NPORT-EX 2 FTFT.htm
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FTFT-Q3PH
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
19
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
22
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
43
Franklin
Georgia
Tax-Free
Income
Fund
57
Franklin
High
Yield
Tax-Free
Income
Fund
62
Franklin
Louisiana
Tax-Free
Income
Fund
121
Franklin
Maryland
Tax-Free
Income
Fund
126
Franklin
Massachusetts
Tax-Free
Income
Fund
130
Franklin
Michigan
Tax-Free
Income
Fund
134
Franklin
Minnesota
Tax-Free
Income
Fund
141
Franklin
Missouri
Tax-Free
Income
Fund
147
Franklin
New
Jersey
Tax-Free
Income
Fund
153
Franklin
North
Carolina
Tax-Free
Income
Fund
160
Franklin
Ohio
Tax-Free
Income
Fund
167
Franklin
Oregon
Tax-Free
Income
Fund
175
Franklin
Pennsylvania
Tax-Free
Income
Fund
181
Franklin
Virginia
Tax-Free
Income
Fund
188
Notes
to
Schedules
of
Investments
194
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
November
30,
2024
Franklin
Alabama
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25%,
12/31/53
....................................
$
500,000
$
513,742
Total
Corporate
Bonds
(Cost
$
500,000
)
........................................
513,742
Municipal
Bonds
97.5%
Alabama
88.7%
Alabama
Community
College
System
,
Bishop
State
Community
College
,
Revenue
,
2019
,
BAM
Insured
,
4
%
,
1/01/49
....
2,000,000
1,940,252
Shelton
State
Community
College
,
Revenue
,
2024
,
AGMC
Insured
,
5
%
,
8/01/49
..
1,000,000
1,083,994
Alabama
Housing
Finance
Authority
,
Revenue
,
2024
A
,
GNMA
Insured
,
4.7
%
,
10/01/54
1,000,000
1,023,034
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
,
Ascension
Health
Credit
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/46
...................
3,000,000
3,039,979
Alabama
State
University
,
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
......................
1,500,000
1,644,675
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/40
......................
1,500,000
1,625,012
Alabaster
Board
of
Education
,
Special
Tax
,
2022
,
BAM
Insured
,
5
%
,
9/01/47
.............................
1,500,000
1,597,626
Special
Tax
,
2022
,
BAM
Insured
,
5
%
,
9/01/52
.............................
1,500,000
1,582,842
Alexander
City
Board
of
Education
,
Special
Tax
,
2022
,
BAM
Insured
,
4
%
,
2/01/52
...
3,000,000
2,986,144
Bessemer
Governmental
Utility
Services
Corp.
,
Water
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/39
...........................................
3,000,000
3,111,431
Birmingham
Airport
Authority
,
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/38
......................
400,000
405,225
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/40
......................
705,000
710,799
Birmingham-Jefferson
Civic
Center
Authority
,
Special
Tax
,
2018
A
,
5
%
,
7/01/33
.....
1,605,000
1,692,770
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
1,000,000
1,005,951
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
3,000,000
3,267,848
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
2,000,000
2,182,729
City
of
Bessemer
,
Water
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/47
...
2,590,000
2,631,643
City
of
Birmingham
,
GO
,
2021
A
,
4
%
,
6/01/50
..............................
1,000,000
996,391
City
of
Boaz
,
Water
&
Sewer
,
Revenue
,
2021
,
AGMC
Insured
,
4
%
,
9/01/46
........
1,000,000
994,827
City
of
Decatur
,
Water
&
Sewer
,
Revenue
,
2021
A
,
4
%
,
8/15/50
.................
2,000,000
1,986,312
City
of
Huntsville
,
GO
,
2018
B
,
5
%
,
5/01/38
................................
4,775,000
5,010,853
City
of
Lincoln
,
GO
,
2020
,
BAM
Insured
,
4
%
,
6/01/50
........................
2,500,000
2,529,081
City
of
Trussville
,
GO
,
2018
A
,
4
%
,
8/01/41
................................
3,000,000
3,008,523
City
of
Tuscaloosa
,
GO
,
2020
A
,
4
%
,
10/01/50
..............................
4,580,000
4,581,508
b
Columbia
Industrial
Development
Board
,
Alabama
Power
Co.
,
Revenue
,
2014
D
,
Refunding
,
Mandatory
Put
,
3.81
%
,
6/01/28
...............................
2,000,000
2,029,080
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
10/01/49
.........
4,500,000
4,892,149
c
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
.......................
2,200,000
2,094,889
DCH
Healthcare
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/36
.................................
2,000,000
2,009,792
Revenue
,
2021
A
,
4
%
,
6/01/46
........................................
2,310,000
2,239,173
East
Alabama
Health
Care
Authority
(The)
,
Revenue
,
2018
A
,
5
%
,
9/01/41
........
3,000,000
3,098,637
b
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
1,000,000
1,089,511
Revenue
,
2024
B
,
Mandatory
Put
,
5.25
%
,
6/01/32
.........................
2,000,000
2,181,013
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Alabama
(continued)
Florence
City
Board
of
Education
,
Special
Tax
,
2022
,
4
%
,
3/01/46
...............
$
3,000,000
$
2,997,459
Florence
Public
Educational
Building
Authority
,
University
of
North
Alabama
,
Revenue
,
2024
,
AGMC
Insured
,
5.25
%
,
11/01/49
..................................
1,000,000
1,104,477
Health
Care
Authority
for
Baptist
Health
(The)
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
11/15/36
..............................
1,000,000
1,085,850
Revenue
,
2023
A
,
Refunding
,
5
%
,
11/15/37
..............................
875,000
947,281
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
..............
3,000,000
2,964,465
Homewood
Educational
Building
Authority
,
CHF
-
Horizons
II
LLC
,
Revenue
,
2024
C
,
5.5
%
,
10/01/54
...................
1,000,000
1,067,596
Samford
University
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
12/01/49
...............
2,500,000
2,242,611
Samford
University
,
Revenue
,
2021
A
,
4
%
,
12/01/51
.......................
1,470,000
1,305,154
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
3,031,193
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/46
3,000,000
2,799,790
Jacksonville
State
University
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/36
...................
5,000,000
5,284,075
Revenue
,
2020
,
Refunding
,
4
%
,
12/01/50
................................
5,000,000
4,794,746
Jefferson
County
Board
of
Education
,
Special
Tax
,
2024
,
5
%
,
2/01/46
............
1,000,000
1,091,626
Limestone
County
Water
&
Sewer
Authority
,
Revenue
,
2015
B
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
12/01/43
..............................................
5,920,000
5,923,405
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/44
...............
3,000,000
2,979,622
Madison
Water
&
Wastewater
Board
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/41
.....
4,610,000
4,723,038
Mobile
County
Board
of
School
Commissioners
,
Special
Tax
,
2022
B
,
BAM
Insured
,
4.25
%
,
3/01/52
...................................................
2,000,000
2,020,057
Mobile
County
Industrial
Development
Authority
,
AM/NS
Calvert
LLC
,
Revenue
,
2024
A
,
5
%
,
6/01/54
....................................................
1,000,000
1,018,989
Opelika
Utilities
Board
,
Revenue
,
2017
,
Refunding
,
4
%
,
6/01/41
................
2,000,000
2,004,017
Oxford
City
Board
of
Education
,
Special
Tax
,
2020
A
,
Refunding
,
4
%
,
5/01/50
......
2,500,000
2,459,619
Prattville
Waterworks
Board
,
Revenue
,
2023
,
5.125
%
,
8/01/53
.................
1,000,000
1,074,195
b
Southeast
Alabama
Gas
Supply
District
(The)
,
Revenue
,
2024
B
,
Refunding
,
Mandatory
Put
,
5
%
,
5/01/32
..........................................
1,000,000
1,071,012
Southeast
Energy
Authority
A
Cooperative
District
,
b
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
10/01/28
...........................
5,000,000
5,058,139
b
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
2,000,000
2,160,776
b
Revenue
,
2023
B
,
Mandatory
Put
,
5
%
,
6/01/30
............................
1,000,000
1,069,007
Revenue
,
2024
A
,
5
%
,
11/01/35
.......................................
1,000,000
1,052,892
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
3,898,710
Talladega
County
Board
of
Education
,
Special
Tax
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
11/01/39
........................................................
2,000,000
2,051,553
Troy
Public
Educational
Building
Authority
,
Troy
City
Board
of
Education
,
Revenue
,
2011
,
AGMC
Insured
,
5.25
%
,
12/01/40
..................................
295,000
295,283
Tuscaloosa
City
Board
of
Education
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
8/01/41
...
4,000,000
4,150,278
UAB
Medicine
Finance
Authority
,
UAB
Medicine
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
9/01/29
.............................................
5,000,000
5,158,322
University
of
Alabama
(The)
,
Revenue
,
2018
B-2
,
5
%
,
9/01/48
..................
5,000,000
5,227,279
University
of
Montevallo
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
5/01/42
....
2,500,000
2,590,637
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
.............................
2,000,000
2,071,491
Revenue
,
2024
A
,
Refunding
,
BAM
Insured
,
5.25
%
,
4/01/54
..................
1,000,000
1,092,778
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)
Alabama
(continued)
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue
,
2016
B
,
Pre-Refunded
,
5
%
,
1/01/43
......................................................
$
5,000,000
$
5,246,722
165,387,837
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
700,000
615,931
Florida
1.5%
c
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
500,000
362,370
c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
1,725,000
1,385,135
b
,c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
Zero
Cpn.,
5/01/52
.....................................................
1,150,000
1,032,700
2,780,205
New
York
1.6%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/46
.....................................
275,000
271,212
Revenue
,
2021
A-2
,
4
%
,
11/15/42
.....................................
2,700,000
2,697,509
2,968,721
South
Carolina
1.5%
South
Carolina
Jobs-Economic
Development
Authority
,
c
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
500,000
439,648
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
500,000
439,648
c
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
1,485,000
1,215,607
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
750,000
637,591
2,732,494
Texas
0.4%
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
800,000
670,403
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
439,743
Wisconsin
1.0%
c
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
500,000
422,050
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
2,125,000
1,348,529
1,770,579
U.S.
Territories
2.3%
Guam
1.1%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
1,000,000
1,040,772
Guam
Waterworks
Authority
Water
And
Wastewater
System
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/45
............................................
1,000,000
1,074,729
2,115,501
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
5
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
1.2%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
$
500,000
$
499,700
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
999,182
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
750,000
753,385
2,252,267
Total
U.S.
Territories
....................................................................
4,367,768
Total
Municipal
Bonds
(Cost
$
185,931,205
)
.....................................
181,733,681
Total
Long
Term
Investments
(Cost
$
186,431,205
)
...............................
182,247,423
a
a
a
a
a
a
Total
Investments
(Cost
$
186,431,205
)
97.8
%
...................................
$182,247,423
Other
Assets,
less
Liabilities
2.2
%
.............................................
4,113,071
Net
Assets
100.0%
...........................................................
$186,360,494
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
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
November
30,
2024,
the
aggregate
value
of
these
securities
was
$10,048,665,
representing
5.4%
of
net
assets.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
November
30,
2024
Franklin
Arizona
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.6%
Arizona
91.5%
Arizona
Board
of
Regents
,
Revenue
,
2015
B
,
Refunding
,
5
%
,
7/01/41
...............................
$
14,070,000
$
14,172,206
Revenue
,
2016
C
,
5
%
,
7/01/46
........................................
10,000,000
10,183,703
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/43
...............................
4,005,000
4,156,488
Arizona
State
University
,
Revenue
,
2023
B
,
4
%
,
7/01/53
.....................
5,000,000
5,002,051
Arizona
State
University
,
Revenue
,
2024
,
Refunding
,
5
%
,
8/01/46
.............
2,115,000
2,335,572
Arizona
State
University
,
Revenue
,
2024
,
Refunding
,
5
%
,
8/01/54
.............
7,000,000
7,626,519
Arizona
State
University
,
Revenue
,
2024
A
,
5
%
,
7/01/50
.....................
6,425,000
7,081,016
Arizona
Industrial
Development
Authority
,
Academies
of
Math
&
Science
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/42
........................................................
2,045,000
2,075,192
Academies
of
Math
&
Science
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/51
........................................................
1,080,000
1,087,989
Arizona
Agribusiness
and
Equine
Center,
Inc.
,
Revenue
,
2017
A
,
5
%
,
3/01/48
....
1,555,000
1,584,574
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
2.65
%
,
7/01/26
380,000
371,930
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/31
...
550,000
552,020
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/41
...
2,000,000
1,862,951
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/51
...
2,340,000
2,022,365
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
2017
F
,
Refunding
,
5
%
,
7/01/47
..
3,350,000
3,403,042
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/33
.......................................................
1,000,000
1,067,358
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/36
.......................................................
1,235,000
1,309,612
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/39
.......................................................
1,000,000
1,054,401
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/45
.......................................................
2,200,000
2,196,637
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/50
.......................................................
7,055,000
6,884,729
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
11/01/51
.......................................................
1,400,000
1,361,529
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/01/42
.......................................................
1,650,000
1,663,659
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/47
.......................................................
7,900,000
8,490,321
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4.25
%
,
11/01/52
.......................................................
3,500,000
3,514,414
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2023
A
,
5.25
%
,
11/01/53
.......................................................
3,250,000
3,518,983
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue
,
2019
A
,
5
%
,
1/01/38
.....
1,175,000
987,000
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue
,
2019
A
,
5
%
,
1/01/54
.....
1,250,000
1,050,000
a
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2019
B
,
5
%
,
1/01/36
........................................................
1,105,000
839,800
a
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2019
B
,
5
%
,
1/01/49
........................................................
3,500,000
2,660,000
a
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2019
B
,
5.125
%
,
1/01/54
.................................................
2,000,000
1,520,000
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
7/01/31
..........
255,000
254,692
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
7/01/41
..........
405,000
377,694
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
7/01/52
..........
840,000
731,111
KIPP
Nashville
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/47
..............
1,400,000
1,431,848
KIPP
Nashville
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/62
..............
2,400,000
2,430,205
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/32
.............
660,000
706,615
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/34
.............
660,000
659,229
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/36
.............
315,000
311,709
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/41
.............
2,800,000
2,696,307
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/51
.............
8,000,000
7,301,378
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/61
.............
$
15,580,000
$
13,857,207
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
C
,
3.25
%
,
7/01/31
..........
1,550,000
1,339,648
Leman
Academy
of
Excellence
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4.5
%
,
7/01/54
........................................................
3,000,000
2,840,416
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
2/01/50
.....
2,540,000
2,509,624
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
2/01/41
........................................................
885,000
770,750
Provident
Group-NCCU
Properties
LLC
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
6/01/58
........................................................
6,250,000
6,497,125
Arizona
State
University
,
Revenue
,
2019
A
,
5
%
,
7/01/40
......................
1,000,000
1,074,875
City
of
Bullhead
,
Excise
Tax
,
Revenue
,
2022
,
4
%
,
7/01/52
................................
2,885,000
2,842,682
Excise
Taxes
,
Revenue
,
2022
,
4
%
,
7/01/47
..............................
2,065,000
2,067,370
City
of
Glendale
,
Water
&
Sewer
,
Revenue,
Senior
Lien
,
2024
,
5
%
,
7/01/41
...................
1,000,000
1,128,580
Water
&
Sewer
,
Revenue,
Senior
Lien
,
2024
,
5
%
,
7/01/43
...................
1,000,000
1,119,448
City
of
Goodyear
,
Water
&
Sewer
,
Revenue,
Sub.
Lien,
Second
Series
,
2020
,
AGMC
Insured
,
4
%
,
7/01/45
...............................................
3,500,000
3,512,627
City
of
Lake
Havasu
City
,
Wastewater
System
,
Revenue
,
2015
B
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/40
...............................................
10,000,000
10,054,882
City
of
Mesa
,
Utility
System
,
Revenue
,
2018
,
4
%
,
7/01/38
..............................
1,425,000
1,452,325
Utility
System
,
Revenue
,
2018
,
4
%
,
7/01/39
..............................
6,135,000
6,238,026
Utility
System
,
Revenue
,
2018
,
5
%
,
7/01/42
..............................
2,200,000
2,312,246
Utility
System
,
Revenue,
Junior
Lien
,
2022
C
,
Refunding
,
5
%
,
7/01/36
..........
5,000,000
5,905,470
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/42
..................................
2,155,000
2,198,411
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..................................
12,935,000
13,130,338
Airport
,
Revenue,
Junior
Lien
,
2017
D
,
Refunding
,
4
%
,
7/01/40
...............
16,570,000
16,644,502
Airport
,
Revenue,
Junior
Lien
,
2019
A
,
4
%
,
7/01/44
........................
4,000,000
4,006,375
Airport
,
Revenue,
Junior
Lien
,
2019
A
,
5
%
,
7/01/44
........................
8,500,000
8,961,056
Airport
,
Revenue,
Senior
Lien
,
2018
,
5
%
,
7/01/48
..........................
5,000,000
5,122,074
Excise
Tax
,
Revenue
,
2022
,
5
%
,
7/01/46
................................
8,300,000
9,075,475
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/34
..................................................
2,500,000
2,680,945
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/37
..................................................
1,500,000
1,597,944
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/38
..................................................
4,420,000
4,699,745
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/39
..................................................
4,090,000
4,337,044
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
4
%
,
7/01/45
..................................................
12,500,000
12,349,836
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/27
.....
3,945,000
4,221,434
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/28
.....
2,000,000
2,189,350
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/29
.....
2,000,000
2,232,866
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/36
.....
5,000,000
6,097,824
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/37
.....
7,000,000
8,602,413
Wastewater
,
Revenue,
Junior
Lien
,
2018
A
,
4
%
,
7/01/39
.....................
5,000,000
5,086,646
Water
System
,
Revenue,
Junior
Lien
,
2016
,
Refunding
,
5
%
,
7/01/38
............
5,000,000
5,121,081
Water
System
,
Revenue,
Junior
Lien
,
2020
B
,
5
%
,
7/01/44
...................
8,030,000
8,652,458
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
City
of
Scottsdale
,
GO
,
2023
,
4
%
,
7/01/39
.................................
$
1,500,000
$
1,568,821
County
of
Yuma
,
Pledged
,
Revenue
,
2022
,
BAM
Insured
,
4.25
%
,
7/15/42
.........
3,250,000
3,326,886
Gilbert
Water
Resource
Municipal
Property
Corp.
,
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/39
........................................................
10,000,000
10,417,742
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/42
........................................................
4,700,000
4,805,987
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/47
........................................................
9,030,000
9,136,681
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
5/15/31
...........
400,000
393,072
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/41
...........
1,000,000
1,008,306
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
...........
4,500,000
4,354,540
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/44
......
2,000,000
2,042,483
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/49
......
3,120,000
3,163,853
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/54
......
2,665,000
2,692,047
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/59
......
2,000,000
2,016,204
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/25
1,015,000
1,021,370
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/27
425,000
439,198
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/30
700,000
728,801
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/32
250,000
259,123
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/33
600,000
620,516
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/37
2,950,000
3,028,966
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/42
11,550,000
11,781,786
Vista
College
Preparatory
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
7/01/48
......
1,000,000
1,024,081
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
b
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
B-3
,
5.125
%
,
11/15/29
.......................................................
3,000,000
3,022,426
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/40
....
1,040,000
1,042,748
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/41
....
1,360,000
1,361,085
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
4/01/51
....
12,000,000
8,957,975
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
4,336,441
Yavapai
Community
Hospital
Association
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
8/01/36
............................................
1,310,000
1,336,721
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/38
....................
1,000,000
1,015,298
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/48
....................
1,000,000
1,003,253
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/25
....................
90,000
90,049
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/26
....................
95,000
95,779
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/27
....................
75,000
76,544
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/28
....................
80,000
82,350
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/29
....................
110,000
114,005
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/30
....................
100,000
104,176
Harmony
Public
Schools
,
Revenue
,
2021
A
,
4
%
,
2/15/41
....................
430,000
391,777
Harmony
Public
Schools
,
Revenue
,
2021
A
,
4
%
,
2/15/46
....................
345,000
303,668
Harmony
Public
Schools
,
Revenue
,
2021
A
,
4
%
,
2/15/51
....................
580,000
490,472
Maricopa
County
High
School
District
No.
214
Tolleson
Union
High
School
,
GO
,
2018
A
,
5
%
,
7/01/37
....................................................
1,000,000
1,043,646
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2019
F
,
3
%
,
1/01/49
...............
5,000,000
4,183,624
Banner
Health
Obligated
Group
,
Revenue
,
A
,
4
%
,
1/01/41
...................
9,630,000
9,682,050
Banner
Health
Obligated
Group
,
Revenue
,
A
,
5
%
,
1/01/41
...................
37,590,000
39,055,157
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)
Creighton
University
,
Revenue
,
2020
,
4
%
,
7/01/50
.........................
$
8,450,000
$
8,251,825
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/52
.
1,000,000
1,011,583
Highland
Prep
Obligated
Group
,
Revenue
,
2019
,
5
%
,
1/01/43
................
2,275,000
2,344,815
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/36
.......
2,100,000
2,216,849
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/37
.......
3,175,000
3,343,533
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/42
.......
2,750,000
2,872,465
HonorHealth
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
9/01/51
................
5,600,000
4,308,999
Reid
Traditional
Schools
Obligated
Group
,
Revenue
,
2016
,
5
%
,
7/01/36
.........
1,120,000
1,131,748
Reid
Traditional
Schools
Obligated
Group
,
Revenue
,
2016
,
5
%
,
7/01/47
.........
3,325,000
3,336,214
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.
,
Revenue
,
2009
B
,
Refunding
,
3.6
%
,
4/01/40
.............
13,500,000
12,440,268
El
Paso
Electric
Co.
,
Revenue
,
2012
A
,
Refunding
,
4.5
%
,
8/01/42
.............
10,000,000
10,000,229
c
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
4,500,000
4,253,837
c
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
B
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
2,150,000
2,032,389
Southern
California
Edison
Co.
,
Revenue
,
2000
A
,
Refunding
,
2.4
%
,
6/01/35
.....
10,000,000
8,500,204
Maricopa
County
Unified
School
District
No.
60
Higley
,
COP
,
2023
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/53
...............................................
3,000,000
3,185,063
McAllister
Academic
Village
LLC
,
Arizona
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/37
............
2,095,000
2,139,089
Arizona
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/39
............
1,000,000
1,017,751
Mohave
County
Union
High
School
District
No.
2
Colorado
River
,
GO
,
2017
,
5
%
,
7/01/35
.........................................................
1,000,000
1,049,067
Pima
County
Unified
School
District
No.
30
Sahuarita
,
GO
,
2017
,
BAM
Insured
,
5
%
,
7/01/33
...................................
2,665,000
2,805,379
GO
,
2017
,
BAM
Insured
,
5
%
,
7/01/34
...................................
2,800,000
2,945,348
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/38
...............................
9,745,000
10,076,966
Revenue
,
2017
A
,
Refunding
,
5
%
,
1/01/37
...............................
10,000,000
10,560,701
Revenue
,
2017
A
,
Refunding
,
5
%
,
1/01/38
...............................
5,435,000
5,732,204
Revenue
,
2019
A
,
5
%
,
1/01/47
........................................
2,000,000
2,131,858
Revenue
,
2023
A
,
5
%
,
1/01/50
........................................
10,265,000
11,207,112
Revenue
,
2023
B
,
5.25
%
,
1/01/53
.....................................
9,780,000
10,917,297
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5
%
,
12/01/32
.......................................
10,000,000
10,888,564
Revenue
,
2007-1
,
5
%
,
12/01/37
.......................................
5,000,000
5,535,438
Student
&
Academic
Services
LLC
,
Northern
Arizona
Capital
Facilities
Finance
Corp.
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/43
......................
1,025,000
1,129,695
Town
of
Gilbert
,
Pledged
,
Revenue,
Sub.
Lien
,
2015
,
5
%
,
7/01/45
...............
10,000,000
10,063,468
Town
of
Marana
,
Pledged
Excise
,
Revenue
,
2024
,
4
%
,
7/01/44
.................
2,250,000
2,265,098
Town
of
Queen
Creek
,
Excise
Tax
,
Revenue
,
2018
A
,
5
%
,
8/01/42
...............................
2,500,000
2,635,119
Excise
Tax
,
Revenue
,
2018
A
,
5
%
,
8/01/47
...............................
5,000,000
5,239,621
University
of
Arizona
(The)
,
Revenue
,
2014
,
Refunding
,
5
%
,
8/01/39
.................................
10,000,000
10,024,791
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/39
.................................
2,750,000
2,816,739
Revenue
,
2016
B
,
Refunding
,
5
%
,
6/01/42
...............................
2,000,000
2,042,072
Revenue
,
2018
A
,
5
%
,
6/01/43
........................................
4,500,000
4,712,988
Yuma
Industrial
Development
Authority
,
Yuma
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
4
%
,
8/01/49
........................................
4,000,000
4,032,165
Yuma
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
4
%
,
8/01/54
........................................
4,000,000
3,995,653
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)
Yuma
Industrial
Development
Authority,
(continued)
Yuma
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
8/01/54
..................................................
$
1,750,000
$
1,916,059
649,797,937
Florida
0.8%
b
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
800,000
579,792
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
6,550,000
5,259,496
5,839,288
Georgia
0.4%
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
3,290,000
2,798,046
Oregon
0.2%
b
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
1,449,408
South
Carolina
0.8%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,900,000
1,670,662
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,900,000
1,670,662
b
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
Zero
Cpn.,
6/01/52
3,275,000
2,531,567
5,872,891
Texas
0.7%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,988,131
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,300,000
2,765,413
4,753,544
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,900,000
1,671,021
Wisconsin
1.1%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,900,000
1,603,789
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
1,500,000
1,511,713
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
5,075,000
3,220,606
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,500,000
1,551,895
7,888,003
U.S.
Territories
1.9%
Guam
0.1%
Guam
Power
Authority
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/44
..............
450,000
483,945
Puerto
Rico
1.8%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/32
................
379,094
375,854
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
1,881,235
1,826,810
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
616,125
618,632
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
$
3,700,000
$
3,697,778
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
1,550,000
1,551,466
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
4,906,000
4,928,145
12,998,685
Total
U.S.
Territories
....................................................................
13,482,630
Total
Municipal
Bonds
(Cost
$
700,881,286
)
.....................................
693,552,768
a
a
a
a
Short
Term
Investments
0.6%
Municipal
Bonds
0.6%
Arizona
0.6%
d
Arizona
Health
Facilities
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2015
C
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.25
%
,
1/01/46
...............
800,000
800,000
d
Arizona
Industrial
Development
Authority
,
Phoenix
Children's
Hospital
,
Revenue
,
2019
A
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.15
%
,
2/01/48
..........
3,500,000
3,500,000
4,300,000
Total
Municipal
Bonds
(Cost
$
4,300,000
)
.......................................
4,300,000
Total
Short
Term
Investments
(Cost
$
4,300,000
)
.................................
4,300,000
a
Total
Investments
(Cost
$
705,181,286
)
98.2
%
...................................
$697,852,768
Other
Assets,
less
Liabilities
1.8
%
.............................................
12,596,555
Net
Assets
100.0%
...........................................................
$710,449,323
a
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2024,
the
aggregate
value
of
these
securities
was
$29,635,834,
representing
4.2%
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),
November
30,
2024
Franklin
Colorado
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25%,
12/31/53
....................................
$
1,400,000
$
1,438,478
Total
Corporate
Bonds
(Cost
$
1,400,000
)
.......................................
1,438,478
Municipal
Bonds
97.6%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,000,000
1,759,804
Colorado
90.0%
b
Access
25
Metropolitan
District
No.
2
,
GO
,
144A,
2023
,
6.75
%
,
12/01/53
..........
3,000,000
3,194,395
Adams
State
University
,
Revenue
,
2012
,
5
%
,
5/15/37
.........................................
630,000
616,895
Revenue
,
2019
A
,
Refunding
,
4
%
,
5/15/42
...............................
1,515,000
1,538,856
Anthem
West
Metropolitan
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/35
3,000,000
3,047,052
Arapahoe
County
School
District
No.
1
Englewood
,
GO
,
2017
,
5
%
,
12/01/42
.......
7,000,000
7,198,918
Arapahoe
County
Water
&
Wastewater
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
12/01/37
........................................................
1,000,000
1,025,072
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/40
.................................
1,500,000
1,502,156
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/50
.................................
1,500,000
1,444,491
Baseline
Metropolitan
District
No.
1
,
GO
,
2024
A
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/46
........................................................
2,000,000
1,949,774
Board
of
Governors
of
Colorado
State
University
System
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
3/01/43
...............................
5,000,000
5,768,694
Revenue
,
2017
E
,
Refunding
,
4
%
,
3/01/43
...............................
4,500,000
4,514,312
Revenue
,
2024
A
,
Refunding
,
4
%
,
3/01/47
...............................
5,000,000
5,026,627
Revenue
,
A
,
Refunding
,
4
%
,
3/01/40
...................................
5,000,000
5,045,587
Board
of
Water
Commissioners
City
&
County
of
Denver
(The)
,
Revenue
,
2017
A
,
5
%
,
9/15/47
........................................
5,000,000
5,178,990
Revenue
,
2024
A
,
Refunding
,
5
%
,
9/15/54
...............................
1,500,000
1,648,469
Brighton
Crossing
Metropolitan
District
No.
4
,
GO
,
2017
A
,
Refunding
,
5
%
,
12/01/37
.
525,000
530,250
b
Broadway
Park
North
Metropolitan
District
No.
2
,
GO
,
144A,
2020
,
Refunding
,
5
%
,
12/01/40
........................................................
1,325,000
1,317,114
Bromley
Park
Metropolitan
District
No.
2
,
GO
,
2023
,
Refunding
,
BAM
Insured
,
5.375
%
,
12/01/53
........................................................
2,500,000
2,746,076
b
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-1
,
Refunding
,
5
%
,
12/01/49
........................................................
4,282,000
4,236,866
Castle
Oaks
Metropolitan
District
No.
3
,
GO
,
2020
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/45
........................................................
1,140,000
1,123,934
CCP
Metropolitan
District
No.
3
,
GO
,
2024
,
Refunding
,
5
%
,
12/01/53
.............
1,175,000
1,194,488
Centennial
Water
&
Sanitation
District
,
Revenue
,
2019
,
5
%
,
12/01/43
............
3,000,000
3,175,655
Cherokee
Metropolitan
District
,
Revenue
,
2020
,
BAM
Insured
,
4
%
,
8/01/45
..............................
2,250,000
2,242,306
Revenue
,
2020
,
BAM
Insured
,
4
%
,
8/01/50
..............................
1,400,000
1,377,094
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
12/01/48
...............
5,000,000
5,203,179
Airport
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
12/01/48
..................
4,440,000
4,613,065
Airport
System
,
Revenue
,
2022
A
,
5
%
,
11/15/37
...........................
4,250,000
4,616,282
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5
%
,
11/15/53
..................
5,000,000
5,258,234
Airport
System
,
Revenue
,
2023
B
,
Refunding
,
5.5
%
,
11/15/42
................
1,000,000
1,127,394
Airport
System
,
Revenue
,
2023
B
,
Refunding
,
5.5
%
,
11/15/43
................
1,000,000
1,123,129
Pledged
Excise
Tax
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
8/01/46
...............
3,500,000
3,502,408
Pledged
Excise
Tax
,
Revenue
,
2018
A-1
,
5
%
,
8/01/48
......................
5,000,000
5,117,189
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
City
of
Colorado
Springs
,
Utilities
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/45
.................
$
2,665,000
$
2,689,675
Utilities
System
,
Revenue
,
2018
A-4
,
5
%
,
11/15/48
.........................
5,000,000
5,237,769
Utilities
System
,
Revenue
,
2024
A
,
5
%
,
11/15/49
..........................
1,500,000
1,663,103
Utilities
System
,
Revenue
,
2024
A
,
5.25
%
,
11/15/54
........................
5,000,000
5,604,927
City
of
Fort
Collins
,
Electric
Utility
Enterprise
,
Revenue
,
2018
A
,
5
%
,
12/01/42
......
13,500,000
14,144,140
City
of
Grand
Junction
,
COP
,
2021
,
4
%
,
12/01/45
............................................
2,005,000
2,016,614
Sales
&
Use
Tax
,
Revenue
,
2020
B
,
4
%
,
3/01/49
..........................
3,775,000
3,781,693
Colorado
Bridge
&
Tunnel
Enterprise
,
Revenue
,
2024
A
,
AGMC
Insured
,
5.5
%
,
12/01/54
........................................................
1,000,000
1,133,196
Colorado
Educational
&
Cultural
Facilities
Authority
,
Alexander
Dawson
School
LLC
(The)
,
Revenue
,
2010
,
5
%
,
2/15/40
............
5,280,000
5,284,316
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/36
....................
425,000
419,383
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/41
....................
150,000
142,954
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/51
....................
370,000
332,551
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/61
....................
550,000
477,161
Denver
School
of
Science
&
Technology,
Inc.
,
Revenue
,
2021
,
3
%
,
8/01/41
......
1,460,000
1,164,469
Denver
School
of
Science
&
Technology,
Inc.
,
Revenue
,
2021
,
3
%
,
8/01/51
......
3,635,000
2,536,872
Eagle
Ridge
Academy
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
11/01/37
............
1,000,000
1,063,415
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/26
.......
135,000
134,009
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/32
.......
280,000
279,572
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/52
.......
1,355,000
1,192,031
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/62
.......
1,600,000
1,354,919
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/52
750,000
763,545
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/57
1,765,000
1,794,352
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/46
....................
325,000
283,837
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/56
....................
1,000,000
824,970
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/61
....................
2,210,000
1,786,097
Pinnacle
Charter
School,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/50
.......
5,820,000
5,242,338
Union
Colony
Schools
,
Revenue
,
2018
,
Refunding
,
5
%
,
4/01/48
...............
715,000
726,860
University
of
Denver
,
Revenue
,
2017
A
,
5
%
,
3/01/47
.......................
3,950,000
4,047,072
West
Ridge
Academy
Charter
School
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
6/01/49
..
400,000
400,089
Westgate
Community
School
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/41
........
2,370,000
2,274,085
Windsor
Charter
Academy
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
2,400,000
2,217,043
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
11/15/41
......
3,000,000
3,004,882
AdventHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/15/39
......
5,005,000
5,391,256
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/35
.......................................................
1,575,000
1,589,952
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/37
.......................................................
850,000
856,635
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/38
.......................................................
705,000
708,355
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/39
.......................................................
835,000
837,196
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/40
.......................................................
725,000
724,636
BSLC
Obligated
Group
,
Revenue
,
2018
A-1
,
Refunding
,
5
%
,
9/15/48
...........
3,000,000
2,950,580
BSLC
Obligated
Group
,
Revenue
,
2018
A-1
,
Refunding
,
4.75
%
,
9/15/53
.........
1,500,000
1,372,565
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
12/01/41
...
5,195,000
5,261,853
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/38
3,000,000
3,179,310
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/39
2,000,000
2,115,360
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
4
%
,
8/01/49
9,990,000
9,345,948
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5.25
%
,
11/01/52
......
3,000,000
3,259,236
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)
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
12/01/54
.......................................................
$
4,000,000
$
4,391,903
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
12/01/35
...........................................
7,150,000
7,163,998
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
12/01/48
.......................................................
5,000,000
5,091,157
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/50
...........................................
5,700,000
5,230,807
Craig
Hospital
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
12/01/52
..............
3,535,000
3,760,485
Evangelical
Lutheran
Good
Samaritan
Obligated
Group
,
Revenue
,
2015
A
,
Pre-
Refunded
,
5
%
,
6/01/40
............................................
4,000,000
4,038,663
Evangelical
Lutheran
Good
Samaritan
Obligated
Group
,
Revenue
,
2015
A
,
Pre-
Refunded
,
5
%
,
6/01/45
............................................
2,750,000
2,776,581
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
1/01/38
........................................................
3,660,000
3,729,709
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
5/15/54
........................................................
1,100,000
1,174,780
Sanford
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/01/44
..........
3,495,000
3,694,339
Sanford
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/01/49
..........
8,050,000
8,426,338
University
of
Colorado
Health
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
9/01/46
........................................................
5,000,000
5,173,189
University
of
Colorado
Health
Obligated
Group
,
Revenue
,
2020
A
,
Pre-Refunded
,
4
%
,
9/01/50
....................................................
6,275,000
6,756,641
Valley
View
Hospital
Association
,
Revenue
,
2015
,
5
%
,
5/15/40
................
2,000,000
2,007,823
Valley
View
Hospital
Association
,
Revenue
,
2015
,
5
%
,
5/15/45
................
1,000,000
1,003,981
Colorado
High
Performance
Transportation
Enterprise
,
C-470
Express
Lanes
System
,
Revenue
,
2017
,
5
%
,
12/31/47
........................................
2,555,000
2,555,601
Colorado
Housing
and
Finance
Authority
,
Revenue
,
2019
B-1
,
I
,
3.15
%
,
10/01/44
.................................
1,000,000
856,236
Revenue
,
2019
B-1
,
I
,
3.25
%
,
10/01/49
.................................
1,000,000
847,687
Colorado
School
of
Mines
,
Revenue
,
2017
A
,
5
%
,
12/01/42
.......................................
2,450,000
2,541,871
Revenue
,
2023
C
,
5.25
%
,
12/01/53
....................................
3,000,000
3,310,041
Colorado
Science
and
Technology
Park
Metropolitan
District
No.
1
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/54
................................
750,000
804,090
Colorado
Springs
School
District
No.
11
Facilities
Corp.
,
COP
,
2024
,
BAM
Insured
,
5.25
%
,
12/15/48
...................................................
1,000,000
1,110,989
Cottonwood
Highlands
Metropolitan
District
No.
1
,
GO
,
2019
A
,
Refunding
,
5
%
,
12/01/49
........................................................
899,000
926,239
Crystal
Valley
Metropolitan
District
No.
2
,
GO
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
12/01/49
........................................................
3,000,000
2,432,839
Denver
City
&
County
School
District
No.
1
,
GO
,
2017
,
5
%
,
12/01/41
.............
5,000,000
5,148,906
Denver
Convention
Center
Hotel
Authority
,
Revenue,
Senior
Lien
,
2016
,
Refunding
,
5
%
,
12/01/40
.....................................................
9,775,000
9,894,470
Denver
Health
&
Hospital
Authority
,
COP
,
2018
,
5
%
,
12/01/48
............................................
5,255,000
5,310,589
Revenue
,
2014
A
,
5.25
%
,
12/01/45
....................................
9,250,000
9,255,024
Revenue
,
2019
A
,
Refunding
,
5
%
,
12/01/30
..............................
1,000,000
1,055,907
Revenue
,
2019
A
,
Refunding
,
5
%
,
12/01/32
..............................
1,330,000
1,395,480
Revenue
,
2019
A
,
Refunding
,
5
%
,
12/01/33
..............................
3,300,000
3,457,415
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
A
,
4
%
,
12/01/48
........................................................
$
350,000
$
300,668
Eagle
River
Water
&
Sanitation
District
,
GO
,
2016
,
5
%
,
12/01/45
................
1,360,000
1,401,033
East
Cherry
Creek
Valley
Water
and
Sanitation
District
,
Revenue
,
2019
A
,
4
%
,
11/15/39
1,200,000
1,224,483
Erie
Farm
Metropolitan
District
,
GO
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/51
.
1,200,000
1,168,905
Evan's
Place
Metropolitan
District
,
GO
,
2020
A-3
,
5
%
,
12/01/40
.................
550,000
549,718
b
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5.55
%
,
12/01/47
3,500,000
3,636,600
Gunnison
Watershed
School
District
No.
Re
1J
,
GO
,
2023
,
5
%
,
12/01/47
..........
3,250,000
3,529,992
Lakes
at
Centerra
Metropolitan
District
No.
2
,
GO
,
2024
A
,
Refunding
,
AGMC
Insured
,
4.5
%
,
12/01/54
...................................................
2,500,000
2,569,336
Lambertson
Farms
Metropolitan
District
No.
1
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
4.25
%
,
12/15/54
............................................
1,000,000
983,329
Larimer
County
School
District
No.
R-1
Poudre
,
GO
,
2018
,
5
%
,
12/15/39
.............................................
2,660,000
2,843,789
GO
,
2018
,
5
%
,
12/15/40
.............................................
2,340,000
2,498,530
Meridian
Metropolitan
District
,
GO
,
2023
,
AGMC
Insured
,
4.375
%
,
12/01/53
.......
2,000,000
2,038,282
North
Pine
Vistas
Metropolitan
District
No.
2
,
GO
,
2022
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/52
.....................................................
1,125,000
1,191,244
Park
70
Metropolitan
District
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/36
....................................
1,000,000
1,014,528
GO
,
2016
,
Refunding
,
5
%
,
12/01/46
....................................
1,500,000
1,508,039
Park
Creek
Metropolitan
District
,
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2015
A
,
Refunding
,
5
%
,
12/01/45
.......................................................
9,500,000
9,571,861
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/01/46
.
2,875,000
2,981,757
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2024
A
,
AGMC
Insured
,
4.25
%
,
12/01/47
.................................................
1,000,000
1,011,959
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2024
A
,
AGMC
Insured
,
4.5
%
,
12/01/51
..................................................
1,500,000
1,543,582
Parker
Water
&
Sanitation
District
,
Revenue
,
2018
,
5
%
,
11/01/42
................
6,475,000
6,743,188
Patriot
Park
Metropolitan
District
No.
2
,
GO
,
2021
,
4.3
%
,
12/01/50
...............
537,000
488,979
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
B
,
5.875
%
,
12/15/46
.........
1,000,000
1,089,727
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
9,900,000
12,159,603
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/15/33
........
550,000
561,968
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/35
........
1,000,000
1,015,365
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/36
........
750,000
760,311
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/38
........
700,000
704,133
Sales
Tax
,
Revenue
,
2016
A
,
5
%
,
11/01/41
...............................
10,000,000
10,251,446
Sales
Tax
,
Revenue
,
2016
A
,
5
%
,
11/01/46
...............................
11,000,000
11,227,534
Silver
Peaks
Metropolitan
District
No.
3
,
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/50
....
1,000,000
946,750
South
Timnath
Metropolitan
District
No.
2
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/42
.....
5,690,000
5,731,105
State
of
Colorado
,
COP
,
2020
,
Refunding
,
4
%
,
6/15/40
....................................
1,315,000
1,332,794
COP
,
2020
A
,
4
%
,
12/15/38
..........................................
3,555,000
3,633,044
COP
,
2020
R
,
4
%
,
3/15/45
...........................................
5,000,000
5,005,241
COP
,
2024
A
,
4
%
,
11/01/53
..........................................
2,000,000
2,003,621
Sterling
Hills
West
Metropolitan
District
,
GO
,
2017
,
Refunding
,
5
%
,
12/01/39
.......
1,125,000
1,165,816
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
3.75
%
,
12/01/40
.................................................
500,000
461,615
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
4.25
%
,
12/01/50
.................................................
1,250,000
1,179,908
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Thompson
Crossing
Metropolitan
District
No.
2
,
GO
,
2016
B
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/46
..............................................
$
4,500,000
$
4,630,505
Town
of
Monument
,
COP
,
2020
,
AGMC
Insured
,
4
%
,
12/01/45
..................
2,000,000
1,971,813
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
A
,
Refunding
,
AGMC
Insured
,
4.25
%
,
12/01/54
............................................
2,000,000
1,999,995
Upper
Eagle
Regional
Water
Authority
,
Revenue
,
2024
,
BAM
Insured
,
4.25
%
,
12/01/53
2,000,000
2,015,150
Whispering
Pines
Metropolitan
District
No.
1
,
GO
,
2023
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/52
.....................................................
900,000
949,239
Wildwing
Metropolitan
District
No.
5
,
GO
,
2024
,
Refunding
,
AGMC
Insured
,
4.5
%
,
12/01/53
........................................................
750,000
766,245
Windsor
Highlands
Metropolitan
District
No.
4
,
GO
,
2024
,
Refunding
,
BAM
Insured
,
4.5
%
,
12/01/53
...................................................
2,000,000
2,025,720
446,528,000
Florida
2.2%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
4,104,000
3,679,677
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
800,000
579,792
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
4,925,000
3,954,659
b
,c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
Zero
Cpn.,
5/01/52
.....................................................
3,215,000
2,887,070
11,101,198
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
2,041,127
Illinois
0.8%
State
of
Illinois
,
GO
,
2003
,
5.1
%
,
6/01/33
............................................
2,823,529
2,839,434
GO
,
2021
A
,
5
%
,
3/01/33
............................................
500,000
546,829
GO
,
2021
A
,
5
%
,
3/01/37
............................................
250,000
270,865
GO
,
2021
A
,
4
%
,
3/01/38
............................................
400,000
400,226
4,057,354
New
York
0.2%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
D
,
4
%
,
11/15/47
...........
900,000
884,935
South
Carolina
1.0%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,400,000
1,231,014
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,400,000
1,231,014
b
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
2,100,000
1,719,040
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
750,000
637,591
4,818,659
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,400,000
2,011,209
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,400,000
1,231,279
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
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
0.7%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
$
1,400,000
$
1,181,739
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
3,650,000
2,316,298
3,498,037
U.S.
Territories
1.2%
Guam
0.4%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/39
600,000
650,794
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
1,500,000
1,561,158
2,211,952
Puerto
Rico
0.8%
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
..................
1,219,928
1,184,634
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,200,000
1,199,279
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
999,182
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
750,000
753,386
4,136,481
Total
U.S.
Territories
....................................................................
6,348,433
Total
Municipal
Bonds
(Cost
$
491,253,163
)
.....................................
484,280,035
Total
Long
Term
Investments
(Cost
$
492,653,163
)
...............................
485,718,513
a
a
a
a
a
Short
Term
Investments
0.7%
Municipal
Bonds
0.7%
Colorado
0.7%
d
Colorado
Health
Facilities
Authority
,
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.25
%
,
12/01/52
.........................
2,900,000
2,900,000
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2024
E
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.15
%
,
5/15/64
.................................
700,000
700,000
3,600,000
Total
Municipal
Bonds
(Cost
$
3,600,000
)
.......................................
3,600,000
Total
Short
Term
Investments
(Cost
$
3,600,000
)
.................................
3,600,000
a
Total
Investments
(Cost
$
496,253,163
)
98.6
%
...................................
$489,318,513
Other
Assets,
less
Liabilities
1.4
%
.............................................
6,967,289
Net
Assets
100.0%
...........................................................
$496,285,802
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
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
November
30,
2024,
the
aggregate
value
of
these
securities
was
$32,175,793,
representing
6.5%
of
net
assets.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
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),
November
30,
2024
Franklin
Connecticut
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.6%
Connecticut
91.6%
City
of
Bridgeport
,
GO
,
2021
A
,
4
%
,
8/01/40
............................................
$
765,000
$
773,759
GO
,
2021
A
,
4
%
,
8/01/46
............................................
375,000
375,768
GO
,
2021
A
,
4
%
,
8/01/51
............................................
575,000
569,564
GO
,
2024
A
,
Refunding
,
BAM
Insured
,
5
%
,
7/01/44
........................
550,000
607,493
City
of
New
Britain
,
GO
,
2017
C
,
AGMC
Insured
,
5
%
,
3/01/36
..................
1,000,000
1,037,396
City
of
New
Haven
,
GO
,
2021
A
,
Refunding
,
4
%
,
8/01/41
......................
2,000,000
1,973,978
City
of
Stamford
,
Water
Pollution
Control
System
&
Facility
,
Revenue
,
2013
A
,
5.25
%
,
8/15/43
.........................................................
1,000,000
1,000,897
City
of
West
Haven
,
GO
,
2021
,
4
%
,
9/15/41
...............................
565,000
559,348
Connecticut
Housing
Finance
Authority
,
Revenue
,
2019
E-E1
,
3.05
%
,
11/15/44
..................................
5,000,000
4,250,958
Revenue
,
2019
E-E1
,
3.1
%
,
11/15/49
...................................
2,000,000
1,674,094
Revenue
,
2020
C-1
,
Refunding
,
2.05
%
,
5/15/37
...........................
1,000,000
787,941
Revenue
,
2020
C-2
,
Refunding
,
2.2
%
,
11/15/34
...........................
960,000
795,431
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Avon
Old
Farms
School
Obligated
Group
,
Revenue
,
D-1
,
Refunding
,
4
%
,
7/01/46
..
1,000,000
975,437
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/38
315,000
321,380
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/39
380,000
386,147
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/42
860,000
867,198
Connecticut
Children's
Medical
Center
Obligated
Group
,
Revenue
,
E
,
5.25
%
,
7/15/48
1,560,000
1,718,502
Connecticut
College
,
Revenue
,
L-1
,
Refunding
,
4
%
,
7/01/46
..................
5,000,000
4,953,208
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2018
B
,
5
%
,
12/01/40
.......................................................
4,000,000
4,038,282
Fairfield
University
,
Revenue
,
Q-1
,
5
%
,
7/01/46
...........................
9,000,000
9,120,893
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
..........
6,000,000
5,794,588
Jerome
Home
,
Revenue
,
2021
E
,
Refunding
,
4
%
,
7/01/41
...................
735,000
685,830
Jerome
Home
,
Revenue
,
2021
E
,
Refunding
,
4
%
,
7/01/51
...................
1,250,000
1,075,458
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/38
.....
1,000,000
992,930
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/41
.....
6,310,000
6,112,685
Quinnipiac
University
,
Revenue
,
L
,
Refunding
,
5
%
,
7/01/45
..................
8,250,000
8,296,679
Sacred
Heart
University,
Inc.
,
Revenue
,
I-1
,
Refunding
,
5
%
,
7/01/42
............
4,375,000
4,448,297
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
5
%
,
7/01/35
.....................
550,000
596,872
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
4
%
,
7/01/45
.....................
1,200,000
1,197,182
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
4
%
,
7/01/37
...
2,550,000
2,588,947
Taft
School
Corp.
(The)
,
Revenue
,
L
,
Refunding
,
3
%
,
7/01/46
.................
2,210,000
1,857,510
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
CT
,
5
%
,
12/01/45
.........
5,000,000
5,055,949
Trustees
of
Trinity
College
(The)
,
Revenue
,
R
,
Refunding
,
4
%
,
6/01/45
..........
2,500,000
2,513,998
Trustees
of
Trinity
College
(The)
,
Revenue
,
S
,
Refunding
,
4
%
,
6/01/51
..........
4,000,000
3,995,604
University
of
Hartford
(The)
,
Revenue
,
2022
P
,
5.375
%
,
7/01/52
...............
2,000,000
1,918,104
Yale
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/35
...................
2,435,000
2,921,541
Yale
University
,
Revenue
,
X-2
,
5
%
,
7/01/37
..............................
3,000,000
3,508,268
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/44
520,000
573,173
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/45
500,000
549,448
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/46
500,000
548,396
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/47
420,000
459,323
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/48
500,000
545,836
Connecticut
State
Higher
Education
Supplement
Loan
Authority
,
Revenue
,
2020
B
,
3.25
%
,
11/15/36
....................................
1,500,000
1,377,996
Revenue
,
2020
D
,
Pre-Refunded
,
3
%
,
11/15/35
...........................
1,145,000
1,150,439
Revenue
,
2021
B
,
2.25
%
,
11/15/37
....................................
2,500,000
2,003,884
South
Central
Connecticut
Regional
Water
Authority
,
Revenue,
Second
Series
,
32nd
B
,
Refunding
,
5
%
,
8/01/38
.............................................
1,720,000
1,767,672
State
of
Connecticut
,
GO
,
2020
A
,
4
%
,
1/15/38
............................................
7,250,000
7,461,058
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
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
(continued)
State
of
Connecticut,
(continued)
GO
,
2020
C
,
4
%
,
6/01/39
............................................
$
600,000
$
614,590
GO
,
2024
D
,
5
%
,
5/01/44
............................................
1,000,000
1,120,161
GO
,
2024
G
,
5
%
,
11/15/44
...........................................
1,000,000
1,125,940
Special
Tax
,
2016
A
,
5
%
,
9/01/33
......................................
1,000,000
1,031,840
Special
Tax
,
2018
A
,
5
%
,
1/01/36
......................................
1,000,000
1,053,266
Special
Tax
,
2020
A
,
5
%
,
5/01/35
......................................
4,500,000
4,931,185
Special
Tax
,
2020
A
,
5
%
,
5/01/40
......................................
2,000,000
2,157,543
Special
Tax
,
2021
A
,
5
%
,
5/01/41
......................................
1,500,000
1,644,094
Special
Tax
,
2021
D
,
4
%
,
11/01/40
.....................................
2,075,000
2,124,358
Bradley
International
Airport
CFC
,
Revenue
,
2019
A
,
5
%
,
7/01/49
..............
1,400,000
1,428,355
Clean
Water
Fund
-
State
Revolving
Fund
,
Revenue
,
2015
A
,
5
%
,
3/01/34
.......
3,000,000
3,010,793
Clean
Water
Fund
-
State
Revolving
Fund
,
Revenue
,
2017
A
,
5
%
,
5/01/37
.......
1,000,000
1,040,124
Town
of
Hamden
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
..............
500,000
506,600
Town
of
Stafford
,
GO
,
2021
,
Refunding
,
3
%
,
2/01/36
.....................................
250,000
236,695
GO
,
2021
,
Refunding
,
3
%
,
2/01/38
.....................................
310,000
288,623
GO
,
2021
,
Refunding
,
3
%
,
2/01/41
.....................................
300,000
273,216
Town
of
Stratford
,
GO
,
2017
,
AGMC
Insured
,
5
%
,
7/01/33
.................................
1,000,000
1,011,255
GO
,
2020
A
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/40
........................
300,000
304,624
University
of
Connecticut
,
Revenue
,
2017
A
,
5
%
,
1/15/37
.....................
1,000,000
1,038,196
131,726,799
Florida
1.0%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
500,000
362,370
a
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
1,325,000
1,063,944
1,426,314
Georgia
0.4%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
625,000
531,544
Illinois
0.7%
State
of
Illinois
,
GO
,
2020
C
,
4
%
,
10/01/42
................................
1,000,000
984,980
South
Carolina
1.0%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
500,000
439,648
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
500,000
439,648
a
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
750,000
613,943
1,493,239
Texas
0.4%
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
615,000
515,372
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
439,742
Wisconsin
0.6%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
400,000
337,640
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
a
Public
Finance
Authority,
(continued)
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
$
800,000
$
507,681
845,321
U.S.
Territories
1.6%
Guam
0.3%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/36
365,000
396,635
Puerto
Rico
1.3%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/34
................
386,791
388,020
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
1,500,000
1,506,771
1,894,791
Total
U.S.
Territories
....................................................................
2,291,426
Total
Municipal
Bonds
(Cost
$
145,630,233
)
.....................................
140,254,737
a
a
a
a
Short
Term
Investments
0.8%
Municipal
Bonds
0.8%
Connecticut
0.8%
b
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Yale
University
,
Revenue
,
2001
V-2
,
Daily
VRDN
and
Put
,
2.8
%
,
7/01/36
............................
1,100,000
1,100,000
Total
Municipal
Bonds
(Cost
$
1,100,000
)
.......................................
1,100,000
Total
Short
Term
Investments
(Cost
$
1,100,000
)
.................................
1,100,000
a
Total
Investments
(Cost
$
146,730,233
)
98.4
%
...................................
$141,354,737
Other
Assets,
less
Liabilities
1.6
%
.............................................
2,400,304
Net
Assets
100.0%
...........................................................
$143,755,041
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2024,
the
aggregate
value
of
these
securities
was
$4,811,884,
representing
3.3%
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),
November
30,
2024
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Shares
a
Value
a
Management
Investment
Companies
1.5%
Capital
Markets
1.5%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
1,340,000
$
32,641,060
Total
Management
Investment
Companies
(Cost
$
36,370,000
)
....................
32,641,060
Principal
Amount
a
a
a
a
Municipal
Bonds
97.4%
Alabama
5.2%
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2022
E
,
Mandatory
Put
,
5
%
,
6/01/28
............................
$
7,000,000
7,319,760
Revenue
,
2022
F
,
Mandatory
Put
,
5.5
%
,
12/01/28
.........................
6,970,000
7,418,210
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
14,000,000
15,249,956
Chatom
Industrial
Development
Board
,
PowerSouth
Energy
Cooperative
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/28
........................................................
500,000
531,603
PowerSouth
Energy
Cooperative
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/29
........................................................
485,000
521,944
PowerSouth
Energy
Cooperative
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/30
........................................................
425,000
463,117
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5
%
,
10/01/33
............
5,000,000
5,702,441
b
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
8,570,000
9,337,112
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
6,000,000
6,675,186
Revenue
,
2024
B
,
Mandatory
Put
,
5.25
%
,
6/01/32
.........................
7,000,000
7,633,545
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
2,273,322
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
5,010,076
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/28
.......
5,000,000
5,087,482
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/33
.......................................
2,855,000
2,970,544
Special
Tax
,
2019
,
4
%
,
2/01/34
.......................................
2,970,000
3,079,087
Special
Tax
,
2019
,
4
%
,
2/01/35
.......................................
3,095,000
3,188,956
Special
Tax
,
2019
,
4
%
,
2/01/37
.......................................
3,350,000
3,422,401
b
Southeast
Alabama
Gas
Supply
District
(The)
,
Revenue
,
2024
A
,
Refunding
,
Mandatory
Put
,
5
%
,
4/01/32
..................................................
4,000,000
4,302,128
b
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
4,585,000
4,953,578
Revenue
,
2022
B-2
,
Mandatory
Put
,
4.859
%
,
8/01/28
.......................
15,000,000
15,335,646
110,476,094
Alaska
0.1%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue
,
2020
,
Refunding
,
4
%
,
12/01/35
................................
1,710,000
1,756,196
Revenue
,
2020
,
Refunding
,
4
%
,
12/01/37
................................
1,305,000
1,330,854
3,087,050
Arizona
4.4%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/29
.......................................................
1,100,000
1,182,687
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/30
.......................................................
600,000
643,994
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/31
.......................................................
630,000
674,340
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/32
.......................................................
1,000,000
1,069,411
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)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/35
.......................................................
$
1,115,000
$
1,185,627
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/36
.......................................................
1,250,000
1,325,519
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/37
.......................................................
1,050,000
1,111,260
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/37
.......................................................
1,105,000
1,126,869
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/38
.......................................................
600,000
610,603
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/01/41
.......................................................
6,000,000
6,071,057
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/27
.............
55,000
57,016
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/28
.............
60,000
62,905
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/29
.............
60,000
63,581
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/30
.............
65,000
69,494
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/31
.............
70,000
75,310
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/27
.............
160,000
163,652
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/28
.............
170,000
174,022
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/29
.............
160,000
163,717
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/30
.............
185,000
189,168
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/31
.............
195,000
199,181
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
2/01/35
.....
500,000
545,197
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
2/01/36
.....
750,000
815,144
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
2/01/37
.....
600,000
650,324
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
2/01/38
.....
1,000,000
1,080,766
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
3
%
,
2/01/39
.....
1,200,000
1,080,563
City
of
Mesa
,
Utility
System
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/29
............
2,500,000
2,585,204
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue,
Junior
Lien
,
2017
D
,
Refunding
,
5
%
,
7/01/30
...............
10,000,000
10,525,902
Airport
,
Revenue,
Junior
Lien
,
2019
B
,
5
%
,
7/01/35
........................
7,500,000
7,934,939
Airport
,
Revenue,
Senior
Lien
,
2023
,
Refunding
,
5
%
,
7/01/32
.................
4,250,000
4,674,936
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/35
..................................................
3,340,000
3,572,987
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/36
..................................................
6,380,000
6,809,967
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/39
..................................................
6,365,000
6,749,458
Glendale
Industrial
Development
Authority
,
Midwestern
University
Foundation
,
Revenue
,
2020
,
Refunding
,
5
%
,
5/15/30
......
525,000
577,823
Midwestern
University
Foundation
,
Revenue
,
2020
,
Refunding
,
5
%
,
5/15/31
......
425,000
465,892
Midwestern
University
Foundation
,
Revenue
,
2020
,
Refunding
,
5
%
,
5/15/32
......
525,000
575,193
c
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
B-3
,
5.125
%
,
11/15/29
......
3,000,000
3,022,426
Maricopa
County
Industrial
Development
Authority
,
c,d
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
18,555,000
19,016,372
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/30
.......
850,000
902,711
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/31
.......
1,000,000
1,060,818
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/32
.......
1,000,000
1,063,232
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/33
.......
800,000
848,377
Scottsdale
Municipal
Property
Corp.
,
City
of
Scottsdale
Excise
Tax
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
7/01/28
..........................................
2,325,000
2,351,500
93,129,144
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)
Arkansas
0.6%
Arkansas
Development
Finance
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/35
........................................................
$
4,630,000
$
4,896,245
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/36
........................................................
3,625,000
3,824,148
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/37
........................................................
1,250,000
1,315,151
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/38
........................................................
1,000,000
1,049,459
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/39
........................................................
1,000,000
1,046,141
12,131,144
California
6.4%
Bay
Area
Toll
Authority
,
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/31
.............................
7,000,000
7,153,273
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/33
.............................
5,000,000
5,097,210
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
,
Revenue
,
2024
A
,
AGMC
Insured
,
4
%
,
7/01/54
..........................................
4,900,000
4,903,787
b
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
B-1
,
Mandatory
Put
,
4
%
,
8/01/31
..........................
5,000,000
5,090,632
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
11,000,000
11,847,822
c
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..........
6,885,000
6,355,751
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
6,485,000
5,632,584
California
Statewide
Communities
Development
Authority
,
Emanate
Health
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
4/01/35
.............
1,300,000
1,411,086
Emanate
Health
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
4/01/37
.............
700,000
718,609
Emanate
Health
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
4/01/38
.............
1,350,000
1,382,573
Southern
California
Edison
Co.
,
Revenue
,
2010
A
,
Refunding
,
1.75
%
,
9/01/29
....
5,000,000
4,510,111
City
of
Riverside
,
Sewer
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
8/01/34
.........................
10,605,000
10,743,562
Sewer
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
8/01/35
.........................
11,000,000
11,141,011
c
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
5,495,000
4,815,505
c
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
5,000,000
4,420,654
c
CSCDA
Community
Improvement
Authority
,
Waterscape
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
9/01/46
...............................................
4,825,000
4,120,757
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.........................................................
3,710,000
3,444,386
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/31
...................
8,220,000
8,615,051
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/32
............................
4,615,000
4,880,474
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/33
............................
3,960,000
4,181,907
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/34
............................
4,080,000
4,301,403
San
Diego
Public
Facilities
Financing
Authority
,
City
of
San
Diego
Water
Utility
,
Revenue
,
2020
A
,
4
%
,
8/01/37
........................................
1,250,000
1,299,361
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
Second
Series
,
2023
C
,
Refunding
,
5
%
,
5/01/33
...................
15,000,000
16,639,038
e
Southern
California
Public
Power
Authority
,
Revenue
,
FRN
,
2007
B
,
4.708
%
,
(
3-month
TSOF
+
1.645
%
),
11/01/38
...........................................
3,000,000
2,961,141
135,667,688
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)
Colorado
3.5%
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5.75
%
,
11/15/41
........................................................
$
5,325,000
$
6,080,985
Colorado
Health
Facilities
Authority
,
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
10/01/29
.......................................................
650,000
701,052
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
10/01/30
.......................................................
700,000
764,273
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
10/01/32
.......................................................
750,000
809,095
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
10/01/33
.......................................................
1,000,000
1,076,880
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
10/01/34
.......................................................
1,100,000
1,180,471
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/31
2,500,000
2,692,531
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
8/01/37
2,250,000
2,250,451
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
8/01/39
1,250,000
1,245,881
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/32
2,000,000
2,143,899
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/33
9,595,000
10,273,780
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/36
11,635,000
12,363,394
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/38
2,000,000
2,119,540
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/39
5,500,000
5,817,240
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/40
.........
3,000,000
3,306,767
c
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5
%
,
12/01/32
..
1,000,000
1,039,587
Fort
Carson
Family
Housing
LLC
,
Revenue
,
1999
,
NATL
Insured
,
7.86
%
,
11/15/29
..
11,335,000
11,752,581
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
4,200,000
5,158,619
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/33
........
1,000,000
1,028,147
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/35
........
1,400,000
1,421,512
South
Maryland
Creek
Ranch
Metropolitan
District
,
GO
,
2023
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/43
..............................................
1,000,000
1,074,158
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
3.375
%
,
12/01/30
................
500,000
483,680
74,784,523
Connecticut
1.6%
City
of
Stamford
,
GO
,
2019
,
3
%
,
6/01/35
.............................................
3,025,000
2,971,474
GO
,
2019
,
3
%
,
6/01/36
.............................................
3,025,000
2,929,570
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/38
..........
2,500,000
2,534,659
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/33
.....
5,000,000
5,244,511
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/35
.....
250,000
250,885
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/36
.....
4,750,000
4,756,970
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
5
%
,
7/01/32
.....................
700,000
763,641
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
5
%
,
7/01/33
.....................
625,000
679,890
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
5
%
,
7/01/34
.....................
725,000
789,086
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
5
%
,
7/01/26
...
200,000
204,477
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
5
%
,
7/01/27
...
250,000
261,871
State
of
Connecticut
,
GO
,
2020
C
,
4
%
,
6/01/34
............................................
1,500,000
1,570,780
Special
Tax
,
2020
A
,
4
%
,
5/01/36
......................................
3,500,000
3,635,238
University
of
Connecticut
,
Revenue
,
2016
A
,
5
%
,
3/15/30
........................................
3,075,000
3,154,492
Revenue
,
2016
A
,
5
%
,
3/15/31
........................................
5,025,000
5,149,130
34,896,674
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
8.2%
Alachua
County
Health
Facilities
Authority
,
Shands
Teaching
Hospital
&
Clinics
Obligated
Group
,
Revenue
,
B-1
,
Refunding
,
5
%
,
12/01/35
...................
$
2,350,000
$
2,519,616
Beach
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
Refunding
,
AGMC
Insured
,
5.25
%
,
5/01/44
...............................
1,400,000
1,512,040
Capital
Projects
Finance
Authority
,
Provident
Group
-
Continuum
Properties
LLC
,
Revenue,
Senior
Lien
,
2023
A-1
,
5
%
,
11/01/48
............................
2,500,000
2,529,202
c
Capital
Trust
Agency,
Inc.
,
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
5,345,000
4,744,312
Revenue
,
144A,
2021
A-2
,
5.1
%
,
12/01/31
...............................
1,725,000
1,569,036
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
T
,
5.05
%
,
7/01/34
..........
855,000
733,434
c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
17,600,000
14,132,386
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.........................................................
750,000
652,625
Centre
Lake
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/30
.........................................................
255,000
239,498
City
of
Clearwater
,
Water
&
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/33
......
5,520,000
5,769,172
City
of
Gainesville
,
Utilities
System
,
Revenue
,
2017
A
,
5
%
,
10/01/30
.............
1,500,000
1,585,453
City
of
Jacksonville
,
Genesis
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/39
.....................................................
1,650,000
1,627,157
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/40
........................................
2,500,000
2,389,857
City
of
Port
St.
Lucie
,
Utility
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
9/01/30
.....................
1,500,000
1,515,581
Utility
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
9/01/31
.....................
1,635,000
1,651,466
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/33
...................
6,000,000
6,081,016
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
7/01/38
..................................................
700,000
702,280
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
7/01/39
..................................................
500,000
501,366
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
5
%
,
7/01/40
..................................................
1,000,000
1,064,054
Cordoba
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/37
........................................
1,000,000
877,700
Cross
Creek
North
Community
Development
District
,
Special
Assessment
,
2022
,
3.75
%
,
5/01/32
...................................................
460,000
459,693
East
Palm
Drive
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.1
%
,
6/15/44
.....................................
750,000
758,843
Everlands
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............................................
1,000,000
1,025,623
Florida
Development
Finance
Corp.
,
Brightline
Trains
Florida
LLC
,
Revenue
,
2024
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/44
.................................
20,000,000
20,961,454
c
Forest
Lake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
..................................
1,270,000
1,261,296
Greater
Orlando
Aviation
Authority
,
Revenue
,
2019
A
,
5
%
,
10/01/33
.......................................
10,500,000
11,177,821
Revenue
,
2019
A
,
4
%
,
10/01/37
.......................................
8,430,000
8,447,984
Harvest
Ridge
Community
Development
District
,
Special
Assessment
,
2024
,
4.375
%
,
5/01/31
.............................
270,000
271,584
Special
Assessment
,
2024
,
5.125
%
,
5/01/44
.............................
260,000
263,169
Special
Assessment
,
2024
,
5.375
%
,
5/01/54
.............................
650,000
655,823
Herons
Glen
Recreation
District
,
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/32
.............
185,000
180,128
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/33
.............
300,000
290,235
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/34
.............
245,000
234,079
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)
Florida
(continued)
Herons
Glen
Recreation
District,
(continued)
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/35
.............
$
255,000
$
242,987
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/36
.............
260,000
245,973
d
Keys
Edge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.1
%
,
5/01/44
................................................
500,000
503,227
c
Knightsbridge
Community
Development
District
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
6/15/31
...................................................
215,000
216,166
Lakewood
Ranch
Stewardship
District
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
...
485,000
495,841
Lee
County
Industrial
Development
Authority
,
Lee
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
4/01/37
........................................................
5,000,000
5,043,557
Lee
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
4/01/49
........................................................
12,000,000
11,672,752
b
,c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A-1
,
Mandatory
Put
,
Zero
Cpn.,
5/01/33
.................................................
6,965,000
6,296,360
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
5.45
%
,
5/01/32
...................................................
1,000,000
1,073,793
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/28
.....
1,000,000
1,035,273
Orlando
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/30
.....
2,875,000
2,971,918
Orlando
Utilities
Commission
,
Revenue
,
2018
A
,
5
%
,
10/01/33
.................
1,755,000
1,852,263
c
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
12/15/41
........................................................
1,000,000
881,636
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
4.2
%
,
5/01/33
...............................
800,000
813,663
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
2,000,000
2,046,989
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/31
.....................................
500,000
466,013
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
....................................
6,600,000
6,830,772
State
of
Florida
,
GO
,
2015
E
,
Refunding
,
4
%
,
6/01/33
...................................
11,855,000
11,893,968
GO
,
2017
C
,
Refunding
,
4
%
,
6/01/32
...................................
7,855,000
7,987,919
GO
,
2017
C
,
Refunding
,
4
%
,
6/01/33
...................................
5,000,000
5,081,727
c
Summerstone
Community
Development
District
,
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.15
%
,
5/01/41
...............................
725,000
637,561
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
4
%
,
10/01/32
..........
2,855,000
2,890,601
c
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
4
%
,
5/01/34
............................
1,000,000
1,006,357
Special
Assessment
,
144A,
2024
,
4.2
%
,
5/01/39
..........................
1,000,000
1,005,671
Phase
I
,
Special
Assessment
,
144A,
2023
,
4.85
%
,
5/01/38
...................
945,000
987,443
Windward
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A-2
,
4.4
%
,
11/01/35
................................................
300,000
300,156
172,865,569
Georgia
4.6%
City
of
Atlanta
,
Water
&
Wastewater
,
Revenue
,
2018
C
,
Pre-Refunded
,
5
%
,
11/01/33
...........
6,750,000
7,162,143
Water
&
Wastewater
,
Revenue
,
2018
C
,
Pre-Refunded
,
5
%
,
11/01/34
...........
3,000,000
3,183,175
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/32
900,000
919,940
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/33
565,000
576,662
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/34
450,000
458,854
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/35
865,000
881,719
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/36
1,400,000
1,433,098
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/32
250,000
255,539
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/33
250,000
255,160
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)
Georgia
(continued)
Cobb
County
Kennestone
Hospital
Authority,
(continued)
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/34
$
275,000
$
280,411
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/35
275,000
280,315
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/36
275,000
279,759
Development
Authority
for
Fulton
County
,
Spelman
College
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/28
...................
3,785,000
3,819,119
Spelman
College
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/29
...................
4,385,000
4,423,662
Spelman
College
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/30
...................
4,805,000
4,847,128
b
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
......................
2,375,000
2,228,682
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/27
........................................................
1,750,000
1,823,169
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/28
........................................................
2,100,000
2,187,781
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/29
........................................................
2,000,000
2,081,492
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/30
........................................................
1,000,000
1,039,889
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2021
C
,
4
%
,
12/01/25
.......................................
1,000,000
1,004,398
b
Revenue
,
2021
C
,
Mandatory
Put
,
4
%
,
12/01/28
...........................
5,000,000
5,072,375
b
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
10,000,000
10,168,685
b
Revenue
,
2022
B
,
Mandatory
Put
,
5
%
,
6/01/29
............................
10,200,000
10,820,006
b,c
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
12,000,000
12,026,566
b
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
11,495,000
12,389,631
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2019
A
,
5
%
,
1/01/30
........................................
