
Revenue,
2014
A,
5%,
3/01/44
.....................
5,000,000
5,097,184
President
&
Trustees
of
Williams
College
(The),
Revenue,
2017
S,
4%,
7/01/46
...
9,550,000
9,667,764
President
and
Fellows
of
Harvard
College,
Revenue,
2016
A,
Refunding,
5%,
7/15/33
5,000,000
5,522,351
Seven
Hills
Foundation
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/34
.
735,000
748,637
Seven
Hills
Foundation
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/39
.
750,000
749,035
Seven
Hills
Foundation
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/41
.
500,000
492,708
Seven
Hills
Foundation
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/48
.
1,750,000
1,665,137
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
4%,
7/01/46
........................................................
5,795,000
5,653,995
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
5%,
7/01/50
........................................................
6,590,000
7,035,011
Springfield
College,
Revenue,
2021
B,
Refunding,
4%,
6/01/50
................
2,695,000
2,536,184
Suffolk
University,
Revenue,
2021,
4%,
7/01/46
...........................
4,150,000
3,987,922
Suffolk
University,
Revenue,
2021,
4%,
7/01/51
...........................
7,250,000
6,851,813
Trustees
of
Boston
College,
Revenue,
2017
T,
Refunding,
5%,
7/01/42
..........
3,750,000
4,097,470
Trustees
of
Boston
University,
Revenue,
BB-1,
4%,
10/01/46
.................
5,000,000
5,043,203
Wellesley
College,
Revenue,
2018
L,
Refunding,
4%,
7/01/44
.................
6,160,000
6,267,396
Wheaton
College,
Revenue,
2021
I,
5%,
1/01/53
..........................
3,000,000
3,165,391
Woods
Hole
Oceanographic
Institution,
Revenue,
2018,
Refunding,
5%,
6/01/35
..
1,200,000
1,344,001
Woods
Hole
Oceanographic
Institution,
Revenue,
2018,
Refunding,
5%,
6/01/36
..
1,000,000
1,119,019
Worcester
Polytechnic
Institute,
Revenue,
2012,
4%,
9/01/49
.................
4,825,000
4,700,954
Worcester
Polytechnic
Institute,
Revenue,
2017,
Refunding,
5%,
9/01/42
........
1,090,000
1,164,004
Worcester
Polytechnic
Institute,
Revenue,
2019,
4%,
9/01/44
.................
1,350,000
1,336,782
Massachusetts
Educational
Financing
Authority
,
Revenue,
2017
B,
Refunding,
4.25%,
7/01/46
.............................
2,500,000
2,534,286
Revenue,
2021
C,
3%,
7/01/51
........................................
3,000,000
2,268,532
Massachusetts
Health
&
Educational
Facilities
Authority
,
Trustees
of
Boston
College
,
Revenue
,
M2
,
5.5
%
,
6/01/35
.........................................
8,600,000
10,700,740
Massachusetts
Housing
Finance
Agency
,
Revenue,
2009
C,
5.125%,
12/01/39
...................................
1,045,000
1,045,988
Revenue,
2009
C,
5.35%,
12/01/49
....................................
2,770,000
2,772,804
Revenue,
2012
F,
3.15%,
12/01/32
.....................................
105,000
105,001
Revenue,
2012
F,
3.45%,
12/01/37
.....................................
45,000
45,005
Revenue,
214,
GNMA
Insured,
2.55%,
12/01/34
...........................
1,000,000
909,115
Revenue,
214,
GNMA
Insured,
2.8%,
12/01/39
............................
2,860,000
2,565,501
Revenue,
A,
3.25%,
12/01/27
.........................................
4,000,000
4,003,938
Revenue,
A,
3.5%,
12/01/31
..........................................
5,805,000
5,808,637
Massachusetts
Port
Authority
,
Revenue,
2019
B,
5%,
7/01/44
........................................
5,000,000
5,570,425
Revenue,
2021
B,
Refunding,
5%,
7/01/40
...............................
1,215,000
1,353,639
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
128
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
School
Building
Authority
,
Revenue,
2018
B,
5.25%,
2/15/48
.....................................
$
2,315,000
$
2,559,746
Revenue,
2019
A,
5%,
2/15/44
........................................
1,000,000
1,109,236
Revenue,
Senior
Lien,
2016
C,
Refunding,
5%,
11/15/34
....................
5,000,000
5,446,355
Massachusetts
State
College
Building
Authority
,
Revenue
,
2017
D
,
Refunding
,
4
%
,
5/01/38
.........................................................
4,350,000
4,518,720
Massachusetts
Transportation
Trust
Fund
,
Metropolitan
Highway
System,
Revenue,
2019
B-1,
Refunding,
5%,
1/01/37
......
1,015,000
1,138,746
Metropolitan
Highway
System,
Revenue,
Senior
Lien,
2019
A,
Refunding,
5%,
1/01/37
........................................................
2,750,000
3,094,025
Massachusetts
Water
Resources
Authority
,
Revenue,
2016
C,
Pre-Refunded,
5%,
8/01/40
............................
5,000,000
5,583,988
Revenue,
2018
B,
5%,
8/01/43
........................................
4,000,000
4,482,608
Revenue,
B,
Refunding,
AGMC
Insured,
5.25%,
8/01/28
.....................
5,490,000
6,409,896
Revenue,
B,
5%,
8/01/40
............................................
1,140,000
1,264,360
Revenue,
B,
5%,
8/01/42
............................................
3,145,000
3,480,410
Springfield
Water
&
Sewer
Commission
,
Revenue
,
2017
C
,
5
%
,
4/15/37
..........
1,260,000
1,376,451
Town
of
Belmont
,
GO
,
2019
,
4
%
,
3/15/45
.................................
3,020,000
3,097,585
Town
of
Braintree
,
GO,
Refunding,
5%,
5/15/27
.........................................
2,000,000
2,265,499
GO,
2019,
3%,
6/01/35
.............................................
1,765,000
1,744,073
Town
of
Natick
,
GO
,
2018
,
4
%
,
7/15/35
...................................
4,970,000
5,212,853
Town
of
Plymouth
,
GO
,
2017
,
4
%
,
5/01/47
.................................
5,000,000
5,079,255
University
of
Massachusetts
Building
Authority
,
Revenue,
2022-1,
4%,
11/01/46
.......................................
4,000,000
4,071,840
Revenue,
Senior
Lien,
1,
Pre-Refunded,
5%,
11/01/44
......................
3,240,000
3,471,474
Revenue,
Senior
Lien,
1,
Pre-Refunded,
5%,
11/01/44
......................
760,000
815,042
Revenue,
Senior
Lien,
2017-1,
5.25%,
11/01/42
...........................
5,000,000
5,579,746
326,608,360
New
Jersey
0.5%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
4%,
6/15/50
.......................................
250,000
245,390
Revenue,
2020
AA,
4%,
6/15/35
.......................................
250,000
253,936
Revenue,
2020
AA,
5%,
6/15/35
.......................................
1,000,000
1,106,193
Revenue,
2020
AA,
3%,
6/15/50
.......................................
500,000
388,131
1,993,650
New
York
0.7%
Metropolitan
Transportation
Authority
,
Revenue,
2020
D,
4%,
11/15/47
.......................................
500,000
486,417
Revenue,
2021
A-1,
4%,
11/15/48
.....................................
800,000
776,350
Revenue,
2021
A-2,
4%,
11/15/41
.....................................
1,400,000
1,390,392
2,653,159
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
800,000
671,932
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
800,000
671,209
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
827,506
2,170,647
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
129
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Tennessee
0.1%
c
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
5
%
,
11/01/31
$
500,000
$
550,141
Texas
0.6%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
1,100,000
932,757
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/37
.................................
300,000
258,782
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,400,000
1,189,635
2,381,174
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
800,000
671,414
Wisconsin
0.7%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
800,000
666,974
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
2,100,000
2,086,490
2,753,464
U.S.
Territories
2.5%
Puerto
Rico
2.5%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
................
5,000,000
5,309,058
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
2,700,000
2,808,870
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
250,000
268,651
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/31
..
440,000
503,571
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/39
..
200,000
200,476
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
660,000
672,682
9,763,308
Total
U.S.
Territories
....................................................................
9,763,308
Total
Municipal
Bonds
(Cost
$367,581,062)
.....................................
355,832,938
a
a
a
a
Short
Term
Investments
3.3%
Municipal
Bonds
3.3%
Massachusetts
3.3%
d
Massachusetts
Health
&
Educational
Facilities
Authority
,
President
and
Fellows
of
Harvard
College
,
Revenue
,
R
,
Daily
VRDN
and
Put
,
0.32
%
,
11/01/49
...........
12,800,000
12,800,000
Total
Municipal
Bonds
(Cost
$12,800,000)
......................................
12,800,000
Total
Short
Term
Investments
(Cost
$12,800,000
)
................................
12,800,000
a
Total
Investments
(Cost
$380,381,062)
95.2%
...................................
$368,632,938
Other
Assets,
less
Liabilities
4.8%
.............................................
18,370,475
Net
Assets
100.0%
...........................................................
$387,003,413
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
130
See
Abbreviations
on
page
203
.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$12,077,848,
representing
3.1%
of
net
assets.
b
Security
purchased
on
a
when-issued
basis.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Michigan
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
131
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.3%
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
$
2,650,000
$
2,381,752
Florida
1.1%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
....
5,256,000
4,792,316
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
900,000
673,372
a
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn
.,
5/01/57
4,100,000
3,482,950
8,948,638
Illinois
0.5%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
..
2,500,000
2,350,773
State
of
Illinois
,
GO
,
2021
A
,
4
%
,
3/01/40
.................................
1,860,000
1,766,709
4,117,482
Kentucky
0.8%
a,b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
Zero
Cpn
.,
5/01/52
....................................
8,625,000
6,771,574
Michigan
88.9%
Ann
Arbor
School
District
,
GO
,
2015
,
Refunding
,
5
%
,
5/01/29
..................
1,235,000
1,332,012
Battle
Creek
School
District
,
GO
,
2022
,
4
%
,
5/01/45
.........................
3,000,000
3,045,433
Byron
Center
Public
Schools
,
GO,
2017
I,
5%,
5/01/34
.............................................
1,000,000
1,105,698
GO,
2017
I,
5%,
5/01/35
.............................................
1,920,000
2,120,977
GO,
2017
I,
5%,
5/01/36
.............................................
650,000
717,502
GO,
2017
I,
5%,
5/01/37
.............................................
1,480,000
1,632,204
GO,
2017
I,
5%,
5/01/38
.............................................
1,330,000
1,465,168
GO,
2017
I,
5%,
5/01/39
.............................................
2,290,000
2,519,934
GO,
2017
I,
5%,
5/01/43
.............................................
2,250,000
2,464,785
GO,
2017
I,
5%,
5/01/47
.............................................
4,140,000
4,516,733
Caledonia
Community
Schools
,
GO
,
2015
,
Refunding
,
5
%
,
5/01/26
..............
1,000,000
1,108,302
Central
Michigan
University
,
Revenue,
2014,
Refunding,
5%,
10/01/30
................................
1,910,000
2,017,147
Revenue,
2014,
Refunding,
5%,
10/01/31
................................
1,055,000
1,111,729
Revenue,
2014,
Refunding,
5%,
10/01/34
................................
1,600,000
1,680,471
Revenue,
2014,
Refunding,
5%,
10/01/39
................................
2,000,000
2,090,441
Revenue,
2021,
Refunding,
3%,
10/01/46
................................
1,325,000
1,113,174
Charter
Township
of
Bloomfield
,
GO,
2016,
Refunding,
5%,
5/01/29
.....................................
470,000
520,342
GO,
2016,
Refunding,
5%,
5/01/32
.....................................
1,000,000
1,104,337
Charter
Township
of
Commerce
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/38
............
3,250,000
3,520,592
City
of
Battle
Creek
,
Water
&
Wastewater
System
,
Revenue
,
2016
A
,
5
%
,
6/01/36
...
1,300,000
1,426,680
City
of
Detroit
,
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
Second
Lien,
2003
B,
NATL
Insured,
5%,
7/01/34
.........................................
25,000
25,078
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
Senior
Lien,
06A,
AGMC
Insured,
5%,
7/01/34
........................................
30,000
30,095
City
of
Grand
Rapids
,
Sanitary
Sewer
System,
Revenue,
2014,
Pre-Refunded,
5%,
1/01/39
...........
880,000
924,513
Sanitary
Sewer
System,
Revenue,
2018,
5%,
1/01/37
.......................
1,040,000
1,154,711
Sanitary
Sewer
System,
Revenue,
2018,
5%,
1/01/43
.......................
1,000,000
1,099,291
Sanitary
Sewer
System,
Revenue,
2018,
5%,
1/01/48
.......................
5,000,000
5,468,324
Water
Supply
System,
Revenue,
2016,
Refunding,
5%,
1/01/41
...............
2,190,000
2,359,708
Water
Supply
System,
Revenue,
2016,
Refunding,
5%,
1/01/46
...............
2,525,000
2,704,612
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
132
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
City
of
Grand
Rapids,
(continued)
Water
Supply
System,
Revenue,
2018,
Refunding,
5%,
1/01/43
...............
$
1,500,000
$
1,648,936
Water
Supply
System,
Revenue,
2018,
Refunding,
5%,
1/01/48
...............
2,000,000
2,187,330
Water
Supply
System,
Revenue,
2020,
5%,
1/01/45
........................
2,425,000
2,705,497
County
of
Kent
,
GO,
2016,
5%,
6/01/32
.............................................
1,305,000
1,443,709
GO,
2016,
5%,
6/01/33
.............................................
1,275,000
1,408,977
County
of
Muskegon
,
GO,
2015,
Refunding,
5%,
11/01/33
....................................
1,360,000
1,480,146
GO,
2015,
Refunding,
5%,
11/01/36
....................................
1,735,000
1,881,732
Detroit
City
School
District
,
GO
,
2001
A
,
AGMC
Insured
,
6
%
,
5/01/29
............
9,225,000
10,590,355
DeWitt
Public
Schools
,
GO,
2017,
5%,
5/01/30
.............................................
500,000
561,518
GO,
2017,
5%,
5/01/33
.............................................
815,000
910,717
GO,
2017,
5%,
5/01/34
.............................................
1,000,000
1,115,453
GO,
2017,
5%,
5/01/35
.............................................
1,000,000
1,113,440
GO,
2017,
5%,
5/01/36
.............................................
1,000,000
1,112,607
Downriver
Utility
Wastewater
Authority
,
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/34
....................
510,000
576,799
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/36
....................
1,600,000
1,803,168
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/38
....................
1,500,000
1,686,389
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/43
....................
3,000,000
3,342,242
East
Lansing
School
District
,
GO,
2017
I,
5%,
5/01/35
.............................................
1,500,000
1,670,161
GO,
2017
I,
5%,
5/01/37
.............................................
1,100,000
1,223,284
GO,
2017
I,
5%,
5/01/42
.............................................
3,500,000
3,869,993
Farmington
Public
School
District
,
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/27
.........................
1,000,000
1,082,678
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/28
.........................
2,000,000
2,160,637
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/32
.........................
4,035,000
4,336,572
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/33
.........................
2,900,000
3,115,894
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/34
.........................
3,000,000
3,221,584
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/35
.........................
1,000,000
1,072,984
GO,
2018,
BAM
Insured,
4.5%,
5/01/38
.................................
7,225,000
7,618,469
Gerald
R
Ford
International
Airport
Authority
,
Revenue
,
2021
,
5
%
,
1/01/51
.........
2,000,000
2,224,472
Grand
Traverse
County
Hospital
Finance
Authority
,
Munson
Healthcare
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/44
...........
2,000,000
2,046,429
Munson
Healthcare
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/47
...........
2,500,000
2,554,658
Munson
Healthcare
Obligated
Group,
Revenue,
2019
A,
5%,
7/01/44
...........
1,110,000
1,180,008
Munson
Healthcare
Obligated
Group,
Revenue,
2019
B,
5%,
7/01/39
...........
1,625,000
1,739,205
Munson
Healthcare
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
7/01/51
....
10,000,000
8,152,924
Grand
Valley
State
University
,
Revenue,
2016
A,
Refunding,
5%,
12/01/32
..............................
4,295,000
4,669,101
Revenue,
2018,
5%,
12/01/38
........................................
900,000
996,421
Revenue,
2018,
5%,
12/01/43
........................................
1,800,000
1,983,053
Grandville
Public
Schools
,
GO,
II,
AGMC
Insured,
5%,
5/01/29
....................................
750,000
808,694
GO,
II,
AGMC
Insured,
5%,
5/01/30
....................................
1,000,000
1,075,325
GO,
II,
AGMC
Insured,
5%,
5/01/31
....................................
1,150,000
1,236,623
GO,
II,
AGMC
Insured,
5%,
5/01/32
....................................
1,165,000
1,252,412
GO,
II,
AGMC
Insured,
5%,
5/01/34
....................................
1,315,000
1,412,512
GO,
II,
AGMC
Insured,
5%,
5/01/35
....................................
1,225,000
1,314,406
GO,
II,
AGMC
Insured,
5%,
5/01/37
....................................
2,915,000
3,125,196
GO,
II,
AGMC
Insured,
5%,
5/01/40
....................................
6,215,000
6,643,238
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
133
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Gull
Lake
Community
School
District
,
GO
,
2018
I
,
5
%
,
5/01/48
.................
$
5,000,000
$
5,573,713
Holly
Area
School
District
,
GO,
2014,
Refunding,
5%,
5/01/30
.....................................
1,045,000
1,103,343
GO,
2014,
Refunding,
5%,
5/01/32
.....................................
1,040,000
1,097,863
Hudsonville
Public
Schools
,
GO,
2017,
Refunding,
5%,
5/01/37
.....................................
1,550,000
1,723,719
GO,
2017,
Refunding,
5%,
5/01/39
.....................................
2,500,000
2,771,615
GO,
2017,
Refunding,
5%,
5/01/41
.....................................
2,500,000
2,770,031
Kelloggsville
Public
Schools
,
GO
,
2015
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
5/01/35
.
1,150,000
1,245,759
Kent
Hospital
Finance
Authority
,
Mary
Free
Bed
Rehabilitation
Hospital
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
4/01/51
..................................
6,010,000
4,651,625
Kentwood
Economic
Development
Corp.
,
Holland
Home
Obligated
Group,
Revenue,
2021,
4%,
11/15/45
................
1,655,000
1,438,236
Holland
Home
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
11/15/31
.......
2,000,000
1,938,638
Holland
Home
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
11/15/43
.......
8,820,000
7,837,780
Kentwood
Public
Schools
,
GO,
2016,
5%,
5/01/35
.............................................
1,205,000
1,319,343
GO,
2016,
5%,
5/01/36
.............................................
1,205,000
1,319,815
GO,
2016,
5%,
5/01/38
.............................................
1,210,000
1,321,033
GO,
2016,
5%,
5/01/41
.............................................
1,120,000
1,216,239
GO,
2016,
5%,
5/01/44
.............................................
1,800,000
1,945,620
Lansing
Board
of
Water
&
Light
,
Revenue
,
2019
A
,
5
%
,
7/01/48
.................
10,000,000
11,161,792
Lansing
Community
College
,
GO
,
2017
,
Refunding
,
5
%
,
5/01/32
................
2,000,000
2,242,421
Lansing
School
District
,
GO,
2016
I,
5%,
5/01/37
.............................................
1,490,000
1,629,638
GO,
2016
I,
5%,
5/01/39
.............................................
2,125,000
2,315,854
GO,
2016
I,
5%,
5/01/40
.............................................
2,200,000
2,393,311
Macomb
Interceptor
Drain
Drainage
District
,
Special
Assessment
,
2017
A
,
Refunding
,
5
%
,
5/01/42
......................................................
7,500,000
8,300,124
Madison
District
Public
Schools
,
GO
,
2022
,
4
%
,
5/01/46
......................
1,080,000
1,104,785
Mason
County
Central
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
5/01/26
.........
1,100,000
1,192,571
Mattawan
Consolidated
School
District
,
GO,
2015
I,
Pre-Refunded,
5%,
5/01/30
.................................
1,000,000
1,083,269
GO,
2015
I,
Pre-Refunded,
5%,
5/01/32
.................................
1,110,000
1,202,428
GO,
2015
I,
Pre-Refunded,
5%,
5/01/34
.................................
2,325,000
2,518,600
Meridian
Public
School
District
,
GO,
2015,
Refunding,
5%,
5/01/27
.....................................
735,000
795,769
GO,
2015,
Refunding,
5%,
5/01/29
.....................................
775,000
836,334
GO,
2015,
Refunding,
5%,
5/01/31
.....................................
1,130,000
1,218,100
Michigan
Finance
Authority
,
Albion
College,
Revenue,
2022,
Refunding,
5%,
12/01/36
....................
3,270,000
3,553,715
Albion
College,
Revenue,
2022,
Refunding,
4%,
12/01/46
....................
5,365,000
5,090,917
Albion
College,
Revenue,
2022,
Refunding,
4%,
12/01/51
....................
3,415,000
3,183,133
BHSH
System
Obligated
Group,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
11/01/32
.......................................................
10,005,000
10,154,469
BHSH
System
Obligated
Group,
Revenue,
2012,
Refunding,
AGMC
Insured,
5%,
11/01/42
.......................................................
12,000,000
12,179,273
BHSH
System
Obligated
Group,
Revenue,
2013,
Pre-Refunded,
5%,
8/15/28
.....
5,585,000
5,809,987
BHSH
System
Obligated
Group,
Revenue,
2013,
Pre-Refunded,
5%,
8/15/29
.....
5,865,000
6,101,266
Calvin
University
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/46
......
1,750,000
1,728,283
Calvin
University
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
9/01/50
......
895,000
699,400
Calvin
University
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/50
......
1,300,000
1,271,629
Clean
Water
Revolving
Fund,
Revenue,
2016
B,
Refunding,
4%,
10/01/30
.......
2,750,000
2,910,304
Clean
Water
Revolving
Fund,
Revenue,
2018
B,
Refunding,
5%,
10/01/38
.......
8,055,000
9,154,838
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Finance
Authority,
(continued)
County
of
Wayne,
Revenue,
Second
Lien,
2020,
Refunding,
BAM
Insured,
4%,
11/01/55
.......................................................
$
4,000,000
$
4,015,008
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/32
.......................................................
2,725,000
2,898,668
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/37
.......................................................
4,235,000
4,468,320
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/41
.......................................................
22,015,000
23,141,578
Kalamazoo
College,
Revenue,
2018,
Refunding,
4%,
12/01/47
................
2,610,000
2,610,859
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/35
.................
400,000
407,574
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/36
.................
565,000
575,032
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/37
.................
640,000
648,584
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/38
.................
675,000
682,920
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/39
.................
645,000
651,476
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/45
.................
3,780,000
3,777,100
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/50
.................
3,000,000
2,959,167
Lawrence
Technological
University
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
2/01/42
........................................................
745,000
711,828
Michigan
Finance
Authority
Clean
Water
Revolving
Fund,
Revenue,
2018
B,
Refunding,
5%,
10/01/39
...........................................
6,000,000
6,757,640
Sparrow
Health
Obligated
Group,
Revenue,
2012,
AGMC
Insured,
5%,
11/15/42
..
8,000,000
8,100,652
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A-2,
Refunding,
5%,
6/01/40
....
1,000,000
1,080,239
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/49
...
17,170,000
16,672,608
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
B-1,
2,
Refunding,
5%,
6/01/49
..
2,750,000
2,879,827
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016
MI,
5%,
12/01/45
.........
19,710,000
20,702,729
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016
MI,
Pre-Refunded,
5%,
12/01/45
.......................................................
290,000
321,411
Michigan
State
Building
Authority
,
Revenue,
2013
A-1,
Refunding,
5%,
10/15/33
.............................
5,000,000
5,145,096
Revenue,
2013
A-1,
Refunding,
5.25%,
10/15/47
..........................
5,000,000
5,125,636
Revenue,
2016
I,
Refunding,
5%,
4/15/41
................................
13,000,000
14,061,750
Revenue,
2016
I,
Refunding,
5%,
10/15/46
...............................
9,910,000
10,614,609
Revenue,
2016
I,
Refunding,
5%,
10/15/51
...............................
1,000,000
1,060,087
Revenue,
2019
I,
Refunding,
4%,
4/15/54
................................
2,000,000
2,005,405
Revenue,
2021,
3%,
10/15/51
........................................
1,500,000
1,304,086
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group,
Revenue,
1999
B-3,
4%,
11/15/32
.............
5,000,000
5,162,146
Ascension
Health
Credit
Group,
Revenue,
1999
B-3,
4%,
11/15/33
.............
5,370,000
5,520,387
Ascension
Health
Credit
Group,
Revenue,
2010
F-7,
Refunding,
5%,
11/15/47
....
10,000,000
10,539,849
Ascension
Health
Credit
Group,
Revenue,
2010
F-8,
Refunding,
5%,
11/15/46
....
5,000,000
5,279,056
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
6/01/26
........................................................
2,065,000
2,074,043
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
6/01/27
........................................................
2,285,000
2,294,761
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
6/01/28
........................................................
2,615,000
2,625,890
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2012
A,
Refunding,
5%,
6/01/35
........................................................
2,250,000
2,259,128
Michigan
State
Housing
Development
Authority
,
Revenue,
2019
B,
3.1%,
12/01/44
.....................................
15,000,000
13,261,080
Revenue,
2020
A,
2.8%,
12/01/45
.....................................
4,350,000
3,615,318
Revenue,
2020
A,
2.85%,
6/01/50
.....................................
5,150,000
4,171,911
Revenue,
2021
A,
2.5%,
6/01/52
......................................
3,000,000
2,172,972
Revenue,
2021
A,
2.7%,
10/01/56
.....................................
5,000,000
3,616,222
Revenue,
2021
A,
2.73%,
10/01/59
....................................
5,000,000
3,593,404
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
135
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
State
University
,
Revenue
,
2015
A
,
5
%
,
8/15/40
.....................
$
8,500,000
$
9,001,120
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation,
Revenue,
2018,
5%,
6/30/30
....
2,000,000
2,106,975
State
of
Michigan
Department
of
Transportation,
Revenue,
2018,
5%,
12/31/43
...
7,000,000
7,148,798
Michigan
Technological
University
,
Revenue
,
2015
A
,
5
%
,
10/01/45
..............
2,400,000
2,576,238
Oakland
School
District
,
GO,
2016,
Refunding,
5%,
5/01/35
.....................................
1,500,000
1,644,099
GO,
2016,
Refunding,
5%,
5/01/36
.....................................
1,005,000
1,101,153
Oakland
University
,
Revenue,
2014,
Refunding,
5%,
3/01/31
.................................
1,260,000
1,311,812
Revenue,
2014,
Refunding,
5%,
3/01/32
.................................
1,000,000
1,039,551
Revenue,
2014,
Refunding,
5%,
3/01/33
.................................
1,285,000
1,335,153
Revenue,
2014,
Refunding,
5%,
3/01/34
.................................
1,000,000
1,038,334
Revenue,
2014,
Refunding,
5%,
3/01/39
.................................
3,000,000
3,103,035
Revenue,
2016,
5%,
3/01/47
.........................................
7,230,000
7,648,283
Rochester
Community
School
District
,
GO
,
2016
I
,
5
%
,
5/01/36
.................
2,800,000
3,067,888
Roseville
Community
Schools
,
GO,
2014,
Pre-Refunded,
5%,
5/01/28
..................................
3,040,000
3,288,649
GO,
2014,
Pre-Refunded,
5%,
5/01/29
..................................
3,300,000
3,569,915
GO,
2014,
Pre-Refunded,
5%,
5/01/30
..................................
1,620,000
1,752,503
GO,
2014,
Pre-Refunded,
5%,
5/01/31
..................................
1,585,000
1,714,641
Royal
Oak
Hospital
Finance
Authority
,
BHSH
System
Obligated
Group,
Revenue,
2014
D,
Pre-Refunded,
5%,
9/01/27
...
3,350,000
3,533,738
BHSH
System
Obligated
Group,
Revenue,
2014
D,
Pre-Refunded,
5%,
9/01/28
...
2,500,000
2,637,118
BHSH
System
Obligated
Group,
Revenue,
2014
D,
Pre-Refunded,
5%,
9/01/39
...
17,500,000
18,459,826
Saginaw
Valley
State
University
,
Revenue,
2016
A,
Refunding,
5%,
7/01/30
...............................
1,750,000
1,926,356
Revenue,
2016
A,
Refunding,
5%,
7/01/31
...............................
2,170,000
2,388,681
Revenue,
2016
A,
Refunding,
5%,
7/01/33
...............................
1,240,000
1,361,921
Saline
Area
Schools
,
GO,
2016,
5%,
5/01/34
.............................................
2,750,000
3,018,499
GO,
2016,
5%,
5/01/36
.............................................
2,950,000
3,232,239
South
Haven
Public
Schools
,
GO,
2015
B,
AGMC
Insured,
5%,
5/01/33
................................
350,000
376,159
GO,
2015
B,
AGMC
Insured,
5%,
5/01/35
................................
1,575,000
1,689,950
Sparta
Area
Schools
,
GO
,
II
,
5
%
,
5/01/48
.................................
5,750,000
6,360,339
Trenton
Public
Schools
School
District
,
GO,
2018,
5%,
5/01/42
.............................................
4,920,000
5,427,447
GO,
2018,
5%,
5/01/45
.............................................
11,480,000
12,607,894
Universal
Academy
,
Revenue,
2021,
Refunding,
2%,
12/01/26
................................
500,000
461,744
Revenue,
2021,
Refunding,
4%,
12/01/31
................................
500,000
496,099
Revenue,
2021,
Refunding,
4%,
12/01/40
................................
1,100,000
1,058,191
University
of
Michigan
,
Revenue,
2015,
Pre-Refunded,
5%,
4/01/46
..............................
2,000,000
2,216,411
Revenue,
2017
A,
Pre-Refunded,
5%,
4/01/37
............................
2,700,000
3,056,348
Revenue,
2017
A,
Pre-Refunded,
5%,
4/01/42
............................
26,635,000
30,150,306
Revenue,
2017
A,
Pre-Refunded,
5%,
4/01/47
............................
5,000,000
5,659,904
Walled
Lake
Consolidated
School
District
,
GO
,
2022
,
5
%
,
5/01/49
...............
4,000,000
4,531,717
Wayne
County
Airport
Authority
,
Revenue,
2021
A,
5%,
12/01/41
.......................................
3,330,000
3,802,561
Revenue,
2021
A,
5%,
12/01/46
.......................................
4,670,000
5,279,916
Detroit
Metropolitan
Wayne
County
Airport,
Revenue,
2017
B,
5%,
12/01/42
......
1,045,000
1,116,918
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
136
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Wayne
County
Airport
Authority,
(continued)
Detroit
Metropolitan
Wayne
County
Airport,
Revenue,
2018
A,
5%,
12/01/43
......
