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
12
Franklin
Connecticut
Tax-Free
Income
Fund
18
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
21
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
42
Franklin
Georgia
Tax-Free
Income
Fund
55
Franklin
High
Yield
Tax-Free
Income
Fund
60
Franklin
Louisiana
Tax-Free
Income
Fund
112
Franklin
Maryland
Tax-Free
Income
Fund
117
Franklin
Massachusetts
Tax-Free
Income
Fund
121
Franklin
Michigan
Tax-Free
Income
Fund
126
Franklin
Minnesota
Tax-Free
Income
Fund
134
Franklin
Missouri
Tax-Free
Income
Fund
141
Franklin
New
Jersey
Tax-Free
Income
Fund
147
Franklin
North
Carolina
Tax-Free
Income
Fund
154
Franklin
Ohio
Tax-Free
Income
Fund
161
Franklin
Oregon
Tax-Free
Income
Fund
170
Franklin
Pennsylvania
Tax-Free
Income
Fund
176
Franklin
Virginia
Tax-Free
Income
Fund
184
Notes
to
Schedules
of
Investments
190
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2023
Franklin
Alabama
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
500,000
$
497,400
Total
Corporate
Bonds
(Cost
$500,000)
........................................
497,400
Municipal
Bonds
97.6%
Alabama
89.8%
Alabama
Community
College
System
,
Bishop
State
Community
College
,
Revenue
,
2019
,
BAM
Insured
,
4
%
,
1/01/49
......................................
2,000,000
1,874,446
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
,
Ascension
Health
Credit
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/46
...................
3,000,000
3,047,239
Alabama
State
University
,
Revenue,
2022,
Refunding,
BAM
Insured,
5%,
9/01/36
......................
1,500,000
1,640,677
Revenue,
2022,
Refunding,
BAM
Insured,
5%,
9/01/40
......................
1,500,000
1,606,927
Alabaster
Board
of
Education
,
Special
Tax,
2022,
BAM
Insured,
5%,
9/01/47
.............................
1,500,000
1,601,944
Special
Tax,
2022,
BAM
Insured,
5%,
9/01/52
.............................
1,500,000
1,591,547
Alexander
City
Board
of
Education
,
Special
Tax
,
2022
,
BAM
Insured
,
4
%
,
2/01/52
...
3,000,000
2,816,608
Auburn
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
6/01/33
..................
2,500,000
2,563,799
Bessemer
Governmental
Utility
Services
Corp.
,
Water
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/39
...........................................
6,000,000
6,270,817
Birmingham
Airport
Authority
,
Revenue,
2020,
Refunding,
BAM
Insured,
5%,
7/01/32
......................
300,000
336,306
Revenue,
2020,
Refunding,
BAM
Insured,
5%,
7/01/33
......................
325,000
364,011
Revenue,
2020,
Refunding,
BAM
Insured,
5%,
7/01/34
......................
400,000
445,810
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/35
......................
350,000
358,958
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/36
......................
500,000
507,313
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/37
......................
545,000
547,353
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/38
......................
400,000
399,126
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/39
......................
2,540,000
2,508,435
Revenue,
2020,
Refunding,
BAM
Insured,
4%,
7/01/40
......................
705,000
696,870
Birmingham-Jefferson
Civic
Center
Authority
,
Special
Tax
,
2018
A
,
5
%
,
7/01/33
.....
1,605,000
1,719,324
b
Black
Belt
Energy
Gas
District
,
Revenue,
2022
A,
Mandatory
Put,
4%,
12/01/29
...........................
1,000,000
968,484
Revenue,
2022
C-1,
Mandatory
Put,
5.25%,
6/01/29
........................
1,000,000
1,044,927
Revenue,
2023
B-2,
Mandatory
Put,
5.25%,
12/01/30
.......................
3,000,000
3,224,603
Calhoun
County
Board
of
Education
,
Special
Tax
,
2016
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
2/01/46
......................................................
3,000,000
3,147,459
City
of
Bessemer
,
Water
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/47
...
2,590,000
2,659,136
City
of
Birmingham
,
GO
,
2021
A
,
4
%
,
6/01/50
..............................
2,500,000
2,367,025
City
of
Boaz
,
Water
&
Sewer,
Revenue,
2021,
AGMC
Insured,
4%,
9/01/46
.................
1,000,000
938,600
Water
&
Sewer,
Revenue,
2021,
AGMC
Insured,
4%,
9/01/50
.................
1,500,000
1,417,453
City
of
Decatur
,
Water
&
Sewer
,
Revenue
,
2021
A
,
4
%
,
8/15/50
.................
3,000,000
2,839,637
City
of
Huntsville
,
GO
,
2018
B
,
5
%
,
5/01/38
................................
4,775,000
5,065,601
City
of
Lincoln
,
GO
,
2020
,
BAM
Insured
,
4
%
,
6/01/50
........................
2,500,000
2,529,509
City
of
Madison
,
GO
,
2015
A
,
Pre-Refunded
,
5
%
,
4/01/37
.....................
2,590,000
2,674,978
City
of
Trussville
,
GO
,
2018
A
,
4
%
,
8/01/41
................................
3,000,000
2,962,249
City
of
Tuscaloosa
,
GO
,
2020
A
,
4
%
,
10/01/50
..............................
4,580,000
4,434,445
County
of
Mobile
,
GO,
2020
A,
Refunding,
4%,
8/01/38
...................................
1,000,000
1,013,703
c
Revenue,
144A,
2020,
4%,
11/01/45
...................................
2,400,000
2,081,513
DCH
Healthcare
Authority
,
Revenue,
2015,
Refunding,
5%,
6/01/36
.................................
2,000,000
2,027,198
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)
DCH
Healthcare
Authority,
(continued)
Revenue,
2021
A,
4%,
6/01/46
........................................
$
2,310,000
$
2,061,909
East
Alabama
Health
Care
Authority
(The)
,
Revenue,
2018
A,
4%,
9/01/30
........................................
1,000,000
1,002,922
Revenue,
2018
A,
5%,
9/01/41
........................................
3,000,000
3,063,454
Florence
City
Board
of
Education
,
Special
Tax
,
2022
,
4
%
,
3/01/46
...............
3,000,000
2,876,617
Florence
Public
Building
Authority
,
City
of
Florence
,
Revenue
,
2021
,
4
%
,
9/01/35
....
500,000
505,303
Health
Care
Authority
for
Baptist
Health
(The)
,
Revenue,
2023
A,
Refunding,
5%,
11/15/36
..............................
1,000,000
1,074,956
Revenue,
2023
A,
Refunding,
5%,
11/15/37
..............................
875,000
931,677
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
9,263,953
Homewood
Educational
Building
Authority
,
Samford
University,
Revenue,
2019
A,
Refunding,
4%,
12/01/49
...............
2,500,000
2,191,392
Samford
University,
Revenue,
2021
A,
4%,
12/01/51
.......................
1,470,000
1,274,259
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
3,031,933
Infirmary
Health
System
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/46
3,000,000
2,683,896
Jacksonville
State
University
,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
12/01/36
...................
5,000,000
5,369,202
Revenue,
2020,
Refunding,
4%,
12/01/50
................................
5,000,000
4,485,696
Limestone
County
Water
&
Sewer
Authority
,
Revenue
,
2015
B
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
12/01/43
..............................................
5,920,000
6,003,458
b
Lower
Alabama
Gas
District
(The)
,
Revenue
,
2020
,
Mandatory
Put
,
4
%
,
12/01/25
...
2,000,000
1,990,784
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/44
...............
3,000,000
2,915,461
Madison
Water
&
Wastewater
Board
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/41
.....
4,610,000
4,797,449
Marshall
County
Board
of
Education
,
Special
Tax
,
2016
,
AGMC
Insured
,
4
%
,
3/01/41
1,000,000
969,186
Mobile
County
Board
of
School
Commissioners
,
Special
Tax
,
2022
B
,
BAM
Insured
,
4.25
%
,
3/01/52
...................................................
2,000,000
1,958,881
Opelika
Utilities
Board
,
Revenue
,
2017
,
Refunding
,
4
%
,
6/01/41
................
2,000,000
1,945,260
Oxford
City
Board
of
Education
,
Special
Tax
,
2020
A
,
Refunding
,
4
%
,
5/01/50
......
2,500,000
2,367,170
b
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue,
2021
A,
Mandatory
Put,
4%,
10/01/28
...........................
5,000,000
4,926,112
Revenue,
2022
A-1,
Mandatory
Put,
5.5%,
12/01/29
........................
2,000,000
2,132,929
Special
Care
Facilities
Financing
Authority
of
the
City
of
Pell
City
Alabama
,
Noland
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/39
.................
4,000,000
3,757,242
Talladega
County
Board
of
Education
,
Special
Tax
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
11/01/39
........................................................
2,000,000
2,083,048
Troy
Public
Educational
Building
Authority
,
Troy
City
Board
of
Education
,
Revenue
,
2011
,
AGMC
Insured
,
5.25
%
,
12/01/40
..................................
295,000
295,274
Tuscaloosa
City
Board
of
Education
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
8/01/41
...
4,000,000
4,234,097
UAB
Medicine
Finance
Authority
,
UAB
Medicine
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
9/01/29
.............................................
5,000,000
5,281,948
University
of
Alabama
(The)
,
Revenue,
2013
D-2,
Pre-Refunded,
5%,
10/01/37
.........................
2,000,000
2,009,182
Revenue,
2018
B2,
5%,
9/01/48
.......................................
5,000,000
5,324,138
University
of
Montevallo
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
5/01/42
....
2,500,000
2,645,410
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
2,000,000
2,078,760
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue
,
2016
B
,
Pre-Refunded
,
5
%
,
1/01/43
......................................................
5,000,000
5,354,850
175,181,838
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)
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
$
700,000
$
580,099
Florida
0.6%
c
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
500,000
334,792
c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn
.,
5/01/57
1,150,000
940,125
1,274,917
Illinois
0.5%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/42
.
1,000,000
931,751
Kentucky
0.5%
c
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
A
,
Zero
Cpn
.,
5/01/52
..............................
1,500,000
987,549
New
York
1.4%
Metropolitan
Transportation
Authority
,
Revenue,
2021
A-1,
4%,
11/15/46
.....................................
275,000
254,322
Revenue,
2021
A-2,
4%,
11/15/42
.....................................
2,700,000
2,540,861
2,795,183
South
Carolina
1.2%
South
Carolina
Jobs-Economic
Development
Authority
,
c
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
500,000
398,713
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
500,000
397,509
c
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-1,
Zero
Cpn
.,
6/01/37
1,485,000
980,393
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
750,000
570,079
2,346,694
Texas
0.5%
c
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
600,000
437,100
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
800,000
593,597
1,030,697
Washington
0.2%
c
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
500,000
398,687
Wisconsin
0.9%
c
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
500,000
394,133
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
1,300,000
1,298,159
1,692,292
U.S.
Territories
1.7%
Guam
0.5%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
1,000,000
1,004,323
Puerto
Rico
1.2%
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
500,000
494,170
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
988,235
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
49,844
47,912
Revenue,
2022
B,
Zero
Cpn
.,
7/01/32
...................................
32,392
20,635
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
196
.
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,
2022
C,
Zero
Cpn
.,
7/01/53
..................................
$
55,410
$
33,800
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
750,000
718,461
2,303,213
Total
U.S.
Territories
....................................................................
3,307,536
Total
Municipal
Bonds
(Cost
$203,945,607)
.....................................
190,527,243
Total
Long
Term
Investments
(Cost
$204,445,607)
...............................
191,024,643
a
a
a
a
a
a
Total
Investments
(Cost
$204,445,607)
97.9%
...................................
$191,024,643
Other
Assets,
less
Liabilities
2.1%
.............................................
4,135,868
Net
Assets
100.0%
...........................................................
$195,160,511
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$9,414,840,
representing
4.8%
of
net
assets.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2023
Franklin
Arizona
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.4%
Arizona
90.4%
Arizona
Board
of
Regents
,
Arizona
State
University
,
Revenue
,
2023
B
,
4
%
,
7/01/53
..
$
5,000,000
$
4,716,743
Arizona
Department
of
Transportation
,
State
Highway
Fund
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/36
.............................................
8,680,000
9,094,742
Arizona
Health
Facilities
Authority
,
HonorHealth
Obligated
Group,
Revenue,
2014
A,
Refunding,
5%,
12/01/39
......
2,820,000
2,859,516
HonorHealth
Obligated
Group,
Revenue,
2014
A,
Refunding,
5%,
12/01/42
......
6,715,000
6,773,778
Arizona
Industrial
Development
Authority
,
Academies
of
Math
&
Science
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/42
........................................................
2,045,000
2,067,501
Academies
of
Math
&
Science
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/51
........................................................
1,080,000
1,083,817
Arizona
Agribusiness
and
Equine
Center,
Inc.,
Revenue,
2017
A,
5%,
3/01/48
....
1,555,000
1,598,520
Ball
Charter
Schools
Obligated
Group,
Revenue,
2022,
Refunding,
2.65%,
7/01/26
740,000
701,961
Ball
Charter
Schools
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/31
...
550,000
548,535
Ball
Charter
Schools
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/41
...
2,000,000
1,766,212
Ball
Charter
Schools
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/51
...
2,340,000
1,945,054
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
2017
F,
Refunding,
5%,
7/01/47
..
3,350,000
3,413,140
Children's
National
Medical
Center
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/40
865,000
811,142
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/34
.......................................................
1,000,000
1,054,552
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/36
.......................................................
1,235,000
1,287,038
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/39
.......................................................
1,000,000
1,032,667
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/44
.......................................................
6,645,000
6,794,770
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/45
.......................................................
2,200,000
1,971,497
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/50
.......................................................
7,055,000
6,125,418
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2021
A,
4%,
11/01/51
.......................................................
1,400,000
1,209,283
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
A,
4%,
11/01/42
.......................................................
1,650,000
1,507,967
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
A,
5%,
11/01/47
.......................................................
7,900,000
8,127,762
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
A,
4.25%,
11/01/52
.......................................................
3,500,000
3,144,346
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
2019
A,
5%,
1/01/38
.....
1,175,000
787,472
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
2019
A,
5%,
1/01/54
.....
1,250,000
726,893
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019
B,
5%,
1/01/36
........................................................
1,105,000
679,829
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019
B,
5%,
1/01/49
........................................................
3,500,000
1,814,824
Great
Lakes
Senior
Living
Communities
LLC,
Revenue,
Second
Tier,
2019
B,
5.125%,
1/01/54
.................................................
2,000,000
1,001,572
GreatHearts
Arizona
Obligated
Group,
Revenue,
2021
B,
4%,
7/01/31
..........
315,000
304,035
GreatHearts
Arizona
Obligated
Group,
Revenue,
2021
B,
4%,
7/01/41
..........
405,000
351,971
GreatHearts
Arizona
Obligated
Group,
Revenue,
2021
B,
4%,
7/01/52
..........
840,000
680,428
KIPP
Nashville
Obligated
Group,
Revenue,
2022
A,
5%,
7/01/47
..............
1,400,000
1,367,682
KIPP
Nashville
Obligated
Group,
Revenue,
2022
A,
5%,
7/01/62
..............
2,400,000
2,255,809
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
A,
5%,
7/01/32
.............
660,000
698,440
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
A,
4%,
7/01/34
.............
660,000
636,439
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
A,
4%,
7/01/36
.............
315,000
295,612
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
A,
4%,
7/01/41
.............
2,800,000
2,478,818
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
A,
4%,
7/01/51
.............
8,000,000
6,557,420
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
A,
4%,
7/01/61
.............
15,580,000
12,218,693
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
C,
3.25%,
7/01/31
..........
$
1,550,000
$
1,358,030
Leman
Academy
of
Excellence
Obligated
Group,
Revenue,
2022
A,
Refunding,
4.5%,
7/01/54
........................................................
3,000,000
2,620,177
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
4%,
2/01/50
.....
2,540,000
2,301,563
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2021
A,
Refunding,
3%,
2/01/41
........................................................
885,000
704,520
Provident
Group-NCCU
Properties
LLC,
Revenue,
2019
A,
BAM
Insured,
5%,
6/01/58
........................................................
6,250,000
6,635,480
Arizona
State
University
,
Revenue,
2015
B,
Refunding,
5%,
7/01/41
...............................
14,070,000
14,406,906
Revenue,
2015
D,
5%,
7/01/46
........................................
5,000,000
5,099,640
Revenue,
2016
C,
5%,
7/01/46
........................................
10,000,000
10,242,071
Revenue,
2017
B,
Refunding,
5%,
7/01/43
...............................
4,005,000
4,194,173
Revenue,
2019
A,
5%,
7/01/40
........................................
1,000,000
1,080,676
Carefree
Utilities
Community
Facilities
District
,
Town
of
Carefree
Water
System
,
Revenue
,
2021
,
4
%
,
7/01/51
.........................................
2,000,000
1,814,480
Central
Arizona
Water
Conservation
District
,
Revenue
,
2016
,
5
%
,
1/01/34
.........
1,000,000
1,035,542
City
of
Bullhead
,
Excise
Taxes
,
Revenue
,
2022
,
4
%
,
7/01/52
...................
2,885,000
2,712,494
City
of
Goodyear
,
Water
&
Sewer
,
Revenue,
Sub.
Lien,
Second
Series
,
2020
,
AGMC
Insured
,
4
%
,
7/01/45
...............................................
3,500,000
3,405,167
City
of
Lake
Havasu
City
,
Wastewater
System,
Revenue,
2015
B,
Refunding,
AGMC
Insured,
5%,
7/01/40
...
15,000,000
15,316,965
Wastewater
System,
Revenue,
2015
B,
Refunding,
AGMC
Insured,
5%,
7/01/43
...
9,155,000
9,306,326
City
of
Mesa
,
Utility
System,
Revenue,
2018,
4%,
7/01/38
..............................
1,425,000
1,434,224
Utility
System,
Revenue,
2018,
4%,
7/01/39
..............................
6,135,000
6,157,467
Utility
System,
Revenue,
2018,
5%,
7/01/42
..............................
6,700,000
7,100,024
Utility
System,
Revenue,
2022
C,
Refunding,
5%,
7/01/36
...................
5,000,000
5,785,982
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport,
Revenue,
2017
A,
5%,
7/01/42
..................................
2,155,000
2,206,825
Airport,
Revenue,
2017
A,
5%,
7/01/47
..................................
12,935,000
13,178,795
Airport,
Revenue,
Junior
Lien,
2017
D,
Refunding,
4%,
7/01/40
...............
16,570,000
16,199,501
Airport,
Revenue,
Junior
Lien,
2019
A,
4%,
7/01/44
........................
4,000,000
3,885,933
Airport,
Revenue,
Junior
Lien,
2019
A,
5%,
7/01/44
........................
8,500,000
8,970,888
Airport,
Revenue,
Senior
Lien,
2018,
5%,
7/01/48
..........................
5,000,000
5,116,612
Excise
Tax,
Revenue,
2022,
5%,
7/01/46
................................
8,300,000
9,115,833
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/34
..................................................
2,500,000
2,715,073
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/37
..................................................
1,500,000
1,599,450
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/38
..................................................
8,420,000
8,949,988
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
4%,
7/01/45
..................................................
7,500,000
6,927,089
Wastewater,
Revenue,
Junior
Lien,
2018
A,
5%,
7/01/37
.....................
1,000,000
1,082,340
Wastewater,
Revenue,
Junior
Lien,
2018
A,
4%,
7/01/39
.....................
5,000,000
5,025,181
Water
System,
Revenue,
Junior
Lien,
2016,
Refunding,
5%,
7/01/39
............
5,000,000
5,170,734
Water
System,
Revenue,
Junior
Lien,
2020
B,
5%,
7/01/44
...................
7,500,000
8,148,419
County
of
Yuma
,
Sales
Tax
,
Revenue
,
2022
,
BAM
Insured
,
4.25
%
,
7/15/42
........
3,250,000
3,267,016
Gilbert
Water
Resource
Municipal
Property
Corp.
,
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/39
.........................
10,000,000
10,155,590
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
5/15/31
...........
400,000
361,278
People
of
Faith,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/41
...........
1,000,000
906,276
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Glendale
Industrial
Development
Authority,
(continued)
People
of
Faith,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/56
...........
$
4,500,000
$
3,739,911
Glendale
Municipal
Property
Corp.
,
City
of
Glendale
Excise
Tax,
Revenue,
2012
C,
Refunding,
5%,
7/01/38
.........
18,530,000
18,544,990
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/44
......
1,000,000
1,001,516
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/49
......
1,995,000
1,966,316
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/54
......
2,665,000
2,599,857
Downtown
Phoenix
Student
Housing
II
LLC,
Revenue,
2019
A,
5%,
7/01/59
......
2,000,000
1,938,223
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/25
1,015,000
1,028,355
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/27
425,000
438,740
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/30
700,000
728,933
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/32
250,000
259,056
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/33
600,000
620,348
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/37
2,750,000
2,786,795
Downtown
Phoenix
Student
Housing
LLC,
Revenue,
2018
A,
Refunding,
5%,
7/01/42
11,550,000
11,595,768
GreatHearts
Arizona
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/36
.
4,065,000
4,090,157
GreatHearts
Arizona
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/41
.
1,225,000
1,222,267
GreatHearts
Arizona
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
.
1,335,000
1,303,783
Vista
College
Preparatory
Obligated
Group,
Revenue,
2018
A,
5%,
7/01/48
......
1,000,000
1,032,494
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
Christian
Care
Tucson,
Inc.,
Revenue,
Senior
Lien,
2017
A,
Pre-Refunded,
5%,
12/15/32
.......................................................
1,765,000
1,834,786
Christian
Care
Tucson,
Inc.,
Revenue,
Senior
Lien,
2017
A,
Pre-Refunded,
5%,
6/15/37
........................................................
2,240,000
2,328,567
a
La
Posada
at
Park
Centre,
Inc.
Obligated
Group,
Revenue,
144A,
2022
B-3,
5.125%,
11/15/29
.......................................................
3,000,000
2,958,669
TMC
HealthCare
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
4/01/40
....
1,040,000
977,358
TMC
HealthCare
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
4/01/41
....
1,360,000
1,271,048
TMC
HealthCare
Obligated
Group,
Revenue,
2021
A,
Refunding,
3%,
4/01/51
....
12,000,000
8,376,575
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
4,422,223
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/36
............................................
1,310,000
1,352,335
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
8/01/38
............................................
1,510,000
1,459,974
Yavapai
Community
Hospital
Association
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
8/01/43
............................................
3,000,000
2,735,085
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools,
Revenue,
2018
A,
5%,
2/15/38
....................
1,000,000
1,002,866
Harmony
Public
Schools,
Revenue,
2018
A,
5%,
2/15/48
....................
1,000,000
961,423
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/25
....................
90,000
90,331
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/26
....................
95,000
96,441
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/27
....................
75,000
76,764
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/28
....................
80,000
82,078
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/29
....................
110,000
113,610
Harmony
Public
Schools,
Revenue,
2021
A,
5%,
2/15/30
....................
100,000
103,749
Harmony
Public
Schools,
Revenue,
2021
A,
4%,
2/15/41
....................
430,000
370,799
Harmony
Public
Schools,
Revenue,
2021
A,
4%,
2/15/46
....................
345,000
282,824
Harmony
Public
Schools,
Revenue,
2021
A,
4%,
2/15/51
....................
580,000
458,196
Maricopa
County
High
School
District
No.
214
Tolleson
Union
High
School
,
GO
,
2018
A
,
5
%
,
7/01/37
....................................................
1,000,000
1,057,178
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group,
Revenue,
2019
F,
3%,
1/01/49
...............
5,000,000
3,759,889
Banner
Health
Obligated
Group,
Revenue,
A,
4%,
1/01/41
...................
9,630,000
9,323,769
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Maricopa
County
Industrial
Development
Authority,
(continued)
Banner
Health
Obligated
Group,
Revenue,
A,
5%,
1/01/41
...................
$
37,590,000
$
38,990,825
Creighton
University,
Revenue,
2020,
5%,
7/01/47
.........................
13,000,000
13,631,448
Creighton
University,
Revenue,
2020,
4%,
7/01/50
.........................
8,450,000
7,679,402
GreatHearts
Arizona
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
.
1,000,000
1,031,984
GreatHearts
Arizona
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/52
.
1,000,000
1,013,724
Highland
Prep
Obligated
Group,
Revenue,
2019,
5%,
1/01/43
................
2,275,000
2,356,084
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/36
.......
2,100,000
2,222,569
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/37
.......
3,175,000
3,340,618
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/42
.......
2,750,000
2,807,067
HonorHealth
Obligated
Group,
Revenue,
2021
A,
3%,
9/01/51
................
5,600,000
4,008,957
Legacy
Traditional
School
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/49
........................................................
3,920,000
3,979,419
Reid
Traditional
Schools
Obligated
Group,
Revenue,
2016,
5%,
7/01/36
.........
1,120,000
1,135,824
Reid
Traditional
Schools
Obligated
Group,
Revenue,
2016,
5%,
7/01/47
.........
3,325,000
3,334,420
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.,
Revenue,
2009
B,
Refunding,
3.6%,
4/01/40
.............
13,500,000
11,807,949
El
Paso
Electric
Co.,
Revenue,
2012
A,
Refunding,
4.5%,
8/01/42
.............
10,000,000
9,590,584
b
Public
Service
Co.
of
New
Mexico,
Revenue,
2010
A,
Refunding,
Mandatory
Put,
0.875%,
10/01/26
................................................
4,500,000
3,953,860
b
Public
Service
Co.
of
New
Mexico,
Revenue,
2010
B,
Refunding,
Mandatory
Put,
0.875%,
10/01/26
................................................
2,150,000
1,889,066
Southern
California
Edison
Co.,
Revenue,
2000
A,
Refunding,
2.4%,
6/01/35
.....
10,000,000
7,731,773
Maricopa
County
Unified
School
District
No.
11-Peoria
,
GO
,
2013
,
5
%
,
7/01/31
.....
5,100,000
5,105,234
McAllister
Academic
Village
LLC
,
Arizona
State
University,
Revenue,
2016
A,
Refunding,
5%,
7/01/33
............
2,000,000
2,098,253
Arizona
State
University,
Revenue,
2016
A,
Refunding,
5%,
7/01/38
............
2,000,000
2,075,029
Arizona
State
University,
Revenue,
2016
A,
Refunding,
5%,
7/01/39
............
1,000,000
1,034,659
Mohave
County
Union
High
School
District
No.
2
Colorado
River
,
GO
,
2017
,
5
%
,
7/01/35
.........................................................
1,000,000
1,059,521
Northern
Arizona
University
,
Revenue
,
2013
,
5
%
,
8/01/26
.....................
2,380,000
2,386,917
Pima
County
Unified
School
District
No.
20
Vail
,
GO
,
2016
,
Refunding
,
BAM
Insured
,
5
%
,
7/01/36
......................................................
3,305,000
3,434,426
Pima
County
Unified
School
District
No.
30
Sahuarita
,
GO,
2017,
BAM
Insured,
5%,
7/01/33
...................................
2,665,000
2,828,839
GO,
2017,
BAM
Insured,
5%,
7/01/34
...................................
2,800,000
2,962,283
Pima
County
Unified
School
District
No.
6
Marana
,
GO,
2017
C,
BAM
Insured,
5%,
7/01/36
.................................
2,385,000
2,524,161
GO,
2018
D,
AGMC
Insured,
5%,
7/01/38
................................
2,500,000
2,632,245
Pinal
County
Community
College
District
,
Revenue
,
2017
,
BAM
Insured
,
5
%
,
7/01/34
1,065,000
1,110,494
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue,
2016
A,
Refunding,
5%,
1/01/38
...............................
9,745,000
10,216,490
Revenue,
2017
A,
Refunding,
5%,
1/01/37
...............................
10,000,000
10,772,876
Revenue,
2017
A,
Refunding,
5%,
1/01/38
...............................
5,435,000
5,827,242
Revenue,
2017
A,
Refunding,
5%,
1/01/39
...............................
2,105,000
2,251,658
Revenue,
2019
A,
5%,
1/01/47
........................................
5,000,000
5,364,841
Revenue,
2023
A,
5%,
1/01/50
........................................
5,000,000
5,500,579
Salt
Verde
Financial
Corp.
,
Revenue,
2007-1,
5%,
12/01/32
.......................................
10,000,000
10,438,905
Revenue,
2007-1,
5%,
12/01/37
.......................................
5,000,000
5,084,461
State
of
Arizona
,
Distribution,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/27
.................
3,945,000
4,334,734
Distribution,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/28
.................
2,000,000
2,247,326
Distribution,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/29
.................
2,000,000
2,299,809
Distribution,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/36
.................
5,000,000
6,093,811
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)
State
of
Arizona,
(continued)
Distribution,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/37
.................
$
7,000,000
$
8,476,819
Student
&
Academic
Services
LLC
,
Revenue,
2014,
BAM
Insured,
5%,
6/01/33
..............................
1,000,000
1,011,448
Revenue,
2014,
BAM
Insured,
5%,
6/01/39
..............................
1,400,000
1,414,112
Revenue,
2014,
BAM
Insured,
5%,
6/01/44
..............................
3,155,000
3,180,347
Town
of
Gilbert
,
Pledged
,
Revenue,
Sub.
Lien
,
2015
,
5
%
,
7/01/45
...............
10,000,000
10,241,464
Town
of
Queen
Creek
,
Excise
Tax,
Revenue,
2018
A,
5%,
8/01/42
...............................
2,500,000
2,672,046
Excise
Tax,
Revenue,
2018
A,
5%,
8/01/47
...............................
5,000,000
5,312,809
University
of
Arizona
(The)
,
Revenue,
2014,
5%,
8/01/39
.........................................
10,000,000
10,066,415
Revenue,
2016,
Refunding,
5%,
6/01/39
.................................
2,750,000
2,841,649
Revenue,
2016
B,
Refunding,
5%,
6/01/42
...............................
2,000,000
2,049,560
Revenue,
2018
A,
5%,
6/01/43
........................................
5,000,000
5,315,124
Revenue,
2019
A,
5%,
6/01/42
........................................
1,000,000
1,074,385
692,427,216
Florida
0.1%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
800,000
535,666
Georgia
0.3%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
3,290,000
2,628,233
Oregon
0.2%
a
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
1,400,000
1,386,534
South
Carolina
0.7%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,900,000
1,515,110
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,900,000
1,510,534
a
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-2,
Zero
Cpn
.,
6/01/52
3,275,000
2,065,910
5,091,554
Texas
0.8%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
2,045,559
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
2,600,000
1,894,098
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,300,000
2,448,589
6,388,246
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
1,515,011
Wisconsin
1.6%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
1,900,000
1,497,703
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
3,300,000
2,632,227
FAH
Tree
House
LLC,
Revenue,
144A,
2023
A,
6.5%,
8/01/53
................
1,500,000
1,486,118
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
5,000,000
4,992,921
Pine
Forest
2022
Obligated
Group,
Revenue,
144A,
2022
A,
6.5%,
12/01/52
.....
1,500,000
1,474,879
12,083,848
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
196
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
4.1%
Guam
1.6%
Guam
Power
Authority
,
Revenue,
2014
A,
AGMC
Insured,
5%,
10/01/39
...........................
$
6,490,000
$
6,627,404
Revenue,
2014
A,
AGMC
Insured,
5%,
10/01/44
...........................
5,325,000
5,432,924
12,060,328
Puerto
Rico
2.5%
HTA
HRRB
Custodial
Trust
,
Revenue,
2007
CC,
5.5%,
7/01/31
.....................................
2,790,000
2,872,310
Revenue,
2007
CC,
5.25%,
7/01/32
....................................
1,970,000
1,994,022
HTA
TRRB
Custodial
Trust
,
Revenue,
2005
L,
5.25%,
7/01/41
.....................................
2,290,000
2,312,334
Revenue,
2007
N,
5.5%,
7/01/29
......................................
770,000
795,174
Revenue,
2007
N,
5.25%,
7/01/36
.....................................
750,000
756,585
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
3,700,000
3,656,861
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
474,935
456,531
Revenue,
2022
B,
Zero
Cpn
.,
7/01/32
...................................
308,644
196,618
Revenue,
2022
C,
Zero
Cpn
.,
7/01/53
..................................
527,963
322,056
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
1,550,000
1,437,252
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
4,906,000
4,699,691
19,499,434
Total
U.S.
Territories
....................................................................
31,559,762
Total
Municipal
Bonds
(Cost
$791,456,495)
.....................................
753,616,070
a
a
a
a
a
Total
Investments
(Cost
$791,456,495)
98.4%
...................................
$753,616,070
Other
Assets,
less
Liabilities
1.6%
.............................................
12,220,426
Net
Assets
100.0%
...........................................................
$765,836,496
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,
2023,
the
aggregate
value
of
these
securities
was
$29,031,668,
representing
3.8%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2023
Franklin
Colorado
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.2%
Software
0.2%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,400,000
$
1,392,721
Total
Corporate
Bonds
(Cost
$1,400,000)
.......................................
1,392,721
Municipal
Bonds
97.4%
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
2,000,000
1,657,427
Colorado
90.3%
Adams
State
University
,
Revenue,
2012,
5%,
5/15/37
.........................................
630,000
630,047
Revenue,
2019
A,
Refunding,
4%,
5/15/42
...............................
1,515,000
1,465,540
Anthem
West
Metropolitan
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/35
3,000,000
3,101,052
Arapahoe
County
School
District
No.
1
Englewood
,
GO
,
2017
,
5
%
,
12/01/42
.......
7,000,000
7,256,997
Arapahoe
County
School
District
No.
6
Littleton
,
GO
,
2019
A
,
5.5
%
,
12/01/43
......
12,980,000
14,288,239
Arapahoe
County
Water
&
Wastewater
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
12/01/37
........................................................
1,000,000
1,013,971
Board
of
Governors
of
Colorado
State
University
System
,
Revenue,
2013
A,
Refunding,
5%,
3/01/43
...............................
5,000,000
5,712,576
Revenue,
2015
A,
Pre-Refunded,
5%,
3/01/40
............................
3,990,000
4,114,193
Revenue,
2017
E,
Refunding,
4%,
3/01/43
...............................
4,500,000
4,364,666
Revenue,
2019
A,
Refunding,
5%,
3/01/49
...............................
4,000,000
4,263,558
Revenue,
A,
Refunding,
4%,
3/01/40
...................................
5,000,000
4,878,024
Board
of
Water
Commissioners
City
&
County
of
Denver
(The)
,
Revenue
,
2017
A
,
5
%
,
9/15/47
.........................................................
10,000,000
10,472,754
b
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-1
,
Refunding
,
5
%
,
12/01/49
........................................................
4,331,000
3,860,104
Castle
Oaks
Metropolitan
District
No.
3
,
GO
,
2020
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/45
........................................................
1,140,000
1,083,429
Centennial
Water
&
Sanitation
District
,
Revenue,
2019,
5%,
12/01/43
........................................
3,000,000
3,226,327
Revenue,
2019,
5.25%,
12/01/48
......................................
6,760,000
7,294,056
Cherokee
Metropolitan
District
,
Revenue,
2020,
BAM
Insured,
4%,
8/01/45
..............................
2,250,000
2,167,085
Revenue,
2020,
BAM
Insured,
4%,
8/01/50
..............................
1,400,000
1,322,103
City
&
County
of
Denver
,
Airport
System,
Revenue,
2013
B,
5%,
11/15/43
...........................
5,000,000
5,012,636
Airport
System,
Revenue,
2018
B,
Refunding,
5%,
12/01/43
..................
5,000,000
5,262,126
Airport
System,
Revenue,
2018
B,
Refunding,
5%,
12/01/48
..................
4,440,000
4,632,499
Airport
System,
Revenue,
2019
C,
Refunding,
5%,
11/15/35
..................
3,000,000
3,320,975
Airport
System,
Revenue,
2022
A,
5%,
11/15/37
...........................
4,250,000
4,570,003
Airport
System,
Revenue,
2022
D,
Refunding,
5%,
11/15/53
..................
5,000,000
5,198,919
Pledged
Excise
Tax,
Revenue,
2016
A,
Refunding,
4%,
8/01/46
...............
3,500,000
3,388,317
Pledged
Excise
Tax,
Revenue,
2018
A-1,
5%,
8/01/48
......................
5,000,000
5,086,774
Pledged
Excise
Tax,
Revenue,
2021
A,
4%,
8/01/34
........................
1,000,000
1,059,265
City
of
Colorado
Springs
,
Utilities
System,
Revenue,
2013
B-1,
5%,
11/15/38
.........................
4,000,000
4,018,566
Utilities
System,
Revenue,
2015
A,
Refunding,
5%,
11/15/45
.................
2,665,000
2,716,372
Utilities
System,
Revenue,
2017
A-2,
Refunding,
5%,
11/15/47
................
6,000,000
6,233,366
Utilities
System,
Revenue,
2018
A-4,
5%,
11/15/48
.........................
5,000,000
5,328,187
Utilities
System,
Revenue,
2020
C,
5%,
11/15/50
..........................
3,000,000
3,224,392
City
of
Fort
Collins
,
Electric
Utility
Enterprise
,
Revenue
,
2018
A
,
5
%
,
12/01/42
......
13,500,000
14,389,488
City
of
Grand
Junction
,
COP,
2021,
4%,
12/01/45
............................................
2,005,000
1,958,478
Sales
&
Use
Tax,
Revenue,
2020
B,
4%,
3/01/49
..........................
3,775,000
3,637,028
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Educational
&
Cultural
Facilities
Authority
,
Alexander
Dawson
School
LLC
(The),
Revenue,
2010,
5%,
2/15/40
............
$
5,280,000
$
5,282,992
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/36
....................
425,000
392,860
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/41
....................
150,000
129,993
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/51
....................
370,000
297,448
Aspen
View
Academy,
Inc.,
Revenue,
2021,
4%,
5/01/61
....................
550,000
422,071
Denver
School
of
Science
&
Technology,
Inc.,
Revenue,
2021,
3%,
8/01/41
......
1,460,000
1,129,014
Denver
School
of
Science
&
Technology,
Inc.,
Revenue,
2021,
3%,
8/01/51
......
3,635,000
2,495,362
Eagle
Ridge
Academy,
Revenue,
2022
A,
Refunding,
5%,
11/01/37
............
1,000,000
1,051,230
Golden
View
Classical
Academy,
Revenue,
2022,
Refunding,
4%,
1/01/26
.......
195,000
191,271
Golden
View
Classical
Academy,
Revenue,
2022,
Refunding,
4%,
1/01/32
.......
280,000
270,380
Golden
View
Classical
Academy,
Revenue,
2022,
Refunding,
4%,
1/01/52
.......
1,355,000
1,079,262
Golden
View
Classical
Academy,
Revenue,
2022,
Refunding,
4%,
1/01/62
.......
1,600,000
1,219,674
James
Irwin
Educational
Foundation
Obligated
Group,
Revenue,
2022,
5%,
9/01/52
750,000
723,587
James
Irwin
Educational
Foundation
Obligated
Group,
Revenue,
2022,
5%,
9/01/57
1,765,000
1,671,272
Lighthouse
Building
Corp.,
Revenue,
2021,
4%,
10/01/46
....................
345,000
282,749
Lighthouse
Building
Corp.,
Revenue,
2021,
4%,
10/01/56
....................
1,000,000
773,314
Lighthouse
Building
Corp.,
Revenue,
2021,
4%,
10/01/61
....................
2,210,000
1,657,543
Pinnacle
Charter
School,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
12/01/50
.......
5,820,000
5,206,181
Union
Colony
Schools,
Revenue,
2018,
Refunding,
5%,
4/01/48
...............
715,000
723,487
University
of
Denver,
Revenue,
2017,
5%,
3/01/47
.........................
3,950,000
4,119,716
West
Ridge
Academy
Charter
School,
Revenue,
2019
A,
Refunding,
5%,
6/01/49
..
400,000
401,620
Westgate
Community
School,
Revenue,
2021
A,
Refunding,
4%,
7/01/41
........
2,370,000
2,247,294
Windsor
Charter
Academy
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/50
2,400,000
2,094,449
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group,
Revenue,
2016
A,
Refunding,
4%,
11/15/41
......
3,000,000
2,954,288
AdventHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
11/15/37
......
5,000,000
5,419,612
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/35
.......................................................
1,575,000
1,585,041
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/37
.......................................................
850,000
832,192
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/38
.......................................................
705,000
683,002
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/39
.......................................................
835,000
804,255
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/40
.......................................................
725,000
687,755
BSLC
Obligated
Group,
Revenue,
2018
A-1,
Refunding,
5%,
9/15/48
...........
3,000,000
2,705,445
BSLC
Obligated
Group,
Revenue,
2018
A-1,
Refunding,
4.75%,
9/15/53
.........
1,500,000
1,223,462
Children's
Hospital
Colorado
Obligated
Group,
Revenue,
2016
A,
5%,
12/01/44
...
5,000,000
5,068,649
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/38
3,000,000
3,122,496
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/39
2,000,000
2,075,412
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/44
7,000,000
7,207,003
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
4%,
8/01/49
9,990,000
8,998,994
CommonSpirit
Health
Obligated
Group,
Revenue,
2022
A,
5.25%,
11/01/52
......
3,000,000
3,120,520
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2013
A,
Pre-
Refunded,
5.75%,
12/01/36
.........................................
5,000,000
5,058,925
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
12/01/35
...........................................
7,150,000
7,191,859
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2018
A,
5%,
12/01/48
.......................................................
5,000,000
4,859,094
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/50
...........................................
5,700,000
4,545,517
Craig
Hospital
Obligated
Group,
Revenue,
2022
A,
5%,
12/01/52
..............
3,535,000
3,641,155
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
6/01/40
............................................
4,000,000
4,141,118
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Health
Facilities
Authority,
(continued)
Evangelical
Lutheran
Good
Samaritan
Obligated
Group,
Revenue,
2015
A,
Pre-
Refunded,
5%,
6/01/45
............................................
$
2,750,000
$
2,847,019
Intermountain
Healthcare
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
1/01/38
........................................................
3,660,000
3,644,202
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2016,
5%,
9/01/46
.....
5,000,000
5,049,662
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/50
...
6,275,000
5,476,110
Sanford
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
11/01/44
..........
3,495,000
3,582,460
Sanford
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
11/01/49
..........
8,050,000
8,124,520
Valley
View
Hospital
Association,
Revenue,
2015,
5%,
5/15/40
................
2,000,000
2,011,604
Valley
View
Hospital
Association,
Revenue,
2015,
5%,
5/15/45
................
1,000,000
1,004,985
Colorado
High
Performance
Transportation
Enterprise
,
C-470
Express
Lanes
System
,
Revenue
,
2017
,
5
%
,
12/31/47
........................................
2,555,000
2,555,661
Colorado
Housing
and
Finance
Authority
,
Revenue,
2019
B-1,
I,
3.15%,
10/01/44
.................................
1,000,000
815,462
Revenue,
2019
B-1,
I,
3.25%,
10/01/49
.................................
1,000,000
797,747
Colorado
Mesa
University
,
Revenue,
2019
B,
5%,
5/15/44
........................................
1,000,000
1,065,288
Revenue,
2019
B,
5%,
5/15/49
........................................
1,565,000
1,656,517
Colorado
School
of
Mines
,
Revenue,
2017
A,
5%,
12/01/42
.......................................
2,450,000
2,587,134
Revenue,
2017
A,
5%,
12/01/47
.......................................
3,000,000
3,151,542
Crystal
Valley
Metropolitan
District
No.
2
,
GO
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
12/01/49
........................................................
3,000,000
2,252,797
Denver
City
&
County
School
District
No.
1
,
COP,
2020
A,
5%,
12/01/42
..........................................
2,000,000
2,196,402
GO,
2017,
5%,
12/01/41
.............................................
12,440,000
12,904,965
Denver
Convention
Center
Hotel
Authority
,
Revenue,
Senior
Lien
,
2016
,
Refunding
,
5
%
,
12/01/40
.....................................................
9,775,000
9,547,441
Denver
Health
&
Hospital
Authority
,
COP,
2018,
5%,
12/01/48
............................................
5,255,000
5,121,391
Revenue,
2014
A,
5.25%,
12/01/45
....................................
9,250,000
9,279,270
Revenue,
2019
A,
Refunding,
5%,
12/01/30
..............................
1,000,000
1,060,854
Revenue,
2019
A,
Refunding,
5%,
12/01/32
..............................
1,330,000
1,406,307
Revenue,
2019
A,
Refunding,
5%,
12/01/33
..............................
3,300,000
3,466,519
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
A
,
4
%
,
12/01/48
........................................................
350,000
300,739
Eagle
River
Water
&
Sanitation
District
,
GO
,
2016
,
5
%
,
12/01/45
................
1,360,000
1,406,332
East
Cherry
Creek
Valley
Water
and
Sanitation
District
,
Revenue
,
2019
A
,
4
%
,
11/15/39
1,200,000
1,205,024
Erie
Farm
Metropolitan
District
,
GO,
2021,
Refunding,
AGMC
Insured,
5%,
12/01/41
........................
575,000
621,733
GO,
2021,
Refunding,
AGMC
Insured,
5%,
12/01/46
........................
700,000
752,909
GO,
2021,
Refunding,
AGMC
Insured,
4%,
12/01/51
........................
1,200,000
1,065,596
b
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5.55
%
,
12/01/47
3,500,000
3,516,291
Flying
Horse
Metropolitan
District
No.
2
,
GO,
2020
A,
Refunding,
AGMC
Insured,
4%,
12/01/44
......................
520,000
497,898
GO,
2020
A,
Refunding,
AGMC
Insured,
4%,
12/01/50
......................
875,000
794,632
Gunnison
Watershed
School
District
No.
Re
1J
,
GO
,
2023
,
5
%
,
12/01/47
..........
3,250,000
3,575,265
Larimer
County
School
District
No.
R-1
Poudre
,
GO
,
2018
,
5
%
,
12/15/40
..........
5,000,000
5,360,306
North
Pine
Vistas
Metropolitan
District
No.
2
,
GO
,
2022
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/52
.....................................................
1,125,000
1,188,026
Park
70
Metropolitan
District
,
GO,
2016,
Refunding,
5%,
12/01/36
....................................
1,000,000
1,018,829
GO,
2016,
Refunding,
5%,
12/01/46
....................................
1,500,000
1,508,860
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)
Park
Creek
Metropolitan
District
,
Westerly
Creek
District
Service
Area,
Revenue,
2017
A,
5%,
12/01/41
..........
$
3,000,000
$
3,020,415
Westerly
Creek
District
Service
Area,
Revenue,
2017
A,
5%,
12/01/46
..........
2,500,000
2,506,509
Westerly
Creek
District
Service
Area,
Revenue,
Senior
Lien,
2015
A,
Refunding,
5%,
12/01/45
.......................................................
7,000,000
7,021,485
Westerly
Creek
District
Service
Area,
Revenue,
Senior
Lien,
2018
A,
5%,
12/01/46
.
2,875,000
3,002,000
Parker
Water
&
Sanitation
District
,
Revenue
,
2018
,
5
%
,
11/01/42
................
6,475,000
6,798,394
Patriot
Park
Metropolitan
District
No.
2
,
GO
,
2021
,
4.3
%
,
12/01/50
...............
539,000
411,598
Prairiestar
Metropolitan
District
No.
2
,
GO,
2021
A,
Refunding,
BAM
Insured,
5%,
12/01/36
.......................
500,000
550,353
GO,
2021
A,
Refunding,
BAM
Insured,
5%,
12/01/41
.......................
500,000
540,637
GO,
2021
A,
Refunding,
BAM
Insured,
5%,
12/01/46
.......................
500,000
537,792
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
9,900,000
11,591,481
Regional
Transportation
District
,
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
1/15/33
........
550,000
561,573
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/35
........
1,000,000
1,010,967
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/36
........
750,000
751,574
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/38
........
700,000
687,558
Sales
Tax,
Revenue,
2016
A,
5%,
11/01/41
...............................
10,000,000
10,355,640
Sales
Tax,
Revenue,
2016
A,
5%,
11/01/46
...............................
11,000,000
11,299,077
Sand
Creek
Metropolitan
District
,
GO
,
2020
B
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/40
........................................................
2,665,000
2,646,876
Silver
Peaks
Metropolitan
District
No.
3
,
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/50
....
1,000,000
863,051
South
Timnath
Metropolitan
District
No.
2
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/42
.....
5,690,000
5,748,206
State
of
Colorado
,
COP,
2013
I,
Pre-Refunded,
5%,
3/15/36
................................
3,000,000
3,036,665
COP,
2017
J,
5.25%,
3/15/42
.........................................
5,000,000
5,198,478
COP,
2020,
Refunding,
4%,
6/15/40
....................................
1,315,000
1,311,489
COP,
2020
A,
4%,
12/15/38
..........................................
3,555,000
3,578,114
COP,
2020
R,
4%,
3/15/45
...........................................
5,000,000
4,829,668
Sterling
Hills
West
Metropolitan
District
,
GO
,
2017
,
Refunding
,
5
%
,
12/01/39
.......
1,125,000
1,174,363
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
3.75%,
12/01/40
.................................................
500,000
400,879
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
4.25%,
12/01/50
.................................................
1,250,000
973,899
Thompson
Crossing
Metropolitan
District
No.
2
,
GO
,
2016
B
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/46
..............................................
4,500,000
4,648,850
Town
of
Monument
,
COP
,
2020
,
AGMC
Insured
,
4
%
,
12/01/45
..................
2,000,000
1,950,737
University
of
Colorado
,
Revenue
,
2019
B
,
5
%
,
6/01/44
.......................
1,930,000
2,065,436
Vauxmont
Metropolitan
District
,
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/15/27
........................
380,000
400,441
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/15/32
........................
480,000
505,373
Whispering
Pines
Metropolitan
District
No.
1
,
GO
,
2023
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/52
.....................................................
900,000
923,543
Winter
Farm
Metropolitan
District
No.
2
,
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/01/39
........................
630,000
666,985
GO,
2019,
Refunding,
AGMC
Insured,
5%,
12/01/44
........................
500,000
524,129
485,853,209
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)
Florida
1.2%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
$
4,104,000
$
3,401,843
b
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
800,000
535,666
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
3,215,000
2,628,263
6,565,772
Georgia
0.4%
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
2,400,000
1,917,252
Illinois
0.8%
State
of
Illinois
,
GO,
2003,
5.1%,
6/01/33
............................................
3,000,000
2,968,847
GO,
2021
A,
5%,
3/01/33
............................................
500,000
549,681
GO,
2021
A,
5%,
3/01/37
............................................
250,000
267,839
GO,
2021
A,
4%,
3/01/39
............................................
500,000
484,496
4,270,863
New
York
0.2%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
D
,
4
%
,
11/15/47
...........
900,000
827,748
South
Carolina
0.8%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,400,000
1,116,396
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,400,000
1,113,025
b
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-1,
Zero
Cpn.,
6/01/37
2,100,000
1,386,415
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
750,000
570,079
4,185,915
Texas
0.6%
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
1,800,000
1,311,298
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,400,000
1,780,792
3,092,090
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,400,000
1,116,324
Wisconsin
1.2%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
1,400,000
1,103,571
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
2,400,000
1,914,347
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
3,700,000
3,694,761
6,712,679
U.S.
Territories
1.4%
Guam
0.3%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
1,500,000
1,506,485
Puerto
Rico
1.1%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.5
%
,
7/01/31
.................
1,670,000
1,719,253
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
..................
1,485,000
1,499,482
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,200,000
1,186,009
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
See
Abbreviations
on
page
196
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Electric
Power
Authority,
(continued)
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
$
1,000,000
$
988,234
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
750,000
718,461
6,111,439
Total
U.S.
Territories
....................................................................
7,617,924
Total
Municipal
Bonds
(Cost
$556,546,269)
.....................................
523,817,203
Total
Long
Term
Investments
(Cost
$557,946,269)
...............................
525,209,924
a
a
a
a
a
Short
Term
Investments
1.0%
Municipal
Bonds
1.0%
Colorado
1.0%
c
City
&
County
of
Denver
,
COP,
2008
A-1,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
4%,
12/01/29
...................................................
4,000,000
4,000,000
COP,
2008
A-3,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
4%,
12/01/31
...................................................
1,000,000
1,000,000
c
Colorado
Educational
&
Cultural
Facilities
Authority
,
Daughters
of
Israel,
Inc.
,
Revenue
,
B-4
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
12/01/35
..................
400,000
400,000
5,400,000
Total
Municipal
Bonds
(Cost
$5,400,000)
.......................................
5,400,000
Total
Short
Term
Investments
(Cost
$5,400,000
)
.................................
5,400,000
a
Total
Investments
(Cost
$563,346,269)
98.6%
...................................
$530,609,924
Other
Assets,
less
Liabilities
1.4%
.............................................
7,247,798
Net
Assets
100.0%
...........................................................
$537,857,722
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$26,451,559,
representing
4.9%
of
net
assets.
c
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2023
Franklin
Connecticut
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.2%
Connecticut
90.1%
City
of
Ansonia
,
GO
,
2021
A
,
AGMC
Insured
,
3
%
,
2/15/37
.....................
$
500,000
$
447,225
City
of
Bridgeport
,
GO,
2021
A,
4%,
8/01/40
............................................
765,000
740,181
GO,
2021
A,
4%,
8/01/46
............................................
375,000
347,400
GO,
2021
A,
4%,
8/01/51
............................................
575,000
517,746
City
of
New
Britain
,
GO
,
2017
C
,
AGMC
Insured
,
5
%
,
3/01/36
..................
1,000,000
1,054,325
City
of
New
Haven
,
GO
,
2021
A
,
Refunding
,
4
%
,
8/01/41
......................
2,000,000
1,856,933
City
of
Stamford
,
Water
Pollution
Control
System
&
Facility
,
Revenue
,
2013
A
,
5.25
%
,
8/15/43
.........................................................
1,000,000
1,001,863
City
of
West
Haven
,
GO
,
2021
,
4
%
,
9/15/41
...............................
565,000
530,674
Connecticut
Housing
Finance
Authority
,
Revenue,
2019
E-E1,
3.05%,
11/15/44
..................................
5,000,000
3,924,068
Revenue,
2019
E-E1,
3.1%,
11/15/49
...................................
2,000,000
1,498,602
Revenue,
2020
C-1,
Refunding,
2.05%,
5/15/37
...........................
1,000,000
783,029
Revenue,
2020
C-2,
Refunding,
2.2%,
11/15/34
...........................
960,000
777,036
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Avon
Old
Farms
School
Obligated
Group,
Revenue,
D-1,
Refunding,
4%,
7/01/46
..
1,000,000
919,197
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/36
480,000
490,792
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/37
600,000
608,059
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/38
315,000
316,771
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/39
380,000
376,907
Choate
Rosemary
Hall
Foundation,
Inc.
(The),
Revenue,
F,
Refunding,
4%,
7/01/42
860,000
848,876
Connecticut
Children's
Medical
Center
Obligated
Group,
Revenue,
E,
5.25%,
7/15/48
1,560,000
1,675,574
Connecticut
College,
Revenue,
L-1,
Refunding,
4%,
7/01/46
..................
5,000,000
4,520,917
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2018
B,
5%,
12/01/40
.......................................................
4,000,000
3,965,800
Fairfield
University,
Revenue,
Q-1,
5%,
7/01/46
...........................
9,000,000
9,170,691
Hartford
HealthCare
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/46
..........
6,000,000
5,552,000
Jerome
Home,
Revenue,
2021
E,
Refunding,
4%,
7/01/41
...................
735,000
602,767
Jerome
Home,
Revenue,
2021
E,
Refunding,
4%,
7/01/51
...................
1,250,000
937,815
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/38
.....
1,000,000
899,931
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/41
.....
6,310,000
5,634,823
Quinnipiac
University,
Revenue,
L,
Refunding,
5%,
7/01/45
..................
8,250,000
8,373,585
Sacred
Heart
University,
Inc.,
Revenue,
I-1,
Refunding,
5%,
7/01/42
............
4,375,000
4,504,940
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/35
.....................
550,000
600,713
Sacred
Heart
University,
Inc.,
Revenue,
K,
4%,
7/01/45
.....................
1,200,000
1,102,451
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
4%,
7/01/37
...
2,550,000
2,425,902
Taft
School
Corp.
(The),
Revenue,
L,
Refunding,
3%,
7/01/46
.................
2,210,000
1,745,839
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016,
5%,
12/01/41
............
5,000,000
5,111,751
Trustees
of
Trinity
College
(The),
Revenue,
R,
Refunding,
4%,
6/01/45
..........
2,500,000
2,286,030
Trustees
of
Trinity
College
(The),
Revenue,
S,
Refunding,
4%,
6/01/51
..........
4,000,000
3,544,266
University
of
Hartford
(The),
Revenue,
2022
P,
5.375%,
7/01/52
...............
2,000,000
1,931,209
Yale-New
Haven
Health
Obligated
Group,
Revenue,
N,
5%,
7/01/48
............
5,000,000
4,992,145
Connecticut
State
Higher
Education
Supplement
Loan
Authority
,
Revenue,
2020
B,
3.25%,
11/15/36
....................................
1,640,000
1,436,593
Revenue,
2020
D,
Pre-Refunded,
3%,
11/15/35
...........................
1,145,000
1,145,113
Revenue,
2021
B,
2.25%,
11/15/37
....................................
2,500,000
1,949,377
Hartford
County
Metropolitan
District
,
Clean
Water
Project
,
Revenue
,
2014
A
,
Pre-
Refunded
,
5
%
,
11/01/42
.............................................
2,500,000
2,559,770
South
Central
Connecticut
Regional
Water
Authority
,
Revenue,
Second
Series
,
32nd
B
,
Refunding
,
5
%
,
8/01/38
.............................................
1,720,000
1,795,548
State
of
Connecticut
,
GO,
2020
A,
4%,
1/15/38
............................................
7,250,000
7,342,936
GO,
2020
C,
4%,
6/01/39
............................................
600,000
603,236
Special
Tax,
2016
A,
5%,
9/01/33
......................................
1,000,000
1,055,808
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
(continued)
State
of
Connecticut,
(continued)
Special
Tax,
2018
A,
5%,
1/01/36
......................................
$
1,000,000
$
1,071,700
Special
Tax,
2020
A,
5%,
5/01/35
......................................
4,500,000
5,032,439
Special
Tax,
2020
A,
4%,
5/01/39
......................................
1,000,000
1,005,874
Special
Tax,
2020
A,
5%,
5/01/40
......................................
2,000,000
2,174,526
Special
Tax,
2021
A,
4%,
5/01/40
......................................
1,100,000
1,098,611
Special
Tax,
2021
A,
5%,
5/01/41
......................................
1,500,000
1,639,288
Bradley
International
Airport
CFC,
Revenue,
2019
A,
5%,
7/01/49
..............
1,400,000
1,399,966
Clean
Water
Fund
-
State
Revolving
Fund,
Revenue,
2015
A,
5%,
3/01/34
.......
3,000,000
3,087,700
Clean
Water
Fund
-
State
Revolving
Fund,
Revenue,
2017
A,
5%,
5/01/37
.......
1,000,000
1,063,284
Town
of
Hamden
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
..............
500,000
486,513
Town
of
Stafford
,
GO,
2021,
Refunding,
3%,
2/01/36
.....................................
250,000
228,771
GO,
2021,
Refunding,
3%,
2/01/38
.....................................
310,000
270,611
GO,
2021,
Refunding,
3%,
2/01/41
.....................................
300,000
253,457
Town
of
Stratford
,
GO,
2017,
AGMC
Insured,
5%,
7/01/33
.................................
1,000,000
1,039,848
GO,
2020
A,
Refunding,
BAM
Insured,
4%,
7/01/36
........................
300,000
304,123
GO,
2020
A,
Refunding,
BAM
Insured,
4%,
7/01/38
........................
300,000
298,717
GO,
2020
A,
Refunding,
BAM
Insured,
4%,
7/01/40
........................
300,000
294,337
University
of
Connecticut
,
Revenue,
2013
A,
5%,
8/15/28
........................................
3,000,000
3,006,677
Revenue,
2017
A,
5%,
1/15/37
........................................
1,000,000
1,053,391
129,317,047
Florida
0.2%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
500,000
334,792
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
499,284
Illinois
0.7%
State
of
Illinois
,
GO
,
2020
C
,
4
%
,
10/01/42
................................
1,000,000
935,328
New
Jersey
0.4%
New
Jersey
Economic
Development
Authority
,
Revenue,
2021
QQQ,
4%,
6/15/35
.....................................
300,000
304,253
Revenue,
2021
QQQ,
4%,
6/15/36
.....................................
100,000
100,469
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2020
AA
,
3
%
,
6/15/50
...
230,000
171,244
575,966
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
500,000
398,713
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
500,000
397,509
a
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-1,
Zero
Cpn.,
6/01/37
750,000
495,148
1,291,370
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
See
Abbreviations
on
page
196
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
0.9%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
$
500,000
$
364,250
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/47
.................................
780,000
535,997
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
615,000
456,328
1,356,575
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
398,687
Wisconsin
0.9%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
400,000
315,306
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
1,000,000
998,584
1,313,890
U.S.
Territories
2.5%
Puerto
Rico
2.5%
HTA
HRRB
Custodial
Trust
,
Revenue,
2007
CC,
5.5%,
7/01/31
.....................................
1,480,000
1,523,663
Revenue,
2007
CC,
5.25%,
7/01/34
....................................
2,010,000
2,025,741
3,549,404
Total
U.S.
Territories
....................................................................
3,549,404
Total
Municipal
Bonds
(Cost
$151,568,536)
.....................................
139,572,343
a
a
a
a
Short
Term
Investments
1.6%
Municipal
Bonds
1.6%
Connecticut
1.6%
b
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Yale
University
,
Revenue
,
2001
V-2
,
Daily
VRDN
and
Put
,
3.4
%
,
7/01/36
............................
2,300,000
2,300,000
Total
Municipal
Bonds
(Cost
$2,300,000)
.......................................
2,300,000
Total
Short
Term
Investments
(Cost
$2,300,000
)
.................................
2,300,000
a
Total
Investments
(Cost
$153,868,536)
98.8%
...................................
$141,872,343
Other
Assets,
less
Liabilities
1.2%
.............................................
1,660,253
Net
Assets
100.0%
...........................................................
$143,532,596
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,
2023,
the
aggregate
value
of
these
securities
was
$4,261,092,
representing
3.0%
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,
2023
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Shares
a
Value
a
Management
Investment
Companies
2.1%
Capital
Markets
2.1%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
2,115,000
$
49,893,273
Total
Management
Investment
Companies
(Cost
$57,603,313)
....................
49,893,273
Principal
Amount
a
a
a
a
Municipal
Bonds
96.7%
Alabama
4.9%
b
Black
Belt
Energy
Gas
District
,
Revenue,
2022
A,
Mandatory
Put,
4%,
12/01/29
...........................
$
7,000,000
6,779,387
Revenue,
2022
C-1,
Mandatory
Put,
5.25%,
6/01/29
........................
8,570,000
8,955,023
Revenue,
2022
E,
Mandatory
Put,
5%,
6/01/28
............................
7,000,000
7,321,051
Revenue,
2022
F,
Mandatory
Put,
5.5%,
12/01/28
.........................
6,970,000
7,390,896
Revenue,
2023
B-2,
Mandatory
Put,
5.25%,
12/01/30
.......................
4,000,000
4,299,471
Chatom
Industrial
Development
Board
,
PowerSouth
Energy
Cooperative,
Revenue,
2020,
Refunding,
AGMC
Insured,
5%,
8/01/28
........................................................
500,000
536,087
PowerSouth
Energy
Cooperative,
Revenue,
2020,
Refunding,
AGMC
Insured,
5%,
8/01/29
........................................................
485,000
526,416
PowerSouth
Energy
Cooperative,
Revenue,
2020,
Refunding,
AGMC
Insured,
5%,
8/01/30
........................................................
425,000
465,597
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
2,160,886
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
5,063,077
Infirmary
Health
System
Obligated
Group,
Revenue,
2016
A,
5%,
2/01/28
.......
5,000,000
5,156,086
Madison
City
Board
of
Education
,
Special
Tax,
2019,
4%,
2/01/33
.......................................
2,855,000
2,973,506
Special
Tax,
2019,
4%,
2/01/34
.......................................
2,970,000
3,084,208
Special
Tax,
2019,
4%,
2/01/35
.......................................
3,095,000
3,182,723
Special
Tax,
2019,
4%,
2/01/37
.......................................
3,350,000
3,380,262
b
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue,
2022
A-1,
Mandatory
Put,
5.5%,
12/01/29
........................
4,585,000
4,889,740
Revenue,
2022
B-2,
Mandatory
Put,
5.18%,
8/01/28
........................
15,000,000
14,909,560
Revenue,
2023
A,
Mandatory
Put,
5.25%,
7/01/29
.........................
32,500,000
34,123,502
115,197,478
Alaska
0.1%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue,
2020,
Refunding,
4%,
12/01/35
................................
1,710,000
1,751,837
Revenue,
2020,
Refunding,
4%,
12/01/37
................................
1,305,000
1,313,301
3,065,138
Arizona
4.3%
Arizona
Department
of
Transportation
,
State
Highway
Fund
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/29
.............................................
10,920,000
11,112,146
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/29
.......................................................
1,100,000
1,174,875
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/30
.......................................................
600,000
640,359
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/31
.......................................................
630,000
670,662
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/32
.......................................................
1,000,000
1,061,816
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/35
.......................................................
1,115,000
1,174,361
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/36
.......................................................
$
1,250,000
$
1,302,670
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2019
A,
5%,
11/01/37
.......................................................
1,050,000
1,089,179
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/37
.......................................................
1,105,000
1,055,760
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/38
.......................................................
600,000
570,145
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2022
A,
4%,
11/01/41
.......................................................
6,000,000
5,542,868
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
A,
5%,
7/01/27
.............
55,000
56,728
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
A,
5%,
7/01/28
.............
60,000
62,462
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
A,
5%,
7/01/29
.............
60,000
63,006
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
A,
5%,
7/01/30
.............
65,000
68,678
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
A,
5%,
7/01/31
.............
70,000
74,351
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
5%,
7/01/27
.............
160,000
164,337
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
5%,
7/01/28
.............
170,000
175,142
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
5%,
7/01/29
.............
160,000
165,240
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
5%,
7/01/30
.............
185,000
191,001
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
5%,
7/01/31
.............
195,000
201,229
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
5%,
2/01/35
.....
500,000
554,101
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
5%,
2/01/36
.....
750,000
825,192
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
5%,
2/01/37
.....
600,000
654,422
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
5%,
2/01/38
.....
1,000,000
1,077,992
Phoenix
Children's
Hospital
Obligated
Group,
Revenue,
2020
A,
3%,
2/01/39
.....
1,200,000
996,352
City
of
Mesa
,
Utility
System
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/29
............
2,500,000
2,638,960
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport,
Revenue,
Junior
Lien,
2017
D,
Refunding,
5%,
7/01/30
...............
10,000,000
10,690,463
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/35
........................
7,500,000
7,998,114
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/36
........................
6,225,000
6,594,952
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/35
..................................................
3,340,000
3,605,133
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/36
..................................................
6,380,000
6,844,843
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
5%,
7/01/39
..................................................
6,365,000
6,745,482
Glendale
Industrial
Development
Authority
,
Midwestern
University
Foundation,
Revenue,
2020,
Refunding,
5%,
5/15/30
......
525,000
589,294
Midwestern
University
Foundation,
Revenue,
2020,
Refunding,
5%,
5/15/31
......
425,000
475,224
Midwestern
University
Foundation,
Revenue,
2020,
Refunding,
5%,
5/15/32
......
525,000
585,828
c
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
B-3
,
5.125
%
,
11/15/29
......
3,000,000
2,958,669
Maricopa
County
Industrial
Development
Authority
,
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/30
.......
850,000
917,747
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/31
.......
1,000,000
1,079,683
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/32
.......
1,000,000
1,078,948
HonorHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/33
.......
800,000
861,159
Pima
County
Regional
Transportation
Authority
,
Excise
Tax,
Revenue,
2014,
5%,
6/01/24
................................
3,385,000
3,389,632
Excise
Tax,
Revenue,
2014,
5%,
6/01/26
................................
7,180,000
7,187,958
Scottsdale
Municipal
Property
Corp.
,
City
of
Scottsdale
Excise
Tax,
Revenue,
2015,
Refunding,
5%,
7/01/26
..........
2,580,000
2,673,182
City
of
Scottsdale
Excise
Tax,
Revenue,
2015,
Pre-Refunded,
5%,
7/01/28
.......
3,325,000
3,451,213
101,091,558
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arkansas
0.5%
Arkansas
Development
Finance
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/35
........................................................
$
4,630,000
$
4,836,119
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/36
........................................................
3,625,000
3,751,054
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/37
........................................................
1,250,000
1,285,079
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/38
........................................................
1,000,000
1,025,014
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/39
........................................................
1,000,000
1,021,494
11,918,760
California
4.7%
Bay
Area
Toll
Authority
,
Revenue,
2017
S-7,
Refunding,
4%,
4/01/31
.............................
7,000,000
7,250,603
Revenue,
2017
S-7,
Refunding,
4%,
4/01/33
.............................
5,000,000
5,164,903
b
California
Community
Choice
Financing
Authority
,
Revenue,
2021
A,
Mandatory
Put,
4%,
12/01/27
...........................
2,000,000
2,001,138
Revenue,
2023
C,
Mandatory
Put,
5.25%,
10/01/31
........................
11,000,000
11,505,626
c
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..............................................
6,800,000
5,561,836
b
California
Infrastructure
&
Economic
Development
Bank
,
California
Academy
of
Sciences,
Revenue,
2018
B,
Refunding,
Mandatory
Put,
3.76%,
8/01/24
..................................................
2,000,000
1,975,304
c
DesertXpress
Enterprises
LLC,
Revenue,
144A,
2020
A,
Mandatory
Put,
3.65%,
1/31/24
........................................................
5,000,000
4,982,692
California
Statewide
Communities
Development
Authority
,
Emanate
Health
Obligated
Group,
Revenue,
2020
A,
5%,
4/01/35
.............
1,300,000
1,404,744
Emanate
Health
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/37
.............
700,000
691,648
Emanate
Health
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/38
.............
1,350,000
1,320,472
Southern
California
Edison
Co.,
Revenue,
2010
A,
Refunding,
1.75%,
9/01/29
....
7,000,000
5,880,260
City
of
Riverside
,
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/34
.........................
10,605,000
11,104,613
Sewer,
Revenue,
2015
A,
Refunding,
5%,
8/01/35
.........................
11,000,000
11,457,743
c
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
5,500,000
4,293,198
c
CSCDA
Community
Improvement
Authority
,
Waterscape
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
9/01/46
...............................................
4,825,000
3,854,575
Golden
State
Tobacco
Securitization
Corp.
,
Revenue,
2021
B-1,
Refunding,
1.85%,
6/01/31
...........................
705,000
705,000
Revenue,
2021
B-1,
Refunding,
3.85%,
6/01/50
...........................
5,000,000
4,533,510
Los
Angeles
Department
of
Water
&
Power
,
Power
System,
Revenue,
2017
B,
Refunding,
5%,
7/01/31
...................
8,220,000
8,867,204
Power
System,
Revenue,
2017
C,
5%,
7/01/32
............................
4,615,000
5,014,245
Power
System,
Revenue,
2017
C,
5%,
7/01/33
............................
3,960,000
4,297,067
Power
System,
Revenue,
2017
C,
5%,
7/01/34
............................
4,080,000
4,425,332
San
Diego
Public
Facilities
Financing
Authority
,
City
of
San
Diego
Water
Utility
,
Revenue
,
2020
A
,
4
%
,
8/01/37
........................................
1,250,000
1,293,229
d
Southern
California
Public
Power
Authority
,
Revenue
,
FRN
,
2007
B
,
5.02
%
,
(
3-month
USD
LIBOR
+
1.47
%
),
11/01/38
.......................................
3,000,000
2,673,809
110,258,751
Colorado
4.7%
City
&
County
of
Denver
,
Airport
System,
Revenue,
2022
D,
Refunding,
5.75%,
11/15/41
...............
5,325,000
6,035,105
Airport
System,
Revenue,
B,
5.25%,
11/15/26
.............................
5,000,000
5,035,835
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
City
&
County
of
Denver,
(continued)
Airport
System,
Revenue,
B,
5.25%,
11/15/27
.............................
$
4,250,000
$
4,282,481
Colorado
Health
Facilities
Authority
,
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/29
.......................................................
650,000
702,760
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/30
.......................................................
700,000
764,011
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/32
.......................................................
750,000
813,222
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/33
.......................................................
1,000,000
1,081,434
Boulder
Community
Health
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
10/01/34
.......................................................
1,100,000
1,188,672
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/33
2,000,000
2,134,957
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/36
8,500,000
8,925,481
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
8/01/37
2,250,000
2,182,421
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
8/01/39
1,250,000
1,193,079
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/32
2,000,000
2,136,925
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/33
3,000,000
3,202,436
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/35
4,500,000
4,756,647
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/38
2,000,000
2,081,664
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/39
5,500,000
5,707,384
CommonSpirit
Health
Obligated
Group,
Revenue,
2022
A,
5%,
11/01/40
.........
3,000,000
3,117,633
c
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5
%
,
12/01/32
..
1,000,000
1,009,187
Fort
Carson
Family
Housing
LLC
,
Revenue
,
1999
,
NATL
Insured
,
7.86
%
,
11/15/29
..
30,225,000
33,125,391
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
4,200,000
4,917,598
Regional
Transportation
District
,
COP,
2013
A,
Refunding,
5%,
6/01/26
..................................
14,000,000
14,009,197
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/33
........
1,000,000
1,025,920
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/35
........
1,400,000
1,415,353
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
3.375
%
,
12/01/30
................
500,000
439,381
111,284,174
Connecticut
1.6%
City
of
Stamford
,
GO,
2019,
3%,
6/01/35
.............................................
3,025,000
2,860,672
GO,
2019,
3%,
6/01/36
.............................................
3,025,000
2,784,298
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/38
..........
2,500,000
2,396,086
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
7/01/33
.....
5,000,000
5,070,811
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/35
.....
250,000
231,162
Nuvance
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
7/01/36
.....
4,750,000
4,361,218
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/32
.....................
700,000
771,604
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/33
.....................
625,000
687,502
Sacred
Heart
University,
Inc.,
Revenue,
K,
5%,
7/01/34
.....................
725,000
796,455
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/26
...
200,000
206,301
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/27
...
250,000
260,908
State
of
Connecticut
,
GO,
2020
C,
4%,
6/01/34
............................................
1,500,000
1,581,844
GO,
2021
A,
3%,
1/15/33
............................................
3,500,000
3,352,972
Special
Tax,
2020
A,
4%,
5/01/36
......................................
3,500,000
3,617,466
University
of
Connecticut
,
Revenue,
2016
A,
5%,
3/15/30
........................................
3,075,000
3,216,737
Revenue,
2016
A,
5%,
3/15/31
........................................
5,025,000
5,253,888
37,449,924
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
7.1%
Alachua
County
Health
Facilities
Authority
,
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/31
.......................................................
$
5,000,000
$
5,346,992
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/32
.......................................................
1,600,000
1,709,734
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/33
.......................................................
3,445,000
3,675,473
Shands
Teaching
Hospital
&
Clinics
Obligated
Group,
Revenue,
B-1,
Refunding,
5%,
12/01/35
.......................................................
2,350,000
2,484,747
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/30
............................................
1,000,000
1,046,116
c
Capital
Trust
Agency,
Inc.
,
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
5,345,000
4,402,568
Revenue,
144A,
2021
A-2,
5.1%,
12/01/31
...............................
1,850,000
1,595,062
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1
T,
5.05%,
7/01/34
..........
855,000
739,339
Centre
Lake
Community
Development
District
,
Special
Assessments
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/30
....................................
255,000
226,347
City
of
Clearwater
,
Water
&
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/33
......
5,520,000
5,831,770
City
of
Gainesville
,
Utilities
System
,
Revenue
,
2017
A
,
5
%
,
10/01/30
.............
1,500,000
1,627,245
City
of
Jacksonville
,
Genesis
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/39
.....................................................
1,650,000
1,538,638
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/40
........................................................
2,500,000
1,978,534
John
Knox
Village
of
Florida,
Inc.
Obligated
Group,
Revenue,
2021
B-1,
2%,
1/01/29
4,300,000
3,601,675
City
of
Port
St.
Lucie
,
Utility
System,
Revenue,
2016,
Refunding,
4%,
9/01/30
.....................
1,500,000
1,539,001
Utility
System,
Revenue,
2016,
Refunding,
4%,
9/01/31
.....................
1,635,000
1,673,886
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/33
...................
6,000,000
6,065,924
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/38
..................................................
700,000
682,224
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/39
..................................................
500,000
481,795
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
5%,
7/01/40
..................................................
1,000,000
1,025,464
Escambia
County
Health
Facilities
Authority
,
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/34
...............................
1,000,000
1,045,892
Greater
Orlando
Aviation
Authority
,
Revenue,
2019
A,
5%,
10/01/33
.......................................
10,500,000
11,282,148
Revenue,
2019
A,
4%,
10/01/37
.......................................
8,430,000
8,262,286
Herons
Glen
Recreation
District
,
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/32
.............
185,000
179,240
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/33
.............
300,000
287,729
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/34
.............
245,000
229,691
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/35
.............
255,000
236,234
Special
Assessment,
2020,
Refunding,
BAM
Insured,
3%,
5/01/36
.............
260,000
233,980
JEA
Water
&
Sewer
System
,
Revenue,
2014
A,
5%,
10/01/26
.......................................
1,455,000
1,473,820
Revenue,
2014
A,
5%,
10/01/27
.......................................
5,130,000
5,194,249
Revenue,
2014
A,
5%,
10/01/29
.......................................
1,205,000
1,219,498
Revenue,
2017
A,
Refunding,
5%,
10/01/31
..............................
17,435,000
18,986,579
Lee
Memorial
Health
System
,
Lee
Memorial
Health
System
Obligated
Group,
Revenue,
A-1,
Refunding,
4%,
4/01/37
........................................................
5,000,000
4,929,962
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
4/01/49
................
12,000,000
10,805,687
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
5/01/57
$
6,965,000
$
5,868,012
Leon
County
School
District
,
Revenue
,
2014
,
5
%
,
9/01/25
.....................
6,040,000
6,063,662
Middleton
Community
Development
District
A
,
Special
Assessment
,
2022
,
5.45
%
,
5/01/32
.........................................................
1,000,000
1,021,024
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/28
.....
1,000,000
1,056,100
Orlando
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/30
.....
2,875,000
3,033,373
Orlando
Utilities
Commission
,
Revenue,
2012
A,
Refunding,
5%,
10/01/25
..............................
2,000,000
2,081,377
Revenue,
2018
A,
5%,
10/01/33
.......................................
1,755,000
1,904,670
Palm
Beach
County
School
District
,
COP
,
2014
B
,
5
%
,
8/01/25
.................
4,000,000
4,152,764
Poitras
East
Community
Development
District
,
Special
Assessment,
2023,
4.2%,
5/01/33
...............................
800,000
785,969
Special
Assessment,
2023,
5%,
5/01/43
.................................
2,000,000
1,938,603
River
Hall
Community
Development
District
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/31
......................................................
500,000
439,478
State
of
Florida
,
GO,
2015
E,
Refunding,
4%,
6/01/33
...................................
11,855,000
11,971,846
GO,
2017
C,
Refunding,
4%,
6/01/32
...................................
7,855,000
8,190,075
GO,
2017
C,
Refunding,
4%,
6/01/33
...................................
5,000,000
5,199,501
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
4
%
,
10/01/32
..........
2,855,000
2,915,915
168,261,898
Georgia
4.8%
City
of
Atlanta
,
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014
A,
Refunding,
5%,
1/01/27
........................................................
7,000,000
7,060,899
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2014
A,
Refunding,
5%,
1/01/28
........................................................
5,100,000
5,144,498
Water
&
Wastewater,
Revenue,
2015,
Refunding,
5%,
11/01/26
...............
5,165,000
5,352,033
Water
&
Wastewater,
Revenue,
2018
C,
Refunding,
5%,
11/01/33
..............
6,750,000
7,297,242
Water
&
Wastewater,
Revenue,
2018
C,
Refunding,
5%,
11/01/34
..............
3,000,000
3,231,746
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/32
900,000
916,654
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/33
565,000
573,325
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/34
450,000
456,376
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/35
865,000
877,082
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
4/01/36
1,400,000
1,405,652
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/32
250,000
254,626
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/33
250,000
253,684
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/34
275,000
278,897
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/35
275,000
278,841
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/36
275,000
276,110
Development
Authority
for
Fulton
County
,
Spelman
College,
Revenue,
2015,
Refunding,
5%,
6/01/28
...................
3,785,000
3,888,944
Spelman
College,
Revenue,
2015,
Refunding,
5%,
6/01/29
...................
4,385,000
4,502,012
Spelman
College,
Revenue,
2015,
Refunding,
5%,
6/01/30
...................
4,805,000
4,932,286
b
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
......................
2,375,000
2,096,443
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/27
........................................................
1,750,000
1,838,215
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/28
........................................................
2,100,000
2,218,776
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/29
........................................................
2,000,000
2,118,729
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Gainesville
&
Hall
County
Hospital
Authority,
(continued)
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
A,
Refunding,
5%,
2/15/30
........................................................
$
1,000,000
$
1,060,613
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2021
C,
4%,
12/01/25
.......................................