1,000,000
1,062,655
Revenue
,
2019
A
,
5
%
,
1/01/31
........................................
600,000
636,951
Revenue
,
2019
A
,
5
%
,
1/01/32
........................................
500,000
529,952
Revenue
,
2019
A
,
5
%
,
1/01/33
........................................
1,000,000
1,058,374
Revenue
,
2019
B
,
5
%
,
1/01/29
........................................
500,000
525,104
Revenue
,
2019
B
,
5
%
,
1/01/30
........................................
480,000
503,762
Revenue
,
2019
B
,
5
%
,
1/01/31
........................................
700,000
733,914
Revenue
,
2019
B
,
5
%
,
1/01/32
........................................
750,000
785,095
Revenue
,
2019
B
,
5
%
,
1/01/33
........................................
1,045,000
1,092,323
Revenue
,
2019
B
,
5
%
,
1/01/34
........................................
700,000
730,887
97,558,375
Hawaii
1.2%
State
of
Hawaii
,
GO
,
EO
,
5
%
,
8/01/28
...............................................
21,695,000
21,726,429
Airports
System
,
Revenue
,
2020
A
,
4
%
,
7/01/35
...........................
4,420,000
4,443,146
26,169,575
Illinois
7.1%
Chicago
Board
of
Education
,
Dedicated
Capital
Improvement
Tax
,
Revenue
,
2023
,
5.25
%
,
4/01/40
...................................................
3,720,000
4,030,312
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2020
C
,
Refunding
,
4
%
,
1/01/35
.....................
4,000,000
4,066,671
Revenue,
Senior
Lien
,
2020
E
,
Refunding
,
4
%
,
1/01/35
.....................
1,560,000
1,586,002
Chicago
Park
District
,
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/32
..................................
1,500,000
1,618,005
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/33
..................................
3,000,000
3,229,598
GO
,
2020
F-2
,
Refunding
,
4
%
,
1/01/34
..................................
1,100,000
1,118,565
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/35
..................................
2,375,000
2,553,490
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)
Illinois
(continued)
Chicago
Transit
Authority
Capital
Grant
Receipts
,
Revenue
,
2021
,
Refunding
,
5
%
,
6/01/28
.........................................................
$
1,750,000
$
1,852,502
City
of
Berwyn
,
GO
,
2022
B
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/41
...........
6,000,000
6,129,863
City
of
Chicago
,
GO
,
1999
,
NATL
Insured
,
Zero
Cpn.,
1/01/31
.............................
4,000,000
3,178,555
GO
,
2003
B
,
Refunding
,
5
%
,
1/01/26
...................................
1,795,000
1,796,255
GO
,
2021
A
,
Refunding
,
5
%
,
1/01/33
...................................
9,500,000
10,085,251
GO
,
2021
A
,
Refunding
,
5
%
,
1/01/34
...................................
6,655,000
7,036,461
GO
,
2021
B
,
Refunding
,
4
%
,
1/01/35
...................................
4,295,000
4,320,813
GO
,
2021
B
,
Refunding
,
4
%
,
1/01/38
...................................
5,150,000
5,123,911
GO
,
2023
A
,
5
%
,
1/01/35
............................................
10,000,000
10,618,474
City
of
Galesburg
,
Knox
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/36
...................
1,125,000
1,079,194
Knox
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/41
...................
1,475,000
1,366,341
Illinois
Finance
Authority
,
Carle
Foundation
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/15/40
12,645,000
12,513,442
f
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/28
.........
1,065,000
740,175
f
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/29
.........
1,100,000
764,500
f
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/30
.........
1,310,000
910,450
f
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/31
.........
1,095,000
761,025
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/15/35
........................................................
500,000
500,129
Northwestern
University
,
Revenue
,
2015
,
5
%
,
12/01/28
.....................
1,675,000
1,814,527
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2002
A
,
BAM,
NATL
RE
Insured
,
Zero
Cpn.,
12/15/37
...............
13,045,000
8,097,794
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
3
%
,
6/15/25
............................................
1,000,000
995,875
Northern
Illinois
University
,
Revenue
,
2021
,
BAM
Insured
,
4
%
,
10/01/41
.............................
400,000
394,990
Revenue
,
2021
,
BAM
Insured
,
4
%
,
10/01/43
.............................
2,075,000
2,023,518
State
of
Illinois
,
GO
,
2016
,
Refunding
,
5
%
,
2/01/26
.....................................
1,000,000
1,021,577
GO
,
2017
D
,
3.25
%
,
11/01/26
.........................................
750,000
750,339
GO
,
2019
B
,
4
%
,
11/01/38
...........................................
4,680,000
4,662,613
GO
,
2020
C
,
4
%
,
10/01/37
...........................................
8,170,000
8,185,559
GO
,
2021
A
,
5
%
,
3/01/46
............................................
2,000,000
2,107,832
GO
,
2021
B
,
4
%
,
12/01/39
...........................................
2,500,000
2,485,282
GO
,
2022
A
,
5
%
,
3/01/29
............................................
6,385,000
6,859,624
GO
,
2022
B
,
5
%
,
10/01/30
...........................................
10,000,000
10,964,096
GO
,
2022
C
,
5.5
%
,
10/01/40
.........................................
3,700,000
4,146,257
c
Upper
Illinois
River
Valley
Development
Authority
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
................
5,000,000
5,037,603
Village
of
Bellwood
,
Tax
Allocation
,
2024
,
5
%
,
12/01/50
.......................
2,750,000
2,835,848
149,363,318
Indiana
1.5%
Indiana
Finance
Authority
,
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/32
.....................
650,000
702,523
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/33
.....................
830,000
899,089
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/38
.....................
1,600,000
1,704,344
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/26
..
1,065,000
1,056,895
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/27
..
1,150,000
1,141,450
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/28
..
1,235,000
1,228,289
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/29
..
1,330,000
1,325,249
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/30
..
1,425,000
1,422,733
State
Revolving
Fund
,
Revenue
,
2018
A
,
5
%
,
2/01/35
......................
6,795,000
7,189,376
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)
Indiana
(continued)
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue
,
2021
A
,
Refunding
,
AGMC
Insured
,
4
%
,
6/01/37
..........................................
$
15,000,000
$
15,409,067
32,079,015
Iowa
1.1%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/32
....
680,000
686,715
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/36
....
650,000
654,597
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/41
....
350,000
350,962
b
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
3.756
%
,
5/15/26
.....................................
3,250,000
3,094,057
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
2,500,000
2,826,443
Iowa
Higher
Education
Loan
Authority
,
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/31
.
1,800,000
1,963,732
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/32
.
1,920,000
2,086,605
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/33
.
2,030,000
2,198,880
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/34
.
2,135,000
2,305,361
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/35
.
1,250,000
1,344,803
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/36
.
2,470,000
2,650,858
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/37
.
2,595,000
2,777,359
Iowa
Tobacco
Settlement
Authority
,
Revenue
,
2021
B-1
,
2
,
Refunding
,
4
%
,
6/01/49
..
155,000
155,000
23,095,372
Kentucky
1.6%
Eastern
Kentucky
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/29
..............................
1,355,000
1,395,159
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/30
..............................
1,410,000
1,457,570
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/31
..............................
1,470,000
1,514,908
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/35
1,000,000
1,064,930
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/36
1,000,000
1,062,604
Kentucky
Municipal
Power
Agency
,
Revenue
,
2016
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/34
....................
6,500,000
6,631,764
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/31
...............................
1,500,000
1,575,399
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/32
...............................
1,600,000
1,674,932
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/33
...............................
1,000,000
1,045,104
Kentucky
State
Property
&
Building
Commission
,
Commonwealth
of
Kentucky
,
Revenue
,
BAM
Insured
,
5
%
,
5/01/32
...................................
2,000,000
2,120,173
Kentucky
Turnpike
Authority
,
Kentucky
Transportation
Cabinet
,
Revenue
,
B
,
Refunding
,
5
%
,
7/01/28
.............................................
3,000,000
3,173,668
Paducah
Electric
Plant
Board
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/29
..................
5,500,000
5,693,949
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/31
..................
5,500,000
5,670,123
34,080,283
Louisiana
4.0%
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/35
...............................
1,310,000
1,340,478
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/36
...............................
2,000,000
2,040,724
Jefferson
Sales
Tax
District
,
Revenue
,
2019
B
,
AGMC
Insured
,
4
%
,
12/01/36
.......
6,000,000
6,171,451
Lafayette
Consolidated
Government
,
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/25
...................
2,400,000
2,441,615
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/27
...................
3,500,000
3,557,210
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/29
...................
4,685,000
4,756,914
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)
Louisiana
(continued)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
c
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
$
9,130,000
$
8,693,617
Louisiana
Utilities
Restoration
Corp.
ELL
System
Restoration
,
Revenue
,
2022
A
,
3.615
%
,
2/01/29
.................................................
7,242,570
7,120,276
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
6,295,000
6,342,735
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.5
%
,
9/01/54
......
5,000,000
5,435,916
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
5
%
,
5/15/29
.......
1,240,000
1,268,043
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/29
........................................................
10,000
10,281
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
5
%
,
5/15/30
.......
995,000
1,017,086
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/30
........................................................
5,000
5,140
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
5
%
,
5/15/32
.......
1,485,000
1,515,299
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/32
........................................................
15,000
15,421
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/28
1,000,000
1,041,425
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/29
2,000,000
2,080,321
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/30
2,250,000
2,336,371
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/31
1,745,000
1,808,066
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/32
1,750,000
1,812,762
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/33
2,000,000
2,071,272
Tulane
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
4/01/36
.................
4,750,000
5,173,317
Tulane
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
4/01/37
.................
2,000,000
2,170,746
Tulane
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
4/01/38
.................
3,120,000
3,379,988
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
2,458,969
Port
New
Orleans
Board
of
Commissioners
,
Revenue
,
2020
E
,
5
%
,
4/01/35
........................................
1,000,000
1,051,905
Revenue
,
2020
E
,
5
%
,
4/01/36
........................................
1,495,000
1,569,545
Revenue
,
2020
E
,
5
%
,
4/01/37
........................................
1,065,000
1,117,063
Revenue
,
2020
E
,
5
%
,
4/01/38
........................................
1,000,000
1,048,714
Revenue
,
2020
E
,
5
%
,
4/01/39
........................................
2,750,000
2,880,729
83,733,399
Maine
0.3%
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
7/01/35
................
1,000,000
1,088,944
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/36
................
1,000,000
1,021,774
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/37
................
1,150,000
1,171,997
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/38
................
2,690,000
2,729,759
6,012,474
Maryland
3.5%
City
of
Baltimore
,
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/29
.....................
1,000,000
1,041,566
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/30
.....................
2,940,000
3,055,852
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/31
.....................
2,085,000
2,165,428
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/32
.....................
3,240,000
3,361,890
Wastewater
Utility
Fund
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
7/01/30
............
6,450,000
6,704,166
Wastewater
Utility
Fund
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
7/01/32
............
5,905,000
6,127,148
Wastewater
Utility
Fund
,
Revenue,
Senior
Lien
,
D
,
Refunding
,
5
%
,
7/01/28
......
2,790,000
2,793,983
Wastewater
Utility
Fund
,
Revenue,
Senior
Lien
,
D
,
Refunding
,
5
%
,
7/01/29
......
5,835,000
5,843,053
Water
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/29
.........................
1,320,000
1,374,867
Water
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/30
.........................
1,785,000
1,855,339
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)
Maryland
(continued)
City
of
Baltimore,
(continued)
Water
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/31
.........................
$
3,765,000
$
3,910,233
Water
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/32
.........................
4,000,000
4,150,481
Maryland
Community
Development
Administration
,
Residential
,
Revenue
,
2019
B
,
Refunding
,
3
%
,
9/01/34
.............................................
5,000,000
4,728,360
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
3.25
%
,
7/01/39
500,000
427,154
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/40
..
300,000
296,415
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/30
............................................
8,520,000
8,916,468
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/31
............................................
7,415,000
7,747,612
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/28
...............
1,000,000
1,035,289
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/29
...............
1,340,000
1,397,720
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/30
...............
2,810,000
2,947,011
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/31
...............
1,480,000
1,557,295
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/32
...............
1,550,000
1,623,305
73,060,635
Massachusetts
1.9%
Commonwealth
of
Massachusetts
,
GO
,
A
,
Refunding
,
5
%
,
7/01/28
.......................................
7,500,000
7,598,228
GO
,
A
,
Refunding
,
5
%
,
7/01/29
.......................................
6,000,000
6,075,873
Massachusetts
Development
Finance
Agency
,
Tufts
Medicine
Obligated
Group
,
Revenue
,
2020
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/30
.......................................................
150,000
165,448
Tufts
Medicine
Obligated
Group
,
Revenue
,
2020
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/31
.......................................................
475,000
523,860
Tufts
Medicine
Obligated
Group
,
Revenue
,
2020
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/32
.......................................................
450,000
492,120
Tufts
Medicine
Obligated
Group
,
Revenue
,
2020
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/33
.......................................................
525,000
570,551
Tufts
Medicine
Obligated
Group
,
Revenue
,
2020
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/34
.......................................................
450,000
485,415
Massachusetts
Port
Authority
,
Revenue
,
2019
C
,
5
%
,
7/01/33
..................
4,430,000
4,717,503
Massachusetts
Water
Resources
Authority
,
Revenue
,
C
,
Refunding
,
5
%
,
8/01/32
....
13,920,000
14,703,646
University
of
Massachusetts
Building
Authority
,
Revenue
,
2017-3
,
Refunding
,
5
%
,
11/01/32
........................................................
5,000,000
5,325,526
40,658,170
Michigan
1.7%
Lansing
Board
of
Water
&
Light
,
Revenue
,
2019
A
,
5
%
,
7/01/36
.................
4,645,000
5,045,104
Lansing
School
District
,
GO
,
2016
I
,
5
%
,
5/01/30
.............................................
1,860,000
1,916,288
GO
,
2016
I
,
5
%
,
5/01/31
.............................................
2,010,000
2,069,979
GO
,
2016
I
,
5
%
,
5/01/32
.............................................
2,310,000
2,373,098
Michigan
Finance
Authority
,
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
MI
,
Refunding
,
5
%
,
12/01/34
............................................
8,200,000
8,407,728
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group
,
Revenue
,
1999
B-3
,
4
%
,
11/15/33
.............
5,100,000
5,222,810
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2008
C
,
Refunding
,
5
%
,
12/01/31
.
2,700,000
2,835,414
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2008
C
,
5
%
,
12/01/32
..........
1,115,000
1,167,505
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2008
C
,
Pre-Refunded
,
5
%
,
12/01/32
135,000
143,890
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)
Michigan
(continued)
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
3
%
,
10/01/39
..
$
3,500,000
$
3,152,907
b
Michigan
Strategic
Fund
,
Consumers
Energy
Co.
,
Revenue
,
2005
,
Mandatory
Put
,
0.875
%
,
10/08/26
..................................................
5,000,000
4,591,861
36,926,584
Mississippi
0.3%
c
Mississippi
Development
Bank
,
County
of
Hancock
,
Revenue
,
144A,
2019
,
4.55
%
,
11/01/39
........................................................
1,745,000
1,778,764
c
Mississippi
Home
Corp.
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
...................................
5,000,000
5,037,618
6,816,382
Missouri
1.9%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
2/01/48
........................................................
2,500,000
2,643,225
Mercy
Health
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
6/01/31
....................
12,500,000
13,400,275
Missouri
Joint
Municipal
Electric
Utility
Commission
,
Plum
Point
Project
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
1/01/27
................
3,250,000
3,254,354
Plum
Point
Project
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
1/01/28
................
4,500,000
4,506,028
Plum
Point
Project
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
1/01/29
................
4,045,000
4,050,419
Southeast
Missouri
State
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/33
.................................
2,745,000
2,796,314
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/34
.................................
2,180,000
2,214,418
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/35
.................................
1,575,000
1,597,799
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/36
.................................
3,205,000
3,241,857
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/37
.................................
2,000,000
2,013,386
39,718,075
Nebraska
0.3%
b
Central
Plains
Energy
Project
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
10/01/29
.....
5,000,000
5,278,911
New
Hampshire
0.3%
New
Hampshire
Business
Finance
Authority
,
e
Revenue
,
FRN
,
2024-3
,
A
,
4.163
%
,
10/20/41
.............................
1,497,145
1,461,835
Roseville
Sustainable
Energy
Partner
LLC
,
Revenue
,
2024
D
,
6.129
%
,
7/01/38
...
4,080,000
4,141,651
5,603,486
New
Jersey
2.1%
New
Jersey
Economic
Development
Authority
,
State
of
New
Jersey
,
Revenue
,
2019
LLL
,
5
%
,
6/15/39
......................
1,000,000
1,071,073
State
of
New
Jersey
,
Revenue
,
2022
A
,
5
%
,
11/01/39
.......................
16,000,000
17,645,502
State
of
New
Jersey
,
Revenue
,
AAA
,
Pre-Refunded
,
5
%
,
6/15/34
..............
5,000,000
5,231,018
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
5,000,000
5,112,695
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/30
...............
900,000
937,789
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/31
...............
1,080,000
1,124,632
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
3.5
%
,
12/01/39
...................
2,655,000
2,504,467
Revenue,
Senior
Lien
,
2020
B
,
3.5
%
,
12/01/39
............................
1,235,000
1,193,216
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/36
...........................................
6,200,000
6,324,133
New
Jersey
Turnpike
Authority
,
Revenue
,
2021
A
,
4
%
,
1/01/42
.................
1,800,000
1,823,300
Newark
Board
of
Education
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
5
%
,
7/15/26
..........................
275,000
283,524
GO
,
2021
,
Refunding
,
BAM
Insured
,
5
%
,
7/15/27
..........................
330,000
347,616
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
Jersey
(continued)
Newark
Board
of
Education,
(continued)
GO
,
2021
,
Refunding
,
BAM
Insured
,
5
%
,
7/15/28
..........................
$
325,000
$
348,770
GO
,
2021
,
Refunding
,
BAM
Insured
,
5
%
,
7/15/29
..........................
320,000
349,198
GO
,
2021
,
Refunding
,
BAM
Insured
,
5
%
,
7/15/31
..........................
400,000
449,159
GO
,
2021
,
Refunding
,
BAM
Insured
,
5
%
,
7/15/32
..........................
430,000
482,049
45,228,141
New
Mexico
0.6%
Aspire
Public
Improvement
District
,
Special
Tax
,
2024
,
5.05
%
,
10/01/44
....................................
525,000
529,020
Special
Tax
,
2024
,
5.3
%
,
10/01/53
.....................................
800,000
806,777
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
A
,
Refunding
,
2.15
%
,
4/01/33
...................................................
13,500,000
11,143,360
12,479,157
New
York
5.1%
City
of
New
York
,
GO
,
2015
C
,
Refunding
,
5
%
,
8/01/25
...................................
2,000,000
2,006,279
GO
,
2015
C
,
Refunding
,
5
%
,
8/01/27
...................................
7,500,000
7,522,498
GO
,
2019
E
,
Refunding
,
5
%
,
8/01/34
...................................
3,500,000
3,782,190
GO
,
2021
C
,
4
%
,
8/01/37
............................................
5,000,000
5,150,391
GO
,
2023
A-1
,
4
%
,
9/01/46
..........................................
5,000,000
5,007,817
GO
,
A-1
2017
A
,
5
%
,
8/01/29
.........................................
10,000,000
10,327,755
Metropolitan
Transportation
Authority
,
b
Revenue
,
2015
A-2
,
Mandatory
Put
,
5
%
,
5/15/30
..........................
7,000,000
7,596,333
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/34
..............................
3,265,000
3,345,380
Revenue
,
2017
B
,
Refunding
,
5
%
,
11/15/26
..............................
2,140,000
2,225,904
Revenue
,
2017
C-1
,
Refunding
,
5
%
,
11/15/31
............................
1,870,000
1,977,993
Revenue
,
2017
C-1
,
Refunding
,
4
%
,
11/15/37
............................
2,500,000
2,521,882
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC
,
Revenue
,
2021
A
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/27
1,000,000
1,040,872
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
3/01/36
..
2,500,000
2,402,757
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2020
C
,
4
%
,
5/01/37
........................
1,400,000
1,450,302
Future
Tax
Secured
,
Revenue
,
2024
F-2
,
4.67
%
,
2/01/33
....................
7,000,000
7,034,899
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
2,340,000
2,128,566
New
York
State
Dormitory
Authority
,
Northwell
Health
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/01/29
....
10,000,000
10,064,988
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2014
E
,
5
%
,
2/15/30
.........
4,980,000
4,996,580
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2014
E
,
Pre-Refunded
,
5
%
,
2/15/30
........................................................
20,000
20,082
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2018
A
,
5
%
,
3/15/32
.........
9,995,000
10,777,822
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2018
A
,
Pre-Refunded
,
5
%
,
3/15/32
........................................................
5,000
5,441
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
6
%
,
4/01/35
.........................................................
4,275,000
4,810,726
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
234
,
Refunding
,
5.25
%
,
8/01/42
.
2,500,000
2,729,011
Troy
Capital
Resource
Corp.
,
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/28
......
1,300,000
1,388,131
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/30
......
2,900,000
3,182,300
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/34
......
4,425,000
4,851,651
108,348,550
North
Carolina
0.1%
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/25
..............................
125,000
125,869
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/26
..............................
300,000
306,751
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)
North
Carolina
(continued)
North
Carolina
State
Education
Assistance
Authority,
(continued)
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/27
..............................
$
450,000
$
466,819
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/28
..............................
500,000
522,044
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/29
..............................
350,000
370,576
1,792,059
North
Dakota
0.3%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/29
..
1,600,000
1,687,892
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/30
..
1,600,000
1,696,620
City
of
Horace
,
GO
,
2024
C
,
Refunding
,
4.75
%
,
5/01/44
......................
1,100,000
1,125,937
North
Dakota
Housing
Finance
Agency
,
Revenue
,
2024
C
,
5
%
,
7/01/42
...........
2,240,000
2,414,467
6,924,916
Ohio
1.4%
County
of
Franklin
,
Ohio
Living
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5
%
,
7/01/31
.........................................................
5,000,000
5,174,503
c
Ohio
Housing
Finance
Agency
,
Revenue
,
144A,
2023
B
,
6
%
,
2/01/26
...................................
4,100,000
4,106,401
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
B
,
6.25
%
,
3/01/26
...........
6,850,000
6,870,611
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue
,
2024
B
,
Refunding
,
AGMC
Insured
,
4.375
%
,
12/01/58
...........................................
12,535,000
12,813,938
State
of
Ohio
,
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/36
.....................................................
905,000
898,050
29,863,503
Oregon
1.9%
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO
,
B
,
5
%
,
6/15/32
....
3,725,000
3,914,089
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
...
5,240,000
5,411,350
Hillsboro
School
District
No.
1J
,
GO
,
2020
,
4
%
,
6/15/36
.......................
2,605,000
2,698,090
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/34
1,100,000
1,191,681
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/35
800,000
864,050
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/36
1,300,000
1,401,158
Oregon
State
Facilities
Authority
,
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/25
.......................................................
425,000
428,865
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/26
.......................................................
150,000
153,297
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/28
.......................................................
325,000
341,594
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/29
.......................................................
600,000
636,095
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
.......................................................
275,000
290,954
Willamette
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
.............
2,000,000
1,740,673
Salem
Hospital
Facility
Authority
,
Salem
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/34
.......
3,780,000
4,055,526
Salem
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/35
.......
9,010,000
9,648,057
Salem-Keizer
School
District
No.
24J
,
GO
,
2020
C
,
4
%
,
6/15/37
................
5,620,000
5,840,537
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
2,489,876
41,105,892
Pennsylvania
3.2%
Allegheny
County
Airport
Authority
,
Revenue
,
2023
A
,
AGMC
Insured
,
5.5
%
,
1/01/41
..........................
1,000,000
1,119,900
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)
Pennsylvania
(continued)
Allegheny
County
Airport
Authority,
(continued)
Revenue
,
2023
A
,
AGMC
Insured
,
5.5
%
,
1/01/42
..........................
$
1,000,000
$
1,116,036
Allegheny
County
Hospital
Development
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/15/34
.......................................
5,000,000
5,359,870
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/28
.................................
600,000
631,672
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/29
.................................
600,000
639,351
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/30
.................................
700,000
753,632
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/31
.................................
675,000
731,852
City
of
Philadelphia
,
Water
&
Wastewater
,
Revenue
,
2024
C
,
AGMC
Insured
,
5.25
%
,
9/01/54
.........................................................
8,000,000
8,920,112
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
4/15/33
.....................
2,100,000
2,288,477
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
4/15/34
.....................
1,750,000
1,904,625
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
4/15/35
.....................
1,450,000
1,575,318
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/40
............
2,525,000
2,538,471
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/41
............
2,375,000
2,376,264
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/42
............
2,815,000
2,802,921
b
Waste
Management
Obligated
Group
,
Revenue
,
2009
,
Mandatory
Put
,
0.95
%
,
12/01/26
.......................................................
3,000,000
2,855,331
b
Waste
Management,
Inc.
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
1.1
%
,
11/02/26
.......................................................
6,750,000
6,455,772
Pennsylvania
Higher
Educational
Facilities
Authority
,
Drexel
University
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/39
.....
6,950,000
7,466,992
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2017
A
,
4
%
,
8/15/34
....................................................
5,895,000
5,991,277
Pennsylvania
State
University
(The)
,
Revenue
,
A
,
5
%
,
9/01/30
.................
4,000,000
4,227,094
Philadelphia
Authority
for
Industrial
Development
,
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/40
........................................
300,000
306,891
Philadelphia
Gas
Works
Co.
,
Revenue
,
15th
,
Refunding
,
5
%
,
8/01/30
.................................
2,000,000
2,095,663
Revenue
,
15th
,
Refunding
,
5
%
,
8/01/31
.................................
4,030,000
4,218,069
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2021
A
,
BAM
Insured
,
2.799
%
,
9/01/33
.................................
2,425,000
2,099,241
68,474,831
Rhode
Island
0.1%
State
of
Rhode
Island
,
GO
,
2019
C
,
4
%
,
1/15/34
............................................
1,520,000
1,570,202
GO
,
2019
C
,
4
%
,
1/15/35
............................................
600,000
617,857
2,188,059
South
Carolina
3.2%
c
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.625
%
,
11/01/31
...............................
1,000,000
886,159
b
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
27,500,000
30,059,177
South
Carolina
Jobs-Economic
Development
Authority
,
c
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
6,400,000
5,627,492
c
Revenue
,
144A,
2021
A-2
,
5.3
%
,
12/01/29
...............................
1,805,000
1,663,019
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
7,400,000
6,506,788
c
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
11,000,000
9,004,499
Prisma
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
5/01/33
......
6,000,000
6,308,830
South
Carolina
Public
Service
Authority
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/31
..............................
2,355,000
2,600,763
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/25
..............................
1,000,000
1,015,684
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)
South
Carolina
(continued)
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/24
..................................
$
3,300,000
$
3,300,000
66,972,411
South
Dakota
0.0%
†
South
Dakota
Health
&
Educational
Facilities
Authority
,
Presbyterian
Retirement
Village
of
Rapid
City,
Inc.
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/41
..................
1,150,000
933,807
Tennessee
2.4%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/31
1,500,000
1,609,467
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/34
1,000,000
1,068,509
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/35
2,550,000
2,715,572
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
8/01/36
1,000,000
1,003,702
State
of
Tennessee
,
GO
,
2023
A
,
5
%
,
5/01/31
..............................
5,565,000
6,334,232
b
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
21,895,000
23,708,858
b
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2023
A-1
,
Refunding
,
Mandatory
Put
,
5
%
,
5/01/28
......................................................
5,250,000
5,467,207
Tennessee
State
School
Bond
Authority
,
Revenue
,
2015
B
,
5
%
,
11/01/28
.........
8,180,000
8,334,500
50,242,047
Texas
6.2%
Arlington
Higher
Education
Finance
Corp.
,
Leadership
Prep
School
,
Revenue
,
2024
,
PSF
Guaranty
,
4
%
,
6/15/49
..........
250,000
248,372
Leadership
Prep
School
,
Revenue
,
2024
,
PSF
Guaranty
,
4.125
%
,
6/15/54
.......
475,000
474,586
Leadership
Prep
School
,
Revenue
,
2024
,
PSF
Guaranty
,
4.25
%
,
6/15/59
........
1,000,000
1,013,453
Central
Texas
Turnpike
System
,
Revenue,
Second
Tier
,
2024
C
,
Refunding
,
5
%
,
8/15/31
.........................................................
2,000,000
2,236,438
c
,d
City
of
Celina
,
Mosaic
Public
Improvement
District
Phase
No.
1B
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
.........................................
360,000
363,724
City
of
Dallas
,
Waterworks
&
Sewer
System
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/30
........
1,500,000
1,587,834
Waterworks
&
Sewer
System
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/31
........
2,500,000
2,642,090
Waterworks
&
Sewer
System
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/32
........
1,000,000
1,054,490
City
of
El
Paso
,
GO
,
2020
A
,
Refunding
,
4
%
,
8/15/35
...................................
1,000,000
1,024,298
GO
,
2020
A
,
Refunding
,
4
%
,
8/15/36
...................................
1,000,000
1,021,414
City
of
Lubbock
,
GO
,
2024
,
5
%
,
2/15/42
.............................................
4,130,000
4,566,659
GO
,
2024
,
5
%
,
2/15/43
.............................................
4,350,000
4,791,012
GO
,
2024
,
5
%
,
2/15/44
.............................................
2,205,000
2,421,148
City
of
San
Antonio
,
Electric
&
Gas
Systems
,
Revenue
,
2015
,
Refunding
,
5
%
,
2/01/27
10,415,000
10,670,584
Clifton
Higher
Education
Finance
Corp.
,
Southwestern
University
,
Revenue
,
2022
,
4
%
,
8/15/42
.........................................................
10,535,000
10,497,652
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/30
....
100,000
110,298
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/31
....
60,000
66,839
County
of
Harris
,
Toll
Road
,
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
8/15/32
.............
2,500,000
2,653,634
Toll
Road
,
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
8/15/33
.............
2,500,000
2,648,407
Dallas
Convention
Center
Hotel
Development
Corp.
,
Revenue
,
2009
B
,
7.088
%
,
1/01/42
.........................................................
8,715,000
9,947,858
Ector
County
Hospital
District
,
GO
,
2020
,
Refunding
,
5
%
,
9/15/29
.....................................
800,000
833,458
GO
,
2020
,
Refunding
,
5
%
,
9/15/30
.....................................
745,000
780,897
GO
,
2020
,
Refunding
,
5
%
,
9/15/31
.....................................
450,000
469,216
GO
,
2020
,
Refunding
,
5
%
,
9/15/32
.....................................
600,000
624,499
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)
Ector
County
Hospital
District,
(continued)
GO
,
2020
,
Refunding
,
5
%
,
9/15/33
.....................................
$
650,000
$
675,338
GO
,
2020
,
Refunding
,
4
%
,
9/15/34
.....................................
650,000
618,677
GO
,
2020
,
Refunding
,
4
%
,
9/15/35
.....................................
700,000
660,263
EP
Royal
Estates
PFC
,
Revenue
,
2024
,
4.25
%
,
10/01/39
.....................
1,000,000
1,008,645
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2
%
,
9/01/28
.............................................
155,000
139,560
GO
,
2021
,
2
%
,
9/01/29
.............................................
155,000
136,226
d
GO
,
2024
,
AGMC
Insured
,
4
%
,
9/01/39
.................................
935,000
928,810
d
GO
,
2024
,
AGMC
Insured
,
4.25
%
,
9/01/43
...............................
715,000
717,036
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/34
200,000
178,260
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/35
225,000
217,100
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/36
250,000
239,739
Lake
View
Management
and
Development
District
,
GO
,
2024
,
BAM
Insured
,
4
%
,
2/15/44
...................................
1,000,000
965,958
GO
,
2024
,
BAM
Insured
,
4.125
%
,
2/15/49
...............................
1,725,000
1,696,412
c
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
3,907,772
3,111,872
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System
,
Revenue,
First
Tier
,
A
,
Refunding
,
4
%
,
1/01/33
.............................................
5,000,000
5,062,623
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
12/01/37
...........
11,900,000
10,662,067
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/37
......
635,000
603,888
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/39
......
2,435,000
2,268,289
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/40
......
2,000,000
1,843,133
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/27
................................
1,000,000
1,040,241
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/30
................................
10,000,000
10,694,983
b
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
A
,
Mandatory
Put
,
5.5
%
,
1/01/30
....................................................
19,500,000
21,111,135
c
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
9/01/31
.........................
281,000
247,386
d
Westpointe
Special
Improvement
District
,
GO
,
2024
,
BAM
Insured
,
5
%
,
8/15/37
...................................
450,000
483,937
GO
,
2024
,
BAM
Insured
,
5
%
,
8/15/45
...................................
1,000,000
1,051,461
GO
,
2024
,
BAM
Insured
,
5
%
,
8/15/49
...................................
1,095,000
1,144,034
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
2
%
,
8/15/29
.....................................
290,000
263,469
GO,
Sub.
Lien
,
2021
,
2.25
%
,
8/15/31
...................................
300,000
265,033
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/33
.....................................
315,000
286,765
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/35
.....................................
335,000
298,809
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/37
.....................................
355,000
305,179
131,675,188
Utah
0.2%
City
of
Lehi
,
Franchise
&
Sales
Tax
,
Revenue
,
2021
,
AGMC
Insured
,
4
%
,
2/01/48
...
3,000,000
2,969,770
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
4
%
,
10/15/35
.....................
400,000
397,898
3,367,668
Virginia
1.0%
Virginia
Public
Building
Authority
,
Commonwealth
of
Virginia
,
Revenue
,
B
,
4
%
,
8/01/29
.......................
9,605,000
9,791,815
Commonwealth
of
Virginia
,
Revenue
,
B
,
Pre-Refunded
,
4
%
,
8/01/29
...........
3,530,000
3,597,474
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)
Virginia
(continued)
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/32
........................................................
$
2,500,000
$
2,533,110
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
7/01/32
........................................................
2,000,000
2,023,687
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
1/01/35
....................................................
3,000,000
3,181,755
21,127,841
Washington
3.1%
City
of
Seattle
,
Drainage
&
Wastewater
,
Revenue
,
2014
,
Refunding
,
5
%
,
5/01/26
..............
2,995,000
2,997,568
Municipal
Light
&
Power
,
Revenue
,
2017
C
,
Refunding
,
4
%
,
9/01/34
............
5,300,000
5,383,293
Energy
Northwest
,
Bonneville
Power
Administration
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/35
.........................................................
7,000,000
7,588,581
Everett
Housing
Authority
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/37
..............
9,420,000
9,420,726
Port
of
Seattle
,
Revenue
,
2018
A
,
5
%
,
5/01/38
.............................
5,000,000
5,112,618
Vancouver
Housing
Authority
,
Esther
Cougar
Rehab
LLLP
,
Revenue
,
2024
B
,
4.5
%
,
10/01/42
........................................................
2,000,000
2,035,112
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/36
1,200,000
1,275,124
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/30
2,800,000
3,023,773
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/32
1,500,000
1,607,924
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/35
1,665,000
1,773,109
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/36
3,250,000
3,453,462
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/38
........................................................
1,000,000
1,082,913
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/39
........................................................
1,000,000
1,080,825
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/40
........................................................
1,000,000
1,073,734
c
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
3
%
,
12/01/35
.......................................................
440,000
406,533
Overlake
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
B
,
Refunding
,
5
%
,
7/01/30
........................................................
1,000,000
1,033,072
Overlake
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
B
,
Refunding
,
5
%
,
7/01/31
........................................................
1,925,000
1,986,374
Virginia
Mason
Medical
Center
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/31
........................................................
2,250,000
2,327,582
Virginia
Mason
Medical
Center
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/32
........................................................
1,605,000
1,657,577
Virginia
Mason
Medical
Center
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/35
........................................................
2,400,000
2,466,291
Washington
State
Housing
Finance
Commission
,
Revenue
,
2021-1
,
A
,
3.5
%
,
12/20/35
...................................
6,631,273
6,227,650
c
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
B
,
5.3
%
,
1/01/30
.
940,000
878,802
c
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
5.625
%
,
7/01/38
........................................................
2,000,000
2,212,553
66,105,196
Wisconsin
4.1%
City
of
Milwaukee
,
Sewerage
System
,
Revenue
,
2021
S-2
,
Refunding
,
3
%
,
6/01/46
..
4,600,000
3,613,054
Public
Finance
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/15/37
.......................................................
600,000
605,692
BlueHub
Loan
Fund,
Inc.
,
Revenue
,
2024
B
,
5.25
%
,
7/01/44
.................
8,200,000
8,702,302
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/29
..........
285,000
287,907
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)
Public
Finance
Authority,
(continued)
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/30
..........
$
200,000
$
201,661
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/31
..........
200,000
200,905
c
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
3,500,000
3,610,414
EMU
Campus
Living
LLC
,
Revenue
,
2022
A-1
,
BAM
Insured
,
5.375
%
,
7/01/47
....
7,000,000
7,593,674
c
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
5,980,000
6,291,120
c
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
A
,
3.8
%
,
12/01/37
5,600,000
4,914,355
c
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
B
,
5.75
%
,
12/01/27
.......................................................
1,240,000
1,218,682
North
East
Carolina
Preparatory
School,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
6/15/44
........................................................
800,000
820,121
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
24,350,000
24,533,200
Renown
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/35
....................................................
2,100,000
2,107,225
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
.......
1,100,000
931,778
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/27
...........................................
195,000
196,707
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/28
...........................................
250,000
253,002
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/29
...........................................
320,000
324,623
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/30
...........................................
265,000
268,707
Wisconsin
Health
&
Educational
Facilities
Authority
,
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
2/15/34
........................................
600,000
609,423
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
2/15/35
........................................
1,000,000
1,013,637
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
2/15/36
........................................
600,000
606,921
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
2/15/37
........................................
600,000
606,101
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
2/15/54
11,500,000
12,704,681
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/28
....................................................
375,000
376,393
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/29
....................................................
390,000
391,594
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/30
....................................................
405,000
405,174
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/37
....................................................
1,460,000
1,420,365
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/41
......
1,650,000
1,524,482
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
8/15/44
.....
1,000,000
1,085,220
87,419,120
U.S.
Territories
1.1%
District
of
Columbia
1.0%
Washington
Metropolitan
Area
Transit
Authority
,
Revenue
,
2017
A-1
,
Refunding
,
5
%
,
7/01/30
.............................
5,185,000
5,441,753
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
4.375
%
,
7/15/56
.................
15,000,000
15,300,801
20,742,554
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
0.1%
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/27
..
$
450,000
$
467,510
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/30
..
550,000
592,921
1,060,431
Total
U.S.
Territories
....................................................................
21,802,985
Total
Municipal
Bonds
(Cost
$
2,068,211,568
)
...................................
2,063,243,311
Total
Long
Term
Investments
(Cost
$
2,104,581,568
)
.............................
2,095,884,371
a
a
a
a
a
Short
Term
Investments
1.1%
Municipal
Bonds
1.1%
California
0.9%
g
Eastern
Municipal
Water
District
,
Revenue
,
2018
A
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.55
%
,
7/01/46
................................
7,400,000
7,400,000
g
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2002
A-6
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.6
%
,
7/01/35
.......................................
5,500,000
5,500,000
Power
System
,
Revenue
,
2023
F-2
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.55
%
,
7/01/47
.................................
4,700,000
4,700,000
g
University
of
California
,
Revenue
,
2013
AL-3
,
Refunding
,
Daily
VRDN
and
Put
,
2.6
%
,
5/15/48
.........................................................
500,000
500,000
18,100,000
Colorado
0.0%
†
g
Colorado
Health
Facilities
Authority
,
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.25
%
,
12/01/52
........................................................
500,000
500,000
Missouri
0.0%
†
g
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
St.
Louis
University
,
Revenue
,
2008
B
,
LOC
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
3.2
%
,
10/01/35
..............................................
300,000
300,000
Washington
University
(The)
,
Revenue
,
2003
B
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.7
%
,
2/15/33
...............................................
200,000
200,000
500,000
New
York
0.1%
g
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2021
EE-1
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.7
%
,
6/15/45
...............................................
290,000
290,000
Water
&
Sewer
System
,
Revenue
,
2022
DD
,
Refunding
,
Daily
VRDN
and
Put
,
3.6
%
,
6/15/33
........................................................
2,200,000
2,200,000
2,490,000
Ohio
0.0%
†
g
Ohio
Water
Development
Authority
,
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2024
C
,
Daily
VRDN
and
Put
,
3.15
%
,
12/01/54
................................
200,000
200,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
42
See
Abbreviations
on
page
203
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Tennessee
0.1%
g
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2008
A
,
AGMC
Insured
,
SPA
JPMorgan
Chase
&
Co.
,
Daily
VRDN
and
Put
,
3.25
%
,
6/01/42
........................
$
1,700,000
$
1,700,000
Total
Municipal
Bonds
(Cost
$
23,490,000
)
......................................
23,490,000
Total
Short
Term
Investments
(Cost
$
23,490,000
)
................................
23,490,000
a
Total
Investments
(Cost
$
2,128,071,568
)
100.0
%
................................
$2,119,374,371
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(228,588)
Net
Assets
100.0%
...........................................................
$2,119,145,783
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
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
November
30,
2024,
the
aggregate
value
of
these
securities
was
$213,210,962,
representing
10.1%
of
net
assets.
d
Security
purchased
on
a
when-issued
basis.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
November
30,
2024
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
a
a
Shares
a
Value
a
Management
Investment
Companies
4.3%
Capital
Markets
4.3%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
1,550,000
$
37,756,450
Total
Management
Investment
Companies
(Cost
$
39,888,825
)
....................
37,756,450
Principal
Amount
a
a
a
a
Corporate
Bonds
0.4%
Electric
Utilities
0.4%
b
,c
AES
Puerto
Rico
LP
,
144A,
12.5%,
3/04/26
................................
$
3,847,413
3,847,413
Total
Corporate
Bonds
(Cost
$
3,771,050
)
.......................................
3,847,413
Senior
Floating
Rate
Interests
4.3%
Real
Estate
Management
&
Development
2.9%
d
Baytown
Leased
Housing
Associates
II
LP,
First
Lien,
Project
CME
Term
Loan
,
7.576
%
,
(
1-month
SOFR
+
2.251
%
),
8/01/40
....................................
25,110,000
25,353,632
Residential
REITs
1.4%
b
,d
Centennial
Gardens
LP,
First
Lien,
Delayed
Draw
CME
Term
Loan
,
6.856
%
,
(
1-month
SOFR
+
2
%
),
1/08/25
...............................................
12,070,639
12,105,950
Total
Senior
Floating
Rate
Interests
(Cost
$
37,180,639
)
..........................
37,459,582
Municipal
Bonds
86.4%
Alabama
7.0%
e
Black
Belt
Energy
Gas
District
,
Revenue
,
2019
A-1
,
Mandatory
Put
,
4
%
,
12/01/25
.........................
5,000,000
5,020,643
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/26
...........................
5,000,000
5,034,575
Revenue
,
2022
E
,
Mandatory
Put
,
5
%
,
6/01/28
............................
4,000,000
4,182,720
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
10,000,000
10,892,826
Revenue
,
2023
D-3
,
Refunding
,
Mandatory
Put
,
4.919
%
,
2/01/29
..............
5,000,000
5,143,754
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
2,000,000
2,182,729
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5
%
,
10/01/33
............
2,500,000
2,851,221
e
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
4,285,000
4,668,556
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
3,500,000
3,893,858
e
Industrial
Development
Board
of
the
City
of
Mobile
Alabama
,
Alabama
Power
Co.
,
Revenue
,
2007
A
,
Mandatory
Put
,
1
%
,
6/26/25
............................
4,000,000
3,937,905
e
Southeast
Alabama
Gas
Supply
District
(The)
,
Revenue
,
2024
A
,
Refunding
,
Mandatory
Put
,
5
%
,
4/01/32
..................................................
10,000,000
10,755,321
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
1,500,000
Noland
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/26
...........
1,030,000
1,057,482
61,121,590
Alaska
1.2%
Borough
of
Matanuska-Susitna
,
State
of
Alaska
,
Revenue
,
2015
,
Refunding
,
5.25
%
,
9/01/29
.........................................................
10,000,000
10,145,338
Arizona
1.1%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/25
.........................
1,000,000
1,006,062
c
,f
Maricopa
County
Industrial
Development
Authority
,
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
..........................
8,345,000
8,552,499
9,558,561
Arkansas
0.2%
Arkansas
Development
Finance
Authority
,
Washington
Regional
Medical
Center
,
Revenue
,
2024
,
5
%
,
2/01/27
............
735,000
755,521
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)
Arkansas
(continued)
Arkansas
Development
Finance
Authority,
(continued)
Washington
Regional
Medical
Center
,
Revenue
,
2024
,
5
%
,
2/01/28
............
$
800,000
$
831,940
1,587,461
California
3.2%
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
B-1
,
4
%
,
8/01/25
......................................
535,000
536,741
Revenue
,
2021
B-1
,
4
%
,
2/01/26
......................................
850,000
855,969
Revenue
,
2021
B-1
,
4
%
,
8/01/26
......................................
325,000
328,726
Revenue
,
2021
B-1
,
4
%
,
8/01/27
......................................
400,000
406,904
Revenue
,
2021
B-1
,
4
%
,
2/01/28
......................................
375,000
382,239
Revenue
,
2021
B-1
,
4
%
,
8/01/28
......................................
470,000
480,298
e
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
4,245,000
4,572,182
c
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..............................................
2,795,000
2,580,149
e
California
Health
Facilities
Financing
Authority
,
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2016
B-3
,
Refunding
,
Mandatory
Put
,
2
%
,
10/01/25
...........
13,340,000
13,212,779
c
California
Housing
Finance
Agency
,
Found
Middle
LP
,
Revenue
,
144A,
2024
L
,
5.2
%
,
12/01/27
........................................................
1,000,000
1,009,548
c
,e
California
Pollution
Control
Financing
Authority
,
Republic
Services,
Inc.
,
Revenue
,
144A,
2023
,
Refunding
,
Mandatory
Put
,
4.05
%
,
2/18/25
.....................
1,000,000
999,994
City
of
Pasadena
,
Revenue
,
2015
B
,
Pre-Refunded
,
3.865
%
,
5/01/27
............
500,000
498,363
c
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
900,000
788,709
g
Long
Beach
Bond
Finance
Authority
,
Revenue
,
FRN
,
2007
B
,
4.656
%
,
(
3-month
TSOF
+
1.45
%
),
11/15/27
.................................................
1,125,000
1,139,958
27,792,559
Colorado
0.8%
Colorado
Health
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/29
...............................................
900,000
980,295
Fort
Carson
Family
Housing
LLC
,
Revenue
,
1999
,
NATL
Insured
,
7.86
%
,
11/15/29
..
4,865,000
5,044,227
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
1/15/25
........
325,000
325,456
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/15/25
........
400,000
403,414
6,753,392
Connecticut
0.0%
†
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
5
%
,
7/01/25
.................
170,000
171,008
Delaware
0.6%
e
Delaware
State
Economic
Development
Authority
,
NRG
Energy,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
Mandatory
Put
,
1.25
%
,
10/01/25
..............................
5,000,000
4,879,159
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)
Florida
4.8%
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
3A
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
.......................................
$
515,000
$
496,983
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/31
.........................................................
240,000
227,177
County
of
Miami-Dade
,
Aviation
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/27
.......
4,650,000
4,853,172
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
.........................................................
325,000
303,226
East
Palm
Drive
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.375
%
,
6/15/31
...................................
370,000
371,770
Eden
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
...............................................
110,000
108,103
c
Entrada
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
5/01/31
..............................................
370,000
347,468
Florida
Municipal
Power
Agency
,
All-Requirements
Power
Supply
Project
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/25
......................................
1,000,000
1,015,333
Halifax
Hospital
Medical
Center
,
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/27
.........................................................
2,890,000
2,967,309
Hillsborough
County
Aviation
Authority
,
Revenue
,
2024
B
,
5
%
,
10/01/32
..........
10,085,000
11,106,668
Jacksonville
Transportation
Authority
,
Revenue,
Senior
Lien
,
2020
,
5
%
,
8/01/25
................................
1,800,000
1,823,129
Revenue,
Senior
Lien
,
2020
,
5
%
,
8/01/26
................................
1,940,000
2,008,388
f
Keys
Edge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.375
%
,
5/01/31
..............................................
405,000
406,252
Kindred
Community
Development
District
II
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
235,000
220,880
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2021
,
3.125
%
,
6/15/31
.........................................................
250,000
242,670
Lakes
by
the
Bay
South
Community
Development
District
,
Special
Assessment
,
2024
,
Refunding
,
5
%
,
5/01/26
.............................................
710,000
721,267
Lakewood
Ranch
Stewardship
District
,
Special
Assessment
,
2024
,
4.625
%
,
5/01/31
.
210,000
212,183
c
,e
Lee
County
Housing
Finance
Authority
,
Fort
Myers
Leased
Housing
Associates
I
LLLP
,
Revenue
,
144A,
2023
B
,
Mandatory
Put
,
5.5
%
,
7/01/26
.....................
4,000,000
3,987,294
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
B-3
,
4.125
%
,
11/15/29
..........................................
3,000,000
3,022,071
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
....................................
105,000
99,420
c
,e
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A-2
,
Mandatory
Put
,
6.5
%
,
5/01/25
....................................................
2,400,000
2,379,821
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
5.2
%
,
5/01/27
....................................................
400,000
406,619
c
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
3
%
,
12/15/31
........................................................
230,000
220,933
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
4
%
,
5/01/28
300,000
301,182
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.......................................
350,000
338,061
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3
%
,
5/01/32
.......................................
195,000
184,999
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/25
.......
180,000
179,226
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/26
.......
220,000
216,820
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)
Florida
(continued)
Shingle
Creek
at
Bronson
Community
Development
District
,
Special
Assessment
,
2021
,
3.1
%
,
6/15/31
................................................
$
500,000
$
483,849
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.875
%
,
6/15/31
...................................
175,000
165,902
c
,e
St.
Johns
County
Housing
Finance
Authority
,
Ponte
Vedra
Beach
Leased
Housing
Associates
I
LLLP
,
Revenue
,
144A,
2023
B
,
Mandatory
Put
,
5.5
%
,
12/01/26
......
1,000,000
996,024
c
Storey
Park
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
6/15/31
...............................
170,000
162,892
Summerstone
Community
Development
District
,
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
....................................
165,000
162,259
c
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
3.75
%
,
5/01/29
...................................................
740,000
742,073
Villamar
Community
Development
District
,
Special
Assessment
,
2020
,
3.2
%
,
5/01/30
240,000
234,733
41,716,156
Georgia
4.7%
City
of
Atlanta
,
Department
of
Aviation
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/25
.............
1,500,000
1,517,183
Department
of
Aviation
,
Revenue
,
2024
A-1
,
5
%
,
7/01/25
....................
550,000
556,300
Department
of
Aviation
,
Revenue
,
2024
A-1
,
5
%
,
7/01/26
....................
300,000
310,272
Department
of
Aviation
,
Revenue
,
2024
A-1
,
5
%
,
7/01/28
....................
215,000
231,711
e
Development
Authority
of
Burke
County
(The)
,
Georgia
Power
Co.
,
Revenue
,
4th
1995
,
Mandatory
Put
,
3.8
%
,
5/21/26
.........
3,000,000
3,029,060
Georgia
Power
Co.
,
Revenue
,
5th
1994
,
Mandatory
Put
,
3.7
%
,
6/13/28
.........
1,750,000
1,789,182
e
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
........................................................
2,000,000
1,876,785
Georgia
Power
Co.
,
Revenue,
Second
Series
,
2006
,
Refunding
,
Mandatory
Put
,
3.875
%
,
3/06/26
.................................................
3,500,000
3,531,520
Main
Street
Natural
Gas,
Inc.
,
e
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
9/01/27
............................
3,250,000
3,295,661
Revenue
,
2021
C
,
4
%
,
12/01/24
.......................................
735,000
735,000
e
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
4,500,000
4,575,908
c,e
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
15,000,000
15,033,207
e
Revenue
,
2023
D
,
Mandatory
Put
,
5
%
,
12/01/30
...........................
4,000,000
4,277,429
Private
Colleges
&
Universities
Authority
,
Mercer
University
,
Revenue
,
2021
,
Refunding
,
5
%
,
10/01/25
............................................
425,000
431,096
41,190,314
Hawaii
1.5%
University
of
Hawaii
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
10/01/25
..............................
3,440,000
3,497,006
Revenue
,
2020
B
,
Refunding
,
5
%
,
10/01/26
..............................
2,865,000
2,978,509
Revenue
,
2020
D
,
Refunding
,
5
%
,
10/01/25
..............................
1,725,000
1,753,586
Revenue
,
2020
D
,
Refunding
,
5
%
,
10/01/26
..............................
4,360,000
4,532,739
12,761,840
Illinois
7.1%
Chicago
Park
District
,
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/25
..................................
350,000
350,414
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/26
..................................
500,000
509,676
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/27
..................................
550,000
572,140
City
of
Chicago
,
GO
,
2015
C
,
Refunding
,
5
%
,
1/01/25
...................................
1,900,000
1,902,011
GO
,
2020
A
,
Refunding
,
5
%
,
1/01/28
...................................
3,100,000
3,236,858
City
of
Moline
,
GO
,
2021
C
,
AGMC
Insured
,
1.151
%
,
12/01/24
...........................
580,000
580,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
47
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
City
of
Moline,
(continued)
GO
,
2021
C
,
AGMC
Insured
,
1.439
%
,
12/01/25
...........................
$
925,000
$
894,924
County
of
Cook
,
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/15/29
......................
845,000
927,029
Sales
Tax
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/27
.......................
500,000
530,227
Sales
Tax
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/28
.......................
1,000,000
1,079,322
Sales
Tax
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/29
.......................
1,000,000
1,097,075
Illinois
Finance
Authority
,
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/25
...........
500,000
502,240
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/26
...........
340,000
346,889
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/27
...........
400,000
415,528
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/28
...........
400,000
422,516
h
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/27
.........
2,810,000
1,952,950
e
Field
Museum
of
Natural
History
,
Revenue
,
2019
,
Refunding
,
Mandatory
Put
,
4.406
%
,
9/01/25
.................................................
3,570,000
3,567,201
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/15/27
........................................................
590,000
590,651
Sangamon
County
School
District
No.
186
Springfield
,
GO
,
2020
C
,
AGMC
Insured
,
5
%
,
6/01/36
......................................................
1,485,000
1,593,204
State
of
Illinois
,
GO
,
2010-4
,
AGMC
Insured
,
6.875
%
,
7/01/25
............................
250,000
252,853
GO
,
2016
,
Refunding
,
5
%
,
2/01/25
.....................................
10,000,000
10,026,118
GO
,
2016
,
Refunding
,
5
%
,
2/01/29
.....................................
750,000
776,800
GO
,
2017
C
,
5
%
,
11/01/29
...........................................
2,000,000
2,092,596
GO
,
2017
D
,
5
%
,
11/01/27
...........................................
5,025,000
5,293,105
GO
,
2018
A
,
6
%
,
5/01/25
............................................
6,000,000
6,067,685
GO
,
2018
A
,
Refunding
,
5
%
,
10/01/29
..................................
375,000
398,495
GO
,
2018
B
,
Refunding
,
5
%
,
10/01/31
..................................
625,000
660,139
GO
,
2019
B
,
5
%
,
11/01/30
...........................................
375,000
405,313
Sales
Tax
,
Revenue
,
2021
A
,
4
%
,
6/15/27
...............................
1,500,000
1,540,985
Sales
Tax
,
Revenue,
Junior
Lien
,
2021
C
,
Refunding
,
5
%
,
6/15/25
.............
2,000,000
2,017,202
University
of
Illinois
,
Auxiliary
Facilities
System
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
4/01/25
.........................................................
11,660,000
11,642,838
62,244,984
Indiana
1.2%
Indiana
Finance
Authority
,
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/25
..
1,000,000
994,725
Indianapolis
Power
&
Light
Co.
,
Revenue
,
2021
B
,
Refunding
,
0.65
%
,
8/01/25
....
4,500,000
4,399,290
e
Southern
Indiana
Gas
&
Electric
Co.
,
Revenue
,
2013
E
,
Refunding
,
Mandatory
Put
,
3.55
%
,
8/01/28
..................................................
5,000,000
5,017,187
10,411,202
Iowa
1.6%
Crawford
County
Memorial
Hospital,
Inc.
,
Revenue
,
2024
,
5
%
,
6/15/27
...........
2,000,000
2,031,925
Des
Moines
Independent
Community
School
District
,
Sales
Services
&
Use
Tax
,
Revenue
,
2018
,
AGMC
Insured
,
3
%
,
6/01/29
.............................
9,300,000
9,279,174
Iowa
Finance
Authority
,
e
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
3.756
%
,
5/15/26
.....................................
1,500,000
1,428,026
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.6
%
,
5/15/28
........................................................
825,000
863,680
13,602,805
Kansas
0.2%
Reno
County
Unified
School
District
No.
308
Hutchinson
,
GO
,
2019
,
Refunding
,
5
%
,
9/01/27
.........................................................
1,575,000
1,661,170
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)
Kentucky
2.8%
County
of
Trimble
,
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2001
A
,
Refunding
,
0.625
%
,
9/01/26
...
$
3,375,000
$
3,184,736
e
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2023
A
,
Mandatory
Put
,
4.7
%
,
6/01/27
..
2,500,000
2,554,521
Eastern
Kentucky
University
,
Revenue
,
2021
A
,
Refunding
,
3.5
%
,
10/01/25
.............................
1,155,000
1,154,856
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/26
..............................
1,205,000
1,222,751
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/27
..............................
1,255,000
1,285,787
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/28
..............................
1,305,000
1,342,268
e
Kentucky
Public
Energy
Authority
,
Revenue
,
2022
A-2
,
Mandatory
Put
,
4.269
%
,
(
SOFR
+
1.2
%
),
8/01/30
..................................................
14,125,000
14,181,914
24,926,833
Louisiana
2.9%
City
of
New
Orleans
,
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/26
.........................
450,000
462,116
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/27
.........................
600,000
628,141
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/28
.........................
550,000
584,837
e
Lake
Charles
Harbor
&
Terminal
District
,
Big
Lake
Fuels
LLC
,
Revenue
,
2021
,
Mandatory
Put
,
1
%
,
12/01/24
.........................................
10,000,000
10,000,000
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Louisiana
Utilities
Restoration
Corp.
ELL
System
Restoration
,
Revenue
,
2023
,
A-1
,
5.081
%
,
6/01/31
..........................................
1,705,501
1,722,402
Louisiana
Offshore
Terminal
Authority
,
Loop
LLC
,
Revenue
,
2007
A
,
Refunding
,
4.15
%
,
9/01/27
.........................................................
1,500,000
1,516,954
Louisiana
Public
Facilities
Authority
,
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
5
%
,
10/01/25
.......
250,000
252,744
e
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
Mandatory
Put
,
5
%
,
5/15/25
........................................
7,500,000
7,550,197
e
State
of
Louisiana
,
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2022
A
,
Refunding
,
Mandatory
Put
,
3.706
%
,
(
SOFR
+
0.5
%
),
5/01/26
..........................
2,915,000
2,906,053
25,623,444
Maryland
2.1%
City
of
Cumberland
,
GO
,
2021
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/25
..........
455,000
459,083
Maryland
Economic
Development
Corp.
,
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
A
,
5
%
,
11/12/28
...............................................
10,000,000
10,192,842
e
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2020
B-2
,
Refunding
,
Mandatory
Put
,
5
%
,
7/01/27
......................................................
5,110,000
5,304,172
State
of
Maryland
,
GO
,
2017
B
,
Refunding
,
5
%
,
8/01/26
......................
30,000
31,132
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/26
...............
1,035,000
1,045,005
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/27
...............
1,215,000
1,245,538
18,277,772
Massachusetts
1.3%
e
Massachusetts
Development
Finance
Agency
,
President
&
Trustees
of
Williams
College
,
Revenue
,
2011
N
,
Mandatory
Put
,
0.45
%
,
7/01/25
..................
1,000,000
978,317
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2022
C-3
,
FHA
Insured
,
4
%
,
6/01/26
.........................................................
10,000,000
10,045,030
11,023,347
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)
Michigan
1.4%
Michigan
Finance
Authority
,
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/27
.......................................
$
2,000,000
$
2,072,106
e
Michigan
Strategic
Fund
,
Consumers
Energy
Co.
,
Revenue
,
2005
,
Mandatory
Put
,
0.875
%
,
10/08/26
..................................................
5,915,000
5,432,172
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2017
E
,
Refunding
,
4
%
,
12/01/26
......................................
5,000,000
5,048,456
12,552,734
Minnesota
1.7%
Minnesota
Higher
Education
Facilities
Authority
,
University
of
St.
Thomas
,
Revenue
,
2019
,
5
%
,
10/01/26
.....................
1,000,000
1,034,721
University
of
St.
Thomas
,
Revenue
,
2019
,
5
%
,
10/01/27
.....................
1,000,000
1,052,262
e
Minnesota
Municipal
Gas
Agency
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/27
...........................
5,000,000
5,073,698
Revenue
,
2022
B
,
Mandatory
Put
,
4.069
%
,
12/01/27
.......................
8,000,000
8,015,341
15,176,022
Mississippi
0.3%
e
Mississippi
Business
Finance
Corp.
,
Waste
Management,
Inc.
,
Revenue
,
2004
,
Mandatory
Put
,
0.7
%
,
9/01/26
........................................
2,500,000
2,383,558
Missouri
0.8%
Citizens
Memorial
Hospital
District
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
12/01/26
.....
5,000,000
5,032,576
Missouri
Development
Finance
Board
,
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/25
...............
500,000
500,721
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/26
...............
405,000
409,013
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/27
...............
660,000
674,445
6,616,755
Nevada
0.7%
e
County
of
Washoe
,
Sierra
Pacific
Power
Co.
,
Revenue
,
2016
F
,
Refunding
,
Mandatory
Put
,
4.125
%
,
10/01/29
..............................................
3,575,000
3,622,787
Las
Vegas
Valley
Water
District
,
GO
,
2020
D
,
Refunding
,
5
%
,
6/01/25
............
2,750,000
2,776,445
6,399,232
New
Hampshire
0.1%
g
New
Hampshire
Business
Finance
Authority
,
Revenue
,
FRN
,
2024-3
,
A
,
4.163
%
,
10/20/41
........................................................
998,097
974,556
New
Jersey
8.1%
County
of
Atlantic
,
GO
,
2020
,
0.375
%
,
6/01/25
.............................
1,800,000
1,766,097
County
of
Morris
,
GO
,
2021
,
2
%
,
2/01/26
.................................
4,215,000
4,145,724
Garden
State
Preservation
Trust
,
Revenue
,
2005
A
,
AGMC
Insured
,
5.75
%
,
11/01/28
20,560,000
21,949,420
f
Jersey
City
Redevelopment
Agency
,
Revenue
,
2024
A
,
Refunding
,
4.5
%
,
12/11/25
..
3,500,000
3,538,207
New
Jersey
Economic
Development
Authority
,
c
Revenue
,
144A,
2019
,
Refunding
,
5.25
%
,
9/01/27
.........................
6,000,000
6,375,815
e
New
Jersey-American
Water
Co.,
Inc.
,
Revenue
,
2019
B
,
Refunding
,
Mandatory
Put
,
2.05
%
,
12/03/29
.................................................
7,500,000
6,736,337
State
of
New
Jersey
,
Revenue
,
2022
A
,
5
%
,
11/01/25
.......................
1,000,000
1,017,158
f
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
5/15/25
.............................................
4,000,000
4,032,485
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2006
C
,
AMBAC
Insured
,
Zero
Cpn.,
12/15/26
....
10,000,000
9,366,329
State
of
New
Jersey
,
Revenue
,
2006
C
,
BHAC
Insured
,
Zero
Cpn.,
12/15/27
.....
11,110,000
10,110,657
State
of
New
Jersey
,
GO
,
3
%
,
6/01/25
....................................
2,000,000
1,996,622
71,034,851
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)
New
Mexico
2.2%
e
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
$
4,250,000
$
4,017,513
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
C
,
Refunding
,
Mandatory
Put
,
3.875
%
,
6/01/29
.................................................
11,000,000
11,242,318
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
D
,
Refunding
,
Mandatory
Put
,
3.9
%
,
6/01/28
...................................................
4,000,000
4,081,871
19,341,702
New
York
4.9%
County
of
Suffolk
,
GO
,
2018
B
,
AGMC
Insured
,
4
%
,
10/15/28
..................
4,205,000
4,305,888
Metropolitan
Transportation
Authority
,
Revenue
,
2017
A-2
,
Refunding
,
5
%
,
11/15/25
.
3,980,000
4,052,733
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC
,
Revenue
,
2021
A
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/25
...........................
1,000,000
1,001,340
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2024
F-2
,
4.67
%
,
2/01/33
....................
3,000,000
3,014,957
Future
Tax
Secured
,
Revenue
,
2025
D
,
5
%
,
5/01/26
........................
3,000,000
3,095,009
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
780,000
709,522
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
2,969,664
e
Rochester
Gas
and
Electric
Corp.
,
Revenue
,
1997
A
,
Refunding
,
Mandatory
Put
,
3
%
,
7/01/25
........................................................
10,000,000
9,982,694
e
New
York
State
Housing
Finance
Agency
,
Revenue
,
2022
A-2
,
Mandatory
Put
,
2.5
%
,
5/01/27
....................................................
2,825,000
2,752,827
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/36
..........................
7,195,000
7,394,021
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/25
...
500,000
507,105
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
12/01/25
...
2,200,000
2,238,841
State
of
New
York
Mortgage
Agency
,
Homeowner
Mortgage
,
Revenue
,
212
,
2.95
%
,
4/01/25
.........................................................
895,000
892,386
42,916,987
North
Carolina
0.7%
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/25
..........
1,000,000
1,010,237
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/26
..........
850,000
869,290
North
Carolina
State
University
at
Raleigh
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/26
................................
3,000,000
3,123,229
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/27
................................
1,500,000
1,596,859
6,599,615
North
Dakota
0.8%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/27
..
2,325,000
2,413,477
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/28
..
1,680,000
1,762,785
City
of
Horace
,
GO
,
2024
B
,
Refunding
,
4.85
%
,
8/01/26
.................................
1,750,000
1,752,562
GO
,
2024
C
,
Refunding
,
5
%
,
5/01/26
...................................
385,000
393,046
GO
,
2024
C
,
Refunding
,
5
%
,
5/01/27
...................................
400,000
414,417
GO
,
2024
C
,
Refunding
,
5
%
,
5/01/28
...................................
475,000
496,876
7,233,163
Ohio
2.4%
Columbus
Metropolitan
Housing
Authority
,
Revenue
,
2024
,
4
%
,
6/01/34
.........................................
1,500,000
1,503,756
Cobblestone
Manor
LLC
,
Revenue
,
2024
,
5
%
,
8/01/27
......................
2,000,000
2,050,575
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)
Ohio
(continued)
Ohio
Air
Quality
Development
Authority
,
American
Electric
Power
Co.,
Inc.
,
Revenue
,
2014
D
,
Refunding
,
3.2
%
,
5/01/26
...
$
3,500,000
$
3,476,498
e
Duke
Energy
Corp.
,
Revenue
,
2022
A
,
Refunding
,
Mandatory
Put
,
4.25
%
,
6/01/27
.
7,500,000
7,619,819
c
Ohio
Housing
Finance
Agency
,
Revenue
,
144A,
2023
B
,
6
%
,
2/01/26
...................................
1,700,000
1,702,654
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
B
,
6.25
%
,
3/01/26
...........
3,000,000
3,009,027
Youngstown
State
University
,
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
12/15/24
...................
645,000
645,169
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
12/15/25
...................
580,000
586,284
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
12/15/26
...................
850,000
866,641
21,460,423
Oregon
2.5%
Deschutes
&
Jefferson
Counties
School
District
No.
2J
Redmond
,
GO
,
2021
,
3
%
,
6/15/25
.........................................................
850,000
848,533
Oregon
Local
Governments
,
GO
,
2004
,
BAM,
AMBAC
Insured
,
6.095
%
,
6/01/28
....
8,172,672
8,421,380
Salem-Keizer
School
District
No.
24J
,
GO
,
2018
,
5
%
,
6/15/25
..................
2,000,000
2,021,482
State
of
Oregon
,
GO
,
2015
B
,
Refunding
,
5
%
,
8/01/27
........................
2,785,000
2,822,738
State
of
Oregon
Housing
&
Community
Services
Department
,
e
Hollywood
Hub
LP
,
Revenue
,
2024
R
,
Mandatory
Put
,
4
%
,
1/01/29
.............
5,000,000
5,075,377
c
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/25
.........
2,270,000
2,279,369
21,468,879
Pennsylvania
2.6%
Allegheny
County
Airport
Authority
,
Revenue
,
2023
A
,
AGMC
Insured
,
5.25
%
,
1/01/36
1,000,000
1,119,192
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/25
.................................
500,000
503,023
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/26
.................................
500,000
510,797
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/27
.................................
590,000
612,798
Chester
County
Industrial
Development
Authority
,
Avon
Grove
Charter
School
,
Revenue
,
2024
,
5
%
,
3/01/27
.........................................
3,250,000
3,319,037
Lehigh
County
Industrial
Development
Authority
,
PPL
Electric
Utilities
Corp.
,
Revenue
,
2016
B
,
Refunding
,
2.625
%
,
2/15/27
...................................
5,000,000
4,957,792
e
Montgomery
County
Industrial
Development
Authority
,
Constellation
Energy
Generation
LLC
,
Revenue
,
2023
A
,
Refunding
,
Mandatory
Put
,
4.1
%
,
4/03/28
.............
5,000,000
5,141,142
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/15/29
...........
1,230,000
1,299,286
e
Waste
Management,
Inc.
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
1.1
%
,
11/02/26
.......................................................
4,000,000
3,825,643
Philadelphia
Gas
Works
Co.
,
Revenue
,
16th
A
,
AGMC
Insured
,
5
%
,
8/01/25
............................
500,000
506,425
Revenue
,
16th
A
,
AGMC
Insured
,
5
%
,
8/01/26
............................
600,000
621,151
22,416,286
Rhode
Island
0.1%
City
of
Providence
,
GO
,
2021
A
,
Refunding
,
5
%
,
1/15/25
...................................
500,000
500,853
GO
,
2021
A
,
Refunding
,
5
%
,
1/15/26
...................................
500,000
509,335
1,010,188
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)
South
Carolina
2.6%
e
Columbia
Housing
Authority
,
Columbia
Leased
Housing
Associates
I
LLLP
,
Revenue
,
2022
,
Mandatory
Put
,
2.25
%
,
10/01/25
..................................
$
9,000,000
$
8,866,577
c
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3
%
,
11/01/26
...................................
320,000
307,467
e
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
3,535,000
3,863,971
South
Carolina
Public
Service
Authority
,
Revenue
,
2021
B
,
5
%
,
12/01/24
.......................................
1,750,000
1,750,000
Revenue
,
2024
A
,
5
%
,
12/01/26
.......................................
675,000
702,136
Revenue
,
2024
A
,
5
%
,
12/01/27
.......................................
525,000
557,081
Revenue
,
2024
A
,
5
%
,
12/01/28
.......................................
500,000
538,900
Revenue
,
2024
A
,
5
%
,
12/01/29
.......................................
550,000
601,946
Revenue
,
2024
A
,
5
%
,
12/01/30
.......................................
675,000
747,333
Revenue
,
2024
A
,
5.5
%
,
12/01/54
.....................................
3,000,000
3,346,895
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/24
..................................
1,500,000
1,500,000
22,782,306
Tennessee
3.6%
State
of
Tennessee
,
GO
,
2023
A
,
5
%
,
5/01/31
..............................
6,670,000
7,591,972
e
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
8,010,000
8,673,576
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2021
A
,
5
%
,
11/01/25
.......................................
350,000
354,644
e
Revenue
,
2023
A-1
,
Refunding
,
Mandatory
Put
,
5
%
,
5/01/28
.................
14,560,000
15,162,387
31,782,579
Texas
2.7%
e
Austin
Housing
Finance
Corp.
,
Austin
Leased
Housing
Associates
V
LP
,
Revenue
,
2024
,
Mandatory
Put
,
3.4
%
,
11/01/27
...................................
8,500,000
8,525,064
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2002
A
,
BHAC,
AMBAC
Insured
,
Zero
Cpn.,
8/15/27
.................................................
3,280,000
3,007,577
c
,f
City
of
Celina
,
Mosaic
Public
Improvement
District
Phase
No.