$
7,750,000
$
8,523,851
Wayne
State
University
,
Revenue,
2015
A,
Refunding,
5%,
11/15/33
..............................
1,500,000
1,580,250
Revenue,
2018
A,
5%,
11/15/43
.......................................
4,500,000
4,968,522
Revenue,
2018
A,
4%,
11/15/48
.......................................
10,000,000
10,087,237
Wayne-Westland
Community
Schools
,
GO,
2022,
3%,
11/01/44
.............................................
2,830,000
2,449,771
GO,
2022,
3%,
11/01/46
.............................................
1,475,000
1,264,111
Western
Michigan
University
,
Revenue,
2015
A,
Refunding,
5%,
11/15/28
..............................
1,635,000
1,753,247
Revenue,
2015
A,
Refunding,
5%,
11/15/29
..............................
2,000,000
2,141,692
Revenue,
2015
A,
Refunding,
5%,
11/15/30
..............................
2,500,000
2,671,959
Revenue,
2015
A,
Refunding,
5%,
11/15/40
..............................
1,560,000
1,644,991
Revenue,
2015
A,
Refunding,
5%,
11/15/45
..............................
2,000,000
2,094,547
Revenue,
2019
A,
Refunding,
5%,
11/15/49
..............................
5,100,000
5,708,556
Zeeland
Public
Schools
,
GO,
2015
A,
AGMC
Insured,
5%,
5/01/31
................................
1,530,000
1,640,326
GO,
2015
A,
AGMC
Insured,
5%,
5/01/33
................................
2,000,000
2,140,718
GO,
2015
A,
Pre-Refunded,
AGMC
Insured,
5%,
5/01/35
....................
2,000,000
2,169,496
730,546,282
New
Jersey
0.1%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
4%,
6/15/50
.......................................
500,000
490,780
Revenue,
2020
AA,
3%,
6/15/50
.......................................
600,000
465,758
956,538
New
York
1.1%
Metropolitan
Transportation
Authority
,
Revenue,
2020
D,
4%,
11/15/47
.......................................
1,000,000
972,835
Revenue,
2020
E,
Refunding,
4%,
11/15/45
..............................
1,595,000
1,574,694
Revenue,
2021
A-1,
4%,
11/15/44
.....................................
6,700,000
6,624,514
9,172,043
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,800,000
1,511,846
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,800,000
1,510,220
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
827,506
3,849,572
Texas
0.7%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
2,400,000
2,035,107
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/39
325,000
274,492
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/40
300,000
251,841
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/47
550,000
430,846
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,500,000
2,974,088
5,966,374
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
137
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
$
1,800,000
$
1,510,681
Wisconsin
0.8%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
1,800,000
1,500,690
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
4,600,000
4,570,407
6,071,097
U.S.
Territories
2.3%
Guam
0.2%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
1,750,000
1,922,813
Puerto
Rico
2.1%
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
................
7,420,000
7,878,642
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
500,000
531,639
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/32
...................
2,100,000
2,220,161
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
...................
1,515,000
1,610,979
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,020,000
1,061,129
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
3,100,000
3,331,275
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
800,000
849,158
17,482,983
Total
U.S.
Territories
....................................................................
19,405,796
Total
Municipal
Bonds
(Cost
$816,117,442)
.....................................
799,697,829
a
a
a
a
Short
Term
Investments
0.4%
Municipal
Bonds
0.4%
Michigan
0.4%
c
Michigan
Strategic
Fund
,
Edison
Institute
(The)
,
Revenue
,
2002
,
LOC
Comerica
Bank
,
Daily
VRDN
and
Put
,
0.67
%
,
12/01/33
..................................
1,800,000
1,800,000
c
University
of
Michigan
,
Revenue
,
2012
D-1
,
Daily
VRDN
and
Put
,
0.55
%
,
12/01/24
..
1,700,000
1,700,000
3,500,000
Total
Municipal
Bonds
(Cost
$3,500,000)
.......................................
3,500,000
Total
Short
Term
Investments
(Cost
$3,500,000
)
.................................
3,500,000
a
Total
Investments
(Cost
$819,617,442)
97.7%
...................................
$803,197,829
Other
Assets,
less
Liabilities
2.3%
.............................................
18,783,692
Net
Assets
100.0%
...........................................................
$821,981,521
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$25,858,221,
representing
3.1%
of
net
assets.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
138
c
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Minnesota
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
139
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
96.8%
Florida
0.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
....
$
6,192,000
$
5,645,742
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
2,100,000
1,571,202
7,216,944
Minnesota
92.3%
Alexandria
Independent
School
District
No.
206
,
GO
,
2017
A
,
Refunding
,
3
%
,
2/01/37
29,905,000
29,259,836
Anoka-Hennepin
Independent
School
District
No.
11
,
GO,
2018
A,
3.25%,
2/01/37
..........................................
5,355,000
5,424,891
GO,
2018
A,
3.375%,
2/01/43
.........................................
6,020,000
6,026,005
Becker
Independent
School
District
No.
726
,
GO,
2022
A,
Zero
Cpn.,
2/01/41
.......................................
1,000,000
514,628
GO,
2022
A,
Zero
Cpn.,
2/01/42
.......................................
1,000,000
491,162
GO,
2022
A,
Zero
Cpn.,
2/01/43
.......................................
1,700,000
800,040
Blooming
Prairie
Independent
School
District
No.
756
,
GO
,
2022
A
,
Refunding
,
2.25
%
,
2/01/45
.........................................................
1,500,000
1,108,097
Brainerd
Independent
School
District
No.
181
,
GO,
2018
A,
4%,
2/01/32
............................................
3,065,000
3,242,936
GO,
2018
A,
4%,
2/01/39
............................................
10,600,000
10,918,784
GO,
2018
A,
4%,
2/01/42
............................................
1,900,000
1,931,590
GO,
2018
C,
Refunding,
5%,
2/01/28
...................................
3,735,000
4,126,308
Centennial
Independent
School
District
No.
12
,
GO,
2015
A,
Refunding,
Zero
Cpn.,
2/01/32
..............................
1,450,000
1,049,723
GO,
2015
A,
Refunding,
Zero
Cpn.,
2/01/34
..............................
1,600,000
1,061,219
GO,
2015
A,
Refunding,
Zero
Cpn.,
2/01/35
..............................
350,000
222,320
City
of
Center
City
,
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2019
,
Refunding
,
4
%
,
11/01/41
........................................................
1,000,000
976,197
City
of
Elk
River
,
Electric
,
Revenue
,
2021
B
,
2.25
%
,
8/01/47
...................
1,475,000
1,052,571
City
of
Fridley
,
Fridley
Leased
Housing
Associates
I
LLLP
,
Revenue
,
2018
,
FNMA
Insured
,
3.75
%
,
11/01/34
............................................
9,590,615
9,646,723
City
of
Minneapolis
,
GO,
2018,
4%,
12/01/43
.............................................
5,000,000
5,166,094
GO,
2018,
4%,
12/01/46
.............................................
3,500,000
3,604,459
GO,
2019,
3%,
12/01/40
.............................................
5,000,000
4,867,663
14th
and
Central
LLLP,
Revenue,
2020,
FNMA
Insured,
2.35%,
2/01/38
.........
10,000,000
8,801,286
Allina
Health
Obligated
Group,
Revenue,
2021,
4%,
11/15/40
.................
6,750,000
6,813,189
Fairview
Health
Services
Obligated
Group,
Revenue,
2015
A,
Refunding,
AGMC
Insured,
5%,
11/15/44
.............................................
10,000,000
10,408,691
Fairview
Health
Services
Obligated
Group,
Revenue,
2018
A,
Refunding,
AGMC
Insured,
5%,
11/15/49
.............................................
6,000,000
6,578,055
City
of
Minneapolis
St.
Paul
Housing
&
Redevelopment
Authority
,
Allina
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/26
.......
2,000,000
2,214,161
Allina
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/27
.......
2,000,000
2,222,276
City
of
Rochester
,
Electric
Utility,
Revenue,
2013
B,
Pre-Refunded,
5%,
12/01/43
................
1,000,000
1,048,382
Electric
Utility,
Revenue,
2017
A,
Refunding,
5%,
12/01/42
...................
2,000,000
2,209,682
Electric
Utility,
Revenue,
2017
A,
Refunding,
5%,
12/01/47
...................
9,210,000
10,101,615
Mayo
Clinic,
Revenue,
2016
B,
Refunding,
5%,
11/15/33
....................
4,425,000
5,313,104
Mayo
Clinic,
Revenue,
2016
B,
Refunding,
5%,
11/15/34
....................
10,235,000
12,407,488
Mayo
Clinic,
Revenue,
2016
B,
Refunding,
5%,
11/15/35
....................
5,000,000
6,119,269
Mayo
Clinic,
Revenue,
2016
B,
Refunding,
5%,
11/15/36
....................
4,200,000
5,186,238
Mayo
Clinic,
Revenue,
2018,
4%,
11/15/48
...............................
6,000,000
6,106,288
Mayo
Clinic,
Revenue,
2022,
Refunding,
3.25%,
11/15/41
...................
4,000,000
3,875,560
Mayo
Clinic,
Revenue,
2022,
Refunding,
5%,
11/15/57
......................
2,000,000
2,261,305
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
140
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group,
Revenue,
2016
A,
Refunding,
4%,
5/01/37
........................................................
$
12,310,000
$
12,408,319
CentraCare
Health
System
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
5/01/46
........................................................
4,650,000
4,837,145
City
of
St.
Paul
,
Sales
&
Use
Tax,
Revenue,
2014
G,
5%,
11/01/31
.........................
1,000,000
1,066,069
Sales
&
Use
Tax,
Revenue,
2014
G,
5%,
11/01/32
.........................
1,000,000
1,065,826
City
of
Virginia
,
GO,
2020
A,
AGMC
Insured,
4%,
2/01/36
................................
1,000,000
1,052,618
GO,
2020
A,
AGMC
Insured,
4%,
2/01/40
................................
1,160,000
1,212,549
Cloquet
Independent
School
District
No.
94
,
GO
,
2015
B
,
5
%
,
2/01/32
............
3,615,000
3,881,901
County
of
Carlton
,
GO
,
2022
A
,
4
%
,
2/01/47
...............................
2,000,000
2,054,166
County
of
Hennepin
,
GO,
2019
B,
5%,
12/15/34
...........................................
1,055,000
1,207,492
GO,
2021
A,
5%,
12/01/32
...........................................
4,640,000
5,518,141
County
of
Norman
,
GO
,
2022
A
,
3.25
%
,
2/01/52
............................
3,115,000
2,800,972
Dakota
County
Community
Development
Agency
,
Revenue
,
2011
A
,
GNMA
Insured
,
4.875
%
,
12/01/33
..................................................
440,000
440,328
Dawson-Boyd
Independent
School
District
No.
378
,
GO
,
2019
A
,
3.125
%
,
2/01/40
...
2,965,000
2,946,764
Dilworth
Glyndon
Felton
Independent
School
District
No.
2164
,
GO,
2020
A,
3%,
2/01/37
............................................
1,000,000
1,001,775
GO,
2020
A,
3%,
2/01/39
............................................
1,000,000
987,271
GO,
2020
A,
3%,
2/01/41
............................................
1,225,000
1,200,682
Duluth
Economic
Development
Authority
,
Essentia
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
2/15/53
...
15,900,000
16,939,610
Essentia
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
2/15/58
...
13,035,000
13,887,284
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/15/38
........................................................
150,000
150,192
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/15/39
........................................................
155,000
154,843
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2021
A,
Refunding,
3%,
6/15/44
........................................................
850,000
683,333
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/29
........................................................
400,000
442,755
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/30
........................................................
425,000
473,010
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/31
........................................................
450,000
502,794
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/32
........................................................
500,000
561,202
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/33
........................................................
600,000
666,898
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/34
........................................................
520,000
525,477
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/35
........................................................
425,000
427,712
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/36
........................................................
400,000
401,995
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/37
........................................................
375,000
376,295
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/38
........................................................
400,000
400,557
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/39
........................................................
250,000
249,746
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
141
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Duluth
Economic
Development
Authority,
(continued)
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
B,
5.25%,
6/15/52
..
$
5,000,000
$
5,343,093
Duluth
Independent
School
District
No.
709
,
COP,
2016
A,
Refunding,
5%,
2/01/25
..................................
1,015,000
1,088,028
COP,
2016
A,
Refunding,
5%,
2/01/26
..................................
2,740,000
3,000,632
COP,
2016
A,
Refunding,
4%,
2/01/27
..................................
3,750,000
3,972,639
COP,
2016
A,
Refunding,
4%,
2/01/28
..................................
1,500,000
1,585,408
GO,
2015
B,
Refunding,
4%,
2/01/25
...................................
3,450,000
3,609,459
GO,
2015
B,
Refunding,
2.5%,
2/01/26
..................................
2,840,000
2,842,987
GO,
2021
C,
Zero
Cpn.,
2/01/29
.......................................
1,870,000
1,472,305
GO,
2021
C,
Zero
Cpn.,
2/01/30
.......................................
1,275,000
960,664
GO,
2021
C,
Zero
Cpn.,
2/01/31
.......................................
1,325,000
953,307
GO,
2021
C,
Zero
Cpn.,
2/01/32
.......................................
1,080,000
740,940
GO,
2021
C,
Zero
Cpn.,
2/01/33
.......................................
1,075,000
703,919
Edina
Independent
School
District
No.
273
,
GO
,
2019
A
,
3
%
,
2/01/36
............
1,630,000
1,635,411
Elk
River
Independent
School
District
No.
728
,
GO
,
2015
A
,
4
%
,
2/01/32
..........
6,130,000
6,312,486
Farmington
Independent
School
District
No.
192
,
GO
,
2016
A
,
4
%
,
2/01/28
........
3,830,000
4,077,206
Fridley
Independent
School
District
No.
14
,
GO
,
2016
A
,
4
%
,
2/01/29
............
2,220,000
2,357,415
Hastings
Independent
School
District
No.
200
,
GO,
2018
A,
Zero
Cpn.,
2/01/38
.......................................
4,685,000
2,618,091
GO,
2018
A,
Zero
Cpn.,
2/01/39
.......................................
4,685,000
2,503,039
GO,
2018
A,
Zero
Cpn.,
2/01/40
.......................................
4,685,000
2,393,439
Hennepin
County
Regional
Railroad
Authority
,
GO,
2019
A,
5%,
12/01/35
...........................................
4,480,000
5,150,724
GO,
2019
A,
5%,
12/01/36
...........................................
5,220,000
5,985,282
Hermantown
Independent
School
District
No.
700
,
GO
,
2014
A
,
Pre-Refunded
,
4
%
,
2/01/29
.........................................................
2,310,000
2,389,492
Hopkins
Independent
School
District
No.
270
,
GO,
2019
A,
3%,
2/01/33
............................................
5,640,000
5,652,106
GO,
2019
A,
3%,
2/01/34
............................................
2,450,000
2,452,609
Jordan
Independent
School
District
No.
717
,
GO,
2014
A,
Refunding,
5%,
2/01/31
...................................
1,460,000
1,491,829
GO,
2014
A,
Refunding,
5%,
2/01/32
...................................
2,000,000
2,043,601
GO,
2014
A,
Refunding,
5%,
2/01/33
...................................
1,700,000
1,737,061
GO,
2014
A,
Refunding,
5%,
2/01/34
...................................
1,805,000
1,844,350
GO,
2014
A,
Refunding,
5%,
2/01/35
...................................
1,000,000
1,021,800
Lakeview
Independent
School
District
No.
2167
,
GO
,
2021
A
,
2
%
,
2/01/38
.........
1,055,000
824,636
Lakeville
Independent
School
District
No.
194
,
GO
,
2021
B
,
2.125
%
,
2/01/42
.......
4,085,000
3,085,718
Mankato
Independent
School
District
No.
77
,
COP,
2022
A,
3%,
2/01/42
...........................................
2,730,000
2,459,124
GO,
2020
A,
4%,
2/01/41
............................................
1,385,000
1,455,969
Maple
River
Independent
School
District
No.
2135
,
GO
,
2020
A
,
4
%
,
2/01/50
.......
10,000,000
10,421,128
Metropolitan
Council
,
GO,
2016
C,
Refunding,
3%,
3/01/30
...................................
3,305,000
3,326,682
GO,
2019
A,
3%,
3/01/29
............................................
6,400,000
6,459,590
GO,
2020
B,
2.125%,
3/01/36
.........................................
4,500,000
3,685,431
GO,
2020
B,
2.125%,
3/01/37
.........................................
4,000,000
3,227,125
GO,
2020
B,
2.125%,
3/01/38
.........................................
4,000,000
3,176,707
Minneapolis
Special
School
District
No.
1
,
GO
,
2017
B
,
5
%
,
2/01/30
.............
2,590,000
2,941,913
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
,
Revenue,
2019
A,
Refunding,
5%,
1/01/44
...............................
4,750,000
5,169,378
Revenue,
2019
B,
Refunding,
5%,
1/01/39
...............................
1,235,000
1,329,532
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/34
..............................
2,870,000
3,097,465
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
142
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Minneapolis-St.
Paul
Metropolitan
Airports
Commission,
(continued)
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/35
..............................
$
4,025,000
$
4,339,642
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/41
..............................
19,655,000
21,071,778
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/46
..............................
15,500,000
16,522,482
Minnesota
Higher
Education
Facilities
Authority
,
Carleton
College,
Revenue,
2017,
Refunding,
4%,
3/01/47
...................
3,575,000
3,614,274
Macalester
College,
Revenue,
2017,
Refunding,
3%,
3/01/33
.................
3,010,000
3,009,125
Macalester
College,
Revenue,
2017,
Refunding,
4%,
3/01/42
.................
900,000
916,780
Macalester
College,
Revenue,
2021,
Refunding,
4%,
3/01/36
.................
125,000
132,826
Macalester
College,
Revenue,
2021,
Refunding,
4%,
3/01/37
.................
125,000
132,104
Macalester
College,
Revenue,
2021,
Refunding,
3%,
3/01/40
.................
365,000
337,065
Macalester
College,
Revenue,
2021,
Refunding,
3%,
3/01/43
.................
330,000
295,404
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/30
...............
320,000
339,581
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/31
...............
270,000
282,540
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/32
...............
255,000
264,331
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/33
...............
240,000
247,352
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/34
...............
355,000
363,377
St.
John's
University,
Revenue,
2021,
Refunding,
3%,
10/01/37
...............
250,000
221,341
St.
John's
University,
Revenue,
2021,
Refunding,
3%,
10/01/38
...............
250,000
219,406
St.
Olaf
College,
Revenue,
2021,
3%,
10/01/41
...........................
2,600,000
2,336,417
St.
Olaf
College,
Revenue,
Eight
N,
Refunding,
4%,
10/01/33
.................
1,500,000
1,538,879
St.
Olaf
College,
Revenue,
Eight
N,
Refunding,
4%,
10/01/35
.................
500,000
511,012
University
of
St.
Thomas,
Revenue,
2016
8-L,
Refunding,
4%,
4/01/31
..........
4,200,000
4,337,643
University
of
St.
Thomas,
Revenue,
2016
8-L,
Refunding,
5%,
4/01/35
..........
1,720,000
1,843,007
University
of
St.
Thomas,
Revenue,
2017
A,
Refunding,
4%,
10/01/36
..........
750,000
756,608
University
of
St.
Thomas,
Revenue,
2017
A,
Refunding,
4%,
10/01/37
..........
750,000
756,142
b
University
of
St.
Thomas,
Revenue,
2022
A,
5%,
10/01/52
...................
10,000,000
10,719,030
Minnesota
Housing
Finance
Agency
,
Revenue,
2009,
4%,
8/01/29
.........................................
3,675,000
3,682,003
Revenue,
2011,
5%,
8/01/31
.........................................
2,225,000
2,232,209
Revenue,
2019
C,
4%,
8/01/39
........................................
1,000,000
1,021,965
Revenue,
2020
B,
4%,
8/01/39
........................................
2,055,000
2,120,233
Revenue,
2020
B,
GNMA
Insured,
2.8%,
1/01/44
..........................
3,015,000
2,958,330
Revenue,
2020
D,
4%,
8/01/41
........................................
1,000,000
1,019,433
Revenue,
2020
E,
GNMA
Insured,
2.5%,
7/01/40
..........................
1,910,000
1,698,204
Revenue,
2020
E,
GNMA
Insured,
2.7%,
7/01/44
..........................
2,680,000
2,312,117
Revenue,
2020
G,
GNMA
Insured,
2.45%,
7/01/45
.........................
2,155,000
1,902,020
Revenue,
2021
B,
GNMA
Insured,
2.1%,
7/01/36
..........................
950,000
822,425
Revenue,
2021
B,
GNMA
Insured,
2.3%,
7/01/41
..........................
3,360,000
2,869,298
Revenue,
2021
B,
GNMA
Insured,
2.45%,
7/01/46
.........................
3,335,000
2,777,577
Revenue,
2021
D,
Refunding,
GNMA
Insured,
2.45%,
1/01/52
................
11,440,000
9,134,654
Revenue,
2021
H,
2.55%,
1/01/46
.....................................
3,970,000
3,378,857
Revenue,
2022
A,
GNMA
Insured,
2.75%,
7/01/42
.........................
2,680,000
2,363,837
Revenue,
2022
A,
GNMA
Insured,
2.9%,
1/01/45
..........................
1,290,000
1,130,274
Revenue,
2022
C,
GNMA
Insured,
3%,
7/01/43
...........................
1,750,000
1,543,264
c
Minnesota
Municipal
Gas
Agency
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/27
..
5,000,000
5,239,564
Minnesota
Municipal
Power
Agency
,
Revenue,
2014
A,
Refunding,
4%,
10/01/31
..............................
1,265,000
1,303,724
Revenue,
2014
A,
Refunding,
4%,
10/01/32
..............................
1,200,000
1,234,438
Revenue,
2014
A,
Refunding,
4%,
10/01/33
..............................
1,000,000
1,027,977
Revenue,
2014
A,
Refunding,
5%,
10/01/34
..............................
1,000,000
1,067,118
Revenue,
2014
A,
Refunding,
5%,
10/01/35
..............................
1,005,000
1,071,979
Revenue,
2016,
4%,
10/01/41
........................................
4,680,000
4,841,389
Revenue,
2016,
5%,
10/01/47
........................................
4,650,000
5,082,425
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
143
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Minnesota
Public
Facilities
Authority
,
Revenue
,
2010
A
,
5
%
,
3/01/24
.............
$
17,010,000
$
17,945,968
Minnesota
State
Colleges
And
Universities
Foundation
,
Minnesota
State
Colleges
And
Universities
Revenue
Fund
,
Revenue
,
2012
A
,
Refunding
,
5
%
,
10/01/22
.........
1,410,000
1,427,290
Minnetonka
Independent
School
District
No.
276
,
COP
,
2022
A
,
4
%
,
2/01/52
.......
1,850,000
1,881,698
Moorhead
Independent
School
District
No.
152
,
GO
,
2020
A
,
2.5
%
,
2/01/37
.......
9,295,000
8,163,717
Nashwauk
Keewatin
Independent
School
District
No.
319
,
GO
,
2022
A
,
Refunding
,
4
%
,
2/01/48
.........................................................
5,020,000
5,253,520
North
St.
Paul-Maplewood-Oakdale
Independent
School
District
No.
622
,
GO,
2019
A,
3%,
2/01/42
............................................
5,975,000
5,428,833
GO,
2019
A,
3%,
2/01/46
............................................
23,965,000
21,082,650
Northern
Municipal
Power
Agency
,
Revenue,
2013
A,
5%,
1/01/30
........................................
1,190,000
1,212,435
Revenue,
2017,
Refunding,
5%,
1/01/41
.................................
800,000
872,591
Norwood
Young
America
Independent
School
District
No.
108
,
GO
,
2022
A
,
2.25
%
,
2/01/45
.........................................................
1,700,000
1,250,975
Prior
Lake-Savage
Independent
School
District
No.
719
,
GO,
2018
B,
Zero
Cpn.,
2/01/27
.......................................
10,545,000
9,395,431
GO,
2018
B,
Zero
Cpn.,
2/01/28
.......................................
13,055,000
11,254,343
GO,
2018
B,
Zero
Cpn.,
2/01/30
.......................................
9,010,000
7,216,151
GO,
2018
B,
Zero
Cpn.,
2/01/31
.......................................
5,310,000
4,093,312
Red
Rock
Central
Independent
School
District
No.
2884
,
GO
,
2022
A
,
2.375
%
,
2/01/47
3,000,000
2,245,365
Robbinsdale
Independent
School
District
No.
281
,
GO
,
2021
A
,
5
%
,
2/01/31
.......
1,910,000
2,222,798
Roseville
Independent
School
District
No.
623
,
GO,
2018
A,
5%,
2/01/30
............................................
3,700,000
4,110,221
GO,
2018
A,
4%,
2/01/34
............................................
9,535,000
9,980,155
Sartell-St.
Stephen
Independent
School
District
No.
748
,
GO,
2016
B,
Zero
Cpn.,
2/01/36
.......................................
3,000,000
1,802,629
GO,
2016
B,
Zero
Cpn.,
2/01/37
.......................................
2,820,000
1,614,935
GO,
2016
B,
Zero
Cpn.,
2/01/38
.......................................
5,220,000
2,844,847
GO,
2016
B,
Zero
Cpn.,
2/01/39
.......................................
3,020,000
1,563,945
Southern
Minnesota
Municipal
Power
Agency
,
Revenue,
1994
A,
NATL
Insured,
Zero
Cpn.,
1/01/23
.......................
4,000,000
3,961,113
Revenue,
1994
A,
NATL
Insured,
Zero
Cpn.,
1/01/26
.......................
5,395,000
4,924,707
Revenue,
1994
A,
NATL
Insured,
Zero
Cpn.,
1/01/27
.......................
6,600,000
5,843,649
Revenue,
2015
A,
Refunding,
5%,
1/01/46
...............................
9,345,000
10,102,356
Revenue,
2017
A,
5%,
1/01/42
........................................
1,315,000
1,460,708
Revenue,
2019
A,
5%,
1/01/32
........................................
700,000
803,770
Revenue,
2019
A,
5%,
1/01/33
........................................
560,000
641,653
Revenue,
2019
A,
5%,
1/01/34
........................................
610,000
697,550
St.
Cloud
Independent
School
District
No.
742
,
COP,
2017
A,
4%,
2/01/38
...........................................
1,000,000
1,009,962
GO,
2015
A,
4%,
2/01/28
............................................
2,080,000
2,172,586
GO,
2017
B,
4%,
2/01/30
............................................
4,060,000
4,332,304
GO,
2017
B,
4%,
2/01/36
............................................
2,500,000
2,667,675
GO,
2017
B,
4%,
2/01/37
............................................
2,250,000
2,400,907
St.
Francis
Independent
School
District
No.
15
,
GO,
2018
A,
4%,
2/01/37
............................................
1,025,000
1,032,006
GO,
2018
A,
3.5%,
2/01/41
...........................................
6,350,000
6,364,405
St.
Paul
Independent
School
District
No.
625
,
GO
,
2013
B
,
Refunding
,
5
%
,
2/01/24
..
2,925,000
2,991,370
St.
Paul
Port
Authority
,
Revenue,
2021-2,
4%,
10/01/40
.......................................
1,100,000
1,123,239
District
Energy
St.
Paul
Obligated
Group,
Revenue,
2021-1,
Refunding,
3%,
10/01/34
300,000
288,000
District
Energy
St.
Paul
Obligated
Group,
Revenue,
2021-1,
Refunding,
4%,
10/01/41
675,000
692,871
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
144
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
State
of
Minnesota
,
COP,
2014,
5%,
6/01/36
.............................................
$
3,615,000
$
3,821,353
GO,
2013
F,
Refunding,
4%,
10/01/25
..................................
15,000,000
15,467,893
GO,
2016
A,
5%,
8/01/28
............................................
4,215,000
4,698,379
GO,
2018
A,
5%,
8/01/31
............................................
5,000,000
5,718,986
Revenue,
2012
B,
Refunding,
4%,
3/01/26
...............................
3,000,000
3,007,270
Revenue,
2012
B,
Refunding,
3%,
3/01/30
...............................
5,000,000
5,002,642
Revenue,
2014
A,
5%,
6/01/38
........................................
8,500,000
8,759,257
Stearns
County
Housing
&
Redevelopment
Authority
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
2/01/61
......................................................
1,105,000
841,314
University
of
Minnesota
,
Revenue,
2014
B,
5%,
1/01/38
........................................
4,500,000
4,652,582
Revenue,
2015
A,
Refunding,
5%,
8/01/25
...............................
5,000,000
5,446,282
Revenue,
2015
A,
Refunding,
5%,
8/01/28
...............................
7,225,000
7,793,811
Revenue,
2016
A,
5%,
4/01/41
........................................
5,000,000
5,383,955
Revenue,
2017
A,
5%,
9/01/42
........................................
4,410,000
4,855,653
Revenue,
2017
B,
Refunding,
5%,
12/01/30
..............................
5,575,000
6,266,184
Revenue,
2019
A,
5%,
4/01/39
........................................
3,055,000
3,438,111
Revenue,
2019
A,
5%,
4/01/44
........................................
8,505,000
9,499,766
Revenue,
2020
A,
5%,
11/01/42
.......................................
5,230,000
6,011,579
Virginia
Independent
School
District
No.
706
,
Rock
Ridge
Independent
School
District
No.
2909
,
GO
,
2019
A
,
3
%
,
2/01/40
....................................
3,295,000
3,167,440
Watertown-Mayer
Independent
School
District
No.
111
,
GO,
2020
A,
Zero
Cpn.,
2/01/33
.......................................
2,470,000
1,756,908
GO,
2020
A,
Zero
Cpn.,
2/01/34
.......................................
2,470,000
1,685,919
GO,
2020
A,
Zero
Cpn.,
2/01/36
.......................................
1,470,000
920,815
GO,
2020
A,
Zero
Cpn.,
2/01/37
.......................................
2,470,000
1,481,200
Waterville-Elysian-Morristown
Independent
School
District
No.
2143
,
GO
,
2019
A
,
3
%
,
2/01/32
.........................................................
1,995,000
2,002,101
West
St.
Paul-Mendota
Heights-Eagan
Independent
School
District
No.
197
,
GO
,
2018
A
,
4
%
,
2/01/34
....................................................
2,655,000
2,795,544
Western
Minnesota
Municipal
Power
Agency
,
Revenue,
2012
A,
Refunding,
5%,
1/01/24
...............................
5,000,000
5,098,056
Revenue,
2012
A,
Refunding,
5%,
1/01/25
...............................
3,370,000
3,438,480
Revenue,
2012
A,
Refunding,
5%,
1/01/29
...............................
1,200,000
1,223,539
Revenue,
2014
A,
Pre-Refunded,
5%,
1/01/40
............................
8,075,000
8,483,456
Revenue,
2014
A,
Pre-Refunded,
5%,
1/01/46
............................
