NPORT-EX 2 FTFT.htm PART F
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
FTFT-Q1PH
1
Schedules
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
2
Franklin
Arizona
Tax-Free
Income
Fund
6
Franklin
Colorado
Tax-Free
Income
Fund
12
Franklin
Connecticut
Tax-Free
Income
Fund
18
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
21
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
41
Franklin
Georgia
Tax-Free
Income
Fund
54
Franklin
High
Yield
Tax-Free
Income
Fund
59
Franklin
Louisiana
Tax-Free
Income
Fund
117
Franklin
Maryland
Tax-Free
Income
Fund
122
Franklin
Massachusetts
Tax-Free
Income
Fund
127
Franklin
Michigan
Tax-Free
Income
Fund
131
Franklin
Minnesota
Tax-Free
Income
Fund
138
Franklin
Missouri
Tax-Free
Income
Fund
144
Franklin
New
Jersey
Tax-Free
Income
Fund
150
Franklin
North
Carolina
Tax-Free
Income
Fund
157
Franklin
Ohio
Tax-Free
Income
Fund
164
Franklin
Oregon
Tax-Free
Income
Fund
172
Franklin
Pennsylvania
Tax-Free
Income
Fund
178
Franklin
Virginia
Tax-Free
Income
Fund
186
Notes
to
Schedules
of
Investments
192
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
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
$
501,347
Total
Corporate
Bonds
(Cost
$
500,000
)
........................................
501,347
Municipal
Bonds
96.9%
Alabama
89.3%
Alabama
Community
College
System
,
Bishop
State
Community
College
,
Revenue
,
2019
,
BAM
Insured
,
4
%
,
1/01/49
....
2,000,000
1,700,454
Shelton
State
Community
College
,
Revenue
,
2024
,
AGMC
Insured
,
5
%
,
8/01/49
..
1,000,000
1,011,708
Alabama
Federal
Aid
Highway
Finance
Authority
,
Revenue
,
2025
A
,
5
%
,
3/01/45
....
750,000
779,597
Alabama
Housing
Finance
Authority
,
Revenue
,
2024
A
,
GNMA
Insured
,
4.7
%
,
10/01/54
.........................
1,000,000
957,601
Revenue
,
2024
D
,
GNMA
Insured
,
4.55
%
,
10/01/54
........................
1,000,000
939,481
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
,
Ascension
Health
Credit
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/46
...................
3,000,000
2,983,454
Alabama
State
University
,
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
......................
1,500,000
1,581,847
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/40
......................
1,500,000
1,544,634
Alabaster
Board
of
Education
,
Special
Tax
,
2022
,
BAM
Insured
,
5
%
,
9/01/47
.............................
1,500,000
1,528,516
Special
Tax
,
2022
,
BAM
Insured
,
5
%
,
9/01/52
.............................
1,500,000
1,512,709
Alexander
City
Board
of
Education
,
Special
Tax
,
2022
,
BAM
Insured
,
4
%
,
2/01/52
...
3,000,000
2,580,928
Auburn
University
,
Revenue
,
2025
A
,
5
%
,
6/01/55
...........................
2,670,000
2,728,306
Bessemer
Governmental
Utility
Services
Corp.
,
Water
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/39
...........................................
3,000,000
3,046,919
Birmingham
Airport
Authority
,
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/38
......................
400,000
390,372
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/40
......................
705,000
675,923
Birmingham-Jefferson
Civic
Center
Authority
,
Special
Tax
,
2018
A
,
5
%
,
7/01/33
.....
1,605,000
1,664,484
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
1,000,000
977,909
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
3,000,000
3,177,289
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
2,000,000
2,109,021
City
of
Albertville
,
GO
,
2025
A
,
BAM
Insured
,
5.5
%
,
4/01/51
....................
1,000,000
1,058,631
City
of
Bessemer
,
Water
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/47
...
2,590,000
2,592,369
City
of
Huntsville
,
GO
,
2018
B
,
5
%
,
5/01/38
................................
4,775,000
4,893,564
City
of
Lincoln
,
GO
,
2020
,
BAM
Insured
,
4
%
,
6/01/50
........................
2,500,000
2,262,160
City
of
Trussville
,
GO
,
2018
A
,
4
%
,
8/01/41
................................
3,000,000
2,858,208
City
of
Tuscaloosa
,
GO
,
2020
A
,
4
%
,
10/01/50
..............................
4,580,000
4,021,651
b
Columbia
Industrial
Development
Board
,
Alabama
Power
Co.
,
Revenue
,
2014
D
,
Refunding
,
Mandatory
Put
,
3.81
%
,
6/01/28
...............................
2,000,000
2,023,721
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5.5
%
,
10/01/53
..........
4,500,000
4,613,118
c
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
.......................
2,200,000
1,885,668
DCH
Healthcare
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/36
.................................
2,000,000
2,000,861
Revenue
,
2021
A
,
4
%
,
6/01/46
........................................
2,310,000
2,041,999
East
Alabama
Health
Care
Authority
(The)
,
Revenue
,
2018
A
,
5
%
,
9/01/41
........
3,000,000
2,998,251
b
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
1,000,000
1,068,208
Revenue
,
2024
B
,
Mandatory
Put
,
5.25
%
,
6/01/32
.........................
2,000,000
2,117,505
Florence
City
Board
of
Education
,
Special
Tax
,
2022
,
4
%
,
3/01/46
...............
3,000,000
2,697,667
Florence
Public
Educational
Building
Authority
,
University
of
North
Alabama
,
Revenue
,
2024
,
AGMC
Insured
,
5.25
%
,
11/01/49
..................................
1,000,000
1,031,028
Health
Care
Authority
for
Baptist
Health
(The)
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
11/15/36
..............................
1,000,000
1,041,766
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)
Health
Care
Authority
for
Baptist
Health
(The),
(continued)
Revenue
,
2023
A
,
Refunding
,
5
%
,
11/15/37
..............................
$
875,000
$
905,185
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
2,639,129
Homewood
Educational
Building
Authority
,
CHF
-
Horizons
II
LLC
,
Revenue
,
2024
C
,
5.5
%
,
10/01/54
...................
1,000,000
1,008,816
Samford
University
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
12/01/49
...............
2,500,000
2,028,950
Samford
University
,
Revenue
,
2021
A
,
4
%
,
12/01/51
.......................
1,470,000
1,171,963
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
2,991,160
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/46
3,000,000
2,468,200
Jacksonville
State
University
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/36
...................
5,000,000
5,166,637
Revenue
,
2020
,
Refunding
,
4
%
,
12/01/50
................................
5,000,000
4,149,734
Jefferson
County
Board
of
Education
,
Special
Tax
,
2024
,
5
%
,
2/01/46
............
1,000,000
1,028,257
Limestone
County
Water
&
Sewer
Authority
,
Revenue
,
2015
B
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/43
...................
230,000
229,990
Revenue
,
2024
,
5
%
,
12/01/44
........................................
500,000
517,576
Revenue
,
2024
,
4.25
%
,
12/01/54
......................................
2,000,000
1,777,748
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/44
...............
3,000,000
2,699,208
Madison
Water
&
Wastewater
Board
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/41
.....
4,610,000
4,644,230
Mobile
County
Board
of
School
Commissioners
,
Special
Tax
,
2022
B
,
BAM
Insured
,
4.25
%
,
3/01/52
...................................................
2,000,000
1,793,881
Mobile
County
Industrial
Development
Authority
,
AM/NS
Calvert
LLC
,
Revenue
,
2024
A
,
5
%
,
6/01/54
........................
1,000,000
940,030
AM/NS
Calvert
LLC
,
Revenue
,
2024
B
,
4.75
%
,
12/01/54
....................
1,250,000
1,129,457
Opelika
Utilities
Board
,
Revenue
,
2017
,
Refunding
,
4
%
,
6/01/41
................
2,000,000
1,849,827
Prattville
Waterworks
Board
,
Revenue
,
2023
,
5.125
%
,
8/01/53
.................
1,000,000
1,016,243
b
Southeast
Alabama
Gas
Supply
District
(The)
,
Revenue
,
2024
B
,
Refunding
,
Mandatory
Put
,
5
%
,
5/01/32
..........................................
1,000,000
1,045,791
Southeast
Energy
Authority
A
Cooperative
District
,
b
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
10/01/28
...........................
4,000,000
3,986,765
b
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
2,000,000
2,110,461
b
Revenue
,
2023
B
,
Mandatory
Put
,
5
%
,
6/01/30
............................
1,000,000
1,042,551
Revenue
,
2024
A
,
5
%
,
11/01/35
.......................................
1,000,000
1,032,268
b
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/35
............................
1,000,000
1,009,135
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
3,612,302
Talladega
County
Board
of
Education
,
Special
Tax
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
11/01/39
........................................................
2,000,000
2,016,393
Town
of
Pike
Road
,
GO
,
2024
,
5
%
,
9/01/44
................................
1,000,000
1,027,490
Troy
Public
Educational
Building
Authority
,
Troy
City
Board
of
Education
,
Revenue
,
2011
,
AGMC
Insured
,
5.25
%
,
12/01/40
..................................
295,000
295,114
UAB
Medicine
Finance
Authority
,
UAB
Medicine
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
9/01/29
.............................................
5,000,000
5,097,176
University
of
Alabama
(The)
,
Revenue
,
2018
B-2
,
5
%
,
9/01/48
..................
5,000,000
5,057,131
University
of
Montevallo
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
5/01/42
....
2,500,000
2,525,651
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
.............................
2,000,000
2,011,426
Revenue
,
2024
A
,
Refunding
,
BAM
Insured
,
5.25
%
,
4/01/54
..................
1,000,000
1,028,976
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue
,
2016
B
,
Pre-Refunded
,
5
%
,
1/01/43
......................................................
5,000,000
5,162,400
151,314,778
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)
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
$
700,000
$
585,721
Florida
1.6%
c
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
500,000
326,134
c,d
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
1,725,000
1,419,903
b
,c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
5.5
%
,
5/01/52
....................................................
1,150,000
1,036,150
2,782,187
New
York
0.1%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/46
..........
275,000
234,458
South
Carolina
1.5%
South
Carolina
Jobs-Economic
Development
Authority
,
c
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
500,000
418,625
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
500,000
418,624
c,d
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
2.603
%,
6/01/37
..
1,485,000
1,174,162
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
750,000
597,776
2,609,187
Texas
0.4%
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
800,000
586,415
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
412,529
Wisconsin
1.0%
c
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
500,000
389,294
d
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
2,125,000
1,239,967
1,629,261
U.S.
Territories
2.4%
Guam
1.1%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
1,000,000
957,718
Guam
Waterworks
Authority
Water
And
Wastewater
System
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/45
............................................
1,000,000
970,435
1,928,153
Puerto
Rico
1.3%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
500,000
493,837
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
972,535
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
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
$
750,000
$
704,667
2,171,039
Total
U.S.
Territories
....................................................................
4,099,192
Total
Municipal
Bonds
(Cost
$
176,145,018
)
.....................................
164,253,728
Total
Long
Term
Investments
(Cost
$
176,645,018
)
...............................
164,755,075
a
a
a
a
a
a
Total
Investments
(Cost
$
176,645,018
)
97.2
%
...................................
$164,755,075
Other
Assets,
less
Liabilities
2.8
%
.............................................
4,719,721
Net
Assets
100.0%
...........................................................
$169,474,796
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$9,486,623,
representing
5.6%
of
net
assets.
d
The
rate
shown
represents
the
yield
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
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
97.5%
Arizona
91.6%
Arizona
Board
of
Regents
,
Arizona
State
University
,
Revenue
,
2015
B
,
Refunding
,
5
%
,
7/01/41
............
$
14,070,000
$
14,071,959
Arizona
State
University
,
Revenue
,
2016
C
,
5
%
,
7/01/46
....................
10,000,000
10,015,992
Arizona
State
University
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/43
............
4,005,000
4,041,090
Arizona
State
University
,
Revenue
,
2023
B
,
4
%
,
7/01/53
.....................
5,000,000
4,259,296
Arizona
State
University
,
Revenue
,
2024
,
Refunding
,
5
%
,
8/01/46
.............
2,115,000
2,180,745
Arizona
State
University
,
Revenue
,
2024
,
Refunding
,
5
%
,
8/01/54
.............
7,000,000
7,122,034
Arizona
State
University
,
Revenue
,
2024
A
,
5
%
,
7/01/54
.....................
2,000,000
2,027,298
University
of
Arizona
(The)
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/39
...........
2,750,000
2,791,774
University
of
Arizona
(The)
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
6/01/42
..........
2,000,000
2,026,062
University
of
Arizona
(The)
,
Revenue
,
2018
A
,
5
%
,
6/01/43
...................
4,500,000
4,554,411
a
University
of
Arizona
(The)
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
6/01/55
..........
5,000,000
5,089,208
Arizona
Industrial
Development
Authority
,
Academies
of
Math
&
Science
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/42
........................................................
2,045,000
2,005,218
Academies
of
Math
&
Science
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/51
........................................................
1,080,000
1,007,621
Arizona
Agribusiness
and
Equine
Center,
Inc.
,
Revenue
,
2017
A
,
5
%
,
3/01/48
....
1,555,000
1,552,550
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
2.65
%
,
7/01/26
380,000
374,067
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/31
...
550,000
544,974
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/41
...
2,000,000
1,708,928
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/51
...
2,340,000
1,799,007
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
2017
F
,
Refunding
,
5
%
,
7/01/47
..
3,350,000
3,307,351
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/33
.......................................................
1,000,000
1,034,623
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/36
.......................................................
1,235,000
1,263,592
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/39
.......................................................
1,000,000
1,010,395
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/45
.......................................................
2,200,000
1,847,086
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/50
.......................................................
7,055,000
5,706,323
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
11/01/51
.......................................................
1,400,000
1,119,833
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/01/42
.......................................................
1,650,000
1,441,685
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/47
.......................................................
5,610,000
5,530,613
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4.25
%
,
11/01/52
.......................................................
3,500,000
2,910,602
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2023
A
,
5.25
%
,
11/01/53
.......................................................
5,540,000
5,515,114
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue
,
2025
A-2
,
5.125
%
,
1/01/59
2,425,000
2,227,447
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2025
B
,
5.125
%
,
1/01/59
.................................................
6,899,966
5,408,954
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
7/01/31
..........
255,000
251,190
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
7/01/41
..........
405,000
346,450
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
7/01/52
..........
840,000
649,041
KIPP
Nashville
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/47
..............
1,400,000
1,328,833
KIPP
Nashville
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/62
..............
2,400,000
2,181,657
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/32
.............
660,000
686,596
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/34
.............
660,000
636,601
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/36
.............
315,000
295,745
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/41
.............
2,800,000
2,472,688
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/51
.............
8,000,000
6,572,393
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/61
.............
15,580,000
12,185,112
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
C
,
3.25
%
,
7/01/31
..........
$
1,550,000
$
1,391,800
Leman
Academy
of
Excellence
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4.5
%
,
7/01/54
........................................................
3,000,000
2,472,348
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
2/01/50
.....
2,540,000
2,092,942
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
2/01/41
........................................................
885,000
698,671
Provident
Group-NCCU
Properties
LLC
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
6/01/58
........................................................
6,250,000
6,118,066
Arizona
State
University
,
Revenue
,
2019
A
,
5
%
,
7/01/40
......................
1,000,000
1,023,358
City
of
Bullhead
,
Excise
Taxes
,
Revenue
,
2022
,
4
%
,
7/01/47
...................
2,065,000
1,825,372
City
of
Glendale
,
Water
&
Sewer
,
Revenue,
Senior
Lien
,
2024
,
5
%
,
7/01/41
...................
1,000,000
1,059,722
Water
&
Sewer
,
Revenue,
Senior
Lien
,
2024
,
5
%
,
7/01/43
...................
1,000,000
1,042,690
City
of
Goodyear
,
Water
&
Sewer
,
Revenue,
Sub.
Lien,
Second
Series
,
2020
,
AGMC
Insured
,
4
%
,
7/01/45
...............................................
3,500,000
3,143,528
City
of
Kingman
,
Excise
Tax
,
Revenue
,
2025
,
4.5
%
,
7/15/44
...................
1,000,000
966,292
City
of
Lake
Havasu
City
,
Wastewater
System
,
GO,
Senior
Lien
,
2025
,
Refunding
,
4
%
,
7/01/43
...........
2,000,000
1,853,516
Wastewater
System
,
Revenue
,
2015
B
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/40
...
10,000,000
10,015,645
City
of
Mesa
,
Utility
System
,
Revenue
,
2018
,
4
%
,
7/01/38
..............................
1,425,000
1,396,430
Utility
System
,
Revenue
,
2018
,
4
%
,
7/01/39
..............................
6,135,000
5,948,637
Utility
System
,
Revenue,
Junior
Lien
,
2022
C
,
Refunding
,
5
%
,
7/01/36
..........
5,000,000
5,593,960
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/42
..................................
2,155,000
2,132,344
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..................................
12,935,000
12,753,459
Airport
,
Revenue,
Junior
Lien
,
2017
D
,
Refunding
,
4
%
,
7/01/40
...............
16,570,000
16,100,605
Airport
,
Revenue,
Junior
Lien
,
2019
A
,
4
%
,
7/01/44
........................
4,000,000
3,697,108
Airport
,
Revenue,
Junior
Lien
,
2019
A
,
5
%
,
7/01/44
........................
8,500,000
8,549,405
Airport
,
Revenue,
Senior
Lien
,
2018
,
5
%
,
7/01/48
..........................
5,000,000
4,911,701
Excise
Tax
,
Revenue
,
2022
,
5
%
,
7/01/46
................................
8,300,000
8,522,044
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/34
..................................................
2,500,000
2,608,413
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/37
..................................................
1,500,000
1,545,975
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/38
..................................................
4,420,000
4,537,328
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/39
..................................................
4,090,000
4,181,573
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
4
%
,
7/01/45
..................................................
12,500,000
10,888,123
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/27
.....
3,945,000
4,158,650
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/28
.....
2,000,000
2,153,628
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/29
.....
2,000,000
2,191,614
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/36
.....
5,000,000
5,795,011
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/37
.....
7,000,000
8,141,441
Wastewater
,
Revenue,
Junior
Lien
,
2018
A
,
4
%
,
7/01/39
.....................
5,000,000
4,941,385
Water
System
,
Revenue,
Junior
Lien
,
2016
,
Refunding
,
5
%
,
7/01/38
............
5,000,000
5,053,655
Water
System
,
Revenue,
Junior
Lien
,
2020
B
,
5
%
,
7/01/44
...................
8,030,000
8,226,765
City
of
Scottsdale
,
GO
,
2023
,
4
%
,
7/01/39
.................................
1,500,000
1,485,580
Coconino
County
Jail
District
,
Excise
Tax
,
Revenue
,
2025
,
4.5
%
,
7/01/45
.........
1,000,000
967,399
County
of
Yuma
,
Pledged
,
Revenue
,
2022
,
BAM
Insured
,
4.25
%
,
7/15/42
.........
3,250,000
3,109,046
Gilbert
Water
Resource
Municipal
Property
Corp.
,
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/39
........................................................
10,000,000
9,804,911
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)
Gilbert
Water
Resource
Municipal
Property
Corp.,
(continued)
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/42
........................................................
$
4,700,000
$
4,437,357
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/47
........................................................
9,030,000
8,354,048
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
5/15/31
...........
400,000
382,967
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/41
...........
1,000,000
929,587
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
...........
4,500,000
3,758,648
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/44
......
2,000,000
1,896,188
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/49
......
3,120,000
2,899,182
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/54
......
2,665,000
2,425,239
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/59
......
2,000,000
1,795,028
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/25
1,015,000
1,015,538
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/27
425,000
432,956
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/30
700,000
713,978
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/32
250,000
253,689
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/33
600,000
606,891
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/37
2,950,000
2,930,471
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/42
11,550,000
11,084,909
Vista
College
Preparatory
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
7/01/48
......
1,000,000
997,092
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
.......................................................
1,700,000
1,700,902
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/40
....
1,040,000
966,244
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/41
....
1,360,000
1,249,320
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
4/01/51
....
12,000,000
7,948,073
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
4,287,284
Yavapai
Community
Hospital
Association
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
8/01/36
............................................
1,310,000
1,317,307
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/38
....................
1,000,000
985,220
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/48
....................
1,000,000
906,537
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/26
....................
95,000
95,398
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/27
....................
75,000
76,007
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/28
....................
80,000
81,688
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/29
....................
110,000
112,812
Harmony
Public
Schools
,
Revenue
,
2021
A
,
5
%
,
2/15/30
....................
100,000
102,828
Harmony
Public
Schools
,
Revenue
,
2021
A
,
4
%
,
2/15/41
....................
430,000
360,254
Harmony
Public
Schools
,
Revenue
,
2021
A
,
4
%
,
2/15/46
....................
345,000
275,656
Harmony
Public
Schools
,
Revenue
,
2021
A
,
4
%
,
2/15/51
....................
580,000
438,471
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2019
F
,
3
%
,
1/01/49
...............
5,000,000
3,417,802
Banner
Health
Obligated
Group
,
Revenue
,
A
,
4
%
,
1/01/41
...................
9,630,000
8,706,307
Banner
Health
Obligated
Group
,
Revenue
,
A
,
5
%
,
1/01/41
...................
37,590,000
38,155,560
Creighton
University
,
Revenue
,
2020
,
4
%
,
7/01/50
.........................
8,450,000
6,997,433
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/52
.
1,000,000
955,881
Highland
Prep
Obligated
Group
,
Revenue
,
2019
,
5
%
,
1/01/43
................
2,275,000
2,247,778
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/36
.......
2,100,000
2,160,737
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/37
.......
3,175,000
3,251,981
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/42
.......
2,750,000
2,771,246
HonorHealth
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
9/01/51
................
5,600,000
3,834,536
Reid
Traditional
Schools
Obligated
Group
,
Revenue
,
2016
,
5
%
,
7/01/36
.........
1,120,000
1,100,876
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)
Reid
Traditional
Schools
Obligated
Group
,
Revenue
,
2016
,
5
%
,
7/01/47
.........
$
3,325,000
$
3,012,722
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.
,
Revenue
,
2009
B
,
Refunding
,
3.6
%
,
4/01/40
.............
13,500,000
11,695,855
El
Paso
Electric
Co.
,
Revenue
,
2012
A
,
Refunding
,
4.5
%
,
8/01/42
.............
10,000,000
9,409,958
c
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
4,500,000
4,317,182
c
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
B
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
2,150,000
2,062,654
Southern
California
Edison
Co.
,
Revenue
,
2000
A
,
Refunding
,
2.4
%
,
6/01/35
.....
10,000,000
7,949,857
Maricopa
County
Unified
School
District
No.
60
Higley
,
COP
,
2023
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/53
...............................................
3,000,000
3,015,751
Maricopa
County
Unified
School
District
No.
69
Paradise
Valley
,
GO
,
2025
A
,
5
%
,
7/01/43
.........................................................
7,150,000
7,509,814
McAllister
Academic
Village
LLC
,
Arizona
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/37
............
2,095,000
2,115,246
Arizona
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/39
............
1,000,000
1,007,056
Mohave
County
Union
High
School
District
No.
2
Colorado
River
,
GO
,
2017
,
5
%
,
7/01/35
.........................................................
1,000,000
1,024,929
Pima
County
Unified
School
District
No.
30
Sahuarita
,
GO
,
2017
,
BAM
Insured
,
5
%
,
7/01/33
...................................
2,665,000
2,743,876
GO
,
2017
,
BAM
Insured
,
5
%
,
7/01/34
...................................
2,800,000
2,878,900
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
1/01/38
...............................
5,435,000
5,566,633
Revenue
,
2019
A
,
5
%
,
1/01/47
........................................
2,000,000
2,036,794
Revenue
,
2023
A
,
5
%
,
1/01/47
........................................
5,000,000
5,124,282
Revenue
,
2023
A
,
5
%
,
1/01/50
........................................
5,265,000
5,361,297
Revenue
,
2023
B
,
5.25
%
,
1/01/53
.....................................
2,780,000
2,887,725
Revenue
,
2024
A
,
5.25
%
,
1/01/54
.....................................
10,000,000
10,433,966
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5
%
,
12/01/32
.......................................
10,000,000
10,523,278
Revenue
,
2007-1
,
5
%
,
12/01/37
.......................................
5,000,000
5,175,488
Student
&
Academic
Services
LLC
,
Northern
Arizona
Capital
Facilities
Finance
Corp.
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/43
......................
1,025,000
1,050,851
Town
of
Gilbert
,
Pledged
,
Revenue,
Sub.
Lien
,
2015
,
5
%
,
7/01/45
...............
10,000,000
10,008,444
Town
of
Marana
,
Pledged
Excise
,
Revenue
,
2024
,
4
%
,
7/01/44
.................
2,250,000
2,038,742
Town
of
Queen
Creek
,
Excise
Tax
,
Revenue
,
2018
A
,
5
%
,
8/01/42
...............................
5,000,000
5,065,852
Excise
Tax
,
Revenue
,
2018
A
,
5
%
,
8/01/47
...............................
5,000,000
5,042,005
Excise
Tax
,
Revenue
,
2022
,
5
%
,
8/01/47
................................
1,190,000
1,215,137
Excise
Tax
,
Revenue
,
2024
,
5
%
,
8/01/49
................................
4,425,000
4,540,805
Yuma
Industrial
Development
Authority
,
Yuma
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
4
%
,
8/01/49
........................................
4,000,000
3,478,124
Yuma
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
4
%
,
8/01/54
........................................
4,000,000
3,387,999
Yuma
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
8/01/54
..................................................
1,750,000
1,764,774
599,066,200
Florida
0.9%
b
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
800,000
521,815
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
b
,d
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
$
6,465,000
$
5,321,550
5,843,365
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
2,666,826
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
1,414,161
South
Carolina
0.8%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,900,000
1,590,773
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,900,000
1,590,773
b,d
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
1.357
%,
6/01/52
..
3,275,000
2,333,880
5,515,426
Texas
0.7%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,802,831
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,300,000
2,418,962
4,221,793
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
1,485,104
Wisconsin
1.1%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,900,000
1,479,316
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
1,500,000
1,411,187
d
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
5,075,000
2,961,334
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,500,000
1,474,630
7,326,467
U.S.
Territories
1.6%
Guam
0.1%
Guam
Power
Authority
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/44
..............
450,000
455,375
Puerto
Rico
1.5%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
3,700,000
3,654,394
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
1,550,000
1,419,482
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
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
$
4,906,000
$
4,609,460
9,683,336
Total
U.S.
Territories
....................................................................
10,138,711
Total
Municipal
Bonds
(Cost
$
680,284,121
)
.....................................
637,678,053
a
a
a
a
a
Total
Investments
(Cost
$
680,284,121
)
97.5
%
...................................
$637,678,053
Other
Assets,
less
Liabilities
2.5
%
.............................................
16,685,319
Net
Assets
100.0%
...........................................................
$654,363,372
a
Security
purchased
on
a
when-issued
basis.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2025,
the
aggregate
value
of
these
securities
was
$26,780,440,
representing
4.1%
of
net
assets.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
The
rate
shown
represents
the
yield
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
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
$
1,403,771
Total
Corporate
Bonds
(Cost
$
1,400,000
)
.......................................
1,403,771
Municipal
Bonds
98.4%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,000,000
1,673,489
Colorado
92.0%
b
Access
25
Metropolitan
District
No.
2
,
GO
,
144A,
2023
,
6.75
%
,
12/01/53
..........
3,000,000
3,050,917
c
Adams
&
Arapahoe
Joint
School
District
28J
Aurora
,
GO
,
2025
,
5.5
%
,
12/01/47
.....
3,000,000
3,257,475
Adams
State
University
,
Revenue
,
2012
,
5
%
,
5/15/37
.........................................
630,000
606,639
Revenue
,
2019
A
,
Refunding
,
4
%
,
5/15/42
...............................
1,515,000
1,400,340
Anthem
West
Metropolitan
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/35
3,000,000
3,006,738
Arapahoe
County
School
District
No.
1
Englewood
,
GO
,
2017
,
5
%
,
12/01/42
.......
5,000,000
5,048,915
Arapahoe
County
School
District
No.
5
Cherry
Creek
,
GO
,
2024
,
5.25
%
,
12/15/44
...
2,000,000
2,132,775
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/40
.................................
1,500,000
1,460,680
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/50
.................................
1,500,000
1,394,341
Baseline
Metropolitan
District
No.
1
,
GO
,
2024
A
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/46
........................................................
2,000,000
1,801,820
Board
of
Governors
of
Colorado
State
University
System
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
3/01/43
...............................
5,000,000
5,261,569
Revenue
,
2017
E
,
Refunding
,
4
%
,
3/01/43
...............................
4,500,000
4,067,798
Revenue
,
2024
A
,
Refunding
,
4
%
,
3/01/47
...............................
5,000,000
4,437,854
Revenue
,
A
,
Refunding
,
4
%
,
3/01/40
...................................
5,000,000
4,682,038
Board
of
Water
Commissioners
City
&
County
of
Denver
(The)
,
Revenue
,
2017
A
,
5
%
,
9/15/47
........................................
5,000,000
5,057,598
Revenue
,
2024
A
,
Refunding
,
5
%
,
9/15/54
...............................
1,500,000
1,535,469
b
Broadway
Park
North
Metropolitan
District
No.
2
,
GO
,
144A,
2020
,
Refunding
,
5
%
,
12/01/40
........................................................
1,325,000
1,215,143
Bromley
Park
Metropolitan
District
No.
2
,
GO
,
2023
,
Refunding
,
BAM
Insured
,
5.375
%
,
12/01/53
........................................................
2,500,000
2,585,889
b
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-1
,
Refunding
,
5
%
,
12/01/49
........................................................
4,227,000
3,703,908
Castle
Oaks
Metropolitan
District
No.
3
,
GO
,
2020
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/45
........................................................
1,140,000
1,019,151
CCP
Metropolitan
District
No.
3
,
GO
,
2024
,
Refunding
,
5
%
,
12/01/53
.............
1,175,000
1,101,148
Centennial
Water
&
Sanitation
District
,
Revenue
,
2019
,
5.25
%
,
12/01/48
..........
2,135,000
2,169,488
Cherokee
Metropolitan
District
,
Revenue
,
2020
,
BAM
Insured
,
4
%
,
8/01/45
..............................
2,250,000
2,050,656
Revenue
,
2020
,
BAM
Insured
,
4
%
,
8/01/50
..............................
1,400,000
1,208,919
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
12/01/48
...............
5,000,000
5,023,562
Airport
System
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
12/01/48
..................
4,440,000
4,427,144
Airport
System
,
Revenue
,
2022
A
,
5
%
,
11/15/37
...........................
4,250,000
4,407,530
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5
%
,
11/15/53
..................
5,000,000
4,924,947
Airport
System
,
Revenue
,
2023
B
,
Refunding
,
5.5
%
,
11/15/42
................
1,000,000
1,051,511
Airport
System
,
Revenue
,
2023
B
,
Refunding
,
5.5
%
,
11/15/43
................
1,000,000
1,046,477
Pledged
Excise
Tax
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
8/01/46
...............
3,500,000
3,106,994
Pledged
Excise
Tax
,
Revenue
,
2018
A-1
,
5
%
,
8/01/48
......................
5,000,000
5,026,746
City
of
Aurora
,
Water
,
Revenue,
First
Lien
,
2024
,
4
%
,
8/01/54
..................
2,250,000
1,921,353
City
of
Brighton
,
Water
Activity
,
Revenue
,
2025
,
4.25
%
,
6/01/55
.................
3,000,000
2,636,467
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
$
2,671,174
Utilities
System
,
Revenue
,
2018
A-4
,
5
%
,
11/15/48
.........................
5,000,000
5,049,138
Utilities
System
,
Revenue
,
2024
A
,
5
%
,
11/15/49
..........................
1,500,000
1,547,257
Utilities
System
,
Revenue
,
2024
A
,
5.25
%
,
11/15/54
........................
5,000,000
5,234,202
City
of
Fort
Collins
,
Electric
Utility
Enterprise
,
Revenue
,
2018
A
,
5
%
,
12/01/42
......
13,500,000
13,655,876
City
of
Grand
Junction
,
COP
,
2021
,
4
%
,
12/01/45
............................................
2,005,000
1,807,670
Sales
&
Use
Tax
,
Revenue
,
2020
B
,
4
%
,
3/01/49
..........................
3,775,000
3,349,937
Colorado
Bridge
&
Tunnel
Enterprise
,
Revenue
,
2024
A
,
AGMC
Insured
,
5.5
%
,
12/01/54
.........................
1,000,000
1,046,509
Revenue
,
2024
B
,
Refunding
,
5
%
,
12/01/49
..............................
2,925,000
3,006,220
Revenue,
Senior
Lien
,
2025
A
,
AGMC
Insured
,
5.25
%
,
12/01/54
...............
3,490,000
3,559,880
Colorado
Educational
&
Cultural
Facilities
Authority
,
Alexander
Dawson
School
LLC
(The)
,
Revenue
,
2010
,
5
%
,
2/15/40
............
5,280,000
5,284,428
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/36
....................
425,000
401,014
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/41
....................
150,000
129,913
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/51
....................
370,000
291,415
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/61
....................
550,000
411,518
Denver
School
of
Science
&
Technology,
Inc.
,
Revenue
,
2021
,
3
%
,
8/01/41
......
1,460,000
1,096,839
Denver
School
of
Science
&
Technology,
Inc.
,
Revenue
,
2021
,
3
%
,
8/01/51
......
3,635,000
2,331,901
Eagle
Ridge
Academy
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
11/01/37
............
1,000,000
1,023,945
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/26
.......
70,000
69,681
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/32
.......
280,000
275,219
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/52
.......
1,355,000
1,058,765
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/62
.......
1,600,000
1,190,929
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/52
750,000
700,439
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/57
1,765,000
1,623,976
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/46
....................
325,000
261,057
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/56
....................
1,000,000
749,046
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/61
....................
2,210,000
1,614,250
Pinnacle
Charter
School,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/50
.......
5,820,000
4,949,266
Union
Colony
Schools
,
Revenue
,
2018
,
Refunding
,
5
%
,
4/01/48
...............