1B
,
Special
Assessment
,
144A,
2024
,
4.375
%
,
9/01/31
.........................................
190,000
190,864
City
of
Houston
,
Combined
Utility
System
,
Revenue,
First
Lien
,
2018
D
,
Refunding
,
5
%
,
11/15/26
........................................................
1,000,000
1,044,020
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2
%
,
9/01/25
.............................................
145,000
141,683
GO
,
2021
,
2
%
,
9/01/26
.............................................
150,000
142,526
GO
,
2021
,
2
%
,
9/01/27
.............................................
155,000
143,571
f
GO
,
2024
,
AGMC
Insured
,
5
%
,
9/01/29
.................................
385,000
410,071
f
GO
,
2024
,
AGMC
Insured
,
5
%
,
9/01/33
.................................
470,000
507,461
e
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
A
,
Mandatory
Put
,
5.5
%
,
1/01/30
....................................................
5,000,000
5,413,111
e
THF
Public
Facility
Corp.
,
THF
Little
Elm
Leased
Housing
Associates
II
LP
,
Revenue
,
2022
,
Mandatory
Put
,
3.25
%
,
9/01/25
...................................
3,500,000
3,494,456
c
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
9/01/26
.........................
117,000
111,871
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
2
%
,
8/15/25
.....................................
265,000
259,854
GO,
Sub.
Lien
,
2021
,
2
%
,
8/15/27
.....................................
280,000
264,604
23,656,733
Virginia
0.3%
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/29
........................................................
180,000
182,124
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
53
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
Small
Business
Financing
Authority,
(continued)
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
7/01/29
........................................................
$
1,750,000
$
1,772,263
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
12/01/24
...
220,000
220,000
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
12/01/25
...
230,000
228,260
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
12/01/26
...
235,000
232,217
2,634,864
Washington
1.4%
Auburn
School
District
No.
408
of
King
&
Pierce
Counties
,
GO
,
2018
,
5
%
,
12/01/27
..
1,700,000
1,815,489
Spokane
County
School
District
No.
354
Mead
,
GO
,
2018
,
4
%
,
12/01/32
.............................................
1,150,000
1,173,913
GO
,
2018
,
5
%
,
12/01/33
.............................................
1,500,000
1,584,578
State
of
Washington
,
GO
,
R-2015
D
,
Refunding
,
5
%
,
7/01/28
..................
3,985,000
3,990,338
Vancouver
Housing
Authority
,
Esther
Cougar
Rehab
LLLP
,
Revenue
,
2024
A
,
5
%
,
10/01/27
.................
1,460,000
1,504,083
Esther
Cougar
Rehab
LLLP
,
Revenue
,
2024
B
,
5
%
,
10/01/27
.................
1,055,000
1,086,854
c
Washington
Health
Care
Facilities
Authority
,
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/31
..............................
280,000
306,649
c
Washington
State
Housing
Finance
Commission
,
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
5
%
,
7/01/28
............................
410,000
427,440
11,889,344
West
Virginia
0.1%
e
West
Virginia
Economic
Development
Authority
,
Appalachian
Power
Co.
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.625
%
,
12/15/25
......................
1,000,000
957,417
Wisconsin
1.2%
Public
Finance
Authority
,
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/26
..........
150,000
148,910
c
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
2,550,000
2,682,668
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/25
...........................................
285,000
285,357
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/26
...........................................
300,000
301,303
Wisconsin
Health
&
Educational
Facilities
Authority
,
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2024
A
,
5
%
,
2/15/29
..
5,000,000
5,317,120
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/26
....................................................
345,000
345,425
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/27
....................................................
360,000
360,989
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2024
B-2
,
4.2
%
,
8/15/28
...
840,000
841,956
10,283,728
Wyoming
0.1%
County
of
Laramie
,
Cheyenne
Regional
Medical
Center
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/27
......................................................
550,000
560,514
U.S.
Territories
0.8%
District
of
Columbia
0.7%
e
District
of
Columbia
Housing
Finance
Agency
,
Revenue
,
2024
A-2
,
Mandatory
Put
,
4.1
%
,
9/01/30
....................................................
6,335,000
6,559,468
Puerto
Rico
0.1%
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/25
..
195,000
196,380
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
54
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority,
(continued)
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/27
..
$
450,000
$
467,510
663,890
Total
U.S.
Territories
....................................................................
7,223,358
Total
Municipal
Bonds
(Cost
$
756,607,757
)
.....................................
754,804,729
Total
Long
Term
Investments
(Cost
$
837,448,271
)
...............................
833,868,174
a
a
a
a
a
Short
Term
Investments
5.8%
Municipal
Bonds
5.8%
Arizona
0.1%
i
Arizona
Industrial
Development
Authority
,
Phoenix
Children's
Hospital
,
Revenue
,
2019
A
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.15
%
,
2/01/48
..........
800,000
800,000
California
0.6%
i
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2002
A-6
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.6
%
,
7/01/35
.......................................
1,055,000
1,055,000
Power
System
,
Revenue
,
2023
F-2
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.55
%
,
7/01/47
.................................
4,000,000
4,000,000
5,055,000
Colorado
0.2%
i
Colorado
Health
Facilities
Authority
,
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.25
%
,
12/01/52
.........................
600,000
600,000
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2024
E
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.15
%
,
5/15/64
.................................
1,100,000
1,100,000
1,700,000
Maryland
0.1%
i
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.15
%
,
11/01/37
........................................................
900,000
900,000
Massachusetts
0.1%
i
Massachusetts
Development
Finance
Agency
,
Children's
Hospital
Corp.
Obligated
Group
(The)
,
Revenue
,
2024
U-1
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
3/01/48
.................................................
100,000
100,000
i
Massachusetts
Health
&
Educational
Facilities
Authority
,
Baystate
Total
Home
Care,
Inc.
,
Revenue
,
2009
K-1
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
7/01/39
..
1,300,000
1,300,000
1,400,000
Minnesota
0.2%
i
City
of
Minneapolis
,
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
C
,
Refunding
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.25
%
,
11/15/48
.....
1,500,000
1,500,000
Missouri
0.5%
i
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
St.
Louis
University
,
Revenue
,
2008
B
,
LOC
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
3.2
%
,
10/01/35
..............................................
600,000
600,000
St.
Louis
University
,
Revenue
,
2008
B-1
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
3.15
%
,
10/01/35
.............................................
500,000
500,000
Washington
University
(The)
,
Revenue
,
2000
B
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.15
%
,
3/01/40
.................................
3,000,000
3,000,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
See
Abbreviations
on
page
203
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Missouri
(continued)
i
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri,
(continued)
Washington
University
(The)
,
Revenue
,
2003
B
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.7
%
,
2/15/33
...............................................
$
200,000
$
200,000
4,300,000
New
Jersey
0.1%
i
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009
C
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.6
%
,
7/01/43
.........................................................
900,000
900,000
New
York
2.1%
i
City
of
New
York
,
GO
,
2020
B-3
,
Daily
VRDN
and
Put
,
3.6
%
,
10/01/46
...........
5,300,000
5,300,000
i
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2014
AA-1
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.25
%
,
6/15/50
......................................
6,500,000
6,500,000
Water
&
Sewer
System
,
Revenue
,
2022
DD
,
Refunding
,
Daily
VRDN
and
Put
,
3.6
%
,
6/15/33
........................................................
6,400,000
6,400,000
18,200,000
Oregon
1.3%
i
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.7
%
,
8/01/34
..................................
5,200,000
5,200,000
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.15
%
,
8/01/34
.................................
6,300,000
6,300,000
11,500,000
Pennsylvania
0.3%
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
,
2.55
%
,
12/01/37
...............................................
1,500,000
1,500,000
i
Delaware
County
Industrial
Development
Authority
,
United
Parcel
Service,
Inc.
,
Revenue
,
2015
,
Refunding
,
Daily
VRDN
and
Put
,
3.2
%
,
9/01/45
...............
200,000
200,000
i
General
Authority
of
Southcentral
Pennsylvania
,
WellSpan
Health
Obligated
Group
,
Revenue
,
2019
E
,
Refunding
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
6/01/35
665,000
665,000
2,365,000
Tennessee
0.2%
i
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2008
A
,
AGMC
Insured
,
SPA
JPMorgan
Chase
&
Co.
,
Daily
VRDN
and
Put
,
3.25
%
,
6/01/42
........................
1,700,000
1,700,000
Total
Municipal
Bonds
(Cost
$
50,320,000
)
......................................
50,320,000
Total
Short
Term
Investments
(Cost
$
50,320,000
)
................................
50,320,000
a
Total
Investments
(Cost
$
887,768,271
)
101.2
%
..................................
$884,188,174
Other
Assets,
less
Liabilities
(
1.2
)
%
...........................................
(9,966,637)
Net
Assets
100.0%
...........................................................
$874,221,537
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
56
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2024,
the
aggregate
value
of
these
securities
was
$60,541,848,
representing
6.9%
of
net
assets.
d
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
e
The
maturity
date
shown
represents
the
mandatory
put
date.
f
Security
purchased
on
a
when-issued
basis.
g
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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),
November
30,
2024
Franklin
Georgia
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
57
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
$
924,736
Total
Corporate
Bonds
(Cost
$
900,000
)
........................................
924,736
Municipal
Bonds
99.3%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,300,000
1,143,873
Florida
2.3%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
2,592,000
2,324,006
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
750,000
543,555
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
2,950,000
2,368,781
b
,c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
Zero
Cpn.,
5/01/52
.....................................................
2,030,000
1,822,940
7,059,282
Georgia
90.3%
Athens
Housing
Authority
,
UGAREF
East
Campus
Housing
Phase
II
LLC
,
Revenue
,
2017
,
Refunding
,
4
%
,
6/15/40
........................................................
5,000,000
5,007,785
UGAREF
Lumpkin
Street
Housing
Phase
I
LLC
,
Revenue
,
2024
,
4
%
,
6/15/49
.....
2,000,000
2,000,520
UGAREF
Lumpkin
Street
Housing
Phase
I
LLC
,
Revenue
,
2024
,
4.125
%
,
6/15/56
.
3,500,000
3,512,325
Atlanta
&
Fulton
County
Recreation
Authority
,
City
of
Atlanta
,
Revenue
,
2024
,
Refunding
,
5
%
,
12/01/35
............................................
300,000
357,817
Atlanta
Development
Authority
(The)
,
City
of
Atlanta
Hotel
Motel
Tax
,
Revenue
,
2015
A-1
,
5.25
%
,
7/01/40
............
5,000,000
5,045,260
City
of
Atlanta
Hotel
Motel
Tax
,
Revenue
,
2015
A-1
,
5.25
%
,
7/01/44
............
3,000,000
3,023,595
Tuff
Yamacraw
LLC
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
5
%
,
1/01/26
..
2,555,000
2,588,928
Auburn
Urban
Redevelopment
Agency
,
City
of
Auburn
,
Revenue
,
2020
,
BAM
Insured
,
4
%
,
10/01/50
.....................................................
1,000,000
996,320
Augusta
,
Water
&
Sewer
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
4
%
,
10/01/50
...
1,500,000
1,499,271
Bainbridge
Public
Facilities
Authority
,
County
of
Decatur
,
Revenue
,
2018
,
AGMC
Insured
,
4
%
,
3/01/43
...............................................
3,000,000
3,014,382
Bleckley
County
School
District
,
GO
,
2020
,
5
%
,
10/01/42
.....................
2,055,000
2,224,418
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
3,000,000
2,987,223
Carroll
City-County
Hospital
Authority
,
Tanner
Medical
Center
Obligated
Group
,
Revenue
,
2015
,
5
%
,
7/01/41
..........
2,000,000
2,011,508
Tanner
Medical
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/50
.
1,450,000
1,439,944
City
of
Atlanta
,
Airport
Passenger
Facility
Charge
,
Revenue
,
2023
E
,
5.25
%
,
7/01/43
...........
3,000,000
3,299,736
Airport
Passenger
Facility
Charge
,
Revenue,
Sub.
Lien
,
2019
D
,
4
%
,
7/01/36
.....
4,500,000
4,508,474
BeltLine
Tax
Allocation
District
,
Tax
Allocation
,
2016
B
,
Refunding
,
5
%
,
1/01/31
....
1,780,000
1,838,998
Department
of
Aviation
,
Revenue
,
2021
C
,
Refunding
,
5
%
,
7/01/37
.............
1,500,000
1,611,465
Department
of
Aviation
,
Revenue
,
2024
B
,
5.25
%
,
7/01/54
...................
7,000,000
7,586,152
Water
&
Wastewater
,
Revenue
,
2001
A
,
AGMC,
NATL
RE
Insured
,
5.5
%
,
11/01/27
.
3,145,000
3,307,466
Water
&
Wastewater
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
11/01/47
..............
5,000,000
5,171,783
City
of
Baldwin
,
Water
&
Sewerage
,
Revenue
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
6/01/46
.........................................................
1,835,000
1,543,940
City
of
Buford
,
GO
,
2017
C
,
Pre-Refunded
,
4
%
,
1/01/43
......................
5,000,000
5,115,392
City
of
Cartersville
,
Water
&
Sewer
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/48
.......
4,000,000
4,141,681
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)
Georgia
(continued)
City
of
Dalton
,
GO
,
2018
,
5
%
,
2/01/48
....................................
$
3,000,000
$
3,119,240
City
of
Monroe
,
Combined
Utility
,
Revenue
,
2020
,
AGMC
Insured
,
4
%
,
12/01/50
....
1,500,000
1,494,526
Clayton
County
Development
Authority
,
USG
Real
Estate
Foundation
XIII
LLC
,
Revenue
,
2022
A
,
5
%
,
6/15/32
..........
1,295,000
1,464,296
USG
Real
Estate
Foundation
XIII
LLC
,
Revenue
,
2022
A
,
5
%
,
6/15/33
..........
1,210,000
1,380,881
Columbia
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
5.125
%
,
4/01/48
....................................
3,000,000
3,258,082
County
of
Columbia
,
Water
&
Sewerage
,
Revenue
,
2024
,
5
%
,
6/01/49
............
500,000
552,718
County
of
DeKalb
,
Water
&
Sewerage
,
Revenue
,
2006
B
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/35
.....................................................
4,000,000
4,121,980
County
of
Fulton
,
Water
&
Sewerage
,
Revenue
,
2020
A
,
3
%
,
1/01/45
.............
5,000,000
4,185,035
Coweta
County
Water
&
Sewage
Authority
,
Revenue
,
2021
B
,
3
%
,
6/01/43
........................................
820,000
701,115
Revenue
,
2021
B
,
3
%
,
6/01/46
........................................
1,000,000
826,339
Revenue
,
2024
,
5
%
,
6/01/54
.........................................
2,000,000
2,184,858
Dalton
Whitfield
County
Joint
Development
Authority
,
Hamilton
Health
Care
System
Obligated
Group
,
Revenue
,
2017
,
4
%
,
8/15/41
.....
3,000,000
3,012,255
Hamilton
Health
Care
System
Obligated
Group
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
8/15/37
........................................................
3,075,000
3,494,096
DeKalb
County
Development
Authority
,
GLOBE
Academy,
Inc.
(The)
,
Revenue
,
2024
A
,
5
%
,
6/01/45
.................
350,000
355,762
GLOBE
Academy,
Inc.
(The)
,
Revenue
,
2024
A
,
5
%
,
6/01/50
.................
550,000
555,669
DeKalb
Newton
&
Gwinnett
Counties
Joint
Development
Authority
,
GGCF
Athletic
Fields
LLC
,
Revenue
,
2012
A
,
AGMC
Insured
,
5
%
,
7/01/39
..................
2,500,000
2,502,013
Development
Authority
for
Fulton
County
,
Georgia
Tech
Facilities,
Inc.
,
Revenue
,
2018
,
4
%
,
3/01/43
...................
2,000,000
2,007,767
Georgia
Tech
Facilities,
Inc.
,
Revenue
,
2024
,
5
%
,
6/15/49
...................
1,750,000
1,901,358
Georgia
Tech
Facilities,
Inc.
,
Revenue
,
2024
,
5
%
,
6/15/56
...................
2,000,000
2,160,557
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
........................................................
5,840,000
5,915,400
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
......
5,000,000
4,917,339
Tuff/Atlanta
Housing
LLC
,
Revenue
,
2022
,
Refunding
,
5
%
,
9/01/32
.............
1,350,000
1,510,129
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
4/01/50
........
3,000,000
2,991,579
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.
,
Revenue
,
2017
D
,
Refunding
,
4.125
%
,
11/01/45
..................................
6,000,000
5,751,411
Development
Authority
of
Cobb
County
(The)
,
KSU
2020
Housing
Real
Estate
Foundation
LLC
,
Revenue
,
2020
,
4
%
,
7/15/52
....
5,720,000
5,590,707
University
System
of
Georgia
,
Revenue
,
2020
C
,
4
%
,
7/15/52
................
2,000,000
1,954,793
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
4,825,000
4,103,517
Etowah
Water
&
Sewer
Authority
,
Revenue
,
2019
,
Refunding
,
BAM
Insured
,
3
%
,
3/01/44
.........................................................
1,250,000
1,034,664
Floyd
County
Hospital
Authority
,
Floyd
Obligated
Group
,
Revenue
,
2016
,
Pre-
Refunded
,
4
%
,
7/01/43
.............................................
3,000,000
3,053,849
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
6,000,000
6,036,865
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/42
....................................................
7,000,000
7,167,798
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
2/15/51
5,000,000
4,900,627
Georgia
Housing
&
Finance
Authority
,
Revenue
,
2013
A
,
3.8
%
,
12/01/37
.....................................
1,655,000
1,640,032
Revenue
,
2018
A
,
3.85
%
,
12/01/38
....................................
1,170,000
1,166,419
Revenue
,
2018
A
,
3.95
%
,
12/01/43
....................................
1,210,000
1,189,346
Revenue
,
2019
A
,
Refunding
,
3.7
%
,
6/01/49
..............................
4,490,000
4,414,691
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
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Georgia
Ports
Authority
,
Revenue
,
2021
,
4
%
,
7/01/51
.........................................
$
1,145,000
$
1,150,854
Revenue
,
2022
,
5
%
,
7/01/47
.........................................
2,500,000
2,726,293
Revenue
,
2022
,
5.25
%
,
7/01/52
.......................................
2,000,000
2,197,978
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
5,000,000
5,015,321
Henry
County
School
District
,
GO
,
2016
,
Pre-Refunded
,
4
%
,
8/01/33
.............
5,000,000
5,099,665
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2007
A
,
5.5
%
,
9/15/25
......................................
2,500,000
2,533,586
Revenue
,
2007
A
,
5.5
%
,
9/15/27
......................................
5,000,000
5,265,795
Revenue
,
2019
A
,
5
%
,
5/15/37
........................................
1,975,000
2,129,127
Revenue
,
2019
A
,
5
%
,
5/15/38
........................................
1,000,000
1,076,034
b,c
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
6,000,000
6,013,283
c
Revenue
,
2023
A
,
Mandatory
Put
,
5
%
,
6/01/30
............................
5,000,000
5,325,549
c
Revenue
,
2023
D
,
Mandatory
Put
,
5
%
,
12/01/30
...........................
2,000,000
2,138,714
c
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
2,000,000
2,155,656
Moultrie-Colquitt
Counties
Development
Authority
,
Philadelphia
College
of
Osteopathic
Medicine
Obligated
Group
,
Revenue
,
2018
,
5
%
,
12/01/43
...................
4,815,000
5,038,286
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2019
A
,
AGMC
Insured
,
4
%
,
1/01/44
............................
5,000,000
5,009,634
Revenue
,
2020
A
,
Refunding
,
5
%
,
1/01/50
...............................
3,500,000
3,673,130
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/46
...............................
330,000
319,669
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/51
...............................
425,000
401,880
Revenue
,
2021
A
,
Refunding
,
5
%
,
1/01/56
...............................
750,000
764,110
Revenue
,
2023
A
,
5.5
%
,
7/01/64
......................................
2,000,000
2,175,116
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
1/01/49
.............................
500,000
549,788
Revenue
,
2024
A
,
Refunding
,
BAM
Insured
,
5.25
%
,
1/01/54
..................
500,000
547,186
Private
Colleges
&
Universities
Authority
,
Emory
University
,
Revenue
,
2013
A
,
5
%
,
10/01/43
.........................
5,000,000
5,009,568
Mercer
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/50
.................
5,400,000
5,405,694
Mercer
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
10/01/51
...............
4,500,000
4,853,440
Savannah
Hospital
Authority
,
St.
Joseph's/Candler
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/43
...............................
10,000,000
9,959,993
Sinclair
Water
Authority
,
Revenue
,
2019
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/48
...
2,000,000
2,086,248
d
Upper
Oconee
Basin
Water
Authority
,
Revenue
,
2024
,
5
%
,
7/01/55
..............
4,000,000
4,351,392
Worth
County
School
District
,
GO
,
2017
,
5
%
,
12/01/42
.......................
5,000,000
5,169,724
274,594,809
Illinois
1.1%
State
of
Illinois
,
GO
,
2021
A
,
5
%
,
3/01/32
............................................
250,000
274,047
GO
,
2021
B
,
4
%
,
12/01/38
...........................................
3,000,000
2,987,069
3,261,116
New
Jersey
0.4%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/35
..........................................
1,200,000
1,273,820
New
York
1.0%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
A-1
,
4
%
,
11/15/53
.....................................
100,000
97,185
Revenue
,
2020
D
,
4
%
,
11/15/47
.......................................
600,000
589,957
Revenue
,
2021
A-2
,
4
%
,
11/15/42
.....................................
2,300,000
2,297,878
2,985,020
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.
60
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
0.7%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
$
900,000
$
791,366
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
900,000
791,366
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
500,000
425,061
2,007,793
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,500,000
1,257,006
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
900,000
791,536
Wisconsin
0.7%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
900,000
759,689
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
2,300,000
1,459,585
2,219,274
U.S.
Territories
1.7%
Puerto
Rico
1.7%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/32
................
923,681
915,786
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
..................
903,650
877,507
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
560,000
559,664
e
Revenue
,
XX
,
5.25
%
,
7/01/40
........................................
990,000
455,400
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
2,480,000
2,491,194
5,299,551
Total
U.S.
Territories
....................................................................
5,299,551
Total
Municipal
Bonds
(Cost
$
309,429,690
)
.....................................
301,893,080
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,f
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
115,316
92,253
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
92,253
Total
Long
Term
Investments
(Cost
$
310,329,690
)
...............................
302,910,069
a
a
a
a
a
a
Total
Investments
(Cost
$
310,329,690
)
99.6
%
...................................
$302,910,069
Other
Assets,
less
Liabilities
0.4
%
.............................................
1,128,883
Net
Assets
100.0%
...........................................................
$304,038,952
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
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
61
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2024,
the
aggregate
value
of
these
securities
was
$20,336,319,
representing
6.7%
of
net
assets.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Security
purchased
on
a
when-issued
basis.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
Non-income
producing.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
November
30,
2024
Franklin
High
Yield
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
62
a
a
Shares
a
Value
a
Common
Stocks
0.0%
Independent
Power
and
Renewable
Electricity
Producers
0.0%
a,b
AES
Guayama
Holdings
BV
...........................................
231,664
$
—
b
Total
Common
Stocks
(Cost
$
–
)
...............................................
—
a
Management
Investment
Companies
3.1%
Capital
Markets
3.1%
Vanguard
Tax-Exempt
Bond
Index
ETF
...................................
3,000,000
153,150,000
Total
Management
Investment
Companies
(Cost
$
151,207,060
)
...................
153,150,000
Principal
Amount
a
a
a
a
Corporate
Bonds
2.5%
Commercial
Services
&
Supplies
0.4%
a
,c
CalPlant
I
LLC
,
Senior
Secured
Note
,
144A,
15%,
7/01/25
...............................
$
5,795,000
5,795,000
d
21
A
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
1,920,000
249,600
d
21
B
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
7,205,000
936,650
d
22
A
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
3,975,000
516,750
d
22
B
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
345,000
44,850
d
22
C
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
2,610,000
2,610,000
d
22
X
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
3,910,000
3,910,000
d
23
A
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
1,380,000
1,380,000
d
23
B
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
1,225,000
1,225,000
d
23
C
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
1,955,000
1,955,000
d
23
D
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
1,700,000
1,700,000
d
23
E
,
Senior
Secured
Note
,
144A,
9.5%,
8/31/23
..........................
1,915,000
1,915,000
22,237,850
Diversified
Consumer
Services
1.8%
Grand
Canyon
University
,
Secured
Note
,
5.125%,
10/01/28
....................
93,710,000
88,840,510
Electric
Utilities
0.3%
c
Mission
Rock
Utilities,
Inc.
,
144A,
7%,
7/01/27
..............................
15,000,000
15,039,186
Total
Corporate
Bonds
(Cost
$
142,526,915
)
.....................................
126,117,546
Senior
Floating
Rate
Interests
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
,d
,e
,f
Rialto
Bioenergy
Facility
LLC,
First
Lien,
CME
Term
Loan,
B
,
PIK,
15.328
%
,
(
1-month
SOFR
+
10
%
),
4/01/31
..............................................
377,648
195,864
a
,d
,e
,f
Rialto
Bioenergy
Facility
LLC,
First
Lien,
Initial
Roll-Up
CME
Term
Loan,
B
,
PIK,
15.32
%
,
(
12-month
SOFR
+
10
%
),
9/18/25
...............................
1,639,525
—
195,864
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$
2,000,553
)
...........................
195,864
Municipal
Bonds
91.0%
Alabama
0.1%
Homewood
Educational
Building
Authority
,
CHF
-
Horizons
II
LLC
,
Revenue
,
2024
C
,
5
%
,
10/01/56
.....................................................
750,000
763,959
MidCity
Improvement
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3.875
%
,
11/01/27
..............
300,000
291,795
Assessment
Area
,
Special
Assessment
,
2022
,
4.25
%
,
11/01/32
...............
600,000
555,988
Assessment
Area
,
Special
Assessment
,
2022
,
4.5
%
,
11/01/42
................
2,090,000
1,848,655
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)
Alabama
(continued)
MidCity
Improvement
District,
(continued)
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
11/01/49
...............
$
2,400,000
$
2,132,746
c
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
6.5
%
,
11/01/44
...........
250,000
249,213
c
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
6.75
%
,
11/01/53
..........
540,000
537,468
6,379,824
Arizona
1.9%
d
Arizona
Industrial
Development
Authority
,
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2019
B
,
5.125
%
,
1/01/54
..........................
3,005,000
2,283,800
c
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
6/15/57
8,500,000
7,069,555
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
A
,
7
%
,
11/15/57
.......................................................
5,000,000
5,472,410
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
B-1
,
6.625
%
,
5/15/31
........................................................
4,000,000
4,061,847
c
Maricopa
County
Industrial
Development
Authority
,
Benjamin
Franklin
Charter
School
Obligated
Group
,
Revenue
,
144A,
2018
A
,
6
%
,
7/01/38
........................................................
5,000,000
5,265,528
Benjamin
Franklin
Charter
School
Obligated
Group
,
Revenue
,
144A,
2018
A
,
6
%
,
7/01/52
........................................................
10,000,000
10,320,343
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5.5
%
,
12/01/29
..................
11,105,000
12,071,023
c
Sierra
Vista
Industrial
Development
Authority
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2023
,
5.75
%
,
6/15/58
......
5,000,000
5,221,020
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2021
A
,
Zero
Cpn.,
10/01/56
.......................................................
18,880,000
15,823,853
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2021
B
,
6.25
%
,
10/01/36
.......................................................
3,945,000
3,346,930
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
10/01/56
.......................................................
2,327,000
2,305,367
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2022
B
,
9
%
,
10/01/37
.......................................................
250,000
243,572
Tempe
Industrial
Development
Authority
,
c
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6
%
,
10/01/37
................
1,900,000
1,419,138
c
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6.125
%
,
10/01/47
.............
4,850,000
3,220,794
c
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6.125
%
,
10/01/52
.............
2,800,000
1,811,390
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/50
........
4,300,000
4,324,525
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/54
........
8,000,000
8,031,552
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
12/01/56
.......
2,130,000
1,782,819
94,075,466
Arkansas
0.6%
Arkansas
Development
Finance
Authority
,
c
Hybar
LLC
,
Revenue
,
144A,
2023
B
,
7.375
%
,
7/01/48
......................
12,500,000
13,980,829
United
States
Steel
Corp.
,
Revenue
,
2022
,
5.45
%
,
9/01/52
...................
8,500,000
8,886,799
United
States
Steel
Corp.
,
Revenue
,
2023
,
5.7
%
,
5/01/53
....................
4,575,000
4,863,334
27,730,962
California
20.0%
Alvord
Unified
School
District
,
GO
,
2011
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/41
.....
30,750,000
15,476,226
c
California
Community
College
Financing
Authority
,
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
A
,
4.25
%
,
7/01/32
.....
500,000
479,609
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
A
,
5.75
%
,
7/01/60
.....
17,500,000
17,034,218
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
C
,
6.75
%
,
7/01/60
.....
7,000,000
6,833,740
c
California
Community
Housing
Agency
,
Annadel
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/49
..................
5,800,000
5,055,579
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)
California
(continued)
c
California
Community
Housing
Agency,
(continued)
Arbors
Apartments
,
Revenue
,
144A,
2020
A
,
5
%
,
8/01/50
....................
$
15,105,000
$
14,741,273
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..........
13,695,000
12,642,267
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
16,500,000
13,299,351
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
21,405,000
18,591,435
K
Street
Flats
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/50
......................
17,830,000
14,447,681
Mira
Vista
Hills
Apartments
,
Revenue
,
144A,
2021
A
,
4
%
,
2/01/56
.............
33,000,000
18,969,750
Twin
Creek
Apartments
,
Revenue,
Junior
Lien
,
144A,
2022
B
,
5.5
%
,
2/01/40
.....
4,400,000
4,018,864
Verdant
at
Green
Valley
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
8/01/49
.......
20,000,000
19,209,958
c
California
Municipal
Finance
Authority
,
California
Baptist
University
,
Revenue
,
144A,
2015
A
,
5.5
%
,
11/01/45
...........
17,400,000
17,536,239
California
Baptist
University
,
Revenue
,
144A,
2016
A
,
5
%
,
11/01/46
............
5,000,000
5,014,244
Capital
Christian
Center
,
Revenue
,
144A,
2021
A
,
5
%
,
10/01/51
...............
8,425,000
7,502,409
c
,d
California
Pollution
Control
Financing
Authority
,
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
7.5
%
,
7/01/32
.......................
24,500,000
330,750
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
8
%
,
7/01/39
........................
10,000,000
135,000
CalPlant
I
LLC
,
Revenue
,
144A,
2020
,
7.5
%
,
7/01/32
.......................
10,000,000
135,000
a
Rialto
Bioenergy
Facility
LLC
,
Revenue
,
144A,
2018
,
6.75
%
,
12/01/28
..........
1,320,136
169,861
a
Rialto
Bioenergy
Facility
LLC
,
Revenue
,
144A,
2018
,
7.5
%
,
12/01/40
...........
4,140,071
532,700
c
California
Public
Finance
Authority
,
Crossroads
Christian
Schools
Obligated
Group
,
Revenue
,
144A,
2020
,
5
%
,
1/01/56
....................................
4,015,000
3,723,030
California
Statewide
Communities
Development
Authority
,
Special
Tax
,
2023
C-1
,
5
%
,
9/02/43
....................................
3,965,000
4,017,999
c
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/39
.............
1,275,000
1,312,541
c
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/49
.............
3,725,000
3,787,361
c
City
&
County
of
San
Francisco
,
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2021
B
,
5.25
%
,
9/01/49
.............................................
2,500,000
2,196,968
City
of
San
Francisco
,
5.25
%
,
9/01/49
....................................
10,000,000
8,787,874
c
CMFA
Special
Finance
Agency
,
Solana
at
Grand
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/45
...........
34,725,000
30,558,528
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
1,700,000
1,533,328
c
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Junior
Lien
,
144A,
2022
A-2
,
4.5
%
,
8/01/51
.........................................................
38,000,000
30,333,306
c
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
31,320,000
27,447,066
c
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
11,900,000
10,521,156
c
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue
,
144A,
2022
A-2
,
4.375
%
,
8/01/49
...................................................
21,215,000
17,961,854
c
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
3/01/57
............
15,000,000
11,398,980
Crescent
(The)
,
Revenue
,
144A,
2022
B
,
5.5
%
,
7/01/59
.....................
15,935,000
14,066,688
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
7,500,000
5,820,595
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
10,000,000
7,354,347
Park
Crossing
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/48
.............
14,235,000
11,264,360
Renaissance
at
City
Center
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/51
.............
22,325,000
21,969,155
Waterscape
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
9/01/46
................
5,970,000
5,098,636
Wood
Creek
Apartments
,
Revenue,
Sub.
Lien
,
144A,
2021
B
,
4
%
,
12/01/59
......
19,800,000
13,233,855
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.125
%
,
11/01/29
...................................
22,790,000
24,408,669
Revenue
,
2009
B
,
7
%
,
11/01/34
.......................................
20,000,000
25,322,548
Revenue
,
2009
C
,
6.5
%
,
11/01/39
.....................................
20,000,000
26,024,342
Palmdale
Elementary
School
District
,
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/28
...................................................
1,500,000
1,338,679
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)
California
(continued)
Palmdale
Elementary
School
District,
(continued)
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/30
...................................................
$
1,250,000
$
1,042,184
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/31
...................................................
1,250,000
1,004,673
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/34
...................................................
2,500,000
2,683,622
Riverside
County
Transportation
Commission
,
Revenue,
Senior
Lien
,
2013
B
,
Zero
Cpn.,
6/01/32
.........................
4,000,000
3,060,391
Revenue,
Senior
Lien
,
2013
B
,
Zero
Cpn.,
6/01/33
.........................
5,500,000
4,047,199
Revenue,
Senior
Lien
,
2013
B
,
Zero
Cpn.,
6/01/41
.........................
5,000,000
2,557,739
Revenue,
Senior
Lien
,
2013
B
,
Zero
Cpn.,
6/01/42
.........................
7,000,000
3,401,687
San
Diego
Unified
School
District
,
GO
,
2012
E
,
Zero
Cpn.,
7/01/42
.......................................
44,565,000
37,679,159
GO
,
2012
E
,
Zero
Cpn.,
7/01/47
.......................................
33,305,000
28,321,273
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/45
...............................
35,834,000
48,878,562
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/46
...............................
35,834,000
49,090,738
Revenue,
Junior
Lien
,
ETM,
Zero
Cpn.,
1/01/26
...........................
110,000,000
106,685,293
Revenue,
Junior
Lien
,
ETM,
Zero
Cpn.,
1/01/27
...........................
125,100,000
118,265,224
San
Mateo
Foster
City
School
District
,
GO
,
A
,
Zero
Cpn.,
8/01/42
...............
40,000,000
43,675,140
San
Mateo
Union
High
School
District
,
GO
,
2011
A
,
Zero
Cpn.,
9/01/41
...........
20,000,000
21,638,540
Silicon
Valley
Tobacco
Securitization
Authority
,
Revenue
,
2007
A
,
Zero
Cpn.,
6/01/36
...................................
15,000,000
7,974,688
Revenue
,
2007
C
,
Zero
Cpn.,
6/01/56
..................................
60,000,000
6,524,412
Tobacco
Securitization
Authority
of
Southern
California
,
San
Diego
County
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
2006
B
,
Zero
Cpn.,
6/01/46
..............
50,000,000
12,746,525
1,000,915,068
Colorado
5.1%
3rd
and
Havana
Metropolitan
District
,
GO
,
2020
A
,
5.25
%
,
12/01/49
.............
3,775,000
3,381,693
9th
Avenue
Metropolitan
District
No.
2
,
GO
,
2018
,
5
%
,
12/01/48
................
7,414,000
7,459,191
Allison
Valley
Metropolitan
District
No.
1
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/47
......
5,250,000
5,121,456
Allison
Valley
Metropolitan
District
No.
2
,
GO
,
2020
,
Refunding
,
4.7
%
,
12/01/47
.....
4,750,000
4,383,552
Banning
Lewis
Ranch
Regional
Metropolitan
District
No.
1
,
GO
,
2018
A
,
5.375
%
,
12/01/48
........................................................
2,185,000
2,193,118
Baseline
Metropolitan
District
No.
1
,
GO
,
2021
A
,
Refunding
,
5
%
,
12/01/51
..................................
1,500,000
1,545,000
GO
,
2021
B
,
Refunding
,
7.5
%
,
12/15/51
.................................
2,190,000
2,255,700
GO
,
2024
B
,
6.75
%
,
12/15/54
.........................................
2,500,000
2,550,381
c
Bent
Grass
Metropolitan
District
,
GO
,
144A,
2020
,
Refunding
,
5.25
%
,
12/01/49
.....
1,685,000
1,686,334
Bradburn
Metropolitan
District
No.
2
,
GO
,
2018
A
,
Refunding
,
5
%
,
12/01/38
..................................
600,000
608,921
GO
,
2018
A
,
Refunding
,
5
%
,
12/01/47
..................................
2,400,000
2,404,002
c
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-2
,
Refunding
,
5
%
,
12/01/49
........................................................
724,000
716,369
Clear
Creek
Transit
Metropolitan
District
No.
2
,
GO
,
2021
A
,
5
%
,
12/01/41
...........................................
578,000
487,740
GO
,
2021
A
,
5
%
,
12/01/50
...........................................
1,000,000
799,999
Colliers
Hill
Metropolitan
District
No.
2
,
GO
,
2022
B-1
,
Refunding
,
5.75
%
,
12/15/47
..
2,850,000
2,860,543
Colorado
Health
Facilities
Authority
,
Aberdeen
Ridge,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
5
%
,
5/15/49
..........
2,235,000
1,548,772
Aberdeen
Ridge,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
5
%
,
5/15/58
..........
4,750,000
3,109,314
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)
Colorado
Health
Facilities
Authority,
(continued)
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/47
........................................................
$
6,500,000
$
6,580,246
Conestoga
Metropolitan
District
No.
2
,
GO
,
2021
A-3
,
Refunding
,
5.25
%
,
12/01/51
..
1,625,000
1,546,592
Copperleaf
Metropolitan
District
No.
6
,
GO
,
2022
B
,
6
%
,
12/15/41
...............
1,225,000
1,232,392
Cornerstar
Metropolitan
District
,
GO
,
A
,
Refunding
,
5.125
%
,
12/01/37
...................................
2,000,000
2,004,915
GO
,
A
,
Refunding
,
5.25
%
,
12/01/47
....................................
5,200,000
5,209,310
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
B
,
6
%
,
12/01/48
........................................................
6,590,000
6,781,093
Eagle
Brook
Meadows
Metropolitan
District
No.
3
,
GO
,
2021-3
,
5
%
,
12/01/51
......
1,600,000
1,486,544
Greenways
Metropolitan
District
No.
1
,
GO
,
2021
A-3
,
4.625
%
,
12/01/51
..........
1,580,000
1,180,203
c
Hidden
Creek
Metropolitan
District
,
GO
,
144A,
2021
A-3
,
4.625
%
,
12/01/45
........
1,140,000
979,636
c
Horizon
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-3
,
4.5
%
,
12/01/51
..........
1,675,000
1,270,756
Jay
Grove
Metropolitan
District
,
GO
,
2021
,
4.25
%
,
12/01/51
...................
1,225,000
1,007,641
Jefferson
Center
Metropolitan
District
No.
1
,
Revenue
,
2020
A-2
,
4.125
%
,
12/01/40
..................................
575,000
543,393
Revenue
,
2020
A-2
,
4.375
%
,
12/01/47
..................................
1,125,000
1,071,887
Johnstown
Farms
East
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
............
1,500,000
1,358,779
Johnstown
Plaza
Metropolitan
District
,
GO
,
2022
,
Refunding
,
4.25
%
,
12/01/46
.....
8,500,000
7,917,438
c
Karl's
Farm
Metropolitan
District
No.
2
,
GO
,
144A,
2020
A-3
,
Pre-Refunded
,
5.375
%
,
12/01/40
......................
645,000
675,113
GO
,
144A,
2020
A-3
,
Pre-Refunded
,
5.625
%
,
12/01/50
......................
1,900,000
1,992,183
Liberty
Ranch
Metropolitan
District
,
GO
,
2021
A
,
Refunding
,
5.25
%
,
12/01/51
......
6,590,000
5,976,906
Morgan
Hill
Metropolitan
District
No.
3
,
GO
,
2021
B
,
Refunding
,
6.375
%
,
12/15/51
...
1,465,000
1,439,771
Murphy
Creek
Metropolitan
District
No.
4
,
GO
,
2021
,
5
%
,
12/01/51
..............
8,000,000
7,236,694
Nexus
North
at
DIA
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
...............
565,000
518,769
c
Platte
River
Metropolitan
District
,
GO,
Senior
Lien
,
144A,
2023
A
,
Refunding
,
6.5
%
,
8/01/53
.........................................................
1,888,000
1,981,558
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
A
,
Refunding
,
5.875
%
,
12/15/46
.
750,000
817,295
Prairie
Center
Metropolitan
District
No.
7
,
GO
,
2020
,
4.125
%
,
12/15/36
.........................................
500,000
463,506
GO
,
2020
,
4.875
%
,
12/15/44
.........................................
725,000
669,319
GO
,
2021
,
6.375
%
,
6/15/46
..........................................
1,330,000
1,288,099
Ptarmigan
West
Metropolitan
District
No.
2
,
GO
,
2021-3
,
4.125
%
,
12/01/51
........
1,475,000
1,125,088
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.25
%
,
11/15/28
......................................
10,430,000
11,031,902
Revenue
,
2008
,
6.5
%
,
11/15/38
.......................................
60,100,000
73,817,386
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System
,
Revenue
,
2020
,
5
%
,
12/01/40
...................
625,000
628,714
Non-Potable
Water
System
,
Revenue
,
2020
,
5.25
%
,
12/01/50
................
4,250,000
4,281,505
Rampart
Range
Metropolitan
District
No.
5
,
Revenue
,
2021
,
4
%
,
12/01/41
.........
2,730,000
2,542,856
Reunion
Metropolitan
District
,
Water
Activity
Enterprise
,
Revenue
,
2021
A
,
3.625
%
,
12/01/44
........................................................
6,002,392
4,622,483
Ritoro
Metropolitan
District
,
GO
,
2019
A
,
5
%
,
12/01/49
.......................
2,000,000
1,992,959
RRC
Metropolitan
District
No.
2
,
GO
,
2021
,
5.25
%
,
12/01/51
...................
5,625,000
5,101,684
South
Aurora
Regional
Improvement
Authority
,
Revenue
,
2018
,
6.25
%
,
12/01/57
....
2,815,000
2,822,713
Southglenn
Metropolitan
District
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/30
....................................
3,470,000
3,470,506
GO
,
2016
,
Refunding
,
5
%
,
12/01/36
....................................
810,000
809,938
GO
,
2016
,
Refunding
,
5
%
,
12/01/46
....................................
4,200,000
4,103,684
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)
Colorado
(continued)
STC
Metropolitan
District
No.
2
,
GO
,
2019
A
,
Refunding
,
5
%
,
12/01/38
..................................
$
2,000,000
$
2,003,380
GO
,
2019
A
,
Refunding
,
5
%
,
12/01/49
..................................
1,000,000
982,509
Timberleaf
Metropolitan
District
,
GO
,
2020
A
,
5.75
%
,
12/01/50
..................
1,730,000
1,746,165
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
B
,
Refunding
,
6.875
%
,
12/15/52
..................................................
1,215,000
1,219,922
Village
at
Dry
Creek
Metropolitan
District
No.
2
(The)
,
GO
,
2019
,
4.375
%
,
12/01/44
..
819,000
819,031
Village
Metropolitan
District
(The)
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/40
....................................
1,100,000
1,113,708
GO
,
2020
,
Refunding
,
5
%
,
12/01/49
....................................
1,750,000
1,766,715
Villages
at
Castle
Rock
Metropolitan
District
No.
4
,
1989
,
11.12
%
,
6/01/31
.........
3,000,000
2,760,000
Waterfront
at
Foster
Lake
Metropolitan
District
No.
2
,
GO
,
2022
A3-1
,
5
%
,
12/01/42
.........................................
3,705,000
3,540,908
GO
,
2022
A3-1
,
5
%
,
12/01/51
.........................................
4,085,000
3,692,937
GO
,
2022
A3-2
,
Zero
Cpn.,
12/01/51
...................................
5,130,000
3,620,006
Water
Tap
Fee
,
Revenue
,
2022
,
4.625
%
,
12/01/28
.........................
6,000,000
5,881,665
c
West
Meadow
Metropolitan
District
,
GO,
Senior
Lien
,
144A,
2023
A
,
Refunding
,
6.5
%
,
12/01/50
........................................................
2,750,000
2,907,476
Wild
Plum
Metropolitan
District
,
GO
,
2019
A
,
Pre-Refunded
,
5
%
,
12/01/49
.........
595,000
612,850
255,360,813
Connecticut
0.6%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
c
Church
Home
of
Hartford
Obligated
Group
,
Revenue
,
144A,
2016
A
,
5
%
,
9/01/46
..
1,000,000
998,607
c
Church
Home
of
Hartford
Obligated
Group
,
Revenue
,
144A,
A
,
5
%
,
9/01/53
......
7,850,000
7,627,873
Masonicare
Corp.
Obligated
Group
,
Revenue
,
F
,
Refunding
,
5
%
,
7/01/43
........
13,000,000
13,011,184
c
McLean
Affiliates
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/45
........
1,000,000
936,163
c
McLean
Affiliates
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/55
........
5,695,000
5,079,460
27,653,287
Florida
17.5%
Abbott
Square
Community
Development
District
,
Special
Assessment
,
2022
,
5.375
%
,
6/15/42
.............................
1,040,000
1,076,424
Special
Assessment
,
2022
,
5.5
%
,
6/15/52
...............................
1,535,000
1,588,439
Anabelle
Island
Community
Development
District
,
Special
Assessment
,
2022
,
2.7
%
,
5/01/27
...............................
405,000
393,118
Special
Assessment
,
2022
,
3.1
%
,
5/01/32
...............................
750,000
694,305
Special
Assessment
,
2022
,
3.5
%
,
5/01/42
...............................
1,945,000
1,655,379
Antillia
Community
Development
District
,
Special
Assessment
,
2024
,
5.6
%
,
5/01/44
.
645,000
662,265
Arbors
Community
Development
District
,
2023
Project
Area
,
Special
Assessment
,
2023
,
4.5
%
,
5/01/30
.................
630,000
640,231
2023
Project
Area
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
.................
1,705,000
1,784,669
2023
Project
Area
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
...............
2,235,000
2,341,836
c
2024
Project
Area
,
Special
Assessment
,
144A,
2024
,
5.15
%
,
5/01/44
...........
630,000
641,728
c
2024
Project
Area
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
5/01/55
............
815,000
833,075
Artisan
Lakes
East
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021-1
,
2.75
%
,
5/01/31
.............
250,000
231,517
Assessment
Area
2
,
Special
Assessment
,
2021-1
,
3.125
%
,
5/01/41
............
470,000
392,163
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021-2
,
2.75
%
,
5/01/31
........
275,000
254,669
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021-2
,
3.125
%
,
5/01/41
.......
515,000
430,239
Astonia
Community
Development
District
,
c
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
......................
540,000
523,642
c
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
......................
1,370,000
1,237,248
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
5/01/26
...........
105,000
102,919
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)
Astonia
Community
Development
District,
(continued)
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
............
$
500,000
$
470,470
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
3.2
%
,
5/01/41
...........
750,000
628,693
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
410,000
421,838
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
680,000
701,188
c
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
5/01/26
..
100,000
98,018
c
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
....
320,000
301,101
c
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.2
%
,
5/01/41
..
750,000
628,693
c
Aurora
Oaks
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.35
%
,
5/01/44
..........
665,000
665,516
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/55
.........
1,030,000
1,029,965
Avalon
Groves
Community
Development
District
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.............................
360,000
301,861
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................................
500,000
449,992
Assessment
Area
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/32
.................
200,000
186,481
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
495,000
418,005
Avalon
Park
West
Community
Development
District
,
c
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.25
%
,
5/01/30
..
215,000
209,875
c
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.75
%
,
5/01/40
..
580,000
550,671
c
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/51
.....
880,000
775,496
2022
Project
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
.................
500,000
526,376
2022
Project
Area
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/52
...............
875,000
912,937
c
Ave
Maria
Stewardship
Community
District
,
BAN
Assessment
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
5/01/53
...........................................
2,790,000
2,866,827
Avenir
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
A-1
,
2.75
%
,
5/01/31
............
2,980,000
2,739,111
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
3,030,000
3,110,892
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/54
..............
5,115,000
5,281,844
Parcel
A-18
,
Special
Assessment
,
2024
A
,
4.875
%
,
5/01/31
..................
270,000
273,308
Parcel
A-18
,
Special
Assessment
,
2024
A
,
5.75
%
,
5/01/44
...................
1,005,000
1,029,964
Parcel
A-18
,
Special
Assessment
,
2024
A
,
6
%
,
5/01/55
.....................
1,625,000
1,664,793
Aviary
at
Rutland
Ranch
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.1
%
,
11/01/31
...............
170,000
158,594
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.4
%
,
11/01/41
...............
410,000
347,167
Babcock
Ranch
Community
Independent
Special
District
,
c
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
4.3
%
,
5/01/31
............
1,000,000
1,004,612
c
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
5
%
,
5/01/44
..............
1,500,000
1,515,928
c
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
5/01/55
...........
2,850,000
2,877,583
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/31
..............
465,000
429,176
Assessment
Area
2C
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
................
250,000
242,484
Assessment
Area
2C
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
775,000
751,523
Assessment
Area
2C
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
................
1,550,000
1,396,314
Assessment
Area
3A
,
Special
Assessment
,
2020
,
2.5
%
,
5/01/25
...............
20,000
19,883
Assessment
Area
3A
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
................
250,000
241,254
Assessment
Area
3B
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
385,000
373,337
Assessment
Area
3B
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
................
890,000
804,262
Balm
Grove
Community
Development
District
,
Special
Assessment
,
2022
,
3.25
%
,
11/01/27
..............................
645,000
633,021
Special
Assessment
,
2022
,
3.625
%
,
11/01/32
.............................
1,290,000
1,226,246
Bannon
Lakes
Community
Development
District
,
c
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
...................
700,000
617,118
Phase
3
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/32
........................
365,000
348,597
Phase
3
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
..........................
1,370,000
1,258,756
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)
Bella
Collina
Community
Development
District
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
$
680,000
$
680,231
Belmond
Reserve
Community
Development
District
,
2020
Project
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
......................
1,750,000
1,720,490
2020
Project
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
......................
2,000,000
1,781,514
Belmont
II
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
12/15/30
.............................
325,000
313,703
Special
Assessment
,
2020
,
3.625
%
,
12/15/40
.............................
1,390,000
1,306,699
Berry
Bay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.625
%
,
5/01/26
..............
105,000
103,004
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
400,000
375,387
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
1,250,000
1,085,732
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
985,000
1,029,450
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,675,000
1,748,677
Berry
Bay
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.45
%
,
5/01/31
...............
140,000
140,337
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
145,000
145,860
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/54
...............
115,000
115,403
Black
Creek
Community
Development
District
,
Special
Assessment
,
2022
,
5.125
%
,
6/15/32
.............................
150,000
157,203
Special
Assessment
,
2022
,
5.625
%
,
6/15/52
.............................
2,000,000
2,089,897
Boggy
Branch
Community
Development
District
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
...............................
190,000
186,051
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
450,000
420,739
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
...............................
1,165,000
1,003,361
Bradbury
Community
Development
District
,
Special
Assessment
,
2023
,
4.375
%
,
5/01/30
.............................
590,000
596,320
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
...............................
2,245,000
2,300,121
Bridgewalk
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.25
%
,
12/15/43
..............
760,000
815,804
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.5
%
,
12/15/53
...............
700,000
751,877
Bridgewater
North
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
3.125
%
,
5/01/27
..................
125,000
122,743
Assessments
,
Special
Assessment
,
2022
,
3.5
%
,
5/01/32
....................
350,000
334,778
Brightwater
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.85
%
,
5/01/31
...............
280,000
257,637
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.15
%
,
5/01/41
...............
700,000
569,920
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.35
%
,
5/01/44
..........
405,000
413,757
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/55
.........
525,000
535,785
Brookstone
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
...............
325,000
332,601
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
................
1,000,000
1,038,830
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/52
..............
1,750,000
1,807,788
Buckhead
Trails
Community
Development
District
,
Special
Assessment
,
2022
,
5.25
%
,
5/01/32
..............................
400,000
412,381
Special
Assessment
,
2022
,
5.625
%
,
5/01/42
.............................
1,000,000
1,047,919
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
..............................
1,410,000
1,464,449
Special
Assessment
,
2024
,
4.7
%
,
5/01/31
...............................
560,000
564,441
Special
Assessment
,
2024
,
5.6
%
,
5/01/44
...............................
665,000
677,172
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
.............................
1,500,000
1,526,028
Buena
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022
,
5.25
%
,
5/01/42
...............
665,000
694,916
Assessment
Area
1
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
................
1,135,000
1,194,033
Caldera
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
.................
725,000
731,850
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)
Caldera
Community
Development
District,
(continued)
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/54
................
$
390,000
$
390,941
c
Cape
Coral
Health
Facilities
Authority
,
Gulf
Care,
Inc.
Obligated
Group
,
Revenue,
Senior
Lien
,
144A,
2015
,
Refunding
,
6
%
,
7/01/45
..........................
5,250,000
3,959,196
c
Capital
Trust
Agency,
Inc.
,
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
3
%
,
7/01/31
..........
100,000
93,380
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/41
..........
450,000
404,846
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/51
..........
540,000
448,563
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/56
..........
445,000
360,825
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/41
.........
750,000
674,744
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/51
.........
975,000
809,905
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/56
.........
750,000
608,132
Educational
Growth
Fund
LLC
,
Revenue
,
144A,
2021
B
,
Zero
Cpn.,
7/01/31
......
8,925,000
6,017,786
Sarasota-Manatee
Jewish
Housing
Council
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
7/01/46
............................................
3,250,000
2,534,610
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-2
,
4.43
%
,
1/01/57
...........
10,245,000
7,652,889
South
Tech
Schools
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/40
......
1,125,000
1,117,774
South
Tech
Schools
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/55
......
3,805,000
3,583,860
University
Bridge
LLC
,
Revenue
,
144A,
2018
A
,
5.25
%
,
12/01/43
..............
31,755,000
32,456,636
WFCS
Holdings
II
LLC
,
Revenue
,
144A,
2021
A-1
,
3.3
%
,
1/01/31
..............
715,000
682,617
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
5
%
,
1/01/55
.................
3,500,000
3,499,854
c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
17,300,000
13,891,493
Caymas
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
................
800,000
813,002
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/54
..............
690,000
700,795
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
2.25
%
,
5/01/26
..............................
100,000
97,970
Special
Assessment
,
2021
,
2.75
%
,
5/01/31
..............................
240,000
227,177
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.............................
590,000
513,398
Celebration
Pointe
Community
Development
District
No.
1
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
...................................................
885,000
754,597
Center
Lake
Ranch
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
1,365,000
1,433,734
Assessment
Area
1
,
Special
Assessment
,
2023
,
6
%
,
5/01/54
.................
2,330,000
2,453,062
Central
Parc
Community
Development
District
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/44
...............................
500,000
507,993
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................................
750,000
765,682
CFM
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
....................................................
145,000
141,739
Chaparral
Palm
Bay
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/40
...................
1,220,000
1,188,425
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/50
...................
1,985,000
1,804,759
Chapel
Creek
Community
Development
District
,
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
..............
170,000
157,917
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
5/01/41
..........
575,000
485,423
Assessment
Area
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
.................
570,000
586,467
Assessment
Area
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
................
1,055,000
1,080,350
c
Chapel
Crossings
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2020
,
2.625
%
,
5/01/25
.............
115,000
114,287
Assessments
,
Special
Assessment
,
144A,
2020
,
3.2
%
,
5/01/30
...............
645,000
612,136
Assessments
,
Special
Assessment
,
144A,
2020
,
3.7
%
,
5/01/40
...............
1,700,000
1,501,297
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)
c
Charlotte
County
Industrial
Development
Authority
,
MSKP
Town
&
Country
Utility
LLC
,
Revenue
,
144A,
2021
B
,
5
%
,
10/01/36
..................................
$
2,400,000
$
2,173,968
Coddington
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/42
...................
615,000
652,945
Assessments
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
...................
1,025,000
1,077,268
Connerton
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
...............
1,395,000
1,456,389
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
2,250,000
2,333,312
Copes
Landing
Community
Development
District
,
2023
Project
Area
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
................
210,000
225,401
2023
Project
Area
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
...............
1,825,000
1,954,487
Coral
Bay
Lee
County
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
.....................................
250,000
261,268
Coral
Creek
Community
Development
District
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
..............................
2,160,000
2,222,539
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
..............................
1,700,000
1,744,631
Coral
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
11/01/44
...............
780,000
812,084
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
11/01/53
..............
1,000,000
1,035,858
Cordoba
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/31
.............
835,000
800,957
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/37
.............
825,000
724,103
Cordova
Palms
Community
Development
District
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
...............................
100,000
97,802
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
...............................
340,000
312,515
Special
Assessment
,
2021
,
3
%
,
5/01/41
.................................
1,020,000
820,104
Special
Assessment
,
2022-1
,
5.7
%
,
5/01/42
..............................
305,000
326,290
Special
Assessment
,
2022-1
,
5.8
%
,
5/01/53
..............................
485,000
517,072
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
4.5
%
,
5/01/27
..............
115,000
115,909
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.1
%
,
5/01/32
..............
340,000
353,755
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.4
%
,
5/01/42
..............
1,020,000
1,066,816
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.6
%
,
5/01/53
..............
2,005,000
2,099,207
Creekview
Community
Development
District
,
Phase
1
,
Special
Assessment
,
2022
,
4.25
%
,
5/01/32
.......................
615,000
618,104
c
Phase
2
,
Special
Assessment
,
144A,
2024
,
4.6
%
,
5/01/31
...................
865,000
868,538
c
Phase
2
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
5/01/44
.................
2,000,000
2,017,637
c
Phase
2
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/55
.................
2,260,000
2,277,978
Cresswind
DeLand
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/44
..............
700,000
708,534
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
730,000
742,800
c
Crestview
II
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/31
...................
250,000
256,092
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/37
...................
475,000
474,986
Cross
Creek
North
Community
Development
District
,
Special
Assessment
,
2022
,
4.25
%
,
5/01/42
..............................
2,340,000
2,249,284
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
.............................
990,000
1,017,532
Special
Assessment
,
2023
,
5.375
%
,
5/01/53
.............................
1,255,000
1,292,328
Crossings
Community
Development
District
,
Area
2
,
Special
Assessment
,
2024
,
5.35
%
,
5/01/44
........................
595,000
601,498
Area
2
,
Special
Assessment
,
2024
,
5.6
%
,
5/01/54
.........................
535,000
540,370
Crosswinds
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
1,220,000
1,257,325
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
1,500,000
1,540,492
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
................
195,000
195,491
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)
Crosswinds
East
Community
Development
District,
(continued)
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/54
...............
$
300,000
$
301,422
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
...............................
200,000
186,601
Special
Assessment
,
2021
,
3.05
%
,
5/01/41
..............................
850,000
725,081
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................................
1,000,000
901,692
c
Curiosity
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.4
%
,
5/01/44
...........
900,000
911,011
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.7
%
,
5/01/55
...........
1,475,000
1,491,671
c
Currents
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2020
A
,
4
%
,
5/01/40
................................................
3,100,000
2,867,220
Cypress
Bay
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/43
...............
1,375,000
1,413,519
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
................
1,205,000
1,240,073
c
Cypress
Bluff
Community
Development
District
,
Special
Assessment
,
144A,
2020
A
,
3.125
%
,
5/01/30
.......................
250,000
244,767
Special
Assessment
,
144A,
2020
A
,
3.625
%
,
5/01/40
.......................
800,000
765,712
Special
Assessment
,
144A,
2020
A
,
3.8
%
,
5/01/50
.........................
1,170,000
1,047,518
Cypress
Park
Estates
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
4.375
%
,
5/01/27
...............
80,000
80,165
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
................
350,000
356,102
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
295,000
281,223
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
5/01/40
.........
1,170,000
1,061,953
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
............
1,210,000
1,026,458
Cypress
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
1,565,000
1,627,069
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
..............
1,340,000
1,394,449
Darby
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
A-1
,
5.625
%
,
5/01/44
...............
1,290,000
1,339,094
Assessments
,
Special
Assessment
,
2024
A-1
,
6
%
,
5/01/54
...................
1,610,000
1,677,020
Assessments
,
Special
Assessment
,
2024
A-2
,
5.875
%
,
5/01/35
...............
900,000
933,301
Deerbrook
Community
Development
District
,
Special
Assessment
,
2023
,
4.375
%
,
5/01/30
.............................
120,000
121,398
Special
Assessment
,
2023
,
5.25
%
,
5/01/43
..............................
680,000
700,000
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
...............................
1,250,000
1,289,841
Del
Webb
Oak
Creek
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
1,435,000
1,464,576
Special
Assessment
,
2023
,
5.25
%
,
5/01/53
..............................
2,000,000
2,049,090
DG
Farms
Community
Development
District
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
..............................
200,000
192,843
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
255,000
231,590
Dowden
West
Community
Development
District
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
..............................
495,000
504,204
Special
Assessment
,
2024
,
5.55
%
,
5/01/54
..............................
855,000
870,052
DW
Bayview
Community
Development
District
,
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
5/01/26
..........
165,000
161,845
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/32
..............
430,000
411,709
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
5/01/41
..........
1,160,000
1,039,629
Assessment
Area
,
Special
Assessment
,
2022
,
4.5
%
,
5/01/32
.................
185,000
190,406
Assessment
Area
,
Special
Assessment
,
2022
,
5.125
%
,
5/01/42
...............
1,115,000
1,151,887
East
547
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
45,000
44,057
Assessment
Area
1
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
95,000
88,298
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.3
%
,
5/01/41
................
385,000
319,908
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)
East
547
Community
Development
District,
(continued)
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.25
%
,
5/01/43
...............
$
405,000
$
434,756
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.5
%
,
5/01/54
................
1,000,000
1,078,826
East
Bonita
Beach
Road
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/32
.................
255,000
243,034
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
...............
750,000
642,787
East
Nassau
Stewardship
District
,
Assessments
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
....................
125,000
122,189
Assessments
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
......................
500,000
463,663
Assessments
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
....................
1,190,000
1,015,626
Wildlight
Village
Phase
3
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
...........
1,500,000
1,511,143
Eden
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
................
110,000
108,103
Assessment
Area
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
...................
300,000
291,573
Assessment
Area
,
Special
Assessment
,
2022
,
3.25
%
,
5/01/27
................
280,000
277,742
Assessment
Area
,
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
...............
610,000
597,169
Edgewater
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
220,000
215,533
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.1
%
,
5/01/31
................
700,000
658,308
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.6
%
,
5/01/41
................
2,625,000
2,295,745
Assessment
Area
2
,
Special
Assessment
,
2022
,
3.375
%
,
5/01/32
..............
1,980,000
1,882,848
Assessment
Area
2
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
.................
3,985,000
3,660,837
Edgewater
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
................
1,000,000
999,975
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
...............
2,000,000
2,000,696
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/54
................
2,750,000
2,739,657
c
Enbrook
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
............................
500,000
463,744
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
............................
1,150,000
989,609
Entrada
Community
Development
District
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/43
...............................
500,000
528,761
c
Assessments
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
5/01/31
.............
370,000
347,468
c
Assessments
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
5/01/41
.............
935,000
825,817
Assessments
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
......................
300,000
300,462
Assessments
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/55
....................
310,000
310,696
Epperson
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
85,000
83,217
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
235,000
219,156
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
................
1,200,000
1,030,063
Assessment
Area
3
,
Special
Assessment
,
2021
A
,
2.45
%
,
11/01/26
............
125,000
121,453
Assessment
Area
3
,
Special
Assessment
,
2021
A
,
3.1
%
,
11/01/31
.............
400,000
371,756
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
................
465,000
471,192
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.6
%
,
5/01/55
................
500,000
506,542
Epperson
Ranch
II
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/25
...............
90,000
89,728
Assessment
Area
2
,
Special
Assessment
,
2020
,
3.625
%
,
5/01/30
..............
505,000
488,968
c
Everlands
Community
Development
District
,
Assessment
Area
2
Phase
2
,
Special
Assessment
,
144A,
2024
,
5.2
%
,
6/15/44
....
750,000
759,600
Assessment
Area
2
Phase
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
6/15/54
....
1,000,000
1,011,841
Everlands
II
Community
Development
District
,
Special
Assessment
,
2024
,
5.2
%
,
6/15/44
...............................
500,000
505,101
Special
Assessment
,
2024
,
5.45
%
,
6/15/54
..............................
485,000
488,357
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)
Fallschase
Community
Development
District
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.........................................................
$
1,000,000
$
843,438
c
Florida
Development
Finance
Corp.
,
g
AAF
Operations
Holdings
LLC
,
Revenue
,
144A,
2024
,
Refunding
,
Mandatory
Put
,
12
%
,
7/15/28
...................................................
15,000,000
16,008,744
g
Brightline
Florida
Holdings
LLC
,
Revenue
,
144A,
2024
A
,
Mandatory
Put
,
8.25
%
,
2/14/25
........................................................
5,925,000
6,105,519
Glenridge
on
Palmer
Ranch
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
6/01/31
........................................................
450,000
469,765
Glenridge
on
Palmer
Ranch
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
6/01/51
........................................................
5,500,000
5,412,689
Mayflower
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5.25
%
,
6/01/50
........................................................
7,000,000
6,990,220
Mayflower
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/55
............................................
3,900,000
3,011,223
c
Forest
Lake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
350,000
341,322
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
5/01/27
..........
30,000
30,273
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5
%
,
5/01/32
............
75,000
77,517
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
5/01/42
.........
310,000
323,945
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
5/01/52
...........
275,000
285,314
Gracewater
Sarasota
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
....................
125,000
122,022
Assessments
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...................
500,000
459,776
Grand
Oaks
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
4.25
%
,
5/01/40
...............
1,095,000
1,040,200
Assessment
Area
2
,
Special
Assessment
,
2020
,
4.5
%
,
5/01/52
................
3,500,000
3,227,759
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.2
%
,
11/01/31
...............
215,000
200,788
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.5
%
,
11/01/41
...............
555,000
468,614
Assessment
Area
3
,
Special
Assessment
,
2021
,
4
%
,
11/01/51
................
1,205,000
1,026,076
Grande
Pines
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.75
%
,
5/01/41
...............
710,000
623,108
Assessment
Area
1
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................
750,000
641,792
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
................
1,010,000
1,034,281
Grove
Resort
Community
Development
District
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/32
...............................
170,000
159,173
Special
Assessment
,
2022
,
3.55
%
,
5/01/42
..............................
435,000
370,203
Hamilton
Bluff
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
1,000,000
1,021,311
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
................
1,250,000
1,273,523
Hammock
Oaks
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
180,000
183,147
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
645,000
673,084
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,000,000
1,032,953
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.85
%
,
5/01/44
...............
750,000
770,878
Assessment
Area
2
,
Special
Assessment
,
2024
,
6.15
%
,
5/01/54
...............
730,000
752,699
Hammock
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
.................
540,000
513,531
Assessment
Area
1
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
.................
860,000
755,669
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
200,000
186,233
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
520,000
442,947
Assessment
Area
3
,
Special
Assessment
,
2022
,
4.4
%
,
5/01/32
................
445,000
452,405
Harmony
West
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................
360,000
369,686
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.3
%
,
5/01/53
................
305,000
314,802
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)
Hawkstone
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2021
,
2.6
%
,
5/01/26
................
$
80,000
$
78,387
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/31
................
440,000
414,289
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.45
%
,
5/01/41
...............
1,120,000
961,049
Assessment
Area
4
,
Special
Assessment
,
2023
,
4.375
%
,
5/01/30
..............
255,000
257,598
Hawthorne
Mill
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
1,000,000
1,009,548
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/54
................
1,400,000
1,414,240
Hickory
Tree
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.15
%
,
5/01/44
...............
890,000
894,910
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/55
...............
365,000
366,709
Highland
Trails
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
....................
780,000
797,789
Assessments
,
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
...................
785,000
804,936
Hills
of
Minneola
Community
Development
District
,
North
Parcel
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.55
%
,
5/01/44
.....
525,000
555,743
North
Parcel
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
....
725,000
776,634
c
South
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
...
1,125,000
1,049,839
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
2.375
%
,
5/01/26
........................................................
50,000
48,933
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
250,000
230,954
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/41
500,000
415,571
Hilltop
Point
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022-1
,
5.375
%
,
5/01/52
............
700,000
712,571
Assessment
Area
2
,
Special
Assessment
,
2022-2
,
5.6
%
,
5/01/53
..............
745,000
764,485
Hobe-St.
Lucie
Conservancy
District
,
Unit
of
Development
No.
1A
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/55
...................................
3,000,000
3,118,961
Holly
Hill
Road
East
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2020
,
4.5
%
,
11/01/31
...............
165,000
175,572
Assessment
Area
3
,
Special
Assessment
,
2020
,
5
%
,
11/01/41
................
350,000
376,401
Assessment
Area
3
,
Special
Assessment
,
2020
,
5
%
,
11/01/50
................
520,000
547,020
Hyde
Park
Community
Development
District
No.
1
,
Assessments
,
Special
Assessment
,
2024
A
,
5.35
%
,
5/01/44
..................
420,000
425,031
Assessments
,
Special
Assessment
,
2024
A
,
5.625
%
,
5/01/55
.................
280,000
283,109
Indigo
Community
Development
District
,
Special
Assessment
,
1999
A
,
7
%
,
5/01/31
...............................
395,000
395,756
Special
Assessment
,
1999
C
,
7
%
,
5/01/30
...............................
4,123,752
2,577,345
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
2.2
%
,
5/01/26
.........
125,000
121,893
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
.........
240,000
222,767
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.......
855,000
699,471
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
...........
1,375,000
1,199,088
Island
Lake
Estates
Community
Development
District
,
Special
Assessment
,
2023
,
5.75
%
,
12/15/43
.............................
1,240,000
1,316,181
Special
Assessment
,
2023
,
6
%
,
12/15/53
................................
1,430,000
1,511,867
Kelly
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
6
%
,
11/01/43
................
915,000
963,375
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.25
%
,
11/01/53
..............
1,220,000
1,281,966
Kindred
Community
Development
District
II
,
Special
Assessment
,
2020
,
3.5
%
,
5/01/40
...............................
395,000
364,030
Special
Assessment
,
2020
,
3.75
%
,
5/01/50
..............................
570,000
495,225
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
...............................
235,000
220,880
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.............................
500,000
433,139
Special
Assessment
,
2023
,
5.875
%
,
5/01/54
.............................
1,100,000
1,153,762
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)
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
6/15/30
.............................
$
375,000
$
366,731
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................................
775,000
764,699
Special
Assessment
,
2020
,
4
%
,
6/15/50
.................................
2,270,000
2,085,768
Special
Assessment
,
2021
,
2.5
%
,
6/15/26
...............................
40,000
39,311
Special
Assessment
,
2021
,
3.125
%
,
6/15/31
.............................
250,000
242,670
Special
Assessment
,
2021
,
3.6
%
,
6/15/41
...............................
750,000
697,996
Lake
Ashton
Community
Development
District
,
Special
Assessment
,
2015
A-1
,
Refunding
,
5
%
,
5/01/32
.............................................
1,905,000
1,912,126
Lake
Deer
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
5
%
,
5/01/32
...................
255,000
258,184
Assessment
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
.................
870,000
899,246
Assessment
Area
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/53
...............
1,560,000
1,603,225
c
Lake
Emma
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
5/01/43
..........
1,235,000
1,275,561
Assessment
Area
2
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
5/01/53
...........
810,000
841,971
Lake
Harris
Community
Development
District
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
.............................
595,000
619,264
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
.............................
585,000
609,222
Lake
Hideaway
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.75
%
,
5/01/31
...............
595,000
599,119
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.65
%
,
5/01/44
...............
1,450,000
1,473,277
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.9
%
,
5/01/54
................
2,555,000
2,584,263
Lake
Mattie
Preserve
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
...............................
2,065,000
2,092,142
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
..............................
1,750,000
1,777,736
Lakes
at
Bella
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023-1
,
5.75
%
,
5/01/43
.............
810,000
845,616
Assessment
Area
1
,
Special
Assessment
,
2023-1
,
6
%
,
5/01/53
................
1,905,000
1,991,846
Assessment
Area
2
,
Special
Assessment
,
2023-2
,
5.75
%
,
5/01/43
.............