11,870,000
12,470,418
Revenue,
2015
A,
Refunding,
5%,
1/01/35
...............................
3,000,000
3,284,008
Revenue,
2015
A,
Refunding,
5%,
1/01/36
...............................
2,035,000
2,225,448
Revenue,
2018
A,
5%,
1/01/49
........................................
5,000,000
5,593,711
Zumbro
Education
District
,
COP,
2021
A,
4%,
2/01/32
...........................................
200,000
207,452
COP,
2021
A,
4%,
2/01/33
...........................................
150,000
155,329
COP,
2021
A,
4%,
2/01/34
...........................................
125,000
129,147
COP,
2021
A,
2.125%,
2/01/35
........................................
325,000
265,338
COP,
2021
A,
4%,
2/01/38
...........................................
390,000
398,216
COP,
2021
A,
4%,
2/01/41
...........................................
635,000
643,749
865,692,667
South
Carolina
0.7%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
2,100,000
1,763,820
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
2,100,000
1,761,923
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
145
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
$
3,500,000
$
2,896,272
6,422,015
Texas
0.7%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
2,800,000
2,374,291
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/34
200,000
179,198
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
4%,
9/01/35
225,000
227,493
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
4%,
9/01/36
250,000
252,431
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
4,000,000
3,398,958
6,432,371
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
2,100,000
1,762,461
Wisconsin
0.8%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
2,100,000
1,750,805
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
5,600,000
5,563,974
7,314,779
U.S.
Territories
1.4%
Puerto
Rico
1.4%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,800,000
1,877,514
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
775,000
824,041
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/31
....................
1,500,000
1,611,297
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/32
...................
2,890,000
3,055,364
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,675,000
1,742,540
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,575,000
1,692,503
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
2,000,000
2,122,894
12,926,153
Total
U.S.
Territories
....................................................................
12,926,153
Total
Municipal
Bonds
(Cost
$931,667,571)
.....................................
907,767,390
a
a
a
a
Short
Term
Investments
1.2%
Municipal
Bonds
1.2%
Minnesota
1.2%
d
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,
0.6%,
11/15/35
..................................
3,300,000
3,300,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
146
See
Abbreviations
on
page
203
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Minnesota
(continued)
d
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,
0.62%,
11/15/35
.....................................
$
8,000,000
$
8,000,000
11,300,000
Total
Municipal
Bonds
(Cost
$11,300,000)
......................................
11,300,000
Total
Short
Term
Investments
(Cost
$11,300,000
)
................................
11,300,000
a
Total
Investments
(Cost
$942,967,571)
98.0%
...................................
$919,067,390
Other
Assets,
less
Liabilities
2.0%
.............................................
18,928,577
Net
Assets
100.0%
...........................................................
$937,995,967
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$21,081,783,
representing
2.2%
of
net
assets.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Missouri
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
147
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.2%
California
0.1%
Santa
Barbara
Secondary
High
School
District
,
GO
,
2011
A
,
Zero
Cpn.,
8/01/40
....
$
1,790,000
$
877,444
Florida
0.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
....
5,544,000
5,054,908
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
850,000
635,963
5,690,871
Georgia
0.3%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
3,250,000
2,721,703
Missouri
90.8%
Affton
School
District
No.
101
,
GO,
2017
A,
Refunding,
5%,
3/01/32
...................................
1,500,000
1,671,795
GO,
2017
A,
Refunding,
5%,
3/01/33
...................................
1,595,000
1,775,196
GO,
2017
A,
Refunding,
5%,
3/01/34
...................................
1,700,000
1,889,570
GO,
2017
A,
Refunding,
5%,
3/01/35
...................................
1,810,000
2,009,884
GO,
2017
A,
Refunding,
5%,
3/01/36
...................................
1,920,000
2,135,884
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District
,
Revenue,
2013
A,
Pre-Refunded,
5%,
10/01/44
...........................
10,000,000
10,124,307
Revenue,
2019,
Refunding,
4%,
10/01/48
................................
4,000,000
4,061,931
Revenue,
2020
A,
Refunding,
4%,
10/01/44
..............................
6,000,000
6,137,756
Cape
Girardeau
County
Industrial
Development
Authority
,
Procter
&
Gamble
Co.
(The),
Revenue,
1998,
5.3%,
5/15/28
..................
6,875,000
7,227,946
SoutheastHEALTH
Obligated
Group,
Revenue,
2021,
4%,
3/01/41
.............
6,510,000
6,424,075
SoutheastHEALTH
Obligated
Group,
Revenue,
2021,
3%,
3/01/46
.............
3,000,000
2,347,000
SoutheastHEALTH
Obligated
Group,
Revenue,
2021,
4%,
3/01/46
.............
5,230,000
4,937,579
St.
Francis
Obligated
Group,
Revenue,
2013
A,
Refunding,
5%,
6/01/33
.........
5,000,000
5,000,000
St.
Francis
Obligated
Group,
Revenue,
2013
A,
Refunding,
5%,
6/01/37
.........
11,000,000
11,000,000
St.
Francis
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
6/01/39
..........
5,110,000
5,355,086
Cape
Girardeau
County
School
District
No.
R-2
,
GO,
2018,
4%,
3/01/32
.............................................
1,000,000
1,067,637
GO,
2018,
4%,
3/01/33
.............................................
1,000,000
1,065,841
GO,
2018,
5%,
3/01/38
.............................................
2,195,000
2,465,375
Cape
Girardeau
School
District
No.
63
,
GO,
2019,
Refunding,
4%,
3/01/38
.....................................
650,000
672,045
GO,
2019,
Refunding,
4%,
3/01/39
.....................................
500,000
514,175
City
of
Bridgeton
,
Sales
Tax,
Revenue,
2021
A,
Refunding,
2%,
12/01/32
......................
500,000
414,588
Sales
Tax,
Revenue,
2021
A,
Refunding,
2.125%,
12/01/33
..................
1,170,000
970,762
City
of
Kansas
City
,
Sanitary
Sewer
System,
Revenue,
2018
A,
4%,
1/01/35
.....................
1,500,000
1,584,171
Sanitary
Sewer
System,
Revenue,
2018
A,
4%,
1/01/42
.....................
5,000,000
5,115,799
Water,
Revenue,
2017
A,
4%,
12/01/41
.................................
4,970,000
5,059,886
City
of
Marshfield
,
Waterworks
&
Sewer
System,
Revenue,
2020
B,
AGMC
Insured,
5%,
2/01/43
....
1,305,000
1,441,330
Waterworks
&
Sewer
System,
Revenue,
2020
B,
AGMC
Insured,
5%,
2/01/50
....
1,585,000
1,713,622
City
of
Peculiar
,
Water
&
Sewer,
Revenue,
2017,
AGMC
Insured,
4%,
6/01/39
.................
1,000,000
1,060,479
Water
&
Sewer,
Revenue,
2017,
AGMC
Insured,
4%,
6/01/42
.................
2,405,000
2,555,038
City
of
Republic
,
Revenue
,
2022
,
3
%
,
5/01/47
..............................
5,000,000
4,229,718
City
of
Sikeston
,
Electric
System
,
Revenue
,
2012
,
Refunding
,
5
%
,
6/01/22
........
12,570,000
12,570,000
City
of
St.
Charles
,
COP,
2020
B,
Refunding,
3%,
2/01/38
..................................
1,200,000
1,129,961
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
148
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
City
of
St.
Charles,
(continued)
COP,
2020
B,
Refunding,
3%,
2/01/39
..................................
$
1,500,000
$
1,403,331
City
of
St.
Louis
,
Airport,
Revenue,
2005,
Refunding,
NATL
Insured,
5.5%,
7/01/29
..............
13,070,000
15,177,451
Airport,
Revenue,
2017
A,
Refunding,
AGMC
Insured,
5%,
7/01/25
.............
5,000,000
5,392,164
Airport,
Revenue,
2017
C,
Refunding,
AGMC
Insured,
5%,
7/01/42
.............
3,930,000
4,230,801
Airport,
Revenue,
2017
C,
Refunding,
AGMC
Insured,
5%,
7/01/47
.............
10,670,000
11,421,985
Airport,
Revenue,
2017
D,
Refunding,
AGMC
Insured,
5%,
7/01/33
.............
1,000,000
1,070,993
Airport,
Revenue,
2017
D,
Refunding,
AGMC
Insured,
5%,
7/01/34
.............
1,415,000
1,513,442
Airport,
Revenue,
2017
D,
Refunding,
AGMC
Insured,
5%,
7/01/36
.............
1,125,000
1,201,270
Airport,
Revenue,
2017
D,
Refunding,
AGMC
Insured,
5%,
7/01/37
.............
1,000,000
1,066,942
Airport,
Revenue,
2019
A,
5%,
7/01/49
..................................
2,500,000
2,733,596
Airport,
Revenue,
2019
C,
Refunding,
5%,
7/01/27
.........................
1,705,000
1,894,981
Clay
County
Reorganized
School
District
No.
R-1
,
GO,
2017,
3%,
3/01/36
.............................................
1,540,000
1,470,433
GO,
2017,
3.125%,
3/01/37
..........................................
1,855,000
1,788,250
Community
College
District
of
Central
Southwest
Missouri
,
COP,
2021,
3%,
3/01/40
.............................................
575,000
530,992
COP,
2021,
3%,
3/01/41
.............................................
400,000
367,106
Ferguson
Reorganized
School
District
No.
R-2
,
GO,
2018,
4%,
5/01/32
.............................................
1,000,000
1,066,749
GO,
2018,
5%,
5/01/38
.............................................
2,250,000
2,509,324
Fort
Osage
School
District
No.
R-1
,
GO
,
2018
,
Refunding
,
5.5
%
,
3/01/38
.........
3,010,000
3,502,255
Greene
County
Reorganized
School
District
No.
R-2
Willard
,
GO
,
2018
,
4
%
,
3/01/30
.
1,000,000
1,061,029
Hanley
Road
Corridor
Transportation
Development
District
,
Revenue,
2020,
Refunding,
1.625%,
10/01/33
............................
775,000
765,063
Revenue,
2020,
Refunding,
2%,
10/01/39
................................
900,000
869,307
Hannibal
Board
of
Public
Works
,
COP,
2022,
3.625%,
4/01/44
.........................................
1,000,000
951,732
COP,
2022,
3.75%,
4/01/47
..........................................
1,000,000
961,723
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
AT
Still
University
of
Health
Sciences,
Revenue,
2014,
Pre-Refunded,
5%,
10/01/39
1,250,000
1,304,722
Bethesda
Health
Group,
Inc.
Obligated
Group,
Revenue,
2015,
5%,
8/01/40
......
1,650,000
1,701,766
Bethesda
Health
Group,
Inc.
Obligated
Group,
Revenue,
2015,
5%,
8/01/45
......
1,300,000
1,330,688
Bethesda
Health
Group,
Inc.
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
8/01/36
........................................................
2,075,000
2,100,357
Bethesda
Health
Group,
Inc.
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
8/01/41
........................................................
2,240,000
2,236,926
BJC
Healthcare
Obligated
Group,
Revenue,
2014,
5%,
1/01/44
...............
8,175,000
8,528,908
BJC
Healthcare
Obligated
Group,
Revenue,
2021
A,
Refunding,
3%,
7/01/51
.....
5,000,000
4,084,670
CoxHealth
Obligated
Group,
Revenue,
2013
A,
5%,
11/15/38
.................
11,680,000
12,146,780
CoxHealth
Obligated
Group,
Revenue,
2013
A,
5%,
11/15/44
.................
2,760,000
2,865,064
CoxHealth
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
11/15/39
........
17,000,000
17,993,536
CoxHealth
Obligated
Group,
Revenue,
2019
A,
4%,
11/15/44
.................
5,000,000
5,021,951
Kansas
City
University,
Revenue,
2017
A,
5%,
6/01/42
......................
2,800,000
3,099,371
Kansas
City
University,
Revenue,
2017
A,
5%,
6/01/47
......................
4,875,000
5,347,070
Lake
Regional
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
2/15/40
........................................................
2,060,000
1,740,151
Lake
Regional
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
2/15/41
........................................................
2,120,000
1,775,039
Lake
Regional
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
2/15/46
........................................................
5,590,000
4,374,238
Lake
Regional
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
2/15/51
........................................................
2,125,000
2,015,702
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2016
A,
5%,
2/01/46
.......
4,000,000
4,085,590
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
149
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,
2016
B,
Refunding,
5%,
2/01/46
........................................................
$
11,575,000
$
11,822,675
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2019
A,
5%,
2/01/34
.......
2,000,000
2,105,540
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2019
A,
5%,
2/01/42
.......
1,750,000
1,816,246
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2019
C,
Refunding,
4%,
2/01/48
........................................................
485,000
445,516
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2021,
4%,
2/01/30
........
2,035,000
2,050,969
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2021,
4%,
2/01/42
........
9,900,000
9,394,472
Maryville
University
of
St.
Louis,
Revenue,
2015,
5%,
6/15/44
.................
5,000,000
5,163,644
Maryville
University
of
St.
Louis,
Revenue,
2019
A,
5%,
6/15/45
...............
4,000,000
4,233,955
Maryville
University
of
St.
Louis,
Revenue,
2020
A,
Refunding,
4%,
6/15/34
......
4,345,000
4,379,993
Maryville
University
of
St.
Louis,
Revenue,
2020
A,
Refunding,
4%,
6/15/38
......
4,885,000
4,887,312
Maryville
University
of
St.
Louis,
Revenue,
2022
A,
Refunding,
3.125%,
6/15/38
...
2,300,000
2,035,115
Maryville
University
of
St.
Louis,
Revenue,
2022
A,
Refunding,
3.375%,
6/15/45
...
1,000,000
866,294
Mercy
Health,
Revenue,
2012,
4%,
11/15/42
.............................
8,000,000
8,006,918
Mercy
Health,
Revenue,
2014
F,
5%,
11/15/45
............................
25,000,000
25,888,678
Mercy
Health,
Revenue,
2015
B,
Refunding,
5%,
2/01/45
....................
6,870,000
7,081,222
Mercy
Health,
Revenue,
2017
C,
Refunding,
5%,
11/15/47
...................
12,500,000
13,267,535
Mosaic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
2/15/54
4,000,000
4,005,231
SSM
Health
Care
Obligated
Group,
Revenue,
2018
A,
5%,
6/01/48
............
5,000,000
5,290,011
St.
Louis
University,
Revenue,
2015
A,
5%,
10/01/38
.......................
10,000,000
10,803,988
St.
Louis
University,
Revenue,
2017
A,
5%,
10/01/47
.......................
15,000,000
16,202,988
St.
Louis
University,
Revenue,
2019
A,
5%,
10/01/46
.......................
5,775,000
6,396,526
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/35
3,950,000
4,149,119
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
11/15/43
.......................................................
2,000,000
2,126,641
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/50
2,500,000
2,449,418
University
of
Central
Missouri,
Revenue,
2013
C-2,
5%,
10/01/34
..............
5,000,000
5,145,278
Howard
Bend
Levee
District
,
Special
Tax,
2021,
2.75%,
3/01/31
.....................................
400,000
355,721
Special
Tax,
2021,
3%,
3/01/36
.......................................
500,000
430,687
Special
Tax,
2021,
3.125%,
3/01/41
....................................
1,000,000
832,355
Special
Tax,
2022,
3.375%,
3/01/32
....................................
75,000
69,097
Special
Tax,
2022,
3.5%,
3/01/37
......................................
175,000
156,277
Special
Tax,
2022,
3.625%,
3/01/42
....................................
200,000
174,277
Jackson
County
School
District
No.
R-IV
Blue
Springs
,
GO,
2018
A,
5.5%,
3/01/36
...........................................
3,000,000
3,530,183
GO,
2018
A,
5.5%,
3/01/37
...........................................
2,000,000
2,350,260
Jefferson
City
School
District
,
GO
,
2018
,
5
%
,
3/01/38
........................
6,070,000
6,701,315
Jefferson
County
School
District
No.
R-VI
,
Festus,
COP,
2021
B,
4%,
4/01/39
.....................................
350,000
367,303
Festus,
COP,
2021
B,
4%,
4/01/40
.....................................
575,000
597,962
Festus,
COP,
2021
B,
4%,
4/01/41
.....................................
500,000
515,331
Festus,
COP,
2021
B,
3%,
4/01/42
.....................................
750,000
671,187
Festus,
COP,
2021
B,
3%,
4/01/44
.....................................
1,500,000
1,317,607
Festus,
COP,
2021
B,
2.375%,
4/01/46
..................................
2,000,000
1,497,901
Joplin
Industrial
Development
Authority
,
Freeman
Health
System
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
2/15/35
.................................
4,000,000
4,091,095
Kansas
City
Industrial
Development
Authority
,
Revenue,
2011
A,
Refunding,
5.5%,
9/01/29
..............................
5,000,000
5,017,627
Revenue,
2011
A,
Refunding,
5.5%,
9/01/30
..............................
12,000,000
12,042,899
Revenue,
2011
A,
Refunding,
5%,
9/01/32
...............................
3,000,000
3,009,795
City
of
Kansas
City,
Revenue,
2019
A,
5%,
3/01/44
........................
5,000,000
5,360,950
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/46
...................
4,000,000
4,275,536
City
of
Kansas
City
Airport,
Revenue,
2019
B,
AGMC
Insured,
5%,
3/01/49
.......
3,000,000
3,208,954
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
150
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Kansas
City
Industrial
Development
Authority,
(continued)
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/54
...................
$
20,515,000
$
21,708,005
City
of
Kansas
City
Airport,
Revenue,
2020
A,
AGMC
Insured,
4%,
3/01/57
.......
10,900,000
10,704,898
City
of
Kansas
City
Airport,
Revenue,
2020
A,
AGMC
Insured,
5%,
3/01/57
.......
100,000
106,897
Liberty
Public
School
District
No.
53
,
GO
,
2018
,
4
%
,
3/01/37
...................
4,500,000
4,618,338
Metropolitan
St.
Louis
Sewer
District
,
Revenue,
2015
B,
Pre-Refunded,
5%,
5/01/45
............................
1,610,000
1,741,685
Revenue,
2015
B,
Refunding,
5%,
5/01/45
...............................
3,390,000
3,603,934
Revenue,
2016
C,
Refunding,
5%,
5/01/46
...............................
24,700,000
26,841,572
Revenue,
2017
A,
Refunding,
5%,
5/01/42
...............................
5,000,000
5,466,146
Revenue,
2017
A,
Refunding,
5%,
5/01/47
...............................
10,000,000
10,909,984
Missouri
Development
Finance
Board
,
City
of
Independence,
Revenue,
2012
A,
Refunding,
5%,
6/01/37
..............
5,000,000
5,000,000
City
of
Independence,
Revenue,
2021,
Refunding,
4%,
3/01/36
...............
1,140,000
1,131,108
City
of
Independence,
Revenue,
2021,
Refunding,
4%,
3/01/37
...............
500,000
493,511
City
of
Independence,
Revenue,
2021,
Refunding,
4%,
3/01/41
...............
515,000
500,318
City
of
Independence,
Revenue,
2021,
Refunding,
3%,
3/01/46
...............
2,640,000
2,021,464
City
of
Independence,
Revenue,
2021,
Refunding,
4%,
3/01/51
...............
9,445,000
8,796,786
Procter
&
Gamble
Co.
(The),
Revenue,
1999,
5.2%,
3/15/29
..................
3,000,000
3,430,312
Missouri
Housing
Development
Commission
,
Revenue,
2018
B,
GNMA
Insured,
4%,
11/01/38
...........................
860,000
888,846
Revenue,
2019
C,
GNMA
Insured,
3%,
11/01/44
...........................
3,265,000
3,183,665
Revenue,
2020
C,
GNMA
Insured,
2.4%,
11/01/45
.........................
2,075,000
1,681,910
Revenue,
2020
D,
GNMA
Insured,
2.55%,
11/01/50
........................
4,835,000
4,231,242
Revenue,
2021
A,
GNMA
Insured,
2.4%,
11/01/51
.........................
2,625,000
2,247,744
Revenue,
2021
B,
GNMA
Insured,
2.2%,
11/01/46
.........................
1,185,000
871,032
Revenue,
2021
B,
GNMA
Insured,
2.3%,
11/01/51
.........................
7,400,000
5,283,041
Revenue,
2021
C,
GNMA
Insured,
2.625%,
11/01/51
.......................
2,500,000
1,910,864
Revenue,
2022
A,
GNMA
Insured,
3%,
11/01/37
...........................
1,325,000
1,239,362
Revenue,
2022
A,
GNMA
Insured,
3.125%,
11/01/42
.......................
3,500,000
3,228,254
Missouri
Joint
Municipal
Electric
Utility
Commission
,
Revenue,
2014
A,
Refunding,
5%,
1/01/31
...............................
2,000,000
2,081,703
Revenue,
2014
A,
Refunding,
5%,
1/01/32
...............................
1,500,000
1,560,564
Revenue,
2014
A,
Refunding,
5%,
1/01/32
...............................
10,000,000
10,591,556
Revenue,
2014
A,
Refunding,
5%,
1/01/33
...............................
7,500,000
7,937,887
Revenue,
2014
A,
Refunding,
5%,
1/01/34
...............................
2,000,000
2,078,852
Revenue,
2015
A,
Refunding,
5%,
12/01/30
..............................
4,000,000
4,283,382
Revenue,
2015
A,
Refunding,
5%,
12/01/31
..............................
6,000,000
6,416,110
Revenue,
2015
A,
Refunding,
5%,
12/01/35
..............................
7,335,000
7,819,654
Revenue,
2016
A,
Refunding,
5%,
12/01/40
..............................
27,950,000
30,241,137
Revenue,
2018,
5%,
12/01/43
........................................
2,000,000
2,187,164
Monarch-Chesterfield
Levee
District
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
3/01/40
....
4,395,000
4,599,578
Move
Rolla
Transportation
Development
District
,
Revenue
,
2017
,
4.75
%
,
6/01/47
...
5,000,000
5,044,498
Normandy
Schools
Collaborative
,
GO,
2021
B,
2%,
3/01/40
............................................
2,050,000
1,551,218
GO,
2021
B,
2%,
3/01/41
............................................
1,700,000
1,270,688
Pattonville
R-3
School
District
,
GO,
2018
A,
5%,
3/01/37
............................................
2,750,000
2,998,168
GO,
2018
A,
5%,
3/01/38
............................................
1,000,000
1,089,494
Riverside-Quindaro
Bend
Levee
District
of
Platte
County
,
Special
Assessment,
2017,
Refunding,
5%,
3/01/26
........................
1,000,000
1,060,025
Special
Assessment,
2017,
Refunding,
5%,
3/01/29
........................
2,585,000
2,738,112
Southeast
Missouri
State
University
,
Revenue,
2020,
Refunding,
4%,
4/01/40
.................................
5,075,000
5,135,924
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
151
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Southeast
Missouri
State
University,
(continued)
Revenue,
2020,
Refunding,
4%,
4/01/43
.................................
$
2,580,000
$
2,596,981
Springfield
School
District
No.
R-12
,
GO
,
2013
,
Refunding
,
5
%
,
3/01/33
..........
1,000,000
1,025,721
St.
Charles
County
School
District
No.
R-IV
Wentzville
,
GO
,
2018
,
Refunding
,
4
%
,
3/01/38
.........................................................
15,400,000
15,922,311
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
of
West
County,
Revenue,
2012,
Pre-Refunded,
5%,
9/01/42
...
3,165,000
3,194,428
Friendship
Village
St.
Louis
Obligated
Group,
Revenue,
2013
A,
5.875%,
9/01/43
..
7,000,000
7,088,599
Friendship
Village
St.
Louis
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
9/01/48
........................................................
7,095,000
6,813,984
St.
Louis
Land
Clearance
for
Redevelopment
Authority
,
Revenue,
2021,
2.125%,
7/15/39
......................................
3,680,000
2,766,499
Revenue,
2021,
2.25%,
7/15/41
.......................................
3,845,000
2,879,898
Revenue,
2021
A,
Refunding,
2.125%,
4/01/39
............................
6,705,000
5,042,122
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/45
.....................................................
5,000,000
5,616,506
St.
Louis
Municipal
Library
District
,
COP,
2020,
Refunding,
BAM
Insured,
4%,
3/15/44
.........................
1,450,000
1,481,401
COP,
2020,
Refunding,
BAM
Insured,
4%,
3/15/48
.........................
4,800,000
4,907,606
Washington
Industrial
Development
Authority
,
Revenue
,
2021
,
Refunding
,
2.5
%
,
11/01/29
........................................................
480,000
425,636
Washington
School
District
,
GO
,
2019
,
4
%
,
3/01/39
..........................
1,500,000
1,542,524
770,852,335
South
Carolina
0.4%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,900,000
1,595,837
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,900,000
1,594,121
3,189,958
Texas
0.7%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
2,500,000
2,119,903
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
2.5%,
9/01/41
........................................................
525,000
391,002
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/44
700,000
564,104
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,200,000
2,719,167
5,794,176
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,900,000
1,594,608
Wisconsin
1.1%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
1,900,000
1,584,062
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
4,900,000
4,868,477
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
3,250,000
2,715,297
9,167,836
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
152
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
3.9%
Guam
1.4%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
$
5,790,000
$
6,361,763
Guam
Power
Authority
,
Revenue
,
2012
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/25
.
5,420,000
5,482,824
11,844,587
Puerto
Rico
2.5%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,750,000
1,825,361
b
Revenue,
WW-RSA-1,
5.5%,
7/01/38
...................................
4,690,000
4,402,737
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
500,000
531,639
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/33
...................
1,000,000
1,059,678
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
...................
6,200,000
6,592,786
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,765,000
1,836,169
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
2,800,000
3,008,894
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
2,405,000
2,552,780
21,810,044
Total
U.S.
Territories
....................................................................
33,654,631
Total
Municipal
Bonds
(Cost
$856,659,039)
.....................................
833,543,562
a
a
a
a
a
Total
Investments
(Cost
$856,659,039)
98.2%
...................................
$833,543,562
Other
Assets,
less
Liabilities
1.8%
.............................................
15,306,511
Net
Assets
100.0%
...........................................................
$848,850,073
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$20,555,017,
representing
2.4%
of
net
assets.
b
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
New
Jersey
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
153
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
95.7%
California
0.2%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
$
1,300,000
$
1,168,407
Delaware
1.9%
Delaware
River
&
Bay
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/44
.........
13,500,000
13,919,862
Florida
1.1%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
....
4,536,000
4,135,834
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
850,000
635,963
a
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
3,650,000
3,100,675
7,872,472
Georgia
0.3%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
2,650,000
2,219,234
New
Jersey
76.2%
Atlantic
County
Improvement
Authority
(The)
,
Stockton
University
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
7/01/47
..........................................
1,000,000
1,004,200
Bergen
County
Improvement
Authority
(The)
,
Borough
of
Ridgefield,
Revenue,
2020,
4%,
10/15/42
.......................
5,205,000
5,366,076
County
of
Bergen,
Revenue,
2019,
4%,
10/15/37
..........................
3,600,000
3,788,160
County
of
Bergen,
Revenue,
2019,
4%,
10/15/38
..........................
3,745,000
3,909,435
County
of
Bergen,
Revenue,
2019,
4%,
10/15/39
..........................
3,000,000
3,106,826
a
Camden
County
Improvement
Authority
(The)
,
Camden
Prep,
Inc.
,
Revenue
,
144A,
2022
,
5
%
,
7/15/52
.................................................
3,000,000
3,081,052
County
of
Middlesex
,
COP
,
1998
,
NATL
Insured
,
Zero
Cpn.,
6/15/24
.............
1,000,000
956,381
Cumberland
County
Improvement
Authority
(The)
,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
9/01/39
.................
2,000,000
2,135,434
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/36
............
955,000
1,059,736
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/37
............
1,000,000
1,105,529
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/38
............
1,020,000
1,123,473
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/39
............
1,070,000
1,174,177
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/44
............
5,725,000
6,212,030
Essex
County
Improvement
Authority
,
Friends
of
TEAM
Academy
Charter
School
Obligated
Group,
Revenue,
2021,
4%,
6/15/38
........................................................
1,645,000
1,621,034
Friends
of
TEAM
Academy
Charter
School
Obligated
Group,
Revenue,
2021,
4%,
6/15/51
........................................................
2,700,000
2,528,642
Friends
of
TEAM
Academy
Charter
School
Obligated
Group,
Revenue,
2021,
4%,
6/15/56
........................................................
4,925,000
4,496,779
Gloucester
County
Improvement
Authority
(The)
,
Rowan
University,
Revenue,
2015
C,
AGMC
Insured,
4%,
7/01/42
.............
2,500,000
2,531,144
Rowan
University,
Revenue,
2015
C,
5%,
7/01/44
.........................
3,500,000
3,744,167
Rowan
University,
Revenue,
2019,
4%,
7/01/37
...........................
750,000
785,412
Rowan
University,
Revenue,
2019,
4%,
7/01/38
...........................
700,000
731,922
Rowan
University,
Revenue,
2019,
4%,
7/01/39
...........................
600,000
624,459
Rowan
University,
Revenue,
2019,
5%,
7/01/44
...........................
4,925,000
5,523,340
Rowan
University,
Revenue,
2019,
4%,
7/01/48
...........................
5,250,000
5,384,805
Hudson
County
Improvement
Authority
,
Revenue,
2019,
Refunding,
4%,
1/01/40
.................................
1,000,000
1,024,965
County
of
Hudson,
Revenue,
2016,
5%,
5/01/46
...........................
6,000,000
6,432,826
Mercer
County
Improvement
Authority
(The)
,
County
of
Mercer,
Revenue,
2019,
Refunding,
4%,
4/01/31
...................
1,545,000
1,670,940
County
of
Mercer,
Revenue,
2019,
Refunding,
4%,
4/01/33
...................
1,500,000
1,596,212
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
154
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
Monmouth
County
Improvement
Authority
(The)
,
Revenue,
2019
A,
4%,
8/01/32
........................................
$
300,000
$
326,584
Revenue,
2019
A,
4%,
8/01/33
........................................
350,000
379,067
Revenue,
2019
A,
4%,
8/01/34
........................................
525,000
564,043
Revenue,
2019
A,
4%,
8/01/35
........................................
525,000
559,843
Revenue,
2019
A,
4%,
8/01/36
........................................
500,000
529,299
Revenue,
2019
A,
4%,
8/01/37
........................................
275,000
289,015
Revenue,
2019
A,
4%,
8/01/38
........................................
225,000
234,634
Revenue,
2019
A,
4%,
8/01/39
........................................
400,000
413,891
Revenue,
2019
B,
4%,
12/01/34
.......................................
750,000
807,775
Revenue,
2019
B,
4%,
12/01/36
.......................................
750,000
795,459
Revenue,
2019
B,
4%,
12/01/37
.......................................
500,000
526,550
Revenue,
2019
B,
4%,
12/01/38
.......................................
750,000
783,458
Revenue,
2019
B,
4%,
12/01/39
.......................................