715,000
694,932
University
of
Denver
,
Revenue
,
2017
A
,
5
%
,
3/01/47
.......................
3,950,000
3,970,037
West
Ridge
Academy
Charter
School
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
6/01/49
..
400,000
382,492
Westgate
Community
School
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/41
........
2,370,000
2,083,423
Windsor
Charter
Academy
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
2,400,000
1,974,145
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
11/15/41
......
3,000,000
2,810,905
AdventHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/15/39
......
5,005,000
5,178,430
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/35
.......................................................
1,575,000
1,542,499
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/37
.......................................................
850,000
818,783
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/38
.......................................................
705,000
669,265
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/39
.......................................................
835,000
783,881
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/40
.......................................................
725,000
671,330
BSLC
II
Obligated
Group
,
Revenue,
Second
Tier
,
2025
,
5.5
%
,
9/15/54
..........
2,000,000
1,927,889
BSLC
Obligated
Group
,
Revenue
,
2018
A-1
,
Refunding
,
5
%
,
9/15/48
...........
3,000,000
2,699,397
BSLC
Obligated
Group
,
Revenue
,
2018
A-1
,
Refunding
,
4.75
%
,
9/15/53
.........
1,500,000
1,245,391
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
12/01/41
...
5,195,000
5,195,625
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/38
3,000,000
3,049,018
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/39
2,000,000
2,025,731
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
,
2019
A-2
,
Refunding
,
4
%
,
8/01/49
$
9,990,000
$
8,257,773
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5.25
%
,
11/01/52
......
3,000,000
3,022,714
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
12/01/54
.......................................................
4,000,000
4,030,577
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
12/01/35
...........................................
7,150,000
7,150,000
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
12/01/48
.......................................................
5,000,000
4,857,907
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/50
...........................................
5,700,000
4,588,641
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.125
%
,
12/01/45
.......................................
1,000,000
1,009,007
Craig
Hospital
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
12/01/52
..............
3,535,000
3,544,966
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
1/01/38
........................................................
3,660,000
3,472,135
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
5/15/54
........................................................
1,100,000
1,106,924
Sanford
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/01/44
..........
3,495,000
3,444,792
Sanford
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/01/49
..........
8,050,000
7,816,115
University
of
Colorado
Health
Obligated
Group
,
Revenue
,
2020
A
,
Pre-Refunded
,
4
%
,
9/01/50
....................................................
6,275,000
6,574,885
Valley
View
Hospital
Association
,
Revenue
,
2015
,
5
%
,
5/15/40
................
2,000,000
1,993,274
Valley
View
Hospital
Association
,
Revenue
,
2015
,
5
%
,
5/15/45
................
1,000,000
973,763
Colorado
High
Performance
Transportation
Enterprise
,
C-470
Express
Lanes
System
,
Revenue
,
2017
,
5
%
,
12/31/47
........................................
2,555,000
2,518,706
Colorado
Housing
and
Finance
Authority
,
Revenue
,
2019
B-1
,
I
,
3.15
%
,
10/01/44
.................................
1,000,000
783,619
Revenue
,
2019
B-1
,
I
,
3.25
%
,
10/01/49
.................................
1,000,000
736,655
Colorado
School
of
Mines
,
Revenue
,
2023
C
,
5.25
%
,
12/01/53
.................
3,000,000
3,069,904
Colorado
Science
and
Technology
Park
Metropolitan
District
No.
1
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/54
................................
750,000
745,668
Colorado
Springs
School
District
No.
11
Facilities
Corp.
,
COP
,
2024
,
BAM
Insured
,
5.25
%
,
12/15/48
...................................................
1,000,000
1,025,264
Crystal
Valley
Metropolitan
District
No.
2
,
GO
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
12/01/49
........................................................
3,000,000
2,162,768
Denver
City
&
County
School
District
No.
1
,
GO
,
2017
,
5
%
,
12/01/41
.............................................
5,000,000
5,059,764
GO
,
2025
C
,
5.5
%
,
12/01/49
.........................................
5,000,000
5,356,932
Denver
Convention
Center
Hotel
Authority
,
Revenue,
Senior
Lien
,
2016
,
Refunding
,
5
%
,
12/01/40
.....................................................
9,775,000
9,641,028
Denver
Health
&
Hospital
Authority
,
COP
,
2018
,
5
%
,
12/01/48
............................................
5,255,000
5,098,734
Revenue
,
2014
A
,
5.25
%
,
12/01/45
....................................
9,250,000
9,265,051
Revenue
,
2019
A
,
Refunding
,
5
%
,
12/01/30
..............................
1,000,000
1,054,248
Revenue
,
2019
A
,
Refunding
,
5
%
,
12/01/32
..............................
1,330,000
1,385,372
Revenue
,
2019
A
,
Refunding
,
4
%
,
12/01/37
..............................
3,540,000
3,347,224
Revenue
,
2025
A
,
5.125
%
,
12/01/50
...................................
1,015,000
991,718
Revenue
,
2025
A
,
6
%
,
12/01/55
.......................................
1,000,000
1,060,639
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
A
,
4
%
,
12/01/48
........................................................
350,000
274,119
Eagle
River
Water
&
Sanitation
District
,
GO
,
2016
,
5
%
,
12/01/45
................
1,360,000
1,371,342
East
Cherry
Creek
Valley
Water
and
Sanitation
District
,
Revenue
,
2019
A
,
4
%
,
11/15/38
.......................................
1,000,000
969,180
Revenue
,
2019
A
,
4
%
,
11/15/39
.......................................
1,200,000
1,158,904
Erie
Farm
Metropolitan
District
,
GO
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/51
.
1,200,000
1,012,916
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)
Evan's
Place
Metropolitan
District
,
GO
,
2020
A-3
,
5
%
,
12/01/40
.................
$
550,000
$
507,039
b
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5.55
%
,
12/01/47
3,500,000
3,482,715
Gunnison
County
Housing
Authority
,
Revenue
,
2025
,
BAM
Insured
,
5.125
%
,
6/01/55
.
1,350,000
1,355,948
Gunnison
Watershed
School
District
No.
Re
1J
,
GO
,
2023
,
5
%
,
12/01/47
..........
3,250,000
3,351,645
Johnstown
Plaza
Metropolitan
District
,
GO
,
2022
,
Refunding
,
4.25
%
,
12/01/46
.....
3,000,000
2,511,154
Lakes
at
Centerra
Metropolitan
District
No.
2
,
GO
,
2024
A
,
Refunding
,
AGMC
Insured
,
4.5
%
,
12/01/54
...................................................
2,500,000
2,252,150
Lambertson
Farms
Metropolitan
District
No.
1
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
4.25
%
,
12/15/54
............................................
1,000,000
865,912
Larimer
County
School
District
No.
R-1
Poudre
,
GO
,
2018
,
5
%
,
12/15/39
.............................................
2,660,000
2,716,101
GO
,
2018
,
5
%
,
12/15/40
.............................................
2,340,000
2,385,494
Meridian
Metropolitan
District
,
GO
,
2023
,
AGMC
Insured
,
4.375
%
,
12/01/53
.......
2,000,000
1,832,401
Mesa
County
Valley
School
District
No.
51
Grand
Junction
,
GO
,
2025
,
5.25
%
,
12/01/49
2,000,000
2,096,731
North
Pine
Vistas
Metropolitan
District
No.
2
,
GO
,
2022
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/52
.....................................................
1,125,000
1,124,238
Park
70
Metropolitan
District
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/36
....................................
1,000,000
1,003,677
GO
,
2016
,
Refunding
,
5
%
,
12/01/46
....................................
1,500,000
1,413,322
Park
Creek
Metropolitan
District
,
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2015
A
,
Refunding
,
5
%
,
12/01/45
.......................................................
8,500,000
8,516,607
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/01/46
.
2,875,000
2,870,013
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2024
A
,
AGMC
Insured
,
4.25
%
,
12/01/47
.................................................
1,000,000
922,712
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2024
A
,
AGMC
Insured
,
4.5
%
,
12/01/51
..................................................
1,500,000
1,402,579
Parker
Water
&
Sanitation
District
,
Revenue
,
2018
,
5
%
,
11/01/42
................
6,475,000
6,582,386
Patriot
Park
Metropolitan
District
No.
2
,
GO
,
2021
,
4.3
%
,
12/01/50
...............
535,000
432,615
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
B
,
5.875
%
,
12/15/46
.........
1,000,000
1,029,381
Prairie
Center
Metropolitan
District
No.
7
,
GO
,
2020
,
4.125
%
,
12/15/36
.........................................
500,000
471,516
GO
,
2020
,
4.875
%
,
12/15/44
.........................................
725,000
661,440
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
9,900,000
11,565,849
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/34
........
550,000
546,106
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/35
........
1,750,000
1,721,514
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/38
........
700,000
667,221
Sales
Tax
,
Revenue
,
2016
A
,
5
%
,
11/01/41
...............................
10,000,000
10,066,956
Sales
Tax
,
Revenue
,
2016
A
,
5
%
,
11/01/46
...............................
11,000,000
11,073,652
Silver
Peaks
Metropolitan
District
No.
3
,
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/50
....
1,000,000
904,261
South
Timnath
Metropolitan
District
No.
2
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/42
.....
5,690,000
5,432,865
State
of
Colorado
,
COP
,
2020
,
Refunding
,
4
%
,
6/15/40
....................................
1,315,000
1,219,922
COP
,
2020
A
,
4
%
,
12/15/38
..........................................
3,555,000
3,382,084
COP
,
2020
R
,
4
%
,
3/15/45
...........................................
5,000,000
4,478,920
COP
,
2024
A
,
4
%
,
11/01/53
..........................................
2,000,000
1,716,177
Sterling
Hills
West
Metropolitan
District
,
GO
,
2017
,
Refunding
,
5
%
,
12/01/39
.......
1,125,000
1,141,211
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
3.75
%
,
12/01/40
.................................................
500,000
427,363
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
4.25
%
,
12/01/50
.................................................
1,250,000
1,064,820
Thompson
Crossing
Metropolitan
District
No.
2
,
GO
,
2016
B
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/46
..............................................
4,500,000
4,533,639
Town
of
Monument
,
COP
,
2020
,
AGMC
Insured
,
4
%
,
12/01/45
..................
2,000,000
1,791,990
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)
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
A
,
Refunding
,
AGMC
Insured
,
4.25
%
,
12/01/54
............................................
$
2,000,000
$
1,712,895
University
of
Colorado
,
Revenue
,
2025
A
,
4.25
%
,
6/01/55
.....................
4,055,000
3,608,551
Upper
Eagle
Regional
Water
Authority
,
Revenue
,
2024
,
BAM
Insured
,
4.25
%
,
12/01/53
2,000,000
1,780,772
Whispering
Pines
Metropolitan
District
No.
1
,
GO
,
2023
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/52
.....................................................
900,000
898,840
Wildwing
Metropolitan
District
No.
5
,
GO
,
2024
,
Refunding
,
AGMC
Insured
,
4.5
%
,
12/01/53
........................................................
750,000
672,796
Windsor
Highlands
Metropolitan
District
No.
4
,
GO
,
2024
,
Refunding
,
BAM
Insured
,
4.5
%
,
12/01/53
...................................................
2,000,000
1,845,746
440,919,790
Florida
2.3%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
4,104,000
3,501,854
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
800,000
521,815
b,d
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
4,925,000
4,053,927
b
,e
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
5.5
%
,
5/01/52
....................................................
3,215,000
2,896,715
10,974,311
Georgia
0.4%
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
2,400,000
1,945,405
New
York
0.2%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
D
,
4
%
,
11/15/47
...........
900,000
768,301
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,400,000
1,172,148
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,400,000
1,172,148
b,d
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
2.603
%,
6/01/37
..
2,100,000
1,660,432
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
750,000
597,776
4,602,504
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,400,000
1,759,245
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,400,000
1,155,081
Wisconsin
0.7%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,400,000
1,090,022
d
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
3,650,000
2,129,826
3,219,848
U.S.
Territories
1.0%
Guam
0.4%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/39
600,000
619,899
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
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Guam
(continued)
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
$
1,500,000
$
1,436,577
2,056,476
Puerto
Rico
0.6%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,200,000
1,185,209
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
972,535
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
750,000
704,667
2,862,411
Total
U.S.
Territories
....................................................................
4,918,887
Total
Municipal
Bonds
(Cost
$
502,977,224
)
.....................................
471,936,861
Total
Long
Term
Investments
(Cost
$
504,377,224
)
...............................
473,340,632
a
a
a
a
a
Short
Term
Investments
0.6%
Municipal
Bonds
0.6%
Colorado
0.6%
f
Colorado
Health
Facilities
Authority
,
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2024
D
,
Daily
VRDN
and
Put
,
3
%
,
5/15/64
....................................................
2,600,000
2,600,000
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2024
E
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3
%
,
5/15/64
....................................
200,000
200,000
2,800,000
Total
Municipal
Bonds
(Cost
$
2,800,000
)
.......................................
2,800,000
Total
Short
Term
Investments
(Cost
$
2,800,000
)
.................................
2,800,000
a
Total
Investments
(Cost
$
507,177,224
)
99.3
%
...................................
$476,140,632
Other
Assets,
less
Liabilities
0.7
%
.............................................
3,271,800
Net
Assets
100.0%
...........................................................
$479,412,432
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$30,435,075,
representing
6.3%
of
net
assets.
c
Security
purchased
on
a
when-issued
basis.
d
The
rate
shown
represents
the
yield
at
period
end.
e
The
maturity
date
shown
represents
the
mandatory
put
date.
f
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Connecticut
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
95.8%
Connecticut
90.5%
City
of
Bridgeport
,
GO
,
2021
A
,
BAM
Insured
,
4
%
,
8/01/46
.................................
$
375,000
$
333,383
GO
,
2021
A
,
BAM
Insured
,
4
%
,
8/01/51
.................................
575,000
488,513
GO
,
2024
A
,
Refunding
,
BAM
Insured
,
5
%
,
7/01/44
........................
550,000
568,055
City
of
New
Britain
,
GO
,
2017
C
,
AGMC
Insured
,
5
%
,
3/01/36
..................
1,000,000
1,019,794
City
of
New
Haven
,
GO
,
2021
A
,
Refunding
,
4
%
,
8/01/41
......................
2,000,000
1,780,147
City
of
Stamford
,
Water
Pollution
Control
System
&
Facility
,
Revenue
,
2013
A
,
5.25
%
,
8/15/43
.........................................................
1,000,000
1,001,022
City
of
West
Haven
,
GO
,
2021
,
BAM
Insured
,
4
%
,
9/15/41
.....................
565,000
518,401
Connecticut
Housing
Finance
Authority
,
Revenue
,
2019
E-E1
,
3.05
%
,
11/15/44
..................................
5,000,000
3,864,924
Revenue
,
2019
E-E1
,
3.1
%
,
11/15/49
...................................
2,000,000
1,420,178
Revenue
,
2020
C-1
,
Refunding
,
2.05
%
,
5/15/37
...........................
1,000,000
746,721
Revenue
,
2020
C-2
,
Refunding
,
2.2
%
,
11/15/34
...........................
960,000
765,672
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Avon
Old
Farms
School
Obligated
Group
,
Revenue
,
D-1
,
Refunding
,
4
%
,
7/01/46
..
1,000,000
869,246
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/38
315,000
304,983
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/39
380,000
360,014
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/42
860,000
795,957
Connecticut
Children's
Medical
Center
Obligated
Group
,
Revenue
,
E
,
5.25
%
,
7/15/48
3,375,000
3,450,425
Connecticut
College
,
Revenue
,
L-1
,
Refunding
,
4
%
,
7/01/46
..................
5,000,000
4,469,870
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2018
B
,
5
%
,
12/01/40
.......................................................
4,000,000
3,871,688
Fairfield
University
,
Revenue
,
Q-1
,
5
%
,
7/01/46
...........................
9,000,000
8,858,766
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
..........
6,000,000
5,278,938
Jerome
Home
,
Revenue
,
2021
E
,
Refunding
,
4
%
,
7/01/41
...................
735,000
630,915
Jerome
Home
,
Revenue
,
2021
E
,
Refunding
,
4
%
,
7/01/51
...................
1,250,000
951,145
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/38
.....
1,000,000
947,015
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/41
.....
6,310,000
5,727,744
Quinnipiac
University
,
Revenue
,
L
,
Refunding
,
5
%
,
7/01/45
..................
8,250,000
8,046,966
Sacred
Heart
University,
Inc.
,
Revenue
,
I-1
,
Refunding
,
5
%
,
7/01/42
............
4,375,000
4,395,289
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
5
%
,
7/01/35
.....................
550,000
577,233
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
4
%
,
7/01/45
.....................
1,200,000
1,040,532
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
4
%
,
7/01/37
...
2,550,000
2,479,954
Taft
School
Corp.
(The)
,
Revenue
,
L
,
Refunding
,
3
%
,
7/01/46
.................
2,210,000
1,670,172
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
CT
,
5
%
,
12/01/45
.........
5,000,000
4,951,016
Trustees
of
Trinity
College
(The)
,
Revenue
,
R
,
Refunding
,
4
%
,
6/01/45
..........
2,500,000
2,223,288
Trustees
of
Trinity
College
(The)
,
Revenue
,
S
,
Refunding
,
4
%
,
6/01/51
..........
4,800,000
4,040,825
University
of
Hartford
(The)
,
Revenue
,
2022
P
,
5.375
%
,
7/01/52
...............
2,000,000
1,756,369
Yale
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/35
...................
2,435,000
2,761,927
Yale
University
,
Revenue
,
X-2
,
5
%
,
7/01/37
..............................
3,000,000
3,297,530
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/44
520,000
539,178
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/45
500,000
517,143
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/46
500,000
517,319
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/47
420,000
433,083
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/48
500,000
514,649
Connecticut
State
Higher
Education
Supplement
Loan
Authority
,
Revenue
,
2020
B
,
3.25
%
,
11/15/36
....................................
1,425,000
1,273,808
Revenue
,
2020
D
,
Pre-Refunded
,
3
%
,
11/15/35
...........................
1,145,000
1,147,018
Revenue
,
2021
B
,
2.25
%
,
11/15/37
....................................
2,445,000
1,842,416
Revenue
,
2025
B-1
,
5
%
,
11/15/40
.....................................
500,000
492,260
South
Central
Connecticut
Regional
Water
Authority
,
Revenue
,
38th
,
Refunding
,
5
%
,
8/01/38
.................................
1,000,000
1,109,280
Revenue
,
38th
,
Refunding
,
5
%
,
8/01/40
.................................
500,000
545,490
Revenue
,
38th
,
Refunding
,
5
%
,
8/01/41
.................................
300,000
324,274
Revenue
,
39th
A
,
5
%
,
8/01/54
........................................
1,000,000
1,029,413
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
(continued)
South
Central
Connecticut
Regional
Water
Authority,
(continued)
Revenue,
Second
Series
,
32nd
B
,
Refunding
,
5
%
,
8/01/38
...................
$
1,720,000
$
1,738,437
State
of
Connecticut
,
GO
,
2020
A
,
4
%
,
1/15/38
............................................
7,250,000
7,168,269
GO
,
2020
C
,
4
%
,
6/01/39
............................................
600,000
583,533
GO
,
2024
G
,
5
%
,
11/15/41
...........................................
3,990,000
4,245,938
Special
Tax
,
2016
A
,
5
%
,
9/01/33
......................................
1,000,000
1,017,665
Special
Tax
,
2018
A
,
5
%
,
1/01/36
......................................
1,000,000
1,029,827
Special
Tax
,
2020
A
,
5
%
,
5/01/35
......................................
4,500,000
4,794,903
Special
Tax
,
2020
A
,
5
%
,
5/01/40
......................................
2,000,000
2,069,745
Special
Tax
,
2021
A
,
5
%
,
5/01/41
......................................
1,500,000
1,557,982
Special
Tax
,
2021
D
,
4
%
,
11/01/40
.....................................
2,075,000
1,988,486
Special
Tax
,
2024
A-2
,
5
%
,
7/01/45
....................................
1,250,000
1,305,621
Bradley
International
Airport
CFC
,
Revenue
,
2019
A
,
AGMC
Insured
,
5
%
,
7/01/49
.
1,400,000
1,370,161
Clean
Water
Fund
-
State
Revolving
Fund
,
Revenue
,
2015
A
,
5
%
,
3/01/34
.......
1,000,000
1,001,100
Clean
Water
Fund
-
State
Revolving
Fund
,
Revenue
,
2017
A
,
5
%
,
5/01/37
.......
1,000,000
1,023,028
Town
of
Hamden
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
..............
500,000
465,658
Town
of
Stafford
,
GO
,
2021
,
Refunding
,
3
%
,
2/01/36
.....................................
250,000
222,787
GO
,
2021
,
Refunding
,
3
%
,
2/01/38
.....................................
310,000
265,913
GO
,
2021
,
Refunding
,
3
%
,
2/01/41
.....................................
300,000
245,840
Town
of
Stratford
,
GO
,
2017
,
AGMC
Insured
,
5
%
,
7/01/33
.....................
1,000,000
1,001,198
University
of
Connecticut
,
Revenue
,
2017
A
,
5
%
,
1/15/37
.....................
1,000,000
1,018,109
130,664,148
Florida
1.0%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
500,000
326,135
a
,b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
1,325,000
1,090,650
1,416,785
Georgia
0.3%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
625,000
506,616
Illinois
0.6%
State
of
Illinois
,
GO
,
2020
C
,
4
%
,
10/01/42
................................
1,000,000
877,557
South
Carolina
1.0%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
500,000
418,625
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
500,000
418,624
a,b
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
2.603
%,
6/01/37
..
750,000
593,011
1,430,260
Texas
0.3%
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
615,000
450,806
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
412,529
Wisconsin
0.5%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
400,000
311,435
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
20
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
a
Public
Finance
Authority,
(continued)
b
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
$
800,000
$
466,811
778,246
U.S.
Territories
1.3%
Guam
0.3%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/36
365,000
382,907
Puerto
Rico
1.0%
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
1,500,000
1,409,333
Total
U.S.
Territories
....................................................................
1,792,240
Total
Municipal
Bonds
(Cost
$
150,885,700
)
.....................................
138,329,187
a
a
a
a
Short
Term
Investments
1.6%
Municipal
Bonds
1.6%
Connecticut
1.6%
c
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Yale
University
,
Revenue
,
2010
A-4-1
,
Daily
VRDN
and
Put
,
2.8
%
,
7/01/49
...........................
2,300,000
2,300,000
Total
Municipal
Bonds
(Cost
$
2,300,000
)
.......................................
2,300,000
Total
Short
Term
Investments
(Cost
$
2,300,000
)
.................................
2,300,000
a
Total
Investments
(Cost
$
153,185,700
)
97.4
%
...................................
$140,629,187
Other
Assets,
less
Liabilities
2.6
%
.............................................
3,790,376
Net
Assets
100.0%
...........................................................
$144,419,563
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2025,
the
aggregate
value
of
these
securities
was
$4,576,618,
representing
3.2%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Shares
a
Value
a
Management
Investment
Companies
1.2%
Capital
Markets
1.2%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
1,030,000
$
23,664,353
Total
Management
Investment
Companies
(Cost
$
27,907,125
)
....................
23,664,353
Principal
Amount
a
a
a
a
Municipal
Bonds
96.1%
Alabama
6.1%
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2022
E
,
Mandatory
Put
,
5
%
,
6/01/28
............................
$
7,000,000
7,219,746
Revenue
,
2022
F
,
Mandatory
Put
,
5.5
%
,
12/01/28
.........................
6,970,000
7,268,741
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
14,000,000
14,827,348
Revenue
,
2024
C
,
Mandatory
Put
,
5
%
,
7/01/31
...........................
4,000,000
4,160,565
Chatom
Industrial
Development
Board
,
PowerSouth
Energy
Cooperative
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/28
........................................................
500,000
524,843
PowerSouth
Energy
Cooperative
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/29
........................................................
485,000
514,036
PowerSouth
Energy
Cooperative
,
Revenue
,
2020
,
Refunding
,
AGMC
Insured
,
5
%
,
8/01/30
........................................................
425,000
454,780
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5
%
,
10/01/33
............
5,000,000
5,454,106
b
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
8,570,000
9,154,547
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
6,000,000
6,502,917
Revenue
,
2024
B
,
Mandatory
Put
,
5.25
%
,
6/01/32
.........................
7,000,000
7,411,266
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
2,151,586
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
,
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/27
.......
4,920,000
4,966,648
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/28
.......
5,000,000
5,046,144
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/33
.......................................
2,855,000
2,918,049
Special
Tax
,
2019
,
4
%
,
2/01/34
.......................................
2,970,000
3,018,992
Special
Tax
,
2019
,
4
%
,
2/01/35
.......................................
3,095,000
3,129,189
Special
Tax
,
2019
,
4
%
,
2/01/37
.......................................
3,350,000
3,349,244
b
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
4,585,000
4,838,233
Revenue
,
2022
B-1
,
Mandatory
Put
,
5
%
,
8/01/28
..........................
5,250,000
5,386,955
Revenue
,
2022
B-2
,
Mandatory
Put
,
4.678
%
,
8/01/28
.......................
15,000,000
15,250,829
Revenue
,
2025
B
,
Mandatory
Put
,
5.25
%
,
1/01/33
.........................
9,700,000
10,015,678
123,564,442
Alaska
0.1%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue
,
2020
,
Refunding
,
4
%
,
12/01/35
................................
1,710,000
1,713,359
Revenue
,
2020
,
Refunding
,
4
%
,
12/01/37
................................
1,305,000
1,281,568
2,994,927
Arizona
3.9%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/30
.......................................................
600,000
626,033
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/31
.......................................................
630,000
655,873
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/32
.......................................................
1,000,000
1,037,014
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/35
.......................................................
$
1,115,000
$
1,144,815
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/36
.......................................................
1,250,000
1,278,939
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/37
.......................................................
1,050,000
1,069,252
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/37
.......................................................
1,105,000
1,035,383
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/38
.......................................................
600,000
553,216
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/01/41
.......................................................
6,000,000
5,332,302
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/27
.............
55,000
56,239
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/28
.............
60,000
61,922
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/29
.............
60,000
62,333
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/30
.............
65,000
67,809
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/31
.............
70,000
73,200
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/27
.............
160,000
161,906
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/28
.............
170,000
171,980
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/29
.............
160,000
161,742
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/30
.............
185,000
186,834
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/31
.............
195,000
196,745
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
3
%
,
2/01/39
.....
1,200,000
996,400
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue,
Junior
Lien
,
2017
D
,
Refunding
,
5
%
,
7/01/30
...............
10,000,000
10,338,912
Airport
,
Revenue,
Junior
Lien
,
2019
B
,
5
%
,
7/01/35
........................
7,500,000
7,701,590
Airport
,
Revenue,
Senior
Lien
,
2023
,
Refunding
,
5
%
,
7/01/32
.................
4,250,000
4,569,191
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/35
..................................................
3,340,000
3,467,669
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/36
..................................................
6,380,000
6,594,517
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/39
..................................................
6,365,000
6,507,509
Glendale
Industrial
Development
Authority
,
Midwestern
University
Foundation
,
Revenue
,
2020
,
Refunding
,
5
%
,
5/15/31
......
425,000
455,373
Midwestern
University
Foundation
,
Revenue
,
2020
,
Refunding
,
5
%
,
5/15/32
......
525,000
560,779
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
......
1,600,000
1,600,849
Maricopa
County
Industrial
Development
Authority
,
c
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
18,555,000
19,014,682
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/30
.......
850,000
890,617
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/31
.......
1,000,000
1,044,544
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/32
.......
1,000,000
1,042,528
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/33
.......
800,000
831,683
79,550,380
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
4,736,277
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/36
........................................................
3,625,000
3,689,370
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/37
........................................................
1,250,000
1,264,915
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/38
........................................................
1,000,000
1,005,517
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arkansas
(continued)
Arkansas
Development
Finance
Authority,
(continued)
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/39
........................................................
$
1,000,000
$
1,000,908
11,696,987
California
7.3%
Bay
Area
Toll
Authority
,
Revenue
,
2017
S-7
,
Refunding
,
4
%
,
4/01/31
.............
7,000,000
7,046,868
Burbank-Glendale-Pasadena
Airport
Authority
Brick
Campaign
,
Revenue
,
2024
A
,
AGMC
Insured
,
4
%
,
7/01/54
..........................................
4,900,000
4,444,047
b
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
B-1
,
Mandatory
Put
,
4
%
,
8/01/31
..........................
5,000,000
4,943,640
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
11,000,000
11,392,919
c
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..........
6,785,000
5,888,953
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
6,485,000
5,182,633
California
Municipal
Finance
Authority
,
d
Revenue
,
FRN
,
2025-1
,
A-2
,
3.536
%
,
2/20/41
............................
10,000,000
8,460,059
Witmer
Manor
Community
Partners
LP
,
Revenue
,
2025
A
,
FNMA
Insured
,
4.875
%
,
11/01/43
.......................................................
3,100,000
3,138,461
California
Statewide
Communities
Development
Authority
,
Southern
California
Edison
Co.
,
Revenue
,
2010
A
,
Refunding
,
1.75
%
,
9/01/29
.........................
5,000,000
4,477,517
City
of
Los
Angeles
,
Department
of
Airports
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/38
14,960,000
15,607,410
City
of
Riverside
,
Sewer
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
8/01/34
.........................
10,605,000
10,629,064
Sewer
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
8/01/35
.........................
11,000,000
11,023,185
c
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
5,440,000
4,468,019
c
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
5,000,000
4,078,653
c
CSCDA
Community
Improvement
Authority
,
Waterscape
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
9/01/46
...............................................
4,825,000
3,842,248
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.........................................................
3,650,000
3,290,295
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/31
...................
8,220,000
8,373,327
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/32
............................
4,615,000
4,719,945
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/33
............................
3,960,000
4,043,367
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/34
............................
4,080,000
4,154,901
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
Second
Series
,
2023
C
,
Refunding
,
5
%
,
5/01/33
...................
15,000,000
16,093,746
d
Southern
California
Public
Power
Authority
,
Revenue
,
FRN
,
2007
B
,
4.51
%
,
(
3-month
TSOF
+
1.645
%
),
11/01/38
...........................................
3,000,000
2,889,353
148,188,610
Colorado
4.5%
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5.75
%
,
11/15/41
........................................................
5,325,000
5,713,942
Colorado
Health
Facilities
Authority
,
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
10/01/32
.......................................................
750,000
791,140
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
10/01/33
.......................................................
1,000,000
1,050,561
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
10/01/34
.......................................................
1,100,000
1,148,056
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/31
2,500,000
2,636,310
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
8/01/39
1,250,000
1,171,088
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/33
9,595,000
10,058,932
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Health
Facilities
Authority,
(continued)
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/36
$
11,635,000
$
11,974,322
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/38
2,000,000
2,032,679
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/39
5,500,000
5,570,760
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
8,195,000
8,074,140
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/40
.........
3,000,000
3,083,954
Denver
City
&
County
School
District
No.
1
,
GO
,
2025
A
,
5.5
%
,
12/01/44
..........
10,000,000
10,854,316
Denver
Health
&
Hospital
Authority
,
Revenue
,
2025
A
,
6
%
,
12/01/55
.............
1,500,000
1,590,958
c
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5
%
,
12/01/32
..
1,000,000
1,012,010
Fort
Carson
Family
Housing
LLC
,
Revenue
,
1999
,
NATL
Insured
,
7.86
%
,
11/15/29
..
10,385,000
11,034,374
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
4,200,000
4,906,724
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/33
........
1,000,000
1,000,078
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/35
........
1,400,000
1,377,211
South
Maryland
Creek
Ranch
Metropolitan
District
,
GO
,
2023
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/43
..............................................
1,000,000
1,017,763
c
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
,
GO
,
144A,
2025
A
,
5
%
,
4/01/35
................................................
4,100,000
4,322,498
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
3.375
%
,
12/01/30
................
500,000
472,986
90,894,802
Connecticut
1.4%
City
of
Stamford
,
GO
,
2019
,
3
%
,
6/01/35
.............................................
3,025,000
2,794,657
GO
,
2019
,
3
%
,
6/01/36
.............................................
3,025,000
2,742,697
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/38
..........
2,500,000
2,410,385
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/33
.....
5,000,000
5,175,975
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/35
.....
250,000
246,237
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/36
.....
4,750,000
4,635,858
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
5
%
,
7/01/27
...
250,000
257,907
State
of
Connecticut
,
GO
,
2020
C
,
4
%
,
6/01/34
............................................
1,500,000
1,523,817
Special
Tax
,
2020
A
,
4
%
,
5/01/36
......................................
3,500,000
3,516,387
University
of
Connecticut
,
Revenue
,
2016
A
,
5
%
,
3/15/31
.....................
5,025,000
5,086,298
28,390,218
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
2,442,433
Beach
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
Refunding
,
AGMC
Insured
,
5.25
%
,
5/01/44
...............................
1,400,000
1,425,849
Capital
Projects
Finance
Authority
,
Provident
Group
-
Continuum
Properties
LLC
,
Revenue,
Senior
Lien
,
2023
A-1
,
5
%
,
11/01/48
............................
2,500,000
2,308,242
c
Capital
Trust
Agency,
Inc.
,
Kingdom
Kensington
LLC
,
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..........
5,345,000
4,515,642
Kingdom
Kensington
LLC
,
Revenue
,
144A,
2021
A-2
,
5.1
%
,
12/01/31
...........
1,725,000
1,567,954
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
T
,
5.05
%
,
7/01/34
..........
855,000
728,321
c,e
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
17,400,000
14,322,502
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.........................................................
750,000
598,922
Centre
Lake
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/30
.........................................................
255,000
238,330
City
of
Clearwater
,
Water
&
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/33
......
5,520,000
5,678,975
City
of
Gainesville
,
Utilities
System
,
Revenue
,
2017
A
,
5
%
,
10/01/30
.............
1,500,000
1,569,553
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
City
of
Jacksonville
,
Genesis
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/39
.....................................................
$
1,650,000
$
1,512,141
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/40
........................................
2,500,000
2,218,653
City
of
Port
St.
Lucie
,
Utility
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
9/01/30
.....................
1,500,000
1,505,130
Utility
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
9/01/31
.....................
1,635,000
1,639,329
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Foundation,
Inc.