1,000,000
1,043,970
Assessment
Area
2
,
Special
Assessment
,
2023-2
,
6
%
,
5/01/54
................
2,395,000
2,504,185
Lakes
of
Sarasota
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
A-1
,
3.4
%
,
5/01/31
.............
135,000
129,420
Assessment
Area
1
,
Special
Assessment
,
2021
A-1
,
3.9
%
,
5/01/41
.............
285,000
260,002
Assessment
Area
1
,
Special
Assessment
,
2021
A-2
,
3.875
%
,
5/01/31
...........
100,000
99,300
Assessment
Area
2
,
Special
Assessment
,
2021
B-1
,
3.625
%
,
5/01/31
...........
125,000
122,251
Assessment
Area
2
,
Special
Assessment
,
2021
B-1
,
4.125
%
,
5/01/41
...........
200,000
187,448
Assessments
,
Special
Assessment
,
2024
A
,
5.6
%
,
5/01/55
...................
280,000
282,470
Lakeside
Preserve
Community
Development
District
,
Special
Assessment
,
2023
,
6
%
,
5/01/43
.................................
735,000
780,543
Special
Assessment
,
2023
,
6.375
%
,
5/01/54
.............................
1,250,000
1,336,648
Lakewood
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/31
................
125,000
118,180
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
325,000
281,620
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
910,000
953,182
Lakewood
Ranch
Stewardship
District
,
Assessment
Azario
,
Special
Assessment
,
2020
A
,
3.75
%
,
5/01/40
.............
525,000
490,504
Assessment
Azario
,
Special
Assessment
,
2020
A
,
3.9
%
,
5/01/50
..............
770,000
666,811
c
Assessment
Lorraine
Lakes
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
..
250,000
238,456
c
Assessment
Lorraine
Lakes
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/40
..
1,075,000
969,351
c
Assessment
Northeast
Sector
Project
Phase
2B
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.2
%
,
5/01/30
..........................................
440,000
421,128
c
Assessment
Northeast
Sector
Project
Phase
2B
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.75
%
,
5/01/40
.........................................
2,100,000
1,924,422
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)
Lakewood
Ranch
Stewardship
District,
(continued)
Assessment
Northeast
Sector
Project
Phase
2C
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
........................................................
$
470,000
$
443,896
Assessment
Northeast
Sector
Project
Phase
2C
,
Special
Assessment
,
2020
,
3.5
%
,
5/01/40
........................................................
750,000
656,434
Assessment
Star
Farms
Phase
1/2
,
Special
Assessment
,
2021
,
2.3
%
,
5/01/26
....
95,000
92,840
Assessment
Star
Farms
Phase
1/2
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
....
105,000
95,934
Assessment
Star
Farms
Phase
1/2
,
Special
Assessment
,
2021
,
3
%
,
5/01/41
.....
430,000
350,553
Assessments
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/43
..................
1,500,000
1,609,879
Assessments
,
Special
Assessment
,
2023
,
6.3
%
,
5/01/54
....................
5,000,000
5,332,282
Assessments
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/55
....................
765,000
771,831
Laurel
Road
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
A-1
,
2.6
%
,
5/01/26
.................
195,000
190,834
Assessments
,
Special
Assessment
,
2021
A-1
,
3
%
,
5/01/31
...................
350,000
321,863
Assessments
,
Special
Assessment
,
2021
A-1
,
3.25
%
,
5/01/41
................
1,195,000
997,064
Assessments
,
Special
Assessment
,
2021
A-1
,
4
%
,
5/01/52
...................
1,450,000
1,216,778
Assessments
,
Special
Assessment
,
2021
A-2
,
3.125
%
,
5/01/31
...............
1,580,000
1,463,057
Lawson
Dunes
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
4.375
%
,
5/01/27
...............
125,000
125,496
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
................
510,000
520,978
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
B-1
,
4.75
%
,
11/15/29
...........................................
2,000,000
2,014,407
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
................
110,000
107,570
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
100,000
94,686
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
310,000
292,681
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
265,000
229,837
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
795,000
685,332
Assessment
Area
1
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
.................
530,000
443,038
c
,g
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
Zero
Cpn.,
5/01/52
.....................................................
8,000,000
7,184,000
Live
Oak
Lake
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
,
4.4
%
,
5/01/40
................................................
1,600,000
1,480,893
Longleaf
Community
Development
District
,
c
Neighborhood
4
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.4
%
,
5/01/44
........................................................
850,000
878,466
c
Neighborhood
4
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
5/01/54
........................................................
1,160,000
1,199,978
Neighborhood
4
Assessment
Area
2
,
Special
Assessment
,
2024
A
,
5.2
%
,
5/01/44
..
750,000
748,543
Neighborhood
4
Assessment
Area
2
,
Special
Assessment
,
2024
A
,
5.45
%
,
5/01/55
.
815,000
810,282
LT
Ranch
Community
Development
District
,
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.3
%
,
5/01/32
.........
120,000
125,431
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.75
%
,
5/01/42
........
380,000
402,513
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.9
%
,
5/01/53
.........
500,000
529,610
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5
%
,
5/01/32
.........
1,245,000
1,297,295
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5.5
%
,
5/01/42
........
2,500,000
2,610,660
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5.7
%
,
5/01/53
........
5,790,000
6,063,495
LTC
Ranch
West
Residential
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
B
,
3.25
%
,
5/01/31
...............
1,320,000
1,236,778
Assessment
Area
1
,
Special
Assessment
,
2021
A
,
3.125
%
,
5/01/31
............
700,000
652,888
Assessment
Area
1
,
Special
Assessment
,
2021
A
,
3.45
%
,
5/01/41
.............
1,250,000
1,053,160
Assessment
Area
2
,
Special
Assessment
,
2024
AA-2
,
5.7
%
,
5/01/44
...........
300,000
307,245
Assessment
Area
2
,
Special
Assessment
,
2024
AA-2
,
6
%
,
5/01/54
.............
305,000
311,158
Assessment
Area
3
,
Special
Assessment
,
2024
AA-3
,
5.75
%
,
5/01/44
...........
1,250,000
1,280,962
Assessment
Area
3
,
Special
Assessment
,
2024
AA-3
,
6.05
%
,
5/01/54
...........
1,375,000
1,412,658
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
78
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
c
Magnolia
Park
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/31
...................
$
250,000
$
256,069
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/39
...................
688,000
676,869
Malabar
Springs
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
................
440,000
440,644
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
455,000
456,771
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/54
................
925,000
927,849
c
Mandarin
Grove
Community
Development
District
,
Special
Assessment
,
144A,
2022
,
6.625
%
,
5/01/53
...................................................
1,035,000
1,237,050
Mangrove
Point
&
Mangrove
Manor
,
Community
Development
District
,
Special
Assessment
,
2022
,
4
%
,
5/01/32
.......................................
345,000
343,795
Marion
Ranch
Community
Development
District
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/44
.........................................................
695,000
713,090
Marshall
Creek
Community
Development
District
,
Special
Assessment
,
2015
A
,
Refunding
,
5
%
,
5/01/32
.............................................
1,475,000
1,479,781
Meadow
View
at
Twin
Creeks
Community
Development
District
,
Phase
3B
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
.......................
115,000
112,429
Phase
3B
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
........................
205,000
190,211
Phase
3B
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
......................
790,000
648,831
Phase
3B
,
Special
Assessment
,
2021
,
3.75
%
,
5/01/52
......................
625,000
509,100
Phase
4
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
..........................
225,000
208,768
Phase
4
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
.......................
1,155,000
948,607
Merrick
Square
Community
Development
District
,
Special
Assessment
,
2023
,
4.5
%
,
5/01/30
...............................
205,000
208,296
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
...............................
725,000
756,152
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
.............................
1,000,000
1,047,770
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
6.2
%
,
5/01/53
....................................................
3,220,000
3,435,908
Mirada
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/32
...............................................
600,000
560,958
Mirada
II
Community
Development
District
,
2021
Project
Area
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
.................
205,000
200,445
2021
Project
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
...............
645,000
591,982
2021
Project
Area
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
.................
2,080,000
1,780,319
2022
Project
Area
,
Special
Assessment
,
2022
,
5.125
%
,
5/01/32
...............
225,000
234,010
2022
Project
Area
,
Special
Assessment
,
2022
,
5.6
%
,
5/01/42
.................
700,000
731,892
2022
Project
Area
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/53
................
1,270,000
1,322,106
New
Port
Tampa
Bay
Community
Development
District
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/26
.............................
180,000
176,885
Special
Assessment
,
2021
,
3.5
%
,
5/01/31
...............................
500,000
477,501
Special
Assessment
,
2021
,
3.875
%
,
5/01/41
.............................
1,250,000
1,112,970
c
Normandy
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
4.625
%
,
5/01/31
.........
805,000
804,306
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.3
%
,
5/01/44
...........
1,000,000
997,991
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.55
%
,
5/01/54
..........
1,380,000
1,371,331
North
AR-1
Pasco
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.625
%
,
5/01/26
..............
70,000
68,649
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
275,000
257,658
Assessment
Area
2
,
Special
Assessment
,
2021
A
,
2.625
%
,
5/01/26
............
115,000
112,781
Assessment
Area
2
,
Special
Assessment
,
2021
A
,
3.25
%
,
5/01/31
.............
170,000
160,461
Assessment
Area
2
,
Special
Assessment
,
2021
A
,
3.55
%
,
5/01/41
.............
510,000
438,665
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
775,000
806,989
Assessment
Area
3
,
Special
Assessment
,
2023
,
6
%
,
5/01/54
.................
1,135,000
1,182,160
Assessment
Area
4
,
Special
Assessment
,
2024
,
4.625
%
,
5/01/31
..............
235,000
237,321
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
920,000
939,729
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)
North
AR-1
Pasco
Community
Development
District,
(continued)
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
$
980,000
$
998,711
Assessment
Area
5
,
Special
Assessment
,
2024
A
,
4.875
%
,
5/01/31
............
585,000
591,817
Assessment
Area
5
,
Special
Assessment
,
2024
A
,
5.75
%
,
5/01/44
.............
1,500,000
1,539,483
Assessment
Area
5
,
Special
Assessment
,
2024
A
,
6
%
,
5/01/54
................
1,605,000
1,652,577
North
Loop
Community
Development
District
,
Special
Assessment
,
2023
,
6.375
%
,
5/01/43
.............................
525,000
571,248
Special
Assessment
,
2023
,
6.625
%
,
5/01/54
.............................
1,000,000
1,091,731
North
Park
Isle
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.45
%
,
11/01/26
..............
110,000
106,841
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
................
500,000
465,416
North
Powerline
Road
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
5/01/30
.............................
490,000
467,285
Special
Assessment
,
2020
,
3.625
%
,
5/01/40
.............................
1,000,000
895,209
c
Special
Assessment
,
144A,
2022
,
5.25
%
,
5/01/32
.........................
200,000
207,098
c
Special
Assessment
,
144A,
2022
,
5.625
%
,
5/01/52
.........................
1,395,000
1,454,984
North
River
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A-1
,
3
%
,
5/01/25
...................
155,000
154,386
Assessments
,
Special
Assessment
,
2020
A-1
,
3.5
%
,
5/01/30
.................
855,000
823,625
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/40
...................
1,150,000
1,063,616
Assessments
,
Special
Assessment
,
2020
A-2
,
4.2
%
,
5/01/35
.................
445,000
436,521
North
River
Ranch
Improvement
Stewardship
District
,
Assessments
,
Special
Assessment
,
2023
A
,
6.7
%
,
5/01/55
...................
1,500,000
1,628,593
Assessments
,
Special
Assessment
,
2023
A-1
,
6
%
,
5/01/54
...................
4,950,000
5,114,644
Orange
Blossom
Groves
Community
Development
District
,
Special
Assessment
,
2023
,
4.25
%
,
6/15/30
..............................
425,000
431,867
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
..............................
1,100,000
1,148,407
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
.............................
1,375,000
1,425,913
c
Osceola
Village
Center
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
5/01/31
.........................
180,000
165,913
Special
Assessment
,
144A,
2021
,
3.3
%
,
5/01/41
..........................
370,000
307,073
Palermo
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
6/15/43
.................................
1,945,000
1,992,477
Special
Assessment
,
2023
,
5.25
%
,
6/15/53
..............................
1,500,000
1,540,446
Palm
Beach
County
Health
Facilities
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.5
%
,
5/15/53
........................................................
2,035,000
2,292,514
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.625
%
,
5/15/58
.................................................
1,500,000
1,697,830
Palm
Coast
Park
Community
Development
District
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
...............................
1,000,000
1,033,207
Sawmill
Branch
-
Phase
7
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
............
1,000,000
1,000,853
Sawmill
Branch
-
Phase
7
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/55
...........
670,000
671,049
Spring
Lake
-
Tracts
2
&
3
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
...........
350,000
319,825
Spring
Lake
-
Tracts
2
&
3
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.........
730,000
589,300
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)
Park
East
Community
Development
District
,
Special
Assessment
,
2021
,
3.15
%
,
11/01/41
........................................................
$
595,000
$
478,042
Parker
Pointe
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
.........................................................
555,000
565,334
Parkland
Community
Development
District
,
Phase
1
,
Special
Assessment
,
2023
A-1
,
6.45
%
,
5/01/54
...................................................
2,445,000
2,555,282
Parkview
at
Long
Lake
Ranch
Community
Development
District
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
...............................................
955,000
848,158
Parrish
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/53
................
1,220,000
1,238,890
Assessment
Area
2
,
Special
Assessment
,
2023
A
,
5.375
%
,
5/01/43
............
1,080,000
1,107,492
Assessment
Area
2
,
Special
Assessment
,
2023
A
,
5.625
%
,
5/01/53
............
1,535,000
1,577,477
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
1,650,000
1,670,326
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
................
720,000
728,205
Parrish
Lakes
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.25
%
,
5/01/31
...............
1,330,000
1,330,247
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.125
%
,
5/01/44
..............
2,500,000
2,495,617
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/54
...............
5,220,000
5,220,124
Parrish
Plantation
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
135,000
132,426
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
235,000
222,087
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
................
790,000
681,032
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
...............
125,000
128,250
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.375
%
,
5/01/42
..............
465,000
482,355
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
................
740,000
765,668
Assessment
Area
3
,
Special
Assessment
,
2024
,
4.875
%
,
5/01/31
..............
300,000
304,971
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/44
................
500,000
522,083
Assessment
Area
3
,
Special
Assessment
,
2024
,
6.05
%
,
5/01/54
...............
1,330,000
1,391,101
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
250,000
259,437
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
..............
375,000
389,955
Peace
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
1,450,000
1,503,215
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
1,615,000
1,677,087
Peace
Creek
Village
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
...............................
1,115,000
1,146,374
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
..............................
910,000
929,846
Peace
Crossing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5
%
,
5/01/31
.................
500,000
500,383
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/44
................
2,825,000
2,830,451
Assessment
Area
1
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................
4,000,000
4,018,084
c
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
12/15/26
........................
65,000
63,431
Special
Assessment
,
144A,
2021
,
3
%
,
12/15/31
...........................
225,000
216,130
Special
Assessment
,
144A,
2021
,
3.25
%
,
12/15/41
.........................
1,000,000
881,637
Special
Assessment
,
144A,
2021
,
4
%
,
12/15/51
...........................
1,200,000
1,094,425
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment
,
2020
A-2
,
Refunding
,
3.75
%
,
5/01/37
.......................................
700,000
677,624
Preserve
at
Savannah
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
135,000
138,909
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
1,000,000
1,026,250
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
..........................
150,000
144,884
Phase
3
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
........................
750,000
694,906
Prosperity
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
12/15/43
.............
355,000
382,814
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)
Prosperity
Lakes
Community
Development
District,
(continued)
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.125
%
,
12/15/53
.............
$
995,000
$
1,080,461
Quail
Roost
Community
Development
District
,
Expansion
Area
,
Special
Assessment
,
2021
,
2.2
%
,
12/15/26
.................
120,000
116,340
Expansion
Area
,
Special
Assessment
,
2021
,
2.7
%
,
12/15/31
.................
200,000
185,004
Expansion
Area
,
Special
Assessment
,
2021
,
3.125
%
,
12/15/41
................
975,000
799,297
Expansion
Area
,
Special
Assessment
,
2021
,
4
%
,
12/15/51
...................
2,345,000
2,072,251
Ranches
at
Lake
Mcleod
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
6/15/53
...............................
730,000
759,569
Reserve
at
Van
Oaks
Community
Development
District
,
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
.............................
285,000
294,727
Special
Assessment
,
2023
,
5.375
%
,
5/01/53
.............................
965,000
996,925
Reunion
East
Community
Development
District
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
...............................
210,000
205,354
Special
Assessment
,
2021
,
2.85
%
,
5/01/31
..............................
400,000
367,145
Special
Assessment
,
2021
,
3.15
%
,
5/01/41
..............................
1,455,000
1,209,874
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
2.6
%
,
5/01/27
.................
80,000
78,057
Assessment
Area
,
Special
Assessment
,
2022
,
3
%
,
5/01/32
...................
190,000
180,255
Assessment
Area
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/42
.................
490,000
415,811
Ridge
at
Apopka
Community
Development
District
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
...............................
2,150,000
2,204,437
Parcel
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
........................
310,000
322,468
Parcel
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
.......................
545,000
564,439
River
Glen
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
350,000
326,380
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
1,000,000
855,751
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-2
,
Refunding
,
3
%
,
5/01/31
.......
920,000
857,463
Assessment
Area
,
Special
Assessment
,
2021
A-2
,
Refunding
,
3
%
,
5/01/36
.......
915,000
792,764
Assessment
Area
3
,
Special
Assessment
,
2020
A
,
3.625
%
,
5/01/40
............
1,030,000
901,252
Assessment
Area
4
,
Special
Assessment
,
2023
A
,
6.25
%
,
5/01/43
.............
500,000
539,481
Assessment
Area
4
,
Special
Assessment
,
2023
A
,
6.5
%
,
5/01/54
..............
1,300,000
1,402,452
c
Assessment
Area
5
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/55
.........
335,000
338,874
River
Landing
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A
,
3
%
,
5/01/25
....................
100,000
99,604
Assessments
,
Special
Assessment
,
2020
A
,
3.6
%
,
5/01/30
...................
475,000
459,392
Assessments
,
Special
Assessment
,
2020
A
,
4.125
%
,
5/01/40
.................
850,000
796,798
Assessments
,
Special
Assessment
,
2020
A
,
4.35
%
,
5/01/51
..................
1,100,000
996,355
Assessments
,
Special
Assessment
,
2020
B
,
4.25
%
,
11/01/35
.................
155,000
149,735
Assessments
,
Special
Assessment
,
2023
A
,
5.5
%
,
5/01/43
...................
750,000
787,363
Assessments
,
Special
Assessment
,
2023
A
,
5.75
%
,
5/01/53
..................
1,000,000
1,055,586
River
Place
on
the
St.
Lucie
Community
Development
District
,
Special
Assessment
,
2001
A
,
7.625
%
,
5/01/30
............................
810,000
807,898
d
Special
Assessment
,
2001
B
,
7.25
%
,
5/01/10
.............................
35,000
1,750
Rivers
Edge
II
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................................
200,000
185,962
Rivers
Edge
III
Community
Development
District
,
c
Assessments
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
.................
300,000
278,886
c
Assessments
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
...............
775,000
658,596
Assessments
,
Special
Assessment
,
2024
,
5.95
%
,
5/01/55
...................
1,920,000
1,971,713
Rivington
Community
Development
District
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
1,685,000
1,502,259
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
.............................
430,000
410,435
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)
Rolling
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
A-1
,
4
%
,
5/01/52
...............
$
945,000
$
801,594
Assessment
Area
,
Special
Assessment
,
2022
A-2
,
Refunding
,
3.65
%
,
5/01/32
....
800,000
763,346
c
Rolling
Oaks
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
5/01/53
...........................................
1,500,000
1,599,864
Rookery
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.25
%
,
5/01/31
...............
300,000
299,969
Assessment
Area
1
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
.................
775,000
770,473
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.35
%
,
5/01/55
...............
495,000
494,500
Rustic
Oaks
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
3.2
%
,
5/01/32
................................................
1,000,000
929,018
Rye
Crossing
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.2
%
,
5/01/31
................
310,000
309,951
Assessment
Area
2
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
.................
630,000
630,103
Rye
Ranch
Community
Development
District
,
Pod
A
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.5
%
,
5/01/43
...........
1,000,000
1,095,832
Pod
A
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.625
%
,
5/01/54
.........
1,600,000
1,740,597
c
Pod
B
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
11/01/43
....
710,000
739,774
c
Pod
B
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
11/01/53
......
215,000
225,103
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
3
%
,
6/15/30
.................
250,000
241,110
Assessment
Area
1
,
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................
610,000
590,753
Assessment
Area
2
,
Special
Assessment
,
2022
,
3.1
%
,
12/15/32
...............
300,000
284,078
Assessment
Area
2
,
Special
Assessment
,
2022
,
3.35
%
,
12/15/41
..............
485,000
417,332
Saltleaf
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
4.75
%
,
5/01/31
...................
450,000
453,753
Assessments
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..................
1,565,000
1,595,079
Assessments
,
Special
Assessment
,
2024
,
6
%
,
5/01/56
......................
3,000,000
3,084,714
Sanctuary
Cove
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
,
2.625
%
,
5/01/31
...............
190,000
176,982
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
...............
400,000
335,814
Assessment
Area
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
...................
770,000
687,601
Sandmine
Road
Community
Development
District
,
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
.........
300,000
293,619
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/40
.........
1,040,000
994,269
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
5/01/50
..........
2,020,000
1,776,849
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.3
%
,
11/01/26
...............
105,000
102,427
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
................
450,000
432,794
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.3
%
,
11/01/41
...............
1,180,000
1,047,028
Sandridge
Community
Development
District
,
Special
Assessment
,
2021
A-1
,
2.875
%
,
5/01/26
..........................
165,000
163,171
Special
Assessment
,
2021
A-1
,
3.4
%
,
5/01/31
............................
750,000
740,308
Special
Assessment
,
2021
A-1
,
3.875
%
,
5/01/41
..........................
730,000
686,763
Special
Assessment
,
2021
A-1
,
4
%
,
5/01/51
..............................
735,000
661,710
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
...............................
1,000,000
1,029,684
Sarasota
National
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
,
Refunding
,
3.5
%
,
5/01/31
...........
1,490,000
1,493,320
Assessments
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
5/01/39
.............
2,210,000
2,221,705
Savanna
Lakes
Community
Development
District
,
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
6/15/43
.........
395,000
407,275
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
6/15/53
.........
1,065,000
1,097,350
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............
480,000
487,897
Sawgrass
Village
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
515,000
523,041
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)
Sawgrass
Village
Community
Development
District,
(continued)
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
$
1,500,000
$
1,547,801
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,595,000
1,643,129
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.125
%
,
11/01/43
.............
1,000,000
1,066,447
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.375
%
,
11/01/53
.............
1,000,000
1,066,448
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2024
,
4.7
%
,
5/01/31
...........
260,000
262,543
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2024
,
5.55
%
,
5/01/44
..........
700,000
715,552
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
5/01/54
.........
1,180,000
1,207,325
Sawyers
Landing
Community
Development
District
,
Special
Assessment
,
2021
,
3.75
%
,
5/01/31
..............................
1,400,000
1,350,343
Special
Assessment
,
2021
,
4.125
%
,
5/01/41
.............................
2,055,000
1,863,769
Scenic
Highway
Community
Development
District
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
..............................
470,000
458,613
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
1,230,000
1,139,513
Scenic
Terrace
North
Community
Development
District
,
2023
Assessment
Area
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/43
...........
2,155,000
2,247,036
2023
Assessment
Area
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/54
...........
1,875,000
1,964,553
Scenic
Terrace
South
Community
Development
District
,
Special
Assessment
,
2022
,
3.75
%
,
5/01/27
..............................
295,000
293,106
Special
Assessment
,
2022
,
4.125
%
,
5/01/32
.............................
585,000
581,677
Seagrove
Community
Development
District
,
Special
Assessment
,
2024
,
5.2
%
,
6/15/54
390,000
391,869
c
Seaton
Creek
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
6/15/53
................................
980,000
1,015,063
Sebastian
Isles
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
4.25
%
,
5/01/31
...................
250,000
250,743
Assessments
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
......................
500,000
503,275
Sedona
Point
Community
Development
District
,
Special
Assessment
,
2023
,
4.125
%
,
6/15/30
.............................
65,000
65,648
Special
Assessment
,
2023
,
5
%
,
6/15/43
.................................
705,000
726,261
c
Seminole
County
Industrial
Development
Authority
,
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/36
.....
310,000
299,962
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/41
.....
425,000
388,764
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/51
.....
830,000
710,931
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/56
.....
705,000
590,759
Seminole
Palms
Community
Development
District
,
Special
Assessment
,
2023
,
4.75
%
,
5/01/30
..............................
285,000
289,005
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
...............................
985,000
1,024,618
Special
Assessment
,
2023
,
5.7
%
,
5/01/53
...............................
995,000
1,031,932
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.2
%
,
5/01/44
...........
1,250,000
1,252,607
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
5/01/55
...........
1,750,000
1,754,704
Sherwood
Manor
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
1,695,000
1,771,491
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
1,570,000
1,631,185
Shingle
Creek
at
Bronson
Community
Development
District
,
Special
Assessment
,
2021
,
3.1
%
,
6/15/31
...............................
375,000
362,887
Special
Assessment
,
2021
,
3.5
%
,
6/15/41
...............................
1,000,000
914,848
Silver
Oaks
Community
Development
District
,
Special
Assessment
,
2024
,
5.55
%
,
5/01/44
..............................
1,000,000
1,028,079
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
..............................
1,490,000
1,530,186
Silver
Palms
West
Community
Development
District
,
Special
Assessment
,
2022
,
2.6
%
,
6/15/27
...............................
250,000
241,285
Special
Assessment
,
2022
,
3
%
,
6/15/32
.................................
765,000
709,967
Special
Assessment
,
2022
,
3.25
%
,
6/15/42
..............................
1,750,000
1,526,721
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)
Silverlake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
$
245,000
$
254,927
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
................
985,000
1,023,630
Six
Mile
Creek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
3.125
%
,
11/01/25
....
75,000
74,585
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
3.625
%
,
11/01/31
....
495,000
493,242
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
4.125
%
,
11/01/40
....
1,370,000
1,344,583
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
4.25
%
,
11/01/50
.....
2,280,000
2,129,931
Assessment
Area
2
,
Special
Assessment
,
2021
,
Refunding
,
2.5
%
,
5/01/26
.......
120,000
117,354
Assessment
Area
2
,
Special
Assessment
,
2021
,
Refunding
,
3.1
%
,
5/01/31
.......
250,000
234,417
Assessment
Area
2
,
Special
Assessment
,
2021
,
Refunding
,
3.4
%
,
5/01/41
.......
750,000
633,933
Assessment
Area
3
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
145,000
142,295
Assessment
Area
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
520,000
485,249
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
................
805,000
680,422
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
................
1,580,000
1,352,259
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
4.75
%
,
5/01/30
...........
495,000
502,566
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
5.5
%
,
5/01/43
...........
1,200,000
1,251,626
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
5.7
%
,
5/01/54
...........
1,500,000
1,559,836
Project
Area
,
Special
Assessment
,
2024
,
4.3
%
,
5/01/31
.....................
225,000
224,878
Solaeris
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/31
................
175,000
177,584
Assessment
Area
1
,
Special
Assessment
,
2024
,
6
%
,
5/01/44
.................
1,000,000
1,043,957
Assessment
Area
1
,
Special
Assessment
,
2024
,
6.25
%
,
5/01/55
...............
2,535,000
2,632,674
c
Somerset
Bay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/44
.........
920,000
936,913
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.9
%
,
5/01/54
...........
1,075,000
1,093,719
Somerset
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
Refunding
,
4
%
,
5/01/32
.............
750,000
735,822
Assessments
,
Special
Assessment
,
2022
,
Refunding
,
4.2
%
,
5/01/37
...........
1,000,000
962,454
Sorrento
Pines
Community
Development
District
,
Assessment
Area
1
,
Revenue
,
2023
,
5.25
%
,
5/01/43
.......................
445,000
461,829
Assessment
Area
1
,
Revenue
,
2023
,
5.5
%
,
5/01/53
........................
500,000
519,609
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.875
%
,
6/15/31
..............
175,000
165,902
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
6/15/41
...............
500,000
421,910
Southern
Groves
Community
Development
District
No.
5
,
Assessment
Area
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
.................
215,000
210,829
Assessment
Area
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
.................
400,000
378,786
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
...............
1,100,000
965,529
Assessment
Area
,
Special
Assessment
,
2022-1
,
6
%
,
5/01/49
.................
1,210,000
1,291,395
Assessment
Area
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
................
900,000
946,276
Assessment
Area
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/50
.................
1,030,000
1,090,304
Stellar
North
Community
Development
District
,
Special
Assessment
,
2021
,
2.45
%
,
5/01/26
..............................
75,000
73,295
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
235,000
217,921
Special
Assessment
,
2021
,
3.2
%
,
5/01/41
...............................
820,000
667,494
c
Stillwater
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
6/15/26
.........................
150,000
146,276
Special
Assessment
,
144A,
2021
,
3
%
,
6/15/31
............................
325,000
301,512
Special
Assessment
,
144A,
2021
,
3.5
%
,
6/15/41
..........................
1,290,000
1,101,107
Stonegate
Preserve
Community
Development
District
,
Special
Assessment
,
2023
,
5.875
%
,
12/15/43
.............................
700,000
756,031
Special
Assessment
,
2023
,
6.125
%
,
12/15/53
.............................
1,250,000
1,357,427
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
85
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
c
Stonewater
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2021
,
3
%
,
11/01/32
................
$
250,000
$
228,071
Assessments
,
Special
Assessment
,
144A,
2021
,
3.3
%
,
11/01/41
..............
635,000
528,762
Stoneybrook
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
Refunding
,
6.375
%
,
11/01/52
..........................
1,550,000
1,728,676
Stoneybrook
South
at
Championsgate
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
4.5
%
,
6/15/30
.................
95,000
97,546
Assessment
Area
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/43
...............
395,000
420,700
Assessment
Area
,
Special
Assessment
,
2023
,
5.5
%
,
6/15/53
.................
390,000
413,468
c
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3
%
,
12/15/30
....
500,000
485,072
c
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
12/15/40
...
1,000,000
929,980
c
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
12/15/50
..
1,500,000
1,315,489
Storey
Creek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
5
%
,
6/15/32
.................
240,000
252,131
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.2
%
,
6/15/42
................
625,000
641,426
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.375
%
,
6/15/52
..............
1,000,000
1,028,076
Assessment
Area
3
,
Special
Assessment
,
2024
,
4.45
%
,
6/15/31
...............
265,000
269,652
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............
655,000
678,634
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.5
%
,
6/15/54
................
815,000
850,403
Storey
Drive
Community
Development
District
,
Special
Assessment
,
2022
,
2.55
%
,
6/15/27
..............................
125,000
120,523
Special
Assessment
,
2022
,
3
%
,
6/15/32
.................................
375,000
342,876
Special
Assessment
,
2022
,
3.25
%
,
6/15/42
..............................
900,000
733,069
c
Storey
Park
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
6/15/31
.........
230,000
220,384
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
3.3
%
,
6/15/41
...........
620,000
560,852
Summer
Woods
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
150,000
143,363
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
................
395,000
344,180
Assessment
Area
3
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
100,000
97,874
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.15
%
,
5/01/31
...............
200,000
187,494
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.45
%
,
5/01/41
...............
725,000
616,896
Summerstone
Community
Development
District
,
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
.............
165,000
162,259
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
.............
700,000
662,545
Assessment
Phase
1
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
................
910,000
829,575
c
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
5/01/31
........
175,000
166,668
c
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.15
%
,
5/01/41
........
700,000
615,577
c
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
4
%
,
5/01/51
...........
1,750,000
1,595,337
Summit
View
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
1,025,000
1,044,509
Assessment
Area
2
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................
1,300,000
1,329,079
Sunbridge
Stewardship
District
,
Assessment
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5
%
,
5/01/32
........................................................
350,000
363,134
Assessment
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5.4
%
,
5/01/42
...................................................
920,000
955,772
Assessment
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
...................................................
1,725,000
1,784,902
Assessment
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
4.2
%
,
5/01/27
........................................................
245,000
245,642
Assessment
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
4.6
%
,
5/01/32
........................................................
460,000
468,055
Assessment
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
5.2
%
,
5/01/42
........................................................
1,000,000
1,026,364
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
86
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Tamarindo
Community
Development
District
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
$
185,000
$
171,825
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.............................
820,000
692,507
Tern
Bay
Community
Development
District
,
Special
Assessment
,
2022
,
3.4
%
,
6/15/32
...............................
1,650,000
1,564,313
Special
Assessment
,
2022
,
4
%
,
6/15/42
.................................
2,000,000
1,832,040
Three
Rivers
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
Refunding
,
5.75
%
,
5/01/53
......................................
2,800,000
2,892,952
Timber
Creek
Southwest
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.35
%
,
12/15/26
..............
245,000
237,398
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
12/15/31
................
750,000
693,433
Tohoqua
Community
Development
District
,
Phase
2
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/31
......................
215,000
204,359
Phase
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
......................
810,000
704,167
Tolomato
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
B
,
Refunding
,
3
%
,
5/01/32
........
1,500,000
1,401,032
Assessment
Area
,
Special
Assessment
,
2022
C
,
Refunding
,
3.2
%
,
5/01/32
.......
1,500,000
1,420,015
Assessment
Area
1
,
Special
Assessment
,
2022-1
,
3.3
%
,
5/01/32
..............
515,000
490,809
Assessment
Area
2
,
Special
Assessment
,
2022-2
,
3.3
%
,
5/01/32
..............
195,000
185,840
c
Towne
Park
Community
Development
District
,
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
........
410,000
395,006
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/40
........
1,075,000
977,924
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
...........
1,000,000
897,482
c
Towns
at
Woodsdale
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
11/01/43
.............
380,000
405,918
Assessments
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
11/01/53
.............
1,325,000
1,420,215
Tradition
Community
Development
District
No.
9
,
Assessments
,
Special
Assessment
,
2021
,
2.3
%
,
5/01/26
....................
200,000
195,582
Assessments
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
....................
445,000
406,859
c
Trevesta
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
235,000
229,631
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
5/01/40
..........
880,000
819,903
Triple
Creek
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
..................
250,000
230,916
Assessment
Area
,
Special
Assessment
,
2021
,
3.5
%
,
11/01/41
................
740,000
632,719
c
Villages
Q
&
R
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
11/01/26
.......................................................
75,000
72,644
c
Villages
Q
&
R
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
11/01/31
.......................................................
450,000
412,343
c
Villages
Q
&
R
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
11/01/41
.......................................................
1,190,000
965,863
Tuckers
Pointe
Community
Development
District
,
Master
Infrastructure
Project
,
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
.......
4,500,000
4,295,006
Phase
1
Project
,
Special
Assessment
,
2022
,
3
%
,
5/01/27
....................
195,000
190,201
Phase
1
Project
,
Special
Assessment
,
2022
,
3.375
%
,
5/01/32
................
565,000
531,794
Twisted
Oaks
Pointe
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
740,000
760,882
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
500,000
514,651
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/43
..............
500,000
523,982
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/54
..............
500,000
524,775
Assessment
Area
3
,
Special
Assessment
,
2024
,
4.8
%
,
5/01/31
................
345,000
348,912
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
1,000,000
1,024,166
Assessment
Area
3
,
Special
Assessment
,
2024
,
6
%
,
5/01/55
.................
1,400,000
1,438,400
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
87
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Two
Rivers
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
$
180,000
$
182,829
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
2,000,000
2,086,554
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
..............
3,465,000
3,589,140
Two
Rivers
North
Community
Development
District
,
Special
Assessment
,
2022
,
4.625
%
,
5/01/27
.............................
60,000
60,274
Special
Assessment
,
2022
,
4.875
%
,
5/01/32
.............................
380,000
388,499
Two
Rivers
West
Community
Development
District
,
Special
Assessment
,
2022
,
6
%
,
5/01/43
.................................
1,055,000
1,113,342
Special
Assessment
,
2022
,
6.25
%
,
5/01/53
..............................
1,465,000
1,547,011
Special
Assessment
,
2023
,
6
%
,
11/01/43
................................
1,555,000
1,639,468
Special
Assessment
,
2023
,
6.125
%
,
11/01/53
.............................
2,145,000
2,250,660
c
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/44
.........................
405,000
412,122
c
Union
Park
East
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
144A,
2021
,
2.95
%
,
5/01/31
..........
60,000
55,628
Assessment
Area
3
,
Special
Assessment
,
144A,
2021
,
3.35
%
,
5/01/41
..........
160,000
133,850
Varrea
South
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
...............
1,075,000
1,110,177
Assessment
Area
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/53
.................
1,320,000
1,366,843
V-Dana
Community
Development
District
,
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
5/01/31
...........
375,000
364,475
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
............
1,775,000
1,665,917
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
400,000
378,644
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
1,250,000
1,112,954
Assessment
Area
2
,
Special
Assessment
,
2023
,
4.3
%
,
5/01/30
................
875,000
885,685
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/43
...............
1,865,000
1,927,672
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/54
................
2,455,000
2,529,852
Veranda
Community
Development
District
II
,
Assessment
Area
3
,
Special
Assessment
,
2024
,
Refunding
,
5.125
%
,
5/01/44
.....
1,685,000
1,733,771
Assessment
Area
3
,
Special
Assessment
,
2024
,
Refunding
,
5.375
%
,
5/01/54
.....
3,485,000
3,564,087
c
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
Refunding
,
2.5
%
,
5/01/26
..
95,000
92,980
c
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.1
%
,
5/01/31
..
275,000
256,757
c
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.6
%
,
5/01/41
..
555,000
481,646
c
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
2.5
%
,
5/01/26
..
50,000
48,937
c
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.1
%
,
5/01/31
..
65,000
60,688
c
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.6
%
,
5/01/41
..
275,000
238,653
Assessment
Area
5
Phase
2
,
Special
Assessment
,
2024
,
Refunding
,
5.375
%
,
5/01/44
........................................................
1,145,000
1,181,743
Assessment
Area
5
Phase
2
,
Special
Assessment
,
2024
,
Refunding
,
5.625
%
,
5/01/54
........................................................
500,000
512,641
Verano
No.
2
Community
Development
District
,
Pod
D
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
..........................
1,630,000
1,669,767
Pod
D
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
..........................
1,910,000
1,955,441
c
Pod
D
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/55
...................
195,000
197,251
Verano
No.
3
Community
Development
District
,
Phase
1
Assessment
Area
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.........
750,000
633,639
Phase
2
Assessment
Area
,
Special
Assessment
,
2022
,
6.45
%
,
11/01/42
.........
1,000,000
1,078,852
Phase
2
Assessment
Area
,
Special
Assessment
,
2022
,
6.625
%
,
11/01/52
........
1,475,000
1,592,494
Verano
No.
4
Community
Development
District
,
Astor
Creek
Phase
1
Assessment
Area
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
1,020,000
1,063,030
Astor
Creek
Phase
1
Assessment
Area
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
250,000
261,049
Viera
Stewardship
District
,
Assessments
,
Special
Assessment
,
2021
,
2.3
%
,
5/01/26
....................
400,000
390,353
Assessments
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
....................
800,000
730,807
Assessments
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
..................
1,750,000
1,424,830
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
88
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Viera
Stewardship
District,
(continued)
Assessments
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/54
....................
$
2,500,000
$
2,579,987
Village
Community
Development
District
No.
13
,
Phase
III
,
Special
Assessment
,
2021
,
2.85
%
,
5/01/36
.......................
1,645,000
1,444,265
Phase
III
,
Special
Assessment
,
2021
,
3
%
,
5/01/41
.........................
2,425,000
2,020,820
Phase
III
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/52
.......................
5,200,000
4,008,060
Village
Community
Development
District
No.
14
,
Phase
I
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/53
....................................................
11,520,000
12,039,592
Villages
of
Glen
Creek
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2022
,
Refunding
,
3.15
%
,
5/01/32
......
200,000
185,888
Assessment
Area
3
,
Special
Assessment
,
2022
,
Refunding
,
3.45
%
,
5/01/42
......
545,000
454,821
Assessment
Area
3
,
Special
Assessment
,
2022
,
Refunding
,
4
%
,
5/01/52
........
1,170,000
998,643
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
4.625
%
,
5/01/27
............
100,000
100,538
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
4.875
%
,
5/01/32
............
250,000
256,669
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
5.125
%
,
5/01/42
............
710,000
725,148
Villamar
Community
Development
District
,
Special
Assessment
,
2020
,
3.2
%
,
5/01/30
...............................
240,000
234,733
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
655,000
615,392
Assessment
Area
5
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
425,000
445,299
Assessment
Area
5
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,275,000
1,320,474
Assessment
Area
6
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
670,000
695,446
Assessment
Area
6
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
495,000
510,946
Phase
4
Project
,
Special
Assessment
,
2022
,
3.25
%
,
5/01/27
.................
110,000
108,083
Phase
4
Project
,
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
................
250,000
238,230
Phase
4
Project
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
....................
670,000
606,017
Waterford
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
315,000
327,780
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
................
610,000
637,701
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.375
%
,
5/01/31
..............
250,000
250,486
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/54
...............
790,000
793,220
Waterset
South
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
6.1
%
,
5/01/53
....................
665,000
703,732
Assessments
,
Special
Assessment
,
2024
,
5.65
%
,
5/01/54
...................
1,680,000
1,742,112
Wellness
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
1,410,000
1,459,733
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
1,340,000
1,389,617
West
Hillcrest
Community
Development
District
,
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
.........................................................
825,000
858,353
West
Port
Community
Development
District
,
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
..
100,000
97,751
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
...
570,000
529,486
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
..
1,470,000
1,233,576
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/31
..........
410,000
385,755
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/41
.........
1,085,000
936,286
West
Villages
Improvement
District
,
Unit
of
Development
No.
10
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
........................................................
580,000
584,964
Unit
of
Development
No.
10
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/44
........................................................
945,000
964,193
Unit
of
Development
No.
10
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/54
........................................................
995,000
1,011,300
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
..........
105,000
102,716
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
........
200,000
186,853
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
..........
800,000
681,689
Unit
of
Development
No.
7
,
Special
Assessment
,
2023
,
6
%
,
5/01/43
............
245,000
263,205
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)
Florida
(continued)
West
Villages
Improvement
District,
(continued)
Unit
of
Development
No.
7
,
Special
Assessment
,
2023
,
6.25
%
,
5/01/54
.........
$
585,000
$
628,447
Unit
of
Development
No.
8
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
..........
80,000
78,264
Unit
of
Development
No.
8
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
........
525,000
489,090
Unit
of
Development
No.
8
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/53
..........
1,905,000
1,979,852
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
4.625
%
,
5/01/30
........
240,000
243,976
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
........
1,500,000
1,566,452
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
........
2,005,000
2,094,645
Westside
Haines
City
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
130,000
127,245
Assessment
Area
1
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
350,000
324,361
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
...............
1,000,000
824,037
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.875
%
,
5/01/31
..............
460,000
465,533
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/44
...............
1,575,000
1,617,674
Assessment
Area
2
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................
2,205,000
2,272,055
Westview
North
Community
Development
District
,
Special
Assessment
,
2022
,
5.75
%
,
6/15/42
..............................
1,000,000
1,059,980
Special
Assessment
,
2022
,
6
%
,
6/15/52
.................................
1,250,000
1,324,924
Westview
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/28
..............
435,000
439,168
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
1,870,000
1,925,406
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
................
3,245,000
3,340,265
Assessment
Area
2
,
Special
Assessment
,
2023
,
4.75
%
,
5/01/28
...............
185,000
186,521
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
1,245,000
1,281,859
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
995,000
1,029,641
Westwood
of
Pasco
Community
Development
District
,
Assessments
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
....................
500,000
518,093
Assessments
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..................
145,000
150,048
Whispering
Pines
Community
Development
District
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
.............................
500,000
523,210
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
...............................
930,000
966,543
Willowbrook
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
630,000
641,885
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.9
%
,
5/01/55
................
820,000
834,379
Willows
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.7
%
,
5/01/29
................
285,000
289,866
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/42
..............
1,440,000
1,515,111
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
...............
1,200,000
1,260,113
Wind
Meadows
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
................
115,000
112,429
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
250,000
231,211
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
940,000
788,236
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
920,000
954,291
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
980,000
1,017,852
c
Winding
Oaks
Community
Development
District
,
Special
Assessment
,
144A,
2024
,
5.4
%
,
5/01/44
..........................
315,000
319,379
Special
Assessment
,
144A,
2024
,
5.7
%
,
5/01/55
..........................
1,125,000
1,139,508
Windsor
Cay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
1,000,000
1,051,433
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
765,000
812,051
Windward
Community
Development
District
,
Special
Assessment
,
2020
A-1
,
3.65
%
,
5/01/30
.........................................................
130,000
126,101
Wiregrass
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
3.125
%
,
5/01/30
..............
645,000
609,540
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)
Florida
(continued)
Wiregrass
II
Community
Development
District,
(continued)
Assessment
Area
1
,
Special
Assessment
,
2020
,
3.7
%
,
5/01/40
................
$
1,680,000
$
1,488,338
Zephyr
Lakes
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
90,000
88,087
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
150,000
139,019
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
660,000
551,331
Assessment
Area
2
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................
935,000
793,771
878,103,934
Georgia
0.9%
c
Development
Authority
of
Cobb
County
(The)
,
Presbyterian
Village
Austell,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
12/01/39
1,825,000
1,622,958
Presbyterian
Village
Austell,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
12/01/49
10,760,000
8,767,374
c
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
B
,
4.5
%
,
12/01/36
................................
10,835,000
9,716,180
Forsyth
County
Hospital
Authority
,
Georgia
Baptist
Healthcare
System
Obligated
Group
,
Revenue
,
1998
,
ETM,
6.375
%
,
10/01/28
...........................
3,800,000
4,114,108
c
George
L
Smith
II
Congress
Center
Authority
,
Signia
Hotel
Management
LLC
,
Revenue,
Second
Tier
,
144A,
2021
B
,
5
%
,
1/01/36
2,500,000
2,537,781
Signia
Hotel
Management
LLC
,
Revenue,
Second
Tier
,
144A,
2021
B
,
5
%
,
1/01/54
7,500,000
7,375,590
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2007
A
,
5.5
%
,
9/15/27
......................................
4,000,000
4,212,636
Revenue
,
2007
A
,
5.5
%
,
9/15/28
......................................
5,000,000
5,336,754
43,683,381
Idaho
0.3%
Idaho
Housing
&
Finance
Association
,
Revenue
,
2010
A
,
7
%
,
2/01/36
............
13,305,000
13,330,532
Illinois
2.1%
Illinois
Finance
Authority
,
c
DePaul
College
Prep
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.5
%
,
8/01/43
........
500,000
543,363
c
DePaul
College
Prep
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.625
%
,
8/01/53
......
2,055,000
2,203,523
c
McKinley
Foundation
at
University
of
Illinois
(The)
,
Revenue
,
144A,
2021
A
,
Refunding
,
5.125
%
,
11/01/55
.......................................
13,560,000
11,937,600
c
McKinley
Foundation
at
University
of
Illinois
(The)
,
Revenue
,
144A,
2021
B
,
7
%
,
11/01/37
.......................................................
3,505,000
3,476,594
Plymouth
Place
Obligated
Group
,
Revenue
,
2022
A
,
6.75
%
,
5/15/58
...........
3,000,000
3,249,815
Westminster
Village,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
5/01/48
........................................................
10,000,000
9,647,049
Westminster
Village,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.5
%
,
5/01/53
........................................................
10,810,000
10,611,341
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
1996
,
ETM,
7
%
,
7/01/26
.....................................
2,080,000
2,161,984
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2010
B-1
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
6/15/45
..........................
18,100,000
7,723,010
State
of
Illinois
,
GO
,
2022
C
,
5.5
%
,
10/01/44
...............................
4,645,000
5,127,392
c
Upper
Illinois
River
Valley
Development
Authority
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
62,345,000
39,564,268
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
B
,
Refunding
,
Zero
Cpn.,
12/01/35
..................................................
12,135,000
6,603,670
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
91
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
c
Village
of
Lincolnwood
,
North
Lincoln
Redevelopment
Project
Area
,
COP
,
144A,
2021
A
,
4.82
%
,
1/01/41
.................................................
$
1,535,000
$
1,514,712
Village
of
Villa
Park
,
Garden
Station
Redevelopment
Area
,
Tax
Allocation
,
2021
,
Zero
Cpn.,
12/31/38
....................................................
1,815,000
1,508,314
105,872,635
Indiana
0.5%
c
City
of
Anderson
,
Sweet
Galilee
at
the
Wigwam
LLC
,
Revenue
,
144A,
2020
A
,
5.375
%
,
1/01/40
.........................................................
2,740,000
2,417,515
c
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
A
,
5
%
,
8/01/41
..
4,465,000
3,887,669
c
City
of
Jeffersonville
,
Vivera
Senior
Living
of
Columbus
LLC
,
Revenue
,
144A,
2020
A
,
5.25
%
,
11/01/40
...................................................
4,500,000
3,996,084
c
City
of
Valparaiso
,
Green
Oaks
of
Valparaiso
LLC
,
Revenue
,
144A,
2021
,
5.375
%
,
12/01/41
........................................................
4,650,000
3,922,051
Indiana
Finance
Authority
,
SFP-PUFW
I
LLC
,
Revenue
,
2024
C
,
5.75
%
,
7/01/64
.......................
1,730,000
1,708,638
University
of
Evansville
,
Revenue
,
2022
B
,
7
%
,
9/01/32
.....................
3,765,000
3,634,568
c
Indiana
Housing
&
Community
Development
Authority
,
Vita
of
Marion
LLC
,
Revenue
,
144A,
2021
A
,
5.25
%
,
4/01/41
........................................
4,750,000
4,236,489
23,803,014
Iowa
0.2%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
5/15/48
....
2,090,000
2,064,358
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
1,000,000
1,130,577
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.25
%
,
5/15/38
........................................................
1,500,000
1,717,777
Northcrest
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
3/01/48
..................
7,500,000
7,468,781
12,381,493
Kansas
0.0%
†
Wyandotte
County-Kansas
City
Unified
Government
,
Revenue
,
2018
,
4.5
%
,
6/01/40
.
1,335,000
1,337,211
Kentucky
0.4%
Kentucky
Public
Transportation
Infrastructure
Authority
,
Revenue,
First
Tier
,
2013
C
,
6.6
%
,
7/01/39
...............................
10,000,000
11,761,670
Revenue,
First
Tier
,
2013
C
,
6.75
%
,
7/01/43
..............................
5,000,000
5,876,461
17,638,131
Louisiana
1.3%
Juban
Trails
Community
Development
District
,
Special
Assessment
,
2022
,
3.375
%
,
6/01/27
.............................
15,000
14,621
Special
Assessment
,
2022
,
4.25
%
,
6/01/51
..............................
1,235,000
1,096,187
Lakeshore
Villages
Master
Community
Development
District
,
Special
Assessment
,
2021
,
2.375
%
,
6/01/26
.............................
190,000
184,670
Special
Assessment
,
2021
,
2.875
%
,
6/01/31
.............................
695,000
626,987
Special
Assessment
,
2021
,
3.2
%
,
6/01/41
...............................
2,730,000
2,259,471
Special
Assessment
,
2021
,
4
%
,
6/01/51
.................................
2,035,000
1,711,175
Special
Assessment
,
2022
,
5.375
%
,
6/01/42
.............................
730,000
750,099
Special
Assessment
,
2022
,
5.5
%
,
6/01/52
...............................
1,425,000
1,465,562
c
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
GOMESA
,
Revenue
,
144A,
2018
,
5.375
%
,
11/01/38
........................
1,525,000
1,606,430
Parish
of
Lafourche
,
Revenue
,
144A,
2019
,
3.95
%
,
11/01/43
.................
1,711,581
1,636,660
Parish
of
St.
Martin
,
Revenue
,
144A,
2019
,
4.4
%
,
11/01/44
...................
5,105,000
5,143,165
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)
Louisiana
(continued)
c
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority,
(continued)
Parish
of
Vermilion
,
Revenue
,
144A,
2019
,
4.625
%
,
11/01/38
.................
$
1,455,000
$
1,493,434
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
5,000,000
5,037,915
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
B
,
Refunding
,
Zero
Cpn.,
12/01/35
..................................................
12,800,000
6,965,552
Terrebonne
Parish
Consolidated
Government
,
Revenue
,
144A,
2018
,
5.5
%
,
11/01/39
1,190,000
1,251,831
c
Louisiana
Public
Facilities
Authority
,
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.375
%
,
1/01/40
5,000,000
4,783,213
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
4,500,000
4,138,990
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-2
,
7
%
,
1/01/57
...
10,000,000
8,997,185
Parish
of
Beauregard
,
OfficeMax,
Inc.
,
Revenue
,
2002
,
Refunding
,
6.8
%
,
2/01/27
...
13,990,000
14,019,457
St.
Tammany
Parish
Finance
Authority
,
Christwood
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5.25
%
,
11/15/29
.......
1,200,000
1,200,450
Christwood
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5.25
%
,
11/15/37
.......
1,650,000
1,646,882
66,029,936
Maryland
0.2%
County
of
Frederick
,
Oakdale-Lake
Linganore
Development
District
,
Special
Tax
,
2019
,
Refunding
,
3.25
%
,
7/01/29
........................................................
750,000
723,883
Oakdale-Lake
Linganore
Development
District
,
Special
Tax
,
2019
,
Refunding
,
3.75
%
,
7/01/39
........................................................
1,410,000
1,297,708
Urbana
Community
Development
Authority
,
Special
Tax
,
2020
B
,
Refunding
,
4
%
,
7/01/40
........................................................
315,000
305,463
c
Town
of
La
Plata
,
Heritage
Green
Special
Taxing
District
,
Special
Tax
,
144A,
2023
A
,
6.5
%
,
2/15/53
....................................................
8,500,000
8,770,611
11,097,665
Massachusetts
0.0%
†
c
Massachusetts
Development
Finance
Agency
,
CHF
Merrimack,
Inc.
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/54
..................
1,200,000
1,225,610
CHF
Merrimack,
Inc.
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/60
..................
1,100,000
1,115,023
2,340,633
Michigan
0.4%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2006
B
,
NATL
Insured
,
5
%
,
7/01/36
..........................
15,000
15,022
City
of
Ecorse
,
GO
,
2011
,
6.5
%
,
11/01/35
.................................
1,115,000
1,117,180
Kalamazoo
Economic
Development
Corp.
,
c
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/31
....................................................
700,000
689,772
c
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/51
....................................................
3,015,000
2,538,573
Heritage
Community
of
Kalamazoo
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/43
1,120,000
1,093,597
Heritage
Community
of
Kalamazoo
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/55
8,860,000
8,171,859
c
Michigan
Finance
Authority
,
Revenue
,
144A,
2014
,
6.75
%
,
7/01/44
..............
1,695,000
1,678,707
c
Michigan
Strategic
Fund
,
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/31
....................................................
570,000
561,672
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/41
....................................................
895,000
814,518
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/51
....................................................
1,380,000
1,161,934
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
93
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Tobacco
Settlement
Finance
Authority
,
Michigan
Finance
Authority
Tobacco
Settlement
,
Revenue
,
2007
B
,
Zero
Cpn.,
6/01/52
.........................
$
26,990,000
$
3,592,520
21,435,354
Minnesota
0.1%
City
of
Minneapolis
,
Ecumen
Mill
City
Quarter
LLC
,
Revenue
,
2015
,
5.25
%
,
11/01/45
..............
2,800,000
2,679,986
Ecumen
Mill
City
Quarter
LLC
,
Revenue
,
2015
,
5.375
%
,
11/01/50
..............
1,000,000
965,398
c
Scott
County
Community
Development
Agency
,
Spero
BP
Senior
LLC
,
Revenue
,
144A,
2022
B
,
6.25
%
,
8/01/37
.............................................
590,000
590,977
4,236,361
Mississippi
0.4%
c
Mississippi
Development
Bank
,
Magnolia
Regional
Health
Center
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/34
900,000
829,049
Magnolia
Regional
Health
Center
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/36
850,000
761,655
c
Mississippi
Home
Corp.
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024-2
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..............................................
14,500,000
9,201,730
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024-2
B
,
Refunding
,
Zero
Cpn.,
12/01/35
..................................................
12,850,000
6,992,762
17,785,196
Missouri
0.3%
Cape
Girardeau
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2016
A
,
Refunding
,
6
%
,
3/01/33
.......................................
3,580,000
3,656,496
City
of
Maryland
Heights
,
Westport
Plaza
Redevelopment
Area
,
Tax
Allocation
,
2020
,
4.125
%
,
11/01/38
..................................................
2,500,000
2,457,037
Kirkwood
Industrial
Development
Authority
,
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/42
...................................
1,000,000
947,451
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/50
...................................
3,500,000
3,138,593
Stoddard
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2016
B
,
Refunding
,
6
%
,
3/01/37
.............................................
3,450,000
3,525,833
13,725,410
Nevada
1.0%
City
of
Henderson
,
Local
Improvement
District
No.
T-16
,
Special
Assessment
,
2005
,
5.125
%
,
3/01/25
.
255,000
254,598
Local
Improvement
District
No.
T-18
,
Special
Assessment
,
2016
,
Refunding
,
4
%
,
9/01/32
........................................................
1,675,000
1,628,129
City
of
Las
Vegas
,
Special
Improvement
District
No.
610
,
Special
Assessment
,
2018
,
5
%
,
6/01/48
....
7,280,000
7,380,093
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/33
....
180,000
173,364
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/34
....
185,000
176,867
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/35
....
185,000
175,326
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/40
....
440,000
404,434
Special
Improvement
District
No.
612
Skye
Hills
,
Special
Assessment
,
2020
,
3.5
%
,
6/01/35
........................................................
200,000
181,459
Special
Improvement
District
No.
612
Skye
Hills
,
Special
Assessment
,
2020
,
4
%
,
6/01/50
........................................................
965,000
817,685
Special
Improvement
District
No.
812
,
Special
Assessment
,
2015
,
5
%
,
12/01/30
...
1,495,000
1,514,992
Special
Improvement
District
No.
812
,
Special
Assessment
,
2015
,
5
%
,
12/01/35
...
945,000
955,932
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/39
....
425,000
406,950
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)
Nevada
(continued)
City
of
Las
Vegas,
(continued)
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/44
....
$
690,000
$
630,366
Special
Improvement
District
No.
815
,
Special
Assessment
,
2020
,
4.75
%
,
12/01/40
965,000
965,264
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
2.75
%
,
6/01/33
.
520,000
456,411
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
2.75
%
,
6/01/36
.
820,000
681,472
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3
%
,
6/01/41
....
635,000
507,956
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3.125
%
,
6/01/51
1,410,000
1,035,493
c
City
of
North
Las
Vegas
,
Special
Improvement
District
No.
66
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
6/01/47
........................................................
1,585,000
1,618,374
Special
Improvement
District
No.
66
,
Special
Assessment
,
144A,
2022
,
6
%
,
6/01/52
1,785,000
1,843,724
c
City
of
Reno
,
Sales
Tax
,
Revenue
,
144A,
2018
C
,
Refunding
,
Zero
Cpn.,
7/01/58
....
12,500,000
1,906,375
County
of
Clark
,
Special
Improvement
District
No.
128
,
Special
Assessment
,
2001-2007
,
5
%
,
2/01/26
535,000
536,154
Special
Improvement
District
No.
128
,
Special
Assessment
,
2001-2007
,
5.05
%
,
2/01/31
........................................................
980,000
982,114
Special
Improvement
District
No.
159
,
Special
Assessment
,
2015
,
5
%
,
8/01/35
....
1,975,000
1,990,221
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
266,990
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
3.5
%
,
9/01/45
..............................
745,000
599,484
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
4
%
,
9/01/51
...............................
495,000
434,565
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5
%
,
3/01/38
.....
775,000
792,063
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5
%
,
3/01/43
.....
995,000
1,000,225
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5.25
%
,
3/01/48
..
995,000
1,006,081
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5.25
%
,
3/01/53
..
300,000
302,110
State
of
Nevada
Department
of
Business
&
Industry
,
g
Desertxpress
Enterprises
LLC
,
Revenue
,
2020
A-4
,
Mandatory
Put
,
8.125
%
,
8/15/25
13,150,000
13,550,633
c,d
Fulcrum
Sierra
Biofuels
LLC
,
Revenue
,
144A,
2017
,
5.875
%
,
12/15/27
..........
7,864,041
2,296,300
c,d
Fulcrum
Sierra
Biofuels
LLC
,
Revenue
,
144A,
2017
,
6.25
%
,
12/15/37
...........
8,654,121
2,527,004
49,999,208
New
Hampshire
0.2%
New
Hampshire
Business
Finance
Authority
,
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
3.75
%
,
8/15/30
...............
100,000
98,272
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.125
%
,
8/15/40
..............
2,545,000
2,364,869
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.25
%
,
8/15/46
...............
2,860,000
2,588,260
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.5
%
,
8/15/55
................
5,940,000
5,322,021
10,373,422
New
Jersey
1.3%
New
Jersey
Economic
Development
Authority
,
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..........
2,200,000
2,200,768
United
Airlines,
Inc.
,
Revenue
,
2003
,
5.5
%
,
6/01/33
........................
8,480,000
8,536,957
c,d
White
Horse
HMT
Urban
Renewal
LLC
,
Revenue
,
144A,
2020
,
5
%
,
1/01/40
......
3,000,000
2,014,323
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2008
A
,
Zero
Cpn.,
12/15/38
..............................................
46,750,000
27,559,910
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
6/01/46
.............................
7,000,000
7,211,499
Revenue
,
2018
B
,
Refunding
,
5
%
,
6/01/46
...............................
16,000,000
16,080,515
63,603,972
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
95
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Mexico
0.0%
†
Lower
Petroglyphs
Public
Improvement
District
,
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/33
..............................
$
500,000
$
500,594
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/38
..............................
450,000
450,219
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/48
..............................
1,205,000
1,207,084
2,157,897
New
York
3.1%
Metropolitan
Transportation
Authority
,
Revenue
,
2016
A-1
,
5.25
%
,
11/15/56
...................................
4,765,000
4,816,612
Revenue
,
2020
C-1
,
4.75
%
,
11/15/45
...................................
13,220,000
13,681,098
Revenue
,
2020
C-1
,
5
%
,
11/15/50
.....................................
10,000,000
10,404,466
Revenue
,
2020
C-1
,
5.25
%
,
11/15/55
...................................
29,500,000
31,039,157
Revenue
,
2020
D
,
4
%
,
11/15/50
.......................................
11,500,000
11,240,236
New
York
Liberty
Development
Corp.
,
c
3
World
Trade
Center
LLC
,
Revenue
,
144A,
2014
,
2
,
Refunding
,
5.375
%
,
11/15/40
.
7,500,000
7,505,973
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2005
,
Refunding
,
5.25
%
,
10/01/35
..
23,000,000
26,855,198
New
York
Transportation
Development
Corp.
,
American
Airlines,
Inc.
,
Revenue
,
2020
,
Refunding
,
5.375
%
,
8/01/36
...........
5,000,000
5,274,663
Laguardia
Gateway
Partners
LLC
,
Revenue
,
2016
A
,
5
%
,
7/01/46
.............
13,505,000
13,505,236
c
Rockland
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
144A,
2005
A
,
Zero
Cpn.,
8/15/45
.........................................................
56,000,000
16,890,227
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
5.75
%
,
12/01/44
......................................
5,000,000
5,224,810
Revenue
,
2024
,
6
%
,
12/01/53
........................................
7,175,000
7,531,927
153,969,603
North
Dakota
0.1%
County
of
Burleigh
,
University
of
Mary
,
Revenue
,
2016
,
5.1
%
,
4/15/36
.........................
3,550,000
3,567,485
University
of
Mary
,
Revenue
,
2016
,
5.2
%
,
4/15/46
.........................
3,130,000
3,113,815
a
,c
,d
County
of
Grand
Forks
,
Red
River
Biorefinery
LLC
,
Revenue
,
144A,
2021
A
,
6.625
%
,
12/15/31
..........
2,875,000
—
Red
River
Biorefinery
LLC
,
Revenue
,
144A,
2021
A
,
7
%
,
12/15/43
.............
14,000,000
—
6,681,300
Ohio
2.9%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
B-2
,
2
,
Refunding
,
5
%
,
6/01/55
.............................................
18,360,000
16,837,139
City
of
Centerville
,
Graceworks
Lutheran
Services
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/01/50
..........................................
5,000,000
4,794,892
Cleveland-Cuyahoga
County
Port
Authority
,
c
Flats
East
Bank
TIF
District
,
Tax
Allocation
,
144A,
2021
B
,
Refunding
,
4.5
%
,
12/01/55
1,500,000
1,330,817
c
Flats
East
Bank
TIF
District
,
Tax
Allocation,
Senior
Lien
,
144A,
2021
A
,
Refunding
,
4
%
,
12/01/55
...................................................
1,150,000
981,023
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5.25
%
,
12/01/38
.....
700,000
722,109
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5.5
%
,
12/01/43
......
700,000
719,063
County
of
Fairfield
,
Fairfield
Medical
Center
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/15/43
.............................................
10,000,000
9,130,221
County
of
Franklin
,
Wesley
Communities
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5.25
%
,
11/15/40
2,910,000
2,970,994
Wesley
Communities
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5.25
%
,
11/15/55
8,800,000
8,680,450
County
of
Washington
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.625
%
,
12/01/42
................................................
10,000,000
11,195,211
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)
Ohio
(continued)
County
of
Washington,
(continued)
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.75
%
,
12/01/52
.......................................................
$
17,000,000
$
19,027,063
Ohio
Higher
Educational
Facility
Commission
,
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/42
...........
1,360,000
1,370,504
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/45
...........
1,205,000
1,205,616
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/50
...........
2,570,000
2,518,707
Ohio
Housing
Finance
Agency
,
Revenue
,
2023
C
,
8
%
,
8/01/34
........................................
1,000,000
1,038,980
c
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
C
,
8
%
,
9/01/39
..............
1,400,000
1,492,690
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
5.75
%
,
2/15/35
.........................................................
35,000,000
40,533,581
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/35
.......................................................
1,000,000
960,214
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/43
.......................................................
1,000,000
928,171
c
State
of
Ohio
,
Aultman
Health
Foundation
Obligated
Group
,
Revenue
,
144A,
2018
,
Refunding
,
5
%
,
12/01/38
.......................................................
5,000,000
5,002,047
Aultman
Health
Foundation
Obligated
Group
,
Revenue
,
144A,
2018
,
Refunding
,
5
%
,
12/01/48
.......................................................
15,195,000
14,666,890
146,106,382
Oklahoma
0.1%
Tulsa
County
Industrial
Authority
,
Montereau
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/15/37
.......
1,000,000
1,021,329
Montereau
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/15/45
.......
6,500,000
6,584,821
7,606,150
Oregon
0.3%
Clackamas
County
Hospital
Facility
Authority
,
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.125
%
,
11/15/40
.
500,000
506,195
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.25
%
,
11/15/50
..
1,250,000
1,254,706
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.375
%
,
11/15/55
.
1,500,000
1,506,649
Polk
County
Hospital
Facility
Authority
,
Dallas
Mennonite
Retirement
Community
Obligated
Group
,
Revenue
,
2020
A
,
5.125
%
,
7/01/55
.......................
3,500,000
3,449,321
Yamhill
County
Hospital
Authority
,
Friendsview
Manor
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/15/51
..
4,325,000
3,808,043
Friendsview
Manor
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/15/56
..
6,115,000
5,296,207
15,821,121
Pennsylvania
2.2%
c
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Center
City
Investment
Corp.
,
Revenue
,
144A,
2018
,
5.375
%
,
5/01/42
..........
5,000,000
5,047,509
Center
City
Investment
Corp.
,
Revenue
,
144A,
2022
,
5.25
%
,
5/01/42
...........
6,070,000
6,133,978
Berks
County
Municipal
Authority
(The)
,
Tower
Health
Obligated
Group
,
Revenue
,
2024
A-1
,
8
%
,
6/30/34
..............
2,083,000
2,162,064
Tower
Health
Obligated
Group
,
Revenue
,
2024
A-2
,
6
%
,
6/30/34
..............
1,045,000
1,133,288
Tower
Health
Obligated
Group
,
Revenue
,
2024
A-3
,
5
%
,
6/30/39
..............
13,996,000
13,938,828
Tower
Health
Obligated
Group
,
Revenue
,
2024
B-1
,
Zero
Cpn.,
6/30/44
.........
6,993,000
5,048,879
c
Chester
County
Industrial
Development
Authority
,
Borough
of
Phoenixville
Steelpointe
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4.75
%
,
3/01/50
..............................
4,215,000
3,739,052
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)
Pennsylvania
(continued)
c
Chester
County
Industrial
Development
Authority,
(continued)
Woodlands
at
Greystone
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2018
,
5
%
,
3/01/38
...........................................
$
225,000
$
225,489
Woodlands
at
Greystone
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2018
,
5.125
%
,
3/01/48
.......................................
900,000
887,087
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
......................................................
4,000,000
3,785,286
c
Erie
County
Industrial
Development
Authority
,
CFC
-
Erie
I
LLC
,
Revenue
,
144A,
2024
B
,
7.25
%
,
3/01/50
.................................................
4,495,000
4,223,186
Franklin
County
Industrial
Development
Authority
,
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/38
...
1,000,000
1,007,918
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/43
...
1,200,000
1,189,830
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/48
...
4,600,000
4,438,025
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/53
...
3,050,000
2,889,333
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/54
............
1,000,000
943,733
Lancaster
County
Hospital
Authority
,
Brethren
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.125
%
,
7/01/37
...
1,055,000
1,062,677
Brethren
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
7/01/41
....
3,580,000
3,596,105
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/31
............
665,000
645,550
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/51
............
2,385,000
1,967,437
Pennsylvania
Turnpike
Commission
,
Revenue
,
B-2
,
Zero
Cpn.,
12/01/37
....................................
20,000,000
19,747,352
Revenue
,
B-2
,
Zero
Cpn.,
12/01/40
....................................
25,075,000
24,528,139
Philadelphia
Authority
for
Industrial
Development
,
Evangelical
Services
for
the
Aging
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
7/01/49
......................
3,000,000
2,913,102
111,253,847
South
Carolina
1.4%
County
of
Dorchester
,
Summers
Corner
Improvement
District
,
Special
Assessment
,
2023
,
5.5
%
,
10/01/51
...............................................
2,110,000
2,128,005
c
Greenville
Housing
Authority
,
Revenue
,
144A,
2023
B
,
8.375
%
,
5/01/47
..........
10,600,000
10,690,739
South
Carolina
Jobs-Economic
Development
Authority
,
Beaufort
Memorial
Hospital
Obligated
Group
,
Revenue
,
2024
,
5.75
%
,
11/15/54
...
2,000,000
2,152,196
c
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
14,400,000
11,787,707
c
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
Zero
Cpn.,
6/01/52
25,550,000
19,750,091
c
FAH
Pelham
LLC
,
Revenue
,
144A,
2023
B
,
II
,
7.5
%
,
8/01/47
.................
9,565,000
9,803,563
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2017
,
5
%
,
4/01/52
........................................................
1,750,000
1,747,289
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
4/01/48
............................................
3,500,000
3,502,044
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
4/01/53
.........................................
11,000,000
11,051,796
72,613,430
South
Dakota
0.2%
City
of
Sioux
Falls
,
Dow
Rummel
Village
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/46
...............
7,110,000
6,677,348
Dow
Rummel
Village
,
Revenue
,
2017
,
5
%
,
11/01/42
........................
2,000,000
1,933,296
8,610,644
Tennessee
1.4%
c
Cleveland
Housing
Authority
,
Cleveland
Forward
Phase
One
LLC
,
Revenue
,
144A,
2022
B
,
6.25
%
,
4/01/41
....
1,000,000
1,019,297
Cleveland
Forward
Phase
Two
LLC
,
Revenue
,
144A,
2022
B
,
6.25
%
,
4/01/41
....
1,000,000
1,019,296
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)
Tennessee
(continued)
Johnson
City
Health
&
Educational
Facilities
Board
,
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
7/01/27
...................................................
$
19,365,000
$
17,620,978
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
7/01/28
...................................................
19,400,000
16,997,254
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
7/01/29
...................................................
19,365,000
16,301,641
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
7/01/30
...................................................
19,370,000
15,639,745
68,598,211
Texas
11.5%
c
Arlington
Higher
Education
Finance
Corp.
,
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2024
,
4.875
%
,
6/15/59
.................................
1,000,000
1,000,334
Cedar
Bayou
Navigation
District
,
Special
Assessment
,
2020
,
6
%
,
9/15/51
.........