600,000
621,710
New
Brunswick
Parking
Authority
,
Revenue
,
2016
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/39
.........................................................
5,000,000
5,396,145
New
Jersey
Economic
Development
Authority
,
Revenue,
2021
QQQ,
4%,
6/15/39
.....................................
2,500,000
2,516,099
Revenue,
2021
QQQ,
4%,
6/15/46
.....................................
1,250,000
1,238,396
Revenue,
2021
QQQ,
4%,
6/15/50
.....................................
1,250,000
1,226,952
Lutheran
Social
Ministries
at
Crane's
Mill,
Inc.,
Revenue,
2018,
Refunding,
5%,
1/01/34
........................................................
1,500,000
1,593,262
Lutheran
Social
Ministries
at
Crane's
Mill,
Inc.,
Revenue,
2018,
Refunding,
5%,
1/01/39
........................................................
1,250,000
1,317,218
Lutheran
Social
Ministries
at
Crane's
Mill,
Inc.,
Revenue,
2018,
Refunding,
5%,
1/01/49
........................................................
3,000,000
3,122,637
Middlesex
Water
Co.,
Revenue,
2019,
4%,
8/01/59
........................
6,200,000
6,254,865
Middlesex
Water
Co.,
Revenue,
2019,
5%,
8/01/59
........................
3,750,000
4,089,438
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/32
..........
640,000
649,913
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/37
..........
600,000
607,564
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/47
..........
1,500,000
1,502,978
Provident
Group-Montclair
Properties
LLC,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
6/01/42
..............................................
6,000,000
6,533,117
Provident
Group-Rowan
Properties
LLC,
Revenue,
A,
5%,
1/01/48
.............
7,000,000
6,841,219
Rutgers
State
University
of
New
Jersey
(The),
Revenue,
2013,
Pre-Refunded,
5%,
6/15/38
........................................................
5,000,000
5,166,209
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2005
N-1,
Refunding,
NATL
Insured,
5.5%,
9/01/27
........................................
8,660,000
9,807,266
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2015
WW,
5%,
6/15/37
4,760,000
4,952,610
New
Jersey
Educational
Facilities
Authority
,
Kean
University,
Revenue,
2015
H,
Refunding,
AGMC
Insured,
5%,
7/01/34
......
2,205,000
2,361,118
Kean
University,
Revenue,
2015
H,
Refunding,
AGMC
Insured,
5%,
7/01/35
......
5,000,000
5,349,416
Kean
University,
Revenue,
2017
D,
Refunding,
BAM
Insured,
4%,
9/01/38
.......
1,150,000
1,181,583
Montclair
State
University,
Inc.,
Revenue,
2014
A,
5%,
7/01/39
................
5,000,000
5,174,712
Montclair
State
University,
Inc.,
Revenue,
2014
A,
5%,
7/01/44
................
16,380,000
16,852,840
Montclair
State
University,
Inc.,
Revenue,
2015
D,
Refunding,
5%,
7/01/35
.......
2,245,000
2,373,207
Montclair
State
University,
Inc.,
Revenue,
2015
D,
Refunding,
5%,
7/01/36
.......
1,210,000
1,278,114
Montclair
State
University,
Inc.,
Revenue,
2016
B,
Refunding,
5%,
7/01/34
.......
1,325,000
1,423,238
Ramapo
College
of
New
Jersey,
Revenue,
2012
B,
Refunding,
5%,
7/01/37
......
1,000,000
1,003,117
Ramapo
College
of
New
Jersey,
Revenue,
2012
B,
Refunding,
5%,
7/01/42
......
1,000,000
1,003,117
Ramapo
College
of
New
Jersey,
Revenue,
2017
A,
Refunding,
AGMC
Insured,
5%,
7/01/35
........................................................
3,955,000
4,283,765
Seton
Hall
University,
Revenue,
2015
C,
Refunding,
5%,
7/01/34
..............
400,000
415,315
Seton
Hall
University,
Revenue,
2015
C,
Refunding,
5%,
7/01/37
..............
1,300,000
1,346,522
Seton
Hall
University,
Revenue,
2017
D,
Refunding,
5%,
7/01/42
..............
3,945,000
4,143,401
Seton
Hall
University,
Revenue,
2020
C,
AGMC
Insured,
3.25%,
7/01/49
........
1,150,000
1,054,866
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
155
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Educational
Facilities
Authority,
(continued)
Seton
Hall
University,
Revenue,
2020
C,
AGMC
Insured,
4%,
7/01/50
...........
$
1,850,000
$
1,876,608
Stevens
Institute
of
Technology,
Revenue,
1998-1,
ETM,
5%,
7/01/28
...........
540,000
585,143
Stevens
Institute
of
Technology,
Revenue,
2017
A,
Refunding,
5%,
7/01/36
......
1,600,000
1,703,111
Stevens
Institute
of
Technology,
Revenue,
2017
A,
Refunding,
5%,
7/01/42
......
9,310,000
9,800,140
Stevens
Institute
of
Technology,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
......
4,085,000
4,274,026
Stevens
Institute
of
Technology,
Revenue,
2020
A,
5%,
7/01/45
...............
4,000,000
4,292,368
Stevens
Institute
of
Technology,
Revenue,
2020
A,
4%,
7/01/50
...............
11,640,000
10,962,453
Trustees
of
Princeton
University
(The),
Revenue,
2014
A,
5%,
7/01/44
..........
15,000,000
15,672,304
New
Jersey
Health
Care
Facilities
Financing
Authority
,
AHS
Hospital
Corp.,
Revenue,
2008
A,
5%,
7/01/27
........................
220,000
220,727
AHS
Hospital
Corp.,
Revenue,
2016,
Refunding,
4%,
7/01/41
.................
10,000,000
10,070,044
AtlantiCare
Health
System
Obligated
Group,
Revenue,
2021,
4%,
7/01/37
.......
750,000
774,935
AtlantiCare
Health
System
Obligated
Group,
Revenue,
2021,
3%,
7/01/46
.......
1,000,000
853,706
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2011,
Refunding,
5%,
7/01/27
........................................................
2,500,000
2,507,194
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
........................................................
3,000,000
3,215,236
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/38
........................................................
3,000,000
3,211,620
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/39
........................................................
5,000,000
5,346,616
Hunterdon
Medical
Center
Obligated
Group,
Revenue,
2014
A,
Pre-Refunded,
5%,
7/01/45
........................................................
2,650,000
2,811,896
Inspira
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
......
18,500,000
19,344,969
Inspira
Health
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/42
...............
7,000,000
7,428,228
Inspira
Health
Obligated
Group,
Revenue,
2017
A,
4%,
7/01/47
...............
8,700,000
8,725,909
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2013
A,
5.5%,
7/01/43
.......
4,000,000
4,116,857
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/43
.........
3,650,000
3,781,802
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2014
A,
Refunding,
5%,
7/01/44
15,530,000
16,085,727
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/43
10,000,000
10,580,711
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2013,
Pre-Refunded,
5%,
8/15/31
..
2,935,000
3,049,650
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2013,
Pre-Refunded,
5%,
8/15/34
..
1,500,000
1,558,595
St.
Peter's
University
Hospital
Obligated
Group,
Revenue,
2011,
Refunding,
6%,
7/01/26
........................................................
1,000,000
1,002,059
St.
Peter's
University
Hospital
Obligated
Group,
Revenue,
2011,
Refunding,
6.25%,
7/01/35
........................................................
3,400,000
3,407,729
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/35
...........
1,000,000
1,017,077
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/36
...........
1,750,000
1,778,031
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/38
...........
2,000,000
2,026,704
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/39
...........
2,200,000
2,225,921
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/44
...........
11,000,000
10,972,566
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
2019
B,
Refunding,
3.25%,
12/01/39
............................
10,000,000
9,930,098
Revenue,
2020
C,
Refunding,
4.25%,
12/01/50
...........................
1,750,000
1,715,593
Revenue,
2021
B,
Refunding,
5%,
12/01/28
..............................
1,450,000
1,609,268
Revenue,
2021
B,
Refunding,
5%,
12/01/29
..............................
1,415,000
1,578,915
Revenue,
Senior
Lien,
2020
A,
Refunding,
3.5%,
12/01/39
...................
7,000,000
6,927,755
New
Jersey
Housing
&
Mortgage
Finance
Agency
,
Revenue,
2018
A,
Refunding,
3.95%,
11/01/43
............................
1,100,000
1,116,538
Revenue,
2019
A,
Refunding,
3%,
11/01/44
..............................
510,000
472,338
Revenue,
2019
C,
Refunding,
3.95%,
10/01/44
...........................
3,955,000
3,959,538
Revenue,
2020
E,
Refunding,
2.05%,
10/01/35
............................
4,295,000
3,788,593
Revenue,
2020
E,
Refunding,
2.25%,
10/01/40
............................
8,600,000
7,463,641
Revenue,
2020
E,
Refunding,
2.4%,
10/01/45
.............................
3,440,000
2,987,584
Revenue,
2020
E,
Refunding,
2.45%,
10/01/50
............................
2,575,000
2,243,702
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
156
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Institute
of
Technology
,
Revenue
,
2015
A
,
5
%
,
7/01/45
..............
$
6,000,000
$
6,295,338
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006
C,
AGMC
Insured,
Zero
Cpn.,
12/15/33
.....................
10,000,000
6,749,138
Revenue,
2009
A,
Zero
Cpn.,
12/15/32
..................................
10,000,000
6,947,953
Revenue,
2010
A,
Zero
Cpn.,
12/15/29
..................................
5,000,000
3,945,032
Revenue,
2013
AA,
5.25%,
6/15/31
....................................
10,000,000
10,260,697
Revenue,
2019
BB,
4%,
6/15/44
.......................................
6,000,000
5,975,611
Revenue,
2020
AA,
4%,
6/15/45
.......................................
9,700,000
9,649,580
Revenue,
2020
AA,
4%,
6/15/50
.......................................
3,670,000
3,602,329
Revenue,
2021
A,
Refunding,
4%,
6/15/36
...............................
2,000,000
2,027,390
New
Jersey
Turnpike
Authority
,
Revenue,
2017
A,
5%,
1/01/34
........................................
6,505,000
7,113,530
Revenue,
2017
A,
5%,
1/01/35
........................................
3,495,000
3,818,101
Revenue,
2017
B,
Refunding,
5%,
1/01/40
...............................
15,245,000
16,742,652
Revenue,
2017
G,
Refunding,
4%,
1/01/43
...............................
5,000,000
5,120,269
Revenue,
2019
A,
5%,
1/01/48
........................................
15,500,000
17,089,429
Revenue,
2021
A,
4%,
1/01/51
........................................
3,000,000
3,055,877
Newark
Board
of
Education
,
GO,
2021,
Refunding,
BAM
Insured,
3%,
7/15/39
..........................
700,000
619,291
GO,
2021,
Refunding,
BAM
Insured,
3%,
7/15/40
..........................
750,000
658,296
GO,
2021,
Refunding,
BAM
Insured,
3%,
7/15/41
..........................
750,000
653,288
GO,
2021,
Refunding,
BAM
Insured,
3%,
7/15/42
..........................
700,000
604,401
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
21,225,595
South
Jersey
Transportation
Authority
,
Revenue
,
2020
A
,
5
%
,
11/01/45
...........
5,750,000
6,167,897
State
of
New
Jersey
,
GO,
2020
A,
4%,
6/01/31
............................................
4,500,000
4,858,312
GO,
2020
A,
3%,
6/01/32
............................................
3,400,000
3,362,670
557,227,604
New
York
4.9%
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
179,
5%,
12/01/38
.........................................
15,000,000
15,603,277
Revenue,
2014,
4%,
9/01/43
.........................................
3,000,000
3,009,040
Revenue,
Two
Hundred
Sixteenth,
4%,
9/01/45
...........................
5,000,000
5,157,050
Revenue,
First
Series,
171st,
5%,
7/15/30
...............................
12,200,000
12,237,720
36,007,087
Pennsylvania
7.9%
Delaware
River
Joint
Toll
Bridge
Commission
,
Revenue,
2017,
5%,
7/01/42
.........................................
19,500,000
21,297,239
Revenue,
2019
A,
5%,
7/01/33
........................................
100,000
114,707
Revenue,
2019
A,
5%,
7/01/34
........................................
150,000
171,649
Revenue,
2019
A,
5%,
7/01/35
........................................
150,000
171,442
Revenue,
2019
A,
5%,
7/01/36
........................................
150,000
171,059
Revenue,
2019
A,
5%,
7/01/37
........................................
150,000
170,669
Revenue,
2019
A,
5%,
7/01/38
........................................
150,000
170,513
Revenue,
2019
A,
5%,
7/01/39
........................................
150,000
170,150
Revenue,
2019
A,
5%,
7/01/44
........................................
760,000
856,453
Revenue,
2019
B,
Refunding,
5%,
7/01/31
...............................
850,000
973,610
Revenue,
2019
B,
Refunding,
5%,
7/01/32
...............................
1,000,000
1,152,779
Delaware
River
Port
Authority
,
Revenue,
2013,
5%,
1/01/37
.........................................
10,000,000
10,255,124
Revenue,
2018
A,
5%,
1/01/37
........................................
3,285,000
3,603,083
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
157
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Delaware
River
Port
Authority,
(continued)
Revenue,
2018
A,
5%,
1/01/38
........................................
$
5,050,000
$
5,531,165
Revenue,
2018
A,
5%,
1/01/39
........................................
2,300,000
2,502,820
Revenue,
2018
A,
5%,
1/01/40
........................................
9,565,000
10,336,986
57,649,448
South
Carolina
0.4%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,500,000
1,259,871
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,500,000
1,258,517
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
827,506
3,345,894
Texas
0.5%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
2,100,000
1,780,718
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,700,000
2,294,297
4,075,015
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,500,000
1,258,901
Wisconsin
0.7%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
1,500,000
1,250,575
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
4,100,000
4,073,624
5,324,199
U.S.
Territories
1.4%
Puerto
Rico
1.4%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,200,000
1,251,676
b
Revenue,
WW-RSA-1,
5.5%,
7/01/38
...................................
3,950,000
3,708,063
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
300,000
318,983
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,000,000
1,040,322
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,700,000
1,826,829
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,000,000
1,061,447
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
850,000
866,333
10,073,653
Total
U.S.
Territories
....................................................................
10,073,653
Total
Municipal
Bonds
(Cost
$714,121,000)
.....................................
700,141,776
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
158
See
Abbreviations
on
page
203
.
Short
Term
Investments
1.6%
a
a
Principal
Amount
a
Value
Municipal
Bonds
1.6%
New
Jersey
1.6%
c
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009
C
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.55
%
,
7/01/43
.........................................................
$
11,650,000
$
11,650,000
Total
Municipal
Bonds
(Cost
$11,650,000)
......................................
11,650,000
Total
Short
Term
Investments
(Cost
$11,650,000
)
................................
11,650,000
a
Total
Investments
(Cost
$725,771,000)
97.3%
...................................
$711,791,776
Other
Assets,
less
Liabilities
2.7%
.............................................
19,464,966
Net
Assets
100.0%
...........................................................
$731,256,742
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$21,782,416,
representing
3.0%
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
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
North
Carolina
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
159
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
99.1%
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
$
2,300,000
$
2,067,181
Florida
1.2%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
....
4,680,000
4,267,130
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
1,500,000
1,122,288
a
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
3,750,000
3,185,625
8,575,043
Illinois
0.5%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
..
500,000
524,725
State
of
Illinois
,
GO,
2020
B,
5%,
10/01/29
...........................................
1,000,000
1,098,906
GO,
2021
A,
5%,
3/01/34
............................................
2,000,000
2,128,043
3,751,674
Kentucky
0.6%
a,b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
Zero
Cpn.,
5/01/52
....................................
5,600,000
4,396,616
New
Jersey
1.0%
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/41
...
1,000,000
1,003,389
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
4%,
6/15/50
.......................................
500,000
490,781
Revenue,
2020
AA,
5%,
6/15/35
.......................................
2,000,000
2,212,385
Revenue,
2020
AA,
5%,
6/15/39
.......................................
2,000,000
2,199,497
Revenue,
2020
AA,
4%,
6/15/45
.......................................
1,000,000
994,802
Revenue,
2020
AA,
3%,
6/15/50
.......................................
500,000
388,131
7,288,985
New
York
1.3%
Metropolitan
Transportation
Authority
,
Revenue,
2021
A-1,
4%,
11/15/46
.....................................
7,675,000
7,486,657
Revenue,
2021
A-2,
4%,
11/15/42
.....................................
2,200,000
2,182,181
9,668,838
North
Carolina
89.8%
Cape
Fear
Public
Utility
Authority
,
Revenue,
2014
A,
Pre-Refunded,
5%,
6/01/40
............................
2,250,000
2,387,078
Revenue,
2019
A,
Refunding,
4%,
8/01/44
...............................
8,000,000
8,237,422
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
1/15/40
.......
20,000,000
21,066,092
Atrium
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
1/15/36
.......
5,000,000
5,432,746
Atrium
Health
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
1/15/43
.......
2,000,000
2,015,685
City
of
Charlotte
,
COP,
2019
A,
Refunding,
5%,
6/01/44
..................................
8,250,000
9,352,938
COP,
2021
A,
Refunding,
5%,
6/01/24
..................................
1,025,000
1,086,824
Airport,
Revenue,
2019
A,
4%,
7/01/44
..................................
3,550,000
3,643,123
Airport,
Revenue,
2019
A,
5%,
7/01/49
..................................
4,460,000
4,914,944
Airport,
Revenue,
2019
B,
4%,
7/01/44
..................................
5,515,000
5,556,524
Airport,
Revenue,
2021
A,
Refunding,
4%,
7/01/36
.........................
1,790,000
1,876,117
Airport,
Revenue,
2021
A,
Refunding,
4%,
7/01/38
.........................
2,500,000
2,611,741
Airport,
Revenue,
2021
A,
Refunding,
4%,
7/01/39
.........................
3,000,000
3,128,060
Airport,
Revenue,
2021
A,
Refunding,
4%,
7/01/40
.........................
4,500,000
4,684,115
Airport,
Revenue,
2021
A,
Refunding,
4%,
7/01/41
.........................
2,200,000
2,286,417
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
160
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
City
of
Charlotte,
(continued)
Storm
Water,
Revenue,
2014,
Refunding,
5%,
12/01/39
.....................
$
7,970,000
$
8,433,928
Water
&
Sewer
System,
Revenue,
2015,
Refunding,
5%,
7/01/40
..............
10,000,000
10,699,586
Water
&
Sewer
System,
Revenue,
2018,
Refunding,
4%,
7/01/37
..............
5,000,000
5,290,810
Water
&
Sewer
System,
Revenue,
2020,
Refunding,
2%,
7/01/41
..............
500,000
372,632
City
of
Fayetteville
,
Public
Works
Commission
,
Revenue
,
2018
,
Refunding
,
4
%
,
3/01/41
4,015,000
4,130,921
City
of
Greensboro
,
GO
,
2018
B
,
5
%
,
10/01/29
.............................
5,000,000
5,789,179
City
of
Raleigh
,
GO,
2016
A,
Refunding,
5%,
9/01/26
...................................
5,000,000
5,598,318
Combined
Enterprise
System,
Revenue,
2016
A,
4%,
3/01/46
.................
5,000,000
5,101,505
Combined
Enterprise
System,
Revenue,
2016
B,
Refunding,
4%,
3/01/34
........
1,000,000
1,058,269
City
of
Salisbury
,
Combined
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
5
%
,
2/01/45
.........................................................
1,000,000
1,128,337
City
of
Winston-Salem
,
Water
&
Sewer
System,
Revenue,
2014
A,
Pre-Refunded,
5%,
6/01/33
..........
2,350,000
2,493,170
Water
&
Sewer
System,
Revenue,
2016
A,
Refunding,
4%,
6/01/34
............
1,350,000
1,408,710
Water
&
Sewer
System,
Revenue,
2016
A,
Refunding,
4%,
6/01/37
............
5,000,000
5,197,004
Water
&
Sewer
System,
Revenue,
2017,
4%,
6/01/47
.......................
10,000,000
10,207,070
County
of
Buncombe
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/34
.................
3,000,000
3,216,058
County
of
Dare
,
Revenue,
2021
A,
3%,
6/01/38
........................................
375,000
364,617
Revenue,
2021
A,
3%,
6/01/39
........................................
585,000
566,151
Revenue,
2021
A,
3%,
6/01/40
........................................
250,000
239,209
Revenue,
2021
A,
3%,
6/01/41
........................................
450,000
419,933
County
of
Durham
,
GO,
2019,
4%,
6/01/36
.............................................
500,000
533,678
GO,
2019,
4%,
6/01/37
.............................................
450,000
479,740
GO,
2019,
4%,
6/01/39
.............................................
700,000
737,185
GO,
2021,
Refunding,
5%,
6/01/31
.....................................
750,000
905,988
GO,
2021,
Refunding,
5%,
6/01/32
.....................................
625,000
753,060
County
of
Guilford
,
GO
,
2017
B
,
4
%
,
5/01/33
...............................
5,000,000
5,330,799
County
of
Lincoln
,
Enterprise
System,
Revenue,
2020,
Refunding,
3%,
8/01/38
..................
400,000
374,418
Enterprise
System,
Revenue,
2020,
Refunding,
3%,
8/01/41
..................
480,000
440,039
County
of
Mecklenburg
,
GO,
2015
A,
5%,
4/01/28
............................................
5,000,000
5,386,782
GO,
2017
A,
4%,
4/01/30
............................................
5,000,000
5,355,816
GO,
2019,
5%,
3/01/30
.............................................
5,745,000
6,696,000
County
of
New
Hanover
,
GO,
2021
A,
Refunding,
4%,
8/01/29
...................................
760,000
840,406
GO,
2021
A,
Refunding,
4%,
8/01/30
...................................
605,000
674,020
Revenue,
2021,
Refunding,
5%,
8/01/29
.................................
3,620,000
4,237,463
Revenue,
2021,
Refunding,
5%,
8/01/31
.................................
1,145,000
1,372,910
New
Hanover
Regional
Medical
Center,
Revenue,
2017,
Pre-Refunded,
5%,
10/01/42
.......................................................
5,000,000
5,668,142
New
Hanover
Regional
Medical
Center,
Revenue,
2017,
Pre-Refunded,
5%,
10/01/47
.......................................................
13,565,000
15,377,671
County
of
Union
,
Enterprise
System,
Revenue,
2015,
5%,
6/01/34
..........................
1,000,000
1,083,522
Enterprise
System,
Revenue,
2019,
4%,
6/01/41
..........................
3,200,000
3,340,729
Enterprise
System,
Revenue,
2021,
4%,
6/01/32
..........................
1,050,000
1,160,266
County
of
Wake
,
GO,
2018
A,
5%,
3/01/30
............................................
8,000,000
9,131,566
GO,
2019
A,
5%,
3/01/32
............................................
7,870,000
9,110,719
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
161
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
County
of
Wake,
(continued)
Revenue,
2021,
3%,
3/01/35
.........................................
$
5,535,000
$
5,484,674
Revenue,
2021,
3%,
3/01/36
.........................................
6,000,000
5,897,279
Greenville
Utilities
Commission
,
Revenue
,
2019
,
5
%
,
8/01/44
..................
4,750,000
5,398,475
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/27
..........
400,000
439,237
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/28
..........
500,000
553,520
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/29
..........
550,000
614,579
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/30
..........
500,000
560,937
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/31
..........
1,855,000
2,090,408
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/33
..........
2,670,000
2,989,479
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
10/01/34
..........
740,000
754,533
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
10/01/35
..........
360,000
366,243
Duke
University,
Revenue,
2015
B,
Pre-Refunded,
5%,
10/01/41
..............
13,585,000
14,882,510
Duke
University,
Revenue,
2016
B,
Refunding,
5%,
7/01/42
..................
10,000,000
10,848,990
Duke
University,
Revenue,
2016
B,
Refunding,
4%,
10/01/44
.................
5,085,000
5,150,004
Duke
University,
Revenue,
2016
B,
Refunding,
5%,
10/01/44
.................
11,000,000
11,901,276
High
Point
University,
Revenue,
2021,
Refunding,
4%,
5/01/32
................
1,000,000
1,049,247
High
Point
University,
Revenue,
2021,
Refunding,
4%,
5/01/33
................
1,000,000
1,046,704
High
Point
University,
Revenue,
2021,
Refunding,
4%,
5/01/34
................
2,270,000
2,352,895
Wake
Forest
University,
Revenue,
2016,
Refunding,
4%,
1/01/35
..............
5,000,000
5,170,525
Wake
Forest
University,
Revenue,
2016,
Refunding,
4%,
1/01/38
..............
5,500,000
5,651,487
Wake
Forest
University,
Revenue,
2016,
Refunding,
4%,
1/01/39
..............
5,250,000
5,379,394
Wake
Forest
University,
Revenue,
2018,
4%,
1/01/48
.......................
20,000,000
20,243,368
Wake
Forest
University,
Revenue,
2018,
5%,
1/01/48
.......................
13,500,000
14,764,475
North
Carolina
Central
University
,
Revenue
,
2019
,
4
%
,
4/01/49
.................
1,000,000
996,975
North
Carolina
Housing
Finance
Agency
,
Revenue,
41,
GNMA
Insured,
3.55%,
7/01/44
.............................
4,735,000
4,554,281
Revenue,
41,
GNMA
Insured,
3.625%,
7/01/49
............................
7,265,000
6,934,584
Revenue,
42,
GNMA
Insured,
2.45%,
7/01/34
.............................
830,000
752,941
Revenue,
42,
GNMA
Insured,
2.625%,
7/01/39
............................
3,360,000
2,945,396
Revenue,
42,
GNMA
Insured,
2.85%,
1/01/43
.............................
2,940,000
2,524,304
Revenue,
43,
GNMA
Insured,
2.8%,
1/01/40
..............................
5,225,000
4,639,484
Revenue,
43,
GNMA
Insured,
2.95%,
7/01/43
.............................
2,405,000
2,109,962
Revenue,
44,
3%,
7/01/46
...........................................
2,870,000
2,484,863
Revenue,
45,
Refunding,
GNMA
Insured,
2.2%,
7/01/40
.....................
1,840,000
1,484,716
Revenue,
46-A,
GNMA
Insured,
1.55%,
1/01/30
...........................
2,150,000
1,945,161
Revenue,
46-A,
GNMA
Insured,
1.75%,
1/01/31
...........................
1,000,000
897,421
North
Carolina
Medical
Care
Commission
,
Caromont
Health
Obligated
Group,
Revenue,
2021
A,
4%,
2/01/36
.............
1,675,000
1,727,853
Duke
University
Health
System,
Inc.,
Revenue,
2012
A,
Pre-Refunded,
5%,
6/01/42
10,000,000
10,000,000
Duke
University
Health
System,
Inc.,
Revenue,
2016
D,
Refunding,
4%,
6/01/42
...
7,000,000
6,963,216
EveryAge
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
9/01/47
..........
2,935,000
2,693,989
EveryAge
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
9/01/51
..........
960,000
869,272
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/33
............
180,000
183,905
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/34
............
185,000
188,577
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/41
............
920,000
912,630
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/46
............
1,665,000
1,619,511
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/51
............
1,670,000
1,603,094
Friends
Homes
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/50
..............
3,000,000
2,605,699
Novant
Health
Obligated
Group,
Revenue,
2013
A,
Refunding,
5%,
11/01/46
.....
20,000,000
20,205,254
Novant
Health
Obligated
Group,
Revenue,
2019
A,
4%,
11/01/49
..............
5,115,000
5,148,090
Novant
Health
Obligated
Group,
Revenue,
2019
A,
4%,
11/01/52
..............
7,640,000
7,670,591
Pines
at
Davidson,
Inc.
Obligated
Group,
Revenue,
2019
A,
5%,
1/01/49
........
5,000,000
5,229,887
Plantation
Village,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
1/01/41
1,020,000
987,437
Plantation
Village,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
1/01/52
3,510,000
3,240,645
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
162
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Medical
Care
Commission,
(continued)
Presbyterian
Homes
Obligated
Group,
Revenue,
2016
C,
Refunding,
5%,
10/01/31
$
5,000,000
$
5,243,467
Presbyterian
Homes
Obligated
Group,
Revenue,
2020
A,
4%,
10/01/45
.........
1,000,000
920,035
Presbyterian
Homes
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/45
.........
3,600,000
3,790,132
Presbyterian
Homes
Obligated
Group,
Revenue,
2020
A,
4%,
10/01/50
.........
1,350,000
1,214,495
Presbyterian
Homes
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/50
.........
1,400,000
1,465,931
Rex
Hospital,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/49
............
4,000,000
4,018,552
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2017
A,
Pre-Refunded,
5%,
10/01/37
........................................
200,000
214,070
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2017
A,
Pre-Refunded,
5%,
10/01/42
........................................
2,250,000
2,408,288
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2017
A,
Pre-Refunded,
5%,
10/01/47
........................................
2,540,000
2,718,689
Vidant
Health
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
6/01/40
........
5,000,000
5,179,854
Wake
Forest
Baptist
Obligated
Group,
Revenue,
2019
A,
5%,
12/01/32
.........
1,000,000
1,105,158
Wake
Forest
Baptist
Obligated
Group,
Revenue,
2019
A,
5%,
12/01/33
.........
1,000,000
1,100,150
WakeMed
Obligated
Group,
Revenue,
2012
A,
Pre-Refunded,
5%,
10/01/38
......
5,000,000
5,062,153
North
Carolina
Municipal
Power
Agency
No.
1
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/32
.........................................................
4,200,000
4,488,308
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/25
..............................
125,000
133,296
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/26
..............................
300,000
324,828
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/27
..............................
450,000
493,623
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/28
..............................
500,000
552,049
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/29
..............................
350,000
389,145
Revenue,
Senior
Lien,
2020
A,
3.125%,
6/01/39
...........................
2,150,000
1,991,663
North
Carolina
State
University
at
Raleigh
,
Revenue
,
2013
A
,
Pre-Refunded
,
5
%
,
10/01/42
.....................................................
8,980,000
9,373,125
North
Carolina
Turnpike
Authority
,
Revenue,
2016
A,
Refunding,
5%,
7/01/47
...............................
2,500,000
2,578,535
Revenue,
2018
A,
Refunding,
4%,
1/01/36
...............................
9,875,000
10,367,671
Revenue,
2018
A,
Refunding,
4%,
1/01/39
...............................
9,815,000
10,214,105
Revenue,
2021,
Refunding,
5%,
7/01/35
.................................
1,300,000
1,537,841
Revenue,
2021,
Refunding,
5%,
7/01/36
.................................
1,750,000
2,067,543
Revenue,
2021,
Refunding,
5%,
7/01/37
.................................
1,770,000
2,088,393
Revenue,
2021,
Refunding,
5%,
7/01/38
.................................
1,250,000
1,466,621
Revenue,
2021,
Refunding,
5%,
7/01/39
.................................
1,500,000
1,756,628
Revenue,
2021,
Refunding,
5%,
7/01/40
.................................