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/33
...................
6,000,000
6,006,674
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
7/01/38
..................................................
700,000
662,910
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
7/01/39
..................................................
500,000
464,625
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
5
%
,
7/01/40
..................................................
1,000,000
1,018,037
Cordoba
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/37
........................................
1,000,000
848,679
Cross
Creek
North
Community
Development
District
,
Special
Assessment
,
2022
,
3.75
%
,
5/01/32
...................................................
460,000
454,322
East
Palm
Drive
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.1
%
,
6/15/44
.....................................
750,000
722,336
Everlands
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............................................
1,000,000
975,005
Florida
Development
Finance
Corp.
,
Brightline
Trains
Florida
LLC
,
Revenue
,
2024
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/44
.................................
20,000,000
19,589,312
c
Forest
Lake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
..................................
1,270,000
1,134,330
Greater
Orlando
Aviation
Authority
,
Revenue
,
2019
A
,
5
%
,
10/01/33
.......................................
10,500,000
10,918,247
Revenue
,
2019
A
,
4
%
,
10/01/37
.......................................
8,430,000
8,156,871
Harvest
Ridge
Community
Development
District
,
Special
Assessment
,
2024
,
4.375
%
,
5/01/31
.............................
240,000
240,912
Special
Assessment
,
2024
,
5.125
%
,
5/01/44
.............................
260,000
253,237
Special
Assessment
,
2024
,
5.375
%
,
5/01/54
.............................
650,000
625,434
Herons
Glen
Recreation
District
,
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/32
.............
185,000
175,838
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/33
.............
300,000
280,503
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/34
.............
245,000
223,797
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/35
.............
255,000
230,055
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/36
.............
260,000
230,919
Keys
Edge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.1
%
,
5/01/44
................................................
500,000
472,440
c
Knightsbridge
Community
Development
District
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
6/15/31
...................................................
215,000
216,158
Lakewood
Ranch
Stewardship
District
,
Assessments
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
.........................................................
485,000
474,504
Lee
County
Industrial
Development
Authority
,
Lee
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
4/01/37
........................................................
5,000,000
4,764,378
Lee
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
4/01/49
........................................................
12,000,000
9,914,299
b,c
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A-1
,
Mandatory
Put
,
5
%
,
5/01/33
......................................................
6,965,000
6,277,206
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
5.45
%
,
5/01/32
...................................................
1,000,000
1,059,087
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/28
.....
$
1,000,000
$
1,018,399
Orlando
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/30
.....
2,875,000
2,917,753
Orlando
Utilities
Commission
,
Revenue
,
2018
A
,
5
%
,
10/01/33
.................
1,755,000
1,818,071
c
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
12/15/41
........................................................
1,000,000
824,269
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
4.2
%
,
5/01/33
...............................
800,000
802,606
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
2,000,000
1,954,333
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/31
.....................................
500,000
463,933
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
....................................
6,600,000
6,666,460
State
of
Florida
,
GO
,
2015
E
,
Refunding
,
4
%
,
6/01/33
...................................
11,855,000
11,855,000
GO
,
2017
C
,
Refunding
,
4
%
,
6/01/32
...................................
7,855,000
7,943,326
GO
,
2017
C
,
Refunding
,
4
%
,
6/01/33
...................................
5,000,000
5,048,125
c
Summerstone
Community
Development
District
,
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.15
%
,
5/01/41
...............................
725,000
597,785
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
4
%
,
10/01/32
..........
2,855,000
2,865,014
c
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
4
%
,
5/01/34
............................
1,000,000
974,211
Special
Assessment
,
144A,
2024
,
4.2
%
,
5/01/39
..........................
1,000,000
935,466
Phase
I
,
Special
Assessment
,
144A,
2023
,
4.85
%
,
5/01/38
...................
845,000
850,156
166,196,998
Georgia
4.2%
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/32
900,000
912,016
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/33
565,000
569,022
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/34
450,000
451,210
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/35
865,000
861,407
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/36
1,400,000
1,379,201
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/32
250,000
253,338
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/33
250,000
251,784
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/34
275,000
275,729
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/35
275,000
273,858
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/36
275,000
270,914
DeKalb
County
Housing
Authority
,
HADC
Avenues
LLC
,
Revenue
,
2024
,
Refunding
,
4.125
%
,
12/01/34
..................................................
2,500,000
2,417,562
Development
Authority
for
Fulton
County
,
Spelman
College
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/28
...................
3,785,000
3,785,000
Spelman
College
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/29
...................
4,385,000
4,385,000
Spelman
College
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/30
...................
4,805,000
4,805,000
b
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
......................
2,375,000
2,266,612
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/28
........................................................
2,100,000
2,161,462
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/29
........................................................
2,000,000
2,055,740
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/30
........................................................
1,000,000
1,024,149
b
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2021
C
,
Mandatory
Put
,
4
%
,
12/01/28
...........................
5,000,000
5,006,682
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
10,000,000
9,919,338
Revenue
,
2022
B
,
Mandatory
Put
,
5
%
,
6/01/29
............................
10,200,000
10,531,996
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
b
Main
Street
Natural
Gas,
Inc.,
(continued)
c
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
$
12,000,000
$
11,929,145
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
11,495,000
12,038,472
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2019
A
,
5
%
,
1/01/30
........................................
1,000,000
1,049,400
Revenue
,
2019
A
,
5
%
,
1/01/31
........................................
600,000
628,657
Revenue
,
2019
A
,
5
%
,
1/01/32
........................................
500,000
522,896
Revenue
,
2019
A
,
5
%
,
1/01/33
........................................
1,000,000
1,043,191
Revenue
,
2019
B
,
5
%
,
1/01/29
........................................
500,000
519,237
Revenue
,
2019
B
,
5
%
,
1/01/30
........................................
480,000
497,579
Revenue
,
2019
B
,
5
%
,
1/01/31
........................................
700,000
723,683
Revenue
,
2019
B
,
5
%
,
1/01/32
........................................
750,000
773,922
Revenue
,
2019
B
,
5
%
,
1/01/33
........................................
1,045,000
1,075,656
Revenue
,
2019
B
,
5
%
,
1/01/34
........................................
700,000
718,619
85,377,477
Hawaii
0.2%
State
of
Hawaii
,
Airports
System
,
Revenue
,
2020
A
,
4
%
,
7/01/35
................
4,420,000
4,360,616
Idaho
0.1%
Boise
State
University
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
4/01/50
...............................
850,000
870,517
Revenue
,
2025
A
,
Refunding
,
5
%
,
4/01/54
...............................
825,000
840,209
1,710,726
Illinois
7.2%
Chicago
Board
of
Education
,
Dedicated
Capital
Improvement
Tax
,
Revenue
,
2023
,
5.25
%
,
4/01/40
...................................................
3,720,000
3,875,788
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2020
E
,
Refunding
,
4
%
,
1/01/34
.........................................................
5,345,000
5,377,937
Chicago
Park
District
,
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/32
..................................
1,500,000
1,589,197
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/33
..................................
3,000,000
3,167,047
GO
,
2020
F-2
,
Refunding
,
4
%
,
1/01/34
..................................
1,100,000
1,090,404
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/35
..................................
2,375,000
2,492,544
City
of
Berwyn
,
GO
,
2022
B
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/41
...........
6,000,000
5,651,200
City
of
Chicago
,
e
GO
,
1999
,
NATL
Insured
,
4.01
%,
1/01/31
................................
4,000,000
3,211,337
GO
,
2021
A
,
Refunding
,
5
%
,
1/01/33
...................................
9,500,000
9,877,413
GO
,
2021
A
,
Refunding
,
5
%
,
1/01/34
...................................
6,655,000
6,887,992
GO
,
2021
B
,
Refunding
,
4
%
,
1/01/35
...................................
4,295,000
4,072,985
GO
,
2021
B
,
Refunding
,
4
%
,
1/01/38
...................................
5,150,000
4,635,781
GO
,
2023
A
,
5
%
,
1/01/35
............................................
10,000,000
10,300,456
GO
,
2024
B
,
Refunding
,
5
%
,
1/01/35
...................................
5,575,000
5,852,992
City
of
Galesburg
,
Knox
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/36
...................
1,125,000
1,008,361
Knox
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/41
...................
1,475,000
1,215,964
Illinois
Finance
Authority
,
Carle
Foundation
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/15/40
12,645,000
11,338,587
f
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/28
.........
415,222
120,414
f
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/29
.........
428,867
124,372
f
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/30
.........
510,742
148,115
f
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/31
.........
426,918
123,806
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/15/35
........................................................
500,000
500,000
Northwestern
University
,
Revenue
,
2015
,
5
%
,
12/01/28
.....................
1,675,000
1,788,218
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Illinois
Finance
Authority,
(continued)
c
Rosalind
Franklin
University
of
Medicine
and
Science
,
Revenue
,
144A,
2025
,
5.25
%
,
8/01/35
........................................................
$
5,000,000
$
5,012,767
e
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2002
A
,
BAM,
NATL
RE
Insured
,
4.53
%,
12/15/37
...................................................
13,045,000
7,482,729
Northern
Illinois
University
,
Revenue
,
2021
,
BAM
Insured
,
4
%
,
10/01/41
.............................
400,000
362,150
Revenue
,
2021
,
BAM
Insured
,
4
%
,
10/01/43
.............................
2,075,000
1,847,754
State
of
Illinois
,
GO
,
2019
B
,
4
%
,
11/01/38
...........................................
4,680,000
4,317,332
GO
,
2020
C
,
4
%
,
10/01/37
...........................................
8,170,000
7,700,593
GO
,
2021
A
,
5
%
,
3/01/46
............................................
2,000,000
1,990,422
GO
,
2022
A
,
5
%
,
3/01/29
............................................
6,385,000
6,715,026
GO
,
2022
B
,
5
%
,
10/01/30
...........................................
10,000,000
10,668,071
GO
,
2022
C
,
5.5
%
,
10/01/40
.........................................
3,700,000
3,926,724
GO
,
2024
C
,
4
%
,
10/01/39
...........................................
2,500,000
2,277,979
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
4,931,172
Village
of
Bellwood
,
Tax
Allocation
,
2024
,
5
%
,
12/01/50
.......................
2,750,000
2,617,657
144,301,286
Indiana
1.6%
Indiana
Finance
Authority
,
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/32
.....................
650,000
687,594
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/33
.....................
830,000
875,472
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/38
.....................
1,600,000
1,632,429
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/26
..
1,065,000
1,053,095
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/27
..
1,150,000
1,133,591
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/28
..
1,235,000
1,215,176
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/29
..
1,330,000
1,306,041
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/30
..
1,425,000
1,396,801
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
4.3
%
,
5/01/29
...
750,000
753,663
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5.25
%
,
5/01/45
..
1,000,000
971,069
State
Revolving
Fund
,
Revenue
,
2018
A
,
5
%
,
2/01/35
......................
6,795,000
7,036,557
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue
,
2021
A
,
Refunding
,
AGMC
Insured
,
4
%
,
6/01/37
..........................................
14,000,000
13,857,103
31,918,591
Iowa
1.1%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/32
....
680,000
684,199
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/36
....
650,000
652,084
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/41
....
350,000
345,955
b
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
3.581
%
,
5/15/26
.....................................
3,250,000
3,144,847
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
2,500,000
2,798,726
Iowa
Higher
Education
Loan
Authority
,
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/31
.
1,800,000
1,914,803
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/32
.
1,920,000
2,031,647
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/33
.
2,030,000
2,135,637
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/34
.
2,135,000
2,234,872
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/35
.
1,250,000
1,301,998
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/36
.
2,470,000
2,560,582
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/37
.
2,595,000
2,676,620
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Iowa
(continued)
Iowa
Tobacco
Settlement
Authority
,
Revenue
,
2021
B-1
,
2
,
Refunding
,
4
%
,
6/01/49
..
$
150,000
$
150,000
22,631,970
Kentucky
2.2%
Eastern
Kentucky
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/29
..............................
1,355,000
1,379,026
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/30
..............................
1,410,000
1,436,259
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/31
..............................
1,470,000
1,489,595
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/35
1,000,000
1,033,880
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/36
1,000,000
1,028,010
Kentucky
Municipal
Energy
Agency
,
Revenue
,
2025
,
AGMC
Insured
,
5
%
,
1/01/55
...
14,000,000
14,176,611
Kentucky
Municipal
Power
Agency
,
Revenue
,
2016
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/34
....................
6,500,000
6,578,686
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/31
...............................
1,500,000
1,555,032
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/32
...............................
1,600,000
1,653,160
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/33
...............................
1,000,000
1,030,026
Kentucky
State
Property
&
Building
Commission
,
Commonwealth
of
Kentucky
,
Revenue
,
BAM
Insured
,
5
%
,
5/01/32
...................................
2,000,000
2,097,903
Paducah
Electric
Plant
Board
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/29
..................
5,500,000
5,630,767
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/31
..................
5,500,000
5,613,435
44,702,390
Louisiana
3.2%
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/35
...............................
1,310,000
1,314,863
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/36
...............................
2,000,000
1,997,946
Jefferson
Sales
Tax
District
,
Revenue
,
2019
B
,
AGMC
Insured
,
4
%
,
12/01/36
.......
6,000,000
5,996,902
Lafayette
Consolidated
Government
,
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/27
...................
3,500,000
3,525,719
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/29
...................
4,685,000
4,717,298
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
c
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
9,130,000
7,792,777
Louisiana
Utilities
Restoration
Corp.
ELL
System
Restoration
,
Revenue
,
2022
A
,
3.615
%
,
2/01/29
.................................................
5,760,041
5,700,770
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
6,295,000
6,207,625
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.5
%
,
9/01/59
......
5,650,000
5,742,244
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/29
........................................................
10,000
10,178
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/30
........................................................
5,000
5,089
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/32
........................................................
15,000
15,267
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/28
1,000,000
1,028,266
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/29
2,000,000
2,053,467
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/30
2,250,000
2,308,306
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/31
1,745,000
1,786,373
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/32
1,750,000
1,788,491
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/33
2,000,000
2,039,344
Tulane
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
4/01/38
.................
3,120,000
3,242,280
Port
New
Orleans
Board
of
Commissioners
,
Revenue
,
2020
E
,
5
%
,
4/01/35
........................................
1,000,000
1,028,528
Revenue
,
2020
E
,
5
%
,
4/01/36
........................................
1,495,000
1,531,847
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Port
New
Orleans
Board
of
Commissioners,
(continued)
Revenue
,
2020
E
,
5
%
,
4/01/37
........................................
$
1,065,000
$
1,088,225
Revenue
,
2020
E
,
5
%
,
4/01/38
........................................
1,000,000
1,018,482
Revenue
,
2020
E
,
5
%
,
4/01/39
........................................
2,750,000
2,791,533
64,731,820
Maine
0.3%
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
7/01/35
................
1,000,000
1,054,226
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/36
................
1,000,000
995,021
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/37
................
1,150,000
1,127,885
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/38
................
2,690,000
2,591,198
5,768,330
Maryland
3.2%
City
of
Baltimore
,
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/29
.....................
1,000,000
1,027,691
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/30
.....................
2,940,000
3,013,550
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/31
.....................
2,085,000
2,135,495
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/32
.....................
3,240,000
3,314,479
Wastewater
Utility
Fund
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
7/01/32
............
5,905,000
6,040,741
Wastewater
Utility
Fund
,
Revenue,
Senior
Lien
,
D
,
Refunding
,
5
%
,
7/01/28
......
2,790,000
2,794,136
Wastewater
Utility
Fund
,
Revenue,
Senior
Lien
,
D
,
Refunding
,
5
%
,
7/01/29
......
5,835,000
5,842,899
Water
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/29
.........................
1,320,000
1,356,551
Water
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/30
.........................
1,785,000
1,829,655
Water
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/31
.........................
3,765,000
3,856,181
Water
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/32
.........................
4,000,000
4,091,950
Maryland
Community
Development
Administration
,
Residential
,
Revenue
,
2019
B
,
Refunding
,
3
%
,
9/01/34
.............................................
5,000,000
4,510,561
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
3.25
%
,
7/01/39
500,000
390,379
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/40
..
300,000
272,152
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/30
............................................
8,520,000
8,814,356
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/31
............................................
7,415,000
7,640,444
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/28
...............
1,000,000
1,025,841
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/29
...............
1,340,000
1,382,021
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/30
...............
2,810,000
2,905,674
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/31
...............
1,480,000
1,531,984
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/32
...............
1,550,000
1,595,626
65,372,366
Massachusetts
1.8%
Commonwealth
of
Massachusetts
,
GO
,
A
,
Refunding
,
5
%
,
7/01/28
.......................................
7,500,000
7,511,487
GO
,
A
,
Refunding
,
5
%
,
7/01/29
.......................................
6,000,000
6,009,190
Massachusetts
Development
Finance
Agency
,
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/38
...........................
845,000
897,110
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/40
...........................
1,100,000
1,147,286
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/43
...........................
1,000,000
1,019,127
Tufts
Medicine
Obligated
Group
,
Revenue
,
2020
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/32
.......................................................
450,000
480,946
Tufts
Medicine
Obligated
Group
,
Revenue
,
2020
C
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/33
.......................................................
525,000
557,508
Massachusetts
Water
Resources
Authority
,
Revenue
,
C
,
Refunding
,
5
%
,
8/01/32
....
13,920,000
14,472,279
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)
Massachusetts
(continued)
University
of
Massachusetts
Building
Authority
,
Revenue
,
2017-3
,
Refunding
,
5
%
,
11/01/32
........................................................
$
5,000,000
$
5,199,528
37,294,461
Michigan
1.6%
Detroit
Downtown
Development
Authority
,
Catalyst
Development
Area
,
Tax
Allocation
,
2024
,
Refunding
,
5
%
,
7/01/48
........................................
5,000,000
5,039,331
Lansing
Board
of
Water
&
Light
,
Revenue
,
2019
A
,
5
%
,
7/01/36
.................
4,645,000
4,893,952
Lansing
School
District
,
GO
,
2016
I
,
5
%
,
5/01/30
.............................................
1,860,000
1,891,595
GO
,
2016
I
,
5
%
,
5/01/31
.............................................
2,010,000
2,042,503
GO
,
2016
I
,
5
%
,
5/01/32
.............................................
2,310,000
2,345,264
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group
,
Revenue
,
1999
B-3
,
Pre-Refunded
,
4
%
,
11/15/33
.
5,100,000
5,196,913
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2008
C
,
Refunding
,
5
%
,
12/01/31
.
2,700,000
2,793,509
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2008
C
,
5
%
,
12/01/32
..........
1,115,000
1,150,488
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2008
C
,
Pre-Refunded
,
5
%
,
12/01/32
135,000
140,426
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
3
%
,
10/01/39
..
3,500,000
2,871,463
b
Michigan
Strategic
Fund
,
Consumers
Energy
Co.
,
Revenue
,
2005
,
Mandatory
Put
,
0.875
%
,
10/08/26
..................................................
5,000,000
4,690,718
33,056,162
Mississippi
0.3%
c
Mississippi
Development
Bank
,
County
of
Hancock
,
Revenue
,
144A,
2019
,
4.55
%
,
11/01/39
........................................................
1,745,000
1,708,064
c
Mississippi
Home
Corp.
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
...................................
5,000,000
4,931,172
6,639,236
Missouri
1.4%
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
2,479,217
Mercy
Health
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
6/01/31
....................
12,500,000
13,131,206
Southeast
Missouri
State
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/33
.................................
2,745,000
2,756,165
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/34
.................................
2,180,000
2,175,376
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/35
.................................
1,575,000
1,575,542
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/36
.................................
3,205,000
3,168,392
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/37
.................................
2,000,000
1,948,697
27,234,595
Nebraska
0.3%
b
Central
Plains
Energy
Project
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
10/01/29
.....
5,000,000
5,158,519
New
Hampshire
0.3%
New
Hampshire
Business
Finance
Authority
,
d
Revenue
,
FRN
,
2024-3
,
A
,
4.163
%
,
10/20/41
.............................
1,492,474
1,316,484
Roseville
Sustainable
Energy
Partner
LLC
,
Revenue
,
2024
D
,
6.129
%
,
7/01/38
...
4,080,000
4,022,718
5,339,202
New
Jersey
1.7%
New
Jersey
Economic
Development
Authority
,
State
of
New
Jersey
,
Revenue
,
2019
LLL
,
5
%
,
6/15/39
......................
1,000,000
1,018,780
State
of
New
Jersey
,
Revenue
,
2022
A
,
5
%
,
11/01/39
.......................
16,000,000
16,576,414
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
5,000,000
5,055,315
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)
New
Jersey
(continued)
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/30
...............
$
900,000
$
926,336
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/31
...............
1,080,000
1,108,463
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
3.5
%
,
12/01/39
...................
2,310,000
2,189,929
Revenue,
Senior
Lien
,
2020
B
,
3.5
%
,
12/01/39
............................
1,075,000
1,022,649
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/36
...........................................
6,200,000
6,054,146
33,952,032
New
Mexico
0.6%
Aspire
Public
Improvement
District
,
Special
Tax
,
2024
,
5.05
%
,
10/01/44
....................................
525,000
474,952
Special
Tax
,
2024
,
5.3
%
,
10/01/53
.....................................
800,000
722,912
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
A
,
Refunding
,
2.15
%
,
4/01/33
...................................................
13,500,000
11,219,113
12,416,977
New
York
3.9%
g
Build
NYC
Resource
Corp.
,
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/43
......................
1,230,000
1,278,790
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/45
......................
400,000
411,999
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/55
......................
500,000
505,239
City
of
New
York
,
GO
,
2017
A-1
,
5
%
,
8/01/29
..........................................
10,000,000
10,202,741
GO
,
2019
E
,
Refunding
,
5
%
,
8/01/34
...................................
3,500,000
3,669,342
GO
,
2021
C
,
4
%
,
8/01/37
............................................
5,000,000
4,939,901
GO
,
2023
A-1
,
4
%
,
9/01/46
..........................................
5,000,000
4,434,284
Metropolitan
Transportation
Authority
,
b
Revenue
,
2015
A-2
,
Mandatory
Put
,
5
%
,
5/15/30
..........................
7,000,000
7,294,100
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/34
..............................
3,265,000
3,316,183
Revenue
,
2017
B
,
Refunding
,
5
%
,
11/15/26
..............................
2,140,000
2,195,408
Revenue
,
2017
C-1
,
Refunding
,
5
%
,
11/15/31
............................
1,870,000
1,934,706
Revenue
,
2017
C-1
,
Refunding
,
4
%
,
11/15/37
............................
2,500,000
2,386,125
New
York
City
Industrial
Development
Agency
,
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
3/01/36
.................................
2,500,000
2,252,315
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2025
BB
,
5.25
%
,
6/15/55
............................................
15,000,000
15,613,093
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2020
C
,
4
%
,
5/01/37
......................................................
1,400,000
1,381,926
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
2,340,000
2,149,642
New
York
State
Dormitory
Authority
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2018
A
,
Pre-Refunded
,
5
%
,
3/15/32
....................................
5,000
5,314
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
6
%
,
4/01/35
.........................................................
4,275,000
4,643,692
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
234
,
Refunding
,
5.25
%
,
8/01/42
.
2,500,000
2,589,642
Troy
Capital
Resource
Corp.
,
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/30
......
2,900,000
3,102,719
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/34
......
4,425,000
4,646,926
78,954,087
North
Carolina
0.1%
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/25
..............................
125,000
125,000
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/27
..............................
450,000
462,481
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/28
..............................
500,000
515,981
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)
North
Carolina
(continued)
North
Carolina
State
Education
Assistance
Authority,
(continued)
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/29
..............................
$
350,000
$
365,669
1,469,131
North
Dakota
0.3%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/29
..
1,600,000
1,666,987
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/30
..
1,600,000
1,674,230
City
of
Horace
,
GO
,
2024
C
,
Refunding
,
4.75
%
,
5/01/44
......................
1,100,000
1,045,279
North
Dakota
Housing
Finance
Agency
,
Revenue
,
2024
C
,
5
%
,
7/01/42
...........
2,240,000
2,308,888
6,695,384
Ohio
1.7%
Columbus
Metropolitan
Housing
Authority
,
Revenue
,
2024
,
4
%
,
12/01/34
..........
5,500,000
5,411,292
County
of
Franklin
,
Ohio
Living
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5
%
,
7/01/31
.........................................................
5,000,000
5,088,618
c
Ohio
Housing
Finance
Agency
,
Revenue
,
144A,
2023
B
,
6
%
,
2/01/26
...................................
4,100,000
4,104,435
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
B
,
6.25
%
,
3/01/26
...........
6,850,000
6,866,034
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue
,
2024
B
,
Refunding
,
AGMC
Insured
,
4.375
%
,
12/01/58
...........................................
12,535,000
11,242,690
State
of
Ohio
,
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/36
.....................................................
905,000
858,005
33,571,074
Oregon
1.3%
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO
,
B
,
5
%
,
6/15/32
....
3,725,000
3,836,793
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
...
5,240,000
5,288,045
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/36
.......................................
1,300,000
1,354,070
Oregon
State
Facilities
Authority
,
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/25
.......................................................
425,000
426,391
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/26
.......................................................
150,000
152,187
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/28
.......................................................
325,000
337,683
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/29
.......................................................
600,000
627,162
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
.......................................................
275,000
283,782
Willamette
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
.............
2,000,000
1,546,900
Salem
Hospital
Facility
Authority
,
Salem
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/34
.............................................
3,780,000
3,931,452
Salem-Keizer
School
District
No.
24J
,
GO
,
2020
C
,
4
%
,
6/15/37
................
5,620,000
5,653,799
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
2,429,327
25,867,591
Pennsylvania
3.2%
Allegheny
County
Airport
Authority
,
Revenue
,
2023
A
,
AGMC
Insured
,
5.5
%
,
1/01/41
..........................
1,000,000
1,063,483
Revenue
,
2023
A
,
AGMC
Insured
,
5.5
%
,
1/01/42
..........................
1,000,000
1,056,847
Allegheny
County
Hospital
Development
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/15/33
............
4,000,000
4,176,681
UPMC
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/15/34
............
1,000,000
1,040,833
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)
Pennsylvania
(continued)
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/28
.................................
$
600,000
$
622,467
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/29
.................................
600,000
626,989
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/30
.................................
700,000
735,475
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/31
.................................
675,000
713,925
City
of
Philadelphia
,
Water
&
Wastewater
,
Revenue
,
2024
C
,
AGMC
Insured
,
5.25
%
,
9/01/54
.........................................................
8,000,000
8,288,388
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
4/15/34
.....................
1,750,000
1,839,506
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
4/15/35
.....................
1,450,000
1,517,461
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/40
............
2,525,000
2,310,762
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/41
............
2,375,000
2,145,892
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/42
............
2,815,000
2,510,868
b
Waste
Management
Obligated
Group
,
Revenue
,
2009
,
Mandatory
Put
,
0.95
%
,
12/01/26
.......................................................
3,000,000
2,870,454
b
Waste
Management,
Inc.
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
1.1
%
,
11/02/26
.......................................................
6,750,000
6,488,789
Pennsylvania
Higher
Educational
Facilities
Authority
,
Drexel
University
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/39
.....
6,950,000
7,162,645
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2017
A
,
4
%
,
8/15/34
....................................................
5,895,000
5,868,527
Pennsylvania
State
University
(The)
,
Revenue
,
A
,
5
%
,
9/01/30
.................
4,000,000
4,157,768
Philadelphia
Authority
for
Industrial
Development
,
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/40
........................................
300,000
296,333
Philadelphia
Gas
Works
Co.
,
Revenue
,
15th
,
Refunding
,
5
%
,
8/01/30
.................................
2,000,000
2,061,522
Revenue
,
15th
,
Refunding
,
5
%
,
8/01/31
.................................
4,030,000
4,145,600
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2021
A
,
BAM
Insured
,
2.799
%
,
9/01/33
.................................
2,425,000
2,089,975
63,791,190
Rhode
Island
0.1%
State
of
Rhode
Island
,
GO
,
2019
C
,
4
%
,
1/15/34
............................
1,520,000
1,538,856
South
Carolina
3.9%
c
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.625
%
,
11/01/31
...............................
1,000,000
874,009
b
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
27,500,000
28,964,312
South
Carolina
Jobs-Economic
Development
Authority
,
c
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
6,400,000
5,358,392
c
Revenue
,
144A,
2021
A-2
,
5.3
%
,
12/01/29
...............................
1,805,000
1,680,520
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
7,400,000
6,195,641
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
11/01/43
...
4,500,000
4,662,924
c,e
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
2.603
%,
6/01/37
..
11,000,000
8,697,498
Novant
Health
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
11/01/50
.............
4,000,000
4,146,627
Novant
Health
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
11/01/54
.............
3,400,000
3,507,912
Prisma
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
5/01/33
......
6,000,000
6,181,912
South
Carolina
Public
Service
Authority
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/31
..............................
2,355,000
2,548,167
Revenue
,
2025
A
,
5
%
,
12/01/55
.......................................
1,750,000
1,732,852
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/25
..................................
3,300,000
3,289,834
77,840,600
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)
South
Dakota
0.6%
County
of
Turner
,
GO
,
2025
,
4.35
%
,
12/01/44
..........................................
$
3,330,000
$
3,168,953
GO
,
2025
,
4.5
%
,
12/01/49
...........................................
4,520,000
4,219,382
Huron
School
District
No.
2-2
,
GO
,
2024
,
5
%
,
8/01/39
.............................................
1,940,000
2,048,595
GO
,
2024
,
4
%
,
8/01/44
.............................................
1,700,000
1,507,144
South
Dakota
Health
&
Educational
Facilities
Authority
,
Presbyterian
Retirement
Village
of
Rapid
City,
Inc.
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/41
..................
1,150,000
850,648
11,794,722
Tennessee
1.7%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/35
................
2,550,000
2,636,394
b
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
21,895,000
22,959,312
Tennessee
State
School
Bond
Authority
,
Revenue
,
2015
B
,
5
%
,
11/01/28
.........
8,180,000
8,234,028
33,829,734
Texas
6.7%
Arlington
Higher
Education
Finance
Corp.
,
Leadership
Prep
School
,
Revenue
,
2024
,
PSF
Guaranty
,
4
%
,
6/15/49
..........
250,000
220,148
Leadership
Prep
School
,
Revenue
,
2024
,
PSF
Guaranty
,
4.125
%
,
6/15/54
.......
475,000
418,779
Leadership
Prep
School
,
Revenue
,
2024
,
PSF
Guaranty
,
4.25
%
,
6/15/59
........
1,000,000
893,865
Bexar
Management
And
Development
Corp.
,
Oso
Apartments
Ltd.
,
Revenue
,
2024
,
FNMA
Insured
,
4.61
%
,
7/01/44
........................................
8,250,000
8,146,800
Central
Texas
Turnpike
System
,
Revenue,
Second
Tier
,
2024
C
,
Refunding
,
5
%
,
8/15/31
.........................................................
2,000,000
2,191,464
c
City
of
Celina
,
Mosaic
Public
Improvement
District
Phase
No.
1B
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
.........................................
360,000
334,613
City
of
Dallas
,
Waterworks
&
Sewer
System
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/30
........
1,500,000
1,556,037
Waterworks
&
Sewer
System
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/31
........
2,500,000
2,589,690
Waterworks
&
Sewer
System
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/32
........
1,000,000
1,033,982
City
of
El
Paso
,
GO
,
2020
A
,
Refunding
,
4
%
,
8/15/35
...................................
1,000,000
997,301
GO
,
2020
A
,
Refunding
,
4
%
,
8/15/36
...................................
1,000,000
985,680
c
City
of
Kyle
,
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3B
,
Special
Assessment
,
144A,
2025
,
4.375
%
,
9/01/35
...............................
722,000
701,044
City
of
Lubbock
,
GO
,
2024
,
5
%
,
2/15/42
.............................................
4,130,000
4,316,173
GO
,
2024
,
5
%
,
2/15/43
.............................................
4,350,000
4,522,947
GO
,
2024
,
5
%
,
2/15/44
.............................................
2,205,000
2,282,209
Clifton
Higher
Education
Finance
Corp.
,
Southwestern
University
,
Revenue
,
2022
,
4
%
,
8/15/42
.........................................................
10,535,000
9,681,673
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/31
..........................................
60,000
65,421
County
of
Harris
,
Toll
Road
,
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
8/15/32
.............
2,500,000
2,605,341
Toll
Road
,
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
8/15/33
.............
2,500,000
2,598,515
Dallas
Convention
Center
Hotel
Development
Corp.
,
Revenue
,
2009
B
,
7.088
%
,
1/01/42
.........................................................
8,715,000
9,471,249
Ector
County
Hospital
District
,
GO
,
2020
,
Refunding
,
5
%
,
9/15/29
.....................................
800,000
824,727
GO
,
2020
,
Refunding
,
5
%
,
9/15/30
.....................................
745,000
771,203
GO
,
2020
,
Refunding
,
5
%
,
9/15/31
.....................................
450,000
463,430
GO
,
2020
,
Refunding
,
5
%
,
9/15/32
.....................................
600,000
615,833
GO
,
2020
,
Refunding
,
5
%
,
9/15/33
.....................................
650,000
664,266
GO
,
2020
,
Refunding
,
4
%
,
9/15/34
.....................................
650,000
599,316
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)
Texas
(continued)
Ector
County
Hospital
District,
(continued)
GO
,
2020
,
Refunding
,
4
%
,
9/15/35
.....................................
$
700,000
$
635,902
EP
Cimarron
Ventanas
PFC
,
Revenue
,
2024
,
Refunding
,
4.125
%
,
12/01/39
........
4,020,000
3,755,012
EP
Royal
Estates
PFC
,
Revenue
,
2024
,
4.25
%
,
10/01/39
.....................
1,000,000
939,517
Houston
Higher
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2025
,
5.125
%
,
10/01/51
..................................................
725,000
676,317
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2
%
,
9/01/28
.............................................
155,000
140,265
GO
,
2021
,
2
%
,
9/01/29
.............................................
155,000
136,197
GO
,
2024
,
AGMC
Insured
,
4
%
,
9/01/39
.................................
935,000
889,622
GO
,
2024
,
AGMC
Insured
,
4.25
%
,
9/01/43
...............................