1,000,000
996,290
b
Revenue,
2021
C,
Mandatory
Put,
4%,
12/01/28
...........................
5,000,000
4,962,004
b
Revenue,
2022
A,
Mandatory
Put,
4%,
12/01/29
...........................
10,000,000
9,883,917
b,c
Revenue,
144A,
2022
C,
Mandatory
Put,
4%,
11/01/27
......................
12,000,000
11,568,156
b
Revenue,
2023
A,
Mandatory
Put,
5%,
6/01/30
............................
10,000,000
10,407,576
b
Revenue,
2023
B,
Mandatory
Put,
5%,
3/01/30
............................
11,495,000
12,127,254
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
A,
5%,
1/01/30
........................................
1,000,000
1,067,284
Revenue,
2019
A,
5%,
1/01/31
........................................
600,000
640,701
Revenue,
2019
A,
5%,
1/01/32
........................................
500,000
533,744
Revenue,
2019
A,
5%,
1/01/33
........................................
1,000,000
1,066,846
Revenue,
2019
B,
5%,
1/01/29
........................................
500,000
527,902
Revenue,
2019
B,
5%,
1/01/30
........................................
480,000
504,318
Revenue,
2019
B,
5%,
1/01/31
........................................
700,000
734,196
Revenue,
2019
B,
5%,
1/01/32
........................................
750,000
784,626
Revenue,
2019
B,
5%,
1/01/33
........................................
1,045,000
1,090,637
Revenue,
2019
B,
5%,
1/01/34
........................................
700,000
730,534
113,939,668
Hawaii
1.1%
State
of
Hawaii
,
GO,
EO,
5%,
8/01/28
...............................................
21,695,000
22,108,524
Airports
System,
Revenue,
2020
A,
4%,
7/01/35
...........................
4,420,000
4,428,789
26,537,313
Illinois
7.5%
Chicago
Board
of
Education
,
Dedicated
Capital
Improvement
Tax
,
Revenue
,
2023
,
5.25
%
,
4/01/40
...................................................
3,720,000
3,950,563
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien,
2020
C,
Refunding,
4%,
1/01/35
.....................
4,000,000
4,149,017
Revenue,
Senior
Lien,
2020
E,
Refunding,
4%,
1/01/35
.....................
1,560,000
1,618,117
Chicago
Park
District
,
GO,
2020
F-2,
Refunding,
5%,
1/01/32
..................................
1,500,000
1,626,011
GO,
2020
F-2,
Refunding,
5%,
1/01/33
..................................
3,000,000
3,242,262
GO,
2020
F-2,
Refunding,
4%,
1/01/34
..................................
1,100,000
1,103,705
GO,
2020
F-2,
Refunding,
5%,
1/01/35
..................................
2,375,000
2,556,129
Chicago
Transit
Authority
Capital
Grant
Receipts
,
Revenue
,
2021
,
Refunding
,
5
%
,
6/01/28
.........................................................
1,750,000
1,875,003
City
of
Berwyn
,
GO
,
2022
B
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/41
...........
6,000,000
5,893,235
City
of
Chicago
,
GO,
1999,
NATL
Insured,
Zero
Cpn.,
1/01/31
.............................
4,000,000
2,914,748
GO,
2003
B,
Refunding,
5%,
1/01/26
...................................
1,795,000
1,824,854
GO,
2021
A,
Refunding,
5%,
1/01/33
...................................
9,500,000
10,244,464
GO,
2021
A,
Refunding,
5%,
1/01/34
...................................
6,655,000
7,167,431
GO,
2021
B,
Refunding,
4%,
1/01/35
...................................
4,295,000
4,211,296
GO,
2021
B,
Refunding,
4%,
1/01/38
...................................
5,150,000
4,768,520
GO,
2023
A,
5%,
1/01/35
............................................
10,000,000
10,760,410
City
of
Galesburg
,
Knox
College,
Revenue,
2021
A,
Refunding,
4%,
10/01/36
...................
1,125,000
1,057,938
Knox
College,
Revenue,
2021
A,
Refunding,
4%,
10/01/41
...................
1,475,000
1,314,141
County
of
Cook
,
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/40
...........
5,250,000
5,110,253
Illinois
Finance
Authority
,
Carle
Foundation
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
8/15/40
12,645,000
12,061,596
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Illinois
Finance
Authority,
(continued)
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/28
.........
$
1,065,000
$
958,767
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/29
.........
1,100,000
969,478
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/30
.........
1,310,000
1,130,405
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/31
.........
1,095,000
925,221
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/15/35
........................................................
500,000
426,045
Northwestern
University,
Revenue,
2015,
5%,
12/01/28
.....................
1,675,000
1,853,673
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
3
%
,
6/15/25
..
1,000,000
979,916
Northern
Illinois
University
,
Revenue,
2021,
BAM
Insured,
4%,
10/01/41
.............................
400,000
367,978
Revenue,
2021,
BAM
Insured,
4%,
10/01/43
.............................
2,075,000
1,888,123
Railsplitter
Tobacco
Settlement
Authority
,
Revenue
,
2017
,
5
%
,
6/01/26
...........
3,500,000
3,661,070
State
of
Illinois
,
5%,
4/01/25
......................................................
18,000,000
18,047,914
GO,
2014,
AGMC
Insured,
5%,
2/01/26
.................................
5,650,000
5,707,029
GO,
2016,
Refunding,
5%,
2/01/26
.....................................
1,000,000
1,036,708
GO,
2016,
Refunding,
5%,
2/01/29
.....................................
2,250,000
2,372,503
GO,
2017
D,
3.25%,
11/01/26
.........................................
750,000
735,956
GO,
2018
A,
Refunding,
5%,
10/01/29
..................................
1,125,000
1,213,685
GO,
2018
B,
Refunding,
5%,
10/01/31
..................................
1,500,000
1,607,009
GO,
2018
B,
Refunding,
5%,
10/01/32
..................................
1,120,000
1,193,917
GO,
2019
B,
5%,
11/01/30
...........................................
1,125,000
1,230,809
GO,
2019
B,
4%,
11/01/38
...........................................
1,030,000
1,001,111
GO,
2020
C,
4%,
10/01/37
...........................................
8,170,000
8,020,768
GO,
2021
A,
5%,
3/01/46
............................................
2,000,000
2,074,334
GO,
2021
B,
4%,
12/01/39
...........................................
2,500,000
2,404,866
GO,
2022
A,
5%,
3/01/29
............................................
6,385,000
6,943,562
GO,
2022
B,
5%,
10/01/30
...........................................
10,000,000
11,061,913
GO,
2022
C,
5.5%,
10/01/40
.........................................
3,700,000
4,120,440
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/26
.............
2,500,000
2,600,038
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
......
6,265,768
5,395,565
177,378,496
Indiana
1.5%
c
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
B
,
4.75
%
,
8/01/24
1,560,000
1,488,694
Indiana
Finance
Authority
,
e
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/26
..
1,065,000
1,015,614
e
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/27
..
1,150,000
1,080,017
e
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/28
..
1,235,000
1,141,941
e
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/29
..
1,330,000
1,210,538
e
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/30
..
1,425,000
1,276,482
Indianapolis
Power
&
Light
Co.,
Revenue,
2021
A,
Refunding,
1.4%,
8/01/29
.....
3,000,000
2,589,757
State
Revolving
Fund,
Revenue,
2018
A,
5%,
2/01/35
......................
9,795,000
10,661,629
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue
,
2021
A
,
Refunding
,
AGMC
Insured
,
4
%
,
6/01/37
..........................................
15,000,000
15,007,326
35,471,998
Iowa
1.2%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2016
A,
5%,
5/15/32
....
680,000
603,501
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2016
A,
5%,
5/15/36
....
650,000
542,876
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2016
A,
5%,
5/15/41
....
190,000
147,605
b
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
Mandatory
Put,
4.092%,
5/15/26
.....................................
3,250,000
2,941,152
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)
Iowa
(continued)
Iowa
Higher
Education
Loan
Authority
,
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/31
.
$
1,800,000
$
1,923,614
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/32
.
1,920,000
2,046,262
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/33
.
2,030,000
2,156,479
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/34
.
2,135,000
2,257,962
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/35
.
1,250,000
1,313,391
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/36
.
2,470,000
2,575,571
Des
Moines
University
Osteopathic
Medical
Center,
Revenue,
2020,
5%,
10/01/37
.
2,595,000
2,688,940
Iowa
Tobacco
Settlement
Authority
,
Revenue,
2021
A-2,
1,
Refunding,
4%,
6/01/49
............................
8,500,000
7,577,249
Revenue,
2021
B-1,
2,
Refunding,
4%,
6/01/49
...........................
1,415,000
1,385,626
28,160,228
Kansas
0.3%
State
of
Kansas
,
Department
of
Transportation
,
Revenue
,
2014
A
,
5
%
,
9/01/28
.....
8,000,000
8,174,297
Kentucky
1.5%
Eastern
Kentucky
University
,
Revenue,
2021
A,
Refunding,
4%,
10/01/29
..............................
1,355,000
1,410,790
Revenue,
2021
A,
Refunding,
4%,
10/01/30
..............................
1,410,000
1,477,824
Revenue,
2021
A,
Refunding,
4%,
10/01/31
..............................
1,470,000
1,550,147
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/34
........................
1,000,000
1,064,156
Kentucky
Municipal
Power
Agency
,
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/34
....................
6,500,000
6,660,839
Revenue,
2019
A,
Refunding,
5%,
9/01/31
...............................
1,500,000
1,584,729
Revenue,
2019
A,
Refunding,
5%,
9/01/32
...............................
1,600,000
1,690,789
Revenue,
2019
A,
Refunding,
5%,
9/01/33
...............................
1,000,000
1,057,714
Kentucky
State
Property
&
Building
Commission
,
Kentucky
Finance
and
Administration
Cabinet
,
Revenue
,
BAM
Insured
,
5
%
,
5/01/32
............................
2,000,000
2,167,962
Kentucky
Turnpike
Authority
,
Kentucky
Transportation
Cabinet,
Revenue,
B,
Refunding,
5%,
7/01/26
.........
2,570,000
2,700,489
Kentucky
Transportation
Cabinet,
Revenue,
B,
Refunding,
5%,
7/01/28
.........
3,000,000
3,236,357
Paducah
Electric
Plant
Board
,
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
10/01/29
..................
5,500,000
5,712,068
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
10/01/31
..................
5,500,000
5,701,598
36,015,462
Louisiana
3.6%
East
Baton
Rouge
Sewerage
Commission
,
Revenue,
2019
A,
Refunding,
4%,
2/01/35
...............................
1,310,000
1,336,431
Revenue,
2019
A,
Refunding,
4%,
2/01/36
...............................
2,000,000
2,023,826
Jefferson
Sales
Tax
District
,
Revenue
,
2019
B
,
AGMC
Insured
,
4
%
,
12/01/36
.......
6,000,000
6,049,926
Lafayette
Consolidated
Government
,
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/25
...................
2,400,000
2,488,740
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/27
...................
3,500,000
3,623,655
Revenue,
2015,
Refunding,
AGMC
Insured,
5%,
11/01/29
...................
4,685,000
4,838,441
c
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
City
of
New
Orleans,
Revenue,
144A,
2021,
4%,
11/01/46
...................
9,900,000
8,591,967
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020
A,
Refunding,
3.5%,
12/01/32
.........................................
1,960,000
1,659,983
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
3.75%,
10/01/38
4,592,712
3,601,962
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
B,
5.25%,
10/01/32
5,350,000
4,664,041
Louisiana
Public
Facilities
Authority
,
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
5%,
5/15/29
.......
1,240,000
1,289,050
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
(continued)
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/29
........................................................
$
10,000
$
10,496
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
5%,
5/15/30
.......
995,000
1,033,875
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/30
........................................................
5,000
5,248
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
5%,
5/15/32
.......
1,485,000
1,540,934
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/32
........................................................
15,000
15,744
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/28
1,000,000
1,050,137
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/29
2,000,000
2,102,588
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/30
2,250,000
2,363,965
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/31
1,745,000
1,833,744
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/32
1,750,000
1,835,390
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/33
2,000,000
2,093,692
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/36
.................
4,750,000
5,169,904
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/37
.................
2,000,000
2,160,133
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/38
.................
3,120,000
3,353,089
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
2,364,555
Port
New
Orleans
Board
of
Commissioners
,
Revenue,
2020
E,
5%,
4/01/35
........................................
1,000,000
1,038,266
Revenue,
2020
E,
5%,
4/01/36
........................................
1,495,000
1,549,899
Revenue,
2020
E,
5%,
4/01/37
........................................
1,065,000
1,098,254
Revenue,
2020
E,
5%,
4/01/38
........................................
1,000,000
1,026,741
Revenue,
2020
E,
5%,
4/01/39
........................................
2,750,000
2,820,794
State
of
Louisiana
,
GO
,
2014
C
,
Refunding
,
5
%
,
8/01/25
......................
10,000,000
10,194,057
84,829,527
Maine
0.2%
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineHealth
Obligated
Group,
Revenue,
2020
A,
5%,
7/01/35
................
1,000,000
1,082,430
MaineHealth
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/36
................
1,000,000
1,002,278
MaineHealth
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/37
................
1,150,000
1,130,612
MaineHealth
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/38
................
2,690,000
2,615,838
5,831,158
Maryland
3.5%
City
of
Baltimore
,
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/29
.....................
1,000,000
1,070,517
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/30
.....................
2,940,000
3,145,203
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/31
.....................
2,085,000
2,230,750
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/32
.....................
3,240,000
3,459,052
Wastewater
Utility
Fund,
Revenue,
2017
C,
Refunding,
5%,
7/01/30
............
6,450,000
6,911,537
Wastewater
Utility
Fund,
Revenue,
2017
C,
Refunding,
5%,
7/01/32
............
5,905,000
6,304,229
Wastewater
Utility
Fund,
Revenue,
Senior
Lien,
D,
Refunding,
5%,
7/01/28
......
2,790,000
2,868,187
Wastewater
Utility
Fund,
Revenue,
Senior
Lien,
D,
Refunding,
5%,
7/01/29
......
5,835,000
5,995,368
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/29
.........................
1,320,000
1,411,226
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/30
.........................
1,785,000
1,909,588
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/31
.........................
3,765,000
4,028,189
Water
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/32
.........................
4,000,000
4,270,434
County
of
Anne
Arundel
,
GO
,
2015
,
5
%
,
4/01/29
............................
7,495,000
7,751,039
Maryland
Community
Development
Administration
,
Residential
,
Revenue
,
2019
B
,
Refunding
,
3
%
,
9/01/34
.............................................
5,000,000
4,571,154
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
3.25%,
7/01/39
500,000
400,741
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/40
..
300,000
283,812
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Maryland
Health
&
Higher
Educational
Facilities
Authority,
(continued)
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
7/01/30
............................................
$
8,520,000
$
9,037,886
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
7/01/31
............................................
7,415,000
7,866,602
Town
of
Chestertown
,
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/28
...............
1,000,000
1,031,993
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/29
...............
1,340,000
1,396,225
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/30
...............
2,810,000
2,941,186
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/31
...............
1,480,000
1,553,682
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/32
...............
1,550,000
1,623,969
82,062,569
Massachusetts
2.0%
Commonwealth
of
Massachusetts
,
GO,
A,
Refunding,
5%,
7/01/28
.......................................
7,500,000
7,805,342
GO,
A,
Refunding,
5%,
7/01/29
.......................................
6,000,000
6,240,001
Massachusetts
Development
Finance
Agency
,
Tufts
Medicine
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/30
.......................................................
150,000
165,651
Tufts
Medicine
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/31
.......................................................
475,000
518,369
Tufts
Medicine
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/32
.......................................................
450,000
490,347
Tufts
Medicine
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/33
.......................................................
525,000
571,266
Tufts
Medicine
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
5%,
10/01/34
.......................................................
450,000
488,378
Massachusetts
Port
Authority
,
Revenue,
2019
C,
5%,
7/01/32
........................................
4,220,000
4,555,741
Revenue,
2019
C,
5%,
7/01/33
........................................
4,430,000
4,773,756
Massachusetts
Water
Resources
Authority
,
Revenue
,
C
,
Refunding
,
5
%
,
8/01/32
....
13,920,000
15,021,435
University
of
Massachusetts
Building
Authority
,
Revenue
,
2017-3
,
Refunding
,
5
%
,
11/01/32
........................................................
5,000,000
5,438,916
46,069,202
Michigan
1.6%
Lansing
Board
of
Water
&
Light
,
Revenue
,
2019
A
,
5
%
,
7/01/36
.................
4,645,000
5,092,161
Lansing
School
District
,
GO,
2016
I,
5%,
5/01/30
.............................................
1,860,000
1,954,234
GO,
2016
I,
5%,
5/01/31
.............................................
2,010,000
2,110,118
GO,
2016
I,
5%,
5/01/32
.............................................
2,310,000
2,421,778
Michigan
Finance
Authority
,
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/35
...
1,000,000
1,004,564
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016
MI,
Refunding,
5%,
12/01/34
8,200,000
8,572,480
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group,
Revenue,
1999
B-3,
4%,
11/15/33
.............
5,100,000
5,211,388
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2008
C,
Refunding,
5%,
12/01/31
.
2,700,000
2,897,956
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2008
C,
5%,
12/01/32
..........
1,115,000
1,193,676
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2008
C,
Pre-Refunded,
5%,
12/01/32
135,000
146,859
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
3
%
,
10/01/39
..
3,500,000
2,916,640
b
Michigan
Strategic
Fund
,
Consumers
Energy
Co.
,
Revenue
,
2005
,
Mandatory
Put
,
0.875
%
,
10/08/26
..................................................
5,000,000
4,445,628
37,967,482
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)
Mississippi
0.4%
c
Mississippi
Development
Bank
,
County
of
Hancock
,
Revenue
,
144A,
2019
,
4.55
%
,
11/01/39
........................................................
$
2,035,000
$
2,011,741
Mississippi
Home
Corp.
,
c
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4%,
6/01/46
..
8,143,623
5,918,938
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
3.65%,
6/01/33
..................................................
101,412
84,970
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
4.15%,
6/01/46
..................................................
400,000
298,045
c
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
144A,
2021
E-8,
5.5%,
6/01/36
...........................................
2,540,000
2,080,382
10,394,076
Missouri
1.6%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Mercy
Health
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
6/01/31
...............................
12,500,000
13,490,415
Missouri
Joint
Municipal
Electric
Utility
Commission
,
Plum
Point
Project,
Revenue,
2014
A,
Refunding,
5%,
1/01/27
................
3,250,000
3,316,790
Plum
Point
Project,
Revenue,
2014
A,
Refunding,
5%,
1/01/28
................
4,500,000
4,576,534
Plum
Point
Project,
Revenue,
2014
A,
Refunding,
5%,
1/01/29
................
4,045,000
4,116,905
Southeast
Missouri
State
University
,
Revenue,
2020,
Refunding,
4%,
4/01/33
.................................
2,745,000
2,804,516
Revenue,
2020,
Refunding,
4%,
4/01/34
.................................
2,180,000
2,218,393
Revenue,
2020,
Refunding,
4%,
4/01/35
.................................
1,575,000
1,584,592
Revenue,
2020,
Refunding,
4%,
4/01/36
.................................
3,205,000
3,164,855
Revenue,
2020,
Refunding,
4%,
4/01/37
.................................
2,000,000
1,958,273
37,231,273
Nebraska
0.2%
b
Central
Plains
Energy
Project
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
10/01/29
.....
5,000,000
5,206,272
New
Jersey
2.4%
Hudson
County
Improvement
Authority
,
County
of
Hudson
,
Revenue
,
2010
,
Refunding
,
AGMC
Insured
,
5.375
%
,
10/01/24
.....................................
2,050,000
2,104,371
New
Jersey
Economic
Development
Authority
,
New
Jersey
Transit
Corp.,
Revenue,
2022
A,
5%,
11/01/39
...................
16,000,000
17,171,467
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
5%,
6/15/39
1,000,000
1,053,116
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/34
....
5,000,000
5,231,231
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey,
Revenue,
2016
B,
5%,
9/01/36
.......................
5,000,000
5,170,157
Stevens
Institute
of
Technology
International,
Inc.,
Revenue,
2020
A,
5%,
7/01/33
.
680,000
725,067
Stevens
Institute
of
Technology
International,
Inc.,
Revenue,
2020
A,
5%,
7/01/34
.
545,000
580,014
Stevens
Institute
of
Technology
International,
Inc.,
Revenue,
2020
A,
5%,
7/01/35
.
565,000
597,841
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Inspira
Health
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/30
...............
900,000
946,641
Inspira
Health
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/31
...............
1,080,000
1,136,096
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
3.5%,
12/01/39
...................
3,445,000
3,250,097
Revenue,
Senior
Lien,
2020
B,
3.5%,
12/01/39
............................
1,600,000
1,519,252
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2021
A,
Refunding,
4%,
6/15/36
...............................
6,200,000
6,230,729
Revenue,
2022
A,
4%,
6/15/41
........................................
7,500,000
7,175,433
New
Jersey
Turnpike
Authority
,
Revenue
,
2021
A
,
4
%
,
1/01/42
.................
1,800,000
1,785,267
Newark
Board
of
Education
,
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/26
..........................
275,000
288,582
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/27
..........................
330,000
351,302
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/28
..........................
325,000
350,759
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/29
..........................
320,000
350,833
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
Newark
Board
of
Education,
(continued)
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/31
..........................
$
400,000
$
449,007
GO,
2021,
Refunding,
BAM
Insured,
5%,
7/15/32
..........................
430,000
481,861
56,949,123
New
Mexico
0.5%
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
A
,
Refunding
,
2.15
%
,
4/01/33
...................................................
13,500,000
10,691,985
New
York
6.7%
City
of
New
York
,
GO,
2015
C,
Refunding,
5%,
8/01/25
...................................
2,000,000
2,057,300
GO,
2015
C,
Refunding,
5%,
8/01/27
...................................
7,500,000
7,717,335
GO,
2019
E,
Refunding,
5%,
8/01/34
...................................
3,500,000
3,863,721
GO,
2021
C,
4%,
8/01/37
............................................
5,000,000
5,068,138
GO,
2023
A-1,
4%,
9/01/46
..........................................
5,000,000
4,853,014
GO,
A-1
2017
A,
5%,
8/01/29
.........................................
10,000,000
10,563,568
Metropolitan
Transportation
Authority
,
b
Revenue,
2015
A-2,
Mandatory
Put,
5%,
5/15/30
..........................
7,000,000
7,505,843
Revenue,
2016
A-2,
Refunding,
5%,
11/15/25
.............................
21,090,000
21,686,775
Revenue,
2016
B,
Refunding,
5%,
11/15/34
..............................
3,265,000
3,366,550
Revenue,
2017
B,
Refunding,
5%,
11/15/26
..............................
2,140,000
2,227,578
Revenue,
2017
C-1,
Refunding,
5%,
11/15/31
............................
1,870,000
1,988,708
Revenue,
2017
C-1,
Refunding,
4%,
11/15/37
............................
2,500,000
2,431,546
Revenue,
2020
A-1,
AGMC
Insured,
4%,
11/15/41
.........................
5,545,000
5,459,340
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/27
1,000,000
1,053,544
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/28
1,000,000
1,071,086
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
3%,
1/01/46
7,000,000
5,377,692
Yankee
Stadium
LLC,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
3/01/36
..
2,500,000
2,241,214
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured,
Revenue,
2014
D-1,
5%,
2/01/27
......................
8,740,000
8,816,931
Future
Tax
Secured,
Revenue,
2014
D-1,
5%,
2/01/28
......................
5,000,000
5,043,683
Future
Tax
Secured,
Revenue,
2020
C,
4%,
5/01/37
........................
1,400,000
1,423,916
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
2,340,000
1,995,753
New
York
State
Dormitory
Authority
,
Revenue,
2009
A,
AGMC
Insured,
5%,
10/01/24
...........................
155,000
155,206
Revenue,
2014
E,
5%,
2/15/30
........................................
4,980,000
5,126,488
Revenue,
2014
E,
Pre-Refunded,
5%,
2/15/30
............................
20,000
20,637
Northwell
Health
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/01/29
....
10,000,000
10,331,590
State
of
New
York
Personal
Income
Tax,
Revenue,
2015
A,
Refunding,
5%,
3/15/28
7,185,000
7,410,496
State
of
New
York
Personal
Income
Tax,
Revenue,
2018
A,
5%,
3/15/32
.........
9,995,000
11,016,558
State
of
New
York
Personal
Income
Tax,
Revenue,
2018
A,
Pre-Refunded,
5%,
3/15/32
........................................................
5,000
5,582
New
York
Transportation
Development
Corp.
,
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/34
...
450,000
476,115
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/35
...
400,000
420,940
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/36
...
200,000
208,852
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
2018,
5%,
11/01/39
........................................
3,000,000
3,160,140
Revenue,
221,
4%,
7/15/36
..........................................
2,180,000
2,203,199
Revenue,
234,
Refunding,
5.25%,
8/01/42
...............................
2,500,000
2,731,736
Troy
Capital
Resource
Corp.
,
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/28
......
1,300,000
1,398,807
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/30
......
2,900,000
3,199,443
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)
New
York
(continued)
Troy
Capital
Resource
Corp.,
(continued)
Rensselaer
Polytechnic
Institute,
Revenue,
2020
A,
Refunding,
5%,
9/01/34
......
$
4,425,000
$
4,828,192
158,507,216
North
Carolina
0.1%
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/25
..............................
125,000
127,875
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/26
..............................
300,000
310,945
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/27
..............................
450,000
472,709
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/28
..............................
500,000
531,700
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/29
..............................
350,000
376,554
Revenue,
Senior
Lien,
2020
A,
3.125%,
6/01/39
...........................
410,000
382,004
2,201,787
North
Dakota
0.2%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/29
..
1,600,000
1,655,346
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/30
..
1,600,000
1,663,893
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/31
..
1,300,000
1,357,133
4,676,372
Ohio
1.4%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
A-2
,
1
,
Refunding
,
4
%
,
6/01/48
.............................................
11,765,000
10,450,340
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue
,
1998
A
,
Refunding
,
NATL
Insured
,
5.5
%
,
2/15/24
..............................................
3,510,000
3,564,220
Ohio
Water
Development
Authority
,
Revenue,
2019,
5%,
12/01/36
........................................
5,650,000
6,272,769
Water
Pollution
Control
Loan
Fund,
Revenue,
2017
A,
5%,
12/01/31
............
10,000,000
10,798,104
State
of
Ohio
,
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
11/15/35
1,000,000
1,034,271
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/36
905,000
854,617
32,974,321
Oregon
2.6%
City
of
Portland
,
Water
System
,
Revenue,
Second
Lien
,
2013
A
,
Refunding
,
5
%
,
10/01/25
........................................................
5,000,000
5,004,160
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO
,
B
,
5
%
,
6/15/32
....
3,725,000
4,000,591
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
...
5,240,000
5,435,369
Hillsboro
School
District
No.
1J
,
GO,
2020,
4%,
6/15/36
.............................................
2,605,000
2,661,536
GO,
2020,
4%,
6/15/38
.............................................
4,575,000
4,605,879
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/34
1,100,000
1,203,013
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/35
800,000
867,684
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/36
1,300,000
1,399,340
Oregon
State
Facilities
Authority
,
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/25
.......................................................
425,000
433,462
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/26
.......................................................
150,000
154,362
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/28
.......................................................
325,000
341,096
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/29
.......................................................
600,000
636,473
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/35
.......................................................
275,000
288,415
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Oregon
State
Facilities
Authority,
(continued)
Willamette
University,
Revenue,
2021
A,
Refunding,
4%,
10/01/51
.............
$
2,000,000
$
1,682,027
Salem
Hospital
Facility
Authority
,
Salem
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/33
.......
9,440,000
10,192,566
Salem
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/34
.......
3,780,000
4,078,489
Salem
Health
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/35
.......
9,010,000
9,654,796
Salem-Keizer
School
District
No.
24J
,
GO
,
2020
C
,
4
%
,
6/15/37
................
5,620,000
5,731,783
c
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
2,405,000
2,381,867
60,752,908
Pennsylvania
3.9%
Allegheny
County
Hospital
Development
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/15/34
.......................................
5,000,000
5,451,276
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue,
2022,
Refunding,
5%,
5/01/28
.................................
600,000
621,077
Revenue,
2022,
Refunding,
5%,
5/01/29
.................................
600,000
623,975
Revenue,
2022,
Refunding,
5%,
5/01/30
.................................
700,000
730,557
Revenue,
2022,
Refunding,
5%,
5/01/31
.................................
675,000
706,037
City
of
Philadelphia
,
Water
&
Wastewater,
Revenue,
2017
B,
Refunding,
5%,
11/01/31
..............
5,750,000
6,198,823
Water
&
Wastewater,
Revenue,
2020
A,
Refunding,
5%,
11/01/36
..............
1,000,000
1,092,883
Water
&
Wastewater,
Revenue,
2020
A,
Refunding,
5%,
11/01/37
..............
1,500,000
1,623,255
Water
&
Wastewater,
Revenue,
2020
A,
Refunding,
5%,
11/01/38
..............
2,000,000
2,149,830
Water
&
Wastewater,
Revenue,
2022
C,
5%,
6/01/39
.......................
1,860,000
2,014,574
Water
&
Wastewater,
Revenue,
2022
C,
5%,
6/01/40
.......................
3,260,000
3,523,676
Commonwealth
of
Pennsylvania
,
GO,
Second
Series
,
2013
,
5
%
,
10/15/26
.........
13,375,000
13,454,976
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group,
Revenue,
2020
A,
5%,
4/15/33
.....................
2,100,000
2,315,954
UPMC
Obligated
Group,
Revenue,
2020
A,
5%,
4/15/34
.....................
1,750,000
1,925,358
UPMC
Obligated
Group,
Revenue,
2020
A,
5%,
4/15/35
.....................
1,450,000
1,584,434
UPMC
Obligated
Group,
Revenue,
2023
B,
Refunding,
4%,
5/15/40
............
2,525,000
2,450,932
UPMC
Obligated
Group,
Revenue,
2023
B,
Refunding,
4%,
5/15/41
............
2,375,000
2,295,534
UPMC
Obligated
Group,
Revenue,
2023
B,
Refunding,
4%,
5/15/42
............
2,815,000
2,706,434
b
Waste
Management
Obligated
Group,
Revenue,
2009,
Mandatory
Put,
0.95%,
12/01/26
.......................................................
3,000,000
2,688,651
b
Waste
Management,
Inc.,
Revenue,
2017
A,
Mandatory
Put,
0.58%,
8/01/24
.....
5,500,000
5,286,914
b
Waste
Management,
Inc.,
Revenue,
2021
B,
Refunding,
Mandatory
Put,
1.1%,
11/02/26
.......................................................
6,750,000
6,096,371
Pennsylvania
Higher
Educational
Facilities
Authority
,
Drexel
University,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
5%,
5/01/39
.....
6,950,000
7,458,764
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2017
A,
4%,
8/15/34
....................................................
5,895,000
5,991,464
Pennsylvania
State
University
(The)
,
Revenue
,
A
,
5
%
,
9/01/30
.................
4,000,000
4,324,778
Philadelphia
Authority
for
Industrial
Development
,
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/30
............
100,000
102,316
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/40
............
300,000
299,148
Philadelphia
Gas
Works
Co.
,
Revenue,
15th,
Refunding,
5%,
8/01/30
.................................
2,000,000
2,134,293
Revenue,
15th,
Refunding,
5%,
8/01/31
.................................
4,030,000
4,300,816
Redevelopment
Authority
of
the
City
of
Philadelphia
,
Revenue
,
2021
A
,
BAM
Insured
,
2.799
%
,
9/01/33
...................................................
2,425,000
2,032,827
92,185,927
Rhode
Island
0.1%
State
of
Rhode
Island
,
GO,
2019
C,
4%,
1/15/34
............................................
1,520,000
1,565,146
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)
Rhode
Island
(continued)
State
of
Rhode
Island,
(continued)
GO,
2019
C,
4%,
1/15/35
............................................
$
600,000
$
614,364
2,179,510
South
Carolina
2.1%
c
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.625
%
,
11/01/31
...............................
1,000,000
841,886
South
Carolina
Jobs-Economic
Development
Authority
,
c
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
6,600,000
5,263,012
c
Revenue,
144A,
2021
A-2,
5.3%,
12/01/29
...............................
1,805,000
1,583,751
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
7,400,000
5,883,132
c
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-1,
Zero
Cpn.,
6/01/37
11,000,000
7,262,171
Prisma
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/33
......
6,000,000
6,288,596
South
Carolina
Public
Service
Authority
,
Revenue,
2020
A,
Refunding,
5%,
12/01/31
..............................
2,355,000
2,561,063
Revenue,
2020
A,
Refunding,
5%,
12/01/43
..............................
15,000,000
15,598,335
Revenue,
2021
A,
Refunding,
5%,
12/01/25
..............................
1,000,000
1,034,168
Revenue,
2021
A,
Refunding,
5%,
12/01/26
..............................
750,000
786,037
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/24
..................................
3,300,000
3,180,912
50,283,063
South
Dakota
0.1%
County
of
Lincoln
,
Augustana
College
Association
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/51
......................................................
1,500,000
1,201,002
South
Dakota
Health
&
Educational
Facilities
Authority
,
Presbyterian
Retirement
Village
of
Rapid
City,
Inc.
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/41
..................
1,150,000
860,969
2,061,971
Tennessee
3.1%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/31
1,500,000
1,607,389
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/34
1,000,000
1,064,156
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/35
1,250,000
1,321,291
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
8/01/36
1,000,000
982,618
b
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
21,895,000
23,098,509
b
Tennessee
Energy
Acquisition
Corp.
,
Revenue,
2018,
Mandatory
Put,
4%,
11/01/25
............................
25,935,000
25,828,295
Revenue,
2021
A,
Mandatory
Put,
5%,
11/01/31
...........................
4,795,000
5,010,397
Revenue,
2023
A-1,
Refunding,
Mandatory
Put,
5%,
5/01/28
.................
5,250,000
5,434,819
Tennessee
State
School
Bond
Authority
,
Revenue
,
2015
B
,
5
%
,
11/01/28
.........
8,180,000
8,509,450
72,856,924
Texas
5.4%
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
886,372
City
of
Austin
,
Water
&
Wastewater
System
,
Revenue
,
2012
,
5
%
,
11/15/27
........
805,000
805,985
City
of
Dallas
,
Waterworks
&
Sewer
System,
Revenue,
2017,
Refunding,
5%,
10/01/30
........
1,500,000
1,628,518
Waterworks
&
Sewer
System,
Revenue,
2017,
Refunding,
5%,
10/01/31
........
2,500,000
2,713,974
Waterworks
&
Sewer
System,
Revenue,
2017,
Refunding,
5%,
10/01/32
........
1,000,000
1,083,707
City
of
El
Paso
,
GO,
2020
A,
Refunding,
4%,
8/15/35
...................................
1,000,000
1,027,688
GO,
2020
A,
Refunding,
4%,
8/15/36
...................................
1,000,000
1,019,027
City
of
Houston
,
Combined
Utility
System,
Revenue,
First
Lien,
2014
C,
Refunding,
5%,
5/15/24
...
5,000,000
5,079,290
Combined
Utility
System,
Revenue,
First
Lien,
2016
B,
Refunding,
5%,
11/15/36
..
7,800,000
8,203,744
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
37
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
San
Antonio
,
Electric
&
Gas
Systems
,
Revenue
,
2015
,
Refunding
,
5
%
,
2/01/27
$
10,415,000
$
10,911,616
Clifton
Higher
Education
Finance
Corp.
,
Southwestern
University
,
Revenue
,
2022
,
4
%
,
8/15/42
.........................................................
10,535,000
9,979,547
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel,
Revenue,
First
Lien,
2021
A,
2.5%,
10/01/31
....
500,000
417,106
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/30
....
100,000
111,949
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/31
....
60,000
67,735
County
of
Harris
,
Toll
Road,
Revenue,
Senior
Lien,
2018
A,
Refunding,
5%,
8/15/32
.............
2,500,000
2,721,639
Toll
Road,
Revenue,
Senior
Lien,
2018
A,
Refunding,
5%,
8/15/33
.............
2,500,000
2,714,924
Dallas
Fort
Worth
International
Airport
,
Revenue,
2013
D,
Refunding,
5.25%,
11/01/27
............................
5,000,000
5,034,745
Revenue,
2013
D,
Refunding,
5.25%,
11/01/28
............................
2,100,000
2,115,349
Ector
County
Hospital
District
,
GO,
2020,
Refunding,
5%,
9/15/29
.....................................
800,000
839,640
GO,
2020,
Refunding,
5%,
9/15/30
.....................................
745,000
787,752
GO,
2020,
Refunding,
5%,
9/15/31
.....................................
450,000
473,180
GO,
2020,
Refunding,
5%,
9/15/32
.....................................
600,000
630,347
GO,
2020,
Refunding,
5%,
9/15/33
.....................................
650,000
681,981
GO,
2020,
Refunding,
4%,
9/15/34
.....................................
650,000
635,699
GO,
2020,
Refunding,
4%,
9/15/35
.....................................
700,000
670,554
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO,
2021,
2%,
9/01/28
.............................................
155,000
133,636
GO,
2021,
2%,
9/01/29
.............................................
155,000
131,333
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/34
200,000
173,232
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
4%,
9/01/35
225,000
212,292
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
4%,
9/01/36
250,000
230,949
c
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
3,975,000
2,953,674
Lower
Colorado
River
Authority
,
LCRA
Transmission
Services
Corp.,
Revenue,
2021,
Refunding,
5%,
5/15/27
.....
2,000,000
2,144,398
LCRA
Transmission
Services
Corp.,
Revenue,
2021,
Refunding,
5%,
5/15/29
.....
2,000,000
2,220,486
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System
,
Revenue,
First
Tier
,
A
,
Refunding
,
4
%
,
1/01/33
.............................................
5,000,000
5,055,551
Northwest
Independent
School
District
,
GO
,
2015
A
,
Pre-Refunded
,
PSF
Guaranty
,
5
%
,
2/15/28
.........................................................
4,815,000
4,956,881
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
12/01/37
...........
12,000,000
9,575,347
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/37
......
635,000
583,232
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/39
......
2,435,000
2,181,530
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/40
......
2,000,000
1,771,117
San
Antonio
Water
System
,
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/24
......................
1,500,000
1,511,636
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/26
......................
2,200,000
2,215,942
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/28
......................
2,000,000
2,014,493
Revenue,
Junior
Lien,
2014
A,
Refunding,
5%,
5/15/29
......................
1,000,000
1,007,246
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue,
2021,
Refunding,
5%,
12/15/27
................................
1,000,000
1,019,545
Revenue,
2021,
Refunding,
5%,
12/15/30
................................
10,000,000
10,362,053
Texas
Water
Development
Board
,
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2017
A
,
5
%
,
10/15/31
.................................
12,585,000
13,606,465
c
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
9/01/31
..............................................
281,000
232,870
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien,
2021,
2%,
8/15/29
.....................................
290,000
253,509
GO,
Sub.
Lien,
2021,
2.25%,
8/15/31
...................................
300,000
256,236
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)
Texas
(continued)
Westside
211
Special
Improvement
District,
(continued)
GO,
Sub.
Lien,
2021,
3%,
8/15/33
.....................................
$
315,000
$
281,334
GO,
Sub.
Lien,
2021,
3%,
8/15/35
.....................................
335,000
289,540
GO,
Sub.
Lien,
2021,
3%,
8/15/37
.....................................
355,000
289,721
126,906,316
Utah
0.1%
City
of
Lehi
,
Franchise
&
Sales
Tax
,
Revenue
,
2021
,
AGMC
Insured
,
4
%
,
2/01/48
...
3,000,000
2,726,419
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
4
%
,
10/15/35
.....................
400,000
362,256
3,088,675
Virginia
1.7%
City
of
Richmond
,
Public
Utility
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/15/32
........
10,000,000
10,443,543
Virginia
Public
Building
Authority
,
Revenue,
B,
4%,
8/01/29
............................................
9,605,000
9,863,468
Revenue,
B,
Pre-Refunded,
4%,
8/01/29
................................
3,530,000
3,630,909
Virginia
Public
School
Authority
,
Revenue
,
2014
C
,
5
%
,
8/01/27
.................
4,460,000
4,553,224
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
1/01/32
........................................................
2,500,000
2,477,287
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
7/01/32
........................................................
2,000,000
1,979,835
National
Senior
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
1/01/35
....................................................
3,000,000
3,194,002
National
Senior
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/36
....................................................
3,000,000
2,865,377
39,007,645
Washington
4.5%
City
of
Seattle
,
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/24
..............
5,230,000
5,316,901
Drainage
&
Wastewater,
Revenue,
2014,
Refunding,
5%,
5/01/26
..............
2,995,000
3,039,072
Municipal
Light
&
Power,
Revenue,
2017
C,
Refunding,
4%,
9/01/34
............
5,300,000
5,451,640
County
of
King
,
Sewer,
Revenue,
2014
B,
Refunding,
5%,
7/01/25
.........................
1,200,000
1,221,243
Sewer,
Revenue,
2014
B,
Refunding,
5%,
7/01/26
.........................
1,200,000
1,221,756
Sewer,
Revenue,
2014
B,
Refunding,
5%,
7/01/27
.........................
1,900,000
1,934,243
Sewer,
Revenue,
2014
B,
Refunding,
5%,
7/01/28
.........................
3,050,000
3,103,993
Energy
Northwest
,
Bonneville
Power
Administration,
Revenue,
2019
A,
Refunding,
5%,
7/01/35
......
7,000,000
7,757,483
Bonneville
Power
Administration,
Revenue,
A,
Refunding,
5%,
7/01/24
..........
1,250,000
1,273,063
Everett
Housing
Authority
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/37
..............
9,420,000
8,820,854
Port
of
Seattle
,
Revenue
,
2018
A
,
5
%
,
5/01/38
.............................
5,000,000
5,115,365
Seattle
Housing
Authority
,
Yesler
Block
7.3
LLLP
,
Revenue
,
2021
,
1
%
,
6/01/25
.....
7,225,000
6,835,011
State
of
Washington
,
GO,
2017
D,
5%,
2/01/31
............................................
5,480,000
5,861,502
GO,
2017
D,
5%,
2/01/32
............................................
10,000,000
10,692,584
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
5%,
8/01/35
1,370,000
1,448,135
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/30
2,800,000
3,006,635
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/31
3,700,000
3,964,894
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/32
1,500,000
1,602,694
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/33
1,395,000
1,489,133
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/34
1,225,000
1,303,591
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/35
1,250,000
1,321,291
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/36
5,125,000
5,381,540
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)
Washington
(continued)
Washington
Health
Care
Facilities
Authority,
(continued)
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/38
........................................................
$
1,000,000
$
1,060,428
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/39
........................................................
1,000,000
1,056,765
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/40
........................................................
1,000,000
1,053,035
c
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
3%,
12/01/35
.......................................................
440,000
388,187
Overlake
Hospital
Medical
Center
Obligated
Group,
Revenue,
B,
Refunding,
5%,
7/01/30
........................................................
1,000,000
1,001,921
Overlake
Hospital
Medical
Center
Obligated
Group,
Revenue,
B,
Refunding,
5%,
7/01/31
........................................................
1,925,000
1,928,935
Virginia
Mason
Medical
Center
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/31
........................................................
2,250,000
2,341,374
Virginia
Mason
Medical
Center
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/32
........................................................
1,605,000
1,662,949
Virginia
Mason
Medical
Center
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/35
........................................................
2,400,000
2,444,166
Washington
State
Housing
Finance
Commission
,
Revenue,
2021-1,
A,
3.5%,
12/20/35
...................................
6,796,267
6,221,121
c
Madison
at
Rivers
Edge
Apartments
LLC,
Revenue,
144A,
2021
B,
5.3%,
1/01/30
.
1,300,000
1,136,059
107,457,563
Wisconsin
2.2%
City
of
Milwaukee
,
Sewerage
System
,
Revenue
,
2021
S-2
,
Refunding
,
3
%
,
6/01/46
..
4,600,000
3,380,063
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
3.5%,
12/01/32
....................
1,405,000
1,189,937
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
11/15/37
.......................................................
600,000
526,345
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/46
........................................................
1,100,000
895,090
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/29
..........
285,000
275,407
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/30
..........
200,000
192,208
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/31
..........
200,000
190,949
EMU
Campus
Living
LLC,
Revenue,
2022
A-1,
BAM
Insured,
5.375%,
7/01/47
....
7,000,000
7,566,884
c
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
13,400,000
13,381,027
c
Hope
Housing
Foundation
Obligated
Group,
Revenue,
144A,
2022
A,
3.8%,
12/01/37
5,600,000
4,492,971
c
Hope
Housing
Foundation
Obligated
Group,
Revenue,
144A,
2022
B,
5.75%,
12/01/27
.......................................................
1,775,000
1,693,291
Renown
Regional
Medical
Center,
Revenue,
2020
A,
Refunding,
4%,
6/01/35
.....
2,100,000
2,017,073
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/27
...........................................
195,000
188,068
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/28
...........................................
250,000
238,752
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/29
...........................................
320,000
302,467
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/30
...........................................
265,000
247,804
b,c
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-1,
Mandatory
Put,
3.5%,
12/01/35
..................................................
9,700,000
7,810,804
Wisconsin
Health
&
Educational
Facilities
Authority
,
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
2/15/34
........................................
600,000
613,915
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
2/15/35
........................................
1,000,000
1,018,215
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)
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
$
606,456
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
2/15/37
........................................
600,000
602,119
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/28
....................................................
375,000
352,336
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/29
....................................................
390,000
360,606
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/30
....................................................
405,000
368,889
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/37
....................................................
1,460,000
1,186,606
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/41
......
1,650,000
1,347,691
51,045,973
U.S.
Territories
0.7%
District
of
Columbia
0.6%
District
of
Columbia
,
Income
Tax
,
Revenue
,
2019
A
,
5
%
,
3/01/33
................
3,000,000
3,380,910
Washington
Metropolitan
Area
Transit
Authority
,
Revenue,
2017
B,
5%,
7/01/31
........................................
5,000,000
5,369,612
Revenue,
2017
B,
5%,
7/01/32
........................................
5,750,000
6,155,581
14,906,103
Puerto
Rico
0.1%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.5
%
,
7/01/29
.................
1,000,000
1,032,694
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
469,979
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/30
..
550,000
596,603
2,099,276
Total
U.S.
Territories
....................................................................
17,005,379
Total
Municipal
Bonds
(Cost
$2,384,821,547)
...................................
2,284,629,360
Total
Long
Term
Investments
(Cost
$2,442,424,860)
.............................
2,334,522,633
a
a
a
a
a
Short
Term
Investments
0.5%
Municipal
Bonds
0.5%
New
York
0.2%
f
City
of
New
York
,
GO
,
2020
B-3
,
Daily
VRDN
and
Put
,
3.61
%
,
10/01/46
...........
1,900,000
1,900,000
f
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.85
%
,
1/01/34
1,600,000
1,600,000
f
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
BB-1A
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
3.98
%
,
6/15/49
..
1,400,000
1,400,000
4,900,000
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
See
Abbreviations
on
page
196
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Ohio
0.3%
f
County
of
Allen
Hospital
Facilities
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2010
C
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
3.98
%
,
6/01/34
.................
$
6,500,000
$
6,500,000
Total
Municipal
Bonds
(Cost
$11,400,000)
......................................
11,400,000
Total
Short
Term
Investments
(Cost
$11,400,000
)
................................
11,400,000
a
Total
Investments
(Cost
$2,453,824,860)
99.3%
..................................
$2,345,922,633
Other
Assets,
less
Liabilities
0.7%
.............................................
15,815,950
Net
Assets
100.0%
...........................................................
$2,361,738,583
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,
2023,
the
aggregate
value
of
these
securities
was
$144,424,396,
representing
6.1%
of
net
assets.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
Security
purchased
on
a
when-issued
basis.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2023
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
42
a
a
Shares
a
Value
a
Management
Investment
Companies
3.7%
Capital
Markets
3.7%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
1,550,000
$
36,564,810
Total
Management
Investment
Companies
(Cost
$39,888,825)
....................
36,564,810
Principal
Amount
a
a
a
a
Senior
Floating
Rate
Interests
4.4%
Real
Estate
Management
&
Development
3.1%
b
Baytown
Leased
Housing
Associates
II
LP
,
Project
Term
Loan
,
12.237
%
,
(
1-month
USD
LIBOR
+
2.251
%
),
8/01/40
...........................................
$
25,110,000
25,731,026
b,c
TBG
Hillcrest
Senior
II
LP
,
Delayed
Draw
Term
Loan
,
6.374
%
,
(
1-month
USD
LIBOR
+
1.55
%
),
1/01/38
...................................................
4,875,774
4,975,398
30,706,424
a
a
a
a
a
Residential
REITs
1.3%
b,c
Centennial
Gardens
LP
,
Delayed
Draw
Term
Loan
,
5.579
%
,
(
1-month
USD
LIBOR
+
1.55
%
),
1/08/24
...................................................
12,166,852
12,380,393
Total
Senior
Floating
Rate
Interests
(Cost
$42,152,625)
..........................
43,086,817
Municipal
Bonds
91.4%
Alabama
7.5%
Black
Belt
Energy
Gas
District
,
d
Revenue,
2019
A-1,
Mandatory
Put,
4%,
12/01/25
.........................
11,675,000
11,612,071
Revenue,
2021
A,
Refunding,
4%,
6/01/23
...............................
400,000
400,000
Revenue,
2021
A,
Refunding,
4%,
6/01/24
...............................
400,000
399,230
d
Revenue,
2021
C-1,
Mandatory
Put,
4%,
12/01/26
.........................
10,000,000
9,892,028
d
Revenue,
2022
C-1,
Mandatory
Put,
5.25%,
6/01/29
........................
4,285,000
4,477,511
d
Revenue,
2022
E,
Mandatory
Put,
5%,
6/01/28
............................
4,000,000
4,183,458
d
Revenue,
2023
B-2,
Mandatory
Put,
5.25%,
12/01/30
.......................
2,000,000
2,149,735
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
3,775,399
Alabama
Power
Co.,
Revenue,
2008,
Mandatory
Put,
2.9%,
12/12/23
...........
7,550,000
7,504,786
d
Southeast
Alabama
Gas
Supply
District
(The)
,
Revenue
,
2018
A
,
Mandatory
Put
,
4
%
,
6/01/24
.........................................................
10,895,000
10,881,323
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue,
2021
A,
4%,
10/01/23
.......................................
450,000
449,747
Revenue,
2021
A,
4%,
10/01/24
.......................................
725,000
724,065
d
Revenue,
2022
B-1,
Mandatory
Put,
5%,
8/01/28
..........................
14,560,000
15,081,999
Special
Care
Facilities
Financing
Authority
of
the
City
of
Pell
City
Alabama
,
Noland
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
12/01/24
...........
1,500,000
1,520,693
Noland
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
12/01/26
...........
1,030,000
1,072,262
74,124,307
Alaska
1.0%
Borough
of
Matanuska-Susitna
,
State
of
Alaska
Department
of
Administration
,
Revenue
,
2015
,
Refunding
,
5.25
%
,
9/01/29
..............................
10,000,000
10,327,305
Arizona
2.0%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/24
.......................................................
1,000,000
1,000,325
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/25
.......................................................
1,000,000
1,004,764
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
C,
1.8%,
7/01/24
...........
450,000
429,465
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
d
Maricopa
County
Industrial
Development
Authority
,
HonorHealth
Obligated
Group
,
Revenue
,
2019
C
,
Mandatory
Put
,
4.21
%
,
(
SIFMA
Municipal
Swap
Index
+
0.8
%
),
9/01/24
.........................................................
$
17,000,000
$
16,965,801
19,400,355
California
5.4%
California
Community
Choice
Financing
Authority
,
Revenue,
2021
B-1,
4%,
8/01/25
......................................
535,000
536,208
Revenue,
2021
B-1,
4%,
2/01/26
......................................
850,000
852,462
Revenue,
2021
B-1,
4%,
8/01/26
......................................
325,000
326,384
Revenue,
2021
B-1,
4%,
8/01/27
......................................
400,000
402,493
Revenue,
2021
B-1,
4%,
2/01/28
......................................
375,000
377,595
Revenue,
2021
B-1,
4%,
8/01/28
......................................
470,000
473,457
d
Revenue,
2023
C,
Mandatory
Put,
5.25%,
10/01/31
........................
4,245,000
4,440,126
e
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..............................................
3,090,000
2,527,364
California
County
Tobacco
Securitization
Agency
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
4
%
,
6/01/23
.............................................
400,000
400,000
California
Educational
Facilities
Authority
,
University
of
San
Diego
,
Revenue
,
1999
,
AMBAC
Insured
,
Zero
Cpn.,
10/01/23
...................................
1,120,000
1,106,853
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
12,799,487
d,e
California
Infrastructure
&
Economic
Development
Bank
,
DesertXpress
Enterprises
LLC
,
Revenue
,
144A,
2020
A
,
Mandatory
Put
,
3.65
%
,
1/31/24
................
7,500,000
7,474,039
d,e
California
Municipal
Finance
Authority
,
Farmdale
NOHO
LP
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
4.5
%
,
6/30/23
........................................
13,060,000
13,059,444
California
Statewide
Communities
Development
Authority
,
d
Southern
California
Edison
Co.,
Revenue,
D,
Refunding,
Mandatory
Put,
2.625%,
12/01/23
.......................................................
3,000,000
2,968,597
Viamonte
Senior
Living
1,
Inc.,
Revenue,
2018
B-3,
California
Mortgage
Insured,
3%,
7/01/27
........................................................
3,500,000
3,500,185
Stockton
Unified
School
District
,
GO
,
2016
,
Refunding
,
5
%
,
8/01/23
.............
2,055,000
2,059,472
53,304,166
Colorado
1.7%
Colorado
Health
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/29
...............................................
900,000
969,205
Fort
Carson
Family
Housing
LLC
,
Revenue
,
1999
,
NATL
Insured
,
7.86
%
,
11/15/29
..
12,955,000
14,198,162
Regional
Transportation
District
,
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/15/24
........
400,000
401,321
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
5%,
7/15/24
........
300,000
302,029
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/15/25
........
325,000
328,548
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
5%,
7/15/25
........
400,000
409,058
16,608,323
Connecticut
0.0%
†
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/23
...
175,000
175,090
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/24
...
175,000
176,539
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
5%,
7/01/25
...
170,000
173,320
524,949
Delaware
0.5%
d
Delaware
State
Economic
Development
Authority
,
NRG
Energy,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
Mandatory
Put
,
1.25
%
,
10/01/25
..............................
5,000,000
4,537,618
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
44
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
2.5%
Centre
Lake
Community
Development
District
,
Special
Assessments
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/24
....................................
$
215,000
$
211,531
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2021
B-2
,
1.45
%
,
1/01/27
............................................
2,000,000
1,760,201
County
of
Escambia
,
Florida
Power
&
Light
Co.
,
Revenue
,
2003
,
Refunding
,
2.6
%
,
6/01/23
.........................................................
5,000,000
5,000,000
Florida
Municipal
Power
Agency
,
All-Requirements
Power
Supply
Project
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/25
......................................
1,000,000
1,038,632
Jacksonville
Transportation
Authority
,
Revenue,
Senior
Lien,
2020,
5%,
8/01/23
................................
1,720,000
1,724,258
Revenue,
Senior
Lien,
2020,
5%,
8/01/24
................................
1,805,000
1,840,027
Revenue,
Senior
Lien,
2020,
5%,
8/01/25
................................
1,800,000
1,867,978
Revenue,
Senior
Lien,
2020,
5%,
8/01/26
................................
1,940,000
2,054,139
d,e
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A-2
,
Mandatory
Put
,
6.5
%
,
5/01/25
....................................................
2,750,000
2,654,143
Middleton
Community
Development
District
A
,
Special
Assessment
,
2022
,
5.2
%
,
5/01/27
.........................................................
500,000
503,222
Pinellas
County
School
Board
,
Revenue
,
2022
,
4
%
,
6/30/23
...................
4,750,000
4,750,349
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
4
%
,
5/01/28
300,000
296,435
River
Hall
Community
Development
District
,
Special
Assessment,
2021
A-1,
Refunding,
3%,
5/01/24
.....................
230,000
227,052
Special
Assessment,
2021
A-1,
Refunding,
3%,
5/01/25
.....................
180,000
175,174
Special
Assessment,
2021
A-1,
Refunding,
3%,
5/01/26
.....................
220,000
211,130
24,314,271
Georgia
4.8%
City
of
Atlanta
,
Department
of
Aviation,
Revenue,
2020
A,
Refunding,
5%,
7/01/24
.............
2,500,000
2,543,990
Department
of
Aviation,
Revenue,
2020
A,
Refunding,
5%,
7/01/25
.............
1,500,000
1,553,256
d
Development
Authority
of
Burke
County
(The)
,
Georgia
Power
Co.
,
Revenue
,
4th
1995
,
Mandatory
Put
,
3.8
%
,
5/21/26
........................................
3,000,000
2,988,578
d
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.,
Revenue,
First
Series,
2009,
Refunding,
Mandatory
Put,
1%,
8/21/26
........................................................
2,000,000
1,765,426
Georgia
Power
Co.,
Revenue,
Second
Series,
2006,
Refunding,
Mandatory
Put,
3.875%,
3/06/26
.................................................
3,500,000
3,494,134
Main
Street
Natural
Gas,
Inc.
,
d
Revenue,
2018
A,
Mandatory
Put,
4%,
9/01/23
............................
10,025,000
10,029,940
d
Revenue,
2021
A,
Mandatory
Put,
4%,
9/01/27
............................
3,250,000
3,236,529
Revenue,
2021
C,
4%,
12/01/23
.......................................
725,000
724,716
Revenue,
2021
C,
4%,
12/01/24
.......................................
735,000
733,403
d
Revenue,
2022
A,
Mandatory
Put,
4%,
12/01/29
...........................
4,500,000
4,447,763
d,e
Revenue,
144A,
2022
C,
Mandatory
Put,
4%,
11/01/27
......................
15,000,000
14,460,195
Private
Colleges
&
Universities
Authority
,
Mercer
University,
Revenue,
2021,
Refunding,
5%,
10/01/23
.................
300,000
301,209
Mercer
University,
Revenue,
2021,
Refunding,
5%,
10/01/24
.................
400,000
407,103
Mercer
University,
Revenue,
2021,
Refunding,
5%,
10/01/25
.................
425,000
438,714
47,124,956
Hawaii
1.7%
University
of
Hawaii
,
Revenue,
2020
B,
Refunding,
5%,
10/01/24
..............................
3,440,000
3,511,435
Revenue,
2020
B,
Refunding,
5%,
10/01/25
..............................
3,440,000
3,571,326
Revenue,
2020
B,
Refunding,
5%,
10/01/26
..............................
2,865,000
3,032,533
Revenue,
2020
D,
Refunding,
5%,
10/01/24
..............................
600,000
612,459
Revenue,
2020
D,
Refunding,
5%,
10/01/25
..............................
1,725,000
1,790,854
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
45
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Hawaii
(continued)
University
of
Hawaii,
(continued)
Revenue,
2020
D,
Refunding,
5%,
10/01/26
..............................
$
4,360,000
$
4,614,954
17,133,561
Illinois
8.7%
Chicago
Board
of
Education
,
GO
,
2018
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/23
.
1,000,000
1,003,698
Chicago
Park
District
,
GO,
2020
F-2,
Refunding,
5%,
1/01/25
..................................
350,000
357,355
GO,
2020
F-2,
Refunding,
5%,
1/01/26
..................................
500,000
515,528
GO,
2020
F-2,
Refunding,
5%,
1/01/27
..................................
550,000
574,727
Chicago
Transit
Authority
Capital
Grant
Receipts
,
Revenue
,
2021
,
Refunding
,
5
%
,
6/01/24
.........................................................
1,425,000
1,440,477
City
of
Chicago
,
GO,
2015
C,
Refunding,
5%,
1/01/25
...................................
1,900,000
1,936,938
GO,
2020
A,
Refunding,
5%,
1/01/28
...................................
3,100,000
3,267,909
City
of
Moline
,
GO,
2021
C,
AGMC
Insured,
0.702%,
12/01/23
...........................
1,175,000
1,147,621
GO,
2021
C,
AGMC
Insured,
1.151%,
12/01/24
...........................
580,000
545,772
GO,
2021
C,
AGMC
Insured,
1.439%,
12/01/25
...........................
925,000
849,662
County
of
Cook
,
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/15/29
...........
845,000
929,240
Illinois
Finance
Authority
,
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/27
.........
2,810,000
2,584,092
d
Field
Museum
of
Natural
History,
Revenue,
2019,
Refunding,
Mandatory
Put,
4.742%,
9/01/25
.................................................
3,695,000
3,677,053
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/15/27
........................................................
590,000
554,675
d
OSF
Healthcare
System
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
Mandatory
Put,
5%,
11/15/24
.......................................
1,250,000
1,260,570
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
3
%
,
6/15/24
..
2,500,000
2,471,125
Railsplitter
Tobacco
Settlement
Authority
,
Revenue
,
2017
,
5
%
,
6/01/26
...........
2,000,000
2,092,040
State
of
Illinois
,
GO,
2010-4,
AGMC
Insured,
6.875%,
7/01/25
............................
750,000
762,859
GO,
2016,
Refunding,
5%,
2/01/25
.....................................
10,000,000
10,209,277
GO,
2016,
Refunding,
5%,
2/01/29
.....................................
750,000
790,834
GO,
2017
C,
5%,
11/01/29
...........................................
2,000,000
2,128,138
GO,
2017
D,
5%,
11/01/27
...........................................
5,025,000
5,362,150
GO,
2018
A,
6%,
5/01/25
............................................
6,000,000
6,256,944
GO,
2018
A,
Refunding,
5%,
10/01/29
..................................
375,000
404,562
GO,
2018
B,
Refunding,
5%,
10/01/31
..................................
625,000
669,587
GO,
2019
B,
5%,
11/01/30
...........................................
375,000
410,269
GO,
2021
A,
5%,
3/01/25
............................................
5,300,000
5,417,113
GO,
2022
B,
Refunding,
5%,
3/01/24
...................................
2,500,000
2,522,243
Sales
Tax,
Revenue,
2021
A,
4%,
6/15/24
...............................
5,000,000
5,021,715
Sales
Tax,
Revenue,
2021
A,
4%,
6/15/27
...............................
1,500,000
1,532,369
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/23
.............
3,000,000
2,999,977
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/24
.............
3,300,000
3,335,968
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/25
.............
2,000,000
2,055,118
University
of
Illinois
,
Auxiliary
Facilities
System
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
4/01/25
.........................................................
11,660,000
11,403,728
86,491,333
Indiana
1.4%
e
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
B
,
4.75
%
,
8/01/24
1,560,000
1,488,694
Indiana
Finance
Authority
,
Greencroft
Goshen
Obligated
Group,
Revenue,
2021
B,
Refunding,
3.25%,
11/15/23
195,000
191,085
f
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/23
..
1,000,000
996,416
f
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/24
..
1,000,000
982,360
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
46
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Indiana
(continued)
Indiana
Finance
Authority,
(continued)
f
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/25
..
$
1,000,000
$
968,050
Indianapolis
Power
&
Light
Co.,
Revenue,
2021
B,
Refunding,
0.65%,
8/01/25
....
4,500,000
4,100,455
d
Southern
Indiana
Gas
&
Electric
Co.,
Revenue,
2013
E,
Refunding,
Mandatory
Put,
3.55%,
8/01/28
..................................................
5,000,000
4,909,338
13,636,398
Iowa
1.1%
Des
Moines
Independent
Community
School
District
,
Sales
Services
&
Use
Tax
,
Revenue
,
2018
,
AGMC
Insured
,
3
%
,
6/01/29
.............................
9,300,000
9,213,384
d
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
4.092
%
,
(
SOFR
+
0.55
%
),
5/15/26
..............
1,500,000
1,357,455
10,570,839
Kansas
0.2%
Reno
County
Unified
School
District
No.
308
Hutchinson
,
GO
,
2019
,
Refunding
,
5
%
,
9/01/27
.........................................................
1,575,000
1,695,286
Kentucky
3.5%
County
of
Trimble
,
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2001
A
,
Refunding
,
0.625
%
,
9/01/26
...................................................
3,375,000
2,999,765
Eastern
Kentucky
University
,
Revenue,
2021
A,
Refunding,
3.25%,
10/01/23
............................
1,080,000
1,077,390
Revenue,
2021
A,
Refunding,
3.5%,
10/01/24
.............................
1,120,000
1,117,837
Revenue,
2021
A,
Refunding,
3.5%,
10/01/25
.............................
1,155,000
1,141,640
Revenue,
2021
A,
Refunding,
4%,
10/01/26
..............................
1,205,000
1,227,409
Revenue,
2021
A,
Refunding,
4%,
10/01/27
..............................
1,255,000
1,289,469
Revenue,
2021
A,
Refunding,
4%,
10/01/28
..............................
1,305,000
1,347,372
d
Kentucky
Public
Energy
Authority
,
Revenue,
2020
A,
Mandatory
Put,
4%,
6/01/26
............................
10,000,000
9,967,525
Revenue,
2022
A-2,
Mandatory
Put,
4.59%,
8/01/30
........................
14,125,000
13,378,915
e
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
B
,
6.75
%
,
5/01/25
................................
1,360,000
1,314,559
34,861,881
Louisiana
4.7%
City
of
New
Orleans
,
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/26
.........................
450,000
470,578
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/27
.........................
600,000
638,316
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/28
.........................
550,000
594,797
d
Lake
Charles
Harbor
&
Terminal
District
,
Big
Lake
Fuels
LLC
,
Revenue
,
2021
,
Mandatory
Put
,
1
%
,
12/01/24
.........................................
10,000,000
9,415,972
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
...................................
617,000
592,051
Louisiana
Public
Facilities
Authority
,
Loyola
University
New
Orleans,
Revenue,
2021,
Refunding,
5%,
10/01/25
.......
250,000
255,145
d
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2020
B,
Refunding,
Mandatory
Put,
5%,
5/15/25
........................................
7,500,000
7,654,960
Louisiana
Stadium
&
Exposition
District
,
Revenue,
2020,
5%,
7/03/23
.........................................
4,650,000
4,653,937
e
Revenue,
144A,
2022
A,
1.872%,
7/03/23
...............................
3,000,000
2,986,564
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
16,733,983
d
State
of
Louisiana
,
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2022
A
,
Refunding
,
Mandatory
Put
,
4.042
%
,
(
SOFR
+
0.5
%
),
5/01/26
..........................
2,950,000
2,879,958
46,876,261
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)
Maryland
2.4%
City
of
Baltimore
,
GO
,
2017
B
,
Refunding
,
5
%
,
10/15/25
......................
$
5,000,000
$
5,216,760
City
of
Cumberland
,
GO,
2021,
Refunding,
AGMC
Insured,
5%,
6/01/24
.........................
395,000
401,383
GO,
2021,
Refunding,
AGMC
Insured,
5%,
6/01/25
.........................
455,000
469,625
Maryland
Economic
Development
Corp.
,
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
A
,
5
%
,
11/12/28
...............................................
10,000,000
10,242,036
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
5,348,479
State
of
Maryland
,
GO
,
2017
B
,
Refunding
,
5
%
,
8/01/26
......................
30,000
31,858
Town
of
Chestertown
,
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/26
...............
1,035,000
1,051,900
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/27
...............
1,215,000
1,244,073
24,006,114
Massachusetts
1.6%
d
Massachusetts
Development
Finance
Agency
,
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-4,
Refunding,
Mandatory
Put,
5%,
1/25/24
........................................................
5,000,000
5,041,563
President
&
Trustees
of
Williams
College,
Revenue,
2011
N,
Mandatory
Put,
0.45%,
7/01/25
........................................................
1,000,000
923,576
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2022
C-3
,
FHA
Insured
,
4
%
,
6/01/26
.........................................................
10,000,000
10,104,739
16,069,878
Michigan
0.9%
Michigan
Finance
Authority
,
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/27
.......................................
2,000,000
2,074,553
d
Michigan
Strategic
Fund
,
Consumers
Energy
Co.,
Revenue,
2005,
Mandatory
Put,
0.875%,
10/08/26
......
4,350,000
3,867,697
Waste
Management
of
Michigan,
Inc.,
Revenue,
2001,
Mandatory
Put,
0.58%,
8/01/24
........................................................
3,300,000
3,172,148
9,114,398
Minnesota
3.6%
d
City
of
Columbia
Heights
,
42
Central
LP
,
Revenue
,
2022
A
,
Mandatory
Put
,
2.7
%
,
7/01/24
.........................................................
1,000,000
985,061
Dakota
County
Community
Development
Agency
,
g
Eagan
AH
I
LLLP,
Revenue,
2020,
4.125%,
6/01/24
........................
4,000,000
3,998,681
d
Eagan
AH
I
LLLP,
Revenue,
2020,
Mandatory
Put,
0.35%,
6/01/23
.............
6,000,000
6,000,000
Farmington
Independent
School
District
No.
192
,
GO
,
2015
C
,
Refunding
,
5
%
,
2/01/24
6,065,000
6,132,350
Minnesota
Higher
Education
Facilities
Authority
,
University
of
St.
Thomas,
Revenue,
2019,
5%,
10/01/26
.....................
1,000,000
1,050,068
University
of
St.
Thomas,
Revenue,
2019,
5%,
10/01/27
.....................
1,000,000
1,068,497
d
Minnesota
Municipal
Gas
Agency
,
Revenue,
2022
A,
Mandatory
Put,
4%,
12/01/27
...........................
8,785,000
8,851,203
Revenue,
2022
B,
Mandatory
Put,
4.39%,
12/01/27
........................
8,000,000
7,781,598
35,867,458
Mississippi
0.3%
d
Mississippi
Business
Finance
Corp.
,
Waste
Management,
Inc.
,
Revenue
,
2004
,
Mandatory
Put
,
0.7
%
,
9/01/26
........................................
2,500,000
2,239,052
Mississippi
Home
Corp.
,
e
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
2.75%,
6/01/26
255,158
241,689
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)
Mississippi
(continued)
Mississippi
Home
Corp.,
(continued)
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
2.9%,
6/01/26
...................................................
$
72,598
$
69,070
2,549,811
Missouri
0.5%
Missouri
Development
Finance
Board
,
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/24
...............
300,000
302,247
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/25
...............
500,000
504,354
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/26
...............
405,000
410,984
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/27
...............
660,000
674,647
d
St.
Charles
County
Industrial
Development
Authority
,
Hidden
Valley
Housing
Partners
LP
,
Revenue
,
2021
,
Mandatory
Put
,
0.27
%
,
10/01/23
.......................
3,500,000
3,446,313
5,338,545
Nebraska
0.7%
d
Central
Plains
Energy
Project
,
Revenue
,
2018
A
,
Mandatory
Put
,
5
%
,
1/01/24
......
4,250,000
4,270,213
Nebraska
Public
Power
District
,
Revenue
,
2021
C
,
Refunding
,
5
%
,
1/01/24
........
2,500,000
2,522,847
6,793,060
Nevada
0.5%
Las
Vegas
Valley
Water
District
,
GO,
2020
D,
Refunding,
5%,
6/01/24
...................................
1,745,000
1,774,227
GO,
2020
D,
Refunding,
5%,
6/01/25
...................................
2,750,000
2,848,639
4,622,866
New
Hampshire
0.5%
d
New
Hampshire
Business
Finance
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2018
A
,
Refunding
,
Mandatory
Put
,
3.785
%
,
(
SIFMA
Municipal
Swap
Index
+
0.375
%
),
7/01/24
.........................................................
5,000,000
4,892,250
New
Jersey
8.0%
City
of
Newark
,
GO,
2020
A,
Refunding,
AGMC
Insured,
5%,
10/01/23
......................
1,000,000
1,005,121
GO,
2020
A,
Refunding,
AGMC
Insured,
5%,
10/01/24
......................
1,000,000
1,021,421
County
of
Atlantic
,
GO,
2020,
0.375%,
6/01/23
..........................................
1,730,000
1,730,000
GO,
2020,
0.375%,
6/01/24
..........................................
1,765,000
1,694,840
GO,
2020,
0.375%,
6/01/25
..........................................
1,800,000
1,657,204
County
of
Morris
,
GO
,
2021
,
2
%
,
2/01/26
.................................
4,215,000
4,006,032
County
of
Union
,
GO
,
2020
,
0.5
%
,
3/01/24
................................
5,290,000
5,138,580
Garden
State
Preservation
Trust
,
Revenue
,
2005
A
,
AGMC
Insured
,
5.75
%
,
11/01/28
25,000,000
27,126,520
New
Jersey
Economic
Development
Authority
,
e
Revenue,
144A,
2019,
Refunding,
5.25%,
9/01/27
.........................
6,000,000
6,448,192
New
Jersey
Transit
Corp.,
Revenue,
2022
A,
5%,
11/01/25
...................
1,000,000
1,035,800
d
New
Jersey-American
Water
Co.,
Inc.,
Revenue,
2019
B,
Refunding,
Mandatory
Put,
2.05%,
12/03/29
.................................................
7,500,000
6,432,461
New
Jersey
Educational
Facilities
Authority
,
Revenue
,
2014
,
5
%
,
6/01/24
.........
280,000
283,151
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006
C,
AMBAC
Insured,
Zero
Cpn.,
12/15/26
....................
10,000,000
8,826,004
Revenue,
2006
C,
BHAC
Insured,
Zero
Cpn.,
12/15/27
......................
11,110,000
9,573,611
Newark
Board
of
Education
,
GO,
2021,
Refunding,
5%,
7/15/23
.....................................
300,000
300,515
GO,
2021,
Refunding,
5%,
7/15/24
.....................................
400,000
406,120
State
of
New
Jersey
,
GO
,
3
%
,
6/01/25
....................................
2,000,000
1,975,232
78,660,804
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)
New
Mexico
0.7%
d
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico,
Revenue,
2010
A,
Refunding,
Mandatory
Put,
0.875%,
10/01/26
................................................
$
4,250,000
$
3,738,997
g
Public
Service
Co.
of
New
Mexico,
Revenue,
2010
D,
Refunding,
Mandatory
Put,
3.9%,
6/01/28
...................................................
3,000,000
2,999,689
6,738,686
New
York
3.9%
County
of
Suffolk
,
GO
,
2018
B
,
AGMC
Insured
,
4
%
,
10/15/28
..................
4,205,000
4,322,592
Metropolitan
Transportation
Authority
,
Revenue
,
2017
A-2
,
Refunding
,
5
%
,
11/15/25
.
3,980,000
4,092,621
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/24
1,000,000
1,007,357
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
5%,
1/01/25
1,000,000
1,022,096
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
780,000
665,251
New
York
State
Dormitory
Authority
,
Cornell
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/26
......................................................
5,000,000
5,315,763
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
2,904,330
d
Rochester
Gas
and
Electric
Corp.,
Revenue,
1997
A,
Refunding,
Mandatory
Put,
3%,
7/01/25
........................................................
10,000,000
9,880,447
New
York
State
Housing
Finance
Agency
,
Revenue,
2020
F,
1.1%,
11/01/26
......................................
2,860,000
2,564,935
d
Revenue,
2022
A-2,
Mandatory
Put,
2.5%,
5/01/27
.........................
3,000,000
2,845,568
New
York
Transportation
Development
Corp.
,
JFK
International
Air
Terminal
LLC,
Revenue,
2020
A,
Refunding,
5%,
12/01/25
...
500,000
509,889
JFK
International
Air
Terminal
LLC,
Revenue,
2020
C,
Refunding,
5%,
12/01/25
...
2,200,000
2,264,556
State
of
New
York
Mortgage
Agency
,
Revenue
,
212
,
2.95
%
,
4/01/25
.............
895,000
878,708
38,274,113
North
Carolina
0.8%
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/24
..........
1,200,000
1,211,654
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/25
..........
1,000,000
1,014,797
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/26
..........
850,000
872,054
North
Carolina
State
University
at
Raleigh
,
Revenue,
2018,
Refunding,
5%,
10/01/26
................................
3,000,000
3,191,070
Revenue,
2018,
Refunding,
5%,
10/01/27
................................
1,500,000
1,629,251
7,918,826
North
Dakota
1.2%
Cass
County
Joint
Water
Resource
District
,
GO
,
2021
A
,
Refunding
,
0.48
%
,
5/01/24
.
5,000,000
4,780,462
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/27
..
2,325,000
2,370,695
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/28
..
1,680,000
1,726,473
City
of
Horace
,
GO
,
2022
A
,
Refunding
,
3.25
%
,
8/01/24
.......................
3,000,000
2,941,116
11,818,746
Ohio
1.2%
d
Ohio
Air
Quality
Development
Authority
,
Duke
Energy
Corp.
,
Revenue
,
2022
A
,
Refunding
,
Mandatory
Put
,
4.25
%
,
6/01/27
...............................
7,500,000
7,415,302
Sycamore
Community
City
School
District
,
GO
,
2020
,
4
%
,
12/01/23
.............
2,560,000
2,568,009
Youngstown
State
University
,
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
12/15/24
...................
645,000
650,766
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
12/15/25
...................
580,000
590,131
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)
Ohio
(continued)
Youngstown
State
University,
(continued)
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
12/15/26
...................
$
850,000
$
870,589
12,094,797
Oklahoma
0.2%
Oklahoma
State
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
9/01/23
...........
705,000
707,744
Tulsa
County
Industrial
Authority
,
Tulsa
County
Independent
School
District
No.
11
Owasso
,
Revenue
,
2018
,
5
%
,
9/01/23
..................................
1,170,000
1,173,768
1,881,512
Oregon
0.8%
Deschutes
&
Jefferson
Counties
School
District
No.
2J
Redmond
,
GO
,
2021
,
3
%
,
6/15/25
.........................................................
850,000
847,217
Salem-Keizer
School
District
No.
24J
,
GO
,
2018
,
5
%
,
6/15/25
..................
2,000,000
2,071,316
State
of
Oregon
,
GO
,
2015
B
,
Refunding
,
5
%
,
8/01/27
........................
2,785,000
2,891,362
e
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/25
............................
2,270,000
2,252,818
8,062,713
Pennsylvania
5.2%
Allegheny
County
Hospital
Development
Authority
,
Allegheny
Health
Network
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
4/01/24
.........................
4,000,000
4,038,949
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue,
2022,
Refunding,
5%,
5/01/24
.................................
150,000
151,089
Revenue,
2022,
Refunding,
5%,
5/01/25
.................................
500,000
506,840
Revenue,
2022,
Refunding,
5%,
5/01/26
.................................
500,000
511,463
Revenue,
2022,
Refunding,
5%,
5/01/27
.................................
590,000
607,679
d
Bethlehem
Area
School
District
Authority
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
3.74
%
,
(
SOFR
+
0.35
%
),
11/01/25
.................................
1,990,000
1,937,989
d
Geisinger
Authority
,
Geisinger
Health
System
Obligated
Group
,
Revenue
,
2014
B
,
Refunding
,
Mandatory
Put
,
4.527
%
,
(
1-month
USD
LIBOR
+
1.07
%
),
6/01/24
.....
10,000,000
10,033,517
Lehigh
County
Industrial
Development
Authority
,
PPL
Electric
Utilities
Corp.
,
Revenue
,
2016
B
,
Refunding
,
2.625
%
,
2/15/27
...................................
8,500,000
8,075,220
d
Montgomery
County
Industrial
Development
Authority
,
Constellation
Energy
Generation
LLC
,
Revenue
,
2023
A
,
Refunding
,
Mandatory
Put
,
4.1
%
,
4/03/28
.............
5,000,000
5,074,325
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/29
...........
1,230,000
1,320,483
d
Waste
Management,
Inc.,
Revenue,
2021
A,
Mandatory
Put,
3.81%,
6/03/24
.....
6,000,000
5,883,195
d
Waste
Management,
Inc.,
Revenue,
2021
B,
Refunding,
Mandatory
Put,
1.1%,
11/02/26
.......................................................
4,000,000
3,612,664
Philadelphia
Gas
Works
Co.
,
Revenue,
16th
A,
AGMC
Insured,
5%,
8/01/25
............................
500,000
517,503
Revenue,
16th
A,
AGMC
Insured,
5%,
8/01/26
............................
600,000
631,962
h
University
of
Pittsburgh-of
the
Commonwealth
System
of
Higher
Education
,
Revenue
,
FRN
,
2019
,
3.77
%
,
(
SIFMA
Municipal
Swap
Index
+
0.36
%
),
2/15/24
...........
7,750,000
7,750,258
Westmoreland
County
Industrial
Development
Authority
,
Excela
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/23
.........................
375,000
374,774
51,027,910
Rhode
Island
0.1%
City
of
Providence
,
GO,
2021
A,
Refunding,
5%,
1/15/24
...................................
500,000
503,448
GO,
2021
A,
Refunding,
5%,
1/15/25
...................................
500,000
510,961
GO,
2021
A,
Refunding,
5%,
1/15/26
...................................
500,000
518,480
1,532,889
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)
South
Carolina
1.6%
d
Columbia
Housing
Authority
,
Columbia
Leased
Housing
Associates
I
LLLP
,
Revenue
,
2022
,
Mandatory
Put
,
2.25
%
,
10/01/25
..................................
$
9,000,000
$
8,694,757
e
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3
%
,
11/01/26
...................................