7,500,000
6,378,629
Central
Texas
Regional
Mobility
Authority
,
Revenue
,
2010
,
Zero
Cpn.,
1/01/35
....................................
3,000,000
2,035,052
Revenue
,
2010
,
Zero
Cpn.,
1/01/37
....................................
2,500,000
1,524,194
Revenue
,
2010
,
Zero
Cpn.,
1/01/38
....................................
2,405,000
1,393,946
Revenue
,
2010
,
Zero
Cpn.,
1/01/39
....................................
2,545,000
1,390,422
c
City
of
Anna
,
Hurricane
Creek
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/01/42
..............................
972,000
1,032,089
Hurricane
Creek
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/01/52
................................
1,907,000
1,967,070
Meadow
Vista
Public
Improvement
District
Improvement
Area
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/15/44
.........................................
850,000
860,512
Sherley
Tract
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/31
..............................
300,000
279,799
Sherley
Tract
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/41
................................
867,000
790,196
Sherley
Tract
Public
Improvement
District
No.
2
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/15/31
...............................
101,000
97,180
Sherley
Tract
Public
Improvement
District
No.
2
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5
%
,
9/15/51
................................
503,000
502,442
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Area
1
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/15/43
.............................
751,000
784,727
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Area
1
,
Special
Assessment
,
144A,
2023
,
5.875
%
,
9/15/53
.............................
1,075,000
1,125,701
c
City
of
Aubrey
,
Aubrey
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2023
,
5.875
%
,
9/01/43
........................................................
1,075,000
1,107,303
Aubrey
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
........................................................
1,600,000
1,646,859
Jackson
Ridge
Public
Improvement
District
Phase
No.
3B
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/32
........................................
775,000
808,793
Jackson
Ridge
Public
Improvement
District
Phase
No.
3B
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/01/45
...........................................
1,803,000
1,930,502
c
City
of
Boyd
,
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/15/43
.......................................
690,000
704,438
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/15/53
.........................................
1,408,000
1,442,764
City
of
Celina
,
c
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/44
..........................
470,000
486,093
c
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/54
.........................
1,300,000
1,353,021
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
Celina,
(continued)
c
Chalk
Hill
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/43
..................................................
$
767,000
$
782,935
c
Chalk
Hill
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
........................................................
1,764,000
1,804,684
c
Creeks
of
Legacy
Public
Improvement
District
Phase
No.
3
,
Special
Assessment
,
144A,
2020
,
4.25
%
,
9/01/40
........................................
230,000
214,945
c
Cross
Creek
Meadows
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.5
%
,
9/01/30
.........................................
501,000
504,531
c
Cross
Creek
Meadows
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
9/01/43
.......................................
1,624,000
1,665,772
c
Cross
Creek
Meadows
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
.........................................
1,741,000
1,779,244
c
Cross
Creek
Meadows
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
5
%
,
9/01/30
..........................
350,000
352,648
c
Cross
Creek
Meadows
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/53
.......................
1,549,000
1,598,724
c
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/01/31
..................................................
175,000
173,655
c
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/01/41
..................................................
370,000
373,946
c
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
5.5
%
,
9/01/50
...................................................
500,000
508,163
c
Edgewood
Creek
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
4.25
%
,
9/01/41
........................................
500,000
465,293
c
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
2.75
%
,
9/01/27
........................................................
197,000
184,684
c
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.125
%
,
9/01/32
.................................................
231,000
200,928
c
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/42
.................................................
866,000
691,066
c,h
Mosaic
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
4.5
%
,
9/01/31
...................................................
500,000
502,655
c,h
Mosaic
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
.................................................
1,495,000
1,510,464
c,h
Mosaic
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...................................................
2,500,000
2,562,247
c
Mosaic
Public
Improvement
District
Phase
1
,
Special
Assessment
,
144A,
2023
,
4.375
%
,
9/01/30
.................................................
405,000
407,791
c
Mosaic
Public
Improvement
District
Phase
1
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
9/01/43
.................................................
1,225,000
1,249,822
c
Mosaic
Public
Improvement
District
Phase
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
...................................................
1,851,000
1,910,052
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
4.375
%
,
9/01/30
............................................
336,000
338,410
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
5.375
%
,
9/01/43
............................................
812,000
832,308
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
5.625
%
,
9/01/52
............................................
1,005,000
1,033,653
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
5.25
%
,
9/01/52
.............................................
100,000
101,174
c
North
Sky
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
4.875
%
,
9/01/30
.......................................
228,000
229,966
c
North
Sky
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/52
.......................................
999,000
1,025,492
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
(The)
Initial
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/26
..........
176,000
173,482
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
100
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Celina,
(continued)
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
(The)
Initial
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/31
...........
$
473,000
$
458,972
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
(The)
Initial
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.25
%
,
9/01/41
.........
2,015,000
1,881,710
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/26
..............................
114,000
110,760
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
..............................
150,000
139,486
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/41
...............................
1,205,000
1,039,859
c
Pravin
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
6.5
%
,
9/01/43
1,500,000
1,540,327
c
Pravin
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
6.75
%
,
9/01/53
2,000,000
2,057,772
c
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/27
........................................
227,000
216,365
c
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
3.625
%
,
9/01/32
.......................................
336,000
305,580
c
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/01/51
.......................................
1,033,000
899,540
c
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/01/50
.......................
1,787,000
1,564,579
c
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
2.875
%
,
9/01/27
.......................
68,000
64,598
c
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/32
........................
250,000
225,467
c
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/42
.........................
1,175,000
992,826
c
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/30
..............................
491,000
496,745
c
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/42
...............................
1,169,000
1,206,202
c
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/52
..............................
1,494,000
1,544,275
c
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/30
...............................
234,000
236,703
c
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.25
%
,
9/01/42
..............................
801,000
825,682
c
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.5
%
,
9/01/52
...............................
1,300,000
1,342,366
c
Wells
North
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
........................................................
425,000
372,986
c
Wells
North
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
498,000
427,047
c
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
........................................................
150,000
140,500
c
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/40
........................................................
350,000
320,427
c
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
965,000
827,511
c
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
..........................
158,000
142,668
c
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
.......................
379,000
318,863
c
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/01/42
.........................
490,000
510,187
c
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/01/52
.......................
1,314,000
1,360,671
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
101
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Corpus
Christi
,
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
5.375
%
,
9/15/31
..................................
$
350,000
$
353,768
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
6.125
%
,
9/15/44
..................................
1,150,000
1,172,959
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
6.5
%
,
9/15/54
....................................
2,000,000
2,046,901
c
City
of
Crandall
,
Cartwright
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/31
................................
409,000
405,462
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/15/31
..............................
161,000
162,270
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5
%
,
9/15/41
................................
1,144,000
1,144,403
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/15/51
..............................
750,000
753,036
River
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/32
...............................
528,000
553,304
River
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.............................
5,000,000
5,284,581
River
Ridge
Public
Improvement
District
Single-Family
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/32
.......................
232,000
245,426
River
Ridge
Public
Improvement
District
Single-Family
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.75
%
,
9/15/52
........................
1,750,000
1,873,769
c
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue
,
144A,
2022
B
,
Zero
Cpn.,
12/01/62
....................................................
173,330,000
12,492,084
c
City
of
Dayton
,
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Junior
Lien
,
144A,
2022
B
,
5.75
%
,
9/01/52
...................
1,424,000
1,411,440
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2022
A
,
4.875
%
,
9/01/32
..................
269,000
275,362
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2022
A
,
5.125
%
,
9/01/42
..................
764,000
779,140
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Junior
Lien
,
144A,
2024
B
,
6.25
%
,
9/01/54
...................
1,225,000
1,239,489
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.375
%
,
9/01/44
..................
608,000
611,339
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.75
%
,
9/01/54
...................
866,000
877,221
c
City
of
Decatur
,
Vista
Park
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.875
%
,
9/15/54
.........................
2,160,000
2,249,128
c
City
of
DeSoto
,
Danieldale
Homestead
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/15/50
.....................
1,430,000
1,467,266
c
City
of
Dorchester
,
Cottonwood
Public
improvement
District
Major
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/15/44
................................
1,000,000
1,001,896
Cottonwood
Public
improvement
District
Major
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
6.25
%
,
9/15/54
..............................
1,500,000
1,498,720
c
City
of
Dripping
Springs
,
Heritage
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.5
%
,
9/01/30
.........................................
373,000
377,021
Heritage
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
.........................................
1,219,000
1,247,610
Heritage
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5
%
,
9/01/44
...........................................
646,000
645,873
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)
c
City
of
Dripping
Springs,
(continued)
Heritage
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/54
........................................
$
565,000
$
559,529
c
City
of
Elmendorf
,
Hickory
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/31
.............................
398,000
365,652
Hickory
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/01/41
..............................
1,205,000
1,014,840
Hickory
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
................................
1,172,000
967,581
c
City
of
Fate
,
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
8/15/26
........................................
200,000
193,725
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
8/15/31
.......................................
711,000
659,273
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
8/15/41
........................................
1,871,000
1,630,387
Monterra
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
8/15/44
.......................................
800,000
809,329
Monterra
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
8/15/54
........................................
1,350,000
1,374,619
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
8/15/30
.............................
125,000
115,305
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
8/15/40
.............................
691,000
601,707
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
8/15/50
.............................
994,000
866,586
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.875
%
,
8/15/42
.............................
1,617,000
1,655,313
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
8/15/52
................................
2,500,000
2,594,399
Williamsburg
East
Public
Improvement
District
Major
Improvement
Area
,
Revenue
,
144A,
2020
,
4.125
%
,
8/15/30
.......................................
515,000
493,111
Williamsburg
East
Public
Improvement
District
Major
Improvement
Area
,
Revenue
,
144A,
2020
,
4.625
%
,
8/15/40
.......................................
1,163,000
1,095,827
Williamsburg
East
Public
Improvement
District
Major
Improvement
Area
,
Revenue
,
144A,
2020
,
4.875
%
,
8/15/50
.......................................
1,772,000
1,674,505
Williamsburg
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.25
%
,
8/15/42
..................................................
1,204,000
1,126,628
Williamsburg
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
8/15/52
.................................................
1,100,000
987,876
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
4.25
%
,
8/15/30
........................................
275,000
275,921
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
8/15/43
.......................................
537,000
539,383
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
8/15/53
.......................................
1,287,000
1,295,715
c
City
of
Ferris
,
Woodstone
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/32
.............................
761,000
693,207
Woodstone
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/42
..............................
1,259,000
1,040,224
c
City
of
Fort
Worth
,
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/01/27
................................................
870,000
873,598
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/01/32
................................................
1,270,000
1,273,137
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)
c
City
of
Fort
Worth,
(continued)
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5.125
%
,
9/01/37
............................................
$
1,650,000
$
1,645,592
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/27
...........................................
740,000
742,262
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/32
...........................................
1,530,000
1,532,222
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/37
...........................................
1,975,000
1,941,436
c
City
of
Georgetown
,
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/15/32
.................................................
409,000
389,857
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/15/42
.................................................
1,060,000
976,604
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.25
%
,
9/15/47
..................................................
716,000
651,978
c
City
of
Haslet
,
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/01/26
.......................................
191,000
183,852
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
........................................
150,000
134,609
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/01/41
.......................................
1,271,000
1,054,851
City
of
Horseshoe
Bay
,
Escondido
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3
%
,
10/01/30
.......................................................
496,000
453,191
Escondido
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
10/01/33
.................................................
431,000
383,301
i
City
of
Houston
,
Airport
System,
United
Airlines,
Inc.
,
Revenue
,
2024
B
,
5.5
%
,
7/15/38
3,400,000
3,681,110
c
City
of
Huntsville
,
Reserves
of
Huntsville
Public
Improvement
District
(The)
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/44
............................................
775,000
791,854
Reserves
of
Huntsville
Public
Improvement
District
(The)
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/15/54
............................................
742,000
755,475
c
City
of
Hutto
,
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/31
.............................
260,000
241,815
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/41
...............................
1,038,000
887,441
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/26
..................................................
100,000
97,001
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/31
........................................................
392,000
366,894
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.875
%
,
9/01/41
.................................................
1,000,000
894,410
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/56
........................................................
3,479,000
2,972,302
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
..............................
206,000
190,288
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/01/41
.............................
519,000
446,616
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/56
................................
1,146,000
959,755
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
..............................
859,000
883,628
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)
c
City
of
Hutto,
(continued)
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/58
.............................
$
2,000,000
$
2,061,450
c
City
of
Justin
,
Timberbrook
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
................................
475,000
436,421
Timberbrook
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
.............................
2,709,000
2,284,734
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
4.5
%
,
9/01/31
.........................................
200,000
203,408
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/44
.........................................
580,000
599,354
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/53
........................................
755,000
778,608
c
City
of
Kaufman
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
........................................................
230,000
205,336
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/41
........................................................
570,000
490,849
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/52
.
93,000
96,893
City
of
Kyle
,
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
9/01/44
.........................................
1,380,000
1,124,841
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
.......................................
400,000
374,143
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
9/01/40
.......................................
1,310,000
1,152,367
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/26
........................................
124,000
121,699
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/31
.......................................
530,000
505,603
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/01/41
........................................
1,428,000
1,281,072
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
........................................
2,250,000
2,321,935
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/47
.........................................
1,396,000
1,449,454
Kyle
57
Public
Improvement
District
,
Special
Assessment
,
2022
,
4.75
%
,
9/01/32
..
400,000
406,610
c
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/33
..............................
176,000
178,223
c
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/43
...............................
678,000
694,145
c
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/53
..............................
1,250,000
1,282,411
c
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/53
..............................
1,113,000
1,138,740
c
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/01/32
.............................
500,000
480,585
c
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/01/41
.............................
1,185,000
1,091,019
c
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/54
.............................
805,000
821,299
c
Plum
Creek
North
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
4.625
%
,
9/01/41
.............................
1,092,000
1,067,646
c
Porter
Country
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/43
..............................
1,229,000
1,255,374
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)
City
of
Kyle,
(continued)
c
Porter
Country
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
................................
$
3,000,000
$
3,070,709
c
Southwest
Kyle
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
6.75
%
,
9/01/48
..............................
1,400,000
1,497,166
City
of
Lago
Vista
,
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2020
,
Refunding
,
3.125
%
,
9/01/30
.........................
300,000
280,129
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2020
,
Refunding
,
3.75
%
,
9/01/42
..........................
1,045,000
912,093
c
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/01/43
.............................
563,000
574,286
c
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/01/54
................................
2,113,000
2,178,081
c
Tessera
on
Lake
Travis
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
A
,
Refunding
,
5.125
%
,
9/01/35
...................
2,070,000
1,770,051
c
Tessera
on
Lake
Travis
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
A
,
Refunding
,
5.5
%
,
9/01/40
.....................
2,715,000
2,273,604
c
City
of
Lavon
,
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/15/27
.........................................
400,000
393,945
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/15/32
.......................................
1,000,000
967,631
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/15/42
...........................................
2,259,000
2,055,299
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/15/52
.......................................
2,500,000
2,148,336
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
9/15/31
........................................
243,000
245,647
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/52
.......................................
500,000
510,496
Elevon
Public
Improvement
District
Improvement
Area
No.
2A-2B
,
Special
Assessment
,
144A,
2024
,
4.375
%
,
9/15/31
.............................
300,000
300,171
Elevon
Public
Improvement
District
Improvement
Area
No.
2A-2B
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/15/44
.............................
615,000
617,394
Elevon
Public
Improvement
District
Improvement
Area
No.
2A-2B
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/15/54
...............................
800,000
805,188
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/15/27
........................................
190,000
185,449
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/15/32
.......................................
455,000
437,144
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/15/42
.......................................
1,000,000
944,159
Lakepointe
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
........................................................
1,500,000
1,599,197
City
of
Leander
,
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/32
...........................................
530,000
487,076
c
City
of
Lewisville
,
Lakeside
Crossing
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
8
%
,
9/01/53
............................................
1,625,000
1,727,160
c
City
of
Liberty
Hill
,
Butler
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
2.625
%
,
9/01/27
........................................................
264,000
255,005
Butler
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.125
%
,
9/01/32
........................................................
750,000
700,437
Butler
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/42
........................................................
1,771,000
1,489,736
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)
c
City
of
Liberty
Hill,
(continued)
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/27
...............................
$
136,000
$
131,173
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/01/32
.............................
275,000
254,814
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/01/42
.............................
1,097,000
977,218
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/01/52
.............................
2,705,000
2,395,710
Summerlyn
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
.................................................
250,000
235,526
Summerlyn
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/40
........................................................
845,000
790,522
c
City
of
Manor
,
Manor
Heights
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
4.5
%
,
9/15/30
..............................................
232,000
233,474
Manor
Heights
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/15/43
.............................................
328,000
336,261
Manor
Heights
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/44
............................................
298,000
307,775
Manor
Heights
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/15/54
............................................
584,000
600,598
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/26
.............................
135,000
129,029
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.............................
250,000
224,638
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/31
..............................
310,000
280,180
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/15/41
...............................
700,000
572,895
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/41
.............................
830,000
744,389
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
................................
1,000,000
831,670
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/15/51
.............................
1,225,000
1,053,288
c
City
of
Marble
Falls
,
Thunder
Rock
Public
Improvement
District
Improvement
Area
2A
,
Special
Assessment
,
144A,
2024
,
6.625
%
,
9/01/54
.............................
1,200,000
1,203,467
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.875
%
,
9/01/31
.............................
350,000
326,257
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/01/41
.............................
1,000,000
904,639
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/01/51
.............................
1,470,000
1,296,471
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.625
%
,
9/01/31
.............................
150,000
144,523
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.875
%
,
9/01/41
.............................
450,000
416,189
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.125
%
,
9/01/51
.............................
620,000
592,060
Thunder
Rock
Public
Improvement
District
Remainder
Area
,
Special
Assessment
,
144A,
2024
,
7.375
%
,
9/01/44
.......................................
1,000,000
1,005,627
Thunder
Rock
Public
Improvement
District
Remainder
Area
,
Special
Assessment
,
144A,
2024
,
7.625
%
,
9/01/54
.......................................
1,750,000
1,760,481
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
107
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Mclendon-Chisholm
,
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/15/26
.......................................
$
80,000
$
77,132
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/41
.......................................
620,000
534,391
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
...........................................
865,000
736,099
Sonoma
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/15/32
.......................................
250,000
255,457
Sonoma
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/15/52
........................................
3,125,000
3,164,889
c
City
of
Mesquite
,
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/30
........................................
647,000
654,374
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/43
.........................................
3,021,000
3,162,222
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/53
........................................
4,965,000
5,196,001
Solterra
Public
Improvement
District
Improvement
Area
No.
C-1
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
9/01/43
.............................
750,000
777,356
Solterra
Public
Improvement
District
Improvement
Area
No.
C-1
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/53
.............................
1,210,000
1,253,995
Solterra
Public
Improvement
District
Improvement
Area
No.
C-2
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/53
.............................
1,017,000
1,055,431
Solterra
Public
Improvement
District
Improvement
Area
No.
C-3
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
9/01/31
..............................
244,000
244,372
Solterra
Public
Improvement
District
Improvement
Area
No.
C-3
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/53
..............................
200,000
200,700
c
City
of
Midlothian
,
Redden
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/15/31
........................................................
410,000
379,556
Redden
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.875
%
,
9/15/41
.................................................
1,105,000
959,665
Redden
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/51
.................................................
1,635,000
1,368,452
Redden
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/31
.............................
230,000
229,157
Redden
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/15/41
...............................
420,000
407,329
Westside
Preserve
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/15/32
..............................
625,000
624,452
Westside
Preserve
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/42
..............................
1,516,000
1,520,052
Westside
Preserve
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/15/52
.............................
2,509,000
2,529,518
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/32
...............................
309,000
310,330
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/42
................................
750,000
768,339
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.............................
1,410,000
1,452,078
c
City
of
Mustang
Ridge
,
Durango
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/43
.......................................
515,000
533,560
Durango
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/01/53
.......................................
498,000
517,030
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
108
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
New
Braunfels
,
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.25
%
,
9/01/31
..............................
$
320,000
$
303,845
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/01/41
...............................
882,000
803,330
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/01/51
..............................
1,454,000
1,319,750
c
City
of
Oak
Point
,
Chaparral
Park
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.1
%
,
9/15/44
...............................
570,000
570,275
Oak
Point
720
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
4.7
%
,
9/15/31
..............................................
249,000
250,303
Oak
Point
720
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.35
%
,
9/15/44
.............................................
170,000
171,140
Oak
Point
720
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/15/54
............................................
160,000
161,082
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/01/30
..................................................
300,000
279,234
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
..................................................
1,170,000
1,035,338
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
1,060,000
908,976
Wildridge
Public
Improvement
District
No.
1
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/31
..............................
160,000
143,405
Wildridge
Public
Improvement
District
No.
1
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/41
.............................
628,000
500,378
Wildridge
Public
Improvement
District
No.
1
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
................................
959,000
820,057
c
City
of
Pilot
Point
,
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/32
..............................
200,000
204,329
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/42
...............................
800,000
814,292
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/15/52
.............................
1,450,000
1,480,138
Creekview
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/15/32
........................................
200,000
208,530
Creekview
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.......................................
2,078,000
2,159,903
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/32
..............................
300,000
306,493
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/42
...............................
750,000
763,399
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/15/52
.............................
1,303,000
1,330,082
Mobberly
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/15/32
.......................................
500,000
509,795
Mobberly
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/48
.........................................
4,026,000
4,099,465
Mobberly
Public
Improvement
District
Improvement
Area
No.
1B
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/15/48
.............................
926,000
949,559
Mobberly
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/15/32
.......................................
810,000
855,323
Mobberly
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/52
...........................................
4,001,000
4,153,018
Mobberly
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
9/15/52
.........................................
1,600,000
1,671,807
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
109
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Plano
,
Collin
Creek
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/15/51
.................................................
$
7,556,000
$
6,411,434
Collin
Creek
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
....................................................
2,192,000
1,853,928
Haggard
Farm
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7.5
%
,
9/15/53
...............................
1,000,000
1,073,327
Haggard
Farm
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
8.25
%
,
9/15/43
..............................
1,250,000
1,336,729
Haggard
Farm
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
8.5
%
,
9/15/53
...............................
2,193,000
2,347,281
c
City
of
Princeton
,
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
2.875
%
,
9/01/25
.................................................
32,000
31,624
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/01/30
.................................................
180,000
168,988
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
9/01/40
.................................................
650,000
582,064
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/01/50
.................................................
930,000
825,348
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/27
........................................................
157,000
155,255
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/01/32
........................................................
280,000
273,961
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/01/52
.................................................
1,139,000
1,041,701
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
9/01/26
........................................................
36,000
34,959
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
........................................................
126,000
116,442
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
........................................................
325,000
270,615
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
........................................................
431,000
369,693
Eastridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
........................................
382,000
387,232
Eastridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/01/42
.......................................
850,000
859,174
Eastridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
........................................
1,155,000
1,177,427
Eastridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
.........................................
1,220,000
1,248,633
Eastridge
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
9/01/31
........................................
302,000
301,740
Eastridge
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5
%
,
9/01/44
...........................................
713,000
716,084
Eastridge
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/54
........................................
491,000
495,482
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7
%
,
9/01/43
................................
1,000,000
1,035,042
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7
%
,
9/01/53
................................
2,000,000
2,054,485
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7.875
%
,
9/01/53
.............................
1,000,000
1,036,311
Southbridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/44
..............................
500,000
508,448
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
110
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Princeton,
(continued)
Southbridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...............................
$
1,100,000
$
1,124,471
Southridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.25
%
,
9/01/43
..............................
1,355,000
1,458,327
Southridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/01/53
.............................
1,380,000
1,502,791
Whitewing
Trails
Public
Improvement
District
No.
2
Phase
2
,
Special
Assessment
,
144A,
2023
,
4.25
%
,
9/01/30
........................................
166,000
165,215
Whitewing
Trails
Public
Improvement
District
No.
2
Phase
2
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
9/01/53
.......................................
2,041,000
2,069,509
Winchester
Crossing
Public
Improvement
District
No.
3
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
............................................
875,000
881,273
Winchester
Crossing
Public
Improvement
District
No.
3
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/54
............................................
225,000
226,260
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/01/30
........................................................
200,000
187,353
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
........................................................
470,000
415,331
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
675,000
582,342
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
9/01/31
........................................................
110,000
98,511
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/41
........................................................
518,000
409,644
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
........................................................
616,000
521,919
Winchester
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
..................................................
461,000
467,220
Winchester
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/01/42
.................................................
1,011,000
1,016,448
Winchester
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/52
..................................................
2,220,000
2,228,148
Windmore
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
.............................
411,000
414,472
Windmore
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...............................
565,000
571,890
c
City
of
Red
Oak
,
Red
Oak
Public
Improvement
District
No.
1
Improvement
Area
1
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/15/26
.............................
132,000
126,750
Red
Oak
Public
Improvement
District
No.
1
Improvement
Area
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.............................
354,000
315,529
Red
Oak
Public
Improvement
District
No.
1
Improvement
Area
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/15/41
.............................
500,000
410,406
c
City
of
Rowlett
,
Trails
at
Cottonwood
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/31
........................
200,000
189,989
Trails
at
Cottonwood
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/41
.......................
600,000
544,450
Trails
at
Cottonwood
Creek
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
..............
175,000
167,009
Trails
at
Cottonwood
Creek
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/41
...............
820,000
729,106
c
City
of
Royse
City
,
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
9/15/30
.............................
225,000
211,583
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
111
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Royse
City,
(continued)
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/15/40
.............................
$
590,000
$
542,471
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.375
%
,
9/15/50
.............................
715,000
646,835
Creekshaw
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.875
%
,
9/15/42
.............................
589,000
605,915
Creekshaw
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/52
................................
1,267,000
1,315,140
Creekshaw
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
4.375
%
,
9/15/30
.............................
210,000
205,669
Creekshaw
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
4.875
%
,
9/15/40
.............................
375,000
365,849
Creekshaw
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.125
%
,
9/15/50
.............................
575,000
568,134
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/15/30
.......................................
450,000
423,432
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
9/15/40
.......................................
1,190,000
1,059,195
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/15/50
.......................................
1,780,000
1,544,160
Liberty
Crossing
Public
Improvement
District
Improvement
Area
2
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/44
.............................
716,000
720,569
Liberty
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/15/53
.............................
1,107,000
1,155,779
Waterscape
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
9/15/54
............................................
1,000,000
1,028,145
Waterscape
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2019
,
4.75
%
,
9/15/49
..............................
1,495,000
1,444,378
c
City
of
Sachse
,
Sachse
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
7
%
,
9/15/52
........................................................
750,000
827,161
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/15/30
..............................
405,000
376,728
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/15/40
..............................
1,070,000
937,236
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/15/50
................................
1,485,000
1,290,610
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/50
................................
200,000
211,573
Sachse
Public
Improvement
District
No.
1
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.375
%
,
9/15/40
.............................
1,700,000
1,742,598
Sachse
Public
Improvement
District
No.
1
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.625
%
,
9/15/50
.............................
2,235,000
2,291,939
City
of
San
Marcos
,
c
Trace
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/01/48
.
1,295,000
1,313,595
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
4.375
%
,
9/01/25
.
100,000
100,221
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
4.875
%
,
9/01/30
.
305,000
307,452
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
5.375
%
,
9/01/40
.
1,300,000
1,329,289
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
5.625
%
,
9/01/50
.
1,300,000
1,325,196
c
Whisper
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/27
..................................................
200,000
196,384
c
Whisper
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/01/32
........................................................
425,000
412,836
c
Whisper
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.5
%
,
9/01/51
........................................................
1,621,000
1,471,794
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
112
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Santa
Fe
,
Mulberry
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.875
%
,
9/01/42
.................................................
$
508,000
$
499,708
Mulberry
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
5
%
,
9/01/52
........................................................
858,000
838,584
c
City
of
Sinton
,
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/01/27
.................................................
280,000
276,214
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
..................................................
660,000
645,738
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/01/42
.................................................
1,000,000
997,688
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/51
..................................................
1,250,000
1,241,665
c
City
of
Tomball
,
Raburn
Reserve
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/15/52
.............................................
1,000,000
1,026,174
Raburn
Reserve
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/15/53
................................................
1,307,000
1,365,434
Raburn
Reserve
Public
Improvement
District
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/15/30
.............................
235,000
220,555
c
City
of
Uhland
,
Anderson
Park
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
............................................
605,000
610,111
Anderson
Park
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/55
..............................................
950,000
961,265
Watermill
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
6.625
%
,
9/01/52
........................................................
3,000,000
3,184,296
c
City
of
Venus
,
Brahman
Ranch
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
6.25
%
,
9/15/42
..................................................
1,000,000
1,025,469
Brahman
Ranch
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
9/15/52
...................................................
1,009,000
1,041,522
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/15/26
.................................................
117,000
113,065
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.................................................
171,000
156,370
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/15/41
.................................................
1,005,000
842,845
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
........................................................
1,832,000
1,578,339
c
City
of
Waxahachie
,
North
Grove
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
8/15/32
........................................................
302,000
309,087
North
Grove
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
8/15/52
........................................................
2,395,000
2,444,049
c
Club
Municipal
Management
District
No.
1
,
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
9/01/26
.......
105,000
101,175
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
........
271,000
245,576
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/41
......
1,006,000
810,685
h
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
4.375
%
,
9/01/31
.....
500,000
501,749
h
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.1
%
,
9/01/44
.......
500,000
502,777
h
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/55
.....
700,000
703,670
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
113
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel
,
Revenue,
Second
Lien
,
144A,
2021
B
,
3.5
%
,
10/01/31
....................................
$
450,000
$
375,290
c
County
of
Bastrop
,
Double
Eagle
Ranch
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/44
..............................
500,000
504,997
Double
Eagle
Ranch
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...............................
775,000
781,512
h
County
of
Denton
,
Tabor
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Junior
Lien
,
2024
B
,
5.75
%
,
12/31/44
.......................
1,270,000
1,275,267
Tabor
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Junior
Lien
,
2024
B
,
6.125
%
,
12/31/54
......................
2,000,000
2,016,982
c
Tabor
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
4.625
%
,
12/31/31
.................
605,000
608,784
c
Tabor
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.25
%
,
12/31/44
..................
1,750,000
1,757,412
c
Tabor
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.625
%
,
12/31/54
.................
3,100,000
3,126,858
c
County
of
Hays
,
La
Cima
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/15/30
........................................................
100,000
92,621
La
Cima
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/15/40
........................................................
800,000
705,586
La
Cima
Public
Improvement
District
Neighborhood
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/15/52
..............................
3,375,000
3,442,140
c
County
of
Medina
,
Haby
Farms
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
9/01/54
.............................
1,135,000
1,163,695
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.875
%
,
9/01/31
.............................
730,000
698,016
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/01/41
..............................
780,000
755,451
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.5
%
,
9/01/50
...............................
1,160,000
1,144,427
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/26
.........................
115,000
112,011
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/01/31
.......................
400,000
385,378
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/01/41
.........................
1,085,000
1,025,055
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2013
B
,
5.8
%
,
10/01/45
..........
10,000,000
10,894,922
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/48
...................
5,000,000
5,029,206
c
Joshua
Farms
Municipal
Management
District
No.
1
,
Special
Assessment
,
144A,
2023
,
4.375
%
,
9/01/30
.........................
373,000
375,809
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
..........................
3,393,000
3,451,317
Karis
Municipal
Management
District
of
Tarrant
County
,
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
5
%
,
12/01/44
............
746,000
756,258
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
5.25
%
,
12/01/53
..........
833,000
844,496
d
Mesquite
Health
Facilities
Development
Corp.
,
Christian
Care
Centers,
Inc.
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5
%
,
2/15/36
........................................................
1,000,000
3,384
Christian
Care
Centers,
Inc.
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5.125
%
,
2/15/42
........................................................
3,750,000
12,690
Christian
Care
Centers,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
2/15/35
........................................................
5,175,000
17,512
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
114
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
d
Cardinal
Bay,
Inc.
,
Revenue
,
D
,
6
%
,
7/01/26
.............................
$
110,000
$
15,400
d
Cardinal
Bay,
Inc.
,
Revenue
,
D
,
7
%
,
7/01/51
.............................
5,110,000
715,400
CHF-Collegiate
Housing
College
Station
I
LLC
,
Revenue
,
2014
A
,
5
%
,
4/01/46
....
1,500,000
1,500,210
Longhorn
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/42
......
5,000,000
5,024,289
Longhorn
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/47
......
4,595,000
4,596,604
Morningside
Ministries
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
1/01/55
.........
4,100,000
3,375,215
NCCD-College
Station
Properties
LLC
,
Revenue
,
A
,
5
%
,
7/01/47
..............
25,500,000
25,500,000
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/39
.......................................................
2,750,000
2,679,568
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5.25
%
,
10/01/49
.......................................................
12,600,000
12,011,308
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2020
A
,
5.25
%
,
10/01/55
...
2,500,000
2,333,892
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/39
.......................................................
425,000
430,431
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/49
.......................................................
1,180,000
1,156,896
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue,
Second
Tier
,
2019
B
,
5.5
%
,
12/01/54
................................................
15,270,000
15,409,183
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue,
Third
Tier
,
2019
C
,
6
%
,
12/01/54
...................................................
6,185,000
6,185,292
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2014
,
5.5
%
,
1/01/43
............
3,225,000
3,082,592
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2014
,
5.5
%
,
1/01/49
............
1,015,000
936,197
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/50
.....
1,180,000
1,002,262
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/55
.....
4,400,000
3,647,686
c
North
Parkway
Municipal
Management
District
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/26
.........................
675,000
670,745
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/15/41
.........................
5,000,000
5,024,867
City
of
Celina
Legacy
Hills
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/31
............................................
250,000
236,332
City
of
Celina
Legacy
Hills
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/41
................................................
1,000,000
921,207
North
Texas
Tollway
Authority
,
Special
Projects
System
,
Revenue
,
2011
B
,
Pre-Refunded
,
Zero
Cpn.,
9/01/37
....
7,500,000
3,855,450
Special
Projects
System
,
Revenue
,
2011
C
,
Pre-Refunded
,
7
%
,
9/01/43
.........
10,000,000
12,215,131
c
Northwood
Municipal
Utility
District
No.
1
,
GO
,
144A,
2020
,
Refunding
,
3.5
%
,
8/01/25
..............................
295,000
292,800
GO
,
144A,
2020
,
Refunding
,
4
%
,
8/01/31
................................
1,070,000
1,070,129
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
B
,
6
%
,
12/01/52
..............
5,075,000
4,329,804
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
South
Manvel
Development
Authority
,
City
of
Manvel
Tax
Increment
Reinvestment
Zone
No.
3
,
Tax
Allocation
,
2023
,
5
%
,
4/01/38
........................................................
500,000
505,124
City
of
Manvel
Tax
Increment
Reinvestment
Zone
No.
3
,
Tax
Allocation
,
2023
,
5
%
,
4/01/43
........................................................
1,385,000
1,385,273
City
of
Manvel
Tax
Increment
Reinvestment
Zone
No.
3
,
Tax
Allocation
,
2023
,
5.25
%
,
4/01/50
........................................................
1,395,000
1,404,532
Texas
Department
of
Housing
&
Community
Affairs
,
Revenue
,
2024
C
,
GNMA
Insured
,
5
%
,
1/01/49
......................................................
5,285,000
5,420,827
c
Town
of
Flower
Mound
,
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
2.625
%
,
9/01/26
........................................
375,000
364,963
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.25
%
,
9/01/31
.........................................
750,000
708,165
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
115
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
Town
of
Flower
Mound,
(continued)
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.5
%
,
9/01/36
..........................................
$
800,000
$
723,960
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
4
%
,
9/01/43
............................................
2,450,000
2,196,145
c
Town
of
Lakewood
Village
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/15/32
445,000
444,037
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/42
1,400,000
1,402,854
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/15/52
........................................................
2,400,000
2,415,054
c
Town
of
Little
Elm
,
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/27
........................................................
139,000
135,620
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/32
........................................................
205,000
191,299
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/42
........................................................
529,000
453,293
Valencia
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/01/32
.................................................
712,000
763,456
Valencia
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
6.875
%
,
9/01/52
.................................................
2,700,000
2,876,386
c
Town
of
Providence
Village
,
Foree
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5
%
,
9/01/44
................................
270,000
270,651
Foree
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/54
..............................
297,000
297,451
c
Travis
County
Development
Authority
,
Bella
Fortuna
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/44
........................................................
843,000
870,631
Bella
Fortuna
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/01/51
........................................................
750,000
774,570
County
of
Travis
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
...................
302,000
306,440
County
of
Travis
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/01/42
..................
868,000
896,825
County
of
Travis
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/01/52
....................
1,244,000
1,275,919
Viridian
Municipal
Management
District
,
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
2.875
%
,
12/01/30
.
258,000
231,380
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.125
%
,
12/01/35
.
415,000
353,470
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.375
%
,
12/01/40
.
486,000
406,945
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.5
%
,
12/01/47
..
835,000
657,909
575,023,119
Utah
0.4%
Military
Installation
Development
Authority
,
Military
Recreation
Assessment
Area
,
Revenue
,
2021
A-1
,
4
%
,
6/01/52
.........
3,000,000
2,631,790
Military
Recreation
Assessment
Area
,
Revenue
,
2021
A-2
,
4
%
,
6/01/52
.........
18,495,000
15,946,905
c
Utah
Charter
School
Finance
Authority
,
Mountain
West
Montessori
Academy,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/39
..
475,000
467,285
Mountain
West
Montessori
Academy,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/49
..
825,000
765,605
19,811,585
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
116
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
0.4%
Henrico
County
Economic
Development
Authority
,
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
6/01/44
........................................................
$
3,550,000
$
3,601,110
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
6/01/49
........................................................
4,065,000
4,097,387
c
Virginia
Small
Business
Financing
Authority
,
P3
VB
Holdings
LLC
,
Revenue,
Senior
Lien
,
144A,
2023
A
,
8.5
%
,
12/01/52
....................................
11,000,000
11,123,171
18,821,668
Washington
1.4%
Jefferson
County
Public
Hospital
District
No.
2
,
Revenue
,
2023
A
,
Refunding
,
6.875
%
,
12/01/53
........................................................
10,000,000
10,631,417
Ocean
Shores
Local
Improvement
District
,
Special
Assessment
,
2011
,
7.25
%
,
2/01/31
385,000
413,605
g
Washington
Economic
Development
Finance
Authority
,
Propeller
Airports
Paine
Field
LLC
,
Revenue
,
A
,
Mandatory
Put
,
7.609
%
,
2/28/25
.........................
23,250,000
23,133,829
c
Washington
State
Housing
Finance
Commission
,
eliseo
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
1/01/51
........
15,070,000
11,697,578
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
2019
A
,
5
%
,
1/01/55
..............................................
4,700,000
4,330,190
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
A
,
Refunding
,
5
%
,
1/01/46
.........................................
2,250,000
2,151,068
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
A
,
Refunding
,
5
%
,
1/01/51
.........................................
1,700,000
1,585,142
Spokane
United
Methodist
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
5
%
,
1/01/55
........................................................
9,020,000
8,693,643
Spokane
United
Methodist
Homes
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/51
........................................................
6,000,000
5,846,180
68,482,652
West
Virginia
0.1%
c
County
of
Monongalia
,
Monongalia
County
Building
Commission
Development
District
No.
4
,
Tax
Allocation
,
144A,
2023
A
,
Refunding
,
5.75
%
,
6/01/43
..............................
1,000,000
1,083,506
Monongalia
County
Building
Commission
Development
District
No.
4
,
Tax
Allocation
,
144A,
2023
A
,
Refunding
,
6
%
,
6/01/53
................................
2,000,000
2,166,128
3,249,634
Wisconsin
2.6%
Public
Finance
Authority
,
A&T
Real
Estate
Foundation
LLC
,
Revenue
,
2019
B
,
5
%
,
6/01/49
.............
7,900,000
7,955,354
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2017
A
,
5
%
,
7/01/45
..........
1,805,000
1,822,719
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2017
A
,
5
%
,
7/01/53
..........
4,345,000
4,365,874
c
Coral
Academy
of
Science
Reno
,
Revenue
,
144A,
2022
A
,
6
%
,
6/01/62
.........
1,565,000
1,609,149
c
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
5,500,000
5,673,507
c
Eno
River
Academy
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/40
...................
815,000
827,178
c
Eno
River
Academy
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/54
...................
1,380,000
1,371,537
c
Estancia
Valley
Classical
Academy
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/41
1,000,000
798,912
c
Estancia
Valley
Classical
Academy
,
Revenue
,
144A,
2021
A
,
Refunding
,
4.25
%
,
7/01/51
........................................................
5,345,000
3,950,950
c
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
B
,
6.625
%
,
2/01/46
..............
11,095,000
10,315,088
c
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/39
..
1,230,000
1,247,539
c
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/49
..
7,600,000
7,472,252
c
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/54
..
1,920,000
1,847,986
c
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
6,385,000
6,717,191
c
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/36
....
300,000
282,464
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
117
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
c
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/51
....
$
1,000,000
$
827,968
c
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/61
....
1,275,000
1,024,075
c
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
C
,
4.6
%
,
12/01/37
5,460,000
4,821,966
c
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
3/01/37
............................................
1,000,000
1,003,786
c
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
3/01/52
............................................
4,100,000
3,801,018
c
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5.25
%
,
3/01/55
..................................................
12,975,000
12,406,210
c
Ocean
Academy
Charter
School
,
Revenue
,
144A,
2021
,
4
%
,
10/15/31
..........
185,000
174,758
c
Ocean
Academy
Charter
School
,
Revenue
,
144A,
2021
,
5
%
,
10/15/41
..........
570,000
545,535
c
Ocean
Academy
Charter
School
,
Revenue
,
144A,
2021
,
5
%
,
10/15/51
..........
1,130,000
1,033,380
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
B
,
Refunding
,
Zero
Cpn.,
12/01/35
..................................................
39,830,000
21,674,841
c
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
,
Zero
Cpn.,
12/01/45
...
11,680,000
8,322,002
c
Signature
Preparatory,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
6/15/31
.............
590,000
598,347
c
Signature
Preparatory,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
6/15/51
.............
2,250,000
2,129,875
c
Signature
Preparatory,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
6/15/56
.............
2,465,000
2,302,261
c
UHF
RISE
Student
Housing
LLC
,
Revenue
,
144A,
2021
A-2
,
5.35
%
,
7/01/40
.....
3,000,000
2,439,880
c
UHF
RISE
Student
Housing
LLC
,
Revenue
,
144A,
2021
B
,
5.25
%
,
7/01/61
.......
2,000,000
1,809,401
c
UMA
Education,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
10/01/39
.........
2,000,000
2,024,669
Wisconsin
Health
&
Educational
Facilities
Authority
,
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
6
%
,
7/01/28
...................
140,000
133,880
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
6.5
%
,
7/01/33
..................
300,000
278,203
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
7
%
,
7/01/43
...................
1,000,000
884,710
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
7.5
%
,
7/01/53
..................
6,620,000
5,899,773
HOPE
Christian
Schools
Obligated
Group
,
Revenue
,
2021
,
4
%
,
12/01/41
........
850,000
694,820
PHW
Menomonee
Falls,
Inc.
,
Revenue
,
2024
,
6.125
%
,
10/01/59
..............
1,000,000
1,038,417
132,127,475
U.S.
Territories
7.5%
District
of
Columbia
0.9%
District
of
Columbia
,
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2006
A
,
Zero
Cpn.,
6/15/46
.....................................................
175,000,000
44,875,635
Pacific
Islands
0.1%
Northern
Mariana
Island
Ports
Authority
,
Revenue
,
1998
A
,
6.6
%
,
3/15/28
.........
5,625,000
5,499,096
Puerto
Rico
6.5%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.625
%
,
5/15/43
......................
2,500,000
2,529,989
Commonwealth
of
Puerto
Rico
,
j
GO
,
FRN
,
Zero
Cpn.,
11/01/43
........................................
1
1
GO
,
2022
A-1
,
5.75
%
,
7/01/31
........................................
2,166,031
2,416,190
GO
,
2022
A-1
,
4
%
,
7/01/35
..........................................
13,786,998
13,645,822
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
31,512,915
30,955,329
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
18,434,144
17,761,703
GO
,
2022
A-1
,
4
%
,
7/01/46
..........................................
6,799,278
6,485,336
GO
,
2022
A-1
,
Zero
Cpn.,
7/01/33
.....................................
2,011,366
1,393,805
GDB
Debt
Recovery
Authority
of
Puerto
Rico
,
7.5
%
,
8/20/40
...................
32,301,114
31,574,339
HTA
CL
6
Trust
,
Revenue
,
L-2028
,
5.25
%
,
7/01/38
..........................
1,239,120
1,239,403
HTA
TRRB
Custodial
Trust
,
Revenue
,
2007
N
,
5.25
%
,
7/01/36
..................
575,050
577,390
c
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
,
Revenue
,
144A,
2021
B
,
Refunding
,
4
%
,
7/01/42
..........................
2,500,000
2,415,381
Revenue,
Senior
Lien
,
144A,
2020
A
,
Refunding
,
5
%
,
7/01/47
................
26,750,000
27,591,965
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.
118
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
d
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
1
,
10
%
,
1/01/21
...........................................
$
6,000,000
$
2,745,000
Revenue
,
2
,
10
%
,
7/01/21
...........................................
6,000,000
2,745,000
Revenue
,
2013
A
,
10
%
,
7/01/19
.......................................
5,500,000
2,516,250
Revenue
,
2013
A
,
7.25
%
,
7/01/30
.....................................
25,000,000
11,500,000
Revenue
,
2013
A
,
6.75
%
,
7/01/36
.....................................
29,750,000
13,685,000
Revenue
,
2013
A
,
7
%
,
7/01/43
........................................
5,000,000
2,300,000
Revenue
,
2016
B-1
,
10
%
,
7/01/19
.....................................
5,500,000
2,516,250
Revenue
,
3
,
10
%
,
1/01/22
...........................................
1,989,500
910,196
Revenue
,
4
,
10
%
,
7/01/22
...........................................
1,989,499
910,693
Revenue
,
XX
,
5.25
%
,
7/01/40
........................................
3,395,000
1,561,700
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
B
,
6.625
%
,
1/01/27
....................................
1,381,057
1,369,580
Revenue
,
2000
B
,
6.625
%
,
1/01/28
....................................
10,533,091
10,438,543
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
55,915,000
56,167,395
Sales
Tax
,
Revenue
,
A-1
,
Zero
Cpn.,
7/01/46
.............................
25,400,000
8,605,139
Sales
Tax
,
Revenue
,
A-1
,
Zero
Cpn.,
7/01/51
.............................
206,837,000
51,374,112
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
12,000,000
12,000,103
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
6,000,000
6,012,313
325,943,927
Total
U.S.
Territories
....................................................................
376,318,658
Total
Municipal
Bonds
(Cost
$
4,550,459,848
)
...................................
4,556,146,284
Shares
Escrows
and
Litigation
Trusts
0.1%
a
,b
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
6,159,207
4,927,366
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
4,927,366
Total
Long
Term
Investments
(Cost
$
4,846,194,376
)
.............................
4,840,537,060
a
a
a
a
a
Short
Term
Investments
2.7%
Principal
Amount
Municipal
Bonds
2.7%
California
0.5%
k
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2023
F-2
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.55
%
,
7/01/47
.
24,300,000
24,300,000
Colorado
0.1%
k
Colorado
Health
Facilities
Authority
,
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.25
%
,
12/01/52
........................................................
6,700,000
6,700,000
Maryland
0.2%
k
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.15
%
,
11/01/37
........................................................
8,000,000
8,000,000
Minnesota
0.0%
†
k
Midwest
Consortium
of
Municipal
Utilities
,
Revenue
,
2005
B
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.85
%
,
10/01/35
......................................
300,000
300,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
119
See
Abbreviations
on
page
203
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
New
York
0.7%
k
City
of
New
York
,
GO
,
2020
B-3
,
Daily
VRDN
and
Put
,
3.6
%
,
10/01/46
...........
$
6,800,000
$
6,800,000
k
New
York
City
,
Water
&
Sewer
System
,
Revenue
,
2007
CC-2
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
3.15
%
,
6/15/38
...........................
27,300,000
27,300,000
k
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2021
EE-1
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.7
%
,
6/15/45
.............
4,000,000
4,000,000
38,100,000
Ohio
0.2%
k
Ohio
Water
Development
Authority
,
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2024
C
,
Daily
VRDN
and
Put
,
3.15
%
,
12/01/54
................................
9,500,000
9,500,000
Oregon
0.1%
k
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.7
%
,
8/01/34
.............
4,825,000
4,825,000
k
State
of
Oregon
,
GO
,
2022
E
,
Daily
VRDN
and
Put
,
3.25
%
,
6/01/45
.............
2,000,000
2,000,000
6,825,000
Pennsylvania
0.3%
k
Delaware
County
Industrial
Development
Authority
,
United
Parcel
Service,
Inc.
,
Revenue
,
2015
,
Refunding
,
Daily
VRDN
and
Put
,
3.2
%
,
9/01/45
...............
9,935,000
9,935,000
k
General
Authority
of
Southcentral
Pennsylvania
,
WellSpan
Health
Obligated
Group
,
Revenue
,
2019
E
,
Refunding
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
6/01/35
2,835,000
2,835,000
12,770,000
Tennessee
0.3%
k
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2008
A
,
AGMC
Insured
,
SPA
JPMorgan
Chase
&
Co.
,
Daily
VRDN
and
Put
,
3.25
%
,
6/01/42
........................
13,000,000
13,000,000
Wisconsin
0.3%
k
Wisconsin
Health
&
Educational
Facilities
Authority
,
Froedtert
ThedaCare
Health
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
Daily
VRDN
and
Put
,
2.8
%
,
4/01/35
14,130,000
14,130,000
Total
Municipal
Bonds
(Cost
$
133,625,000
)
.....................................
133,625,000
Total
Short
Term
Investments
(Cost
$
133,625,000
)
...............................
133,625,000
a
Total
Investments
(Cost
$
4,979,819,376
)
99.4
%
..................................
$4,974,162,060
Other
Assets,
less
Liabilities
0.6
%
.............................................
33,259,877
Net
Assets
100.0%
...........................................................
$5,007,421,937
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
b
Non-income
producing.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2024,
the
aggregate
value
of
these
securities
was
$1,689,345,023,
representing
33.7%
of
net
assets.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
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.
120
g
The
maturity
date
shown
represents
the
mandatory
put
date.
h
Security
purchased
on
a
when-issued
basis.
i
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
j
The
coupon
rate
shown
represents
the
rate
at
period
end.
k
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),
November
30,
2024
Franklin
Louisiana
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
Municipal
Bonds
97.9%
Florida
0.9%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
$
500,000
$
362,370
a
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
2,400,000
1,927,144
2,289,514
Georgia
0.4%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
1,225,000
1,041,826
Louisiana
92.7%
Ascension
Parish
School
Board
,
GO
,
2020
,
4
%
,
3/01/40
......................
1,000,000
1,021,017
Caddo
Parish
Parishwide
School
District
,
GO
,
2021
,
AGMC
Insured
,
3
%
,
3/01/36
...
505,000
481,311
Calcasieu
Parish
School
District
No.
23
,
GO
,
2019
,
BAM
Insured
,
4
%
,
9/01/36
.....
670,000
687,029
Calcasieu
Parish
School
District
No.
31
,
GO
,
2019
,
BAM
Insured
,
4
%
,
3/01/37
.....
1,000,000
1,020,910
Central
Community
School
System
,
GO
,
2020
,
4
%
,
3/01/39
.............................................
1,125,000
1,145,803
GO
,
2020
,
4
%
,
3/01/40
.............................................
1,190,000
1,207,599
City
of
Lafayette
,
Sales
&
Use
Tax
,
Revenue
,
2019
A
,
5
%
,
5/01/44
..............
2,350,000
2,501,695
City
of
Lafayette
Sales
&
Use
Tax
,
Public
Improvement
1961
Sales
Tax
Trust
,
Revenue
,
2024
A
,
5
%
,
3/01/49
................................................
1,500,000
1,643,478
City
of
Natchitoches
,
Utilities
,
Revenue
,
2023
,
AGMC
Insured
,
5.5
%
,
6/01/53
.......
750,000
835,043
City
of
New
Orleans
,
GO
,
2021
A
,
5
%
,
12/01/39
...........................................
6,000,000
6,479,671
GO
,
2024
A
,
5
%
,
12/01/53
...........................................
2,500,000
2,691,621
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/45
.........................
1,700,000
1,787,341
Sewerage
Service
,
Revenue
,
2020
B
,
4
%
,
6/01/50
.........................
1,300,000
1,255,828
City
of
Shreveport
,
b
GO
,
2024
,
AGMC
Insured
,
5
%
,
3/01/54
.................................
2,750,000
2,910,029
Water
&
Sewer
,
Revenue
,
2016
B
,
5
%
,
12/01/41
..........................
4,000,000
4,079,554
Water
&
Sewer
,
Revenue
,
2020
B
,
Refunding
,
3
%
,
12/01/50
..................
5,070,000
3,871,783
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2014
B
,
Pre-Refunded
,
5
%
,
2/01/39
............................
3,000,000
3,009,117
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/45
...............................
5,000,000
4,976,223
Greater
Ouachita
Water
Co.
,
Revenue
,
2024
,
BAM
Insured
,
4.5
%
,
9/01/53
........
1,000,000
1,012,691
Jefferson
Parish
Consolidated
Sewerage
District
No.
1
,
Revenue
,
2022
,
BAM
Insured
,
4
%
,
2/01/38
......................................................
1,000,000
1,017,997
Jefferson
Parish
Consolidated
Waterworks
District
No.
2
,
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
4
%
,
2/01/40
...........................................
5,000,000
5,076,335
Jefferson
Sales
Tax
District
,
Revenue
,
2017
B
,
AGMC
Insured
,
5
%
,
12/01/42
.......
2,250,000
2,326,614
Lafayette
Consolidated
Government
,
GO
,
2020
,
Refunding
,
3
%
,
3/01/34
.....................................
250,000
240,366
GO
,
2020
,
Refunding
,
3
%
,
3/01/35
.....................................
200,000
190,663
Lafayette
Parish
School
Board
,
Sales
Tax
,
Revenue
,
2023
,
4
%
,
4/01/53
..........
2,500,000
2,524,384
Louisiana
Correctional
Facilities
Corp.
,
State
of
Louisiana
,
Revenue
,
2021
,
4
%
,
10/01/37
..........................
875,000
887,772
State
of
Louisiana
,
Revenue
,
2021
,
4
%
,
10/01/39
..........................
1,490,000
1,497,777
Louisiana
Housing
Corp.
,
Revenue
,
2021
B
,
GNMA
Insured
,
2.05
%
,
6/01/36
.........................
615,000
501,549
Revenue
,
2021
B
,
GNMA
Insured
,
2.2
%
,
6/01/41
..........................
1,965,000
1,478,084
Revenue
,
2024
A
,
GNMA
Insured
,
4.4
%
,
12/01/44
.........................
1,000,000
1,022,701
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
a
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
1,800,000
1,713,966
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.
122
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority,
(continued)
City
of
Pineville
,
Revenue
,
2024
,
AGMC
Insured
,
5
%
,
9/01/39
................
$
2,505,000
$
2,837,319
Entergy
Louisiana
LLC
,
Revenue
,
2021
A
,
Refunding
,
2
%
,
6/01/30
.............
1,500,000
1,352,040
Entergy
Louisiana
LLC
,
Revenue
,
2021
B
,
Refunding
,
2.5
%
,
4/01/36
...........
3,000,000
2,526,280
a
Parish
of
Assumption
,
Revenue
,
144A,
2021
,
3.875
%
,
11/01/45
...............
900,000
842,830
a
Parish
of
St.
Bernard
,
Revenue
,
144A,
2021
,
4
%
,
11/01/45
...................
1,110,000
1,058,435
a
Parish
of
St.
Charles
,
Revenue
,
144A,
2022
,
4.5
%
,
11/01/47
.................
1,900,000
1,929,273
a
Parish
of
St.
Tammany
LA
GOMESA
,
Revenue
,
144A,
2020
,
3.875
%
,
11/01/45
....
2,610,000
2,444,207
a
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
1,250,000
1,259,479
a
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
6,500,000
4,124,914
University
of
Louisiana
at
Lafayette
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/39
.......................................................
1,000,000
1,028,577
University
of
Louisiana
at
Lafayette
,
Revenue
,
2018
,
AGMC
Insured
,
5
%
,
10/01/48
3,500,000
3,568,498
University
of
Louisiana
System
,
Revenue
,
2019
,
Refunding
,
AGMC
Insured
,
4
%
,
8/01/34
........................................................
1,000,000
1,018,476
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
10/01/39
.......................................
1,060,000
1,062,876
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
10/01/41
.......................................
500,000
501,181
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
10/01/43
.......................................
500,000
492,720
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/30
....................................................
1,020,000
1,047,704
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/31
....................................................
1,065,000
1,093,324
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/32
....................................................
1,100,000
1,114,914
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/33
....................................................
1,155,000
1,168,028
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2023
A
,
AGMC
Insured
,
5
%
,
10/01/43
.............................................
600,000
645,624
Woman's
Hospital
Foundation
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/41
......
5,230,000
5,387,438
Louisiana
Offshore
Terminal
Authority
,
Loop
LLC
,
Revenue
,
2007
A
,
Refunding
,
4.15
%
,
9/01/27
.........................................................
1,500,000
1,516,954
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.5
%
,
9/01/59
......
5,000,000
5,415,287
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2018
E
,
5
%
,
7/01/48
...........
5,000,000
5,197,275
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
5
%
,
7/01/35
..............................................
4,965,000
4,998,616
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
Pre-Refunded
,
5
%
,
7/01/35
..................................
35,000
35,399
Louisiana
Children's
Medical
Center
Obligated
Group
,
Revenue
,
2015
A-1
,
5
%
,
6/01/45
........................................................
10,000,000
10,326,300
Louisiana
Children's
Medical
Center
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
6/01/50
5,000,000
4,922,296
Louisiana
Department
of
Public
Safety
&
Corrections
,
Revenue
,
2024
,
AGMC
Insured
,
5
%
,
8/01/44
..............................................
800,000
878,972
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2016
A
,
5
%
,
7/01/46
..............................................
6,500,000
6,563,074
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2017
,
5
%
,
7/01/52
................................................
2,310,000
2,344,626
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/37
.......
2,020,000
2,023,499
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/39
.......
3,460,000
3,433,175
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/41
.......
2,850,000
2,779,979
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
123
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
%
,
5/15/34
........................................................
$
30,000
$
30,842
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/47
........................................................
20,000
20,561
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/42
5,695,000
5,832,170
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/46
6,305,000
6,430,570
a
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
2,000,000
1,839,551
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
3,082,524
Tulane
University
,
Revenue
,
2017
A
,
Pre-Refunded
,
4
%
,
12/15/50
.............
60,000
62,085
Tulane
University
,
Revenue
,
2024
A
,
5
%
,
4/15/38
..........................
1,000,000
1,137,402
Louisiana
Stadium
&
Exposition
District
,
Revenue,
Senior
Lien
,
2023
A
,
Refunding
,
5.25
%
,
7/01/53
...................................................
1,750,000
1,902,224
Louisiana
State
University
&
Agricultural
&
Mechanical
College
,
Auxiliary
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
7/01/40
....................................
4,500,000
4,649,833
Natchitoches
Parish
School
District
No.
9
,
GO
,
2018
,
AGMC
Insured
,
5
%
,
3/01/38
...
1,440,000
1,541,416
New
Orleans
Aviation
Board
,
Revenue
,
2024
B
,
Refunding
,
5.25
%
,
1/01/45
.............................
2,500,000
2,698,224
Revenue
,
2024
C-1
,
5
%
,
1/01/54
......................................
1,000,000
1,066,079
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
A
,
5
%
,
1/01/48
.
8,000,000
8,140,876
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
MovEBR
Sales
Tax
,
Revenue
,
2019
,
5
%
,
8/01/48
.........................................
500,000
523,968
Parish
of
Terrebonne
,
Sales
&
Use
Tax
,
Revenue
,
2020
A
,
4
%
,
3/01/41
...........
2,660,000
2,680,570
Port
New
Orleans
Board
of
Commissioners
,
Revenue
,
2018
A
,
AGMC
Insured
,
5
%
,
4/01/48
............................
2,750,000
2,819,747
Revenue
,
2020
D
,
5
%
,
4/01/50
........................................
6,000,000
6,273,169
Rapides
Parish
Consolidated
School
District
No.
62
,
GO
,
2022
,
AGMC
Insured
,
5
%
,
3/01/42
.........................................................
1,100,000
1,185,715
Rapides
Parish
School
District
No.
11
Rigolette
,
GO
,
2023
,
AGMC
Insured
,
4
%
,
3/01/41
.........................................................
1,000,000
1,004,678
St.
John
the
Baptist
,
Parish
School
District
No.
1
,
GO
,
2023
,
5.25
%
,
3/01/43
.......
3,300,000
3,515,371
St.
Tammany
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/48
.........................................................
5,500,000
5,644,146
State
of
Louisiana
,
GO
,
2016
A
,
5
%
,
9/01/35
............................................
2,575,000
2,659,741
GO
,
2019
A
,
5
%
,
3/01/37
............................................
3,000,000
3,210,865
Gasoline
&
Fuels
Tax
,
Revenue,
First
Lien
,
2015
A
,
Pre-Refunded
,
5
%
,
5/01/41
...
3,000,000
3,023,090
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2024
A
,
Refunding
,
4
%
,
5/01/44
...
6,000,000
6,004,047
Tangipahoa
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2021
,
Refunding
,
4
%
,
2/01/35
.................................
2,250,000
2,250,915
Revenue
,
2021
,
Refunding
,
4
%
,
2/01/38
.................................
2,000,000
1,964,241
Terrebonne
Levee
&
Conservation
District
,
Sales
Tax
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
6/01/41
......................................................
1,000,000
1,005,897
West
Feliciana
Parish
Parishwide
Consolidated
School
District
No.
1
,
GO
,
2020
,
4
%
,
3/01/50
.........................................................
3,000,000
2,922,142
236,345,699
South
Carolina
0.4%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
600,000
527,577
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
700,000
615,507
1,143,084
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.
124
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
0.6%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
$
450,000
$
447,329
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,250,000
1,047,505
1,494,834
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
615,640
Wisconsin
0.5%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
675,280
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
500,000
517,298
1,192,578
U.S.
Territories
2.2%
Puerto
Rico
2.2%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
500,000
499,700
c
Revenue
,
WW
,
5.25
%
,
7/01/33
........................................
655,000
301,300
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
3,500,000
3,503,311
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
1,196,000
1,201,398
5,505,709
Total
U.S.
Territories
....................................................................
5,505,709
Total
Municipal
Bonds
(Cost
$
256,531,185
)
.....................................
249,628,884
Shares
Escrows
and
Litigation
Trusts
0.0%
†
d
,e
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
43,434
34,747
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
34,747
Total
Long
Term
Investments
(Cost
$
256,531,185
)
...............................
249,663,631
a
a
a
a
a
Short
Term
Investments
0.9%
Principal
Amount
Municipal
Bonds
0.9%
Louisiana
0.9%
f
State
of
Louisiana
,
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2023
A-1
,
Refunding
,
LOC
Toronto
Dominion
Bank
(The)
,
Daily
VRDN
and
Put
,
3.15
%
,
5/01/43
2,200,000
2,200,000
Total
Municipal
Bonds
(Cost
$
2,200,000
)
.......................................
2,200,000
Total
Short
Term
Investments
(Cost
$
2,200,000
)
.................................
2,200,000
a
Total
Investments
(Cost
$
258,731,185
)
98.8
%
...................................
$251,863,631
Other
Assets,
less
Liabilities
1.2
%
.............................................
3,197,871
Net
Assets
100.0%
...........................................................
$255,061,502
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
125
See
Abbreviations
on
page
203
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2024,
the
aggregate
value
of
these
securities
was
$21,927,295,
representing
8.6%
of
net
assets.
b
Security
purchased
on
a
when-issued
basis.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
d
Non-income
producing.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
November
30,
2024
Franklin
Maryland
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
126
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.3%
Florida
0.7%
a
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
$
2,650,000
$
2,127,888
Georgia
0.4%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
1,325,000
1,126,872
Maryland
85.6%
City
of
Baltimore
,
Harbor
Point
Special
Taxing
District
,
Revenue
,
2016
,
Refunding
,
5.125
%
,
6/01/43
.
3,000,000
3,016,765
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/46
.....................
2,000,000
2,044,071
City
of
Gaithersburg
,
Asbury
Maryland
Obligated
Group
,
Revenue
,
2022
,
4.5
%
,
1/01/42
1,500,000
1,477,102
b
County
of
Anne
Arundel
,
Glenview
Housing
LP
,
Revenue
,
2009
,
Mandatory
Put
,
5
%
,
1/01/27
.........................................................
1,760,000
1,762,562
County
of
Baltimore
,
GO
,
2023
,
5
%
,
3/01/53
...............................
6,000,000
6,559,454
a
County
of
Frederick
,
Urbana
Community
Development
Authority
,
Special
Tax
,
144A,
2020
C
,
4
%
,
7/01/50
...............................................
3,940,000
3,644,957
County
of
Harford
,
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/31
........................................................
150,000
155,381
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/36
........................................................
750,000
761,838
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/40
........................................................
675,000
680,553
County
of
Howard
,
Annapolis
Junction
Town
Center
Development
District
,
Tax
Allocation
,
2024
,
Refunding
,
5
%
,
2/15/44
................................
665,000
714,397
Howard
County
Housing
Commission
,
Revenue
,
2013
,
5
%
,
10/01/28
........................................
9,990,000
10,003,975
Revenue
,
2016
,
4
%
,
6/01/46
.........................................
2,000,000
1,904,688
Revenue
,
2017
,
5
%
,
12/01/46
........................................
5,000,000
5,129,133
Maryland
Community
Development
Administration
,
Housing
,
Revenue
,
2019
D
,
3
%
,
7/01/39
................................
1,500,000
1,350,936
Housing
,
Revenue
,
2019
D
,
3.2
%
,
7/01/44
...............................
1,000,000
873,047
Maryland
Community
Development
Administration
Local
Government
Infrastructure
,
Revenue
,
2017
A-1
,
4
%
,
6/01/47
......................................
2,300,000
2,292,124
Revenue
,
2018
A-1
,
5
%
,
6/01/48
......................................
1,310,000
1,359,438
Revenue,
Senior
Lien
,
2019
B-1
,
4
%
,
6/01/49
.............................
3,000,000
2,997,773
Maryland
Economic
Development
Corp.
,
Annapolis
Parking
System
,
Revenue,
Senior
Lien
,
2022
A
,
5.25
%
,
12/31/47
......
5,000,000
5,313,123
Frostburg
State
University
Project
,
Revenue,
Senior
Lien
,
2013
,
Refunding
,
5
%
,
10/01/33
.......................................................
5,000,000
5,001,649
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
4
%
,
7/01/40
.
1,000,000
974,552
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
5
%
,
7/01/50
.
1,250,000
1,288,409
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2022
A
,
6
%
,
7/01/58
4,620,000
5,148,642
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/47
...........
5,000,000
5,283,291
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/55
...........
5,000,000
5,231,854
University
of
Maryland
College
Park
,
Revenue
,
2016
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/43
........................................................
3,305,000
3,349,206
University
of
Maryland
College
Park
,
Revenue
,
2024
,
AGMC
Insured
,
5
%
,
7/01/54
.
2,000,000
2,112,214
University
Park
Phase
I
&
II
at
Salisbury
University
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/01/34
........................................................
2,040,000
2,040,655
University
Village
at
Sheppard
Pratt
,
Revenue
,
2012
,
Refunding
,
5
%
,
7/01/27
.....
1,150,000
1,150,816
University
Village
at
Sheppard
Pratt
,
Revenue
,
2012
,
Refunding
,
5
%
,
7/01/33
.....
2,495,000
2,496,049
West
Village
&
Millennium
Hall
Student
Housing
at
Towson
University
,
Revenue,
Senior
Lien
,
2012
,
5
%
,
7/01/27
......................................
720,000
720,756
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
127
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
$
9,914,920
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/38
...
865,000
852,547
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2021
B
,
BAM
Insured
,
4
%
,
1/01/51
2,000,000
1,958,455
Charlestown
Community,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/45
........
4,170,000
4,231,158
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/50
..
1,715,000
1,609,559
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.25
%
,
7/01/53
1,500,000
1,594,858
Goucher
College
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/44
.................
7,470,000
7,478,461
Johns
Hopkins
Medical
Institutions
Parking
System
,
Revenue
,
2001
,
AMBAC
Insured
,
5
%
,
7/01/27
..............................................
505,000
508,831
Johns
Hopkins
Medical
Institutions
Parking
System
,
Revenue
,
2004
,
AMBAC
Insured
,
5
%
,
7/01/34
..............................................
5,000,000
5,038,257
LifeBridge
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/47
.....
4,000,000
4,060,429
LifeBridge
Health
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
7/01/54
............
1,000,000
1,099,394
Loyola
University
Maryland,
Inc.
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/49
.....
2,000,000
2,102,034
Maryland
Institute
College
of
Art
,
Revenue
,
2016
,
Refunding
,
4
%
,
6/01/42
.......
5,325,000
5,006,689
Maryland
Institute
College
of
Art
,
Revenue
,
2024
,
Refunding
,
5.5
%
,
6/01/47
......
1,250,000
1,335,453
MedStar
Health
Obligated
Group
,
Revenue
,
1997
,
AMBAC
Insured
,
ETM,
5
%
,
7/01/27
........................................................
4,560,000
4,674,694
MedStar
Health
Obligated
Group
,
Revenue
,
2013
A
,
5
%
,
8/15/38
..............
5,000,000
5,002,104
MedStar
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/38
.......
2,100,000
2,105,036
MedStar
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
5/15/45
..............
5,000,000
5,128,624
Meritus
Medical
Center
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/40
.
8,535,000
8,565,865
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/28
..........
630,000
657,986
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/30
..........
1,225,000
1,301,200
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/32
..........
800,000
850,388
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/34
..........
350,000
347,246
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/36
..........
1,125,000
1,104,637
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/40
..........
1,850,000
1,768,626
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/46
..........
1,000,000
934,767
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/55
..........
3,250,000
2,976,856
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/39
............................................
10,000,000
10,372,130
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
D
,
4
%
,
7/01/48
........................................................
5,000,000
4,961,302
Maryland
Industrial
Development
Financing
Authority
,
McDonogh
School,
Inc.
,
Revenue
,
2019
,
Refunding
,
4
%
,
9/01/43
..............
1,100,000
1,102,505
McDonogh
School,
Inc.
,
Revenue
,
2019
,
Refunding
,
4
%
,
9/01/48
..............
610,000
607,509
Maryland
Stadium
Authority
,
Baltimore
City
Public
School
Construction
Financing
Fund
,
Revenue
,
2016
,
Pre-
Refunded
,
5
%
,
5/01/46
............................................
4,085,000
4,213,220
Baltimore
City
Public
School
Construction
Financing
Fund
,
Revenue
,
2020
A
,
5
%
,
5/01/50
........................................................
11,225,000
12,940,882
State
of
Maryland
Built
to
Learn
,
Revenue
,
2021
,
4
%
,
6/01/35
................
1,590,000
1,648,984
State
of
Maryland
Built
to
Learn
,
Revenue
,
2022
A
,
4
%
,
6/01/47
...............
5,000,000
5,015,027
State
of
Maryland
Built
to
Learn
,
Revenue
,
2024
,
4
%
,
6/01/49
................
2,445,000
2,439,397
Maryland
State
Transportation
Authority
,
Revenue
,
2020
,
4
%
,
7/01/45
.........................................
4,000,000
4,019,649
Revenue
,
2021
A
,
Refunding
,
5
%
,
7/01/46
...............................
2,000,000
2,146,268
Montgomery
County
Housing
Opportunities
Commission
,
Revenue
,
2023
C
,
5.125
%
,
1/01/53
.........................................................
915,000
1,002,215
State
of
Maryland
,
GO
,
2022
A
,
5
%
,
6/01/37
...............................
8,000,000
9,089,242
State
of
Maryland
Department
of
Transportation
,
Maryland
Aviation
Administration
,
Revenue
,
2021
B
,
5
%
,
8/01/46
..............
3,000,000
3,133,534
Maryland
Aviation
Administration
,
Revenue
,
2021
B
,
4
%
,
8/01/51
..............
3,500,000
3,349,897
Maryland
Aviation
Administration
,
Revenue
,
2024
A
,
AGMC
Insured
,
5
%
,
8/01/39
..
2,150,000
2,346,079
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.
128
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/34
...............
$
3,420,000
$
3,332,035
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/36
...............