715,000
662,693
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/34
200,000
174,638
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/35
225,000
210,335
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/36
250,000
230,838
Lake
View
Management
and
Development
District
,
GO
,
2024
,
BAM
Insured
,
4
%
,
2/15/44
...................................
1,000,000
889,628
GO
,
2024
,
BAM
Insured
,
4.125
%
,
2/15/49
...............................
1,725,000
1,495,164
c
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
3,870,189
2,814,776
Lower
Colorado
River
Authority
,
Revenue
,
2022
,
Refunding
,
AGMC
Insured
,
4
%
,
5/15/40
.........................................................
5,000,000
4,700,306
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System
,
Revenue,
First
Tier
,
A
,
Refunding
,
4
%
,
1/01/33
.............................................
5,000,000
5,034,856
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
12/01/37
...........
11,900,000
10,000,264
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/37
......
635,000
571,843
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/39
......
2,435,000
2,108,723
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/40
......
2,000,000
1,695,435
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/27
................................
1,000,000
1,027,991
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/30
................................
10,000,000
10,465,718
b
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
A
,
Mandatory
Put
,
5.5
%
,
1/01/30
....................................................
19,500,000
20,611,467
c
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
9/01/31
.........................
281,000
249,052
Town
of
Trophy
Club
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
9/01/30
........................................................
264,000
275,612
Public
Improvement
District
No.
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
9/01/32
........................................................
252,000
263,913
Travis
County
Development
Authority
,
Special
Assessment
,
2025
,
5
%
,
9/01/44
.....
500,000
471,975
Westpointe
Special
Improvement
District
,
GO
,
2024
,
BAM
Insured
,
5
%
,
8/15/37
...................................
450,000
467,040
GO
,
2024
,
BAM
Insured
,
5
%
,
8/15/45
...................................
1,000,000
997,611
GO
,
2024
,
BAM
Insured
,
5
%
,
8/15/49
...................................
1,095,000
1,072,280
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
2
%
,
8/15/29
.....................................
290,000
262,790
GO,
Sub.
Lien
,
2021
,
2.25
%
,
8/15/31
...................................
300,000
261,849
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/33
.....................................
315,000
278,629
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/35
.....................................
335,000
285,775
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/37
.....................................
355,000
286,972
134,592,711
Utah
0.1%
City
of
Lehi
,
Franchise
&
Sales
Tax
,
Revenue
,
2021
,
AGMC
Insured
,
4
%
,
2/01/48
...
3,000,000
2,602,252
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)
Utah
(continued)
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
4
%
,
10/15/35
.....................
$
400,000
$
381,327
2,983,579
Virginia
0.9%
Virginia
Public
Building
Authority
,
Commonwealth
of
Virginia
,
Revenue
,
B
,
4
%
,
8/01/29
9,605,000
9,698,905
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/32
........................................................
2,500,000
2,465,765
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
7/01/32
........................................................
2,000,000
1,965,979
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
1/01/35
....................................................
3,000,000
3,100,155
17,230,804
Washington
3.0%
City
of
Seattle
,
Drainage
&
Wastewater
,
Revenue
,
2014
,
Refunding
,
5
%
,
5/01/26
..............
2,995,000
2,998,059
Municipal
Light
&
Power
,
Revenue
,
2017
C
,
Refunding
,
4
%
,
9/01/34
............
5,300,000
5,328,724
Energy
Northwest
,
Bonneville
Power
Administration
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/35
.........................................................
7,000,000
7,369,960
Everett
Housing
Authority
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/37
..............
9,420,000
8,789,116
Vancouver
Housing
Authority
,
2200
Norris
LLLP
,
Revenue
,
2025
,
Refunding
,
4.125
%
,
12/01/39
..............
2,000,000
1,861,433
Cascara
Vancouver
LLLP
,
Revenue
,
2024
A
,
5
%
,
12/01/42
...................
2,500,000
2,396,310
Esther
Cougar
Rehab
LLLP
,
Revenue
,
2024
B
,
4.5
%
,
10/01/42
...............
2,000,000
1,939,058
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/35
..
2,400,000
2,402,410
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/36
1,200,000
1,233,612
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/35
1,665,000
1,721,410
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/36
3,250,000
3,341,033
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/38
........................................................
1,000,000
1,033,787
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/39
........................................................
1,000,000
1,027,962
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/40
........................................................
1,000,000
1,021,761
c
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
3
%
,
12/01/35
.......................................................
440,000
388,469
Overlake
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
B
,
Refunding
,
5
%
,
7/01/30
........................................................
1,000,000
1,021,800
Overlake
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
B
,
Refunding
,
5
%
,
7/01/31
........................................................
1,925,000
1,964,532
Virginia
Mason
Medical
Center
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/31
........................................................
2,250,000
2,279,278
Virginia
Mason
Medical
Center
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/32
........................................................
1,605,000
1,621,471
Washington
State
Housing
Finance
Commission
,
Revenue
,
2021-1
,
A
,
3.5
%
,
12/20/35
...................................
6,573,856
6,103,799
c
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
B
,
5.3
%
,
1/01/30
.
940,000
890,880
c
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5
%
,
7/01/45
........................................................
2,250,000
2,223,323
c
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
5.625
%
,
7/01/38
........................................................
2,000,000
2,145,975
61,104,162
Wisconsin
4.2%
City
of
Milwaukee
,
Sewerage
System
,
Revenue
,
2021
S-2
,
Refunding
,
3
%
,
6/01/46
..
4,600,000
3,286,076
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)
Wisconsin
(continued)
Public
Finance
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/15/37
.......................................................
$
600,000
$
574,650
BlueHub
Loan
Fund,
Inc.
,
Revenue
,
2024
B
,
5.25
%
,
7/01/44
.................
8,200,000
8,431,394
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/29
..........
285,000
285,334
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/30
..........
200,000
199,542
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/31
..........
200,000
198,384
c
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
3,500,000
3,554,527
EMU
Campus
Living
LLC
,
Revenue
,
2022
A-1
,
BAM
Insured
,
5.375
%
,
7/01/47
....
7,000,000
7,097,780
c
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
5,925,000
6,094,440
c
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
A
,
3.8
%
,
12/01/37
5,600,000
4,697,235
c
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
B
,
5.75
%
,
12/01/27
.......................................................
1,240,000
1,222,753
KSU
Bixby
Real
Estate
Foundation
LLC
,
Revenue,
Senior
Lien
,
2025
A
,
5.25
%
,
6/15/50
........................................................
1,000,000
1,003,082
North
East
Carolina
Preparatory
School,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
6/15/44
........................................................
800,000
764,025
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
24,350,000
24,014,805
Renown
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/35
....................................................
2,100,000
2,033,081
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
.......
1,100,000
846,393
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/27
...........................................
195,000
194,906
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/28
...........................................
250,000
249,747
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/29
...........................................
320,000
318,764
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/30
...........................................
265,000
262,954
Wisconsin
Health
&
Educational
Facilities
Authority
,
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
2/15/34
........................................
600,000
601,987
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
2/15/35
........................................
1,000,000
1,000,961
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
2/15/36
........................................
600,000
598,574
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
2/15/37
........................................
600,000
592,006
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
2/15/54
11,500,000
12,047,842
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/28
....................................................
375,000
372,426
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/29
....................................................
390,000
386,248
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/30
....................................................
405,000
398,122
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/37
....................................................
1,460,000
1,341,453
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/41
......
1,650,000
1,403,348
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
8/15/44
.....
1,000,000
1,021,517
85,094,356
U.S.
Territories
1.0%
District
of
Columbia
0.9%
Washington
Metropolitan
Area
Transit
Authority
,
Revenue
,
2017
A-1
,
Refunding
,
5
%
,
7/01/30
.............................
5,185,000
5,366,434
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)
U.S.
Territories
(continued)
District
of
Columbia
(continued)
Washington
Metropolitan
Area
Transit
Authority,
(continued)
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
4.375
%
,
7/15/56
.................
$
505,000
$
449,439
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
4.375
%
,
7/15/59
.................
14,495,000
12,945,958
18,761,831
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
460,773
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/30
..
550,000
574,022
1,034,795
Total
U.S.
Territories
....................................................................
19,796,626
Total
Municipal
Bonds
(Cost
$
1,994,722,932
)
...................................
1,939,598,727
Total
Long
Term
Investments
(Cost
$
2,022,630,057
)
.............................
1,963,263,080
a
a
a
a
a
Short
Term
Investments
1.6%
Municipal
Bonds
1.6%
Arizona
0.2%
h
Arizona
Industrial
Development
Authority
,
Phoenix
Children's
Hospital
,
Revenue
,
2019
A
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3
%
,
2/01/48
............
1,100,000
1,100,000
h
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
Mayo
Clinic
Arizona
,
Revenue
,
2014
B
,
SPA
Northern
Trust
Co.
(The)
,
Daily
VRDN
and
Put
,
2.85
%
,
11/15/52
...................................................
1,600,000
1,600,000
2,700,000
California
0.2%
h
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2023
C-1
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
7/01/57
.........................
5,300,000
5,300,000
Georgia
0.3%
h
Roswell
Development
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2025
A
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
3.05
%
,
4/01/47
...............
5,500,000
5,500,000
Kentucky
0.0%
†
h
City
of
Berea
,
Berea
College
,
Revenue
,
2002
A
,
Daily
VRDN
and
Put
,
3
%
,
6/01/32
..
700,000
700,000
Missouri
0.8%
h
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
SSM
Health
Care
Obligated
Group
,
Revenue
,
2014
F
,
Daily
VRDN
and
Put
,
3.05
%
,
6/01/44
........
16,400,000
16,400,000
New
York
0.1%
h
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2022
DD
,
Refunding
,
Daily
VRDN
and
Put
,
3
%
,
6/15/33
.....................
1,400,000
1,400,000
Oregon
0.0%
†
h
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
8/01/34
.............
800,000
800,000
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.
40
See
Abbreviations
on
page
200
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Pennsylvania
0.0%
†
h
General
Authority
of
Southcentral
Pennsylvania
,
WellSpan
Health
Obligated
Group
,
Revenue
,
2019
E
,
Refunding
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.85
%
,
6/01/35
.........................................................
$
300,000
$
300,000
Total
Municipal
Bonds
(Cost
$
33,100,000
)
......................................
33,100,000
Total
Short
Term
Investments
(Cost
$
33,100,000
)
................................
33,100,000
a
Total
Investments
(Cost
$
2,055,730,057
)
98.9
%
..................................
$1,996,363,080
Other
Assets,
less
Liabilities
1.1
%
.............................................
22,004,372
Net
Assets
100.0%
...........................................................
$2,018,367,452
†
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$217,499,472,
representing
10.8%
of
net
assets.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
The
rate
shown
represents
the
yield
at
period
end.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
Security
purchased
on
a
when-issued
basis.
h
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
a
a
Shares
a
Value
a
Management
Investment
Companies
3.0%
Capital
Markets
3.0%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
1,160,000
$
26,651,116
Total
Management
Investment
Companies
(Cost
$
29,435,600
)
....................
26,651,116
Principal
Amount
a
a
a
a
Corporate
Bonds
0.1%
Electric
Utilities
0.1%
b
,c
AES
Puerto
Rico
LP
,
144A,
12.5
%
,
3/04/26
................................
$
539,723
539,723
Total
Corporate
Bonds
(Cost
$
533,041
)
........................................
539,723
Senior
Floating
Rate
Interests
2.9%
Real
Estate
Management
&
Development
2.9%
d
Baytown
Leased
Housing
Associates
II
LP,
First
Lien,
Project
CME
Term
Loan
,
6.575
%
,
(
1-month
SOFR
+
2.251
%
),
8/01/40
....................................
25,110,000
25,139,708
Total
Senior
Floating
Rate
Interests
(Cost
$
25,110,000
)
..........................
25,139,708
Municipal
Bonds
89.9%
Alabama
6.8%
e
Black
Belt
Energy
Gas
District
,
Revenue
,
2019
A-1
,
Mandatory
Put
,
4
%
,
12/01/25
.........................
5,000,000
5,000,837
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/26
...........................
5,000,000
4,990,028
Revenue
,
2022
E
,
Mandatory
Put
,
5
%
,
6/01/28
............................
4,000,000
4,125,569
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
10,000,000
10,590,963
Revenue
,
2023
D-3
,
Refunding
,
Mandatory
Put
,
4.738
%
,
2/01/29
..............
5,000,000
5,098,433
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
2,000,000
2,109,021
Revenue
,
2024
C
,
Mandatory
Put
,
5
%
,
7/01/31
...........................
10,000,000
10,401,413
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5
%
,
10/01/33
............
2,500,000
2,727,053
e
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
4,285,000
4,577,273
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
3,500,000
3,793,369
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
3,992,320
e
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2025
B
,
Mandatory
Put
,
5.25
%
,
1/01/33
...................................................
1,575,000
1,626,257
Special
Care
Facilities
Financing
Authority
of
the
City
of
Pell
City
Alabama
,
Noland
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/26
.................
1,030,000
1,048,154
60,080,690
Arizona
1.4%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/25
.........................
1,000,000
1,002,880
c
Maricopa
County
Industrial
Development
Authority
,
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
..........................
8,345,000
8,551,739
Scottsdale
Municipal
Property
Corp.
,
City
of
Scottsdale
Excise
Tax
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
7/01/28
..........................................
2,325,000
2,328,465
11,883,084
Arkansas
0.2%
Arkansas
Development
Finance
Authority
,
Washington
Regional
Medical
Center
,
Revenue
,
2024
,
5
%
,
2/01/27
............
735,000
749,351
Washington
Regional
Medical
Center
,
Revenue
,
2024
,
5
%
,
2/01/28
............
800,000
823,791
1,573,142
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
42
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
5.8%
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
B-1
,
4
%
,
8/01/25
......................................
$
535,000
$
535,323
Revenue
,
2021
B-1
,
4
%
,
2/01/26
......................................
850,000
852,739
Revenue
,
2021
B-1
,
4
%
,
8/01/26
......................................
325,000
327,142
Revenue
,
2021
B-1
,
4
%
,
8/01/27
......................................
400,000
404,512
Revenue
,
2021
B-1
,
4
%
,
2/01/28
......................................
375,000
379,303
Revenue
,
2021
B-1
,
4
%
,
8/01/28
......................................
470,000
476,106
e
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
4,245,000
4,396,631
c
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..............................................
2,795,000
2,425,884
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
13,252,222
c
California
Housing
Finance
Agency
,
Found
Middle
LP
,
Revenue
,
144A,
2024
L
,
5.2
%
,
12/01/27
........................................................
1,000,000
1,016,379
c
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
890,000
730,981
f
Long
Beach
Bond
Finance
Authority
,
Revenue
,
FRN
,
2007
B
,
4.524
%
,
(
3-month
TSOF
+
1.45
%
),
11/15/27
.................................................
6,125,000
6,194,744
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/25
...................
16,180,000
16,195,879
Power
System
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
7/01/28
...................
4,000,000
4,150,147
51,337,992
Colorado
2.1%
Colorado
Health
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/29
...............................................
900,000
958,196
Denver
City
&
County
School
District
No.
1
,
GO
,
2025
A
,
5
%
,
12/01/34
...........................................
5,000,000
5,704,493
GO
,
2025
A
,
5.5
%
,
12/01/44
..........................................
3,000,000
3,256,295
Fort
Carson
Family
Housing
LLC
,
Revenue
,
1999
,
NATL
Insured
,
7.86
%
,
11/15/29
..
4,460,000
4,738,884
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/15/25
.............................................
1,165,000
1,166,673
c
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
,
GO
,
144A,
2025
A
,
5
%
,
4/01/35
................................................
2,750,000
2,899,237
18,723,778
Connecticut
0.0%
†
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
5
%
,
7/01/25
.................
170,000
170,121
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
4,923,719
Florida
4.6%
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
3A
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
.......................................
515,000
492,282
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/31
.........................................................
240,000
223,515
County
of
Miami-Dade
,
Aviation
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/27
.......
4,650,000
4,810,252
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
.........................................................
325,000
301,831
East
Palm
Drive
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.375
%
,
6/15/31
...................................
370,000
370,381
Eden
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
...............................................
110,000
107,419
c
Entrada
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
5/01/31
..............................................
370,000
342,915
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Florida
Municipal
Power
Agency
,
All-Requirements
Power
Supply
Project
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/25
......................................
$
1,000,000
$
1,006,153
Halifax
Hospital
Medical
Center
,
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/27
.........................................................
2,890,000
2,938,969
Hillsborough
County
Aviation
Authority
,
Revenue
,
2024
B
,
5
%
,
10/01/32
..........
10,085,000
10,823,054
Jacksonville
Transportation
Authority
,
Revenue,
Senior
Lien
,
2020
,
5
%
,
8/01/25
................................
1,800,000
1,805,390
Revenue,
Senior
Lien
,
2020
,
5
%
,
8/01/26
................................
1,940,000
1,985,901
Keys
Edge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.375
%
,
5/01/31
..............................................
405,000
403,046
Kindred
Community
Development
District
II
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
235,000
219,779
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2021
,
3.125
%
,
6/15/31
.........................................................
250,000
240,862
Lakes
by
the
Bay
South
Community
Development
District
,
Special
Assessment
,
2024
,
Refunding
,
5
%
,
5/01/26
.............................................
710,000
716,098
Lakewood
Ranch
Stewardship
District
,
Assessments
,
Special
Assessment
,
2024
,
4.625
%
,
5/01/31
...................................................
130,000
131,001
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
3,987,363
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
B-3
,
4.125
%
,
11/15/29
..........................................
3,000,000
3,001,834
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
....................................
105,000
99,093
c,e
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A-2
,
Mandatory
Put
,
6.5
%
,
5/01/25
....................................................
2,400,000
2,383,128
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
5.2
%
,
5/01/27
....................................................
200,000
202,955
c
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
3
%
,
12/15/31
........................................................
230,000
219,536
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
4
%
,
5/01/28
300,000
300,479
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.......................................
350,000
335,680
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3
%
,
5/01/32
.......................................
195,000
183,371
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/26
.....................................
220,000
217,537
Shingle
Creek
at
Bronson
Community
Development
District
,
Special
Assessment
,
2021
,
3.1
%
,
6/15/31
................................................
500,000
480,272
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.875
%
,
6/15/31
...................................
175,000
164,907
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
995,077
c
Storey
Park
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
6/15/31
...............................
170,000
161,779
Summerstone
Community
Development
District
,
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
....................................
165,000
161,201
c
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
3.75
%
,
5/01/29
...................................................
740,000
734,328
Villamar
Community
Development
District
,
Special
Assessment
,
2020
,
3.2
%
,
5/01/30
240,000
233,310
40,780,698
Georgia
4.6%
City
of
Atlanta
,
Department
of
Aviation
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/25
.............
1,500,000
1,502,236
Department
of
Aviation
,
Revenue
,
2024
A-1
,
5
%
,
7/01/25
....................
550,000
550,820
Department
of
Aviation
,
Revenue
,
2024
A-1
,
5
%
,
7/01/26
....................
300,000
306,742
Department
of
Aviation
,
Revenue
,
2024
A-1
,
5
%
,
7/01/28
....................
215,000
228,237
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
44
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
e
Development
Authority
of
Burke
County
(The)
,
Georgia
Power
Co.
,
Revenue
,
4th
1995
,
Mandatory
Put
,
3.8
%
,
5/21/26
.........
$
3,000,000
$
3,010,723
Georgia
Power
Co.
,
Revenue
,
5th
1994
,
Mandatory
Put
,
3.7
%
,
6/13/28
.........
1,750,000
1,762,837
e
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
........................................................
2,000,000
1,908,726
Georgia
Power
Co.
,
Revenue,
Second
Series
,
2006
,
Refunding
,
Mandatory
Put
,
3.875
%
,
3/06/26
.................................................
3,500,000
3,510,271
e
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
9/01/27
............................
3,250,000
3,249,239
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
4,500,000
4,463,702
c
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
15,000,000
14,911,431
Revenue
,
2023
D
,
Mandatory
Put
,
5
%
,
12/01/30
...........................
4,000,000
4,156,420
Private
Colleges
&
Universities
Authority
,
Mercer
University
,
Revenue
,
2021
,
Refunding
,
5
%
,
10/01/25
............................................
425,000
427,291
39,988,675
Hawaii
1.4%
University
of
Hawaii
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
10/01/25
..............................
3,440,000
3,460,823
Revenue
,
2020
B
,
Refunding
,
5
%
,
10/01/26
..............................
2,865,000
2,940,925
Revenue
,
2020
D
,
Refunding
,
5
%
,
10/01/25
..............................
1,725,000
1,735,442
Revenue
,
2020
D
,
Refunding
,
5
%
,
10/01/26
..............................
4,360,000
4,475,544
12,612,734
Illinois
3.8%
Chicago
Park
District
,
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/26
..................................
500,000
504,930
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/27
..................................
550,000
565,713
City
of
Chicago
,
GO
,
2020
A
,
Refunding
,
5
%
,
1/01/28
...................................
3,100,000
3,191,097
GO
,
2024
B
,
Refunding
,
5
%
,
1/01/29
...................................
1,000,000
1,038,027
GO
,
2024
B
,
Refunding
,
5
%
,
1/01/31
...................................
3,220,000
3,377,590
City
of
Moline
,
GO
,
2021
C
,
AGMC
Insured
,
1.439
%
,
12/01/25
.................
925,000
911,356
County
of
Cook
,
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/15/29
......................
845,000
908,315
Sales
Tax
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/27
.......................
500,000
522,518
Sales
Tax
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/28
.......................
1,000,000
1,062,455
Sales
Tax
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/29
.......................
1,000,000
1,074,928
Illinois
Finance
Authority
,
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/26
...........
340,000
344,091
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/27
...........
400,000
410,445
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/28
...........
400,000
414,849
g
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/27
.........
1,095,561
317,713
e
Field
Museum
of
Natural
History
,
Revenue
,
2019
,
Refunding
,
Mandatory
Put
,
4.231
%
,
9/01/25
.................................................
3,570,000
3,566,525
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/15/27
........................................................
590,000
590,123
Sangamon
County
School
District
No.
186
Springfield
,
GO
,
2020
C
,
AGMC
Insured
,
5
%
,
6/01/36
......................................................
1,485,000
1,560,957
State
of
Illinois
,
GO
,
2010-4
,
AGMC
Insured
,
6.875
%
,
7/01/25
............................
250,000
250,402
GO
,
2016
,
Refunding
,
5
%
,
2/01/29
.....................................
750,000
767,293
GO
,
2017
C
,
5
%
,
11/01/29
...........................................
2,000,000
2,063,772
GO
,
2017
D
,
5
%
,
11/01/27
...........................................
5,025,000
5,229,078
GO
,
2018
A
,
Refunding
,
5
%
,
10/01/29
..................................
375,000
391,288
GO
,
2018
B
,
Refunding
,
5
%
,
10/01/31
..................................
625,000
649,686
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
45
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
State
of
Illinois,
(continued)
GO
,
2019
B
,
5
%
,
11/01/30
...........................................
$
375,000
$
396,004
Sales
Tax
,
Revenue
,
2021
A
,
4
%
,
6/15/27
...............................
1,500,000
1,523,363
Sales
Tax
,
Revenue,
Junior
Lien
,
2021
C
,
Refunding
,
5
%
,
6/15/25
.............
2,000,000
2,001,326
33,633,844
Indiana
1.8%
Indiana
Finance
Authority
,
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/25
..
1,000,000
995,030
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/30
....
785,000
814,811
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/31
....
875,000
911,378
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/32
....
920,000
958,949
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/33
....
965,000
1,006,049
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/34
....
1,015,000
1,054,782
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/35
....
535,000
553,346
Indianapolis
Power
&
Light
Co.
,
Revenue
,
2021
B
,
Refunding
,
0.65
%
,
8/01/25
....
4,500,000
4,472,263
e
Southern
Indiana
Gas
&
Electric
Co.
,
Revenue
,
2013
E
,
Refunding
,
Mandatory
Put
,
3.55
%
,
8/01/28
..................................................
5,000,000
4,981,932
15,748,540
Iowa
1.9%
Crawford
County
Memorial
Hospital,
Inc.
,
Revenue
,
2024
,
5
%
,
6/15/27
...........
2,000,000
2,020,560
Des
Moines
Independent
Community
School
District
,
Sales
Services
&
Use
Tax
,
Revenue
,
2018
,
AGMC
Insured
,
3
%
,
6/01/29
.............................
9,300,000
9,233,194
Iowa
Finance
Authority
,
e
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
3.581
%
,
5/15/26
.....................................
1,500,000
1,451,468
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.6
%
,
5/15/28
........................................................
640,000
672,935
Iowa
Higher
Education
Loan
Authority
,
University
of
Dubuque
,
Revenue
,
2025
,
5
%
,
10/01/30
.......................
1,370,000
1,434,979
University
of
Dubuque
,
Revenue
,
2025
,
5
%
,
10/01/35
.......................
2,050,000
2,138,715
16,951,851
Kansas
0.2%
Reno
County
Unified
School
District
No.
308
Hutchinson
,
GO
,
2019
,
Refunding
,
5
%
,
9/01/27
.........................................................
1,575,000
1,640,989
Kentucky
4.3%
County
of
Trimble
,
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2001
A
,
Refunding
,
0.625
%
,
9/01/26
...
3,375,000
3,230,747
e
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2023
A
,
Mandatory
Put
,
4.7
%
,
6/01/27
..
2,500,000
2,516,226
Eastern
Kentucky
University
,
Revenue
,
2021
A
,
Refunding
,
3.5
%
,
10/01/25
.............................
1,155,000
1,155,593
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/26
..............................
1,205,000
1,216,145
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/27
..............................
1,255,000
1,276,306
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/28
..............................
1,305,000
1,330,187
Kentucky
Municipal
Energy
Agency
,
Revenue
,
2025
,
5
%
,
1/01/34
.........................................
2,875,000
3,156,119
Revenue
,
2025
,
5
%
,
1/01/35
.........................................
3,020,000
3,313,371
e
Kentucky
Public
Energy
Authority
,
Revenue
,
2022
A-2
,
Mandatory
Put
,
4.101
%
,
(
SOFR
+
1.2
%
),
8/01/30
..................................................
14,125,000
14,053,300
Kentucky
State
Property
&
Building
Commission
,
Commonwealth
of
Kentucky
,
Revenue
,
A
,
5
%
,
4/01/33
............................................
5,715,000
6,325,869
37,573,863
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)
Louisiana
2.2%
City
of
New
Orleans
,
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/26
.........................
$
450,000
$
457,767
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/27
.........................
600,000
621,215
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/28
.........................
550,000
577,430
Lafayette
Consolidated
Government
,
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/25
........................................................
2,400,000
2,418,469
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Louisiana
Utilities
Restoration
Corp.
ELL
System
Restoration
,
Revenue
,
2023
,
A-1
,
5.081
%
,
6/01/31
..........................................
1,508,569
1,519,154
Louisiana
Offshore
Terminal
Authority
,
Loop
LLC
,
Revenue
,
2007
A
,
Refunding
,
4.15
%
,
9/01/27
.........................................................
1,500,000
1,509,381
Louisiana
Public
Facilities
Authority
,
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
5
%
,
10/01/25
.......
250,000
251,008
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2025
B
,
Refunding
,
5
%
,
5/15/30
........................................................
4,000,000
4,273,855
e
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
C
,
Refunding
,
Mandatory
Put
,
3.3
%
,
7/03/28
........................................
5,000,000
4,901,940
e
State
of
Louisiana
,
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2022
A
,
Refunding
,
Mandatory
Put
,
3.531
%
,
(
SOFR
+
0.5
%
),
5/01/26
..........................
2,875,000
2,868,234
19,398,453
Maryland
2.1%
City
of
Cumberland
,
GO
,
2021
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/25
..........
455,000
455,000
Maryland
Economic
Development
Corp.
,
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
A
,
5
%
,
11/12/28
...............................................
10,000,000
10,087,853
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
5,220,271
State
of
Maryland
,
GO
,
2017
B
,
Refunding
,
5
%
,
8/01/26
......................
30,000
30,751
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/26
...............
1,035,000
1,040,364
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/27
...............
1,215,000
1,236,293
18,070,532
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
996,301
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2022
C-3
,
FHA
Insured
,
4
%
,
6/01/26
.........................................................
10,000,000
10,005,042
11,001,343
Michigan
1.9%
City
of
Detroit
,
GO
,
2018
,
5
%
,
4/01/33
.............................................
950,000
974,892
GO
,
2018
,
5
%
,
4/01/37
.............................................
2,280,000
2,314,098
GO
,
2018
,
5
%
,
4/01/38
.............................................
1,110,000
1,122,287
Michigan
Finance
Authority
,
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/27
.......................................
2,000,000
2,045,336
e
Michigan
Strategic
Fund
,
Consumers
Energy
Co.
,
Revenue
,
2005
,
Mandatory
Put
,
0.875
%
,
10/08/26
..................................................
5,915,000
5,549,119
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2017
E
,
Refunding
,
4
%
,
12/01/26
......................................
5,000,000
5,047,942
17,053,674
Minnesota
1.8%
e
City
of
Mounds
View
,
OAHS
Sibley
TC
LLLP
,
Revenue
,
2024
,
Mandatory
Put
,
3.375
%
,
3/01/28
.........................................................
5,500,000
5,504,185
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)
Minnesota
(continued)
Minnesota
Higher
Education
Facilities
Authority
,
University
of
St.
Thomas
,
Revenue
,
2019
,
5
%
,
10/01/26
.....................
$
1,000,000
$
1,023,864
University
of
St.
Thomas
,
Revenue
,
2019
,
5
%
,
10/01/27
.....................
1,000,000
1,043,134
e
Minnesota
Municipal
Gas
Agency
,
Revenue
,
2022
B
,
Mandatory
Put
,
3.901
%
,
(
SOFR
+
1
%
),
12/01/27
....................................................
8,000,000
7,981,286
15,552,469
Mississippi
0.3%
e
Mississippi
Business
Finance
Corp.
,
Waste
Management,
Inc.
,
Revenue
,
2004
,
Mandatory
Put
,
0.7
%
,
9/01/26
........................................
2,500,000
2,402,852
Missouri
0.7%
Citizens
Memorial
Hospital
District
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
12/01/26
.....
5,000,000
5,015,316
Missouri
Development
Finance
Board
,
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/26
...............
405,000
407,158
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/27
...............
660,000
669,893
6,092,367
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
3,571,721
Las
Vegas
Valley
Water
District
,
GO
,
2020
D
,
Refunding
,
5
%
,
6/01/25
............
2,750,000
2,750,000
6,321,721
New
Hampshire
0.1%
f
New
Hampshire
Business
Finance
Authority
,
Revenue
,
FRN
,
2024-3
,
A
,
4.163
%
,
10/20/41
........................................................
994,983
877,656
New
Jersey
8.2%
City
of
Newark
,
GO
,
2025
B
,
4.5
%
,
5/07/26
................................
4,000,000
4,037,263
County
of
Atlantic
,
GO
,
2020
,
0.375
%
,
6/01/25
.............................
1,800,000
1,800,000
County
of
Morris
,
GO
,
2021
,
2
%
,
2/01/26
.................................
4,215,000
4,169,793
Garden
State
Preservation
Trust
,
Revenue
,
2005
A
,
AGMC
Insured
,
5.75
%
,
11/01/28
20,560,000
21,578,691
Jersey
City
Municipal
Utilities
Authority
,
Water
Fund
,
Revenue
,
2025
A
,
5
%
,
5/01/26
.
1,000,000
1,015,787
Jersey
City
Redevelopment
Agency
,
Revenue
,
2024
A
,
Refunding
,
4.5
%
,
12/11/25
..
3,500,000
3,518,459
New
Jersey
Economic
Development
Authority
,
c
Revenue
,
144A,
2019
,
Refunding
,
5.25
%
,
9/01/27
.........................
6,000,000
6,285,886
e
New
Jersey-American
Water
Co.,
Inc.
,
Revenue
,
2019
B
,
Refunding
,
Mandatory
Put
,
2.05
%
,
12/03/29
.................................................
7,500,000
6,535,588
State
of
New
Jersey
,
Revenue
,
2022
A
,
5
%
,
11/01/25
.......................
1,000,000
1,007,530
h
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2006
C
,
AMBAC
Insured
,
3.35
%,
12/15/26
.......
10,000,000
9,504,636
State
of
New
Jersey
,
Revenue
,
2006
C
,
BHAC
Insured
,
3.28
%,
12/15/27
........
11,110,000
10,235,065
State
of
New
Jersey
,
GO
,
3
%
,
6/01/25
....................................
2,000,000
2,000,000
71,688,698
New
Mexico
3.1%
e
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
4,250,000
4,077,339
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
C
,
Refunding
,
Mandatory
Put
,
3.875
%
,
6/01/29
.................................................
11,000,000
11,029,259
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
D
,
Refunding
,
Mandatory
Put
,
3.9
%
,
6/01/28
...................................................
4,000,000
4,030,354
e
County
of
Santa
Fe
,
Cresta
Ranch
Apartments
LLP
,
Revenue
,
2024
,
Mandatory
Put
,
3.29
%
,
6/01/28
...................................................
3,700,000
3,691,551
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
48
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Mexico
(continued)
e
,i
New
Mexico
Mortgage
Finance
Authority
,
JLG
NM
SAF
2023
LLLP
,
Revenue
,
2023
,
Mandatory
Put
,
3.73
%
,
12/01/25
......................................
$
4,100,000
$
4,101,127
26,929,630
New
York
5.4%
County
of
Suffolk
,
GO
,
2018
B
,
AGMC
Insured
,
4
%
,
10/15/28
..................
4,205,000
4,260,532
Metropolitan
Transportation
Authority
,
Revenue
,
2017
A-2
,
Refunding
,
5
%
,
11/15/25
.
3,980,000
4,009,806
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2025
D
,
5
%
,
5/01/26
........................
3,000,000
3,058,277
Future
Tax
Secured
,
Revenue
,
2025
F-1
,
Refunding
,
5
%
,
11/01/33
.............
2,000,000
2,242,382
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
780,000
716,547
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
2,957,539
e
Rochester
Gas
and
Electric
Corp.
,
Revenue
,
1997
A
,
Refunding
,
Mandatory
Put
,
3
%
,
7/01/25
........................................................