710,000
653,374
e
South
Carolina
Jobs-Economic
Development
Authority
,
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-3
,
6
%
,
6/01/23
............................
1,775,000
1,775,000
South
Carolina
Public
Service
Authority
,
Revenue
,
2021
B
,
5
%
,
12/01/24
..........
1,750,000
1,783,835
e
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/24
..................................
1,500,000
1,445,869
d
Spartanburg
Housing
Authority
,
CV
Housing
Partners
LP
,
Revenue
,
2022
,
Mandatory
Put
,
1.05
%
,
8/01/23
................................................
2,000,000
1,985,405
16,338,240
South
Dakota
0.1%
South
Dakota
Health
&
Educational
Facilities
Authority
,
Sanford
Obligated
Group,
Revenue,
2021,
Refunding,
0.744%,
11/01/23
........
710,000
695,787
Sanford
Obligated
Group,
Revenue,
2021,
Refunding,
1.225%,
11/01/24
........
450,000
424,458
1,120,245
Tennessee
3.2%
City
of
Memphis
,
GO,
2018,
5%,
6/01/24
.............................................
6,915,000
7,025,370
GO,
2018,
5%,
6/01/25
.............................................
7,260,000
7,513,278
GO,
2018,
5%,
6/01/26
.............................................
7,625,000
8,051,678
d
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
8,010,000
8,450,288
Tennessee
Energy
Acquisition
Corp.
,
Revenue,
2021
A,
5%,
11/01/23
.......................................
250,000
250,750
Revenue,
2021
A,
5%,
11/01/24
.......................................
250,000
252,729
Revenue,
2021
A,
5%,
11/01/25
.......................................
350,000
356,831
31,900,924
Texas
2.9%
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2002
A
,
BHAC,
AMBAC
Insured
,
Zero
Cpn.,
8/15/27
.................................................
3,280,000
2,851,201
City
of
Dallas
,
Waterworks
&
Sewer
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
10/01/26
........................................................
5,000,000
5,196,586
City
of
Houston
,
Combined
Utility
System
,
Revenue,
First
Lien
,
2018
D
,
Refunding
,
5
%
,
11/15/26
........................................................
1,000,000
1,062,012
City
of
Lubbock
,
GO
,
2018
,
Refunding
,
5
%
,
2/15/25
.........................
5,150,000
5,301,489
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO,
2021,
2%,
9/01/24
.............................................
140,000
134,088
GO,
2021,
2%,
9/01/25
.............................................
145,000
134,782
GO,
2021,
2%,
9/01/26
.............................................
150,000
135,625
GO,
2021,
2%,
9/01/27
.............................................
155,000
136,820
d,g
Mission
Economic
Development
Corp.
,
Waste
Management,
Inc.
,
Revenue
,
2023
A
,
Mandatory
Put
,
4.25
%
,
6/03/24
.......................................
3,250,000
3,253,325
d,g
Texas
Department
of
Housing
&
Community
Affairs
,
FishPond
Living
at
Corpus
Christi
LP
,
Revenue
,
2020
,
Mandatory
Put
,
4
%
,
12/01/23
.........................
2,000,000
2,000,064
Texas
Water
Development
Board
,
State
Revolving
Fund
,
Revenue
,
2018
,
5
%
,
8/01/27
4,200,000
4,537,352
d
THF
Public
Facility
Corp.
,
THF
Little
Elm
Leased
Housing
Associates
II
LP
,
Revenue
,
2022
,
Mandatory
Put
,
3.25
%
,
9/01/25
...................................
3,500,000
3,422,249
e
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
9/01/26
..............................................
140,000
126,935
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien,
2021,
2%,
8/15/23
.....................................
255,000
253,753
GO,
Sub.
Lien,
2021,
2%,
8/15/25
.....................................
265,000
249,396
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)
Texas
(continued)
Westside
211
Special
Improvement
District,
(continued)
GO,
Sub.
Lien,
2021,
2%,
8/15/27
.....................................
$
280,000
$
252,741
29,048,418
Utah
0.6%
City
of
Salt
Lake
City
,
Airport,
Revenue,
2021
A,
5%,
7/01/24
..................................
1,000,000
1,011,222
Airport,
Revenue,
2021
A,
5%,
7/01/26
..................................
3,900,000
4,033,173
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
3
%
,
10/15/23
.....................
475,000
471,400
5,515,795
Virginia
0.3%
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
1/01/29
........................................................
180,000
178,559
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
7/01/29
........................................................
1,750,000
1,737,723
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/23
...
300,000
297,449
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/24
...
220,000
214,036
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/25
...
230,000
219,585
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
12/01/26
...
235,000
220,089
2,867,441
Washington
1.3%
Auburn
School
District
No.
408
of
King
&
Pierce
Counties
,
GO,
2018,
5%,
12/01/27
.............................................
1,700,000
1,847,100
GO,
2018,
5%,
12/01/28
.............................................
3,300,000
3,586,998
Spokane
County
School
District
No.
354
Mead
,
GO,
2018,
4%,
12/01/32
.............................................
1,150,000
1,180,697
GO,
2018,
5%,
12/01/33
.............................................
1,500,000
1,609,514
State
of
Washington
,
GO
,
R-2015
D
,
Refunding
,
5
%
,
7/01/28
..................
3,985,000
4,099,683
e
Washington
Health
Care
Facilities
Authority
,
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/31
..............................
280,000
306,036
12,630,028
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
905,152
Wisconsin
0.3%
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
2.75%,
12/01/25
...................
428,960
411,616
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/26
..........
150,000
146,624
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/25
...........................................
285,000
279,891
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/26
...........................................
300,000
292,048
e
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
B,
4.25%,
6/01/25
1,488,000
1,427,273
Wisconsin
Health
&
Educational
Facilities
Authority
,
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/24
....................................................
160,000
158,991
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/26
....................................................
345,000
335,029
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/27
....................................................
360,000
344,792
3,396,264
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
53
See
Abbreviations
on
page
196
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wyoming
0.1%
County
of
Laramie
,
Cheyenne
Regional
Medical
Center
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/27
......................................................
$
550,000
$
563,783
U.S.
Territories
1.1%
District
of
Columbia
1.0%
District
of
Columbia
,
Income
Tax
,
Revenue
,
2022
C
,
Refunding
,
5
%
,
12/01/27
......
9,150,000
9,990,125
Puerto
Rico
0.1%
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/23
..
100,000
100,071
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/25
..
195,000
199,081
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/27
..
450,000
469,980
769,132
Total
U.S.
Territories
....................................................................
10,759,257
Total
Municipal
Bonds
(Cost
$933,867,331)
.....................................
903,842,732
Total
Long
Term
Investments
(Cost
$1,015,908,781)
.............................
983,494,359
a
a
a
a
a
Short
Term
Investments
0.3%
Municipal
Bonds
0.3%
New
York
0.1%
i
City
of
New
York
,
GO
,
2015
F-6
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4.1
%
,
6/01/44
....................................................
600,000
600,000
Oregon
0.2%
i
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.92
%
,
8/01/34
............
2,000,000
2,000,000
Pennsylvania
0.0%
†
i
Allegheny
County
Higher
Education
Building
Authority
,
Carnegie
Mellon
University
,
Revenue
,
2008
A
,
Refunding
,
SPA
Bank
of
New
York
Mellon
(The)
,
Daily
VRDN
and
Put
,
4
%
,
12/01/37
.................................................
300,000
300,000
Tennessee
0.0%
†
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
,
3.95
%
,
6/01/42
...................................
300,000
300,000
Total
Municipal
Bonds
(Cost
$3,200,000)
.......................................
3,200,000
Total
Short
Term
Investments
(Cost
$3,200,000
)
.................................
3,200,000
a
Total
Investments
(Cost
$1,019,108,781)
99.8%
..................................
$986,694,359
Other
Assets,
less
Liabilities
0.2%
.............................................
1,989,954
Net
Assets
100.0%
...........................................................
$988,684,313
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
b
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
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
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,
2023,
the
aggregate
value
of
these
securities
was
$61,234,239,
representing
6.2%
of
net
assets.
f
Security
purchased
on
a
when-issued
basis.
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,
2023
Franklin
Georgia
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
900,000
$
895,321
Total
Corporate
Bonds
(Cost
$900,000)
........................................
895,321
Municipal
Bonds
97.0%
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
1,300,000
1,077,328
Florida
1.3%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
2,592,000
2,148,532
b
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
750,000
502,187
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
2,030,000
1,659,525
4,310,244
Georgia
87.6%
Athens
Housing
Authority
,
UGAREF
East
Campus
Housing
Phase
II
LLC
,
Revenue
,
2017
,
Refunding
,
4
%
,
6/15/40
........................................
5,000,000
4,912,398
Atlanta
Development
Authority
(The)
,
City
of
Atlanta
Hotel
Motel
Tax,
Revenue,
2015
A-1,
5.25%,
7/01/40
............
7,750,000
7,925,073
City
of
Atlanta
Hotel
Motel
Tax,
Revenue,
2015
A-1,
5.25%,
7/01/44
............
3,000,000
3,056,325
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/26
..
2,555,000
2,601,569
Auburn
Urban
Redevelopment
Agency
,
City
of
Auburn,
Revenue,
2020,
BAM
Insured,
4%,
10/01/45
..................
1,000,000
951,866
City
of
Auburn,
Revenue,
2020,
BAM
Insured,
4%,
10/01/50
..................
1,000,000
944,886
Bainbridge
Public
Facilities
Authority
,
County
of
Decatur
,
Revenue
,
2018
,
AGMC
Insured
,
4
%
,
3/01/43
...............................................
3,000,000
2,911,901
Bleckley
County
School
District
,
GO
,
2020
,
5
%
,
10/01/42
.....................
2,055,000
2,231,999
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
3,000,000
2,877,956
Carroll
City-County
Hospital
Authority
,
Tanner
Medical
Center
Obligated
Group,
Revenue,
2015,
5%,
7/01/41
..........
2,000,000
2,027,963
Tanner
Medical
Center
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/50
.
2,950,000
2,788,255
City
of
Atlanta
,
GO,
2022
A-1,
5%,
12/01/38
.........................................
5,000,000
5,701,649
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2019
D,
4%,
7/01/36
.....
4,500,000
4,471,620
BeltLineTAD,
Tax
Allocation,
2016
B,
Refunding,
5%,
1/01/31
.................
1,780,000
1,864,233
Department
of
Aviation,
Revenue,
2021
C,
Refunding,
5%,
7/01/37
.............
1,500,000
1,601,677
Water
&
Wastewater,
Revenue,
2001
A,
AGMC,
NATL
RE
Insured,
5.5%,
11/01/27
.
5,000,000
5,289,854
Water
&
Wastewater,
Revenue,
2018
B,
Refunding,
5%,
11/01/47
..............
5,000,000
5,231,539
City
of
Baldwin
,
Water
&
Sewerage
,
Revenue
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
6/01/46
.........................................................
1,835,000
1,498,659
City
of
Buford
,
GO
,
2017
C
,
Pre-Refunded
,
4
%
,
1/01/43
......................
5,000,000
5,177,358
City
of
Cartersville
,
Water
&
Sewer
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/48
.......
4,000,000
4,196,034
City
of
Dalton
,
GO
,
2018
,
5
%
,
2/01/48
....................................
3,000,000
3,150,976
City
of
Monroe
,
Combined
Utility
,
Revenue
,
2020
,
AGMC
Insured
,
4
%
,
12/01/50
....
1,500,000
1,417,136
City
of
Warner
Robins
,
Water
&
Sewerage
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/45
.
1,000,000
971,598
Clayton
County
Development
Authority
,
USG
Real
Estate
Foundation
XIII
LLC,
Revenue,
2022
A,
5%,
6/15/32
..........
1,295,000
1,501,604
USG
Real
Estate
Foundation
XIII
LLC,
Revenue,
2022
A,
5%,
6/15/33
..........
1,210,000
1,417,607
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
4/01/38
375,000
393,332
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/39
425,000
415,411
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
56
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Cobb
County
Kennestone
Hospital
Authority,
(continued)
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
4/01/40
$
400,000
$
416,775
WellStar
Health
System
Obligated
Group,
Revenue,
2020
B,
Refunding,
4%,
4/01/41
375,000
361,137
WellStar
Health
System
Obligated
Group,
Revenue,
2022
A,
4%,
4/01/52
........
3,100,000
2,824,745
County
of
DeKalb
,
Water
&
Sewerage
,
Revenue
,
2006
B
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/35
.....................................................
4,000,000
4,203,799
County
of
Fulton
,
Water
&
Sewerage
,
Revenue
,
2020
A
,
3
%
,
1/01/45
.............
5,000,000
4,021,060
County
of
Rockdale
,
Stormwater
System
,
Revenue
,
2021
,
4
%
,
7/01/41
...........
500,000
494,997
Coweta
County
Water
&
Sewage
Authority
,
Revenue,
2021
B,
3%,
6/01/43
........................................
820,000
672,900
Revenue,
2021
B,
3%,
6/01/46
........................................
1,000,000
787,694
Dalton
Whitfield
County
Joint
Development
Authority
,
Hamilton
Health
Care
System
Obligated
Group
,
Revenue
,
2017
,
4
%
,
8/15/41
............................
3,000,000
2,869,270
DeKalb
Newton
&
Gwinnett
Counties
Joint
Development
Authority
,
GGCF
Athletic
Fields
LLC
,
Revenue
,
2012
A
,
AGMC
Insured
,
5
%
,
7/01/39
..................
2,500,000
2,502,565
Development
Authority
for
Fulton
County
,
Georgia
Tech
Facilities,
Inc.,
Revenue,
2018,
4%,
3/01/43
...................
2,000,000
1,962,304
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2014
A,
Refunding,
5%,
7/01/44
........................................................
4,160,000
4,187,869
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
........................................................
5,840,000
5,927,201
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2019
A,
4%,
7/01/49
......
5,000,000
4,604,165
Tuff/Atlanta
Housing
LLC,
Revenue,
2022,
Refunding,
5%,
9/01/29
.............
1,000,000
1,104,861
Tuff/Atlanta
Housing
LLC,
Revenue,
2022,
Refunding,
5%,
9/01/30
.............
1,030,000
1,151,088
Tuff/Atlanta
Housing
LLC,
Revenue,
2022,
Refunding,
5%,
9/01/31
.............
1,235,000
1,397,718
Tuff/Atlanta
Housing
LLC,
Revenue,
2022,
Refunding,
5%,
9/01/32
.............
1,350,000
1,544,759
WellStar
Health
System
Obligated
Group,
Revenue,
2017,
5%,
4/01/47
.........
1,000,000
1,020,937
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/50
........
3,000,000
2,786,848
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.
,
Revenue
,
2017
,
Refunding
,
4.125
%
,
11/01/45
....................................
6,000,000
5,372,669
Development
Authority
of
Cobb
County
(The)
,
Georgia
Tech
Cobb
Research
Campus
LLC,
Revenue,
2017
A,
4%,
6/01/42
......
1,600,000
1,574,985
Kennesaw
State
University
Real
Estate
Obligated
Group
2015
ABC,
Revenue,
Senior
Lien,
2015
A,
Refunding,
5%,
7/15/38
.................................
2,000,000
2,040,199
KSU
2020
Housing
Real
Estate
Foundation
LLC,
Revenue,
2020,
4%,
7/15/52
....
5,720,000
5,251,129
KSU
University
II
Real
Estate
Foundation
LLC,
Revenue,
2021,
Refunding,
4%,
7/15/34
........................................................
1,000,000
1,023,274
University
System
of
Georgia,
Revenue,
2020
C,
4%,
7/15/52
................
2,000,000
1,889,373
Development
Authority
of
Gwinnett
County
,
Gwinnett
County
School
District
,
COP
,
2006
,
NATL
Insured
,
5.25
%
,
1/01/24
...................................
2,000,000
2,022,163
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
4,825,000
3,854,475
Etowah
Water
&
Sewer
Authority
,
Revenue
,
2019
,
Refunding
,
BAM
Insured
,
3
%
,
3/01/44
.........................................................
1,250,000
976,347
Floyd
County
Hospital
Authority
,
Floyd
Obligated
Group
,
Revenue
,
2016
,
Pre-
Refunded
,
4
%
,
7/01/43
.............................................
6,735,000
6,940,951
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
6,000,000
5,614,337
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/15/42
....................................................
7,000,000
7,201,986
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
2/15/45
....................................................
5,000,000
4,676,482
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
2021
A,
4%,
2/15/51
5,000,000
4,523,661
Gainesville
School
District
,
GO
,
2020
,
4
%
,
11/01/42
.........................
1,000,000
998,704
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
57
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Georgia
Higher
Education
Facilities
Authority
,
USG
Real
Estate
Foundation
III
LLC
,
Revenue
,
2020
,
Refunding
,
4
%
,
6/15/41
.................................
$
2,305,000
$
2,238,953
Georgia
Housing
&
Finance
Authority
,
Revenue,
2013
A,
3.8%,
12/01/37
.....................................
1,655,000
1,634,606
Revenue,
2018
A,
3.85%,
12/01/38
....................................
1,170,000
1,156,233
Revenue,
2018
A,
3.95%,
12/01/43
....................................
1,210,000
1,189,815
Revenue,
2019
A,
Refunding,
3.7%,
6/01/49
..............................
4,580,000
4,079,935
Georgia
Ports
Authority
,
Revenue,
2021,
4%,
7/01/51
.........................................
4,395,000
4,291,671
Revenue,
2022,
5%,
7/01/47
.........................................
2,500,000
2,724,814
Revenue,
2022,
5.25%,
7/01/52
.......................................
2,000,000
2,203,766
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
5,000,000
4,918,125
Henry
County
School
District
,
GO
,
2016
,
Pre-Refunded
,
4
%
,
8/01/33
.............
5,000,000
5,150,554
Hogansville
Ga
Combined
Public
Utility
System
,
Revenue
,
1993
,
AGMC
Insured
,
ETM,
6
%
,
10/01/23
.....................................................
505,000
509,076
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007
A,
5.5%,
9/15/27
......................................
5,000,000
5,205,807
Revenue,
2019
A,
5%,
5/15/37
........................................
1,975,000
2,001,027
Revenue,
2019
A,
5%,
5/15/38
........................................
1,000,000
1,006,347
c
Revenue,
2022
B,
Mandatory
Put,
5%,
6/01/29
............................
5,000,000
5,219,272
b,c
Revenue,
144A,
2022
C,
Mandatory
Put,
4%,
11/01/27
......................
8,000,000
7,712,104
c
Revenue,
2023
B,
Mandatory
Put,
5%,
3/01/30
............................
2,000,000
2,110,005
Metropolitan
Atlanta
Rapid
Transit
Authority
,
Revenue
,
2015
B
,
5
%
,
7/01/45
........
5,000,000
5,177,375
Monroe
County
Public
Facilities
Authority
,
County
of
Monroe
,
Revenue
,
2020
,
4
%
,
6/01/42
.........................................................
1,000,000
961,392
Moultrie-Colquitt
Counties
Development
Authority
,
Philadelphia
College
of
Osteopathic
Medicine
Obligated
Group
,
Revenue
,
2018
,
5
%
,
12/01/43
...................
4,815,000
5,165,801
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
A,
AGMC
Insured,
4%,
1/01/44
............................
5,000,000
4,859,549
Revenue,
2020
A,
Refunding,
5%,
1/01/50
...............................
3,500,000
3,578,219
Revenue,
2021
A,
Refunding,
4%,
1/01/46
...............................
330,000
288,240
Revenue,
2021
A,
Refunding,
4%,
1/01/51
...............................
425,000
360,869
Revenue,
2021
A,
Refunding,
5%,
1/01/56
...............................
750,000
730,115
Revenue,
2023
A,
5.5%,
7/01/64
......................................
2,000,000
2,061,653
Private
Colleges
&
Universities
Authority
,
Emory
University,
Revenue,
2013
A,
5%,
10/01/43
.........................
5,000,000
5,005,309
Emory
University,
Revenue,
2019
B,
Refunding,
5%,
9/01/48
.................
4,000,000
4,282,669
Mercer
University,
Revenue,
2021,
Refunding,
4%,
10/01/50
.................
5,400,000
4,905,747
Mercer
University,
Revenue,
2022,
Refunding,
5.25%,
10/01/51
...............
4,500,000
4,750,256
Pulaski
County
School
District
,
GO
,
2020
,
4
%
,
10/01/42
......................
1,000,000
981,524
Richmond
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
4
%
,
1/01/35
.................................
8,000,000
8,063,553
Savannah
Hospital
Authority
,
St.
Joseph's/Candler
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/43
...............................
10,000,000
9,585,599
Sinclair
Water
Authority
,
Revenue
,
2019
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/48
...
2,000,000
2,117,837
Worth
County
School
District
,
GO
,
2017
,
5
%
,
12/01/42
.......................
5,000,000
5,249,046
297,810,768
Illinois
0.9%
State
of
Illinois
,
GO,
2021
A,
5%,
3/01/32
............................................
250,000
276,326
GO,
2021
B,
4%,
12/01/38
...........................................
3,000,000
2,913,759
3,190,085
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
58
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
0.4%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/35
........................................................
$
1,200,000
$
1,273,452
New
York
0.8%
Metropolitan
Transportation
Authority
,
Revenue,
2020
A-1,
4%,
11/15/53
.....................................
100,000
89,475
Revenue,
2020
D,
4%,
11/15/47
.......................................
600,000
551,832
Revenue,
2021
A-2,
4%,
11/15/42
.....................................
2,300,000
2,164,437
2,805,744
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
900,000
717,683
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
900,000
715,516
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
500,000
380,053
1,813,252
Texas
0.6%
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
1,200,000
874,199
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,500,000
1,112,995
1,987,194
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
900,000
717,637
Wisconsin
1.2%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
900,000
709,438
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
1,500,000
1,196,467
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
2,300,000
2,296,743
4,202,648
U.S.
Territories
3.2%
Puerto
Rico
3.2%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/32
................
4,800,000
4,858,531
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
..................
1,100,000
1,110,728
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
560,000
553,471
d
Revenue,
XX,
5.25%,
7/01/40
........................................
2,270,000
1,628,725
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
136,367
131,083
Revenue,
2022
B,
Zero
Cpn.,
7/01/32
...................................
88,620
56,454
Revenue,
2022
C,
Zero
Cpn.,
7/01/53
..................................
151,593
92,471
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
2,480,000
2,375,710
10,807,173
Total
U.S.
Territories
....................................................................
10,807,173
Total
Municipal
Bonds
(Cost
$354,019,034)
.....................................
329,995,525
Total
Long
Term
Investments
(Cost
$354,919,034)
...............................
330,890,846
a
a
a
a
a
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
59
See
Abbreviations
on
page
196
.
Short
Term
Investments
1.5%
a
a
Principal
Amount
a
Value
Municipal
Bonds
1.5%
Georgia
1.5%
e
Development
Authority
of
Monroe
County
(The)
,
Florida
Power
&
Light
Co.
,
Revenue
,
2002
,
Refunding
,
Daily
VRDN
and
Put
,
4.08
%
,
9/01/37
.....................
$
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
$359,919,034)
98.8%
...................................
$335,890,846
Other
Assets,
less
Liabilities
1.2%
.............................................
4,232,800
Net
Assets
100.0%
...........................................................
$340,123,646
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$21,733,506,
representing
6.4%
of
net
assets.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
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,
2023
Franklin
High
Yield
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
60
a
a
Shares
a
Value
a
Management
Investment
Companies
1.2%
Capital
Markets
1.2%
a
Franklin
Dynamic
Municipal
Bond
ETF
...................................
1,755,000
$
41,786,550
iShares
National
Muni
Bond
ETF
........................................
200,000
21,274,000
63,060,550
Total
Management
Investment
Companies
(Cost
$66,777,667)
....................
63,060,550
Principal
Amount
a
a
a
a
Corporate
Bonds
2.5%
Commercial
Services
&
Supplies
0.5%
b
CalPlant
I
LLC
,
21A,
Senior
Secured
Note,
144A,
9.5%,
10/12/22
..........................
$
1,920,000
1,920,000
21B,
Senior
Secured
Note,
144A,
9.5%,
10/12/22
..........................
7,205,000
7,205,000
22A,
Senior
Secured
Note,
144A,
9.5%,
10/12/22
..........................
3,975,000
3,975,000
c
22B,
Senior
Secured
Note,
144A,
9.5%,
5/31/23
...........................
345,000
345,000
c
22C,
Senior
Secured
Note,
144A,
9.5%,
5/31/23
...........................
2,610,000
2,610,000
22X,
Senior
Secured
Note,
144A,
9.5%,
5/31/23
...........................
3,910,000
3,910,000
c
23A,
Senior
Secured
Note,
144A,
9.5%,
5/31/23
...........................
1,380,000
1,380,000
c
23B,
Senior
Secured
Note,
144A,
9.5%,
5/31/23
...........................
1,225,000
1,225,000
23C,
Senior
Secured
Note,
144A,
9.5%,
5/31/23
...........................
1,955,000
1,955,000
c
23D,
Senior
Secured
Note,
144A,
9.5%,
7/31/23
...........................
1,700,000
1,700,000
26,225,000
Diversified
Consumer
Services
1.7%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....................
93,710,000
85,087,743
Electric
Utilities
0.3%
b
Mission
Rock
Utilities,
Inc.
,
144A,
7
%
,
7/01/27
..............................
15,000,000
14,810,458
Oil,
Gas
&
Consumable
Fuels
0.0%
†
b
Red
River
Biorefinery
LLC
,
23A
,
Senior
Secured
Note
,
144A,
15
%
,
12/31/23
.......
1,280,000
1,280,000
Total
Corporate
Bonds
(Cost
$136,043,016)
.....................................
127,403,201
Municipal
Bonds
95.0%
Alabama
3.5%
County
of
Jefferson
,
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/28
....................
7,350,000
5,283,745
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/29
....................
13,465,000
8,942,008
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/30
....................
19,050,000
11,662,578
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/31
....................
24,845,000
13,994,244
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/32
....................
30,825,000
16,012,792
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/33
....................
35,700,000
17,128,328
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/34
....................
28,020,000
12,383,058
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/35
....................
15,000,000
6,110,117
Sewer,
Revenue,
Sub.
Lien,
2013
E,
Zero
Cpn.,
10/01/36
....................
12,425,000
4,649,958
Sewer,
Revenue,
Sub.
Lien,
2013
F,
Zero
Cpn.,
10/01/39
....................
75,000,000
77,720,790
MidCity
Improvement
District
,
Assessment
Area,
Special
Assessment,
2022,
3.875%,
11/01/27
..............
300,000
276,128
Assessment
Area,
Special
Assessment,
2022,
4.25%,
11/01/32
...............
600,000
526,862
Assessment
Area,
Special
Assessment,
2022,
4.5%,
11/01/42
................
1,090,000
890,005
Assessment
Area,
Special
Assessment,
2022,
4.75%,
11/01/49
...............
2,400,000
1,924,122
177,504,735
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
61
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
1.7%
Arizona
Industrial
Development
Authority
,
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2019
B
,
5.125
%
,
1/01/54
..........................
$
3,005,000
$
1,504,862
b
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
American
Leadership
Academy,
Inc.,
Revenue,
144A,
2019,
Refunding,
5%,
6/15/49
1,235,000
1,107,640
American
Leadership
Academy,
Inc.,
Revenue,
144A,
2022,
Refunding,
4%,
6/15/57
8,500,000
6,026,502
La
Posada
at
Park
Centre,
Inc.
Obligated
Group,
Revenue,
144A,
2022
A,
7%,
11/15/57
.......................................................
5,000,000
5,020,291
La
Posada
at
Park
Centre,
Inc.
Obligated
Group,
Revenue,
144A,
2022
B-1,
6.625%,
5/15/31
........................................................
4,000,000
3,967,009
b
Maricopa
County
Industrial
Development
Authority
,
Benjamin
Franklin
Charter
School
Obligated
Group,
Revenue,
144A,
2018
A,
6%,
7/01/38
........................................................
5,000,000
5,217,099
Benjamin
Franklin
Charter
School
Obligated
Group,
Revenue,
144A,
2018
A,
6%,
7/01/52
........................................................
10,000,000
10,169,788
Salt
Verde
Financial
Corp.
,
Revenue,
2007-1,
5.25%,
12/01/25
....................................
6,000,000
6,099,796
Revenue,
2007-1,
5.5%,
12/01/29
.....................................
11,105,000
11,793,696
b
Sierra
Vista
Industrial
Development
Authority
,
Georgetown
Community
Development
Authority,
Revenue,
144A,
2021
A,
Zero
Cpn.,
10/01/56
.......................................................
18,880,000
13,299,837
Georgetown
Community
Development
Authority,
Revenue,
144A,
2021
B,
6.25%,
10/01/36
.......................................................
3,945,000
3,245,158
Georgetown
Community
Development
Authority,
Revenue,
144A,
2022
A,
Zero
Cpn.,
10/01/56
.......................................................
2,327,000
2,013,090
Georgetown
Community
Development
Authority,
Revenue,
144A,
2022
B,
9%,
10/01/37
.......................................................
250,000
239,490
Tempe
Industrial
Development
Authority
,
b
Mirabella
at
ASU,
Inc.,
Revenue,
144A,
2017
A,
6%,
10/01/37
................
1,900,000
1,339,751
b
Mirabella
at
ASU,
Inc.,
Revenue,
144A,
2017
A,
6.125%,
10/01/47
.............
4,850,000
3,027,611
b
Mirabella
at
ASU,
Inc.,
Revenue,
144A,
2017
A,
6.125%,
10/01/52
.............
2,800,000
1,695,770
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2019,
5%,
12/01/50
........
4,300,000
3,535,296
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2019,
5%,
12/01/54
........
8,000,000
6,454,114
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
12/01/46
.......................................................
500,000
355,170
Tempe
Life
Care
Village
Obligated
Group,
Revenue,
2021
B,
4%,
12/01/56
.......
4,260,000
2,788,863
88,900,833
Arkansas
0.3%
Arkansas
Development
Finance
Authority
,
United
States
Steel
Corp.,
Revenue,
2022,
5.45%,
9/01/52
...................
11,000,000
10,747,437
United
States
Steel
Corp.,
Revenue,
2023,
5.7%,
5/01/53
....................
4,575,000
4,597,867
15,345,304
California
19.5%
Alvord
Unified
School
District
,
GO
,
2011
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
.....
30,750,000
13,020,848
b
California
Community
College
Financing
Authority
,
NCCD-Napa
Valley
Properties
LLC,
Revenue,
144A,
2022
A,
4.25%,
7/01/32
.....
500,000
471,483
NCCD-Napa
Valley
Properties
LLC,
Revenue,
144A,
2022
A,
5.75%,
7/01/60
.....
17,500,000
16,876,414
NCCD-Napa
Valley
Properties
LLC,
Revenue,
144A,
2022
C,
6.75%,
7/01/60
.....
7,000,000
6,733,260
b
California
Community
Housing
Agency
,
Annadel
Apartments,
Revenue,
144A,
2019
A,
5%,
4/01/49
..................
10,800,000
8,924,264
Arbors
Apartments,
Revenue,
144A,
2020
A,
5%,
8/01/50
....................
5,725,000
5,240,554
Aster
Apartments,
Revenue,
Junior
Lien,
144A,
2021
A-2,
4%,
2/01/43
..........
13,970,000
11,426,300
Brio
Apartments
&
Next
on
Lex
Apartments,
Revenue,
144A,
2021
A-2,
4%,
8/01/47
16,500,000
12,646,809
Fountains
at
Emerald
Park,
Revenue,
Junior
Lien,
144A,
2021
A-2,
4%,
8/01/46
...
14,955,000
11,853,586
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
62
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
California
Community
Housing
Agency,
(continued)
K
Street
Flats,
Revenue,
144A,
2021
A-2,
4%,
8/01/50
......................
$
17,830,000
$
13,021,659
Mira
Vista
Hills
Apartments,
Revenue,
144A,
2021
A,
4%,
2/01/56
.............
30,500,000
20,768,618
Twin
Creek
Apartments,
Revenue,
Junior
Lien,
144A,
2022
B,
5.5%,
2/01/40
.....
4,400,000
4,001,595
Verdant
at
Green
Valley
Apartments,
Revenue,
144A,
2019
A,
5%,
8/01/49
.......
15,365,000
14,471,562
California
County
Tobacco
Securitization
Agency
,
Alameda
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2002
,
5.875
%
,
6/01/35
......................
1,795,000
1,824,646
b
California
Municipal
Finance
Authority
,
California
Baptist
University,
Revenue,
144A,
2015
A,
5.5%,
11/01/45
...........
17,400,000
17,520,041
California
Baptist
University,
Revenue,
144A,
2016
A,
5%,
11/01/46
............
6,800,000
6,511,083
Capital
Christian
Center,
Revenue,
144A,
2021
A,
5%,
10/01/51
...............
8,425,000
7,082,776
b
California
Pollution
Control
Financing
Authority
,
d
CalPlant
I
LLC,
Revenue,
144A,
2017,
7.5%,
7/01/32
.......................
24,500,000
1,225,000
d
CalPlant
I
LLC,
Revenue,
144A,
2017,
8%,
7/01/39
........................
10,000,000
500,000
d
CalPlant
I
LLC,
Revenue,
144A,
2020,
7.5%,
7/01/32
.......................
10,000,000
1,300,000
Rialto
Bioenergy
Facility
LLC,
Revenue,
144A,
2018,
6.75%,
12/01/28
..........
1,690,000
1,014,000
Rialto
Bioenergy
Facility
LLC,
Revenue,
144A,
2018,
7.5%,
12/01/40
...........
5,300,000
3,179,953
b
California
Public
Finance
Authority
,
Crossroads
Christian
Schools
Obligated
Group,
Revenue,
144A,
2020,
5%,
1/01/56
4,015,000
3,258,566
Kendal
at
Sonoma
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
5%,
11/15/46
.......................................................
1,250,000
1,115,314
California
Statewide
Communities
Development
Authority
,
Special
Tax,
2023
C-1,
5%,
9/02/43
....................................
4,000,000
3,775,751
b
Lancer
Educational
Housing
LLC,
Revenue,
144A,
2016
A,
Refunding,
5%,
6/01/36
7,210,000
7,068,308
Loma
Linda
University
Medical
Center
Obligated
Group,
Revenue,
2014
A,
5.25%,
12/01/44
.......................................................
7,555,000
7,492,408
b
NCCD-Hooper
Street
LLC,
Revenue,
144A,
2019,
5.25%,
7/01/39
.............
1,275,000
1,235,914
b
NCCD-Hooper
Street
LLC,
Revenue,
144A,
2019,
5.25%,
7/01/49
.............
3,725,000
3,413,742
b
City
&
County
of
San
Francisco
,
District
No.
2020-1
,
Special
Tax
,
144A,
2021
B
,
5.25
%
,
9/01/49
.........................................................
5,000,000
3,569,647
City
of
San
Francisco
,
5.25
%
,
9/01/49
....................................
10,000,000
7,139,294
b
CMFA
Special
Finance
Agency
,
Solana
at
Grand,
Revenue,
Junior
Lien,
144A,
2021
A-2,
4%,
8/01/45
...........
35,000,000
27,712,128
Solana
at
Grand,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
8/01/56
..........
1,700,000
1,404,601
b
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Junior
Lien
,
144A,
2022
A-2
,
4.5
%
,
8/01/51
.........................................................
38,000,000
27,172,185
b
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
34,565,000
26,493,150
b
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
11,095,000
8,660,552
b
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue
,
144A,
2022
A-2
,
4.375
%
,
8/01/49
...................................................
20,415,000
15,927,320
b
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments,
Revenue,
144A,
2021
B,
4%,
3/01/57
............
15,000,000
10,579,852
Crescent
(The),
Revenue,
144A,
2022
B,
5.5%,
7/01/59
.....................
15,935,000
13,609,978
Dublin,
Revenue,
144A,
2021
B,
4%,
2/01/57
.............................
7,500,000
5,242,903
Escondido
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/48
........
10,000,000
6,739,108
Park
Crossing
Apartments,
Revenue,
144A,
2021
B,
4%,
12/01/48
.............
14,235,000
10,393,344
Renaissance
at
City
Center,
Revenue,
144A,
2020
A,
5%,
7/01/51
.............
22,325,000
20,241,968
Waterscape
Apartments,
Revenue,
144A,
2021
B,
4%,
9/01/46
................
3,500,000
2,796,065
Wood
Creek
Apartments,
Revenue,
Sub.
Lien,
144A,
2021
B,
4%,
12/01/59
......
19,800,000
12,634,463
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/30
..............
10,000,000
11,108,761
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/31
..............
7,295,000
8,268,933
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
63
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
M-S-R
Energy
Authority
,
Revenue,
2009
B,
6.125%,
11/01/29
...................................
$
27,160,000
$
28,952,413
Revenue,
2009
B,
7%,
11/01/34
.......................................
20,000,000
24,060,802
Revenue,
2009
C,
6.5%,
11/01/39
.....................................
20,000,000
23,242,676
Palmdale
Elementary
School
District
,
Community
Facilities
District
No.
90-1,
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/28
...................................................
1,500,000
1,261,898
Community
Facilities
District
No.
90-1,
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/30
...................................................
1,250,000
978,091
Community
Facilities
District
No.
90-1,
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/31
...................................................
1,250,000
939,225
Community
Facilities
District
No.
90-1,
Special
Tax,
2012
A,
AGMC
Insured,
Zero
Cpn.,
8/01/34
...................................................
2,500,000
2,556,555
Riverside
County
Transportation
Commission
,
Revenue,
Senior
Lien,
2013
B,
Zero
Cpn.,
6/01/32
.........................
4,000,000
2,727,140
Revenue,
Senior
Lien,
2013
B,
Zero
Cpn.,
6/01/33
.........................
5,500,000
3,582,349
Revenue,
Senior
Lien,
2013
B,
Zero
Cpn.,
6/01/41
.........................
5,000,000
2,067,130
Revenue,
Senior
Lien,
2013
B,
Zero
Cpn.,
6/01/42
.........................
7,000,000
2,780,578
San
Diego
Unified
School
District
,
GO,
2012
E,
Zero
Cpn.,
7/01/42
.......................................
44,565,000
32,379,890
GO,
2012
E,
Zero
Cpn.,
7/01/47
.......................................
33,305,000
24,273,680
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
1997
A,
Refunding,
6%,
1/15/45
...............................
35,834,000
44,652,478
Revenue,
1997
A,
Refunding,
6%,
1/15/46
...............................
35,834,000
44,740,616
Revenue,
Junior
Lien,
ETM,
Zero
Cpn.,
1/01/26
...........................
110,000,000
101,462,592
Revenue,
Junior
Lien,
ETM,
Zero
Cpn.,
1/01/27
...........................
139,100,000
124,731,930
Revenue,
Junior
Lien,
2014
B,
Refunding,
5.25%,
1/15/49
...................
5,000,000
5,084,286
San
Mateo
Foster
City
School
District
,
GO
,
A
,
Zero
Cpn.,
8/01/42
...............
40,000,000
39,218,440
San
Mateo
Union
High
School
District
,
GO
,
2011
A
,
Zero
Cpn.,
9/01/41
...........
20,000,000
19,118,188
San
Ysidro
School
District
,
GO,
2015,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/42
...................
10,000,000
3,717,182
GO,
2015,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/43
...................
12,500,000
4,398,858
Silicon
Valley
Tobacco
Securitization
Authority
,
Revenue,
2007
A,
Zero
Cpn.,
6/01/36
...................................
15,000,000
7,243,443
Revenue,
2007
C,
Zero
Cpn.,
6/01/56
..................................
60,000,000
5,525,574
Southern
California
Public
Power
Authority
,
Revenue
,
2007
A
,
5.25
%
,
11/01/27
.....
9,855,000
10,344,285
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2006
B,
Zero
Cpn.,
6/01/46
........................................................
50,000,000
9,393,875
San
Diego
County
Tobacco
Asset
Securitization
Corp.,
Revenue,
2019
B-2,
2,
Refunding,
Zero
Cpn.,
6/01/54
......................................
18,000,000
3,316,795
999,419,675
Colorado
5.7%
3rd
and
Havana
Metropolitan
District
,
GO
,
2020
A
,
5.25
%
,
12/01/49
.............
3,775,000
3,169,848
9th
Avenue
Metropolitan
District
No.
2
,
GO
,
2018
,
5
%
,
12/01/48
................
7,417,000
6,611,296
Aerotropolis
Regional
Transportation
Authority
,
Revenue
,
2019
,
5
%
,
12/01/51
......
5,415,000
4,710,616
Allison
Valley
Metropolitan
District
No.
1
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/47
......
5,250,000
4,442,922
Allison
Valley
Metropolitan
District
No.
2
,
GO
,
2020
,
Refunding
,
4.7
%
,
12/01/47
.....
4,750,000
3,863,378
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO,
Senior
Lien,
2020
A,
5%,
12/01/40
.................................
1,500,000
1,393,159
GO,
Senior
Lien,
2020
A,
5%,
12/01/50
.................................
1,500,000
1,311,336
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
64
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Banning
Lewis
Ranch
Regional
Metropolitan
District
No.
1
,
GO
,
2018
A
,
5.375
%
,
12/01/48
........................................................
$
2,245,000
$
2,150,065
Baseline
Metropolitan
District
No.
1
,
GO,
2021
A,
5%,
12/01/51
...........................................
1,500,000
1,305,547
GO,
2021
B,
7.5%,
12/15/51
.........................................
2,190,000
1,977,198
b
Bent
Grass
Metropolitan
District
,
GO
,
144A,
2020
,
Refunding
,
5.25
%
,
12/01/49
.....
1,685,000
1,560,335
Bradburn
Metropolitan
District
No.
2
,
GO,
2018
A,
Refunding,
5%,
12/01/38
..................................
600,000
580,599
GO,
2018
A,
Refunding,
5%,
12/01/47
..................................
2,400,000
2,227,111
Brighton
Crossing
Metropolitan
District
No.
4
,
GO,
2017
A,
5%,
12/01/37
...........................................
525,000
513,251
GO,
2017
A,
5%,
12/01/47
...........................................
2,440,000
2,268,592
Brighton
Crossing
Metropolitan
District
No.
6
,
GO
,
2020
A(3)
,
5
%
,
12/01/50
........
2,000,000
1,696,607
b
Broadway
Park
North
Metropolitan
District
No.
2
,
GO,
144A,
2020,
Refunding,
5%,
12/01/40
...............................
1,325,000
1,259,688
GO,
144A,
2020,
Refunding,
5%,
12/01/49
...............................
1,575,000
1,442,443
b
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-2
,
Refunding
,
5
%
,
12/01/49
........................................................
740,000
654,870
Centerra
Metropolitan
District
No.
1
,
GO
,
2020
A
,
Refunding
,
5
%
,
12/01/51
........
4,000,000
3,442,438
Clear
Creek
Transit
Metropolitan
District
No.
2
,
GO,
2021
A,
5%,
12/01/41
...........................................
580,000
527,065
GO,
2021
A,
5%,
12/01/50
...........................................
1,000,000
858,862
Colliers
Hill
Metropolitan
District
No.
2
,
GO
,
2022
B-1
,
Refunding
,
5.75
%
,
12/15/47
..
2,850,000
2,665,556
Colorado
Health
Facilities
Authority
,
Aberdeen
Ridge,
Inc.
Obligated
Group,
Revenue,
2021
A,
5%,
5/15/49
..........
2,235,000
1,688,365
Aberdeen
Ridge,
Inc.
Obligated
Group,
Revenue,
2021
A,
5%,
5/15/58
..........
4,750,000
3,434,780
Frasier
Meadows
Manor,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/47
........................................................
6,500,000
5,984,970
Conestoga
Metropolitan
District
No.
2
,
GO
,
2021
A-3
,
Refunding
,
5.25
%
,
12/01/51
..
1,625,000
1,421,571
Constitution
Heights
Metropolitan
District
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/49
.....
1,760,000
1,599,297
Copperleaf
Metropolitan
District
No.
6
,
GO
,
2022
B
,
6
%
,
12/15/41
...............
1,225,000
1,170,848
Cornerstar
Metropolitan
District
,
GO,
A,
Refunding,
5.125%,
12/01/37
...................................
2,000,000
1,957,264
GO,
A,
Refunding,
5.25%,
12/01/47
....................................
5,200,000
4,931,811
Cottonwood
Highlands
Metropolitan
District
No.
1
,
GO
,
2019
A
,
5
%
,
12/01/49
......
900,000
808,633
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
B
,
6
%
,
12/01/48
........................................................
4,290,000
4,241,207
b
DIATC
Metropolitan
District
,
GO
,
144A,
2019
,
Refunding
,
5
%
,
12/01/49
...........
2,000,000
1,848,263
E-470
Public
Highway
Authority
,
Revenue
,
2004
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
9/01/28
.....................................................
15,000,000
12,487,174
Eagle
Brook
Meadows
Metropolitan
District
No.
3
,
GO
,
2021
,
5
%
,
12/01/51
........
1,600,000
1,364,451
Evan's
Place
Metropolitan
District
,
GO,
2020
A(3),
5%,
12/01/40
.........................................
550,000
514,084
GO,
2020
A(3),
5%,
12/01/50
.........................................
1,575,000
1,359,430
First
Creek
Village
Metropolitan
District
,
GO,
2019
A,
5%,
12/01/39
...........................................
595,000
583,000
GO,
2019
A,
5%,
8/01/49
............................................
540,000
499,801
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
65
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Greenways
Metropolitan
District
No.
1
,
GO
,
2021
A-3
,
4.625
%
,
12/01/51
..........
$
1,580,000
$
1,106,403
b
Hidden
Creek
Metropolitan
District
,
GO
,
144A,
2021
A
,
4.625
%
,
12/01/45
.........
1,140,000
893,466
b
Horizon
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A
,
4.5
%
,
12/01/51
...........
1,675,000
1,160,627
b
Jacoby
Farm
Metropolitan
District
,
GO
,
144A,
2021
,
Refunding
,
5
%
,
12/15/46
......
5,000,000
4,370,182
Jay
Grove
Metropolitan
District
,
GO
,
2021
,
4.25
%
,
12/01/51
...................
1,225,000
904,838
Jefferson
Center
Metropolitan
District
No.
1
,
Revenue,
2020
A-2,
4.125%,
12/01/40
..................................
575,000
480,935
Revenue,
2020
A-2,
4.375%,
12/01/47
..................................
1,125,000
910,304
Johnstown
Farms
East
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
............
1,500,000
1,247,591
Johnstown
Plaza
Metropolitan
District
,
GO
,
2022
,
Refunding
,
4.25
%
,
12/01/46
.....
8,500,000
6,824,944
b
Karl's
Farm
Metropolitan
District
No.
2
,
GO,
144A,
2020
A(3),
5.375%,
12/01/40
.................................
645,000
604,545
GO,
144A,
2020
A(3),
5.625%,
12/01/50
.................................
1,900,000
1,747,104
Liberty
Ranch
Metropolitan
District
,
GO
,
2021
A
,
Refunding
,
5.25
%
,
12/01/51
......
6,590,000
5,501,126
Meadowlark
Metropolitan
District
,
Meadowland
Metropolitan
District,
GO,
Senior
Lien,
2020
A,
4.875%,
12/01/40
....
520,000
448,148
Meadowland
Metropolitan
District,
GO,
Senior
Lien,
2020
A,
5.125%,
12/01/50
....
750,000
650,946
Morgan
Hill
Metropolitan
District
No.
3
,
GO
,
2021
B
,
Refunding
,
6.375
%
,
12/15/51
...
1,465,000
1,334,912
Murphy
Creek
Metropolitan
District
No.
4
,
GO
,
2021
,
5
%
,
12/01/51
..............
8,000,000
6,644,699
Nexus
North
at
DIA
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
...............
565,000
485,529
Palisade
Park
West
Metropolitan
District
,
GO
,
2019
A
,
5.125
%
,
12/01/49
..........
1,500,000
1,375,160
b
Plaza
Metropolitan
District
No.
1
,
Tax
Allocation
,
144A,
2013
,
Refunding
,
5
%
,
12/01/40
3,000,000
2,838,936
Prairie
Center
Metropolitan
District
No.
7
,
GO,
2020,
4.125%,
12/15/36
.........................................
500,000
438,975
GO,
2020,
4.875%,
12/15/44
.........................................
725,000
620,309
GO,
2021,
6.375%,
6/15/46
..........................................
1,330,000
1,205,343
Pronghorn
Valley
Metropolitan
District
,
GO,
2021
A,
3.75%,
12/01/41
.........................................
515,000
397,484
GO,
2021
A,
4%,
12/01/51
...........................................
650,000
481,312
Ptarmigan
West
Metropolitan
District
No.
2
,
GO
,
2021-3
,
4.125
%
,
12/01/51
........
1,475,000
1,034,796
Public
Authority
for
Colorado
Energy
,
Revenue,
2008,
6.125%,
11/15/23
.....................................
585,000
589,822
Revenue,
2008,
6.25%,
11/15/28
......................................
12,500,000
13,340,621
Revenue,
2008,
6.5%,
11/15/38
.......................................
60,100,000
70,368,488
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System,
Revenue,
2020,
5%,
12/01/40
...................
625,000
578,257
Non-Potable
Water
System,
Revenue,
2020,
5.25%,
12/01/50
................
4,250,000
3,802,296
Rampart
Range
Metropolitan
District
No.
5
,
Revenue,
2021,
4%,
12/01/41
........................................
2,730,000
2,079,965
Revenue,
2021,
4%,
12/01/51
........................................
6,670,000
4,637,252
Reunion
Metropolitan
District
,
Water
Activity
Enterprise
,
Revenue
,
2021
A
,
3.625
%
,
12/01/44
........................................................
6,132,527
4,478,841
Ritoro
Metropolitan
District
,
GO
,
2019
A
,
5
%
,
12/01/49
.......................
2,000,000
1,832,728
RRC
Metropolitan
District
No.
2
,
GO
,
2021
,
5.25
%
,
12/01/51
...................
5,625,000
4,695,574
Severance
Shores
Metropolitan
District
No.
4
,
GO
,
2020
A
,
5
%
,
12/01/49
.........
2,900,000
2,671,788
South
Aurora
Regional
Improvement
Authority
,
Revenue
,
2018
,
6.25
%
,
12/01/57
....
2,815,000
2,651,844
Southglenn
Metropolitan
District
,
GO,
2016,
Refunding,
5%,
12/01/30
....................................
3,470,000
3,469,499
GO,
2016,
Refunding,
5%,
12/01/36
....................................
810,000
788,302
GO,
2016,
Refunding,
5%,
12/01/46
....................................
4,200,000
3,898,769
STC
Metropolitan
District
No.
2
,
GO,
2019
A,
Refunding,
5%,
12/01/38
..................................
2,000,000
1,857,978
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
66
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
STC
Metropolitan
District
No.
2,
(continued)
GO,
2019
A,
Refunding,
5%,
12/01/49
..................................
$
1,000,000
$
896,111
Timberleaf
Metropolitan
District
,
GO
,
2020
A
,
5.75
%
,
12/01/50
..................
1,730,000
1,663,567
Village
at
Dry
Creek
Metropolitan
District
No.
2
(The)
,
GO
,
2019
,
4.375
%
,
12/01/44
..
819,000
681,934
Village
Metropolitan
District
(The)
,
GO,
2020,
Refunding,
5%,
12/01/40
....................................
1,100,000
1,052,512
GO,
2020,
Refunding,
5%,
12/01/49
....................................
1,750,000
1,626,639
Villages
at
Castle
Rock
Metropolitan
District
No.
4
,
1989
,
11.12
%
,
6/01/31
.........
3,000,000
2,790,000
Waterfront
at
Foster
Lake
Metropolitan
District
No.
2
,
GO,
2022
A(3)-1,
5%,
12/01/42
.......................................
3,705,000
3,248,836
GO,
2022
A(3)-1,
5%,
12/01/51
.......................................
4,085,000
3,282,483
GO,
2022
A(3)-2,
Zero
Cpn.,
12/01/51
..................................
5,130,000
3,019,198
Water
Tap
Fee,
Revenue,
2022,
4.625%,
12/01/28
.........................
6,000,000
5,526,008
b
West
Meadow
Metropolitan
District
,
GO,
Senior
Lien
,
144A,
2023
A
,
Refunding
,
6.5
%
,
12/01/50
........................................................
2,750,000
2,823,930
Wild
Plum
Metropolitan
District
,
GO
,
2019
A
,
Pre-Refunded
,
5
%
,
12/01/49
.........
595,000
623,321
Willow
Bend
Metropolitan
District
,
GO,
Senior
Lien
,
2019
A
,
5
%
,
12/01/49
.........
1,000,000
890,977
290,103,885
Connecticut
0.5%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
b
Church
Home
of
Hartford
Obligated
Group,
Revenue,
144A,
2016
A,
5%,
9/01/46
..
1,000,000
827,530
b
Church
Home
of
Hartford
Obligated
Group,
Revenue,
144A,
A,
5%,
9/01/53
......
7,850,000
6,238,809
Masonicare
Corp.
Obligated
Group,
Revenue,
F,
Refunding,
5%,
7/01/43
........
13,000,000
11,904,808
b
McLean
Affiliates
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
1/01/45
........
1,000,000
876,531
b
McLean
Affiliates
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
1/01/55
........
5,695,000
4,732,320
b
Steel
Point
Infrastructure
Improvement
District
,
Tax
Allocation,
144A,
2021,
4%,
4/01/31
.................................
100,000
91,630
Tax
Allocation,
144A,
2021,
4%,
4/01/36
.................................
605,000
516,211
Tax
Allocation,
144A,
2021,
4%,
4/01/41
.................................
575,000
457,077
25,644,916
Florida
15.7%
Abbott
Square
Community
Development
District
,
Special
Assessment,
2022,
5.375%,
6/15/42
.............................
915,000
908,313
Special
Assessment,
2022,
5.5%,
6/15/52
...............................
1,500,000
1,480,628
Anabelle
Island
Community
Development
District
,
Special
Assessment,
2022,
2.7%,
5/01/27
...............................
530,000
493,103
Special
Assessment,
2022,
3.1%,
5/01/32
...............................
750,000
649,025
Special
Assessment,
2022,
3.5%,
5/01/42
...............................
1,945,000
1,493,032
Special
Assessment,
2022,
4%,
5/01/52
.................................
2,840,000
2,191,279
Arbors
Community
Development
District
,
2023
Project
Area,
Special
Assessment,
2023,
4.5%,
5/01/30
.................
720,000
721,575
2023
Project
Area,
Special
Assessment,
2023,
5.4%,
5/01/43
.................
1,705,000
1,715,318
2023
Project
Area,
Special
Assessment,
2023,
5.625%,
5/01/53
...............
2,235,000
2,256,862
Artisan
Lakes
East
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021-1,
2.3%,
5/01/26
..............
115,000
107,917
Assessment
Area
2,
Special
Assessment,
2021-1,
2.75%,
5/01/31
.............
250,000
214,455
Assessment
Area
2,
Special
Assessment,
2021-1,
3.125%,
5/01/41
............
470,000
346,827
b
Assessment
Area
2,
Special
Assessment,
144A,
2021-2,
2.75%,
5/01/31
........
275,000
235,563
b
Assessment
Area
2,
Special
Assessment,
144A,
2021-2,
3.125%,
5/01/41
.......
515,000
379,614
b
Assessment
Area
2,
Special
Assessment,
144A,
2021-2,
4%,
5/01/52
...........
550,000
424,473
Astonia
Community
Development
District
,
b
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
540,000
481,669
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
67
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Astonia
Community
Development
District,
(continued)
b
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
$
1,370,000
$
1,120,536
b
Assessment
Area
2,
Special
Assessment,
144A,
2021,
2.5%,
5/01/26
...........
150,000
142,395
b
Assessment
Area
2,
Special
Assessment,
144A,
2021,
3%,
5/01/31
............
500,000
442,870
b
Assessment
Area
2,
Special
Assessment,
144A,
2021,
3.2%,
5/01/41
...........
750,000
570,861
Assessment
Area
3,
Special
Assessment,
2023,
5.125%,
6/15/43
..............
325,000
318,417
Assessment
Area
3,
Special
Assessment,
2023,
5.375%,
6/15/53
..............
680,000
666,578
b
North
Parcel
Assessment
Area,
Special
Assessment,
144A,
2021,
2.5%,
5/01/26
..
150,000
142,395
b
North
Parcel
Assessment
Area,
Special
Assessment,
144A,
2021,
3%,
5/01/31
....
320,000
283,437
b
North
Parcel
Assessment
Area,
Special
Assessment,
144A,
2021,
3.2%,
5/01/41
..
750,000
570,679
Avalon
Groves
Community
Development
District
,
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
360,000
266,910
Special
Assessment,
2021,
4%,
5/01/51
.................................
500,000
387,405
Assessment
Area
3,
Special
Assessment,
2021,
3%,
5/01/32
.................
200,000
173,014
Assessment
Area
3,
Special
Assessment,
2021,
3.375%,
5/01/41
..............
495,000
382,739
Assessment
Area
3,
Special
Assessment,
2021,
4%,
5/01/51
.................
1,000,000
778,912
Avalon
Park
West
Community
Development
District
,
Special
Assessment,
2020,
Refunding,
3.25%,
5/01/30
......................
215,000
200,758
Special
Assessment,
2020,
Refunding,
3.75%,
5/01/40
......................
580,000
496,683
Special
Assessment,
2020,
Refunding,
4%,
5/01/51
........................
880,000
721,987
Special
Assessment,
2022,
5.5%,
5/01/42
...............................
500,000
506,190
Special
Assessment,
2022,
5.625%,
5/01/52
.............................
875,000
879,502
Ave
Maria
Stewardship
Community
District
,
Maple
Ridge
Phase
5
Project
Area
,
Special
Assessment
,
2022
,
4
%
,
5/01/52
.......................................
2,640,000
2,041,877
Avenir
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021
A-1,
2.75%,
5/01/31
............
3,250,000
2,782,478
Assessment
Area
2,
Special
Assessment,
2021
A-1,
3.2%,
5/01/41
.............
5,000,000
3,723,445
Assessment
Area
2,
Special
Assessment,
2021
A-1,
3.4%,
5/01/52
.............
5,000,000
3,498,335
Assessment
Area
3,
Special
Assessment,
2023,
4.5%,
5/01/30
................
420,000
413,615
Assessment
Area
3,
Special
Assessment,
2023,
5.375%,
5/01/43
..............
3,755,000
3,610,609
Assessment
Area
3,
Special
Assessment,
2023,
5.625%,
5/01/54
..............
6,340,000
6,094,830
Aviary
at
Rutland
Ranch
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021,
3.1%,
11/01/31
...............
170,000
149,323
Assessment
Area
2,
Special
Assessment,
2021,
3.4%,
11/01/41
...............
410,000
316,670
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
2,
Special
Assessment,
2021,
2.875%,
5/01/31
..............
465,000
403,829
Assessment
Area
2,
Special
Assessment,
2021,
3.2%,
5/01/41
................
5,250,000
3,948,642
Assessment
Area
2,
Special
Assessment,
2021,
4%,
5/01/52
.................
1,910,000
1,482,250
Assessment
Area
2,
Special
Assessment,
2022,
5%,
5/01/42
.................
4,000,000
3,893,627
Assessment
Area
2,
Special
Assessment,
2022,
5%,
5/01/53
.................
5,000,000
4,593,797
Assessment
Area
2C,
Special
Assessment,
2020,
3%,
5/01/30
................
250,000
228,342
Assessment
Area
2C,
Special
Assessment,
2020,
4%,
5/01/40
................
775,000
691,284
Assessment
Area
2C,
Special
Assessment,
2020,
4%,
5/01/51
................
1,550,000
1,263,856
Assessment
Area
3A,
Special
Assessment,
2020,
2.5%,
5/01/25
...............
40,000
38,564
Assessment
Area
3A,
Special
Assessment,
2020,
3%,
5/01/30
................
250,000
228,343
Assessment
Area
3B,
Special
Assessment,
2020,
4%,
5/01/40
................
385,000
343,412
Assessment
Area
3B,
Special
Assessment,
2020,
4%,
5/01/51
................
890,000
725,698
Balm
Grove
Community
Development
District
,
Special
Assessment,
2022,
3.25%,
11/01/27
..............................
1,040,000
985,059
Special
Assessment,
2022,
3.625%,
11/01/32
.............................
1,290,000
1,153,558
Special
Assessment,
2022,
4%,
11/01/42
................................
2,500,000
2,067,553
Special
Assessment,
2022,
4.125%,
11/01/51
.............................
3,125,000
2,473,132
Bannon
Lakes
Community
Development
District
,
b
Special
Assessment,
144A,
2021,
3.5%,
5/01/41
..........................
700,000
545,995
Special
Assessment,
2022,
3.3%,
5/01/32
...............................
365,000
321,944
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
68
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Bannon
Lakes
Community
Development
District,
(continued)
Special
Assessment,
2022,
4%,
5/01/42
.................................
$
1,385,000
$
1,165,673
Special
Assessment,
2022,
4%,
5/01/53
.................................
2,260,000
1,734,726
Banyan
Cay
Community
Development
District
,
Special
Assessment
,
2020
NM
,
4
%
,
11/01/51
........................................................
3,000,000
2,322,996
Belmond
Reserve
Community
Development
District
,
2020
Project,
Special
Assessment,
2020,
4%,
5/01/40
......................
1,750,000
1,505,700
2020
Project,
Special
Assessment,
2020,
4%,
5/01/51
......................
2,000,000
1,566,825
Belmont
II
Community
Development
District
,
Special
Assessment,
2020,
3.125%,
12/15/30
.............................
325,000
298,072
Special
Assessment,
2020,
3.625%,
12/15/40
.............................
1,390,000
1,152,770
Berry
Bay
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
2.625%,
5/01/26
..............
150,000
142,239
Assessment
Area
1,
Special
Assessment,
2021,
3.125%,
5/01/31
..............
400,000
354,844
Assessment
Area
1,
Special
Assessment,
2021,
3.625%,
5/01/41
..............
1,250,000
994,805
Assessment
Area
2,
Special
Assessment,
2023,
5.5%,
5/01/43
................
985,000
988,682
Assessment
Area
2,
Special
Assessment,
2023,
5.75%,
5/01/53
...............
1,675,000
1,687,487
Black
Creek
Community
Development
District
,
Special
Assessment,
2022,
5.125%,
6/15/32
.............................
150,000
150,535
Special
Assessment,
2022,
5.625%,
6/15/52
.............................
2,000,000
1,997,105
Boggy
Branch
Community
Development
District
,
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
295,000
278,269
Special
Assessment,
2021,
3%,
5/01/31
.................................
450,000
395,939
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
1,165,000
912,394
Bradbury
Community
Development
District
,
Special
Assessments,
Special
Assessment,
2023,
4.375%,
5/01/30
............
675,000
669,023
Special
Assessments,
Special
Assessment,
2023,
5.25%,
5/01/43
.............
2,000,000
1,951,660
Special
Assessments,
Special
Assessment,
2023,
5.5%,
5/01/53
..............
2,220,000
2,161,453
Bridgewater
North
Community
Development
District
,
Special
Assessment,
2022,
3.125%,
5/01/27
.............................
165,000
156,561
Special
Assessment,
2022,
3.5%,
5/01/32
...............................
350,000
313,086
Special
Assessment,
2022,
4%,
5/01/42
.................................
1,000,000
839,207
Special
Assessment,
2022,
4%,
5/01/52
.................................
3,000,000
2,318,750
Brightwater
Community
Development
District
,
Special
Assessment,
2021,
2.85%,
5/01/31
..............................
300,000
259,868
Special
Assessment,
2021,
3.15%,
5/01/41
..............................
750,000
556,914
Brookstone
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2022,
4.75%,
5/01/32
...............
325,000
322,217
Assessment
Area
2,
Special
Assessment,
2022,
5.5%,
5/01/42
................
1,000,000
998,898
Assessment
Area
2,
Special
Assessment,
2022,
5.625%,
5/01/52
..............
1,750,000
1,730,431
Buckhead
Trails
Community
Development
District
,
Special
Assessment,
2022,
5.25%,
5/01/32
..............................
400,000
396,057
Special
Assessment,
2022,
5.625%,
5/01/42
.............................
1,000,000
983,526
Special
Assessment,
2022,
5.75%,
5/01/52
..............................
1,410,000
1,382,658
Buena
Lago
Community
Development
District
,
Special
Assessment,
2022,
5.25%,
5/01/42
..............................
665,000
656,338
Special
Assessment,
2022,
5.5%,
5/01/52
...............................
1,135,000
1,140,426
b
Cape
Coral
Health
Facilities
Authority
,
Gulf
Care,
Inc.
Obligated
Group
,
Revenue,
Senior
Lien
,
144A,
2015
,
Refunding
,
6
%
,
7/01/45
..........................
5,250,000
3,618,590
b
Capital
Trust
Agency,
Inc.
,
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A,
3%,
7/01/31
..........
100,000
86,654
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A,
4%,
7/01/41
..........
450,000
362,167
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A,
4%,
7/01/51
..........
540,000
393,623
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A,
4%,
7/01/56
..........
445,000
314,704
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
69
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
b
Capital
Trust
Agency,
Inc.,
(continued)
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A-2,
4%,
7/01/41
.........
$
750,000
$
603,612
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A-2,
4%,
7/01/51
.........
975,000
710,708
AcadeMir
Charter
School
West,
Revenue,
144A,
2021
A-2,
4%,
7/01/56
.........
750,000
530,400
Educational
Growth
Fund
LLC,
Revenue,
144A,
2021
B,
Zero
Cpn.,
7/01/31
......
9,980,000
5,942,538
Educational
Growth
Fund
LLC,
Revenue,
Senior
Lien,
144A,
2021
A-1,
5%,
7/01/56
1,000,000
898,459
Sarasota-Manatee
Jewish
Housing
Council
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
7/01/46
............................................
3,250,000
2,456,736
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-2,
4.43%,
1/01/57
...........
10,245,000
7,132,621
South
Tech
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
6/15/40
......
1,235,000
1,114,081
South
Tech
Schools
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
6/15/55
......
3,805,000
3,190,970
University
Bridge
LLC,
Revenue,
144A,
2018
A,
5.25%,
12/01/43
..............
31,755,000
30,040,173
WFCS
Holdings
II
LLC,
Revenue,
144A,
2021
A-1,
3.3%,
1/01/31
..............
715,000
616,123
WFCS
Holdings
II
LLC,
Revenue,
144A,
2021
A-1,
5%,
1/01/56
...............
1,050,000
774,996
WFCS
Holdings
LLC,
Revenue,
144A,
2020
A-1,
5%,
1/01/55
.................
3,500,000
2,590,980
Celebration
Community
Development
District
,
Special
Assessment,
2021,
2.25%,
5/01/26
..............................
100,000
93,706
Special
Assessment,
2021,
2.75%,
5/01/31
..............................
240,000
205,667
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
590,000
434,898
Celebration
Pointe
Community
Development
District
No.
1
,
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
885,000
680,356
Special
Assessment,
2021,
4%,
5/01/53
.................................
1,335,000
1,039,430
CFM
Community
Development
District
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
...
185,000
174,105
Chaparral
Palm
Bay
Community
Development
District
,
Special
Assessment,
2020
A-1,
4%,
5/01/40
..............................
1,235,000
1,055,916
Special
Assessment,
2020
A-1,
4%,
5/01/50
..............................
2,015,000
1,574,522
b
Chapel
Creek
Community
Development
District
,
Special
Assessment,
144A,
2021,
3%,
5/01/31
............................
250,000
218,713
Special
Assessment,
144A,
2021,
3.375%,
5/01/41
.........................
835,000
643,821
b
Chapel
Crossings
Community
Development
District
,
Special
Assessment,
144A,
2020,
2.625%,
5/01/25
.........................
230,000
221,473
Special
Assessment,
144A,
2020,
3.2%,
5/01/30
..........................
645,000
579,922
Special
Assessment,
144A,
2020,
3.7%,
5/01/40
..........................
1,700,000
1,383,717
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
2,820,000
2,188,304
b
Charlotte
County
Industrial
Development
Authority
,
MSKP
Town
&
Country
Utility
LLC,
Revenue,
144A,
2021
A,
4%,
10/01/51
.......
5,500,000
4,154,019
MSKP
Town
&
Country
Utility
LLC,
Revenue,
144A,
2021
B,
5%,
10/01/36
.......
2,500,000
2,166,798
Coddington
Community
Development
District
,
Special
Assessment,
2022,
5.75%,
5/01/42
..............................
615,000
629,074
Special
Assessment,
2022,
5.75%,
5/01/52
..............................
1,000,000
1,009,946
Collier
County
Educational
Facilities
Authority
,
Ave
Maria
University,
Inc.
,
Revenue
,
2013
A
,
Refunding
,
6
%
,
6/01/38
.......................................
12,000,000
12,000,000
Connerton
East
Community
Development
District
,
Special
Assessment,
2023,
5.25%,
6/15/43
..............................
1,395,000
1,400,369
Special
Assessment,
2023,
5.375%,
6/15/53
.............................
2,250,000
2,241,631
Coral
Bay
Lee
County
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2022,
5.5%,
5/01/42
................
250,000
250,761
Assessment
Area
1,
Special
Assessment,
2022,
5.625%,
5/01/52
..............
500,000
500,666
Cordoba
Ranch
Community
Development
District
,
Special
Assessment,
2021,
Refunding,
3%,
5/01/31
........................
835,000
752,877
Special
Assessment,
2021,
Refunding,
3%,
5/01/37
........................
825,000
655,263
Cordova
Palms
Community
Development
District
,
b
Special
Assessment,
144A,
2021,
2.4%,
5/01/26
..........................
250,000
235,277
b
Special
Assessment,
144A,
2021,
2.8%,
5/01/31
..........................
385,000
331,035
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
70
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Cordova
Palms
Community
Development
District,
(continued)
b
Special
Assessment,
144A,
2021,
3%,
5/01/41
............................
$
1,215,000
$
878,352
b
Special
Assessment,
144A,
2021,
4%,
5/01/52
............................
1,945,000
1,500,871
Special
Assessment,
2022-1,
5.7%,
5/01/42
..............................
330,000
332,918
Special
Assessment,
2022-1,
5.8%,
5/01/53
..............................
665,000
667,629
Special
Assessment,
2022-2,
4.5%,
5/01/27
..............................
215,000
214,154
Special
Assessment,
2022-2,
5.1%,
5/01/32
..............................
340,000
341,588
Special
Assessment,
2022-2,
5.4%,
5/01/42
..............................
1,020,000
1,013,974
Special
Assessment,
2022-2,
5.6%,
5/01/53
..............................
2,005,000
2,006,246
Corkscrew
Crossing
Community
Development
District
,
Special
Assessment,
2023,
5.1%,
5/01/43
...............................
600,000
585,319
Special
Assessment,
2023,
5.3%,
5/01/53
...............................
1,250,000
1,211,668
Creekview
Community
Development
District
,
Special
Assessment,
2022,
4.25%,
5/01/32
..............................
805,000
765,436
Special
Assessment,
2022,
4.625%,
5/01/42
.............................
2,455,000
2,216,242
Special
Assessment,
2022,
4.75%,
5/01/53
..............................
4,145,000
3,619,999
b
Crestview
II
Community
Development
District
,
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/31
...................
250,000
249,489
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/37
...................
475,000
437,645
Cross
Creek
North
Community
Development
District
,
Special
Assessment,
2022,
3.75%,
5/01/32
..............................
460,000
446,728
Special
Assessment,
2022,
4.25%,
5/01/42
..............................
2,340,000
2,134,867
Special
Assessment,
2022,
4.5%,
5/01/52
...............................
1,750,000
1,567,747
Crystal
Cay
Community
Development
District
,
Special
Assessment,
2021,
2.7%,
5/01/31
...............................
200,000
174,661
Special
Assessment,
2021,
3.05%,
5/01/41
..............................
850,000
634,554
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,000,000
811,634
b
Currents
Community
Development
District
,
Special
Assessment,
144A,
2020
A,
4%,
5/01/40
..........................
3,100,000
2,650,479
Special
Assessment,
144A,
2020
A,
4%,
5/01/51
..........................
5,815,000
4,512,407
b
Cypress
Bluff
Community
Development
District
,
Special
Assessment,
144A,
2020
A,
3.125%,
5/01/30
.......................
250,000
224,439
Special
Assessment,
144A,
2020
A,
3.625%,
5/01/40
.......................
800,000
641,496
Special
Assessment,
144A,
2020
A,
3.8%,
5/01/50
.........................
1,170,000
878,941
Cypress
Park
Estates
Community
Development
District
,
b
Special
Assessment,
144A,
2020,
3.25%,
5/01/30
.........................
295,000
267,812
b
Special
Assessment,
144A,
2020,
3.875%,
5/01/40
.........................
1,170,000
989,320
b
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,210,000
947,408
Special
Assessment,
2022,
4.375%,
5/01/27
.............................
125,000
123,273
Special
Assessment,
2022,
4.75%,
5/01/32
..............................
410,000
402,683
Special
Assessment,
2022,
5%,
5/01/42
.................................
1,200,000
1,138,052
Special
Assessment,
2022,
5.125%,
5/01/52
.............................
1,250,000
1,168,725
Deerbrook
Community
Development
District
,
Special
Assessments,
Special
Assessment,
2023,
4.375%,
5/01/30
............
135,000
133,963
Special
Assessments,
Special
Assessment,
2023,
5.25%,
5/01/43
.............
655,000
640,725
Special
Assessments,
Special
Assessment,
2023,
5.5%,
5/01/53
..............
1,250,000
1,226,552
Del
Webb
Oak
Creek
Community
Development
District
,
Special
Assessment,
2023,
5%,
5/01/43
.................................
1,435,000
1,396,129
Special
Assessment,
2023,
5.25%,
5/01/53
..............................
2,000,000
1,949,838
DG
Farms
Community
Development
District
,
Special
Assessment,
2020,
2.75%,
5/01/25
..............................
35,000
33,791
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
200,000
180,644
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
295,000
240,854
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
71
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
DW
Bayview
Community
Development
District
,
b
Assessment
Area,
Special
Assessment,
144A,
2021,
2.375%,
5/01/26
..........
$
250,000
$
235,238
b
Assessment
Area,
Special
Assessment,
144A,
2021,
3%,
5/01/32
..............
430,000
370,167
b
Assessment
Area,
Special
Assessment,
144A,
2021,
3.375%,
5/01/41
..........
1,160,000
895,798
Assessment
Area,
Special
Assessment,
2022,
4.5%,
5/01/32
.................
185,000
179,873
Assessment
Area,
Special
Assessment,
2022,
5.125%,
5/01/42
...............
1,115,000
1,081,459
Assessment
Area,
Special
Assessment,
2022,
5.25%,
5/01/52
................
750,000
717,748
East
547
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
2.5%,
5/01/26
................
100,000
94,407
Assessment
Area
1,
Special
Assessment,
2021,
3%,
5/01/31
.................
140,000
122,312
Assessment
Area
1,
Special
Assessment,
2021,
3.3%,
5/01/41
................
590,000
447,182
Assessment
Area
1,
Special
Assessment,
2021,
4%,
5/01/51
.................
920,000
714,992
East
Bonita
Beach
Road
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/32
.................................
255,000
219,376
Special
Assessment,
2021,
3.25%,
5/01/41
..............................
750,000
567,236
East
Nassau
Stewardship
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
215,000
202,338
Special
Assessment,
2021,
3%,
5/01/31
.................................
500,000
436,527
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
1,270,000
990,208
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,515,000
1,175,631
Eden
Hills
Community
Development
District
,
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
110,000
102,839
Special
Assessment,
2020,
4%,
5/01/40
.................................
300,000
267,594
Special
Assessment,
2022,
3.25%,
5/01/27
..............................
370,000
353,612
Special
Assessment,
2022,
3.625%,
5/01/32
.............................
610,000
553,975
Special
Assessment,
2022,
4%,
5/01/42
.................................
1,645,000
1,393,050
Special
Assessment,
2022,
4.125%,
5/01/52
.............................
1,590,000
1,263,615
Edgewater
East
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
2.5%,
5/01/26
................
320,000
300,338
Assessment
Area
1,
Special
Assessment,
2021,
3.1%,
5/01/31
................
700,000
614,725
Assessment
Area
1,
Special
Assessment,
2021,
3.6%,
5/01/41
................
2,625,000
2,064,513
Assessment
Area
1,
Special
Assessment,
2021,
4%,
5/01/51
.................
2,825,000
2,193,811
Assessment
Area
2,
Special
Assessment,
2022,
3.375%,
5/01/32
..............
1,985,000
1,740,591
Assessment
Area
2,
Special
Assessment,
2022,
4%,
5/01/42
.................
4,000,000
3,353,060
Assessment
Area
2,
Special
Assessment,
2022,
4%,
5/01/52
.................
6,200,000
4,778,527
b
Enbrook
Community
Development
District
,
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
500,000
426,737
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,150,000
892,154
b
Entrada
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.125%,
5/01/26
.........................
100,000
93,192
Special
Assessment,
144A,
2021,
2.625%,
5/01/31
.........................
370,000
312,813
Special
Assessment,
144A,
2021,
3.125%,
5/01/41
.........................
935,000
691,835
Special
Assessment,
144A,
2021,
4%,
5/01/52
............................
2,300,000
1,772,760
Epperson
North
Community
Development
District
,
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
150,000
141,576
Special
Assessment,
2021,
3%,
5/01/31
.................................
280,000
244,934
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
1,365,000
1,059,007
Special
Assessment,
2021
A,
2.45%,
11/01/26
............................
140,000
130,637
Special
Assessment,
2021
A,
3.1%,
11/01/31
.............................
500,000
437,252
Special
Assessment,
2021
A,
4%,
11/01/51
..............................
2,620,000
2,033,341
Epperson
Ranch
II
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2020,
3.25%,
5/01/25
...............
245,000
239,495
Assessment
Area
2,
Special
Assessment,
2020,
3.625%,
5/01/30
..............
700,000
647,480
Assessment
Area
2,
Special
Assessment,
2020,
4.2%,
5/01/40
................
1,900,000
1,666,555
Assessment
Area
2,
Special
Assessment,
2020,
4.375%,
5/01/51
..............
3,300,000
2,736,618
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
72
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Fallschase
Community
Development
District
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.........................................................
$
1,000,000
$
770,306
b
Florida
Development
Finance
Corp.
,
e
Brightline
Florida
Holdings
LLC,
Revenue,
144A,
2023
A,
Refunding,
Mandatory
Put,
7.5%,
8/15/24
...................................................
6,000,000
5,885,310
e
Brightline
Trains
Florida
LLC,
Revenue,
144A,
2019
A,
Refunding,
Mandatory
Put,
6.375%,
1/01/26
.................................................
2,000,000
1,910,002
e
Brightline
Trains
Florida
LLC,
Revenue,
144A,
2019
A,
Refunding,
Mandatory
Put,
6.5%,
1/01/29
...................................................
4,000,000
3,797,902
Brightline
Trains
Florida
LLC,
Revenue,
144A,
2019
B,
7.375%,
1/01/49
.........
26,150,000
25,254,431
e
Brightline
Trains
Florida
LLC,
Revenue,
144A,
2022
A,
Refunding,
Mandatory
Put,
7.25%,
10/03/23
.................................................
15,500,000
15,755,683
Glenridge
on
Palmer
Ranch
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
6/01/31
........................................................
450,000
430,270
Glenridge
on
Palmer
Ranch
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
6/01/51
........................................................
5,500,000
4,313,488
Mayflower
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
144A,
2020
A,
5.25%,
6/01/50
........................................................
7,000,000
5,696,172
Mayflower
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
6/01/55
............................................
3,750,000
2,269,239
b
Forest
Lake
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.25%,
5/01/30
.........................
350,000
326,816
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
1,270,000
1,132,815
Special
Assessment,
144A,
2022,
4.75%,
5/01/27
.........................
55,000
55,063
Special
Assessment,
144A,
2022,
5%,
5/01/32
............................
115,000
114,913
Special
Assessment,
144A,
2022,
5.375%,
5/01/42
.........................
460,000
459,435
Special
Assessment,
144A,
2022,
5.5%,
5/01/52
..........................
405,000
401,503
Gracewater
Sarasota
Community
Development
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
190,000
178,810
Special
Assessment,
2021,
2.95%,
5/01/31
..............................
500,000
434,774
Special
Assessment,
2021,
3.35%,
5/01/41
..............................
3,170,000
2,417,635
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,535,000
1,184,492
Grand
Oaks
Community
Development
District
,
Special
Assessment,
2020,
4.25%,
5/01/40
..............................
1,100,000
970,869
Special
Assessment,
2020,
4.5%,
5/01/52
...............................
3,500,000
2,950,311
Assessment
Area
3,
Special
Assessment,
2021,
3.2%,
11/01/31
...............
215,000
189,145
Assessment
Area
3,
Special
Assessment,
2021,
3.5%,
11/01/41
...............
555,000
428,015
Assessment
Area
3,
Special
Assessment,
2021,
4%,
11/01/51
................
1,205,000
933,070
Grande
Pines
Community
Development
District
,
Special
Assessment,
2021,
3.75%,
5/01/41
..............................
710,000
570,233
Special
Assessment,
2021,
4%,
5/01/51
.................................
750,000
581,996
Grove
Resort
Community
Development
District
,
Special
Assessment,
2022,
3.3%,
5/01/32
...............................
170,000
148,936
Special
Assessment,
2022,
3.55%,
5/01/42
..............................