1,270,000
1,484,802
Revenue,
2021,
Refunding,
5%,
7/01/41
.................................
2,000,000
2,334,674
Revenue,
Senior
Lien,
2017,
Refunding,
AGMC
Insured,
5%,
1/01/31
...........
1,000,000
1,097,464
Revenue,
Senior
Lien,
2017,
Refunding,
AGMC
Insured,
5%,
1/01/39
...........
1,200,000
1,302,070
Revenue,
Senior
Lien,
2019,
AGMC
Insured,
5%,
1/01/49
...................
15,430,000
17,265,898
Raleigh
Durham
Airport
Authority
,
Revenue,
2015
A,
Refunding,
5%,
5/01/27
...............................
350,000
375,083
Revenue,
2015
A,
Refunding,
5%,
5/01/29
...............................
1,000,000
1,066,403
Revenue,
2015
A,
Refunding,
5%,
5/01/30
...............................
550,000
585,449
Revenue,
2020
A,
Refunding,
5%,
5/01/35
...............................
2,250,000
2,496,255
State
of
North
Carolina
,
GO,
2016
A,
Refunding,
5%,
6/01/25
...................................
4,000,000
4,350,998
GO,
2019
B,
5%,
6/01/29
............................................
2,500,000
2,938,720
GO,
2020
A,
5%,
6/01/31
............................................
2,500,000
2,971,557
Revenue,
2021,
5%,
3/01/31
.........................................
2,100,000
2,477,414
Highway
Trust
Fund,
Revenue,
2020
B,
4%,
5/01/35
.......................
2,750,000
2,940,406
Town
of
Cary
,
Combined
Utility
Systems,
Revenue,
2017,
Pre-Refunded,
5%,
12/01/41
........
1,710,000
1,922,568
Combined
Utility
Systems,
Revenue,
2017
B,
Refunding,
4%,
12/01/42
.........
8,000,000
8,292,253
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
163
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
$
1,098,947
University
of
North
Carolina
at
Chapel
Hill
,
Revenue,
2021
B,
Refunding,
5%,
12/01/34
..............................
1,225,000
1,456,087
Revenue,
2021
B,
Refunding,
5%,
12/01/36
..............................
1,500,000
1,773,786
Hospitals
at
Chapel
Hill,
Revenue,
2016,
5%,
2/01/46
.......................
4,265,000
4,463,393
Hospitals
at
Chapel
Hill,
Revenue,
2019,
5%,
2/01/49
.......................
6,860,000
8,234,242
University
of
North
Carolina
at
Charlotte
(The)
,
Revenue,
2014,
Pre-Refunded,
5%,
4/01/43
..............................
5,000,000
5,284,563
Revenue,
2015,
Pre-Refunded,
5%,
4/01/45
..............................
9,450,000
10,231,059
Revenue,
2017,
5%,
10/01/47
........................................
10,000,000
10,903,849
Revenue,
2017
A,
Refunding,
4%,
10/01/40
..............................
2,250,000
2,288,777
Revenue,
2020
A,
Refunding,
5%,
10/01/38
..............................
1,145,000
1,292,003
Revenue,
2020
A,
Refunding,
4%,
10/01/40
..............................
290,000
296,642
University
of
North
Carolina
at
Greensboro
,
Revenue,
2014,
Refunding,
5%,
4/01/39
.................................
3,500,000
3,688,477
Revenue,
2017,
Refunding,
4%,
4/01/35
.................................
1,205,000
1,261,861
Revenue,
2017,
Refunding,
4%,
4/01/36
.................................
1,000,000
1,043,532
Revenue,
2018,
5%,
4/01/30
.........................................
1,085,000
1,228,816
Revenue,
2018,
5%,
4/01/43
.........................................
2,500,000
2,765,392
University
of
North
Carolina
at
Wilmington
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/37
.
3,000,000
3,188,672
University
of
North
Carolina
System
,
Appalachian
State
University
,
Revenue
,
2008
A
,
AGMC
Insured
,
5
%
,
10/01/33
.........................................
160,000
160,308
Western
Carolina
University
,
Revenue,
2020
B,
3%,
4/01/36
........................................
1,000,000
947,043
Revenue,
2020
B,
4%,
4/01/45
........................................
5,000,000
5,102,748
661,572,688
South
Carolina
0.6%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,600,000
1,343,863
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,600,000
1,342,418
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
2,500,000
2,068,765
4,755,046
Texas
0.6%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
2,100,000
1,780,718
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
4%,
9/01/32
200,000
202,667
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
4%,
9/01/33
200,000
202,952
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,800,000
2,379,271
4,565,608
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,600,000
1,342,827
Wisconsin
0.7%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
1,600,000
1,333,947
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
4,200,000
4,172,980
5,506,927
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
164
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
2.3%
Puerto
Rico
2.3%
Commonwealth
of
Puerto
Rico
,
c
GO,
FRN,
Zero
Cpn.,
11/01/43
........................................
$
116,367
$
60,365
GO,
2022
A-1,
5.25%,
7/01/23
........................................
26,160
26,510
GO,
2022
A-1,
5.375%,
7/01/25
.......................................
26,087
27,472
GO,
2022
A-1,
5.625%,
7/01/27
.......................................
25,850
28,232
GO,
2022
A-1,
5.625%,
7/01/29
.......................................
25,431
28,140
GO,
2022
A-1,
5.75%,
7/01/31
........................................
24,701
27,985
GO,
2022
A-1,
4%,
7/01/33
..........................................
23,423
22,970
GO,
2022
A-1,
4%,
7/01/35
..........................................
21,054
20,365
GO,
2022
A-1,
4%,
7/01/37
..........................................
18,070
17,478
GO,
2022
A-1,
4%,
7/01/41
..........................................
24,568
23,338
GO,
2022
A-1,
4%,
7/01/46
..........................................
25,551
23,905
GO,
2022
A-1,
Zero
Cpn.,
7/01/24
.....................................
12,049
11,079
GO,
2022
A-1,
Zero
Cpn.,
7/01/33
.....................................
30,143
17,890
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,500,000
1,564,595
d
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
4,120,000
3,852,200
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
NATL
Insured,
5.25%,
7/01/33
.................
990,000
1,032,356
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
300,000
318,984
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
5,350,000
5,565,724
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,000,000
1,074,605
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,000,000
1,061,447
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/33
..
440,000
498,140
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/41
..
220,000
219,959
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
1,190,000
1,212,867
16,736,606
Total
U.S.
Territories
....................................................................
16,736,606
Total
Municipal
Bonds
(Cost
$756,414,984)
.....................................
730,228,039
a
a
a
a
Short
Term
Investments
0.2%
Municipal
Bonds
0.2%
North
Carolina
0.2%
e
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2018
H
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.62
%
,
1/15/48
.........................................................
1,300,000
1,300,000
Total
Municipal
Bonds
(Cost
$1,300,000)
.......................................
1,300,000
Total
Short
Term
Investments
(Cost
$1,300,000
)
.................................
1,300,000
a
Total
Investments
(Cost
$757,714,984)
99.3%
...................................
$731,528,039
Other
Assets,
less
Liabilities
0.7%
.............................................
5,240,263
Net
Assets
100.0%
...........................................................
$736,768,302
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
165
See
Abbreviations
on
page
203
.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$23,126,900,
representing
3.1%
of
net
assets.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
c
The
coupon
rate
shown
represents
the
rate
at
period
end.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Ohio
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
166
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.3%
California
0.2%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
$
2,800,000
$
2,516,568
Florida
0.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
....
9,144,000
8,337,316
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
2,200,000
1,646,022
9,983,338
Illinois
0.1%
State
of
Illinois
,
GO,
2017
C,
5%,
11/01/29
...........................................
1,500,000
1,612,834
GO,
2021
A,
4%,
3/01/39
............................................
500,000
477,590
2,090,424
Kentucky
0.8%
a,b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
Zero
Cpn.,
5/01/52
....................................
15,210,000
11,941,523
New
Jersey
0.6%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2020
AA,
4%,
6/15/35
.......................................
1,500,000
1,523,615
Revenue,
2020
AA,
5%,
6/15/37
.......................................
4,000,000
4,414,220
Revenue,
2022
A,
4%,
6/15/38
........................................
2,000,000
2,018,849
7,956,684
New
York
0.5%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
A-1
,
4
%
,
11/15/40
..........
7,500,000
7,450,942
Ohio
92.4%
Akron
Bath
Copley
Joint
Township
Hospital
District
,
Summa
Health
System
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
3
%
,
11/15/40
..........................
5,400,000
4,653,239
American
Municipal
Power,
Inc.
,
Revenue,
2015
A,
Refunding,
5%,
2/15/28
...............................
5,000,000
5,213,543
Revenue,
2016
A,
4%,
2/15/36
........................................
1,000,000
1,019,848
Revenue,
2016
A,
5%,
2/15/46
........................................
5,000,000
5,273,952
Revenue,
2016
A,
Refunding,
5%,
2/15/46
...............................
7,500,000
7,910,927
Revenue,
2017
A,
Refunding,
5%,
2/15/37
...............................
3,700,000
4,075,323
Revenue,
2017
A,
Refunding,
5%,
2/15/38
...............................
3,500,000
3,831,044
Revenue,
2019
A,
5%,
2/15/44
........................................
3,345,000
3,678,591
Revenue,
2019
C,
Refunding,
4%,
2/15/39
...............................
18,795,000
19,045,428
Anthony
Wayne
Local
School
District
,
GO
,
2017
A
,
4
%
,
12/01/39
................
3,000,000
3,089,017
Apollo
Joint
Vocational
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
12/01/39
........
6,530,000
6,883,001
Beaver
Local
School
District
,
GO
,
2012
,
4
%
,
12/01/40
........................
3,000,000
3,000,000
Berkshire
Local
School
District
,
GO
,
2021
,
Refunding
,
3
%
,
10/01/56
.............
735,000
603,268
Bethel
Local
School
District
,
COP,
2020,
BAM
Insured,
3%,
12/01/45
.................................
4,095,000
3,705,688
COP,
2020,
BAM
Insured,
2.75%,
12/01/49
..............................
4,000,000
3,254,356
Big
Walnut
Local
School
District
,
GO
,
2019
,
5
%
,
12/01/53
.....................
9,155,000
10,096,732
Bloom-Carroll
Local
School
District
,
GO
,
2018
A
,
5
%
,
11/01/55
.................
7,025,000
7,792,859
Bowling
Green
State
University
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/42
........
3,250,000
3,546,640
Brecksville-Broadview
Heights
City
School
District
,
GO
,
2018
,
Pre-Refunded
,
5.25
%
,
12/01/54
........................................................
7,390,000
7,774,737
Brooklyn
City
School
District
,
GO,
2017,
Refunding,
AGMC
Insured,
5%,
12/01/38
........................
1,905,000
2,113,997
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
167
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Brooklyn
City
School
District,
(continued)
GO,
2017,
Refunding,
AGMC
Insured,
5%,
12/01/49
........................
$
9,000,000
$
9,819,955
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
3%,
6/01/48
..................
33,215,000
25,838,978
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
4%,
6/01/48
..................
3,245,000
3,142,918
Butler
County
Port
Authority
,
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/32
........................................................
100,000
106,446
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/33
........................................................
135,000
143,569
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/34
........................................................
185,000
196,143
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/35
........................................................
195,000
206,113
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/36
........................................................
205,000
216,406
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/37
........................................................
210,000
221,181
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/38
........................................................
220,000
231,452
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/39
........................................................
225,000
236,084
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/40
........................................................
240,000
251,210
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/41
........................................................
245,000
256,045
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/46
........................................................
900,000
930,763
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/51
........................................................
1,000,000
1,026,214
Canal
Winchester
Local
School
District
,
GO,
2005,
NATL
Insured,
Zero
Cpn.,
12/01/32
............................
3,955,000
2,850,314
GO,
2005,
NATL
Insured,
Zero
Cpn.,
12/01/33
............................
2,000,000
1,387,429
Chillicothe
City
School
District
,
GO,
2006,
Refunding,
NATL
Insured,
Zero
Cpn.,
12/01/22
...................
1,905,000
1,889,378
GO,
2006,
Refunding,
NATL
Insured,
Zero
Cpn.,
12/01/23
...................
1,905,000
1,844,614
GO,
2006,
Refunding,
NATL
Insured,
Zero
Cpn.,
12/01/24
...................
1,905,000
1,793,306
Cincinnati
City
School
District
,
GO,
2006,
Refunding,
NATL
Insured,
5.25%,
12/01/27
......................
14,900,000
17,191,949
GO,
2006,
Refunding,
NATL
Insured,
5.25%,
12/01/28
......................
8,180,000
9,602,072
City
of
Chillicothe
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/37
.....................................................
5,000,000
5,334,019
City
of
Cincinnati
,
GO
,
2015
A
,
Pre-Refunded
,
5.25
%
,
12/01/40
.................
6,500,000
7,081,751
City
of
Cleveland
,
GO,
2012,
5%,
12/01/30
.............................................
35,000
35,560
GO,
2012,
Pre-Refunded,
5%,
12/01/30
.................................
2,965,000
3,019,003
GO,
2020
A,
4%,
12/01/35
...........................................
1,000,000
1,053,018
GO,
2020
A,
2%,
12/01/36
...........................................
1,215,000
985,537
Water
Pollution
Control,
Revenue,
2016,
5%,
11/15/41
......................
2,000,000
2,114,314
City
of
Columbus
,
GO,
2014
A,
5%,
2/15/25
............................................
5,000,000
5,263,331
GO,
2016-3,
Refunding,
5%,
2/15/27
...................................
5,000,000
5,652,349
GO,
2018
A,
5%,
4/01/34
............................................
7,000,000
8,024,568
GO,
2021
A,
5%,
4/01/38
............................................
2,000,000
2,337,327
GO,
2021
A,
5%,
4/01/40
............................................
1,900,000
2,205,453
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
168
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
City
of
Columbus,
(continued)
GO,
2021
A,
5%,
4/01/41
............................................
$
1,325,000
$
1,535,811
Sewerage,
Revenue,
2014,
Refunding,
4%,
6/01/31
........................
15,000,000
15,561,969
Sewerage,
Revenue,
2015,
Refunding,
5%,
6/01/29
........................
5,000,000
5,523,381
City
of
Marysville
,
Wastewater
Treatment
System,
Revenue,
2015,
Refunding,
BAM
Insured,
4%,
12/01/40
.......................................................
3,015,000
3,060,087
Wastewater
Treatment
System,
Revenue,
2015,
Refunding,
BAM
Insured,
5%,
12/01/47
.......................................................
5,035,000
5,317,313
Wastewater
Treatment
System,
Revenue,
2016,
Refunding,
BAM
Insured,
4%,
12/01/46
.......................................................
9,370,000
9,513,456
City
of
Middleburg
Heights
,
Southwest
General
Health
Center
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/47
...............................
4,425,000
4,366,572
City
of
Mount
Vernon
,
Mount
Vernon
Nazarene
University,
Revenue,
2022,
Refunding,
4%,
2/01/37
.....
995,000
988,077
Mount
Vernon
Nazarene
University,
Revenue,
2022,
Refunding,
4%,
2/01/52
.....
1,675,000
1,571,843
City
of
St.
Bernard
,
Income
Tax
,
Revenue
,
2013
,
AGMC
Insured
,
5
%
,
12/01/43
.....
3,760,000
3,901,626
City
of
Toledo
,
Water
System
,
Revenue
,
2013
,
Refunding
,
5
%
,
11/15/38
..........
19,395,000
19,825,831
City
of
Westerville
,
Revenue
,
2014
,
5
%
,
12/01/30
...........................
2,765,000
2,919,489
Cleveland
Department
of
Public
Utilities
Division
of
Public
Power
,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
11/15/38
..................
600,000
620,603
Revenue,
B-2,
NATL
Insured,
Zero
Cpn.,
11/15/38
.........................
10,000,000
5,258,168
Cleveland
Department
of
Public
Utilities
Division
of
Water
,
Revenue,
2020
FF,
Refunding,
5%,
1/01/32
..............................
1,000,000
1,159,338
Revenue,
2020
FF,
Refunding,
5%,
1/01/33
..............................
1,000,000
1,156,878
Cleveland
Municipal
School
District
,
GO,
2013,
Refunding,
5%,
12/01/25
....................................
3,600,000
3,662,673
GO,
2013,
Refunding,
5%,
12/01/27
....................................
1,000,000
1,017,208
Cleveland
Public
Library
,
Revenue
,
2019
A
,
4
%
,
12/01/45
.....................
5,000,000
5,162,012
Cleveland-Cuyahoga
County
Port
Authority
,
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
5%,
7/01/35
.......
600,000
691,507
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/37
.......
700,000
738,285
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/38
.......
100,000
104,868
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/39
.......
700,000
729,881
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/40
.......
100,000
103,697
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/41
.......
800,000
825,131
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/46
.......
500,000
504,513
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/51
.......
2,000,000
2,005,415
Columbus-Franklin
County
Finance
Authority
,
Revenue,
2021
C,
2.5%,
11/15/41
.....................................
900,000
717,939
Revenue,
2021
C,
3%,
5/15/51
........................................
2,180,000
1,783,236
County
of
Butler
,
Cincinnati
Children's
Hospital
Medical
Center
Obligated
Group,
Revenue,
2016
X,
Refunding,
5%,
5/15/29
............................................
6,750,000
7,741,810
UC
Health
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/45
..........
20,270,000
21,211,108
UC
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
11/15/36
..........
4,140,000
4,195,176
UC
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
11/15/37
..........
1,500,000
1,517,737
County
of
Cuyahoga
,
GO,
2020
A,
Refunding,
4%,
12/01/34
..................................
750,000
802,894
GO,
2020
A,
Refunding,
3%,
12/01/36
..................................
1,100,000
1,038,101
Excise
Tax,
Revenue,
2015,
Pre-Refunded,
5%,
12/01/25
....................
500,000
524,191
County
of
Franklin
,
Nationwide
Children's
Hospital,
Inc.,
Revenue,
2016
C,
Refunding,
5%,
11/01/34
..
2,600,000
2,780,673
Nationwide
Children's
Hospital,
Inc.,
Revenue,
2016
C,
Refunding,
4%,
11/01/40
..
5,000,000
5,059,851
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
169
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
County
of
Franklin,
(continued)
Nationwide
Children's
Hospital,
Inc.,
Revenue,
2017
A,
Refunding,
4%,
11/01/44
..
$
5,550,000
$
5,572,136
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/33
..........
5,270,000
5,163,506
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/34
..........
2,240,000
2,175,074
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/35
..........
2,900,000
2,802,289
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/36
..........
2,640,000
2,538,009
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/40
..........
2,590,000
2,433,915
OhioHealth
Obligated
Group,
Revenue,
2015,
5%,
5/15/33
...................
6,290,000
6,617,458
Sales
Tax,
Revenue,
2018,
5%,
6/01/48
.................................
6,000,000
6,634,825
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017,
5%,
12/01/46
............
7,500,000
7,933,843
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2019
A,
4%,
12/01/44
..........
1,575,000
1,592,617
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2019
A,
4%,
12/01/49
..........
3,500,000
3,518,428
County
of
Hamilton
,
Sewer
System,
Revenue,
2019
A,
Refunding,
5%,
12/01/33
..................
6,965,000
8,032,337
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/32
..................
1,000,000
1,159,207
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/33
..................
1,500,000
1,734,977
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/34
..................
2,200,000
2,538,308
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/35
..................
1,000,000
1,152,273
TriHealth
Obligated
Group,
Revenue,
2017
A,
5%,
8/15/42
...................
5,000,000
5,288,166
County
of
Mahoning
,
Western
Reserve
Care
System
,
Revenue
,
1995
,
NATL
Insured
,
ETM,
5.5
%
,
10/15/25
...............................................
2,210,000
2,347,954
County
of
Miami
,
Kettering
Health
Network
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
8/01/49
.............................................
12,000,000
12,798,866
County
of
Montgomery
,
Kettering
Health
Network
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
8/01/41
1,000,000
1,013,779
Premier
Health
Partners
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
11/15/39
.......................................................
5,000,000
4,836,081
County
of
Ross
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/49
.....................................................
5,000,000
5,348,438
County
of
Union
,
GO
,
2018
,
5
%
,
12/01/47
.................................
5,000,000
5,467,664
Cuyahoga
Community
College
District
,
Revenue
,
2012
D
,
Refunding
,
5
%
,
8/01/32
..
2,310,000
2,324,439
Dayton
City
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
11/01/30
................
5,000,000
5,937,721
Dayton-Montgomery
County
Port
Authority
,
Southwest
Ohio
Regional
Bond
Fund,
Revenue,
2021
C,
2%,
11/15/31
..........
430,000
364,588
Southwest
Ohio
Regional
Bond
Fund,
Revenue,
2021
C,
2.5%,
11/15/41
........
1,615,000
1,265,913
Southwest
Ohio
Regional
Bond
Fund,
Revenue,
2021
C,
3%,
5/15/51
..........
1,000,000
764,578
Deer
Park
Community
City
School
District
,
GO
,
2017
A
,
5.25
%
,
12/01/53
.........
3,000,000
3,191,169
Delaware
City
School
District
,
GO
,
2013
,
Pre-Refunded
,
5.75
%
,
12/01/49
.........
6,000,000
6,248,542
Dublin
City
School
District
,
GO
,
2019
A
,
4
%
,
12/01/44
........................
10,000,000
10,301,841
Elyria
City
School
District
,
GO
,
2017
A
,
5
%
,
12/01/43
........................
5,500,000
5,976,558
Fairborn
City
School
District
,
GO
,
2021
A
,
3
%
,
12/01/50
......................
8,065,000
7,036,586
Franklin
City
School
District
,
GO
,
2021
A
,
3
%
,
11/01/57
.......................
8,000,000
6,927,654
Franklin
County
Convention
Facilities
Authority
,
Revenue
,
2014
,
Pre-Refunded
,
5
%
,
12/01/35
........................................................
20,000,000
21,487,772
Fremont
City
School
District
,
GO
,
2017
A
,
5
%
,
1/15/49
.......................
13,970,000
14,844,174
Grandview
Heights
City
School
District
,
GO,
2019,
4%,
12/01/51
.............................................
1,980,000
2,029,361
GO,
2019,
5%,
12/01/53
.............................................
2,150,000
2,404,222
Great
Oaks
Career
Campuses
Board
of
Education
,
COP
,
2021
,
3
%
,
12/01/44
......
1,455,000
1,326,626
Highland
Local
School
District
,
GO
,
2018
A
,
Pre-Refunded
,
5.25
%
,
12/01/54
.......
12,000,000
12,437,938
Hilliard
School
District
,
GO
,
2017
,
4
%
,
12/01/46
............................
10,000,000
10,193,545
Hillsdale
Local
School
District
,
COP,
2020,
BAM
Insured,
4%,
12/01/38
.................................
2,465,000
2,625,952
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
170
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Hillsdale
Local
School
District,
(continued)
COP,
2020,
BAM
Insured,
4%,
12/01/40
.................................
$
1,435,000
$
1,497,859
Hudson
City
School
District
,
GO
,
2018
,
4
%
,
12/01/45
........................
18,870,000
19,215,721
Indian
Creek
Local
School
District
,
GO,
2018
A,
5%,
11/01/55
...........................................
3,000,000
3,273,216
GO,
2018
B,
BAM
Insured,
5%,
11/01/55
................................
3,910,000
4,254,345
JobsOhio
Beverage
System
,
Revenue,
Senior
Lien
,
2013
A
,
Pre-Refunded
,
5
%
,
1/01/38
.........................................................
26,010,000
26,547,713
Lakota
Local
School
District
,
GO,
2005,
Refunding,
NATL
Insured,
5.25%,
12/01/26
......................
2,000,000
2,261,711
GO,
2014
C,
Pre-Refunded,
5%,
12/01/30
...............................
4,035,000
4,335,158
Lancaster
City
School
District
,
GO
,
2012
,
Pre-Refunded
,
5
%
,
10/01/49
...........
460,000
465,641
Little
Miami
Local
School
District
,
GO,
2018,
5%,
11/01/43
.............................................
1,000,000
1,075,042
GO,
2018,
5%,
11/01/48
.............................................
2,460,000
2,636,292
Madeira
City
School
District
,
GO
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/32
.....
9,605,000
11,438,920
Miami
University
,
Revenue,
2014,
Refunding,
5%,
9/01/31
.................................
2,320,000
2,440,376
Revenue,
2014,
Refunding,
5%,
9/01/34
.................................
3,500,000
3,669,863
Revenue,
2017,
Refunding,
5%,
9/01/41
.................................
5,000,000
5,382,657
Revenue,
2021
A,
Refunding,
5%,
9/01/32
...............................
1,070,000
1,261,830
Revenue,
2021
A,
Refunding,
5%,
9/01/33
...............................
1,055,000
1,241,154
Revenue,
2021
A,
Refunding,
5%,
9/01/34
...............................
1,035,000
1,215,059
Revenue,
2021
A,
Refunding,
5%,
9/01/36
...............................
1,370,000
1,603,862
Miami
Valley
Career
Technology
Center
,
GO
,
2018
,
5
%
,
12/01/44
...............
20,000,000
22,207,266
Middletown
City
School
District
,
GO,
2014,
Pre-Refunded,
5.25%,
12/01/40
...............................
2,625,000
2,676,052
GO,
2014,
Pre-Refunded,
5.25%,
12/01/48
...............................
15,000,000
15,291,724
Milford
Exempt
Village
School
District
,
GO,
2022,
4%,
12/01/47
.............................................
1,200,000
1,239,830
GO,
2022,
4%,
12/01/51
.............................................
1,350,000
1,389,842
New
Albany
Community
Authority
,
Revenue,
2012
C,
Refunding,
5%,
10/01/23
..............................
1,100,000
1,111,777
Revenue,
2012
C,
Refunding,
5%,
10/01/24
..............................
1,250,000
1,264,908
New
Albany
Plain
Local
School
District
,
GO
,
2013
,
Pre-Refunded
,
4
%
,
12/01/49
....
10,000,000
10,132,736
Northeast
Ohio
Medical
University
,
Revenue,
2021
A,
Refunding,
3%,
12/01/23
..............................
75,000
75,743
Revenue,
2021
A,
Refunding,
5%,
12/01/25
..............................
125,000
133,271
Revenue,
2021
A,
Refunding,
5%,
12/01/27
..............................
100,000
109,098
Revenue,
2021
A,
Refunding,
5%,
12/01/29
..............................
110,000
121,171
Revenue,
2021
A,
Refunding,
3%,
12/01/40
..............................
500,000
421,315
Revenue,
2021
A,
Refunding,
4%,
12/01/45
..............................
450,000
442,577
Northeast
Ohio
Regional
Sewer
District
,
Revenue,
2014,
Pre-Refunded,
5%,
11/15/32
.............................
5,500,000
5,903,264
Revenue,
2014,
4%,
11/15/49
........................................
2,445,000
2,449,591
Revenue,
2014,
Pre-Refunded,
4%,
11/15/49
.............................
2,260,000
2,369,043
Revenue,
2014,
Pre-Refunded,
4%,
11/15/49
.............................
1,295,000
1,355,895
Revenue,
2017,
Refunding,
4%,
11/15/43
................................
10,000,000
10,185,064
Revenue,
2019,
Refunding,
3%,
11/15/35
................................
4,500,000
4,368,907
Northeastern
Local
School
District
,
GO,
2018,
AGMC
Insured,
5.25%,
12/01/45
..............................
5,420,000
6,133,417
GO,
2018,
AGMC
Insured,
4%,
12/01/55
................................
5,000,000
5,112,975
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
171
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Northwest
Local
School
District
,
GO
,
2015
,
Pre-Refunded
,
5
%
,
12/01/45
..........
$
3,760,000
$
3,939,060
Norwood
City
School
District
,
GO,
2017
A,
Pre-Refunded,
5%,
11/01/46
...............................
5,000,000
5,541,508
GO,
2017
A,
Pre-Refunded,
5.25%,
11/01/51
.............................
7,645,000
8,544,408
Oakwood
City
School
District
,
GO
,
2019
,
4
%
,
12/01/48
.......................
6,340,000
6,502,108
c
Ohio
Air
Quality
Development
Authority
,
Ohio
Valley
Electric
Corp.,
Revenue,
2009
B,
Mandatory
Put,
1.375%,
11/01/24
...
1,875,000
1,789,177
Ohio
Valley
Electric
Corp.,
Revenue,
2009
C,
Mandatory
Put,
1.5%,
11/04/25
.....
2,000,000
1,871,115
Ohio
Center
Local
Government
Capital
Asset
Financing
Program
,
GO
,
2003
,
AGMC
Insured
,
5.25
%
,
12/01/23
............................................
235,000
235,706
Ohio
Higher
Educational
Facility
Commission
,
Ashtabula
County
Medical
Center
Obligated
Group,
Revenue,
2022,
5.25%,
1/01/47
3,000,000
3,267,451
Ashtabula
County
Medical
Center
Obligated
Group,
Revenue,
2022,
5.25%,
1/01/52
2,250,000
2,438,981
Case
Western
Reserve
University,
Revenue,
2016,
Refunding,
5%,
12/01/40
.....
6,000,000
6,488,334
d
Cleveland
Institute
of
Music
(The),
Revenue,
2022,
5%,
12/01/32
..............
300,000
314,087
d
Cleveland
Institute
of
Music
(The),
Revenue,
2022,
5.125%,
12/01/42
...........
3,390,000
3,483,096
d
Cleveland
Institute
of
Music
(The),
Revenue,
2022,
5.375%,
12/01/52
...........
3,100,000
3,204,955
Denison
University,
Revenue,
2021,
3%,
11/01/50
.........................
4,250,000
3,487,883
John
Carroll
University,
Revenue,
2022,
Refunding,
4%,
10/01/42
..............
10,000,000
9,803,138
John
Carroll
University,
Revenue,
2022,
Refunding,
4%,
10/01/47
..............
10,960,000
10,504,328
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/42
...........
1,540,000
1,603,810
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/45
...........
1,360,000
1,407,577
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/50
...........
2,900,000
2,984,937
Kenyon
College,
Revenue,
2016,
Refunding,
5%,
7/01/42
...................
5,320,000
5,590,144
Kenyon
College,
Revenue,
2016,
Refunding,
4%,
7/01/44
...................
5,180,000
5,184,317
Kenyon
College,
Revenue,
2017,
5%,
7/01/42
............................
1,250,000
1,327,660
Kenyon
College,
Revenue,
2017,
4%,
7/01/47
............................
4,000,000
3,972,202
Otterbein
Homes
Obligated
Group,
Revenue,
2021
B,
Refunding,
4%,
7/01/46
....
1,085,000
1,098,112
Otterbein
University,
Revenue,
2022
A,
Refunding,
4%,
12/01/37
..............
1,050,000
1,058,866
Otterbein
University,
Revenue,
2022
A,
Refunding,
4%,
12/01/38
..............