10,000,000
9,991,400
e
New
York
State
Housing
Finance
Agency
,
Revenue
,
2022
A-2
,
Mandatory
Put
,
2.5
%
,
5/01/27
.........................
2,825,000
2,766,461
Revenue
,
2025
A-2
,
Mandatory
Put
,
3.4
%
,
5/01/29
.........................
4,000,000
4,000,700
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/36
..........................
7,195,000
7,194,659
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/25
...
500,000
502,698
JFK
International
Air
Terminal
LLC
,
Revenue
,
2020
C
,
Refunding
,
5
%
,
12/01/25
...
2,200,000
2,216,303
Triborough
Bridge
&
Tunnel
Authority
,
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue
,
2025
B-1
,
5
%
,
3/15/27
............................
3,500,000
3,624,700
47,542,004
North
Carolina
0.7%
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/25
..........
1,000,000
1,003,107
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/26
..........
850,000
862,614
North
Carolina
State
University
at
Raleigh
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/26
................................
3,000,000
3,085,453
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/27
................................
1,500,000
1,575,066
6,526,240
North
Dakota
0.8%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/27
..
2,325,000
2,390,326
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/28
..
1,680,000
1,742,566
City
of
Horace
,
GO
,
2024
B
,
Refunding
,
4.85
%
,
8/01/26
.................................
1,750,000
1,751,156
GO
,
2024
C
,
Refunding
,
5
%
,
5/01/26
...................................
385,000
390,140
GO
,
2024
C
,
Refunding
,
5
%
,
5/01/27
...................................
400,000
410,992
GO
,
2024
C
,
Refunding
,
5
%
,
5/01/28
...................................
475,000
492,254
7,177,434
Ohio
2.5%
Columbus
Metropolitan
Housing
Authority
,
Revenue
,
2024
,
4
%
,
6/01/34
.........................................
1,500,000
1,434,561
Cobblestone
Manor
LLC
,
Revenue
,
2024
,
5
%
,
8/01/27
......................
2,000,000
2,032,389
Ohio
Air
Quality
Development
Authority
,
American
Electric
Power
Co.,
Inc.
,
Revenue
,
2014
D
,
Refunding
,
3.2
%
,
5/01/26
...
3,500,000
3,477,226
e
Duke
Energy
Corp.
,
Revenue
,
2022
A
,
Refunding
,
Mandatory
Put
,
4.25
%
,
6/01/27
.
7,500,000
7,558,690
Ohio
Housing
Finance
Agency
,
c
Revenue
,
144A,
2023
B
,
6
%
,
2/01/26
...................................
1,700,000
1,701,839
e
At
Main
LLC
,
Revenue
,
2025
,
Mandatory
Put
,
3.7
%
,
5/01/28
.................
1,200,000
1,206,746
c
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
B
,
6.25
%
,
3/01/26
...........
3,000,000
3,007,022
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)
Ohio
(continued)
Youngstown
State
University
,
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
12/15/25
...................
$
580,000
$
583,132
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
12/15/26
...................
850,000
864,776
21,866,381
Oregon
1.5%
Deschutes
&
Jefferson
Counties
School
District
No.
2J
Redmond
,
GO
,
2021
,
3
%
,
6/15/25
.........................................................
850,000
849,846
Salem-Keizer
School
District
No.
24J
,
GO
,
2018
,
5
%
,
6/15/25
..................
2,000,000
2,001,370
State
of
Oregon
,
GO
,
2015
B
,
Refunding
,
5
%
,
8/01/27
........................
2,785,000
2,793,570
State
of
Oregon
Housing
&
Community
Services
Department
,
e
Hollywood
Hub
LP
,
Revenue
,
2024
R
,
Mandatory
Put
,
4
%
,
1/01/29
.............
5,000,000
5,046,204
c
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/25
.........
2,270,000
2,281,107
12,972,097
Pennsylvania
3.6%
Adams
County
General
Authority
,
Brethren
Home
Community
Obligated
Group
(The)
,
Revenue
,
2024
B-2
,
Refunding
,
3.6
%
,
6/01/29
............................
1,500,000
1,473,541
Allegheny
County
Airport
Authority
,
Revenue
,
2023
A
,
AGMC
Insured
,
5.25
%
,
1/01/36
1,000,000
1,079,051
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/26
.................................
500,000
503,715
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/27
.................................
590,000
605,441
Chester
County
Industrial
Development
Authority
,
Avon
Grove
Charter
School
,
Revenue
,
2024
,
5
%
,
3/01/27
.........................................
3,250,000
3,294,561
Lehigh
County
Industrial
Development
Authority
,
PPL
Electric
Utilities
Corp.
,
Revenue
,
2016
B
,
Refunding
,
2.625
%
,
2/15/27
...................................
5,000,000
4,948,471
e
Montgomery
County
Industrial
Development
Authority
,
Constellation
Energy
Generation
LLC
,
Revenue
,
2023
A
,
Refunding
,
Mandatory
Put
,
4.1
%
,
4/03/28
.............
5,000,000
5,062,799
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/15/29
...........
1,230,000
1,274,856
e
UPMC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
Mandatory
Put
,
5
%
,
3/15/30
8,200,000
8,531,557
e
Waste
Management,
Inc.
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
1.1
%
,
11/02/26
.......................................................
4,000,000
3,845,209
Philadelphia
Gas
Works
Co.
,
Revenue
,
16th
A
,
AGMC
Insured
,
5
%
,
8/01/25
............................
500,000
501,539
Revenue
,
16th
A
,
AGMC
Insured
,
5
%
,
8/01/26
............................
600,000
614,543
31,735,283
Rhode
Island
0.1%
City
of
Providence
,
GO
,
2021
A
,
Refunding
,
5
%
,
1/15/26
......................
500,000
504,911
South
Carolina
1.4%
c
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3
%
,
11/01/26
...................................
320,000
309,731
e
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
3,535,000
3,723,231
South
Carolina
Public
Service
Authority
,
Revenue
,
2024
A
,
5
%
,
12/01/26
.......................................
675,000
694,541
Revenue
,
2024
A
,
5
%
,
12/01/27
.......................................
525,000
549,956
Revenue
,
2024
A
,
5
%
,
12/01/28
.......................................
500,000
532,084
Revenue
,
2024
A
,
5
%
,
12/01/29
.......................................
550,000
592,017
Revenue
,
2024
A
,
5
%
,
12/01/30
.......................................
675,000
735,088
Revenue
,
2024
A
,
5.5
%
,
12/01/54
.....................................
3,000,000
3,127,946
Revenue
,
2025
B
,
Refunding
,
5
%
,
12/01/28
..............................
750,000
798,126
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/25
..................................
1,500,000
1,495,379
12,558,099
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)
Tennessee
3.5%
State
of
Tennessee
,
GO
,
2023
A
,
5
%
,
5/01/31
..............................
$
6,670,000
$
7,410,523
e
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
8,010,000
8,399,364
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2021
A
,
5
%
,
11/01/25
.......................................
350,000
351,899
e
Revenue
,
2023
A-1
,
Refunding
,
Mandatory
Put
,
5
%
,
5/01/28
.................
14,560,000
14,911,786
31,073,572
Texas
4.5%
e
Austin
Housing
Finance
Corp.
,
Austin
Leased
Housing
Associates
V
LP
,
Revenue
,
2024
,
Mandatory
Put
,
3.4
%
,
11/01/27
...................................
8,500,000
8,541,387
h
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2002
A
,
BHAC,
AMBAC
Insured
,
3.29
%,
8/15/27
...................................................
3,280,000
3,051,606
c
City
of
Celina
,
Mosaic
Public
Improvement
District
Phase
No.
1B
,
Special
Assessment
,
144A,
2024
,
4.375
%
,
9/01/31
.........................................
190,000
188,435
City
of
Houston
,
Combined
Utility
System
,
Revenue,
First
Lien
,
2018
D
,
Refunding
,
5
%
,
11/15/26
........................................................
1,000,000
1,031,362
City
of
Pflugerville
,
GO
,
2025
,
5
%
,
8/01/25
.............................................
2,985,000
2,995,577
GO
,
2025
,
5
%
,
8/01/26
.............................................
1,685,000
1,723,309
City
of
San
Antonio
,
Electric
&
Gas
Systems
,
Revenue
,
2015
,
Refunding
,
5
%
,
2/01/27
10,415,000
10,550,830
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2
%
,
9/01/25
.............................................
145,000
143,816
GO
,
2021
,
2
%
,
9/01/26
.............................................
150,000
144,273
GO
,
2021
,
2
%
,
9/01/27
.............................................
155,000
144,815
GO
,
2024
,
AGMC
Insured
,
5
%
,
9/01/29
.................................
385,000
399,752
GO
,
2024
,
AGMC
Insured
,
5
%
,
9/01/33
.................................
470,000
495,456
e
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
A
,
Mandatory
Put
,
5.5
%
,
1/01/30
....................................................
5,000,000
5,284,992
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
3,496,378
c
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
9/01/26
.........................
117,000
113,490
Town
of
Trophy
Club
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
9/01/28
.............................................
590,000
608,931
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
2
%
,
8/15/25
.....................................
265,000
263,389
GO,
Sub.
Lien
,
2021
,
2
%
,
8/15/27
.....................................
280,000
266,156
39,443,954
Virgin
Islands
0.2%
j
Virgin
Islands
Transportation
&
Infrastructure
Corp.
,
Revenue
,
2025
,
Refunding
,
5
%
,
9/01/26
.................................
800,000
815,870
Revenue
,
2025
,
Refunding
,
5
%
,
9/01/27
.................................
640,000
663,061
1,478,931
Virginia
0.3%
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/29
........................................................
180,000
180,970
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
7/01/29
........................................................
1,750,000
1,755,326
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
12/01/25
...
230,000
228,652
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
12/01/26
...
235,000
231,740
2,396,688
Washington
1.3%
Auburn
School
District
No.
408
of
King
&
Pierce
Counties
,
GO
,
2018
,
5
%
,
12/01/27
..
1,700,000
1,790,030
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)
Washington
(continued)
Spokane
County
School
District
No.
354
Mead
,
GO
,
2018
,
4
%
,
12/01/32
.............................................
$
1,150,000
$
1,162,131
GO
,
2018
,
5
%
,
12/01/33
.............................................
1,500,000
1,552,635
Vancouver
Housing
Authority
,
Cascara
Vancouver
LLLP
,
Revenue
,
2024
A
,
5
%
,
12/01/26
...................
1,655,000
1,666,085
Esther
Cougar
Rehab
LLLP
,
Revenue
,
2024
A
,
5
%
,
10/01/27
.................
1,460,000
1,490,204
Esther
Cougar
Rehab
LLLP
,
Revenue
,
2024
B
,
5
%
,
10/01/27
.................
1,055,000
1,076,825
c
Washington
Health
Care
Facilities
Authority
,
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/31
..............................
280,000
301,219
c
Washington
State
Housing
Finance
Commission
,
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5
%
,
7/01/31
........................................................
500,000
533,094
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5
%
,
7/01/32
........................................................
750,000
801,522
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5
%
,
7/01/33
........................................................
1,000,000
1,071,676
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
5
%
,
7/01/28
410,000
422,869
11,868,290
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
982,761
Wisconsin
1.2%
Public
Finance
Authority
,
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/26
..........
150,000
149,103
c
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
2,535,000
2,607,494
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/25
...........................................
285,000
284,775
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/26
...........................................
300,000
299,610
Wisconsin
Health
&
Educational
Facilities
Authority
,
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2024
A
,
5
%
,
2/15/29
..
5,000,000
5,271,489
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/26
....................................................
345,000
344,136
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/27
....................................................
360,000
358,297
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2024
B-2
,
4.2
%
,
8/15/28
...
840,000
831,628
10,146,532
Wyoming
0.1%
County
of
Laramie
,
Cheyenne
Regional
Medical
Center
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/27
......................................................
550,000
557,118
U.S.
Territories
0.8%
District
of
Columbia
0.7%
e
District
of
Columbia
Housing
Finance
Agency
,
Florida
Avenue
Apartments
LLC
,
Revenue
,
2024
A-2
,
Mandatory
Put
,
4.1
%
,
9/01/30
.........................
6,335,000
6,464,298
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
195,170
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.
52
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority,
(continued)
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/27
..
$
450,000
$
460,773
655,943
Total
U.S.
Territories
....................................................................
7,120,241
Total
Municipal
Bonds
(Cost
$
793,929,930
)
.....................................
788,963,651
Total
Long
Term
Investments
(Cost
$
849,008,571
)
...............................
841,294,198
a
a
a
a
a
Short
Term
Investments
3.9%
Municipal
Bonds
3.9%
California
0.7%
k
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2002
A-3
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
7/01/35
.......................................
2,500,000
2,500,000
Power
System
,
Revenue
,
2002
A-6
,
Refunding
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.15
%
,
7/01/35
......................................
3,200,000
3,200,000
5,700,000
Colorado
0.0%
†
k
Colorado
Health
Facilities
Authority
,
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3
%
,
12/01/52
200,000
200,000
Georgia
0.9%
k
Roswell
Development
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2025
A
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
3.05
%
,
4/01/47
...............
7,500,000
7,500,000
Kentucky
0.0%
†
k
City
of
Berea
,
Berea
College
,
Revenue
,
2002
A
,
Daily
VRDN
and
Put
,
3
%
,
6/01/32
..
150,000
150,000
Minnesota
0.1%
k
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2025
D
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
2.7
%
,
11/15/64
.............................................
800,000
800,000
Missouri
2.0%
k
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
SSM
Health
Care
Obligated
Group
,
Revenue
,
2014
F
,
Daily
VRDN
and
Put
,
3.05
%
,
6/01/44
........................................................
12,800,000
12,800,000
Washington
University
(The)
,
Revenue
,
2000
C
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
3/01/40
...............................................
4,500,000
4,500,000
17,300,000
Ohio
0.2%
k
County
of
Hamilton
,
TriHealth
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
8/15/51
...........
2,200,000
2,200,000
Total
Municipal
Bonds
(Cost
$
33,850,000
)
......................................
33,850,000
Total
Short
Term
Investments
(Cost
$
33,850,000
)
................................
33,850,000
a
Total
Investments
(Cost
$
882,858,571
)
99.8
%
...................................
$875,144,198
Other
Assets,
less
Liabilities
0.2
%
.............................................
2,158,597
Net
Assets
100.0%
...........................................................
$877,302,795
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
53
See
Abbreviations
on
page
200
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$61,020,263,
representing
7.0%
of
net
assets.
d
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
e
The
maturity
date
shown
represents
the
mandatory
put
date.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
The
rate
shown
represents
the
yield
at
period
end.
i
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
j
Security
purchased
on
a
when-issued
basis.
k
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Georgia
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
54
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
900,000
$
902,424
Total
Corporate
Bonds
(Cost
$900,000)
........................................
902,424
Municipal
Bonds
96.3%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,300,000
1,087,768
Florida
2.5%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group,
Revenue,
2021
A-1,
3.75%,
12/01/36
.............................................
2,592,000
2,211,698
b
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
750,000
489,201
b,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
2,950,000
2,428,240
b,d
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
5.5
%
,
5/01/52
....................................................
2,030,000
1,829,030
6,958,169
Georgia
88.5%
Athens
Housing
Authority
,
UGAREF
East
Campus
Housing
Phase
II
LLC,
Revenue,
2017,
Refunding,
4%,
6/15/40
........................................................
5,000,000
4,757,178
UGAREF
Lumpkin
Street
Housing
Phase
I
LLC,
Revenue,
2024,
4%,
6/15/49
.....
2,000,000
1,787,328
UGAREF
Lumpkin
Street
Housing
Phase
I
LLC,
Revenue,
2024,
4.125%,
6/15/56
.
3,500,000
3,083,056
Atlanta
&
Fulton
County
Recreation
Authority
,
City
of
Atlanta
,
Revenue
,
2024
,
Refunding
,
5
%
,
12/01/35
............................................
300,000
340,100
Atlanta
Development
Authority
(The)
,
Tuff
Yamacraw
LLC
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
5
%
,
1/01/26
................................
2,555,000
2,571,968
Augusta
,
Water
&
Sewer
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
4
%
,
10/01/50
...
1,500,000
1,305,266
Bainbridge
Public
Facilities
Authority
,
County
of
Decatur
,
Revenue
,
2018
,
AGMC
Insured
,
4
%
,
3/01/43
...............................................
3,000,000
2,802,634
Bleckley
County
School
District
,
GO
,
2020
,
5
%
,
10/01/42
.....................
2,055,000
2,117,573
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
3,000,000
2,568,555
Carroll
City-County
Hospital
Authority
,
Tanner
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
7/01/41
.
2,000,000
2,003,063
Tanner
Medical
Center
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/50
.
1,450,000
1,273,734
Tanner
Medical
Center
Obligated
Group,
Revenue,
2025,
Refunding,
5%,
7/01/50
.
5,000,000
5,059,090
City
of
Atlanta
,
Airport
Passenger
Facility
Charge,
Revenue,
2023
E,
5.25%,
7/01/43
...........
3,000,000
3,090,727
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2019
D,
4%,
7/01/36
.....
4,500,000
4,411,329
Department
of
Aviation,
Revenue,
2021
C,
Refunding,
5%,
7/01/37
.............
1,500,000
1,548,839
Department
of
Aviation,
Revenue,
2024
B,
5.25%,
7/01/54
...................
7,000,000
7,079,236
Water
&
Wastewater,
Revenue,
2001
A,
AGMC,
NATL
RE
Insured,
5.5%,
11/01/27
.
3,145,000
3,257,840
City
of
Baldwin
,
Water
&
Sewerage
,
Revenue
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
6/01/46
.........................................................
1,835,000
1,388,123
City
of
Buford
,
GO
,
2017
C
,
Pre-Refunded
,
4
%
,
1/01/43
......................
5,000,000
5,077,953
City
of
Cartersville
,
Water
&
Sewer
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/48
.......
4,000,000
4,024,174
City
of
Dalton
,
GO
,
2018
,
5
%
,
2/01/48
....................................
3,000,000
3,016,048
City
of
Valdosta
,
Water
&
Sewer
,
Revenue
,
2024
,
AGMC
Insured
,
4
%
,
10/01/51
.....
3,000,000
2,588,576
Clayton
County
Development
Authority
,
USG
Real
Estate
Foundation
XIII
LLC,
Revenue,
2022
A,
5%,
6/15/32
..........
1,295,000
1,429,077
USG
Real
Estate
Foundation
XIII
LLC,
Revenue,
2022
A,
5%,
6/15/33
..........
1,210,000
1,340,576
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
55
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Columbia
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
5.125
%
,
4/01/48
....................................
$
3,000,000
$
3,030,219
County
of
Columbia
,
Water
&
Sewerage
,
Revenue
,
2024
,
5
%
,
6/01/49
............
500,000
517,012
County
of
DeKalb
,
Water
&
Sewerage
,
Revenue
,
2006
B
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/35
.....................................................
4,000,000
4,039,130
County
of
Fulton
,
Water
&
Sewerage
,
Revenue
,
2020
A
,
3
%
,
1/01/45
.............
5,000,000
3,775,508
Coweta
County
Water
&
Sewage
Authority
,
Revenue,
2021
B,
3%,
6/01/43
........................................
820,000
631,145
Revenue,
2021
B,
3%,
6/01/46
........................................
1,000,000
735,575
Revenue,
2024,
5%,
6/01/54
.........................................
2,000,000
2,046,241
Dalton
Whitfield
County
Joint
Development
Authority
,
Hamilton
Health
Care
System
Obligated
Group,
Revenue,
2017,
4%,
8/15/41
.....
3,000,000
2,799,889
Hamilton
Health
Care
System
Obligated
Group,
Revenue,
2024
B,
Refunding,
5%,
8/15/37
........................................................
3,075,000
3,312,929
DeKalb
County
Development
Authority
,
GLOBE
Academy,
Inc.
(The),
Revenue,
2024
A,
5%,
6/01/45
.................
350,000
334,462
GLOBE
Academy,
Inc.
(The),
Revenue,
2024
A,
5%,
6/01/50
.................
550,000
511,479
DeKalb
Newton
&
Gwinnett
Counties
Joint
Development
Authority
,
GGCF
Athletic
Fields
LLC
,
Revenue
,
2012
A
,
AGMC
Insured
,
5
%
,
7/01/39
..................
2,500,000
2,503,623
Development
Authority
for
Fulton
County
,
Georgia
Tech
Facilities,
Inc.,
Revenue,
2018,
4%,
3/01/43
...................
2,000,000
1,868,423
Georgia
Tech
Facilities,
Inc.,
Revenue,
2024,
5%,
6/15/49
...................
1,750,000
1,795,359
Georgia
Tech
Facilities,
Inc.,
Revenue,
2024,
5%,
6/15/56
...................
2,000,000
2,038,794
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
........................................................
5,840,000
5,845,089
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2019
A,
4%,
7/01/49
......
5,000,000
4,324,865
Tuff/Atlanta
Housing
LLC,
Revenue,
2022,
Refunding,
5%,
9/01/32
.............
1,350,000
1,485,256
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/50
........
3,000,000
2,550,277
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.
,
Revenue
,
2017
D
,
Refunding
,
4.125
%
,
11/01/45
..................................
6,000,000
5,264,507
Development
Authority
of
Cobb
County
(The)
,
KSU
2020
Housing
Real
Estate
Foundation
LLC,
Revenue,
2020,
4%,
7/15/52
....
5,720,000
4,922,105
University
System
of
Georgia,
Revenue,
2020
C,
4%,
7/15/52
................
2,000,000
1,721,015
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
4,825,000
3,911,074
Etowah
Water
&
Sewer
Authority
,
Revenue
,
2019
,
Refunding
,
BAM
Insured
,
3
%
,
3/01/44
.........................................................
1,250,000
917,293
Floyd
County
Hospital
Authority
,
Floyd
Obligated
Group
,
Revenue
,
2016
,
Pre-
Refunded
,
4
%
,
7/01/43
.............................................
3,000,000
3,034,137
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
6,000,000
5,721,621
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
2/15/42
....................................................
7,000,000
6,963,015
Northeast
Georgia
Health
System
Obligated
Group,
Revenue,
2021
A,
4%,
2/15/51
5,000,000
4,138,856
Georgia
Housing
&
Finance
Authority
,
Revenue,
2013
A,
3.8%,
12/01/37
.....................................
1,655,000
1,559,473
Revenue,
2018
A,
3.85%,
12/01/38
....................................
1,170,000
1,078,596
Revenue,
2018
A,
3.95%,
12/01/43
....................................
1,210,000
1,052,357
Revenue,
2019
A,
Refunding,
3.7%,
6/01/49
..............................
4,445,000
3,649,860
Georgia
Ports
Authority
,
Revenue,
2021,
4%,
7/01/51
.........................................
1,145,000
1,017,971
Revenue,
2022,
5.25%,
7/01/52
.......................................
2,000,000
2,070,556
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
5,000,000
4,897,065
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
56
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Henry
County
School
District
,
GO
,
2016
,
Pre-Refunded
,
4
%
,
8/01/33
.............
$
5,000,000
$
5,064,399
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007
A,
5.5%,
9/15/25
......................................
2,500,000
2,512,265
Revenue,
2007
A,
5.5%,
9/15/27
......................................
5,000,000
5,195,770
Revenue,
2019
A,
5%,
5/15/37
........................................
1,975,000
2,044,075
Revenue,
2019
A,
5%,
5/15/38
........................................
1,000,000
1,029,168
b,d
Revenue,
144A,
2022
C,
Mandatory
Put,
4%,
11/01/27
......................
6,000,000
5,964,572
d
Revenue,
2023
A,
Mandatory
Put,
5%,
6/01/30
............................
5,000,000
5,186,949
d
Revenue,
2023
D,
Mandatory
Put,
5%,
12/01/30
...........................
2,000,000
2,078,210
d
Revenue,
2023
E-1,
Mandatory
Put,
5%,
6/01/31
..........................
2,000,000
2,094,558
d
Revenue,
2024
E,
Mandatory
Put,
5%,
12/01/32
...........................
2,000,000
2,084,564
Moultrie-Colquitt
Counties
Development
Authority
,
Philadelphia
College
of
Osteopathic
Medicine
Obligated
Group
,
Revenue
,
2018
,
5
%
,
12/01/43
...................
4,815,000
4,850,723
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
A,
AGMC
Insured,
4%,
1/01/44
............................
5,000,000
4,598,302
Revenue,
2020
A,
Refunding,
5%,
1/01/50
...............................
3,500,000
3,533,796
Revenue,
2021
A,
Refunding,
4%,
1/01/46
...............................
330,000
292,543
Revenue,
2021
A,
Refunding,
4%,
1/01/51
...............................
425,000
358,820
Revenue,
2021
A,
Refunding,
5%,
1/01/56
...............................
750,000
722,302
Revenue,
2023
A,
5.5%,
7/01/64
......................................
2,000,000
2,035,421
Revenue,
2024
A,
Refunding,
5.25%,
1/01/49
.............................
500,000
519,744
Revenue,
2024
A,
Refunding,
BAM
Insured,
5.25%,
1/01/54
..................
500,000
518,067
Private
Colleges
&
Universities
Authority
,
Emory
University,
Revenue,
2013
A,
5%,
10/01/43
.........................
5,000,000
5,005,991
Mercer
University,
Revenue,
2021,
Refunding,
4%,
10/01/50
.................
5,400,000
4,524,153
Mercer
University,
Revenue,
2022,
Refunding,
5.25%,
10/01/51
...............
5,500,000
5,590,962
Savannah
Hospital
Authority
,
St.
Joseph's/Candler
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/43
...............................
10,000,000
9,074,595
Sinclair
Water
Authority
,
Revenue
,
2019
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/48
...
2,000,000
2,015,027
Upper
Oconee
Basin
Water
Authority
,
Revenue
,
2024
,
5
%
,
7/01/55
..............
4,000,000
4,107,536
244,989,331
Illinois
1.1%
State
of
Illinois
,
GO,
2021
A,
5%,
3/01/32
............................................
250,000
266,546
GO,
2024
C,
4%,
10/01/38
...........................................
3,000,000
2,718,187
2,984,733
New
Jersey
0.5%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/35
..........................................
1,200,000
1,231,058
New
York
0.2%
Metropolitan
Transportation
Authority
,
Revenue,
2020
A-1,
4%,
11/15/53
.....................................
100,000
81,797
Revenue,
2020
D,
4%,
11/15/47
.......................................
600,000
512,201
593,998
South
Carolina
0.7%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
900,000
753,524
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
900,000
753,524
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
57
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
$
500,000
$
398,517
1,905,565
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,500,000
1,099,528
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
742,552
Wisconsin
0.7%
b
Public
Finance
Authority
,
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
900,000
700,729
c
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2024
A-2,
Refunding,
2.34%,
12/01/44
.................................................
2,300,000
1,342,082
2,042,811
U.S.
Territories
1.0%
Puerto
Rico
1.0%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
560,000
553,098
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
2,480,000
2,330,098
2,883,196
Total
U.S.
Territories
....................................................................
2,883,196
Total
Municipal
Bonds
(Cost
$288,744,674)
.....................................
266,518,709
Shares
Escrows
and
Litigation
Trusts
0.1%
a,e
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
115,316
92,253
Total
Escrows
and
Litigation
Trusts
(Cost
$–)
...................................
92,253
Total
Long
Term
Investments
(Cost
$289,644,674)
...............................
267,513,386
a
a
a
a
a
Short
Term
Investments
2.0%
Principal
Amount
Municipal
Bonds
2.0%
Georgia
2.0%
f
Roswell
Development
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2025
A
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
3.05
%
,
4/01/47
...............
5,600,000
5,600,000
Total
Municipal
Bonds
(Cost
$5,600,000)
.......................................
5,600,000
Total
Short
Term
Investments
(Cost
$5,600,000)
.................................
5,600,000
a
Total
Investments
(Cost
$295,244,674)
98.7%
...................................
$273,113,386
Other
Assets,
less
Liabilities
1.3%
.............................................
3,589,718
Net
Assets
100.0%
...........................................................
$276,703,104
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
58
See
Abbreviations
on
page
200
.
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$19,659,049,
representing
7.1%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Non-income
producing.
f
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
High
Yield
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
59
a
a
Shares
a
Value
a
Common
Stocks
0.0%
Independent
Power
and
Renewable
Electricity
Producers
0.0%
a,b
AES
Guayama
Holdings
BV
...........................................
231,664
$
—
b
Total
Common
Stocks
(Cost
$
–
)
...............................................
—
a
Management
Investment
Companies
4.0%
Capital
Markets
4.0%
iShares
National
Muni
Bond
ETF
........................................
450,000
46,732,500
Vanguard
Tax-Exempt
Bond
Index
ETF
...................................
2,850,000
139,080,000
185,812,500
Total
Management
Investment
Companies
(Cost
$
191,519,710
)
...................
185,812,500
Principal
Amount
a
a
a
a
Corporate
Bonds
2.7%
Commercial
Services
&
Supplies
0.5%
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
1.9%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....................
93,710,000
88,818,436
Electric
Utilities
0.3%
c
Mission
Rock
Utilities,
Inc.
,
144A,
7
%
,
7/01/27
..............................
15,000,000
15,243,289
Total
Corporate
Bonds
(Cost
$
142,546,220
)
.....................................
126,299,575
Senior
Floating
Rate
Interests
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
a
,d
,e
Rialto
Bioenergy
Facility
LLC,
First
Lien,
CME
Term
Loan,
B
,
PIK,
14.452
%
,
4/01/31
.
207,205
2,445
Total
Senior
Floating
Rate
Interests
(Cost
$
206,263
)
.............................
2,445
Municipal
Bonds
91.9%
Alabama
0.4%
f
Black
Belt
Energy
Gas
District
,
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
...
1,000,000
1,054,510
Homewood
Educational
Building
Authority
,
CHF
-
Horizons
II
LLC
,
Revenue
,
2024
C
,
5
%
,
10/01/56
.....................................................
750,000
701,273
MidCity
Improvement
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3.875
%
,
11/01/27
..............
300,000
291,032
Assessment
Area
,
Special
Assessment
,
2022
,
4.25
%
,
11/01/32
...............
600,000
559,456
Assessment
Area
,
Special
Assessment
,
2022
,
4.5
%
,
11/01/42
................
2,090,000
1,764,753
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
11/01/49
...............
2,400,000
1,984,472
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
60
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Alabama
(continued)
MidCity
Improvement
District,
(continued)
c
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
6.5
%
,
11/01/44
...........
$
250,000
$
232,247
c
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
6.75
%
,
11/01/53
..........
540,000
494,659
f
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2025
B
,
Mandatory
Put
,
5.25
%
,
1/01/33
...................................................
10,000,000
10,325,441
17,407,843
Arizona
1.9%
Arizona
Industrial
Development
Authority
,
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2025
B
,
5.125
%
,
1/01/59
..........................
3,141,519
2,462,669
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
6,232,336
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
A
,
7
%
,
11/15/57
.......................................................
5,000,000
5,231,571
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
B-1
,
6.625
%
,
5/15/31
........................................................
4,000,000
4,019,731
c
Maricopa
County
Industrial
Development
Authority
,
Benjamin
Franklin
Charter
School
Obligated
Group
,
Revenue
,
144A,
2018
A
,
6
%
,
7/01/38
........................................................
5,000,000
5,123,239
Benjamin
Franklin
Charter
School
Obligated
Group
,
Revenue
,
144A,
2018
A
,
6
%
,
7/01/52
........................................................
10,000,000
10,074,783
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5.5
%
,
12/01/29
..................
11,105,000
11,815,358
c
Sierra
Vista
Industrial
Development
Authority
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2023
,
5.75
%
,
6/15/58
......
5,000,000
4,997,358
g
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2021
A
,
0.587
%,
10/01/56
.......................................................
18,880,000
14,689,973
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2021
B
,
6.25
%
,
10/01/36
.......................................................
3,945,000
3,304,703
g
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2022
A
,
0.644
%,
10/01/56
.......................................................
2,327,000
2,261,680
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2022
B
,
9
%
,
10/01/37
.......................................................
250,000
238,078
Tempe
Industrial
Development
Authority
,
c
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6
%
,
10/01/37
................
1,900,000
1,408,635
c
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6.125
%
,
10/01/47
.............
4,850,000
3,170,159
c
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6.125
%
,
10/01/52
.............
2,800,000
1,776,998
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/50
........
4,550,000
4,064,061
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/54
........
8,000,000
7,031,708
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
12/01/56
.......
2,130,000
1,624,849
89,527,889
Arkansas
0.5%
Arkansas
Development
Finance
Authority
,
c
Hybar
LLC
,
Revenue
,
144A,
2023
B
,
7.375
%
,
7/01/48
......................
12,500,000
13,558,961
United
States
Steel
Corp.
,
Revenue
,
2022
,
5.45
%
,
9/01/52
...................
3,000,000
2,986,381
United
States
Steel
Corp.
,
Revenue
,
2023
,
5.7
%
,
5/01/53
....................
4,575,000
4,627,442
21,172,784
California
20.0%
g
Alvord
Unified
School
District
,
GO
,
2011
B
,
AGMC
Insured
,
4.91
%,
8/01/41
........
30,750,000
14,163,419
c
California
Community
College
Financing
Authority
,
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
A
,
4.25
%
,
7/01/32
.....
500,000
459,005
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
A
,
5.75
%
,
7/01/60
.....
17,500,000
14,471,874
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
C
,
6.75
%
,
7/01/60
.....
7,000,000
5,909,298
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
61
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
c
California
Community
Housing
Agency
,
Annadel
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/49
..................
$
5,800,000
$
4,698,554
Arbors
Apartments
,
Revenue
,
144A,
2020
A
,
5
%
,
8/01/50
....................
16,550,000
15,309,682
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..........
12,095,000
10,497,699
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
16,500,000
12,581,590
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
19,890,000
15,895,539
K
Street
Flats
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/50
......................
17,830,000
13,348,126
Mira
Vista
Hills
Apartments
,
Revenue
,
144A,
2021
A
,
4
%
,
2/01/56
.............
33,000,000
16,212,042
Twin
Creek
Apartments
,
Revenue,
Junior
Lien
,
144A,
2022
B
,
5.5
%
,
2/01/40
.....