435,000
333,301
Special
Assessment,
2022,
4%,
5/01/52
.................................
640,000
493,932
f
Hammock
Oaks
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2023,
4.875%,
5/01/30
..............
200,000
200,724
Assessment
Area
1,
Special
Assessment,
2023,
5.625%,
5/01/43
..............
645,000
648,577
Assessment
Area
1,
Special
Assessment,
2023,
5.75%,
5/01/53
...............
1,000,000
996,374
Hammock
Reserve
Community
Development
District
,
Special
Assessment,
2020,
4%,
5/01/40
.................................
540,000
481,669
Special
Assessment,
2020,
4%,
5/01/51
.................................
860,000
701,236
Special
Assessment,
2021,
3%,
5/01/31
.................................
200,000
175,693
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
520,000
403,972
Special
Assessment,
2022,
4.4%,
5/01/32
...............................
500,000
487,132
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)
Hammock
Reserve
Community
Development
District,
(continued)
Special
Assessment,
2022,
5%,
5/01/52
.................................
$
2,300,000
$
2,121,215
Harmony
West
Community
Development
District
,
Special
Assessment,
2023,
5%,
5/01/43
.................................
275,000
268,549
Special
Assessment,
2023,
5.3%,
5/01/53
...............................
305,000
300,930
Hawkstone
Community
Development
District
,
Assessment
Area
3,
Special
Assessment,
2021,
2.6%,
5/01/26
................
120,000
113,676
Assessment
Area
3,
Special
Assessment,
2021,
3.2%,
5/01/31
................
440,000
390,604
Assessment
Area
3,
Special
Assessment,
2021,
3.45%,
5/01/41
...............
1,125,000
882,801
Assessment
Area
3,
Special
Assessment,
2021,
4%,
5/01/52
.................
1,000,000
781,634
Assessment
Area
4,
Special
Assessment,
2023,
4.375%,
5/01/30
..............
290,000
288,537
Assessment
Area
4,
Special
Assessment,
2023,
5.375%,
5/01/43
..............
1,180,000
1,178,510
Assessment
Area
4,
Special
Assessment,
2023,
5.5%,
5/01/53
................
1,390,000
1,377,834
Hills
of
Minneola
Community
Development
District
,
b
Special
Assessment,
144A,
2020,
3.5%,
5/01/31
..........................
1,000,000
911,500
b
Special
Assessment,
144A,
2020,
4%,
5/01/40
............................
2,625,000
2,241,846
b
Special
Assessment,
144A,
2020,
4%,
5/01/50
............................
5,505,000
4,326,099
Special
Assessment,
2021,
2.375%,
5/01/26
.............................
75,000
70,591
Special
Assessment,
2021,
2.8%,
5/01/31
...............................
250,000
215,403
Special
Assessment,
2021,
3.2%,
5/01/41
...............................
500,000
373,486
Special
Assessment,
2021,
4%,
5/01/52
.................................
900,000
688,105
Hilltop
Point
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2022-1,
5.375%,
5/01/52
............
700,000
668,862
Assessment
Area
2,
Special
Assessment,
2022-2,
5.6%,
5/01/53
..............
745,000
724,944
Holly
Hill
Road
East
Community
Development
District
,
Special
Assessment,
2020,
4.5%,
11/01/31
...............................
165,000
166,375
Special
Assessment,
2020,
5%,
11/01/41
................................
350,000
350,684
Special
Assessment,
2020,
5%,
11/01/50
................................
520,000
499,008
Hyde
Park
Community
Development
District
No.
1
,
Special
Assessment,
2022,
4%,
5/01/42
.................................
2,710,000
2,272,284
Special
Assessment,
2022,
4%,
5/01/52
.................................
2,545,000
1,964,153
Indigo
Community
Development
District
,
Special
Assessment,
1999
A,
7%,
5/01/31
...............................
435,000
435,550
Special
Assessment,
1999
C,
7%,
5/01/30
...............................
3,123,752
2,155,389
Phase
A1
Assessment
Area,
Special
Assessment,
2021,
2.2%,
5/01/26
.........
185,000
173,106
Phase
A1
Assessment
Area,
Special
Assessment,
2021,
2.7%,
5/01/31
.........
240,000
204,805
Phase
A1
Assessment
Area,
Special
Assessment,
2021,
3.125%,
5/01/41
.......
855,000
626,248
Phase
A1
Assessment
Area,
Special
Assessment,
2021,
4%,
5/01/52
...........
1,375,000
1,060,918
Kindred
Community
Development
District
II
,
Special
Assessment,
2020,
3.5%,
5/01/40
...............................
395,000
314,570
Special
Assessment,
2020,
3.75%,
5/01/50
..............................
570,000
428,771
Special
Assessment,
2021,
2.7%,
5/01/31
...............................
235,000
200,538
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
500,000
369,965
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,810,000
1,396,697
Kingman
Gate
Community
Development
District
,
Special
Assessment,
2020,
3.125%,
6/15/30
.............................
375,000
346,332
Special
Assessment,
2020,
4%,
6/15/40
.................................
775,000
690,911
Special
Assessment,
2020,
4%,
6/15/50
.................................
2,270,000
1,865,456
Special
Assessment,
2021,
2.5%,
6/15/26
...............................
80,000
75,920
Special
Assessment,
2021,
3.125%,
6/15/31
.............................
250,000
228,298
Special
Assessment,
2021,
3.6%,
6/15/41
...............................
750,000
619,119
Lake
Ashton
Community
Development
District
,
Special
Assessment
,
2015
A-1
,
Refunding
,
5
%
,
5/01/32
.............................................
2,070,000
2,081,398
Lake
Deer
Community
Development
District
,
Special
Assessment,
2022,
5%,
5/01/32
.................................
500,000
486,317
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)
Lake
Deer
Community
Development
District,
(continued)
Special
Assessment,
2022,
5.5%,
5/01/42
...............................
$
1,680,000
$
1,622,478
Special
Assessment,
2022,
5.625%,
5/01/53
.............................
3,000,000
2,841,661
Lakes
of
Sarasota
Community
Development
District
,
Special
Assessment,
2021
A-1,
3.4%,
5/01/31
............................
135,000
123,006
Special
Assessment,
2021
A-1,
3.9%,
5/01/41
............................
285,000
241,158
Special
Assessment,
2021
A-1,
4.1%,
5/01/51
............................
265,000
214,343
Special
Assessment,
2021
A-2,
3.875%,
5/01/31
..........................
560,000
533,376
Special
Assessment,
2021
B-1,
3.625%,
5/01/31
..........................
125,000
117,012
Special
Assessment,
2021
B-1,
4.125%,
5/01/41
..........................
200,000
174,777
Special
Assessment,
2021
B-1,
4.3%,
5/01/51
............................
325,000
271,905
Special
Assessment,
2021
B-2,
4.125%,
5/01/31
..........................
1,000,000
961,883
Lakewood
Park
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
3.2%,
5/01/31
................
125,000
111,894
Assessment
Area
1,
Special
Assessment,
2021,
3.625%,
5/01/41
..............
325,000
258,012
Assessment
Area
1,
Special
Assessment,
2021,
4%,
5/01/52
.................
500,000
385,884
Assessment
Area
2,
Special
Assessment,
2023,
5.75%,
5/01/53
...............
910,000
916,784
Lakewood
Ranch
Stewardship
District
,
District
Azario
Project,
Special
Assessment,
2020
A,
3.75%,
5/01/40
............
525,000
430,628
Lakewood
Ranch
Stewardship
District
Azario
Project,
Special
Assessment,
2020
A,
3.9%,
5/01/50
...................................................
770,000
593,338
b
Lakewood
Ranch
Stewardship
District
Lorraine
Lakes
Project,
Special
Assessment,
144A,
2020,
3.125%,
5/01/30
.......................................
250,000
224,502
b
Lakewood
Ranch
Stewardship
District
Lorraine
Lakes
Project,
Special
Assessment,
144A,
2020,
3.625%,
5/01/40
.......................................
1,075,000
869,566
b
Lakewood
Ranch
Stewardship
District
Lorraine
Lakes
Project,
Special
Assessment,
144A,
2020,
3.875%,
5/01/51
.......................................
2,640,000
2,003,835
Lakewood
Ranch
Stewardship
District
Northeast
Sector
Project,
Special
Assessment,
2020,
3%,
5/01/30
................................................
470,000
417,749
b
Lakewood
Ranch
Stewardship
District
Northeast
Sector
Project,
Special
Assessment,
144A,
2020,
Refunding,
3.2%,
5/01/30
................................
440,000
397,039
Lakewood
Ranch
Stewardship
District
Northeast
Sector
Project,
Special
Assessment,
2020,
3.5%,
5/01/40
..............................................
750,000
592,400
b
Lakewood
Ranch
Stewardship
District
Northeast
Sector
Project,
Special
Assessment,
144A,
2020,
Refunding,
3.75%,
5/01/40
...............................
2,100,000
1,733,800
Star
Farms
at
Lakewood
Ranch
Project,
Special
Assessment,
2021,
2.3%,
5/01/26
.
140,000
131,783
Star
Farms
at
Lakewood
Ranch
Project,
Special
Assessment,
2021,
2.7%,
5/01/31
.
105,000
89,788
Star
Farms
at
Lakewood
Ranch
Project,
Special
Assessment,
2021,
3%,
5/01/41
..
430,000
316,376
Star
Farms
at
Lakewood
Ranch
Project,
Special
Assessment,
2021,
4%,
5/01/52
..
685,000
532,959
Laurel
Road
Community
Development
District
,
Special
Assessment,
2021
A-1,
2.6%,
5/01/26
............................
220,000
207,710
Special
Assessment,
2021
A-1,
3%,
5/01/31
..............................
350,000
305,269
Special
Assessment,
2021
A-1,
3.25%,
5/01/41
...........................
1,195,000
904,634
Special
Assessment,
2021
A-1,
4%,
5/01/52
..............................
1,455,000
1,122,924
Special
Assessment,
2021
A-2,
3.125%,
5/01/31
..........................
2,140,000
1,882,900
Lawson
Dunes
Community
Development
District
,
Special
Assessment,
2022,
4.375%,
5/01/27
.............................
200,000
198,268
Special
Assessment,
2022,
4.75%,
5/01/32
..............................
630,000
624,264
Special
Assessment,
2022,
5.125%,
5/01/52
.............................
1,500,000
1,407,933
Leomas
Landing
Community
Development
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
225,000
211,749
Special
Assessment,
2021,
2.95%,
5/01/31
..............................
310,000
269,560
Special
Assessment,
2021,
2.95%,
5/01/31
..............................
160,000
139,415
Special
Assessment,
2021,
3.35%,
5/01/41
..............................
795,000
602,532
Special
Assessment,
2021,
3.35%,
5/01/41
..............................
415,000
316,108
Special
Assessment,
2021,
4%,
5/01/52
.................................
530,000
408,999
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
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
$
8,000,000
$
6,540,000
Live
Oak
Lake
Community
Development
District
,
Special
Assessment,
2020,
4.4%,
5/01/40
...............................
1,600,000
1,438,976
Special
Assessment,
2020,
4.6%,
5/01/51
...............................
2,845,000
2,449,445
LT
Ranch
Community
Development
District
,
Phase
I
Assessment
Area,
Special
Assessment,
2022-1,
5.3%,
5/01/32
.........
120,000
121,330
Phase
I
Assessment
Area,
Special
Assessment,
2022-1,
5.75%,
5/01/42
........
380,000
384,467
Phase
I
Assessment
Area,
Special
Assessment,
2022-1,
5.9%,
5/01/53
.........
500,000
503,067
Phase
IIA
Assessment
Area,
Special
Assessment,
2022-2,
5%,
5/01/32
.........
1,245,000
1,255,247
Phase
IIA
Assessment
Area,
Special
Assessment,
2022-2,
5.5%,
5/01/42
........
3,160,000
3,186,409
Phase
IIA
Assessment
Area,
Special
Assessment,
2022-2,
5.7%,
5/01/53
........
5,685,000
5,724,151
LTC
Ranch
West
Residential
Community
Development
District
,
Special
Assessment,
2021
B,
3.25%,
5/01/31
.............................
4,000,000
3,557,011
Assessment
Area
1,
Special
Assessment,
2021
A,
3.125%,
5/01/31
............
700,000
616,807
Assessment
Area
1,
Special
Assessment,
2021
A,
3.45%,
5/01/41
.............
1,250,000
970,855
b
Magnolia
Park
Community
Development
District
,
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/31
...................
250,000
249,489
Special
Assessment,
144A,
2020,
Refunding,
4%,
5/01/39
...................
688,000
620,096
b
Mandarin
Grove
Community
Development
District
,
Special
Assessment
,
144A,
2022
,
6.625
%
,
5/01/53
...................................................
2,500,000
2,587,799
Mangrove
Point
&
Mangrove
Manor
,
Community
Development
District,
Special
Assessment,
2022,
4%,
5/01/32
.......
345,000
327,457
Community
Development
District,
Special
Assessment,
2022,
4.25%,
5/01/42
.....
1,130,000
983,528
Community
Development
District,
Special
Assessment,
2022,
4.375%,
5/01/52
....
1,500,000
1,241,069
Marshall
Creek
Community
Development
District
,
Special
Assessment
,
2015
A
,
Refunding
,
5
%
,
5/01/32
.............................................
1,585,000
1,589,653
Meadow
View
at
Twin
Creeks
Community
Development
District
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
260,000
244,688
Special
Assessment,
2021,
3%,
5/01/31
.................................
430,000
375,413
Special
Assessment,
2021,
3.25%,
5/01/41
..............................
1,945,000
1,452,121
Special
Assessment,
2021,
3.75%,
5/01/52
..............................
630,000
458,447
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,000,000
771,577
Merrick
Square
Community
Development
District
,
Special
Assessment,
2023,
4.5%,
5/01/30
...............................
235,000
234,854
Special
Assessment,
2023,
5.4%,
5/01/43
...............................
725,000
725,514
Special
Assessment,
2023,
5.625%,
5/01/53
.............................
1,000,000
1,004,470
Middleton
Community
Development
District
A
,
Special
Assessment
,
2022
,
6.2
%
,
5/01/53
.........................................................
2,250,000
2,287,223
Mirada
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/32
...............................................
2,800,000
2,475,064
Mirada
II
Community
Development
District
,
2021
Project
Area,
Special
Assessment,
2021,
2.5%,
5/01/26
.................
305,000
287,860
2021
Project
Area,
Special
Assessment,
2021,
3.125%,
5/01/31
...............
650,000
572,190
2021
Project
Area,
Special
Assessment,
2021,
3.5%,
5/01/41
.................
2,100,000
1,627,223
2021
Project
Area,
Special
Assessment,
2021,
4%,
5/01/51
..................
2,375,000
1,842,987
2022
Project
Area,
Special
Assessment,
2022,
5.125%,
5/01/32
...............
360,000
363,021
2022
Project
Area,
Special
Assessment,
2022,
5.6%,
5/01/42
.................
1,090,000
1,096,778
2022
Project
Area,
Special
Assessment,
2022,
5.75%,
5/01/53
................
2,000,000
2,009,330
New
Port
Tampa
Bay
Community
Development
District
,
Special
Assessment,
2021,
2.875%,
5/01/26
.............................
265,000
251,575
Special
Assessment,
2021,
3.5%,
5/01/31
...............................
500,000
452,375
Special
Assessment,
2021,
3.875%,
5/01/41
.............................
1,250,000
1,021,473
Special
Assessment,
2021,
4.125%,
5/01/52
.............................
2,250,000
1,773,824
North
AR-1
Pasco
Community
Development
District
,
Special
Assessment,
2021,
2.625%,
5/01/26
.............................
105,000
99,454
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)
North
AR-1
Pasco
Community
Development
District,
(continued)
Special
Assessment,
2021,
3.125%,
5/01/31
.............................
$
275,000
$
243,147
Assessment
Area
2,
Special
Assessment,
2021
A,
2.625%,
5/01/26
............
155,000
146,812
Assessment
Area
2,
Special
Assessment,
2021
A,
3.25%,
5/01/31
.............
275,000
245,379
Assessment
Area
2,
Special
Assessment,
2021
A,
3.55%,
5/01/41
.............
985,000
773,587
North
Park
Isle
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021,
2.45%,
11/01/26
..............
210,000
194,981
Assessment
Area
2,
Special
Assessment,
2021,
3%,
11/01/31
................
500,000
433,063
Assessment
Area
2,
Special
Assessment,
2021,
3.375%,
11/01/41
.............
1,500,000
1,146,511
Assessment
Area
2,
Special
Assessment,
2021,
4%,
11/01/51
................
2,500,000
1,937,851
North
Powerline
Road
Community
Development
District
,
Special
Assessment,
2020,
3.125%,
5/01/30
.............................
490,000
439,826
Special
Assessment,
2020,
3.625%,
5/01/40
.............................
1,000,000
805,697
Special
Assessment,
2020,
4%,
5/01/51
.................................
1,495,000
1,153,243
b
Special
Assessment,
144A,
2022,
5.25%,
5/01/32
.........................
295,000
290,863
b
Special
Assessment,
144A,
2022,
5.625%,
5/01/52
.........................
2,000,000
1,938,837
North
River
Ranch
Community
Development
District
,
Special
Assessment,
2020
A-1,
3%,
5/01/25
..............................
305,000
296,764
Special
Assessment,
2020
A-1,
3.5%,
5/01/30
............................
855,000
784,746
Special
Assessment,
2020
A-1,
4%,
5/01/40
..............................
1,150,000
983,214
Special
Assessment,
2020
A-1,
4.25%,
5/01/51
...........................
1,960,000
1,589,755
Special
Assessment,
2020
A-2,
4.2%,
5/01/35
............................
1,370,000
1,266,646
North
River
Ranch
Improvement
Stewardship
District
,
Special
Assessment
,
2023
A-1
,
6
%
,
5/01/54
......................................................
4,980,000
4,890,401
Orange
Blossom
Groves
Community
Development
District
,
Special
Assessment,
2023,
4.25%,
6/15/30
..............................
435,000
435,473
Special
Assessment,
2023,
5.25%,
6/15/43
..............................
1,000,000
1,003,849
Special
Assessment,
2023,
5.375%,
6/15/53
.............................
1,375,000
1,369,886
b
Osceola
Village
Center
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.875%,
5/01/31
.........................
180,000
155,966
Special
Assessment,
144A,
2021,
3.3%,
5/01/41
..........................
370,000
280,084
Palermo
Community
Development
District
,
Special
Assessment,
2023,
5%,
6/15/43
.................................
1,945,000
1,889,824
Special
Assessment,
2023,
5.25%,
6/15/53
..............................
1,500,000
1,460,188
Palm
Coast
Park
Community
Development
District
,
Special
Assessment,
2022,
5%,
5/01/42
.................................
1,000,000
957,624
Special
Assessment,
2022,
5.125%,
5/01/51
.............................
1,500,000
1,405,944
Spring
Lake
-
Tracts
2
&
3,
Special
Assessment,
2021,
2.8%,
5/01/31
...........
350,000
300,941
Spring
Lake
-
Tracts
2
&
3,
Special
Assessment,
2021,
3.125%,
5/01/41
.........
730,000
534,691
Spring
Lake
-
Tracts
2
&
3,
Special
Assessment,
2021,
4%,
5/01/52
............
1,210,000
932,825
Park
East
Community
Development
District
,
Special
Assessment
,
2021
,
3.15
%
,
11/01/41
........................................................
750,000
546,331
Parkview
at
Long
Lake
Ranch
Community
Development
District
,
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
955,000
779,807
Special
Assessment,
2020,
4%,
5/01/51
.................................
800,000
620,795
Parrish
Lakes
Community
Development
District
,
Special
Assessment,
2023,
5.125%,
5/01/43
.............................
1,500,000
1,435,866
Special
Assessment,
2023,
5.4%,
5/01/53
...............................
1,605,000
1,529,535
Parrish
Plantation
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
2.5%,
5/01/26
................
195,000
184,568
Assessment
Area
1,
Special
Assessment,
2021,
3.125%,
5/01/31
..............
235,000
208,168
Assessment
Area
1,
Special
Assessment,
2021,
3.5%,
5/01/41
................
790,000
622,100
Assessment
Area
1,
Special
Assessment,
2021,
4%,
5/01/52
.................
1,370,000
1,052,249
Assessment
Area
2,
Special
Assessment,
2022,
4.75%,
5/01/32
...............
215,000
211,603
Assessment
Area
2,
Special
Assessment,
2022,
5.375%,
5/01/42
..............
775,000
766,350
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)
Parrish
Plantation
Community
Development
District,
(continued)
Assessment
Area
2,
Special
Assessment,
2022,
5.5%,
5/01/52
................
$
1,245,000
$
1,229,047
Peace
Creek
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2023,
4.25%,
6/15/30
...............
350,000
349,363
Assessment
Area
1,
Special
Assessment,
2023,
5.125%,
6/15/43
..............
1,450,000
1,440,098
Assessment
Area
1,
Special
Assessment,
2023,
5.375%,
6/15/53
..............
1,595,000
1,593,780
b
Pine
Isle
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.375%,
12/15/26
........................
80,000
74,723
Special
Assessment,
144A,
2021,
3%,
12/15/31
...........................
225,000
201,146
Special
Assessment,
144A,
2021,
3.25%,
12/15/41
.........................
1,000,000
768,769
Special
Assessment,
144A,
2021,
4%,
12/15/51
...........................
1,200,000
971,795
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment
,
2020
A-2
,
Refunding
,
3.75
%
,
5/01/37
.......................................
700,000
593,359
Preserve
at
South
Branch
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/31
.................................
150,000
135,248
Special
Assessment,
2021,
3.5%,
5/01/41
...............................
750,000
608,609
Quail
Roost
Community
Development
District
,
Expansion
Area,
Special
Assessment,
2021,
2.2%,
12/15/26
.................
160,000
148,488
Expansion
Area,
Special
Assessment,
2021,
2.7%,
12/15/31
.................
200,000
173,291
Expansion
Area,
Special
Assessment,
2021,
3.125%,
12/15/41
................
990,000
746,504
Expansion
Area,
Special
Assessment,
2021,
4%,
12/15/51
...................
2,360,000
1,923,119
Reserve
at
Van
Oaks
Community
Development
District
,
Special
Assessments,
Special
Assessment,
2023,
5.125%,
5/01/43
............
200,000
197,168
Special
Assessments,
Special
Assessment,
2023,
5.375%,
5/01/53
............
965,000
952,926
Reunion
East
Community
Development
District
,
Assessment
Area,
Special
Assessment,
2021,
2.4%,
5/01/26
.................
310,000
292,821
Assessment
Area,
Special
Assessment,
2021,
2.85%,
5/01/31
................
400,000
347,189
Assessment
Area,
Special
Assessment,
2021,
3.15%,
5/01/41
................
1,455,000
1,101,519
Rhodine
Road
North
Community
Development
District
,
Special
Assessment,
2022,
2.6%,
5/01/27
...............................
100,000
94,521
Special
Assessment,
2022,
3%,
5/01/32
.................................
190,000
169,775
Special
Assessment,
2022,
3.3%,
5/01/42
...............................
490,000
378,752
Ridge
at
Apopka
Community
Development
District
,
Special
Assessment,
2022,
5.375%,
5/01/42
.............................
850,000
836,701
Special
Assessment,
2022,
5.5%,
5/01/52
...............................
2,150,000
2,088,779
River
Glen
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/31
.................................
350,000
305,569
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
1,000,000
768,151
Special
Assessment,
2021,
4%,
5/01/51
.................................
1,000,000
775,994
River
Hall
Community
Development
District
,
Special
Assessment,
2020
A,
3.625%,
5/01/40
............................
1,030,000
826,909
Special
Assessment,
2020
A,
3.875%,
5/01/51
............................
2,690,000
2,047,934
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/24
.....................
250,000
246,796
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/25
.....................
150,000
145,978
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/31
.....................
1,000,000
878,955
Special
Assessment,
2021
A-2,
Refunding,
3%,
5/01/36
.....................
1,000,000
790,492
River
Landing
Community
Development
District
,
Special
Assessment,
2020
A,
3%,
5/01/25
...............................
170,000
165,470
Special
Assessment,
2020
A,
3.6%,
5/01/30
..............................
475,000
438,876
Special
Assessment,
2020
A,
4.125%,
5/01/40
............................
850,000
740,177
Special
Assessment,
2020
A,
4.35%,
5/01/51
.............................
1,100,000
913,700
Special
Assessment,
2020
B,
4.25%,
11/01/35
............................
895,000
811,796
g
Assessments,
Special
Assessment,
2023
A,
5.5%,
5/01/43
...................
750,000
752,799
g
Assessments,
Special
Assessment,
2023
A,
5.75%,
5/01/53
..................
1,000,000
1,005,939
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)
River
Place
on
the
St.
Lucie
Community
Development
District
,
Special
Assessment,
2001
A,
7.625%,
5/01/30
............................
$
910,000
$
835,244
d
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
178,976
Special
Assessment,
2021,
4%,
5/01/51
.................................
910,000
706,155
b
Rivers
Edge
III
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.4%,
5/01/26
..........................
100,000
94,085
Special
Assessment,
144A,
2021,
3%,
5/01/31
............................
300,000
262,511
Special
Assessment,
144A,
2021,
3.5%,
5/01/41
..........................
775,000
599,333
Special
Assessment,
144A,
2021,
4%,
5/01/51
............................
905,000
702,929
Rivington
Community
Development
District
,
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
1,685,000
1,375,889
Special
Assessment,
2022,
3.625%,
5/01/32
.............................
430,000
388,191
Special
Assessment,
2022,
4%,
5/01/52
.................................
4,365,000
3,368,773
Rolling
Hills
Community
Development
District
,
Special
Assessment,
2022
A-1,
4%,
5/01/52
..............................
945,000
729,322
Special
Assessment,
2022
A-2,
Refunding,
3.65%,
5/01/32
...................
1,000,000
901,810
b
Rolling
Oaks
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
5/01/53
...........................................
1,500,000
1,532,853
Rustic
Oaks
Community
Development
District
,
Special
Assessment,
2022,
3.2%,
5/01/32
...............................
1,000,000
872,491
Special
Assessment,
2022,
3.45%,
5/01/42
..............................
2,000,000
1,547,803
Special
Assessment,
2022,
4%,
5/01/52
.................................
3,950,000
3,045,174
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
,
Special
Assessment,
2020,
3%,
6/15/30
.................................
250,000
222,516
Special
Assessment,
2020,
4%,
6/15/40
.................................
610,000
525,203
Special
Assessment,
2022,
3.1%,
12/15/32
..............................
300,000
257,108
Special
Assessment,
2022,
3.35%,
12/15/41
.............................
485,000
368,861
Sanctuary
Cove
Community
Development
District
,
Special
Assessment,
2021,
2.625%,
5/01/31
.............................
190,000
161,214
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
400,000
292,982
Special
Assessment,
2021,
4%,
5/01/52
.................................
770,000
594,114
Sandmine
Road
Community
Development
District
,
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
3.125%,
5/01/30
.........
300,000
276,895
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
3.625%,
5/01/40
.........
1,040,000
872,745
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
3.75%,
5/01/50
..........
2,020,000
1,578,555
Assessment
Area
2,
Special
Assessment,
2021,
2.3%,
11/01/26
...............
200,000
186,949
Assessment
Area
2,
Special
Assessment,
2021,
3%,
11/01/31
................
450,000
396,032
Assessment
Area
2,
Special
Assessment,
2021,
3.3%,
11/01/41
...............
1,180,000
913,985
Sandridge
Community
Development
District
,
Special
Assessment,
2021
A-1,
2.875%,
5/01/26
..........................
290,000
276,734
Special
Assessment,
2021
A-1,
3.4%,
5/01/31
............................
750,000
677,896
Special
Assessment,
2021
A-1,
3.875%,
5/01/41
..........................
730,000
602,277
Special
Assessment,
2021
A-1,
4%,
5/01/51
..............................
735,000
570,356
Sarasota
National
Community
Development
District
,
Special
Assessment,
2020,
Refunding,
3.5%,
5/01/31
.......................
1,490,000
1,351,729
Special
Assessment,
2020,
Refunding,
4%,
5/01/39
........................
2,210,000
1,912,213
b
Savanna
Lakes
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
144A,
2023,
5.125%,
6/15/43
.........
395,000
389,397
Assessment
Area
1,
Special
Assessment,
144A,
2023,
5.375%,
6/15/53
.........
1,065,000
1,048,591
Sawyers
Landing
Community
Development
District
,
Special
Assessment,
2021,
3.75%,
5/01/31
..............................
1,400,000
1,275,574
Special
Assessment,
2021,
4.125%,
5/01/41
.............................
3,055,000
2,519,165
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)
Sawyers
Landing
Community
Development
District,
(continued)
Special
Assessment,
2021,
4.25%,
5/01/53
..............................
$
6,015,000
$
4,634,930
Scenic
Highway
Community
Development
District
,
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
470,000
425,227
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
1,230,000
1,003,167
Scenic
Terrace
South
Community
Development
District
,
Special
Assessment,
2022,
3.75%,
5/01/27
..............................
500,000
485,336
Special
Assessment,
2022,
4.125%,
5/01/32
.............................
750,000
712,302
Special
Assessment,
2022,
4.5%,
5/01/42
...............................
3,305,000
2,952,263
Special
Assessment,
2022,
4.625%,
5/01/53
.............................
3,385,000
2,898,475
Sedona
Point
Community
Development
District
,
Special
Assessments,
Special
Assessment,
2023,
4.125%,
6/15/30
............
75,000
74,322
Special
Assessments,
Special
Assessment,
2023,
5%,
6/15/43
................
705,000
691,864
Special
Assessments,
Special
Assessment,
2023,
5%,
6/15/53
................
1,185,000
1,118,265
b
Seminole
County
Industrial
Development
Authority
,
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/36
.....
310,000
265,568
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/41
.....
425,000
345,896
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/51
.....
830,000
620,548
Galileo
School
Foundation,
Inc.
(The),
Revenue,
144A,
2021
A,
4%,
6/15/56
.....
705,000
508,820
Sherwood
Manor
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2023,
5.5%,
5/01/43
................
1,695,000
1,701,336
Assessment
Area
2,
Special
Assessment,
2023,
5.625%,
5/01/53
..............
1,570,000
1,564,278
Shingle
Creek
at
Bronson
Community
Development
District
,
Special
Assessment,
2021,
3.1%,
6/15/31
...............................
375,000
331,715
Special
Assessment,
2021,
3.5%,
6/15/41
...............................
1,000,000
778,186
Silver
Palms
West
Community
Development
District
,
Special
Assessment,
2022,
2.6%,
6/15/27
...............................
410,000
373,935
Special
Assessment,
2022,
3%,
6/15/32
.................................
765,000
651,327
Special
Assessment,
2022,
3.25%,
6/15/42
..............................
1,750,000
1,315,335
Silverlake
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2023,
5.375%,
5/01/43
..............
245,000
246,766
Assessment
Area
1,
Special
Assessment,
2023,
5.5%,
5/01/53
................
985,000
987,934
Six
Mile
Creek
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
3.125%,
11/01/25
....
220,000
213,174
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
3.625%,
11/01/31
....
500,000
454,341
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
4.125%,
11/01/40
....
1,375,000
1,191,820
Assessment
Area
2,
Special
Assessment,
2020,
Refunding,
4.25%,
11/01/50
.....
2,290,000
1,862,615
Assessment
Area
2,
Special
Assessment,
2021,
Refunding,
2.5%,
5/01/26
.......
175,000
164,577
Assessment
Area
2,
Special
Assessment,
2021,
Refunding,
3.1%,
5/01/31
.......
250,000
219,883
Assessment
Area
2,
Special
Assessment,
2021,
Refunding,
3.4%,
5/01/41
.......
750,000
572,668
Assessment
Area
2,
Special
Assessment,
2021,
Refunding,
4%,
5/01/52
........
2,050,000
1,579,751
Assessment
Area
3,
Special
Assessment,
2021,
2.5%,
5/01/26
................
215,000
202,306
Assessment
Area
3,
Special
Assessment,
2021,
3%,
5/01/31
.................
520,000
454,612
Assessment
Area
3,
Special
Assessment,
2021,
3.4%,
5/01/41
................
805,000
614,664
Assessment
Area
3,
Special
Assessment,
2021,
3.5%,
5/01/41
................
1,585,000
1,229,268
Assessment
Area
3,
Special
Assessment,
2021,
4%,
5/01/51
.................
1,200,000
932,468
Assessment
Area
3,
Special
Assessment,
2021,
4%,
5/01/52
.................
655,000
504,750
Somerset
Community
Development
District
,
Special
Assessment,
2022,
Refunding,
4%,
5/01/32
........................
750,000
706,642
Special
Assessment,
2022,
Refunding,
4.2%,
5/01/37
.......................
1,000,000
911,062
Sorrento
Pines
Community
Development
District
,
Assessment
Area
1,
Revenue,
2023,
5.25%,
5/01/43
.......................
415,000
408,934
Assessment
Area
1,
Revenue,
2023,
5.5%,
5/01/53
........................
500,000
494,904
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)
South
Creek
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
2.875%,
6/15/31
..............
$
175,000
$
155,670
Assessment
Area
1,
Special
Assessment,
2021,
3.25%,
6/15/41
...............
500,000
387,765
Southern
Groves
Community
Development
District
No.
5
,
Special
Assessment,
2021,
2.4%,
5/01/26
...............................
225,000
211,749
Special
Assessment,
2021,
2.8%,
5/01/31
...............................
405,000
348,231
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
1,100,000
805,700
Special
Assessment,
2021,
4%,
5/01/48
.................................
620,000
491,388
Special
Assessment,
2022-1,
6%,
5/01/49
...............................
1,000,000
1,013,014
b
Southshore
Bay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/33
..................................
1,215,000
1,021,609
Stellar
North
Community
Development
District
,
Special
Assessment,
2021,
2.45%,
5/01/26
..............................
130,000
122,015
Special
Assessment,
2021,
3%,
5/01/31
.................................
250,000
218,263
Special
Assessment,
2021,
3.2%,
5/01/41
...............................
885,000
651,864
Special
Assessment,
2021,
4%,
5/01/52
.................................
2,225,000
1,716,759
b
Stillwater
Community
Development
District
,
Special
Assessment,
144A,
2021,
2.375%,
6/15/26
.........................
300,000
281,663
Special
Assessment,
144A,
2021,
3%,
6/15/31
............................
325,000
283,808
Special
Assessment,
144A,
2021,
3.5%,
6/15/41
..........................
1,290,000
1,008,442
b
Stonewater
Community
Development
District
,
Special
Assessment,
144A,
2021,
3%,
11/01/32
...........................
250,000
213,320
Special
Assessment,
144A,
2021,
3.3%,
11/01/41
..........................
635,000
481,841
Stoneybrook
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
Refunding
,
6.375
%
,
11/01/52
..........................
1,835,000
1,903,527
Stoneybrook
South
at
Championsgate
Community
Development
District
,
Assessment
Area,
Special
Assessment,
2023,
4.5%,
6/15/30
.................
110,000
110,329
Assessment
Area,
Special
Assessment,
2023,
5.375%,
6/15/43
...............
395,000
397,579
Assessment
Area,
Special
Assessment,
2023,
5.5%,
6/15/53
.................
390,000
390,885
b
Stoneybrook
South
Community
Development
District
,
Special
Assessment,
144A,
2020,
3%,
12/15/30
...........................
500,000
453,105
Special
Assessment,
144A,
2020,
3.5%,
12/15/40
.........................
1,000,000
819,021
Special
Assessment,
144A,
2020,
3.75%,
12/15/50
.........................
1,500,000
1,168,811
Storey
Creek
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2022,
5%,
6/15/32
.................
240,000
242,429
Assessment
Area
2,
Special
Assessment,
2022,
5.2%,
6/15/42
................
615,000
603,421
Assessment
Area
2,
Special
Assessment,
2022,
5.375%,
6/15/52
..............
1,000,000
969,236
Storey
Drive
Community
Development
District
,
Special
Assessment,
2022,
2.55%,
6/15/27
..............................
200,000
185,191
Special
Assessment,
2022,
3%,
6/15/32
.................................
375,000
323,352
Special
Assessment,
2022,
3.25%,
6/15/42
..............................
900,000
679,585
Special
Assessment,
2022,
4%,
6/15/52
.................................
2,000,000
1,571,393
b
Storey
Park
Community
Development
District
,
Assessment
Area
4,
Special
Assessment,
144A,
2021,
2.875%,
6/15/31
.........
230,000
204,452
Assessment
Area
4,
Special
Assessment,
144A,
2021,
3.3%,
6/15/41
...........
620,000
472,751
Summer
Woods
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021,
3%,
5/01/31
.................
155,000
136,336
Assessment
Area
2,
Special
Assessment,
2021,
3.4%,
5/01/41
................
405,000
312,871
Assessment
Area
3,
Special
Assessment,
2021,
2.5%,
5/01/26
................
150,000
141,766
Assessment
Area
3,
Special
Assessment,
2021,
3.15%,
5/01/31
...............
200,000
177,262
Assessment
Area
3,
Special
Assessment,
2021,
3.45%,
5/01/41
...............
725,000
561,160
Assessment
Area
3,
Special
Assessment,
2021,
4%,
5/01/52
.................
1,000,000
781,634
Summerstone
Community
Development
District
,
Special
Assessment,
2020,
3.25%,
5/01/30
..............................
165,000
154,070
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)
Summerstone
Community
Development
District,
(continued)
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
$
700,000
$
600,883
Special
Assessment,
2020,
4%,
5/01/51
.................................
910,000
742,006
b
Special
Assessment,
144A,
2021,
2.75%,
5/01/31
.........................
175,000
153,616
b
Special
Assessment,
144A,
2021,
3.15%,
5/01/41
.........................
700,000
532,673
b
Special
Assessment,
144A,
2021,
4%,
5/01/51
............................
1,750,000
1,426,934
Sunbridge
Stewardship
District
,
Del
Webb
Project
Assessment,
Special
Assessment,
2022,
5%,
5/01/32
.........
350,000
352,467
Del
Webb
Project
Assessment,
Special
Assessment,
2022,
5.4%,
5/01/42
.......
925,000
925,601
Del
Webb
Project
Assessment,
Special
Assessment,
2022,
5.5%,
5/01/52
.......
1,725,000
1,702,711
Weslyn
Park
Project
Assessment,
Special
Assessment,
2022,
4.2%,
5/01/27
.....
340,000
334,213
Weslyn
Park
Project
Assessment,
Special
Assessment,
2022,
4.6%,
5/01/32
.....
460,000
447,199
Weslyn
Park
Project
Assessment,
Special
Assessment,
2022,
5.2%,
5/01/42
.....
1,000,000
961,542
Weslyn
Park
Project
Assessment,
Special
Assessment,
2022,
5.35%,
5/01/52
....
2,000,000
1,898,557
Tamarindo
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/31
.................................
185,000
161,819
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
820,000
632,494
Tern
Bay
Community
Development
District
,
Special
Assessment,
2022,
3.4%,
6/15/32
...............................
1,650,000
1,467,539
Special
Assessment,
2022,
4%,
6/15/42
.................................
3,600,000
3,012,638
Special
Assessment,
2022,
4%,
6/15/52
.................................
6,500,000
5,027,741
Terreno
Community
Development
District
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/53
1,020,000
979,843
Timber
Creek
Southwest
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021,
2.35%,
12/15/26
..............
325,000
302,104
Assessment
Area
2,
Special
Assessment,
2021,
3%,
12/15/31
................
750,000
649,192
Assessment
Area
2,
Special
Assessment,
2021,
3.3%,
12/15/41
...............
2,175,000
1,641,546
Tohoqua
Community
Development
District
,
Special
Assessment,
2021,
2.875%,
5/01/31
.............................
215,000
186,718
Special
Assessment,
2021,
3.375%,
5/01/41
.............................
810,000
625,514
Tolomato
Community
Development
District
,
Special
Assessment,
2022
B,
Refunding,
3%,
5/01/32
......................
1,500,000
1,309,746
Special
Assessment,
2022
C,
Refunding,
3.2%,
5/01/32
.....................
1,500,000
1,327,648
Assessment
Area
1,
Special
Assessment,
2022-1,
3.3%,
5/01/32
..............
515,000
459,525
Assessment
Area
1,
Special
Assessment,
2022-1,
4%,
5/01/52
................
1,970,000
1,526,997
Assessment
Area
2,
Special
Assessment,
2022-2,
3.3%,
5/01/32
..............
195,000
173,995
Assessment
Area
2,
Special
Assessment,
2022-2,
4%,
5/01/51
................
665,000
519,162
b
Towne
Park
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.125%,
5/01/30
.........................
410,000
378,424
Special
Assessment,
144A,
2020,
3.625%,
5/01/40
.........................
1,075,000
902,116
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,000,000
815,391
Tradition
Community
Development
District
No.
9
,
Special
Assessment,
2021,
2.3%,
5/01/26
...............................
295,000
277,765
Special
Assessment,
2021,
2.7%,
5/01/31
...............................
445,000
380,877
b
Trevesta
Community
Development
District
,
Special
Assessment,
144A,
2020,
3.25%,
5/01/30
.........................
235,000
212,642
Special
Assessment,
144A,
2020,
3.75%,
5/01/40
.........................
880,000
721,035
Triple
Creek
Community
Development
District
,
b
Special
Assessment,
144A,
2021,
2.375%,
11/01/26
........................
145,000
134,477
b
Special
Assessment,
144A,
2021,
2.875%,
11/01/31
........................
450,000
385,635
Special
Assessment,
2021,
3%,
11/01/31
................................
250,000
216,532
b
Special
Assessment,
144A,
2021,
3.125%,
11/01/41
........................
1,190,000
874,298
Special
Assessment,
2021,
3.5%,
11/01/41
...............................
740,000
575,753
Tuckers
Pointe
Community
Development
District
,
Special
Assessment,
2022,
3%,
5/01/27
.................................
255,000
239,485
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)
Tuckers
Pointe
Community
Development
District,
(continued)
Special
Assessment,
2022,
3.375%,
5/01/32
.............................
$
565,000
$
500,002
Special
Assessment,
2022,
3.625%,
5/01/32
.............................
4,500,000
4,050,142
Special
Assessment,
2022,
4%,
5/01/42
.................................
1,505,000
1,261,837
Special
Assessment,
2022,
4%,
5/01/52
.................................
1,500,000
1,157,654
Twisted
Oaks
Pointe
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2023,
5.375%,
5/01/43
..............
740,000
731,498
Assessment
Area
1,
Special
Assessment,
2023,
5.625%,
5/01/53
..............
500,000
494,972
Two
Rivers
East
Community
Development
District
,
Special
Assessment,
2023,
4.875%,
5/01/30
.............................
200,000
199,586
Special
Assessment,
2023,
5.75%,
5/01/43
..............................
2,000,000
1,997,539
Special
Assessment,
2023,
5.875%,
5/01/53
.............................
3,465,000
3,423,895
Two
Rivers
North
Community
Development
District
,
Special
Assessment,
2022,
4.625%,
5/01/27
.............................
80,000
79,320
Special
Assessment,
2022,
4.875%,
5/01/32
.............................
380,000
374,402
Special
Assessment,
2022,
5.125%,
5/01/42
.............................
1,540,000
1,487,472
Special
Assessment,
2022,
5.25%,
5/01/52
..............................
2,000,000
1,900,212
Two
Rivers
West
Community
Development
District
,
Special
Assessment,
2022,
6%,
5/01/43
.................................
1,025,000
1,036,380
Special
Assessment,
2022,
6.25%,
5/01/53
..............................
1,000,000
1,010,230
b
Union
Park
East
Community
Development
District
,
Assessment
Area
3,
Special
Assessment,
144A,
2021,
2.95%,
5/01/31
..........
95,000
82,681
Assessment
Area
3,
Special
Assessment,
144A,
2021,
3.35%,
5/01/41
..........
255,000
193,507
Varrea
South
Community
Development
District
,
Special
Assessment,
2023,
5.125%,
5/01/43
.............................
1,075,000
1,061,087
Special
Assessment,
2023,
5.4%,
5/01/53
...............................
1,320,000
1,310,246
V-Dana
Community
Development
District
,
Special
Assessment,
2021,
3.125%,
5/01/31
.............................
400,000
355,366
Special
Assessment,
2021,
3.625%,
5/01/41
.............................
1,250,000
1,005,639
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,500,000
1,171,405
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
3.5%,
5/01/31
...........
375,000
342,275
b
Assessment
Area
1,
Special
Assessment,
144A,
2020,
4%,
5/01/40
............
1,775,000
1,539,032
Assessment
Area
2,
Special
Assessment,
2023,
4.3%,
5/01/30
................
900,000
900,352
Assessment
Area
2,
Special
Assessment,
2023,
5.25%,
5/01/43
...............
1,815,000
1,806,040
Assessment
Area
2,
Special
Assessment,
2023,
5.5%,
5/01/54
................
2,505,000
2,490,119
b
Veranda
Community
Development
District
II
,
Special
Assessment,
144A,
2021,
Refunding,
2.5%,
5/01/26
..................
260,000
245,389
Special
Assessment,
144A,
2021,
Refunding,
3.1%,
5/01/31
..................
395,000
347,416
Special
Assessment,
144A,
2021,
Refunding,
3.6%,
5/01/41
..................
990,000
778,317
Special
Assessment,
144A,
2021,
Refunding,
4%,
5/01/51
...................
1,445,000
1,121,312
Verano
No.
3
Community
Development
District
,
Phase
1
Assessment
Area,
Special
Assessment,
2021,
3.375%,
5/01/41
.........
750,000
580,919
Phase
2
Assessment
Area,
Special
Assessment,
2022,
6.45%,
11/01/42
.........
1,000,000
1,037,767
Phase
2
Assessment
Area,
Special
Assessment,
2022,
6.625%,
11/01/52
........
1,475,000
1,534,558
Verano
No.
4
Community
Development
District
,
Astor
Creek
Phase
1
Assessment
Area,
Special
Assessment,
2023,
5.375%,
5/01/43
1,020,000
1,020,337
Astor
Creek
Phase
1
Assessment
Area,
Special
Assessment,
2023,
5.625%,
5/01/53
250,000
251,496
Viera
Stewardship
District
,
Special
Assessment,
2021,
2.3%,
5/01/26
...............................
500,000
469,204
Special
Assessment,
2021,
2.8%,
5/01/31
...............................
800,000
688,480
Special
Assessment,
2021,
3.125%,
5/01/41
.............................
1,750,000
1,291,170
Special
Assessment,
2021,
4%,
5/01/53
.................................
1,715,000
1,315,778
Village
Community
Development
District
No.
13
,
b
Special
Assessment,
144A,
2020,
3.5%,
5/01/51
..........................
13,560,000
9,789,348
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)
Village
Community
Development
District
No.
13,
(continued)
Special
Assessment,
2021,
2.85%,
5/01/36
..............................
$
1,645,000
$
1,304,672
Special
Assessment,
2021,
3%,
5/01/41
.................................
2,440,000
1,795,899
Special
Assessment,
2021,
3.25%,
5/01/52
..............................
5,400,000
3,674,549
Village
Community
Development
District
No.
14
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/53
.........................................................
14,000,000
13,980,886
Villages
of
Glen
Creek
Community
Development
District
,
Assessment
Area
3,
Special
Assessment,
2022,
Refunding,
2.7%,
5/01/27
.......
30,000
27,877
Assessment
Area
3,
Special
Assessment,
2022,
Refunding,
3.15%,
5/01/32
......
210,000
182,877
Assessment
Area
3,
Special
Assessment,
2022,
Refunding,
3.45%,
5/01/42
......
550,000
416,302
Assessment
Area
3,
Special
Assessment,
2022,
Refunding,
4%,
5/01/52
........
1,205,000
928,971
Assessment
Area
4,
Special
Assessment,
2022
A,
4.625%,
5/01/27
............
100,000
99,431
Assessment
Area
4,
Special
Assessment,
2022
A,
4.875%,
5/01/32
............
250,000
247,675
Assessment
Area
4,
Special
Assessment,
2022
A,
5.125%,
5/01/42
............
710,000
685,379
Assessment
Area
4,
Special
Assessment,
2022
A,
5.25%,
5/01/53
.............
1,250,000
1,188,474
Villamar
Community
Development
District
,
Special
Assessment,
2020,
3.2%,
5/01/30
...............................
240,000
216,339
Special
Assessment,
2020,
3.75%,
5/01/40
..............................
655,000
536,108
Special
Assessment,
2020,
4%,
5/01/51
.................................
1,000,000
773,773
Phase
4
Project,
Special
Assessment,
2022,
3.25%,
5/01/27
.................
140,000
133,460
Phase
4
Project,
Special
Assessment,
2022,
3.625%,
5/01/32
................
250,000
225,929
Phase
4
Project,
Special
Assessment,
2022,
4%,
5/01/42
....................
670,000
561,920
Phase
4
Project,
Special
Assessment,
2022,
4.125%,
5/01/52
................
500,000
394,547
Waterford
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2023,
5.375%,
5/01/43
..............
395,000
389,050
Assessment
Area
1,
Special
Assessment,
2023,
5.6%,
5/01/53
................
750,000
738,191
Waterset
South
Community
Development
District
,
Special
Assessment
,
2022
,
6.1
%
,
5/01/53
.........................................................
665,000
673,422
Wellness
Ridge
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2023,
5.125%,
6/15/43
..............
1,410,000
1,396,903
Assessment
Area
1,
Special
Assessment,
2023,
5.375%,
6/15/53
..............
1,340,000
1,335,016
West
Port
Community
Development
District
,
b
Special
Assessment,
144A,
2020,
3.25%,
5/01/31
.........................
410,000
363,199
b
Special
Assessment,
144A,
2020,
3.625%,
5/01/41
.........................
1,085,000
851,354
b
Special
Assessment,
144A,
2020,
4%,
5/01/51
............................
1,545,000
1,201,531
Assessment
Area
1,
Special
Assessment,
2021,
2.4%,
5/01/26
................
150,000
141,205
Assessment
Area
1,
Special
Assessment,
2021,
3%,
5/01/31
.................
570,000
498,666
Assessment
Area
1,
Special
Assessment,
2021,
3.4%,
5/01/41
................
1,470,000
1,126,639
Assessment
Area
3,
Special
Assessment,
2022,
5.125%,
5/01/42
..............
360,000
344,437
Assessment
Area
3,
Special
Assessment,
2022,
5.25%,
5/01/52
...............
585,000
551,824
West
Villages
Improvement
District
,
Unit
of
Development
No.
7,
Special
Assessment,
2021,
2.5%,
5/01/26
..........
155,000
146,330
Unit
of
Development
No.
7,
Special
Assessment,
2021,
3.125%,
5/01/31
........
200,000
177,197
Unit
of
Development
No.
7,
Special
Assessment,
2021,
3.5%,
5/01/41
..........
800,000
629,990
Unit
of
Development
No.
8,
Special
Assessment,
2021,
2.5%,
5/01/26
..........
120,000
113,289
Unit
of
Development
No.
8,
Special
Assessment,
2021,
3.125%,
5/01/31
........
525,000
462,922
Unit
of
Development
No.
8,
Special
Assessment,
2021,
3.5%,
5/01/41
..........
1,000,000
780,660
Unit
of
Development
No.
8,
Special
Assessment,
2021,
4%,
5/01/51
............
1,855,000
1,442,702
Unit
of
Development
No.
8,
Special
Assessment,
2022,
5.5%,
5/01/53
..........
1,880,000
1,856,085
Unit
of
Development
No.
9,
Special
Assessment,
2023,
4.625%,
5/01/30
........
275,000
275,497
Unit
of
Development
No.
9,
Special
Assessment,
2023,
5.375%,
5/01/43
........
1,500,000
1,495,383
Unit
of
Development
No.
9,
Special
Assessment,
2023,
5.625%,
5/01/53
........
2,005,000
2,012,447
Westside
Haines
City
Community
Development
District
,
Special
Assessment,
2021,
2.5%,
5/01/26
...............................
190,000
179,935
Special
Assessment,
2021,
3%,
5/01/31
.................................
350,000
308,065
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
84
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Westside
Haines
City
Community
Development
District,
(continued)
Special
Assessment,
2021,
3.25%,
5/01/41
..............................
$
1,000,000
$
760,693
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,250,000
965,343
Westview
North
Community
Development
District
,
Special
Assessment,
2022,
5.75%,
6/15/42
..............................
1,000,000
1,011,204
Special
Assessment,
2022,
6%,
6/15/52
.................................
1,250,000
1,262,979
Whispering
Pines
Community
Development
District
,
Special
Assessment,
2023,
5.375%,
5/01/43
.............................
500,000
501,690
Special
Assessment,
2023,
5.5%,
5/01/53
...............................
930,000
925,892
Willows
Community
Development
District
,
Special
Assessment,
2022,
4.7%,
5/01/29
...............................
335,000
336,668
Special
Assessment,
2022,
5.625%,
5/01/42
.............................
1,440,000
1,462,100
Special
Assessment,
2022,
5.75%,
5/01/52
..............................
1,200,000
1,213,246
Wind
Meadows
South
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2021,
2.4%,
5/01/26
................
170,000
160,032
Assessment
Area
1,
Special
Assessment,
2021,
2.95%,
5/01/31
...............
250,000
217,537
Assessment
Area
1,
Special
Assessment,
2021,
3.35%,
5/01/41
...............
940,000
717,800
Assessment
Area
2,
Special
Assessment,
2023,
5.375%,
5/01/43
..............
920,000
912,735
Assessment
Area
2,
Special
Assessment,
2023,
5.625%,
5/01/53
..............
895,000
889,819
Windward
Community
Development
District
,
Special
Assessment,
2020
A-1,
3.65%,
5/01/30
...........................
130,000
120,435
Special
Assessment,
2020
A-1,
4.25%,
5/01/40
...........................
630,000
554,117
Special
Assessment,
2020
A-1,
4.5%,
5/01/51
............................
495,000
417,941
Special
Assessment,
2020
A-2,
4.4%,
11/01/35
...........................
900,000
842,879
Wiregrass
II
Community
Development
District
,
Assessment
Area
1,
Special
Assessment,
2020,
3.125%,
5/01/30
..............
645,000
579,835
Assessment
Area
1,
Special
Assessment,
2020,
3.7%,
5/01/40
................
1,680,000
1,374,687
Assessment
Area
1,
Special
Assessment,
2020,
3.875%,
5/01/50
..............
1,960,000
1,482,195
Assessment
Area
2,
Special
Assessment,
2022,
5.25%,
5/01/52
...............
1,000,000
945,890
Zephyr
Lakes
Community
Development
District
,
Assessment
Area
2,
Special
Assessment,
2021,
2.5%,
5/01/26
................
135,000
127,414
Assessment
Area
2,
Special
Assessment,
2021,
3%,
5/01/31
.................
155,000
135,323
Assessment
Area
2,
Special
Assessment,
2021,
3.375%,
5/01/41
..............
660,000
505,230
Assessment
Area
2,
Special
Assessment,
2021,
4%,
5/01/51
.................
940,000
730,777
805,207,401
Georgia
1.1%
b
Development
Authority
of
Cobb
County
(The)
,
Presbyterian
Village
Austell,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
12/01/39
1,825,000
1,495,926
Presbyterian
Village
Austell,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
12/01/49
10,760,000
7,966,700
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
B
,
4.5
%
,
12/01/36
................................
10,835,000
8,780,633
Forsyth
County
Hospital
Authority
,
Georgia
Baptist
Healthcare
System
Obligated
Group
,
Revenue
,
1998
,
ETM,
6.375
%
,
10/01/28
...........................
5,375,000
5,878,806
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
2,306,224
Signia
Hotel
Management
LLC,
Revenue,
Second
Tier,
144A,
2021
B,
5%,
1/01/54
10,000,000
8,075,344
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007
A,
5.5%,
9/15/25
......................................
5,000,000
5,099,559
Revenue,
2007
A,
5.5%,
9/15/27
......................................
4,000,000
4,164,646
Revenue,
2007
A,
5.5%,
9/15/28
......................................
10,000,000
10,526,555
54,294,393
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)
Idaho
0.3%
Idaho
Housing
&
Finance
Association
,
Revenue
,
2010
A
,
7
%
,
2/01/36
............
$
13,305,000
$
13,330,724
Illinois
1.5%
Illinois
Finance
Authority
,
b
DePaul
College
Prep,
Revenue,
144A,
2023
A,
Refunding,
5.5%,
8/01/43
........
500,000
504,611
b
DePaul
College
Prep,
Revenue,
144A,
2023
A,
Refunding,
5.625%,
8/01/53
......
2,055,000
2,024,014
b
McKinley
Foundation
at
University
of
Illinois
(The),
Revenue,
144A,
2021
A,
Refunding,
5.125%,
11/01/55
.......................................
13,560,000
11,259,337
b
McKinley
Foundation
at
University
of
Illinois
(The),
Revenue,
144A,
2021
B,
7%,
11/01/37
.......................................................
4,190,000
4,100,536
Plymouth
Place
Obligated
Group,
Revenue,
2022
A,
6.75%,
5/15/58
...........
3,000,000
3,045,873
Westminster
Village,
Inc.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/48
........................................................
4,030,000
3,093,474
Westminster
Village,
Inc.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
5/01/48
........................................................
10,000,000
8,019,192
Westminster
Village,
Inc.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.5%,
5/01/53
........................................................
10,810,000
8,777,198
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
1996,
ETM,
7%,
7/01/26
.....................................
3,900,000
4,101,100
Revenue,
2010
B-1,
Refunding,
AGMC
Insured,
Zero
Cpn.,
6/15/45
............
18,100,000
6,325,336
State
of
Illinois
,
GO,
2022
C,
5.5%,
10/01/40
.........................................
6,250,000
6,960,202
GO,
2022
C,
5.5%,
10/01/44
.........................................
4,645,000
5,081,898
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
8,628,219
b
Village
of
Lincolnwood
,
North
Lincoln
Redevelopment
Project
Area
,
COP
,
144A,
2021
A
,
4.82
%
,
1/01/41
.................................................
1,535,000
1,394,743
Village
of
Villa
Park
,
Garden
Station
Redevelopment
Area
,
Tax
Allocation
,
2021
,
Zero
Cpn.,
12/31/38
....................................................
1,815,000
1,357,057
74,672,790
Indiana
0.5%
b
City
of
Anderson
,
Sweet
Galilee
at
the
Wigwam
LLC
,
Revenue
,
144A,
2020
A
,
5.375
%
,
1/01/40
.........................................................
2,740,000
2,192,498
b
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
A
,
5
%
,
8/01/41
..
4,065,000
3,055,480
b
City
of
Jeffersonville
,
Vivera
Senior
Living
of
Columbus
LLC
,
Revenue
,
144A,
2020
A
,
5.25
%
,
11/01/40
...................................................
4,500,000
3,524,236
b
City
of
Valparaiso
,
Green
Oaks
of
Valparaiso
LLC
,
Revenue
,
144A,
2021
,
5.375
%
,
12/01/41
........................................................
3,650,000
2,793,715
Indiana
Finance
Authority
,
Greencroft
Goshen
Obligated
Group,
Revenue,
2013
A,
Refunding,
7%,
11/15/43
..
5,000,000
5,058,638
University
of
Evansville,
Revenue,
2022
B,
7%,
9/01/32
.....................
4,000,000
3,788,266
b
Indiana
Housing
&
Community
Development
Authority
,
Vita
of
Marion
LLC
,
Revenue
,
144A,
2021
A
,
5.25
%
,
4/01/41
........................................
4,750,000
3,723,463
24,136,296
Iowa
0.3%
Iowa
Finance
Authority
,
Iowa
Fertilizer
Co.
LLC,
Revenue,
2022,
Refunding,
5%,
12/01/50
.............
6,000,000
6,027,019
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2018
A,
5%,
5/15/48
....
1,970,000
1,426,496
Northcrest
Obligated
Group,
Revenue,
2018
A,
5%,
3/01/48
..................
7,500,000
6,318,071
13,771,586
Kansas
0.0%
†
Wyandotte
County-Kansas
City
Unified
Government
,
Revenue
,
2018
,
4.5
%
,
6/01/40
.
1,570,000
1,435,358
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)
Kentucky
0.6%
Kentucky
Public
Transportation
Infrastructure
Authority
,
Revenue,
First
Tier,
2013
C,
Zero
Cpn.,
7/01/39
...........................
$
10,000,000
$
11,372,455
Revenue,
First
Tier,
2013
C,
Zero
Cpn.,
7/01/43
...........................
5,000,000
5,680,186
b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/52
..............................
19,650,000
12,936,898
29,989,539
Louisiana
1.5%
Juban
Trails
Community
Development
District
,
Special
Assessment,
2022,
3.375%,
6/01/27
.............................
100,000
94,099
Special
Assessment,
2022,
4.25%,
6/01/51
..............................
1,235,000
1,018,815
Lakeshore
Villages
Master
Community
Development
District
,
Special
Assessment,
2021,
2.375%,
6/01/26
.............................
365,000
341,439
Special
Assessment,
2021,
2.875%,
6/01/31
.............................
695,000
597,053
Special
Assessment,
2021,
3.2%,
6/01/41
...............................
2,730,000
2,140,570
Special
Assessment,
2021,
4%,
6/01/51
.................................
2,035,000
1,622,371
Special
Assessment,
2022,
5.375%,
6/01/42
.............................
730,000
731,288
Special
Assessment,
2022,
5.5%,
6/01/52
...............................
1,425,000
1,424,955
b
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
GOMESA,
Revenue,
144A,
2018,
5.375%,
11/01/38
........................
2,230,000
2,312,984
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020
A,
Refunding,
4%,
12/01/40
...........................................
2,970,000
2,380,352
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020
A,
Refunding,
4.25%,
12/01/50
........................................
5,665,000
4,331,389
Parish
of
Jefferson,
Revenue,
144A,
2019,
4%,
11/01/44
....................
2,650,000
2,348,680
Parish
of
Lafourche,
Revenue,
144A,
2019,
3.95%,
11/01/43
.................
4,316,730
3,776,001
Parish
of
St.
John
the
Baptist,
Revenue,
144A,
2019,
3.9%,
11/01/44
...........
2,260,000
1,946,094
Parish
of
St.
Martin,
Revenue,
144A,
2019,
4.4%,
11/01/44
...................
5,910,000
5,550,444
Parish
of
Vermilion,
Revenue,
144A,
2019,
4.625%,
11/01/38
.................
1,820,000
1,826,418
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
C,
5.5%,
10/01/61
.
6,300,000
4,974,417
Provident
Group
-
ULM
Properties
LLC,
Revenue,
144A,
2019
A,
5%,
7/01/54
....
4,000,000
3,032,073
Terrebonne
Parish
Consolidated
Government,
Revenue,
144A,
2018,
5.5%,
11/01/39
1,685,000
1,756,876
b
Louisiana
Public
Facilities
Authority
,
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.375%,
1/01/40
5,000,000
4,889,812
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.5%,
1/01/50
.
4,500,000
4,329,705
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-2,
7%,
1/01/57
...
10,000,000
9,649,384
Parish
of
Beauregard
,
OfficeMax,
Inc.
,
Revenue
,
2002
,
Refunding
,
6.8
%
,
2/01/27
...
13,990,000
14,020,751
St.
Tammany
Parish
Finance
Authority
,
Christwood
Obligated
Group,
Revenue,
2014,
Refunding,
5.25%,
11/15/29
.......
1,200,000
1,181,935
Christwood
Obligated
Group,
Revenue,
2014,
Refunding,
5.25%,
11/15/37
.......
1,650,000
1,535,987
77,813,892
Maryland
0.1%
City
of
Baltimore
,
Harbor
Point
Special
Taxing
District,
Revenue,
2016,
Refunding,
5%,
6/01/36
.....
1,250,000
1,255,770
Harbor
Point
Special
Taxing
District,
Revenue,
2016,
Refunding,
5.125%,
6/01/43
.
2,500,000
2,480,431
County
of
Frederick
,
Oakdale-Lake
Linganore
Development
District,
Special
Tax,
2019,
Refunding,
3.25%,
7/01/29
........................................................
750,000
699,123
Oakdale-Lake
Linganore
Development
District,
Special
Tax,
2019,
Refunding,
3.75%,
7/01/39
........................................................
1,410,000
1,226,450
b
Technology
Park
Project
TIF
Development
District,
Special
Tax,
144A,
2020
B,
Refunding,
4.625%,
7/01/43
........................................
1,155,000
1,115,974
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)
Maryland
(continued)
County
of
Frederick,
(continued)
Urbana
Community
Development
Authority,
Special
Tax,
2020
B,
Refunding,
4%,
7/01/40
........................................................
$
355,000
$
321,366
7,099,114
Massachusetts
0.0%
†
b
Massachusetts
Development
Finance
Agency
,
North
Hill
Communities,
Inc.
Obligated
Group
,
Revenue
,
144A,
2013
A
,
Pre-Refunded
,
6.25
%
,
11/15/28
..............
1,284,000
1,298,666
Michigan
0.5%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2006
B
,
NATL
Insured
,
5
%
,
7/01/36
..........................
15,000
15,019
City
of
Ecorse
,
GO
,
2011
,
6.5
%
,
11/01/35
.................................
1,815,000
1,818,311
Kalamazoo
Economic
Development
Corp.
,
b
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/31
....................................................
900,000
846,727
b
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/51
....................................................
3,015,000
2,334,578
Heritage
Community
of
Kalamazoo
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/43
1,120,000
954,760
Heritage
Community
of
Kalamazoo
Obligated
Group,
Revenue,
2020
A,
5%,
5/15/55
8,860,000
6,991,278
b
Michigan
Finance
Authority
,
Thomas
M
Cooley
Law
School,
Revenue,
144A,
2014,
Refunding,
6%,
7/01/24
...
1,300,000
1,295,504
Thomas
M
Cooley
Law
School,
Revenue,
144A,
2014,
6.75%,
7/01/44
..........
3,805,000
3,644,221
b
Michigan
Strategic
Fund
,
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/31
....................................................
710,000
667,973
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/41
....................................................
895,000
751,999
Friendship
Village
of
Kalamazoo
Obligated
Group,
Revenue,
144A,
2021,
Refunding,
5%,
8/15/51
....................................................
1,380,000
1,068,563
Michigan
Tobacco
Settlement
Finance
Authority
,
Michigan
Finance
Authority
Tobacco
Settlement
,
Revenue
,
2007
B
,
Zero
Cpn.,
6/01/52
.........................
26,990,000
3,100,176
23,489,109
Minnesota
0.1%
City
of
Minneapolis
,
Ecumen
Mill
City
Quarter
LLC,
Revenue,
2015,
5.25%,
11/01/45
..............
2,800,000
2,449,373
Ecumen
Mill
City
Quarter
LLC,
Revenue,
2015,
5.375%,
11/01/50
..............
1,000,000
876,402
b
Scott
County
Community
Development
Agency
,
Spero
BP
Senior
LLC
,
Revenue
,
144A,
2022
B
,
6.25
%
,
8/01/37
.............................................
1,300,000
1,211,104
4,536,879
Mississippi
0.5%
b
Mississippi
Development
Bank
,
Magnolia
Regional
Health
Center,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/34
900,000
821,359
Magnolia
Regional
Health
Center,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/35
800,000
721,636
Magnolia
Regional
Health
Center,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/36
850,000
755,062
Magnolia
Regional
Health
Center,
Revenue,
144A,
2021,
Refunding,
4%,
10/01/41
3,000,000
2,483,167
Mississippi
Home
Corp.
,
b
Revenue,
144A,
2023
A-2,
12%,
12/01/33
...............................
875,000
864,035
b
Revenue,
144A,
2023
B-2,
8%,
12/01/38
................................
4,390,000
4,315,387
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4.5%,
6/01/62
.
7,000,000
5,063,582
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
C-5,
5.1%,
6/01/62
8,000,000
5,938,173
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)
Mississippi
(continued)
Mississippi
Home
Corp.,
(continued)
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
4.65%,
6/01/62
..................................................
$
5,515,000
$
4,107,339
25,069,740
Missouri
0.3%
Cape
Girardeau
County
Industrial
Development
Authority
,
SoutheastHEALTH
Obligated
Group,
Revenue,
2016
A,
Refunding,
6%,
3/01/33
...
3,885,000
4,006,494
SoutheastHEALTH
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
3/01/29
...
250,000
255,893
City
of
Maryland
Heights
,
Tax
Allocation
,
2020
,
4.125
%
,
11/01/38
...............
2,500,000
2,092,370
Kirkwood
Industrial
Development
Authority
,
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/42
...................................
1,000,000
800,879
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group,
Revenue,
2017
A,
Refunding,
5.25%,
5/15/50
...................................
3,500,000
2,629,678
Stoddard
County
Industrial
Development
Authority
,
SoutheastHEALTH
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
6
%
,
3/01/37
.........................
3,600,000
3,713,958
13,499,272
Nevada
1.2%
City
of
Henderson
,
Local
Improvement
District
No.
T-16,
Special
Assessment,
2005,
5.125%,
3/01/25
.
615,000
569,359
Local
Improvement
District
No.
T-18,
Special
Assessment,
2016,
Refunding,
4%,
9/01/32
........................................................
1,740,000
1,631,444
City
of
Las
Vegas
,
Special
Improvement
District
No.
610,
Special
Assessment,
2018,
5%,
6/01/48
....
8,015,000
7,979,805
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/33
....
185,000
171,790
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/34
....
185,000
169,937
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/35
....
185,000
168,147
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4%,
6/01/40
....
450,000
393,881
Special
Improvement
District
No.
611,
Special
Assessment,
2020,
4.125%,
6/01/50
1,145,000
950,821
Special
Improvement
District
No.
612
Skye
Hills,
Special
Assessment,
2020,
3.5%,
6/01/35
........................................................
205,000
169,237
Special
Improvement
District
No.
612
Skye
Hills,
Special
Assessment,
2020,
4%,
6/01/50
........................................................
1,000,000
780,724
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/27
...
1,355,000
1,373,068
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/30
...
1,570,000
1,584,383
Special
Improvement
District
No.
812,
Special
Assessment,
2015,
5%,
12/01/35
...
995,000
999,988
Special
Improvement
District
No.
814,
Special
Assessment,
2019,
4%,
6/01/39
....
440,000
393,027
Special
Improvement
District
No.
814,
Special
Assessment,
2019,
4%,
6/01/44
....
715,000
606,150
Special
Improvement
District
No.
815,
Special
Assessment,
2020,
4.75%,
12/01/40
995,000
950,768
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
2.75%,
6/01/33
.
520,000
418,374
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
2.75%,
6/01/36
.
830,000
630,856
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
3%,
6/01/41
....
650,000
468,460
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
3.125%,
6/01/51
1,425,000
908,531
b
City
of
North
Las
Vegas
,
Special
Improvement
District
No.
66,
Special
Assessment,
144A,
2022,
5.75%,
6/01/47
........................................................
1,600,000
1,567,386
Special
Improvement
District
No.
66,
Special
Assessment,
144A,
2022,
6%,
6/01/52
1,800,000
1,803,713
b
City
of
Reno
,
Sales
Tax
,
Revenue
,
144A,
2018
C
,
Refunding
,
Zero
Cpn.,
7/01/58
....
16,000,000
2,034,053
County
of
Clark
,
Special
Improvement
District
No.
128,
Special
Assessment,
2001-2007,
5%,
2/01/26
790,000
790,941
Special
Improvement
District
No.
128,
Special
Assessment,
2001-2007,
5.05%,
2/01/31
........................................................
980,000
980,699
Special
Improvement
District
No.
159,
Special
Assessment,
2015,
5%,
8/01/35
....
2,090,000
2,104,233
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)
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
$
234,304
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch,
Special
Assessment,
2022,
3.5%,
9/01/45
..............................
750,000
534,304
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch,
Special
Assessment,
2022,
4%,
9/01/51
...............................
500,000
388,496
b
State
of
Nevada
Department
of
Business
&
Industry
,
Fulcrum
Sierra
Biofuels
LLC,
Revenue,
144A,
2017,
5.875%,
12/15/27
..........
8,964,578
9,158,136
Fulcrum
Sierra
Biofuels
LLC,
Revenue,
144A,
2017,
6.25%,
12/15/37
...........
9,000,000
8,065,292
Tahoe-Douglas
Visitors
Authority
,
Revenue,
2020,
5%,
7/01/33
.........................................
2,190,000
2,255,883
Revenue,
2020,
5%,
7/01/40
.........................................
3,475,000
3,426,081
Revenue,
2020,
5%,
7/01/51
.........................................
7,250,000
6,972,390
61,634,661
New
Hampshire
0.2%
New
Hampshire
Business
Finance
Authority
,
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
3.75%,
8/15/30
...............
100,000
91,771
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.125%,
8/15/40
..............
2,545,000
2,146,190
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.25%,
8/15/46
...............
2,860,000
2,336,080
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.5%,
8/15/55
................
5,940,000
4,834,083
9,408,124
New
Jersey
1.6%
New
Jersey
Economic
Development
Authority
,
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/32
..........
500,000
499,979
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/37
..........
2,150,000
2,109,454
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/47
..........
2,200,000
2,021,083
United
Airlines,
Inc.,
Revenue,
1999,
5.25%,
9/15/29
.......................
12,500,000
12,532,526
United
Airlines,
Inc.,
Revenue,
2003,
5.5%,
6/01/33
........................
8,480,000
8,570,209
b
White
Horse
HMT
Urban
Renewal
LLC,
Revenue,
144A,
2020,
5%,
1/01/40
......
3,000,000
2,142,206
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2008
A
,
Zero
Cpn.,
12/15/38
........................................................
46,750,000
24,437,796
Tobacco
Settlement
Financing
Corp.
,
Revenue,
2018
A,
Refunding,
5.25%,
6/01/46
.............................
7,000,000
7,284,371
Revenue,
2018
B,
Refunding,
5%,
6/01/46
...............................
25,000,000
25,120,583
84,718,207
New
Mexico
0.1%
Lower
Petroglyphs
Public
Improvement
District
,
Special
Tax,
2018,
Refunding,
5%,
10/01/33
..............................
500,000
484,284
Special
Tax,
2018,
Refunding,
5%,
10/01/38
..............................
450,000
423,195
Special
Tax,
2018,
Refunding,
5%,
10/01/48
..............................
1,205,000
1,093,198
b
Winrock
Town
Center
Tax
Increment
Development
District
No.
1
,
Tax
Allocation,
Senior
Lien,
144A,
2022,
Refunding,
4%,
5/01/33
..............
1,000,000
880,111
Tax
Allocation,
Senior
Lien,
144A,
2022,
Refunding,
4.25%,
5/01/40
............
2,750,000
2,292,817
5,173,605
New
York
5.4%
Metropolitan
Transportation
Authority
,
Revenue,
2016
A-1,
5.25%,
11/15/56
...................................
4,765,000
4,805,185
Revenue,
2020
A-1,
5%,
11/15/48
.....................................
7,000,000
7,153,542
Revenue,
2020
C-1,
4.75%,
11/15/45
...................................
13,220,000
13,383,649
Revenue,
2020
C-1,
5%,
11/15/50
.....................................
37,695,000
38,492,698
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)
New
York
(continued)
Metropolitan
Transportation
Authority,
(continued)
Revenue,
2020
C-1,
5.25%,
11/15/55
...................................
$
39,500,000
$
40,793,305
Revenue,
2020
D,
4%,
11/15/50
.......................................
30,000,000
27,196,581
New
York
Liberty
Development
Corp.
,
b
3
World
Trade
Center
LLC,
Revenue,
144A,
2014,
2,
Refunding,
5.375%,
11/15/40
.
15,000,000
15,027,531
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
39,725,000
44,525,278
New
York
Transportation
Development
Corp.
,
American
Airlines,
Inc.,
Revenue,
2020,
Refunding,
5.25%,
8/01/31
............
10,380,000
10,705,963
American
Airlines,
Inc.,
Revenue,
2020,
Refunding,
5.375%,
8/01/36
...........
14,950,000
15,094,782
American
Airlines,
Inc.,
Revenue,
2021,
Refunding,
2.25%,
8/01/26
............
1,570,000
1,469,853
Laguardia
Gateway
Partners
LLC,
Revenue,
2016
A,
5%,
7/01/46
.............
41,785,000
40,698,101
b
Rockland
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
144A,
2005
A
,
Zero
Cpn.,
8/15/45
.........................................................
59,000,000
16,312,550
275,659,018
North
Carolina
0.0%
†
North
Carolina
Medical
Care
Commission
,
Maryfield,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/30
.......................................
1,290,000
1,278,217
North
Dakota
0.3%
County
of
Burleigh
,
University
of
Mary,
Revenue,
2016,
5.1%,
4/15/36
.........................
2,800,000
2,682,531
University
of
Mary,
Revenue,
2016,
5.2%,
4/15/46
.........................
3,130,000
2,827,606
b,d
County
of
Grand
Forks
,
Red
River
Biorefinery
LLC,
Revenue,
144A,
2021
A,
6.625%,
12/15/31
..........
2,875,000
1,581,250
Red
River
Biorefinery
LLC,
Revenue,
144A,
2021
A,
7%,
12/15/43
.............
14,000,000
7,700,000
14,791,387
Ohio
3.0%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
B-2
,
2
,
Refunding
,
5
%
,
6/01/55
.............................................
35,200,000
32,613,050
City
of
Centerville
,
Graceworks
Lutheran
Services
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/01/50
..........................................
5,000,000
4,261,026
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
1,304,536
b
Flats
East
Bank
TIF
District,
Tax
Allocation,
Senior
Lien,
144A,
2021
A,
Refunding,
4%,
12/01/55
...................................................
1,250,000
1,050,227
Playhouse
Square
Foundation,
Revenue,
2018,
Refunding,
5.25%,
12/01/38
.....
700,000
706,647
Playhouse
Square
Foundation,
Revenue,
2018,
Refunding,
5.5%,
12/01/43
......
700,000
708,923
County
of
Fairfield
,
Fairfield
Medical
Center
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/15/43
.............................................
10,000,000
8,758,139
County
of
Franklin
,
Wesley
Communities
Obligated
Group,
Revenue,
2020,
Refunding,
5.25%,
11/15/40
2,910,000
2,614,762
Wesley
Communities
Obligated
Group,
Revenue,
2020,
Refunding,
5.25%,
11/15/55
8,800,000
7,360,779
County
of
Washington
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
6.625%,
12/01/42
................................................
10,000,000
10,038,757
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
6.75%,
12/01/52
.......................................................
17,000,000
16,794,230
Ohio
Higher
Educational
Facility
Commission
,
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/42
...........
1,360,000
1,242,832
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/45
...........
1,205,000
1,080,535
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/50
...........
2,570,000
2,254,047
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)
Ohio
(continued)
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
5.75
%
,
2/15/35
.........................................................
$
35,000,000
$
41,205,297
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
12/01/35
.......................................................
1,000,000
902,384
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
12/01/43
.......................................................
1,000,000
808,155
Marietta
Area
Health
Care,
Inc.
Obligated
Group,
Revenue,
2015,
Refunding,
5.5%,
12/01/43
.......................................................
1,300,000
1,144,515
b
State
of
Ohio
,
Aultman
Health
Foundation
Obligated
Group,
Revenue,
144A,
2018,
Refunding,
5%,
12/01/38
.......................................................
5,000,000
4,621,491
Aultman
Health
Foundation
Obligated
Group,
Revenue,
144A,
2018,
Refunding,
5%,
12/01/48
.......................................................
15,195,000
13,462,565
152,932,897
Oklahoma
0.1%
Tulsa
County
Industrial
Authority
,
Montereau
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
11/15/37
.......
1,000,000
1,011,433
Montereau
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
11/15/45
.......
6,500,000
6,382,123
7,393,556
Oregon
0.4%
Clackamas
County
Hospital
Facility
Authority
,
Rose
Villa,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5.125%,
11/15/40
.
500,000
474,283
Rose
Villa,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5.25%,
11/15/50
..
1,250,000
1,144,902
Rose
Villa,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5.375%,
11/15/55
.
1,500,000
1,380,634
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Mirabella
at
South
Waterfront,
Revenue,
2014
A,
Refunding,
5.4%,
10/01/44
.....
3,000,000
2,618,626
Mirabella
at
South
Waterfront,
Revenue,
2014
A,
Refunding,
5.5%,
10/01/49
.....
5,500,000
4,760,865
Polk
County
Hospital
Facility
Authority
,
Dallas
Mennonite
Retirement
Community
Obligated
Group
,
Revenue
,
2020
A
,
5.125
%
,
7/01/55
.......................
3,500,000
2,738,571
Yamhill
County
Hospital
Authority
,
Friendsview
Manor
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
11/15/51
..
4,325,000
3,188,137
Friendsview
Manor
Obligated
Group,
Revenue,
2021
A,
Refunding,
5%,
11/15/56
..
6,115,000
4,392,227
20,698,245
Pennsylvania
1.8%
b
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue,
144A,
2017,
5%,
5/01/32
....................................
11,975,000
12,127,196
Revenue,
144A,
2018,
5%,
5/01/42
....................................
3,245,000
3,163,500
Revenue,
144A,
2018,
5.375%,
5/01/42
.................................
5,000,000
5,005,087
Revenue,
144A,
2022,
5.25%,
5/01/42
..................................
6,175,000
6,080,149
b
Chester
County
Industrial
Development
Authority
,
Borough
of
Phoenixville
Steelpointe
Neighborhood
Improvement
District,
Special
Assessment,
144A,
2020,
4.75%,
3/01/50
..............................