2,700,000
2,595,944
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/37
...............
3,095,000
2,953,832
University
System
of
Maryland
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/51
........
5,260,000
5,235,292
Washington
Suburban
Sanitary
Commission
,
Revenue
,
2023
,
4
%
,
6/01/49
.........................................
9,500,000
9,599,151
Revenue,
Second
Series
,
2016
,
4
%
,
6/01/43
.............................
5,000,000
5,010,806
266,163,384
New
Jersey
0.8%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/39
...................................................
2,500,000
2,532,103
South
Carolina
0.7%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
700,000
615,507
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
700,000
615,507
a
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
Zero
Cpn.,
6/01/52
1,350,000
1,043,547
2,274,561
Texas
0.5%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
550,000
546,736
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,300,000
1,089,405
1,636,141
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
615,639
Wisconsin
0.4%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
675,280
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
500,000
517,298
1,192,578
U.S.
Territories
8.0%
District
of
Columbia
4.6%
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2020
A
,
5
%
,
7/15/45
...............................
2,500,000
2,664,448
Dedicated
,
Revenue
,
2021
A
,
5
%
,
7/15/46
...............................
3,000,000
3,218,089
Dedicated
,
Revenue
,
2023
A
,
5
%
,
7/15/43
...............................
2,500,000
2,753,399
Dedicated
,
Revenue
,
2023
A
,
4.125
%
,
7/15/47
............................
2,500,000
2,530,381
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/56
.....................
3,000,000
3,259,980
14,426,297
Puerto
Rico
3.4%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/33
................
347,342
343,314
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
2,094,826
2,034,239
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
2,000,000
1,998,799
c
Revenue
,
WW
,
5.5
%
,
7/01/38
.........................................
1,080,000
496,800
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
129
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
$
3,600,000
$
3,603,406
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
1,900,000
1,908,576
10,385,134
Total
U.S.
Territories
....................................................................
24,811,431
Total
Municipal
Bonds
(Cost
$
307,412,732
)
.....................................
302,480,597
Shares
Escrows
and
Litigation
Trusts
0.0%
†
d
,e
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
100,330
80,264
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
80,264
Total
Long
Term
Investments
(Cost
$
307,412,732
)
...............................
302,560,861
a
a
a
a
a
Short
Term
Investments
0.9%
Principal
Amount
Municipal
Bonds
0.9%
Maryland
0.9%
f
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.15
%
,
11/01/37
........................................................
2,900,000
2,900,000
Total
Municipal
Bonds
(Cost
$
2,900,000
)
.......................................
2,900,000
Total
Short
Term
Investments
(Cost
$
2,900,000
)
.................................
2,900,000
a
Total
Investments
(Cost
$
310,312,732
)
98.2
%
...................................
$305,460,861
Other
Assets,
less
Liabilities
1.8
%
.............................................
5,611,744
Net
Assets
100.0%
...........................................................
$311,072,605
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2024,
the
aggregate
value
of
these
securities
was
$11,456,393,
representing
3.7%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
d
Non-income
producing.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
November
30,
2024
Franklin
Massachusetts
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
130
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
$
924,736
Total
Corporate
Bonds
(Cost
$
900,000
)
........................................
924,736
Senior
Floating
Rate
Interests
0.4%
Residential
REITs
0.4%
a
,b
Centennial
Gardens
LP,
First
Lien,
Delayed
Draw
CME
Term
Loan,
1
,
6.406
%
,
(
1-month
SOFR
+
1.55
%
),
2/01/25
.....................................
1,000,000
1,002,925
Total
Senior
Floating
Rate
Interests
(Cost
$
1,000,000
)
...........................
1,002,925
Municipal
Bonds
98.0%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,200,000
1,055,882
Florida
1.7%
c
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
750,000
543,555
c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
2,800,000
2,248,334
c
,d
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
Zero
Cpn.,
5/01/52
.....................................................
2,000,000
1,796,000
4,587,889
Massachusetts
88.7%
City
of
Worcester
,
GO
,
2020
A
,
3
%
,
2/01/42
................................
1,685,000
1,485,935
Commonwealth
of
Massachusetts
,
GO
,
2017
F
,
5
%
,
11/01/46
...........................................
5,000,000
5,184,047
GO
,
2022
E
,
5
%
,
11/01/52
...........................................
3,000,000
3,242,296
GO
,
2024
B
,
5
%
,
5/01/54
............................................
3,500,000
3,826,815
GO
,
A
,
5.25
%
,
4/01/42
..............................................
5,000,000
5,214,796
Revenue
,
2005
,
Refunding
,
AGMC,
NATL
Insured
,
5.5
%
,
1/01/34
..............
11,900,000
13,793,846
Transportation
Fund
,
Revenue
,
2016
B
,
4
%
,
6/01/45
.......................
5,000,000
5,006,429
Transportation
Fund
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/43
...............
4,805,000
5,009,783
Transportation
Fund
,
Revenue
,
2018
A
,
5
%
,
6/01/48
.......................
5,000,000
5,205,307
Transportation
Fund
,
Revenue
,
2023
A
,
5
%
,
6/01/53
.......................
5,000,000
5,440,499
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
A
,
5
%
,
7/01/40
....................................
5,000,000
5,039,587
Sales
Tax
,
Revenue
,
A-1
,
Refunding
,
5.25
%
,
7/01/30
.......................
4,000,000
4,567,304
Massachusetts
Development
Finance
Agency
,
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2015
F
,
Refunding
,
5
%
,
8/15/32
2,975,000
3,000,924
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2015
F
,
Refunding
,
5
%
,
8/15/34
5,000,000
5,038,964
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2023
M
,
5
%
,
7/01/34
.......
1,500,000
1,721,418
Boston
Medical
Center
Corp.
Obligated
Group
,
Revenue
,
2023
G
,
Refunding
,
5.25
%
,
7/01/52
........................................................
5,585,000
5,992,057
Brandeis
University
,
Revenue
,
2019
S-1
,
Refunding
,
5
%
,
10/01/39
.............
2,660,000
2,867,543
Broad
Institute,
Inc.
(The)
,
Revenue
,
2017
,
Refunding
,
4
%
,
4/01/41
............
5,000,000
5,004,875
Dana-Farber
Cancer
Institute
Obligated
Group
,
Revenue
,
2016
N
,
5
%
,
12/01/46
..
6,890,000
7,032,172
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
C
,
4
%
,
11/01/46
.......................................................
1,250,000
1,255,548
Loomis
Obligated
Group
,
Revenue
,
2021
,
4
%
,
1/01/41
......................
435,000
424,393
Loomis
Obligated
Group
,
Revenue
,
2021
,
4
%
,
1/01/51
......................
300,000
273,662
c
Loomis
Obligated
Group
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
1/01/41
........
485,000
473,174
c
Loomis
Obligated
Group
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
1/01/51
........
520,000
474,347
Mass
General
Brigham,
Inc.
,
Revenue
,
2017
S-1
,
Refunding
,
4
%
,
7/01/41
.......
4,000,000
4,012,359
Mass
General
Brigham,
Inc.
,
Revenue
,
2024
D
,
Refunding
,
5
%
,
7/01/54
.........
1,500,000
1,621,548
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
131
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
(continued)
Merrimack
College
,
Revenue
,
2021
B
,
4
%
,
7/01/50
........................
$
3,650,000
$
3,362,387
Merrimack
College
,
Revenue
,
2022
,
5
%
,
7/01/52
..........................
1,000,000
1,028,035
c
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
11/15/38
.......................................................
3,000,000
3,118,226
c
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5.125
%
,
11/15/46
.......................................................
5,000,000
5,162,020
Northeastern
University
,
Revenue
,
2022
,
Refunding
,
5
%
,
10/01/44
.............
2,375,000
2,624,865
President
&
Trustees
of
Williams
College
,
Revenue
,
2017
S
,
4
%
,
7/01/46
........
5,000,000
5,013,315
President
and
Fellows
of
Harvard
College
,
Revenue
,
2024
B
,
5
%
,
2/15/33
.......
3,000,000
3,530,392
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/39
.
750,000
746,654
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/41
.
500,000
488,034
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/48
.
1,750,000
1,623,042
Simmons
University
,
Revenue
,
2023
N
,
Refunding
,
5
%
,
10/01/43
..............
1,750,000
1,736,729
Southcoast
Health
System
Obligated
Group
,
Revenue
,
2021
G
,
Refunding
,
4
%
,
7/01/46
........................................................
3,000,000
2,859,713
Southcoast
Health
System
Obligated
Group
,
Revenue
,
2021
G
,
Refunding
,
5
%
,
7/01/50
........................................................
3,540,000
3,708,956
Springfield
College
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
6/01/50
................
2,695,000
2,311,524
Suffolk
University
,
Revenue
,
2021
,
4
%
,
7/01/46
...........................
2,000,000
1,691,282
Suffolk
University
,
Revenue
,
2021
,
4
%
,
7/01/51
...........................
5,000,000
4,058,671
Trustees
of
Boston
College
,
Revenue
,
2017
T
,
Refunding
,
5
%
,
7/01/42
..........
3,750,000
3,904,336
Trustees
of
Boston
University
,
Revenue
,
BB-1
,
4
%
,
10/01/46
.................
5,000,000
5,011,169
Wellesley
College
,
Revenue
,
2018
L
,
Refunding
,
4
%
,
7/01/44
.................
6,160,000
6,223,715
Wheaton
College
,
Revenue
,
2021
I
,
5
%
,
1/01/53
..........................
3,000,000
3,064,796
Woods
Hole
Oceanographic
Institution
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/35
..
1,200,000
1,271,145
Woods
Hole
Oceanographic
Institution
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/36
..
1,000,000
1,057,747
Worcester
Polytechnic
Institute
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/42
........
1,090,000
1,128,815
Massachusetts
Educational
Financing
Authority
,
Revenue
,
2017
B
,
Refunding
,
4.25
%
,
7/01/46
.............................
2,500,000
2,379,143
Revenue
,
2021
C
,
3
%
,
7/01/51
........................................
3,000,000
2,174,334
Revenue
,
2023
C
,
5
%
,
7/01/53
........................................
4,375,000
4,452,650
Massachusetts
Health
&
Educational
Facilities
Authority
,
Trustees
of
Boston
College
,
Revenue
,
M-2
,
5.5
%
,
6/01/35
.........................................
8,600,000
10,252,115
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2009
C
,
5.125
%
,
12/01/39
...................................
75,000
75,053
Revenue
,
2009
C
,
5.35
%
,
12/01/49
....................................
210,000
210,070
Revenue
,
2012
F
,
3.15
%
,
12/01/32
.....................................
105,000
103,494
Revenue
,
2012
F
,
3.45
%
,
12/01/37
.....................................
45,000
42,122
Revenue
,
2024
A-1
,
4.95
%
,
12/01/64
...................................
1,000,000
1,026,519
Revenue
,
214
,
GNMA
Insured
,
2.55
%
,
12/01/34
...........................
1,000,000
872,841
Revenue
,
214
,
GNMA
Insured
,
2.8
%
,
12/01/39
............................
2,860,000
2,472,997
Revenue
,
A
,
3.25
%
,
12/01/27
.........................................
4,000,000
4,000,132
Revenue
,
A
,
3.5
%
,
12/01/31
..........................................
5,805,000
5,804,955
Massachusetts
Port
Authority
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
7/01/39
.........
1,175,000
1,258,516
Massachusetts
School
Building
Authority
,
Revenue,
Senior
Lien
,
2016
C
,
Refunding
,
5
%
,
11/15/34
.....................................................
5,000,000
5,189,103
Massachusetts
Transportation
Trust
Fund
,
Metropolitan
Highway
System
,
Revenue
,
2019
B-1
,
Refunding
,
5
%
,
1/01/37
.....................................
1,015,000
1,090,446
Massachusetts
Water
Resources
Authority
,
Revenue
,
2016
C
,
Pre-Refunded
,
5
%
,
8/01/40
............................
5,000,000
5,176,258
Revenue
,
2018
B
,
5
%
,
8/01/43
........................................
2,525,000
2,662,066
Revenue
,
2024
B
,
5
%
,
8/01/49
........................................
4,000,000
4,441,472
Revenue
,
B
,
Refunding
,
AGMC
Insured
,
5.25
%
,
8/01/28
.....................
5,490,000
6,027,710
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.
132
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Town
of
Plymouth
,
GO
,
2017
,
4
%
,
5/01/47
.................................
$
5,000,000
$
5,013,189
University
of
Massachusetts
Building
Authority
,
Revenue
,
2022-1
,
4
%
,
11/01/46
.......................................
4,000,000
4,026,853
Revenue,
Senior
Lien
,
2017-1
,
5.25
%
,
11/01/42
...........................
5,000,000
5,278,263
240,965,497
New
Jersey
0.4%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/32
..........................................
1,000,000
1,071,007
New
York
1.0%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
A-1
,
4
%
,
11/15/40
.....................................
750,000
753,847
Revenue
,
2020
A-1
,
4
%
,
11/15/53
.....................................
1,900,000
1,846,525
2,600,372
South
Carolina
0.8%
South
Carolina
Jobs-Economic
Development
Authority
,
c
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
800,000
703,437
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
800,000
703,436
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
850,121
2,256,994
Texas
0.4%
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,400,000
1,173,206
Washington
0.3%
c
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
800,000
703,588
Wisconsin
0.9%
c
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
675,280
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
1,200,000
761,522
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,000,000
1,034,597
2,471,399
U.S.
Territories
3.4%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/39
600,000
650,794
Puerto
Rico
3.2%
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
205,375
199,433
Revenue
,
2007
N
,
5.25
%
,
7/01/34
.....................................
4,107,501
4,120,552
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
479,004
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/39
..
200,000
190,008
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
133
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
$
3,660,000
$
3,676,521
8,665,518
Total
U.S.
Territories
....................................................................
9,316,312
Total
Municipal
Bonds
(Cost
$
271,400,772
)
.....................................
266,202,146
Total
Long
Term
Investments
(Cost
$
273,300,772
)
...............................
268,129,807
a
a
a
a
a
Short
Term
Investments
0.1%
Municipal
Bonds
0.1%
Massachusetts
0.1%
e
Massachusetts
Development
Finance
Agency
,
Children's
Hospital
Corp.
Obligated
Group
(The)
,
Revenue
,
2024
U-1
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
3/01/48
.................................................
300,000
300,000
Total
Municipal
Bonds
(Cost
$
300,000
)
.........................................
300,000
Total
Short
Term
Investments
(Cost
$
300,000
)
..................................
300,000
a
Total
Investments
(Cost
$
273,600,772
)
98.8
%
...................................
$268,429,807
Other
Assets,
less
Liabilities
1.2
%
.............................................
3,258,025
Net
Assets
100.0%
...........................................................
$271,687,832
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
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
November
30,
2024,
the
aggregate
value
of
these
securities
was
$19,717,407,
representing
7.3%
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),
November
30,
2024
Franklin
Michigan
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
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25%,
12/31/53
....................................
$
1,800,000
$
1,849,472
Total
Corporate
Bonds
(Cost
$
1,800,000
)
.......................................
1,849,472
Municipal
Bonds
97.8%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,650,000
2,331,740
Florida
2.0%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
5,256,000
4,712,569
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
900,000
652,266
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
6,025,000
4,837,933
b
,c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
Zero
Cpn.,
5/01/52
.....................................................
4,100,000
3,681,800
13,884,568
Illinois
0.6%
Metropolitan
Pier
&
Exposition
Authority
,
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
....................
2,500,000
2,353,483
State
of
Illinois
,
GO
,
2021
B
,
4
%
,
12/01/39
................................
1,860,000
1,849,050
4,202,533
Michigan
86.2%
Bangor
Township
School
District
,
GO
,
2023
,
5
%
,
5/01/53
......................
2,000,000
2,138,948
Battle
Creek
School
District
,
GO
,
2022
,
4
%
,
5/01/45
.........................
3,000,000
3,003,871
Belding
Area
Schools
,
GO
,
2022
,
4.25
%
,
5/01/52
...........................
7,330,000
7,399,698
Byron
Center
Public
Schools
,
GO
,
2017
I
,
5
%
,
5/01/34
.............................................
1,000,000
1,048,183
GO
,
2017
I
,
5
%
,
5/01/35
.............................................
1,920,000
2,009,210
GO
,
2017
I
,
5
%
,
5/01/36
.............................................
650,000
679,478
GO
,
2017
I
,
5
%
,
5/01/37
.............................................
1,480,000
1,541,980
GO
,
2017
I
,
5
%
,
5/01/38
.............................................
1,330,000
1,386,732
GO
,
2017
I
,
5
%
,
5/01/47
.............................................
6,730,000
6,925,107
Caledonia
Community
Schools
,
GO
,
2023
I
,
5
%
,
5/01/53
......................
2,000,000
2,159,698
Central
Michigan
University
,
Revenue
,
2021
,
Refunding
,
3
%
,
10/01/46
...........
1,325,000
1,074,495
Charter
Township
of
Bloomfield
,
GO
,
2016
,
Refunding
,
5
%
,
5/01/32
..............
1,000,000
1,029,722
City
of
Battle
Creek
,
Water
&
Wastewater
System
,
Revenue
,
2016
A
,
5
%
,
6/01/36
...
1,300,000
1,337,695
City
of
Detroit
,
Great
Lakes
Water
Authority
Water
Supply
System
,
Revenue,
Second
Lien
,
2003
B
,
NATL
Insured
,
5
%
,
7/01/34
.........................................
25,000
25,038
Great
Lakes
Water
Authority
Water
Supply
System
,
Revenue,
Senior
Lien
,
06
A
,
AGMC
Insured
,
5
%
,
7/01/34
........................................
30,000
30,046
City
of
Grand
Rapids
,
d
GO
,
2024
,
5
%
,
10/01/44
.............................................
1,645,000
1,822,156
d
GO
,
2024
,
5
%
,
10/01/49
.............................................
2,025,000
2,205,854
d
GO
,
2024
,
5
%
,
10/01/54
.............................................
1,700,000
1,842,436
Sanitary
Sewer
System
,
Revenue
,
2018
,
5
%
,
1/01/37
.......................
1,040,000
1,096,433
Sanitary
Sewer
System
,
Revenue
,
2018
,
5
%
,
1/01/43
.......................
1,000,000
1,042,147
Sanitary
Sewer
System
,
Revenue
,
2020
,
Refunding
,
5
%
,
1/01/45
..............
2,000,000
2,133,158
Water
Supply
System
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/41
...............
2,190,000
2,222,336
Water
Supply
System
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/46
...............
2,525,000
2,555,854
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
135
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
City
of
Grand
Rapids,
(continued)
Water
Supply
System
,
Revenue
,
2018
,
Refunding
,
5
%
,
1/01/43
...............
$
1,500,000
$
1,563,221
Water
Supply
System
,
Revenue
,
2018
,
Refunding
,
5
%
,
1/01/48
...............
2,000,000
2,073,435
Water
Supply
System
,
Revenue
,
2020
,
5
%
,
1/01/40
........................
2,400,000
2,591,036
Water
Supply
System
,
Revenue
,
2020
,
5
%
,
1/01/50
........................
3,000,000
3,172,433
City
of
Lansing
,
GO
,
2023
,
AGMC
Insured
,
4.25
%
,
6/01/53
...............................
2,225,000
2,216,584
GO
,
2023
B
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/48
.......................
9,980,000
10,680,675
Comstock
Public
Schools
,
GO
,
2022
I
,
4
%
,
5/01/52
..........................
3,000,000
2,951,043
e
County
of
Genesee
,
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/37
......
835,000
950,003
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/38
......
700,000
795,745
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/39
......
1,150,000
1,305,164
County
of
Kent
,
GO
,
2016
,
5
%
,
6/01/32
.............................................
1,305,000
1,345,936
GO
,
2016
,
5
%
,
6/01/33
.............................................
1,275,000
1,313,670
County
of
Muskegon
,
GO
,
2015
,
Refunding
,
5
%
,
11/01/33
....................................
1,360,000
1,381,860
GO
,
2015
,
Refunding
,
5
%
,
11/01/36
....................................
1,735,000
1,761,161
Detroit
City
School
District
,
GO
,
2001
A
,
AGMC
Insured
,
6
%
,
5/01/29
............
7,525,000
8,030,897
DeWitt
Public
Schools
,
GO
,
2017
,
5
%
,
5/01/30
.............................................
500,000
526,138
GO
,
2017
,
5
%
,
5/01/33
.............................................
815,000
853,056
GO
,
2017
,
5
%
,
5/01/34
.............................................
1,000,000
1,044,139
GO
,
2017
,
5
%
,
5/01/35
.............................................
1,000,000
1,044,088
GO
,
2017
,
5
%
,
5/01/36
.............................................
1,000,000
1,042,978
Downriver
Utility
Wastewater
Authority
,
Revenue
,
2018
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/34
....................
510,000
539,033
Revenue
,
2018
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/36
....................
1,600,000
1,685,971
Revenue
,
2018
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/38
....................
1,500,000
1,578,009
Revenue
,
2018
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/43
....................
3,000,000
3,126,889
East
Grand
Rapids
Public
School
District
,
GO
,
2024
I
,
5
%
,
5/01/53
..............
700,000
747,744
East
Lansing
School
District
,
GO
,
2017
I
,
5
%
,
5/01/35
.............................................
1,500,000
1,568,625
GO
,
2017
I
,
5
%
,
5/01/37
.............................................
1,100,000
1,145,546
GO
,
2017
I
,
5
%
,
5/01/42
.............................................
3,500,000
3,626,069
Farmington
Public
School
District
,
GO
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/27
.........................
1,000,000
1,007,469
GO
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/28
.........................
2,000,000
2,014,608
GO
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/32
.........................
4,035,000
4,065,472
GO
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/33
.........................
2,900,000
2,918,189
GO
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/34
.........................
3,000,000
3,022,904
GO
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/35
.........................
1,000,000
1,007,511
GO
,
2018
,
BAM
Insured
,
4.5
%
,
5/01/38
.................................
7,225,000
7,457,162
Flat
Rock
Community
School
District
,
GO
,
2022
I
,
4.5
%
,
5/01/52
................
2,100,000
2,147,842
Gerald
R
Ford
International
Airport
Authority
,
Revenue
,
2021
,
5
%
,
1/01/46
.........
2,000,000
2,130,375
Grand
Traverse
County
Hospital
Finance
Authority
,
Munson
Healthcare
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
7/01/44
...........
1,110,000
1,159,146
Munson
Healthcare
Obligated
Group
,
Revenue
,
2019
B
,
5
%
,
7/01/39
...........
1,625,000
1,719,301
Munson
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
7/01/51
....
10,000,000
8,023,860
Grand
Valley
State
University
,
Revenue
,
2018
,
5
%
,
12/01/38
........................................
900,000
943,836
Revenue
,
2018
,
5
%
,
12/01/43
........................................
1,800,000
1,864,528
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
136
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Grandville
Public
Schools
,
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/29
....................................
$
750,000
$
756,036
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/30
....................................
1,000,000
1,007,635
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/31
....................................
1,150,000
1,158,780
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/32
....................................
1,165,000
1,173,846
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/34
....................................
1,315,000
1,325,094
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/35
....................................
1,225,000
1,234,099
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/37
....................................
2,915,000
2,933,163
GO
,
II
,
AGMC
Insured
,
5
%
,
5/01/40
....................................
6,215,000
6,248,091
Great
Lakes
Water
Authority
,
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2022
B
,
5.5
%
,
7/01/52
.......
1,500,000
1,657,100
Water
Supply
System
,
Revenue,
Second
Lien
,
2022
B
,
5.5
%
,
7/01/52
..........
5,000,000
5,523,667
Gull
Lake
Community
School
District
,
GO
,
2018
I
,
5
%
,
5/01/45
.............................................
4,000,000
4,181,937
GO
,
2018
I
,
5
%
,
5/01/48
.............................................
1,000,000
1,039,761
Hemlock
Public
School
District
,
GO
,
2024
III
,
5
%
,
5/01/53
.....................
1,100,000
1,184,816
Hudsonville
Public
Schools
,
GO
,
2017
,
Refunding
,
5
%
,
5/01/41
.................
2,500,000
2,600,133
Jenison
Public
Schools
,
GO
,
2024
I
,
5
%
,
5/01/49
...........................
550,000
589,439
Kent
Hospital
Finance
Authority
,
Mary
Free
Bed
Rehabilitation
Hospital
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
4/01/51
..................................
6,010,000
4,669,636
Kentwood
Economic
Development
Corp.
,
Holland
Home
Obligated
Group
,
Revenue
,
2021
,
4
%
,
11/15/45
................
1,655,000
1,439,628
Holland
Home
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
11/15/31
.......
1,845,000
1,812,006
Holland
Home
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
11/15/43
.......
8,820,000
7,817,051
Kentwood
Public
Schools
,
GO
,
2016
,
5
%
,
5/01/44
...........................
2,920,000
2,968,090
Lansing
Board
of
Water
&
Light
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/54
........
9,500,000
10,360,288
Lansing
School
District
,
GO
,
2016
I
,
5
%
,
5/01/39
.............................................
2,125,000
2,167,642
GO
,
2016
I
,
5
%
,
5/01/40
.............................................
2,200,000
2,243,842
Lowell
Area
Schools
,
GO
,
2024
I
,
4.125
%
,
5/01/54
..........................
2,155,000
2,148,332
Ludington
Area
School
District
,
GO
,
2022
II
,
BAM
Insured
,
4
%
,
5/01/51
...........
7,820,000
7,718,798
Macomb
Interceptor
Drain
Drainage
District
,
Special
Assessment
,
2017
A
,
Refunding
,
5
%
,
5/01/42
......................................................
4,000,000
4,149,724
Mattawan
Consolidated
School
District
,
GO
,
2024
I
,
5
%
,
5/01/54
................
1,700,000
1,834,997
Melvindale
Northern
Allen
Park
Public
Schools
,
GO
,
2022
,
AGMC
Insured
,
4.375
%
,
5/01/47
..............................
1,500,000
1,524,436
GO
,
2024
,
AGMC
Insured
,
5
%
,
5/01/45
.................................
1,300,000
1,425,765
Meridian
Public
School
District
,
GO
,
2015
,
Refunding
,
5
%
,
5/01/31
..............
1,130,000
1,138,160
Michigan
Finance
Authority
,
Albion
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
12/01/36
....................
1,925,000
1,435,555
Albion
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
12/01/46
....................
4,800,000
3,255,360
Albion
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
12/01/51
....................
3,050,000
2,006,111
Bronson
Health
Care
Group
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/54
........................................................
11,000,000
11,148,316
Calvin
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/50
......
895,000
674,491
Calvin
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/50
......
2,600,000
2,463,293
d
City
of
Inkster
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
11/01/42
...................
1,420,000
1,579,447
d
City
of
Inkster
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
11/01/45
...................
1,660,000
1,817,001
d
City
of
Inkster
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
11/01/49
...................
2,635,000
2,847,243
d
City
of
Inkster
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
11/01/54
...................
3,820,000
4,097,011
Clean
Water
Revolving
Fund
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
10/01/30
.......
2,750,000
2,790,301
Clean
Water
Revolving
Fund
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
10/01/38
.......
8,055,000
8,576,352
Corewell
Health
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
11/01/44
.............
12,000,000
12,109,600
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
137
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Finance
Authority,
(continued)
County
of
Wayne
,
Revenue,
Second
Lien
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
11/01/55
.......................................................
$
4,000,000
$
3,855,476
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/41
.......................................................
7,000,000
7,130,984
Kalamazoo
College
,
Revenue
,
2018
,
Refunding
,
4
%
,
12/01/47
................
2,610,000
2,528,498
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/35
.................
400,000
386,393
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/36
.................
565,000
542,403
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/37
.................
640,000
609,179
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/38
.................
675,000
637,282
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/39
.................
645,000
603,196
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/45
.................
2,780,000
2,449,630
Lawrence
Technological
University
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
2/01/42
........................................................
745,000
658,446
Michigan
Finance
Authority
Clean
Water
Revolving
Fund
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
10/01/39
...........................................
6,000,000
6,381,767
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.5
%
,
2/28/49
............
1,500,000
1,674,261
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
4.375
%
,
2/28/54
..........
1,895,000
1,892,972
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.5
%
,
2/28/57
............
1,750,000
1,933,910
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A-2
,
Refunding
,
5
%
,
6/01/40
....
1,000,000
1,047,422
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/49
...
7,170,000
6,483,037
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
B-1
,
2
,
Refunding
,
5
%
,
6/01/49
..
1,010,000
1,032,025
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
MI
,
5
%
,
12/01/45
.........
7,710,000
7,796,273
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
MI
,
Pre-Refunded
,
5
%
,
12/01/45
.......................................................
290,000
299,313
University
of
Detroit
Mercy
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.5
%
,
11/01/48
.......................................................
2,000,000
2,098,027
University
of
Detroit
Mercy
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.625
%
,
11/01/52
.......................................................
2,280,000
2,398,482
Michigan
State
Building
Authority
,
State
of
Michigan
,
Revenue
,
2016
I
,
Refunding
,
5
%
,
4/15/41
.................
12,000,000
12,330,187
State
of
Michigan
,
Revenue
,
2016
I
,
Refunding
,
5
%
,
10/15/46
................
9,910,000
10,148,755
State
of
Michigan
,
Revenue
,
2016
I
,
Refunding
,
5
%
,
10/15/51
................
1,000,000
1,020,715
State
of
Michigan
,
Revenue
,
2019
I
,
Refunding
,
4
%
,
4/15/54
.................
2,000,000
1,953,774
State
of
Michigan
,
Revenue
,
2022
I
,
4
%
,
10/15/52
.........................
4,250,000
4,174,777
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group
,
Revenue
,
1999
B-3
,
4
%
,
11/15/33
.............
5,370,000
5,499,312
Ascension
Health
Credit
Group
,
Revenue
,
2010
F-7
,
Refunding
,
5
%
,
11/15/47
....
10,000,000
10,172,250
Ascension
Health
Credit
Group
,
Revenue
,
2010
F-8
,
Refunding
,
5
%
,
11/15/46
....
5,000,000
5,088,717
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
B
,
3.1
%
,
12/01/44
.....................................
15,000,000
12,760,189
Revenue
,
2020
A
,
2.8
%
,
12/01/45
.....................................
4,350,000
3,331,931
Revenue
,
2020
A
,
2.85
%
,
6/01/50
.....................................
5,150,000
3,909,546
Revenue
,
2021
A
,
2.5
%
,
6/01/52
......................................
3,000,000
2,053,518
Revenue
,
2021
A
,
2.7
%
,
10/01/56
.....................................
5,000,000
3,518,575
Revenue
,
2021
A
,
2.73
%
,
10/01/59
....................................
5,000,000
3,300,666
Revenue
,
2022
A
,
4.1
%
,
6/01/43
......................................
5,000,000
4,984,667
Michigan
State
University
,
Revenue
,
2015
A
,
5
%
,
8/15/40
.....................
8,500,000
8,576,195
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation
,
Revenue
,
2018
,
5
%
,
6/30/33
....
2,200,000
2,291,656
State
of
Michigan
Department
of
Transportation
,
Revenue
,
2018
,
5
%
,
6/30/48
....
7,000,000
7,153,350
Michigan
Technological
University
,
Revenue
,
2015
A
,
5
%
,
10/01/45
.......................................
2,400,000
2,425,051
Revenue
,
2023
A
,
AGMC
Insured
,
5
%
,
10/01/47
...........................
3,000,000
3,163,733
Revenue
,
2023
A
,
AGMC
Insured
,
5.25
%
,
10/01/52
........................
1,675,000
1,778,901
Revenue
,
2023
C
,
AGMC
Insured
,
5.25
%
,
10/01/53
........................
2,000,000
2,207,049
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
138
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Oakland
University
,
Revenue
,
2016
,
5
%
,
3/01/41
.........................................
$
5,000,000
$
5,070,374
Revenue
,
2019
,
5
%
,
3/01/50
.........................................
2,230,000
2,318,884
Okemos
Public
Schools
,
GO
,
2024
II
,
5
%
,
5/01/54
...........................
2,335,000
2,541,466
Plainwell
Community
Schools
,
GO
,
2022
II
,
4
%
,
5/01/52
......................
7,000,000
6,908,487
Rochester
Community
School
District
,
GO
,
2016
I
,
5
%
,
5/01/36
.................
2,800,000
2,870,998
Roseville
Community
Schools
,
GO
,
2014
,
Pre-Refunded
,
5
%
,
5/01/30
..................................
1,620,000
1,633,407
GO
,
2014
,
Pre-Refunded
,
5
%
,
5/01/31
..................................
1,585,000
1,598,118
Saginaw
Valley
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/31
...............................
2,170,000
2,225,485
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/33
...............................
1,240,000
1,269,341
Saline
Area
Schools
,
GO
,
2016
,
5
%
,
5/01/36
...............................
2,950,000
3,017,807
South
Haven
Public
Schools
,
GO
,
2015
B
,
AGMC
Insured
,
5
%
,
5/01/33
................................
350,000
352,643
GO
,
2015
B
,
AGMC
Insured
,
5
%
,
5/01/35
................................
1,575,000
1,586,829
d
South
Redford
School
District
,
GO
,
2024
,
5
%
,
5/01/48
.............................................
500,000
538,453
GO
,
2024
,
5
%
,
5/01/51
.............................................
300,000
321,276
Sparta
Area
Schools
,
GO
,
2019
II
,
5
%
,
5/01/48
.............................
5,750,000
6,046,415
State
of
Michigan
,
Trunk
Line
,
Revenue
,
2023
,
5.25
%
,
11/15/49
................
2,000,000
2,249,835
Trenton
Public
Schools
School
District
,
GO
,
2018
,
5
%
,
5/01/42
.............................................
4,920,000
5,168,154
GO
,
2018
,
5
%
,
5/01/45
.............................................
11,480,000
11,987,134
Universal
Academy
,
Revenue
,
2021
,
Refunding
,
2
%
,
12/01/26
................................
305,000
293,855
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/31
................................
1,035,000
1,031,243
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/40
................................
1,100,000
1,047,436
University
of
Michigan
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
4/01/46
..............................
2,000,000
2,056,319
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/37
............................
2,700,000
2,840,208
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/42
............................
5,635,000
5,927,619
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/47
............................
5,000,000
5,259,644
Walled
Lake
Consolidated
School
District
,
GO
,
2020
,
5
%
,
5/01/45
.............................................
2,500,000
2,646,483
GO
,
2022
,
5
%
,
5/01/49
.............................................
1,500,000
1,611,446
GO
,
2024
,
5
%
,
5/01/54
.............................................
1,800,000
1,941,471
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2018
A
,
5
%
,
12/01/43
......
7,750,000
8,106,510
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
A
,
5
%
,
12/01/40
......
3,330,000
3,641,014
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
A
,
5
%
,
12/01/46
......
4,670,000
5,033,616
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
B
,
5
%
,
12/01/39
......
1,675,000
1,777,430
Wayne
State
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/31
..............................
1,860,000
1,860,088
Revenue
,
2018
A
,
5
%
,
11/15/43
.......................................
4,500,000
4,718,662
Revenue
,
2018
A
,
4
%
,
11/15/48
.......................................
10,000,000
9,764,484
Wayne-Westland
Community
Schools
,
GO
,
2022
,
3
%
,
11/01/44
.............................................
2,830,000
2,378,502
GO
,
2022
,
3
%
,
11/01/46
.............................................
1,475,000
1,203,068
Western
Michigan
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/30
..............................
2,500,000
2,522,164
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/40
..............................
1,560,000
1,569,894
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/45
..............................
2,000,000
2,009,813
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
139
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Western
Michigan
University,
(continued)
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/15/44
..............................
$
2,315,000
$
2,453,333
Revenue
,
2021
A
,
AGMC
Insured
,
5
%
,
11/15/51
...........................
2,785,000
2,950,077
Western
School
District
,
GO
,
2022
,
5.25
%
,
5/01/52
..........................
2,000,000
2,198,257
Williamston
Community
Schools
School
District
,
GO
,
2024
,
5
%
,
5/01/54
..........
2,000,000
2,149,064
Zeeland
Public
Schools
,
GO
,
2015
A
,
AGMC
Insured
,
5
%
,
5/01/31
................................
1,530,000
1,540,606
GO
,
2015
A
,
AGMC
Insured
,
5
%
,
5/01/33
................................
2,000,000
2,013,287
GO
,
2015
A
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
5/01/35
....................
2,000,000
2,015,807
594,234,695
New
Jersey
0.2%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2019
BB
,
4
%
,
6/15/50
......................
500,000
492,189
State
of
New
Jersey
,
Revenue
,
2020
AA
,
3
%
,
6/15/50
......................
600,000
490,398
982,587
New
York
1.3%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/48
..........
9,300,000
9,121,857
South
Carolina
1.3%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,800,000
1,582,732
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,800,000
1,582,732
b
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
Zero
Cpn.,
6/01/52
6,200,000
4,792,586
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
850,121
8,808,171
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/39
325,000
264,572
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/40
300,000
239,806
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,500,000
2,933,014
3,437,392
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
1,583,073
Wisconsin
1.3%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,800,000
1,519,379
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
12,000,000
7,615,225
9,134,604
U.S.
Territories
3.9%
Guam
0.5%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
1,750,000
1,821,351
Guam
Waterworks
Authority
Water
And
Wastewater
System
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
1/01/46
............................................
1,770,000
1,894,294
3,715,645
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.
140
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
3.4%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/32
....................................
$
404,110
$
400,657
Revenue
,
2007
CC
,
5.25
%
,
7/01/36
....................................
291,537
292,723
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
3,203,851
3,111,175
Revenue
,
2007
N
,
5.25
%
,
7/01/34
.....................................
6,095,532
6,114,899
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
410,750
412,421
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
12,900,000
12,958,229
23,290,104
Total
U.S.
Territories
....................................................................
27,005,749
Total
Municipal
Bonds
(Cost
$
693,124,618
)
.....................................
674,726,969
Total
Long
Term
Investments
(Cost
$
694,924,618
)
...............................
676,576,441
a
a
a
a
a
Short
Term
Investments
1.4%
Municipal
Bonds
1.4%
Michigan
1.4%
f
Green
Lake
Township
Economic
Development
Corp.
,
Interlochen
Center
for
the
Arts
,
Revenue
,
2004
,
Refunding
,
LOC
PNC
Bank
NA
,
Daily
VRDN
and
Put
,
3.25
%
,
6/01/34
.........................................................
3,200,000
3,200,000
f
University
of
Michigan
,
Revenue
,
2012
D-1
,
Daily
VRDN
and
Put
,
3.1
%
,
12/01/24
...
6,200,000
6,200,000
9,400,000
Total
Municipal
Bonds
(Cost
$
9,400,000
)
.......................................
9,400,000
Total
Short
Term
Investments
(Cost
$
9,400,000
)
.................................
9,400,000
a
Total
Investments
(Cost
$
704,324,618
)
99.5
%
...................................
$685,976,441
Other
Assets,
less
Liabilities
0.5
%
.............................................
3,633,599
Net
Assets
100.0%
...........................................................
$689,610,040
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
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
November
30,
2024,
the
aggregate
value
of
these
securities
was
$30,048,129,
representing
4.4%
of
net
assets.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Security
purchased
on
a
when-issued
basis.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
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),
November
30,
2024
Franklin
Minnesota
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
99.4%
Florida
1.0%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
$
6,192,000
$
5,551,793
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,100,000
1,521,954
7,073,747
Minnesota
96.3%
Alexandria
Independent
School
District
No.
206
,
GO
,
2017
A
,
Refunding
,
3
%
,
2/01/37
29,905,000
29,104,820
Anoka-Hennepin
Independent
School
District
No.
11
,
GO
,
2018
A
,
3.25
%
,
2/01/37
..........................................
5,355,000
5,257,201
GO
,
2018
A
,
4
%
,
2/01/39
............................................
8,905,000
9,061,729
GO
,
2018
A
,
3.375
%
,
2/01/43
.........................................
4,020,000
3,753,714
Becker
Independent
School
District
No.
726
,
GO
,
2022
A
,
Zero
Cpn.,
2/01/41
......
1,000,000
493,697
Blooming
Prairie
Independent
School
District
No.
756
,
GO
,
2022
A
,
Refunding
,
2.25
%
,
2/01/45
.........................................................
1,500,000
1,036,928
Brainerd
Independent
School
District
No.
181
,
GO
,
2018
A
,
4
%
,
2/01/32
............................................
3,065,000
3,143,756
GO
,
2018
A
,
4
%
,
2/01/43
............................................
1,900,000
1,907,175
Centennial
Independent
School
District
No.
12
,
GO
,
2015
A
,
Refunding
,
Zero
Cpn.,
2/01/32
..............................
1,450,000
1,105,378
GO
,
2015
A
,
Refunding
,
Zero
Cpn.,
2/01/34
..............................
1,600,000
1,117,484
GO
,
2015
A
,
Refunding
,
Zero
Cpn.,
2/01/35
..............................
350,000
234,107
City
of
Center
City
,
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2019
,
Refunding
,
4
%
,
11/01/41
........................................................
1,000,000
949,163
City
of
Cold
Spring
,
GO
,
2024
A
,
BAM
Insured
,
4
%
,
2/01/54
...................
1,050,000
1,044,852
City
of
Coon
Rapids
,
Mississippi
View
Housing
Partners
LP
,
Revenue
,
2023
,
FNMA
Insured
,
5.6
%
,
12/01/39
.............................................
3,735,369
4,014,562
City
of
Corcoran
,
GO
,
2023
A
,
BAM
Insured
,
4
%
,
2/01/53
.....................
3,605,000
3,606,867
City
of
Fridley
,
GO
,
2022
A
,
4
%
,
2/01/36
............................................
350,000
360,798
GO
,
2022
A
,
4
%
,
2/01/37
............................................
735,000
756,090
GO
,
2022
A
,
4
%
,
2/01/38
............................................
800,000
823,723
Fridley
Leased
Housing
Associates
I
LLLP
,
Revenue
,
2018
,
FNMA
Insured
,
3.75
%
,
11/01/34
.......................................................
9,257,687
9,206,888
a
Roers
Fridley
Apartments
Owner
II
LLC
,
Revenue
,
144A,
2023
A
,
5.75
%
,
6/01/41
..
16,000,000
16,312,088
City
of
Minneapolis
,
GO
,
2018
,
4
%
,
12/01/46
.............................................
3,500,000
3,527,702
GO
,
2019
,
3
%
,
12/01/40
.............................................
2,000,000
1,817,967
14th
and
Central
LLLP
,
Revenue
,
2020
,
FNMA
Insured
,
2.35
%
,
2/01/38
.........
7,347,589
5,853,645
Allina
Health
Obligated
Group
,
Revenue
,
2021
,
4
%
,
11/15/40
.................
6,750,000
6,814,425
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
11/15/44
.............................................
10,000,000
10,081,197
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/44
.......................................................
1,325,000
1,329,719
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
AGMC
Insured
,
5
%
,
11/15/49
.............................................
6,000,000
6,172,287
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/49
.......................................................
4,535,000
4,602,266
City
of
Rochester
,
Electric
Utility
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/42
...................
1,395,000
1,431,929
Electric
Utility
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/47
...................
9,815,000
10,034,888
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/33
....................
9,425,000
10,953,361
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/34
....................
5,235,000
6,139,472
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/36
....................
8,400,000
9,982,340
Mayo
Clinic
,
Revenue
,
2018
,
4
%
,
11/15/48
...............................
6,000,000
6,004,487
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
142
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
City
of
Rochester,
(continued)
Mayo
Clinic
,
Revenue
,
2022
,
Refunding
,
3.25
%
,
11/15/41
...................
$
4,000,000
$
3,852,097
Mayo
Clinic
,
Revenue
,
2022
,
Refunding
,
5
%
,
11/15/57
......................
2,000,000
2,153,419
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
5/01/37
........................................................
7,310,000
7,266,602
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/01/46
........................................................
2,650,000
2,690,530
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
........................................................
10,000,000
10,451,114
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
5/01/54
........................................................
1,000,000
1,075,549
City
of
St.
Paul
,
Water
,
Revenue
,
2023
A
,
4
%
,
12/01/46
.......................
13,340,000
13,711,843
City
of
Virginia
,
GO
,
2024
A
,
4.375
%
,
2/01/34
.........................................
1,000,000
1,003,427
GO
,
2024
A
,
4.5
%
,
2/01/37
...........................................
1,605,000
1,608,359
GO
,
2024
A
,
5
%
,
2/01/41
............................................
825,000
845,074
City
of
Wadena
,
Astera
Health
,
Revenue
,
2024
A
,
5
%
,
12/01/45
.................
1,900,000
2,059,720
Cloquet
Independent
School
District
No.
94
,
GO
,
2015
B
,
5
%
,
2/01/32
............
3,615,000
3,625,724
County
of
Norman
,
GO
,
2022
A
,
3.25
%
,
2/01/52
............................
3,115,000
2,695,331
County
of
Rice
,
GO
,
2022
A
,
4
%
,
2/01/48
.................................
5,200,000
5,209,741
Dakota
County
Community
Development
Agency
,
Revenue
,
2011
A
,
GNMA
Insured
,
4.875
%
,
12/01/33
.......................
340,000
340,087
Roers
Burnsville
Affordable
Apartments
Owner
LLC
,
Revenue
,
2024
,
FNMA
Insured
,
4.2
%
,
5/01/43
...................................................
1,000,000
1,006,487
Dawson-Boyd
Independent
School
District
No.
378
,
GO
,
2019
A
,
3.125
%
,
2/01/40
...
2,965,000
2,784,393
Duluth
Economic
Development
Authority
,
Essentia
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
2/15/53
.....
15,830,000
16,175,189
Essentia
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
2/15/53
...
13,105,000
13,487,847
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/38
........................................................
150,000
154,205
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/39
........................................................
155,000
158,674
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
6/15/44
........................................................
850,000
729,169
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/29
........................................................
400,000
431,677
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/30
........................................................
425,000
464,904
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/31
........................................................
450,000
498,025
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/32
........................................................
500,000
558,231
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/33
........................................................
600,000
669,242
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/34
........................................................
520,000
545,395
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/35
........................................................
425,000
442,444
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/36
........................................................
400,000
414,527
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/37
........................................................
375,000
387,065
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/38
........................................................
400,000
411,622
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
143
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Duluth
Economic
Development
Authority,
(continued)
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/39
........................................................
$
250,000
$
255,504
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
B
,
5.25
%
,
6/15/52
..
8,000,000
8,731,909
Duluth
Independent
School
District
No.
709
,
GO
,
2015
B
,
Refunding
,
2.5
%
,
2/01/26
..................................
2,840,000
2,812,136
GO
,
2021
C
,
Zero
Cpn.,
2/01/29
.......................................
1,870,000
1,567,898
GO
,
2021
C
,
Zero
Cpn.,
2/01/30
.......................................
1,275,000
1,021,043
GO
,
2021
C
,
Zero
Cpn.,
2/01/31
.......................................
1,325,000
1,011,374
GO
,
2021
C
,
Zero
Cpn.,
2/01/32
.......................................
1,080,000
783,622
GO
,
2021
C
,
Zero
Cpn.,
2/01/33
.......................................
1,075,000
740,318
Forest
Lake
Independent
School
District
No.
831
,
GO
,
2023
A
,
4
%
,
2/01/37
........
2,000,000
2,081,071
Fridley
Independent
School
District
No.
14
,
GO
,
2016
A
,
4
%
,
2/01/29
............
2,220,000
2,249,239
Gibbon
Independent
School
District
No.
2365
,
GO
,
2023
A
,
5
%
,
2/01/48
............................................
1,850,000
1,994,170
GO
,
2023
A
,
4.125
%
,
2/01/52
.........................................
2,250,000
2,266,118
Hastings
Independent
School
District
No.
200
,
GO
,
2018
A
,
Zero
Cpn.,
2/01/38
.......................................
4,685,000
2,743,231
GO
,
2018
A
,
Zero
Cpn.,
2/01/39
.......................................
4,685,000
2,589,638
GO
,
2018
A
,
Zero
Cpn.,
2/01/40
.......................................
4,685,000
2,448,843
Hennepin
County
Regional
Railroad
Authority
,
County
of
Hennepin
,
GO
,
2019
A
,
5
%
,
12/01/37
...........................
1,000,000
1,071,330
County
of
Hennepin
,
GO
,
2019
A
,
5
%
,
12/01/38
...........................
3,965,000
4,240,234
Hopkins
Independent
School
District
No.
270
,
GO
,
2019
A
,
3
%
,
2/01/33
............................................
5,640,000
5,572,718
GO
,
2019
A
,
3
%
,
2/01/34
............................................
2,450,000
2,410,671
Jordan
Independent
School
District
No.
717
,
GO
,
2023
A
,
4
%
,
2/01/42
...........
1,300,000
1,321,715
Mankato
Independent
School
District
No.
77
,
COP
,
2022
A
,
3
%
,
2/01/42
..........
2,730,000
2,319,294
Metropolitan
Council
,
GO
,
2020
B
,
2.125
%
,
3/01/36
.........................................
3,500,000
2,860,842
GO
,
2020
B
,
2.125
%
,
3/01/37
.........................................
4,000,000
3,210,976
GO
,
2020
B
,
2.125
%
,
3/01/38
.........................................
4,000,000
3,149,964
GO
,
2022
C
,
4
%
,
3/01/40
............................................
3,275,000
3,382,831
GO
,
2022
C
,
4
%
,
3/01/41
............................................
3,410,000
3,509,397
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
,
Revenue
,
2022
A
,
Refunding
,
4.25
%
,
1/01/52
.............................
2,990,000
3,019,460
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/34
..............................
2,870,000
2,979,999
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/35
..............................
4,025,000
4,175,597
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/41
..............................
20,730,000
21,346,145
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/46
..............................
14,475,000
14,823,075
Minnesota
Agricultural
&
Economic
Development
Board
,
HealthPartners
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
1/01/54
.................................
5,000,000
5,491,737
Minnesota
Higher
Education
Facilities
Authority
,
Macalester
College
,
Revenue
,
2017
,
Refunding
,
3
%
,
3/01/33
.................
1,510,000
1,450,047
Macalester
College
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/36
.................
125,000
129,998
Macalester
College
,
Revenue
,
2021
,
Refunding
,
3
%
,
3/01/40
.................
365,000
335,771
St.
Catherine
University
,
Revenue
,
2023
,
5
%
,
10/01/43
.....................
600,000
608,516
St.
Catherine
University
,
Revenue
,
2023
,
5.125
%
,
10/01/48
..................
750,000
757,292
St.
Catherine
University
,
Revenue
,
2023
,
5
%
,
10/01/52
.....................
3,000,000
2,969,598
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/32
...............
255,000
262,857
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/33
...............
240,000
246,732
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/34
...............
355,000
364,204
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
3
%
,
10/01/37
...............
250,000
228,334
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
3
%
,
10/01/38
...............
250,000
225,718
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
144
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Minnesota
Higher
Education
Facilities
Authority,
(continued)
St.
Olaf
College
,
Revenue
,
2021
,
3
%
,
10/01/41
...........................
$
1,600,000
$
1,421,326
St.
Olaf
College
,
Revenue
,
8
N
,
Refunding
,
4
%
,
10/01/35
....................
500,000
503,998
University
of
St.
Thomas
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
10/01/36
..........
750,000
757,924
University
of
St.
Thomas
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
10/01/37
..........
750,000
756,228
University
of
St.
Thomas
,
Revenue
,
2022
A
,
5
%
,
10/01/52
...................
10,000,000
10,491,027
University
of
St.
Thomas
,
Revenue
,
2024
A
,
5
%
,
10/01/49
...................
4,000,000
4,293,728
Minnesota
Housing
Finance
Agency
,
Revenue
,
2020
B
,
GNMA
Insured
,
2.8
%
,
1/01/44
..........................
2,870,000
2,262,047
Revenue
,
2020
E
,
GNMA
Insured
,
2.5
%
,
7/01/40
..........................
1,840,000
1,492,131
Revenue
,
2021
B
,
GNMA
Insured
,
2.1
%
,
7/01/36
..........................
950,000
779,299
Revenue
,
2021
B
,
GNMA
Insured
,
2.3
%
,
7/01/41
..........................
3,345,000
2,563,609
Revenue
,
2021
B
,
GNMA
Insured
,
2.45
%
,
7/01/46
.........................
3,320,000
2,440,002
Revenue
,
2021
H
,
GNMA
Insured
,
2.55
%
,
1/01/46
.........................
3,950,000
2,933,164
Revenue
,
2022
A
,
GNMA
Insured
,
2.75
%
,
7/01/42
.........................
2,660,000
2,166,325
Revenue
,
2023
D
,
GNMA
Insured
,
4.5
%
,
7/01/43
..........................
1,000,000
1,017,437
Revenue
,
2023
D
,
GNMA
Insured
,
4.6
%
,
7/01/45
..........................
1,000,000
1,019,682
State
of
Minnesota
,
Revenue
,
2009
,
4
%
,
8/01/29
..........................
1,675,000
1,675,022
State
of
Minnesota
,
Revenue
,
2011
,
5
%
,
8/01/31
..........................
2,225,000
2,228,371
State
of
Minnesota
,
Revenue
,
2020
D
,
4
%
,
8/01/42
........................
1,815,000
1,821,622
b
Minnesota
Municipal
Gas
Agency
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/27
..
13,550,000
13,749,722
Minnesota
Municipal
Power
Agency
,
Revenue
,
2014
A
,
Refunding
,
4
%
,
10/01/32
....
1,200,000
1,200,645
Minnesota
Office
of
Higher
Education
,
Revenue,
Senior
Lien
,
2023
,
Refunding
,
4
%
,
11/01/42
........................................................
2,250,000
2,208,376
Moorhead
Independent
School
District
No.
152
,
GO
,
2020
A
,
2.5
%
,
2/01/37
.......
7,795,000
6,761,141
Nashwauk
Keewatin
Independent
School
District
No.
319
,
GO
,
2022
A
,
Refunding
,
4
%
,
2/01/48
.........................................................
9,020,000
9,034,766
North
St.
Paul-Maplewood-Oakdale
Independent
School
District
No.
622
,
GO
,
2019
A
,
3
%
,
2/01/42
............................................
4,975,000
4,446,001
GO
,
2019
A
,
3
%
,
2/01/46
............................................
22,965,000
19,823,294
Northern
Municipal
Power
Agency
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/41
.......
800,000
819,200
Norwood
Young
America
Independent
School
District
No.
108
,
GO
,
2022
A
,
2.25
%
,
2/01/45
.........................................................
1,700,000
1,185,571
Prior
Lake-Savage
Independent
School
District
No.
719
,
GO
,
2018
B
,
Zero
Cpn.,
2/01/27
.......................................
10,545,000
9,795,440
GO
,
2018
B
,
Zero
Cpn.,
2/01/28
.......................................
13,055,000
11,733,884
GO
,
2018
B
,
Zero
Cpn.,
2/01/30
.......................................
9,010,000
7,485,865
GO
,
2018
B
,
Zero
Cpn.,
2/01/31
.......................................
5,310,000
4,232,077
Red
Rock
Central
Independent
School
District
No.
2884
,
GO
,
2022
A
,
2.375
%
,
2/01/47
3,000,000
2,062,642
c
Redwood
Area
Schools
Independent
School
District
No.
2897
,
GO
,
2024
A
,
4
%
,
2/01/44
.........................................................
2,000,000
2,006,682
c
Robbinsdale
Independent
School
District
No.
281
,
GO
,
2024
A
,
4
%
,
2/01/43
............................................
500,000
495,521
GO
,
2024
A
,
4
%
,
2/01/44
............................................
450,000
444,584
GO
,
2024
A
,
4
%
,
2/01/45
............................................
415,000
408,733
Rosemount-Apple
Valley-Eagan
Independent
School
District
No.
196
,
GO
,
2023
A
,
4
%
,
2/01/44
.........................................................
2,000,000
2,005,227
Roseville
Independent
School
District
No.
623
,
GO
,
2018
A
,
4
%
,
2/01/35
............................................
4,900,000
5,016,936
GO
,
2018
A
,
4
%
,
2/01/37
............................................
5,000,000
5,095,798
Sartell-St.
Stephen
Independent
School
District
No.
748
,
GO
,
2016
B
,
Zero
Cpn.,
2/01/36
.......................................
3,000,000
1,846,578
GO
,
2016
B
,
Zero
Cpn.,
2/01/37
.......................................
2,820,000
1,652,386
GO
,
2016
B
,
Zero
Cpn.,
2/01/38
.......................................
5,220,000
2,906,675
GO
,
2016
B
,
Zero
Cpn.,
2/01/39
.......................................
3,020,000
1,588,069
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
145
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Sauk
Centre
Public
Utilities
Commission
,
Electric
,
Revenue
,
2024
A
,
AGMC
Insured
,
4.25
%
,
12/01/44
..................
$
395,000
$
403,034
Electric
,
Revenue
,
2024
A
,
AGMC
Insured
,
4.5
%
,
12/01/53
...................
335,000
341,812
a
Scott
County
Community
Development
Agency
,
Spero
BP
Senior
LLC
,
Revenue,
Senior
Lien
,
144A,
2022
A
,
5.25
%
,
8/01/37
...............................
8,000,000
8,181,689
Southern
Minnesota
Municipal
Power
Agency
,
Revenue
,
1994
A
,
NATL
Insured
,
Zero
Cpn.,
1/01/26
.......................
5,395,000
5,187,559
Revenue
,
1994
A
,
NATL
Insured
,
Zero
Cpn.,
1/01/27
.......................
6,600,000
6,129,212
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/41
...............................
2,085,000
2,117,057
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/46
...............................
7,260,000
7,350,044
Revenue
,
2017
A
,
5
%
,
1/01/47
........................................
1,315,000
1,371,742
St.
Cloud
Independent
School
District
No.
742
,
COP
,
2017
A
,
4
%
,
2/01/38
...........................................
1,000,000
1,000,360
GO
,
2017
B
,
Refunding
,
4
%
,
2/01/30
...................................
4,060,000
4,103,345
GO
,
2017
B
,
Refunding
,
4
%
,
2/01/36
...................................
2,500,000
2,526,690
GO
,
2017
B
,
Refunding
,
4
%
,
2/01/37
...................................
2,250,000
2,274,021
St.
Francis
Independent
School
District
No.
15
,
GO
,
2018
A
,
3.5
%
,
2/01/41
........
3,350,000
3,227,461
St.
Paul
Port
Authority
,
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2021-1
,
Refunding
,
3
%
,
10/01/34
300,000
277,965
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2023-3
,
4.75
%
,
10/01/43
.....
1,000,000
1,040,066
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2023-4
,
5.25
%
,
10/01/42
.....
1,000,000
1,057,295
State
of
Minnesota
,
GO
,
2023
B
,
4
%
,
8/01/43
..............................
4,745,000
4,890,024
Stearns
County
Housing
&
Redevelopment
Authority
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
2/01/61
......................................................
1,105,000
816,195
University
of
Minnesota
,
Revenue
,
2017
A
,
5
%
,
9/01/40
........................................
1,240,000
1,293,921
Revenue
,
2017
A
,
5
%
,
9/01/41
........................................
3,000,000
3,125,530
Revenue
,
2017
B
,
Refunding
,
5
%
,
12/01/30
..............................
3,000,000
3,177,632
Revenue
,
2019
A
,
5
%
,
4/01/39
........................................
3,055,000
3,282,546
Revenue
,
2019
A
,
5
%
,
4/01/40
........................................
2,110,000
2,261,333
Revenue
,
2019
A
,
5
%
,
4/01/41
........................................
6,045,000
6,460,090
Revenue
,
2019
A
,
5
%
,
4/01/44
........................................
2,000,000
2,124,671
Revenue
,
2020
A
,
5
%
,
11/01/39
.......................................
2,000,000
2,196,477
Revenue
,
2020
A
,
5
%
,
11/01/42
.......................................
1,230,000
1,339,249
Watertown-Mayer
Independent
School
District
No.
111
,
GO
,
2020
A
,
Zero
Cpn.,
2/01/33
.......................................
2,470,000
1,764,679
GO
,
2020
A
,
Zero
Cpn.,
2/01/34
.......................................
2,470,000
1,688,181
GO
,
2020
A
,
Zero
Cpn.,
2/01/36
.......................................
1,470,000
914,764
GO
,
2020
A
,
Zero
Cpn.,
2/01/37
.......................................
2,470,000
1,464,632
West
St.
Paul-Mendota
Heights-Eagan
Independent
School
District
No.
197
,
GO
,
2018
A
,
4
%
,
2/01/34
....................................................
2,655,000
2,719,690
Western
Minnesota
Municipal
Power
Agency
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/35
...............................
3,000,000
3,058,375
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/36
...............................
2,035,000
2,071,334
Revenue
,
2018
A
,
5
%
,
1/01/49
........................................
5,000,000
5,202,348
Zumbro
Education
District
,
COP
,
2021
A
,
4
%
,
2/01/32
...........................................
200,000
197,072
COP
,
2021
A
,
4
%
,
2/01/33
...........................................
150,000
147,110
COP
,
2021
A
,
4
%
,
2/01/34
...........................................
125,000
122,027
COP
,
2021
A
,
2.125
%
,
2/01/35
........................................
325,000
257,484
COP
,
2021
A
,
4
%
,
2/01/38
...........................................
390,000
369,746
COP
,
2021
A
,
4
%
,
2/01/41
...........................................
635,000
581,330
658,450,131
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
146
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
1.0%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
$
2,100,000
$
1,846,521
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
2,100,000
1,846,521
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,500,000
2,975,423
6,668,465
Texas
0.5%
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
4,000,000
3,352,016
Washington
0.3%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
2,100,000
1,846,918
Wisconsin
0.3%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
2,100,000
1,772,609
Total
Municipal
Bonds
(Cost
$
696,935,379
)
.....................................
679,163,886
a
a
a
a
Short
Term
Investments
0.1%
Municipal
Bonds
0.1%
Minnesota
0.1%
d
City
of
Minneapolis
,
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
C
,
Refunding
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.25
%
,
11/15/48
.....
1,000,000
1,000,000
Total
Municipal
Bonds
(Cost
$
1,000,000
)
.......................................
1,000,000
Total
Short
Term
Investments
(Cost
$
1,000,000
)
.................................
1,000,000
a
Total
Investments
(Cost
$
697,935,379
)
99.5
%
...................................
$680,163,886
Other
Assets,
less
Liabilities
0.5
%
.............................................
3,416,069
Net
Assets
100.0%
...........................................................
$683,579,955
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2024,
the
aggregate
value
of
these
securities
was
$37,809,218,
representing
5.5%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
purchased
on
a
when-issued
basis.
d
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
November
30,
2024
Franklin
Missouri
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
147
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.7%
California
0.1%
Santa
Barbara
Secondary
High
School
District
,
GO
,
2011
A
,
Zero
Cpn.,
8/01/40
....
$
1,790,000
$
987,193
Florida
1.6%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
5,544,000
4,970,791
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
850,000
616,029
a
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
6,300,000
5,058,752
10,645,572
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
2,764,027
Missouri
89.9%
Affton
School
District
No.
101
,
GO
,
2017
A
,
Refunding
,
5
%
,
3/01/33
...................................
1,595,000
1,662,896
GO
,
2017
A
,
Refunding
,
5
%
,
3/01/34
...................................
1,700,000
1,771,396
GO
,
2017
A
,
Refunding
,
5
%
,
3/01/35
...................................
1,810,000
1,884,062
GO
,
2017
A
,
5
%
,
3/01/36
............................................
300,000
312,013
GO
,
2017
A
,
Pre-Refunded
,
5
%
,
3/01/36
................................
1,620,000
1,697,412
Cape
Girardeau
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2021
,
4
%
,
3/01/41
..............................
3,010,000
2,956,946
Mercy
Health
,
Revenue
,
2021
,
3
%
,
3/01/46
..............................
3,000,000
2,411,589
Mercy
Health
,
Revenue
,
2021
,
4
%
,
3/01/46
..............................
3,500,000
3,420,398
Procter
&
Gamble
Co.
(The)
,
Revenue
,
1998
,
5.3
%
,
5/15/28
..................
6,875,000
6,887,763
St.
Francis
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/39
..........
7,110,000
7,205,191
City
of
Bridgeton
,
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
2
%
,
12/01/32
......................
500,000
422,301
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
2.125
%
,
12/01/33
..................
1,170,000
982,495
City
of
Harrisonville
,
COP
,
2023
A
,
Refunding
,
4.375
%
,
3/01/43
...............................
1,000,000
1,004,511
COP
,
2023
A
,
Refunding
,
4.5
%
,
3/01/48
.................................
2,000,000
2,009,074
COP
,
2023
A
,
Refunding
,
4.625
%
,
3/01/53
...............................
2,000,000
2,012,121
City
of
Kansas
City
,
GO
,
2024
A
,
4
%
,
2/01/44
............................................
1,700,000
1,713,307
Sanitary
Sewer
System
,
Revenue
,
2018
A
,
4
%
,
1/01/35
.....................
1,500,000
1,533,181
Sanitary
Sewer
System
,
Revenue
,
2023
A
,
4
%
,
1/01/48
.....................
5,000,000
5,022,062
Sanitary
Sewer
System
,
Revenue
,
2024
A
,
4
%
,
1/01/49
.....................
3,500,000
3,510,985
Water
,
Revenue
,
2017
A
,
4
%
,
12/01/41
.................................
4,970,000
4,991,311
Water
,
Revenue
,
2023
A
,
4
%
,
12/01/47
.................................
2,120,000
2,129,013
City
of
Kirkwood
,
COP
,
2024
A
,
4.25
%
,
4/01/50
.........................................
535,000
538,086
COP
,
2024
A
,
4.25
%
,
4/01/54
.........................................
1,700,000
1,703,537
City
of
Marshfield
,
Waterworks
&
Sewer
System
,
Revenue
,
2020
B
,
AGMC
Insured
,
5
%
,
2/01/47
......................................................
1,775,000
1,842,024
City
of
Republic
,
Revenue
,
2022
,
3
%
,
5/01/47
.........................................
5,000,000
4,095,293
Revenue
,
2023
,
4.5
%
,
5/01/41
........................................
1,000,000
1,019,509
Revenue
,
2023
,
4.5
%
,
5/01/44
........................................
1,000,000
1,014,174
City
of
Springfield
,
Revenue
,
2023
,
4.375
%
,
11/01/42
........................
500,000
519,517
City
of
St.
Charles
,
COP
,
2020
B
,
Refunding
,
3
%
,
2/01/39
.....................
1,500,000
1,387,629
City
of
St.
Louis
,
Airport
,
Revenue
,
2005
,
Refunding
,
NATL
Insured
,
5.5
%
,
7/01/29
..............
13,070,000
14,556,067
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
148
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
City
of
St.
Louis,
(continued)
Airport
,
Revenue
,
2017
A
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/25
.............
$
5,000,000
$
5,055,833
Airport
,
Revenue
,
2017
D
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/35
.............
1,000,000
1,030,091
Airport
,
Revenue
,
2017
D
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/36
.............
2,125,000
2,186,315
Airport
,
Revenue
,
2019
C
,
Refunding
,
5
%
,
7/01/27
.........................
1,705,000
1,795,937
Airport
,
Revenue
,
2024
A
,
AGMC
Insured
,
5.25
%
,
7/01/54
...................
6,345,000
6,992,166
City
of
University
City
,
COP
,
2024
,
5
%
,
4/01/49
.............................
1,205,000
1,297,539
Clay
County
Reorganized
School
District
No.
R-1
,
GO
,
2017
,
3
%
,
3/01/36
.............................................
1,540,000
1,481,250
GO
,
2017
,
3.125
%
,
3/01/37
..........................................
1,855,000
1,786,110
Community
College
District
of
Central
Southwest
Missouri
,
COP
,
2021
,
3
%
,
3/01/40
.............................................
575,000
529,955
COP
,
2021
,
3
%
,
3/01/41
.............................................
400,000
363,795
County
of
Jackson
,
Revenue
,
2023
A
,
4.25
%
,
12/01/53
....................................
2,660,000
2,674,190
Revenue
,
2023
A
,
5.25
%
,
12/01/58
....................................
2,500,000
2,712,573
Curators
of
the
University
of
Missouri
(The)
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/01/34
7,500,000
8,834,969
Ferguson
Reorganized
School
District
No.
R-2
,
GO
,
2018
,
4
%
,
5/01/32
.............................................
1,000,000
1,014,643
GO
,
2018
,
5
%
,
5/01/38
.............................................
2,250,000
2,328,999
Hannibal
Board
of
Public
Works
,
COP
,
2022
,
3.625
%
,
4/01/44
.........................................
1,000,000
916,318
COP
,
2022
,
3.75
%
,
4/01/47
..........................................
1,000,000
917,588
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Bethesda
Health
Group,
Inc.
Obligated
Group
,
Revenue
,
2015
,
5
%
,
8/01/40
......
1,650,000
1,650,361
Bethesda
Health
Group,
Inc.
Obligated
Group
,
Revenue
,
2015
,
5
%
,
8/01/45
......
1,300,000
1,300,079
BJC
Healthcare
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/34
......
4,030,000
4,118,250
BJC
Healthcare
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/43
....
2,000,000
2,071,193
BJC
Healthcare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
7/01/51
.....
13,000,000
10,420,544
CoxHealth
Obligated
Group
,
Revenue
,
2013
A
,
5
%
,
11/15/44
.................
2,760,000
2,761,236
CoxHealth
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/33
........
3,200,000
3,236,529
CoxHealth
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/15/44
.................
5,000,000
5,009,917
Kansas
City
University
,
Revenue
,
2017
A
,
5
%
,
6/01/42
......................
2,800,000
2,883,959
Kansas
City
University
,
Revenue
,
2017
A
,
5
%
,
6/01/47
......................
4,875,000
4,988,057
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/40
........................................................
2,060,000
1,648,234
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/41
........................................................
2,120,000
1,666,556
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/46
........................................................
5,590,000
4,074,647
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/46
.......
4,000,000
4,019,484
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
2/01/46
........................................................
11,575,000
11,631,381
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
2/01/34
.......
2,000,000
2,067,192
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
2/01/42
.......
1,750,000
1,781,628
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
C
,
Refunding
,
4
%
,
2/01/33
........................................................
1,730,000
1,738,500
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2021
,
4
%
,
2/01/30
........
2,035,000
2,067,207
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2021
,
4
%
,
2/01/42
........
9,900,000
9,391,559
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
2/01/44
........................................................
1,050,000
1,122,368
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
2/01/54
........................................................
1,750,000
1,834,164
Maryville
University
of
St.
Louis
,
Revenue
,
2015
,
5
%
,
6/15/44
.................
5,000,000
5,009,564
Maryville
University
of
St.
Louis
,
Revenue
,
2019
A
,
5
%
,
6/15/45
...............
4,000,000
4,047,874
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
149
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri,
(continued)
Maryville
University
of
St.
Louis
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/15/34
......
$
4,345,000
$
4,299,891
Maryville
University
of
St.
Louis
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/15/38
......
4,885,000
4,693,996
Maryville
University
of
St.
Louis
,
Revenue
,
2022
A
,
Refunding
,
3.125
%
,
6/15/38
...
2,300,000
2,006,275
Maryville
University
of
St.
Louis
,
Revenue
,
2022
A
,
Refunding
,
3.375
%
,
6/15/45
...
1,000,000
818,535
Mercy
Health
,
Revenue
,
2012
,
4
%
,
11/15/42
.............................
8,000,000
7,931,916
Mercy
Health
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
11/15/42
...................
9,720,000
10,027,559
Mercy
Health
,
Revenue
,
2017
C
,
Refunding
,
4
%
,
11/15/47
...................
10,000,000
9,965,563
Mercy
Health
,
Revenue
,
2020
,
4
%
,
6/01/53
..............................
2,000,000
1,939,370
Mercy
Health
,
Revenue
,
2023
,
5
%
,
12/01/52
.............................
18,000,000
19,169,701
Mosaic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/15/54
4,000,000
3,899,753
SSM
Health
Care
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
6/01/48
............
13,500,000
13,900,938
b
SSM
Health
Care
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
6/01/52
............
5,000,000
5,705,108
St.
Louis
University
,
Revenue
,
2017
A
,
5
%
,
10/01/42
.......................
9,200,000
9,479,385
St.
Louis
University
,
Revenue
,
2017
A
,
5
%
,
10/01/47
.......................
11,490,000
11,779,389
Howard
Bend
Levee
District
,
Special
Tax
,
2021
,
2.75
%
,
3/01/31
.....................................
400,000
360,756
Special
Tax
,
2021
,
3
%
,
3/01/36
.......................................
500,000
417,772
Special
Tax
,
2021
,
3.125
%
,
3/01/41
....................................
1,000,000
806,723
Special
Tax
,
2022
,
3.375
%
,
3/01/32
....................................
75,000
69,604
Special
Tax
,
2022
,
3.5
%
,
3/01/37
......................................