4,400,000
3,846,074
Verdant
at
Green
Valley
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
8/01/49
.......
20,000,000
17,791,624
c,f
California
Infrastructure
&
Economic
Development
Bank
,
Desertxpress
Enterprises
LLC
,
Revenue
,
144A,
2025
A
,
Refunding
,
Mandatory
Put
,
9.5
%
,
1/01/35
........
23,600,000
22,874,812
c
California
Municipal
Finance
Authority
,
California
Baptist
University
,
Revenue
,
144A,
2015
A
,
5.5
%
,
11/01/45
...........
17,400,000
16,986,736
California
Baptist
University
,
Revenue
,
144A,
2016
A
,
5
%
,
11/01/46
............
5,000,000
4,642,771
Capital
Christian
Center
,
Revenue
,
144A,
2021
A
,
5
%
,
10/01/51
...............
8,425,000
6,768,937
a
,c
,d
California
Pollution
Control
Financing
Authority
,
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
7.5
%
,
7/01/32
.......................
24,500,000
245
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
8
%
,
7/01/39
........................
10,000,000
100
CalPlant
I
LLC
,
Revenue
,
144A,
2020
,
7.5
%
,
7/01/32
.......................
10,000,000
100
c
California
Public
Finance
Authority
,
Crossroads
Christian
Schools
Obligated
Group
,
Revenue
,
144A,
2020
,
5
%
,
1/01/56
....................................
4,015,000
3,332,466
California
Statewide
Communities
Development
Authority
,
Special
Tax
,
2023
C-1
,
5
%
,
9/02/43
....................................
3,965,000
3,939,578
c
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/39
.............
1,275,000
1,273,331
c
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/49
.............
3,725,000
3,559,574
c
City
&
County
of
San
Francisco
,
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2021
B
,
5.25
%
,
9/01/49
.............................................
2,500,000
2,090,420
City
of
San
Francisco
,
5.25
%
,
9/01/49
....................................
10,000,000
8,361,680
c
CMFA
Special
Finance
Agency
,
Solana
at
Grand
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/45
...........
33,125,000
28,068,668
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
1,700,000
1,404,192
c
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Junior
Lien
,
144A,
2022
A-2
,
4.5
%
,
8/01/51
.........................................................
38,000,000
25,465,119
c
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
30,020,000
24,656,237
c
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
10,305,000
8,406,104
c
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue
,
144A,
2022
A-2
,
4.375
%
,
8/01/49
...................................................
21,215,000
16,914,898
c
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
3/01/57
............
15,000,000
10,500,134
Crescent
(The)
,
Revenue
,
144A,
2022
B
,
5.5
%
,
7/01/59
.....................
15,935,000
12,738,061
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
7,500,000
5,422,670
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
10,000,000
6,900,343
Park
Crossing
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/48
.............
14,235,000
10,467,010
Renaissance
at
City
Center
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/51
.............
22,325,000
20,223,887
Waterscape
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
9/01/46
................
5,970,000
4,754,036
Wood
Creek
Apartments
,
Revenue,
Sub.
Lien
,
144A,
2021
B
,
4
%
,
12/01/59
......
19,800,000
9,538,113
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.125
%
,
11/01/29
...................................
22,790,000
23,936,330
Revenue
,
2009
B
,
7
%
,
11/01/34
.......................................
20,000,000
23,559,334
Revenue
,
2009
C
,
6.5
%
,
11/01/39
.....................................
20,000,000
23,608,540
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.
62
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
g
Palmdale
Elementary
School
District
,
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AGMC
Insured
,
3.42
%,
8/01/28
........................................................
$
1,500,000
$
1,348,427
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AGMC
Insured
,
3.55
%,
8/01/30
........................................................
1,250,000
1,043,623
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AGMC
Insured
,
3.61
%,
8/01/31
........................................................
1,250,000
1,004,342
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AGMC
Insured
,
5.49
%,
8/01/34
........................................................
2,500,000
2,680,990
g
Riverside
County
Transportation
Commission
,
Revenue,
Senior
Lien
,
2013
B
,
4.03
%,
6/01/32
............................
4,000,000
3,033,349
Revenue,
Senior
Lien
,
2013
B
,
4.13
%,
6/01/33
............................
5,500,000
3,979,730
Revenue,
Senior
Lien
,
2013
B
,
5.03
%,
6/01/41
............................
5,000,000
2,279,242
Revenue,
Senior
Lien
,
2013
B
,
5.11
%,
6/01/42
............................
7,000,000
2,997,541
g
San
Diego
Unified
School
District
,
GO
,
2012
E
,
5.123
%,
7/01/42
.........................................
44,565,000
34,158,885
GO
,
2012
E
,
5.436
%,
7/01/47
.........................................
33,305,000
25,077,250
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/45
...............................
35,834,000
43,771,252
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/46
...............................
35,834,000
43,994,638
g
Revenue,
Junior
Lien
,
ETM,
2.85
%,
1/01/26
..............................
100,000,000
98,349,820
g
Revenue,
Junior
Lien
,
ETM,
2.84
%,
1/01/27
..............................
125,100,000
119,662,266
g
San
Mateo
Foster
City
School
District
,
GO
,
A
,
5.645
%,
8/01/42
.................
40,000,000
42,533,524
g
San
Mateo
Union
High
School
District
,
GO
,
2011
A
,
6.444
%,
9/01/41
.............
20,000,000
20,298,032
g
Silicon
Valley
Tobacco
Securitization
Authority
,
Revenue
,
2007
C
,
7.81
%,
6/01/56
...
60,000,000
5,837,580
927,629,443
Colorado
5.1%
3rd
and
Havana
Metropolitan
District
,
GO
,
2020
A
,
5.25
%
,
12/01/49
.............
3,775,000
3,059,682
9th
Avenue
Metropolitan
District
No.
2
,
GO
,
2018
,
5
%
,
12/01/48
................
7,411,000
6,950,377
Allison
Valley
Metropolitan
District
No.
1
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/47
......
5,250,000
4,763,361
Allison
Valley
Metropolitan
District
No.
2
,
GO
,
2020
,
Refunding
,
4.7
%
,
12/01/47
.....
4,720,000
4,148,139
Banning
Lewis
Ranch
Regional
Metropolitan
District
No.
1
,
GO
,
2018
A
,
5.375
%
,
12/01/48
........................................................
2,070,000
1,914,680
Baseline
Metropolitan
District
No.
1
,
GO
,
2024
B
,
6.75
%
,
12/15/54
..............
2,500,000
2,496,017
c
Bent
Grass
Metropolitan
District
,
GO
,
144A,
2020
,
Refunding
,
5.25
%
,
12/01/49
.....
1,685,000
1,687,880
Bradburn
Metropolitan
District
No.
2
,
GO
,
2018
A
,
Refunding
,
5
%
,
12/01/47
........
2,400,000
2,174,726
c
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-2
,
Refunding
,
5
%
,
12/01/49
........................................................
708,000
628,698
Clear
Creek
Transit
Metropolitan
District
No.
2
,
GO
,
2021
A
,
5
%
,
12/01/41
...........................................
578,000
441,283
GO
,
2021
A
,
5
%
,
12/01/50
...........................................
1,000,000
707,419
Colliers
Hill
Metropolitan
District
No.
2
,
GO
,
2022
B-1
,
Refunding
,
5.75
%
,
12/15/47
..
2,840,000
2,666,342
Colorado
Health
Facilities
Authority
,
Aberdeen
Ridge,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
5
%
,
5/15/49
..........
2,235,000
1,618,743
Aberdeen
Ridge,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
5
%
,
5/15/58
..........
4,750,000
3,254,112
BSLC
II
Obligated
Group
,
Revenue,
Second
Tier
,
2025
,
5.25
%
,
9/15/45
.........
3,600,000
3,507,244
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/47
........................................................
6,500,000
6,363,106
Conestoga
Metropolitan
District
No.
2
,
GO
,
2021
A-3
,
Refunding
,
5.25
%
,
12/01/51
..
1,625,000
1,384,723
Copperleaf
Metropolitan
District
No.
6
,
GO
,
2022
B
,
6
%
,
12/15/41
...............
1,225,000
1,219,197
Cornerstar
Metropolitan
District
,
GO
,
A
,
Refunding
,
5.125
%
,
12/01/37
...................................
2,000,000
1,930,741
GO
,
A
,
Refunding
,
5.25
%
,
12/01/47
....................................
5,200,000
4,807,021
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
63
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Creekwalk
Marketplace
Business
Improvement
District
,
Revenue
,
2024
A
,
Refunding
,
6
%
,
12/01/54
.....................................................
$
7,500,000
$
6,947,968
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
B
,
6
%
,
12/01/48
........................................................
6,579,000
6,597,895
Eagle
Brook
Meadows
Metropolitan
District
No.
3
,
GO
,
2021-3
,
5
%
,
12/01/51
......
1,600,000
1,416,101
Greenways
Metropolitan
District
No.
1
,
GO
,
2021
A-3
,
4.625
%
,
12/01/51
..........
1,580,000
1,063,823
c
Hidden
Creek
Metropolitan
District
,
GO
,
144A,
2021
A-3
,
4.625
%
,
12/01/45
........
1,140,000
926,223
c
Horizon
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-3
,
4.5
%
,
12/01/51
..........
1,675,000
1,142,483
Jay
Grove
Metropolitan
District
,
GO
,
2021
,
4.25
%
,
12/01/51
...................
1,225,000
896,002
Jefferson
Center
Metropolitan
District
No.
1
,
Revenue
,
2020
A-2
,
4.125
%
,
12/01/40
..................................
575,000
507,019
Revenue
,
2020
A-2
,
4.375
%
,
12/01/47
..................................
1,125,000
977,332
Johnstown
Farms
East
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
............
1,500,000
1,216,538
Johnstown
Plaza
Metropolitan
District
,
GO
,
2022
,
Refunding
,
4.25
%
,
12/01/46
.....
5,500,000
4,603,782
c
Karl's
Farm
Metropolitan
District
No.
2
,
GO
,
144A,
2020
A-3
,
Pre-Refunded
,
5.375
%
,
12/01/40
......................
645,000
667,748
GO
,
144A,
2020
A-3
,
Pre-Refunded
,
5.625
%
,
12/01/50
......................
1,900,000
1,968,165
Liberty
Ranch
Metropolitan
District
,
GO
,
2021
A
,
Refunding
,
5.25
%
,
12/01/51
......
6,590,000
5,578,986
Morgan
Hill
Metropolitan
District
No.
3
,
GO
,
2021
B
,
Refunding
,
6.375
%
,
12/15/51
...
1,465,000
1,414,152
Murphy
Creek
Metropolitan
District
No.
4
,
GO
,
2021
,
5
%
,
12/01/51
..............
8,000,000
6,742,934
Nexus
North
at
DIA
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
...............
565,000
499,870
c
Platte
River
Metropolitan
District
,
GO,
Senior
Lien
,
144A,
2023
A
,
Refunding
,
6.5
%
,
8/01/53
.........................................................
1,804,000
1,800,931
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
A
,
Refunding
,
5.875
%
,
12/15/46
.
750,000
772,036
Prairie
Center
Metropolitan
District
No.
7
,
GO
,
2021
,
6.375
%
,
6/15/46
............
1,330,000
1,297,612
Ptarmigan
West
Metropolitan
District
No.
2
,
GO
,
2021-3
,
4.125
%
,
12/01/51
........
1,475,000
1,002,578
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.25
%
,
11/15/28
......................................
10,430,000
10,898,771
Revenue
,
2008
,
6.5
%
,
11/15/38
.......................................
60,100,000
70,212,883
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System
,
Revenue
,
2020
,
5
%
,
12/01/40
...................
623,000
584,656
Non-Potable
Water
System
,
Revenue
,
2020
,
5.25
%
,
12/01/50
................
4,250,000
3,915,376
Reunion
Metropolitan
District
,
Water
Activity
Enterprise
,
Revenue
,
2021
A
,
3.625
%
,
12/01/44
........................................................
5,858,891
4,089,023
RRC
Metropolitan
District
No.
2
,
GO
,
2021
,
5.25
%
,
12/01/51
...................
5,625,000
4,762,033
South
Aurora
Regional
Improvement
Authority
,
Revenue
,
2018
,
6.25
%
,
12/01/57
....
2,815,000
2,570,819
Southglenn
Metropolitan
District
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/30
....................................
3,470,000
3,460,902
GO
,
2016
,
Refunding
,
5
%
,
12/01/36
....................................
810,000
781,329
GO
,
2016
,
Refunding
,
5
%
,
12/01/46
....................................
3,700,000
3,273,344
c
STC
Metropolitan
District
No.
2
,
GO,
Second
Lien
,
144A,
2025
A-2
,
Refunding
,
6.25
%
,
12/01/55
........................................................
3,500,000
3,543,107
Timberleaf
Metropolitan
District
,
GO
,
2020
A
,
Refunding
,
5.75
%
,
12/01/50
.........
1,730,000
1,781,900
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
B
,
Refunding
,
6.875
%
,
12/15/52
..................................................
1,215,000
1,206,917
Village
at
Dry
Creek
Metropolitan
District
No.
2
(The)
,
GO
,
2019
,
4.375
%
,
12/01/44
..
500,000
456,842
Villages
at
Castle
Rock
Metropolitan
District
No.
4
,
1989
,
11.12
%
,
6/01/31
.........
3,000,000
3,000,000
Waterfront
at
Foster
Lake
Metropolitan
District
No.
2
,
GO
,
2022
A3-1
,
5
%
,
12/01/42
.........................................
3,705,000
3,236,690
GO
,
2022
A3-1
,
5
%
,
12/01/51
.........................................
4,085,000
3,305,625
g
GO
,
2022
A3-2
,
1.094
%,
12/01/51
.....................................
5,130,000
3,905,721
Water
Tap
Fee
,
Revenue
,
2022
,
4.625
%
,
12/01/28
.........................
6,000,000
5,803,800
c
West
Meadow
Metropolitan
District
,
GO,
Senior
Lien
,
144A,
2023
A
,
Refunding
,
6.5
%
,
12/01/50
........................................................
2,750,000
2,777,791
237,331,198
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)
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
$
921,340
c
Church
Home
of
Hartford
Obligated
Group
,
Revenue
,
144A,
A
,
5
%
,
9/01/53
......
7,850,000
6,978,561
Masonicare
Corp.
Obligated
Group
,
Revenue
,
F
,
Refunding
,
5
%
,
7/01/43
........
9,000,000
8,257,020
c
McLean
Affiliates
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/45
........
1,000,000
852,639
c
McLean
Affiliates
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/55
........
5,695,000
4,529,449
Stamford
Housing
Authority
,
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.375
%
,
10/01/45
.......................................................
1,415,000
1,415,999
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.5
%
,
10/01/55
.......................................................
1,765,000
1,738,732
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.25
%
,
10/01/60
.......................................................
1,280,000
1,216,579
25,910,319
Florida
18.4%
Abbott
Square
Community
Development
District
,
Special
Assessment
,
2022
,
5.375
%
,
6/15/42
.............................
1,040,000
1,042,927
Special
Assessment
,
2022
,
5.5
%
,
6/15/52
...............................
1,620,000
1,573,557
Anabelle
Island
Community
Development
District
,
Special
Assessment
,
2022
,
2.7
%
,
5/01/27
...............................
275,000
267,920
Special
Assessment
,
2022
,
3.1
%
,
5/01/32
...............................
750,000
690,906
Special
Assessment
,
2022
,
3.5
%
,
5/01/42
...............................
1,945,000
1,547,069
Antillia
Community
Development
District
,
Special
Assessment
,
2024
,
5.6
%
,
5/01/44
.
645,000
630,638
Arbors
Community
Development
District
,
2023
Project
Area
,
Special
Assessment
,
2023
,
4.5
%
,
5/01/30
.................
540,000
545,944
2023
Project
Area
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
.................
1,705,000
1,717,242
2023
Project
Area
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
...............
2,235,000
2,255,546
c
2024
Project
Area
,
Special
Assessment
,
144A,
2024
,
5.15
%
,
5/01/44
...........
630,000
606,765
c
2024
Project
Area
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
5/01/55
............
815,000
782,374
Artisan
Lakes
East
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021-1
,
2.75
%
,
5/01/31
.............
250,000
230,466
Assessment
Area
2
,
Special
Assessment
,
2021-1
,
3.125
%
,
5/01/41
............
470,000
361,795
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021-2
,
2.75
%
,
5/01/31
........
275,000
253,513
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021-2
,
3.125
%
,
5/01/41
.......
515,000
396,435
Astonia
Community
Development
District
,
c
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
......................
540,000
495,631
c
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
......................
1,370,000
1,136,887
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
5/01/26
...........
50,000
49,285
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
............
500,000
469,154
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
3.2
%
,
5/01/41
...........
750,000
595,126
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
410,000
403,288
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
680,000
667,820
c
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
5/01/26
..
50,000
49,285
c
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
....
320,000
300,259
c
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.2
%
,
5/01/41
..
750,000
595,126
Aurora
Oaks
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.35
%
,
5/01/44
...............
665,000
623,983
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/55
..............
1,030,000
949,463
Avalon
Groves
Community
Development
District
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.............................
360,000
284,088
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................................
500,000
411,834
Assessment
Area
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/32
.................
200,000
184,980
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
495,000
392,875
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
65
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Avalon
Park
West
Community
Development
District
,
c
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.25
%
,
5/01/30
..
$
215,000
$
206,314
c
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.75
%
,
5/01/40
..
580,000
502,953
c
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/51
.....
880,000
687,332
2022
Project
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
.................
500,000
507,620
2022
Project
Area
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/52
...............
875,000
879,793
c
Ave
Maria
Stewardship
Community
District
,
BAN
Assessment
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
5/01/53
...........................................
2,790,000
2,712,560
Avenir
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
3,030,000
2,994,846
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/54
..............
5,115,000
5,088,526
Parcel
A-18
,
Special
Assessment
,
2024
A
,
4.875
%
,
5/01/31
..................
270,000
271,366
Parcel
A-18
,
Special
Assessment
,
2024
A
,
5.75
%
,
5/01/44
...................
1,005,000
980,651
Parcel
A-18
,
Special
Assessment
,
2024
A
,
6
%
,
5/01/55
.....................
1,625,000
1,573,941
Aviary
at
Rutland
Ranch
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.1
%
,
11/01/31
...............
170,000
157,300
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.4
%
,
11/01/41
...............
410,000
324,207
Babcock
Ranch
Community
Independent
Special
District
,
c
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
4.3
%
,
5/01/31
............
1,000,000
997,999
c
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
5/01/55
...........
2,850,000
2,685,213
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/31
..............
465,000
427,774
Assessment
Area
2C
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
................
250,000
240,268
Assessment
Area
2C
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
775,000
705,136
Assessment
Area
2C
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
................
1,550,000
1,250,412
Assessment
Area
3A
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
................
250,000
238,972
Assessment
Area
3B
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
385,000
349,530
Assessment
Area
3B
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
................
890,000
717,979
Balm
Grove
Community
Development
District
,
Special
Assessment
,
2022
,
3.25
%
,
11/01/27
........................................................
645,000
632,544
Bannon
Lakes
Community
Development
District
,
c
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
...................
700,000
579,476
Phase
3
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/32
........................
365,000
345,343
Phase
3
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
..........................
1,370,000
1,179,034
Belmond
Reserve
Community
Development
District
,
2020
Project
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
......................
1,750,000
1,631,029
2020
Project
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
......................
2,000,000
1,632,686
Belmont
II
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
12/15/30
.............................
325,000
311,806
Special
Assessment
,
2020
,
3.625
%
,
12/15/40
.............................
1,390,000
1,230,157
Berry
Bay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.625
%
,
5/01/26
..............
55,000
54,250
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
400,000
374,718
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
1,250,000
1,027,750
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
985,000
992,043
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,675,000
1,686,598
Berry
Bay
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.45
%
,
5/01/31
...............
120,000
119,637
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
145,000
136,909
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/54
...............
115,000
106,639
Black
Creek
Community
Development
District
,
Special
Assessment
,
2022
,
5.125
%
,
6/15/32
.............................
150,000
154,894
Special
Assessment
,
2022
,
5.625
%
,
6/15/52
.............................
2,000,000
2,014,467
Boggy
Branch
Community
Development
District
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
...............................
30,000
29,520
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
450,000
417,762
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.
66
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Boggy
Branch
Community
Development
District,
(continued)
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
...............................
$
1,165,000
$
935,828
Bradbury
Community
Development
District
,
Special
Assessment
,
2023
,
4.375
%
,
5/01/30
.............................
500,000
502,761
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
...............................
2,245,000
2,176,592
Bridgewalk
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.25
%
,
12/15/43
..............
760,000
784,309
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.5
%
,
12/15/53
...............
700,000
722,775
Bridgewater
North
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
3.125
%
,
5/01/27
..................
85,000
83,577
Assessments
,
Special
Assessment
,
2022
,
3.5
%
,
5/01/32
....................
350,000
331,681
Brightwater
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.85
%
,
5/01/31
...............
280,000
256,675
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.15
%
,
5/01/41
...............
700,000
536,907
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.35
%
,
5/01/44
..........
405,000
392,120
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/55
.........
525,000
504,619
Brookstone
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
...............
325,000
329,692
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
................
1,000,000
1,003,734
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/52
..............
1,750,000
1,739,663
Buckhead
Trails
Community
Development
District
,
Special
Assessment
,
2022
,
5.25
%
,
5/01/32
..............................
400,000
407,841
Special
Assessment
,
2022
,
5.625
%
,
5/01/42
.............................
1,000,000
997,937
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
..............................
1,410,000
1,380,144
Special
Assessment
,
2024
,
4.7
%
,
5/01/31
...............................
495,000
496,624
Special
Assessment
,
2024
,
5.6
%
,
5/01/44
...............................
665,000
642,051
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
.............................
1,500,000
1,432,564
Buena
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
.....................................
1,135,000
1,135,172
Caldera
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/54
................................................
390,000
360,372
c
Cape
Coral
Health
Facilities
Authority
,
Gulf
Care,
Inc.
Obligated
Group
,
Revenue,
Senior
Lien
,
144A,
2015
,
Refunding
,
6
%
,
7/01/45
..........................
5,250,000
3,287,845
c
Capital
Projects
Finance
Authority
,
PRG
-
UnionWest
Properties
LLC
,
Revenue,
Senior
Lien
,
144A,
2024
A-1
,
5
%
,
6/01/58
.....................................
1,250,000
1,173,053
c
Capital
Trust
Agency,
Inc.
,
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
3
%
,
7/01/31
..........
100,000
91,884
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/41
..........
450,000
378,069
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/51
..........
540,000
405,591
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/56
..........
445,000
324,032
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/41
.........
750,000
632,250
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/51
.........
975,000
732,317
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/56
.........
750,000
546,121
g
Educational
Growth
Fund
LLC
,
Revenue
,
144A,
2021
B
,
6.28
%,
7/01/31
........
8,585,000
5,925,220
Sarasota-Manatee
Jewish
Housing
Council
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
7/01/46
............................................
3,250,000
2,296,645
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-2
,
4.43
%
,
1/01/57
...........
10,245,000
6,955,908
South
Tech
Schools
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/55
......
3,805,000
3,220,890
University
Bridge
LLC
,
Revenue
,
144A,
2018
A
,
5.25
%
,
12/01/43
..............
31,755,000
31,212,767
WFCS
Holdings
II
LLC
,
Revenue
,
144A,
2021
A-1
,
3.3
%
,
1/01/31
..............
690,000
642,023
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
5
%
,
1/01/55
.................
3,500,000
3,009,933
c
Capital
Trust
Authority
,
g
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
........................................................
17,200,000
14,157,876
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
67
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
c
Capital
Trust
Authority,
(continued)
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.25
%
,
7/01/55
........................................................
$
275,000
$
257,901
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.375
%
,
7/01/65
........................................................
2,650,000
2,481,771
Caymas
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
................
800,000
769,038
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/54
..............
690,000
656,345
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
2.25
%
,
5/01/26
..............................
75,000
73,774
Special
Assessment
,
2021
,
2.75
%
,
5/01/31
..............................
240,000
223,515
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.............................
590,000
471,152
Celebration
Pointe
Community
Development
District
No.
1
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
...................................................
885,000
708,000
Center
Lake
Ranch
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
1,360,000
1,370,574
Assessment
Area
1
,
Special
Assessment
,
2023
,
6
%
,
5/01/54
.................
2,325,000
2,348,625
Central
Parc
Community
Development
District
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/44
...............................
500,000
484,523
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................................
750,000
726,845
Chaparral
Palm
Bay
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
1,000,000
950,871
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/55
................
2,190,000
2,066,746
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/40
...................
1,220,000
1,112,446
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/50
...................
1,985,000
1,640,366
Chapel
Creek
Community
Development
District
,
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
..............
165,000
152,609
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
5/01/41
..........
540,000
429,589
Assessment
Area
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
.................
570,000
559,149
Assessment
Area
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
................
1,055,000
1,020,171
c
Chapel
Crossings
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2020
,
3.2
%
,
5/01/30
...............
645,000
609,824
Assessments
,
Special
Assessment
,
144A,
2020
,
3.7
%
,
5/01/40
...............
1,700,000
1,427,224
c
Charlotte
County
Industrial
Development
Authority
,
MSKP
Town
&
Country
Utility
LLC
,
Revenue
,
144A,
2021
B
,
5
%
,
10/01/36
..................................
2,400,000
2,154,288
Coddington
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/42
...................
610,000
625,204
Assessments
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
...................
1,090,000
1,104,960
Connerton
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
...............
1,395,000
1,387,490
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
2,245,000
2,198,506
Copes
Landing
Community
Development
District
,
2023
Project
Area
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
................
210,000
216,078
2023
Project
Area
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
...............
1,825,000
1,872,686
Coral
Creek
Community
Development
District
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
..............................
2,160,000
2,123,658
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
..............................
1,700,000
1,650,691
Coral
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
11/01/44
...............
780,000
777,834
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
11/01/53
..............
1,000,000
985,445
Cordoba
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/31
.............
835,000
795,714
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/37
.............
825,000
700,160
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)
Cordova
Palms
Community
Development
District
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
...............................
$
25,000
$
24,598
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
...............................
330,000
302,306
Special
Assessment
,
2021
,
3
%
,
5/01/41
.................................
995,000
753,547
Special
Assessment
,
2022-1
,
5.7
%
,
5/01/42
..............................
275,000
282,061
Special
Assessment
,
2022-1
,
5.8
%
,
5/01/53
..............................
410,000
419,439
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
4.5
%
,
5/01/27
..............
115,000
115,704
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.1
%
,
5/01/32
..............
335,000
344,471
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.4
%
,
5/01/42
..............
1,010,000
1,020,180
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.6
%
,
5/01/53
..............
1,990,000
2,012,673
Creekview
Community
Development
District
,
Phase
1
,
Special
Assessment
,
2022
,
4.25
%
,
5/01/32
.......................
585,000
581,335
Phase
2
,
Special
Assessment
,
2024
,
4.6
%
,
5/01/31
........................
865,000
863,281
Phase
2
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/44
......................
2,000,000
1,906,382
Phase
2
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/55
......................
2,260,000
2,124,096
Cresswind
DeLand
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/44
..............
700,000
668,782
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
730,000
697,232
c
Crestview
II
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/31
...................
250,000
254,223
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/37
...................
475,000
457,932
Cross
Creek
North
Community
Development
District
,
Special
Assessment
,
2022
,
4.25
%
,
5/01/42
..............................
2,340,000
2,105,590
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
.............................
990,000
971,528
Special
Assessment
,
2023
,
5.375
%
,
5/01/53
.............................
1,255,000
1,229,279
Crossings
Community
Development
District
,
Area
2
,
Special
Assessment
,
2024
,
5.35
%
,
5/01/44
........................
595,000
566,765
Area
2
,
Special
Assessment
,
2024
,
5.6
%
,
5/01/54
.........................
535,000
504,278
Crosswinds
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
1,220,000
1,199,553
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
1,500,000
1,462,543
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
................
170,000
169,139
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/54
...............
300,000
279,744
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
...............................
200,000
185,742
Special
Assessment
,
2021
,
3.05
%
,
5/01/41
..............................
850,000
679,907
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................................
1,000,000
828,604
c
Curiosity
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.4
%
,
5/01/44
...........
900,000
859,443
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.7
%
,
5/01/55
...........
1,475,000
1,393,735
c
Currents
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2020
A
,
4
%
,
5/01/40
................................................
3,100,000
2,724,191
Cypress
Bay
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/43
...............
1,375,000
1,350,357
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
................
1,205,000
1,179,792
c
Cypress
Bluff
Community
Development
District
,
Special
Assessment
,
144A,
2020
A
,
3.125
%
,
5/01/30
.......................
250,000
243,292
Special
Assessment
,
144A,
2020
A
,
3.625
%
,
5/01/40
.......................
800,000
708,024
Special
Assessment
,
144A,
2020
A
,
3.8
%
,
5/01/50
.........................
1,165,000
922,371
Cypress
Park
Estates
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
4.375
%
,
5/01/27
...............
55,000
55,016
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
................
350,000
353,175
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
295,000
280,057
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
5/01/40
.........
1,170,000
1,005,416
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)
Cypress
Park
Estates
Community
Development
District,
(continued)
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
............
$
1,210,000
$
940,958
Cypress
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
1,540,000
1,541,666
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
..............
1,320,000
1,322,035
Darby
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
A-1
,
5.625
%
,
5/01/44
...............
1,290,000
1,286,976
Assessments
,
Special
Assessment
,
2024
A-1
,
6
%
,
5/01/54
...................
1,610,000
1,609,637
Assessments
,
Special
Assessment
,
2024
A-2
,
5.875
%
,
5/01/35
...............
700,000
708,317
Deerbrook
Community
Development
District
,
Special
Assessment
,
2023
,
4.375
%
,
5/01/30
.............................
105,000
105,670
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
...............................
1,250,000
1,229,022
Del
Webb
Oak
Creek
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
1,430,000
1,373,190
Special
Assessment
,
2023
,
5.25
%
,
5/01/53
..............................
1,995,000
1,883,630
DG
Farms
Community
Development
District
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
..............................
200,000
191,920
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
255,000
219,915
Dowden
West
Community
Development
District
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
..............................
495,000
478,571
Special
Assessment
,
2024
,
5.55
%
,
5/01/54
..............................
855,000
815,813
DW
Bayview
Community
Development
District
,
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
5/01/26
..........
85,000
83,787
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/32
..............
430,000
407,854
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
5/01/41
..........
1,160,000
977,304
Assessment
Area
,
Special
Assessment
,
2022
,
4.5
%
,
5/01/32
.................
185,000
188,608
Assessment
Area
,
Special
Assessment
,
2022
,
5.125
%
,
5/01/42
...............
1,115,000
1,111,380
East
547
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
20,000
19,698
Assessment
Area
1
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
90,000
83,642
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.3
%
,
5/01/41
................
375,000
293,608
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.25
%
,
5/01/43
...............
335,000
344,957
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.5
%
,
5/01/54
................
810,000
839,222
East
Bonita
Beach
Road
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/32
.................
255,000
241,421
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
...............
750,000
603,424
East
Nassau
Stewardship
District
,
Assessments
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
......................
500,000
462,207
Assessments
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
....................
1,185,000
948,608
Wildlight
Village
Phase
3
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
...........
1,500,000
1,433,289
Eden
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
................
110,000
107,419
Assessment
Area
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
...................
300,000
275,954
Assessment
Area
,
Special
Assessment
,
2022
,
3.25
%
,
5/01/27
................
190,000
188,356
Assessment
Area
,
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
...............
610,000
590,714
Edgewater
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
110,000
108,445
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.1
%
,
5/01/31
................
700,000
658,344
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.6
%
,
5/01/41
................
2,625,000
2,183,710
Assessment
Area
2
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
.................
3,980,000
3,437,309
Edgewater
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
................
900,000
891,769
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
...............
2,000,000
1,873,498
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/54
................
2,750,000
2,533,514
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)
c
Enbrook
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
............................
$
500,000
$
434,665
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
............................
1,150,000
899,531
Entrada
Community
Development
District
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/43
...............................
500,000
510,312
c
Assessments
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
5/01/31
.............
370,000
342,916
c
Assessments
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
5/01/41
.............
935,000
761,939
Assessments
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/55
....................
310,000
288,402
Epperson
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
45,000
44,305
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
235,000
218,164
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
................
1,200,000
970,641
Assessment
Area
3
,
Special
Assessment
,
2021
A
,
2.45
%
,
11/01/26
............
125,000
122,099
Assessment
Area
3
,
Special
Assessment
,
2021
A
,
3.1
%
,
11/01/31
.............
400,000
369,483
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
................
465,000
444,400
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.6
%
,
5/01/55
................
500,000
472,159
Epperson
Ranch
II
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
3.625
%
,
5/01/30
...................................
465,000
447,879
c
Everlands
Community
Development
District
,
Assessment
Area
2
Phase
2
,
Special
Assessment
,
144A,
2024
,
5.2
%
,
6/15/44
....
750,000
718,294
Assessment
Area
2
Phase
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
6/15/54
....
1,000,000
941,718
Everlands
II
Community
Development
District
,
Special
Assessment
,
2024
,
5.2
%
,
6/15/44
...............................
500,000
485,142
Special
Assessment
,
2024
,
5.45
%
,
6/15/54
..............................
485,000
462,418
Fallschase
Community
Development
District
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.........................................................
1,000,000
794,610
c
Florida
Development
Finance
Corp.
,
f
AAF
Operations
Holdings
LLC
,
Revenue
,
144A,
2024
,
Refunding
,
Mandatory
Put
,
12
%
,
7/15/28
...................................................
15,000,000
15,575,682
f
Brightline
Florida
Holdings
LLC
,
Revenue
,
144A,
2025
A
,
Mandatory
Put
,
8.25
%
,
8/13/25
........................................................
6,550,000
6,669,546
Glenridge
on
Palmer
Ranch
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
6/01/31
........................................................
450,000
457,344
Glenridge
on
Palmer
Ranch
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
6/01/51
........................................................
5,500,000
4,809,234
Mayflower
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5.25
%
,
6/01/50
........................................................
7,000,000
6,417,617
Mayflower
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/55
............................................