4,245,000
3,503,134
Woodlands
at
Greystone
Neighborhood
Improvement
District,
Special
Assessment,
144A,
2018,
5%,
3/01/38
...........................................
325,000
315,385
Woodlands
at
Greystone
Neighborhood
Improvement
District,
Special
Assessment,
144A,
2018,
5.125%,
3/01/48
.......................................
1,000,000
925,883
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
......................................................
4,000,000
3,699,287
Franklin
County
Industrial
Development
Authority
,
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/38
...
1,000,000
868,982
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/43
...
1,200,000
982,463
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)
Pennsylvania
(continued)
Franklin
County
Industrial
Development
Authority,
(continued)
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/48
...
$
4,600,000
$
3,603,680
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
12/01/53
...
3,050,000
2,325,604
Menno-Haven,
Inc.
Obligated
Group,
Revenue,
2019,
5%,
12/01/54
............
1,000,000
762,295
Lancaster
County
Hospital
Authority
,
Brethren
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5.125%,
7/01/37
...
1,000,000
915,773
Brethren
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5.25%,
7/01/41
....
3,500,000
3,180,197
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School,
Revenue,
2021
A,
4%,
5/01/31
............
680,000
628,418
Seven
Generations
Charter
School,
Revenue,
2021
A,
4%,
5/01/51
............
2,385,000
1,702,612
Pennsylvania
Turnpike
Commission
,
Revenue,
B-2,
Zero
Cpn.,
12/01/37
....................................
20,000,000
18,510,622
Revenue,
B-2,
Zero
Cpn.,
12/01/40
....................................
25,075,000
22,878,628
Philadelphia
Authority
for
Industrial
Development
,
Evangelical
Services
for
the
Aging
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
7/01/49
......................
3,000,000
2,376,531
93,555,426
South
Carolina
1.1%
b
Greenville
Housing
Authority
,
Revenue
,
144A,
2023
B
,
8.375
%
,
5/01/47
..........
10,600,000
10,238,891
South
Carolina
Jobs-Economic
Development
Authority
,
b
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-1,
Zero
Cpn.,
6/01/37
14,400,000
9,506,842
b
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-2,
Zero
Cpn.,
6/01/52
25,550,000
16,117,254
b
FAH
Pelham
LLC,
Revenue,
144A,
2023
B,
II,
7.5%,
8/01/47
.................
9,565,000
9,233,397
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group,
Revenue,
2017,
5%,
4/01/52
........................................................
1,750,000
1,423,422
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
4/01/48
............................................
3,500,000
2,909,384
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
4/01/53
.........................................
11,000,000
9,273,190
58,702,380
South
Dakota
0.2%
City
of
Sioux
Falls
,
Dow
Rummel
Village,
Revenue,
2016,
Refunding,
5%,
11/01/46
...............
7,110,000
6,008,802
Dow
Rummel
Village,
Revenue,
2017,
5%,
11/01/42
........................
3,000,000
2,554,514
8,563,316
Tennessee
1.3%
b
Cleveland
Housing
Authority
,
Cleveland
Forward
Phase
One
LLC,
Revenue,
144A,
2022
B,
6.25%,
4/01/41
....
1,000,000
947,771
Cleveland
Forward
Phase
Two
LLC,
Revenue,
144A,
2022
B,
6.25%,
4/01/41
....
1,000,000
947,772
Johnson
City
Health
&
Educational
Facilities
Board
,
Ballad
Health
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/27
...................................................
19,365,000
16,518,829
Ballad
Health
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/28
...................................................
19,400,000
15,954,040
Ballad
Health
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/29
...................................................
19,365,000
15,337,946
Ballad
Health
Obligated
Group,
Revenue,
2000
A,
Refunding,
NATL
Insured,
Zero
Cpn.,
7/01/30
...................................................
19,370,000
14,733,604
b
Nashville
Metropolitan
Development
&
Housing
Agency
,
Fifth
+
Broadway
Redevelopment
Area
,
Tax
Allocation
,
144A,
2018
,
5.125
%
,
6/01/36
............
900,000
910,866
65,350,828
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)
Texas
9.5%
Cedar
Bayou
Navigation
District
,
Special
Assessment
,
2020
,
6
%
,
9/15/51
.........
$
7,500,000
$
6,165,240
Central
Texas
Regional
Mobility
Authority
,
Revenue,
2010,
Zero
Cpn.,
1/01/35
....................................
3,000,000
1,874,197
Revenue,
2010,
Zero
Cpn.,
1/01/37
....................................
2,500,000
1,365,500
Revenue,
2010,
Zero
Cpn.,
1/01/38
....................................
2,405,000
1,230,509
Revenue,
2010,
Zero
Cpn.,
1/01/39
....................................
2,545,000
1,227,304
b
City
of
Anna
,
Hurricane
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.75%,
9/01/42
..................................................
972,000
972,591
Hurricane
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6%,
9/01/52
........................................................
1,907,000
1,904,177
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
3.75%,
9/15/31
..................................................
300,000
255,187
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
4.5%,
9/15/31
...................................................
157,000
143,855
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
4%,
9/15/41
....................................................
867,000
726,114
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
4.25%,
9/15/51
..................................................
1,406,000
1,144,914
Sherley
Tract
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2021,
5%,
9/15/51
....................................................
503,000
449,262
b
City
of
Aubrey
,
Jackson
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.25%,
9/01/32
..................................................
852,000
861,404
Jackson
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6%,
9/01/45
........................................................
1,803,000
1,836,540
City
of
Celina
,
b
Celina
Hills
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.875%,
9/01/42
........................................................
804,000
753,410
b
Celina
Hills
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5%,
9/01/51
........................................................
1,120,000
1,017,757
b
Creeks
of
Legacy
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.25%,
9/01/40
..................................................
230,000
204,827
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/01/31
..................................................
215,000
201,973
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/01/41
..................................................
500,000
431,768
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.25%,
9/01/41
..................................................
370,000
358,556
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/01/50
...................................................
605,000
514,970
b
Edgewood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.5%,
9/01/50
...................................................
500,000
487,622
b
Hillside
Village
Public
Improvement
District,
Special
Assessment,
144A,
2022,
2.75%,
9/01/27
........................................................
290,000
257,749
b
Hillside
Village
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.125%,
9/01/32
.................................................
231,000
189,370
b
Hillside
Village
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.375%,
9/01/42
.................................................
866,000
641,660
b
Mosaic
Public
Improvement
District,
Special
Assessment,
144A,
2023,
4.375%,
9/01/30
........................................................
405,000
400,764
b
Mosaic
Public
Improvement
District,
Special
Assessment,
144A,
2023,
5.125%,
9/01/43
........................................................
1,225,000
1,188,121
b
Mosaic
Public
Improvement
District,
Special
Assessment,
144A,
2023,
5.5%,
9/01/53
1,851,000
1,805,553
North
Sky
Public
Improvement
District,
Special
Assessment,
2023,
4.375%,
9/01/30
440,000
438,083
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
94
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Celina,
(continued)
b
North
Sky
Public
Improvement
District,
Special
Assessment,
144A,
2023,
4.875%,
9/01/30
........................................................
$
228,000
$
227,021
North
Sky
Public
Improvement
District,
Special
Assessment,
2023,
5.375%,
9/01/43
812,000
805,006
North
Sky
Public
Improvement
District,
Special
Assessment,
2023,
5.625%,
9/01/52
1,005,000
994,938
b
North
Sky
Public
Improvement
District,
Special
Assessment,
144A,
2023,
6.125%,
9/01/52
........................................................
999,000
989,491
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
2.75%,
9/01/26
.............................................
145,000
135,656
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
3.5%,
9/01/26
..............................................
245,000
233,602
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
3.25%,
9/01/31
.............................................
150,000
132,803
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
4%,
9/01/31
................................................
473,000
440,837
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
3.5%,
9/01/41
..............................................
1,205,000
985,205
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
4.25%,
9/01/41
.............................................
2,015,000
1,776,462
b
Parks
at
Wilson
Creek
Public
Improvement
District
(The),
Special
Assessment,
144A,
2021,
4.5%,
9/01/51
..............................................
2,501,000
2,143,260
b
Sutton
Fields
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.25%,
9/01/27
..................................................
227,000
206,787
b
Sutton
Fields
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.625%,
9/01/32
.................................................
336,000
291,223
b
Sutton
Fields
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4%,
9/01/43
....................................................
1,009,000
845,564
b
Sutton
Fields
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.125%,
9/01/51
.................................................
1,033,000
841,629
b
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/01/50
.................................................
1,795,000
1,459,038
b
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2022,
2.875%,
9/01/27
.................................................
115,000
103,110
b
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.25%,
9/01/32
..................................................
250,000
207,980
b
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.5%,
9/01/42
........................................................
1,175,000
885,839
b
Sutton
Fields
II
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4%,
9/01/51
........................................................
7,000,000
5,604,788
b
Ten
Mile
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2023,
4.75%,
9/01/30
..................................................
491,000
491,611
b
Ten
Mile
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2023,
5.5%,
9/01/30
........................................................
234,000
234,283
b
Ten
Mile
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2023,
5.5%,
9/01/42
........................................................
1,169,000
1,171,615
b
Ten
Mile
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2023,
6.25%,
9/01/42
..................................................
801,000
802,705
b
Ten
Mile
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2023,
5.75%,
9/01/52
..................................................
1,494,000
1,497,288
b
Ten
Mile
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2023,
6.5%,
9/01/52
........................................................
1,300,000
1,302,721
b
Wells
North
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.75%,
9/01/40
........................................................
425,000
349,211
b
Wells
North
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
498,000
402,119
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.125%,
9/01/30
........................................................
150,000
134,340
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
95
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Celina,
(continued)
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/40
........................................................
$
350,000
$
305,692
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
965,000
783,293
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3%,
9/01/31
........................................................
158,000
135,977
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/01/41
........................................................
379,000
298,856
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.5%,
9/01/42
........................................................
490,000
490,932
b
Wells
South
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.625%,
9/01/52
........................................................
1,314,000
1,307,315
b
City
of
Crandall
,
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/31
........................................................
409,000
372,524
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/15/31
..................................................
161,000
149,627
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/15/41
..................................................
1,000,000
871,088
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5%,
9/15/41
........................................................
1,144,000
1,069,582
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/15/51
...................................................
2,000,000
1,694,488
Cartwright
Ranch
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.25%,
9/15/51
..................................................
750,000
697,835
River
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.5%,
9/15/32
........................................................
528,000
540,845
River
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6.125%,
9/15/32
........................................................
306,000
311,828
River
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6.125%,
9/15/52
........................................................
5,000,000
5,123,896
River
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6.75%,
9/15/52
........................................................
1,750,000
1,814,464
b
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue
,
144A,
2022
B
,
Zero
Cpn.,
12/01/62
....................................................
173,445,000
12,165,831
b
City
of
Dayton
,
Westpointe
Public
Improvement
District,
Special
Assessment,
Junior
Lien,
144A,
2022
B,
5.75%,
9/01/52
............................................
1,464,000
1,443,457
Westpointe
Public
Improvement
District,
Special
Assessment,
Senior
Lien,
144A,
2022
A,
4.875%,
9/01/32
...........................................
269,000
262,914
Westpointe
Public
Improvement
District,
Special
Assessment,
Senior
Lien,
144A,
2022
A,
5.125%,
9/01/42
...........................................
764,000
737,257
Westpointe
Public
Improvement
District,
Special
Assessment,
Senior
Lien,
144A,
2022
A,
5.25%,
9/01/52
............................................
1,000,000
951,214
b
City
of
DeSoto
,
Danieldale
Homestead
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/15/50
................................
1,430,000
1,371,439
b
City
of
Elmendorf
,
Hickory
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/01/31
.................................................
398,000
328,461
Hickory
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/01/41
........................................................
1,205,000
929,177
Hickory
Ridge
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/51
........................................................
1,172,000
921,719
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
96
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Fate
,
Monterra
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.75%,
8/15/26
........................................................
$
400,000
$
368,203
Monterra
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
8/15/31
........................................................
711,000
612,949
Monterra
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
8/15/41
........................................................
1,871,000
1,521,781
Monterra
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
8/15/51
1,765,000
1,425,248
Williamsburg
East
Public
Improvement
District,
Revenue,
144A,
2020,
4.125%,
8/15/30
........................................................
665,000
616,978
Williamsburg
East
Public
Improvement
District,
Revenue,
144A,
2020,
4.625%,
8/15/40
........................................................
1,163,000
1,042,709
Williamsburg
East
Public
Improvement
District,
Revenue,
144A,
2020,
4.875%,
8/15/50
........................................................
1,772,000
1,567,772
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
8/15/30
.................................................
125,000
110,105
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.875%,
8/15/40
.................................................
691,000
566,668
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
8/15/50
.................................................
994,000
816,074
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.875%,
8/15/42
.................................................
1,617,000
1,610,783
Williamsburg
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6%,
8/15/52
....................................................
2,500,000
2,525,825
Williamsburg
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
4.25%,
8/15/42
..................................................
1,204,000
1,072,749
Williamsburg
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
4.375%,
8/15/52
.................................................
1,100,000
945,698
Williamsburg
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2023,
4.25%,
8/15/30
..................................................
275,000
273,468
Williamsburg
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2023,
5.125%,
8/15/43
.................................................
272,000
267,443
Williamsburg
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2023,
5.375%,
8/15/53
.................................................
1,287,000
1,267,045
b
City
of
Ferris
,
Woodstone
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2022,
3.375%,
9/01/32
.................................................
926,000
768,005
Woodstone
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2022,
3.75%,
9/01/42
..................................................
1,259,000
976,753
Woodstone
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2022,
4%,
9/01/51
........................................................
1,577,000
1,251,107
b
City
of
Fort
Worth
,
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2017,
5%,
9/01/27
................................
1,465,000
1,450,364
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2017,
5%,
9/01/32
................................
1,270,000
1,241,420
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2017,
5.125%,
9/01/37
.............................
1,650,000
1,591,682
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2018,
5%,
9/01/27
................................
1,185,000
1,173,161
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2018,
5%,
9/01/32
................................
1,530,000
1,491,822
Fort
Worth
Public
Improvement
District
No.
17
Rock
Creek
Ranch,
Special
Assessment,
144A,
2018,
5%,
9/01/37
................................
1,975,000
1,871,822
b
City
of
Georgetown
,
Parks
at
Westhaven
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.875%,
9/15/32
.................................................
409,000
372,180
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
97
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
City
of
Georgetown,
(continued)
Parks
at
Westhaven
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.125%,
9/15/42
.................................................
$
1,060,000
$
928,678
Parks
at
Westhaven
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.25%,
9/15/47
..................................................
716,000
616,550
b
City
of
Haslet
,
Public
Improvement
District
No.
5,
Special
Assessment,
144A,
2021,
2.625%,
9/01/26
........................................................
279,000
255,781
Public
Improvement
District
No.
5,
Special
Assessment,
144A,
2021,
3.25%,
9/01/31
150,000
126,981
Public
Improvement
District
No.
5,
Special
Assessment,
144A,
2021,
3.625%,
9/01/41
........................................................
1,271,000
988,928
City
of
Horseshoe
Bay
,
Escondido
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3%,
10/01/30
.......................................................
500,000
433,997
Escondido
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.25%,
10/01/33
.................................................
435,000
369,887
City
of
Houston
Airport
System
,
United
Airlines,
Inc.
,
Revenue
,
2021
A
,
4
%
,
7/01/41
.
8,270,000
7,221,355
b
City
of
Hutto
,
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.5%,
9/01/26
...................................................
239,000
218,615
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/01/31
.................................................
260,000
222,150
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/01/41
...................................................
1,038,000
813,155
Durango
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.75%,
9/01/26
..................................................
171,000
157,688
Durango
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/01/31
........................................................
392,000
340,383
Durango
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.875%,
9/01/41
.................................................
1,000,000
813,923
Durango
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/56
........................................................
3,479,000
2,724,617
Emory
Crossing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.25%,
9/01/31
..................................................
206,000
176,313
Emory
Crossing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.625%,
9/01/41
.................................................
519,000
412,584
Emory
Crossing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/56
........................................................
1,146,000
897,583
b
City
of
Justin
,
Timberbrook
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3%,
9/01/31
....................................................
475,000
410,927
Timberbrook
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.375%,
9/01/41
.................................................
2,709,000
2,120,822
b
City
of
Kaufman
,
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
........................................................
230,000
193,984
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.625%,
9/15/41
........................................................
570,000
445,288
City
of
Kyle
,
b
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.125%,
9/01/30
........................................................
400,000
341,517
b
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.625%,
9/01/40
........................................................
1,310,000
1,026,976
b
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.5%,
9/01/44
........................................................
1,380,000
1,015,629
b
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/46
375,000
288,210
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
98
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Kyle,
(continued)
b
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.75%,
9/01/26
........................................................
$
224,000
$
202,635
b
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/01/31
........................................................
530,000
448,703
b
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/01/41
........................................................
1,428,000
1,110,352
b
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/46
1,000,000
799,333
b
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2023,
5.25%,
9/01/43
........................................................
2,250,000
2,200,425
b
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2023,
5.125%,
9/01/46
........................................................
1,179,000
1,160,802
b
6
Creeks
Public
Improvement
District,
Special
Assessment,
144A,
2023,
5.5%,
9/01/47
........................................................
1,396,000
1,372,020
Kyle
57
Public
Improvement
District,
Special
Assessment,
2022,
4.75%,
9/01/32
..
400,000
391,191
Kyle
57
Public
Improvement
District,
Special
Assessment,
2022,
5%,
9/01/42
.....
2,105,000
2,012,638
b
Plum
Creek
North
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.875%,
9/01/32
.................................................
500,000
456,900
b
Plum
Creek
North
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.125%,
9/01/41
.................................................
1,185,000
1,053,463
b
Plum
Creek
North
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.625%,
9/01/41
.................................................
501,000
461,446
b,f
Porter
Country
Public
Improvement
District
Improvement
Area
No.
1,
Special
Assessment,
144A,
2023,
5.75%,
9/01/43
..............................
1,229,000
1,212,974
b,f
Porter
Country
Public
Improvement
District
Improvement
Area
No.
1,
Special
Assessment,
144A,
2023,
6%,
9/01/53
................................
3,000,000
2,954,385
City
of
Lago
Vista
,
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.125%,
9/01/30
........................................
300,000
270,389
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.75%,
9/01/42
.........................................
1,045,000
861,376
b
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020
A,
Refunding,
5%,
9/01/30
.....................................
2,000,000
1,896,668
b
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020
A,
Refunding,
5.125%,
9/01/35
..................................
2,070,000
1,881,320
b
Tessera
on
Lake
Travis
Public
Improvement
District,
Special
Assessment,
144A,
2020
A,
Refunding,
5.5%,
9/01/40
....................................
2,715,000
2,433,759
b
City
of
Lavon
,
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.5%,
9/15/27
600,000
559,048
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.75%,
9/15/27
........................................................
305,000
279,358
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.875%,
9/15/32
........................................................
1,000,000
887,168
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.125%,
9/15/32
........................................................
455,000
409,640
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4%,
9/15/42
2,259,000
1,906,804
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.375%,
9/15/42
........................................................
1,000,000
857,839
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.125%,
9/15/52
........................................................
5,295,000
4,260,727
Elevon
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.5%,
9/15/52
1,495,000
1,243,508
Lakepointe
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6.125%,
9/15/52
........................................................
1,000,000
1,016,874
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
99
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Leander
,
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/32
...........................................
$
530,000
$
463,907
b
City
of
Liberty
Hill
,
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
2.625%,
9/01/27
........................................................
550,000
503,936
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.5%,
9/01/27
........................................................
225,000
209,126
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.125%,
9/01/32
........................................................
750,000
646,118
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.875%,
9/01/32
........................................................
275,000
243,027
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.375%,
9/01/42
........................................................
1,771,000
1,322,279
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.125%,
9/01/42
........................................................
1,097,000
912,622
Butler
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.375%,
9/01/52
........................................................
1,705,000
1,377,290
Summerlyn
West
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.125%,
9/01/30
.................................................
250,000
217,788
Summerlyn
West
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/40
........................................................
845,000
729,615
Summerlyn
West
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/54
........................................................
1,890,000
1,456,680
b
City
of
Manor
,
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.5%,
9/15/26
........................................................
110,000
98,868
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/15/26
.................................................
210,000
189,876
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
.................................................
250,000
208,338
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/15/31
........................................................
310,000
263,694
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/15/41
........................................................
700,000
533,570
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/15/41
.................................................
830,000
707,077
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/51
........................................................
1,000,000
803,655
Manor
Heights
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.375%,
9/15/51
.................................................
1,225,000
1,012,823
b
City
of
Marble
Falls
,
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.875%,
9/01/31
.................................................
350,000
311,172
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.625%,
9/01/31
.................................................
150,000
136,914
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/01/41
.................................................
1,000,000
859,906
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.875%,
9/01/41
.................................................
450,000
396,320
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.375%,
9/01/51
.................................................
1,470,000
1,225,883
Thunder
Rock
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.125%,
9/01/51
.................................................
620,000
567,567
b
City
of
Mclendon-Chisholm
,
Sonoma
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.625%,
9/15/26
........................................................
155,000
141,732
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
Mclendon-Chisholm,
(continued)
Sonoma
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.625%,
9/15/41
........................................................
$
620,000
$
485,382
Sonoma
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/51
865,000
692,491
Sonoma
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.375%,
9/15/32
........................................................
250,000
249,346
Sonoma
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.75%,
9/15/52
........................................................
2,700,000
2,632,569
b
City
of
Midlothian
,
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/15/31
........................................................
410,000
355,904
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/15/31
.................................................
230,000
211,107
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.875%,
9/15/41
.................................................
1,105,000
902,235
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/15/41
........................................................
420,000
370,150
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/15/51
.................................................
1,635,000
1,335,377
Redden
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/15/51
..................................................
610,000
524,448
Westside
Preserve
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.75%,
9/15/32
..................................................
625,000
604,445
Westside
Preserve
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.5%,
9/15/32
...................................................
309,000
301,521
Westside
Preserve
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.25%,
9/15/42
..................................................
1,516,000
1,446,896
Westside
Preserve
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6%,
9/15/42
....................................................
750,000
745,683
Westside
Preserve
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.375%,
9/15/52
.................................................
2,509,000
2,377,940
Westside
Preserve
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6.125%,
9/15/52
.................................................
1,410,000
1,408,887
b
City
of
New
Braunfels
,
Solms
Landing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.625%,
9/01/26
.................................................
220,000
206,334
Solms
Landing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/01/31
..................................................
320,000
292,685
Solms
Landing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/01/41
........................................................
882,000
761,571
Solms
Landing
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/01/51
..................................................
1,454,000
1,233,797
b
City
of
Oak
Point
,
Oak
Point
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2020,
3.25%,
9/01/30
..................................................
300,000
266,485
Oak
Point
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2020,
3.75%,
9/01/40
..................................................
1,170,000
977,155
Oak
Point
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
1,060,000
855,939
Wildridge
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
2.75%,
9/01/31
..................................................
160,000
133,695
Wildridge
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.125%,
9/01/41
.................................................
643,000
480,195
Wildridge
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
4%,
9/01/51
........................................................
987,000
799,719
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)
b
City
of
Pilot
Point
,
Creekview
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.25%,
9/15/32
........................................................
$
500,000
$
500,650
Creekview
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.75%,
9/15/32
........................................................
200,000
199,838
Creekview
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.5%,
9/15/42
........................................................
1,550,000
1,526,331
Creekview
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.625%,
9/15/52
........................................................
2,753,000
2,706,175
Creekview
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6.125%,
9/15/52
........................................................
2,078,000
2,103,173
Mobberly
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.125%,
9/15/32
........................................................
500,000
499,595
Mobberly
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.625%,
9/15/32
........................................................
810,000
819,226
Mobberly
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.5%,
9/15/48
........................................................
4,026,000
3,976,886
Mobberly
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6%,
9/15/52
4,001,000
4,042,610
Mobberly
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6.5%,
9/15/52
........................................................
1,600,000
1,629,723
f
Mobberly
Public
Improvement
District,
Special
Assessment,
144A,
2023,
5.625%,
9/15/48
........................................................
926,000
928,915
b
City
of
Plano
,
Collin
Creek
East
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.375%,
9/15/51
.................................................
7,750,000
6,301,394
Collin
Creek
West
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/51
....................................................
2,343,000
1,855,686
b
City
of
Princeton
,
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
2.875%,
9/01/25
.................................................
97,000
93,052
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
9/01/30
.................................................
180,000
162,551
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.875%,
9/01/40
.................................................
650,000
546,619
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/01/50
.................................................
930,000
767,761
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.75%,
9/01/27
........................................................
201,000
193,078
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4%,
9/01/32
........................................................
280,000
264,764
Arcadia
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.375%,
9/01/52
.................................................
1,139,000
970,563
Brookside
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.5%,
9/01/26
........................................................
84,000
77,165
Brookside
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3%,
9/01/31
........................................................
126,000
108,695
Brookside
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/01/41
........................................................
325,000
250,375
Brookside
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/51
........................................................
431,000
346,959
Eastridge
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.75%,
9/01/32
........................................................
382,000
379,434
Eastridge
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.125%,
9/01/42
........................................................
850,000
829,782
Eastridge
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.25%,
9/01/52
........................................................
1,376,000
1,318,415
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
Princeton,
(continued)
Whitewing
Trails
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2023,
4.25%,
9/01/30
.............................................
$
250,000
$
248,139
Whitewing
Trails
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2023,
5.125%,
9/01/43
............................................
1,100,000
1,078,858
Whitewing
Trails
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2023,
5.375%,
9/01/53
............................................
2,041,000
2,004,892
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.25%,
9/01/30
........................................................
200,000
178,871
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.75%,
9/01/40
........................................................
470,000
387,380
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/01/50
........................................................
675,000
543,906
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.875%,
9/01/31
........................................................
110,000
93,836
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.25%,
9/01/41
........................................................
518,000
387,592
Winchester
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/51
........................................................
616,000
493,373
Winchester
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2022,
4.75%,
9/01/32
..................................................
461,000
458,243
Winchester
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2022,
5.125%,
9/01/42
.................................................
1,011,000
985,363
Winchester
Public
Improvement
District
No.
2,
Special
Assessment,
144A,
2022,
5.25%,
9/01/52
..................................................
2,220,000
2,135,945
b
City
of
Red
Oak
,
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
2.625%,
9/15/26
........................................................
150,000
136,702
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
........................................................
354,000
296,524
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
3.375%,
9/15/41
........................................................
500,000
379,521
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
4%,
9/15/51
.
665,000
535,887
b
City
of
Rowlett
,
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
............................................
200,000
177,904
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/15/31
.............................................
300,000
275,062
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.75%,
9/15/41
.............................................
820,000
678,605
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/15/41
............................................
600,000
522,547
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/51
................................................
1,172,000
944,450
Trails
at
Cottonwood
Creek
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/15/51
.............................................
1,000,000
834,772
b
City
of
Royse
City
,
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.375%,
9/15/30
........................................................
450,000
406,678
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.625%,
9/15/30
........................................................
225,000
202,744
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.375%,
9/15/30
........................................................
210,000
200,242
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.875%,
9/15/40
........................................................
1,190,000
1,002,754
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/15/40
........................................................
590,000
516,685
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
Royse
City,
(continued)
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.875%,
9/15/40
........................................................
$
375,000
$
349,009
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.125%,
9/15/50
........................................................
1,780,000
1,457,222
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4.375%,
9/15/50
........................................................
715,000
608,737
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2020,
5.125%,
9/15/50
........................................................
575,000
532,529
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.875%,
9/15/42
........................................................
589,000
590,610
Creekshaw
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6%,
9/15/52
........................................................
1,267,000
1,280,335
Waterscape
Public
Improvement
District,
Special
Assessment,
144A,
2019,
4.75%,
9/15/49
........................................................
1,495,000
1,367,106
b
City
of
Sachse
,
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
3.25%,
9/15/30
405,000
355,380
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
3.75%,
9/15/40
1,070,000
863,764
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
5.375%,
9/15/40
........................................................
1,920,000
1,860,117
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
4%,
9/15/50
.
1,485,000
1,202,559
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2020,
5.625%,
9/15/50
........................................................
2,235,000
2,163,980
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
7%,
9/15/52
.
750,000
766,825
City
of
San
Marcos
,
Whisper
Public
Improvement
District,
Special
Assessment,
2020,
4.375%,
9/01/25
.
260,000
260,010
Whisper
Public
Improvement
District,
Special
Assessment,
2020,
4.875%,
9/01/30
.
305,000
299,559
Whisper
Public
Improvement
District,
Special
Assessment,
2020,
5.375%,
9/01/40
.
1,300,000
1,284,920
Whisper
Public
Improvement
District,
Special
Assessment,
2020,
5.625%,
9/01/50
.
1,300,000
1,285,402
b
Whisper
South
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.75%,
9/01/27
..................................................
300,000
284,465
b
Whisper
South
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4%,
9/01/32
........................................................
425,000
392,889
b
Whisper
South
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.25%,
9/01/42
..................................................
1,221,000
1,048,751
b
Whisper
South
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.5%,
9/01/51
........................................................
1,621,000
1,367,347
b
City
of
Santa
Fe
,
Mulberry
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.875%,
9/01/42
.................................................
508,000
473,689
Mulberry
Farms
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5%,
9/01/52
........................................................
858,000
789,933
b
City
of
Sinton
,
Somerset
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
4.375%,
9/01/27
.................................................
381,000
363,766
Somerset
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
4.75%,
9/01/32
..................................................
660,000
617,615
Somerset
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
5.125%,
9/01/42
.................................................
1,000,000
948,110
Somerset
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
5.25%,
9/01/51
..................................................
1,250,000
1,163,434
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
Tomball
,
Raburn
Reserve
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/15/30
.........................................
$
330,000
$
297,572
b
City
of
Uhland
,
Watermill
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
6.625
%
,
9/01/52
..............................................
3,000,000
3,127,993
b
City
of
Venus
,
Brahman
Ranch
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
6.25%,
9/15/42
..................................................
1,000,000
1,001,277
Brahman
Ranch
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
6.5%,
9/15/52
...................................................
1,009,000
1,015,155
Patriot
Estates
Public
Improvement
District,
Special
Assessment,
144A,
2021,
2.625%,
9/15/26
.................................................
234,000
214,986
Patriot
Estates
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/15/31
.................................................
250,000
215,328
Patriot
Estates
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.375%,
9/15/41
.................................................
1,105,000
864,045
Patriot
Estates
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/51
........................................................
2,024,000
1,653,228
b
City
of
Waxahachie
,
North
Grove
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.125%,
8/15/32
........................................................
302,000
303,071
North
Grove
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.5%,
8/15/52
........................................................
2,395,000
2,350,407
b
Club
Municipal
Management
District
No.
1
,
Improvement
Area
#2,
Special
Assessment,
144A,
2021,
2.5%,
9/01/26
.........
175,000
160,527
Improvement
Area
#2,
Special
Assessment,
144A,
2021,
3%,
9/01/31
...........
271,000
230,017
Improvement
Area
#2,
Special
Assessment,
144A,
2021,
3.25%,
9/01/41
........
1,012,000
769,011
b
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel,
Revenue,
Second
Lien,
144A,
2021
B,
3.5%,
10/01/31
.......................................................
450,000
379,365
Conroe
Convention
Center
Hotel,
Revenue,
Second
Lien,
144A,
2021
B,
5%,
10/01/50
.......................................................
1,200,000
974,275
b
County
of
Hays
,
La
Cima
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.25%,
9/15/30
........................................................
100,000
87,059
La
Cima
Public
Improvement
District,
Special
Assessment,
144A,
2020,
3.75%,
9/15/40
........................................................
800,000
642,137
La
Cima
Public
Improvement
District,
Special
Assessment,
144A,
2020,
4%,
9/15/50
1,200,000
936,521
La
Cima
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.75%,
9/15/52
........................................................
3,375,000
3,374,660
b
County
of
Medina
,
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.5%,
9/01/26
........................................................
135,000
123,571
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.125%,
9/01/31
........................................................
400,000
361,228
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.875%,
9/01/31
........................................................
815,000
737,688
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.5%,
9/01/41
........................................................
1,085,000
928,053
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.25%,
9/01/41
........................................................
780,000
722,370
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.75%,
9/01/50
........................................................
870,000
741,105
Woodlands
Public
Improvement
District,
Special
Assessment,
144A,
2021,
5.5%,
9/01/50
........................................................
1,160,000
1,082,606
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
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
$
8,965,000
$
6,530,995
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2013
B
,
Zero
Cpn.,
10/01/45
......
10,000,000
10,598,599
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/48
...................
5,000,000
4,017,838
b
Joshua
Farms
Municipal
Management
District
No.
1
,
Special
Assessment,
144A,
2023,
4.375%,
9/01/30
.........................
395,000
390,869
Special
Assessment,
144A,
2023,
5.25%,
9/01/43
.........................
1,618,000
1,568,635
Special
Assessment,
144A,
2023,
5.5%,
9/01/53
..........................
3,393,000
3,277,360
d
Mesquite
Health
Facilities
Development
Corp.
,
Christian
Care
Centers,
Inc.
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
2/15/36
........................................................
378,345
11,350
Christian
Care
Centers,
Inc.
Obligated
Group,
Revenue,
2014,
Refunding,
5.125%,
2/15/42
........................................................
1,418,793
42,564
Christian
Care
Centers,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
2/15/35
........................................................
1,957,934
58,738
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
d
Cardinal
Bay,
Inc.,
Revenue,
D,
6%,
7/01/26
.............................
110,000
44,000
Cardinal
Bay,
Inc.,
Revenue,
D,
7%,
7/01/51
.............................
5,110,000
2,044,000
CHF-Collegiate
Housing
College
Station
I
LLC,
Revenue,
2014
A,
5%,
4/01/29
....
2,190,000
2,177,830
CHF-Collegiate
Housing
College
Station
I
LLC,
Revenue,
2014
A,
5%,
4/01/46
....
1,500,000
1,361,397
Longhorn
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
1/01/42
......
5,000,000
4,490,746
Longhorn
Village
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
1/01/47
......
4,595,000
4,013,691
Morningside
Ministries
Obligated
Group,
Revenue,
2020
A,
5%,
1/01/55
.........
4,100,000
3,233,705
NCCD-College
Station
Properties
LLC,
Revenue,
A,
5%,
7/01/47
..............
30,000,000
27,150,000
Presbyterian
Village
North
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
10/01/39
.......................................................
2,750,000
2,328,592
Presbyterian
Village
North
Obligated
Group,
Revenue,
2018,
Refunding,
5.25%,
10/01/49
.......................................................
12,600,000
10,039,480
Presbyterian
Village
North
Obligated
Group,
Revenue,
2020
A,
5.25%,
10/01/55
...
2,500,000
1,937,138
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/39
.......................................................
325,000
305,511
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/49
.......................................................
1,180,000
1,034,278
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
Second
Tier,
2019
B,
5.5%,
12/01/54
................................................
15,450,000
14,260,313
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
Third
Tier,
2019
C,
6%,
12/01/54
...................................................
6,490,000
6,024,705
Wesleyan
Homes
Obligated
Group,
Revenue,
2014,
5.5%,
1/01/43
............
3,200,000
2,673,541
Wesleyan
Homes
Obligated
Group,
Revenue,
2014,
5.5%,
1/01/49
............
1,000,000
801,504
Wesleyan
Homes
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
1/01/50
.....
1,180,000
860,557
Wesleyan
Homes
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
1/01/55
.....
4,400,000
3,132,194
b
North
Parkway
Municipal
Management
District
No.
1
,
Special
Assessment,
144A,
2021,
3.625%,
9/15/26
.........................
1,000,000
961,123
Special
Assessment,
144A,
2021,
4.25%,
9/15/31
.........................
1,500,000
1,439,172
Special
Assessment,
144A,
2021,
4.75%,
9/15/41
.........................
5,000,000
4,674,092
Special
Assessment,
144A,
2021,
5%,
9/15/51
............................
4,250,000
3,918,512
City
of
Celina
Legacy
Hills
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.625%,
9/15/31
............................................
250,000
223,537
City
of
Celina
Legacy
Hills
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/15/41
................................................
1,000,000
862,620
City
of
Celina
Legacy
Hills
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4.25%,
9/15/51
.............................................
1,160,000
976,470
North
Texas
Tollway
Authority
,
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn.,
9/01/37
....
7,500,000
3,616,889
Special
Projects
System,
Revenue,
2011
C,
Pre-Refunded,
Zero
Cpn.,
9/01/43
....
10,000,000
12,332,575
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
Northwood
Municipal
Utility
District
No.
1
,
GO,
144A,
2020,
Refunding,
3.5%,
8/01/25
..............................
$
765,000
$
743,482
GO,
144A,
2020,
Refunding,
4%,
8/01/31
................................
1,070,000
1,067,748
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
B
,
6
%
,
12/01/52
..............
5,075,000
3,840,616
d
Red
River
Health
Facilities
Development
Corp.
,
Eden
Home,
Inc.
Obligated
Group
,
Revenue
,
2012
,
7.25
%
,
12/15/42
......................................
11,000,000
6,600,000
Texas
Transportation
Commission
,
State
Highway
249
System,
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/46
......
3,000,000
860,557
State
Highway
249
System,
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/47
......
5,750,000
1,557,718
State
Highway
249
System,
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/51
......
3,500,000
748,520
State
Highway
249
System,
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/52
......
4,000,000
799,867
State
Highway
249
System,
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/53
......
400,000
75,408
b
Town
of
Flower
Mound
,
River
Walk
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
Refunding,
2.625%,
9/01/26
........................................
675,000
620,581
River
Walk
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
Refunding,
3.25%,
9/01/31
.........................................
750,000
641,329
River
Walk
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
Refunding,
3.5%,
9/01/36
..........................................
800,000
657,329
River
Walk
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2021,
Refunding,
4%,
9/01/43
............................................
2,450,000
2,057,229
b
Town
of
Lakewood
Village
,
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
4.75%,
9/15/32
445,000
430,683
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
5.25%,
9/15/42
1,400,000
1,337,768
Public
Improvement
District
No.
1,
Special
Assessment,
144A,
2022,
5.375%,
9/15/52
........................................................
2,400,000
2,277,885
b
Town
of
Little
Elm
,
Spiritas
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.25%,
9/01/27
........................................................
139,000
129,088
Spiritas
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.5%,
9/01/32
........................................................
205,000
175,716
Spiritas
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
3.75%,
9/01/42
........................................................
529,000
415,012
Spiritas
East
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4%,
9/01/51
........................................................
509,000
402,521
Valencia
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6.125%,
9/01/32
........................................................
712,000
737,510
Valencia
Public
Improvement
District,
Special
Assessment,
144A,
2022,
6.875%,
9/01/52
........................................................
2,700,000
2,813,927
b
Travis
County
Development
Authority
,
County
of
Travis
Turner's
Crossing
Public
Improvement
District,
Special
Assessment,
144A,
2022,
4.75%,
9/01/32
........................................
302,000
299,972
County
of
Travis
Turner's
Crossing
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.375%,
9/01/42
.......................................
868,000
862,777
County
of
Travis
Turner's
Crossing
Public
Improvement
District,
Special
Assessment,
144A,
2022,
5.5%,
9/01/52
.........................................
1,244,000
1,226,084
Viridian
Municipal
Management
District
,
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
2.875%,
12/01/30
.
258,000
219,449
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
3.125%,
12/01/35
.
415,000
334,971
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
3.375%,
12/01/40
.
486,000
375,036
Viridian
Public
Improvement
District,
Special
Assessment,
2020,
3.5%,
12/01/47
..
835,000
615,222
486,097,972
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)
Utah
0.5%
Military
Installation
Development
Authority
,
Revenue,
2021
A-1,
4%,
6/01/52
......................................
$
3,000,000
$
2,175,630
Revenue,
2021
A-2,
4%,
6/01/36
......................................
2,250,000
1,907,717
Revenue,
2021
A-2,
4%,
6/01/41
......................................
7,215,000
5,739,972
Revenue,
2021
A-2,
4%,
6/01/52
......................................
21,745,000
15,653,273
b
Utah
Charter
School
Finance
Authority
,
Mountain
West
Montessori
Academy,
Inc.,
Revenue,
144A,
2020
A,
5%,
6/15/39
..
475,000
455,268
Mountain
West
Montessori
Academy,
Inc.,
Revenue,
144A,
2020
A,
5%,
6/15/49
..
825,000
748,152
26,680,012
Virginia
0.4%
Farmville
Industrial
Development
Authority
,
Longwood
Housing
Foundation
LLC,
Revenue,
2018
A,
Refunding,
5%,
1/01/43
...
500,000
483,020
Longwood
Housing
Foundation
LLC,
Revenue,
2018
A,
Refunding,
5%,
1/01/48
...
500,000
470,992
Longwood
Housing
Foundation
LLC,
Revenue,
2020
A,
Refunding,
5%,
1/01/59
...
2,000,000
1,827,091
Henrico
County
Economic
Development
Authority
,
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group,
Revenue,
2019
A,
5%,
6/01/44
........................................................
3,550,000
3,144,791
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group,
Revenue,
2019
A,
5%,
6/01/49
........................................................
4,065,000
3,518,832
James
City
County
Economic
Development
Authority
,
Virginia
United
Methodist
Homes
of
Williamsburg,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/01/41
.....................................
625,000
469,338
Virginia
United
Methodist
Homes
of
Williamsburg,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/01/47
.....................................
1,000,000
697,287
b
Virginia
Small
Business
Financing
Authority
,
P3
VB
Holdings
LLC
,
Revenue,
Senior
Lien
,
144A,
2023
A
,
8.5
%
,
12/01/52
....................................
11,000,000
10,434,369
21,045,720
Washington
1.0%
Ocean
Shores
Local
Improvement
District
,
Special
Assessment
,
2011
,
7.25
%
,
2/01/31
835,000
922,140
e
Washington
Economic
Development
Finance
Authority
,
Propeller
Airports
Paine
Field
LLC
,
Revenue
,
A
,
Mandatory
Put
,
6.5
%
,
3/01/24
..........................
23,750,000
23,605,856
b
Washington
State
Housing
Finance
Commission
,
eliseo
Obligated
Group,
Revenue,
144A,
2021
A,
Refunding,
4%,
1/01/51
........
15,070,000
10,501,778
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
2019
A,
5%,
1/01/55
..............................................
4,700,000
3,333,347
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
A,
Refunding,
5%,
1/01/46
.........................................
2,250,000
1,687,402
Presbyterian
Retirement
Communities
Northwest
Obligated
Group,
Revenue,
144A,
A,
Refunding,
5%,
1/01/51
.........................................
1,700,000
1,230,597
Spokane
United
Methodist
Homes
Obligated
Group,
Revenue,
144A,
2019,
5%,
1/01/55
........................................................
9,020,000
6,306,710
Spokane
United
Methodist
Homes
Obligated
Group,
Revenue,
144A,
2020
A,
5%,
1/01/51
........................................................
6,000,000
4,283,524
51,871,354
West
Virginia
0.0%
†
b
Monongalia
County
Commission
Excise
Tax
District
,
Revenue
,
144A,
2021
B
,
4.875
%
,
6/01/43
.........................................................
1,635,000
1,510,117
Wisconsin
2.6%
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
4%,
12/01/40
.....................
1,070,000
857,568
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
4.25%,
12/01/50
...................
7,225,000
5,524,146
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)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
A&T
Real
Estate
Foundation
LLC,
Revenue,
2019
B,
5%,
6/01/49
.............
$
7,900,000
$
7,302,671
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2017
A,
5%,
7/01/45
..........
2,805,000
2,779,566
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2017
A,
5%,
7/01/53
..........
4,345,000
4,214,120
b
Coral
Academy
of
Science
Reno,
Revenue,
144A,
2022
A,
6%,
6/01/62
.........
1,565,000
1,523,660
b
Eno
River
Academy,
Revenue,
144A,
2020
A,
5%,
6/15/40
...................
815,000
781,595
b
Eno
River
Academy,
Revenue,
144A,
2020
A,
5%,
6/15/54
...................
1,380,000
1,240,112
b
Estancia
Valley
Classical
Academy,
Revenue,
144A,
2021
A,
Refunding,
4%,
7/01/41
1,000,000
753,818
b
Estancia
Valley
Classical
Academy,
Revenue,
144A,
2021
A,
Refunding,
4.25%,
7/01/51
........................................................
4,000,000
2,852,925
b
FAH
Tree
House
LLC,
Revenue,
144A,
2023
B,
6.625%,
2/01/46
..............
11,095,000
10,246,651
b
Friends
Homes
Obligated
Group,
Revenue,
144A,
2019,
Refunding,
5%,
9/01/39
..
1,230,000
1,134,548
b
Friends
Homes
Obligated
Group,
Revenue,
144A,
2019,
Refunding,
5%,
9/01/49
..
7,600,000
6,520,722
b
Friends
Homes
Obligated
Group,
Revenue,
144A,
2019,
Refunding,
5%,
9/01/54
..
1,920,000
1,617,206
b
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
13,200,000
13,181,311
b
High
Desert
Montessori
Charter
School,
Revenue,
144A,
2021
A,
5%,
6/01/36
....
300,000
278,819
b
High
Desert
Montessori
Charter
School,
Revenue,
144A,
2021
A,
5%,
6/01/51
....
1,000,000
850,836
b
High
Desert
Montessori
Charter
School,
Revenue,
144A,
2021
A,
5%,
6/01/61
....
1,275,000
1,050,890
b
Hope
Housing
Foundation
Obligated
Group,
Revenue,
144A,
2022
C,
4.6%,
12/01/37
5,460,000
4,433,227
b
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
3/01/37
............................................
625,000
576,347
b
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2017,
Refunding,
5%,
3/01/52
............................................
4,100,000
3,372,452
b
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2020
A,
5.25%,
3/01/45
..................................................
1,665,000
1,470,100
b
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group,
Revenue,
144A,
2020
A,
5.25%,
3/01/55
..................................................
6,810,000
5,759,299
b
Ocean
Academy
Charter
School,
Revenue,
144A,
2021,
4%,
10/15/31
..........
185,000
164,400
b
Ocean
Academy
Charter
School,
Revenue,
144A,
2021,
5%,
10/15/41
..........
570,000
507,029
b
Ocean
Academy
Charter
School,
Revenue,
144A,
2021,
5%,
10/15/51
..........
1,130,000
955,184
b
Pine
Forest
2022
Obligated
Group,
Revenue,
144A,
2022,
Zero
Cpn.,
12/01/45
...
11,680,000
6,986,288
b
Signature
Preparatory,
Revenue,
144A,
2021
A,
5%,
6/15/31
.................
600,000
573,579
b
Signature
Preparatory,
Revenue,
144A,
2021
A,
5%,
6/15/51
.................
2,250,000
1,885,265
b
Signature
Preparatory,
Revenue,
144A,
2021
A,
5%,
6/15/56
.................
2,465,000
2,030,596
b
UHF
RISE
Student
Housing
LLC,
Revenue,
144A,
2021
A-2,
5.35%,
7/01/40
.....
3,000,000
2,489,600
b
UHF
RISE
Student
Housing
LLC,
Revenue,
144A,
2021
B,
5.25%,
7/01/61
.......
2,000,000
1,525,735
b
UMA
Education,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
10/01/34
.........
5,220,000
5,239,309
b
UMA
Education,
Inc.,
Revenue,
144A,
2019
A,
Refunding,
5%,
10/01/39
.........
8,500,000
8,187,032
b
WFCS
Holdings
II
LLC,
Revenue,
144A,
2021
A-1,
5%,
1/01/56
...............
1,865,000
1,376,541
b,e
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-1,
Mandatory
Put,
3.5%,
12/01/35
..................................................
2,000,000
1,610,475
b,e
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-2,
Mandatory
Put,
4%,
12/01/35
...................................................
18,000,000
15,009,905
Wisconsin
Health
&
Educational
Facilities
Authority
,
Chiara
Communities,
Inc.,
Revenue,
2018
C,
6%,
7/01/28
...................
175,000
150,428
Chiara
Communities,
Inc.,
Revenue,
2018
C,
6.5%,
7/01/33
..................
300,000
239,090
Chiara
Communities,
Inc.,
Revenue,
2018
C,
7%,
7/01/43
...................
1,000,000
715,641
Chiara
Communities,
Inc.,
Revenue,
2018
C,
7.5%,
7/01/53
..................
6,620,000
4,787,645
HOPE
Christian
Schools
Obligated
Group,
Revenue,
2021,
4%,
12/01/41
........
850,000
651,319
HOPE
Christian
Schools
Obligated
Group,
Revenue,
2021,
4%,
12/01/51
........
1,000,000
692,238
HOPE
Christian
Schools
Obligated
Group,
Revenue,
2021,
4%,
12/01/56
........
1,000,000
667,445
134,767,333
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)
U.S.
Territories
10.1%
District
of
Columbia
0.8%
District
of
Columbia
,
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2002
,
Zero
Cpn.,
6/15/46
.........................................................
$
175,000,000
$
40,005,823
Pacific
Islands
0.1%
Northern
Mariana
Island
Ports
Authority
,
Revenue
,
1998
A
,
6.6
%
,
3/15/28
.........
6,830,000
6,589,718
Puerto
Rico
9.2%
Children's
Trust
Fund
,
Revenue,
2002,
5.5%,
5/15/39
........................................
6,585,000
6,585,274
Revenue,
2002,
5.625%,
5/15/43
......................................
2,500,000
2,514,188
Commonwealth
of
Puerto
Rico
,
h
GO,
FRN,
Zero
Cpn.,
11/01/43
........................................
1
—
GO,
2022
A-1,
5.375%,
7/01/25
.......................................
1
1
GO,
2022
A-1,
5.625%,
7/01/27
.......................................
1,724,925
1,804,964
GO,
2022
A-1,
5.625%,
7/01/29
.......................................
1,696,941
1,800,222
GO,
2022
A-1,
5.75%,
7/01/31
........................................
2,166,031
2,337,015
GO,
2022
A-1,
4%,
7/01/33
..........................................
3,562,950
3,278,069
GO,
2022
A-1,
4%,
7/01/35
..........................................
15,191,884
13,609,054
GO,
2022
A-1,
4%,
7/01/37
..........................................
31,512,915
27,425,977
GO,
2022
A-1,
4%,
7/01/41
..........................................
28,684,144
24,025,673
GO,
2022
A-1,
4%,
7/01/46
..........................................
21,788,775
17,617,599
GO,
2022
A-1,
Zero
Cpn.,
7/01/24
.....................................
520,047
495,789
GO,
2022
A-1,
Zero
Cpn.,
7/01/33
.....................................
2,011,366
1,181,626
GDB
Debt
Recovery
Authority
of
Puerto
Rico
,
7.5
%
,
8/20/40
...................
40,655,650
33,642,550
HTA
CL
6
Trust
,
Revenue
,
L-2028
,
5.25
%
,
7/01/38
..........................
2,023,940
2,024,868
HTA
TRRB
Custodial
Trust
,
Revenue
,
2007
N
,
5.25
%
,
7/01/36
..................
700,000
706,146
b
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
,
Revenue,
144A,
2021
B,
Refunding,
5%,
7/01/33
..........................
4,295,000
4,331,758
Revenue,
144A,
2021
B,
Refunding,
5%,
7/01/37
..........................
35,000,000
34,754,055
Revenue,
144A,
2021
B,
Refunding,
4%,
7/01/42
..........................
2,500,000
2,134,206
Revenue,
Senior
Lien,
144A,
2020
A,
Refunding,
5%,
7/01/47
................
31,750,000
30,586,769
d
Puerto
Rico
Electric
Power
Authority
,
Revenue,
1,
10%,
1/01/21
...........................................
6,000,000
4,380,000
Revenue,
2013
A,
7.25%,
7/01/30
.....................................
25,000,000
18,187,500
Revenue,
2013
A,
6.75%,
7/01/36
.....................................
29,750,000
21,605,938
Revenue,
2013
A,
7%,
7/01/43
........................................
5,000,000
3,637,500
Revenue,
2016
A-4,
10%,
7/01/19
.....................................
5,500,000
4,015,000
Revenue,
2016
B-4,
10%,
7/01/19
.....................................
5,500,000
4,015,000
Revenue,
E-2,
10%,
7/01/21
.........................................
6,000,000
4,380,000
Revenue,
E-3,
10%,
1/01/22
.........................................
1,989,500
1,452,335
Revenue,
E-4,
10%,
7/01/22
.........................................
1,989,499
1,452,334
Revenue,
XX,
5.75%,
7/01/36
........................................
23,620,000
17,006,400
Revenue,
XX,
5.25%,
7/01/40
........................................
10,895,000
7,817,162
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
AES
Puerto
Rico
LP
,
Revenue
,
2000
A
,
6.625
%
,
6/01/26
.....
15,240,000
15,477,851
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.55%,
7/01/40
................................
393,000
375,004
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
80,515,000
77,129,151
Sales
Tax,
Revenue,
A-1,
Zero
Cpn.,
7/01/46
.............................
25,400,000
6,864,319
Sales
Tax,
Revenue,
A-1,
Zero
Cpn.,
7/01/51
.............................
241,837,000
48,162,201
Sales
Tax,
Revenue,
A-2,
4.329%,
7/01/40
...............................
22,136,000
20,562,808
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
See
Abbreviations
on
page
196
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax,
Revenue,
A-2,
4.784%,
7/01/58
...............................
$
7,495,000
$
6,903,752
474,280,058
Total
U.S.
Territories
....................................................................
520,875,599
Total
Municipal
Bonds
(Cost
$5,159,835,376)
...................................
4,869,272,081
Total
Long
Term
Investments
(Cost
$5,362,656,059)
.............................
5,059,735,832
a
a
a
a
a
Short
Term
Investments
0.5%
Municipal
Bonds
0.5%
Georgia
0.0%
†
i
Development
Authority
of
Monroe
County
(The)
,
Florida
Power
&
Light
Co.
,
Revenue
,
2002
,
Refunding
,
Daily
VRDN
and
Put
,
4.08
%
,
9/01/37
.....................
2,500,000
2,500,000
New
York
0.3%
i
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.85
%
,
1/01/34
3,600,000
3,600,000
i
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
BB-1A
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
3.98
%
,
6/15/49
..
10,100,000
10,100,000
13,700,000
Ohio
0.0%
†
i
County
of
Allen
Hospital
Facilities
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2010
C
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
3.98
%
,
6/01/34
.................
700,000
700,000
Pennsylvania
0.2%
i
Allegheny
County
Higher
Education
Building
Authority
,
Carnegie
Mellon
University
,
Revenue
,
2008
A
,
Refunding
,
SPA
Bank
of
New
York
Mellon
(The)
,
Daily
VRDN
and
Put
,
4
%
,
12/01/37
.................................................
6,370,000
6,370,000
Total
Municipal
Bonds
(Cost
$23,270,000)
......................................
23,270,000
Total
Short
Term
Investments
(Cost
$23,270,000
)
................................
23,270,000
a
Total
Investments
(Cost
$5,385,926,059)
99.2%
..................................
$5,083,005,832
Other
Assets,
less
Liabilities
0.8%
.............................................
44,072,456
Net
Assets
100.0%
...........................................................
$5,127,078,288
†
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,
2023,
the
aggregate
value
of
these
securities
was
$1,626,108,553,
representing
31.7%
of
net
assets.
c
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
The
maturity
date
shown
represents
the
mandatory
put
date.
f
Security
purchased
on
a
when-issued
basis.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
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
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,
2023
Franklin
Louisiana
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
112
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.4%
Florida
0.1%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
$
500,000
$
334,792
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
978,597
Louisiana
92.0%
Ascension
Parish
School
Board
,
GO
,
2020
,
4
%
,
3/01/40
......................
1,000,000
988,643
Caddo
Parish
Parishwide
School
District
,
GO
,
2021
,
AGMC
Insured
,
3
%
,
3/01/36
...
505,000
462,419
Calcasieu
Parish
School
District
No.
23
,
GO
,
2019
,
BAM
Insured
,
4
%
,
9/01/36
.....
670,000
677,004
Calcasieu
Parish
School
District
No.
31
,
GO,
2018,
BAM
Insured,
5%,
3/01/36
...................................
1,000,000
1,086,413
GO,
2018,
BAM
Insured,
5%,
3/01/38
...................................
1,000,000
1,073,665
GO,
2019,
BAM
Insured,
4%,
3/01/37
...................................
1,000,000
1,009,243
Central
Community
School
System
,
GO,
2020,
4%,
3/01/39
.............................................
1,125,000
1,105,190
GO,
2020,
4%,
3/01/40
.............................................
1,190,000
1,162,369
City
of
Bossier
City
,
Utilities
,
Revenue
,
2014
,
Pre-Refunded
,
5
%
,
10/01/37
........
1,280,000
1,307,755
City
of
Lafayette
,
Sales
&
Use
Tax,
Revenue,
2019
A,
5%,
5/01/44
..........................
4,350,000
4,680,044
Sales
&
Use
Tax,
Revenue,
2020
B,
4%,
3/01/45
..........................
5,000,000
4,893,306
City
of
New
Orleans
,
GO,
2021
A,
5%,
12/01/39
...........................................
6,000,000
6,390,904
Sewerage
Service,
Revenue,
2020
B,
5%,
6/01/45
.........................
1,700,000
1,781,885
Sewerage
Service,
Revenue,
2020
B,
4%,
6/01/50
.........................
1,300,000
1,158,760
City
of
Ruston
,
Sales
Tax
,
Revenue
,
2016
,
AGMC
Insured
,
5
%
,
6/01/35
...........
1,085,000
1,127,394
City
of
Shreveport
,
Water
&
Sewer,
Revenue,
2016
B,
5%,
12/01/41
..........................
4,000,000
4,081,234
Water
&
Sewer,
Revenue,
2020
B,
Refunding,
3%,
12/01/50
..................
5,070,000
3,669,727
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
2,238,107
East
Baton
Rouge
Sewerage
Commission
,
Revenue,
2014
B,
Pre-Refunded,
5%,
2/01/39
............................
5,000,000
5,147,351
Revenue,
2019
A,
Refunding,
4%,
2/01/45
...............................
5,000,000
4,825,917
Revenue,
2020
A,
Refunding,
5%,
2/01/31
...............................
750,000
849,215
Greater
New
Orleans
Expressway
Commission
,
Revenue
,
2017
,
AGMC
Insured
,
5
%
,
11/01/47
........................................................
4,000,000
4,089,142
Jefferson
Parish
Consolidated
Sewerage
District
No.
1
,
Revenue
,
2022
,
BAM
Insured
,
4
%
,
2/01/38
......................................................
1,000,000
987,576
Jefferson
Parish
Consolidated
Waterworks
District
No.
2
,
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
4
%
,
2/01/40
...........................................
5,000,000
4,889,085
Jefferson
Sales
Tax
District
,
Revenue
,
2017
B
,
AGMC
Insured
,
5
%
,
12/01/42
.......
2,250,000
2,338,066
Lafayette
Consolidated
Government
,
GO,
2020,
Refunding,
3%,
3/01/34
.....................................
250,000
237,471
GO,
2020,
Refunding,
3%,
3/01/35
.....................................
200,000
186,889
Lafayette
Parish
School
Board
,
Sales
Tax
,
Revenue
,
2023
,
4
%
,
4/01/53
..........
2,500,000
2,387,099
Livingston
Parish
School
Board
,
Sales
&
Use
Tax,
Revenue,
2021
A,
Refunding,
4%,
5/01/30
.................
500,000
528,554
Sales
&
Use
Tax,
Revenue,
2021
A,
Refunding,
4%,
5/01/31
.................
1,300,000
1,374,284
Louisiana
Correctional
Facilities
Corp.
,
State
of
Louisiana
Office
of
Juvenile
Justice,
Revenue,
2021,
4%,
10/01/37
......
875,000
882,607
State
of
Louisiana
Office
of
Juvenile
Justice,
Revenue,
2021,
4%,
10/01/40
......
1,305,000
1,264,991
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
113
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Housing
Corp.
,
Revenue,
2021
B,
GNMA
Insured,
2.05%,
6/01/36
.........................
$
615,000
$
472,979
Revenue,
2021
B,
GNMA
Insured,
2.2%,
6/01/41
..........................
1,965,000
1,436,399
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
a
City
of
New
Orleans,
Revenue,
144A,
2021,
4%,
11/01/46
...................
2,000,000
1,735,751
East
Ascension
Parish
Gravity
Drainage
District
No.
1,
Revenue,
2015,
Refunding,
BAM
Insured,
5%,
12/01/40
........................................
2,925,000
3,011,533
Entergy
Louisiana
LLC,
Revenue,
2021
A,
Refunding,
2%,
6/01/30
.............
1,500,000
1,309,055
Entergy
Louisiana
LLC,
Revenue,
2021
B,
Refunding,
2.5%,
4/01/36
...........
3,000,000
2,442,674
Innovative
Student
Facilities,
Inc.,
Revenue,
2016
A,
AGMC
Insured,
4%,
10/01/33
.
800,000
809,433
Innovative
Student
Facilities,
Inc.,
Revenue,
2016
A,
AGMC
Insured,
4%,
10/01/34
.
620,000
625,518
a
Invest
in
Americas
Veterans
Foundation
Louisiana,
Inc.,
Revenue,
144A,
2020
A,
Refunding,
4.25%,
12/01/50
........................................
8,000,000
6,116,702
a
Parish
of
Assumption,
Revenue,
144A,
2021,
3.875%,
11/01/45
...............
1,000,000
844,563
a
Parish
of
St.
Bernard,
Revenue,
144A,
2021,
4%,
11/01/45
...................
1,225,000
1,069,935
a
Parish
of
St.
Charles,
Revenue,
144A,
2022,
4.5%,
11/01/47
.................
2,000,000
1,862,486
a
Parish
of
St.
Tammany
LA
GOMESA,
Revenue,
144A,
2020,
3.875%,
11/01/45
....
2,900,000
2,449,232
a
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
10/01/43
...
250,000
188,433
a
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4.25%,
10/01/48
221,200
162,308
a
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4.5%,
10/01/53
.
309,471
227,579
a
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
5%,
10/01/61
...
249,529
193,890
Ragin
Cajun
Facilities,
Inc.,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
10/01/39
.......................................................
2,680,000
2,763,281
University
of
Louisiana
at
Lafayette,
Revenue,
2018,
AGMC
Insured,
5%,
10/01/48
3,500,000
3,559,576
University
of
Louisiana
System,
Revenue,
2019,
Refunding,
AGMC
Insured,
4%,
8/01/34
........................................................
1,000,000
1,014,091
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
10/01/39
.......................................
1,060,000
1,028,548
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
10/01/41
.......................................
500,000
483,558
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2021,
Refunding,
AGMC
Insured,
4%,
10/01/43
.......................................
500,000
478,051
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2022,
Refunding,
4%,
5/01/30
....................................................
1,020,000
1,052,086
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2022,
Refunding,
4%,
5/01/31
....................................................
1,065,000
1,099,452
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2022,
Refunding,
4%,
5/01/32
....................................................
1,100,000
1,119,281
University
of
Louisiana
System
Board
of
Supervisors,
Revenue,
2022,
Refunding,
4%,
5/01/33
....................................................
1,155,000
1,174,290
Woman's
Hospital
Foundation,
Revenue,
2017
A,
Refunding,
5%,
10/01/44
......
5,000,000
5,086,223
Louisiana
Public
Facilities
Authority
,
CHRISTUS
Health
Obligated
Group,
Revenue,
2018
E,
5%,
7/01/48
...........
5,000,000
5,102,005
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group,
Revenue,
2015
A,
5%,
7/01/35
..............................................
4,965,000
5,047,422
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group,
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/35
..................................
35,000
36,293
Louisiana
Children's
Medical
Center
Obligated
Group,
Revenue,
2015
A-1,
5%,
6/01/45
........................................................
10,000,000
10,204,317
Louisiana
Children's
Medical
Center
Obligated
Group,
Revenue,
2020
A,
4%,
6/01/50
5,000,000
4,520,760
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/46
..............................................
6,500,000
6,580,265
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2017,
5%,
7/01/52
................................................
2,310,000
2,333,148
Loyola
University
New
Orleans,
Revenue,
2021,
Refunding,
4%,
10/01/37
.......
2,020,000
1,921,138
Loyola
University
New
Orleans,
Revenue,
2021,
Refunding,
4%,
10/01/39
.......
3,460,000
3,236,078
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.
114
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
(continued)
Loyola
University
New
Orleans,
Revenue,
2021,
Refunding,
4%,
10/01/41
.......
$
2,850,000
$
2,616,871
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/34
........................................................
30,000
31,488
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2016,
Pre-Refunded,
5%,
5/15/47
........................................................
20,000
20,992
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/46
12,000,000
12,178,148
a
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.5%,
1/01/50
.
2,000,000
1,924,313
Roman
Catholic
Church
of
the
Archdiocese
of
New
Orleans,
Revenue,
2017,
Refunding,
5%,
7/01/37
............................................
3,750,000
3,187,500
Tulane
University,
Revenue,
2016
A,
Refunding,
5%,
12/15/41
................
3,000,000
3,118,170
Tulane
University,
Revenue,
2017
A,
4%,
12/15/50
.........................
1,940,000
1,841,689
Tulane
University,
Revenue,
2017
A,
Pre-Refunded,
4%,
12/15/50
.............
60,000
62,521
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/45
.................
1,000,000
1,056,238
Louisiana
Stadium
&
Exposition
District
,
Revenue
,
2020
,
5
%
,
7/03/23
............
1,150,000
1,150,974
Louisiana
State
Transportation
Authority
,
Revenue
,
2013
A
,
Pre-Refunded
,
5
%
,
8/15/38
4,500,000
4,513,732
Louisiana
State
University
&
Agricultural
&
Mechanical
College
,
Auxiliary
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
7/01/40
....................................
4,500,000
4,762,355
Natchitoches
Parish
School
District
No.
9
,
GO
,
2018
,
AGMC
Insured
,
5
%
,
3/01/38
...
1,440,000
1,555,447
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
A
,
5
%
,
1/01/48
........................................
10,000,000
10,252,753
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
Revenue,
2019,
4%,
8/01/44
.........................................
2,055,000
2,007,491
Revenue,
2019,
5%,
8/01/48
.........................................
2,500,000
2,619,825
Parish
of
Terrebonne
,
Sales
&
Use
Tax,
Revenue,
2020
A,
4%,
3/01/35
..........................
1,015,000
1,022,464
Sales
&
Use
Tax,
Revenue,
2020
A,
4%,
3/01/41
..........................
2,660,000
2,577,099
Port
New
Orleans
Board
of
Commissioners
,
Revenue,
2018
A,
AGMC
Insured,
5%,
4/01/48
............................
2,750,000
2,835,327
Revenue,
2018
B,
Refunding,
AGMC
Insured,
5%,
4/01/43
...................
2,000,000
2,042,837
Revenue,
2020
D,
5%,
4/01/50
........................................
6,000,000
6,204,235
Rapides
Parish
Consolidated
School
District
No.
62
,
GO
,
2022
,
AGMC
Insured
,
5
%
,
3/01/42
.........................................................
1,100,000
1,182,178
St.
John
the
Baptist
,
Parish
School
District
No.
1
,
GO
,
2023
,
5.25
%
,
3/01/43
.......
3,300,000
3,422,008
St.
Tammany
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/48
.........................................................
5,500,000
5,528,968
State
of
Louisiana
,
GO,
2016
A,
5%,
9/01/36
............................................
5,000,000
5,231,958
GO,
2019
A,
5%,
3/01/37
............................................
3,000,000
3,277,432
Gasoline
&
Fuels
Tax,
Revenue,
First
Lien,
2015
A,
Pre-Refunded,
5%,
5/01/41
...
3,000,000
3,097,917
Gasoline
&
Fuels
Tax,
Revenue,
Second
Lien,
2017
C,
Refunding,
5%,
5/01/40
...
5,000,000
5,257,256
Gasoline
&
Fuels
Tax,
Revenue,
Second
Lien,
2017
C,
Refunding,
5%,
5/01/45
...
10,000,000
10,413,598
Tangipahoa
Parish
Hospital
Service
District
No.
1
,
Revenue,
2021,
Refunding,
4%,
2/01/35
.................................
2,250,000
2,230,366
Revenue,
2021,
Refunding,
4%,
2/01/38
.................................
2,000,000
1,892,319
Terrebonne
Levee
&
Conservation
District
,
Sales
Tax
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
6/01/41
......................................................
1,000,000
970,689
West
Feliciana
Parish
Parishwide
Consolidated
School
District
No.
1
,
GO
,
2020
,
4
%
,
3/01/50
.........................................................
3,000,000
2,743,768
264,511,568
South
Carolina
0.4%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
700,000
558,198
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
115
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
South
Carolina
Jobs-Economic
Development
Authority,
(continued)
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
$
700,000
$
556,513
1,114,711
Texas
0.7%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
450,000
460,251
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
900,000
655,649
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,250,000
927,496
2,043,396
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
558,162
Wisconsin
1.4%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
800,000
630,612
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
1,225,000
977,114
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
1,800,000
1,797,452
Pine
Forest
2022
Obligated
Group,
Revenue,
144A,
2022
A,
6.5%,
12/01/52
.....
500,000
491,626
3,896,804
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
494,170
b
Revenue,
WW,
5.25%,
7/01/33
........................................
855,000
613,463
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
585,911
563,207
Revenue,
2022
B,
Zero
Cpn.,
7/01/32
...................................
380,763
242,561
Revenue,
2022
C,
Zero
Cpn.,
7/01/53
..................................
651,329
397,308
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
3,500,000
3,245,409
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
1,196,000
1,145,705
6,701,823
Total
U.S.
Territories
....................................................................
6,701,823
Total
Municipal
Bonds
(Cost
$301,286,558)
.....................................
280,139,853
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
116
See
Abbreviations
on
page
196
.
Short
Term
Investments
1.3%
a
a
Principal
Amount
a
Value
Municipal
Bonds
1.3%
Louisiana
1.3%
c
State
of
Louisiana
,
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2023
A-1
,
Refunding
,
LOC
Toronto
Dominion
Bank
(The)
,
Daily
VRDN
and
Put
,
3.9
%
,
5/01/43
$
3,800,000
$
3,800,000
Total
Municipal
Bonds
(Cost
$3,800,000)
.......................................
3,800,000
Total
Short
Term
Investments
(Cost
$3,800,000
)
.................................
3,800,000
a
Total
Investments
(Cost
$305,086,558)
98.7%
...................................
$283,939,853
Other
Assets,
less
Liabilities
1.3%
.............................................
3,689,971
Net
Assets
100.0%
...........................................................
$287,629,824
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,
2023,
the
aggregate
value
of
these
securities
was
$24,684,890,
representing
8.6%
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,
2023
Franklin
Maryland
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
97.4%
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
$
1,058,483
Maryland
85.6%
City
of
Baltimore
,
Harbor
Point
Special
Taxing
District,
Revenue,
2016,
Refunding,
5.125%,
6/01/43
.
3,000,000
2,976,517
Wastewater
Utility
Fund,
Revenue,
2017
A,
5%,
7/01/46
.....................
5,000,000
5,164,354
Wastewater
Utility
Fund,
Revenue,
2022
A,
5%,
7/01/38
.....................
1,415,000
1,596,553
Wastewater
Utility
Fund,
Revenue,
2022
A,
5%,
7/01/39
.....................
1,495,000
1,674,773
City
of
Gaithersburg
,
Asbury
Maryland
Obligated
Group
,
Revenue
,
2022
,
4.5
%
,
1/01/42
1,500,000
1,252,910
b
County
of
Anne
Arundel
,
Glenview
Housing
LP
,
Revenue
,
2009
,
Mandatory
Put
,
5
%
,
1/01/27
.........................................................
1,815,000
1,817,417
County
of
Baltimore
,
GO
,
2023
,
5
%
,
3/01/53
...............................
6,000,000
6,644,049
a
County
of
Frederick
,
Urbana
Community
Development
Authority
,
Special
Tax
,
144A,
2020
C
,
4
%
,
7/01/50
...............................................
3,995,000
3,456,524
County
of
Harford
,
Beechtree
Estates
Development
District,
Tax
Allocation,
2021,
Refunding,
4%,
7/01/31
........................................................
150,000
156,786
Beechtree
Estates
Development
District,
Tax
Allocation,
2021,
Refunding,
4%,
7/01/36
........................................................
750,000
757,713
Beechtree
Estates
Development
District,
Tax
Allocation,
2021,
Refunding,
4%,
7/01/40
........................................................
675,000
651,110
County
of
Prince
George's
,
GO,
2018
A,
4%,
7/15/35
............................................
5,000,000
5,165,349
GO,
2020
A,
5%,
7/15/40
............................................
900,000
969,987
Howard
County
Housing
Commission
,
Revenue,
2013,
5%,
10/01/28
........................................
10,000,000
10,055,698
Revenue,
2016,
4%,
6/01/46
.........................................
2,000,000
1,845,648
Revenue,
2017,
5%,
12/01/46
........................................
5,000,000
5,184,264
Maryland
Community
Development
Administration
,
Housing,
Revenue,
2019
D,
3%,
7/01/39
................................
1,500,000
1,275,886
Housing,
Revenue,
2019
D,
3.2%,
7/01/44
...............................
1,000,000
847,864
Maryland
Community
Development
Administration
Local
Government
Infrastructure
,
Revenue,
2017
A-1,
4%,
6/01/47
......................................
2,300,000
2,217,929
Revenue,
2018
A-1,
5%,
6/01/48
......................................
1,310,000
1,374,808
Revenue,
Senior
Lien,
2019
B-1,
4%,
6/01/49
.............................
3,000,000
2,887,388
Maryland
Economic
Development
Corp.
,
Annapolis
Parking
System,
Revenue,
Senior
Lien,
2022
A,
5.25%,
6/30/53
.......
5,000,000
5,179,124
Frostburg
State
University
Project,
Revenue,
Senior
Lien,
2013,
Refunding,
5%,
10/01/33
.......................................................
5,000,000
4,995,660
Morgan
View
&
Thurgood
Marshall
Student
Housing,
Revenue,
2020,
4%,
7/01/40
.
1,000,000
948,828
Morgan
View
&
Thurgood
Marshall
Student
Housing,
Revenue,
2020,
5%,
7/01/50
.
1,250,000
1,273,824
Morgan
View
&
Thurgood
Marshall
Student
Housing,
Revenue,
2022
A,
6%,
7/01/58
4,620,000
5,066,741
Purple
Line
Transit
Partners
LLC,
Revenue,
2022
B,
5.25%,
6/30/47
...........
5,000,000
5,098,023
Purple
Line
Transit
Partners
LLC,
Revenue,
2022
B,
5.25%,
6/30/52
...........
5,000,000
5,087,909
University
of
Maryland
College
Park,
Revenue,
2016,
Refunding,
AGMC
Insured,
5%,
6/01/35
........................................................
4,225,000
4,400,588
University
of
Maryland
College
Park,
Revenue,
2016,
Refunding,
AGMC
Insured,
5%,
6/01/43
........................................................
3,305,000
3,376,840
University
Park
Phase
I
&
II
at
Salisbury
University,
Revenue,
2013,
Refunding,
5%,
6/01/34
........................................................
2,040,000
2,026,374
University
Village
at
Sheppard
Pratt,
Revenue,
2012,
Refunding,
5%,
7/01/27
.....
1,500,000
1,500,391
University
Village
at
Sheppard
Pratt,
Revenue,
2012,
Refunding,
5%,
7/01/33
.....
2,495,000
2,494,958
West
Village
&
Millennium
Hall
Student
Housing
at
Towson
University,
Revenue,
Senior
Lien,
2012,
5%,
7/01/27
......................................
1,145,000
1,145,683
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.
118
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group,
Revenue,
2016
A,
5.5%,
1/01/46
.........
$
9,750,000
$
9,848,919
Adventist
Healthcare
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
1/01/38
...
865,000
764,846
Adventist
Healthcare
Obligated
Group,
Revenue,
2021
B,
4%,
1/01/51
..........
2,000,000
1,666,777
Charlestown
Community,
Inc.,
Revenue,
2016
A,
Refunding,
5%,
1/01/45
........
4,170,000
4,232,987
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/50
..
1,715,000
1,530,607
Goucher
College,
Revenue,
2017
A,
Refunding,
5%,
7/01/44
.................
7,470,000
7,645,254
Johns
Hopkins
Medical
Institutions
Parking
System,
Revenue,
2001,
AMBAC
Insured,
5%,
7/01/27
..............................................
655,000
659,799
Johns
Hopkins
Medical
Institutions
Parking
System,
Revenue,
2004,
AMBAC
Insured,
5%,
7/01/34
..............................................
5,000,000
5,036,965
LifeBridge
Health
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
7/01/47
.....
4,000,000
4,040,928
LifeBridge
Health
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
7/01/44
.....
2,000,000
2,040,180
Loyola
University
Maryland,
Inc.,
Revenue,
2014,
Refunding,
5%,
10/01/45
......
2,250,000
2,277,339
Loyola
University
Maryland,
Inc.,
Revenue,
2019
A,
Refunding,
5%,
10/01/49
.....
2,000,000
2,092,585
Maryland
Institute
College
of
Art,
Revenue,
2012,
5%,
6/01/29
................
1,000,000
1,000,801
Maryland
Institute
College
of
Art,
Revenue,
2016,
Refunding,
4%,
6/01/42
.......
5,325,000
4,929,895
MedStar
Health
Obligated
Group,
Revenue,
1997,
AMBAC
Insured,
ETM,
5%,
7/01/27
........................................................
7,240,000
7,497,305
MedStar
Health
Obligated
Group,
Revenue,
2013
A,
5%,
8/15/38
..............
5,000,000
5,005,915
MedStar
Health
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
8/15/38
.......
2,100,000
2,136,566
MedStar
Health
Obligated
Group,
Revenue,
2017
A,
5%,
5/15/45
..............
5,000,000
5,117,046
Meritus
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
7/01/40
.
8,535,000
8,634,719
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
6/01/28
..........
630,000
663,754
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
6/01/30
..........
1,125,000
1,206,408
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
6/01/32
..........
800,000
862,071
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/34
..........
350,000
347,543
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/36
..........
1,125,000
1,090,327
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/40
..........
1,850,000
1,717,132
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/46
..........
1,000,000
887,481
Stevenson
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
6/01/55
..........
3,250,000
2,743,503
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
5%,
7/01/39
............................................
10,000,000
10,328,571
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
2017
D,
4%,
7/01/48
........................................................
5,000,000
4,668,504
Maryland
Industrial
Development
Financing
Authority
,
McDonogh
School,
Inc.,
Revenue,
2019,
Refunding,
4%,
9/01/43
..............
1,100,000
1,064,265
McDonogh
School,
Inc.,
Revenue,
2019,
Refunding,
4%,
9/01/48
..............
610,000
570,440
Maryland
Stadium
Authority
,
Baltimore
City
Public
School
Construction
Financing
Fund,
Revenue,
2016,
Pre-
Refunded,
5%,
5/01/46
............................................
4,085,000
4,308,286
Baltimore
City
Public
School
Construction
Financing
Fund,
Revenue,
2020
A,
5%,
5/01/50
........................................................
12,225,000
13,589,221
Built
to
Learn,
Revenue,
2021,
4%,
6/01/35
..............................
1,590,000
1,634,232
Built
to
Learn,
Revenue,
2022
A,
4%,
6/01/47
.............................
5,000,000
4,770,804
Maryland
State
Transportation
Authority
,
Revenue,
2020,
4%,
7/01/45
.........................................
4,000,000
3,886,393
Revenue,
2021
A,
Refunding,
5%,
7/01/46
...............................
4,900,000
5,336,120
State
of
Maryland
,
GO
,
2022
A
,
5
%
,
6/01/37
...............................
10,000,000
11,444,957
State
of
Maryland
Department
of
Transportation
,
Maryland
Aviation
Administration,
Revenue,
2021
B,
5%,
8/01/46
..............
3,000,000
3,119,149
Maryland
Aviation
Administration,
Revenue,
2021
B,
4%,
8/01/51
..............
3,500,000
3,220,803
Town
of
Chestertown
,
Washington
College,
Revenue,
2021
A,
Refunding,
4%,
3/01/36
...............
2,700,000
2,517,473
Washington
College,
Revenue,
2021
A,
Refunding,
4%,
3/01/37
...............
3,095,000
2,835,005
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
119
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Washington
Suburban
Sanitary
Commission
,
Revenue,
2023,
4%,
6/01/49
.........................................
$
9,500,000
$
9,379,401
Revenue,
Second
Series,
2016,
4%,
6/01/43
.............................
5,000,000
5,002,756
273,922,502
New
Jersey
0.8%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2022
BB
,
4
%
,
6/15/39
...
2,500,000
2,426,097
South
Carolina
0.6%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
700,000
558,198
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
700,000
556,512
a
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-2,
Zero
Cpn
.,
6/01/52
1,350,000
851,597
1,966,307
Texas
0.7%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
550,000
562,529
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
1,000,000
728,499
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,300,000
964,595
2,255,623
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
558,162
Wisconsin
1.0%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
800,000
630,612
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
2,000,000
1,997,168
Pine
Forest
2022
Obligated
Group,
Revenue,
144A,
2022
A,
6.5%,
12/01/52
.....
500,000
491,626
3,119,406
U.S.
Territories
8.2%
District
of
Columbia
4.1%
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated,
Revenue,
2020
A,
5%,
7/15/45
...............................