1,055,000
1,060,981
Otterbein
University,
Revenue,
2022
A,
Refunding,
4%,
12/01/39
..............
1,105,000
1,109,055
Otterbein
University,
Revenue,
2022
A,
Refunding,
4%,
12/01/40
..............
1,225,000
1,227,335
Otterbein
University,
Revenue,
2022
A,
Refunding,
4%,
12/01/41
..............
1,275,000
1,275,358
Otterbein
University,
Revenue,
2022
A,
Refunding,
4%,
12/01/46
..............
1,975,000
1,933,829
University
of
Dayton,
Revenue,
2018
A,
4%,
12/01/43
.......................
11,885,000
11,947,368
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/28
................
150,000
165,780
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/29
................
415,000
463,437
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/30
................
400,000
450,952
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/31
................
550,000
616,141
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/32
................
340,000
378,666
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/33
................
130,000
144,478
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/34
................
500,000
554,577
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/35
................
1,000,000
1,105,340
University
of
Dayton,
Revenue,
2020,
Refunding,
4%,
2/01/36
................
900,000
917,671
University
of
Dayton,
Revenue,
2020,
Refunding,
3%,
2/01/37
................
1,335,000
1,194,620
University
of
Dayton,
Revenue,
2020,
Refunding,
4%,
2/01/39
................
480,000
487,008
University
of
Dayton,
Revenue,
2020,
Refunding,
3%,
2/01/40
................
500,000
432,695
University
of
Dayton,
Revenue,
2020,
Refunding,
4%,
2/01/41
................
250,000
252,604
University
of
Dayton,
Revenue,
2020,
Refunding,
3%,
2/01/42
................
325,000
276,394
Ohio
Housing
Finance
Agency
,
Revenue
,
2020
B
,
GNMA
Insured
,
2.1
%
,
9/01/35
....
535,000
457,893
Ohio
State
University
(The)
,
Revenue
,
2014
A
,
4
%
,
12/01/30
...................
4,325,000
4,390,006
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
2018
A,
5%,
2/15/43
........................................
33,350,000
36,819,010
Revenue,
Junior
Lien,
2013
A-1,
Refunding,
5.25%,
2/15/33
..................
4,200,000
4,303,593
Revenue,
Junior
Lien,
2013
A-2,
BAM
Insured,
Zero
Cpn.,
2/15/38
.............
3,665,000
2,079,120
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
172
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Ohio
Turnpike
&
Infrastructure
Commission,
(continued)
Revenue,
Junior
Lien,
2013
A-2,
Zero
Cpn.,
2/15/43
........................
$
10,485,000
$
4,524,525
d
Revenue,
Junior
Lien,
2022
A,
Refunding,
5%,
2/15/39
......................
5,000,000
5,734,387
Ohio
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/44
...................
7,000,000
7,678,587
Ohio
Water
Development
Authority
,
Revenue,
2019,
5%,
12/01/38
........................................
7,000,000
8,038,577
Revenue,
2021
A,
5%,
12/01/36
.......................................
2,000,000
2,358,590
Revenue,
2021
A,
5%,
12/01/37
.......................................
1,750,000
2,054,666
Revenue,
2021
A,
5%,
12/01/38
.......................................
2,750,000
3,222,784
Revenue,
2021
A,
5%,
12/01/39
.......................................
1,500,000
1,754,594
Water
Pollution
Control
Loan
Fund,
Revenue,
2019
B,
Refunding,
5%,
12/01/44
...
15,000,000
17,025,636
Water
Pollution
Control
Loan
Fund,
Revenue,
2020
A,
5%,
12/01/39
............
5,000,000
5,764,633
Olentangy
Local
School
District
,
GO,
2016,
4%,
12/01/46
.............................................
15,235,000
15,470,905
GO,
2020
A,
3%,
12/01/38
...........................................
500,000
474,427
Perrysburg
Exempted
Village
School
District
,
GO
,
2015
,
Pre-Refunded
,
5
%
,
12/01/38
3,225,000
3,456,736
Princeton
City
School
District
,
GO,
2014,
Pre-Refunded,
5%,
12/01/39
.................................
12,000,000
12,892,663
GO,
2014,
Refunding,
Zero
Cpn.,
12/01/40
...............................
6,000,000
3,209,845
GO,
2014,
Refunding,
Zero
Cpn.,
12/01/41
...............................
6,000,000
3,084,927
Reading
Community
City
School
District
,
GO
,
2016
A
,
5
%
,
11/01/46
.............
2,000,000
2,110,365
Riverside
Local
School
District
,
GO
,
2017
A
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
10/01/47
........................................................
5,000,000
5,278,525
Springboro
Community
City
School
District
,
GO,
2007,
Refunding,
AGMC
Insured,
5.25%,
12/01/27
.....................
5,175,000
5,879,296
GO,
2007,
Refunding,
AGMC
Insured,
5.25%,
12/01/28
.....................
2,000,000
2,303,446
State
of
Ohio
,
GO,
2017
A,
5%,
3/15/36
............................................
5,000,000
5,216,034
GO,
2018
A,
5%,
6/15/38
............................................
10,000,000
10,842,629
GO,
2019
A,
5%,
5/01/36
............................................
11,000,000
12,212,090
GO,
2019
A,
5%,
6/15/37
............................................
6,500,000
7,453,100
GO,
V,
5%,
5/01/33
................................................
1,000,000
1,136,139
GO,
V,
5%,
5/01/34
................................................
4,000,000
4,537,358
GO,
W,
5%,
5/01/32
................................................
1,035,000
1,217,620
GO,
W,
5%,
5/01/33
................................................
1,600,000
1,878,254
GO,
W,
5%,
5/01/35
................................................
1,125,000
1,316,107
Revenue,
2021
A,
5%,
2/01/31
........................................
2,900,000
3,430,197
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2017
A,
Refunding,
3.25%,
1/01/35
..................................................
10,000,000
9,694,394
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
1/01/29
........................................................
4,850,000
5,519,931
Department
of
Administrative
Services,
Revenue,
2021
A,
5%,
4/01/38
..........
1,000,000
1,156,383
Department
of
Administrative
Services,
Revenue,
2021
A,
5%,
4/01/39
..........
1,000,000
1,150,908
Department
of
Administrative
Services,
Revenue,
2021
A,
5%,
4/01/40
..........
1,110,000
1,275,434
Department
of
Administrative
Services,
Revenue,
2021
A,
5%,
4/01/41
..........
750,000
860,488
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/37
1,000,000
1,001,562
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/39
875,000
876,969
University
Hospitals
Health
System,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
1/15/45
............................................
5,000,000
4,126,479
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
173
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Summit
County
Development
Finance
Authority
,
City
of
Akron
,
Revenue
,
2022
,
4
%
,
5/15/46
......................................................
$
5,585,000
$
5,449,585
Switzerland
of
Ohio
Local
School
District
,
GO
,
2013
,
Pre-Refunded
,
4
%
,
12/01/37
...
5,500,000
5,630,190
Sylvania
City
School
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/36
....
9,700,000
10,401,713
Three
Rivers
Local
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
12/01/39
...........
5,885,000
6,251,634
Toledo-Lucas
County
Port
Authority
,
Revenue,
2021
A,
2%,
11/15/31
.......................................
430,000
367,481
Revenue,
2021
A,
3%,
5/15/51
........................................
1,160,000
911,646
ParkUToledo,
Inc.,
Revenue,
2021,
4%,
1/01/46
...........................
1,625,000
1,503,164
ParkUToledo,
Inc.,
Revenue,
2021,
4%,
1/01/51
...........................
2,840,000
2,583,058
ParkUToledo,
Inc.,
Revenue,
2021,
4%,
1/01/57
...........................
6,000,000
5,360,561
University
of
Akron
(The)
,
Revenue,
2015
A,
Refunding,
5%,
1/01/31
...............................
4,365,000
4,627,704
Revenue,
2016
A,
Refunding,
BAM
Insured,
5%,
1/01/34
....................
6,000,000
6,516,970
Revenue,
2016
A,
Refunding,
5%,
1/01/36
...............................
11,065,000
11,956,184
Revenue,
2016
A,
Refunding,
5%,
1/01/38
...............................
13,225,000
14,258,433
Revenue,
2018
A,
Refunding,
5%,
1/01/42
...............................
5,725,000
6,300,618
University
of
Cincinnati
,
Revenue,
2013
C,
Pre-Refunded,
5%,
6/01/39
............................
6,255,000
6,557,629
Revenue,
2018
A,
Refunding,
4%,
6/01/48
...............................
10,000,000
10,081,899
Upper
Arlington
City
School
District
,
GO
,
2018
A
,
Pre-Refunded
,
5
%
,
12/01/48
.....
13,000,000
14,890,438
Village
of
Bluffton
,
Blanchard
Valley
Health
System
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
12/01/33
.......................................................
1,655,000
1,689,726
Blanchard
Valley
Health
System
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
12/01/34
.......................................................
1,900,000
1,935,557
Warren
County
Port
Authority
,
Ohio
Communities
Accelerator
Fund,
Revenue,
2021
C,
4%,
12/01/41
..........
2,075,000
1,910,525
Ohio
Communities
Accelerator
Fund,
Revenue,
2021
C,
4%,
12/01/55
..........
3,500,000
3,011,460
Ohio
Communities
Accelerator
Fund,
Revenue,
2021
D,
5%,
12/01/46
..........
3,895,000
3,458,710
Ohio
Communities
Accelerator
Fund,
Revenue,
2021
H,
4%,
12/01/41
..........
570,000
516,710
Ohio
Communities
Accelerator
Fund,
Revenue,
2021
H,
4%,
12/01/53
..........
1,375,000
1,161,884
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund,
Revenue,
2020
D-1,
Refunding,
3%,
12/01/30
.......................................
525,000
467,494
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund,
Revenue,
2020
D-1,
Refunding,
4%,
12/01/40
.......................................
1,390,000
1,211,324
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund,
Revenue,
2020
D-1,
Refunding,
4%,
12/01/52
.......................................
1,930,000
1,545,225
Warrensville
Heights
City
School
District
,
GO,
2019
A,
BAM
Insured,
5%,
12/01/44
................................
190,000
201,410
GO,
2019
A,
Pre-Refunded,
BAM
Insured,
5%,
12/01/44
.....................
460,000
493,636
GO,
2019
A,
Pre-Refunded,
BAM
Insured,
5.25%,
12/01/55
..................
1,740,000
1,877,778
West
Carrollton
City
School
District
,
GO,
2020
A,
3%,
12/01/44
...........................................
2,540,000
2,315,898
GO,
2020
A,
3%,
12/01/49
...........................................
1,645,000
1,457,237
Westerville
City
School
District
,
GO
,
2006
,
Refunding
,
XLCA
Insured
,
5
%
,
12/01/27
..
3,820,000
4,286,541
Westlake
City
School
District
,
GO
,
2021
A
,
Refunding
,
4
%
,
12/01/49
.............
3,965,000
4,060,398
Willoughby-Eastlake
City
School
District
,
GO
,
2016
,
Pre-Refunded
,
5
%
,
12/01/46
...
10,000,000
10,980,417
Winton
Woods
City
School
District
,
GO,
2017,
Refunding,
4%,
11/01/43
....................................
7,000,000
7,188,133
GO,
2022,
Refunding,
BAM
Insured,
4%,
11/01/53
.........................
2,000,000
2,062,256
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
174
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Wright
State
University
,
Revenue
,
2021
A
,
Refunding
,
BAM
Insured
,
5
%
,
5/01/31
...
$
1,000,000
$
1,173,335
Xenia
Community
School
District
,
GO
,
2014
,
Pre-Refunded
,
5
%
,
12/01/40
.........
7,285,000
7,826,921
1,310,339,064
South
Carolina
0.6%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
3,200,000
2,687,726
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
3,200,000
2,684,835
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,200,000
2,648,020
8,020,581
Tennessee
0.1%
c
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
5
%
,
11/01/31
1,500,000
1,650,423
Texas
0.7%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
4,300,000
3,646,233
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/38
300,000
255,878
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/47
1,000,000
783,356
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
6,000,000
5,098,437
9,783,904
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
3,200,000
2,685,655
Wisconsin
0.8%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
3,100,000
2,584,522
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
8,200,000
8,147,248
10,731,770
U.S.
Territories
0.6%
Puerto
Rico
0.6%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,000,000
1,043,064
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
1,042,483
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
800,000
850,623
Revenue,
2007
N,
Refunding,
AGMC,
FGIC
Insured,
5.25%,
7/01/39
...........
540,000
573,894
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/31
....................
1,870,000
2,008,749
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
...................
800,000
849,449
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
940,000
1,010,129
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/33
..
440,000
498,140
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/35
..
235,000
264,294
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
1,100,000
1,121,137
9,261,962
Total
U.S.
Territories
....................................................................
9,261,962
Total
Municipal
Bonds
(Cost
$1,420,008,454)
...................................
1,394,412,838
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
175
See
Abbreviations
on
page
203
.
Short
Term
Investments
0.6%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.6%
Ohio
0.6%
e
County
of
Allen
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2010
C
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
0.67
%
,
6/01/34
...........................
$
8,000,000
$
8,000,000
Total
Municipal
Bonds
(Cost
$8,000,000)
.......................................
8,000,000
Total
Short
Term
Investments
(Cost
$8,000,000
)
.................................
8,000,000
a
Total
Investments
(Cost
$1,428,008,454)
98.9%
..................................
$1,402,412,838
Other
Assets,
less
Liabilities
1.1%
.............................................
15,875,764
Net
Assets
100.0%
...........................................................
$1,418,288,602
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$41,085,386,
representing
2.9%
of
net
assets.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Security
purchased
on
a
when-issued
basis.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Oregon
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
176
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.6%
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
$
3,500,000
$
3,145,710
Florida
0.5%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
1,500,000
1,122,288
a
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn
.,
5/01/57
5,600,000
4,757,200
5,879,488
Illinois
0.4%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/42
.
5,000,000
4,883,599
Kentucky
0.6%
a,b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
Zero
Cpn
.,
5/01/52
....................................
8,300,000
6,516,413
New
Jersey
0.8%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
4%,
6/15/50
.......................................
500,000
490,781
Revenue,
2020
AA,
4%,
6/15/35
.......................................
1,000,000
1,015,743
Revenue,
2020
AA,
5%,
6/15/38
.......................................
1,000,000
1,101,663
Revenue,
2020
AA,
5%,
6/15/40
.......................................
1,250,000
1,372,572
Revenue,
2020
AA,
4%,
6/15/45
.......................................
2,000,000
1,989,604
Revenue,
2020
AA,
3%,
6/15/50
.......................................
1,000,000
776,263
Revenue,
2022
A,
4%,
6/15/38
........................................
2,165,000
2,185,404
8,932,030
New
York
0.5%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/47
..........
5,500,000
5,350,590
Oregon
90.6%
Astoria
Hospital
Facilities
Authority
,
Columbia
Lutheran
Charities
Obligated
Group,
Revenue,
2012,
Refunding,
5%,
8/01/28
........................................................
1,325,000
1,332,706
Columbia
Lutheran
Charities
Obligated
Group,
Revenue,
2016,
5%,
8/01/41
......
4,250,000
4,454,300
Columbia
Lutheran
Charities
Obligated
Group,
Revenue,
2016,
4%,
8/01/46
......
1,750,000
1,730,991
Benton
&
Polk
School
District
No.
17J
,
GO
,
2010
B
,
Zero
Cpn
.,
6/15/31
...........
1,000,000
769,158
Central
Lincoln
People's
Utility
District
JATC,
Inc.
,
Revenue
,
2016
,
5
%
,
12/01/45
....
2,900,000
3,114,256
City
of
Beaverton
,
Water,
Revenue,
2020,
5%,
4/01/35
....................................
1,675,000
1,937,764
Water,
Revenue,
2020,
5%,
4/01/36
....................................
1,760,000
2,033,773
Water,
Revenue,
2020,
5%,
4/01/37
....................................
1,850,000
2,134,642
Water,
Revenue,
2020,
5%,
4/01/38
....................................
1,940,000
2,234,801
Water,
Revenue,
2020,
5%,
4/01/39
....................................
2,040,000
2,346,083
Water,
Revenue,
2020,
5%,
4/01/40
....................................
2,140,000
2,457,467
City
of
Eugene
,
Electric
Utility
System
,
Revenue
,
2017
,
5
%
,
8/01/47
.............
3,580,000
3,934,237
City
of
Forest
Grove
,
Oak
Tree
Foundation,
Inc.,
Revenue,
2017,
Refunding,
4%,
3/01/37
............
3,500,000
3,442,345
Pacific
University,
Revenue,
2015
A,
Refunding,
5%,
5/01/36
.................
2,500,000
2,607,395
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/26
.................
335,000
360,298
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/27
.................
1,195,000
1,300,762
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/29
.................
1,315,000
1,454,083
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/30
.................
1,385,000
1,538,119
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/31
.................
1,450,000
1,615,289
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/32
.................
1,525,000
1,694,396
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/33
.................
1,600,000
1,773,549
Pacific
University,
Revenue,
2022
A,
Refunding,
4%,
5/01/34
.................
500,000
507,532
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
177
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
City
of
Forest
Grove,
(continued)
Pacific
University,
Revenue,
2022
A,
Refunding,
4%,
5/01/35
.................
$
490,000
$
496,600
Pacific
University,
Revenue,
2022
A,
Refunding,
4%,
5/01/37
.................
1,270,000
1,282,521
Pacific
University,
Revenue,
2022
A,
Refunding,
4%,
5/01/38
.................
3,960,000
3,988,617
Pacific
University,
Revenue,
2022
A,
Refunding,
4%,
5/01/39
.................
1,750,000
1,759,328
City
of
Keizer
,
Special
Assessment
,
2008
,
5.2
%
,
6/01/31
......................
1,390,000
1,394,348
City
of
Portland
,
Tax
Allocation,
2012
B,
Refunding,
5%,
6/15/22
...........................
1,035,000
1,036,442
Tax
Allocation,
2012
C,
5%,
6/15/28
....................................
1,000,000
1,001,398
Tax
Allocation,
2012
C,
5%,
6/15/30
....................................
1,000,000
1,001,398
Water
System,
Revenue,
Second
Lien,
2019
A,
5%,
5/01/44
..................
5,500,000
6,196,231
City
of
Tigard
,
Water
,
Revenue
,
2015
,
5
%
,
8/01/45
..........................
23,545,000
25,205,384
Clackamas
Community
College
District
,
GO,
2017
A,
5%,
6/15/38
............................................
760,000
845,695
GO,
2017
A,
5%,
6/15/39
............................................
1,000,000
1,112,757
GO,
2017
A,
5%,
6/15/40
............................................
1,250,000
1,389,698
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO,
2017
A,
Zero
Cpn
.,
6/15/40
.......................................
10,000,000
4,757,688
GO,
2017
A,
Zero
Cpn
.,
6/15/41
.......................................
17,030,000
7,724,561
GO,
2017
A,
Zero
Cpn
.,
6/15/42
.......................................
16,625,000
7,187,854
GO,
2017
B,
5%,
6/15/34
............................................
8,000,000
8,902,053
GO,
2017
B,
5%,
6/15/37
............................................
10,000,000
11,062,856
GO,
2018,
5%,
6/15/42
.............................................
1,750,000
1,945,119
Clackamas
County
School
District
No.
46
Oregon
Trail
,
GO,
Zero
Cpn
.,
6/15/37
.............................................
12,130,000
7,362,991
GO,
Zero
Cpn
.,
6/15/38
.............................................
12,495,000
7,273,457
Clackamas
County
School
District
No.
7J
Lake
Oswego
,
GO
,
2005
,
Refunding
,
AGMC
Insured
,
5.25
%
,
6/01/25
.............................................
3,075,000
3,362,397
Clackamas
River
Water
,
Revenue
,
2016
,
5
%
,
11/01/43
.......................
1,970,000
2,092,615
Coos
County
School
District
No.
13
North
Bend
,
GO
,
2002
,
AGMC
Insured
,
5
%
,
6/15/22
.........................................................
55,000
55,077
Coos
County
School
District
No.
9
Coos
Bay
,
GO
,
2018
,
5
%
,
6/15/43
............
5,005,000
5,568,171
County
of
Crook
,
GO
,
2022
,
Zero
Cpn
.,
12/01/46
............................
15,000,000
13,247,627
County
of
Yamhill
,
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/24
..............
750,000
777,731
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/28
..............
875,000
926,877
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/31
..............
990,000
1,045,152
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/41
..............
3,005,000
3,042,671
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/46
..............
1,005,000
1,006,516
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/51
..............
2,830,000
2,808,729
Linfield
University,
Revenue,
2020
A,
Refunding,
5%,
10/01/40
................
7,010,000
7,600,024
Crook
County
School
District
,
GO,
2013,
Pre-Refunded,
5%,
6/15/34
..................................
4,475,000
4,630,799
GO,
2013,
Pre-Refunded,
5%,
6/15/37
..................................
8,090,000
8,371,658
Deschutes
County
Hospital
Facilities
Authority
,
St.
Charles
Health
System
Obligated
Group,
Revenue,
2020
A,
4%,
1/01/38
......
1,000,000
1,017,227
St.
Charles
Health
System
Obligated
Group,
Revenue,
2020
A,
4%,
1/01/49
......
5,160,000
5,070,021
St.
Charles
Health
System,
Inc.,
Revenue,
2016
A,
Refunding,
5%,
1/01/48
......
8,440,000
8,901,383
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2012
,
Refunding
,
5
%
,
12/01/29
..................
3,690,000
3,705,089
Jackson
County
School
District
No.
5
Ashland
,
GO,
2019,
5%,
6/15/42
.............................................
5,970,000
6,694,666
GO,
2019,
5%,
6/15/43
.............................................
6,495,000
7,269,243
GO,
2019,
5%,
6/15/44
.............................................
6,000,000
6,704,801
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
178
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Jackson
County
School
District
No.
6
Central
Point
,
GO,
2019
B,
Zero
Cpn
.,
6/15/40
.......................................
$
705,000
$
390,824
GO,
2019
B,
Zero
Cpn
.,
6/15/41
.......................................
710,000
377,839
GO,
2019
B,
Zero
Cpn
.,
6/15/42
.......................................
610,000
311,852
GO,
2019
B,
Zero
Cpn
.,
6/15/43
.......................................
820,000
402,894
GO,
2019
B,
Zero
Cpn
.,
6/15/44
.......................................
1,115,000
525,768
GO,
2019
B,
Zero
Cpn
.,
6/15/45
.......................................
985,000
447,150
GO,
2019
B,
Zero
Cpn
.,
6/15/46
.......................................
1,190,000
517,076
GO,
2019
B,
Zero
Cpn
.,
6/15/47
.......................................
1,170,000
489,243
GO,
2019
B,
Zero
Cpn
.,
6/15/48
.......................................
1,320,000
531,146
GO,
2019
B,
Zero
Cpn
.,
6/15/49
.......................................
1,270,000
491,623
Jefferson
County
School
District
No.
509J
,
GO,
2013,
Pre-Refunded,
5%,
6/15/30
..................................
1,000,000
1,034,815
GO,
2013,
Pre-Refunded,
5%,
6/15/31
..................................
1,410,000
1,459,090
GO,
2013
B,
Pre-Refunded,
5%,
6/15/30
................................
2,000,000
2,069,631
Klamath
County
School
District
,
GO,
2013,
Pre-Refunded,
5%,
6/15/29
..................................
1,155,000
1,195,212
GO,
2013,
Pre-Refunded,
5%,
6/15/30
..................................
1,095,000
1,133,123
GO,
2013,
Pre-Refunded,
5%,
6/15/31
..................................
1,000,000
1,034,815
Klamath
Falls
Intercommunity
Hospital
Authority
,
Sky
Lakes
Medical
Center,
Inc.
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/46
.................................
1,000,000
1,043,379
Lane
&
Douglas
Counties
School
District
No.
28J
Fern
Ridge
,
GO,
2014
A,
Refunding,
5%,
6/15/30
...................................
3,175,000
3,497,162
GO,
2014
A,
Pre-Refunded,
5%,
6/15/33
................................
2,115,000
2,350,525
GO,
2014
A,
Pre-Refunded,
5%,
6/15/36
................................
2,000,000
2,222,719
Lebanon
Rural
Fire
Protection
District
,
GO
,
2020
,
BAM
Insured
,
4
%
,
6/15/45
.......
5,000,000
5,113,352
Marion
&
Linn
Counties
School
District
No.
14J
Jefferson
,
GO
,
2017
B
,
5
%
,
6/15/41
.
1,360,000
1,498,491
Marion
County
School
District
No.
103
Woodburn
,
GO,
2015,
Pre-Refunded,
5%,
6/15/33
..................................
2,930,000
3,178,586
GO,
2015,
Pre-Refunded,
5%,
6/15/34
..................................
3,200,000
3,471,493
GO,
2015,
Pre-Refunded,
5%,
6/15/35
..................................
2,075,000
2,251,047
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/45
3,375,000
3,644,418
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/50
3,000,000
3,220,591
Rogue
Valley
Manor,
Revenue,
2013
A,
Refunding,
5%,
10/01/33
..............
1,500,000
1,535,205
Rogue
Valley
Manor,
Revenue,
2013
A,
Refunding,
5%,
10/01/42
..............
9,420,000
9,610,495
Metro
,
County
of
Multnomah,
Revenue,
2017,
5%,
6/15/42
........................
7,500,000
8,315,770
County
of
Multnomah,
Revenue,
2017,
5%,
6/15/47
........................
10,950,000
11,968,202
Multnomah
&
Clackamas
Counties
School
District
No.
10JT
Gresham-Barlow
,
GO,
2017
B,
5%,
6/15/37
............................................
7,885,000
8,758,350
GO,
2019
A,
Zero
Cpn
.,
6/15/39
.......................................
9,500,000
5,198,349
Multnomah
County
School
District
No.
40
,
GO,
2012
B,
Zero
Cpn
.,
6/15/24
.......................................
1,640,000
1,572,579
GO,
2012
B,
Zero
Cpn
.,
6/15/25
.......................................
1,325,000
1,237,500
GO,
2012
B,
Zero
Cpn
.,
6/15/26
.......................................
2,585,000
2,350,519
GO,
2012
B,
Zero
Cpn
.,
6/15/27
.......................................
2,655,000
2,344,289
GO,
2012
B,
Zero
Cpn
.,
6/15/28
.......................................
2,495,000
2,128,657
GO,
2012
B,
Zero
Cpn
.,
6/15/29
.......................................
2,595,000
2,141,907
GO,
2012
B,
Zero
Cpn
.,
6/15/30
.......................................
1,885,000
1,502,456
GO,
2012
B,
Zero
Cpn
.,
6/15/31
.......................................
2,030,000
1,558,611
GO,
2012
B,
Zero
Cpn
.,
6/15/32
.......................................
2,000,000
1,481,867
Multnomah-Clackamas
Counties
Centennial
School
District
No.
28JT
,
GO,
2020,
Refunding,
4%,
6/15/38
.....................................
1,050,000
1,111,170
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
179
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Multnomah-Clackamas
Counties
Centennial
School
District
No.
28JT,
(continued)
GO,
2020,
Refunding,
4%,
6/15/39
.....................................
$
2,250,000
$
2,376,936
Oregon
City
School
District
No.
62
,
GO,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/29
......................
440,000
466,361
GO,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/29
......................
560,000
594,117
GO,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/34
......................
780,000
826,731
GO,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/34
......................
990,000
1,050,314
GO,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/39
......................
550,000
582,951
GO,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/39
......................
700,000
742,646
GO,
2018
B,
Refunding,
5%,
6/15/49
...................................
20,000,000
22,113,852
Oregon
Health
&
Science
University
,
Oregon
Health
&
Science
University
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/42
..................................
10,000,000
10,901,983
Oregon
State
Facilities
Authority
,
a
CHNW
Clifton
House
LLC,
Revenue,
144A,
A,
4%,
10/01/26
.................
1,405,000
1,395,561
a
CHNW
Clifton
House
LLC,
Revenue,
144A,
A,
5%,
10/01/36
.................
1,670,000
1,673,105
a
CHNW
Clifton
House
LLC,
Revenue,
144A,
A,
5%,
10/01/48
.................
4,000,000
3,953,540
Legacy
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
6/01/46
......
8,000,000
8,388,974
Legacy
Health
Obligated
Group,
Revenue,
2022
A,
4.125%,
6/01/52
...........
3,000,000
2,988,846
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2015
C,
5%,
10/01/45
..
4,000,000
4,141,691
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/41
.......................................................
7,800,000
8,188,797
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2016
A,
5%,
10/01/46
.
3,280,000
3,424,873
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2016
A,
Pre-Refunded,
5%,
10/01/46
...................................................
220,000
244,548
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/40
.......................................................
8,125,000
8,863,396
Willamette
University,
Revenue,
2016
B,
Refunding,
5%,
10/01/40
.............
1,950,000
2,059,230
Willamette
University,
Revenue,
2021
A,
Refunding,
4%,
10/01/51
.............
37,620,000
36,332,440
Oregon
State
Lottery
,
Revenue,
2013
A,
Pre-Refunded,
5%,
4/01/28
............................
5,800,000
5,967,917
Revenue,
2013
A,
Pre-Refunded,
5%,
4/01/32
............................
5,000,000
5,144,756
Oregon
State
University
,
Revenue
,
2015
A
,
5
%
,
4/01/45
......................
12,500,000
13,068,556
Port
of
Portland
,
Airport,
Revenue,
Twenty-Eight,
5%,
7/01/29
.............................
6,455,000
7,194,995
Airport,
Revenue,
Twenty-Eight,
4%,
7/01/47
.............................
5,000,000
5,002,261
Airport,
Revenue,
Twenty-Five
A,
5%,
7/01/49
............................
12,425,000
13,774,966
Airport,
Revenue,
Twenty-Five
B,
5%,
7/01/44
............................
3,800,000
4,105,882
Airport,
Revenue,
Twenty-Four
A,
5%,
7/01/47
............................
4,700,000
5,027,852
Airport,
Revenue,
Twenty-Four
B,
5%,
7/01/47
............................
9,395,000
9,911,407
Airport,
Revenue,
Twenty-Seven
A,
5%,
7/01/45
...........................
23,000,000
25,013,013
Airport,
Revenue,
Twenty-Seven
A,
5%,
7/01/50
...........................
5,000,000
5,402,639
Airport,
Revenue,
Twenty-Six
A,
Refunding,
5%,
7/01/33
....................
500,000
574,620
Airport,
Revenue,
Twenty-Six
A,
Refunding,
4%,
7/01/37
....................
600,000
618,476
Airport,
Revenue,
Twenty-Six
A,
Refunding,
4%,
7/01/40
....................
500,000
513,178
Airport,
Revenue,
Twenty-Six
B,
Refunding,
5%,
7/01/33
....................
650,000
747,007
Airport,
Revenue,
Twenty-Six
B,
Refunding,
5%,
7/01/37
....................