3,900,000
2,664,936
c
Forest
Lake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
350,000
338,581
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
5/01/27
..........
20,000
20,146
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5
%
,
5/01/32
............
75,000
76,784
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
5/01/42
.........
310,000
311,965
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
5/01/52
...........
275,000
273,927
c
Gas
Worx
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5
%
,
5/01/36
............................
525,000
527,357
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/45
.........................
800,000
792,446
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/57
............................
1,980,000
1,951,252
Grand
Oaks
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
4.25
%
,
5/01/40
...............
1,095,000
988,342
Assessment
Area
2
,
Special
Assessment
,
2020
,
4.5
%
,
5/01/52
................
3,500,000
2,986,110
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.2
%
,
11/01/31
...............
215,000
199,557
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.5
%
,
11/01/41
...............
555,000
440,720
Assessment
Area
3
,
Special
Assessment
,
2021
,
4
%
,
11/01/51
................
1,205,000
943,322
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)
Grande
Pines
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.75
%
,
5/01/41
...............
$
710,000
$
585,845
Assessment
Area
1
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................
750,000
590,956
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
................
1,010,000
976,829
Greenbriar
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.65
%
,
5/01/45
...............
1,000,000
968,575
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.875
%
,
5/01/54
..............
1,200,000
1,153,826
Grove
Resort
Community
Development
District
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/32
...............................
170,000
157,842
Special
Assessment
,
2022
,
3.55
%
,
5/01/42
..............................
435,000
345,911
Hamilton
Bluff
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
1,000,000
969,684
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
................
1,250,000
1,197,437
Hammock
Oaks
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
155,000
157,068
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
645,000
648,152
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,000,000
987,698
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.85
%
,
5/01/44
...............
750,000
735,271
Assessment
Area
2
,
Special
Assessment
,
2024
,
6.15
%
,
5/01/54
...............
730,000
718,210
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2025
,
5.55
%
,
5/01/45
..........
1,040,000
1,014,231
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/55
..........
1,455,000
1,404,141
Hammock
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
.................
540,000
488,118
Assessment
Area
1
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
.................
860,000
692,752
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
200,000
185,672
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
520,000
418,035
Assessment
Area
3
,
Special
Assessment
,
2022
,
4.4
%
,
5/01/32
................
445,000
448,671
Harmony
on
Lake
Eloise
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.45
%
,
11/01/45
..............
500,000
482,792
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.65
%
,
11/01/54
..............
1,250,000
1,196,989
Harmony
West
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................
360,000
348,114
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.3
%
,
5/01/53
................
305,000
296,357
Hawkstone
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2021
,
2.6
%
,
5/01/26
................
45,000
44,348
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/31
................
440,000
414,114
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.45
%
,
5/01/41
...............
1,120,000
908,344
Assessment
Area
4
,
Special
Assessment
,
2023
,
4.375
%
,
5/01/30
..............
215,000
216,065
Hawthorne
Mill
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
1,000,000
942,908
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/54
................
1,400,000
1,315,086
Hickory
Tree
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.15
%
,
5/01/44
...............
890,000
842,126
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/55
...............
365,000
339,017
Highland
Trails
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
....................
780,000
759,856
Assessments
,
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
...................
785,000
761,425
c
Hillcrest
Preserve
Community
Development
District
,
Special
Assessment
,
144A,
2024
,
5
%
,
5/01/44
............................
750,000
689,019
Special
Assessment
,
144A,
2024
,
5.3
%
,
5/01/54
..........................
1,000,000
914,448
Hills
of
Minneola
Community
Development
District
,
North
Parcel
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.55
%
,
5/01/44
.....
525,000
531,789
North
Parcel
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
....
725,000
742,827
c
South
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
...
1,125,000
991,832
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)
Hills
of
Minneola
Community
Development
District,
(continued)
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
2.375
%
,
5/01/26
........................................................
$
25,000
$
24,606
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
250,000
230,495
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/41
500,000
388,891
Hilltop
Point
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022-1
,
5.375
%
,
5/01/52
............
700,000
671,851
Assessment
Area
2
,
Special
Assessment
,
2022-2
,
5.6
%
,
5/01/53
..............
745,000
729,575
Hobe-St.
Lucie
Conservancy
District
,
Unit
of
Development
No.
1A
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/55
...................................
3,000,000
2,971,652
Holly
Hill
Road
East
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2020
,
4.5
%
,
11/01/31
...............
165,000
172,746
Assessment
Area
3
,
Special
Assessment
,
2020
,
5
%
,
11/01/41
................
350,000
355,505
Assessment
Area
3
,
Special
Assessment
,
2020
,
5
%
,
11/01/50
................
520,000
509,354
Hyde
Park
Community
Development
District
No.
1
,
Assessments
,
Special
Assessment
,
2024
A
,
5.35
%
,
5/01/44
..................
420,000
401,466
Assessments
,
Special
Assessment
,
2024
A
,
5.625
%
,
5/01/55
.................
280,000
265,005
Indigo
Community
Development
District
,
Special
Assessment
,
1999
A
,
7
%
,
5/01/31
...............................
350,000
350,620
Special
Assessment
,
1999
C
,
7
%
,
5/01/30
...............................
4,123,752
2,433,014
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
2.2
%
,
5/01/26
.........
65,000
63,829
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
.........
240,000
221,814
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.......
855,000
658,935
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
...........
1,375,000
1,097,209
Island
Lake
Estates
Community
Development
District
,
Special
Assessment
,
2023
,
5.75
%
,
12/15/43
.............................
1,240,000
1,265,113
Special
Assessment
,
2023
,
6
%
,
12/15/53
................................
1,430,000
1,453,159
Juniper
Cove
Community
Development
District
,
Assessments
,
Special
Assessment
,
2025
,
5.45
%
,
5/01/45
...................
515,000
500,340
Assessments
,
Special
Assessment
,
2025
,
5.7
%
,
5/01/55
....................
1,070,000
1,028,074
Kelly
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
6
%
,
11/01/43
................
665,000
674,091
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.25
%
,
11/01/53
..............
885,000
893,849
Assessment
Area
2
,
Special
Assessment
,
2025
,
4.375
%
,
5/01/32
..............
150,000
150,104
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/55
................
750,000
705,790
Kindred
Community
Development
District
II
,
Special
Assessment
,
2020
,
3.5
%
,
5/01/40
...............................
395,000
344,339
Special
Assessment
,
2020
,
3.75
%
,
5/01/50
..............................
570,000
454,741
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
...............................
235,000
219,778
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.............................
500,000
406,482
Special
Assessment
,
2023
,
5.875
%
,
5/01/54
.............................
1,100,000
1,110,584
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
6/15/30
.............................
375,000
364,348
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................................
775,000
723,976
Special
Assessment
,
2020
,
4
%
,
6/15/50
.................................
2,270,000
1,915,861
Special
Assessment
,
2021
,
2.5
%
,
6/15/26
...............................
40,000
39,454
Special
Assessment
,
2021
,
3.125
%
,
6/15/31
.............................
250,000
240,862
Special
Assessment
,
2021
,
3.6
%
,
6/15/41
...............................
750,000
654,975
Kings
Creek
I
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/45
...............
775,000
766,783
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
.................
1,300,000
1,279,941
Lake
Ashton
Community
Development
District
,
Special
Assessment
,
2015
A-1
,
Refunding
,
5
%
,
5/01/32
.............................................
1,835,000
1,835,975
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)
Lake
Deer
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
5
%
,
5/01/32
...................
$
220,000
$
221,011
Assessment
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
.................
740,000
724,535
Assessment
Area
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/53
...............
1,325,000
1,275,449
c
Lake
Emma
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
5/01/43
..........
1,235,000
1,222,642
Assessment
Area
2
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
5/01/53
...........
810,000
809,986
Lake
Harris
Community
Development
District
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
.............................
595,000
596,033
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
.............................
585,000
585,914
Lake
Hideaway
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.75
%
,
5/01/31
...............
520,000
523,396
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.65
%
,
5/01/44
...............
1,550,000
1,510,431
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.9
%
,
5/01/54
................
2,555,000
2,455,281
Lake
Mattie
Preserve
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
...............................
2,005,000
1,930,818
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
..............................
1,750,000
1,679,067
Phase
2
,
Special
Assessment
,
2025
,
5.45
%
,
5/01/45
.......................
975,000
920,644
Phase
2
,
Special
Assessment
,
2025
,
5.65
%
,
5/01/55
.......................
1,075,000
998,702
Lakes
at
Bella
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023-1
,
5.75
%
,
5/01/43
.............
805,000
809,167
Assessment
Area
1
,
Special
Assessment
,
2023-1
,
6
%
,
5/01/53
................
1,895,000
1,909,177
Assessment
Area
2
,
Special
Assessment
,
2023-2
,
5.75
%
,
5/01/43
.............
1,000,000
1,005,177
Assessment
Area
2
,
Special
Assessment
,
2023-2
,
6
%
,
5/01/54
................
2,395,000
2,411,148
Lakes
of
Sarasota
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
A-1
,
3.4
%
,
5/01/31
.............
135,000
128,588
Assessment
Area
1
,
Special
Assessment
,
2021
A-1
,
3.9
%
,
5/01/41
.............
285,000
244,897
Assessment
Area
1
,
Special
Assessment
,
2021
A-2
,
3.875
%
,
5/01/31
...........
100,000
98,423
Assessment
Area
2
,
Special
Assessment
,
2021
B-1
,
3.625
%
,
5/01/31
...........
125,000
121,535
Assessment
Area
2
,
Special
Assessment
,
2021
B-1
,
4.125
%
,
5/01/41
...........
200,000
176,684
Assessments
,
Special
Assessment
,
2024
A
,
5.6
%
,
5/01/55
...................
280,000
263,301
Lakes
of
Sarasota
Community
Development
District
2
,
Assessments
,
Special
Assessment
,
2025
A
,
5.7
%
,
5/01/55
....................................
760,000
721,122
Lakeside
Preserve
Community
Development
District
,
Special
Assessment
,
2023
,
6
%
,
5/01/43
.................................
735,000
750,354
Special
Assessment
,
2023
,
6.375
%
,
5/01/54
.............................
1,245,000
1,276,686
Lakewood
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/31
................
125,000
117,397
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
325,000
264,776
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
910,000
916,878
Lakewood
Ranch
Stewardship
District
,
Assessment
Azario
,
Special
Assessment
,
2020
A
,
3.75
%
,
5/01/40
.............
525,000
461,819
Assessment
Azario
,
Special
Assessment
,
2020
A
,
3.9
%
,
5/01/50
..............
770,000
609,416
c
Assessment
Lorraine
Lakes
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
..
250,000
238,310
c
Assessment
Lorraine
Lakes
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/40
..
1,075,000
913,157
c
Assessment
Northeast
Sector
Project
Phase
2B
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.2
%
,
5/01/30
..........................................
440,000
420,312
c
Assessment
Northeast
Sector
Project
Phase
2B
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.75
%
,
5/01/40
.........................................
2,100,000
1,833,088
Assessment
Northeast
Sector
Project
Phase
2C
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
........................................................
470,000
443,838
Assessment
Northeast
Sector
Project
Phase
2C
,
Special
Assessment
,
2020
,
3.5
%
,
5/01/40
........................................................
750,000
628,759
Assessment
Star
Farms
Phase
1/2
,
Special
Assessment
,
2021
,
2.3
%
,
5/01/26
....
50,000
49,191
Assessment
Star
Farms
Phase
1/2
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
....
100,000
91,337
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)
Lakewood
Ranch
Stewardship
District,
(continued)
Assessment
Star
Farms
Phase
1/2
,
Special
Assessment
,
2021
,
3
%
,
5/01/41
.....
$
420,000
$
323,426
Assessments
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/43
..................
1,500,000
1,555,812
Assessments
,
Special
Assessment
,
2023
,
6.3
%
,
5/01/54
....................
5,000,000
5,146,593
Assessments
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/55
....................
765,000
721,946
Langley
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.125
%
,
5/01/44
..............
1,750,000
1,670,417
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.4
%
,
5/01/55
................
3,650,000
3,432,520
Laurel
Road
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
A-1
,
3
%
,
5/01/31
...................
350,000
320,803
Assessments
,
Special
Assessment
,
2021
A-1
,
3.25
%
,
5/01/41
................
1,195,000
939,121
Assessments
,
Special
Assessment
,
2021
A-1
,
4
%
,
5/01/52
...................
1,445,000
1,115,892
Assessments
,
Special
Assessment
,
2021
A-2
,
3.125
%
,
5/01/31
...............
1,295,000
1,194,629
Lawson
Dunes
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
4.375
%
,
5/01/27
...............
85,000
85,188
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
................
510,000
516,446
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
B-1
,
4.75
%
,
11/15/29
...........................................
2,000,000
2,005,239
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
................
55,000
54,111
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
310,000
291,781
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
100,000
94,374
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
795,000
643,714
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
265,000
215,831
Assessment
Area
1
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
.................
530,000
407,479
c,f
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
5.5
%
,
5/01/52
....................................................
8,000,000
7,208,000
Live
Oak
Lake
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
,
4.4
%
,
5/01/40
................................................
1,600,000
1,408,082
Longleaf
Community
Development
District
,
c
Neighborhood
4
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.4
%
,
5/01/44
........................................................
825,000
816,782
c
Neighborhood
4
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
5/01/54
........................................................
1,135,000
1,119,009
Neighborhood
4
Assessment
Area
2
,
Special
Assessment
,
2024
A
,
5.2
%
,
5/01/44
..
750,000
702,377
Neighborhood
4
Assessment
Area
2
,
Special
Assessment
,
2024
A
,
5.45
%
,
5/01/55
.
815,000
746,407
c
Lowery
Hills
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.85
%
,
5/01/55
...............................
1,000,000
952,247
LT
Ranch
Community
Development
District
,
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.3
%
,
5/01/32
.........
120,000
123,919
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.75
%
,
5/01/42
........
380,000
388,590
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.9
%
,
5/01/53
.........
500,000
510,786
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5
%
,
5/01/32
.........
1,245,000
1,281,923
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5.5
%
,
5/01/42
........
2,620,000
2,643,298
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5.7
%
,
5/01/53
........
5,790,000
5,852,415
LTC
Ranch
West
Residential
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
A
,
3.125
%
,
5/01/31
............
700,000
652,631
Assessment
Area
1
,
Special
Assessment
,
2021
A
,
3.45
%
,
5/01/41
.............
1,250,000
995,166
Assessment
Area
2
,
Special
Assessment
,
2024
AA-2
,
5.7
%
,
5/01/44
...........
300,000
293,037
Assessment
Area
2
,
Special
Assessment
,
2024
AA-2
,
6
%
,
5/01/54
.............
305,000
297,979
Assessment
Area
3
,
Special
Assessment
,
2024
AA-3
,
5.75
%
,
5/01/44
...........
1,250,000
1,225,264
Assessment
Area
3
,
Special
Assessment
,
2024
AA-3
,
6.05
%
,
5/01/54
...........
1,375,000
1,343,509
Magnolia
Island
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/45
...............
500,000
483,589
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/55
...............
1,000,000
954,379
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)
c
Magnolia
Park
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/31
...................
$
250,000
$
253,877
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/39
...................
688,000
645,730
Malabar
Springs
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
................
385,000
383,247
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
455,000
428,607
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/54
................
925,000
858,095
c
Mandarin
Grove
Community
Development
District
,
Special
Assessment
,
144A,
2022
,
6.625
%
,
5/01/53
...................................................
1,000,000
1,120,488
Mangrove
Point
&
Mangrove
Manor
,
Community
Development
District
,
Special
Assessment
,
2022
,
4
%
,
5/01/32
.......................................
345,000
339,558
Marion
Ranch
Community
Development
District
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/44
.........................................................
695,000
679,643
Marshall
Creek
Community
Development
District
,
Special
Assessment
,
2015
A
,
Refunding
,
5
%
,
5/01/32
.............................................
1,290,000
1,290,563
Meadow
View
at
Twin
Creeks
Community
Development
District
,
Phase
3B
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
........................
205,000
189,808
Phase
3B
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
......................
785,000
606,183
Phase
3B
,
Special
Assessment
,
2021
,
3.75
%
,
5/01/52
......................
625,000
462,576
Phase
4
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
..........................
225,000
208,325
Phase
4
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
.......................
1,155,000
891,901
Merrick
Square
Community
Development
District
,
Special
Assessment
,
2023
,
4.5
%
,
5/01/30
...............................
175,000
176,928
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
...............................
725,000
729,274
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
.............................
1,000,000
1,007,916
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
6.2
%
,
5/01/53
....................................................
3,125,000
3,232,036
Mirada
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/32
...............................................
315,000
292,078
Mirada
II
Community
Development
District
,
2021
Project
Area
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
.................
105,000
103,359
2021
Project
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
...............
645,000
592,178
2021
Project
Area
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
.................
2,080,000
1,688,286
2022
Project
Area
,
Special
Assessment
,
2022
,
5.125
%
,
5/01/32
...............
200,000
206,051
2022
Project
Area
,
Special
Assessment
,
2022
,
5.6
%
,
5/01/42
.................
625,000
631,972
2022
Project
Area
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/53
................
1,140,000
1,147,070
New
Port
Tampa
Bay
Community
Development
District
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/26
.............................
95,000
93,756
Special
Assessment
,
2021
,
3.5
%
,
5/01/31
...............................
500,000
474,573
Special
Assessment
,
2021
,
3.875
%
,
5/01/41
.............................
1,250,000
1,049,142
Newport
Isles
Community
Development
District
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
.........................................................
2,000,000
1,884,398
c
Normandy
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
4.625
%
,
5/01/31
.........
705,000
698,040
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.3
%
,
5/01/44
...........
1,000,000
936,994
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.55
%
,
5/01/54
..........
1,380,000
1,264,969
North
AR-1
Pasco
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.625
%
,
5/01/26
..............
35,000
34,498
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
275,000
256,391
Assessment
Area
2
,
Special
Assessment
,
2021
A
,
3.25
%
,
5/01/31
.............
170,000
159,591
Assessment
Area
2
,
Special
Assessment
,
2021
A
,
3.55
%
,
5/01/41
.............
480,000
389,020
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
420,000
421,113
Assessment
Area
3
,
Special
Assessment
,
2023
,
6
%
,
5/01/54
.................
620,000
621,849
Assessment
Area
4
,
Special
Assessment
,
2024
,
4.625
%
,
5/01/31
..............
180,000
180,737
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
820,000
796,890
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
76
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
North
AR-1
Pasco
Community
Development
District,
(continued)
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
$
865,000
$
828,438
Assessment
Area
5
,
Special
Assessment
,
2024
A
,
4.875
%
,
5/01/31
............
435,000
437,482
Assessment
Area
5
,
Special
Assessment
,
2024
A
,
5.75
%
,
5/01/44
.............
1,260,000
1,232,265
Assessment
Area
5
,
Special
Assessment
,
2024
A
,
6
%
,
5/01/54
................
1,345,000
1,315,812
North
Loop
Community
Development
District
,
Special
Assessment
,
2023
,
6.375
%
,
5/01/43
.............................
525,000
547,714
Special
Assessment
,
2023
,
6.625
%
,
5/01/54
.............................
1,000,000
1,046,729
North
Park
Isle
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.45
%
,
11/01/26
..............
110,000
107,433
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
................
500,000
461,466
North
Powerline
Road
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
5/01/30
.............................
490,000
466,250
Special
Assessment
,
2020
,
3.625
%
,
5/01/40
.............................
1,000,000
848,511
c
Special
Assessment
,
144A,
2022
,
5.25
%
,
5/01/32
.........................
200,000
204,726
c
Special
Assessment
,
144A,
2022
,
5.625
%
,
5/01/52
.........................
1,395,000
1,405,827
North
River
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A-1
,
3.5
%
,
5/01/30
.................
855,000
824,337
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/40
...................
1,150,000
1,027,149
Assessments
,
Special
Assessment
,
2020
A-2
,
4.2
%
,
5/01/35
.................
230,000
222,457
North
River
Ranch
Improvement
Stewardship
District
,
Assessments
,
Special
Assessment
,
2023
A
,
6.7
%
,
5/01/55
...................
1,400,000
1,457,737
Assessments
,
Special
Assessment
,
2023
A-1
,
6
%
,
5/01/54
...................
4,940,000
4,892,037
c
,h
Northridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/45
..........
1,500,000
1,482,355
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/55
............
2,000,000
1,971,838
Orange
Blossom
Groves
Community
Development
District
,
Special
Assessment
,
2023
,
4.25
%
,
6/15/30
..............................
425,000
428,913
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
..............................
1,100,000
1,105,953
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
.............................
1,375,000
1,365,925
c
Osceola
Village
Center
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
5/01/31
.........................
180,000
165,325
Special
Assessment
,
144A,
2021
,
3.3
%
,
5/01/41
..........................
370,000
288,682
Palermo
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
6/15/43
.................................
1,945,000
1,896,122
Special
Assessment
,
2023
,
5.25
%
,
6/15/53
..............................
1,500,000
1,450,650
Palm
Beach
County
Health
Facilities
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.5
%
,
5/15/53
........................................................
2,035,000
2,245,663
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.625
%
,
5/15/58
.................................................
1,620,000
1,792,369
Palm
Coast
Park
Community
Development
District
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
...............................
1,000,000
977,936
Sawmill
Branch
-
Phase
7
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
............
1,000,000
935,502
Sawmill
Branch
-
Phase
7
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/55
...........
670,000
619,749
Spring
Lake
-
Tracts
2
&
3
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
...........
350,000
318,918
Spring
Lake
-
Tracts
2
&
3
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.........
730,000
554,053
Palm
Gate
Community
Development
District
,
Special
Assessment
,
2025
,
5.55
%
,
6/15/55
.........................................................
630,000
590,453
Park
East
Community
Development
District
,
Special
Assessment
,
2021
,
3.15
%
,
11/01/41
........................................................
595,000
448,402
Parker
Pointe
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
.........................................................
555,000
536,935
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)
Parkland
Community
Development
District
,
Phase
1
,
Special
Assessment
,
2023
A-1
,
6.45
%
,
5/01/54
...................................................
$
2,445,000
$
2,454,481
Parkview
at
Long
Lake
Ranch
Community
Development
District
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
...............................................
955,000
804,018
Parrish
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/53
................
995,000
946,902
Assessment
Area
2
,
Special
Assessment
,
2023
A
,
5.375
%
,
5/01/43
............
1,080,000
1,056,623
Assessment
Area
2
,
Special
Assessment
,
2023
A
,
5.625
%
,
5/01/53
............
1,535,000
1,500,179
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
1,565,000
1,495,020
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
................
680,000
641,750
Parrish
Lakes
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.25
%
,
5/01/31
...............
1,165,000
1,154,868
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.125
%
,
5/01/44
..............
2,500,000
2,336,204
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/54
...............
5,220,000
4,813,606
Parrish
Plantation
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
70,000
69,004
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
235,000
220,732
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
................
790,000
639,744
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
...............
120,000
121,786
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.375
%
,
5/01/42
..............
445,000
446,542
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
................
710,000
708,217
Assessment
Area
3
,
Special
Assessment
,
2024
,
4.875
%
,
5/01/31
..............
260,000
262,750
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/44
................
495,000
496,513
Assessment
Area
3
,
Special
Assessment
,
2024
,
6.05
%
,
5/01/54
...............
1,330,000
1,337,080
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
250,000
248,552
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
..............
375,000
373,623
Pasadena
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.05
%
,
5/01/44
....................................
750,000
703,478
Peace
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
1,450,000
1,427,922
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
1,615,000
1,581,553
Peace
Creek
Village
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
...............................
1,115,000
1,092,507
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
..............................
910,000
876,333
c
Special
Assessment
,
144A,
2025
,
5.85
%
,
5/01/55
.........................
755,000
716,984
Peace
Crossing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5
%
,
5/01/31
.................
435,000
432,606
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/44
................
2,825,000
2,658,363
Assessment
Area
1
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................
4,000,000
3,725,135
c
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
12/15/26
........................
45,000
44,077
Special
Assessment
,
144A,
2021
,
3
%
,
12/15/31
...........................
225,000
214,764
Special
Assessment
,
144A,
2021
,
3.25
%
,
12/15/41
.........................
1,000,000
824,269
Special
Assessment
,
144A,
2021
,
4
%
,
12/15/51
...........................
1,200,000
1,001,106
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment
,
2020
A-2
,
Refunding
,
3.75
%
,
5/01/37
.......................................
700,000
653,802
Preserve
at
Savannah
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
135,000
132,729
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
1,000,000
970,995
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
..........................
150,000
143,863
Phase
3
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
........................
750,000
651,329
Prosperity
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
12/15/43
.............
355,000
367,636
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.125
%
,
12/15/53
.............
995,000
1,036,421
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
78
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Quail
Roost
Community
Development
District
,
Expansion
Area
,
Special
Assessment
,
2021
,
2.2
%
,
12/15/26
.................
$
80,000
$
77,977
Expansion
Area
,
Special
Assessment
,
2021
,
2.7
%
,
12/15/31
.................
200,000
183,845
Expansion
Area
,
Special
Assessment
,
2021
,
3.125
%
,
12/15/41
................
975,000
748,592
Expansion
Area
,
Special
Assessment
,
2021
,
4
%
,
12/15/51
...................
2,345,000
1,903,902
Ranches
at
Lake
Mcleod
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
6/15/53
...............................
730,000
715,581
Reserve
at
Van
Oaks
Community
Development
District
,
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
.............................
285,000
282,285
Special
Assessment
,
2023
,
5.375
%
,
5/01/53
.............................
965,000
954,709
Reunion
East
Community
Development
District
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
...............................
110,000
108,348
Special
Assessment
,
2021
,
2.85
%
,
5/01/31
..............................
400,000
368,445
Special
Assessment
,
2021
,
3.15
%
,
5/01/41
..............................
1,455,000
1,154,863
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
2.6
%
,
5/01/27
.................
55,000
53,810
Assessment
Area
,
Special
Assessment
,
2022
,
3
%
,
5/01/32
...................
190,000
178,669
Assessment
Area
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/42
.................
490,000
389,228
Ridge
at
Apopka
Community
Development
District
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
...............................
2,145,000
2,146,395
Parcel
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
........................
310,000
312,217
Parcel
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
.......................
545,000
546,361
River
Glen
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
350,000
324,926
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
1,000,000
803,914
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-2
,
Refunding
,
3
%
,
5/01/31
.......
895,000
830,440
Assessment
Area
,
Special
Assessment
,
2021
A-2
,
Refunding
,
3
%
,
5/01/36
.......
890,000
750,056
Assessment
Area
3
,
Special
Assessment
,
2020
A
,
3.625
%
,
5/01/40
............
1,030,000
856,818
Assessment
Area
4
,
Special
Assessment
,
2023
A
,
6.25
%
,
5/01/43
.............
500,000
517,321
Assessment
Area
4
,
Special
Assessment
,
2023
A
,
6.5
%
,
5/01/54
..............
1,300,000
1,345,084
c
Assessment
Area
5
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/55
.........
335,000
315,734
River
Landing
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A
,
3.6
%
,
5/01/30
...................
475,000
456,992
Assessments
,
Special
Assessment
,
2020
A
,
4.125
%
,
5/01/40
.................
850,000
757,088
Assessments
,
Special
Assessment
,
2020
A
,
4.35
%
,
5/01/51
..................
1,100,000
919,295
Assessments
,
Special
Assessment
,
2023
A
,
5.5
%
,
5/01/43
...................
750,000
759,217
Assessments
,
Special
Assessment
,
2023
A
,
5.75
%
,
5/01/53
..................
1,000,000
1,015,208
River
Place
on
the
St.
Lucie
Community
Development
District
,
Special
Assessment
,
2001
A
,
7.625
%
,
5/01/30
............................
695,000
677,333
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
185,178
Rivers
Edge
III
Community
Development
District
,
c
Assessments
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
.................
295,000
273,138
c
Assessments
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
...............
775,000
620,398
Assessments
,
Special
Assessment
,
2024
,
5.95
%
,
5/01/55
...................
1,920,000
1,866,997
Rivington
Community
Development
District
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
1,685,000
1,427,930
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
.............................
430,000
407,712
Rolling
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
A-2
,
Refunding
,
3.65
%
,
5/01/32
...................................
700,000
647,810
c
Rolling
Oaks
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
5/01/53
...........................................
1,500,000
1,539,065
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)
Rookery
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.25
%
,
5/01/31
...............
$
300,000
$
297,237
Assessment
Area
1
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
.................
775,000
720,727
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.35
%
,
5/01/55
...............
495,000
456,120
Rustic
Oaks
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
3.2
%
,
5/01/32
................................................
1,000,000
924,287
Rye
Crossing
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.2
%
,
5/01/31
................
270,000
267,510
Assessment
Area
2
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
.................
630,000
589,366
Rye
Ranch
Community
Development
District
,
Pod
A
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.5
%
,
5/01/43
...........
1,000,000
1,052,601
Pod
A
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.625
%
,
5/01/54
.........
1,600,000
1,669,145
c
Pod
B
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
11/01/43
....
710,000
711,295
c
Pod
B
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
11/01/53
......
215,000
216,605
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
3
%
,
6/15/30
.................
250,000
239,147
Assessment
Area
1
,
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................
610,000
552,555
Assessment
Area
2
,
Special
Assessment
,
2022
,
3.1
%
,
12/15/32
...............
300,000
279,809
Assessment
Area
2
,
Special
Assessment
,
2022
,
3.35
%
,
12/15/41
..............
485,000
388,513
Saltleaf
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
4.75
%
,
5/01/31
...................
450,000
450,517
Assessments
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..................
1,565,000
1,511,957
Assessments
,
Special
Assessment
,
2024
,
6
%
,
5/01/56
......................
3,000,000
2,924,366
Sanctuary
Cove
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
,
2.625
%
,
5/01/31
...............
190,000
176,187
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
...............
400,000
315,280
Assessment
Area
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
...................
770,000
631,353
Sandmine
Road
Community
Development
District
,
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
.........
300,000
291,819
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/40
.........
1,040,000
940,174
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
5/01/50
..........
2,020,000
1,630,886
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.3
%
,
11/01/26
...............
105,000
102,856
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
................
450,000
429,142
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.3
%
,
11/01/41
...............
1,180,000
979,535
Sandridge
Community
Development
District
,
Special
Assessment
,
2021
A-1
,
2.875
%
,
5/01/26
..........................
35,000
34,656
Special
Assessment
,
2021
A-1
,
3.4
%
,
5/01/31
............................
750,000
730,421
Special
Assessment
,
2021
A-1
,
3.875
%
,
5/01/41
..........................
730,000
638,273
Special
Assessment
,
2021
A-1
,
4
%
,
5/01/51
..............................
735,000
598,232
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
...............................
1,000,000
976,501
Sarasota
National
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
,
Refunding
,
3.5
%
,
5/01/31
...........
1,490,000
1,480,674
Assessments
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
5/01/39
.............
2,210,000
2,100,420
Savanna
Lakes
Community
Development
District
,
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
6/15/43
.........
395,000
389,891
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
6/15/53
.........
1,065,000
1,044,432
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............
480,000
460,872
Sawgrass
Village
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
440,000
444,510
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
1,500,000
1,488,615
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,595,000
1,566,760
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.125
%
,
11/01/43
.............
1,000,000
1,025,247
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.375
%
,
11/01/53
.............
1,000,000
1,024,075
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2024
,
4.7
%
,
5/01/31
...........
315,000
316,649
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2024
,
5.55
%
,
5/01/44
..........
700,000
679,642
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)
Sawgrass
Village
Community
Development
District,
(continued)
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
5/01/54
.........
$
1,180,000
$
1,139,221
Scenic
Highway
Community
Development
District
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
..............................
470,000
455,278
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
1,230,000
1,074,848
Scenic
Terrace
North
Community
Development
District
,
2023
Assessment
Area
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/43
...........
1,500,000
1,506,308
2023
Assessment
Area
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/54
...........
1,310,000
1,323,300
Scenic
Terrace
South
Community
Development
District
,
Special
Assessment
,
2022
,
3.75
%
,
5/01/27
..............................
200,000
198,460
Special
Assessment
,
2022
,
4.125
%
,
5/01/32
.............................
585,000
574,271
Seagrove
Community
Development
District
,
Special
Assessment
,
2024
,
5.2
%
,
6/15/54
390,000
369,198
c
Seaton
Creek
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
6/15/53
................................
980,000
971,550
Sebastian
Isles
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
4.25
%
,
5/01/31
...................
220,000
218,991
Assessments
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
......................
500,000
473,350
Sedona
Point
Community
Development
District
,
Special
Assessment
,
2023
,
4.125
%
,
6/15/30
.............................
65,000
65,250
Special
Assessment
,
2023
,
5
%
,
6/15/43
.................................
705,000
695,386
c
Seminole
County
Industrial
Development
Authority
,
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/36
.....
310,000
285,437
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/41
.....
425,000
358,585
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/51
.....
830,000
638,216
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/56
.....
705,000
526,264
Seminole
Palms
Community
Development
District
,
Special
Assessment
,
2023
,
4.75
%
,
5/01/30
..............................
230,000
232,317
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
...............................
930,000
931,309
Special
Assessment
,
2023
,
5.7
%
,
5/01/53
...............................
950,000
946,075
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.2
%
,
5/01/44
...........
1,250,000
1,163,313
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
5/01/55
...........
1,750,000
1,626,086
Sherwood
Manor
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
1,695,000
1,704,951
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
1,570,000
1,571,459
Shingle
Creek
at
Bronson
Community
Development
District
,
Special
Assessment
,
2021
,
3.1
%
,
6/15/31
...............................
375,000
360,204
Special
Assessment
,
2021
,
3.5
%
,
6/15/41
...............................
1,000,000
857,089
Silver
Oaks
Community
Development
District
,
Special
Assessment
,
2024
,
5.55
%
,
5/01/44
..............................
1,000,000
979,904
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
..............................
1,490,000
1,449,207
Silver
Palms
West
Community
Development
District
,
Special
Assessment
,
2022
,
2.6
%
,
6/15/27
...............................
250,000
242,396
Special
Assessment
,
2022
,
3
%
,
6/15/32
.................................
765,000
703,972
Special
Assessment
,
2022
,
3.25
%
,
6/15/42
..............................