2,500,000
2,705,199
Dedicated,
Revenue,
2021
A,
4%,
7/15/43
...............................
1,750,000
1,726,146
Dedicated,
Revenue,
2021
A,
5%,
7/15/46
...............................
3,000,000
3,270,278
Dedicated,
Revenue,
2023
A,
5%,
7/15/43
...............................
2,500,000
2,781,023
Dedicated,
Revenue,
2023
A,
4.125%,
7/15/47
............................
2,500,000
2,456,901
12,939,547
Puerto
Rico
4.1%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/33
................
1,805,000
1,824,920
HTA
TRRB
Custodial
Trust
,
Revenue,
2005
L,
5.25%,
7/01/41
.....................................
2,550,000
2,574,869
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
2,000,000
1,976,682
c
Revenue,
WW,
5.5%,
7/01/38
.........................................
1,975,000
1,419,531
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
94,046
90,402
Revenue,
2022
B,
Zero
Cpn
.,
7/01/32
...................................
61,117
38,934
Revenue,
2022
C,
Zero
Cpn
.,
7/01/53
..................................
104,547
63,773
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.
120
See
Abbreviations
on
page
196
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
$
3,600,000
$
3,338,135
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
1,900,000
1,820,100
13,147,346
Total
U.S.
Territories
....................................................................
26,086,893
Total
Municipal
Bonds
(Cost
$326,056,499)
.....................................
311,393,473
a
a
a
a
Short
Term
Investments
1.1%
Municipal
Bonds
1.1%
Maryland
1.1%
d
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
11/01/37
........................................................
2,400,000
2,400,000
d
Montgomery
County
Housing
Opportunities
Commission
,
Revenue
,
2023
A
,
Refunding
,
FHA,
FNMA
Insured
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.9
%
,
1/01/63
.....
1,000,000
1,000,000
3,400,000
Total
Municipal
Bonds
(Cost
$3,400,000)
.......................................
3,400,000
Total
Short
Term
Investments
(Cost
$3,400,000
)
.................................
3,400,000
a
Total
Investments
(Cost
$329,456,499)
98.5%
...................................
$314,793,473
Other
Assets,
less
Liabilities
1.5%
.............................................
5,075,208
Net
Assets
100.0%
...........................................................
$319,868,681
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,
2023,
the
aggregate
value
of
these
securities
was
$11,295,464,
representing
3.5%
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,
2023
Franklin
Massachusetts
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
121
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.2%
Software
0.2%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
900,000
$
895,321
Total
Corporate
Bonds
(Cost
$900,000)
........................................
895,321
Senior
Floating
Rate
Interests
0.3%
Residential
REITs
0.3%
a,b
Centennial
Gardens
LP
,
Delayed
Draw
Term
Loan
,
5.579
%
,
(
1-month
USD
LIBOR
+
1.55
%
),
1/08/24
...................................................
1,000,000
1,017,551
Total
Senior
Floating
Rate
Interests
(Cost
$1,000,000)
...........................
1,017,551
Municipal
Bonds
94.2%
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
1,200,000
994,456
Florida
0.6%
c
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
750,000
502,187
c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
2,000,000
1,635,000
2,137,187
Illinois
0.8%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/42
.
1,750,000
1,630,565
State
of
Illinois
,
GO,
2017
D,
5%,
11/01/27
...........................................
140,000
149,393
GO,
2020
B,
5%,
10/01/29
...........................................
1,000,000
1,095,110
2,875,068
Massachusetts
86.9%
Acton
&
Boxborough
Regional
School
District
,
GO,
5%,
3/01/33
..................................................
2,095,000
2,353,188
GO,
3%,
3/01/34
..................................................
1,485,000
1,433,840
GO,
3%,
3/01/35
..................................................
2,130,000
2,024,038
Boston
Water
&
Sewer
Commission
,
Revenue,
Senior
Lien
,
2014
A
,
Pre-Refunded
,
4
%
,
11/01/28
.....................................................
4,400,000
4,452,807
City
of
Lowell
,
GO,
2020,
Refunding,
4%,
9/01/31
.....................................
2,000,000
2,115,291
GO,
2020,
Refunding,
4%,
9/01/33
.....................................
2,025,000
2,114,127
City
of
Quincy
,
GO
,
2014
,
4
%
,
6/01/32
....................................
2,565,000
2,573,887
City
of
Worcester
,
GO
,
2020
A
,
3
%
,
2/01/42
................................
1,685,000
1,397,796
Commonwealth
of
Massachusetts
,
GO,
2018
A,
5%,
1/01/47
............................................
5,000,000
5,261,009
GO,
2022
E,
5%,
11/01/52
...........................................
3,000,000
3,263,747
GO,
A,
5.25%,
4/01/42
..............................................
5,000,000
5,299,937
Revenue,
2005,
Refunding,
AGMC,
NATL
Insured,
5.5%,
1/01/34
..............
11,900,000
14,054,702
Transportation
Fund,
Revenue,
2016
B,
4%,
6/01/45
.......................
7,175,000
7,042,679
Transportation
Fund,
Revenue,
2017
A,
5%,
6/01/47
.......................
5,000,000
5,222,762
Transportation
Fund,
Revenue,
2018
A,
5%,
6/01/48
.......................
5,000,000
5,268,242
Transportation
Fund,
Revenue,
2019
A,
5%,
6/01/49
.......................
1,925,000
2,047,881
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax,
Revenue,
A,
5%,
7/01/40
....................................
5,000,000
5,133,477
Sales
Tax,
Revenue,
A-1,
Refunding,
5.25%,
7/01/30
.......................
4,000,000
4,661,250
Sales
Tax,
Revenue,
Senior
Lien,
B,
Refunding,
5%,
7/01/33
.................
2,500,000
2,597,056
Massachusetts
Clean
Water
Trust
(The)
,
Revenue,
1999
A,
5.75%,
8/01/29
.....................................
250,000
250,507
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.
122
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Clean
Water
Trust
(The),
(continued)
Revenue,
2000-6,
5.5%,
8/01/30
......................................
$
65,000
$
65,115
Massachusetts
Development
Finance
Agency
,
Babson
College,
Revenue,
2022,
Refunding,
4%,
10/01/44
...................
700,000
639,773
Bentley
University,
Revenue,
2021
A,
Refunding,
4%,
7/01/37
................
1,000,000
977,924
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2015
F,
Refunding,
5%,
8/15/32
2,975,000
3,083,682
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2015
F,
Refunding,
5%,
8/15/34
5,000,000
5,168,578
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2016
I,
Refunding,
5%,
7/01/34
1,500,000
1,572,260
Boston
Medical
Center
Corp.
Obligated
Group,
Revenue,
2023,
Refunding,
5.25%,
7/01/52
........................................................
2,500,000
2,601,950
Brandeis
University,
Revenue,
2019
S-1,
Refunding,
5%,
10/01/38
.............
2,410,000
2,591,261
Broad
Institute,
Inc.
(The),
Revenue,
2017,
Refunding,
4%,
4/01/41
............
5,000,000
5,000,075
Dana-Farber
Cancer
Institute
Obligated
Group,
Revenue,
2016
N,
5%,
12/01/46
..
6,890,000
7,028,370
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2021
C,
4%,
11/01/46
.......................................................
1,250,000
1,127,444
Loomis
Obligated
Group,
Revenue,
2021,
4%,
1/01/41
......................
435,000
365,965
Loomis
Obligated
Group,
Revenue,
2021,
4%,
1/01/51
......................
300,000
232,262
c
Loomis
Obligated
Group,
Revenue,
144A,
2022,
Refunding,
4%,
1/01/26
........
940,000
923,930
c
Loomis
Obligated
Group,
Revenue,
144A,
2022,
Refunding,
4%,
1/01/31
........
870,000
817,731
c
Loomis
Obligated
Group,
Revenue,
144A,
2022,
Refunding,
4%,
1/01/41
........
485,000
408,030
c
Loomis
Obligated
Group,
Revenue,
144A,
2022,
Refunding,
4%,
1/01/51
........
520,000
402,588
Mass
General
Brigham,
Inc.,
Revenue,
2016
Q,
Refunding,
5%,
7/01/34
.........
5,000,000
5,260,337
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-1,
Refunding,
5%,
7/01/33
.......
1,880,000
2,026,517
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-1,
Refunding,
4%,
7/01/41
.......
7,500,000
7,303,148
Mass
General
Brigham,
Inc.,
Revenue,
2020
A-2,
Refunding,
4%,
7/01/41
.......
1,000,000
973,753
Merrimack
College,
Revenue,
2021
B,
4%,
7/01/42
........................
475,000
415,443
Merrimack
College,
Revenue,
2021
B,
4%,
7/01/50
........................
3,650,000
3,005,263
Merrimack
College,
Revenue,
2022,
5%,
7/01/52
..........................
1,000,000
981,013
c
National
Senior
Communities,
Inc.
Obligated
Group,
Revenue,
144A,
2018,
5%,
11/15/38
.......................................................
3,000,000
3,040,010
c
National
Senior
Communities,
Inc.
Obligated
Group,
Revenue,
144A,
2018,
5.125%,
11/15/46
.......................................................
5,000,000
5,044,941
Northeastern
University,
Revenue,
2014
A,
5%,
3/01/44
.....................
5,000,000
5,029,003
Northeastern
University,
Revenue,
2022,
Refunding,
5%,
10/01/44
.............
2,375,000
2,633,417
President
&
Trustees
of
Williams
College,
Revenue,
2017
S,
4%,
7/01/46
........
7,000,000
6,840,343
President
and
Fellows
of
Harvard
College,
Revenue,
2016
A,
Refunding,
5%,
7/15/33
5,000,000
5,318,684
Seven
Hills
Foundation
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/34
.
735,000
690,408
Seven
Hills
Foundation
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/39
.
750,000
660,320
Seven
Hills
Foundation
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/41
.
500,000
428,745
Seven
Hills
Foundation
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/48
.
1,750,000
1,410,232
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
4%,
7/01/46
........................................................
5,795,000
5,060,910
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
5%,
7/01/50
........................................................
6,590,000
6,696,471
Springfield
College,
Revenue,
2021
B,
Refunding,
4%,
6/01/50
................
2,695,000
2,189,595
Suffolk
University,
Revenue,
2021,
4%,
7/01/46
...........................
4,150,000
3,577,992
Suffolk
University,
Revenue,
2021,
4%,
7/01/51
...........................
5,000,000
4,175,595
Trustees
of
Boston
College,
Revenue,
2017
T,
Refunding,
5%,
7/01/42
..........
3,750,000
3,962,141
Trustees
of
Boston
University,
Revenue,
BB-1,
4%,
10/01/46
.................
5,000,000
4,858,467
Wellesley
College,
Revenue,
2018
L,
Refunding,
4%,
7/01/44
.................
6,160,000
6,060,536
Wheaton
College,
Revenue,
2021
I,
5%,
1/01/53
..........................
3,000,000
2,897,096
Woods
Hole
Oceanographic
Institution,
Revenue,
2018,
Refunding,
5%,
6/01/35
..
1,200,000
1,293,468
Woods
Hole
Oceanographic
Institution,
Revenue,
2018,
Refunding,
5%,
6/01/36
..
1,000,000
1,070,485
Worcester
Polytechnic
Institute,
Revenue,
2017,
Refunding,
5%,
9/01/42
........
1,090,000
1,129,990
Worcester
Polytechnic
Institute,
Revenue,
2019,
4%,
9/01/44
.................
1,350,000
1,260,849
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
123
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Educational
Financing
Authority
,
Revenue,
2017
B,
Refunding,
4.25%,
7/01/46
.............................
$
2,500,000
$
2,313,663
Revenue,
2021
C,
3%,
7/01/51
........................................
3,000,000
2,010,160
Massachusetts
Health
&
Educational
Facilities
Authority
,
Trustees
of
Boston
College
,
Revenue
,
M2
,
5.5
%
,
6/01/35
.........................................
8,600,000
10,374,106
Massachusetts
Housing
Finance
Agency
,
Revenue,
2009
C,
5.125%,
12/01/39
...................................
1,045,000
1,045,765
Revenue,
2009
C,
5.35%,
12/01/49
....................................
2,770,000
2,772,284
Revenue,
2012
F,
3.15%,
12/01/32
.....................................
105,000
99,611
Revenue,
2012
F,
3.45%,
12/01/37
.....................................
45,000
41,104
Revenue,
214,
GNMA
Insured,
2.55%,
12/01/34
...........................
1,000,000
864,613
Revenue,
214,
GNMA
Insured,
2.8%,
12/01/39
............................
2,860,000
2,349,089
Revenue,
A,
3.25%,
12/01/27
.........................................
4,000,000
3,930,570
Revenue,
A,
3.5%,
12/01/31
..........................................
5,805,000
5,739,734
Massachusetts
Port
Authority
,
Revenue,
2019
B,
5%,
7/01/44
........................................
5,000,000
5,349,455
Revenue,
2021
B,
Refunding,
5%,
7/01/39
...............................
1,175,000
1,251,560
Massachusetts
School
Building
Authority
,
Revenue,
2018
B,
5.25%,
2/15/48
.....................................
2,315,000
2,458,102
Revenue,
2019
A,
5%,
2/15/44
........................................
1,000,000
1,065,962
Revenue,
Senior
Lien,
2016
C,
Refunding,
5%,
11/15/34
....................
5,000,000
5,310,757
Massachusetts
State
College
Building
Authority
,
Revenue
,
2017
D
,
Refunding
,
4
%
,
5/01/38
.........................................................
4,350,000
4,359,567
Massachusetts
Transportation
Trust
Fund
,
Metropolitan
Highway
System,
Revenue,
2019
B-1,
Refunding,
5%,
1/01/37
......
1,015,000
1,109,125
Metropolitan
Highway
System,
Revenue,
Senior
Lien,
2019
A,
Refunding,
5%,
1/01/37
........................................................
2,750,000
2,983,051
Massachusetts
Water
Resources
Authority
,
Revenue,
2016
C,
Pre-Refunded,
5%,
8/01/40
............................
5,000,000
5,323,733
Revenue,
2018
B,
5%,
8/01/43
........................................
4,000,000
4,247,942
Revenue,
B,
Refunding,
AGMC
Insured,
5.25%,
8/01/28
.....................
5,490,000
6,143,313
Revenue,
B,
5%,
8/01/40
............................................
1,140,000
1,203,213
Revenue,
B,
5%,
8/01/42
............................................
3,145,000
3,307,550
Springfield
Water
&
Sewer
Commission
,
Revenue
,
2017
C
,
5
%
,
4/15/37
..........
1,260,000
1,329,724
Town
of
Belmont
,
GO
,
2019
,
4
%
,
3/15/45
.................................
3,020,000
3,020,064
Town
of
Braintree
,
GO,
Refunding,
5%,
5/15/27
.........................................
2,000,000
2,155,220
GO,
2019,
3%,
6/01/35
.............................................
1,765,000
1,647,731
Town
of
Natick
,
GO
,
2018
,
4
%
,
7/15/35
...................................
4,970,000
5,106,278
Town
of
Plymouth
,
GO
,
2017
,
4
%
,
5/01/47
.................................
5,000,000
4,865,816
University
of
Massachusetts
Building
Authority
,
Revenue,
2022-1,
4%,
11/01/46
.......................................
4,000,000
3,897,042
Revenue,
Senior
Lien,
1,
Pre-Refunded,
5%,
11/01/44
......................
3,240,000
3,317,461
Revenue,
Senior
Lien,
1,
Pre-Refunded,
5%,
11/01/44
......................
760,000
778,700
Revenue,
Senior
Lien,
2017-1,
5.25%,
11/01/42
...........................
5,000,000
5,359,178
314,001,576
New
Jersey
0.5%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2018
A,
Refunding,
5%,
12/15/32
..............................
1,000,000
1,073,880
Revenue,
2020
AA,
4%,
6/15/35
.......................................
250,000
253,544
Revenue,
2020
AA,
3%,
6/15/50
.......................................
500,000
372,270
1,699,694
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.
124
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
0.7%
Metropolitan
Transportation
Authority
,
Revenue,
2020
A-1,
4%,
11/15/40
.....................................
$
750,000
$
715,716
Revenue,
2020
A-1,
4%,
11/15/53
.....................................
1,900,000
1,700,020
2,415,736
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
c
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
800,000
637,941
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
800,000
636,014
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
760,106
2,034,061
Tennessee
0.1%
d
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
5
%
,
11/01/31
500,000
522,461
Texas
0.6%
c
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
1,100,000
801,349
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/37
.................................
300,000
239,360
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,400,000
1,038,795
2,079,504
Washington
0.2%
c
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
800,000
637,899
Wisconsin
1.0%
c
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
800,000
630,612
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
2,100,000
2,097,027
Pine
Forest
2022
Obligated
Group,
Revenue,
144A,
2022
A,
6.5%,
12/01/52
.....
1,000,000
983,252
3,710,891
U.S.
Territories
2.0%
Puerto
Rico
2.0%
HTA
TRRB
Custodial
Trust
,
Revenue,
2005
L,
5.25%,
7/01/41
.....................................
250,000
252,438
Revenue,
2007
N,
5.25%,
7/01/34
.....................................
5,000,000
5,039,157
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
253,926
244,086
Revenue,
2022
B,
Zero
Cpn.,
7/01/32
...................................
165,017
105,123
Revenue,
2022
C,
Zero
Cpn.,
7/01/53
..................................
282,277
172,188
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
481,923
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/39
..
200,000
176,652
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
660,000
632,245
7,103,812
Total
U.S.
Territories
....................................................................
7,103,812
Total
Municipal
Bonds
(Cost
$360,396,495)
.....................................
340,212,345
Total
Long
Term
Investments
(Cost
$362,296,495)
...............................
342,125,217
a
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
125
See
Abbreviations
on
page
196
.
Short
Term
Investments
3.8%
a
a
Principal
Amount
a
Value
Municipal
Bonds
3.8%
Massachusetts
3.8%
e
Massachusetts
Health
&
Educational
Facilities
Authority
,
President
and
Fellows
of
Harvard
College
,
Revenue
,
R
,
Daily
VRDN
and
Put
,
2.9
%
,
11/01/49
............
$
13,710,000
$
13,710,000
Total
Municipal
Bonds
(Cost
$13,710,000)
......................................
13,710,000
Total
Short
Term
Investments
(Cost
$13,710,000
)
................................
13,710,000
a
Total
Investments
(Cost
$376,006,495)
98.5%
...................................
$355,835,217
Other
Assets,
less
Liabilities
1.5%
.............................................
5,422,446
Net
Assets
100.0%
...........................................................
$361,257,663
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$20,361,398,
representing
5.6%
of
net
assets.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2023
Franklin
Michigan
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
Corporate
Bonds
0.2%
Software
0.2%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,800,000
$
1,790,642
Total
Corporate
Bonds
(Cost
$1,800,000)
.......................................
1,790,642
Municipal
Bonds
98.6%
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
2,650,000
2,196,091
Florida
1.2%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
5,256,000
4,356,745
b
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
900,000
602,625
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn
.,
5/01/57
4,100,000
3,351,750
8,311,120
Illinois
0.6%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
..
2,500,000
2,202,644
State
of
Illinois
,
GO
,
2021
B
,
4
%
,
12/01/39
................................
1,860,000
1,789,221
3,991,865
Kentucky
0.8%
b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
A
,
Zero
Cpn
.,
5/01/52
..............................
8,625,000
5,678,409
Michigan
87.6%
Ann
Arbor
School
District
,
GO
,
2015
,
Refunding
,
5
%
,
5/01/29
..................
1,235,000
1,272,757
Battle
Creek
School
District
,
GO
,
2022
,
4
%
,
5/01/45
.........................
3,000,000
2,987,596
Belding
Area
Schools
,
GO
,
2022
,
4.25
%
,
5/01/52
...........................
7,330,000
7,218,797
Byron
Center
Public
Schools
,
GO,
2017
I,
5%,
5/01/34
.............................................
1,000,000
1,075,002
GO,
2017
I,
5%,
5/01/35
.............................................
1,920,000
2,054,454
GO,
2017
I,
5%,
5/01/36
.............................................
650,000
691,674
GO,
2017
I,
5%,
5/01/37
.............................................
1,480,000
1,565,291
GO,
2017
I,
5%,
5/01/38
.............................................
1,330,000
1,397,905
GO,
2017
I,
5%,
5/01/39
.............................................
2,290,000
2,396,107
GO,
2017
I,
5%,
5/01/43
.............................................
2,250,000
2,330,670
GO,
2017
I,
5%,
5/01/47
.............................................
4,140,000
4,275,087
Caledonia
Community
Schools
,
GO
,
2015
,
Refunding
,
5
%
,
5/01/26
..............
1,000,000
1,056,091
Central
Michigan
University
,
Revenue,
2014,
Refunding,
5%,
10/01/30
................................
1,910,000
1,939,439
Revenue,
2014,
Refunding,
5%,
10/01/31
................................
1,055,000
1,069,890
Revenue,
2014,
Refunding,
5%,
10/01/34
................................
1,600,000
1,620,505
Revenue,
2014,
Refunding,
5%,
10/01/39
................................
2,000,000
2,020,715
Revenue,
2021,
Refunding,
3%,
10/01/46
................................
1,325,000
951,258
Charter
Township
of
Bloomfield
,
GO,
2016,
Refunding,
5%,
5/01/29
.....................................
470,000
493,946
GO,
2016,
Refunding,
5%,
5/01/32
.....................................
1,000,000
1,048,957
Charter
Township
of
Commerce
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/38
............
3,250,000
3,348,494
City
of
Battle
Creek
,
Water
&
Wastewater
System
,
Revenue
,
2016
A
,
5
%
,
6/01/36
...
1,300,000
1,359,071
City
of
Detroit
,
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
Second
Lien,
2003
B,
NATL
Insured,
5%,
7/01/34
.........................................
25,000
25,034
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
127
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
City
of
Detroit,
(continued)
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
Senior
Lien,
06A,
AGMC
Insured,
5%,
7/01/34
........................................
$
30,000
$
30,041
City
of
Grand
Rapids
,
Sanitary
Sewer
System,
Revenue,
2014,
Pre-Refunded,
5%,
1/01/39
...........
80,000
80,736
Sanitary
Sewer
System,
Revenue,
2018,
5%,
1/01/37
.......................
1,040,000
1,109,405
Sanitary
Sewer
System,
Revenue,
2018,
5%,
1/01/43
.......................
1,000,000
1,046,974
Sanitary
Sewer
System,
Revenue,
2020,
Refunding,
5%,
1/01/45
..............
2,000,000
2,155,608
Water
Supply
System,
Revenue,
2016,
Refunding,
5%,
1/01/41
...............
2,190,000
2,236,899
Water
Supply
System,
Revenue,
2016,
Refunding,
5%,
1/01/46
...............
2,525,000
2,577,833
Water
Supply
System,
Revenue,
2018,
Refunding,
5%,
1/01/43
...............
1,500,000
1,570,460
Water
Supply
System,
Revenue,
2018,
Refunding,
5%,
1/01/48
...............
2,000,000
2,085,373
Water
Supply
System,
Revenue,
2020,
5%,
1/01/40
........................
2,400,000
2,604,862
Water
Supply
System,
Revenue,
2020,
5%,
1/01/50
........................
3,000,000
3,222,909
Comstock
Public
Schools
,
GO
,
2022
,
4
%
,
5/01/52
...........................
3,000,000
2,831,653
County
of
Kent
,
GO,
2016,
5%,
6/01/32
.............................................
1,305,000
1,371,141
GO,
2016,
5%,
6/01/33
.............................................
1,275,000
1,338,503
County
of
Muskegon
,
GO,
2015,
Refunding,
5%,
11/01/33
....................................
1,360,000
1,407,410
GO,
2015,
Refunding,
5%,
11/01/36
....................................
1,735,000
1,791,012
Detroit
City
School
District
,
GO
,
2001
A
,
AGMC
Insured
,
6
%
,
5/01/29
............
8,400,000
9,344,897
DeWitt
Public
Schools
,
GO,
2017,
5%,
5/01/30
.............................................
500,000
541,391
GO,
2017,
5%,
5/01/33
.............................................
815,000
881,838
GO,
2017,
5%,
5/01/34
.............................................
1,000,000
1,079,612
GO,
2017,
5%,
5/01/35
.............................................
1,000,000
1,075,763
GO,
2017,
5%,
5/01/36
.............................................
1,000,000
1,070,954
Downriver
Utility
Wastewater
Authority
,
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/34
....................
510,000
549,292
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/36
....................
1,600,000
1,699,793
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/38
....................
1,500,000
1,579,408
Revenue,
2018,
Refunding,
AGMC
Insured,
5%,
4/01/43
....................
3,000,000
3,127,716
East
Lansing
School
District
,
GO,
2017
I,
5%,
5/01/35
.............................................
1,500,000
1,602,758
GO,
2017
I,
5%,
5/01/37
.............................................
1,100,000
1,162,152
GO,
2017
I,
5%,
5/01/42
.............................................
3,500,000
3,674,751
Farmington
Public
School
District
,
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/27
.........................
1,000,000
1,031,136
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/28
.........................
2,000,000
2,061,520
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/32
.........................
4,035,000
4,148,534
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/33
.........................
2,900,000
2,981,056
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/34
.........................
3,000,000
3,085,534
GO,
2015,
Refunding,
AGMC
Insured,
5%,
5/01/35
.........................
1,000,000
1,027,950
GO,
2018,
BAM
Insured,
4.5%,
5/01/38
.................................
7,225,000
7,407,281
Flat
Rock
Community
School
District
,
GO
,
2022
I
,
4.5
%
,
5/01/52
................
2,100,000
2,067,840
Gerald
R
Ford
International
Airport
Authority
,
Revenue
,
2021
,
5
%
,
1/01/51
.........
2,000,000
2,090,410
Grand
Traverse
County
Hospital
Finance
Authority
,
Munson
Healthcare
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/44
...........
2,000,000
2,011,928
Munson
Healthcare
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/47
...........
2,500,000
2,513,252
Munson
Healthcare
Obligated
Group,
Revenue,
2019
A,
5%,
7/01/44
...........
1,110,000
1,138,711
Munson
Healthcare
Obligated
Group,
Revenue,
2019
B,
5%,
7/01/39
...........
1,625,000
1,697,767
Munson
Healthcare
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
7/01/51
....
10,000,000
6,910,156
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.
128
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Grand
Valley
State
University
,
Revenue,
2016
A,
Refunding,
5%,
12/01/32
..............................
$
4,295,000
$
4,469,015
Revenue,
2018,
5%,
12/01/38
........................................
900,000
959,597
Revenue,
2018,
5%,
12/01/43
........................................
1,800,000
1,908,059
Grandville
Public
Schools
,
GO,
II,
AGMC
Insured,
5%,
5/01/29
....................................
750,000
772,789
GO,
II,
AGMC
Insured,
5%,
5/01/30
....................................
1,000,000
1,028,511
GO,
II,
AGMC
Insured,
5%,
5/01/31
....................................
1,150,000
1,182,788
GO,
II,
AGMC
Insured,
5%,
5/01/32
....................................
1,165,000
1,197,998
GO,
II,
AGMC
Insured,
5%,
5/01/34
....................................
1,315,000
1,352,739
GO,
II,
AGMC
Insured,
5%,
5/01/35
....................................
1,225,000
1,258,781
GO,
II,
AGMC
Insured,
5%,
5/01/37
....................................
2,915,000
2,983,971
GO,
II,
AGMC
Insured,
5%,
5/01/40
....................................
6,215,000
6,338,986
Great
Lakes
Water
Authority
,
Sewage
Disposal
System,
Revenue,
Second
Lien,
2022
B,
5.5%,
7/01/52
.......
1,500,000
1,626,333
Water
Supply
System,
Revenue,
Second
Lien,
2022
B,
5.5%,
7/01/52
..........
5,000,000
5,421,110
Gull
Lake
Community
School
District
,
GO,
2018
I,
5%,
5/01/45
.............................................
4,000,000
4,198,842
GO,
2018
I,
5%,
5/01/48
.............................................
1,000,000
1,046,413
Holly
Area
School
District
,
GO,
2014,
Refunding,
5%,
5/01/30
.....................................
1,045,000
1,059,622
GO,
2014,
Refunding,
5%,
5/01/32
.....................................
1,040,000
1,054,459
Hudsonville
Public
Schools
,
GO,
2017,
Refunding,
5%,
5/01/37
.....................................
1,550,000
1,656,323
GO,
2017,
Refunding,
5%,
5/01/39
.....................................
2,500,000
2,658,927
GO,
2017,
Refunding,
5%,
5/01/41
.....................................
2,500,000
2,649,258
Kent
Hospital
Finance
Authority
,
Mary
Free
Bed
Rehabilitation
Hospital
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
4/01/51
..................................
6,010,000
3,928,857
Kentwood
Economic
Development
Corp.
,
Holland
Home
Obligated
Group,
Revenue,
2021,
4%,
11/15/45
................
1,655,000
1,215,178
Holland
Home
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
11/15/31
.......
2,000,000
1,831,049
Holland
Home
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
11/15/43
.......
8,820,000
6,638,043
Kentwood
Public
Schools
,
GO,
2016,
5%,
5/01/35
.............................................
1,205,000
1,253,091
GO,
2016,
5%,
5/01/36
.............................................
1,205,000
1,248,358
GO,
2016,
5%,
5/01/38
.............................................
1,210,000
1,248,469
GO,
2016,
5%,
5/01/44
.............................................
2,920,000
2,986,943
Lansing
Board
of
Water
&
Light
,
Revenue
,
2021
A
,
5
%
,
7/01/51
.................
10,000,000
10,534,456
Lansing
Community
College
,
GO
,
2017
,
Refunding
,
5
%
,
5/01/32
................
2,000,000
2,177,835
Lansing
School
District
,
GO,
2016
I,
5%,
5/01/39
.............................................
2,125,000
2,182,525
GO,
2016
I,
5%,
5/01/40
.............................................
2,200,000
2,258,945
Ludington
Area
School
District
,
GO
,
2022
II
,
BAM
Insured
,
4
%
,
5/01/51
...........
7,820,000
7,408,141
Macomb
Interceptor
Drain
Drainage
District
,
Special
Assessment
,
2017
A
,
Refunding
,
5
%
,
5/01/42
......................................................
7,500,000
7,899,663
Mason
County
Central
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
5/01/26
.........
1,100,000
1,133,423
Melvindale
Northern
Allen
Park
Public
Schools
,
GO
,
2022
,
AGMC
Insured
,
4.375
%
,
5/01/47
...................................................
1,500,000
1,515,036
Meridian
Public
School
District
,
GO,
2015,
Refunding,
5%,
5/01/27
.....................................
735,000
757,057
GO,
2015,
Refunding,
5%,
5/01/29
.....................................
775,000
796,806
GO,
2015,
Refunding,
5%,
5/01/31
.....................................
1,130,000
1,160,528
Michigan
Finance
Authority
,
Albion
College,
Revenue,
2022,
Refunding,
5%,
12/01/36
....................
3,270,000
3,358,123
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
129
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Finance
Authority,
(continued)
Albion
College,
Revenue,
2022,
Refunding,
4%,
12/01/46
....................
$
5,365,000
$
4,462,803
Albion
College,
Revenue,
2022,
Refunding,
4%,
12/01/51
....................
3,415,000
2,743,709
Bronson
Health
Care
Group
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/54
........................................................
11,000,000
10,831,358
Calvin
University
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
9/01/50
......
895,000
585,351
Calvin
University
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
9/01/50
......
2,600,000
2,269,122
Clean
Water
Revolving
Fund,
Revenue,
2016
B,
Refunding,
4%,
10/01/30
.......
2,750,000
2,842,602
Clean
Water
Revolving
Fund,
Revenue,
2018
B,
Refunding,
5%,
10/01/38
.......
8,055,000
8,731,590
County
of
Wayne,
Revenue,
Second
Lien,
2020,
Refunding,
BAM
Insured,
4%,
11/01/55
.......................................................
4,000,000
3,701,401
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/41
.......................................................
19,015,000
19,346,759
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2019
A,
5%,
11/15/48
.....
10,000,000
10,247,174
Kalamazoo
College,
Revenue,
2018,
Refunding,
4%,
12/01/47
................
2,610,000
2,377,336
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/35
.................
400,000
395,854
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/36
.................
565,000
555,122
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/37
.................
640,000
610,826
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/38
.................
675,000
635,244
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/39
.................
645,000
602,531
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/45
.................
3,780,000
3,388,083
Kettering
University,
Revenue,
2020,
Refunding,
4%,
9/01/50
.................
3,000,000
2,618,218
Lawrence
Technological
University
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
2/01/42
........................................................
745,000
602,852
Michigan
Finance
Authority
Clean
Water
Revolving
Fund,
Revenue,
2018
B,
Refunding,
5%,
10/01/39
...........................................
6,000,000
6,486,624
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A-2,
Refunding,
5%,
6/01/40
....
1,000,000
1,038,064
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/49
...
17,170,000
15,258,964
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
B-1,
2,
Refunding,
5%,
6/01/49
..
2,220,000
2,256,062
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016
MI,
5%,
12/01/45
.........
19,710,000
20,034,033
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2016
MI,
Pre-Refunded,
5%,
12/01/45
.......................................................
290,000
305,972
Michigan
State
Building
Authority
,
Revenue,
2013
A-1,
Refunding,
5%,
10/15/33
.............................
5,000,000
5,037,079
Revenue,
2013
A-1,
Refunding,
5.25%,
10/15/47
..........................
5,000,000
5,030,398
Revenue,
2016
I,
Refunding,
5%,
4/15/41
................................
13,000,000
13,547,550
Revenue,
2016
I,
Refunding,
5%,
10/15/46
...............................
9,910,000
10,214,489
Revenue,
2016
I,
Refunding,
5%,
10/15/51
...............................
1,000,000
1,029,205
Revenue,
2019
I,
Refunding,
4%,
4/15/54
................................
2,000,000
1,912,326
Revenue,
2021,
3%,
10/15/51
........................................
1,500,000
1,144,096
Revenue,
2022
I,
4%,
10/15/52
.......................................
4,250,000
4,080,509
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group,
Revenue,
1999
B-3,
4%,
11/15/33
.............
5,370,000
5,487,285
Ascension
Health
Credit
Group,
Revenue,
2010
F-7,
Refunding,
5%,
11/15/47
....
10,000,000
10,174,538
Ascension
Health
Credit
Group,
Revenue,
2010
F-8,
Refunding,
5%,
11/15/46
....
5,000,000
5,091,103
Michigan
State
Housing
Development
Authority
,
Revenue,
2019
B,
3.1%,
12/01/44
.....................................
15,000,000
11,765,817
Revenue,
2020
A,
2.8%,
12/01/45
.....................................
4,350,000
3,118,607
Revenue,
2020
A,
2.85%,
6/01/50
.....................................
5,150,000
3,610,977
Revenue,
2021
A,
2.5%,
6/01/52
......................................
3,000,000
1,951,636
Revenue,
2021
A,
2.7%,
10/01/56
.....................................
5,000,000
3,120,869
Revenue,
2021
A,
2.73%,
10/01/59
....................................
5,000,000
3,084,475
Revenue,
2022
A,
4.1%,
6/01/43
......................................
5,000,000
4,662,823
Michigan
State
University
,
Revenue
,
2015
A
,
5
%
,
8/15/40
.....................
8,500,000
8,703,707
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation,
Revenue,
2018,
5%,
6/30/33
....
2,200,000
2,272,465
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
130
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Strategic
Fund,
(continued)
State
of
Michigan
Department
of
Transportation,
Revenue,
2018,
5%,
6/30/48
....
$
7,000,000
$
6,890,782
Michigan
Technological
University
,
Revenue,
2015
A,
5%,
10/01/45
.......................................
2,400,000
2,467,689
Revenue,
2023
A,
AGMC
Insured,
5%,
10/01/47
...........................
3,000,000
3,156,646
Revenue,
2023
A,
AGMC
Insured,
5.25%,
10/01/52
........................
1,675,000
1,784,599
Oakland
School
District
,
GO,
2016,
Refunding,
5%,
5/01/35
.....................................
1,500,000
1,566,208
GO,
2016,
Refunding,
5%,
5/01/36
.....................................
1,005,000
1,049,076
Oakland
University
,
Revenue,
2014,
Refunding,
5%,
3/01/31
.................................
1,260,000
1,269,437
Revenue,
2014,
Refunding,
5%,
3/01/32
.................................
1,000,000
1,007,048
Revenue,
2014,
Refunding,
5%,
3/01/33
.................................
1,285,000
1,293,491
Revenue,
2014,
Refunding,
5%,
3/01/34
.................................
1,000,000
1,006,534
Revenue,
2014,
Refunding,
5%,
3/01/39
.................................
3,000,000
3,011,033
Revenue,
2016,
5%,
3/01/41
.........................................
5,000,000
5,076,464
Revenue,
2019,
5%,
3/01/50
.........................................
2,230,000
2,314,780
Plainwell
Community
Schools
,
GO
,
2022
II
,
4
%
,
5/01/52
......................
7,000,000
6,618,216
Rochester
Community
School
District
,
GO
,
2016
I
,
5
%
,
5/01/36
.................
2,800,000
2,892,142
Roseville
Community
Schools
,
GO,
2014,
Pre-Refunded,
5%,
5/01/30
..................................
1,620,000
1,674,400
GO,
2014,
Pre-Refunded,
5%,
5/01/31
..................................
1,585,000
1,638,224
Saginaw
Valley
State
University
,
Revenue,
2016
A,
Refunding,
5%,
7/01/30
...............................
1,750,000
1,831,527
Revenue,
2016
A,
Refunding,
5%,
7/01/31
...............................
2,170,000
2,269,153
Revenue,
2016
A,
Refunding,
5%,
7/01/33
...............................
1,240,000
1,294,813
Saline
Area
Schools
,
GO,
2016,
5%,
5/01/34
.............................................
2,750,000
2,874,492
GO,
2016,
5%,
5/01/36
.............................................
2,950,000
3,079,376
South
Haven
Public
Schools
,
GO,
2015
B,
AGMC
Insured,
5%,
5/01/33
................................
350,000
359,848
GO,
2015
B,
AGMC
Insured,
5%,
5/01/35
................................
1,575,000
1,619,022
Sparta
Area
Schools
,
GO
,
II
,
5
%
,
5/01/48
.................................
5,750,000
6,135,905
Trenton
Public
Schools
School
District
,
GO,
2018,
5%,
5/01/42
.............................................
4,920,000
5,271,158
GO,
2018,
5%,
5/01/45
.............................................
11,480,000
12,262,437
Universal
Academy
,
Revenue,
2021,
Refunding,
2%,
12/01/26
................................
405,000
381,209
Revenue,
2021,
Refunding,
4%,
12/01/31
................................
500,000
473,025
Revenue,
2021,
Refunding,
4%,
12/01/40
................................
1,100,000
952,972
University
of
Michigan
,
Revenue,
2015,
Pre-Refunded,
5%,
4/01/46
..............................
2,000,000
2,111,721
Revenue,
2017
A,
Pre-Refunded,
5%,
4/01/37
............................
2,700,000
2,907,044
Revenue,
2017
A,
Pre-Refunded,
5%,
4/01/42
............................
5,635,000
6,067,108
Revenue,
2017
A,
Pre-Refunded,
5%,
4/01/47
............................
5,000,000
5,383,414
Walled
Lake
Consolidated
School
District
,
GO,
2020,
5%,
5/01/45
.............................................
2,500,000
2,681,079
GO,
2022,
5%,
5/01/49
.............................................
1,500,000
1,599,937
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport,
Revenue,
2018
A,
5%,
12/01/43
......
7,750,000
8,105,602
Detroit
Metropolitan
Wayne
County
Airport,
Revenue,
2021
A,
5%,
12/01/40
......
3,330,000
3,644,621
Detroit
Metropolitan
Wayne
County
Airport,
Revenue,
2021
A,
5%,
12/01/46
......
4,670,000
5,036,970
Detroit
Metropolitan
Wayne
County
Airport,
Revenue,
2021
B,
5%,
12/01/39
......
1,675,000
1,776,555
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
131
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Wayne
State
University
,
Revenue,
2015
A,
Refunding,
5%,
11/15/31
..............................
$
1,860,000
$
1,887,338
Revenue,
2018
A,
5%,
11/15/43
.......................................
4,500,000
4,709,376
Revenue,
2018
A,
4%,
11/15/48
.......................................
10,000,000
9,435,255
Wayne-Westland
Community
Schools
,
GO,
2022,
3%,
11/01/44
.............................................
2,830,000
2,202,574
GO,
2022,
3%,
11/01/46
.............................................
1,475,000
1,122,840
Western
Michigan
University
,
Revenue,
2015
A,
Refunding,
5%,
11/15/28
..............................
1,635,000
1,676,833
Revenue,
2015
A,
Refunding,
5%,
11/15/29
..............................
2,000,000
2,046,998
Revenue,
2015
A,
Refunding,
5%,
11/15/30
..............................
2,500,000
2,555,434
Revenue,
2015
A,
Refunding,
5%,
11/15/40
..............................
1,560,000
1,584,304
Revenue,
2015
A,
Refunding,
5%,
11/15/45
..............................
2,000,000
2,022,179
Revenue,
2019
A,
Refunding,
5%,
11/15/44
..............................
2,315,000
2,427,338
Revenue,
2021
A,
AGMC
Insured,
5%,
11/15/51
...........................
2,785,000
2,905,115
Western
School
District
,
GO
,
2022
,
5.25
%
,
5/01/52
..........................
2,000,000
2,211,732
Zeeland
Public
Schools
,
GO,
2015
A,
AGMC
Insured,
5%,
5/01/31
................................
1,530,000
1,571,620
GO,
2015
A,
AGMC
Insured,
5%,
5/01/33
................................
2,000,000
2,052,538
GO,
2015
A,
Pre-Refunded,
AGMC
Insured,
5%,
5/01/35
....................
2,000,000
2,067,160
636,862,005
New
Jersey
0.1%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
4%,
6/15/50
.......................................
500,000
463,609
Revenue,
2020
AA,
3%,
6/15/50
.......................................
600,000
446,724
910,333
New
York
1.2%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/48
..........
9,300,000
8,508,042
South
Carolina
1.0%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,800,000
1,435,367
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,800,000
1,431,032
b
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-2,
Zero
Cpn
.,
6/01/52
6,200,000
3,911,036
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
760,106
7,537,541
Texas
0.7%
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
2,400,000
1,748,398
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/39
325,000
249,115
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/40
300,000
225,871
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/47
550,000
377,947
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,500,000
2,596,988
5,198,319
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,800,000
1,435,274
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
See
Abbreviations
on
page
196
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
0.8%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
$
1,800,000
$
1,418,877
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
4,600,000
4,593,487
6,012,364
U.S.
Territories
4.1%
Guam
0.2%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
1,750,000
1,757,565
Puerto
Rico
3.9%
HTA
HRRB
Custodial
Trust
,
Revenue,
2007
CC,
5.25%,
7/01/32
....................................
2,100,000
2,125,607
Revenue,
2007
CC,
5.25%,
7/01/36
....................................
1,515,000
1,528,302
HTA
TRRB
Custodial
Trust
,
Revenue,
2005
L,
5.25%,
7/01/41
.....................................
3,900,000
3,938,035
Revenue,
2007
N,
5.25%,
7/01/34
.....................................
7,420,000
7,478,108
Revenue,
2007
N,
5.25%,
7/01/36
.....................................
500,000
504,390
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
95,927
92,210
Revenue,
2022
B,
Zero
Cpn
.,
7/01/32
...................................
62,340
39,713
Revenue,
2022
C,
Zero
Cpn
.,
7/01/53
..................................
106,638
65,049
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
12,900,000
12,357,524
28,128,938
Total
U.S.
Territories
....................................................................
29,886,503
Total
Municipal
Bonds
(Cost
$758,820,836)
.....................................
716,527,866
Total
Long
Term
Investments
(Cost
$760,620,836)
...............................
718,318,508
a
a
a
a
a
Short
Term
Investments
0.4%
Municipal
Bonds
0.4%
Michigan
0.4%
c
University
of
Michigan
,
Revenue
,
2012
D-1
,
Daily
VRDN
and
Put
,
3.8
%
,
12/01/24
...
2,800,000
2,800,000
Total
Municipal
Bonds
(Cost
$2,800,000)
.......................................
2,800,000
Total
Short
Term
Investments
(Cost
$2,800,000
)
.................................
2,800,000
a
Total
Investments
(Cost
$763,420,836)
99.2%
...................................
$721,118,508
Other
Assets,
less
Liabilities
0.8%
.............................................
5,867,594
Net
Assets
100.0%
...........................................................
$726,986,102
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$27,532,317,
representing
3.8%
of
net
assets.
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
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,
2023
Franklin
Minnesota
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.7%
Florida
0.8%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
$
6,192,000
$
5,132,605
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
2,100,000
1,406,124
6,538,729
Minnesota
95.6%
Alexandria
Independent
School
District
No.
206
,
GO
,
2017
A
,
Refunding
,
3
%
,
2/01/37
29,905,000
26,760,118
Anoka-Hennepin
Independent
School
District
No.
11
,
GO,
2018
A,
3.25%,
2/01/37
..........................................
5,355,000
5,083,469
GO,
2018
A,
4%,
2/01/39
............................................
8,905,000
9,002,672
GO,
2018
A,
3.375%,
2/01/43
.........................................
4,020,000
3,655,927
Becker
Independent
School
District
No.
726
,
GO,
2022
A,
Zero
Cpn.,
2/01/41
.......................................
1,000,000
454,176
GO,
2022
A,
Zero
Cpn.,
2/01/42
.......................................
1,000,000
430,313
GO,
2022
A,
Zero
Cpn.,
2/01/43
.......................................
1,700,000
696,425
Blooming
Prairie
Independent
School
District
No.
756
,
GO
,
2022
A
,
Refunding
,
2.25
%
,
2/01/45
.........................................................
1,500,000
1,013,503
Brainerd
Independent
School
District
No.
181
,
GO,
2018
A,
4%,
2/01/32
............................................
3,065,000
3,180,460
GO,
2018
A,
4%,
2/01/39
............................................
10,600,000
10,636,814
GO,
2018
A,
4%,
2/01/43
............................................
1,900,000
1,903,755
Centennial
Independent
School
District
No.
12
,
GO,
2015
A,
Refunding,
Zero
Cpn.,
2/01/32
..............................
1,450,000
1,041,811
GO,
2015
A,
Refunding,
Zero
Cpn.,
2/01/34
..............................
1,600,000
1,053,221
GO,
2015
A,
Refunding,
Zero
Cpn.,
2/01/35
..............................
350,000
220,644
City
of
Center
City
,
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2019
,
Refunding
,
4
%
,
11/01/41
........................................................
1,000,000
886,044
City
of
Corcoran
,
GO
,
2023
A
,
BAM
Insured
,
4
%
,
2/01/53
.....................
3,605,000
3,452,454
City
of
Elk
River
,
Electric
,
Revenue
,
2021
B
,
2.25
%
,
8/01/47
...................
1,475,000
957,563
City
of
Fridley
,
GO,
2022
A,
4%,
2/01/36
............................................
350,000
355,915
GO,
2022
A,
4%,
2/01/37
............................................
735,000
743,837
GO,
2022
A,
4%,
2/01/38
............................................
800,000
806,105
Fridley
Leased
Housing
Associates
I
LLLP,
Revenue,
2018,
FNMA
Insured,
3.75%,
11/01/34
.......................................................
9,460,952
9,336,308
City
of
Minneapolis
,
GO,
2018,
4%,
12/01/43
.............................................
5,000,000
5,027,526
GO,
2018,
4%,
12/01/46
.............................................
3,500,000
3,497,658
GO,
2019,
3%,
12/01/40
.............................................
3,000,000
2,596,845
14th
and
Central
LLLP,
Revenue,
2020,
FNMA
Insured,
2.35%,
2/01/38
.........
9,377,263
7,870,194
Allina
Health
Obligated
Group,
Revenue,
2021,
4%,
11/15/40
.................
6,750,000
6,483,588
Fairview
Health
Services
Obligated
Group,
Revenue,
2015
A,
Refunding,
AGMC
Insured,
5%,
11/15/44
.............................................
10,000,000
10,145,943
Fairview
Health
Services
Obligated
Group,
Revenue,
2018
A,
Refunding,
AGMC
Insured,
5%,
11/15/49
.............................................
6,000,000
6,196,300
City
of
Minneapolis
St.
Paul
Housing
&
Redevelopment
Authority
,
Allina
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/26
.......
2,000,000
2,110,594
Allina
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
11/15/27
.......
2,000,000
2,132,152
City
of
Rochester
,
Electric
Utility,
Revenue,
2013
B,
Pre-Refunded,
5%,
12/01/43
................
1,000,000
1,008,117
Electric
Utility,
Revenue,
2017
A,
Refunding,
5%,
12/01/47
...................
11,210,000
11,514,471
Mayo
Clinic,
Revenue,
2016
B,
Refunding,
5%,
11/15/33
....................
4,425,000
5,233,447
Mayo
Clinic,
Revenue,
2016
B,
Refunding,
5%,
11/15/34
....................
10,235,000
12,165,043
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
135
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
City
of
Rochester,
(continued)
Mayo
Clinic,
Revenue,
2016
B,
Refunding,
5%,
11/15/36
....................
$
8,400,000
$
9,893,042
Mayo
Clinic,
Revenue,
2018,
4%,
11/15/48
...............................
6,000,000
5,803,543
Mayo
Clinic,
Revenue,
2022,
Refunding,
3.25%,
11/15/41
...................
4,000,000
3,479,996
Mayo
Clinic,
Revenue,
2022,
Refunding,
5%,
11/15/57
......................
2,000,000
2,153,026
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group,
Revenue,
2016
A,
Refunding,
4%,
5/01/37
........................................................
12,310,000
11,984,215
CentraCare
Health
System
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
5/01/46
........................................................
4,650,000
4,712,091
CentraCare
Health
System
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
5/01/48
........................................................
10,000,000
10,230,241
City
of
St.
Paul
,
Sales
&
Use
Tax,
Revenue,
2014
G,
5%,
11/01/31
.........................
1,000,000
1,019,044
Sales
&
Use
Tax,
Revenue,
2014
G,
5%,
11/01/32
.........................
1,000,000
1,017,798
Water,
Revenue,
2023
A,
4%,
12/01/46
.................................
13,340,000
13,290,787
Cloquet
Independent
School
District
No.
94
,
GO
,
2015
B
,
5
%
,
2/01/32
............
3,615,000
3,693,203
County
of
Norman
,
GO
,
2022
A
,
3.25
%
,
2/01/52
............................
3,115,000
2,546,647
County
of
Rice
,
GO
,
2022
A
,
4
%
,
2/01/48
.................................
5,200,000
5,055,952
Dakota
County
Community
Development
Agency
,
Revenue
,
2011
A
,
GNMA
Insured
,
4.875
%
,
12/01/33
..................................................
425,000
425,295
Dawson-Boyd
Independent
School
District
No.
378
,
GO
,
2019
A
,
3.125
%
,
2/01/40
...
2,965,000
2,706,547
Dilworth
Glyndon
Felton
Independent
School
District
No.
2164
,
GO,
2020
A,
3%,
2/01/39
............................................
1,000,000
876,191
GO,
2020
A,
3%,
2/01/41
............................................
1,225,000
1,045,283
Duluth
Economic
Development
Authority
,
Essentia
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5.25%,
2/15/53
...
28,935,000
29,869,797
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/15/38
........................................................
150,000
134,727
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
6/15/39
........................................................
155,000
137,628
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2021
A,
Refunding,
3%,
6/15/44
........................................................
850,000
589,266
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/29
........................................................
400,000
415,559
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/30
........................................................
425,000
444,419
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/31
........................................................
450,000
473,144
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/32
........................................................
500,000
527,754
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
6/15/33
........................................................
600,000
632,696
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/34
........................................................
520,000
501,295
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/35
........................................................
425,000
403,822
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/36
........................................................
400,000
373,403
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/37
........................................................
375,000
342,585
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/38
........................................................
400,000
359,272
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/15/39
........................................................
250,000
221,981
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
136
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Duluth
Economic
Development
Authority,
(continued)
St.
Luke's
Hospital
of
Duluth
Obligated
Group,
Revenue,
2022
B,
5.25%,
6/15/52
..
$
8,000,000
$
8,053,581
Duluth
Independent
School
District
No.
709
,
GO,
2015
B,
Refunding,
2.5%,
2/01/26
..................................
2,840,000
2,748,108
GO,
2021
C,
Zero
Cpn.,
2/01/29
.......................................
1,870,000
1,509,600
GO,
2021
C,
Zero
Cpn.,
2/01/30
.......................................
1,275,000
990,250
GO,
2021
C,
Zero
Cpn.,
2/01/31
.......................................
1,325,000
987,819
GO,
2021
C,
Zero
Cpn.,
2/01/32
.......................................
1,080,000
771,025
GO,
2021
C,
Zero
Cpn.,
2/01/33
.......................................
1,075,000
733,779
Edina
Independent
School
District
No.
273
,
GO
,
2019
A
,
3
%
,
2/01/36
............
1,630,000
1,539,367
Elk
River
Independent
School
District
No.
728
,
GO
,
2015
A
,
4
%
,
2/01/32
..........
3,130,000
3,152,014
Fridley
Independent
School
District
No.
14
,
GO
,
2016
A
,
4
%
,
2/01/29
............
2,220,000
2,278,245
Hastings
Independent
School
District
No.
200
,
GO,
2018
A,
Zero
Cpn.,
2/01/38
.......................................
4,685,000
2,521,669
GO,
2018
A,
Zero
Cpn.,
2/01/39
.......................................
4,685,000
2,367,159
GO,
2018
A,
Zero
Cpn.,
2/01/40
.......................................
4,685,000
2,237,509
Hennepin
County
Regional
Railroad
Authority
,
County
of
Hennepin,
GO,
2019
A,
5%,
12/01/35
...........................
1,480,000
1,644,874
County
of
Hennepin,
GO,
2019
A,
5%,
12/01/36
...........................
5,220,000
5,766,900
County
of
Hennepin,
GO,
2019
A,
5%,
12/01/37
...........................
1,000,000
1,097,659
County
of
Hennepin,
GO,
2019
A,
5%,
12/01/38
...........................
2,000,000
2,179,184
Hermantown
Independent
School
District
No.
700
,
GO
,
2014
A
,
Refunding
,
4
%
,
2/01/29
.........................................................
2,310,000
2,317,149
Hopkins
Independent
School
District
No.
270
,
GO,
2019
A,
3%,
2/01/33
............................................
5,640,000
5,479,087
GO,
2019
A,
3%,
2/01/34
............................................
2,450,000
2,379,004
Lakeview
Independent
School
District
No.
2167
,
GO
,
2021
A
,
2
%
,
2/01/38
.........
1,055,000
770,730
Lakeville
Independent
School
District
No.
194
,
GO
,
2021
B
,
2.125
%
,
2/01/42
.......
4,085,000
2,809,568
Mankato
Independent
School
District
No.
77
,
COP
,
2022
A
,
3
%
,
2/01/42
..........
2,730,000
2,134,175
Metropolitan
Council
,
GO,
2016
C,
Refunding,
3%,
3/01/30
...................................
3,305,000
3,185,288
GO,
2020
B,
2.125%,
3/01/36
.........................................
4,500,000
3,550,478
GO,
2020
B,
2.125%,
3/01/37
.........................................
4,000,000
3,065,691
GO,
2020
B,
2.125%,
3/01/38
.........................................
4,000,000
2,968,324
GO,
2022
C,
4%,
3/01/40
............................................
3,275,000
3,305,142
GO,
2022
C,
4%,
3/01/41
............................................
3,410,000
3,427,721
Minneapolis-St
Paul
Metropolitan
Airports
Commission
,
Revenue
,
2022
A
,
Refunding
,
4.25
%
,
1/01/52
...................................................
2,990,000
2,928,785
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
,
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/34
..............................
2,870,000
3,048,287
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/35
..............................
4,025,000
4,264,832
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/41
..............................
5,180,000
5,368,790
Revenue,
Senior
Lien,
2016
C,
5%,
1/01/46
..............................
29,975,000
30,899,759
Minnesota
Higher
Education
Facilities
Authority
,
Carleton
College,
Revenue,
2017,
Refunding,
4%,
3/01/47
...................
3,575,000
3,488,265
Macalester
College,
Revenue,
2017,
Refunding,
3%,
3/01/33
.................
3,010,000
2,944,108
Macalester
College,
Revenue,
2017,
Refunding,
4%,
3/01/42
.................
900,000
898,579
Macalester
College,
Revenue,
2021,
Refunding,
4%,
3/01/36
.................
125,000
129,212
Macalester
College,
Revenue,
2021,
Refunding,
3%,
3/01/40
.................
365,000
312,992
Macalester
College,
Revenue,
2021,
Refunding,
3%,
3/01/43
.................
330,000
270,120
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/32
...............
255,000
262,391
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/33
...............
240,000
245,045
St.
John's
University,
Revenue,
2021,
Refunding,
4%,
10/01/34
...............
355,000
361,492
St.
John's
University,
Revenue,
2021,
Refunding,
3%,
10/01/37
...............
250,000
206,756
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
137
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Minnesota
Higher
Education
Facilities
Authority,
(continued)
St.
John's
University,
Revenue,
2021,
Refunding,
3%,
10/01/38
...............
$
250,000
$
201,502
St.
Olaf
College,
Revenue,
2021,
3%,
10/01/41
...........................
2,600,000
2,060,983
St.
Olaf
College,
Revenue,
Eight
N,
Refunding,
4%,
10/01/33
.................
1,500,000
1,517,019
St.
Olaf
College,
Revenue,
Eight
N,
Refunding,
4%,
10/01/35
.................
500,000
502,327
University
of
St.
Thomas,
Revenue,
2016
8-L,
Refunding,
4%,
4/01/31
..........
4,200,000
4,265,260
University
of
St.
Thomas,
Revenue,
2016
8-L,
Refunding,
5%,
4/01/35
..........
1,720,000
1,798,537
University
of
St.
Thomas,
Revenue,
2017
A,
Refunding,
4%,
10/01/36
..........
750,000
752,254
University
of
St.
Thomas,
Revenue,
2017
A,
Refunding,
4%,
10/01/37
..........
750,000
743,056
University
of
St.
Thomas,
Revenue,
2022
A,
5%,
10/01/52
...................
10,000,000
10,393,463
Minnesota
Housing
Finance
Agency
,
Revenue,
2009,
4%,
8/01/29
.........................................
3,675,000
3,678,227
Revenue,
2011,
5%,
8/01/31
.........................................
2,225,000
2,227,996
Revenue,
2020
B,
GNMA
Insured,
2.8%,
1/01/44
..........................
2,870,000
2,402,358
Revenue,
2020
D,
4%,
8/01/42
........................................
1,815,000
1,762,925
Revenue,
2020
E,
GNMA
Insured,
2.5%,
7/01/40
..........................
1,840,000
1,504,385
Revenue,
2020
E,
GNMA
Insured,
2.7%,
7/01/44
..........................
2,580,000
2,046,989
Revenue,
2020
G,
GNMA
Insured,
2.45%,
7/01/45
.........................
2,115,000
1,713,330
Revenue,
2021
B,
GNMA
Insured,
2.1%,
7/01/36
..........................
950,000
745,630
Revenue,
2021
B,
GNMA
Insured,
2.3%,
7/01/41
..........................
3,345,000
2,458,565
Revenue,
2021
B,
GNMA
Insured,
2.45%,
7/01/46
.........................
3,320,000
2,428,824
Revenue,
2021
H,
GNMA
Insured,
2.55%,
1/01/46
.........................
3,950,000
3,157,084
Revenue,
2022
A,
GNMA
Insured,
2.75%,
7/01/42
.........................
2,660,000
2,127,050
Revenue,
2022
A,
GNMA
Insured,
2.9%,
1/01/45
..........................
1,280,000
1,023,663
Revenue,
2022
C,
GNMA
Insured,
3%,
7/01/43
...........................
1,725,000
1,381,247
Revenue,
2023
D,
GNMA
Insured,
4.5%,
7/01/43
..........................
1,000,000
980,489
Revenue,
2023
D,
GNMA
Insured,
4.6%,
7/01/45
..........................
1,000,000
981,142
b
Minnesota
Municipal
Gas
Agency
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/27
..
13,550,000
13,652,111
Minnesota
Municipal
Power
Agency
,
Revenue,
2014
A,
Refunding,
4%,
10/01/31
..............................
1,265,000
1,281,218
Revenue,
2014
A,
Refunding,
4%,
10/01/32
..............................
1,200,000
1,213,732
Revenue,
2014
A,
Refunding,
4%,
10/01/33
..............................
1,000,000
1,010,644
Revenue,
2014
A,
Refunding,
5%,
10/01/34
..............................
1,000,000
1,018,150
Revenue,
2014
A,
Refunding,
5%,
10/01/35
..............................
1,005,000
1,022,847
Revenue,
2016,
4%,
10/01/41
........................................
4,680,000
4,588,046
Revenue,
2016,
5%,
10/01/47
........................................
4,650,000
4,789,615
c
Minnesota
Office
of
Higher
Education
,
Revenue,
Senior
Lien
,
2023
,
Refunding
,
4
%
,
11/01/42
........................................................
2,250,000
2,119,371
Minnesota
Public
Facilities
Authority
,
Revenue
,
2010
A
,
5
%
,
3/01/24
.............
9,010,000
9,124,722
Moorhead
Independent
School
District
No.
152
,
GO
,
2020
A
,
2.5
%
,
2/01/37
.......
9,295,000
7,609,606
Nashwauk
Keewatin
Independent
School
District
No.
319
,
GO
,
2022
A
,
Refunding
,
4
%
,
2/01/48
.........................................................
9,020,000
8,716,184
North
St.
Paul-Maplewood-Oakdale
Independent
School
District
No.
622
,
GO,
2019
A,
3%,
2/01/42
............................................
5,975,000
4,837,856
GO,
2019
A,
3%,
2/01/46
............................................
23,965,000
18,354,245
Northern
Municipal
Power
Agency
,
Revenue,
2013
A,
5%,
1/01/30
........................................
1,190,000
1,191,212
Revenue,
2017,
Refunding,
5%,
1/01/41
.................................
800,000
824,569
Norwood
Young
America
Independent
School
District
No.
108
,
GO
,
2022
A
,
2.25
%
,
2/01/45
.........................................................
1,700,000
1,154,921
Prior
Lake-Savage
Independent
School
District
No.
719
,
GO,
2018
B,
Zero
Cpn.,
2/01/27
.......................................
10,545,000
9,185,317
GO,
2018
B,
Zero
Cpn.,
2/01/28
.......................................
13,055,000
11,013,372
GO,
2018
B,
Zero
Cpn.,
2/01/30
.......................................
9,010,000
7,067,640
GO,
2018
B,
Zero
Cpn.,
2/01/31
.......................................
5,310,000
4,005,786
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
138
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Red
Rock
Central
Independent
School
District
No.
2884
,
GO
,
2022
A
,
2.375
%
,
2/01/47
$
3,000,000
$
2,024,883
Roseville
Independent
School
District
No.
623
,
GO,
2018
A,
5%,
2/01/30
............................................
3,700,000
3,969,571
GO,
2018
A,
4%,
2/01/35
............................................
4,900,000
5,040,437
GO,
2018
A,
4%,
2/01/37
............................................
5,000,000
5,096,590
Sartell-St.
Stephen
Independent
School
District
No.
748
,
GO,
2016
B,
Zero
Cpn.,
2/01/36
.......................................
3,000,000
1,761,192
GO,
2016
B,
Zero
Cpn.,
2/01/37
.......................................
2,820,000
1,559,364
GO,
2016
B,
Zero
Cpn.,
2/01/38
.......................................
5,220,000
2,722,317
GO,
2016
B,
Zero
Cpn.,
2/01/39
.......................................
3,020,000
1,486,668
a
Scott
County
Community
Development
Agency
,
Spero
BP
Senior
LLC
,
Revenue,
Senior
Lien
,
144A,
2022
A
,
5.25
%
,
8/01/37
...............................
8,000,000
7,143,881
Southern
Minnesota
Municipal
Power
Agency
,
Revenue,
1994
A,
NATL
Insured,
Zero
Cpn.,
1/01/26
.......................
5,395,000
4,902,353
Revenue,
1994
A,
NATL
Insured,
Zero
Cpn.,
1/01/27
.......................
6,600,000
5,784,361
Revenue,
2015
A,
Refunding,
5%,
1/01/46
...............................
9,345,000
9,552,018
Revenue,
2017
A,
5%,
1/01/42
........................................
1,315,000
1,407,001
Revenue,
2019
A,
5%,
1/01/32
........................................
700,000
789,421
Revenue,
2019
A,
5%,
1/01/33
........................................
560,000
629,271
Revenue,
2019
A,
5%,
1/01/34
........................................
610,000
684,249
St.
Cloud
Independent
School
District
No.
742
,
COP,
2017
A,
4%,
2/01/38
...........................................
1,000,000
995,497
GO,
2015
A,
4%,
2/01/28
............................................
2,080,000
2,112,560
GO,
2017
B,
Refunding,
4%,
2/01/30
...................................
4,060,000
4,130,432
GO,
2017
B,
Refunding,
4%,
2/01/36
...................................
2,500,000
2,543,370
GO,
2017
B,
Refunding,
4%,
2/01/37
...................................
2,250,000
2,289,033
St.
Francis
Independent
School
District
No.
15
,
GO,
2018
A,
4%,
2/01/37
............................................
1,025,000
1,025,382
GO,
2018
A,
3.5%,
2/01/41
...........................................
3,350,000
3,064,580
St.
Paul
Port
Authority
,
Revenue,
2021-2,
4%,
10/01/40
.......................................
1,100,000
1,022,822
District
Energy
St.
Paul
Obligated
Group,
Revenue,
2021-1,
Refunding,
3%,
10/01/34
300,000
272,181
State
of
Minnesota
,
COP,
2014,
5%,
6/01/36
.............................................
3,615,000
3,654,617
GO,
2013
F,
Refunding,
4%,
10/01/25
..................................
15,000,000
15,039,029
GO,
2019
A,
5%,
8/01/34
............................................
1,900,000
2,140,684
Revenue,
2014
A,
5%,
6/01/38
........................................
8,500,000
8,514,028
Stearns
County
Housing
&
Redevelopment
Authority
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
2/01/61
......................................................
1,105,000
762,674
University
of
Minnesota
,
Revenue,
2014
B,
5%,
1/01/38
........................................
4,500,000
4,517,401
Revenue,
2014
B,
4%,
1/01/44
........................................
3,750,000
3,710,914
Revenue,
2015
A,
Refunding,
5%,
8/01/28
...............................
7,225,000
7,465,692
Revenue,
2016
A,
5%,
4/01/41
........................................
5,000,000
5,142,038
Revenue,
2017
A,
5%,
9/01/39
........................................
1,500,000
1,592,502
Revenue,
2017
A,
5%,
9/01/41
........................................
3,000,000
3,179,833
Revenue,
2017
B,
Refunding,
5%,
12/01/30
..............................
5,575,000
6,077,679
Revenue,
2019
A,
5%,
4/01/40
........................................
2,110,000
2,279,648
Revenue,
2019
A,
5%,
4/01/41
........................................
6,045,000
6,516,375
Revenue,
2019
A,
5%,
4/01/44
........................................
3,505,000
3,757,956
Revenue,
2020
A,
5%,
11/01/42
.......................................
5,230,000
5,695,663
Virginia
Independent
School
District
No.
706
,
Rock
Ridge
Independent
School
District
No.
2909
,
GO
,
2019
A
,
3
%
,
2/01/40
....................................
2,295,000
2,006,696
Watertown-Mayer
Independent
School
District
No.
111
,
GO,
2020
A,
Zero
Cpn.,
2/01/33
.......................................
2,470,000
1,713,374
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
139
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Watertown-Mayer
Independent
School
District
No.
111,
(continued)
GO,
2020
A,
Zero
Cpn.,
2/01/34
.......................................
$
2,470,000
$
1,647,343
GO,
2020
A,
Zero
Cpn.,
2/01/36
.......................................
1,470,000
889,069
GO,
2020
A,
Zero
Cpn.,
2/01/37
.......................................
2,470,000
1,412,282
Waterville-Elysian-Morristown
Independent
School
District
No.
2143
,
GO
,
2019
A
,
3
%
,
2/01/32
.........................................................
1,995,000
1,969,768
West
St.
Paul-Mendota
Heights-Eagan
Independent
School
District
No.
197
,
GO
,
2018
A
,
4
%
,
2/01/34
....................................................
2,655,000
2,742,220
Western
Minnesota
Municipal
Power
Agency
,
Revenue,
2014
A,
Pre-Refunded,
5%,
1/01/40
............................
8,075,000
8,151,586
Revenue,
2014
A,
Pre-Refunded,
5%,
1/01/46
............................
6,870,000
6,935,157
Revenue,
2015
A,
Refunding,
5%,
1/01/35
...............................
3,000,000
3,099,886
Revenue,
2015
A,
Refunding,
5%,
1/01/36
...............................
2,035,000
2,097,691
Revenue,
2018
A,
5%,
1/01/49
........................................
5,000,000
5,246,495
Zumbro
Education
District
,
COP,
2021
A,
4%,
2/01/32
...........................................
200,000
197,859
COP,
2021
A,
4%,
2/01/33
...........................................
150,000
148,090
COP,
2021
A,
4%,
2/01/34
...........................................
125,000
123,236
COP,
2021
A,
2.125%,
2/01/35
........................................
325,000
252,394
COP,
2021
A,
4%,
2/01/38
...........................................
390,000
364,857
COP,
2021
A,
4%,
2/01/41
...........................................
635,000
576,434
762,880,246
South
Carolina
0.8%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
2,100,000
1,674,595
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
2,100,000
1,669,537
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,500,000
2,660,370
6,004,502
Texas
0.4%
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
4,000,000
2,967,986
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
1,674,486
Wisconsin
0.9%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
2,100,000
1,655,356
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
5,600,000
5,592,071
7,247,427
Total
Municipal
Bonds
(Cost
$835,688,919)
.....................................
787,313,376
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
140
See
Abbreviations
on
page
196
.
Short
Term
Investments
0.5%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.5%
Minnesota
0.5%
d
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2008
B
,
SPA
Northern
Trust
Co.
(The)
,
Daily
VRDN
and
Put
,
3.5
%
,
11/15/38
.......................................
$
3,900,000
$
3,900,000
Total
Municipal
Bonds
(Cost
$3,900,000)
.......................................
3,900,000
Total
Short
Term
Investments
(Cost
$3,900,000
)
.................................
3,900,000
a
Total
Investments
(Cost
$839,588,919)
99.2%
...................................
$791,213,376
Other
Assets,
less
Liabilities
0.8%
.............................................
6,506,815
Net
Assets
100.0%
...........................................................
$797,720,191
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,
2023,
the
aggregate
value
of
these
securities
was
$24,774,869,
representing
3.1%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2023
Franklin
Missouri
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
141
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.9%
California
0.1%
Santa
Barbara
Secondary
High
School
District
,
GO
,
2011
A
,
Zero
Cpn
.,
8/01/40
....
$
1,790,000
$
862,504
Florida
0.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
5,544,000
4,595,471
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
850,000
569,146
5,164,617
Georgia
0.4%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
3,250,000
2,596,279
Missouri
89.7%
Affton
School
District
No.
101
,
GO,
2017
A,
Refunding,
5%,
3/01/32
...................................
1,500,000
1,608,868
GO,
2017
A,
Refunding,
5%,
3/01/33
...................................
1,595,000
1,710,018
GO,
2017
A,
Refunding,
5%,
3/01/34
...................................
1,700,000
1,822,175
GO,
2017
A,
Refunding,
5%,
3/01/35
...................................
1,810,000
1,934,340
GO,
2017
A,
Refunding,
5%,
3/01/36
...................................
1,920,000
2,043,073
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
10/01/44
......................................
6,000,000
5,834,031
Cape
Girardeau
County
Industrial
Development
Authority
,
Procter
&
Gamble
Co.
(The),
Revenue,
1998,
5.3%,
5/15/28
..................
6,875,000
6,886,966
SoutheastHEALTH
Obligated
Group,
Revenue,
2021,
4%,
3/01/41
.............
3,010,000
2,548,229
SoutheastHEALTH
Obligated
Group,
Revenue,
2021,
3%,
3/01/46
.............
3,000,000
2,050,414
SoutheastHEALTH
Obligated
Group,
Revenue,
2021,
4%,
3/01/46
.............
8,730,000
7,078,815
St.
Francis
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
6/01/39
..........
7,110,000
7,221,360
Cape
Girardeau
County
School
District
No.
R-2
,
GO
,
2018
,
5
%
,
3/01/38
..........
2,195,000
2,367,705
City
of
Bridgeton
,
Sales
Tax,
Revenue,
2021
A,
Refunding,
2%,
12/01/32
......................
500,000
414,316
Sales
Tax,
Revenue,
2021
A,
Refunding,
2.125%,
12/01/33
..................
1,170,000
967,695
City
of
Harrisonville
,
COP,
2023
A,
Refunding,
4.375%,
3/01/43
...............................
1,000,000
981,712
COP,
2023
A,
Refunding,
4.5%,
3/01/48
.................................
2,000,000
1,956,277
COP,
2023
A,
Refunding,
4.625%,
3/01/53
...............................
2,000,000
1,961,543
City
of
Kansas
City
,
Sanitary
Sewer
System,
Revenue,
2018
A,
4%,
1/01/35
.....................
1,500,000
1,537,192
Sanitary
Sewer
System,
Revenue,
2023
A,
4%,
1/01/48
.....................
5,000,000
4,872,538
Water,
Revenue,
2017
A,
4%,
12/01/41
.................................
4,970,000
4,978,270
Water,
Revenue,
2023
A,
4%,
12/01/47
.................................
2,120,000
2,065,540
City
of
Marshfield
,
Waterworks
&
Sewer
System
,
Revenue
,
2020
B
,
AGMC
Insured
,
5
%
,
2/01/47
......................................................
1,775,000
1,859,104
City
of
Republic
,
Revenue,
2022,
3%,
5/01/47
.........................................
5,000,000
3,656,766
Revenue,
2023,
4.5%,
5/01/41
........................................
1,000,000
1,003,365
Revenue,
2023,
4.5%,
5/01/44
........................................
1,000,000
1,000,287
City
of
Springfield
,
Revenue
,
2023
,
4.375
%
,
11/01/42
........................
500,000
506,379
City
of
St.
Charles
,
COP,
2020
B,
Refunding,
3%,
2/01/38
..................................
1,200,000
1,053,551
COP,
2020
B,
Refunding,
3%,
2/01/39
..................................
1,500,000
1,299,801
City
of
St.
Louis
,
Airport,
Revenue,
2005,
Refunding,
NATL
Insured,
5.5%,
7/01/29
..............
13,070,000
14,794,988
Airport,
Revenue,
2017
A,
Refunding,
AGMC
Insured,
5%,
7/01/25
.............
5,000,000
5,166,304
Airport,
Revenue,
2017
D,
Refunding,
AGMC
Insured,
5%,
7/01/35
.............
1,000,000
1,043,508
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
142
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
City
of
St.
Louis,
(continued)
Airport,
Revenue,
2017
D,
Refunding,
AGMC
Insured,
5%,
7/01/36
.............
$
2,125,000
$
2,207,259
Airport,
Revenue,
2019
C,
Refunding,
5%,
7/01/27
.........................
1,705,000
1,823,917
Clay
County
Reorganized
School
District
No.
R-1
,
GO,
2017,
3%,
3/01/36
.............................................
1,540,000
1,420,522
GO,
2017,
3.125%,
3/01/37
..........................................
1,855,000
1,690,936
Community
College
District
of
Central
Southwest
Missouri
,
COP,
2021,
3%,
3/01/40
.............................................
575,000
487,774
COP,
2021,
3%,
3/01/41
.............................................
400,000
335,357
County
of
Jackson
,
Revenue
,
2023
A
,
5.25
%
,
12/01/58
.......................
2,500,000
2,664,371
Ferguson
Reorganized
School
District
No.
R-2
,
GO,
2018,
4%,
5/01/32
.............................................
1,000,000
1,020,258
GO,
2018,
5%,
5/01/38
.............................................
2,250,000
2,385,972
Hannibal
Board
of
Public
Works
,
COP,
2022,
3.625%,
4/01/44
.........................................
1,000,000
830,654
COP,
2022,
3.75%,
4/01/47
..........................................
1,000,000
833,640
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Bethesda
Health
Group,
Inc.
Obligated
Group,
Revenue,
2015,
5%,
8/01/40
......
1,650,000
1,567,775
Bethesda
Health
Group,
Inc.
Obligated
Group,
Revenue,
2015,
5%,
8/01/45
......
1,300,000
1,186,189
BJC
Healthcare
Obligated
Group,
Revenue,
2021
A,
Refunding,
3%,
7/01/51
.....
13,000,000
9,601,236
CoxHealth
Obligated
Group,
Revenue,
2013
A,
5%,
11/15/38
.................
11,680,000
11,618,527
CoxHealth
Obligated
Group,
Revenue,
2013
A,
5%,
11/15/44
.................
2,760,000
2,736,582
CoxHealth
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
11/15/34
........
3,200,000
3,287,705
CoxHealth
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
11/15/39
........
6,690,000
6,795,258
CoxHealth
Obligated
Group,
Revenue,
2019
A,
4%,
11/15/44
.................
5,000,000
4,740,625
Kansas
City
University,
Revenue,
2017
A,
5%,
6/01/42
......................
2,800,000
2,976,947
Kansas
City
University,
Revenue,
2017
A,
5%,
6/01/47
......................
4,875,000
5,162,668
Lake
Regional
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
2/15/40
........................................................
2,060,000
1,518,788
Lake
Regional
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
2/15/41
........................................................
2,120,000
1,543,766
Lake
Regional
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
2/15/46
........................................................
5,590,000
3,784,594
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2016
A,
5%,
2/01/46
.......
4,000,000
3,641,162
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2016
B,
Refunding,
5%,
2/01/46
........................................................
11,575,000
10,536,611
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2019
A,
5%,
2/01/34
.......
2,000,000
1,951,454
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2019
A,
5%,
2/01/42
.......
1,750,000
1,623,515
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2019
C,
Refunding,
4%,
2/01/33
........................................................
1,730,000
1,550,597
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2019
C,
Refunding,
4%,
2/01/48
........................................................
485,000
368,587
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2021,
4%,
2/01/30
........
2,035,000
1,899,918
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2021,
4%,
2/01/42
........
9,900,000
7,903,192
Maryville
University
of
St.
Louis,
Revenue,
2015,
5%,
6/15/44
.................
5,000,000
5,008,028
Maryville
University
of
St.
Louis,
Revenue,
2019
A,
5%,
6/15/45
...............
4,000,000
4,011,729
Maryville
University
of
St.
Louis,
Revenue,
2020
A,
Refunding,
4%,
6/15/34
......
4,345,000
4,188,703
Maryville
University
of
St.
Louis,
Revenue,
2020
A,
Refunding,
4%,
6/15/38
......
4,885,000
4,431,063
Maryville
University
of
St.
Louis,
Revenue,
2022
A,
Refunding,
3.125%,
6/15/38
...
2,300,000
1,831,313
Maryville
University
of
St.
Louis,
Revenue,
2022
A,
Refunding,
3.375%,
6/15/45
...
1,000,000
746,326
Mercy
Health,
Revenue,
2012,
4%,
11/15/42
.............................
8,000,000
7,737,487
Mercy
Health,
Revenue,
2014
F,
5%,
11/15/45
............................
25,000,000
25,212,368
Mercy
Health,
Revenue,
2015
B,
Refunding,
5%,
2/01/45
....................
6,870,000
6,959,681
Mercy
Health,
Revenue,
2017
C,
Refunding,
5%,
11/15/42
...................
9,720,000
9,977,220
Mercy
Health,
Revenue,
2017
C,
Refunding,
4%,
11/15/47
...................
10,000,000
9,420,999
Mercy
Health,
Revenue,
2020,
4%,
6/01/53
..............................
2,000,000
1,827,402
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
143
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri,
(continued)
Mosaic
Health
System
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
2/15/54
$
4,000,000
$
3,559,711
SSM
Health
Care
Obligated
Group,
Revenue,
2018
A,
5%,
6/01/48
............
13,500,000
13,786,482
St.
Louis
University,
Revenue,
2015
A,
5%,
10/01/38
.......................
10,000,000
10,309,117
St.
Louis
University,
Revenue,
2017
A,
5%,
10/01/42
.......................
9,200,000
9,646,689
St.
Louis
University,
Revenue,
2017
A,
5%,
10/01/47
.......................
5,800,000
6,058,613
St.
Louis
University,
Revenue,
2019
A,
5%,
10/01/46
.......................
5,775,000
6,151,361
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/35
3,950,000
4,099,690
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
11/15/43
.......................................................
2,000,000
2,055,501
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/50
2,500,000
2,298,043
University
of
Central
Missouri,
Revenue,
2013
C-2,
5%,
10/01/34
..............
5,000,000
5,009,092
Howard
Bend
Levee
District
,
Special
Tax,
2021,
2.75%,
3/01/31
.....................................
400,000
343,691
Special
Tax,
2021,
3%,
3/01/36
.......................................
500,000
406,546
Special
Tax,
2021,
3.125%,
3/01/41
....................................
1,000,000
767,903
Special
Tax,
2022,
3.375%,
3/01/32
....................................