800,000
914,171
Airport,
Revenue,
Twenty-Six
B,
Refunding,
5%,
7/01/40
....................
675,000
767,558
Airport,
Revenue,
Twenty-Six
C,
Refunding,
5%,
7/01/28
....................
1,300,000
1,435,062
Salem
Hospital
Facility
Authority
,
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/33
.............
545,000
577,556
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/38
.............
500,000
526,785
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/43
.............
2,250,000
2,352,328
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/48
.............
2,700,000
2,805,461
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/53
.............
1,000,000
1,036,399
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
5%,
5/15/23
....
105,000
106,808
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
5%,
5/15/24
....
110,000
113,191
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
180
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Salem
Hospital
Facility
Authority,
(continued)
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
5%,
5/15/25
....
$
130,000
$
134,979
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
5%,
5/15/26
....
135,000
140,992
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
5%,
5/15/27
....
260,000
272,405
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
5%,
5/15/28
....
310,000
325,936
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
5/15/29
....
515,000
511,595
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
5/15/30
....
385,000
380,602
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
5/15/31
....
400,000
393,195
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
5/15/32
....
370,000
361,668
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
5/15/40
....
1,540,000
1,458,561
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
5/15/47
....
1,000,000
915,646
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
5/15/57
....
1,500,000
1,311,335
Salem
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
5/15/46
.......
40,500,000
42,145,539
Salem-Keizer
School
District
No.
24J
,
GO,
2009
B,
Zero
Cpn
.,
6/15/30
.......................................
8,500,000
6,657,986
GO,
2020
C,
4%,
6/15/38
............................................
6,000,000
6,349,541
Santiam
Canyon
School
District
129J
,
GO,
2019,
5%,
6/15/39
.............................................
1,000,000
1,136,312
GO,
2019,
5%,
6/15/44
.............................................
2,330,000
2,627,216
Seaside
School
District
No.
10
,
GO,
2017
B,
5%,
6/15/35
............................................
2,000,000
2,225,513
GO,
2017
B,
5%,
6/15/36
............................................
2,500,000
2,781,892
State
of
Oregon
,
GO,
2007
A,
4.7%,
8/01/42
...........................................
3,050,000
3,054,286
GO,
2015
M,
Pre-Refunded,
5%,
8/01/45
................................
3,315,000
3,617,275
GO,
2015
O,
Pre-Refunded,
5%,
8/01/40
................................
7,005,000
7,643,744
GO,
2017
A,
5%,
5/01/42
............................................
10,000,000
10,995,250
GO,
2017
H,
5%,
8/01/42
............................................
15,000,000
16,559,927
GO,
2019
A,
5%,
5/01/44
............................................
5,000,000
5,644,407
GO,
2019
G,
5%,
8/01/44
............................................
25,370,000
28,745,747
GO,
L,
Refunding,
5%,
8/01/42
........................................
3,270,000
3,610,064
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019
A,
Refunding,
5%,
11/15/37
12,500,000
14,340,043
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019
A,
Refunding,
5%,
11/15/42
30,000,000
34,047,405
Housing
&
Community
Services
Department,
Revenue,
2018
B,
2.9%,
7/01/43
....
19,150,000
17,443,907
Housing
&
Community
Services
Department,
Revenue,
2019
A,
2.9%,
7/01/43
....
13,820,000
12,588,762
Tillamook
&
Yamhill
Counties
School
District
No.
101
Nestucca
Valley
,
GO,
2018
B,
5%,
6/15/36
............................................
2,850,000
3,233,341
GO,
2018
B,
5%,
6/15/37
............................................
2,520,000
2,826,224
Tri-County
Metropolitan
Transportation
District
of
Oregon
,
Revenue,
2015
A,
Pre-Refunded,
5%,
9/01/40
............................
6,000,000
6,560,098
Revenue,
2018
A,
5%,
10/01/32
.......................................
6,865,000
7,762,914
Revenue,
2018
A,
4%,
9/01/48
........................................
7,850,000
8,015,247
Revenue,
2018
A,
Pre-Refunded,
5%,
9/01/48
............................
18,505,000
21,107,775
Revenue,
Senior
Lien,
2017
A,
Pre-Refunded,
5%,
9/01/41
...................
18,650,000
20,857,533
Umatilla
County
School
District
No.
16R
Pendleton
,
GO
,
2014
A
,
Pre-Refunded
,
5
%
,
6/15/37
.........................................................
4,970,000
5,278,538
University
of
Oregon
,
Revenue,
2015
A,
5%,
4/01/45
........................................
20,000,000
20,909,690
Revenue,
2016
A,
5%,
4/01/46
........................................
11,690,000
12,391,413
Revenue,
2020
A,
5%,
4/01/50
........................................
20,000,000
22,502,824
a
Warm
Springs
Reservation
Confederated
Tribe
,
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/33
.........................
250,000
281,776
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/34
.........................
300,000
337,608
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/36
.........................
1,150,000
1,292,124
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/39
.........................
1,200,000
1,341,023
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
181
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Washington
&
Clackamas
Counties
School
District
No.
23J
Tigard-Tualatin
,
GO,
2017,
5%,
6/15/36
.............................................
$
9,400,000
$
10,459,913
GO,
2017,
5%,
6/15/37
.............................................
6,000,000
6,676,540
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton
,
GO,
2014
B,
Pre-Refunded,
5%,
6/15/33
................................
8,000,000
8,499,948
GO,
2014
B,
Pre-Refunded,
5%,
6/15/34
................................
11,000,000
11,687,429
GO,
2017
D,
5%,
6/15/35
............................................
10,000,000
11,127,567
GO,
2017
D,
5%,
6/15/36
............................................
10,000,000
11,127,567
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO,
2018
A,
Zero
Cpn
.,
6/15/38
.......................................
2,350,000
1,261,007
GO,
2018
A,
Zero
Cpn
.,
6/15/39
.......................................
3,275,000
1,680,190
Washington
County
School
District
No.
15
Forest
Grove
,
GO,
2012
B,
Zero
Cpn
.,
6/15/29
.......................................
2,545,000
2,080,331
GO,
2012
B,
Zero
Cpn
.,
6/15/30
.......................................
2,490,000
1,959,684
GO,
2012
B,
Zero
Cpn
.,
6/15/31
.......................................
3,140,000
2,376,764
Yachats
Rural
Fire
Protection
District
,
GO
,
2017
,
AGMC
Insured
,
5
%
,
6/15/47
......
1,600,000
1,752,112
1,016,141,852
South
Carolina
0.6%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
2,500,000
2,099,785
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
2,500,000
2,097,528
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,000,000
2,482,519
6,679,832
Texas
0.6%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
3,300,000
2,798,272
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/30
250,000
275,072
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/31
250,000
276,213
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
4,200,000
3,568,906
6,918,463
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
2,500,000
2,098,168
Wisconsin
0.7%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
2,400,000
2,000,920
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
6,300,000
6,259,471
8,260,391
U.S.
Territories
1.8%
Puerto
Rico
1.8%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.625
%
,
5/15/43
......................
6,000,000
6,109,463
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,300,000
1,355,983
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
1,042,483
c
Revenue,
WW-RSA-1,
5.25%,
7/01/33
..................................
7,040,000
6,582,400
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
1,100,000
1,169,607
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
1,000,000
1,040,322
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
182
See
Abbreviations
on
page
203
.
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,
(continued)
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
$
400,000
$
429,842
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
1,820,000
1,854,972
19,585,072
Total
U.S.
Territories
....................................................................
19,585,072
Total
Municipal
Bonds
(Cost
$1,103,932,057)
...................................
1,094,391,608
a
a
a
a
Short
Term
Investments
0.6%
Municipal
Bonds
0.6%
Oregon
0.6%
d
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group,
Revenue,
2018
A,
Refunding,
LOC
US
Bank
NA,
Daily
VRDN
and
Put,
0.67%,
8/01/34
.................................
3,000,000
3,000,000
PeaceHealth
Obligated
Group,
Revenue,
2018
B,
Refunding,
LOC
TD
Bank
NA,
Daily
VRDN
and
Put,
0.6%,
8/01/34
..................................
2,300,000
2,300,000
d
State
of
Oregon
,
GO
,
2020
J
,
Refunding
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.67
%
,
6/01/39
...................................................
1,100,000
1,100,000
6,400,000
Total
Municipal
Bonds
(Cost
$6,400,000)
.......................................
6,400,000
Total
Short
Term
Investments
(Cost
$6,400,000
)
.................................
6,400,000
a
Total
Investments
(Cost
$1,110,332,057)
98.2%
..................................
$1,100,791,608
Other
Assets,
less
Liabilities
1.8%
.............................................
21,023,031
Net
Assets
100.0%
...........................................................
$1,121,814,639
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$43,978,679,
representing
3.9%
of
net
assets.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Pennsylvania
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
183
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
94.1%
Florida
0.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
....
$
5,688,000
$
5,186,204
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
1,000,000
748,192
5,934,396
Illinois
0.7%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
2022
A,
Refunding,
4%,
12/15/42
..............................
2,750,000
2,685,979
Revenue,
2022
A,
Refunding,
4%,
6/15/52
...............................
2,000,000
1,880,619
State
of
Illinois
,
GO,
2021
A,
5%,
3/01/32
............................................
1,500,000
1,624,759
GO,
2021
A,
4%,
3/01/39
............................................
500,000
477,591
6,668,948
New
Jersey
0.7%
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/46
...
1,000,000
990,717
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2020
AA,
4%,
6/15/37
.......................................
1,000,000
1,011,697
Revenue,
2021
A,
Refunding,
5%,
6/15/31
...............................
4,030,000
4,516,553
6,518,967
New
York
1.4%
Metropolitan
Transportation
Authority
,
Revenue,
2021
A-1,
4%,
11/15/48
.....................................
5,750,000
5,580,016
Revenue,
2021
A-2,
4%,
11/15/42
.....................................
7,000,000
6,943,303
12,523,319
Pennsylvania
87.1%
Allegheny
County
Airport
Authority
,
Revenue,
2021
A,
5%,
1/01/33
........................................
10,290,000
11,467,605
Revenue,
2021
A,
5%,
1/01/51
........................................
8,500,000
9,167,123
Revenue,
2021
B,
5%,
1/01/36
........................................
2,735,000
3,064,419
Allegheny
County
Higher
Education
Building
Authority
,
Duquesne
University
of
the
Holy
Spirit,
Revenue,
2021
A,
Refunding,
4%,
3/01/40
.
2,115,000
2,140,942
Duquesne
University
of
the
Holy
Spirit,
Revenue,
2021
A,
Refunding,
4%,
3/01/41
.
3,000,000
3,031,981
Robert
Morris
University,
Revenue,
2017,
5%,
10/15/37
.....................
1,000,000
1,042,934
Robert
Morris
University,
Revenue,
2017,
5%,
10/15/47
.....................
1,300,000
1,333,730
Allegheny
County
Sanitary
Authority
,
Revenue
,
2018
,
5
%
,
6/01/43
...............
7,000,000
7,726,410
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue,
2022,
Refunding,
5%,
5/01/32
.................................
760,000
849,654
Revenue,
2022,
Refunding,
5%,
5/01/33
.................................
800,000
889,966
Revenue,
2022,
Refunding,
5%,
5/01/34
.................................
1,050,000
1,166,179
Revenue,
2022,
Refunding,
5%,
5/01/35
.................................
1,400,000
1,552,313
Revenue,
2022,
Refunding,
5%,
5/01/36
.................................
1,500,000
1,660,952
Revenue,
2022,
Refunding,
5%,
5/01/42
.................................
8,875,000
9,725,697
Berks
County
Industrial
Development
Authority
,
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
5/15/42
........................................................
1,000,000
1,025,524
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
5/15/47
........................................................
600,000
611,572
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2017
C,
5%,
5/15/37
......
1,245,000
1,293,607
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
5/15/38
1,030,000
1,066,480
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
5/15/48
1,000,000
1,023,738
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
184
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Blue
Mountain
School
District
,
GO,
2021
B,
AGMC
Insured,
4%,
8/01/32
................................
$
1,000,000
$
1,065,058
GO,
2021
B,
AGMC
Insured,
4%,
8/01/35
................................
1,000,000
1,052,497
Bristol
Township
School
District
,
GO
,
2021
C
,
BAM
Insured
,
3
%
,
6/01/37
..........
1,250,000
1,220,341
Bucks
County
Industrial
Development
Authority
,
b
Delaware
Valley
University,
Revenue,
2022
B,
Refunding,
5%,
11/01/37
.........
1,000,000
1,024,119
c
Delaware
Valley
University,
Revenue,
2022
B,
Refunding,
5%,
11/01/42
.........
1,080,000
1,095,853
b
Delaware
Valley
University,
Revenue,
2022
B,
Refunding,
5%,
11/01/52
.........
2,500,000
2,485,611
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2019,
4%,
8/15/44
.............
1,500,000
1,461,757
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2021,
3%,
8/15/53
.............
12,000,000
9,325,901
Butler
County
Hospital
Authority
,
Butler
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/39
.......................................
1,625,000
1,671,693
Canon
Mcmillan
School
District
,
GO,
2019,
Refunding,
BAM
Insured,
4%,
6/01/44
..........................
6,075,000
6,208,404
GO,
2019,
Refunding,
BAM
Insured,
4%,
6/01/50
..........................
6,000,000
6,092,028
Central
Bradford
Progress
Authority
,
Guthrie
Clinic
(The)
,
Revenue
,
2021
B
,
4
%
,
12/01/51
........................................................
5,000,000
4,886,522
Centre
County
Hospital
Authority
,
Mount
Nittany
Medical
Center
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
11/15/42
.......................................................
1,215,000
1,288,106
Mount
Nittany
Medical
Center
Obligated
Group,
Revenue,
2018
A,
Refunding,
4%,
11/15/47
.......................................................
1,840,000
1,815,596
Chester
County
Industrial
Development
Authority
,
University
Student
Housing
LLC,
Revenue,
2013
A,
5%,
8/01/35
...............
500,000
503,225
University
Student
Housing
LLC,
Revenue,
2013
A,
5%,
8/01/45
...............
1,500,000
1,503,760
City
of
Erie
Higher
Education
Building
Authority
,
Gannon
University,
Revenue,
2021
TT-1,
4%,
5/01/36
......................
400,000
398,848
Gannon
University,
Revenue,
2021
TT-1,
4%,
5/01/41
......................
1,000,000
980,292
Gannon
University,
Revenue,
2021
TT-1,
5%,
5/01/47
......................
480,000
511,813
City
of
Philadelphia
,
GO,
2019
B,
5%,
2/01/36
............................................
3,300,000
3,733,217
GO,
2019
B,
5%,
2/01/37
............................................
4,950,000
5,594,696
GO,
2019
B,
5%,
2/01/38
............................................
2,500,000
2,821,296
GO,
2019
B,
5%,
2/01/39
............................................
2,500,000
2,816,949
GO,
2021
A,
4%,
5/01/37
............................................
5,000,000
5,102,279
GO,
2021
A,
4%,
5/01/38
............................................
5,000,000
5,088,955
Airport,
Revenue,
2017
B,
Refunding,
5%,
7/01/42
.........................
10,000,000
10,611,755
Airport,
Revenue,
2020
C,
Refunding,
4%,
7/01/45
.........................
2,725,000
2,706,732
Airport,
Revenue,
2020
C,
Refunding,
4%,
7/01/50
.........................
3,225,000
3,160,171
Airport,
Revenue,
2021,
Refunding,
5%,
7/01/51
...........................
3,100,000
3,355,144
Water
&
Wastewater,
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/40
............
10,000,000
10,632,022
Water
&
Wastewater,
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/45
............
5,000,000
5,316,011
Water
&
Wastewater,
Revenue,
2017
A,
5%,
10/01/47
......................
5,000,000
5,493,124
Water
&
Wastewater,
Revenue,
2019
B,
5%,
11/01/49
......................
5,000,000
5,569,356
Water
&
Wastewater,
Revenue,
2021
C,
5%,
10/01/46
......................
5,000,000
5,647,298
Colonial
School
District
,
GO
,
2021
A
,
3
%
,
2/15/40
...........................
1,650,000
1,549,454
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development
,
Revenue
,
2015
A
,
5
%
,
6/01/34
..........
10,000,000
10,750,413
Commonwealth
of
Pennsylvania
,
GO
,
2019
,
Refunding
,
5
%
,
7/15/29
.............
10,000,000
11,619,938
Conestoga
Valley
School
District
,
GO,
2021
A,
4%,
2/01/36
............................................
1,100,000
1,147,105
Revenue,
2021
B,
4%,
2/01/36
........................................
1,020,000
1,063,017
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
185
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
County
of
Beaver
,
GO
,
2017
,
BAM
Insured
,
4
%
,
4/15/29
......................
$
1,660,000
$
1,798,448
County
of
Jefferson
,
GO,
2021,
Refunding,
AGMC
Insured,
3%,
12/15/35
........................
650,000
637,354
GO,
2021,
Refunding,
AGMC
Insured,
3%,
12/15/37
........................
770,000
744,337
GO,
2021,
Refunding,
AGMC
Insured,
3%,
12/15/39
........................
520,000
487,830
County
of
Montgomery
,
GO
,
2021
A
,
5
%
,
1/01/38
...........................
6,825,000
7,933,211
County
of
York
,
GO
,
2020
B
,
4
%
,
6/01/38
.................................
860,000
892,637
Cumberland
County
Municipal
Authority
,
Dickinson
College
,
Revenue
,
2012
,
5
%
,
11/01/42
........................................................
4,500,000
4,567,227
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2014
,
Refunding
,
5
%
,
5/01/37
......................................................
2,500,000
2,548,309
Dauphin
County
General
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2012
A
,
Refunding
,
5
%
,
6/01/42
.............................................
15,590,000
15,590,000
Delaware
County
Authority
,
Elwyn
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
6/01/27
..............
2,800,000
2,892,379
Elwyn
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
6/01/32
..............
1,620,000
1,640,701
Villanova
University,
Revenue,
2015,
4%,
8/01/45
..........................
2,120,000
2,138,439
Delaware
County
Regional
Water
Quality
Control
Authority
,
Revenue
,
2016
,
4
%
,
11/01/36
........................................................
2,005,000
2,059,964
Delaware
County
Vocational
&
Technical
School
Authority
,
Delaware
County
Intermediate
Unit
,
Revenue
,
2013
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
11/01/38
....
1,250,000
1,306,731
DuBois
Hospital
Authority
,
Penn
Highlands
Healthcare
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/15/41
........................................................
1,000,000
1,007,485
Penn
Highlands
Healthcare
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/15/51
........................................................
4,000,000
3,870,169
East
Hempfield
Township
Industrial
Development
Authority
,
Student
Services,
Inc.,
Revenue,
2013,
Pre-Refunded,
5%,
7/01/45
............
3,250,000
3,365,180
Student
Services,
Inc.,
Revenue,
2015,
Pre-Refunded,
5%,
7/01/47
............
3,750,000
4,072,081
Easton
Area
School
District
,
GO
,
2021
,
4
%
,
4/01/32
.........................
1,450,000
1,550,351
Erie
City
Water
Authority
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
12/01/43
...........
6,000,000
6,718,475
Fairview
School
District
,
GO,
2021,
BAM
Insured,
3%,
9/15/37
...................................
1,195,000
1,153,693
GO,
2021,
BAM
Insured,
3%,
9/15/38
...................................
1,000,000
943,483
GO,
2021,
BAM
Insured,
3%,
9/15/39
...................................
1,000,000
937,620
Geisinger
Authority
,
Geisinger
Health
System
Obligated
Group
,
Revenue
,
2017
A-1
,
Refunding
,
5
%
,
2/15/45
.............................................
19,055,000
20,279,451
General
Authority
of
Southcentral
Pennsylvania
,
WellSpan
Health
Obligated
Group
,
Revenue
,
2014
A
,
Pre-Refunded
,
5
%
,
6/01/44
............................
11,955,000
12,683,339
Governor
Mifflin
School
District
,
GO,
2020
A,
4%,
4/01/40
............................................
680,000
701,060
GO,
2021,
3%,
4/01/35
.............................................
810,000
801,598
GO,
2021,
3%,
4/01/36
.............................................
625,000
615,585
GO,
2021,
3%,
4/01/37
.............................................
1,000,000
976,188
GO,
2021,
3%,
4/01/38
.............................................
1,000,000
968,707
GO,
2021,
3%,
4/01/39
.............................................
1,015,000
962,776
Greater
Johnstown
Water
Authority
,
Sewer,
Revenue,
2020,
AGMC
Insured,
4%,
8/15/38
.......................
1,740,000
1,792,677
Sewer,
Revenue,
2020,
AGMC
Insured,
4%,
8/15/41
.......................
2,650,000
2,724,505
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
186
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Huntingdon
County
General
Authority
,
Juniata
College
,
Revenue
,
2021
TT-3
,
Refunding
,
5
%
,
10/01/51
............................................
$
2,520,000
$
2,645,588
Lancaster
County
Hospital
Authority
,
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
8/15/46
.............
4,165,000
4,405,194
Lancaster
Higher
Education
Authority
,
Elizabethtown
College,
Revenue,
2022
A,
Refunding,
5%,
10/01/46
............
5,000,000
5,168,915
Elizabethtown
College,
Revenue,
2022
A,
Refunding,
5%,
10/01/51
............
5,000,000
5,144,733
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/51
........
2,780,000
2,378,896
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/56
........
520,000
436,049
Willow
Valley
Communities
Obligated
Group,
Revenue,
2019,
5%,
12/01/44
......
1,850,000
1,990,589
Willow
Valley
Communities
Obligated
Group,
Revenue,
2019,
5%,
12/01/49
......
2,300,000
2,466,758
Lancaster
School
District
,
GO,
2020,
AGMC
Insured,
4%,
6/01/34
.................................
1,000,000
1,053,116
GO,
2020,
AGMC
Insured,
4%,
6/01/35
.................................
1,850,000
1,939,345
Latrobe
Industrial
Development
Authority
,
Seton
Hill
University,
Revenue,
2021,
Refunding,
4%,
3/01/46
................
750,000
660,561
Seton
Hill
University,
Revenue,
2021,
Refunding,
4%,
3/01/51
................
800,000
686,926
St.
Vincent
College
Corp.,
Revenue,
2013,
Pre-Refunded,
5%,
5/01/43
.........
4,120,000
4,240,114
Lehigh
County
Authority
,
Revenue,
2013
A,
5%,
12/01/43
.......................................
2,435,000
2,539,902
Revenue,
2013
A,
Pre-Refunded,
5%,
12/01/43
...........................
2,805,000
2,940,711
Lehigh
County
General
Purpose
Authority
,
Good
Shepherd
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
11/01/41
4,345,000
4,385,262
Lehigh
Valley
Academy
Regional
Charter
School,
Revenue,
2022,
4%,
6/01/42
....
14,390,000
13,854,947
Lehigh
Valley
Academy
Regional
Charter
School,
Revenue,
2022,
4%,
6/01/57
....
5,000,000
4,507,240
Lycoming
County
Authority
,
Lycoming
College,
Revenue,
2013
MM-1,
5.25%,
11/01/38
...................
1,400,000
1,466,595
Lycoming
College,
Revenue,
2013
MM-1,
5.25%,
11/01/43
...................
1,495,000
1,564,398
Montgomery
County
Higher
Education
and
Health
Authority
,
Gwynedd
Mercy
University,
Revenue,
2022,
Refunding,
5.25%,
5/01/37
.........
2,665,000
2,828,192
Gwynedd
Mercy
University,
Revenue,
2022,
Refunding,
5%,
5/01/42
...........
3,700,000
3,766,876
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
9/01/43
........................................................
3,000,000
3,208,512
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
9/01/44
........................................................
10,000,000
10,045,198
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2022
B,
Refunding,
4%,
5/01/52
........................................................
4,000,000
3,933,490
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2022
B,
Refunding,
5%,
5/01/52
........................................................
5,000,000
5,424,164
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
4%,
11/15/43
.......................................................
600,000
590,640
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
5%,
11/15/45
.......................................................
1,985,000
2,142,596
Meadowood
Corp.
Obligated
Group
(The),
Revenue,
2018
A,
Refunding,
5%,
12/01/38
.......................................................
2,500,000
2,632,774
Public
School
of
Germantown
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/51
..
2,450,000
2,253,758
Waverly
Heights
Ltd.
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
12/01/49
..
2,000,000
2,145,007
New
Kensington
Municipal
Sanitary
Authority
,
Revenue
,
2021
A
,
AGMC
Insured
,
3
%
,
12/01/38
........................................................
500,000
482,126
Northampton
County
General
Purpose
Authority
,
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
8/15/46
...
10,000,000
10,429,625
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/15/43
...
2,285,000
2,435,001
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/15/48
...
2,500,000
2,649,261
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
187
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Northeastern
Pennsylvania
Hospital
and
Education
Authority
,
King's
College
,
Revenue
,
2019
,
5
%
,
5/01/44
.................................................
$
1,000,000
$
1,036,183
Northeastern
School
District
,
GO,
2021
A,
BAM
Insured,
3%,
3/01/38
.................................
850,000
804,459
GO,
2021
A,
BAM
Insured,
3%,
3/01/41
.................................
775,000
711,216
Northern
Lebanon
School
District
,
GO
,
2021
,
BAM
Insured
,
3
%
,
9/01/36
..........
1,895,000
1,856,979
Pennsylvania
Economic
Development
Financing
Authority
,
City
of
Philadelphia
Water
&
Wastewater,
Revenue,
2020,
Refunding,
4%,
1/01/29
.
500,000
518,595
City
of
Philadelphia
Water
&
Wastewater,
Revenue,
2020,
Refunding,
4%,
1/01/32
.
1,300,000
1,333,892
UPMC
Obligated
Group,
Revenue,
2014
A,
5%,
2/01/45
.....................
5,000,000
5,171,153
UPMC
Obligated
Group,
Revenue,
2017
A,
Refunding,
4%,
11/15/42
...........
5,000,000
5,039,298
UPMC
Obligated
Group,
Revenue,
2020
A,
4%,
4/15/45
.....................
8,835,000
8,861,463
UPMC
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/37
...........
1,375,000
1,403,227
UPMC
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/39
...........
1,325,000
1,350,062
UPMC
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/40
...........
1,200,000
1,218,676
Pennsylvania
Higher
Educational
Facilities
Authority
,
Bryn
Mawr
College,
Revenue,
2014,
Refunding,
5%,
12/01/44
................
6,365,000
6,635,663
Foundation
for
Indiana
University
of
Pennsylvania
(The),
Revenue,
2012
A,
Pre-
Refunded,
5%,
7/01/41
............................................
1,250,000
1,253,896
Gwynedd
Mercy
University,
Revenue,
2012
KK-1,
Refunding,
5.375%,
5/01/42
....
1,800,000
1,800,212
Shippensburg
University
Student
Services,
Inc.,
Revenue,
2012,
Pre-Refunded,
5%,
10/01/35
.......................................................
1,400,000
1,417,168
Shippensburg
University
Student
Services,
Inc.,
Revenue,
2012,
Pre-Refunded,
5%,
10/01/44
.......................................................
2,000,000
2,024,525
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
9/01/45
........................................................
7,465,000
7,705,071
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2017
A,
5%,
8/15/36
..
2,750,000
3,042,538
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2017
A,
5%,
8/15/46
..
14,000,000
15,340,786
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2018
A,
5%,
2/15/48
..
5,000,000
5,518,777
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2015,
Refunding,
5%,
8/15/40
............................................
6,475,000
6,800,500
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2017
A,
4%,
8/15/42
....................................................
5,000,000
5,056,348
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2017
A,
5%,
8/15/42
....................................................
9,000,000
9,699,390
University
of
Sciences,
Revenue,
2012,
5%,
11/01/42
.......................
5,000,000
5,033,208
Widener
University,
Revenue,
2021
A,
Refunding,
4%,
7/15/51
................
11,030,000
10,582,372
Pennsylvania
Housing
Finance
Agency
,
Revenue,
2019-129,
3.4%,
10/01/49
...................................
6,000,000
5,471,569
Revenue,
2020-132
A,
2.55%,
10/01/41
.................................
11,280,000
9,511,968
Pennsylvania
State
University
(The)
,
Revenue,
2015
A,
Refunding,
5%,
9/01/40
...............................
10,490,000
11,223,127
Revenue,
2016
A,
Refunding,
5%,
9/01/41
...............................
10,000,000
10,844,151
Revenue,
2017
A,
5%,
9/01/42
........................................
15,750,000
17,309,428
Revenue,
2017
A,
5%,
9/01/47
........................................
10,000,000
10,926,206
Revenue,
2018,
5%,
9/01/48
.........................................
5,955,000
6,573,007
Pennsylvania
Turnpike
Commission
,
Revenue,
2013
C,
5%,
12/01/43
.......................................
2,405,000
2,462,088
Revenue,
2013
C,
Pre-Refunded,
5%,
12/01/43
...........................
7,595,000
7,950,929
Revenue,
2021
A,
Refunding,
4%,
12/01/39
..............................
2,655,000
2,730,202
Revenue,
2021
B,
4%,
12/01/37
.......................................
1,500,000
1,525,188
Revenue,
2021
B,
4%,
12/01/46
.......................................
10,950,000
10,747,238
Philadelphia
Authority
for
Industrial
Development
,
Beech
International
LLC,
Revenue,
2010
A,
5.625%,
6/15/42
.................
4,000,000
4,002,721
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
188
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Philadelphia
Authority
for
Industrial
Development,
(continued)
Children's
Hospital
of
Philadelphia
Obligated
Group,
Revenue,
2014
A,
Pre-
Refunded,
5%,
7/01/42
............................................
$
5,000,000
$
5,305,464
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/30
............
200,000
209,341
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/40
............
300,000
314,091
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/50
............
2,515,000
2,598,006
Temple
University-of
The
Commonwealth
System
of
Higher
Education,
Revenue,
First
Series,
2015,
Refunding,
5%,
4/01/40
.............................
5,000,000
5,262,014
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
9/01/47
........................................................
11,150,000
11,718,533
Philadelphia
Gas
Works
Co.
,
Revenue,
14th,
Refunding,
5%,
10/01/32
................................
1,000,000
1,087,873
Revenue,
15th,
Refunding,
5%,
8/01/42
.................................
5,000,000
5,467,740
Revenue,
15th,
Refunding,
5%,
8/01/47
.................................
6,000,000
6,502,863
Pocono
Mountains
Industrial
Park
Authority
,
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2015
A
,
5
%
,
8/15/40
........................................
5,000,000
5,162,781
Radnor
Township
School
District
,
GO,
2021,
3%,
8/15/35
.............................................
1,400,000
1,375,178
GO,
2021,
4%,
8/15/36
.............................................
1,600,000
1,668,878
GO,
2021,
4%,
8/15/37
.............................................
3,445,000
3,585,364
GO,
2021,
4%,
8/15/38
.............................................
1,430,000
1,479,459
School
District
of
Philadelphia
(The)
,
GO
,
2021
A
,
4
%
,
9/01/37
.................