175,000
152,818
Special
Tax
,
2022
,
3.625
%
,
3/01/42
....................................
200,000
170,119
Jefferson
City
School
District
,
GO
,
2018
,
5
%
,
3/01/38
........................
2,070,000
2,149,999
Jefferson
County
School
District
No.
R-VI
,
Festus
,
COP
,
2021
B
,
3
%
,
4/01/42
.....................................
500,000
431,433
Festus
,
COP
,
2021
B
,
3
%
,
4/01/44
.....................................
1,500,000
1,253,239
Festus
,
COP
,
2021
B
,
2.375
%
,
4/01/46
..................................
2,000,000
1,403,627
Joplin
Industrial
Development
Authority
,
Freeman
Health
System
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
4
%
,
2/15/43
510,000
500,909
Freeman
Health
System
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
4
%
,
2/15/44
380,000
371,455
Kansas
City
Industrial
Development
Authority
,
Revenue
,
2011
A
,
Refunding
,
5.5
%
,
9/01/29
..............................
5,000,000
5,009,253
Revenue
,
2011
A
,
Refunding
,
5.5
%
,
9/01/30
..............................
12,000,000
12,022,780
Revenue
,
2011
A
,
Refunding
,
5
%
,
9/01/32
...............................
3,000,000
3,004,831
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/46
...................
30,680,000
31,520,841
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
AGMC
Insured
,
5
%
,
3/01/49
.......
8,000,000
8,203,895
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/54
...................
5,090,000
5,198,911
City
of
Kansas
City
Airport
,
Revenue
,
2020
A
,
AGMC
Insured
,
4
%
,
3/01/57
.......
5,000,000
4,706,226
City
of
Kansas
City
Airport
,
Revenue
,
2020
A
,
AGMC
Insured
,
5
%
,
3/01/57
.......
100,000
102,872
Lebanon
Reorganized
School
District
No.
R-3
,
GO
,
2024
,
4
%
,
3/01/44
...........
4,000,000
4,024,284
Metropolitan
St.
Louis
Sewer
District
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
5/01/46
...............................
24,700,000
25,374,678
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/01/47
...............................
15,000,000
15,476,868
Missouri
Development
Finance
Board
,
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/30
...............
930,000
968,188
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
3
%
,
3/01/46
...............
2,640,000
1,942,755
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/51
...............
9,445,000
8,170,588
Procter
&
Gamble
Co.
(The)
,
Revenue
,
1999
,
5.2
%
,
3/15/29
..................
3,000,000
3,219,823
Zoological
Subdistrict
of
the
Metropolitan
Zoo
Park
&
Museum
District
of
St.
Louis
,
Revenue
,
2022
,
5.25
%
,
5/01/55
.....................................
2,500,000
2,655,856
Missouri
Housing
Development
Commission
,
Revenue
,
2018
B
,
GNMA
Insured
,
4
%
,
11/01/38
...........................
785,000
788,530
Revenue
,
2019
C
,
GNMA
Insured
,
3
%
,
11/01/44
...........................
2,970,000
2,447,155
Revenue
,
2020
C
,
GNMA
Insured
,
2.4
%
,
11/01/45
.........................
2,010,000
1,485,932
Revenue
,
2020
D
,
GNMA
Insured
,
2.55
%
,
11/01/50
........................
2,715,000
1,911,685
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
150
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Missouri
Housing
Development
Commission,
(continued)
Revenue
,
2021
B
,
GNMA
Insured
,
2.3
%
,
11/01/51
.........................
$
7,220,000
$
4,793,616
Revenue
,
2022
A
,
GNMA
Insured
,
3.125
%
,
11/01/42
.......................
3,425,000
3,071,307
Revenue
,
2022
C
,
GNMA
Insured
,
4.3
%
,
11/01/47
.........................
1,940,000
1,945,914
Revenue
,
2022
C
,
GNMA
Insured
,
4.35
%
,
11/01/52
........................
2,420,000
2,405,172
Revenue
,
2024
G
,
GNMA
Insured
,
4.5
%
,
11/01/54
.........................
3,750,000
3,783,919
Missouri
Joint
Municipal
Electric
Utility
Commission
,
Revenue
,
2024
,
Refunding
,
5
%
,
1/01/34
.................................
2,425,000
2,770,117
MoPEP
1
Pool
Fund
,
Revenue
,
2018
,
5
%
,
12/01/43
........................
2,000,000
2,049,464
Prairie
State
Project
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
12/01/40
..............
22,950,000
23,360,523
Move
Rolla
Transportation
Development
District
,
Revenue
,
2017
,
4.75
%
,
6/01/47
...
5,050,000
5,062,767
Normandy
Schools
Collaborative
,
GO
,
2021
B
,
2
%
,
3/01/40
............................................
2,050,000
1,485,693
GO
,
2021
B
,
2
%
,
3/01/41
............................................
1,700,000
1,206,735
Poplar
Bluff
Regional
Transportation
Development
District
,
Sales
Tax
,
Revenue
,
2023
B
,
Refunding
,
3.375
%
,
12/01/31
..................
2,000,000
1,942,085
Sales
Tax
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
12/01/37
......................
2,600,000
2,576,769
Republic
School
District
No.
R-3
,
GO
,
2023
,
4
%
,
3/01/43
......................
1,470,000
1,487,394
Riverside-Quindaro
Bend
Levee
District
of
Platte
County
,
Special
Assessment
,
2017
,
Refunding
,
5
%
,
3/01/29
.............................................
2,585,000
2,630,305
Springfield
School
District
No.
R-12
,
GO
,
2023
,
4
%
,
3/01/43
...................
2,000,000
2,038,940
St.
Charles
County
Public
Water
Supply
District
No.
2
,
COP
,
2022
,
4
%
,
12/01/44
....
5,000,000
5,020,902
St.
Charles
County
School
District
No.
R-IV
Wentzville
,
GO
,
2018
,
Refunding
,
4
%
,
3/01/38
.........................................................
15,400,000
15,601,219
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2013
A
,
5.875
%
,
9/01/43
..
7,000,000
7,000,238
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/48
........................................................
7,095,000
7,084,663
St.
Louis
Land
Clearance
for
Redevelopment
Authority
,
Revenue
,
2021
,
2.25
%
,
7/15/41
.......................................
3,845,000
2,839,896
Revenue
,
2021
A
,
Refunding
,
2.125
%
,
4/01/39
............................
6,075,000
4,299,022
City
of
St.
Louis
,
Revenue
,
2022
C
,
5
%
,
6/01/36
...........................
2,025,000
2,102,769
City
of
St.
Louis
,
Revenue
,
2022
C
,
5
%
,
6/01/41
...........................
2,000,000
2,050,693
City
of
St.
Louis
,
Revenue
,
2022
C
,
5.125
%
,
6/01/46
.......................
2,600,000
2,648,495
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/45
...............
5,685,000
5,961,869
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/49
...............
2,175,000
2,261,727
St.
Louis
Municipal
Library
District
,
COP
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
3/15/48
2,800,000
2,780,054
St.
Louis
School
District
,
GO
,
2023
,
AGMC
Insured
,
4
%
,
4/01/43
................
7,000,000
7,104,216
Strafford
Reorganized
School
District
No.
R-VI
,
GO
,
2023
,
4
%
,
3/01/43
...........
4,000,000
4,009,088
599,991,972
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
1,449,408
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,900,000
1,670,661
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,900,000
1,670,662
a
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
Zero
Cpn.,
6/01/52
3,200,000
2,473,593
5,814,916
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
151
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
0.8%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
$
2,000,000
$
1,988,131
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
2.5
%
,
9/01/41
...............................
525,000
380,935
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,200,000
2,681,613
5,050,679
Washington
0.3%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,900,000
1,671,021
Wisconsin
1.2%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,900,000
1,603,789
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
1,500,000
1,511,713
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
4,825,000
3,061,955
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,500,000
1,551,896
7,729,353
U.S.
Territories
3.3%
Guam
0.9%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
5,790,000
6,026,070
Puerto
Rico
2.4%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/33
....................................
192,434
190,202
Revenue
,
2007
CC
,
5.25
%
,
7/01/36
....................................
1,193,087
1,197,942
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
4,275,909
4,152,247
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
410,750
412,421
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,750,000
1,748,949
c
Revenue
,
WW
,
5.5
%
,
7/01/38
.........................................
2,390,000
1,099,400
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
1,404,000
1,405,328
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
6,000,000
6,027,084
16,233,573
Total
U.S.
Territories
....................................................................
22,259,643
Total
Municipal
Bonds
(Cost
$
673,266,507
)
.....................................
658,363,784
Shares
Escrows
and
Litigation
Trusts
0.0%
†
d
,e
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
238,252
190,602
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
190,602
Total
Long
Term
Investments
(Cost
$
673,266,507
)
...............................
658,554,386
a
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.
152
See
Abbreviations
on
page
203
.
Short
Term
Investments
0.3%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.3%
Missouri
0.3%
f
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
St.
Louis
University
,
Revenue
,
2008
B
,
LOC
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
3.2
%
,
10/01/35
..............................................
$
100,000
$
100,000
Washington
University
(The)
,
Revenue
,
2000
C
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.7
%
,
3/01/40
...............................................
1,400,000
1,400,000
Washington
University
(The)
,
Revenue
,
2003
B
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.7
%
,
2/15/33
...............................................
500,000
500,000
2,000,000
Total
Municipal
Bonds
(Cost
$
2,000,000
)
.......................................
2,000,000
Total
Short
Term
Investments
(Cost
$
2,000,000
)
.................................
2,000,000
a
Total
Investments
(Cost
$
675,266,507
)
99.0
%
...................................
$660,554,386
Other
Assets,
less
Liabilities
1.0
%
.............................................
6,577,153
Net
Assets
100.0%
...........................................................
$667,131,539
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2024,
the
aggregate
value
of
these
securities
was
$26,114,457,
representing
3.9%
of
net
assets.
b
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
d
Non-income
producing.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
November
30,
2024
Franklin
New
Jersey
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
153
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.2%
Software
0.2%
a
Haven
at
Elgin
LLC
,
5.25%,
12/31/53
....................................
$
1,600,000
$
1,643,975
Total
Corporate
Bonds
(Cost
$
1,600,000
)
.......................................
1,643,975
Municipal
Bonds
96.9%
California
0.2%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,300,000
1,143,873
Delaware
2.1%
Delaware
River
&
Bay
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/44
.................................
12,500,000
12,564,711
Revenue
,
2021
,
4
%
,
1/01/46
.........................................
1,750,000
1,767,051
Revenue
,
2024
A
,
5
%
,
1/01/49
........................................
1,000,000
1,102,781
15,434,543
Florida
1.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
4,536,000
4,067,011
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
850,000
616,029
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
5,450,000
4,376,222
b
,c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
Zero
Cpn.,
5/01/52
.....................................................
3,650,000
3,277,700
12,336,962
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
2,253,745
New
Jersey
78.6%
Atlantic
County
Improvement
Authority
(The)
,
Stockton
University
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
7/01/47
..........................................
1,000,000
1,000,438
Camden
County
Improvement
Authority
(The)
,
b
Camden
Prep,
Inc.
,
Revenue
,
144A,
2022
,
5
%
,
7/15/32
.....................
250,000
264,795
b
Camden
Prep,
Inc.
,
Revenue
,
144A,
2022
,
5
%
,
7/15/52
.....................
3,000,000
3,050,082
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/47
..........
1,700,000
1,847,167
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/52
..........
2,100,000
2,268,546
Casino
Reinvestment
Development
Authority,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
4
%
,
11/01/44
..................
1,100,000
1,084,952
Revenue
,
2024
B
,
AGMC
Insured
,
5
%
,
11/01/42
...........................
1,200,000
1,326,647
Revenue
,
2024
B
,
AGMC
Insured
,
5
%
,
11/01/43
...........................
825,000
907,551
Revenue
,
2024
B
,
AGMC
Insured
,
5
%
,
11/01/44
...........................
950,000
1,040,861
City
of
Newark
,
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AGMC
Insured
,
5
%
,
11/15/42
.........
1,000,000
1,113,818
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AGMC
Insured
,
5.375
%
,
11/15/52
.....
1,500,000
1,692,872
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AGMC
Insured
,
6
%
,
11/15/62
.........
1,000,000
1,162,433
Cumberland
County
Improvement
Authority
(The)
,
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/36
............
955,000
1,005,254
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/37
............
1,000,000
1,051,504
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/38
............
1,020,000
1,071,106
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/39
............
1,070,000
1,120,714
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/44
............
5,725,000
5,959,863
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
154
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
Essex
County
Improvement
Authority
,
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/38
........................................................
$
1,645,000
$
1,650,056
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/51
........................................................
2,700,000
2,572,224
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/56
........................................................
4,925,000
4,630,764
b
North
Star
Academy
Charter
School
of
Newark,
Inc.
,
Revenue
,
144A,
2024
A
,
Refunding
,
5
%
,
7/15/40
............................................
375,000
396,015
b
North
Star
Academy
Charter
School
of
Newark,
Inc.
,
Revenue
,
144A,
2024
A
,
Refunding
,
5
%
,
7/15/54
............................................
500,000
516,281
Gloucester
County
Improvement
Authority
(The)
,
Rowan
University
,
Revenue
,
2015
C
,
AGMC
Insured
,
4
%
,
7/01/42
.............
2,500,000
2,502,273
Rowan
University
,
Revenue
,
2015
C
,
5
%
,
7/01/44
.........................
3,500,000
3,521,929
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/37
...........................
750,000
775,884
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/38
...........................
700,000
721,389
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/39
...........................
600,000
616,004
Rowan
University
,
Revenue
,
2019
,
5
%
,
7/01/44
...........................
4,925,000
5,235,014
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/48
...........................
5,250,000
5,280,216
Rowan
University
,
Revenue
,
2024
,
BAM
Insured
,
5
%
,
7/01/54
................
5,000,000
5,375,389
Hudson
County
Improvement
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/40
.................................
1,000,000
1,013,549
County
of
Hudson
,
Revenue
,
2016
,
5.25
%
,
5/01/51
........................
6,000,000
6,118,431
Jersey
City
Municipal
Utilities
Authority
,
Water
Fund
,
Revenue
,
2024
C
,
AGMC
Insured
,
5.25
%
,
10/15/54
...................................................
1,500,000
1,680,182
New
Brunswick
Parking
Authority
,
Revenue
,
2016
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/39
.........................................................
5,000,000
5,119,396
New
Jersey
Economic
Development
Authority
,
Middlesex
Water
Co.
,
Revenue
,
2019
,
4
%
,
8/01/59
........................
6,200,000
5,813,222
Middlesex
Water
Co.
,
Revenue
,
2019
,
5
%
,
8/01/59
........................
7,245,000
7,456,881
Port
Newark
Container
Terminal
LLC
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/47
...
13,625,000
13,806,939
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/32
..........
640,000
648,421
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/37
..........
600,000
603,741
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..........
1,500,000
1,500,523
Provident
Group-Montclair
Properties
LLC
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/42
..............................................
6,000,000
6,138,793
Provident
Group-Rowan
Properties
LLC
,
Revenue
,
A
,
5
%
,
1/01/48
.............
7,000,000
6,730,942
State
of
New
Jersey
,
Revenue
,
2005
N-1
,
Refunding
,
NATL
Insured
,
5.5
%
,
9/01/27
8,660,000
9,266,327
State
of
New
Jersey
,
Revenue
,
2015
WW
,
Pre-Refunded
,
5
%
,
6/15/37
..........
4,760,000
4,810,797
State
of
New
Jersey
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/39
.....................
2,500,000
2,536,130
State
of
New
Jersey
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/46
.....................
1,250,000
1,257,230
State
of
New
Jersey
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/50
.....................
1,250,000
1,252,700
State
of
New
Jersey
,
Revenue
,
2022
A
,
5
%
,
11/01/52
.......................
5,000,000
5,351,713
New
Jersey
Educational
Facilities
Authority
,
Kean
University
,
Revenue
,
2015
H
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/34
......
2,205,000
2,227,609
Kean
University
,
Revenue
,
2015
H
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/35
......
5,000,000
5,050,530
Kean
University
,
Revenue
,
2017
D
,
Refunding
,
BAM
Insured
,
4
%
,
9/01/38
.......
1,150,000
1,159,514
Montclair
State
University,
Inc.
,
Revenue
,
2015
D
,
Refunding
,
5
%
,
7/01/35
.......
2,245,000
2,264,972
Montclair
State
University,
Inc.
,
Revenue
,
2015
D
,
Refunding
,
5
%
,
7/01/36
.......
1,210,000
1,220,319
Montclair
State
University,
Inc.
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
7/01/34
.......
1,325,000
1,357,311
Montclair
State
University,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/40
........................................................
1,000,000
1,145,386
Montclair
State
University,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/44
........................................................
1,000,000
1,125,153
Ramapo
College
of
New
Jersey
,
Revenue
,
2017
A
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/35
........................................................
3,955,000
4,121,898
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
155
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Educational
Facilities
Authority,
(continued)
Seton
Hall
University
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
7/01/34
..............
$
400,000
$
402,845
Seton
Hall
University
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
7/01/37
..............
1,300,000
1,308,117
Seton
Hall
University
,
Revenue
,
2017
D
,
Refunding
,
5
%
,
7/01/42
..............
3,945,000
4,017,700
Seton
Hall
University
,
Revenue
,
2020
C
,
AGMC
Insured
,
3.25
%
,
7/01/49
........
1,150,000
1,018,729
Seton
Hall
University
,
Revenue
,
2020
C
,
AGMC
Insured
,
4
%
,
7/01/50
...........
1,850,000
1,857,896
State
of
New
Jersey
,
Revenue
,
2023
A
,
4.625
%
,
9/01/48
....................
2,000,000
2,092,567
State
of
New
Jersey
,
Revenue
,
2023
A
,
5.25
%
,
9/01/53
.....................
2,000,000
2,179,423
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
1998-1
,
ETM,
5
%
,
7/01/28
........................................................
330,000
343,613
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/36
........................................................
1,600,000
1,652,529
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/42
........................................................
9,310,000
9,508,973
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
........................................................
4,085,000
4,151,675
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2020
A
,
5
%
,
7/01/45
.
4,000,000
4,147,382
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2020
A
,
4
%
,
7/01/50
.
11,640,000
10,941,381
Trustees
of
Princeton
University
(The)
,
Revenue
,
2024
B
,
4
%
,
3/01/53
..........
5,000,000
5,083,748
Trustees
of
Princeton
University
(The)
,
Revenue
,
2024
B
,
5.25
%
,
3/01/54
........
8,500,000
9,658,911
New
Jersey
Health
Care
Facilities
Financing
Authority
,
AHS
Hospital
Corp.
,
Revenue
,
2008
A
,
5
%
,
7/01/27
........................
135,000
135,113
AHS
Hospital
Corp.
,
Revenue
,
2016
,
Refunding
,
4
%
,
7/01/41
.................
10,000,000
10,039,410
AtlantiCare
Health
System
Obligated
Group
,
Revenue
,
2021
,
4
%
,
7/01/37
.......
750,000
772,130
AtlantiCare
Health
System
Obligated
Group
,
Revenue
,
2021
,
3
%
,
7/01/46
.......
1,000,000
832,391
Hackensack
Meridian
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/39
........................................................
11,000,000
11,398,330
Inspira
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
......
18,500,000
18,788,180
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/42
...............
7,000,000
7,198,233
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
4
%
,
7/01/47
...............
8,700,000
8,597,550
Inspira
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
7/01/54
....
6,000,000
6,651,821
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/43
10,000,000
10,183,264
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
7/01/54
........................................................
5,115,000
5,696,666
St.
Joseph's
Healthcare
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/41
........................................................
5,850,000
5,920,221
State
of
New
Jersey
,
Revenue
,
2024
,
Refunding
,
5
%
,
9/15/27
................
2,000,000
2,113,832
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/35
...........
1,000,000
1,027,970
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/37
...........
3,950,000
4,033,179
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/38
...........
2,200,000
2,237,371
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/44
...........
12,000,000
12,001,441
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue
,
2019
B
,
Refunding
,
3.25
%
,
12/01/39
............................
4,305,000
4,078,149
Revenue
,
2020
C
,
Refunding
,
4.25
%
,
12/01/50
...........................
1,750,000
1,631,836
Revenue
,
2021
B
,
Refunding
,
5
%
,
12/01/29
..............................
2,830,000
3,011,964
Revenue
,
2023
C
,
5
%
,
12/01/53
.......................................
3,125,000
3,154,524
Revenue
,
2024
C
,
5.25
%
,
12/01/54
....................................
2,000,000
2,038,536
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
3.5
%
,
12/01/39
...................
4,330,000
4,084,499
New
Jersey
Housing
&
Mortgage
Finance
Agency
,
Revenue
,
2018
A
,
Refunding
,
3.95
%
,
11/01/43
............................
1,100,000
1,097,548
Revenue
,
2019
A
,
Refunding
,
3
%
,
11/01/44
..............................
510,000
425,930
Revenue
,
2019
C
,
Refunding
,
3.95
%
,
10/01/44
...........................
3,955,000
3,946,206
Revenue
,
2020
E
,
Refunding
,
2.05
%
,
10/01/35
............................
4,005,000
3,309,412
Revenue
,
2020
E
,
Refunding
,
2.25
%
,
10/01/40
............................
8,020,000
6,195,924
Revenue
,
2020
E
,
Refunding
,
2.4
%
,
10/01/45
.............................
3,205,000
2,370,977
Revenue
,
2020
E
,
Refunding
,
2.45
%
,
10/01/50
............................
2,400,000
1,667,553
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
156
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Infrastructure
Bank
,
Revenue
,
2024
A-W1
,
5
%
,
9/01/49
.............
$
2,000,000
$
2,243,253
New
Jersey
Institute
of
Technology
,
Revenue
,
2015
A
,
5
%
,
7/01/45
..............
6,000,000
6,037,737
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2006
C
,
AGMC
Insured
,
Zero
Cpn.,
12/15/33
.....
10,000,000
7,366,774
State
of
New
Jersey
,
Revenue
,
2009
A
,
Zero
Cpn.,
12/15/32
.................
10,000,000
7,586,265
State
of
New
Jersey
,
Revenue
,
2009
A
,
Zero
Cpn.,
12/15/36
.................
500,000
321,767
State
of
New
Jersey
,
Revenue
,
2009
A
,
BAM
Insured
,
Zero
Cpn.,
12/15/39
.......
10,000,000
5,720,126
State
of
New
Jersey
,
Revenue
,
2010
A
,
Zero
Cpn.,
12/15/29
.................
5,000,000
4,230,857
State
of
New
Jersey
,
Revenue
,
2010
A
,
Zero
Cpn.,
12/15/40
.................
4,750,000
2,539,029
State
of
New
Jersey
,
Revenue
,
2019
BB
,
4
%
,
6/15/44
......................
6,000,000
6,009,826
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/45
......................
1,500,000
1,599,712
State
of
New
Jersey
,
Revenue
,
2020
AA
,
4
%
,
6/15/50
......................
3,670,000
3,624,125
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/41
........................
2,000,000
2,017,086
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/42
......................
2,400,000
2,412,030
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/46
......................
7,325,000
7,281,652
State
of
New
Jersey
,
Revenue
,
2022
CC
,
Pre-Refunded
,
5.5
%
,
6/15/50
.........
1,250,000
1,490,763
State
of
New
Jersey
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
6/15/38
...............
4,000,000
4,493,033
State
of
New
Jersey
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
6/15/41
............
2,500,000
2,822,750
State
of
New
Jersey
,
Revenue
,
2023
BB
,
5.25
%
,
6/15/50
....................
2,000,000
2,208,877
New
Jersey
Turnpike
Authority
,
Revenue
,
2017
A
,
5
%
,
1/01/34
........................................
10,005,000
10,372,259
Revenue
,
2017
B
,
Refunding
,
5
%
,
1/01/40
...............................
15,245,000
15,917,995
Revenue
,
2017
G
,
Refunding
,
4
%
,
1/01/43
...............................
5,000,000
5,023,959
Revenue
,
2019
A
,
5
%
,
1/01/48
........................................
15,500,000
16,330,547
Revenue
,
2021
A
,
4
%
,
1/01/51
........................................
3,000,000
3,008,869
Revenue
,
2022
B
,
4.5
%
,
1/01/48
......................................
5,000,000
5,221,831
Revenue
,
2024
B
,
4.125
%
,
1/01/54
....................................
1,500,000
1,521,061
Revenue
,
2024
B
,
5.25
%
,
1/01/54
.....................................
2,000,000
2,237,164
Newark
Board
of
Education
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/39
..........................
700,000
623,340
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/40
..........................
750,000
659,949
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/41
..........................
750,000
650,992
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/42
..........................
700,000
601,463
Newark
Housing
Authority
,
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
2017
,
Refunding
,
4
%
,
1/01/37
.............................................
20,745,000
20,956,972
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
4.25
%
,
7/01/33
........
190,000
194,299
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.25
%
,
7/01/43
........
670,000
706,907
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.375
%
,
7/01/53
.......
1,000,000
1,045,372
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.5
%
,
7/01/58
.........
1,000,000
1,049,412
Salem
County
Pollution
Control
Financing
Authority
,
Constellation
Energy
Generation
LLC
,
Revenue
,
1993
A
,
Refunding
,
4.45
%
,
3/01/25
.........................
1,825,000
1,828,393
South
Jersey
Transportation
Authority
,
Revenue
,
2020
A
,
5
%
,
11/01/45
.......................................
5,750,000
6,015,849
Revenue
,
2022
A
,
4.625
%
,
11/01/47
....................................
5,000,000
5,120,241
Revenue
,
2022
A
,
5.25
%
,
11/01/52
.....................................
5,540,000
5,990,836
State
of
New
Jersey
,
GO
,
2020
A
,
4
%
,
6/01/31
............................................
4,500,000
4,814,177
GO
,
2020
A
,
3
%
,
6/01/32
............................................
3,400,000
3,365,410
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
6/01/46
..
17,000,000
17,513,640
Union
County
Improvement
Authority
,
Revenue
,
2024
,
4.125
%
,
4/15/54
...........
5,500,000
5,602,010
570,924,908
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
157
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
2.0%
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
240
,
Refunding
,
5
%
,
7/15/53
.................................
$
2,500,000
$
2,724,751
Revenue
,
242
,
Refunding
,
5
%
,
12/01/53
.................................
6,250,000
6,646,382
Revenue
,
244
,
Refunding
,
5
%
,
7/15/54
.................................
5,000,000
5,483,738
14,854,871
Oregon
0.3%
b
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
2,000,000
2,070,583
Pennsylvania
7.2%
Delaware
River
Joint
Toll
Bridge
Commission
,
Revenue
,
2017
,
5
%
,
7/01/42
........
19,500,000
20,251,543
Delaware
River
Port
Authority
,
Revenue
,
2013
,
5
%
,
1/01/37
.........................................
10,000,000
10,025,288
Revenue
,
2018
A
,
5
%
,
1/01/37
........................................
3,285,000
3,533,097
Revenue
,
2018
A
,
5
%
,
1/01/38
........................................
5,050,000
5,428,536
Revenue
,
2018
A
,
5
%
,
1/01/39
........................................
2,300,000
2,475,121
Revenue
,
2018
A
,
5
%
,
1/01/40
........................................
9,565,000
10,288,454
52,002,039
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,500,000
1,318,944
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,500,000
1,318,943
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
850,121
3,488,008
Texas
0.6%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,988,131
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,700,000
2,262,611
4,250,742
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
1,319,227
Wisconsin
0.7%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,500,000
1,266,149
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
3,225,000
2,046,592
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
2,000,000
2,069,194
5,381,935
U.S.
Territories
2.5%
Guam
0.3%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/43
1,000,000
1,070,480
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
850,000
884,656
Guam
Power
Authority
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/39
..............
500,000
550,116
2,505,252
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
158
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
2.2%
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
$
2,218,051
$
2,153,899
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
246,450
247,453
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,200,000
1,199,279
d
Revenue
,
WW
,
5.5
%
,
7/01/38
.........................................
2,400,000
1,104,000
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
10,850,000
10,898,976
15,603,607
Total
U.S.
Territories
....................................................................
18,108,859
Total
Municipal
Bonds
(Cost
$
709,219,894
)
.....................................
703,570,295
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,e
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
200,660
160,528
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
160,528
Total
Long
Term
Investments
(Cost
$
710,819,894
)
...............................
705,374,798
a
a
a
a
a
Short
Term
Investments
1.5%
Principal
Amount
Municipal
Bonds
1.5%
New
Jersey
1.5%
f
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009
B
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.6
%
,
7/01/43
..................................
1,000,000
1,000,000
Virtua
Health
Obligated
Group
,
Revenue
,
2009
C
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.6
%
,
7/01/43
..................................
9,600,000
9,600,000
10,600,000
Total
Municipal
Bonds
(Cost
$
10,600,000
)
......................................
10,600,000
Total
Short
Term
Investments
(Cost
$
10,600,000
)
................................
10,600,000
a
Total
Investments
(Cost
$
721,419,894
)
98.6
%
...................................
$715,974,798
Other
Assets,
less
Liabilities
1.4
%
.............................................
10,355,511
Net
Assets
100.0%
...........................................................
$726,330,309
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
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
November
30,
2024,
the
aggregate
value
of
these
securities
was
$27,954,290,
representing
3.8%
of
net
assets.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
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
159
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Non-income
producing.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
November
30,
2024
Franklin
North
Carolina
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
160
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
$
1,643,975
Total
Corporate
Bonds
(Cost
$
1,600,000
)
.......................................
1,643,975
Municipal
Bonds
97.5%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,300,000
2,023,775
Florida
2.2%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
4,680,000
4,196,123
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
1,500,000
1,087,110
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
5,400,000
4,336,073
b
,c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
Zero
Cpn.,
5/01/52
.....................................................
3,750,000
3,367,500
12,986,806
Illinois
0.7%
Metropolitan
Pier
&
Exposition
Authority
,
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
....................
500,000
518,375
State
of
Illinois
,
GO
,
2016
,
5
%
,
11/01/34
.............................................
1,100,000
1,127,718
GO
,
2021
A
,
5
%
,
3/01/33
............................................
2,000,000
2,187,315
3,833,408
New
Jersey
1.2%
New
Jersey
Economic
Development
Authority
,
State
of
New
Jersey
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/41
.................................................
1,000,000
1,010,791
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2019
BB
,
5
%
,
6/15/44
......................
2,900,000
3,028,449
State
of
New
Jersey
,
Revenue
,
2020
AA
,
3
%
,
6/15/50
......................
500,000
408,665
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/50
......................
1,010,000
1,067,959
State
of
New
Jersey
,
Revenue
,
2020
AA
,
Pre-Refunded
,
5
%
,
6/15/50
...........
280,000
315,442
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/46
......................
1,000,000
994,082
6,825,388
New
York
1.7%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
E
,
Refunding
,
4
%
,
11/15/45
..............................
1,595,000
1,576,967
Revenue
,
2021
A-1
,
4
%
,
11/15/48
.....................................
5,325,000
5,222,999
Revenue
,
2021
A-2
,
4
%
,
11/15/41
.....................................
3,000,000
3,007,615
9,807,581
North
Carolina
84.2%
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/15/40
.......
14,000,000
14,215,785
Atrium
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/15/36
.......
5,000,000
5,328,203
Atrium
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
1/15/43
.......
2,000,000
2,015,485
City
of
Charlotte
,
COP
,
2019
A
,
Refunding
,
5
%
,
6/01/44
..................................
8,250,000
8,753,421
GO
,
2023
B
,
Refunding
,
5
%
,
7/01/42
...................................
2,925,000
3,301,538
GO
,
2023
B
,
Refunding
,
5
%
,
7/01/43
...................................
2,300,000
2,577,279
Airport
,
Revenue
,
2019
B
,
4
%
,
7/01/44
..................................
5,515,000
5,469,731
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
161
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
City
of
Charlotte,
(continued)
Airport
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/39
.........................
$
6,000,000
$
6,135,925
Airport
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/40
.........................
9,030,000
9,200,292
Airport
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/41
.........................
2,410,000
2,435,705
Airport
,
Revenue
,
2023
A
,
5
%
,
7/01/48
..................................
4,500,000
4,907,061
Airport
,
Revenue
,
2023
A
,
5
%
,
7/01/53
..................................
6,155,000
6,664,047
Water
&
Sewer
System
,
Revenue
,
2018
,
Refunding
,
4
%
,
7/01/38
..............
4,150,000
4,232,059
Water
&
Sewer
System
,
Revenue
,
2020
,
Refunding
,
2
%
,
7/01/41
..............
500,000
378,562
City
of
Durham
,
Water
&
Sewer
Utility
System
,
Revenue
,
2024
,
4
%
,
8/01/49
..................
3,960,000
3,999,489
Water
&
Sewer
Utility
System
,
Revenue
,
2024
,
4
%
,
8/01/53
..................
3,400,000
3,424,782
City
of
Fayetteville
,
Public
Works
Commission
,
Revenue
,
2018
,
Refunding
,
4
%
,
3/01/41
4,015,000
4,040,987
City
of
Greensboro
,
Combined
Water
&
Sewer
System
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/45
....
4,500,000
4,546,346
Combined
Water
&
Sewer
System
,
Revenue
,
2024
B
,
5
%
,
6/01/49
.............
1,500,000
1,669,602
Combined
Water
&
Sewer
System
,
Revenue
,
2024
B
,
5
%
,
6/01/54
.............
3,500,000
3,858,665
City
of
Raleigh
,
GO
,
2023
A
,
Refunding
,
5
%
,
4/01/41
...................................
1,775,000
2,002,134
Combined
Enterprise
System
,
Revenue
,
2023
,
Refunding
,
4
%
,
9/01/53
.........
9,305,000
9,367,338
City
of
Winston-Salem
,
Water
&
Sewer
System
,
Revenue
,
2017
,
4
%
,
6/01/47
......
10,000,000
10,032,243
County
of
Brunswick
,
GO
,
2022
,
4
%
,
8/01/39
..............................
1,550,000
1,623,987
County
of
Catawba
,
Revenue
,
2023
,
4
%
,
4/01/43
...........................
400,000
405,079
County
of
Dare
,
Revenue
,
2021
A
,
3
%
,
6/01/38
........................................
375,000
343,862
Revenue
,
2021
A
,
3
%
,
6/01/39
........................................
585,000
528,340
Revenue
,
2021
A
,
3
%
,
6/01/40
........................................
250,000
222,608
Revenue
,
2021
A
,
3
%
,
6/01/41
........................................
450,000
395,120
County
of
Durham
,
GO
,
2019
,
4
%
,
6/01/36
.............................................
500,000
516,417
GO
,
2019
,
4
%
,
6/01/37
.............................................
450,000
462,847
GO
,
2019
,
4
%
,
6/01/39
.............................................
700,000
715,040
County
of
Forsyth
,
GO
,
2023
A
,
4
%
,
6/01/42
...............................
1,000,000
1,027,794
County
of
Guilford
,
GO
,
2017
B
,
4
%
,
5/01/33
............................................
5,000,000
5,093,301
GO
,
2024
,
4
%
,
3/01/43
.............................................
5,000,000
5,128,174
County
of
Johnston
,
Water
&
Sewer
System
,
Revenue
,
2023
,
4
%
,
4/01/53
.........
1,150,000
1,157,397
County
of
Lincoln
,
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
3
%
,
8/01/38
..................
400,000
366,089
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
3
%
,
8/01/41
..................
480,000
421,104
County
of
New
Hanover
,
Revenue
,
2021
,
Refunding
,
5
%
,
8/01/30
.................................
3,375,000
3,779,568
New
Hanover
Regional
Medical
Center
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
10/01/42
.......................................................
5,000,000
5,317,231
New
Hanover
Regional
Medical
Center
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
10/01/47
.......................................................
13,565,000
14,425,648
County
of
Wake
,
GO
,
2019
A
,
5
%
,
3/01/32
............................................
7,870,000
8,590,724
Revenue
,
2021
,
3
%
,
3/01/35
.........................................
5,535,000
5,362,931
Revenue
,
2021
,
3
%
,
3/01/36
.........................................
6,000,000
5,729,269
Greater
Asheville
Regional
Airport
Authority
,
Revenue
,
2023
,
AGMC
Insured
,
5.25
%
,
7/01/53
.........................................................
2,500,000
2,685,873
North
Carolina
Agricultural
&
Technical
State
University
,
Revenue
,
2023
,
5
%
,
10/01/43
1,000,000
1,094,755
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
162
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/25
..........
$
1,700,000
$
1,717,404
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/27
..........
400,000
414,410
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/28
..........
500,000
523,339
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/29
..........
550,000
580,591
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/30
..........
1,860,000
1,975,918
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/31
..........
1,855,000
1,978,203
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/32
..........
1,000,000
1,061,750
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/33
..........
1,670,000
1,764,419
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/34
..........
740,000
727,832
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/35
..........
360,000
352,001
Duke
University
,
Revenue
,
2015
B
,
Pre-Refunded
,
5
%
,
10/01/41
..............
13,585,000
13,813,496
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/40
.................
2,500,000
2,584,994
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
10/01/44
.................
5,085,000
5,103,110
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/44
.................
13,000,000
13,390,416
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/32
................
2,000,000
2,043,143
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/33
................
3,210,000
3,266,345
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/34
................
2,270,000
2,299,802
Wake
Forest
University
,
Revenue
,
2016
,
Refunding
,
4
%
,
1/01/38
..............
5,500,000
5,552,338
Wake
Forest
University
,
Revenue
,
2016
,
Refunding
,
4
%
,
1/01/39
..............
2,500,000
2,521,124
Wake
Forest
University
,
Revenue
,
2018
,
4
%
,
1/01/48
.......................
10,000,000
10,009,949
Wake
Forest
University
,
Revenue
,
2018
,
5
%
,
1/01/48
.......................
13,500,000
14,031,579
North
Carolina
Central
University
,
Revenue
,
2019
,
AGMC
Insured
,
5
%
,
4/01/44
.............................
1,575,000
1,659,557
Revenue
,
2019
,
4
%
,
4/01/49
.........................................
1,000,000
966,792
North
Carolina
Housing
Finance
Agency
,
Revenue
,
41
,
GNMA
Insured
,
3.55
%
,
7/01/44
.............................
4,175,000
3,893,015
Revenue
,
41
,
GNMA
Insured
,
3.625
%
,
7/01/49
............................
6,395,000
5,994,072
Revenue
,
42
,
GNMA
Insured
,
2.45
%
,
7/01/34
.............................
750,000
638,047
Revenue
,
42
,
GNMA
Insured
,
2.625
%
,
7/01/39
............................
3,035,000
2,556,888
Revenue
,
42
,
GNMA
Insured
,
2.85
%
,
1/01/43
.............................
2,660,000
2,198,903
Revenue
,
43
,
GNMA
Insured
,
2.8
%
,
1/01/40
..............................
4,715,000
3,982,598
Revenue
,
43
,
GNMA
Insured
,
2.95
%
,
7/01/43
.............................
2,170,000
1,778,302
Revenue
,
44
,
3
%
,
7/01/46
...........................................
2,740,000
2,194,815
Revenue
,
45
,
Refunding
,
GNMA
Insured
,
2.2
%
,
7/01/40
.....................
1,805,000
1,385,283
Revenue
,
46
A
,
GNMA
Insured
,
1.55
%
,
1/01/30
...........................
2,100,000
1,865,870
Revenue
,
46
A
,
GNMA
Insured
,
1.75
%
,
1/01/31
...........................
975,000
851,269
North
Carolina
Medical
Care
Commission
,
Atrium
Health
Wake
Forest
Baptist
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
12/01/33
1,000,000
1,064,368
Carolina
Meadows,
Inc.
Obligated
Group
,
Revenue
,
2024
,
4
%
,
12/01/39
........
10,765,000
10,826,791
Caromont
Health
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
2/01/36
.............
1,675,000
1,715,440
Duke
University
Health
System,
Inc.
,
Revenue
,
2016
D
,
Refunding
,
4
%
,
6/01/42
...
7,000,000
7,022,082
EveryAge
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
9/01/47
..........
2,935,000
2,630,705
EveryAge
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
9/01/51
..........
960,000
841,000
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/33
............
180,000
179,596
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/34
............
185,000
184,105
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/41
............
920,000
866,242
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/46
............
1,665,000
1,498,811
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/51
............
1,670,000
1,449,436
Friends
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
9/01/50
..............
3,000,000
2,525,896
Novant
Health
Obligated
Group
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
11/01/46
.....
20,000,000
20,010,466
Novant
Health
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/01/49
..............
2,115,000
2,090,797
Novant
Health
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/01/52
..............
6,640,000
6,587,572
Pines
at
Davidson,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
1/01/34
........
2,050,000
2,134,079
Pines
at
Davidson,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
1/01/49
........
5,000,000
5,095,466
Plantation
Village,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/41
1,020,000
953,160
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
163
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
$
2,964,588
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
10/01/31
5,000,000
5,104,088
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/40
.........
1,800,000
1,891,734
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
10/01/45
.........
1,000,000
934,095
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/45
.........
2,420,000
2,507,664
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
10/01/50
.........
1,350,000
1,216,902
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/50
.........
1,400,000
1,438,354
Rex
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/49
............
4,000,000
4,000,388
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/44
...................................................
750,000
787,083
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/49
...................................................
750,000
777,599
Vidant
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/40
........
5,000,000
5,029,457
North
Carolina
Municipal
Power
Agency
No.
1
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/32
.........................................................
4,200,000
4,273,965
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/25
..............................
125,000
125,869
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/26
..............................
300,000
306,751
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/27
..............................
450,000
466,819
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/28
..............................
500,000
522,044
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/29
..............................
350,000
370,576
North
Carolina
Turnpike
Authority
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/54
...............................
2,560,000
2,577,286
Revenue,
Senior
Lien
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/31
...........
1,000,000
1,035,388
Revenue,
Senior
Lien
,
2019
,
AGMC
Insured
,
5
%
,
1/01/49
...................
2,000,000
2,087,814
Revenue,
Senior
Lien
,
2019
,
4
%
,
1/01/55
................................
5,000,000
4,644,527
Revenue,
Senior
Lien
,
2024
A
,
AGMC
Insured
,
5
%
,
1/01/58
..................
3,000,000
3,233,590
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/35
..............
1,300,000
1,458,794
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/36
..............
1,750,000
1,954,902
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/37
..............
1,770,000
1,971,420
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/38
..............
1,250,000
1,388,166
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/39
..............
1,500,000
1,659,059
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/40
..............
1,270,000
1,397,184
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/41
..............
2,000,000
2,192,800
State
of
North
Carolina
Highway
Trust
Fund
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
1/01/33
........................................................
4,625,000
4,731,439
State
of
North
Carolina
Highway
Trust
Fund
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
1/01/39
........................................................
9,815,000
9,891,279
Raleigh
Durham
Airport
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/01/30
...............................
550,000
554,820
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/01/36
...............................
2,580,000
2,748,818
Town
of
Cary
,
Combined
Utility
Systems
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
12/01/42
8,000,000
8,059,102
Town
of
Fuquay-Varina
,
Combined
Utilities
,
Revenue
,
2024
C
,
5
%
,
6/01/41
........
2,320,000
2,630,259
Town
of
Holly
Springs
,
Enterprise
System
,
Revenue
,
2024
,
4
%
,
11/01/49
..........
2,500,000
2,525,500
University
of
North
Carolina
at
Chapel
Hill
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
12/01/37
..............................
2,180,000
2,462,262
Hospitals
at
Chapel
Hill
,
Revenue
,
2019
,
5
%
,
2/01/49
.......................
6,920,000
8,074,273
University
of
North
Carolina
at
Charlotte
(The)
,
Revenue
,
2017
,
5
%
,
10/01/47
........................................
5,000,000
5,184,189
Revenue
,
2017
A
,
Refunding
,
4
%
,
10/01/40
..............................
2,250,000
2,263,227
Revenue
,
2020
A
,
Refunding
,
4
%
,
10/01/40
..............................
290,000
294,736
University
of
North
Carolina
at
Greensboro
,
Revenue
,
2017
,
Refunding
,
4
%
,
4/01/35
.................................
1,205,000
1,223,836
Revenue
,
2017
,
Refunding
,
4
%
,
4/01/36
.................................
1,000,000
1,016,105
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
164
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
University
of
North
Carolina
at
Wilmington
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/37
.
$
3,000,000
$
3,017,391
University
of
North
Carolina
System
,
Appalachian
State
University
,
Revenue
,
2008
A
,
AGMC
Insured
,
5
%
,
10/01/33
.........................................
160,000
157,041
Water
and
Sewer
Authority
of
Cabarrus
County
,
Revenue
,
2024
,
4
%
,
6/01/49
......
2,685,000
2,711,501
Western
Carolina
University
,
Revenue
,
2020
B
,
3
%
,
4/01/36
........................................
1,000,000
952,410
Revenue
,
2020
B
,
4
%
,
4/01/50
........................................
5,000,000
4,996,540
489,117,057
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,600,000
1,406,873
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,600,000
1,406,873
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
2,500,000
2,125,302
4,939,048
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/32
200,000
196,011
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/33
200,000
194,647
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,800,000
2,346,411
2,737,069
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
1,407,176
Wisconsin
1.1%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,600,000
1,350,559
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
7,965,000
5,054,606
6,405,165
U.S.
Territories
4.5%
Guam
1.0%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/30
............................
750,000
802,819
Revenue
,
2023
A
,
Refunding
,
5.125
%
,
10/01/34
...........................
390,000
418,288
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/35
............................
265,000
285,993
Revenue
,
2024
A
,
5.25
%
,
10/01/35
....................................
625,000
679,070
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
3,205,000
3,335,674
5,521,844
Puerto
Rico
3.5%
Commonwealth
of
Puerto
Rico
,
d
GO
,
FRN
,
Zero
Cpn.,
11/01/43
........................................
96,418
59,659
GO
,
2022
A-1
,
5.625
%
,
7/01/27
.......................................
25,850
27,055
GO
,
2022
A-1
,
5.625
%
,
7/01/29
.......................................
25,431
27,453
GO
,
2022
A-1
,
5.75
%
,
7/01/31
........................................
24,701
27,554
GO
,
2022
A-1
,
4
%
,
7/01/33
..........................................
23,423
23,353
GO
,
2022
A-1
,
4
%
,
7/01/35
..........................................
21,054
20,839
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
18,070
17,750
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
24,568
23,672
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
165
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
,
4
%
,
7/01/46
..........................................
$
25,551
$
24,371
GO
,
2022
A-1
,
Zero
Cpn.,
7/01/33
.....................................
30,143
20,888
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
1,643,000
1,595,485
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
246,450
247,453
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,500,000
1,499,099
e
Revenue
,
XX
,
5.25
%
,
7/01/40
........................................
1,995,000
917,700
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
474,052
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/41
..
220,000
205,410
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
12,890,000
12,948,184
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
2,000,000
2,000,017
20,159,994
Total
U.S.
Territories
....................................................................
25,681,838
Total
Municipal
Bonds
(Cost
$
578,466,660
)
.....................................
565,764,311
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,f
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
209,296
167,437
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
167,437
Total
Long
Term
Investments
(Cost
$
580,066,660
)
...............................
567,575,723
a
a
a
a
a
Short
Term
Investments
1.1%
Principal
Amount
Municipal
Bonds
1.1%
North
Carolina
1.1%
g
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2007
B
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.2
%
,
1/15/38
...........................
1,475,000
1,475,000
Atrium
Health
Obligated
Group
,
Revenue
,
2018
G
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.2
%
,
1/15/48
..................................
3,900,000
3,900,000
Atrium
Health
Obligated
Group
,
Revenue
,
2018
H
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.2
%
,
1/15/48
..................................
800,000
800,000
6,175,000
Total
Municipal
Bonds
(Cost
$
6,175,000
)
.......................................
6,175,000
Total
Short
Term
Investments
(Cost
$
6,175,000
)
.................................
6,175,000
a
Total
Investments
(Cost
$
586,241,660
)
98.9
%
...................................
$573,750,723
Other
Assets,
less
Liabilities
1.1
%
.............................................
6,813,441
Net
Assets
100.0%
...........................................................
$580,564,164
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.
166
See
Abbreviations
on
page
203
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
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
November
30,
2024,
the
aggregate
value
of
these
securities
was
$22,481,610,
representing
3.9%
of
net
assets.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
Non-income
producing.
g
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
November
30,
2024
Franklin
Ohio
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
167
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
$
3,287,949
Total
Corporate
Bonds
(Cost
$
3,200,000
)
.......................................
3,287,949
Municipal
Bonds
97.5%
California
0.2%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,800,000
2,463,726
Florida
1.8%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
9,144,000
8,198,578
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,200,000
1,594,428
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
10,800,000
8,672,146
18,465,152
New
Jersey
0.2%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/38
....................................................
2,000,000
2,035,289
New
York
0.1%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/48
..........
750,000
735,634
Ohio
90.3%
Akron
City
School
District
,
COP
,
2023
,
AGMC
Insured
,
5
%
,
8/01/53
..............
3,000,000
3,195,952
American
Municipal
Power,
Inc.
,
Combined
Hydroelectric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
2/15/35
............
1,000,000
1,004,149
Combined
Hydroelectric
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
2/15/46
............
4,500,000
4,555,521
Combined
Hydroelectric
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
2/15/48
............
1,325,000
1,440,947
Greenup
Hydroelectric
,
Revenue
,
2016
A
,
5
%
,
2/15/41
......................
5,000,000
5,074,643
Prairie
State
Energy
Campus
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/37
........
3,700,000
3,890,040
Prairie
State
Energy
Campus
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/38
........
3,500,000
3,675,186
Solar
Electricity
Prepayment
,
Revenue
,
2019
A
,
5
%
,
2/15/44
.................
3,345,000
3,503,793
Anthony
Wayne
Local
School
District
,
GO
,
2017
A
,
4
%
,
12/01/39
................
3,000,000
3,006,394
Apollo
Joint
Vocational
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
12/01/39
........
6,530,000
6,609,080
Beachwood
City
School
District
,
GO
,
2023
,
4
%
,
12/01/53
.....................
7,575,000
7,551,379
Bethel
Local
School
District
,
COP
,
2020
,
BAM
Insured
,
2.75
%
,
12/01/49
..........
4,000,000
2,798,875
Big
Walnut
Local
School
District
,
GO
,
2019
,
5
%
,
12/01/53
.....................
9,155,000
9,512,117
Bloom-Carroll
Local
School
District
,
GO
,
2018
A
,
5
%
,
11/01/55
.................
7,025,000
7,336,503
Bowling
Green
State
University
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/42
........
1,045,000
1,077,090
Brooklyn
City
School
District
,
GO
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/38
........................
1,905,000
1,980,137
GO
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/49
........................
9,000,000
9,257,021
Butler
County
Port
Authority
,
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/34
........................................................
185,000
184,420
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/35
........................................................
195,000
193,516
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/36
........................................................
205,000
202,032
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/37
........................................................
210,000
206,156
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
168
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Butler
County
Port
Authority,
(continued)
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/38
........................................................
$
220,000
$
214,405
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/39
........................................................
225,000
217,315
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/40
........................................................
240,000
229,313
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/41
........................................................
245,000
231,956
Canal
Winchester
Local
School
District
,
GO
,
2005
,
NATL
Insured
,
Zero
Cpn.,
12/01/32
............................
3,955,000
2,997,620
GO
,
2005
,
NATL
Insured
,
Zero
Cpn.,
12/01/33
............................
2,000,000
1,453,508
Chillicothe
City
School
District
,
GO
,
2006
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
12/01/24
........................................................
1,905,000
1,905,000
Cincinnati
City
School
District
,
GO
,
2006
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/27
......................
14,900,000
16,032,301
GO
,
2006
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/28
......................
8,180,000
8,947,973
City
of
Chillicothe
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/37
.
2,890,000
2,986,603
Adena
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/47
.
2,110,000
2,146,759
City
of
Cincinnati
,
GO
,
2015
A
,
Pre-Refunded
,
5.25
%
,
12/01/40
.................
6,500,000
6,572,396
City
of
Cleveland
,
GO
,
2012
,
5
%
,
12/01/30
.............................................
35,000
35,046
GO
,
2020
A
,
2
%
,
12/01/36
...........................................
1,215,000
967,359
Water
Pollution
Control
,
Revenue
,
2016
,
5
%
,
11/15/41
......................
2,000,000
2,020,946
Water
Pollution
Control
,
Revenue
,
2024
,
5
%
,
11/15/54
......................
1,350,000
1,445,499
City
of
Columbus
,
GO
,
2018
A
,
5
%
,
4/01/34
............................................
7,000,000
7,528,100
GO
,
2019
A
,
5
%
,
4/01/40
............................................
3,000,000
3,213,911
GO
,
2021
A
,
5
%
,
4/01/40
............................................
1,900,000
2,080,340
Sewerage
,
Revenue
,
2014
,
Refunding
,
4
%
,
6/01/31
........................
15,000,000
15,008,489
Sewerage
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/30
........................
5,000,000
5,144,979
City
of
Marysville
,
Wastewater
Treatment
System
,
Revenue
,
2015
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/40
.......................................................
3,015,000
3,015,639
Wastewater
Treatment
System
,
Revenue
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/47
.......................................................
5,035,000
5,038,861
Wastewater
Treatment
System
,
Revenue
,
2016
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/46
.......................................................
9,370,000
9,373,091
City
of
St.
Bernard
,
Income
Tax
,
Revenue
,
2013
,
AGMC
Insured
,
5
%
,
12/01/43
.....
3,760,000
3,687,702
City
of
Westerville
,
Revenue
,
2014
,
5
%
,
12/01/30
...........................
2,765,000
2,768,269
Cleveland
Department
of
Public
Utilities
Division
of
Public
Power
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
11/15/38
..................
600,000
612,555
Revenue
,
B-2
,
NATL
Insured
,
Zero
Cpn.,
11/15/38
.........................
10,000,000
5,400,617
Cleveland-Cuyahoga
County
Port
Authority
,
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/38
.......
100,000
102,030
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/39
.......
700,000
710,498
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/40
.......
100,000
101,049
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/46
.......
500,000
487,719
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/51
.......
2,000,000
1,912,341
Euclid
Avenue
Development
Corp.
,
Revenue
,
2022
A
,
5.5
%
,
8/01/52
...........
9,000,000
9,693,458
c
Port
of
Cleveland
Bond
Fund
,
Revenue
,
2024
C
,
5
%
,
11/15/54
................
1,175,000
1,188,031
Columbus-Franklin
County
Finance
Authority
,
Revenue
,
2021
C
,
2.5
%
,
11/15/41
.....................................
900,000
683,597
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
169
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Columbus-Franklin
County
Finance
Authority,
(continued)
Revenue
,
2021
C
,
3
%
,
5/15/51
........................................
$
2,180,000
$
1,592,430
c
Central
Ohio
Regional
Bond
Fund
,
Revenue
,
2024
A
,
5
%
,
11/15/54
............
980,000
993,451
ECG
Westerville
LP
,
Revenue
,
2024
A
,
FNMA
Insured
,
4.375
%
,
6/01/43
.........
5,000,000
5,029,092
County
of
Butler
,
UC
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/45
..........
5,020,000
5,033,680
UC
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
11/15/36
..........
2,140,000
2,045,374
County
of
Cuyahoga
,
GO
,
2020
A
,
Refunding
,
4
%
,
12/01/34
...................
750,000
785,314
County
of
Franklin
,
Nationwide
Children's
Hospital,
Inc.
,
Revenue
,
2016
C
,
Refunding
,
4
%
,
11/01/40
..
5,000,000
5,004,855
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/33
.......
5,000
5,346
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
4
%
,
7/01/34
...................
2,230,000
2,179,567
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/34
.......
10,000
10,693
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
4
%
,
7/01/35
...................
2,890,000
2,802,481
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/35
.......
10,000
10,693
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/36
.......
15,000
16,039
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/40
.......
5,000
5,346
Ohio
Living
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.25
%
,
7/01/41
........
5,000,000
5,267,941
OhioHealth
Obligated
Group
,
Revenue
,
2015
,
5
%
,
5/15/33
...................
3,290,000
3,316,453
Sales
Tax
,
Revenue
,
2018
,
5
%
,
6/01/43
.................................
6,000,000
6,310,204
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2017
,
5
%
,
12/01/46
............
3,515,000
3,596,419
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2017
A-OH
,
5
%
,
12/01/47
.......
11,800,000
12,108,897
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
12/01/49
..........
6,030,000
5,876,570
County
of
Hamilton
,
TriHealth
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
8/15/42
.....
5,000,000
5,140,533
County
of
Lucas
,
GO
,
2022
,
4.75
%
,
12/01/52
..............................
3,000,000
3,071,021
County
of
Mahoning
,
Sewer
System
,
Revenue
,
2022
,
Refunding
,
5
%
,
12/01/46
....................
3,000,000
3,180,423
Western
Reserve
Care
System
,
Revenue
,
1995
,
NATL
Insured
,
ETM,
5.5
%
,
10/15/25
600,000
612,337
County
of
Miami
,
Kettering
Health
Network
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
8/01/45
.............................................
5,000,000
5,150,060
County
of
Montgomery
,
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
11/15/39
............................................
5,000,000
4,868,165
County
of
Perry
,
GO
,
2023
,
5
%
,
12/01/61
.................................
1,500,000
1,510,819
County
of
Ross
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/39
.
3,805,000
3,991,598
Adena
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/44
.
1,300,000
1,343,411
County
of
Union
,
GO
,
2018
,
5
%
,
12/01/47
.................................
5,000,000
5,142,789
County
of
Warren
,
Otterbein
Homes
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
7/01/54
.........................................................
2,000,000
2,088,164
Cuyahoga
Falls
City
School
District
,
GO
,
2021
,
BAM
Insured
,
4
%
,
12/01/51
.......
1,485,000
1,458,334
Dayton
City
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
11/01/30
................
5,000,000
5,592,751
Dayton-Montgomery
County
Port
Authority
,
Southwest
Ohio
Regional
Bond
Fund
,
Revenue
,
2021
C
,
2
%
,
11/15/31
..........
370,000
321,922
Southwest
Ohio
Regional
Bond
Fund
,
Revenue
,
2021
C
,
2.5
%
,
11/15/41
........
1,615,000
1,234,448
Deer
Park
Community
City
School
District
,
GO
,
2017
A
,
5.25
%
,
12/01/53
.........
3,000,000
3,018,448
Dublin
City
School
District
,
GO
,
2019
A
,
4
%
,
12/01/44
...........................................
10,000,000
10,017,893
c
GO
,
2024
B
,
4
%
,
12/01/48
...........................................
1,250,000
1,254,039
c
GO
,
2024
B
,
5
%
,
12/01/53
...........................................
2,100,000
2,296,985
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
170
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Elyria
City
School
District
,
GO
,
2017
A
,
5
%
,
12/01/43
........................
$
5,500,000
$
5,664,869
Fremont
City
School
District
,
GO
,
2017
A
,
5
%
,
1/15/49
.......................
13,970,000
14,140,996
Grandview
Heights
City
School
District
,
GO
,
2019
,
5
%
,
12/01/53
................
2,150,000
2,246,845
Green
Local
School
District
,
COP
,
2022
,
AGMC
Insured
,
5
%
,
11/01/52
...........
2,000,000
2,092,912
Hilliard
School
District
,
GO
,
2017
,
4
%
,
12/01/46
............................
10,000,000
9,991,534
Hudson
City
School
District
,
GO
,
2018
,
4
%
,
12/01/45
........................
18,870,000
18,915,996
Indian
Creek
Local
School
District
,
GO
,
2018
A
,
5
%
,
11/01/55
...........................................
3,000,000
3,112,007
GO
,
2018
B
,
BAM
Insured
,
5
%
,
11/01/55
................................
3,910,000
4,066,050
Lakota
Local
School
District
,
GO
,
2005
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/26
.
2,000,000
2,098,379
d
Lancaster
Port
Authority
,
Revenue
,
2024
A
,
Refunding
,
Mandatory
Put
,
5
%
,
8/01/30
.
3,000,000
3,218,112
Licking
Heights
Local
School
District
,
GO
,
2022
,
4.5
%
,
10/01/51
................
1,800,000
1,839,433
Little
Miami
Local
School
District
,
GO
,
2018
A
,
5
%
,
11/01/43
...........................................
1,000,000
1,010,752
GO
,
2018
A
,
5
%
,
11/01/48
...........................................
2,460,000
2,482,477
Madeira
City
School
District
,
GO
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/32
.....
9,605,000
10,799,815
Miami
University
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/41
.................................
5,000,000
5,097,772
Revenue
,
2022
A
,
Refunding
,
5
%
,
9/01/34
...............................
1,000,000
1,119,889
Miami
Valley
Career
Technology
Center
,
GO
,
2018
,
5
%
,
12/01/44
...............
20,000,000
20,911,544
Northeast
Ohio
Medical
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/25
..............................
125,000
126,384
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/27
..............................
100,000
104,210
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/29
..............................
110,000
116,814
Revenue
,
2021
A
,
Refunding
,
3
%
,
12/01/40
..............................
500,000
416,925
Revenue
,
2022
,
BAM
Insured
,
5
%
,
12/01/43
.............................
1,000,000
1,057,346
Northeastern
Local
School
District
,
GO
,
2018
,
AGMC
Insured
,
5.25
%
,
12/01/45
..............................
5,420,000
5,743,777
GO
,
2018
,
AGMC
Insured
,
4
%
,
12/01/55
................................
5,000,000
4,895,610
Norwood
City
School
District
,
GO
,
2017
A
,
Pre-Refunded
,
5
%
,
11/01/46
...............................
5,000,000
5,147,094
GO
,
2017
A
,
Pre-Refunded
,
5.25
%
,
11/01/51
.............................
7,645,000
7,896,198
d
Ohio
Air
Quality
Development
Authority
,
Ohio
Valley
Electric
Corp.
,
Revenue
,
2009
C
,
Mandatory
Put
,
1.5
%
,
11/04/25
.......................................
2,000,000
1,935,115
Ohio
Higher
Educational
Facility
Commission
,
Ashtabula
County
Medical
Center
Obligated
Group
,
Revenue
,
2022
,
5.25
%
,
1/01/52
4,895,000
5,134,107
Baldwin
Wallace
University
,
Revenue
,
2022
,
6
%
,
12/01/52
...................
5,970,000
6,280,097
Capital
University
,
Revenue
,
2022
,
Refunding
,
6
%
,
9/01/42
..................
4,900,000
5,139,932
Capital
University
,
Revenue
,
2022
,
Refunding
,
6
%
,
9/01/47
..................
2,000,000
2,087,168
Capital
University
,
Revenue
,
2022
,
Refunding
,
6
%
,
9/01/52
..................
5,100,000
5,292,836
Case
Western
Reserve
University
,
Revenue
,
2016
,
Refunding
,
5
%
,
12/01/40
.....
6,000,000
6,199,798
Cleveland
Institute
of
Music
(The)
,
Revenue
,
2022
,
5
%
,
12/01/32
..............
300,000
317,317
Cleveland
Institute
of
Music
(The)
,
Revenue
,
2022
,
5.125
%
,
12/01/42
...........
3,390,000
3,559,520
Cleveland
Institute
of
Music
(The)
,
Revenue
,
2022
,
5.375
%
,
12/01/52
...........
3,100,000
3,238,602
John
Carroll
University
,
Revenue
,
2020
,
4
%
,
10/01/45
......................
1,100,000
1,017,575
John
Carroll
University
,
Revenue
,
2022
,
Refunding
,
4
%
,
10/01/47
..............
5,360,000
4,884,587
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/42
...........
1,040,000
1,048,032
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/45
...........
1,360,000
1,360,695
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/50
...........
2,900,000
2,842,120
Kenyon
College
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
...................
5,320,000
5,418,197
Kenyon
College
,
Revenue
,
2016
,
Refunding
,
4
%
,
7/01/44
...................
4,180,000
4,167,312
Kenyon
College
,
Revenue
,
2017
,
5
%
,
7/01/42
............................
1,250,000
1,289,744
Kenyon
College
,
Revenue
,
2017
,
4
%
,
7/01/47
............................
3,000,000
2,951,614
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
171
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Ohio
Higher
Educational
Facility
Commission,
(continued)
Otterbein
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/30
......
$
1,095,000
$
1,137,145
University
of
Dayton
,
Revenue
,
2018
A
,
4
%
,
12/01/43
.......................
11,885,000
11,892,656
Xavier
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
5/01/49
................
2,000,000
2,157,831
Xavier
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
5/01/54
................
4,750,000
5,099,993
Ohio
Housing
Finance
Agency
,
Revenue
,
2020
B
,
GNMA
Insured
,
2.1
%
,
9/01/35
..........................
485,000
404,279
b
Revenue
,
144A,
2023
A
,
5.625
%
,
8/01/41
...............................
17,000,000
17,564,447
Revenue
,
2024
B
,
GNMA
Insured
,
4.7
%
,
9/01/54
..........................
10,000,000
10,241,102
Revenue
,
2024
C
,
GNMA
Insured
,
4.7
%
,
9/01/54
..........................
7,500,000
7,672,060
b
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
A
,
6
%
,
9/01/41
..............
11,000,000
11,732,861
Ohio
State
University
(The)
,
Revenue
,
2021
A
,
4
%
,
12/01/48
...................
10,020,000
10,046,317
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue
,
2018
A
,
5
%
,
2/15/43
........................................
19,600,000
20,500,154
Revenue
,
2018
A
,
5
%
,
2/15/46
........................................
13,750,000
14,301,165
Revenue,
Junior
Lien
,
2013
A-2
,
BAM
Insured
,
Zero
Cpn.,
2/15/38
.............
3,665,000
2,282,338
Revenue,
Junior
Lien
,
2013
A-2
,
Zero
Cpn.,
2/15/43
........................
10,485,000
5,008,719
Ohio
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/45
...................
7,000,000
7,235,336
Ohio
Water
Development
Authority
,
Revenue
,
2019
,
5
%
,
12/01/39
........................................
5,000,000
5,414,970
Revenue
,
2019
,
5
%
,
6/01/44
.........................................
1,330,000
1,426,677
Revenue
,
2021
,
5
%
,
6/01/46
.........................................
10,555,000
11,510,708
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2019
B
,
Refunding
,
5
%
,
12/01/44
...
10,000,000
10,724,290
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2020
A
,
5
%
,
12/01/50
............
6,820,000
7,273,839
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2023
B
,
5
%
,
12/01/36
............
5,675,000
6,528,275
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2024
D
,
5
%
,
12/01/43
...........
4,200,000
4,784,618
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2024
D
,
5
%
,
12/01/44
...........
6,575,000
7,453,756
Olentangy
Local
School
District
,
GO
,
2016
,
4
%
,
12/01/46
.....................
7,660,000
7,667,079
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
12/01/53
..............................
1,500,000
1,601,872
Revenue
,
2024
B
,
Refunding
,
5
%
,
12/01/63
..............................
2,000,000
2,116,233
Revenue
,
2024
C
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/53
...............
1,000,000
1,090,675
Revenue
,
2024
C
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/58
...............
1,000,000
1,088,083
Revenue
,
2024
C
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/63
...............
1,000,000
1,088,083
Princeton
City
School
District
,
GO
,
2014
,
Refunding
,
Zero
Cpn.,
12/01/40
...............................
6,000,000
3,083,771
GO
,
2014
,
Refunding
,
Zero
Cpn.,
12/01/41
...............................
6,000,000
2,928,501
Russia
Local
School
District
,
GO
,
2023
,
5
%
,
12/01/52
........................
1,670,000
1,770,683
Springboro
Community
City
School
District
,
GO
,
2007
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/27
.....................
5,175,000
5,514,331
GO
,
2007
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/28
.....................
2,000,000
2,167,262
State
of
Ohio
,
GO
,
2019
A
,
5
%
,
6/15/38
............................................
6,500,000
7,008,520
GO
,
2020
C
,
5
%
,
3/01/38
............................................
2,300,000
2,546,489
GO
,
V
,
5
%
,
5/01/34
................................................
4,000,000
4,259,366
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
1/01/29
........................................................
4,850,000
5,273,251
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/37
1,000,000
986,351
University
Hospitals
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/15/46
............................................
5,795,000
5,769,159
Summit
County
Development
Finance
Authority
,
City
of
Akron
,
Revenue
,
2022
,
4
%
,
5/15/46
...............................
3,585,000
3,418,000
UAkronPark,
Inc.
,
Revenue
,
2023
,
5.625
%
,
12/01/48
.......................
4,700,000
5,098,529
UAkronPark,
Inc.
,
Revenue
,
2023
,
5.75
%
,
12/01/53
........................
5,000,000
5,427,423
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
172
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Sycamore
Community
City
School
District
,
GO
,
2020
,
4
%
,
12/01/45
.............
$
6,000,000
$
6,009,595
Sylvania
City
School
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/36
....
9,700,000
9,776,908
Three
Rivers
Local
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
12/01/39
...........
5,885,000
5,885,000
Toledo
City
School
District
,
COP
,
2024
,
BAM
Insured
,
5
%
,
12/01/48
..............
1,250,000
1,365,866
Toledo-Lucas
County
Port
Authority
,
Revenue
,
2021
A
,
2
%
,
11/15/31
.......................................
370,000
323,338
c
Northwest
Ohio
Bond
Fund
,
Revenue
,
2024
C
,
5
%
,
11/15/54
.................
2,155,000
2,200,290
ParkUToledo,
Inc.
,
Revenue
,
2021
,
4
%
,
1/01/46
...........................
1,625,000
1,555,645
ParkUToledo,
Inc.
,
Revenue
,
2021
,
4
%
,
1/01/51
...........................
2,840,000
2,656,341
ParkUToledo,
Inc.
,
Revenue
,
2021
,
4
%
,
1/01/57
...........................
5,000,000
4,577,559
Triway
Local
School
District
,
COP
,
2021
,
BAM
Insured
,
4
%
,
12/01/39
............
2,200,000
2,225,103
University
of
Akron
(The)
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/31
...............................
4,365,000
4,370,690
Revenue
,
2016
A
,
Refunding
,
BAM
Insured
,
5
%
,
1/01/34
....................
6,000,000
6,122,248
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/36
...............................
10,065,000
10,251,808
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/38
...............................
8,000,000
8,137,403
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/42
...............................
5,725,000
5,962,636
University
of
Cincinnati
,
Revenue
,
2017
A
,
5
%
,
6/01/45
........................................
2,205,000
2,266,089
Revenue
,
2018
A
,
Refunding
,
4
%
,
6/01/48
...............................
10,000,000
9,894,762
Revenue
,
2024
A
,
5.25
%
,
6/01/54
.....................................
8,000,000
8,762,137
Upper
Arlington
City
School
District
,
GO
,
2018
A
,
Pre-Refunded
,
5
%
,
12/01/48
.....
13,000,000
13,918,076
Village
of
Bluffton
,
Blanchard
Valley
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
12/01/33
.......................................................
1,655,000
1,673,688
Blanchard
Valley
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
12/01/34
.......................................................
1,900,000
1,920,720
Warren
County
Port
Authority
,
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2021
C
,
4
%
,
12/01/41
..........
2,075,000
1,925,866
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2021
C
,
4
%
,
12/01/55
..........
3,500,000
2,917,866
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2021
H
,
4
%
,
12/01/53
..........
1,375,000
1,154,923
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2022
A
,
5.5
%
,
12/01/50
.........
3,210,000
3,365,862
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2022
B
,
4.75
%
,
12/01/34
........
1,000,000
1,031,422
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2020
D-1
,
Refunding
,
4
%
,
12/01/40
.......................................
1,390,000
1,306,145
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2020
D-1
,
Refunding
,
4
%
,
12/01/52
.......................................
1,930,000
1,628,580
Westerville
City
School
District
,
GO
,
2006
,
Refunding
,
XLCA
Insured
,
5
%
,
12/01/27
..
3,820,000
4,022,589
Westlake
City
School
District
,
GO
,
2021
A
,
Refunding
,
4
%
,
12/01/49
.............
3,965,000
3,924,890
Willoughby-Eastlake
City
School
District
,
GO
,
2016
,
Pre-Refunded
,
5
%
,
12/01/46
...
10,000,000
10,206,223
Winton
Woods
City
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
11/01/43
...........
7,000,000
7,031,349
924,842,133
South
Carolina
1.2%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
3,200,000
2,813,746
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
3,200,000
2,813,746
b
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
5,250,000
4,297,602
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,200,000
2,720,387
12,645,481
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
173
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/38
.................................
$
300,000
$
248,873
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
6,000,000
5,028,024
5,276,897
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
3,200,000
2,814,352
Wisconsin
1.9%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
3,100,000
2,616,708
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
2,800,000
2,821,864
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
21,750,000
13,802,596
19,241,168
U.S.
Territories
1.0%
Puerto
Rico
1.0%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/32
....................................
556,133
551,379
Revenue
,
2007
CC
,
5.25
%
,
7/01/34
....................................