75,000
66,225
Special
Tax,
2022,
3.5%,
3/01/37
......................................
175,000
146,792
Special
Tax,
2022,
3.625%,
3/01/42
....................................
200,000
160,385
Jefferson
City
School
District
,
GO
,
2018
,
5
%
,
3/01/38
........................
2,070,000
2,177,364
Jefferson
County
School
District
No.
R-VI
,
Festus,
COP,
2021
B,
3%,
4/01/42
.....................................
500,000
395,303
Festus,
COP,
2021
B,
3%,
4/01/44
.....................................
1,500,000
1,149,735
Festus,
COP,
2021
B,
2.375%,
4/01/46
..................................
2,000,000
1,392,260
Joplin
Industrial
Development
Authority
,
Freeman
Health
System
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
2/15/35
.................................
4,000,000
4,031,642
Kansas
City
Industrial
Development
Authority
,
Revenue,
2011
A,
Refunding,
5.5%,
9/01/29
..............................
5,000,000
5,008,467
Revenue,
2011
A,
Refunding,
5.5%,
9/01/30
..............................
12,000,000
12,020,912
Revenue,
2011
A,
Refunding,
5%,
9/01/32
...............................
3,000,000
3,004,335
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/46
...................
9,000,000
9,259,748
City
of
Kansas
City
Airport,
Revenue,
2019
B,
AGMC
Insured,
5%,
3/01/49
.......
3,000,000
3,076,594
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/54
...................
31,770,000
32,421,126
City
of
Kansas
City
Airport,
Revenue,
2020
A,
AGMC
Insured,
4%,
3/01/57
.......
10,900,000
9,803,233
City
of
Kansas
City
Airport,
Revenue,
2020
A,
AGMC
Insured,
5%,
3/01/57
.......
100,000
102,940
Liberty
Public
School
District
No.
53
,
GO
,
2018
,
4
%
,
3/01/37
...................
4,500,000
4,525,577
Metropolitan
St.
Louis
Sewer
District
,
Revenue,
2016
C,
Refunding,
5%,
5/01/46
...............................
24,700,000
25,664,947
Revenue,
2017
A,
Refunding,
5%,
5/01/47
...............................
15,000,000
15,716,055
Missouri
Development
Finance
Board
,
City
of
Independence,
Revenue,
2021,
Refunding,
5%,
3/01/30
...............
930,000
968,424
City
of
Independence,
Revenue,
2021,
Refunding,
4%,
3/01/36
...............
1,140,000
1,083,947
City
of
Independence,
Revenue,
2021,
Refunding,
4%,
3/01/37
...............
500,000
464,658
City
of
Independence,
Revenue,
2021,
Refunding,
4%,
3/01/41
...............
515,000
459,957
City
of
Independence,
Revenue,
2021,
Refunding,
3%,
3/01/46
...............
2,640,000
1,868,297
City
of
Independence,
Revenue,
2021,
Refunding,
4%,
3/01/51
...............
9,445,000
7,945,150
Procter
&
Gamble
Co.
(The),
Revenue,
1999,
5.2%,
3/15/29
..................
3,000,000
3,319,942
Zoological
Subdistrict
of
the
Metropolitan
Zoo
Park
&
Museum
District
of
St.
Louis,
Revenue,
2022,
5.25%,
5/01/55
.....................................
2,500,000
2,684,021
Missouri
Housing
Development
Commission
,
Revenue,
2018
B,
GNMA
Insured,
4%,
11/01/38
...........................
820,000
809,161
Revenue,
2019
C,
GNMA
Insured,
3%,
11/01/44
...........................
3,045,000
2,789,018
Revenue,
2020
C,
GNMA
Insured,
2.4%,
11/01/45
.........................
2,010,000
1,486,426
Revenue,
2020
D,
GNMA
Insured,
2.55%,
11/01/50
........................
2,715,000
2,067,367
Revenue,
2021
B,
GNMA
Insured,
2.2%,
11/01/46
.........................
1,160,000
833,816
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
144
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Missouri
Housing
Development
Commission,
(continued)
Revenue,
2021
B,
GNMA
Insured,
2.3%,
11/01/51
.........................
$
7,220,000
$
5,203,536
Revenue,
2022
A,
GNMA
Insured,
3%,
11/01/37
...........................
1,295,000
1,147,464
Revenue,
2022
A,
GNMA
Insured,
3.125%,
11/01/42
.......................
3,425,000
2,878,912
Revenue,
2022
C,
GNMA
Insured,
4.3%,
11/01/47
.........................
2,000,000
1,953,104
Revenue,
2022
C,
GNMA
Insured,
4.35%,
11/01/52
........................
2,495,000
2,416,004
Missouri
Joint
Municipal
Electric
Utility
Commission
,
Iatan
2
Project,
Revenue,
2015
A,
Refunding,
5%,
12/01/35
..................
7,335,000
7,471,178
MoPEP
1
Pool
Fund,
Revenue,
2018,
5%,
12/01/43
........................
2,000,000
2,057,551
Plum
Point
Project,
Revenue,
2014
A,
Refunding,
5%,
1/01/33
................
5,500,000
5,583,409
Prairie
State
Project,
Revenue,
2016
A,
Refunding,
5%,
12/01/40
..............
27,950,000
28,413,939
Monarch-Chesterfield
Levee
District
,
Special
Tax
,
2015
,
Refunding
,
5
%
,
3/01/40
....
4,395,000
4,437,628
Move
Rolla
Transportation
Development
District
,
Revenue
,
2017
,
4.75
%
,
6/01/47
...
5,050,000
4,689,288
Normandy
Schools
Collaborative
,
GO,
2021
B,
2%,
3/01/40
............................................
2,050,000
1,456,642
GO,
2021
B,
2%,
3/01/41
............................................
1,700,000
1,195,070
Poplar
Bluff
Regional
Transportation
Development
District
,
Sales
Tax,
Revenue,
2023
B,
Refunding,
3.375%,
12/01/31
..................
2,000,000
1,924,469
Sales
Tax,
Revenue,
2023
B,
Refunding,
4%,
12/01/37
......................
2,600,000
2,522,910
b
Republic
School
District
No.
R-3
,
GO
,
2023
,
4
%
,
3/01/43
......................
1,470,000
1,432,640
Riverside-
Quindaro
Bend
Levee
District
of
Platte
County
,
Special
Assessment
,
2017
,
Refunding
,
5
%
,
3/01/29
.............................................
2,585,000
2,650,146
Southeast
Missouri
State
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/40
......
5,075,000
4,874,006
c
Springfield
School
District
No.
R-12
,
GO
,
2023
,
4
%
,
3/01/43
...................
2,000,000
1,980,959
St.
Charles
County
Public
Water
Supply
District
No.
2
,
COP
,
2022
,
4
%
,
12/01/44
....
5,000,000
4,855,808
St.
Charles
County
School
District
No.
R-IV
Wentzville
,
GO
,
2018
,
Refunding
,
4
%
,
3/01/38
.........................................................
15,400,000
15,500,976
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
St.
Louis
Obligated
Group,
Revenue,
2013
A,
5.875%,
9/01/43
..
7,000,000
6,998,599
Friendship
Village
St.
Louis
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
9/01/48
........................................................
7,095,000
5,904,900
St.
Louis
Land
Clearance
for
Redevelopment
Authority
,
Revenue,
2021,
2.125%,
7/15/39
......................................
3,680,000
2,614,973
Revenue,
2021,
2.25%,
7/15/41
.......................................
3,845,000
2,711,160
Revenue,
2021
A,
Refunding,
2.125%,
4/01/39
............................
6,385,000
4,542,927
City
of
St.
Louis,
Revenue,
2022
C,
5%,
6/01/36
...........................
2,025,000
2,100,922
City
of
St.
Louis,
Revenue,
2022
C,
5%,
6/01/41
...........................
2,000,000
2,023,704
City
of
St.
Louis,
Revenue,
2022
C,
5.125%,
6/01/46
.......................
2,600,000
2,636,695
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis,
Revenue,
2020,
AGMC
Insured,
5%,
10/01/45
...............
2,685,000
2,812,545
City
of
St.
Louis,
Revenue,
2020,
AGMC
Insured,
5%,
10/01/49
...............
5,175,000
5,354,443
St.
Louis
Municipal
Library
District
,
COP
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
3/15/48
2,800,000
2,664,486
St.
Louis
School
District
,
GO
,
2023
,
AGMC
Insured
,
4
%
,
4/01/43
................
7,000,000
6,861,030
Washington
Industrial
Development
Authority
,
Revenue
,
2021
,
Refunding
,
2.5
%
,
11/01/29
........................................................
300,000
273,826
650,815,917
Oregon
0.2%
a
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
1,400,000
1,386,534
South
Carolina
0.7%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,900,000
1,515,110
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
145
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
South
Carolina
Jobs-Economic
Development
Authority,
(continued)
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
$
1,900,000
$
1,510,534
a
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-2,
Zero
Cpn
.,
6/01/52
3,200,000
2,018,599
5,044,243
Texas
1.0%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
2,045,559
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
2,500,000
1,821,248
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
2.5%,
9/01/41
........................................................
525,000
359,771
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/44
700,000
497,927
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,200,000
2,374,389
7,098,894
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
1,515,011
Wisconsin
1.6%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
1,900,000
1,497,703
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
3,250,000
2,592,344
FAH
Tree
House
LLC,
Revenue,
144A,
2023
A,
6.5%,
8/01/53
................
1,500,000
1,486,119
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
4,900,000
4,893,062
Pine
Forest
2022
Obligated
Group,
Revenue,
144A,
2022
A,
6.5%,
12/01/52
.....
1,500,000
1,474,879
11,944,107
U.S.
Territories
4.3%
Guam
0.8%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
5,790,000
5,815,030
Puerto
Rico
3.5%
HTA
HRRB
Custodial
Trust
,
Revenue,
2007
CC,
5.25%,
7/01/33
....................................
1,000,000
1,011,036
Revenue,
2007
CC,
5.25%,
7/01/36
....................................
6,200,000
6,254,437
HTA
TRRB
Custodial
Trust
,
Revenue,
2005
L,
5.25%,
7/01/41
.....................................
5,205,000
5,255,762
Revenue,
2007
N,
5.25%,
7/01/36
.....................................
500,000
504,390
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,750,000
1,729,596
d
Revenue,
WW,
5.5%,
7/01/38
.........................................
4,690,000
3,370,938
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
165,992
159,560
Revenue,
2022
B,
Zero
Cpn
.,
7/01/32
...................................
107,872
68,719
Revenue,
2022
C,
Zero
Cpn
.,
7/01/53
..................................
184,525
112,559
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
1,404,000
1,301,872
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
6,000,000
5,747,686
25,516,555
Total
U.S.
Territories
....................................................................
31,331,585
Total
Municipal
Bonds
(Cost
$763,358,434)
.....................................
717,759,691
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
146
See
Abbreviations
on
page
196
.
Short
Term
Investments
0.1%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.1%
Missouri
0.1%
e
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Washington
University
(The)
,
Revenue
,
2000
B
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
3/01/40
.........................................................
$
800,000
$
800,000
Total
Municipal
Bonds
(Cost
$800,000)
.........................................
800,000
Total
Short
Term
Investments
(Cost
$800,000
)
..................................
800,000
a
Total
Investments
(Cost
$764,158,434)
99.0%
...................................
$718,559,691
Other
Assets,
less
Liabilities
1.0%
.............................................
7,208,132
Net
Assets
100.0%
...........................................................
$725,767,823
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,
2023,
the
aggregate
value
of
these
securities
was
$25,740,423,
representing
3.5%
of
net
assets.
b
Security
purchased
on
a
when-issued
basis.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
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,
2023
Franklin
New
Jersey
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
147
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.2%
Software
0.2%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,600,000
$
1,591,682
Total
Corporate
Bonds
(Cost
$1,600,000)
.......................................
1,591,682
Municipal
Bonds
98.3%
California
0.1%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
1,300,000
1,077,328
Delaware
1.7%
Delaware
River
&
Bay
Authority
,
Revenue,
2019,
Refunding,
4%,
1/01/44
.................................
12,500,000
12,162,120
Revenue,
2021,
4%,
1/01/46
.........................................
1,000,000
963,847
13,125,967
Florida
1.0%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
4,536,000
3,759,931
b
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
850,000
569,146
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
3,650,000
2,983,875
7,312,952
Georgia
0.3%
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
2,650,000
2,116,966
New
Jersey
79.4%
Atlantic
County
Improvement
Authority
(The)
,
Stockton
University
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
7/01/47
..........................................
1,000,000
948,292
Bergen
County
Improvement
Authority
(The)
,
Borough
of
Ridgefield,
Revenue,
2020,
4%,
10/15/42
.......................
5,205,000
5,244,690
County
of
Bergen,
Revenue,
2019,
4%,
10/15/37
..........................
3,600,000
3,667,170
County
of
Bergen,
Revenue,
2019,
4%,
10/15/38
..........................
3,745,000
3,799,766
County
of
Bergen,
Revenue,
2019,
4%,
10/15/39
..........................
3,000,000
3,039,301
Camden
County
Improvement
Authority
(The)
,
b
Camden
Prep,
Inc.,
Revenue,
144A,
2022,
5%,
7/15/52
.....................
3,000,000
2,920,839
KIPP
Cooper
Norcross
Obligated
Group,
Revenue,
2022,
6%,
6/15/47
..........
1,700,000
1,806,894
KIPP
Cooper
Norcross
Obligated
Group,
Revenue,
2022,
6%,
6/15/52
..........
2,100,000
2,220,207
City
of
Newark
,
Mass
Transit
Access
Tax,
Revenue,
2022,
AGMC
Insured,
5%,
11/15/42
.........
1,000,000
1,095,408
Mass
Transit
Access
Tax,
Revenue,
2022,
AGMC
Insured,
5.375%,
11/15/52
.....
1,500,000
1,675,251
Mass
Transit
Access
Tax,
Revenue,
2022,
AGMC
Insured,
6%,
11/15/62
.........
1,000,000
1,149,420
County
of
Middlesex
,
COP
,
1998
,
NATL
Insured
,
Zero
Cpn.,
6/15/24
.............
1,000,000
963,290
Cumberland
County
Improvement
Authority
(The)
,
Revenue,
2014,
Pre-Refunded,
AGMC
Insured,
5%,
9/01/39
.................
2,000,000
2,042,834
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/36
............
955,000
1,023,789
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/37
............
1,000,000
1,066,593
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/38
............
1,020,000
1,082,499
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/39
............
1,070,000
1,133,369
County
of
Cumberland,
Revenue,
2019,
BAM
Insured,
5%,
1/15/44
............
5,725,000
6,014,529
Essex
County
Improvement
Authority
,
Friends
of
TEAM
Academy
Charter
School
Obligated
Group,
Revenue,
2021,
4%,
6/15/38
........................................................
1,645,000
1,495,415
Friends
of
TEAM
Academy
Charter
School
Obligated
Group,
Revenue,
2021,
4%,
6/15/51
........................................................
2,700,000
2,265,779
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
148
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
Essex
County
Improvement
Authority,
(continued)
Friends
of
TEAM
Academy
Charter
School
Obligated
Group,
Revenue,
2021,
4%,
6/15/56
........................................................
$
4,925,000
$
4,017,565
Gloucester
County
Improvement
Authority
(The)
,
Rowan
University,
Revenue,
2015
C,
AGMC
Insured,
4%,
7/01/42
.............
2,500,000
2,444,976
Rowan
University,
Revenue,
2015
C,
5%,
7/01/44
.........................
3,500,000
3,565,232
Rowan
University,
Revenue,
2019,
4%,
7/01/37
...........................
750,000
758,905
Rowan
University,
Revenue,
2019,
4%,
7/01/38
...........................
700,000
704,900
Rowan
University,
Revenue,
2019,
4%,
7/01/39
...........................
600,000
602,039
Rowan
University,
Revenue,
2019,
5%,
7/01/44
...........................
4,925,000
5,280,296
Rowan
University,
Revenue,
2019,
4%,
7/01/48
...........................
5,250,000
5,119,207
Hudson
County
Improvement
Authority
,
Revenue,
2019,
Refunding,
4%,
1/01/40
.................................
1,000,000
999,039
County
of
Hudson,
Revenue,
2016,
5.25%,
5/01/51
........................
6,000,000
6,193,763
Mercer
County
Improvement
Authority
(The)
,
County
of
Mercer,
Revenue,
2019,
Refunding,
4%,
4/01/31
...................
1,545,000
1,649,370
County
of
Mercer,
Revenue,
2019,
Refunding,
4%,
4/01/33
...................
1,500,000
1,595,938
Monmouth
County
Improvement
Authority
(The)
,
Revenue,
2019
A,
4%,
8/01/32
........................................
300,000
319,456
Revenue,
2019
A,
4%,
8/01/33
........................................
350,000
370,315
Revenue,
2019
A,
4%,
8/01/34
........................................
525,000
551,580
Revenue,
2019
A,
4%,
8/01/35
........................................
525,000
545,995
Revenue,
2019
A,
4%,
8/01/36
........................................
500,000
514,784
Revenue,
2019
A,
4%,
8/01/37
........................................
275,000
280,646
Revenue,
2019
A,
4%,
8/01/38
........................................
225,000
228,194
Revenue,
2019
A,
4%,
8/01/39
........................................
400,000
405,087
Revenue,
2019
B,
4%,
12/01/34
.......................................
750,000
787,947
Revenue,
2019
B,
4%,
12/01/36
.......................................
750,000
771,491
Revenue,
2019
B,
4%,
12/01/37
.......................................
500,000
509,852
Revenue,
2019
B,
4%,
12/01/38
.......................................
750,000
761,189
Revenue,
2019
B,
4%,
12/01/39
.......................................
600,000
608,021
New
Brunswick
Parking
Authority
,
Revenue
,
2016
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/39
.........................................................
5,000,000
5,188,179
New
Jersey
Economic
Development
Authority
,
Revenue,
2021
QQQ,
4%,
6/15/39
.....................................
2,500,000
2,426,097
Revenue,
2021
QQQ,
4%,
6/15/46
.....................................
1,250,000
1,174,263
Revenue,
2021
QQQ,
4%,
6/15/50
.....................................
1,250,000
1,160,876
Middlesex
Water
Co.,
Revenue,
2019,
4%,
8/01/59
........................
6,200,000
5,375,731
Middlesex
Water
Co.,
Revenue,
2019,
5%,
8/01/59
........................
7,245,000
7,422,453
New
Jersey
Transit
Corp.,
Revenue,
2022
A,
5%,
11/01/52
...................
5,000,000
5,246,301
Port
Newark
Container
Terminal
LLC,
Revenue,
2017,
Refunding,
5%,
10/01/47
...
13,625,000
13,491,381
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/32
..........
640,000
639,973
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/37
..........
600,000
588,685
Provident
Group-Kean
Properties
LLC,
Revenue,
2017
A,
5%,
7/01/47
..........
1,500,000
1,378,011
Provident
Group-Montclair
Properties
LLC,
Revenue,
2017,
Refunding,
AGMC
Insured,
5%,
6/01/42
..............................................
6,000,000
6,124,145
Provident
Group-Rowan
Properties
LLC,
Revenue,
A,
5%,
1/01/48
.............
7,000,000
6,338,830
Rutgers
State
University
of
New
Jersey
(The),
Revenue,
2013,
Pre-Refunded,
5%,
6/15/38
........................................................
5,000,000
5,002,750
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2005
N-1,
Refunding,
NATL
Insured,
5.5%,
9/01/27
........................................
8,660,000
9,391,922
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2015
WW,
Pre-Refunded,
5%,
6/15/37
....................................................
4,760,000
4,935,807
New
Jersey
Educational
Facilities
Authority
,
Kean
University,
Revenue,
2015
H,
Refunding,
AGMC
Insured,
5%,
7/01/34
......
2,205,000
2,301,404
Kean
University,
Revenue,
2015
H,
Refunding,
AGMC
Insured,
5%,
7/01/35
......
5,000,000
5,206,584
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
149
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Educational
Facilities
Authority,
(continued)
Kean
University,
Revenue,
2017
D,
Refunding,
BAM
Insured,
4%,
9/01/38
.......
$
1,150,000
$
1,144,846
Montclair
State
University,
Inc.,
Revenue,
2014
A,
5%,
7/01/39
................
5,000,000
5,052,404
Montclair
State
University,
Inc.,
Revenue,
2014
A,
5%,
7/01/44
................
16,380,000
16,503,507
Montclair
State
University,
Inc.,
Revenue,
2015
D,
Refunding,
5%,
7/01/35
.......
2,245,000
2,307,074
Montclair
State
University,
Inc.,
Revenue,
2015
D,
Refunding,
5%,
7/01/36
.......
1,210,000
1,240,151
Montclair
State
University,
Inc.,
Revenue,
2016
B,
Refunding,
5%,
7/01/34
.......
1,325,000
1,381,329
Ramapo
College
of
New
Jersey,
Revenue,
2017
A,
Refunding,
AGMC
Insured,
5%,
7/01/35
........................................................
3,955,000
4,214,741
Seton
Hall
University,
Revenue,
2015
C,
Refunding,
5%,
7/01/34
..............
400,000
410,386
Seton
Hall
University,
Revenue,
2015
C,
Refunding,
5%,
7/01/37
..............
1,300,000
1,324,124
Seton
Hall
University,
Revenue,
2017
D,
Refunding,
5%,
7/01/42
..............
3,945,000
4,047,288
Seton
Hall
University,
Revenue,
2020
C,
AGMC
Insured,
3.25%,
7/01/49
........
1,150,000
910,535
Seton
Hall
University,
Revenue,
2020
C,
AGMC
Insured,
4%,
7/01/50
...........
1,850,000
1,746,322
Stevens
Institute
of
Technology
International,
Inc.,
Revenue,
1998-1,
ETM,
5%,
7/01/28
........................................................
475,000
496,229
Stevens
Institute
of
Technology
International,
Inc.,
Revenue,
2017
A,
Refunding,
5%,
7/01/36
........................................................
1,600,000
1,651,585
Stevens
Institute
of
Technology
International,
Inc.,
Revenue,
2017
A,
Refunding,
5%,
7/01/42
........................................................
9,310,000
9,460,798
Stevens
Institute
of
Technology
International,
Inc.,
Revenue,
2017
A,
Refunding,
5%,
7/01/47
........................................................
4,085,000
4,131,625
Stevens
Institute
of
Technology
International,
Inc.,
Revenue,
2020
A,
5%,
7/01/45
.
4,000,000
4,086,299
Stevens
Institute
of
Technology
International,
Inc.,
Revenue,
2020
A,
4%,
7/01/50
.
11,640,000
10,162,812
Trustees
of
Princeton
University
(The),
Revenue,
2014
A,
5%,
7/01/44
..........
15,000,000
15,141,396
New
Jersey
Health
Care
Facilities
Financing
Authority
,
AHS
Hospital
Corp.,
Revenue,
2008
A,
5%,
7/01/27
........................
220,000
220,103
AHS
Hospital
Corp.,
Revenue,
2016,
Refunding,
4%,
7/01/41
.................
10,000,000
9,737,531
AtlantiCare
Health
System
Obligated
Group,
Revenue,
2021,
4%,
7/01/37
.......
750,000
754,146
AtlantiCare
Health
System
Obligated
Group,
Revenue,
2021,
3%,
7/01/46
.......
1,000,000
748,064
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
........................................................
3,000,000
3,158,082
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/38
........................................................
3,000,000
3,148,776
Hackensack
Meridian
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
7/01/39
........................................................
5,000,000
5,229,265
Hunterdon
Medical
Center
Obligated
Group,
Revenue,
2014
A,
Pre-Refunded,
5%,
7/01/45
........................................................
2,650,000
2,694,368
Inspira
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
......
18,500,000
18,781,553
Inspira
Health
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/42
...............
7,000,000
7,181,499
Inspira
Health
Obligated
Group,
Revenue,
2017
A,
4%,
7/01/47
...............
8,700,000
8,061,383
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2013
A,
5.5%,
7/01/43
.......
4,000,000
4,002,234
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2014
A,
5%,
7/01/43
.........
3,650,000
3,685,012
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2014
A,
Refunding,
5%,
7/01/44
15,530,000
15,676,539
RWJ
Barnabas
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/43
10,000,000
10,257,561
St.
Joseph's
Healthcare
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
7/01/41
........................................................
5,850,000
5,748,277
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2013,
Pre-Refunded,
5%,
8/15/31
..
2,935,000
2,943,656
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2013,
Pre-Refunded,
5%,
8/15/34
..
1,500,000
1,504,424
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/35
...........
1,000,000
997,403
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/37
...........
3,950,000
3,916,658
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/38
...........
2,200,000
2,170,695
Valley
Health
System
Obligated
Group,
Revenue,
2019,
4%,
7/01/44
...........
12,000,000
11,511,775
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
2019
B,
Refunding,
3.25%,
12/01/39
............................
7,945,000
7,490,551
Revenue,
2020
C,
Refunding,
4.25%,
12/01/50
...........................
1,750,000
1,577,658
Revenue,
2021
B,
Refunding,
5%,
12/01/29
..............................
2,830,000
3,016,779
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
150
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Higher
Education
Student
Assistance
Authority,
(continued)
Revenue,
2023
C,
5%,
12/01/53
.......................................
$
3,125,000
$
3,021,187
Revenue,
Senior
Lien,
2020
A,
Refunding,
3.5%,
12/01/39
...................
5,600,000
5,283,177
New
Jersey
Housing
&
Mortgage
Finance
Agency
,
Revenue,
2018
A,
Refunding,
3.95%,
11/01/43
............................
1,100,000
996,425
Revenue,
2019
A,
Refunding,
3%,
11/01/44
..............................
510,000
399,871
Revenue,
2019
C,
Refunding,
3.95%,
10/01/44
...........................
3,955,000
3,733,682
Revenue,
2020
E,
Refunding,
2.05%,
10/01/35
............................
4,005,000
3,244,220
Revenue,
2020
E,
Refunding,
2.25%,
10/01/40
............................
8,020,000
5,808,008
Revenue,
2020
E,
Refunding,
2.4%,
10/01/45
.............................
3,205,000
2,341,038
Revenue,
2020
E,
Refunding,
2.45%,
10/01/50
............................
2,400,000
1,729,420
New
Jersey
Institute
of
Technology
,
Revenue
,
2015
A
,
5
%
,
7/01/45
..............
6,000,000
6,094,390
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006
C,
AGMC
Insured,
Zero
Cpn.,
12/15/33
.....................
10,000,000
6,824,723
Revenue,
2009
A,
Zero
Cpn.,
12/15/32
..................................
10,000,000
6,964,810
Revenue,
2009
A,
Zero
Cpn.,
12/15/36
..................................
500,000
287,972
Revenue,
2010
A,
Zero
Cpn.,
12/15/29
..................................
5,000,000
3,941,794
Revenue,
2010
A,
Zero
Cpn.,
12/15/40
..................................
4,750,000
2,227,876
Revenue,
2013
AA,
5.25%,
6/15/31
....................................
10,000,000
10,007,040
Revenue,
2019
BB,
4%,
6/15/44
.......................................
6,000,000
5,669,899
Revenue,
2020
AA,
4%,
6/15/50
.......................................
3,670,000
3,408,332
Revenue,
2022
A,
4%,
6/15/41
........................................
2,000,000
1,913,449
Revenue,
2022
BB,
4%,
6/15/42
.......................................
2,400,000
2,292,142
Revenue,
2022
BB,
4%,
6/15/46
.......................................
7,325,000
6,886,951
Revenue,
2022
CC,
5.5%,
6/15/50
.....................................
1,250,000
1,363,629
c
State
of
New
Jersey,
Revenue,
2023
A,
Refunding,
5%,
6/15/38
...............
4,000,000
4,314,464
c
State
of
New
Jersey,
Revenue,
2023
A,
Refunding,
5.25%,
6/15/41
............
2,500,000
2,734,871
New
Jersey
Turnpike
Authority
,
Revenue,
2017
A,
5%,
1/01/34
........................................
6,505,000
6,911,363
Revenue,
2017
A,
5%,
1/01/35
........................................
3,495,000
3,702,038
Revenue,
2017
B,
Refunding,
5%,
1/01/40
...............................
15,245,000
16,148,817
Revenue,
2017
G,
Refunding,
4%,
1/01/43
...............................
5,000,000
4,947,070
Revenue,
2019
A,
5%,
1/01/48
........................................
15,500,000
16,346,564
Revenue,
2021
A,
4%,
1/01/51
........................................
3,000,000
2,868,592
Revenue,
2022
B,
4.5%,
1/01/48
......................................
5,000,000
5,106,649
Newark
Board
of
Education
,
GO,
2021,
Refunding,
BAM
Insured,
3%,
7/15/39
..........................
700,000
576,662
GO,
2021,
Refunding,
BAM
Insured,
3%,
7/15/40
..........................
750,000
604,570
GO,
2021,
Refunding,
BAM
Insured,
3%,
7/15/41
..........................
750,000
600,886
GO,
2021,
Refunding,
BAM
Insured,
3%,
7/15/42
..........................
700,000
555,914
Newark
Housing
Authority
,
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
2017
,
Refunding
,
4
%
,
1/01/37
.............................................
20,745,000
20,903,479
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School,
Revenue,
2023,
5.25%,
7/01/43
........
670,000
677,873
Paterson
Arts
&
Science
Charter
School,
Revenue,
2023,
5.375%,
7/01/53
.......
1,000,000
1,006,213
Paterson
Arts
&
Science
Charter
School,
Revenue,
2023,
5.5%,
7/01/58
.........
1,000,000
1,007,807
Salem
County
Pollution
Control
Financing
Authority
,
Constellation
Energy
Generation
LLC
,
Revenue
,
1993
A
,
Refunding
,
4.45
%
,
3/01/25
.........................
1,825,000
1,823,067
South
Jersey
Transportation
Authority
,
Revenue,
2020
A,
5%,
11/01/45
.......................................
5,750,000
5,951,900
Revenue,
2022
A,
4.625%,
11/01/47
....................................
5,000,000
5,063,309
Revenue,
2022
A,
5.25%,
11/01/52
.....................................
5,540,000
5,848,802
State
of
New
Jersey
,
GO,
2020
A,
4%,
6/01/31
............................................
4,500,000
4,795,446
GO,
2020
A,
3%,
6/01/32
............................................
3,400,000
3,212,897
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
151
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
6/01/46
..
$
17,000,000
$
17,690,616
605,101,861
New
York
3.6%
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
179,
5%,
12/01/38
.........................................
15,000,000
15,096,648
Revenue,
First
Series,
171st,
5%,
7/15/30
...............................
12,200,000
12,215,926
27,312,574
Oregon
0.3%
b
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
2,000,000
1,980,763
Pennsylvania
7.3%
Delaware
River
Joint
Toll
Bridge
Commission
,
Revenue,
2017,
5%,
7/01/42
.........................................
19,500,000
20,339,145
Revenue,
2019
A,
5%,
7/01/33
........................................
100,000
111,223
Revenue,
2019
A,
5%,
7/01/34
........................................
150,000
166,203
Revenue,
2019
A,
5%,
7/01/35
........................................
150,000
165,095
Revenue,
2019
A,
5%,
7/01/36
........................................
150,000
163,834
Revenue,
2019
A,
5%,
7/01/37
........................................
150,000
162,744
Revenue,
2019
A,
5%,
7/01/38
........................................
150,000
161,889
Revenue,
2019
A,
5%,
7/01/39
........................................
150,000
160,391
Revenue,
2019
A,
5%,
7/01/44
........................................
760,000
801,263
Revenue,
2019
B,
Refunding,
5%,
7/01/31
...............................
850,000
946,899
Revenue,
2019
B,
Refunding,
5%,
7/01/32
...............................
1,000,000
1,114,861
Delaware
River
Port
Authority
,
Revenue,
2013,
5%,
1/01/37
.........................................
10,000,000
10,072,927
Revenue,
2018
A,
5%,
1/01/37
........................................
3,285,000
3,552,955
Revenue,
2018
A,
5%,
1/01/38
........................................
5,050,000
5,409,895
Revenue,
2018
A,
5%,
1/01/39
........................................
2,300,000
2,452,300
Revenue,
2018
A,
5%,
1/01/40
........................................
9,565,000
10,144,763
55,926,387
South
Carolina
0.4%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,500,000
1,196,139
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,500,000
1,192,527
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
760,106
3,148,772
Texas
0.7%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
2,045,559
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
2,100,000
1,529,848
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,700,000
2,003,391
5,578,798
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,500,000
1,196,061
Wisconsin
1.0%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
1,500,000
1,182,397
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
152
See
Abbreviations
on
page
196
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
b
Public
Finance
Authority,
(continued)
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
$
4,100,000
$
4,094,195
Pine
Forest
2022
Obligated
Group,
Revenue,
144A,
2022
A,
6.5%,
12/01/52
.....
2,000,000
1,966,505
7,243,097
U.S.
Territories
2.3%
Puerto
Rico
2.3%
HTA
TRRB
Custodial
Trust
,
Revenue,
2005
L,
5.25%,
7/01/41
.....................................
2,700,000
2,726,332
Revenue,
2007
N,
5.25%,
7/01/36
.....................................
300,000
302,634
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,200,000
1,186,009
d
Revenue,
WW,
5.5%,
7/01/38
.........................................
3,950,000
2,839,062
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
94,046
90,402
Revenue,
2022
B,
Zero
Cpn.,
7/01/32
...................................
61,117
38,934
Revenue,
2022
C,
Zero
Cpn.,
7/01/53
..................................
104,547
63,773
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
10,850,000
10,393,732
17,640,878
Total
U.S.
Territories
....................................................................
17,640,878
Total
Municipal
Bonds
(Cost
$778,481,529)
.....................................
748,762,404
Total
Long
Term
Investments
(Cost
$780,081,529)
...............................
750,354,086
a
a
a
a
a
Short
Term
Investments
0.8%
Municipal
Bonds
0.8%
New
Jersey
0.8%
e
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group,
Revenue,
2009
B,
LOC
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
2.85%,
7/01/43
.................................
600,000
600,000
Virtua
Health
Obligated
Group,
Revenue,
2009
C,
LOC
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
2.8%,
7/01/43
..................................
5,800,000
5,800,000
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
$786,481,529)
99.3%
...................................
$756,754,086
Other
Assets,
less
Liabilities
0.7%
.............................................
5,064,068
Net
Assets
10
0.0
%
...........................................................
$761,818,154
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$24,500,231,
representing
3.2%
of
net
assets.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
153
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
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,
2023
Franklin
North
Carolina
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
154
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,600,000
$
1,591,682
Total
Corporate
Bonds
(Cost
$1,600,000)
.......................................
1,591,682
Municipal
Bonds
98.1%
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
2,300,000
1,906,041
Florida
1.3%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
4,680,000
3,879,294
b
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
1,500,000
1,004,375
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
3,750,000
3,065,625
7,949,294
Illinois
0.6%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
..
500,000
502,647
State
of
Illinois
,
GO,
2016,
5%,
11/01/34
.............................................
1,100,000
1,136,917
GO,
2021
A,
5%,
3/01/33
............................................
2,000,000
2,198,723
3,838,287
Kentucky
0.6%
b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/52
..............................
5,600,000
3,686,851
New
Jersey
1.0%
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/41
...
1,000,000
956,725
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
5%,
6/15/44
.......................................
2,900,000
3,002,612
Revenue,
2020
AA,
3%,
6/15/50
.......................................
500,000
372,270
Revenue,
2020
AA,
5%,
6/15/50
.......................................
1,290,000
1,345,366
Revenue,
2022
BB,
4%,
6/15/46
.......................................
1,000,000
940,198
6,617,171
New
York
1.5%
Metropolitan
Transportation
Authority
,
Revenue,
2020
E,
Refunding,
4%,
11/15/45
..............................
1,595,000
1,479,346
Revenue,
2021
A-1,
4%,
11/15/48
.....................................
5,325,000
4,871,540
Revenue,
2021
A-2,
4%,
11/15/41
.....................................
3,000,000
2,844,675
9,195,561
North
Carolina
86.0%
Cape
Fear
Public
Utility
Authority
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
8/01/44
.......
7,570,000
7,478,970
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
1/15/40
.......
20,000,000
20,459,680
Atrium
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
1/15/36
.......
5,000,000
5,364,909
Atrium
Health
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
1/15/43
.......
2,000,000
1,978,393
City
of
Charlotte
,
COP,
2019
A,
Refunding,
5%,
6/01/44
..................................
8,250,000
8,801,498
Airport,
Revenue,
2019
A,
4%,
7/01/44
..................................
3,550,000
3,458,461
Airport,
Revenue,
2019
A,
5%,
7/01/49
..................................
4,460,000
4,691,188
Airport,
Revenue,
2019
B,
4%,
7/01/44
..................................
5,515,000
5,217,333
Airport,
Revenue,
2021
A,
Refunding,
4%,
7/01/36
.........................
1,790,000
1,833,160
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
155
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
City
of
Charlotte,
(continued)
Airport,
Revenue,
2021
A,
Refunding,
4%,
7/01/39
.........................
$
8,000,000
$
8,062,461
Airport,
Revenue,
2021
A,
Refunding,
4%,
7/01/40
.........................
2,500,000
2,500,911
Airport,
Revenue,
2021
A,
Refunding,
4%,
7/01/41
.........................
2,410,000
2,385,883
Storm
Water,
Revenue,
2014,
Refunding,
5%,
12/01/39
.....................
7,970,000
8,102,558
Water
&
Sewer
System,
Revenue,
2018,
Refunding,
4%,
7/01/37
..............
5,000,000
5,092,186
Water
&
Sewer
System,
Revenue,
2020,
Refunding,
2%,
7/01/41
..............
500,000
346,499
City
of
Fayetteville
,
Public
Works
Commission
,
Revenue
,
2018
,
Refunding
,
4
%
,
3/01/41
4,015,000
4,016,770
City
of
Greensboro
,
Combined
Water
&
Sewer
System
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/45
......................................................
4,500,000
4,442,649
City
of
Raleigh
,
GO,
2023
A,
Refunding,
5%,
4/01/41
...................................
1,775,000
2,018,736
Combined
Enterprise
System,
Revenue,
2016
A,
4%,
3/01/46
.................
5,000,000
4,952,235
Combined
Enterprise
System,
Revenue,
2016
B,
Refunding,
4%,
3/01/34
........
1,000,000
1,028,413
City
of
Salisbury
,
Combined
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
5
%
,
2/01/45
.........................................................
1,000,000
1,073,762
City
of
Winston-Salem
,
Water
&
Sewer
System,
Revenue,
2016
A,
Refunding,
4%,
6/01/34
............
1,350,000
1,380,250
Water
&
Sewer
System,
Revenue,
2016
A,
Refunding,
4%,
6/01/37
............
5,000,000
5,055,821
Water
&
Sewer
System,
Revenue,
2017,
4%,
6/01/47
.......................
10,000,000
9,865,702
County
of
Brunswick
,
GO
,
2022
,
4
%
,
8/01/39
..............................
1,550,000
1,598,446
County
of
Catawba
,
Revenue
,
2023
,
4
%
,
4/01/43
...........................
400,000
396,182
County
of
Dare
,
Revenue,
2021
A,
3%,
6/01/38
........................................
375,000
328,184
Revenue,
2021
A,
3%,
6/01/39
........................................
585,000
504,784
Revenue,
2021
A,
3%,
6/01/40
........................................
250,000
212,584
Revenue,
2021
A,
3%,
6/01/41
........................................
450,000
377,826
County
of
Durham
,
GO,
2019,
4%,
6/01/36
.............................................
500,000
518,014
GO,
2019,
4%,
6/01/37
.............................................
450,000
463,215
GO,
2019,
4%,
6/01/39
.............................................
700,000
715,130
GO,
2021,
Refunding,
5%,
6/01/31
.....................................
750,000
877,607
GO,
2021,
Refunding,
5%,
6/01/32
.....................................
625,000
730,568
County
of
Guilford
,
GO
,
2017
B
,
4
%
,
5/01/33
...............................
5,000,000
5,150,824
County
of
Lincoln
,
Enterprise
System,
Revenue,
2020,
Refunding,
3%,
8/01/38
..................
400,000
349,717
Enterprise
System,
Revenue,
2020,
Refunding,
3%,
8/01/41
..................
480,000
402,617
County
of
Mecklenburg
,
GO
,
2017
A
,
4
%
,
4/01/30
...........................
5,000,000
5,182,170
County
of
New
Hanover
,
GO,
2021
A,
Refunding,
4%,
8/01/29
...................................
760,000
815,761
GO,
2021
A,
Refunding,
4%,
8/01/30
...................................
605,000
656,673
Revenue,
2021,
Refunding,
5%,
8/01/30
.................................
3,375,000
3,870,044
New
Hanover
Regional
Medical
Center,
Revenue,
2017,
Pre-Refunded,
5%,
10/01/42
.......................................................
5,000,000
5,430,838
New
Hanover
Regional
Medical
Center,
Revenue,
2017,
Pre-Refunded,
5%,
10/01/47
.......................................................
13,565,000
14,733,862
County
of
Union
,
Enterprise
System
,
Revenue
,
2021
,
4
%
,
6/01/32
...............
1,050,000
1,124,709
County
of
Wake
,
GO,
2019
A,
5%,
3/01/32
............................................
7,870,000
8,805,510
Revenue,
2021,
3%,
3/01/35
.........................................
5,535,000
5,193,103
Revenue,
2021,
3%,
3/01/36
.........................................
6,000,000
5,514,686
Greater
Asheville
Regional
Airport
Authority
,
Revenue
,
2023
,
AGMC
Insured
,
5.25
%
,
7/01/53
.........................................................
2,500,000
2,661,189
Greenville
Utilities
Commission
,
Revenue
,
2019
,
5
%
,
8/01/44
..................
4,750,000
5,107,624
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
156
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/25
..........
$
1,700,000
$
1,725,155
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/27
..........
400,000
414,630
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/28
..........
500,000
524,274
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/29
..........
550,000
582,800
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/30
..........
500,000
532,765
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/31
..........
1,855,000
1,987,603
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/32
..........
1,000,000
1,068,238
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
5%,
10/01/33
..........
1,670,000
1,781,173
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
10/01/34
..........
740,000
725,939
Campbell
University,
Inc.,
Revenue,
2021
A,
Refunding,
4%,
10/01/35
..........
360,000
348,440
Duke
University,
Revenue,
2015
B,
Pre-Refunded,
5%,
10/01/41
..............
13,585,000
14,156,407
Duke
University,
Revenue,
2016,
Refunding,
5%,
10/01/40
...................
2,500,000
2,633,230
Duke
University,
Revenue,
2016
B,
Refunding,
5%,
7/01/42
..................
7,500,000
7,882,753
Duke
University,
Revenue,
2016
B,
Refunding,
4%,
10/01/44
.................
5,085,000
5,107,606
Duke
University,
Revenue,
2016
B,
Refunding,
5%,
10/01/44
.................
11,000,000
11,543,666
High
Point
University,
Revenue,
2021,
Refunding,
4%,
5/01/32
................
1,000,000
1,023,038
High
Point
University,
Revenue,
2021,
Refunding,
4%,
5/01/33
................
1,000,000
1,022,205
High
Point
University,
Revenue,
2021,
Refunding,
4%,
5/01/34
................
2,270,000
2,316,937
Wake
Forest
University,
Revenue,
2016,
Refunding,
4%,
1/01/35
..............
5,000,000
5,086,902
Wake
Forest
University,
Revenue,
2016,
Refunding,
4%,
1/01/38
..............
5,500,000
5,516,556
Wake
Forest
University,
Revenue,
2016,
Refunding,
4%,
1/01/39
..............
5,250,000
5,235,233
Wake
Forest
University,
Revenue,
2018,
4%,
1/01/48
.......................
20,000,000
19,400,252
Wake
Forest
University,
Revenue,
2018,
5%,
1/01/48
.......................
13,500,000
14,244,026
North
Carolina
Central
University
,
Revenue,
2019,
AGMC
Insured,
5%,
4/01/44
.............................
1,575,000
1,668,275
Revenue,
2019,
4%,
4/01/49
.........................................
1,000,000
906,717
North
Carolina
Housing
Finance
Agency
,
Revenue,
41,
GNMA
Insured,
3.55%,
7/01/44
.............................
4,195,000
3,845,787
Revenue,
41,
GNMA
Insured,
3.625%,
7/01/49
............................
6,435,000
5,938,495
Revenue,
42,
GNMA
Insured,
2.45%,
7/01/34
.............................
750,000
604,183
Revenue,
42,
GNMA
Insured,
2.625%,
7/01/39
............................
3,035,000
2,414,438
Revenue,
42,
GNMA
Insured,
2.85%,
1/01/43
.............................
2,660,000
2,101,445
Revenue,
43,
GNMA
Insured,
2.8%,
1/01/40
..............................
4,740,000
3,851,785
Revenue,
43,
GNMA
Insured,
2.95%,
7/01/43
.............................
2,180,000
1,756,222
Revenue,
44,
3%,
7/01/46
...........................................
2,740,000
2,172,307
Revenue,
45,
Refunding,
GNMA
Insured,
2.2%,
7/01/40
.....................
1,805,000
1,292,100
Revenue,
46-A,
GNMA
Insured,
1.55%,
1/01/30
...........................
2,100,000
1,809,231
Revenue,
46-A,
GNMA
Insured,
1.75%,
1/01/31
...........................
975,000
833,955
North
Carolina
Medical
Care
Commission
,
Caromont
Health
Obligated
Group,
Revenue,
2021
A,
4%,
2/01/36
.............
1,675,000
1,699,212
Duke
University
Health
System,
Inc.,
Revenue,
2016
D,
Refunding,
4%,
6/01/42
...
7,000,000
6,872,447
EveryAge
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
9/01/47
..........
2,935,000
2,286,712
EveryAge
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
9/01/51
..........
960,000
726,670
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/33
............
180,000
170,961
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/34
............
185,000
174,240
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/41
............
920,000
776,377
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/46
............
1,665,000
1,339,429
Forest
at
Duke,
Inc.
Obligated
Group,
Revenue,
2021,
4%,
9/01/51
............
1,670,000
1,294,957
Friends
Homes
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/50
..............
3,000,000
2,199,508
Novant
Health
Obligated
Group,
Revenue,
2013
A,
Refunding,
5%,
11/01/46
.....
20,000,000
20,002,480
Novant
Health
Obligated
Group,
Revenue,
2019
A,
4%,
11/01/49
..............
6,115,000
5,949,653
Novant
Health
Obligated
Group,
Revenue,
2019
A,
4%,
11/01/52
..............
6,640,000
6,399,297
Pines
at
Davidson,
Inc.
Obligated
Group,
Revenue,
2019
A,
5%,
1/01/34
........
2,050,000
2,064,086
Pines
at
Davidson,
Inc.
Obligated
Group,
Revenue,
2019
A,
5%,
1/01/49
........
5,000,000
4,639,279
Plantation
Village,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
1/01/41
1,020,000
811,573
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
157
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Medical
Care
Commission,
(continued)
Plantation
Village,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
1/01/52
$
3,510,000
$
2,496,405
Presbyterian
Homes
Obligated
Group,
Revenue,
2016
C,
Refunding,
5%,
10/01/31
5,000,000
5,068,499
Presbyterian
Homes
Obligated
Group,
Revenue,
2020
A,
4%,
10/01/45
.........
1,000,000
804,004
Presbyterian
Homes
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/45
.........
4,220,000
4,087,304
Presbyterian
Homes
Obligated
Group,
Revenue,
2020
A,
4%,
10/01/50
.........
1,350,000
1,041,656
Presbyterian
Homes
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/50
.........
1,400,000
1,329,943
Rex
Hospital,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/49
............
4,000,000
3,788,986
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2017
A,
Pre-Refunded,
5%,
10/01/37
........................................
200,000
206,916
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2017
A,
Pre-Refunded,
5%,
10/01/42
........................................
2,250,000
2,327,810
Vidant
Health
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
6/01/40
........
5,000,000
5,038,286
Wake
Forest
Baptist
Obligated
Group,
Revenue,
2019
A,
5%,
12/01/33
.........
1,000,000
1,080,276
North
Carolina
Municipal
Power
Agency
No.
1
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/32
.........................................................
4,200,000
4,344,968
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/25
..............................
125,000
127,875
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/26
..............................
300,000
310,945
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/27
..............................
450,000
472,709
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/28
..............................
500,000
531,700
Revenue,
Senior
Lien,
2020
A,
5%,
6/01/29
..............................
350,000
376,554
Revenue,
Senior
Lien,
2020
A,
3.125%,
6/01/39
...........................
1,210,000
1,127,378
North
Carolina
Turnpike
Authority
,
Revenue,
2016
A,
Refunding,
5%,
7/01/47
...............................
2,500,000
2,529,156
Revenue,
2018
A,
Refunding,
4%,
1/01/36
...............................
9,875,000
10,069,530
Revenue,
2018
A,
Refunding,
4%,
1/01/39
...............................
9,815,000
9,885,839
Revenue,
2021,
Refunding,
5%,
7/01/35
.................................
1,300,000
1,484,601
Revenue,
2021,
Refunding,
5%,
7/01/36
.................................
1,750,000
1,981,692
Revenue,
2021,
Refunding,
5%,
7/01/37
.................................
1,770,000
1,988,645
Revenue,
2021,
Refunding,
5%,
7/01/38
.................................
1,250,000
1,402,515
Revenue,
2021,
Refunding,
5%,
7/01/39
.................................
1,500,000
1,672,093
Revenue,
2021,
Refunding,
5%,
7/01/40
.................................
1,270,000
1,410,185
Revenue,
2021,
Refunding,
5%,
7/01/41
.................................
2,000,000
2,214,176
Revenue,
Senior
Lien,
2017,
Refunding,
AGMC
Insured,
5%,
1/01/31
...........
1,000,000
1,062,530
Revenue,
Senior
Lien,
2017,
Refunding,
AGMC
Insured,
5%,
1/01/39
...........
1,200,000
1,237,760
Revenue,
Senior
Lien,
2019,
AGMC
Insured,
5%,
1/01/49
...................
15,430,000
15,909,268
Raleigh
Durham
Airport
Authority
,
Revenue,
2015
A,
Refunding,
5%,
5/01/27
...............................
350,000
362,709
Revenue,
2015
A,
Refunding,
5%,
5/01/30
...............................
550,000
569,428
Revenue,
2020
A,
Refunding,
5%,
5/01/36
...............................
2,580,000
2,755,005
State
of
North
Carolina
,
GO,
2019
B,
5%,
6/01/29
............................................
2,500,000
2,823,363
GO,
2020
A,
5%,
6/01/31
............................................
2,500,000
2,873,452
Highway
Trust
Fund,
Revenue,
2020
B,
4%,
5/01/35
.......................
2,750,000
2,879,156
Town
of
Cary
,
Combined
Utility
Systems
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
12/01/42
8,000,000
8,009,965
Town
of
Oak
Island
,
Enterprise
System
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/33
......................................................
1,000,000
1,072,673
University
of
North
Carolina
at
Chapel
Hill
,
Revenue,
2021
B,
Refunding,
5%,
12/01/34
..............................
1,225,000
1,433,273
Revenue,
2021
B,
Refunding,
5%,
12/01/37
..............................
2,180,000
2,482,704
Hospitals
at
Chapel
Hill,
Revenue,
2016,
5%,
2/01/46
.......................
4,265,000
4,373,199
Hospitals
at
Chapel
Hill,
Revenue,
2019,
5%,
2/01/49
.......................
2,850,000
3,172,479
University
of
North
Carolina
Hospitals
at
Chapel
Hill,
Revenue,
2019,
5%,
2/01/45
.
4,010,000
4,476,367
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
158
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
University
of
North
Carolina
at
Charlotte
(The)
,
Revenue,
2014,
Pre-Refunded,
5%,
4/01/43
..............................
$
5,000,000
$
5,069,199
Revenue,
2017,
5%,
10/01/47
........................................
10,000,000
10,458,899
Revenue,
2017
A,
Refunding,
4%,
10/01/40
..............................
2,250,000
2,239,787
Revenue,
2020
A,
Refunding,
4%,
10/01/40
..............................
290,000
288,684
University
of
North
Carolina
at
Greensboro
,
Revenue,
2017,
Refunding,
4%,
4/01/35
.................................
1,205,000
1,228,489
Revenue,
2017,
Refunding,
4%,
4/01/36
.................................
1,000,000
1,014,249
Revenue,
2018,
5%,
4/01/43
.........................................
2,500,000
2,661,753
University
of
North
Carolina
at
Wilmington
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/37
.
3,000,000
3,058,557
University
of
North
Carolina
System
,
Appalachian
State
University
,
Revenue
,
2008
A
,
AGMC
Insured
,
5
%
,
10/01/33
.........................................
160,000
160,016
Western
Carolina
University
,
Revenue,
2020
B,
3%,
4/01/36
........................................
1,000,000
917,311
Revenue,
2020
B,
4%,
4/01/50
........................................
5,000,000
4,880,010
539,462,875
South
Carolina
0.7%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,600,000
1,275,882
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,600,000
1,272,029
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
2,500,000
1,900,264
4,448,175
Texas
0.6%
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
2,100,000
1,529,848
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
4%,
9/01/32
200,000
192,113
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
4%,
9/01/33
200,000
191,122
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,800,000
2,077,591
3,990,674
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,600,000
1,275,799
Wisconsin
0.9%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
1,600,000
1,261,224
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
4,200,000
4,194,053
5,455,277
U.S.
Territories
4.4%
Guam
0.7%
c
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue,
2023
A,
Refunding,
5.25%,
10/01/30
............................
750,000
767,561
Revenue,
2023
A,
Refunding,
5.125%,
10/01/34
...........................
390,000
391,599
Revenue,
2023
A,
Refunding,
5.25%,
10/01/35
............................
265,000
265,842
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
3,205,000
3,218,855
4,643,857
Puerto
Rico
3.7%
Commonwealth
of
Puerto
Rico
,
d
GO,
FRN,
Zero
Cpn.,
11/01/43
........................................
110,346
53,932
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
159
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Commonwealth
of
Puerto
Rico,
(continued)
GO,
2022
A-1,
5.625%,
7/01/27
.......................................
$
25,850
$
27,049
GO,
2022
A-1,
5.625%,
7/01/29
.......................................
25,431
26,979
GO,
2022
A-1,
5.75%,
7/01/31
........................................
24,701
26,651
GO,
2022
A-1,
4%,
7/01/33
..........................................
23,423
21,550
GO,
2022
A-1,
4%,
7/01/35
..........................................
21,054
18,860
GO,
2022
A-1,
4%,
7/01/37
..........................................
18,070
15,727
GO,
2022
A-1,
4%,
7/01/41
..........................................
24,568
20,578
GO,
2022
A-1,
4%,
7/01/46
..........................................
25,551
20,660
GO,
2022
A-1,
Zero
Cpn.,
7/01/24
.....................................
7,794
7,430
GO,
2022
A-1,
Zero
Cpn.,
7/01/33
.....................................
30,143
17,708
HTA
TRRB
Custodial
Trust
,
Revenue,
2005
L,
5.25%,
7/01/41
.....................................
2,000,000
2,019,505
Revenue,
2007
N,
5.25%,
7/01/36
.....................................
300,000
302,634
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,500,000
1,482,511
e
Revenue,
XX,
5.25%,
7/01/40
........................................
4,120,000
2,956,100
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
596,256
573,151
Revenue,
2022
B,
Zero
Cpn.,
7/01/32
...................................
387,485
246,843
Revenue,
2022
C,
Zero
Cpn.,
7/01/53
..................................
662,828
404,323
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
479,671
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/41
..
220,000
192,439
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
12,890,000
12,347,945
Sales
Tax,
Revenue,
A-2,
4.329%,
7/01/40
...............................
2,000,000
1,857,861
23,120,107
Total
U.S.
Territories
....................................................................
27,763,964
Total
Municipal
Bonds
(Cost
$655,483,220)
.....................................
615,589,969
Total
Long
Term
Investments
(Cost
$657,083,220)
...............................
617,181,651
a
a
a
a
a
Short
Term
Investments
1.2%
Municipal
Bonds
1.2%
North
Carolina
1.2%
f
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group,
Revenue,
2007
C,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
4.05%,
1/15/37
..........................
1,800,000
1,800,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
160
See
Abbreviations
on
page
196
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
North
Carolina
(continued)
f
Charlotte-Mecklenburg
Hospital
Authority
(The),
(continued)
Atrium
Health
Obligated
Group,
Revenue,
2018
G,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
4%,
1/15/48
....................................
$
6,000,000
$
6,000,000
7,800,000
Total
Municipal
Bonds
(Cost
$7,800,000)
.......................................
7,800,000
Total
Short
Term
Investments
(Cost
$7,800,000
)
.................................
7,800,000
a
Total
Investments
(Cost
$664,883,220)
99.6%
...................................
$624,981,651
Other
Assets,
less
Liabilities
0.4%
.............................................
2,404,307
Net
Assets
100.0%
...........................................................
$627,385,958
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$21,271,512,
representing
3.4%
of
net
assets.
c
Security
purchased
on
a
when-issued
basis.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
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,
2023
Franklin
Ohio
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
161
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
3,200,000
$
3,183,364
Total
Corporate
Bonds
(Cost
$3,200,000)
.......................................
3,183,364
Municipal
Bonds
98.1%
California
0.2%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
2,800,000
2,320,398
Florida
0.8%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
9,144,000
7,579,544
b
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
2,200,000
1,473,082
9,052,626
Illinois
0.1%
State
of
Illinois
,
GO
,
2021
A
,
5
%
,
3/01/32
.................................
1,250,000
1,381,631
Kentucky
0.9%
b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/52
..............................
15,210,000
10,013,751
New
Jersey
0.3%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2020
AA,
4%,
6/15/35
.......................................
1,500,000
1,521,266
Revenue,
2022
A,
4%,
6/15/38
........................................
2,000,000
1,962,446
3,483,712
New
York
0.6%
Metropolitan
Transportation
Authority
,
Revenue,
2020
A-1,
4%,
11/15/40
.....................................
6,750,000
6,441,442
Revenue,
2021
A-1,
4%,
11/15/48
.....................................
750,000
686,132
7,127,574
Ohio
90.6%
Akron
Bath
Copley
Joint
Township
Hospital
District
,
Summa
Health
System
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
3
%
,
11/15/40
..........................
5,400,000
3,988,627
American
Municipal
Power,
Inc.
,
Combined
Hydroelectric,
Revenue,
2016
A,
Refunding,
4%,
2/15/35
............
1,000,000
1,005,748
Combined
Hydroelectric,
Revenue,
2016
A,
Refunding,
5%,
2/15/46
............
7,500,000
7,577,561
Greenup
Hydroelectric,
Revenue,
2016
A,
5%,
2/15/41
......................
5,000,000
5,075,837
Prairie
State
Energy
Campus,
Revenue,
2015
A,
Refunding,
5%,
2/15/28
........
5,000,000
5,045,756
Prairie
State
Energy
Campus,
Revenue,
2017
A,
Refunding,
5%,
2/15/37
........
3,700,000
3,907,521
Prairie
State
Energy
Campus,
Revenue,
2017
A,
Refunding,
5%,
2/15/38
........
3,500,000
3,673,093
Solar
Electricity
Prepayment,
Revenue,
2019
A,
5%,
2/15/44
.................
3,345,000
3,478,373
Anthony
Wayne
Local
School
District
,
GO
,
2017
A
,
4
%
,
12/01/39
................
3,000,000
3,000,681
Apollo
Joint
Vocational
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
12/01/39
........
6,530,000
6,548,755
Bethel
Local
School
District
,
COP
,
2020
,
BAM
Insured
,
2.75
%
,
12/01/49
..........
4,000,000
2,763,168
Big
Walnut
Local
School
District
,
GO
,
2019
,
5
%
,
12/01/53
.....................
9,155,000
9,676,848
Bloom-Carroll
Local
School
District
,
GO
,
2018
A
,
5
%
,
11/01/55
.................
7,025,000
7,508,638
Bowling
Green
State
University
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/42
........
3,250,000
3,395,887
Brooklyn
City
School
District
,
GO,
2017,
Refunding,
AGMC
Insured,
5%,
12/01/38
........................
1,905,000
1,998,963
GO,
2017,
Refunding,
AGMC
Insured,
5%,
12/01/49
........................
9,000,000
9,285,050
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
162
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
3%,
6/01/48
..................
$
18,215,000
$
13,449,801
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
4%,
6/01/48
..................
3,245,000
2,882,393
Butler
County
Port
Authority
,
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/32
........................................................
100,000
100,389
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/33
........................................................
135,000
135,416
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/34
........................................................
185,000
186,028
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/35
........................................................
195,000
195,245
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/36
........................................................
205,000
203,220
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/37
........................................................
210,000
204,977
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/38
........................................................
220,000
212,319
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/39
........................................................
225,000
215,103
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/40
........................................................
240,000
228,216
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/41
........................................................
245,000
231,504
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/46
........................................................
900,000
833,023
Community
First
Solutions
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/51
........................................................
1,000,000
904,342
Canal
Winchester
Local
School
District
,
GO,
2005,
NATL
Insured,
Zero
Cpn.,
12/01/32
............................
3,955,000
2,844,997
GO,
2005,
NATL
Insured,
Zero
Cpn.,
12/01/33
............................
2,000,000
1,381,295
Chillicothe
City
School
District
,
GO,
2006,
Refunding,
NATL
Insured,
Zero
Cpn.,
12/01/23
...................
1,905,000
1,868,489
GO,
2006,
Refunding,
NATL
Insured,
Zero
Cpn.,
12/01/24
...................
1,905,000
1,799,780
Cincinnati
City
School
District
,
GO,
2006,
Refunding,
NATL
Insured,
5.25%,
12/01/27
......................
14,900,000
16,417,786
GO,
2006,
Refunding,
NATL
Insured,
5.25%,
12/01/28
......................
8,180,000
9,160,242
City
of
Chillicothe
,
Adena
Health
System
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
12/01/37
.
2,890,000
2,967,580
Adena
Health
System
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
12/01/47
.
2,110,000
2,136,383
City
of
Cincinnati
,
GO
,
2015
A
,
Pre-Refunded
,
5.25
%
,
12/01/40
.................
6,500,000
6,754,132
City
of
Cleveland
,
GO,
2012,
5%,
12/01/30
.............................................
35,000
35,041
GO,
2020
A,
4%,
12/01/35
...........................................
1,000,000
1,033,195
GO,
2020
A,
2%,
12/01/36
...........................................
1,215,000
956,927
Water
Pollution
Control,
Revenue,
2016,
5%,
11/15/41
......................
2,000,000
2,026,909
City
of
Columbus
,
GO,
2016-3,
Refunding,
5%,
2/15/27
...................................
5,000,000
5,356,089
GO,
2018
A,
5%,
4/01/34
............................................
7,000,000
7,760,276
GO,
2019
A,
5%,
4/01/40
............................................
3,000,000
3,242,851
GO,
2021
A,
5%,
4/01/40
............................................
1,900,000
2,088,673
Sewerage,
Revenue,
2014,
Refunding,
4%,
6/01/31
........................
15,000,000
15,124,338
Sewerage,
Revenue,
2015,
Refunding,
5%,
6/01/30
........................
5,000,000
5,263,650
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
163
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
City
of
Marysville
,
Wastewater
Treatment
System,
Revenue,
2015,
Refunding,
BAM
Insured,
4%,
12/01/40
.......................................................
$
3,015,000
$
3,015,849
Wastewater
Treatment
System,
Revenue,
2015,
Refunding,
BAM
Insured,
5%,
12/01/47
.......................................................
5,035,000
5,094,236
Wastewater
Treatment
System,
Revenue,
2016,
Refunding,
BAM
Insured,
4%,
12/01/46
.......................................................
9,370,000
9,153,172
City
of
Mount
Vernon
,
Mount
Vernon
Nazarene
University,
Revenue,
2022,
Refunding,
4%,
2/01/37
.....
995,000
924,044
Mount
Vernon
Nazarene
University,
Revenue,
2022,
Refunding,
4%,
2/01/52
.....
1,675,000
1,404,230
City
of
St.
Bernard
,
Income
Tax
,
Revenue
,
2013
,
AGMC
Insured
,
5
%
,
12/01/43
.....
3,760,000
3,769,500
City
of
Westerville
,
Revenue
,
2014
,
5
%
,
12/01/30
...........................
2,765,000
2,803,967
Cleveland
Department
of
Public
Utilities
Division
of
Public
Power
,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
11/15/38
..................
600,000
589,165
Revenue,
B-2,
NATL
Insured,
Zero
Cpn.,
11/15/38
.........................
10,000,000
5,033,956
Cleveland
Department
of
Public
Utilities
Division
of
Water
,
Revenue,
2020
FF,
Refunding,
5%,
1/01/32
..............................
1,000,000
1,129,023
Revenue,
2020
FF,
Refunding,
5%,
1/01/33
..............................
1,000,000
1,128,167
Cleveland-Cuyahoga
County
Port
Authority
,
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
5%,
7/01/35
.......
600,000
670,143
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/37
.......
700,000
705,127
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/38
.......
100,000
100,103
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/39
.......
700,000
692,095
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/40
.......
100,000
97,083
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/46
.......
500,000
438,247
Cleveland
Museum
of
Natural
History
(The),
Revenue,
2021,
4%,
7/01/51
.......
2,000,000
1,709,243
Euclid
Avenue
Development
Corp.,
Revenue,
2022
A,
5.5%,
8/01/52
...........
9,000,000
9,512,609
Columbus-Franklin
County
Finance
Authority
,
Revenue,
2021
C,
2.5%,
11/15/41
.....................................
900,000
669,737
Revenue,
2021
C,
3%,
5/15/51
........................................
2,180,000
1,528,862
County
of
Butler
,
Cincinnati
Children's
Hospital
Medical
Center
Obligated
Group,
Revenue,
2016
X,
Refunding,
5%,
5/15/29
............................................
6,750,000
7,470,848
UC
Health
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
11/15/45
..........
20,270,000
19,506,464
UC
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
11/15/36
..........
4,140,000
3,686,368
UC
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
11/15/37
..........
1,500,000
1,320,911
County
of
Cuyahoga
,
GO,
2020
A,
Refunding,
4%,
12/01/34
..................................
750,000
786,959
Excise
Tax,
Revenue,
2015,
Pre-Refunded,
5%,
12/01/25
....................
500,000
504,058
County
of
Franklin
,
Nationwide
Children's
Hospital,
Inc.,
Revenue,
2016
C,
Refunding,
5%,
11/01/34
..
2,600,000
2,774,495
Nationwide
Children's
Hospital,
Inc.,
Revenue,
2016
C,
Refunding,
4%,
11/01/40
..
5,000,000
4,850,562
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/33
..........
5,270,000
4,759,245
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/34
..........
2,240,000
1,998,230
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/35
..........
2,900,000
2,543,026
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/36
..........
2,640,000
2,267,324
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/40
..........
2,590,000
2,079,151
OhioHealth
Obligated
Group,
Revenue,
2015,
5%,
5/15/33
...................
6,290,000
6,483,988
Sales
Tax,
Revenue,
2018,
5%,
6/01/48
.................................
6,000,000
6,335,865
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017,
5%,
12/01/46
............
3,515,000
3,588,379
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017
A-OH,
5%,
12/01/47
.......
11,800,000
12,043,394
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2019
A,
4%,
12/01/49
..........
6,030,000
5,646,159
County
of
Hamilton
,
Sewer
System,
Revenue,
2019
A,
Refunding,
5%,
12/01/33
..................
6,965,000
7,826,719
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
164
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
County
of
Hamilton,
(continued)
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/32
..................
$
2,115,000
$
2,420,189
Sewer
System,
Revenue,
2020
A,
Refunding,
5%,
12/01/35
..................
2,000,000
2,261,124
TriHealth
Obligated
Group,
Revenue,
2017
A,
5%,
8/15/42
...................
5,000,000
5,092,619
County
of
Lucas
,
GO
,
2022
,
4.75
%
,
12/01/52
..............................
3,000,000
3,100,105
County
of
Mahoning
,
Sewer
System,
Revenue,
2022,
Refunding,
5%,
12/01/46
....................
3,000,000
3,193,317
Western
Reserve
Care
System,
Revenue,
1995,
NATL
Insured,
ETM,
5.5%,
10/15/25
1,700,000
1,742,051
County
of
Miami
,
Kettering
Health
Network
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
8/01/45
.............................................
5,000,000
5,121,068
County
of
Montgomery
,
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
11/15/39
............................................
5,000,000
4,604,077
County
of
Ross
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/44
.....................................................
4,705,000
4,787,163
County
of
Union
,
GO
,
2018
,
5
%
,
12/01/47
.................................
5,000,000
5,178,859
Cuyahoga
Falls
City
School
District
,
GO
,
2021
,
BAM
Insured
,
4
%
,
12/01/51
.......
1,485,000
1,399,223
Dayton
City
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
11/01/30
................
5,000,000
5,667,294
Dayton-Montgomery
County
Port
Authority
,
Southwest
Ohio
Regional
Bond
Fund,
Revenue,
2021
C,
2%,
11/15/31
..........
430,000
364,038
Southwest
Ohio
Regional
Bond
Fund,
Revenue,
2021
C,
2.5%,
11/15/41
........
1,615,000
1,182,215
Southwest
Ohio
Regional
Bond
Fund,
Revenue,
2021
C,
3%,
5/15/51
..........
1,000,000
682,468
Deer
Park
Community
City
School
District
,
GO
,
2017
A
,
5.25
%
,
12/01/53
.........
3,000,000
3,058,982
Dublin
City
School
District
,
GO
,
2019
A
,
4
%
,
12/01/44
........................
10,000,000
9,850,842
Elyria
City
School
District
,
GO
,
2017
A
,
5
%
,
12/01/43
........................
5,500,000
5,681,927
Franklin
County
Convention
Facilities
Authority
,
Revenue
,
2014
,
Pre-Refunded
,
5
%
,
12/01/35
........................................................
20,000,000
20,524,832
Fremont
City
School
District
,
GO
,
2017
A
,
5
%
,
1/15/49
.......................
13,970,000
14,223,262
Grandview
Heights
City
School
District
,
GO
,
2019
,
5
%
,
12/01/53
................
2,150,000
2,259,092
Green
Local
School
District
,
COP
,
2022
,
AGMC
Insured
,
5
%
,
11/01/52
...........
2,000,000
2,085,932
Hilliard
School
District
,
GO
,
2017
,
4
%
,
12/01/46
............................
10,000,000
9,755,073
Hillsdale
Local
School
District
,
COP
,
2020
,
BAM
Insured
,
4
%
,
12/01/40
...........
1,435,000
1,401,361
Hudson
City
School
District
,
GO
,
2018
,
4
%
,
12/01/45
........................
18,870,000
18,490,054
Indian
Creek
Local
School
District
,
GO,
2018
A,
5%,
11/01/55
...........................................
3,000,000
3,116,679
GO,
2018
B,
BAM
Insured,
5%,
11/01/55
................................
3,910,000
4,129,912
Lakota
Local
School
District
,
GO,
2005,
Refunding,
NATL
Insured,
5.25%,
12/01/26
......................
2,000,000
2,149,897
GO,
2014
C,
Pre-Refunded,
5%,
12/01/30
...............................
4,035,000
4,140,885
Licking
Heights
Local
School
District
,
GO
,
2022
,
4.5
%
,
10/01/51
................
1,800,000
1,825,749
Little
Miami
Local
School
District
,
GO,
2018,
5%,
11/01/43
.............................................
1,000,000
1,020,208
GO,
2018,
5%,
11/01/48
.............................................
2,460,000
2,500,660
Madeira
City
School
District
,
GO
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/32
.....
9,605,000
11,101,707
Miami
University
,
Revenue,
2014,
Refunding,
5%,
9/01/31
.................................
2,320,000
2,361,414
Revenue,
2014,
Refunding,
5%,
9/01/34
.................................
3,500,000
3,555,618
Revenue,
2017,
Refunding,
5%,
9/01/41
.................................
5,000,000
5,165,148
Revenue,
2022
A,
Refunding,
5%,
9/01/34
...............................
1,000,000
1,149,727
Miami
Valley
Career
Technology
Center
,
GO
,
2018
,
5
%
,
12/01/44
...............
20,000,000
21,171,558
Northeast
Ohio
Medical
University
,
Revenue,
2021
A,
Refunding,
3%,
12/01/23
..............................
75,000
74,682
Revenue,
2021
A,
Refunding,
5%,
12/01/25
..............................
125,000
127,889
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
165
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Northeast
Ohio
Medical
University,
(continued)
Revenue,
2021
A,
Refunding,
5%,
12/01/27
..............................
$
100,000
$
104,614
Revenue,
2021
A,
Refunding,
5%,
12/01/29
..............................
110,000
117,260
Revenue,
2021
A,
Refunding,
3%,
12/01/40
..............................
500,000
386,538
Revenue,
2021
A,
Refunding,
4%,
12/01/45
..............................
450,000
395,810
Revenue,
2022,
BAM
Insured,
5%,
12/01/43
.............................
1,000,000
1,054,087
Northeast
Ohio
Regional
Sewer
District
,
Revenue
,
2019
,
Refunding
,
3
%
,
11/15/35
..
4,500,000
4,216,894
Northeastern
Local
School
District
,
GO,
2018,
AGMC
Insured,
5.25%,
12/01/45
..............................
5,420,000
5,837,673
GO,
2018,
AGMC
Insured,
4%,
12/01/55
................................
5,000,000
4,542,759
Norwood
City
School
District
,
GO,
2017
A,
Pre-Refunded,
5%,
11/01/46
...............................
5,000,000
5,273,299
GO,
2017
A,
Pre-Refunded,
5.25%,
11/01/51
.............................
7,645,000
8,115,791
c
Ohio
Air
Quality
Development
Authority
,
Ohio
Valley
Electric
Corp.,
Revenue,
2009
B,
Mandatory
Put,
1.375%,
11/01/24
...
1,875,000
1,770,548
Ohio
Valley
Electric
Corp.,
Revenue,
2009
C,
Mandatory
Put,
1.5%,
11/04/25
.....
2,000,000
1,817,513
Ohio
Center
Local
Government
Capital
Asset
Financing
Program
,
GO
,
2003
,
AGMC
Insured
,
5.25
%
,
12/01/23
............................................
120,000
120,201
Ohio
Higher
Educational
Facility
Commission
,
Ashtabula
County
Medical
Center
Obligated
Group,
Revenue,
2022,
5.25%,
1/01/52
4,895,000
4,987,524
Baldwin
Wallace
University,
Revenue,
2022,
6%,
12/01/52
...................
5,970,000
6,330,808
Capital
University,
Revenue,
2022,
Refunding,
6%,
9/01/42
..................
4,900,000
5,091,933
Capital
University,
Revenue,
2022,
Refunding,
6%,
9/01/47
..................
2,000,000
2,061,516
Capital
University,
Revenue,
2022,
Refunding,
6%,
9/01/52
..................
5,100,000
5,230,000
Case
Western
Reserve
University,
Revenue,
2016,
Refunding,
5%,
12/01/40
.....
6,000,000
6,190,556
Cleveland
Institute
of
Music
(The),
Revenue,
2022,
5%,
12/01/32
..............
300,000
314,353
Cleveland
Institute
of
Music
(The),
Revenue,
2022,
5.125%,
12/01/42
...........
3,390,000
3,411,669
Cleveland
Institute
of
Music
(The),
Revenue,
2022,
5.375%,
12/01/52
...........
3,100,000
3,124,987
Denison
University,
Revenue,
2021,
3%,
11/01/50
.........................
4,250,000
2,998,786
John
Carroll
University,
Revenue,
2020,
4%,
10/01/45
......................
1,100,000
943,895
John
Carroll
University,
Revenue,
2020,
4%,
10/01/50
......................
3,500,000
2,901,241
John
Carroll
University,
Revenue,
2022,
Refunding,
4%,
10/01/47
..............
11,360,000
9,602,973
John
Carroll
University,
Revenue,
2022,
Refunding,
4%,
10/01/52
..............
5,000,000
4,097,954
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/42
...........
1,540,000
1,407,324
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/45
...........
1,360,000
1,219,525
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/50
...........
2,900,000
2,543,477
Kenyon
College,
Revenue,
2016,
Refunding,
5%,
7/01/42
...................
5,320,000
5,469,558
Kenyon
College,
Revenue,
2016,
Refunding,
4%,
7/01/44
...................
5,180,000
4,886,797
Kenyon
College,
Revenue,
2017,
5%,
7/01/42
............................
1,250,000
1,289,491
Kenyon
College,
Revenue,
2017,
4%,
7/01/47
............................
4,000,000
3,668,844
Otterbein
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/30
......
1,095,000
1,092,858
Otterbein
University,
Revenue,
2022
A,
Refunding,
4%,
12/01/37
..............
1,050,000
961,279
Otterbein
University,
Revenue,
2022
A,
Refunding,
4%,
12/01/38
..............
1,055,000
958,170
Otterbein
University,
Revenue,
2022
A,
Refunding,
4%,
12/01/39
..............
1,105,000
992,653
Otterbein
University,
Revenue,
2022
A,
Refunding,
4%,
12/01/40
..............
1,225,000
1,087,940
Otterbein
University,
Revenue,
2022
A,
Refunding,
4%,
12/01/41
..............
1,275,000
1,121,081
Otterbein
University,
Revenue,
2022
A,
Refunding,
4%,
12/01/46
..............
1,975,000
1,671,223
University
of
Dayton,
Revenue,
2018
A,
4%,
12/01/43
.......................
11,885,000
11,355,213
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/28
................
150,000
160,628
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/29
................
415,000
451,025
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/30
................
400,000
440,893
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/31
................
550,000
601,410
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/32
................
340,000
371,591
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/33
................
130,000
141,973
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/34
................
500,000
545,930
University
of
Dayton,
Revenue,
2020,
Refunding,
5%,
2/01/35
................
1,000,000
1,086,915
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
166
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Ohio
Higher
Educational
Facility
Commission,
(continued)
University
of
Dayton,
Revenue,
2020,
Refunding,
4%,
2/01/36
................
$
900,000
$
907,285
University
of
Dayton,
Revenue,
2020,
Refunding,
3%,
2/01/37
................
1,335,000
1,114,268
University
of
Dayton,
Revenue,
2020,
Refunding,
4%,
2/01/39
................
480,000
464,426
University
of
Dayton,
Revenue,
2020,
Refunding,
4%,
2/01/41
................
250,000
240,217
University
of
Dayton,
Revenue,
2020,
Refunding,
3%,
2/01/42
................
325,000
242,811
Ohio
Housing
Finance
Agency
,
Revenue
,
2020
B
,
GNMA
Insured
,
2.1
%
,
9/01/35
....
495,000
393,910
Ohio
State
University
(The)
,
Revenue,
2014
A,
4%,
12/01/30
.......................................
4,325,000
4,379,643
Revenue,
2021
A,
4%,
12/01/48
.......................................
10,020,000
9,661,374
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
2018
A,
5%,
2/15/43
........................................
33,350,000
35,173,982
Revenue,
Junior
Lien,
2013
A-2,
BAM
Insured,
Zero
Cpn.,
2/15/38
.............
3,665,000
1,980,797
Revenue,
Junior
Lien,
2013
A-2,
Zero
Cpn.,
2/15/43
........................
10,485,000
4,230,318
Revenue,
Junior
Lien,
2022
A,
Refunding,
5%,
2/15/39
......................
5,000,000
5,627,122
Ohio
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/44
...................
7,000,000
7,226,913
Ohio
Water
Development
Authority
,
Revenue,
2019,
5%,
12/01/39
........................................
5,000,000
5,464,045
Revenue,
2019,
5%,
6/01/44
.........................................
5,650,000
6,102,888
Revenue,
2021,
5%,
6/01/46
.........................................
10,555,000
11,576,344
Water
Pollution
Control
Loan
Fund,
Revenue,
2019
B,
Refunding,
5%,
12/01/44
...
10,000,000
10,801,572
Water
Pollution
Control
Loan
Fund,
Revenue,
2020
A,
5%,
12/01/39
............
5,000,000
5,495,725
Water
Pollution
Control
Loan
Fund,
Revenue,
2020
A,
5%,
12/01/50
............
2,500,000
2,678,648
Olentangy
Local
School
District
,
GO
,
2016
,
4
%
,
12/01/46
.....................
15,235,000
14,861,854
Princeton
City
School
District
,
GO,
2014,
Pre-Refunded,
5%,
12/01/39
.................................
12,000,000
12,306,045
GO,
2014,
Refunding,
Zero
Cpn.,
12/01/40
...............................
6,000,000
2,967,593
GO,
2014,
Refunding,
Zero
Cpn.,
12/01/41
...............................
6,000,000
2,848,353
Reading
Community
City
School
District
,
GO
,
2016
A
,
5
%
,
11/01/46
.............
2,000,000
2,022,928
Russia
Local
School
District
,
GO
,
2023
,
5
%
,
12/01/52
........................
1,670,000
1,783,724
Springboro
Community
City
School
District
,
GO,
2007,
Refunding,
AGMC
Insured,
5.25%,
12/01/27
.....................
5,175,000
5,615,581
GO,
2007,
Refunding,
AGMC
Insured,
5.25%,
12/01/28
.....................
2,000,000
2,211,810
State
of
Ohio
,
GO,
2017
A,
5%,
3/15/36
............................................
5,000,000
5,045,435
GO,
2018
A,
5%,
6/15/38
............................................