4,000,000
4,150,953
Scranton
School
District
,
GO,
2020,
4%,
12/01/40
.............................................
1,535,000
1,577,410
GO,
2020,
4%,
12/01/42
.............................................
2,835,000
2,905,373
GO,
2020,
4%,
12/01/45
.............................................
3,670,000
3,742,684
Scranton-Lackawanna
Health
and
Welfare
Authority
,
University
of
Scranton
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/37
.......................................
4,000,000
4,225,388
State
College
Area
School
District
,
GO,
2015,
5%,
3/15/40
.............................................
16,400,000
17,488,425
GO,
2018,
5%,
5/15/37
.............................................
1,075,000
1,219,734
GO,
2018,
5%,
5/15/44
.............................................
3,500,000
3,934,370
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The),
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
6/01/32
....................................................
7,095,000
7,816,627
School
District
of
Philadelphia
(The),
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
6/01/33
....................................................
3,000,000
3,302,450
Swarthmore
Borough
Authority
,
Swarthmore
College
,
Revenue
,
2013
,
5
%
,
9/15/43
..
1,000,000
1,031,485
Township
of
Northampton
,
GO
,
2021
,
4
%
,
5/15/39
...........................
1,495,000
1,545,595
Township
of
Upper
St.
Clair
,
GO,
2021,
4%,
5/15/37
.............................................
535,000
556,139
GO,
2021,
4%,
5/15/39
.............................................
1,000,000
1,033,843
Upper
Merion
Area
School
District
,
GO,
2021
A,
3%,
1/15/39
............................................
1,000,000
962,063
GO,
2021
A,
3%,
1/15/40
............................................
1,500,000
1,408,863
GO,
2021
A,
3%,
1/15/41
............................................
1,275,000
1,190,750
Westmoreland
County
Industrial
Development
Authority
,
Excela
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
7/01/29
......
725,000
808,113
Excela
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
7/01/30
......
1,270,000
1,427,292
Excela
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
7/01/37
......
2,400,000
2,403,774
Wilkes-Barre
Finance
Authority
,
Wilkes
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/42
.........................................................
2,500,000
2,246,919
Wilson
School
District
,
GO,
2021
C,
4%,
5/15/30
............................................
2,500,000
2,715,069
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
189
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Wilson
School
District,
(continued)
GO,
2021
C,
4%,
5/15/31
............................................
$
2,100,000
$
2,259,281
GO,
2021
C,
4%,
5/15/32
............................................
1,850,000
1,975,208
775,175,103
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
2,000,000
1,679,829
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
2,000,000
1,678,022
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
827,506
4,185,357
Texas
0.6%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
2,600,000
2,204,699
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,300,000
2,804,141
5,008,840
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
2,000,000
1,678,534
Wisconsin
0.7%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
1,900,000
1,584,062
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
5,100,000
5,067,190
6,651,252
U.S.
Territories
1.5%
Puerto
Rico
1.5%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,100,000
1,147,370
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
1,042,483
d
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
5,175,000
4,838,625
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.5%,
7/01/29
.................
2,500,000
2,681,708
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
950,000
1,010,115
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/28
....................
755,000
808,643
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,290,000
1,386,240
12,915,184
Total
U.S.
Territories
....................................................................
12,915,184
Total
Municipal
Bonds
(Cost
$874,545,573)
.....................................
837,259,900
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
190
See
Abbreviations
on
page
203
.
Short
Term
Investments
3.1%
a
a
Principal
Amount
a
Value
Municipal
Bonds
3.1%
Pennsylvania
3.1%
e
Allegheny
County
Higher
Education
Building
Authority
,
Carnegie
Mellon
University
,
Revenue
,
2008
A
,
Refunding
,
SPA
Bank
of
New
York
Mellon
(The)
,
Daily
VRDN
and
Put
,
0.63
%
,
12/01/37
...............................................
$
16,400,000
$
16,400,000
e
Delaware
County
Industrial
Development
Authority
,
United
Parcel
Service,
Inc.
,
Revenue
,
2015
,
Refunding
,
Daily
VRDN
and
Put
,
0.7
%
,
9/01/45
...............
11,245,000
11,245,000
27,645,000
Total
Municipal
Bonds
(Cost
$27,645,000)
......................................
27,645,000
Total
Short
Term
Investments
(Cost
$27,645,000
)
................................
27,645,000
a
Total
Investments
(Cost
$902,190,573)
97.2%
...................................
$864,904,900
Other
Assets,
less
Liabilities
2.8%
.............................................
25,198,379
Net
Assets
100.0%
...........................................................
$890,103,279
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$16,594,153,
representing
1.9%
of
net
assets.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
c
Security
purchased
on
a
when-issued
basis.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2022
Franklin
Virginia
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
191
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.2%
California
0.2%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
$
1,000,000
$
898,774
Florida
0.8%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
....
3,456,000
3,151,112
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
1,100,000
823,011
3,974,123
Illinois
0.5%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
..
1,500,000
1,574,176
State
of
Illinois
,
GO
,
2020
B
,
5
%
,
10/01/29
................................
1,000,000
1,098,906
2,673,082
New
Jersey
1.0%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
4%,
6/15/50
.......................................
500,000
490,781
Revenue,
2020
AA,
5%,
6/15/37
.......................................
1,220,000
1,346,337
Revenue,
2020
AA,
5%,
6/15/39
.......................................
2,240,000
2,463,436
Revenue,
2021
A,
Refunding,
4%,
6/15/36
...............................
1,000,000
1,013,695
5,314,249
New
York
0.2%
Metropolitan
Transportation
Authority
,
Revenue,
2021
A-1,
4%,
11/15/48
.....................................
550,000
533,741
Revenue,
2021
A-2,
4%,
11/15/42
.....................................
800,000
793,520
1,327,261
South
Carolina
0.7%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,200,000
1,007,897
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,200,000
1,006,814
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
2,000,000
1,655,012
3,669,723
Texas
0.7%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
1,600,000
1,356,738
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/28
225,000
244,539
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/29
250,000
273,474
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,100,000
1,784,453
3,659,204
Virginia
83.5%
Albemarle
County
Economic
Development
Authority
,
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/01/30
............................................
1,120,000
1,147,758
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/01/31
............................................
1,165,000
1,188,854
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/01/32
............................................
1,105,000
1,125,082
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/01/33
............................................
1,260,000
1,277,651
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/01/42
............................................
2,725,000
2,688,053
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
192
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Albemarle
County
Economic
Development
Authority,
(continued)
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/01/49
............................................
$
2,800,000
$
2,683,868
b
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
B,
Refunding,
4%,
6/01/54
............................................
5,215,000
4,687,734
Alexandria
Industrial
Development
Authority
,
Goodwin
House,
Inc.
Obligated
Group,
Revenue,
2015,
Pre-Refunded,
5%,
10/01/45
975,000
1,063,184
Protestant
Episcopal
High
School
in
Virginia,
Revenue,
2021
C,
Refunding,
4%,
1/01/46
........................................................
2,450,000
2,494,387
Arlington
County
Industrial
Development
Authority
,
Virginia
Hospital
Center
Arlington
Health
System,
Revenue,
2020,
Refunding,
4%,
7/01/45
........................................................
2,000,000
1,998,517
Virginia
Hospital
Center
Arlington
Health
System,
Revenue,
2020,
Refunding,
3.75%,
7/01/50
........................................................
10,350,000
9,779,718
Chesapeake
Hospital
Authority
,
Chesapeake
Hospital
Authority
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
7/01/39
........................................................
1,000,000
1,018,002
Chesapeake
Hospital
Authority
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
7/01/43
........................................................
4,000,000
4,046,428
City
of
Hopewell
,
Sewer
System
,
Revenue
,
2011
A
,
Refunding
,
5
%
,
7/15/42
.......
4,850,000
4,861,959
City
of
Norfolk
,
GO,
2013
A,
Pre-Refunded,
5%,
8/01/32
................................
5,845,000
6,072,926
Water,
Revenue,
2018,
5%,
11/01/43
...................................
6,920,000
7,708,761
Water,
Revenue,
2018,
5%,
11/01/47
...................................
6,925,000
7,665,369
City
of
Richmond
,
Public
Utility,
Revenue,
2013
A,
Pre-Refunded,
5%,
1/15/43
..................
10,000,000
10,223,629
Public
Utility,
Revenue,
2016
A,
Refunding,
5%,
1/15/33
.....................
10,000,000
10,853,985
Commonwealth
of
Virginia
,
GO,
2020
A,
4%,
6/01/30
............................................
2,710,000
3,011,228
GO,
2020
A,
4%,
6/01/31
............................................
1,940,000
2,146,143
County
of
Arlington
,
GO
,
2019
,
4
%
,
6/15/34
................................
2,000,000
2,130,938
County
of
Fairfax
,
GO,
2020
A,
Refunding,
5%,
10/01/37
..................................
1,980,000
2,327,243
Sewer,
Revenue,
2017,
5%,
7/15/37
....................................
2,760,000
3,087,057
Fairfax
County
Economic
Development
Authority
,
Revenue,
2017,
5%,
4/01/42
.........................................
5,085,000
5,604,240
Goodwin
House,
Inc.
Obligated
Group,
Revenue,
2016
A,
Pre-Refunded,
5%,
10/01/36
.......................................................
4,865,000
5,269,166
Goodwin
House,
Inc.
Obligated
Group,
Revenue,
2016
A,
Pre-Refunded,
4%,
10/01/42
.......................................................
1,500,000
1,590,711
Fairfax
County
Industrial
Development
Authority
,
Inova
Health
System
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
5/15/44
..................................
2,500,000
2,597,635
Fairfax
County
Water
Authority
,
Revenue,
2017,
Refunding,
5%,
4/01/43
.................................
3,510,000
3,873,021
Revenue,
2017,
Refunding,
5%,
4/01/47
.................................
5,000,000
5,494,959
Farmville
Industrial
Development
Authority
,
Elwood
Place
LLC,
Revenue,
2021,
AGMC
Insured,
5.375%,
7/01/53
...........
5,000,000
5,435,275
Longwood
Housing
Foundation
LLC,
Revenue,
2018
A,
Refunding,
5%,
1/01/48
...
5,000,000
5,123,673
Hampton
Roads
Sanitation
District
,
Revenue,
2016
A,
Pre-Refunded,
5%,
8/01/31
............................
6,200,000
6,921,517
Revenue,
2016
A,
Pre-Refunded,
5%,
8/01/33
............................
5,115,000
5,710,252
Revenue,
2016
A,
Pre-Refunded,
5%,
8/01/43
............................
11,840,000
13,217,866
Hampton
Roads
Transportation
Accountability
Commission
,
Revenue,
Senior
Lien,
2018
A,
5%,
7/01/48
..............................
14,495,000
15,798,455
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
193
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Hampton
Roads
Transportation
Accountability
Commission,
(continued)
Revenue,
Senior
Lien,
2018
A,
Pre-Refunded,
5%,
7/01/48
...................
$
5,505,000
$
6,279,730
Revenue,
Senior
Lien,
2020
A,
5%,
7/01/50
..............................
4,000,000
4,505,564
Revenue,
Senior
Lien,
2020
A,
5.25%,
7/01/60
............................
4,450,000
5,075,613
Henrico
County
Economic
Development
Authority
,
Revenue,
2020,
Refunding,
4%,
10/01/40
................................
500,000
489,159
Revenue,
2020,
Refunding,
4%,
10/01/45
................................
725,000
691,074
Revenue,
2020,
Refunding,
4%,
10/01/50
................................
1,500,000
1,378,248
Bon
Secours
Health
System,
Inc.
Obligated
Group,
Revenue,
2013
C,
Pre-Refunded,
5%,
11/01/30
...................................................
5,000,000
5,072,601
Westminster-Canterbury
Corp.
Obligated
Group,
Revenue,
2022
A,
5%,
10/01/42
..
1,125,000
1,209,510
Westminster-Canterbury
Corp.
Obligated
Group,
Revenue,
2022
A,
5%,
10/01/47
..
5,000,000
5,340,831
Lexington
Industrial
Development
Authority
,
Lexington
Retirement
Community
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
1/01/42
....................................................
2,000,000
2,100,254
b
Lexington
Retirement
Community
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
1/01/38
........................................................
690,000
639,955
b
Lexington
Retirement
Community
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
1/01/42
........................................................
1,120,000
1,009,519
b
Lexington
Retirement
Community
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
1/01/48
........................................................
2,315,000
2,002,897
Washington
&
Lee
University
(The),
Revenue,
2018
A,
Refunding,
5%,
1/01/35
....
1,105,000
1,241,718
Washington
&
Lee
University
(The),
Revenue,
2018
A,
Refunding,
5%,
1/01/48
....
1,500,000
1,659,905
Loudoun
County
Sanitation
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/29
....
4,770,000
5,112,679
Lynchburg
Economic
Development
Authority
,
Centra
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
1/01/47
......
4,500,000
4,702,941
Centra
Health
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/47
........
2,350,000
2,344,761
Centra
Health
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
1/01/51
........
2,000,000
1,512,426
Centra
Health
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/55
........
5,000,000
4,834,638
Montgomery
County
Economic
Development
Authority
,
Virginia
Tech
Foundation,
Inc.,
Revenue,
2019
A,
4%,
6/01/36
................
1,200,000
1,249,939
Virginia
Tech
Foundation,
Inc.,
Revenue,
2019
A,
4%,
6/01/37
................
500,000
515,465
Virginia
Tech
Foundation,
Inc.,
Revenue,
2019
A,
4%,
6/01/38
................
1,750,000
1,812,372
Norfolk
Airport
Authority
,
Revenue,
2019,
5%,
7/01/37
.........................................
1,000,000
1,100,050
Revenue,
2019,
5%,
7/01/39
.........................................
800,000
877,384
Revenue,
2019,
5%,
7/01/43
.........................................
2,925,000
3,188,206
Northern
Virginia
Transportation
Authority
,
Special
Tax
,
2014
,
5
%
,
6/01/33
.........
3,000,000
3,171,852
Prince
Edward
County
Industrial
Development
Authority
,
President
and
Trustees
of
Hampden-Sydney
College
,
Revenue
,
2018
,
5
%
,
9/01/48
....................
2,050,000
2,170,835
Prince
William
County
Industrial
Development
Authority
,
Novant
Health
Obligated
Group
,
Revenue
,
2013
B
,
Pre-Refunded
,
5
%
,
11/01/46
.....................
10,000,000
10,151,492
Riverside
Regional
Jail
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/31
.........
6,215,000
6,664,141
Salem
Economic
Development
Authority
,
Roanoke
College
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/49
......................................................
925,000
989,933
Stafford
County
&
Staunton
Industrial
Development
Authority
,
Revenue
,
2007
E
,
AGMC
Insured
,
5
%
,
8/01/37
...............................................
960,000
962,043
Upper
Occoquan
Sewage
Authority
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
7/01/35
.....
6,165,000
6,406,494
Virginia
Beach
Development
Authority
,
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
9/01/40
............................................
1,750,000
1,790,374
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
9/01/44
............................................
2,215,000
2,251,653
Virginia
College
Building
Authority
,
Revenue,
2016
A,
5%,
9/01/27
........................................
3,925,000
4,365,916
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
194
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
College
Building
Authority,
(continued)
Revenue,
2016
A,
Pre-Refunded,
5%,
9/01/27
............................
$
75,000
$
83,554
Revenue,
2016
A,
Refunding,
4%,
2/01/30
...............................
7,000,000
7,353,215
Revenue,
2021,
Refunding,
4%,
6/01/36
.................................
2,750,000
2,724,286
Revenue,
2021,
Refunding,
3%,
6/01/41
.................................
4,800,000
3,875,725
Revenue,
2021,
Refunding,
4%,
6/01/46
.................................
3,725,000
3,531,591
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
3%,
1/15/39
...........
795,000
719,427
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
2.25%,
1/15/40
........
450,000
347,034
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
3%,
1/15/41
...........
500,000
438,626
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
3%,
1/15/46
...........
1,100,000
931,741
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
3%,
1/15/51
...........
1,750,000
1,440,340
Washington
&
Lee
University
(The),
Revenue,
2015
A,
Pre-Refunded,
5%,
1/01/40
.
5,000,000
5,374,878
Virginia
Commonwealth
Transportation
Board
,
Revenue,
2016,
5%,
9/15/30
.........................................
2,260,000
2,506,062
Revenue,
2016,
5%,
9/15/31
.........................................
4,000,000
4,435,509
Virginia
Housing
Development
Authority
,
Revenue
,
2018
D
,
3.8
%
,
10/01/43
........
3,805,000
3,832,092
Virginia
Public
Building
Authority
,
Revenue
,
2019
A
,
4
%
,
8/01/35
................
1,250,000
1,333,792
Virginia
Public
School
Authority
,
Revenue,
2014
B,
Refunding,
5%,
8/01/24
...............................
10,000,000
10,656,860
Revenue,
2018
B,
5%,
8/01/30
........................................
5,280,000
6,062,255
Revenue,
2019
A,
5%,
8/01/31
........................................
2,625,000
3,071,663
Revenue,
2020
B,
Refunding,
4%,
8/01/32
...............................
1,265,000
1,366,989
Revenue,
2020
B,
Refunding,
4%,
8/01/34
...............................
3,925,000
4,223,503
County
of
Prince
William,
Revenue,
2018,
4%,
3/01/33
......................
5,795,000
6,182,904
Virginia
Resources
Authority
,
Revenue,
5%,
11/01/38
.............................................
1,970,000
2,136,606
Revenue,
Pre-Refunded,
5%,
11/01/38
..................................
3,195,000
3,501,504
Revenue,
2015
B,
Refunding,
5%,
11/01/45
..............................
5,255,000
5,668,957
Revenue,
2018
C,
Refunding,
5%,
11/01/48
..............................
7,655,000
8,639,303
Virginia
Small
Business
Financing
Authority
,
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
1/01/48
.....
7,000,000
6,743,528
Bon
Secours
Mercy
Health,
Inc.,
Revenue,
2020
A,
Refunding,
4%,
12/01/49
.....
5,000,000
5,007,380
Capital
Beltway
Express
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
5%,
12/31/47
4,770,000
5,171,985
Capital
Beltway
Express
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
5%,
12/31/52
1,230,000
1,325,668
b
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
1/01/40
........................................................
7,500,000
7,480,592
I-66
Express
Mobility
Partners
LLC,
Revenue,
Senior
Lien,
2017,
5%,
12/31/47
...
6,600,000
6,893,280
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/36
...
2,210,000
2,082,004
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/41
...
2,500,000
2,278,168
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/51
...
7,500,000
6,494,772
National
Senior
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/39
....................................................
2,520,000
2,570,881
National
Senior
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/45
....................................................
2,250,000
2,267,775
Sentara
Healthcare
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/37
...
4,000,000
4,093,301
Sentara
Healthcare
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/39
...
8,730,000
8,899,274
Winchester
Economic
Development
Authority
,
Valley
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
1/01/44
.................................
5,000,000
5,194,363
433,738,803
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,200,000
1,007,121
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
195
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
0.8%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
$
1,200,000
$
1,000,460
Affordable
Housing
Corp.
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
3,100,000
3,080,057
4,080,517
U.S.
Territories
8.6%
District
of
Columbia
6.7%
Metropolitan
Washington
Airports
Authority
,
Aviation,
Revenue,
2019
A,
Refunding,
5%,
10/01/49
.......................
5,000,000
5,407,665
Dulles
Toll
Road,
Revenue,
Senior
Lien,
2022
A,
Refunding,
AGMC
Insured,
4%,
10/01/52
.......................................................
10,000,000
10,048,543
Washington
Metropolitan
Area
Transit
Authority
,
Revenue,
2017
B,
5%,
7/01/42
........................................
5,000,000
5,463,293
Revenue,
2020
A,
5%,
7/15/36
........................................
5,000,000
5,746,491
Revenue,
2020
A,
5%,
7/15/45
........................................
7,000,000
7,923,972
34,589,964
Puerto
Rico
1.9%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,700,000
1,773,208
c
Revenue,
WW-RSA-1,
5.5%,
7/01/38
...................................
1,040,000
976,300
c
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
1,900,000
1,776,500
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
NATL
Insured,
5.25%,
7/01/33
.................
1,100,000
1,147,063
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/31
....................
1,800,000
1,933,555
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
1,600,000
1,719,368
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/29
..
425,000
478,310
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/37
..
200,000
200,330
10,004,634
Total
U.S.
Territories
....................................................................
44,594,598
Total
Municipal
Bonds
(Cost
$524,863,918)
.....................................
504,937,455
a
a
a
a
Short
Term
Investments
5.2%
Municipal
Bonds
5.2%
Virginia
5.2%
d
Albemarle
County
Economic
Development
Authority
,
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.65
%
,
10/01/48
........................................................
27,000,000
27,000,000
Total
Municipal
Bonds
(Cost
$27,000,000)
......................................
27,000,000
Total
Short
Term
Investments
(Cost
$27,000,000
)
................................
27,000,000
a
Total
Investments
(Cost
$551,863,918)
102.4%
..................................
$531,937,455
Other
Assets,
less
Liabilities
(2.4)%
...........................................
(12,371,124)
Net
Assets
100.0%
...........................................................
$519,566,331
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
196
See
Abbreviations
on
page
203
.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2022,
the
aggregate
value
of
these
securities
was
$11,714,749,
representing
2.3%
of
net
assets.
b
Security
purchased
on
a
when-issued
basis.
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
197
Quarterly
Schedules
of
Investments
Notes
to
Schedules
of
Investments
(unaudited)
1.
Organization
Franklin
Tax-Free
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty
separate
funds
(Funds)
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.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2022,
investments
in
affiliated
management
investment
companies
were
as
follows: 
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
198
Quarterly
Schedules
of
Investments
4. 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
May
31,
2022,
in
valuing
the
Funds’
assets carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Municipal
Green
Bond
ETF
...................
$
65,440,300
$
—
$
(10,388,947)
$
(636,053)
$
(3,147,700)
$
51,267,600
2,115,000
$
307,199
Total
Affiliated
Securities
...
$65,440,300
$—
$(10,388,947)
$(636,053)
$(3,147,700)
$51,267,600
$307,199
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Municipal
Green
Bond
ETF
...................
$33,826,000
$
5,987,875
$
—
$
—
$
(2,241,875)
$
37,572,000
1,550,000
$
179,498
Total
Affiliated
Securities
...
$33,826,000
$5,987,875
$—
$—
$(2,241,875)
$37,572,000
$179,498
Franklin
High
Yield
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Dynamic
Municipal
Bond
ETF
...................
$
46,532,900
$
—
$
(2,409,245)
$
(295,505)
$
(2,737,650)
$
41,090,500
1,705,000
$
264,210
Total
Affiliated
Securities
...
$46,532,900
$—
$(2,409,245)
$(295,505)
$(2,737,650)
$41,090,500
$264,210
3.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
199
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Alabama
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
$
—
$
216,251,008
$
—
$
216,251,008
Total
Investments
in
Securities
...........
$—
$216,251,008
$—
$216,251,008
Franklin
Arizona
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
855,248,180
—
855,248,180
Short
Term
Investments
...................
—
5,000,000
—
5,000,000
Total
Investments
in
Securities
...........
$—
$860,248,180
$—
$860,248,180
Franklin
Colorado
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
609,761,454
—
609,761,454
Short
Term
Investments
...................
—
9,500,000
—
9,500,000
Total
Investments
in
Securities
...........
$—
$619,261,454
$—
$619,261,454
Franklin
Connecticut
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
161,254,214
—
161,254,214
Short
Term
Investments
...................
—
1,400,000
—
1,400,000
Total
Investments
in
Securities
...........
$—
$162,654,214
$—
$162,654,214
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
51,267,600
—
—
51,267,600
Municipal
Bonds
.........................
—
2,915,197,107
—
2,915,197,107
Total
Investments
in
Securities
...........
$51,267,600
$2,915,197,107
$—
$2,966,464,707
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
37,572,000
—
—
37,572,000
Senior
Floating
Rate
Interests
...............
—
—
5,763,683
5,763,683
Municipal
Bonds
.........................
—
1,157,967,098
—
1,157,967,098
Short
Term
Investments
...................
—
127,170,000
—
127,170,000
Total
Investments
in
Securities
...........
$37,572,000
$1,285,137,098
$5,763,683
$1,328,472,781
Franklin
Georgia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
391,770,562
—
391,770,562
Short
Term
Investments
...................
—
400,000
—
400,000
Total
Investments
in
Securities
...........
$—
$392,170,562
$—
$392,170,562
Franklin
High
Yield
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
41,090,500
—
—
41,090,500
Corporate
Bonds
:
United
States
..........................
—
101,758,782
3,980,887
105,739,669
Municipal
Bonds
:
—
Alabama
.............................
—
172,698,039
—
172,698,039
Arizona
..............................
—
110,159,955
—
110,159,955
California
.............................
—
1,145,104,207
—
1,145,104,207
4. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
200
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Assets:
Investments
in
Securities:
Municipal
Bonds:
Colorado
.............................
$
—
$
343,101,529
$
—
$
343,101,529
Connecticut
...........................
—
35,634,039
—
35,634,039
Florida
...............................
—
844,724,560
—
844,724,560
Georgia
..............................
—
68,358,559
—
68,358,559
Idaho
................................
—
13,335,214
—
13,335,214
Illinois
...............................
—
190,156,266
—
190,156,266
Indiana
..............................
—
26,115,958
—
26,115,958
Iowa
................................
—
19,182,240
—
19,182,240
Kansas
..............................
—
4,783,045
—
4,783,045
Kentucky
.............................
—
45,274,258
—
45,274,258
Louisiana
.............................
—
78,937,403
—
78,937,403
Maryland
.............................
—
17,769,362
—
17,769,362
Massachusetts
........................
—
12,332,991
—
12,332,991
Michigan
.............................
—
101,968,286
—
101,968,286
Minnesota
............................
—
10,872,064
—
10,872,064
Mississippi
............................
—
44,272,599
—
44,272,599
Missouri
..............................
—
15,269,524
—
15,269,524
Montana
.............................
—
6,087,351
—
6,087,351
Nevada
..............................
—
69,962,018
—
69,962,018
New
Hampshire
........................
—
10,541,795
—
10,541,795
New
Jersey
...........................
—
183,931,832
—
183,931,832
New
Mexico
...........................
—
5,500,306
—
5,500,306
New
York
.............................
—
390,311,925
—
390,311,925
North
Carolina
.........................
—
9,067,162
—
9,067,162
North
Dakota
..........................
—
15,995,677
—
15,995,677
Ohio
................................
—
166,222,565
—
166,222,565
Oklahoma
............................
—
11,805,346
—
11,805,346
Oregon
..............................
—
34,911,649
—
34,911,649
Pennsylvania
..........................
—
123,377,754
—
123,377,754
South
Carolina
.........................
—
16,195,995
—
16,195,995
South
Dakota
..........................
—
13,103,909
—
13,103,909
Tennessee
............................
—
74,089,624
—
74,089,624
Texas
...............................
—
505,523,938
—
505,523,938
Utah
................................
—
28,004,787
—
28,004,787
Vermont
..............................
—
2,432,499
—
2,432,499
Virgin
Islands
..........................
—
4,582,251
—
4,582,251
Virginia
..............................
—
30,404,963
—
30,404,963
Washington
...........................
—
66,601,707
212,000
66,813,707
West
Virginia
..........................
—
10,704,857
—
10,704,857
Wisconsin
............................
—
138,835,317
—
138,835,317
U.S.
Territories
..........................
District
of
Columbia
.....................
—
65,576,849
—
65,576,849
Pacific
Islands
.........................
—
7,837,526
—
7,837,526
Puerto
Rico
...........................
—
530,853,530
—
530,853,530
Short
Term
Investments
...................
—
48,800,000
—
48,800,000
Total
Investments
in
Securities
...........
$41,090,500
$5,973,072,012
$4,192,887
$6,018,355,399
Franklin
Louisiana
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
324,417,775
—
324,417,775
Total
Investments
in
Securities
...........
$—
$324,417,775
$—
$324,417,775
4. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
201
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Maryland
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
$
—
$
350,851,614
$
—
$
350,851,614
Short
Term
Investments
...................
—
1,500,000
—
1,500,000
Total
Investments
in
Securities
...........
$—
$352,351,614
$—
$352,351,614
Franklin
Massachusetts
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
355,832,938
—
355,832,938
Short
Term
Investments
...................
—
12,800,000
—
12,800,000
Total
Investments
in
Securities
...........
$—
$368,632,938
$—
$368,632,938
Franklin
Michigan
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
799,697,829
—
799,697,829
Short
Term
Investments
...................
—
3,500,000
—
3,500,000
Total
Investments
in
Securities
...........
$—
$803,197,829
$—
$803,197,829
Franklin
Minnesota
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
907,767,390
—
907,767,390
Short
Term
Investments
...................
—
11,300,000
—
11,300,000
Total
Investments
in
Securities
...........
$—
$919,067,390
$—
$919,067,390
Franklin
Missouri
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
833,543,562
—
833,543,562
Total
Investments
in
Securities
...........
$—
$833,543,562
$—
$833,543,562
Franklin
New
Jersey
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
700,141,776
—
700,141,776
Short
Term
Investments
...................
—
11,650,000
—
11,650,000
Total
Investments
in
Securities
...........
$—
$711,791,776
$—
$711,791,776
Franklin
North
Carolina
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
730,228,039
—
730,228,039
Short
Term
Investments
...................
—
1,300,000
—
1,300,000
Total
Investments
in
Securities
...........
$—
$731,528,039
$—
$731,528,039
Franklin
Ohio
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
1,394,412,838
—
1,394,412,838
Short
Term
Investments
...................
—
8,000,000
—
8,000,000
Total
Investments
in
Securities
...........
$—
$1,402,412,838
$—
$1,402,412,838
4. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
202
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
Level
1
Level
2
Level
3
Total
Franklin
Oregon
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
$
—
$
1,094,391,608
$
—
$
1,094,391,608
Short
Term
Investments
...................
—
6,400,000
—
6,400,000
Total
Investments
in
Securities
...........
$—
$1,100,791,608
$—
$1,100,791,608
Franklin
Pennsylvania
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
837,259,900
—
837,259,900
Short
Term
Investments
...................
—
27,645,000
—
27,645,000
Total
Investments
in
Securities
...........
$—
$864,904,900
$—
$864,904,900
Franklin
Virginia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
504,937,455
—
504,937,455
Short
Term
Investments
...................
—
27,000,000
—
27,000,000
Total
Investments
in
Securities
...........
$—
$531,937,455
$—
$531,937,455
4. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
203
Quarterly
Schedules
of
Investments
Abbreviations
Cu
r
rency
USD
United
States
Dollar
Selected
Portfolio
AG
MC
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.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LIBOR
London
Inter-Bank
Offered
Rate
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
SIFMA
Securities
Industry
and
Financial
Markets
Association
SOFR
Secured
Overnight
Financing
Rate
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.