153,947
154,436
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
3,709,073
3,601,803
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
1,293,863
1,299,128
Revenue
,
2007
N
,
5.25
%
,
7/01/39
.....................................
288,720
290,256
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,000,000
999,399
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
999,182
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
474,052
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/35
..
235,000
251,076
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
1,100,000
1,104,965
9,725,676
Total
U.S.
Territories
....................................................................
9,725,676
Total
Municipal
Bonds
(Cost
$
996,891,544
)
.....................................
998,245,508
Total
Long
Term
Investments
(Cost
$
1,000,091,544
)
.............................
1,001,533,457
a
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
174
See
Abbreviations
on
page
203
.
Short
Term
Investments
1.4%
a
a
Principal
Amount
a
Value
Municipal
Bonds
1.4%
Ohio
1.4%
e
County
of
Hamilton
,
TriHealth
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.3
%
,
8/15/51
...........
$
5,500,000
$
5,500,000
e
Ohio
Water
Development
Authority
,
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2024
C
,
Daily
VRDN
and
Put
,
3.15
%
,
12/01/54
................................
200,000
200,000
e
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2019
F
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.7
%
,
1/01/52
.........................
8,850,000
8,850,000
14,550,000
Total
Municipal
Bonds
(Cost
$
14,550,000
)
......................................
14,550,000
Total
Short
Term
Investments
(Cost
$
14,550,000
)
................................
14,550,000
a
Total
Investments
(Cost
$
1,014,641,544
)
99.2
%
..................................
$1,016,083,457
Other
Assets,
less
Liabilities
0.8
%
.............................................
7,755,321
Net
Assets
100.0%
...........................................................
$1,023,838,778
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
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
November
30,
2024,
the
aggregate
value
of
these
securities
was
$76,479,161,
representing
7.5%
of
net
assets.
c
Security
purchased
on
a
when-issued
basis.
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),
November
30,
2024
Franklin
Oregon
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
175
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
$
2,568,711
Total
Corporate
Bonds
(Cost
$
2,500,000
)
.......................................
2,568,711
Municipal
Bonds
98.1%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
3,500,000
3,079,657
Florida
1.5%
b
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
1,500,000
1,087,110
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
8,400,000
6,745,003
b
,c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
Zero
Cpn.,
5/01/52
.....................................................
5,600,000
5,028,800
12,860,913
Illinois
0.4%
Metropolitan
Pier
&
Exposition
Authority
,
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
BAM
Insured
,
4
%
,
12/15/42
................................
2,520,000
2,528,084
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
BAM
Insured
,
4
%
,
6/15/52
.................................
1,000,000
956,844
3,484,928
New
Jersey
0.7%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2019
BB
,
5
%
,
6/15/44
......................
2,250,000
2,349,659
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/38
........................
2,165,000
2,203,201
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/46
......................
2,000,000
1,988,164
6,541,024
New
York
0.6%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/47
..........
5,500,000
5,407,936
Oregon
87.4%
Astoria
Hospital
Facilities
Authority
,
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2016
,
5
%
,
8/01/41
......
4,250,000
4,308,528
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2016
,
4
%
,
8/01/46
......
1,750,000
1,596,228
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
8/01/49
...
5,000,000
5,393,755
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
8/01/54
...
6,500,000
6,963,299
Benton
&
Polk
School
District
No.
17J
,
GO
,
2010
B
,
Zero
Cpn.,
6/15/31
...........
1,000,000
800,243
Central
Lincoln
People's
Utility
District
JATC,
Inc.
,
Revenue
,
2016
,
5
%
,
12/01/45
....
2,900,000
2,933,819
City
of
Beaverton
,
Water
,
Revenue
,
2020
,
5
%
,
4/01/32
.......................
1,000,000
1,108,938
City
of
Eugene
,
Electric
Utility
System
,
Revenue
,
2017
,
5
%
,
8/01/47
.............
3,580,000
3,703,020
City
of
Forest
Grove
,
Pacific
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/01/36
.................
6,575,000
6,591,708
Pacific
University
,
Revenue
,
2017
,
Refunding
,
4
%
,
3/01/37
...................
3,500,000
3,255,817
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/26
.................
335,000
338,950
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/30
.................
1,385,000
1,450,039
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/33
.................
1,600,000
1,673,118
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/35
.................
490,000
473,943
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/37
.................
1,905,000
1,813,903
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/38
.................
3,960,000
3,739,247
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
176
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
%
,
5/01/39
.................
$
1,750,000
$
1,633,222
City
of
Keizer
,
Special
Assessment
,
2008
,
5.2
%
,
6/01/31
......................
1,015,000
1,020,505
City
of
Medford
,
Sewer
,
Revenue
,
2024
,
BAM
Insured
,
4
%
,
6/01/47
.........................
2,330,000
2,336,484
Sewer
,
Revenue
,
2024
,
BAM
Insured
,
4
%
,
6/01/49
.........................
1,715,000
1,716,913
City
of
Molalla
,
GO
,
2024
A
,
BAM
Insured
,
4
%
,
6/01/49
.......................
3,115,000
3,140,541
City
of
Tigard
,
Water
,
Revenue
,
2015
,
5
%
,
8/01/45
..........................
23,545,000
23,682,905
Clackamas
Community
College
District
,
GO
,
2017
A
,
5
%
,
6/15/39
...............
2,250,000
2,344,601
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO
,
2017
A
,
Zero
Cpn.,
6/15/40
.......................................
10,000,000
5,001,643
GO
,
2017
A
,
Zero
Cpn.,
6/15/41
.......................................
17,030,000
8,118,613
GO
,
2017
A
,
Zero
Cpn.,
6/15/42
.......................................
16,625,000
7,558,262
GO
,
2017
B
,
5
%
,
6/15/34
............................................
11,000,000
11,539,127
GO
,
2017
B
,
5
%
,
6/15/37
............................................
7,000,000
7,313,424
GO
,
2018
,
5
%
,
6/15/42
.............................................
1,750,000
1,844,983
Clackamas
County
School
District
No.
35
Molalla
River
,
GO
,
2024
,
4
%
,
6/15/49
....
3,000,000
3,014,980
Clackamas
County
School
District
No.
46
Oregon
Trail
,
GO
,
Zero
Cpn.,
6/15/37
.............................................
12,130,000
7,600,634
GO
,
Zero
Cpn.,
6/15/38
.............................................
12,495,000
7,460,910
Clackamas
County
School
District
No.
7J
Lake
Oswego
,
GO
,
2005
,
Refunding
,
AGMC
Insured
,
5.25
%
,
6/01/25
.............................................
3,075,000
3,109,249
Clackamas
County
School
District
No.
86
Canby
,
GO
,
2020
A
,
Refunding
,
4
%
,
6/15/40
3,470,000
3,537,847
Columbia
County
School
District
No.
502
,
GO
,
2017
,
5
%
,
6/15/39
...............
1,000,000
1,042,789
Coos
County
School
District
No.
9
Coos
Bay
,
GO
,
2018
,
5
%
,
6/15/43
............
5,005,000
5,274,490
County
of
Benton
,
GO
,
2023
,
4.125
%
,
6/01/53
.............................
2,035,000
2,061,509
County
of
Yamhill
,
George
Fox
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/36
..............
2,585,000
2,622,269
George
Fox
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/46
..............
2,330,000
2,284,612
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/40
................
7,010,000
7,096,338
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/45
................
9,285,000
9,311,981
Deschutes
County
Hospital
Facilities
Authority
,
St.
Charles
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/48
.........................
13,890,000
13,988,726
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2012
,
Refunding
,
5
%
,
12/01/29
..................
3,235,000
3,235,363
Jackson
County
School
District
No.
5
Ashland
,
GO
,
2019
,
5
%
,
6/15/34
...........
1,000,000
1,083,660
Jackson
County
School
District
No.
6
Central
Point
,
GO
,
2019
A
,
5
%
,
6/15/31
............................................
2,665,000
2,926,375
GO
,
2019
B
,
Zero
Cpn.,
6/15/40
.......................................
705,000
360,481
GO
,
2019
B
,
Zero
Cpn.,
6/15/41
.......................................
710,000
344,316
GO
,
2019
B
,
Zero
Cpn.,
6/15/42
.......................................
610,000
280,621
GO
,
2019
B
,
Zero
Cpn.,
6/15/43
.......................................
820,000
357,447
GO
,
2019
B
,
Zero
Cpn.,
6/15/44
.......................................
1,115,000
461,126
GO
,
2019
B
,
Zero
Cpn.,
6/15/45
.......................................
985,000
386,271
Klamath
Falls
Intercommunity
Hospital
Authority
,
Sky
Lakes
Medical
Center,
Inc.
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/46
.................................
1,000,000
1,013,496
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
8/15/45
..............................................
5,620,000
5,545,672
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/45
8,245,000
8,708,902
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/15/50
11,235,000
10,882,455
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/50
4,500,000
4,713,709
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
177
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Metro
,
County
of
Multnomah
Transient
Lodging
Tax
,
Revenue
,
2017
,
5
%
,
6/15/42
.......
$
7,500,000
$
7,757,987
County
of
Multnomah
Transient
Lodging
Tax
,
Revenue
,
2017
,
5
%
,
6/15/47
.......
10,950,000
11,270,373
Multnomah
&
Clackamas
Counties
School
District
No.
10JT
Gresham-Barlow
,
GO
,
2017
A
,
5
%
,
6/15/37
................................................
7,885,000
8,245,896
Multnomah
County
School
District
No.
40
,
GO
,
2012
B
,
Zero
Cpn.,
6/15/26
.......................................
2,585,000
2,468,780
GO
,
2012
B
,
Zero
Cpn.,
6/15/27
.......................................
2,655,000
2,461,685
GO
,
2012
B
,
Zero
Cpn.,
6/15/28
.......................................
2,495,000
2,244,362
GO
,
2012
B
,
Zero
Cpn.,
6/15/29
.......................................
2,595,000
2,260,639
GO
,
2012
B
,
Zero
Cpn.,
6/15/30
.......................................
1,885,000
1,588,190
GO
,
2012
B
,
Zero
Cpn.,
6/15/31
.......................................
2,030,000
1,650,816
GO
,
2012
B
,
Zero
Cpn.,
6/15/32
.......................................
2,000,000
1,566,835
GO
,
2023
A
,
Zero
Cpn.,
6/15/30
.......................................
425,000
358,080
Multnomah-Clackamas
Counties
Centennial
School
District
No.
28JT
,
GO
,
2020
,
Refunding
,
5
%
,
6/15/45
.....................................
3,000,000
3,209,356
GO
,
2020
,
Refunding
,
5
%
,
6/15/50
.....................................
24,655,000
26,176,625
Oregon
City
School
District
No.
62
,
GO
,
2018
B
,
Refunding
,
5
%
,
6/15/49
..........
2,345,000
2,448,507
Oregon
Health
&
Science
University
,
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/44
.................
12,645,000
12,672,432
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/51
.................
16,580,000
16,330,319
Oregon
Health
&
Science
University
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/42
10,000,000
10,306,543
Oregon
State
Facilities
Authority
,
b
CHNW
Clifton
House
LLC
,
Revenue
,
144A,
A
,
4
%
,
10/01/26
.................
665,000
657,808
b
CHNW
Clifton
House
LLC
,
Revenue
,
144A,
A
,
5
%
,
10/01/36
.................
1,670,000
1,640,642
b
CHNW
Clifton
House
LLC
,
Revenue
,
144A,
A
,
5
%
,
10/01/48
.................
4,000,000
3,843,614
Legacy
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/46
......
25,945,000
26,255,032
Legacy
Health
Obligated
Group
,
Revenue
,
2022
A
,
4.125
%
,
6/01/52
...........
3,000,000
2,971,092
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2015
C
,
5
%
,
10/01/45
..
4,000,000
4,028,034
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/41
.......................................................
7,800,000
7,872,128
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
10/01/46
.
3,280,000
3,291,969
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
10/01/46
...................................................
220,000
228,236
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/40
.......................................................
11,025,000
11,502,766
Willamette
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/40
.............
1,950,000
1,963,954
Willamette
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
.............
47,505,000
41,345,331
Oregon
State
University
,
Revenue
,
2024
A
,
Refunding
,
4.25
%
,
4/01/52
...........
3,610,000
3,684,303
Port
of
Portland
,
Airport
,
Revenue
,
24
A
,
5
%
,
7/01/47
....................................
4,700,000
4,804,732
Airport
,
Revenue
,
24
B
,
5
%
,
7/01/42
....................................
7,645,000
7,771,905
Airport
,
Revenue
,
25
B
,
5
%
,
7/01/44
....................................
4,830,000
4,989,127
Airport
,
Revenue
,
25
B
,
5
%
,
7/01/49
....................................
6,300,000
6,511,853
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/30
....................................
1,585,000
1,710,361
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/37
....................................
5,000,000
5,269,150
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/45
....................................
10,670,000
11,100,776
Airport
,
Revenue
,
28
,
4
%
,
7/01/38
.....................................
2,500,000
2,500,255
Airport
,
Revenue
,
30
A
,
5.25
%
,
7/01/54
.................................
13,500,000
14,553,034
Salem
Hospital
Facility
Authority
,
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/33
.............
545,000
557,460
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/38
.............
500,000
509,181
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/43
.............
2,250,000
2,271,228
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/48
.............
3,700,000
3,709,199
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/15/25
....
130,000
130,369
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
178
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Salem
Hospital
Facility
Authority,
(continued)
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/15/26
....
$
135,000
$
136,276
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/15/27
....
260,000
264,309
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/15/28
....
310,000
317,187
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/29
....
515,000
509,817
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/30
....
385,000
380,721
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/31
....
400,000
394,623
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/32
....
370,000
363,905
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/40
....
1,540,000
1,435,338
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/57
....
2,750,000
2,235,270
Salem
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/15/46
.......
17,105,000
17,332,437
Salem-Keizer
School
District
No.
24J
,
GO
,
2009
B
,
Zero
Cpn.,
6/15/30
.......................................
8,500,000
7,107,172
GO
,
2020
C
,
4
%
,
6/15/38
............................................
6,000,000
6,207,063
Seaside
School
District
No.
10
,
GO
,
2017
B
,
5
%
,
6/15/35
............................................
2,000,000
2,089,053
GO
,
2017
B
,
5
%
,
6/15/36
............................................
2,500,000
2,607,591
State
of
Oregon
,
GO
,
2007
A
,
4.7
%
,
8/01/42
...........................................
3,050,000
3,050,172
GO
,
2017
A
,
5
%
,
5/01/42
............................................
2,500,000
2,590,443
GO
,
2017
H
,
5
%
,
8/01/42
............................................
15,000,000
15,596,708
GO
,
2019
G
,
5
%
,
8/01/33
............................................
3,000,000
3,278,616
GO
,
2019
G
,
5
%
,
8/01/34
............................................
1,900,000
2,072,108
GO
,
L
,
Refunding
,
5
%
,
8/01/42
........................................
3,270,000
3,400,082
Department
of
Transportation
,
Revenue,
Sub.
Lien
,
2019
A
,
Refunding
,
5
%
,
11/15/37
12,500,000
13,602,015
Department
of
Transportation
,
Revenue,
Sub.
Lien
,
2019
A
,
Refunding
,
5
%
,
11/15/39
23,175,000
25,128,845
Department
of
Transportation
,
Revenue,
Sub.
Lien
,
2019
A
,
Refunding
,
4
%
,
11/15/42
3,300,000
3,343,650
b
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
20,000,000
20,705,832
Tillamook
&
Yamhill
Counties
School
District
No.
101
Nestucca
Valley
,
GO
,
2018
B
,
5
%
,
6/15/36
............................................
2,850,000
3,049,536
GO
,
2018
B
,
5
%
,
6/15/37
............................................
2,520,000
2,692,383
Tri-County
Metropolitan
Transportation
District
of
Oregon
,
Revenue
,
2018
A
,
5
%
,
10/01/31
.......................................
5,025,000
5,322,353
Revenue
,
2018
A
,
5
%
,
10/01/32
.......................................
1,865,000
1,973,294
Umatilla
Hospital
District
No.
1
,
GO
,
2023
,
5
%
,
6/01/53
.......................
750,000
763,511
Union
County
Hospital
Facility
Authority
,
Grande
Ronde
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2022
,
5
%
,
7/01/47
......
2,250,000
2,260,721
Grande
Ronde
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2022
,
5
%
,
7/01/52
......
3,680,000
3,659,203
University
of
Oregon
,
Revenue
,
2016
A
,
5
%
,
4/01/46
........................................
6,690,000
6,805,436
Revenue
,
2018
A
,
5
%
,
4/01/48
........................................
10,000,000
10,370,136
b
Warm
Springs
Reservation
Confederated
Tribe
,
Revenue
,
144A,
2019
B
,
Refunding
,
5
%
,
11/01/33
.........................
250,000
270,239
Revenue
,
144A,
2019
B
,
Refunding
,
5
%
,
11/01/34
.........................
300,000
323,864
Revenue
,
144A,
2019
B
,
Refunding
,
5
%
,
11/01/39
.........................
2,200,000
2,358,396
Washington
&
Clackamas
Counties
School
District
No.
23J
Tigard-Tualatin
,
GO
,
2017
,
5
%
,
6/15/36
.............................................
9,400,000
9,823,222
GO
,
2017
,
5
%
,
6/15/37
.............................................
5,040,000
5,258,839
GO
,
2017
,
Pre-Refunded
,
5
%
,
6/15/37
..................................
960,000
1,011,938
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton
,
GO
,
2017
D
,
5
%
,
6/15/35
............................................
15,050,000
15,746,330
GO
,
2017
D
,
5
%
,
6/15/36
............................................
5,000,000
5,223,875
GO
,
2022
B
,
5
%
,
6/15/52
............................................
19,145,000
20,703,045
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
179
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO
,
2018
A
,
Zero
Cpn.,
6/15/38
.......................................
$
2,350,000
$
1,330,684
GO
,
2018
A
,
Zero
Cpn.,
6/15/39
.......................................
3,275,000
1,754,591
Washington
County
School
District
No.
15
Forest
Grove
,
GO
,
2012
B
,
Zero
Cpn.,
6/15/29
.......................................
2,545,000
2,191,494
GO
,
2012
B
,
Zero
Cpn.,
6/15/30
.......................................
2,490,000
2,071,803
GO
,
2012
B
,
Zero
Cpn.,
6/15/31
.......................................
3,140,000
2,512,762
Yachats
Rural
Fire
Protection
District
,
GO
,
2017
,
AGMC
Insured
,
5
%
,
6/15/47
......
1,600,000
1,643,124
Yamhill
County
School
District
No.
8
Dayton
,
GO
,
2019
,
Refunding
,
5
%
,
6/15/32
.....................................
1,045,000
1,141,106
GO
,
2019
,
Refunding
,
5
%
,
6/15/33
.....................................
1,080,000
1,179,396
766,383,484
South
Carolina
1.5%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
2,500,000
2,198,239
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
2,500,000
2,198,239
b
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
7,650,000
6,262,220
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,000,000
2,550,363
13,209,061
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/30
250,000
262,381
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/31
250,000
263,300
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
4,200,000
3,519,617
4,045,298
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
2,198,712
Wisconsin
1.1%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
2,400,000
2,025,839
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
Zero
Cpn.,
12/01/44
..................................................
11,650,000
7,393,114
9,418,953
U.S.
Territories
3.9%
Puerto
Rico
3.9%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.625
%
,
5/15/43
......................
6,000,000
6,071,972
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
328,600
319,093
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
903,650
907,328
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,300,000
1,299,219
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
999,182
d
Revenue
,
WW
,
5.25
%
,
7/01/33
........................................
3,040,000
1,398,400
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
19,745,000
19,834,127
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
180
See
Abbreviations
on
page
203
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
$
3,000,000
$
3,000,026
33,829,347
Total
U.S.
Territories
....................................................................
33,829,347
Total
Municipal
Bonds
(Cost
$
862,974,886
)
.....................................
860,459,313
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,e
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
357,633
286,106
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
286,106
Total
Long
Term
Investments
(Cost
$
865,474,886
)
...............................
863,314,130
a
a
a
a
a
Short
Term
Investments
0.4%
Principal
Amount
Municipal
Bonds
0.4%
Oregon
0.4%
f
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.7
%
,
8/01/34
..................................
2,500,000
2,500,000
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.15
%
,
8/01/34
.................................
700,000
700,000
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
$
868,674,886
)
98.8
%
...................................
$866,514,130
Other
Assets,
less
Liabilities
1.2
%
.............................................
10,572,643
Net
Assets
100.0%
...........................................................
$877,086,773
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
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
November
30,
2024,
the
aggregate
value
of
these
securities
was
$68,809,412,
representing
7.8%
of
net
assets.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Non-income
producing.
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),
November
30,
2024
Franklin
Pennsylvania
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
181
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
$
2,054,969
Total
Corporate
Bonds
(Cost
$
2,000,000
)
.......................................
2,054,969
Municipal
Bonds
97.6%
Florida
1.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
5,688,000
5,099,903
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
1,000,000
724,740
b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
6,800,000
5,460,240
11,284,883
New
York
1.9%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/44
.....................................
6,700,000
6,644,392
Revenue
,
2021
A-1
,
4
%
,
11/15/46
.....................................
6,050,000
5,966,659
12,611,051
Pennsylvania
91.1%
Allegheny
County
Airport
Authority
,
Revenue
,
2021
A
,
5
%
,
1/01/32
........................................
4,345,000
4,658,575
Revenue
,
2021
A
,
5
%
,
1/01/34
........................................
8,155,000
8,707,765
Revenue
,
2021
A
,
5
%
,
1/01/51
........................................
3,500,000
3,614,489
Revenue
,
2023
A
,
AGMC
Insured
,
5.5
%
,
1/01/53
..........................
5,000,000
5,463,456
Allegheny
County
Higher
Education
Building
Authority
,
Chatham
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
9/01/33
..............
700,000
711,034
Chatham
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
9/01/34
..............
1,090,000
1,103,381
Duquesne
University
of
the
Holy
Spirit
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/40
.
2,115,000
2,134,064
Duquesne
University
of
the
Holy
Spirit
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/41
.
3,000,000
3,019,313
Robert
Morris
University
,
Revenue
,
2017
,
5
%
,
10/15/37
.....................
1,000,000
966,774
Robert
Morris
University
,
Revenue
,
2017
,
5
%
,
10/15/47
.....................
1,300,000
1,160,045
Allentown
Commercial
and
Industrial
Development
Authority
,
Executive
Education
Academy
Charter
School
,
Revenue
,
2024
,
Refunding
,
5
%
,
7/01/50
........................................................
2,000,000
2,017,461
Lincoln
Leadership
Academy
Charter
School
,
Revenue
,
2023
,
5.5
%
,
6/15/38
.....
600,000
641,836
Lincoln
Leadership
Academy
Charter
School
,
Revenue
,
2023
,
5.75
%
,
6/15/43
....
600,000
643,103
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/32
.................................
1,560,000
1,703,281
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/33
.................................
1,800,000
1,960,942
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/34
.................................
1,550,000
1,683,600
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/35
.................................
1,400,000
1,516,137
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/42
.................................
8,875,000
9,330,573
Berks
County
Industrial
Development
Authority
,
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/15/42
........................................................
1,000,000
1,009,385
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/15/47
........................................................
600,000
602,456
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2017
C
,
5
%
,
5/15/37
......
1,245,000
1,268,248
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2018
,
Pre-Refunded
,
5
%
,
5/15/38
........................................................
1,030,000
1,058,294
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2018
,
Pre-Refunded
,
5
%
,
5/15/48
........................................................
1,000,000
1,027,470
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
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Bethlehem
Redevelopment
Authority
,
Moravian
University
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
10/01/49
.........
$
750,000
$
785,948
Moravian
University
Obligated
Group
,
Revenue
,
2024
,
5.5
%
,
10/01/54
..........
1,050,000
1,108,846
Bristol
Township
School
District
,
GO
,
2021
C
,
BAM
Insured
,
3
%
,
6/01/37
..........
1,250,000
1,177,037
Bucks
County
Industrial
Development
Authority
,
Delaware
Valley
University
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
11/01/37
.........
1,000,000
1,010,776
Delaware
Valley
University
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
11/01/42
.........
1,080,000
1,065,231
Delaware
Valley
University
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
11/01/52
.........
2,500,000
2,378,013
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2019
,
4
%
,
8/15/44
.............
1,500,000
1,450,643
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2021
,
3
%
,
8/15/53
.............
12,000,000
9,070,009
Butler
County
Hospital
Authority
,
Butler
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/35
.......................................
1,885,000
1,885,838
Central
Bradford
Progress
Authority
,
Guthrie
Clinic
(The)
,
Revenue
,
2021
B
,
4
%
,
12/01/51
........................................................
5,000,000
4,823,187
Centre
County
Hospital
Authority
,
Mount
Nittany
Medical
Center
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/42
.......................................................
1,215,000
1,257,219
Mount
Nittany
Medical
Center
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
11/15/47
.......................................................
1,840,000
1,793,246
Cheltenham
Township
Industrial
Development
Authority
,
Arcadia
University
,
Revenue
,
2024
,
Refunding
,
5
%
,
4/01/44
..................
2,250,000
2,264,698
Arcadia
University
,
Revenue
,
2024
,
Refunding
,
5.75
%
,
4/01/54
...............
1,000,000
1,023,107
Chester
County
Industrial
Development
Authority
,
University
Student
Housing
LLC
,
Revenue
,
2013
A
,
5
%
,
8/01/35
...............
500,000
500,078
University
Student
Housing
LLC
,
Revenue
,
2013
A
,
5
%
,
8/01/45
...............
1,500,000
1,469,614
City
of
Erie
Higher
Education
Building
Authority
,
Gannon
University
,
Revenue
,
2021
TT-1
,
4
%
,
5/01/36
......................
400,000
389,740
Gannon
University
,
Revenue
,
2021
TT-1
,
4
%
,
5/01/41
......................
1,000,000
927,572
Gannon
University
,
Revenue
,
2021
TT-1
,
5
%
,
5/01/47
......................
2,430,000
2,457,356
City
of
Philadelphia
,
GO
,
2019
B
,
5
%
,
2/01/37
............................................
2,000,000
2,148,196
GO
,
2019
B
,
5
%
,
2/01/38
............................................
1,555,000
1,666,546
GO
,
2019
B
,
5
%
,
2/01/39
............................................
6,050,000
6,462,053
GO
,
2021
A
,
4
%
,
5/01/37
............................................
6,435,000
6,644,021
Airport
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/47
.........................
10,000,000
10,151,015
Airport
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
7/01/45
.........................
5,225,000
5,137,941
Airport
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/51
...........................
5,000,000
5,192,574
Water
&
Wastewater
,
Revenue
,
2019
B
,
5
%
,
11/01/49
......................
5,000,000
5,270,293
Water
&
Wastewater
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
11/01/45
..............
6,300,000
6,749,103
Water
&
Wastewater
,
Revenue
,
2022
C
,
5.5
%
,
6/01/47
......................
5,000,000
5,593,362
Water
&
Wastewater
,
Revenue
,
2024
C
,
AGMC
Insured
,
5.25
%
,
9/01/54
.........
5,000,000
5,575,070
Colonial
School
District
,
GO
,
2021
A
,
3
%
,
2/15/40
...........................
1,650,000
1,512,643
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
,
Revenue
,
2015
A
,
5
%
,
6/01/34
....................................................
10,000,000
10,067,962
County
of
Allegheny
,
GO
,
C-77
,
5
%
,
11/01/43
.............................................
5,030,000
5,310,164
GO
,
C-80
,
5
%
,
12/01/54
.............................................
3,000,000
3,231,286
County
of
Jefferson
,
GO
,
2021
,
Refunding
,
AGMC
Insured
,
3
%
,
12/15/37
........................
770,000
735,214
GO
,
2021
,
Refunding
,
AGMC
Insured
,
3
%
,
12/15/39
........................
520,000
489,604
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2014
,
Refunding
,
5
%
,
5/01/37
......................................................
2,500,000
2,486,905
Delaware
County
Authority
,
Elwyn
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/27
..............
1,560,000
1,573,463
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
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Delaware
County
Authority,
(continued)
Elwyn
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/32
..............
$
1,620,000
$
1,626,404
Haverford
College
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/46
...............
5,865,000
6,011,247
Delaware
County
Regional
Water
Quality
Control
Authority
,
Revenue
,
2016
,
4
%
,
11/01/36
........................................................
2,005,000
2,030,447
DuBois
Hospital
Authority
,
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
7/15/43
........................................................
3,410,000
3,426,379
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2020
,
4
%
,
7/15/50
......
3,500,000
3,035,576
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/15/41
........................................................
1,000,000
964,324
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/15/51
........................................................
4,000,000
3,449,492
East
Hempfield
Township
Industrial
Development
Authority
,
Student
Services,
Inc.
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
7/01/47
..............................
3,750,000
3,787,328
Erie
City
Water
Authority
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
12/01/43
...........
6,000,000
6,266,162
b
Erie
County
Industrial
Development
Authority
,
CFC
-
Erie
I
LLC
,
Revenue
,
144A,
2024
A
,
6.75
%
,
9/01/61
.................................................
5,000,000
5,061,796
Fairview
School
District
,
GO
,
2021
,
BAM
Insured
,
3
%
,
9/15/37
...................................
1,195,000
1,115,818
GO
,
2021
,
BAM
Insured
,
3
%
,
9/15/38
...................................
1,000,000
916,011
GO
,
2021
,
BAM
Insured
,
3
%
,
9/15/39
...................................
1,000,000
914,768
Geisinger
Authority
,
Kaiser
Obligated
Group
,
Revenue
,
2017
A-1
,
Refunding
,
5
%
,
2/15/45
...........
5,555,000
5,665,117
Kaiser
Obligated
Group
,
Revenue
,
2017
A-2
,
Refunding
,
5
%
,
2/15/39
...........
13,155,000
13,540,531
Governor
Mifflin
School
District
,
GO
,
2021
,
3
%
,
4/01/36
.............................................
625,000
600,834
GO
,
2021
,
3
%
,
4/01/37
.............................................
1,000,000
951,402
GO
,
2021
,
3
%
,
4/01/38
.............................................
1,000,000
940,429
GO
,
2021
,
3
%
,
4/01/39
.............................................
1,015,000
943,349
Huntingdon
County
General
Authority
,
Juniata
College
,
Revenue
,
2021
TT-3
,
Refunding
,
5
%
,
10/01/51
............................................
2,520,000
2,490,220
Lancaster
County
Hospital
Authority
,
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
8/15/46
.............
4,165,000
4,233,451
Lancaster
Higher
Education
Authority
,
Elizabethtown
College
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/46
............
5,000,000
4,976,233
Elizabethtown
College
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/51
............
5,000,000
4,912,157
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/51
........
2,780,000
2,501,906
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/56
........
520,000
455,752
Willow
Valley
Communities
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/44
......
1,850,000
1,889,534
Willow
Valley
Communities
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/49
......
2,300,000
2,335,356
Lancaster
Municipal
Authority
,
Garden
Spot
Village
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
5/01/44
..
1,200,000
1,272,054
Garden
Spot
Village
Obligated
Group
,
Revenue
,
2024
B
,
5
%
,
5/01/59
..........
530,000
548,899
Latrobe
Industrial
Development
Authority
,
Seton
Hill
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/46
................
750,000
652,871
Seton
Hill
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/51
................
800,000
669,279
Lehigh
County
Authority
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/45
...
6,500,000
6,525,139
Lehigh
County
General
Purpose
Authority
,
Good
Shepherd
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/01/41
4,345,000
4,240,376
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/42
....
14,390,000
13,364,697
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/57
....
5,000,000
4,337,766
Muhlenberg
College
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
2/01/54
..............
1,600,000
1,685,517
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
184
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Lycoming
County
Authority
,
Lycoming
College
,
Revenue
,
2013
MM-1
,
5.25
%
,
11/01/38
...................
$
1,400,000
$
1,402,145
Lycoming
College
,
Revenue
,
2013
MM-1
,
5.25
%
,
11/01/43
...................
1,495,000
1,497,349
Montgomery
County
Higher
Education
and
Health
Authority
,
Gwynedd
Mercy
University
,
Revenue
,
2022
UU-2
,
Refunding
,
5.25
%
,
5/01/37
....
2,665,000
2,821,247
Gwynedd
Mercy
University
,
Revenue
,
2022
UU-2
,
Refunding
,
5
%
,
5/01/42
.......
3,700,000
3,790,274
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
9/01/43
........................................................
3,740,000
3,636,595
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
9/01/48
........................................................
8,250,000
8,476,569
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
4
%
,
5/01/52
........................................................
4,000,000
3,793,104
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
5/01/57
........................................................
5,000,000
5,207,149
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
4
%
,
11/15/43
.......................................................
600,000
582,885
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
5
%
,
11/15/45
.......................................................
1,985,000
2,055,143
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
A
,
5.25
%
,
11/15/53
.......................................................
1,500,000
1,560,526
Gwynedd
Mercy
University
,
Revenue
,
2023
VV-1
,
5.75
%
,
5/01/48
..............
2,000,000
2,112,595
Meadowood
Corp.
Obligated
Group
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/38
.......................................................
2,500,000
2,550,128
Public
School
of
Germantown
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
..
2,450,000
2,132,324
Waverly
Heights
Ltd.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/49
..
2,000,000
2,024,917
Muhlenberg
School
District
,
GO
,
2024
,
5
%
,
5/15/54
..........................
2,000,000
2,124,019
New
Kensington
Municipal
Sanitary
Authority
,
Revenue
,
2021
A
,
AGMC
Insured
,
3
%
,
12/01/38
........................................................
500,000
473,139
Northampton
County
General
Purpose
Authority
,
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
8/15/48
...
2,500,000
2,564,581
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2024
A-1
,
Refunding
,
AGMC
Insured
,
5.25
%
,
8/15/53
..................................................
5,000,000
5,591,075
Northeastern
Pennsylvania
Hospital
and
Education
Authority
,
King's
College
,
Revenue
,
2019
,
5
%
,
5/01/44
.................................................
1,000,000
975,574
Northeastern
School
District
,
GO
,
2021
A
,
BAM
Insured
,
3
%
,
3/01/38
.................................
850,000
785,017
GO
,
2021
A
,
BAM
Insured
,
3
%
,
3/01/41
.................................
775,000
695,062
Northern
Lebanon
School
District
,
GO
,
2021
,
BAM
Insured
,
3
%
,
9/01/36
..........
1,895,000
1,778,039
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
5.5
%
,
6/30/43
2,000,000
2,166,551
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
5.25
%
,
6/30/53
........................................................
8,500,000
8,863,203
Parking
System
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
AGMC
Insured
,
4
%
,
1/01/41
........................................................
1,015,000
1,019,914
Philadelphia
Water
Department
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/29
........
500,000
507,228
Philadelphia
Water
Department
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/32
........
1,300,000
1,321,260
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2023
B-2
,
Refunding
,
5
%
,
7/01/42
2,365,000
2,491,378
UPMC
Obligated
Group
,
Revenue
,
2014
A
,
5
%
,
2/01/45
.....................
5,000,000
5,002,575
UPMC
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
11/15/42
...........
5,000,000
4,902,200
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
4/15/45
.....................
5,000,000
4,847,373
UPMC
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/15/39
...........
1,325,000
1,332,781
UPMC
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/15/40
...........
1,200,000
1,210,981
UPMC
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/15/41
...........
1,300,000
1,300,922
Villanova
University
,
Revenue
,
2024
,
4
%
,
8/01/54
..........................
5,000,000
5,017,294
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
185
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Pennsylvania
Higher
Educational
Facilities
Authority
,
Bryn
Mawr
College
,
Revenue
,
2014
,
Refunding
,
5
%
,
12/01/44
................
$
6,365,000
$
6,369,377
St.
Joseph's
University
,
Revenue
,
2012
,
5
%
,
11/01/42
......................
5,000,000
4,999,919
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5.25
%
,
9/01/50
........................................................
6,465,000
6,494,320
Trustees
of
the
University
of
Pennsylvania
(The)
,
Revenue
,
2017
A
,
5
%
,
8/15/46
..
7,000,000
7,190,659
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/40
............................................
6,475,000
6,539,578
Widener
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/15/51
................
11,030,000
9,415,008
Pennsylvania
Housing
Finance
Agency
,
Revenue
,
2019-129
,
3.4
%
,
10/01/49
...................................
6,000,000
5,226,607
Revenue
,
2020-132
A
,
2.55
%
,
10/01/41
.................................
11,280,000
9,046,757
Pennsylvania
State
University
(The)
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
9/01/40
...............................
10,490,000
10,585,272
Revenue
,
2016
A
,
Refunding
,
5
%
,
9/01/41
...............................
10,000,000
10,248,347
Revenue
,
2023
,
5.25
%
,
9/01/53
.......................................
3,000,000
3,312,006
Revenue
,
2024
,
5.25
%
,
9/01/54
.......................................
5,000,000
5,568,479
Pennsylvania
Turnpike
Commission
,
Revenue
,
2021
B
,
4
%
,
12/01/37
.......................................
1,500,000
1,543,428
Revenue
,
2021
B
,
4
%
,
12/01/46
.......................................
10,950,000
10,959,463
Revenue
,
2024
C
,
5.25
%
,
12/01/54
....................................
4,500,000
5,014,788
Philadelphia
Authority
for
Industrial
Development
,
c
Beech
International
LLC
,
Revenue
,
2010
A
,
5.625
%
,
6/15/42
.................
4,000,000
3,400,000
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/30
............
245,000
252,961
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/40
............
300,000
306,891
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/50
............
2,515,000
2,560,393
St.
Joseph's
University
,
Revenue
,
2022
,
5.5
%
,
11/01/60
.....................
8,410,000
9,216,492
Temple
University-of
The
Commonwealth
System
of
Higher
Education
,
Revenue,
First
Series
,
2015
,
Refunding
,
5
%
,
4/01/40
.............................
5,000,000
5,018,928
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
9/01/42
........................................................
3,500,000
3,575,480
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
9/01/47
........................................................
2,400,000
2,440,401
b
University
Plaza
Associates
,
Revenue
,
144A,
2017
,
III
,
5.5
%
,
12/01/58
..........
10,000,000
9,774,431
Philadelphia
Gas
Works
Co.
,
Revenue
,
14th
,
Refunding
,
5
%
,
10/01/32
................................
1,000,000
1,032,099
Revenue
,
15th
,
Refunding
,
5
%
,
8/01/47
.................................
11,000,000
11,339,054
Revenue
,
17th
A
,
AGMC
Insured
,
5.25
%
,
8/01/54
..........................
2,000,000
2,228,723
Pittsburgh
Water
&
Sewer
Authority
,
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/39
.............................
1,490,000
1,704,956
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/40
.............................
1,365,000
1,543,735
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/41
.............................
1,650,000
1,869,791
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/42
.............................
1,685,000
1,896,650
Revenue,
First
Lien
,
2022
A
,
5
%
,
9/01/52
................................
2,640,000
2,829,917
Pocono
Mountains
Industrial
Park
Authority
,
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2015
A
,
5
%
,
8/15/40
........................................
5,000,000
5,009,853
School
District
of
Philadelphia
(The)
,
GO
,
2021
A
,
4
%
,
9/01/36
.................
3,845,000
3,923,064
Scranton
School
District
,
GO
,
2020
,
4
%
,
12/01/40
...........................
1,535,000
1,536,416
Scranton-Lackawanna
Health
and
Welfare
Authority
,
University
of
Scranton
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/37
.......................................
4,000,000
4,068,860
Southeastern
Pennsylvania
Transportation
Authority
,
Revenue
,
2022
,
5.25
%
,
6/01/52
5,000,000
5,465,939
State
College
Area
School
District
,
GO
,
2015
,
5
%
,
3/15/40
.............................................
10,000,000
10,031,719
GO
,
2018
,
5
%
,
5/15/44
.............................................
3,500,000
3,666,554
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
186
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/32
....................................................
$
7,095,000
$
7,328,482
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/33
....................................................
3,000,000
3,096,375
Township
of
Northampton
,
GO
,
2021
,
4
%
,
5/15/39
...........................
1,495,000
1,515,892
Upper
Merion
Area
School
District
,
GO
,
2021
A
,
3
%
,
1/15/39
............................................
1,000,000
928,530
GO
,
2021
A
,
3
%
,
1/15/40
............................................
1,500,000
1,372,958
GO
,
2021
A
,
3
%
,
1/15/41
............................................
1,275,000
1,154,570
Westmoreland
County
Industrial
Development
Authority
,
Excela
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/29
......
725,000
760,462
Excela
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/30
......
1,370,000
1,444,873
Excela
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/37
......
1,400,000
1,350,744
Wilkes-Barre
Finance
Authority
,
Wilkes
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/42
.........................................................
2,500,000
2,208,642
614,157,835
South
Carolina
0.6%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,900,000
1,670,662
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
2,000,000
1,758,591
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
850,121
4,279,374
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,300,000
2,765,413
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
2,000,000
1,758,970
Wisconsin
0.3%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
1,900,000
1,603,789
U.S.
Territories
1.3%
Puerto
Rico
1.3%
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
1,059,735
1,029,076
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
780,425
783,601
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,100,000
1,099,339
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
999,182
c
Revenue
,
XX
,
5.25
%
,
7/01/40
........................................
2,275,000
1,046,500
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
4,000,000
4,018,056
8,975,754
Total
U.S.
Territories
....................................................................
8,975,754
Total
Municipal
Bonds
(Cost
$
678,513,735
)
.....................................
657,437,069
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
187
See
Abbreviations
on
page
203
.
a
a
Shares
a
Value
a
a
a
a
a
Escrows
and
Litigation
Trusts
0.0%
†
a
,d
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
262,891
$
210,312
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
210,312
Total
Long
Term
Investments
(Cost
$
680,513,735
)
...............................
659,702,350
a
a
a
a
a
Short
Term
Investments
1.0%
Principal
Amount
Municipal
Bonds
1.0%
Pennsylvania
1.0%
e
Delaware
County
Industrial
Development
Authority
,
United
Parcel
Service,
Inc.
,
Revenue
,
2015
,
Refunding
,
Daily
VRDN
and
Put
,
3.2
%
,
9/01/45
...............
$
1,000,000
1,000,000
e
General
Authority
of
Southcentral
Pennsylvania
,
WellSpan
Health
Obligated
Group
,
Revenue
,
2019
E
,
Refunding
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
6/01/35
5,500,000
5,500,000
6,500,000
Total
Municipal
Bonds
(Cost
$
6,500,000
)
.......................................
6,500,000
Total
Short
Term
Investments
(Cost
$
6,500,000
)
.................................
6,500,000
a
Total
Investments
(Cost
$
687,013,735
)
98.9
%
...................................
$666,202,350
Other
Assets,
less
Liabilities
1.1
%
.............................................
7,709,344
Net
Assets
100.0%
...........................................................
$673,911,694
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
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
November
30,
2024,
the
aggregate
value
of
these
securities
was
$29,670,162,
representing
4.4%
of
net
assets.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
d
Non-income
producing.
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),
November
30,
2024
Franklin
Virginia
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
188
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.5%
California
0.2%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
$
1,000,000
$
879,902
Florida
1.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
3,456,000
3,098,675
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
1,100,000
797,214
a
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................
4,025,000
3,231,981
7,127,870
Illinois
0.6%
Metropolitan
Pier
&
Exposition
Authority
,
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
....................
1,500,000
1,555,125
State
of
Illinois
,
GO
,
2017
D
,
5
%
,
11/01/26
................................
1,000,000
1,035,779
2,590,904
New
Jersey
1.1%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/32
..............
3,460,000
3,705,683
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/41
........................
1,000,000
1,008,543
4,714,226
New
York
0.3%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/46
..........
1,350,000
1,331,403
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,200,000
1,055,154
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,200,000
1,055,155
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
2,000,000
1,700,242
3,810,551
Texas
0.6%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/28
225,000
233,303
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/29
250,000
260,936
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,100,000
1,759,808
2,254,047
Virginia
80.5%
Albemarle
County
Economic
Development
Authority
,
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/30
............................................
1,120,000
1,156,842
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/31
............................................
1,165,000
1,208,885
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/32
............................................
1,105,000
1,151,526
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/33
............................................
1,260,000
1,312,203
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/42
............................................
2,725,000
2,733,764
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/49
............................................
2,800,000
2,694,079
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
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Albemarle
County
Economic
Development
Authority,
(continued)
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
4
%
,
6/01/54
............................................
$
5,215,000
$
4,896,812
Alexandria
Industrial
Development
Authority
,
Goodwin
House,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
10/01/45
975,000
990,593
Protestant
Episcopal
High
School
in
Virginia
,
Revenue
,
2021
C
,
Refunding
,
4
%
,
1/01/46
........................................................
2,450,000
2,449,531
Alexandria
Sanitation
Authority
,
Revenue
,
2024
,
5
%
,
7/15/49
.........................................
2,830,000
3,153,325
Revenue
,
2024
,
5
%
,
7/15/54
.........................................
1,100,000
1,218,582
Arlington
County
Industrial
Development
Authority
,
Virginia
Hospital
Center
Arlington
Health
System
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/45
.......
2,000,000
2,002,260
Chesapeake
Hospital
Authority
,
Chesapeake
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
4
%
,
7/01/39
........................................................
1,000,000
1,002,281
Chesapeake
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
4
%
,
7/01/43
........................................................
4,000,000
3,937,692
City
of
Alexandria
,
GO
,
2023
,
4
%
,
12/15/43
................................
5,500,000
5,659,186
City
of
Chesapeake
,
Chesapeake
Expressway
Toll
Road
,
Revenue,
Senior
Lien
,
2024
,
Refunding
,
AGMC
Insured
,
4
%
,
7/15/47
.................................
2,500,000
2,508,498
City
of
Hopewell
,
Sewer
System
,
Revenue
,
2011
A
,
Refunding
,
5
%
,
7/15/42
.......
4,850,000
4,849,883
City
of
Norfolk
,
Water
,
Revenue
,
2018
,
5
%
,
11/01/43
...................................
6,920,000
7,229,365
Water
,
Revenue
,
2018
,
5
%
,
11/01/47
...................................
6,925,000
7,202,316
City
of
Richmond
,
Public
Utility
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
1/15/33
......
10,000,000
10,238,063
Commonwealth
of
Virginia
,
GO
,
2020
A
,
4
%
,
6/01/31
............................................
2,710,000
2,888,612
GO
,
2022
A
,
5
%
,
6/01/52
............................................
2,445,000
2,678,365
GO
,
2024
A
,
4
%
,
6/01/42
............................................
3,180,000
3,337,370
County
of
Fairfax
,
Sewer
,
Revenue
,
2024
A
,
5
%
,
7/15/49
..................................
3,070,000
3,404,921
Sewer
,
Revenue
,
2024
A
,
5
%
,
7/15/54
..................................
4,500,000
4,946,791
Fairfax
County
Economic
Development
Authority
,
Revenue
,
2017
,
5
%
,
4/01/42
.....
5,085,000
5,233,818
Fairfax
County
Water
Authority
,
Revenue
,
2017
,
Refunding
,
5
%
,
4/01/43
.................................
3,510,000
3,633,978
Revenue
,
2017
,
Refunding
,
5
%
,
4/01/47
.................................
5,000,000
5,148,307
Farmville
Industrial
Development
Authority
,
b
Elwood
Place
LLC
,
Revenue
,
2021
,
AGMC
Insured
,
Mandatory
Put
,
5.375
%
,
7/01/43
5,000,000
5,334,938
Longwood
Housing
Foundation
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/48
...
5,000,000
5,000,422
Hampton
Roads
Sanitation
District
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
8/01/43
...
5,000,000
5,180,393
Hampton
Roads
Transportation
Accountability
Commission
,
Hampton
Roads
Transportation
Fund
,
Revenue,
Senior
Lien
,
2018
A
,
Pre-Refunded
,
5
%
,
7/01/48
....................................................
5,505,000
5,893,695
Transportation
Fund
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
7/01/60
..............
4,885,000
5,167,093
Henrico
County
Economic
Development
Authority
,
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/40
.......................................................
500,000
502,065
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/45
.......................................................
1,425,000
1,395,190
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/50
.......................................................
1,500,000
1,431,782
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
10/01/42
..
1,125,000
1,206,066
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
10/01/52
..
5,000,000
5,251,406
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.
190
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Isle
of
Wight
County
Economic
Development
Authority
,
Riverside
Healthcare
Association
Obligated
Group
,
Revenue
,
2023
,
AGMC
Insured
,
5.25
%
,
7/01/48
....
$
2,260,000
$
2,493,982
Lexington
Industrial
Development
Authority
,
Lexington
Retirement
Community
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/38
........................................................
675,000
674,979
Lexington
Retirement
Community
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/42
........................................................
1,120,000
1,087,534
Lexington
Retirement
Community
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/48
........................................................
2,315,000
2,156,103
Washington
&
Lee
University
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/35
....
1,105,000
1,168,603
Washington
&
Lee
University
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/48
....
1,500,000
1,563,955
Lynchburg
Economic
Development
Authority
,
Centra
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
1/01/47
......
4,500,000
4,552,667
Centra
Health
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/47
........
2,350,000
2,321,643
Centra
Health
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
1/01/51
........
2,000,000
1,562,696
Centra
Health
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/55
........
6,305,000
5,977,201
Montgomery
County
Economic
Development
Authority
,
Virginia
Tech
Foundation,
Inc.
,
Revenue
,
2019
A
,
4
%
,
6/01/39
........................................
1,750,000
1,783,966
Norfolk
Airport
Authority
,
Revenue
,
2019
,
5
%
,
7/01/39
.........................................
800,000
852,460
Revenue
,
2019
,
5
%
,
7/01/43
.........................................
2,675,000
2,816,753
Northern
Virginia
Transportation
Commission
,
Commuter
Rail
Operating
&
Capital
Fund
,
Revenue
,
2022
,
5
%
,
6/01/47
.........
1,750,000
1,912,170
Commuter
Rail
Operating
&
Capital
Fund
,
Revenue
,
2022
,
5
%
,
6/01/52
.........
7,090,000
7,703,472
Prince
Edward
County
Industrial
Development
Authority
,
President
and
Trustees
of
Hampden-Sydney
College
,
Revenue
,
2018
,
5
%
,
9/01/48
....................
2,050,000
2,114,909
Richmond
Economic
Development
Authority
,
City
of
Richmond
,
Revenue
,
2024
,
4
%
,
6/01/54
.........................................................
2,080,000
2,074,957
Riverside
Regional
Jail
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/31
.........
6,215,000
6,284,844
Roanoke
Economic
Development
Authority
,
Carilion
Clinic
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/51
.......................................
4,000,000
4,010,336
Salem
Economic
Development
Authority
,
Roanoke
College
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/49
......................................................
925,000
938,554
Stafford
County
&
Staunton
Industrial
Development
Authority
,
Revenue
,
2007
E
,
AGMC
Insured
,
5
%
,
8/01/37
...............................................
960,000
960,526
Virginia
Beach
Development
Authority
,
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
9/01/40
............................................
1,750,000
1,783,975
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
9/01/44
............................................
2,215,000
2,241,222
Virginia
College
Building
Authority
,
Revenue
,
2016
A
,
5
%
,
9/01/27
........................................
3,925,000
4,071,840
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
9/01/27
............................
75,000
77,793
Commonwealth
of
Virginia
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
2/01/30
..........
7,000,000
7,046,607
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/39
...........
795,000
713,116
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
2.25
%
,
1/15/40
........
450,000
340,909
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/41
...........
500,000
437,060
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/46
...........
1,100,000
874,124
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/51
...........
1,750,000
1,310,854
Regent
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
6/01/36
..................
2,750,000
2,702,685
Regent
University
,
Revenue
,
2021
,
Refunding
,
3
%
,
6/01/41
..................
4,800,000
3,950,747
Regent
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
6/01/46
..................
3,725,000
3,381,330
Virginia
Commonwealth
Transportation
Board
,
Revenue
,
2016
,
5
%
,
9/15/30
.........................................
2,260,000
2,337,893
Revenue
,
2016
,
5
%
,
9/15/31
.........................................
4,000,000
4,130,100
Commonwealth
of
Virginia
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/36
............
5,000,000
5,262,637
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
191
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
Commonwealth
Transportation
Board,
(continued)
Commonwealth
of
Virginia
,
Revenue
,
2023
,
4
%
,
5/15/45
....................
$
2,000,000
$
2,032,318
Virginia
Housing
Development
Authority
,
Revenue
,
2024
A
,
4.45
%
,
9/01/44
........
3,000,000
3,049,650
Virginia
Public
Building
Authority
,
Commonwealth
of
Virginia
,
Revenue
,
2019
A
,
4
%
,
8/01/35
.........................................................
1,250,000
1,290,110
Virginia
Public
School
Authority
,
Revenue
,
2018
B
,
5
%
,
8/01/30
........................................
5,280,000
5,702,057
County
of
Prince
William
,
Revenue
,
2018
,
4
%
,
3/01/33
......................
5,795,000
5,992,932
County
of
Prince
William
,
Revenue
,
2024
,
4
%
,
10/01/41
.....................
5,595,000
5,787,039
Virginia
Resources
Authority
,
Revenue
,
Pre-Refunded
,
5
%
,
11/01/38
..................................
3,195,000
3,253,302
Revenue
,
2018
C
,
Refunding
,
5
%
,
11/01/48
..............................
7,655,000
8,015,990
Virginia
Small
Business
Financing
Authority
,
95
Express
Lanes
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/48
.....
7,000,000
6,513,293
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/49
.....
5,000,000
4,918,553
Capital
Beltway
Express
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
5
%
,
12/31/57
6,000,000
6,254,858
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/38
........................................................
3,820,000
3,807,026
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/40
........................................................
3,680,000
3,600,563
I-66
Express
Mobility
Partners
LLC
,
Revenue,
Senior
Lien
,
2017
,
5
%
,
12/31/47
...
5,000,000
5,062,456
I-66
Express
Mobility
Partners
LLC
,
Revenue,
Senior
Lien
,
2017
,
5
%
,
12/31/52
...
4,600,000
4,642,964
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/36
...
1,000,000
1,001,347
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/41
...
2,500,000
2,407,289
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/51
...
7,500,000
6,797,527
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
12/01/54
4,000,000
4,256,706
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/01/37
....................................................
2,750,000
2,755,622
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/01/51
....................................................
2,250,000
2,084,551
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/37
...
4,000,000
4,116,375
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/38
...
2,000,000
2,054,559
Williamsburg
Economic
Development
Authority
,
Provident
Group
-
Williamsburg
Properties
LLC
,
Revenue
,
2023
A
,
AGMC
Insured
,
4.125
%
,
7/01/58
............
2,000,000
2,003,548
Winchester
Economic
Development
Authority
,
Valley
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
1/01/44
.................................
5,000,000
5,040,502
333,347,237
Washington
0.3%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,200,000
1,055,382
Wisconsin
0.5%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,200,000
1,012,920
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,000,000
1,034,597
2,047,517
U.S.
Territories
10.8%
District
of
Columbia
8.1%
Metropolitan
Washington
Airports
Authority
,
Aviation
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/46
.......................
5,000,000
5,248,551
Aviation
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/48
.....................
4,000,000
4,311,735
Aviation
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
10/01/49
.....................
2,000,000
2,168,110
Aviation
,
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
10/01/54
......................
1,000,000
1,100,462
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
192
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
District
of
Columbia
(continued)
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2020
A
,
5
%
,
7/15/45
...............................
$
3,145,000
$
3,351,876
Dedicated
,
Revenue
,
2021
A
,
5
%
,
7/15/41
...............................
7,530,000
8,215,810
Dedicated
,
Revenue
,
2021
A
,
5
%
,
7/15/46
...............................
2,000,000
2,145,392
Dedicated
,
Revenue
,
2023
A
,
5
%
,
7/15/43
...............................
2,500,000
2,753,399
Dedicated
,
Revenue
,
2023
A
,
4.125
%
,
7/15/47
............................
1,975,000
1,999,001
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/56
.....................
2,000,000
2,173,320
33,467,656
Puerto
Rico
2.7%
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
..................
1,314,400
1,276,373
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,700,000
1,698,979
c
Revenue
,
WW
,
5.5
%
,
7/01/38
.........................................
1,040,000
478,400
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
452,773
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/37
..
200,000
191,095
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
6,400,000
6,406,054
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
500,000
502,257
11,005,931
Total
U.S.
Territories
....................................................................
44,473,587
Total
Municipal
Bonds
(Cost
$
413,472,781
)
.....................................
403,632,626
Shares
Escrows
and
Litigation
Trusts
0.0%
†
d
,e
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
149,352
119,482
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
119,482
Total
Long
Term
Investments
(Cost
$
413,472,781
)
...............................
403,752,108
a
a
a
a
a
Short
Term
Investments
0.2%
Principal
Amount
Municipal
Bonds
0.2%
Virginia
0.2%
f
Winchester
Economic
Development
Authority
,
Valley
Health
Obligated
Group
,
Revenue
,
2024
B-1
,
Refunding
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
3.2
%
,
1/01/54
.........................................................
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
$
414,272,781
)
97.7
%
...................................
$404,552,108
Other
Assets,
less
Liabilities
2.3
%
.............................................
9,427,356
Net
Assets
100.0%
...........................................................
$413,979,464
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
193
See
Abbreviations
on
page
203
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
November
30,
2024,
the
aggregate
value
of
these
securities
was
$11,647,298,
representing
2.8%
of
net
assets.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
d
Non-income
producing.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
194
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. Securities
Purchased
on
a Forward
Commitment
Basis
Certain
or
all
Funds may
purchase
securities
on
a
forward
commitment
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Funds
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, they
may
sell
the
securities
before
the
settlement
date. These
types
of
securities
may
be
considered
unfunded
and
the
Fund
may
be
obligated
to
perform
on
such
agreements
at
a
future
date.
At
November
30,
2024,
unfunded
commitments
were
as
follows:
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
195
Quarterly
Schedules
of
Investments
4.
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
Borrower
Unfunded
Commitment
Franklin
Georgia
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
$
255,064
B-2,
7.125%,
7/01/59
1,238,735
$1,493,799
Franklin
High
Yield
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
13,844,543
B-2,
7.125%,
7/01/59
67,236,779
$81,081,322
Franklin
Louisiana
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
96,071
B-2,
7.125%,
7/01/59
466,572
$562,643
Franklin
Maryland
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
222,188
B-2,
7.125%,
7/01/59
1,079,067
$1,301,255
Franklin
Missouri
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
527,626
B-2,
7.125%,
7/01/59
2,562,442
$3,090,068
Franklin
New
Jersey
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
444,374
B-2,
7.125%,
7/01/59
2,158,134
$2,602,508
Franklin
North
Carolina
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
462,937
B-2,
7.125%,
7/01/59
2,248,276
$2,711,213
Franklin
Oregon
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
791,038
B-2,
7.125%,
7/01/59
3,841,715
$4,632,753
Franklin
Pennsylvania
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
581,479
B-2,
7.125%,
7/01/59
2,823,988
$3,405,467
Franklin
Virginia
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
330,490
B-2,
7.125%,
7/01/59
1,605,043
$1,935,533
3. Securities
Purchased
on
a Forward
Commitment
Basis
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
196
Quarterly
Schedules
of
Investments
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
November
30,
2024,
investments
in
affiliated
management
investment
companies
were
as
follows: 
5. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Municipal
Green
Bond
ETF
...................
$50,865,750
$—
$(18,523,490)
$(2,709,823)
$3,008,623
$32,641,060
1,340,000
$1,189,603
Total
Affiliated
Securities
...
$50,865,750
$—
$(18,523,490)
$(2,709,823)
$3,008,623
$32,641,060
$1,189,603
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Municipal
Green
Bond
ETF
...................
$37,277,500
$—
$—
$—
$478,950
$37,756,450
1,550,000
$1,047,552
Total
Affiliated
Securities
...
$37,277,500
$—
$—
$—
$478,950
$37,756,450
$1,047,552
Franklin
High
Yield
Tax-Free
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Dynamic
Municipal
Bond
ETF
...................
$42,734,250
$—
$(43,291,007)
$(2,066,731)
$2,623,488
$—
—
$890,795
Total
Affiliated
Securities
...
$42,734,250
$—
$(43,291,007)
$(2,066,731)
$2,623,488
$—
$890,795
4.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
197
Quarterly
Schedules
of
Investments
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
November
30,
2024,
in
valuing
the
Funds'
assets
carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Alabama
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
—
$
—
$
513,742
$
513,742
Municipal
Bonds
.........................
—
181,733,681
—
181,733,681
Total
Investments
in
Securities
...........
$—
$181,733,681
$513,742
$182,247,423
Franklin
Arizona
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
693,552,768
—
693,552,768
Short
Term
Investments
...................
—
4,300,000
—
4,300,000
Total
Investments
in
Securities
...........
$—
$697,852,768
$—
$697,852,768
Franklin
Colorado
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
1,438,478
1,438,478
Municipal
Bonds
.........................
—
484,280,035
—
484,280,035
Short
Term
Investments
...................
—
3,600,000
—
3,600,000
Total
Investments
in
Securities
...........
$—
$487,880,035
$1,438,478
$489,318,513
Franklin
Connecticut
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
140,254,737
—
140,254,737
Short
Term
Investments
...................
—
1,100,000
—
1,100,000
Total
Investments
in
Securities
...........
$—
$141,354,737
$—
$141,354,737
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
32,641,060
—
—
32,641,060
Municipal
Bonds
.........................
—
2,063,243,311
—
2,063,243,311
Short
Term
Investments
...................
—
23,490,000
—
23,490,000
Total
Investments
in
Securities
...........
$32,641,060
$2,086,733,311
$—
$2,119,374,371
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
37,756,450
—
—
37,756,450
Corporate
Bonds
........................
—
—
3,847,413
3,847,413
Senior
Floating
Rate
Interests
...............
—
25,353,632
12,105,950
37,459,582
Municipal
Bonds
.........................
—
754,804,729
—
754,804,729
Short
Term
Investments
...................
—
50,320,000
—
50,320,000
Total
Investments
in
Securities
...........
$37,756,450
$830,478,361
$15,953,363
$884,188,174
Franklin
Georgia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
924,736
924,736
Municipal
Bonds
.........................
—
301,893,080
—
301,893,080
Escrows
and
Litigation
Trusts
...............
—
—
92,253
92,253
Total
Investments
in
Securities
...........
$—
$301,893,080
$1,016,989
$302,910,069
5. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
198
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$60,898
$60,898
Total
Other
Financial
Instruments
.........
$—
$—
$60,898
$60,898
Franklin
High
Yield
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
$
—
$
—
$
—
b
$
—
Management
Investment
Companies
.........
153,150,000
—
—
153,150,000
Corporate
Bonds
:
Commercial
Services
&
Supplies
...........
—
—
22,237,850
22,237,850
Diversified
Consumer
Services
............
—
88,840,510
—
88,840,510
Electric
Utilities
........................
—
15,039,186
—
15,039,186
Senior
Floating
Rate
Interests
...............
—
—
195,864
b
195,864
Municipal
Bonds
:
Alabama
.............................
—
6,379,824
—
6,379,824
Arizona
..............................
—
94,075,466
—
94,075,466
Arkansas
.............................
—
27,730,962
—
27,730,962
California
.............................
—
1,000,212,507
702,561
1,000,915,068
Colorado
.............................
—
255,360,813
—
255,360,813
Connecticut
...........................
—
27,653,287
—
27,653,287
Florida
...............................
—
878,103,934
—
878,103,934
Georgia
..............................
—
43,683,381
—
43,683,381
Idaho
................................
—
13,330,532
—
13,330,532
Illinois
...............................
—
105,872,635
—
105,872,635
Indiana
..............................
—
23,803,014
—
23,803,014
Iowa
................................
—
12,381,493
—
12,381,493
Kansas
..............................
—
1,337,211
—
1,337,211
Kentucky
.............................
—
17,638,131
—
17,638,131
Louisiana
.............................
—
66,029,936
—
66,029,936
Maryland
.............................
—
11,097,665
—
11,097,665
Massachusetts
........................
—
2,340,633
—
2,340,633
Michigan
.............................
—
21,435,354
—
21,435,354
Minnesota
............................
—
4,236,361
—
4,236,361
Mississippi
............................
—
17,785,196
—
17,785,196
Missouri
..............................
—
13,725,410
—
13,725,410
Nevada
..............................
—
49,999,208
—
49,999,208
New
Hampshire
........................
—
10,373,422
—
10,373,422
New
Jersey
...........................
—
63,603,972
—
63,603,972
New
Mexico
...........................
—
2,157,897
—
2,157,897
New
York
.............................
—
153,969,603
—
153,969,603
North
Dakota
..........................
—
6,681,300
—
6,681,300
Ohio
................................
—
146,106,382
—
146,106,382
Oklahoma
............................
—
7,606,150
—
7,606,150
Oregon
..............................
—
15,821,121
—
15,821,121
Pennsylvania
..........................
—
111,253,847
—
111,253,847
South
Carolina
.........................
—
72,613,430
—
72,613,430
South
Dakota
..........................
—
8,610,644
—
8,610,644
Tennessee
............................
—
68,598,211
—
68,598,211
Texas
...............................
—
575,023,119
—
575,023,119
Utah
................................
—
19,811,585
—
19,811,585
Virginia
..............................
—
18,821,668
—
18,821,668
Washington
...........................
—
68,482,652
—
68,482,652
West
Virginia
..........................
—
3,249,634
—
3,249,634
Wisconsin
............................
—
132,127,475
—
132,127,475
5. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
199
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
U.S.
Territories
..........................
District
of
Columbia
.....................
$
—
$
44,875,635
$
—
$
44,875,635
Pacific
Islands
.........................
—
5,499,096
—
5,499,096
Puerto
Rico
...........................
—
325,943,927
—
325,943,927
Escrows
and
Litigation
Trusts
...............
—
—
4,927,366
4,927,366
Short
Term
Investments
...................
—
133,625,000
—
133,625,000
Total
Investments
in
Securities
...........
$153,150,000
$4,792,948,419
$28,063,641
$4,974,162,060
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$3,305,474
$3,305,474
Total
Other
Financial
Instruments
.........
$—
$—
$3,305,474
$3,305,474
Franklin
Louisiana
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
249,628,884
—
249,628,884
Escrows
and
Litigation
Trusts
...............
—
—
34,747
34,747
Short
Term
Investments
...................
—
2,200,000
—
2,200,000
Total
Investments
in
Securities
...........
$—
$251,828,884
$34,747
$251,863,631
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$22,938
$22,938
Total
Other
Financial
Instruments
.........
$—
$—
$22,938
$22,938
Franklin
Maryland
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
302,480,597
—
302,480,597
Escrows
and
Litigation
Trusts
...............
—
—
80,264
80,264
Short
Term
Investments
...................
—
2,900,000
—
2,900,000
Total
Investments
in
Securities
...........
$—
$305,380,597
$80,264
$305,460,861
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$53,049
$53,049
Total
Other
Financial
Instruments
.........
$—
$—
$53,049
$53,049
Franklin
Massachusetts
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
924,736
924,736
Senior
Floating
Rate
Interests
...............
—
—
1,002,925
1,002,925
Municipal
Bonds
.........................
—
266,202,146
—
266,202,146
Short
Term
Investments
...................
—
300,000
—
300,000
Total
Investments
in
Securities
...........
$—
$266,502,146
$1,927,661
$268,429,807
Franklin
Michigan
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
1,849,472
1,849,472
Municipal
Bonds
.........................
—
674,726,969
—
674,726,969
Short
Term
Investments
...................
—
9,400,000
—
9,400,000
Total
Investments
in
Securities
...........
$—
$684,126,969
$1,849,472
$685,976,441
Franklin
Minnesota
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
679,163,886
—
679,163,886
Short
Term
Investments
...................
—
1,000,000
—
1,000,000
Total
Investments
in
Securities
...........
$—
$680,163,886
$—
$680,163,886
5. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
200
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Missouri
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
658,363,784
$
—
$
658,363,784
Escrows
and
Litigation
Trusts
...............
—
—
190,602
190,602
Short
Term
Investments
...................
—
2,000,000
—
2,000,000
Total
Investments
in
Securities
...........
$—
$660,363,784
$190,602
$660,554,386
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$125,974
$125,974
Total
Other
Financial
Instruments
.........
$—
$—
$125,974
$125,974
Franklin
New
Jersey
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
1,643,975
1,643,975
Municipal
Bonds
.........................
—
703,570,295
—
703,570,295
Escrows
and
Litigation
Trusts
...............
—
—
160,528
160,528
Short
Term
Investments
...................
—
10,600,000
—
10,600,000
Total
Investments
in
Securities
...........
$—
$714,170,295
$1,804,503
$715,974,798
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$106,096
$106,096
Total
Other
Financial
Instruments
.........
$—
$—
$106,096
$106,096
Franklin
North
Carolina
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
1,643,975
1,643,975
Municipal
Bonds
.........................
—
565,764,311
—
565,764,311
Escrows
and
Litigation
Trusts
...............
—
—
167,437
167,437
Short
Term
Investments
...................
—
6,175,000
—
6,175,000
Total
Investments
in
Securities
...........
$—
$571,939,311
$1,811,412
$573,750,723
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$110,529
$110,529
Total
Other
Financial
Instruments
.........
$—
$—
$110,529
$110,529
Franklin
Ohio
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
3,287,949
3,287,949
Municipal
Bonds
.........................
—
998,245,508
—
998,245,508
Short
Term
Investments
...................
—
14,550,000
—
14,550,000
Total
Investments
in
Securities
...........
$—
$1,012,795,508
$3,287,949
$1,016,083,457
Franklin
Oregon
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
2,568,711
2,568,711
Municipal
Bonds
.........................
—
860,459,313
—
860,459,313
Escrows
and
Litigation
Trusts
...............
—
—
286,106
286,106
Short
Term
Investments
...................
—
3,200,000
—
3,200,000
Total
Investments
in
Securities
...........
$—
$863,659,313
$2,854,817
$866,514,130
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$188,866
$188,866
Total
Other
Financial
Instruments
.........
$—
$—
$188,866
$188,866
5. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
201
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
November
30,
2024,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Pennsylvania
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
—
$
—
$
2,054,969
$
2,054,969
Municipal
Bonds
.........................
—
657,437,069
—
657,437,069
Escrows
and
Litigation
Trusts
...............
—
—
210,312
210,312
Short
Term
Investments
...................
—
6,500,000
—
6,500,000
Total
Investments
in
Securities
...........
$—
$663,937,069
$2,265,281
$666,202,350
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$138,832
$138,832
Total
Other
Financial
Instruments
.........
$—
$—
$138,832
$138,832
Franklin
Virginia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
403,632,626
—
403,632,626
Escrows
and
Litigation
Trusts
...............
—
—
119,482
119,482
Short
Term
Investments
...................
—
800,000
—
800,000
Total
Investments
in
Securities
...........
$—
$404,432,626
$119,482
$404,552,108
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$78,906
$78,906
Total
Other
Financial
Instruments
.........
$—
$—
$78,906
$78,906
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
Balance
at
Beginning
of
Period
Purchases
a
Sales
b
Transfer
Into
Level
3
Transfer
Out
of
Level
3
Net
Accretion
(Amortiza-
tion)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Corporate
Bonds
:
United
States
.
$
—
$
3,731,991
$
—
$
—
$
—
$
39,059
$
—
$
76,363
$
3,847,413
$
76,363
Senior
Floating
Rate
Interests
:
United
States
.
16,059,282
—
(3,893,222)
—
—
—
—
(60,110)
12,105,950
(59,355)
Total
Investments
in
Securities
.......
$16,059,282
$3,731,991
$(3,893,222)
$—
$—
$39,059
$—
$16,253
$15,953,363
$17,008
a
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
b
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
5. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
202
Quarterly
Schedules
of
Investments
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
November
30,
2024,
are
as
follows:
a
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
financial
instruments
that
would
result
from
a
significant
and
reasonable
increase
in
the
corresponding
input.
A
significant
and
reasonable
decrease
in
the
input
would
have
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
b
Includes
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
Description
Fair
Value
at
End
of
Period
Valuation
Technique
Unobservable
Inputs
Amount
Impact
to
Fair
Value
if
Input
Increases
a
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Senior
Floating
Rate
Interests:
Residential
REITs
...............
$12,105,950
Discounted
cash
flow
Yield
5.3%
Decrease
All
Other
Investments
.............
 3,847,413
b
Total
..........................
$15,953,363
5. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
203
Quarterly
Schedules
of
Investments
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
BHAC
Berkshire
Hathaway
Assurance
Corp.
CME
Chicago
Mercantile
Exchange
COP
Certificate
of
Participation
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
FHA
Federal
Housing
Administration
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
PIK
Payment-In-Kind
PSF
Permanent
School
Fund
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
SPA
Standby
Purchase
Agreement
TSOF
Term
SOFR
XLCA
XL
Capital
Assurance,
Inc.
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.