10,000,000
10,352,890
GO,
2019
A,
5%,
6/15/38
............................................
6,500,000
7,104,219
GO,
2020
C,
5%,
3/01/38
............................................
2,300,000
2,575,403
GO,
V,
5%,
5/01/33
................................................
1,000,000
1,100,140
GO,
V,
5%,
5/01/34
................................................
4,000,000
4,398,216
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2017
A,
Refunding,
3.25%,
1/01/35
..................................................
10,000,000
9,315,053
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2021
B,
Refunding,
5%,
1/01/29
........................................................
4,850,000
5,333,986
Department
of
Administrative
Services,
Revenue,
2021
A,
5%,
4/01/39
..........
1,000,000
1,102,196
Department
of
Administrative
Services,
Revenue,
2021
A,
5%,
4/01/40
..........
1,110,000
1,214,827
Department
of
Administrative
Services,
Revenue,
2021
A,
5%,
4/01/41
..........
750,000
818,462
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/37
1,000,000
931,750
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/39
875,000
801,007
University
Hospitals
Health
System,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
1/15/45
............................................
5,000,000
3,676,339
University
Hospitals
Health
System,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
1/15/46
............................................
18,795,000
17,109,500
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)
Summit
County
Development
Finance
Authority
,
City
of
Akron
,
Revenue
,
2022
,
4
%
,
5/15/46
......................................................
$
5,585,000
$
4,921,743
Sycamore
Community
City
School
District
,
GO
,
2020
,
4
%
,
12/01/45
.............
6,000,000
5,879,191
Sylvania
City
School
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/36
....
9,700,000
9,938,137
Three
Rivers
Local
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
12/01/39
...........
5,885,000
5,986,744
Toledo-Lucas
County
Port
Authority
,
Revenue,
2021
A,
2%,
11/15/31
.......................................
430,000
367,800
Revenue,
2021
A,
3%,
5/15/51
........................................
1,160,000
784,580
ParkUToledo,
Inc.,
Revenue,
2021,
4%,
1/01/46
...........................
1,625,000
1,294,056
ParkUToledo,
Inc.,
Revenue,
2021,
4%,
1/01/51
...........................
2,840,000
2,156,799
ParkUToledo,
Inc.,
Revenue,
2021,
4%,
1/01/57
...........................
6,000,000
4,437,199
Triway
Local
School
District
,
COP
,
2021
,
BAM
Insured
,
4
%
,
12/01/39
............
2,200,000
2,192,186
University
of
Akron
(The)
,
Revenue,
2015
A,
Refunding,
5%,
1/01/31
...............................
4,365,000
4,423,844
Revenue,
2016
A,
Refunding,
BAM
Insured,
5%,
1/01/34
....................
6,000,000
6,173,221
Revenue,
2016
A,
Refunding,
5%,
1/01/36
...............................
11,065,000
11,243,236
Revenue,
2016
A,
Refunding,
5%,
1/01/38
...............................
13,225,000
13,403,819
Revenue,
2018
A,
Refunding,
5%,
1/01/42
...............................
5,725,000
5,892,934
University
of
Cincinnati
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
6/01/48
..............
10,000,000
9,687,999
Upper
Arlington
City
School
District
,
GO
,
2018
A
,
Pre-Refunded
,
5
%
,
12/01/48
.....
13,000,000
14,199,368
Village
of
Bluffton
,
Blanchard
Valley
Health
System
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
12/01/33
.......................................................
1,655,000
1,668,073
Blanchard
Valley
Health
System
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
12/01/34
.......................................................
1,900,000
1,918,451
Warren
County
Port
Authority
,
Ohio
Communities
Accelerator
Fund,
Revenue,
2021
C,
4%,
12/01/41
..........
2,075,000
1,768,505
Ohio
Communities
Accelerator
Fund,
Revenue,
2021
C,
4%,
12/01/55
..........
3,500,000
2,735,967
Ohio
Communities
Accelerator
Fund,
Revenue,
2021
D,
5%,
12/01/46
..........
3,895,000
3,296,020
Ohio
Communities
Accelerator
Fund,
Revenue,
2021
H,
4%,
12/01/41
..........
570,000
487,014
Ohio
Communities
Accelerator
Fund,
Revenue,
2021
H,
4%,
12/01/53
..........
1,375,000
1,083,759
Ohio
Communities
Accelerator
Fund,
Revenue,
2022
A,
5.5%,
12/01/50
.........
3,210,000
3,140,453
Ohio
Communities
Accelerator
Fund,
Revenue,
2022
B,
4.75%,
12/01/34
........
1,100,000
1,105,514
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund,
Revenue,
2020
D-1,
Refunding,
3%,
12/01/30
.......................................
525,000
472,874
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund,
Revenue,
2020
D-1,
Refunding,
4%,
12/01/40
.......................................
1,390,000
1,193,512
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund,
Revenue,
2020
D-1,
Refunding,
4%,
12/01/52
.......................................
1,930,000
1,524,950
Warrensville
Heights
City
School
District
,
GO,
2019
A,
BAM
Insured,
5%,
12/01/44
................................
190,000
192,566
GO,
2019
A,
Pre-Refunded,
BAM
Insured,
5%,
12/01/44
.....................
460,000
471,732
GO,
2019
A,
Pre-Refunded,
BAM
Insured,
5.25%,
12/01/55
..................
1,740,000
1,790,684
Westerville
City
School
District
,
GO
,
2006
,
Refunding
,
XLCA
Insured
,
5
%
,
12/01/27
..
3,820,000
4,103,373
Westlake
City
School
District
,
GO
,
2021
A
,
Refunding
,
4
%
,
12/01/49
.............
3,965,000
3,790,261
Willoughby-Eastlake
City
School
District
,
GO
,
2016
,
Pre-Refunded
,
5
%
,
12/01/46
...
10,000,000
10,456,156
Winton
Woods
City
School
District
,
GO,
2017,
Refunding,
4%,
11/01/43
....................................
7,000,000
6,952,403
GO,
2022,
Refunding,
BAM
Insured,
4%,
11/01/53
.........................
2,000,000
1,883,701
Wright
State
University
,
Revenue
,
2021
A
,
Refunding
,
BAM
Insured
,
5
%
,
5/01/30
...
1,285,000
1,434,697
Xenia
Community
School
District
,
GO
,
2014
,
Pre-Refunded
,
5
%
,
12/01/40
.........
7,285,000
7,465,425
1,056,236,243
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)
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
$
3,200,000
$
2,551,764
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
3,200,000
2,544,057
b
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-1,
Zero
Cpn.,
6/01/37
5,250,000
3,466,036
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,200,000
2,432,338
10,994,195
Tennessee
0.1%
c
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
5
%
,
11/01/31
1,500,000
1,567,382
Texas
0.7%
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
4,300,000
3,132,546
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/38
300,000
233,796
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
3%,
9/01/47
1,000,000
687,176
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
6,000,000
4,451,980
8,505,498
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
3,200,000
2,551,598
Wisconsin
1.2%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
3,100,000
2,443,621
FAH
Tree
House
LLC,
Revenue,
144A,
2023
A,
6.5%,
8/01/53
................
2,800,000
2,774,088
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
8,200,000
8,188,390
13,406,099
U.S.
Territories
1.5%
Puerto
Rico
1.5%
HTA
HRRB
Custodial
Trust
,
Revenue,
2007
CC,
5.5%,
7/01/31
.....................................
1,500,000
1,544,253
Revenue,
2007
CC,
5.5%,
7/01/31
.....................................
1,870,000
1,925,151
Revenue,
2007
CC,
5.25%,
7/01/32
....................................
2,890,000
2,925,240
Revenue,
2007
CC,
5.25%,
7/01/34
....................................
800,000
806,265
HTA
TRRB
Custodial
Trust
,
Revenue,
2005
L,
5.25%,
7/01/41
.....................................
4,515,000
4,559,033
Revenue,
2007
N,
5.25%,
7/01/36
.....................................
1,575,000
1,588,829
Revenue,
2007
N,
5.25%,
7/01/39
.....................................
361,283
364,935
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,000,000
988,341
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
988,234
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
479,671
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
7/01/35
..
235,000
253,488
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
See
Abbreviations
on
page
196
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
$
1,100,000
$
1,053,742
17,477,182
Total
U.S.
Territories
....................................................................
17,477,182
Total
Municipal
Bonds
(Cost
$1,198,073,989)
...................................
1,144,117,889
Total
Long
Term
Investments
(Cost
$1,201,273,989)
.............................
1,147,301,253
a
a
a
a
a
Short
Term
Investments
0.1%
Municipal
Bonds
0.1%
Ohio
0.1%
d
County
of
Allen
Hospital
Facilities
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2010
C
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
3.98
%
,
6/01/34
.................
1,700,000
1,700,000
Total
Municipal
Bonds
(Cost
$1,700,000)
.......................................
1,700,000
Total
Short
Term
Investments
(Cost
$1,700,000
)
.................................
1,700,000
a
Total
Investments
(Cost
$1,202,973,989)
98.5%
..................................
$1,149,001,253
Other
Assets,
less
Liabilities
1.5%
.............................................
17,387,594
Net
Assets
100.0%
...........................................................
$1,166,388,847
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$43,479,194,
representing
3.7%
of
net
assets.
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,
2023
Franklin
Oregon
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
170
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
2,500,000
$
2,487,003
Total
Corporate
Bonds
(Cost
$2,500,000)
.......................................
2,487,003
Municipal
Bonds
98.5%
California
0.3%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
3,500,000
2,900,497
Florida
0.6%
b
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
1,500,000
1,004,374
b
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
5,600,000
4,578,000
5,582,374
Illinois
0.5%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/42
.
5,000,000
4,658,756
Kentucky
0.6%
b
Louisville/Jefferson
County
Metropolitan
Government
,
PSG
Vesta
Derby
Oaks
LLC
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/52
..............................
8,300,000
5,464,440
New
Jersey
0.8%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2019
BB,
5%,
6/15/44
.......................................
2,250,000
2,329,613
Revenue,
2020
AA,
3%,
6/15/50
.......................................
1,000,000
744,540
Revenue,
2021
A,
Refunding,
4%,
6/15/36
...............................
1,000,000
1,004,956
Revenue,
2022
A,
4%,
6/15/38
........................................
2,165,000
2,124,348
Revenue,
2022
BB,
4%,
6/15/46
.......................................
2,000,000
1,880,396
8,083,853
New
York
0.5%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/47
..........
5,500,000
5,058,461
Oregon
88.4%
Astoria
Hospital
Facilities
Authority
,
Columbia
Lutheran
Charities
Obligated
Group,
Revenue,
2016,
5%,
8/01/41
......
4,250,000
4,303,186
Columbia
Lutheran
Charities
Obligated
Group,
Revenue,
2016,
4%,
8/01/46
......
1,750,000
1,541,114
Benton
&
Polk
School
District
No.
17J
,
GO
,
2010
B
,
Zero
Cpn.,
6/15/31
...........
1,000,000
733,859
Central
Lincoln
People's
Utility
District
JATC,
Inc.
,
Revenue
,
2016
,
5
%
,
12/01/45
....
2,900,000
2,965,645
City
of
Beaverton
,
Water,
Revenue,
2020,
5%,
4/01/36
....................................
1,760,000
1,966,504
Water,
Revenue,
2020,
5%,
4/01/37
....................................
1,850,000
2,051,162
Water,
Revenue,
2020,
5%,
4/01/38
....................................
1,940,000
2,134,000
Water,
Revenue,
2020,
5%,
4/01/39
....................................
2,040,000
2,235,272
Water,
Revenue,
2020,
5%,
4/01/40
....................................
2,140,000
2,336,916
City
of
Eugene
,
Electric
Utility
System
,
Revenue
,
2017
,
5
%
,
8/01/47
.............
3,580,000
3,723,458
City
of
Forest
Grove
,
Oak
Tree
Foundation,
Inc.,
Revenue,
2017,
Refunding,
4%,
3/01/37
............
3,500,000
3,270,619
Pacific
University,
Revenue,
2015
A,
Refunding,
5%,
5/01/36
.................
4,075,000
4,137,070
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/26
.................
335,000
342,957
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/27
.................
1,195,000
1,234,732
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/29
.................
1,315,000
1,382,290
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/30
.................
1,385,000
1,465,001
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/31
.................
1,450,000
1,541,660
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/32
.................
1,525,000
1,617,790
Pacific
University,
Revenue,
2022
A,
Refunding,
5%,
5/01/33
.................
1,600,000
1,693,796
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
171
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
City
of
Forest
Grove,
(continued)
Pacific
University,
Revenue,
2022
A,
Refunding,
4%,
5/01/35
.................
$
490,000
$
472,136
Pacific
University,
Revenue,
2022
A,
Refunding,
4%,
5/01/37
.................
1,905,000
1,780,291
Pacific
University,
Revenue,
2022
A,
Refunding,
4%,
5/01/38
.................
3,960,000
3,657,362
Pacific
University,
Revenue,
2022
A,
Refunding,
4%,
5/01/39
.................
1,750,000
1,599,746
City
of
Keizer
,
Special
Assessment
,
2008
,
5.2
%
,
6/01/31
......................
1,245,000
1,247,509
City
of
Portland
,
Water
System
,
Revenue,
Second
Lien
,
2019
A
,
5
%
,
5/01/44
.......
5,500,000
5,935,665
City
of
Tigard
,
Water
,
Revenue
,
2015
,
5
%
,
8/01/45
..........................
23,545,000
24,003,605
Clackamas
Community
College
District
,
GO,
2017
A,
5%,
6/15/38
............................................
760,000
801,438
GO,
2017
A,
5%,
6/15/39
............................................
1,000,000
1,052,217
GO,
2017
A,
5%,
6/15/40
............................................
1,250,000
1,311,916
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO,
2017
A,
Zero
Cpn.,
6/15/40
.......................................
10,000,000
4,528,711
GO,
2017
A,
Zero
Cpn.,
6/15/41
.......................................
17,030,000
7,253,494
GO,
2017
A,
Zero
Cpn.,
6/15/42
.......................................
16,625,000
6,740,053
GO,
2017
B,
5%,
6/15/34
............................................
8,000,000
8,529,194
GO,
2017
B,
5%,
6/15/37
............................................
10,000,000
10,541,390
GO,
2018,
5%,
6/15/42
.............................................
1,750,000
1,861,949
Clackamas
County
School
District
No.
46
Oregon
Trail
,
GO,
Zero
Cpn.,
6/15/37
.............................................
12,130,000
6,651,871
GO,
Zero
Cpn.,
6/15/38
.............................................
12,495,000
6,466,366
Clackamas
County
School
District
No.
7J
Lake
Oswego
,
GO
,
2005
,
Refunding
,
AGMC
Insured
,
5.25
%
,
6/01/25
.............................................
3,075,000
3,200,068
Clackamas
River
Water
,
Revenue
,
2016
,
5
%
,
11/01/43
.......................
1,970,000
2,005,294
Coos
County
School
District
No.
9
Coos
Bay
,
GO
,
2018
,
5
%
,
6/15/43
............
5,005,000
5,334,477
County
of
Yamhill
,
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/24
..............
750,000
752,584
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/29
..............
910,000
935,042
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/31
..............
990,000
1,016,934
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/36
..............
2,585,000
2,528,748
George
Fox
University,
Revenue,
2021,
Refunding,
4%,
12/01/46
..............
3,830,000
3,403,723
Linfield
University,
Revenue,
2020
A,
Refunding,
5%,
10/01/40
................
7,010,000
7,080,521
Linfield
University,
Revenue,
2020
A,
Refunding,
5%,
10/01/45
................
9,285,000
9,296,561
Deschutes
County
Hospital
Facilities
Authority
,
St.
Charles
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/48
.........................
8,440,000
8,498,334
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2012
,
Refunding
,
5
%
,
12/01/29
..................
3,690,000
3,611,983
Jackson
County
School
District
No.
5
Ashland
,
GO,
2019,
5%,
6/15/42
.............................................
5,970,000
6,419,927
GO,
2019,
5%,
6/15/43
.............................................
6,495,000
6,976,905
GO,
2019,
5%,
6/15/44
.............................................
6,000,000
6,433,467
Jackson
County
School
District
No.
6
Central
Point
,
GO,
2019
B,
Zero
Cpn.,
6/15/40
.......................................
705,000
331,741
GO,
2019
B,
Zero
Cpn.,
6/15/41
.......................................
710,000
316,029
GO,
2019
B,
Zero
Cpn.,
6/15/42
.......................................
610,000
256,200
GO,
2019
B,
Zero
Cpn.,
6/15/43
.......................................
820,000
326,437
GO,
2019
B,
Zero
Cpn.,
6/15/44
.......................................
1,115,000
419,181
GO,
2019
B,
Zero
Cpn.,
6/15/45
.......................................
985,000
349,449
GO,
2019
B,
Zero
Cpn.,
6/15/46
.......................................
1,190,000
398,633
GO,
2019
B,
Zero
Cpn.,
6/15/47
.......................................
1,170,000
369,926
GO,
2019
B,
Zero
Cpn.,
6/15/48
.......................................
1,320,000
393,727
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
172
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Klamath
Falls
Intercommunity
Hospital
Authority
,
Sky
Lakes
Medical
Center,
Inc.
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/46
.................................
$
1,000,000
$
1,014,446
Lane
&
Douglas
Counties
School
District
No.
28J
Fern
Ridge
,
GO
,
2014
A
,
5
%
,
6/15/30
695,000
734,253
Marion
&
Linn
Counties
School
District
No.
14J
Jefferson
,
GO
,
2017
B
,
5
%
,
6/15/41
.
1,360,000
1,416,996
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
8/15/45
..............................................
5,620,000
5,319,679
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/45
8,245,000
8,599,564
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
8/15/50
5,685,000
5,111,162
Asante
Health
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/50
4,500,000
4,665,895
Rogue
Valley
Manor,
Revenue,
2013
A,
Refunding,
5%,
10/01/33
..............
1,500,000
1,502,900
Rogue
Valley
Manor,
Revenue,
2013
A,
Refunding,
5%,
10/01/42
..............
9,420,000
9,327,865
Metro
,
County
of
Multnomah,
Revenue,
2017,
5%,
6/15/42
........................
7,500,000
7,837,130
County
of
Multnomah,
Revenue,
2017,
5%,
6/15/47
........................
10,950,000
11,375,714
Multnomah
&
Clackamas
Counties
School
District
No.
10JT
Gresham-Barlow
,
GO,
2017
B,
5%,
6/15/37
............................................
7,885,000
8,254,468
GO,
2019
A,
Zero
Cpn.,
6/15/39
.......................................
9,500,000
4,649,258
Multnomah
County
School
District
No.
40
,
GO,
2012
B,
Zero
Cpn.,
6/15/24
.......................................
1,640,000
1,579,153
GO,
2012
B,
Zero
Cpn.,
6/15/25
.......................................
1,325,000
1,231,984
GO,
2012
B,
Zero
Cpn.,
6/15/26
.......................................
2,585,000
2,323,892
GO,
2012
B,
Zero
Cpn.,
6/15/27
.......................................
2,655,000
2,307,311
GO,
2012
B,
Zero
Cpn.,
6/15/28
.......................................
2,495,000
2,096,092
GO,
2012
B,
Zero
Cpn.,
6/15/29
.......................................
2,595,000
2,104,401
GO,
2012
B,
Zero
Cpn.,
6/15/30
.......................................
1,885,000
1,470,381
GO,
2012
B,
Zero
Cpn.,
6/15/31
.......................................
2,030,000
1,519,403
GO,
2012
B,
Zero
Cpn.,
6/15/32
.......................................
2,000,000
1,421,629
Multnomah-Clackamas
Counties
Centennial
School
District
No.
28JT
,
GO
,
2020
,
Refunding
,
5
%
,
6/15/45
.............................................
13,000,000
14,089,943
Oregon
City
School
District
No.
62
,
GO
,
2018
B
,
Refunding
,
5
%
,
6/15/49
..........
17,000,000
18,023,031
Oregon
Health
&
Science
University
,
Oregon
Health
&
Science
University
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/42
..................................
10,000,000
10,403,503
Oregon
State
Facilities
Authority
,
b
CHNW
Clifton
House
LLC,
Revenue,
144A,
A,
4%,
10/01/26
.................
1,170,000
1,131,314
b
CHNW
Clifton
House
LLC,
Revenue,
144A,
A,
5%,
10/01/36
.................
1,670,000
1,561,734
b
CHNW
Clifton
House
LLC,
Revenue,
144A,
A,
5%,
10/01/48
.................
4,000,000
3,582,471
Legacy
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
6/01/46
......
31,395,000
31,905,825
Legacy
Health
Obligated
Group,
Revenue,
2022
A,
4.125%,
6/01/52
...........
3,000,000
2,725,738
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2015
C,
5%,
10/01/45
..
4,000,000
3,911,094
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/41
.......................................................
7,800,000
7,883,184
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2016
A,
5%,
10/01/46
.
3,280,000
3,297,307
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2016
A,
Pre-Refunded,
5%,
10/01/46
...................................................
220,000
232,936
Samaritan
Health
Services,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
10/01/40
.......................................................
11,025,000
11,210,781
Willamette
University,
Revenue,
2016
B,
Refunding,
5%,
10/01/40
.............
1,950,000
1,975,855
Willamette
University,
Revenue,
2021
A,
Refunding,
4%,
10/01/51
.............
47,505,000
39,952,337
Oregon
State
University
,
Revenue
,
2015
A
,
5
%
,
4/01/45
......................
12,500,000
12,698,150
Port
of
Portland
,
Airport,
Revenue,
24
A,
5%,
7/01/47
....................................
4,700,000
4,841,218
Airport,
Revenue,
24
B,
5%,
7/01/42
....................................
7,645,000
7,800,366
Airport,
Revenue,
24
B,
5%,
7/01/47
....................................
1,750,000
1,777,513
Airport,
Revenue,
25
A,
5%,
7/01/49
....................................
7,825,000
8,187,652
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
173
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Port
of
Portland,
(continued)
Airport,
Revenue,
25
B,
5%,
7/01/44
....................................
$
4,830,000
$
4,973,851
Airport,
Revenue,
25
B,
5%,
7/01/49
....................................
6,300,000
6,445,638
Airport,
Revenue,
27
A,
5%,
7/01/30
....................................
1,585,000
1,716,215
Airport,
Revenue,
27
A,
5%,
7/01/31
....................................
3,880,000
4,209,530
Airport,
Revenue,
27
A,
5%,
7/01/32
....................................
3,170,000
3,436,061
Airport,
Revenue,
27
A,
5%,
7/01/45
....................................
15,670,000
16,208,766
Airport,
Revenue,
28,
4%,
7/01/47
.....................................
5,000,000
4,628,751
Salem
Hospital
Facility
Authority
,
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/33
.............
545,000
549,741
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/38
.............
500,000
490,699
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/43
.............
2,250,000
2,130,315
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2018,
5%,
5/15/48
.............
3,700,000
3,398,683
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
5%,
5/15/24
....
110,000
110,200
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
5%,
5/15/25
....
130,000
130,476
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
5%,
5/15/26
....
135,000
135,732
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
5%,
5/15/27
....
260,000
261,845
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
5%,
5/15/28
....
310,000
312,697
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
5/15/29
....
515,000
491,307
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
5/15/30
....
385,000
364,565
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
5/15/31
....
400,000
376,012
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
5/15/32
....
370,000
344,817
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
5/15/40
....
1,540,000
1,239,042
Capital
Manor,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
5/15/57
....
2,750,000
1,891,076
Salem
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
5/15/46
.......
17,105,000
17,421,740
Salem-Keizer
School
District
No.
24J
,
GO,
2009
B,
Zero
Cpn.,
6/15/30
.......................................
8,500,000
6,653,324
GO,
2020
C,
4%,
6/15/38
............................................
6,000,000
6,077,398
Santiam
Canyon
School
District
129J
,
GO,
2019,
5%,
6/15/39
.............................................
1,000,000
1,087,426
GO,
2019,
5%,
6/15/44
.............................................
2,330,000
2,511,412
Seaside
School
District
No.
10
,
GO,
2017
B,
5%,
6/15/35
............................................
2,000,000
2,122,186
GO,
2017
B,
5%,
6/15/36
............................................
2,500,000
2,644,023
State
of
Oregon
,
GO,
2007
A,
4.7%,
8/01/42
...........................................
3,050,000
2,890,267
GO,
2017
A,
5%,
5/01/42
............................................
2,500,000
2,599,635
GO,
2017
H,
5%,
8/01/42
............................................
15,000,000
15,642,055
GO,
2019
A,
5%,
5/01/44
............................................
5,000,000
5,368,329
GO,
2019
G,
5%,
8/01/44
............................................
5,370,000
5,780,450
GO,
L,
Refunding,
5%,
8/01/42
........................................
3,270,000
3,413,805
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019
A,
Refunding,
5%,
11/15/37
12,500,000
13,722,897
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019
A,
Refunding,
5%,
11/15/39
23,175,000
25,312,287
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019
A,
Refunding,
5%,
11/15/42
6,825,000
7,391,356
b
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
20,000,000
19,807,628
Tillamook
&
Yamhill
Counties
School
District
No.
101
Nestucca
Valley
,
GO,
2018
B,
5%,
6/15/36
............................................
2,850,000
3,113,540
GO,
2018
B,
5%,
6/15/37
............................................
2,520,000
2,728,627
Tri-County
Metropolitan
Transportation
District
of
Oregon
,
Revenue,
2018
A,
5%,
10/01/31
.......................................
5,025,000
5,430,734
Revenue,
2018
A,
5%,
10/01/32
.......................................
1,865,000
2,014,338
Revenue,
2018
A,
Pre-Refunded,
5%,
9/01/48
............................
13,505,000
14,671,026
Revenue,
Senior
Lien,
2017
A,
Pre-Refunded,
5%,
9/01/41
...................
18,650,000
19,833,667
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
174
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Tualatin
Valley
Water
District
,
Revenue
,
2023
,
5
%
,
6/01/48
....................
$
10,805,000
$
11,912,186
Union
County
Hospital
Facility
Authority
,
Grande
Ronde
Hospital,
Inc.
Obligated
Group,
Revenue,
2022,
5%,
7/01/47
......
2,250,000
2,204,131
Grande
Ronde
Hospital,
Inc.
Obligated
Group,
Revenue,
2022,
5%,
7/01/52
......
3,375,000
3,256,557
University
of
Oregon
,
Revenue,
2015
A,
5%,
4/01/45
........................................
20,000,000
20,366,566
Revenue,
2016
A,
5%,
4/01/46
........................................
11,690,000
12,025,242
Revenue,
2020
A,
5%,
4/01/50
........................................
20,000,000
21,373,532
b
Warm
Springs
Reservation
Confederated
Tribe
,
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/33
.........................
250,000
274,157
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/34
.........................
300,000
328,832
Revenue,
144A,
2019
B,
Refunding,
5%,
11/01/39
.........................
2,200,000
2,353,478
Washington
&
Clackamas
Counties
School
District
No.
23J
Tigard-Tualatin
,
GO,
2017,
5%,
6/15/36
.............................................
9,400,000
9,945,159
GO,
2017,
5%,
6/15/37
.............................................
6,000,000
6,327,143
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton
,
GO,
2017
D,
5%,
6/15/35
............................................
10,000,000
10,568,369
GO,
2017
D,
5%,
6/15/36
............................................
10,000,000
10,510,656
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO,
2018
A,
Zero
Cpn.,
6/15/38
.......................................
2,350,000
1,200,172
GO,
2018
A,
Zero
Cpn.,
6/15/39
.......................................
3,275,000
1,575,365
Washington
County
School
District
No.
15
Forest
Grove
,
GO,
2012
B,
Zero
Cpn.,
6/15/29
.......................................
2,545,000
2,076,136
GO,
2012
B,
Zero
Cpn.,
6/15/30
.......................................
2,490,000
1,959,846
GO,
2012
B,
Zero
Cpn.,
6/15/31
.......................................
3,140,000
2,380,088
Yachats
Rural
Fire
Protection
District
,
GO
,
2017
,
AGMC
Insured
,
5
%
,
6/15/47
......
1,600,000
1,665,216
843,210,363
South
Carolina
1.2%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
2,500,000
1,993,565
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
2,500,000
1,987,545
b
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-1,
Zero
Cpn.,
6/01/37
7,650,000
5,050,510
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,000,000
2,280,317
11,311,937
Texas
0.6%
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
3,300,000
2,404,047
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/30
250,000
257,316
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/31
250,000
258,148
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
4,200,000
3,116,386
6,035,897
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
2,500,000
1,993,436
Wisconsin
0.9%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
2,400,000
1,891,836
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
6,300,000
6,291,080
8,182,916
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
175
See
Abbreviations
on
page
196
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
3.9%
Puerto
Rico
3.9%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.625
%
,
5/15/43
......................
$
6,000,000
$
6,034,051
HTA
TRRB
Custodial
Trust
,
Revenue,
2005
L,
5.25%,
7/01/41
.....................................
400,000
403,901
Revenue,
2007
N,
5.25%,
7/01/36
.....................................
1,100,000
1,109,658
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,300,000
1,284,843
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
988,234
c
Revenue,
WW,
5.25%,
7/01/33
........................................
7,040,000
5,051,200
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
94,046
90,402
Revenue,
2022
B,
Zero
Cpn.,
7/01/32
...................................
61,117
38,934
Revenue,
2022
C,
Zero
Cpn.,
7/01/53
..................................
104,547
63,773
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
19,745,000
18,914,675
Sales
Tax,
Revenue,
A-2,
4.329%,
7/01/40
...............................
3,000,000
2,786,792
36,766,463
Total
U.S.
Territories
....................................................................
36,766,463
Total
Municipal
Bonds
(Cost
$975,717,857)
.....................................
939,249,393
Total
Long
Term
Investments
(Cost
$978,217,857)
...............................
941,736,396
a
a
a
a
a
Short
Term
Investments
0.2%
Municipal
Bonds
0.2%
Oregon
0.2%
d
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.92
%
,
8/01/34
............
1,600,000
1,600,000
Total
Municipal
Bonds
(Cost
$1,600,000)
.......................................
1,600,000
Total
Short
Term
Investments
(Cost
$1,600,000
)
.................................
1,600,000
a
Total
Investments
(Cost
$979,817,857)
99.0%
...................................
$943,336,396
Other
Assets,
less
Liabilities
1.0%
.............................................
10,000,879
Net
Assets
100.0%
...........................................................
$953,337,275
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$65,107,605,
representing
6.8%
of
net
assets.
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,
2023
Franklin
Pennsylvania
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
176
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
2,000,000
$
1,989,602
Total
Corporate
Bonds
(Cost
$2,000,000)
.......................................
1,989,602
Municipal
Bonds
97.2%
Florida
0.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
5,688,000
4,714,834
b
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
1,000,000
669,583
5,384,417
Illinois
0.8%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
2022
A,
Refunding,
4%,
12/15/42
..............................
2,750,000
2,562,316
Revenue,
2022
A,
Refunding,
4%,
6/15/52
...............................
2,000,000
1,762,115
State
of
Illinois
,
GO
,
2017
C
,
5
%
,
11/01/29
................................
1,500,000
1,596,103
5,920,534
New
Jersey
0.2%
New
Jersey
Economic
Development
Authority
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/46
...
1,000,000
939,410
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2020
AA
,
4
%
,
6/15/37
...
1,000,000
992,938
1,932,348
New
York
1.6%
Metropolitan
Transportation
Authority
,
Revenue,
2021
A-1,
4%,
11/15/44
.....................................
6,700,000
6,247,758
Revenue,
2021
A-1,
4%,
11/15/46
.....................................
6,050,000
5,595,081
11,842,839
Pennsylvania
89.7%
Allegheny
County
Airport
Authority
,
Revenue,
2021
A,
5%,
1/01/32
........................................
4,345,000
4,728,340
Revenue,
2021
A,
5%,
1/01/35
........................................
5,755,000
6,216,302
Revenue,
2021
A,
5%,
1/01/51
........................................
3,500,000
3,606,175
Revenue,
2021
B,
5%,
1/01/36
........................................
2,735,000
3,032,921
Allegheny
County
Higher
Education
Building
Authority
,
Chatham
University,
Revenue,
2022,
Refunding,
5.25%,
9/01/33
..............
700,000
715,164
Chatham
University,
Revenue,
2022,
Refunding,
5.25%,
9/01/34
..............
1,090,000
1,108,032
Duquesne
University
of
the
Holy
Spirit,
Revenue,
2021
A,
Refunding,
4%,
3/01/40
.
2,115,000
2,038,644
Duquesne
University
of
the
Holy
Spirit,
Revenue,
2021
A,
Refunding,
4%,
3/01/41
.
3,000,000
2,846,368
Robert
Morris
University,
Revenue,
2017,
5%,
10/15/37
.....................
1,000,000
993,036
Robert
Morris
University,
Revenue,
2017,
5%,
10/15/47
.....................
1,300,000
1,221,802
Allegheny
County
Sanitary
Authority
,
Revenue
,
2018
,
5
%
,
6/01/43
...............
5,000,000
5,273,014
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue,
2022,
Refunding,
5%,
5/01/32
.................................
1,560,000
1,634,011
Revenue,
2022,
Refunding,
5%,
5/01/33
.................................
1,800,000
1,883,763
Revenue,
2022,
Refunding,
5%,
5/01/34
.................................
1,550,000
1,619,548
Revenue,
2022,
Refunding,
5%,
5/01/35
.................................
1,400,000
1,449,212
Revenue,
2022,
Refunding,
5%,
5/01/42
.................................
8,875,000
8,800,182
Berks
County
Industrial
Development
Authority
,
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
5/15/42
........................................................
1,000,000
926,040
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
177
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Berks
County
Industrial
Development
Authority,
(continued)
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
5/15/47
........................................................
$
600,000
$
538,263
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2017
C,
5%,
5/15/37
......
1,245,000
1,208,459
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2018,
Pre-Refunded,
5%,
5/15/38
........................................................
1,030,000
1,082,639
Highlands
at
Wyomissing
Obligated
Group,
Revenue,
2018,
Pre-Refunded,
5%,
5/15/48
........................................................
1,000,000
1,051,105
Blue
Mountain
School
District
,
GO,
2021
B,
AGMC
Insured,
4%,
8/01/32
................................
1,000,000
1,047,738
GO,
2021
B,
AGMC
Insured,
4%,
8/01/35
................................
1,000,000
1,035,816
Bristol
Township
School
District
,
GO
,
2021
C
,
BAM
Insured
,
3
%
,
6/01/37
..........
1,250,000
1,109,047
Bucks
County
Industrial
Development
Authority
,
Delaware
Valley
University,
Revenue,
2022
B,
Refunding,
5%,
11/01/37
.........
1,000,000
990,736
Delaware
Valley
University,
Revenue,
2022
B,
Refunding,
5%,
11/01/42
.........
1,080,000
1,049,957
Delaware
Valley
University,
Revenue,
2022
B,
Refunding,
5%,
11/01/52
.........
2,500,000
2,344,236
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2019,
4%,
8/15/44
.............
1,500,000
1,370,283
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2021,
3%,
8/15/53
.............
12,000,000
7,932,717
Butler
County
Hospital
Authority
,
Butler
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/35
.......................................
1,885,000
1,845,282
Canon
Mcmillan
School
District
,
GO
,
2019
,
Refunding
,
BAM
Insured
,
4
%
,
6/01/44
...
6,075,000
5,925,339
Central
Bradford
Progress
Authority
,
Guthrie
Clinic
(The)
,
Revenue
,
2021
B
,
4
%
,
12/01/51
........................................................
5,000,000
4,495,302
Centre
County
Hospital
Authority
,
Mount
Nittany
Medical
Center
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
11/15/42
.......................................................
1,215,000
1,237,792
Mount
Nittany
Medical
Center
Obligated
Group,
Revenue,
2018
A,
Refunding,
4%,
11/15/47
.......................................................
1,840,000
1,699,666
Chester
County
Industrial
Development
Authority
,
University
Student
Housing
LLC,
Revenue,
2013
A,
5%,
8/01/35
...............
500,000
491,475
University
Student
Housing
LLC,
Revenue,
2013
A,
5%,
8/01/45
...............
1,500,000
1,408,102
City
of
Erie
Higher
Education
Building
Authority
,
Gannon
University,
Revenue,
2021
TT-1,
4%,
5/01/36
......................
400,000
362,557
Gannon
University,
Revenue,
2021
TT-1,
4%,
5/01/41
......................
1,000,000
838,630
Gannon
University,
Revenue,
2021
TT-1,
5%,
5/01/47
......................
2,430,000
2,297,618
City
of
Philadelphia
,
GO,
2019
B,
5%,
2/01/36
............................................
3,300,000
3,589,257
GO,
2019
B,
5%,
2/01/38
............................................
4,055,000
4,343,150
GO,
2019
B,
5%,
2/01/39
............................................
6,050,000
6,463,790
GO,
2021
A,
4%,
5/01/37
............................................
9,435,000
9,471,792
Airport,
Revenue,
2017
B,
Refunding,
5%,
7/01/47
.........................
10,000,000
10,143,796
Airport,
Revenue,
2020
C,
Refunding,
4%,
7/01/45
.........................
5,225,000
4,869,660
Airport,
Revenue,
2021,
Refunding,
5%,
7/01/51
...........................
8,100,000
8,359,199
Water
&
Wastewater,
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/40
............
5,000,000
5,089,047
Water
&
Wastewater,
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/45
............
5,000,000
5,089,047
Water
&
Wastewater,
Revenue,
2017
A,
5%,
10/01/47
......................
5,000,000
5,174,943
Water
&
Wastewater,
Revenue,
2019
B,
5%,
11/01/49
......................
5,000,000
5,222,783
Water
&
Wastewater,
Revenue,
2020
A,
Refunding,
5%,
11/01/45
..............
6,300,000
6,639,189
Water
&
Wastewater,
Revenue,
2022
C,
5.5%,
6/01/47
......................
5,000,000
5,538,801
Colonial
School
District
,
GO
,
2021
A
,
3
%
,
2/15/40
...........................
1,650,000
1,438,379
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development
,
Revenue
,
2015
A
,
5
%
,
6/01/34
..........
10,000,000
10,220,350
Commonwealth
of
Pennsylvania
,
GO,
2022,
5%,
10/01/40
.............................................
5,000,000
5,607,503
GO,
First
Series,
2018,
5%,
3/01/28
....................................
5,000,000
5,465,294
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
178
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Conestoga
Valley
School
District
,
GO,
2021
A,
4%,
2/01/36
............................................
$
1,100,000
$
1,139,875
Revenue,
2021
B,
4%,
2/01/36
........................................
1,020,000
1,039,863
County
of
Beaver
,
GO
,
2017
,
BAM
Insured
,
4
%
,
4/15/29
......................
1,660,000
1,722,625
County
of
Jefferson
,
GO,
2021,
Refunding,
AGMC
Insured,
3%,
12/15/35
........................
650,000
598,196
GO,
2021,
Refunding,
AGMC
Insured,
3%,
12/15/37
........................
770,000
676,993
GO,
2021,
Refunding,
AGMC
Insured,
3%,
12/15/39
........................
520,000
438,082
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2014
,
Refunding
,
5
%
,
5/01/37
......................................................
2,500,000
2,447,490
Delaware
County
Authority
,
Elwyn
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
6/01/27
..............
2,475,000
2,424,193
Elwyn
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
6/01/32
..............
1,620,000
1,526,886
Villanova
University,
Revenue,
2015,
4%,
8/01/45
..........................
2,120,000
2,064,738
Delaware
County
Regional
Water
Quality
Control
Authority
,
Revenue
,
2016
,
4
%
,
11/01/36
........................................................
2,005,000
2,025,837
Delaware
County
Vocational
&
Technical
School
Authority
,
Delaware
County
Intermediate
Unit
,
Revenue
,
2013
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
11/01/38
....
1,250,000
1,258,065
DuBois
Hospital
Authority
,
Penn
Highlands
Healthcare
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
7/15/43
........................................................
3,410,000
3,484,473
Penn
Highlands
Healthcare
Obligated
Group,
Revenue,
2020,
4%,
7/15/50
......
3,500,000
3,133,253
Penn
Highlands
Healthcare
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/15/41
........................................................
1,000,000
923,143
Penn
Highlands
Healthcare
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/15/51
........................................................
4,000,000
3,512,341
East
Hempfield
Township
Industrial
Development
Authority
,
Student
Services,
Inc.,
Revenue,
2013,
Pre-Refunded,
5%,
7/01/45
............
3,250,000
3,252,802
Student
Services,
Inc.,
Revenue,
2015,
Pre-Refunded,
5%,
7/01/47
............
3,750,000
3,880,844
Easton
Area
School
District
,
GO
,
2021
,
4
%
,
4/01/32
.........................
1,450,000
1,525,590
Erie
City
Water
Authority
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
12/01/43
...........
6,000,000
6,404,336
Fairview
School
District
,
GO,
2021,
BAM
Insured,
3%,
9/15/37
...................................
1,195,000
1,050,471
GO,
2021,
BAM
Insured,
3%,
9/15/38
...................................
1,000,000
855,315
GO,
2021,
BAM
Insured,
3%,
9/15/39
...................................
1,000,000
843,661
Geisinger
Authority
,
Geisinger
Health
System
Obligated
Group,
Revenue,
2017
A-1,
Refunding,
5%,
2/15/45
........................................................
5,555,000
5,681,026
Geisinger
Health
System
Obligated
Group,
Revenue,
2017
A-2,
Refunding,
5%,
2/15/39
........................................................
13,155,000
13,563,456
General
Authority
of
Southcentral
Pennsylvania
,
WellSpan
Health
Obligated
Group
,
Revenue
,
2014
A
,
Pre-Refunded
,
5
%
,
6/01/44
............................
11,955,000
12,138,754
Governor
Mifflin
School
District
,
GO,
2021,
3%,
4/01/35
.............................................
810,000
759,430
GO,
2021,
3%,
4/01/36
.............................................
625,000
572,685
GO,
2021,
3%,
4/01/37
.............................................
1,000,000
890,661
GO,
2021,
3%,
4/01/38
.............................................
1,000,000
875,948
GO,
2021,
3%,
4/01/39
.............................................
1,015,000
872,088
Huntingdon
County
General
Authority
,
Juniata
College
,
Revenue
,
2021
TT-3
,
Refunding
,
5
%
,
10/01/51
............................................
2,520,000
2,462,973
Lancaster
County
Hospital
Authority
,
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
8/15/46
.............
4,165,000
4,241,814
Lancaster
Higher
Education
Authority
,
Elizabethtown
College,
Revenue,
2022
A,
Refunding,
5%,
10/01/46
............
5,000,000
4,895,547
Elizabethtown
College,
Revenue,
2022
A,
Refunding,
5%,
10/01/51
............
5,000,000
4,821,913
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
179
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/51
........
$
2,780,000
$
2,029,407
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/56
........
520,000
368,311
Willow
Valley
Communities
Obligated
Group,
Revenue,
2019,
5%,
12/01/44
......
1,850,000
1,882,427
Willow
Valley
Communities
Obligated
Group,
Revenue,
2019,
5%,
12/01/49
......
2,300,000
2,326,459
Lancaster
School
District
,
GO,
2020,
AGMC
Insured,
4%,
6/01/34
.................................
1,000,000
1,035,144
GO,
2020,
AGMC
Insured,
4%,
6/01/35
.................................
1,850,000
1,911,742
Latrobe
Industrial
Development
Authority
,
Seton
Hill
University,
Revenue,
2021,
Refunding,
4%,
3/01/46
................
750,000
599,594
Seton
Hill
University,
Revenue,
2021,
Refunding,
4%,
3/01/51
................
800,000
614,973
Lehigh
County
Authority
,
Revenue,
2013
A,
5%,
12/01/43
.......................................
2,435,000
2,435,347
Revenue,
2013
A,
Pre-Refunded,
5%,
12/01/43
...........................
2,805,000
2,827,769
Lehigh
County
General
Purpose
Authority
,
Good
Shepherd
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
11/01/41
4,345,000
3,943,393
Lehigh
Valley
Academy
Regional
Charter
School,
Revenue,
2022,
4%,
6/01/42
....
14,390,000
12,687,555
Lehigh
Valley
Academy
Regional
Charter
School,
Revenue,
2022,
4%,
6/01/57
....
5,000,000
4,001,392
Lycoming
County
Authority
,
Lycoming
College,
Revenue,
2013
MM-1,
5.25%,
11/01/38
...................
1,400,000
1,410,284
Lycoming
College,
Revenue,
2013
MM-1,
5.25%,
11/01/43
...................
1,495,000
1,506,290
Montgomery
County
Higher
Education
and
Health
Authority
,
Gwynedd
Mercy
University,
Revenue,
2022,
Refunding,
5.25%,
5/01/37
.........
2,665,000
2,698,235
Gwynedd
Mercy
University,
Revenue,
2022,
Refunding,
5%,
5/01/42
...........
3,700,000
3,530,239
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
9/01/48
........................................................
8,250,000
8,447,766
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
9/01/44
........................................................
10,000,000
9,184,871
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2022
B,
Refunding,
4%,
5/01/52
........................................................
4,000,000
3,498,944
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2022
B,
Refunding,
5%,
5/01/52
........................................................
5,000,000
5,120,439
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
4%,
11/15/43
.......................................................
600,000
490,933
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
5%,
11/15/45
.......................................................
1,985,000
1,870,050
Meadowood
Corp.
Obligated
Group
(The),
Revenue,
2018
A,
Refunding,
5%,
12/01/38
.......................................................
2,500,000
2,439,449
Public
School
of
Germantown
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/51
..
2,450,000
1,930,551
Waverly
Heights
Ltd.
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
12/01/49
..
2,000,000
2,022,044
New
Kensington
Municipal
Sanitary
Authority
,
Revenue
,
2021
A
,
AGMC
Insured
,
3
%
,
12/01/38
........................................................
500,000
431,811
Northampton
County
General
Purpose
Authority
,
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
8/15/46
...
7,500,000
7,511,657
St.
Luke's
Hospital
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/15/48
...
2,500,000
2,552,502
Northeastern
Pennsylvania
Hospital
and
Education
Authority
,
King's
College
,
Revenue
,
2019
,
5
%
,
5/01/44
.................................................
1,000,000
985,277
Northeastern
School
District
,
GO,
2021
A,
BAM
Insured,
3%,
3/01/38
.................................
850,000
736,362
GO,
2021
A,
BAM
Insured,
3%,
3/01/41
.................................
775,000
640,578
Northern
Lebanon
School
District
,
GO
,
2021
,
BAM
Insured
,
3
%
,
9/01/36
..........
1,895,000
1,715,183
Pennsylvania
Economic
Development
Financing
Authority
,
City
of
Philadelphia
Water
&
Wastewater,
Revenue,
2020,
Refunding,
4%,
1/01/29
.
500,000
494,525
City
of
Philadelphia
Water
&
Wastewater,
Revenue,
2020,
Refunding,
4%,
1/01/32
.
1,300,000
1,275,294
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
180
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Pennsylvania
Economic
Development
Financing
Authority,
(continued)
Commonwealth
of
Pennsylvania
Department
of
Transportation,
Revenue,
2022,
5.25%,
6/30/53
..................................................
$
8,500,000
$
8,718,409
UPMC
Obligated
Group,
Revenue,
2014
A,
5%,
2/01/45
.....................
5,000,000
5,032,340
UPMC
Obligated
Group,
Revenue,
2017
A,
Refunding,
4%,
11/15/42
...........
5,000,000
4,803,894
UPMC
Obligated
Group,
Revenue,
2020
A,
4%,
4/15/45
.....................
8,835,000
8,355,306
UPMC
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/39
...........
1,325,000
1,297,476
UPMC
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/40
...........
1,200,000
1,164,184
UPMC
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
10/15/41
...........
1,300,000
1,255,805
Pennsylvania
Higher
Educational
Facilities
Authority
,
Bryn
Mawr
College,
Revenue,
2014,
Refunding,
5%,
12/01/44
................
6,365,000
6,430,674
St.
Joseph's
University,
Revenue,
2012,
5%,
11/01/42
......................
5,000,000
4,860,914
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2015
A,
Refunding,
5.25%,
9/01/50
........................................................
7,465,000
7,534,252
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2017
A,
5%,
8/15/36
..
2,750,000
2,934,566
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2017
A,
5%,
8/15/46
..
14,000,000
14,695,639
Trustees
of
the
University
of
Pennsylvania
(The),
Revenue,
2018
A,
5%,
2/15/48
..
5,000,000
5,260,121
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2015,
Refunding,
5%,
8/15/40
............................................
6,475,000
6,616,122
University
of
Pennsylvania
Health
System
Obligated
Group
(The),
Revenue,
2017
A,
5%,
8/15/42
....................................................
9,000,000
9,309,450
Widener
University,
Revenue,
2021
A,
Refunding,
4%,
7/15/51
................
11,030,000
9,095,983
Pennsylvania
Housing
Finance
Agency
,
Revenue,
2019-129,
3.4%,
10/01/49
...................................
6,000,000
4,844,387
Revenue,
2020-132
A,
2.55%,
10/01/41
.................................
11,280,000
8,473,252
Pennsylvania
State
University
(The)
,
Revenue,
2015
A,
Refunding,
5%,
9/01/40
...............................
10,490,000
10,749,994
Revenue,
2016
A,
Refunding,
5%,
9/01/41
...............................
10,000,000
10,370,475
Revenue,
2018,
5%,
9/01/48
.........................................
5,955,000
6,291,489
Pennsylvania
Turnpike
Commission
,
Revenue,
2013
C,
5%,
12/01/43
.......................................
2,405,000
2,411,190
Revenue,
2013
C,
Pre-Refunded,
5%,
12/01/43
...........................
7,595,000
7,649,166
Revenue,
2021
B,
4%,
12/01/37
.......................................
1,500,000
1,511,699
Revenue,
2021
B,
4%,
12/01/46
.......................................
10,950,000
10,473,033
Philadelphia
Authority
for
Industrial
Development
,
Beech
International
LLC,
Revenue,
2010
A,
5.625%,
6/15/42
.................
4,000,000
3,736,480
Children's
Hospital
of
Philadelphia
Obligated
Group,
Revenue,
2014
A,
Pre-
Refunded,
5%,
7/01/42
............................................
5,000,000
5,089,047
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/30
............
200,000
204,632
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/40
............
300,000
299,148
MaST
Community
Charter
School
II,
Revenue,
2020
A,
5%,
8/01/50
............
2,515,000
2,418,651
St.
Joseph's
University,
Revenue,
2022,
5.5%,
11/01/60
.....................
8,410,000
9,023,337
Temple
University-of
The
Commonwealth
System
of
Higher
Education,
Revenue,
First
Series,
2015,
Refunding,
5%,
4/01/40
.............................
5,000,000
5,039,727
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
9/01/42
........................................................
3,500,000
3,583,797
Thomas
Jefferson
University
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
9/01/47
........................................................
2,400,000
2,445,901
Philadelphia
Gas
Works
Co.
,
Revenue,
14th,
Refunding,
5%,
10/01/32
................................
1,000,000
1,038,558
Revenue,
15th,
Refunding,
5%,
8/01/47
.................................
11,000,000
11,269,687
Pittsburgh
Water
&
Sewer
Authority
,
Revenue,
First
Lien,
2022
A,
5.25%,
9/01/39
.............................
1,490,000
1,622,341
Revenue,
First
Lien,
2022
A,
5.25%,
9/01/40
.............................
1,365,000
1,471,169
Revenue,
First
Lien,
2022
A,
5.25%,
9/01/41
.............................
1,650,000
1,769,940
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
181
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Pittsburgh
Water
&
Sewer
Authority,
(continued)
Revenue,
First
Lien,
2022
A,
5.25%,
9/01/42
.............................
$
1,685,000
$
1,803,380
Revenue,
First
Lien,
2022
A,
5%,
9/01/52
................................
2,640,000
2,766,046
Pocono
Mountains
Industrial
Park
Authority
,
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2015
A
,
5
%
,
8/15/40
........................................
5,000,000
5,039,856
Radnor
Township
School
District
,
GO,
2021,
3%,
8/15/35
.............................................
1,400,000
1,321,964
GO,
2021,
4%,
8/15/36
.............................................
1,600,000
1,648,932
GO,
2021,
4%,
8/15/37
.............................................
3,445,000
3,531,011
GO,
2021,
4%,
8/15/38
.............................................
1,430,000
1,456,762
School
District
of
Philadelphia
(The)
,
GO
,
2021
A
,
4
%
,
9/01/36
.................
3,845,000
3,848,161
Scranton
School
District
,
GO,
2020,
4%,
12/01/40
.............................................
1,535,000
1,479,758
GO,
2020,
4%,
12/01/42
.............................................
2,835,000
2,669,363
GO,
2020,
4%,
12/01/45
.............................................
3,670,000
3,414,294
Scranton-Lackawanna
Health
and
Welfare
Authority
,
University
of
Scranton
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/37
.......................................
4,000,000
4,108,738
Southeastern
Pennsylvania
Transportation
Authority
,
Revenue
,
2022
,
5.25
%
,
6/01/52
5,000,000
5,521,640
State
College
Area
School
District
,
GO,
2015,
5%,
3/15/40
.............................................
16,400,000
16,680,192
GO,
2018,
5%,
5/15/37
.............................................
1,075,000
1,156,405
GO,
2018,
5%,
5/15/44
.............................................
3,500,000
3,701,673
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The),
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
6/01/32
....................................................
7,095,000
7,438,296
School
District
of
Philadelphia
(The),
Revenue,
2016
A,
Refunding,
AGMC
Insured,
5%,
6/01/33
....................................................
3,000,000
3,140,126
Swarthmore
Borough
Authority
,
Swarthmore
College
,
Revenue
,
2013
,
5
%
,
9/15/43
..
1,000,000
1,002,315
Township
of
Northampton
,
GO
,
2021
,
4
%
,
5/15/39
...........................
1,495,000
1,503,140
Upper
Merion
Area
School
District
,
GO,
2021
A,
3%,
1/15/39
............................................
1,000,000
888,311
GO,
2021
A,
3%,
1/15/40
............................................
1,500,000
1,312,249
GO,
2021
A,
3%,
1/15/41
............................................
1,275,000
1,102,202
Westmoreland
County
Industrial
Development
Authority
,
Excela
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
7/01/29
......
725,000
750,655
Excela
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
7/01/30
......
1,270,000
1,322,815
Excela
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
7/01/37
......
2,400,000
2,175,427
Wilkes-Barre
Finance
Authority
,
Wilkes
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/42
.........................................................
2,500,000
2,080,147
679,359,550
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
2,000,000
1,594,852
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
2,000,000
1,590,036
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
760,106
3,944,994
Texas
0.6%
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
2,600,000
1,894,098
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,300,000
2,448,589
4,342,687
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
182
See
Abbreviations
on
page
196
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
$
2,000,000
$
1,594,749
Wisconsin
0.9%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
1,900,000
1,497,703
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
5,100,000
5,092,779
6,590,482
U.S.
Territories
2.0%
Puerto
Rico
2.0%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.5
%
,
7/01/28
.................
755,000
778,177
HTA
TRRB
Custodial
Trust
,
Revenue,
2005
L,
5.25%,
7/01/41
.....................................
1,290,000
1,302,581
Revenue,
2007
N,
5.5%,
7/01/29
......................................
2,500,000
2,581,734
Revenue,
2007
N,
5.25%,
7/01/36
.....................................
950,000
958,341
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,100,000
1,087,175
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/34
....................
1,000,000
988,235
c
Revenue,
XX,
5.25%,
7/01/40
........................................
5,175,000
3,713,062
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
4,000,000
3,831,790
15,241,095
Total
U.S.
Territories
....................................................................
15,241,095
Total
Municipal
Bonds
(Cost
$790,922,850)
.....................................
736,153,695
Total
Long
Term
Investments
(Cost
$792,922,850)
...............................
738,143,297
a
a
a
a
a
Short
Term
Investments
1.3%
Municipal
Bonds
1.3%
Pennsylvania
1.3%
d
Allegheny
County
Higher
Education
Building
Authority
,
Carnegie
Mellon
University
,
Revenue
,
2008
A
,
Refunding
,
SPA
Bank
of
New
York
Mellon
(The)
,
Daily
VRDN
and
Put
,
4
%
,
12/01/37
.................................................
10,000,000
10,000,000
Total
Municipal
Bonds
(Cost
$10,000,000)
......................................
10,000,000
Total
Short
Term
Investments
(Cost
$10,000,000
)
................................
10,000,000
a
Total
Investments
(Cost
$802,922,850)
98.8%
...................................
$748,143,297
Other
Assets,
less
Liabilities
1.2%
.............................................
9,249,693
Net
Assets
100.0%
...........................................................
$757,392,990
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$15,552,459,
representing
2.1%
of
net
assets.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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
183
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,
2023
Franklin
Virginia
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
184
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.7%
California
0.2%
California
Municipal
Finance
Authority
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
.......
$
1,000,000
$
828,714
Florida
0.8%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
3,456,000
2,864,710
a
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
1,100,000
736,541
3,601,251
Illinois
0.6%
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
..
1,500,000
1,507,942
State
of
Illinois
,
GO
,
2017
D
,
5
%
,
11/01/26
................................
1,000,000
1,049,822
2,557,764
New
Jersey
1.1%
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2018
A,
Refunding,
5%,
12/15/32
..............................
3,460,000
3,715,625
Revenue,
2022
A,
4%,
6/15/41
........................................
1,000,000
956,724
4,672,349
New
York
0.3%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/46
..........
1,350,000
1,248,489
South
Carolina
0.8%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
1,200,000
956,911
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
1,200,000
954,022
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
2,000,000
1,520,211
3,431,144
Texas
0.7%
a
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
1,600,000
1,165,599
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/28
225,000
229,928
City
of
Houston
Reinvestment
Zone
No.
10,
Revenue,
2021,
Refunding,
5%,
9/01/29
250,000
256,209
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,100,000
1,558,193
3,209,929
Virginia
80.6%
Albemarle
County
Economic
Development
Authority
,
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/01/30
............................................
1,120,000
1,084,088
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/01/31
............................................
1,165,000
1,119,421
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/01/32
............................................
1,105,000
1,053,461
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/01/33
............................................
1,260,000
1,191,244
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/01/42
............................................
2,725,000
2,312,759
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
6/01/49
............................................
2,800,000
2,239,134
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group,
Revenue,
2022
B,
Refunding,
4%,
6/01/54
............................................
5,215,000
4,012,800
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
185
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Alexandria
Industrial
Development
Authority
,
Goodwin
House,
Inc.
Obligated
Group,
Revenue,
2015,
Pre-Refunded,
5%,
10/01/45
$
975,000
$
1,014,894
Protestant
Episcopal
High
School
in
Virginia,
Revenue,
2021
C,
Refunding,
4%,
1/01/46
........................................................
2,450,000
2,364,879
Arlington
County
Industrial
Development
Authority
,
Virginia
Hospital
Center
Arlington
Health
System,
Revenue,
2020,
Refunding,
4%,
7/01/45
........................................................
2,000,000
1,918,147
Virginia
Hospital
Center
Arlington
Health
System,
Revenue,
2020,
Refunding,
3.75%,
7/01/50
........................................................
10,350,000
9,070,881
Chesapeake
Hospital
Authority
,
Chesapeake
Hospital
Authority
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
7/01/39
........................................................
1,000,000
969,233
Chesapeake
Hospital
Authority
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
7/01/43
........................................................
4,000,000
3,834,240
City
of
Hopewell
,
Sewer
System
,
Revenue
,
2011
A
,
Refunding
,
5
%
,
7/15/42
.......
4,850,000
4,849,594
City
of
Norfolk
,
GO,
2013
A,
Pre-Refunded,
5%,
8/01/32
................................
5,845,000
5,859,857
Water,
Revenue,
2018,
5%,
11/01/43
...................................
6,920,000
7,329,217
Water,
Revenue,
2018,
5%,
11/01/47
...................................
6,925,000
7,300,313
City
of
Richmond
,
Public
Utility
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/15/33
........
10,000,000
10,435,863
Commonwealth
of
Virginia
,
GO,
2020
A,
4%,
6/01/31
............................................
4,650,000
5,000,128
GO,
2022
A,
5%,
6/01/52
............................................
2,445,000
2,710,840
County
of
Arlington
,
GO
,
2019
,
4
%
,
6/15/34
................................
2,000,000
2,111,338
County
of
Fairfax
,
GO,
2023
A,
4%,
10/01/40
...........................................
3,000,000
3,032,328
Sewer,
Revenue,
2017,
5%,
7/15/37
....................................
2,760,000
2,957,733
Sewer,
Revenue,
2021
A,
5%,
7/15/46
..................................
2,500,000
2,765,857
Fairfax
County
Economic
Development
Authority
,
Revenue,
2017,
5%,
4/01/42
.........................................
5,085,000
5,309,682
Goodwin
House,
Inc.
Obligated
Group,
Revenue,
2016
A,
Pre-Refunded,
5%,
10/01/36
.......................................................
4,865,000
5,040,929
Fairfax
County
Industrial
Development
Authority
,
Inova
Health
System
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
5/15/44
..................................
2,500,000
2,516,224
Fairfax
County
Water
Authority
,
Revenue,
2017,
Refunding,
5%,
4/01/43
.................................
3,510,000
3,707,331
Revenue,
2017,
Refunding,
5%,
4/01/47
.................................
5,000,000
5,259,419
Farmville
Industrial
Development
Authority
,
Elwood
Place
LLC,
Revenue,
2021,
AGMC
Insured,
5.375%,
7/01/53
...........
5,000,000
5,228,354
Longwood
Housing
Foundation
LLC,
Revenue,
2018
A,
Refunding,
5%,
1/01/48
...
5,000,000
4,709,922
Hampton
Roads
Sanitation
District
,
Revenue,
2016
A,
Pre-Refunded,
5%,
8/01/33
............................
5,115,000
5,430,237
Revenue,
2016
A,
Pre-Refunded,
5%,
8/01/43
............................
11,840,000
12,569,698
Hampton
Roads
Transportation
Accountability
Commission
,
Revenue,
Senior
Lien,
2018
A,
5%,
7/01/48
..............................
14,495,000
15,256,389
Revenue,
Senior
Lien,
2018
A,
Pre-Refunded,
5%,
7/01/48
...................
5,505,000
6,023,651
Revenue,
Senior
Lien,
2020
A,
5%,
7/01/50
..............................
4,000,000
4,293,814
Revenue,
Senior
Lien,
2020
A,
5%,
7/01/60
..............................
4,885,000
5,233,612
Henrico
County
Economic
Development
Authority
,
Westminster-Canterbury
Corp.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/40
.......................................................
500,000
455,784
Westminster-Canterbury
Corp.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/45
.......................................................
725,000
643,438
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
186
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Henrico
County
Economic
Development
Authority,
(continued)
Westminster-Canterbury
Corp.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
10/01/50
.......................................................
$
1,500,000
$
1,290,457
Westminster-Canterbury
Corp.
Obligated
Group,
Revenue,
2022
A,
5%,
10/01/42
..
1,125,000
1,155,365
Westminster-Canterbury
Corp.
Obligated
Group,
Revenue,
2022
A,
5%,
10/01/52
..
5,000,000
5,049,425
Lexington
Industrial
Development
Authority
,
Lexington
Retirement
Community
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
1/01/38
........................................................
685,000
592,800
Lexington
Retirement
Community
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
1/01/42
........................................................
1,120,000
913,511
Lexington
Retirement
Community
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
1/01/48
........................................................
2,315,000
1,770,180
Washington
&
Lee
University
(The),
Revenue,
2018
A,
Refunding,
5%,
1/01/35
....
1,105,000
1,204,642
Washington
&
Lee
University
(The),
Revenue,
2018
A,
Refunding,
5%,
1/01/48
....
1,500,000
1,578,792
Lynchburg
Economic
Development
Authority
,
Centra
Health
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
1/01/47
......
4,500,000
4,573,722
Centra
Health
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/47
........
2,350,000
2,151,980
Centra
Health
Obligated
Group,
Revenue,
2021,
Refunding,
3%,
1/01/51
........
2,000,000
1,394,911
Centra
Health
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/55
........
6,305,000
5,592,862
Montgomery
County
Economic
Development
Authority
,
Virginia
Tech
Foundation,
Inc.,
Revenue,
2019
A,
4%,
6/01/36
................
1,200,000
1,221,461
Virginia
Tech
Foundation,
Inc.,
Revenue,
2019
A,
4%,
6/01/37
................
500,000
505,243
Virginia
Tech
Foundation,
Inc.,
Revenue,
2019
A,
4%,
6/01/39
................
1,750,000
1,755,452
Norfolk
Airport
Authority
,
Revenue,
2019,
5%,
7/01/39
.........................................
800,000
847,822
Revenue,
2019,
5%,
7/01/43
.........................................
3,925,000
4,119,688
Northern
Virginia
Transportation
Commission
,
Commuter
Rail
Operating
&
Capital
Fund
,
Revenue
,
2022
,
5
%
,
6/01/47
....................................
1,750,000
1,920,180
Prince
Edward
County
Industrial
Development
Authority
,
President
and
Trustees
of
Hampden-Sydney
College
,
Revenue
,
2018
,
5
%
,
9/01/48
....................
2,050,000
2,098,179
Riverside
Regional
Jail
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/31
.........
6,215,000
6,407,810
Salem
Economic
Development
Authority
,
Roanoke
College
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/49
......................................................
925,000
928,139
Stafford
County
&
Staunton
Industrial
Development
Authority
,
Revenue
,
2007
E
,
AGMC
Insured
,
5
%
,
8/01/37
...............................................
960,000
960,332
Upper
Occoquan
Sewage
Authority
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
7/01/35
.....
6,165,000
6,292,635
Virginia
Beach
Development
Authority
,
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
9/01/40
............................................
1,750,000
1,618,267
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group,
Revenue,
2018,
Refunding,
5%,
9/01/44
............................................
2,215,000
1,989,976
Virginia
College
Building
Authority
,
Revenue,
2016
A,
5%,
9/01/27
........................................
3,925,000
4,161,599
Revenue,
2016
A,
Pre-Refunded,
5%,
9/01/27
............................
75,000
79,521
Revenue,
2016
A,
Refunding,
4%,
2/01/30
...............................
7,000,000
7,197,818
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
3%,
1/15/39
...........
795,000
631,703
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
2.25%,
1/15/40
........
450,000
316,273
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
3%,
1/15/41
...........
500,000
382,857
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
3%,
1/15/46
...........
1,100,000
783,980
Randolph-Macon
College,
Revenue,
2021
A,
Refunding,
3%,
1/15/51
...........
1,750,000
1,180,625
Regent
University,
Revenue,
2021,
Refunding,
4%,
6/01/36
..................
2,750,000
2,523,519
Regent
University,
Revenue,
2021,
Refunding,
3%,
6/01/41
..................
4,800,000
3,480,516
Regent
University,
Revenue,
2021,
Refunding,
4%,
6/01/46
..................
3,725,000
3,075,153
Virginia
Commonwealth
Transportation
Board
,
Revenue,
2016,
5%,
9/15/30
.........................................
2,260,000
2,392,311
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
187
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
Commonwealth
Transportation
Board,
(continued)
Revenue,
2016,
5%,
9/15/31
.........................................
$
4,000,000
$
4,222,642
Revenue,
2022,
Refunding,
4%,
5/15/36
.................................
5,000,000
5,211,434
Virginia
Housing
Development
Authority
,
Revenue
,
2018
D
,
3.8
%
,
10/01/43
........
3,805,000
3,442,872
Virginia
Public
Building
Authority
,
Revenue
,
2019
A
,
4
%
,
8/01/35
................
1,250,000
1,297,864
Virginia
Public
School
Authority
,
Revenue,
2018
B,
5%,
8/01/30
........................................
5,280,000
5,831,692
County
of
Prince
William,
Revenue,
2018,
4%,
3/01/33
......................
5,795,000
6,077,764
Virginia
Resources
Authority
,
Revenue,
5%,
11/01/38
.............................................
1,970,000
2,016,180
Revenue,
Pre-Refunded,
5%,
11/01/38
..................................
3,195,000
3,331,235
Revenue,
2015
B,
Refunding,
5%,
11/01/45
..............................
5,255,000
5,331,016
Revenue,
2018
C,
Refunding,
5%,
11/01/48
..............................
7,655,000
8,196,814
Virginia
Small
Business
Financing
Authority
,
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
1/01/48
.....
7,000,000
6,050,543
Bon
Secours
Mercy
Health,
Inc.,
Revenue,
2020
A,
Refunding,
4%,
12/01/49
.....
5,000,000
4,615,537
Capital
Beltway
Express
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
5%,
12/31/57
6,000,000
6,032,048
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
1/01/40
........................................................
7,500,000
6,871,984
I-66
Express
Mobility
Partners
LLC,
Revenue,
Senior
Lien,
2017,
5%,
12/31/47
...
5,000,000
5,001,621
I-66
Express
Mobility
Partners
LLC,
Revenue,
Senior
Lien,
2017,
5%,
12/31/52
...
4,600,000
4,557,699
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/36
...
2,210,000
1,910,398
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/41
...
2,500,000
2,037,866
LifeSpire
of
Virginia
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/51
...
7,500,000
5,611,923
National
Senior
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/37
....................................................
2,750,000
2,586,452
National
Senior
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/51
....................................................
2,250,000
1,899,657
Sentara
Healthcare
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/37
...
4,000,000
3,999,430
Sentara
Healthcare
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/38
...
6,000,000
5,945,839
Sentara
Healthcare
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/39
...
2,730,000
2,685,963
Winchester
Economic
Development
Authority
,
Valley
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
1/01/44
.................................
5,000,000
5,069,192
362,192,104
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
956,849
Wisconsin
1.1%
a
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
1,200,000
945,918
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/23
....
3,100,000
3,095,611
Pine
Forest
2022
Obligated
Group,
Revenue,
144A,
2022
A,
6.5%,
12/01/52
.....
1,000,000
983,252
5,024,781
U.S.
Territories
12.3%
District
of
Columbia
9.1%
Metropolitan
Washington
Airports
Authority
,
Aviation,
Revenue,
2021
A,
Refunding,
5%,
10/01/46
.......................
5,000,000
5,191,348
b
Aviation,
Revenue,
2023
A,
Refunding,
5.25%,
10/01/48
.....................
4,000,000
4,273,643
Dulles
Toll
Road,
Revenue,
Senior
Lien,
2022
A,
Refunding,
AGMC
Insured,
4%,
10/01/52
.......................................................
10,000,000
9,300,576
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated,
Revenue,
2020
A,
5%,
7/15/36
...............................
5,000,000
5,569,701
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
188
See
Abbreviations
on
page
196
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
District
of
Columbia
(continued)
Washington
Metropolitan
Area
Transit
Authority,
(continued)
Dedicated,
Revenue,
2020
A,
5%,
7/15/45
...............................
$
3,145,000
$
3,403,140
Dedicated,
Revenue,
2021
A,
5%,
7/15/41
...............................
7,530,000
8,311,628
Dedicated,
Revenue,
2021
A,
5%,
7/15/46
...............................
2,000,000
2,180,186
Dedicated,
Revenue,
2023
A,
5%,
7/15/43
...............................
2,500,000
2,781,022
41,011,244
Puerto
Rico
3.2%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.5
%
,
7/01/31
.................
1,800,000
1,853,087
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
..................
1,600,000
1,615,604
Puerto
Rico
Electric
Power
Authority
,
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,700,000
1,680,179
c
Revenue,
WW,
5.5%,
7/01/38
.........................................
1,040,000
747,500
c
Revenue,
XX,
5.25%,
7/01/40
........................................
1,900,000
1,363,250
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2022
A,
5%,
7/01/62
........................................
103,451
99,442
Revenue,
2022
B,
Zero
Cpn.,
7/01/32
...................................
67,229
42,828
Revenue,
2022
C,
Zero
Cpn.,
7/01/53
..................................
115,001
70,150
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
455,994
Hospital
Auxilio
Mutuo
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/37
..
200,000
180,679
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
4.75%,
7/01/53
................................
6,400,000
5,934,461
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
500,000
478,974
14,522,148
Total
U.S.
Territories
....................................................................
55,533,392
Total
Municipal
Bonds
(Cost
$479,024,143)
.....................................
443,256,766
a
a
a
a
Short
Term
Investments
0.7%
Municipal
Bonds
0.7%
Virginia
0.7%
d
Albemarle
County
Economic
Development
Authority
,
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.9
%
,
10/01/48
........................................................
3,200,000
3,200,000
Total
Municipal
Bonds
(Cost
$3,200,000)
.......................................
3,200,000
Total
Short
Term
Investments
(Cost
$3,200,000
)
.................................
3,200,000
a
Total
Investments
(Cost
$482,224,143)
99.4%
...................................
$446,456,766
Other
Assets,
less
Liabilities
0.6%
.............................................
2,703,444
Net
Assets
100.0%
...........................................................
$449,160,210
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
189
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,
2023,
the
aggregate
value
of
these
securities
was
$11,919,085,
representing
2.7%
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
Notes
to
Schedules
of
Investments
(unaudited)
190
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Tax-Free
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty
separate
funds
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds’
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and
exchange
traded
funds
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
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,
2023,
investments
in
affiliated
management
investment
companies
were
as
follows: 
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
191
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,
2023,
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
...................
$
49,469,850
$
—
$
—
$
—
$
423,423
$
49,893,273
2,115,000
$
430,895
Total
Affiliated
Securities
...
$49,469,850
$—
$—
$—
$423,423
$49,893,273
$430,895
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Municipal
Green
Bond
ETF
...................
$36,254,500
$—
$—
$—
$310,310
$36,564,810
1,550,000
$315,786
Total
Affiliated
Securities
...
$36,254,500
$—
$—
$—
$310,310
$36,564,810
$315,786
Franklin
High
Yield
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Dynamic
Municipal
Bond
ETF
...................
$41,339,025
$—
$—
$—
$447,525
$41,786,550
1,755,000
$389,054
Total
Affiliated
Securities
...
$41,339,025
$—
$—
$—
$447,525
$41,786,550
$389,054
3.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
192
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Alabama
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
$
—
$
—
$
497,400
$
497,400
Municipal
Bonds
.........................
—
190,527,243
—
190,527,243
Total
Investments
in
Securities
...........
$—
$190,527,243
$497,400
$191,024,643
Franklin
Arizona
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
753,616,070
—
753,616,070
Total
Investments
in
Securities
...........
$—
$753,616,070
$—
$753,616,070
Franklin
Colorado
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
—
—
1,392,721
1,392,721
Municipal
Bonds
.........................
—
523,817,203
—
523,817,203
Short
Term
Investments
...................
—
5,400,000
—
5,400,000
Total
Investments
in
Securities
...........
$—
$529,217,203
$1,392,721
$530,609,924
Franklin
Connecticut
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
139,572,343
—
139,572,343
Short
Term
Investments
...................
—
2,300,000
—
2,300,000
Total
Investments
in
Securities
...........
$—
$141,872,343
$—
$141,872,343
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
49,893,273
—
—
49,893,273
Municipal
Bonds
.........................
—
2,284,629,360
—
2,284,629,360
Short
Term
Investments
...................
—
11,400,000
—
11,400,000
Total
Investments
in
Securities
...........
$49,893,273
$2,296,029,360
$—
$2,345,922,633
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
36,564,810
—
—
36,564,810
Senior
Floating
Rate
Interests
...............
—
25,731,026
17,355,791
43,086,817
Municipal
Bonds
.........................
—
903,842,732
—
903,842,732
Short
Term
Investments
...................
—
3,200,000
—
3,200,000
Total
Investments
in
Securities
...........
$36,564,810
$932,773,758
$17,355,791
$986,694,359
Franklin
Georgia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
—
—
895,321
895,321
Municipal
Bonds
.........................
—
329,995,525
—
329,995,525
Short
Term
Investments
...................
—
5,000,000
—
5,000,000
Total
Investments
in
Securities
...........
$—
$334,995,525
$895,321
$335,890,846
Franklin
High
Yield
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
63,060,550
—
—
63,060,550
Corporate
Bonds
:
Commercial
Services
&
Supplies
...........
—
18,965,000
7,260,000
26,225,000
Diversified
Consumer
Services
............
—
85,087,743
—
85,087,743
4. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
193
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Corporate
Bonds:
Electric
Utilities
........................
$
—
$
14,810,458
$
—
$
14,810,458
Oil,
Gas
&
Consumable
Fuels
.............
—
1,280,000
—
1,280,000
Municipal
Bonds
.........................
—
4,869,272,081
—
4,869,272,081
Short
Term
Investments
...................
—
23,270,000
—
23,270,000
Total
Investments
in
Securities
...........
$63,060,550
$5,012,685,282
$7,260,000
$5,083,005,832
Franklin
Louisiana
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
280,139,853
—
280,139,853
Short
Term
Investments
...................
—
3,800,000
—
3,800,000
Total
Investments
in
Securities
...........
$—
$283,939,853
$—
$283,939,853
Franklin
Maryland
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
311,393,473
—
311,393,473
Short
Term
Investments
...................
—
3,400,000
—
3,400,000
Total
Investments
in
Securities
...........
$—
$314,793,473
$—
$314,793,473
Franklin
Massachusetts
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
—
—
895,321
895,321
Senior
Floating
Rate
Interests
...............
—
—
1,017,551
1,017,551
Municipal
Bonds
.........................
—
340,212,345
—
340,212,345
Short
Term
Investments
...................
—
13,710,000
—
13,710,000
Total
Investments
in
Securities
...........
$—
$353,922,345
$1,912,872
$355,835,217
Franklin
Michigan
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
—
—
1,790,642
1,790,642
Municipal
Bonds
.........................
—
716,527,866
—
716,527,866
Short
Term
Investments
...................
—
2,800,000
—
2,800,000
Total
Investments
in
Securities
...........
$—
$719,327,866
$1,790,642
$721,118,508
Franklin
Minnesota
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
787,313,376
—
787,313,376
Short
Term
Investments
...................
—
3,900,000
—
3,900,000
Total
Investments
in
Securities
...........
$—
$791,213,376
$—
$791,213,376
Franklin
Missouri
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
717,759,691
—
717,759,691
Short
Term
Investments
...................
—
800,000
—
800,000
Total
Investments
in
Securities
...........
$—
$718,559,691
$—
$718,559,691
Franklin
New
Jersey
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
—
—
1,591,682
1,591,682
Municipal
Bonds
.........................
—
748,762,404
—
748,762,404
4. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
194
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Short
Term
Investments
...................
$
—
$
6,400,000
$
—
$
6,400,000
Total
Investments
in
Securities
...........
$—
$755,162,404
$1,591,682
$756,754,086
Franklin
North
Carolina
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
—
—
1,591,682
1,591,682
Municipal
Bonds
.........................
—
615,589,969
—
615,589,969
Short
Term
Investments
...................
—
7,800,000
—
7,800,000
Total
Investments
in
Securities
...........
$—
$623,389,969
$1,591,682
$624,981,651
Franklin
Ohio
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
—
—
3,183,364
3,183,364
Municipal
Bonds
.........................
—
1,144,117,889
—
1,144,117,889
Short
Term
Investments
...................
—
1,700,000
—
1,700,000
Total
Investments
in
Securities
...........
$—
$1,145,817,889
$3,183,364
$1,149,001,253
Franklin
Oregon
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
—
—
2,487,003
2,487,003
Municipal
Bonds
.........................
—
939,249,393
—
939,249,393
Short
Term
Investments
...................
—
1,600,000
—
1,600,000
Total
Investments
in
Securities
...........
$—
$940,849,393
$2,487,003
$943,336,396
Franklin
Pennsylvania
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
........................
—
—
1,989,602
1,989,602
Municipal
Bonds
.........................
—
736,153,695
—
736,153,695
Short
Term
Investments
...................
—
10,000,000
—
10,000,000
Total
Investments
in
Securities
...........
$—
$746,153,695
$1,989,602
$748,143,297
Franklin
Virginia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Municipal
Bonds
.........................
—
443,256,766
—
443,256,766
Short
Term
Investments
...................
—
3,200,000
—
3,200,000
Total
Investments
in
Securities
...........
$—
$446,456,766
$—
$446,456,766
4. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
195
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At
May
31,
2023,
the
reconciliation
is
as
follows:
Significant
unobservable
valuation
inputs
for
material
Level
3 assets
and/or
liabilities and
impact
to
fair
value
as
a
result
of
changes
in
unobservable
valuation
inputs
as
of
May
31,
2023,
are
as
follows:
Balance
at
Beginning
of
Period
Purchases
a
Sales
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests
:
United
States
.
$
15,315,752
$
2,175,700
$
—
$
—
$
—
$
—
$
—
$
(135,661)
$
17,355,791
$
(135,661)
Total
Investments
in
Securities
.........
$15,315,752
$2,175,700
$—
$—
$—
$—
$—
$(135,661)
$17,355,791
$(135,661)
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests:
Real
Estate
Management
&
Development
....................
$4,975,398
Discounted
cash
flow
Yield
5.3%
Decrease
Residential
REITs
12,380,393
Discounted
cash
flow
Yield
5.9%
Decrease
All
Other
Investments
.............
 —
Total
..........................
$17,355,791
a
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
4. Fair
Value
Measurements 
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
196
Quarterly
Schedules
of
Investments
Abbreviations
Currency
USD
United
States
Dollar
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
BHAC
Berkshire
Hathaway
Assurance
Corp.
COP
Certificate
of
Participation
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
FHA
Federal
Housing
Administration
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LIBOR
London
Interbank
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.