1,750,000
1,424,993
Silverlake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
245,000
245,426
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
................
985,000
986,235
Six
Mile
Creek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
3.125
%
,
11/01/25
....
75,000
74,704
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
3.625
%
,
11/01/31
....
495,000
489,228
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
4.125
%
,
11/01/40
....
1,370,000
1,268,792
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
4.25
%
,
11/01/50
.....
2,275,000
1,947,734
Assessment
Area
2
,
Special
Assessment
,
2021
,
Refunding
,
2.5
%
,
5/01/26
.......
65,000
63,950
Assessment
Area
2
,
Special
Assessment
,
2021
,
Refunding
,
3.1
%
,
5/01/31
.......
250,000
233,256
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)
Six
Mile
Creek
Community
Development
District,
(continued)
Assessment
Area
2
,
Special
Assessment
,
2021
,
Refunding
,
3.4
%
,
5/01/41
.......
$
750,000
$
595,878
Assessment
Area
3
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
75,000
73,940
Assessment
Area
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
520,000
482,490
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
................
805,000
639,576
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
................
1,575,000
1,265,175
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
4.75
%
,
5/01/30
...........
420,000
424,714
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
5.5
%
,
5/01/43
...........
1,200,000
1,204,746
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
5.7
%
,
5/01/54
...........
1,500,000
1,501,693
Project
Area
,
Special
Assessment
,
2024
,
4.3
%
,
5/01/31
.....................
225,000
222,816
Solaeris
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/31
................
175,000
176,531
Assessment
Area
1
,
Special
Assessment
,
2024
,
6
%
,
5/01/44
.................
1,000,000
988,269
Assessment
Area
1
,
Special
Assessment
,
2024
,
6.25
%
,
5/01/55
...............
2,535,000
2,477,012
c
Somerset
Bay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/44
.........
920,000
889,833
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.9
%
,
5/01/54
...........
1,075,000
1,027,486
Somerset
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
Refunding
,
4
%
,
5/01/32
.............
750,000
729,845
Assessments
,
Special
Assessment
,
2022
,
Refunding
,
4.2
%
,
5/01/37
...........
1,000,000
929,634
Sorrento
Pines
Community
Development
District
,
Assessment
Area
1
,
Revenue
,
2023
,
5.25
%
,
5/01/43
.......................
445,000
444,107
Assessment
Area
1
,
Revenue
,
2023
,
5.5
%
,
5/01/53
........................
500,000
500,627
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.875
%
,
6/15/31
..............
175,000
164,907
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
6/15/41
...............
500,000
396,371
Southern
Groves
Community
Development
District
No.
5
,
Assessment
Area
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
.................
105,000
103,487
Assessment
Area
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
.................
400,000
376,587
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
...............
1,100,000
902,853
Assessment
Area
,
Special
Assessment
,
2022-1
,
6
%
,
5/01/49
.................
1,210,000
1,246,912
Assessment
Area
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
................
900,000
907,866
Assessment
Area
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/50
.................
1,025,000
1,040,110
Stellar
North
Community
Development
District
,
Special
Assessment
,
2021
,
2.45
%
,
5/01/26
..............................
40,000
39,336
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
235,000
217,469
Special
Assessment
,
2021
,
3.2
%
,
5/01/41
...............................
820,000
627,401
c
Stillwater
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
6/15/26
.........................
150,000
147,183
Special
Assessment
,
144A,
2021
,
3
%
,
6/15/31
............................
325,000
300,154
Special
Assessment
,
144A,
2021
,
3.5
%
,
6/15/41
..........................
1,290,000
1,035,618
Stonegate
Preserve
Community
Development
District
,
Special
Assessment
,
2023
,
5.875
%
,
12/15/43
.............................
700,000
725,886
Special
Assessment
,
2023
,
6.125
%
,
12/15/53
.............................
1,250,000
1,303,766
c
Stonewater
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2021
,
3
%
,
11/01/32
................
250,000
226,044
Assessments
,
Special
Assessment
,
144A,
2021
,
3.3
%
,
11/01/41
..............
635,000
495,826
Stoneybrook
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
Refunding
,
6.375
%
,
11/01/52
..........................
1,490,000
1,554,103
Stoneybrook
South
at
Championsgate
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
4.5
%
,
6/15/30
.................
95,000
96,726
Assessment
Area
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/43
...............
395,000
404,788
Assessment
Area
,
Special
Assessment
,
2023
,
5.5
%
,
6/15/53
.................
390,000
397,061
c
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3
%
,
12/15/30
....
500,000
481,929
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)
Stoneybrook
South
at
Championsgate
Community
Development
District,
(continued)
c
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
12/15/40
...
$
1,000,000
$
875,346
c
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
12/15/50
..
1,500,000
1,209,093
Storey
Creek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
5
%
,
6/15/32
.................
240,000
246,770
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.2
%
,
6/15/42
................
625,000
608,725
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.375
%
,
6/15/52
..............
1,000,000
954,217
Assessment
Area
3
,
Special
Assessment
,
2024
,
4.45
%
,
6/15/31
...............
265,000
266,733
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............
650,000
633,753
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.5
%
,
6/15/54
................
810,000
793,573
Storey
Drive
Community
Development
District
,
Special
Assessment
,
2022
,
2.55
%
,
6/15/27
..............................
125,000
121,101
Special
Assessment
,
2022
,
3
%
,
6/15/32
.................................
375,000
340,394
Special
Assessment
,
2022
,
3.25
%
,
6/15/42
..............................
900,000
687,382
c
Storey
Park
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
6/15/31
.........
230,000
218,877
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
3.3
%
,
6/15/41
...........
620,000
526,965
Summer
Woods
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
150,000
142,485
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
................
395,000
323,851
Assessment
Area
3
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
50,000
49,219
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.15
%
,
5/01/31
...............
200,000
187,021
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.45
%
,
5/01/41
...............
725,000
579,871
Summerstone
Community
Development
District
,
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
.............
165,000
161,201
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
.............
700,000
626,737
Assessment
Phase
1
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
................
910,000
759,697
c
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
5/01/31
........
175,000
165,987
c
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.15
%
,
5/01/41
........
700,000
577,172
c
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
4
%
,
5/01/51
...........
1,750,000
1,460,955
Summit
View
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
1,005,000
991,160
Assessment
Area
2
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................
1,280,000
1,265,853
Sunbridge
Stewardship
District
,
Assessment
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5
%
,
5/01/32
........................................................
350,000
358,799
Assessment
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5.4
%
,
5/01/42
...................................................
920,000
920,816
Assessment
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
...................................................
1,720,000
1,703,779
Assessment
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
4.2
%
,
5/01/27
........................................................
235,000
235,118
Assessment
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
4.6
%
,
5/01/32
........................................................
460,000
462,339
Assessment
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
5.2
%
,
5/01/42
........................................................
1,000,000
979,736
Tamarindo
Community
Development
District
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
185,000
171,108
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.............................
820,000
650,823
Tern
Bay
Community
Development
District
,
Special
Assessment
,
2022
,
3.4
%
,
6/15/32
...............................
1,650,000
1,549,431
Special
Assessment
,
2022
,
4
%
,
6/15/42
.................................
2,000,000
1,717,462
Terra
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/45
..............
450,000
438,658
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.8
%
,
5/01/55
................
1,170,000
1,130,886
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)
Terreno
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2025
,
5.65
%
,
5/01/55
...............................................
$
540,000
$
520,189
Three
Rivers
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
Refunding
,
5.75
%
,
5/01/53
......................................
2,600,000
2,568,015
Timber
Creek
Southwest
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.35
%
,
12/15/26
..............
165,000
160,785
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
12/15/31
................
750,000
689,210
Tohoqua
Community
Development
District
,
Phase
2
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/31
......................
215,000
203,150
Phase
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
......................
810,000
661,131
Tolomato
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
B
,
Refunding
,
3
%
,
5/01/32
........
1,500,000
1,384,796
Assessment
Area
,
Special
Assessment
,
2022
C
,
Refunding
,
3.2
%
,
5/01/32
.......
1,400,000
1,312,269
Assessment
Area
1
,
Special
Assessment
,
2022-1
,
3.3
%
,
5/01/32
..............
515,000
484,603
Assessment
Area
2
,
Special
Assessment
,
2022-2
,
3.3
%
,
5/01/32
..............
195,000
183,490
c
Towne
Park
Community
Development
District
,
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
........
410,000
393,118
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/40
........
1,075,000
926,377
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
...........
1,000,000
824,899
c
Towns
at
Woodsdale
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
11/01/43
.............
380,000
390,614
Assessments
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
11/01/53
.............
1,325,000
1,363,947
Tradition
Community
Development
District
No.
9
,
Assessments
,
Special
Assessment
,
2021
,
2.3
%
,
5/01/26
....................
100,000
98,383
Assessments
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
....................
445,000
405,580
c
Trevesta
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
235,000
226,823
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
5/01/40
..........
880,000
765,621
Triple
Creek
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
..................
250,000
229,546
Assessment
Area
,
Special
Assessment
,
2021
,
3.5
%
,
11/01/41
................
740,000
594,583
c
Villages
Q
&
R
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
11/01/26
.......................................................
75,000
73,063
c
Villages
Q
&
R
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
11/01/31
.......................................................
450,000
409,608
c
Villages
Q
&
R
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
11/01/41
.......................................................
1,190,000
905,485
Tuckers
Pointe
Community
Development
District
,
Phase
1
Project
,
Special
Assessment
,
2022
,
3
%
,
5/01/27
....................
130,000
127,364
Phase
1
Project
,
Special
Assessment
,
2022
,
3.375
%
,
5/01/32
................
565,000
527,723
Twisted
Oaks
Pointe
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
740,000
727,273
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
500,000
491,375
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/43
..............
500,000
504,627
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/54
..............
500,000
505,704
Assessment
Area
3
,
Special
Assessment
,
2024
,
4.8
%
,
5/01/31
................
345,000
346,464
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
1,000,000
976,097
Assessment
Area
3
,
Special
Assessment
,
2024
,
6
%
,
5/01/55
.................
1,400,000
1,363,410
Two
Rivers
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
155,000
156,631
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
2,000,000
2,012,887
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
..............
3,465,000
3,443,887
Two
Rivers
North
Community
Development
District
,
Special
Assessment
,
2022
,
4.625
%
,
5/01/27
.............................
45,000
45,124
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
84
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Two
Rivers
North
Community
Development
District,
(continued)
Special
Assessment
,
2022
,
4.875
%
,
5/01/32
.............................
$
380,000
$
385,045
Two
Rivers
West
Community
Development
District
,
Special
Assessment
,
2022
,
6
%
,
5/01/43
.................................
1,190,000
1,216,442
Special
Assessment
,
2022
,
6.25
%
,
5/01/53
..............................
1,465,000
1,497,940
Special
Assessment
,
2023
,
6
%
,
11/01/43
................................
1,555,000
1,586,629
Special
Assessment
,
2023
,
6.125
%
,
11/01/53
.............................
2,145,000
2,180,022
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
.............................
405,000
400,343
c
Union
Park
East
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
144A,
2021
,
2.95
%
,
5/01/31
..........
60,000
55,399
Assessment
Area
3
,
Special
Assessment
,
144A,
2021
,
3.35
%
,
5/01/41
..........
160,000
125,830
Varrea
South
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
...............
1,075,000
1,057,385
Assessment
Area
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/53
.................
1,320,000
1,299,465
V-Dana
Community
Development
District
,
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
5/01/31
...........
375,000
362,360
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
............
1,775,000
1,581,944
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
400,000
375,715
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
1,250,000
1,043,225
Assessment
Area
2
,
Special
Assessment
,
2023
,
4.3
%
,
5/01/30
................
660,000
663,743
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/43
...............
1,660,000
1,635,863
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/54
................
2,190,000
2,142,987
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.375
%
,
5/01/45
..............
500,000
480,758
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/55
...............
1,100,000
1,044,297
Veranda
Community
Development
District
II
,
Assessment
Area
3
,
Special
Assessment
,
2024
,
Refunding
,
5.125
%
,
5/01/44
.....
1,685,000
1,645,086
Assessment
Area
3
,
Special
Assessment
,
2024
,
Refunding
,
5.375
%
,
5/01/54
.....
3,485,000
3,377,423
c
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
Refunding
,
2.5
%
,
5/01/26
..
50,000
49,219
c
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.1
%
,
5/01/31
..
265,000
246,333
c
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.6
%
,
5/01/41
..
535,000
436,441
c
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
2.5
%
,
5/01/26
..
25,000
24,609
c
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.1
%
,
5/01/31
..
65,000
60,421
c
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.6
%
,
5/01/41
..
275,000
224,339
Assessment
Area
5
Phase
2
,
Special
Assessment
,
2024
,
Refunding
,
5.375
%
,
5/01/44
........................................................
1,145,000
1,123,648
Assessment
Area
5
Phase
2
,
Special
Assessment
,
2024
,
Refunding
,
5.625
%
,
5/01/54
........................................................
500,000
482,266
Verano
No.
2
Community
Development
District
,
Pod
D
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
..........................
1,630,000
1,587,904
Pod
D
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
..........................
1,910,000
1,844,742
Pod
D
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/55
........................
195,000
183,786
Verano
No.
3
Community
Development
District
,
Phase
1
Assessment
Area
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.........
750,000
580,286
Phase
2
Assessment
Area
,
Special
Assessment
,
2022
,
6.45
%
,
11/01/42
.........
1,000,000
1,039,478
Phase
2
Assessment
Area
,
Special
Assessment
,
2022
,
6.625
%
,
11/01/52
........
1,475,000
1,533,569
Verano
No.
4
Community
Development
District
,
Astor
Creek
Phase
1
Assessment
Area
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
1,020,000
1,023,076
Astor
Creek
Phase
1
Assessment
Area
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
250,000
251,342
Viera
Stewardship
District
,
Assessments
,
Special
Assessment
,
2021
,
2.3
%
,
5/01/26
....................
200,000
196,503
Assessments
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
....................
800,000
728,565
Assessments
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
..................
1,750,000
1,342,353
Assessments
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/54
....................
2,500,000
2,405,059
Village
Community
Development
District
No.
13
,
Phase
III
,
Special
Assessment
,
2021
,
2.85
%
,
5/01/36
.......................
1,645,000
1,378,083
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)
Village
Community
Development
District
No.
13,
(continued)
Phase
III
,
Special
Assessment
,
2021
,
3
%
,
5/01/41
.........................
$
2,425,000
$
1,862,951
Phase
III
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/52
.......................
5,200,000
3,573,371
Village
Community
Development
District
No.
14
,
Phase
I
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/53
....................................................
11,390,000
11,472,442
Villages
of
Glen
Creek
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2022
,
Refunding
,
3.15
%
,
5/01/32
......
200,000
184,493
Assessment
Area
3
,
Special
Assessment
,
2022
,
Refunding
,
3.45
%
,
5/01/42
......
545,000
426,369
Assessment
Area
3
,
Special
Assessment
,
2022
,
Refunding
,
4
%
,
5/01/52
........
1,170,000
915,668
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
4.625
%
,
5/01/27
............
100,000
100,357
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
4.875
%
,
5/01/32
............
250,000
253,874
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
5.125
%
,
5/01/42
............
710,000
694,373
Villamar
Community
Development
District
,
Special
Assessment
,
2020
,
3.2
%
,
5/01/30
...............................
240,000
233,310
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
655,000
582,568
Assessment
Area
5
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
415,000
419,410
Assessment
Area
5
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,250,000
1,241,434
Assessment
Area
6
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
670,000
666,472
Assessment
Area
6
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
495,000
485,995
Phase
4
Project
,
Special
Assessment
,
2022
,
3.25
%
,
5/01/27
.................
75,000
73,834
Phase
4
Project
,
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
................
250,000
236,614
Phase
4
Project
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
....................
670,000
571,895
Waterford
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
315,000
315,547
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
................
610,000
613,472
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.375
%
,
5/01/31
..............
215,000
213,742
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/54
...............
790,000
733,582
Waterset
South
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
6.1
%
,
5/01/53
....................
665,000
680,007
Assessments
,
Special
Assessment
,
2024
,
5.65
%
,
5/01/54
...................
1,680,000
1,663,092
Wellness
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
1,410,000
1,396,631
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
1,340,000
1,325,441
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
6/15/31
..........
235,000
232,798
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5
%
,
6/15/44
............
500,000
471,130
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.2
%
,
6/15/55
...........
1,000,000
917,299
West
Hillcrest
Community
Development
District
,
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
.........................................................
825,000
826,240
West
Port
Community
Development
District
,
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
..
55,000
54,097
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
...
570,000
527,196
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
..
1,470,000
1,159,829
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/31
..........
410,000
383,878
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/41
.........
1,085,000
880,915
West
Villages
Improvement
District
,
Unit
of
Development
No.
10
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
........................................................
505,000
505,677
Unit
of
Development
No.
10
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/44
........................................................
945,000
915,538
Unit
of
Development
No.
10
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/54
........................................................
995,000
943,854
Unit
of
Development
No.
12
Assessment
Area
1
,
Special
Assessment
,
2025
,
5
%
,
5/01/35
........................................................
855,000
875,101
Unit
of
Development
No.
12
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/45
........................................................
500,000
506,747
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)
West
Villages
Improvement
District,
(continued)
Unit
of
Development
No.
12
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
........................................................
$
1,570,000
$
1,594,216
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
..........
55,000
54,121
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
........
200,000
185,972
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
..........
800,000
641,149
Unit
of
Development
No.
7
,
Special
Assessment
,
2023
,
6
%
,
5/01/43
............
245,000
253,230
Unit
of
Development
No.
7
,
Special
Assessment
,
2023
,
6.25
%
,
5/01/54
.........
585,000
604,681
Unit
of
Development
No.
8
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
..........
40,000
39,364
Unit
of
Development
No.
8
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
........
525,000
486,883
Unit
of
Development
No.
8
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/53
..........
1,905,000
1,859,923
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
4.625
%
,
5/01/30
........
205,000
207,340
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
........
1,500,000
1,507,408
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
........
2,005,000
2,014,490
Westside
Haines
City
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
65,000
64,127
Assessment
Area
1
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
350,000
327,359
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
...............
1,000,000
803,619
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.875
%
,
5/01/31
..............
395,000
398,931
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/44
...............
1,515,000
1,496,890
Assessment
Area
2
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................
2,130,000
2,109,319
Westview
North
Community
Development
District
,
Special
Assessment
,
2022
,
5.75
%
,
6/15/42
..............................
1,000,000
1,022,815
Special
Assessment
,
2022
,
6
%
,
6/15/52
.................................
1,250,000
1,278,774
Westview
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/28
..............
295,000
297,072
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
1,635,000
1,610,532
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
................
2,835,000
2,780,162
Assessment
Area
2
,
Special
Assessment
,
2023
,
4.75
%
,
5/01/28
...............
140,000
140,869
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
1,240,000
1,221,443
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
995,000
986,030
Westwood
of
Pasco
Community
Development
District
,
Assessments
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
....................
500,000
497,873
Assessments
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..................
145,000
144,094
Whispering
Pines
Community
Development
District
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
.............................
500,000
503,433
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
...............................
930,000
931,166
Willowbrook
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
630,000
608,647
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.9
%
,
5/01/55
................
820,000
785,316
Willows
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.7
%
,
5/01/29
................
235,000
238,155
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/42
..............
1,440,000
1,464,759
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
...............
1,200,000
1,215,782
Wind
Meadows
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
................
60,000
58,941
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
250,000
228,505
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
940,000
728,189
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
920,000
912,434
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
980,000
971,166
Winding
Oaks
Community
Development
District
,
Special
Assessment
,
2024
,
5.4
%
,
5/01/44
...............................
315,000
301,502
Special
Assessment
,
2024
,
5.7
%
,
5/01/55
...............................
1,125,000
1,065,970
Windsor
Cay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
1,000,000
1,008,740
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)
Windsor
Cay
Community
Development
District,
(continued)
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
$
765,000
$
778,228
Windward
Community
Development
District
,
Special
Assessment
,
2020
A-1
,
3.65
%
,
5/01/30
.........................................................
130,000
125,634
Wiregrass
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
3.125
%
,
5/01/30
..............
645,000
607,710
Assessment
Area
1
,
Special
Assessment
,
2020
,
3.7
%
,
5/01/40
................
1,680,000
1,415,073
c
Woodland
Crossing
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/45
.........................
830,000
825,589
Special
Assessment
,
144A,
2025
,
6.125
%
,
5/01/56
.........................
1,760,000
1,750,596
Woodland
Ranch
Estates
Community
Development
District
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/55
...................................................
715,000
682,381
Zephyr
Lakes
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
45,000
44,309
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
145,000
134,040
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
650,000
512,315
853,347,804
Georgia
0.8%
c
Development
Authority
of
Cobb
County
(The)
,
Presbyterian
Village
Austell,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
12/01/39
1,825,000
1,514,155
Presbyterian
Village
Austell,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
12/01/49
10,760,000
7,928,354
c
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
B
,
4.5
%
,
12/01/36
................................
10,835,000
9,266,312
Forsyth
County
Hospital
Authority
,
Georgia
Baptist
Healthcare
System
Obligated
Group
,
Revenue
,
1998
,
ETM,
6.375
%
,
10/01/28
...........................
3,800,000
4,041,437
c
George
L
Smith
II
Congress
Center
Authority
,
Signia
Hotel
Management
LLC
,
Revenue,
Second
Tier
,
144A,
2021
B
,
5
%
,
1/01/54
.................................
7,500,000
6,736,896
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2007
A
,
5.5
%
,
9/15/27
......................................
4,000,000
4,156,616
Revenue
,
2007
A
,
5.5
%
,
9/15/28
......................................
5,000,000
5,266,498
38,910,268
Idaho
0.3%
Idaho
Housing
&
Finance
Association
,
Revenue
,
2010
A
,
7
%
,
2/01/36
............
13,305,000
13,325,390
Illinois
2.2%
Illinois
Finance
Authority
,
c
DePaul
College
Prep
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.5
%
,
8/01/43
........
500,000
515,375
c
DePaul
College
Prep
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.625
%
,
8/01/53
......
2,055,000
2,088,781
c
McKinley
Foundation
at
University
of
Illinois
(The)
,
Revenue
,
144A,
2021
A
,
Refunding
,
5.125
%
,
11/01/55
.......................................
13,560,000
10,737,764
c
McKinley
Foundation
at
University
of
Illinois
(The)
,
Revenue
,
144A,
2021
B
,
7
%
,
11/01/37
.......................................................
3,235,000
3,148,948
Plymouth
Place
Obligated
Group
,
Revenue
,
2022
A
,
6.75
%
,
5/15/58
...........
3,000,000
3,121,924
Westminster
Village,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
5/01/48
........................................................
10,000,000
8,714,223
Westminster
Village,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.5
%
,
5/01/53
........................................................
10,810,000
9,463,391
Illinois
Housing
Development
Authority
,
Revenue
,
2024
I
,
Refunding
,
GNMA
Insured
,
4.625
%
,
4/01/50
...................................................
5,340,000
5,139,350
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
1996
,
ETM,
7
%
,
7/01/26
.....................................
2,080,000
2,125,606
g
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2010
B-1
,
Refunding
,
AGMC
Insured
,
5.31
%,
6/15/45
.............................
18,100,000
6,414,937
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)
Illinois
(continued)
State
of
Illinois
,
GO
,
2022
C
,
5.5
%
,
10/01/44
...............................
$
4,645,000
$
4,806,835
c
,g
Upper
Illinois
River
Valley
Development
Authority
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
62,345,000
36,379,180
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
B
,
Refunding
,
6.13
%,
12/01/35
.......................................................
12,135,000
6,435,222
g
Village
of
Villa
Park
,
Garden
Station
Redevelopment
Area
,
Tax
Allocation
,
2021
,
0.994
%,
12/31/38
..................................................
1,815,000
1,483,088
100,574,624
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
2,369,710
c
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
A
,
5
%
,
8/01/41
..
5,465,000
4,494,540
c
City
of
Jeffersonville
,
Vivera
Senior
Living
of
Columbus
LLC
,
Revenue
,
144A,
2020
A
,
5.25
%
,
11/01/40
...................................................
4,500,000
3,882,846
c
City
of
Valparaiso
,
Green
Oaks
of
Valparaiso
LLC
,
Revenue
,
144A,
2021
,
5.375
%
,
12/01/41
........................................................
4,650,000
4,045,738
Indiana
Finance
Authority
,
SFP-PUFW
I
LLC
,
Revenue
,
2024
C
,
5.75
%
,
7/01/64
.......................
1,730,000
1,561,592
University
of
Evansville
,
Revenue
,
2022
B
,
7
%
,
9/01/32
.....................
3,765,000
3,628,071
c
Indiana
Housing
&
Community
Development
Authority
,
Vita
of
Marion
LLC
,
Revenue
,
144A,
2021
A
,
5.25
%
,
4/01/41
........................................
4,750,000
3,969,168
23,951,665
Iowa
0.2%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
5/15/48
....
2,090,000
1,962,367
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
1,000,000
1,119,490
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.25
%
,
5/15/38
........................................................
1,500,000
1,684,732
Northcrest
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
3/01/48
..................
7,500,000
6,733,528
11,500,117
Kansas
0.0%
†
Wyandotte
County-Kansas
City
Unified
Government
,
Revenue
,
2018
,
4.5
%
,
6/01/40
.
1,260,000
1,189,429
Kentucky
0.4%
Kentucky
Public
Transportation
Infrastructure
Authority
,
Revenue,
First
Tier
,
2013
C
,
6.6
%
,
7/01/39
...............................
10,000,000
11,280,795
Revenue,
First
Tier
,
2013
C
,
6.75
%
,
7/01/43
..............................
5,000,000
5,599,887
16,880,682
Louisiana
1.3%
Lakeshore
Villages
Master
Community
Development
District
,
Special
Assessment
,
2021
,
2.375
%
,
6/01/26
.............................
190,000
185,984
Special
Assessment
,
2021
,
2.875
%
,
6/01/31
.............................
695,000
619,459
Special
Assessment
,
2021
,
3.2
%
,
6/01/41
...............................
2,730,000
2,098,933
Special
Assessment
,
2021
,
4
%
,
6/01/51
.................................
2,035,000
1,606,929
Special
Assessment
,
2022
,
5.375
%
,
6/01/42
.............................
730,000
709,590
Special
Assessment
,
2022
,
5.5
%
,
6/01/52
...............................
1,425,000
1,384,300
c
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
GOMESA
,
Revenue
,
144A,
2018
,
5.375
%
,
11/01/38
........................
1,525,000
1,561,260
Parish
of
Lafourche
,
Revenue
,
144A,
2019
,
3.95
%
,
11/01/43
.................
1,711,581
1,476,137
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
89
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
St.
Martin
,
Revenue
,
144A,
2019
,
4.4
%
,
11/01/44
...................
$
5,105,000
$
4,725,231
Parish
of
Vermilion
,
Revenue
,
144A,
2019
,
4.625
%
,
11/01/38
.................
1,455,000
1,455,498
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
5,000,000
4,930,600
g
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
B
,
Refunding
,
6.22
%,
12/01/35
.......................................................
12,800,000
6,787,873
Terrebonne
Parish
Consolidated
Government
,
Revenue
,
144A,
2018
,
5.5
%
,
11/01/39
1,190,000
1,216,108
c
Louisiana
Public
Facilities
Authority
,
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.375
%
,
1/01/40
5,000,000
4,522,923
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
4,500,000
3,848,470
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-2
,
7
%
,
1/01/57
...
10,000,000
8,418,232
Parish
of
Beauregard
,
OfficeMax,
Inc.
,
Revenue
,
2002
,
Refunding
,
6.8
%
,
2/01/27
...
13,990,000
14,016,237
59,563,764
Maryland
0.2%
County
of
Frederick
,
Oakdale-Lake
Linganore
Development
District
,
Special
Tax
,
2019
,
Refunding
,
3.25
%
,
7/01/29
........................................................
750,000
714,544
Urbana
Community
Development
Authority
,
Special
Tax
,
2020
B
,
Refunding
,
4
%
,
7/01/40
........................................................
315,000
287,309
c
Town
of
La
Plata
,
Heritage
Green
Special
Taxing
District
,
Special
Tax
,
144A,
2023
A
,
6.5
%
,
2/15/53
....................................................
8,500,000
8,268,311
9,270,164
Massachusetts
0.0%
†
c
Massachusetts
Development
Finance
Agency
,
CHF
Merrimack,
Inc.
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/54
..................
1,200,000
1,103,108
CHF
Merrimack,
Inc.
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/60
..................
1,100,000
995,431
2,098,539
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
.................................
440,000
440,703
Kalamazoo
Economic
Development
Corp.
,
c
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/31
....................................................
700,000
680,223
c
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/51
....................................................
3,015,000
2,361,549
Heritage
Community
of
Kalamazoo
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/55
8,860,000
7,501,667
c
Michigan
Finance
Authority
,
Revenue
,
144A,
2014
,
6.75
%
,
7/01/44
..............
1,695,000
1,666,358
c
Michigan
Strategic
Fund
,
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/31
....................................................
570,000
553,896
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/41
....................................................
895,000
770,906
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/51
....................................................
1,380,000
1,080,908
g
Michigan
Tobacco
Settlement
Finance
Authority
,
Michigan
Finance
Authority
Tobacco
Settlement
,
Revenue
,
2007
B
,
8.12
%,
6/01/52
............................
26,990,000
3,281,007
18,352,239
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)
Minnesota
0.2%
City
of
Apple
Valley
,
PHS
Apple
Valley
Senior
Housing,
Inc.
,
Revenue
,
2025
A
,
5.375
%
,
9/01/45
.........................................................
$
475,000
$
471,275
City
of
Minneapolis
,
Ecumen
Mill
City
Quarter
LLC
,
Revenue
,
2015
,
5.25
%
,
11/01/45
..............
2,900,000
2,630,625
Ecumen
Mill
City
Quarter
LLC
,
Revenue
,
2015
,
5.375
%
,
11/01/50
..............
1,000,000
888,666
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
5,535,000
5,368,935
c
Scott
County
Community
Development
Agency
,
Spero
BP
Senior
LLC
,
Revenue
,
144A,
2022
B
,
6.25
%
,
8/01/37
.............................................
590,000
577,849
9,937,350
Mississippi
0.4%
c
Mississippi
Development
Bank
,
Magnolia
Regional
Health
Center
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/34
900,000
806,381
Magnolia
Regional
Health
Center
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/36
850,000
731,613
c
,g
Mississippi
Home
Corp.
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024-2
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
14,500,000
8,460,953
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024-2
B
,
Refunding
,
6.22
%,
12/01/35
.................................................
12,850,000
6,814,388
16,813,335
Missouri
0.3%
Cape
Girardeau
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2016
A
,
Refunding
,
6
%
,
3/01/33
.......................................
3,250,000
3,286,441
City
of
Maryland
Heights
,
Westport
Plaza
Redevelopment
Area
,
Tax
Allocation
,
2020
,
4.125
%
,
11/01/38
..................................................
2,300,000
2,124,037
Kirkwood
Industrial
Development
Authority
,
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/42
...................................
1,000,000
895,559
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/50
...................................
3,500,000
2,907,463
Stoddard
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2016
B
,
Refunding
,
6
%
,
3/01/37
.............................................
3,290,000
3,328,140
12,541,640
Nevada
0.6%
City
of
Henderson
,
Local
Improvement
District
No.
T-18
,
Special
Assessment
,
2016
,
Refunding
,
4
%
,
9/01/32
.............................................
1,650,000
1,566,145
City
of
Las
Vegas
,
Special
Improvement
District
No.
610
,
Special
Assessment
,
2018
,
5
%
,
6/01/48
....
7,195,000
6,781,339
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/33
....
180,000
165,605
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/34
....
180,000
163,541
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/35
....
180,000
161,564
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/40
....
430,000
367,204
Special
Improvement
District
No.
612
Skye
Hills
,
Special
Assessment
,
2020
,
3.5
%
,
6/01/35
........................................................
195,000
173,409
Special
Improvement
District
No.
612
Skye
Hills
,
Special
Assessment
,
2020
,
4
%
,
6/01/50
........................................................
945,000
755,851
Special
Improvement
District
No.
812
,
Special
Assessment
,
2015
,
5
%
,
12/01/30
...
1,455,000
1,461,981
Special
Improvement
District
No.
812
,
Special
Assessment
,
2015
,
5
%
,
12/01/35
...
920,000
923,290
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/39
....
420,000
381,140
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/44
....
680,000
568,456
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
2.75
%
,
6/01/33
.
520,000
440,663
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
2.75
%
,
6/01/36
.
815,000
644,960
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3
%
,
6/01/41
....
630,000
464,848
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3.125
%
,
6/01/51
1,405,000
925,200
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)
Nevada
(continued)
c
City
of
North
Las
Vegas
,
Special
Improvement
District
No.
66
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
6/01/47
........................................................
$
1,570,000
$
1,559,064
Special
Improvement
District
No.
66
,
Special
Assessment
,
144A,
2022
,
6
%
,
6/01/52
1,770,000
1,780,154
c,g
City
of
Reno
,
Sales
Tax
,
Revenue
,
144A,
2018
C
,
Refunding
,
5.94
%,
7/01/58
......
12,500,000
1,851,831
County
of
Clark
,
Special
Improvement
District
No.
128
,
Special
Assessment
,
2001-2007
,
5
%
,
2/01/26
270,000
270,491
Special
Improvement
District
No.
128
,
Special
Assessment
,
2001-2007
,
5.05
%
,
2/01/31
........................................................
980,000
981,489
Special
Improvement
District
No.
159
,
Special
Assessment
,
2015
,
5
%
,
8/01/35
....
1,940,000
1,942,030
Henderson
Local
Improvement
Districts
,
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
3
%
,
9/01/36
...............................
310,000
257,468
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
3.5
%
,
9/01/45
..............................
740,000
565,179
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
4
%
,
9/01/51
...............................
495,000
391,360
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5
%
,
3/01/38
.....
770,000
764,735
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5
%
,
3/01/43
.....
990,000
932,831
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5.25
%
,
3/01/48
..
990,000
940,162
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5.25
%
,
3/01/53
..
300,000
279,788
c
,d
State
of
Nevada
Department
of
Business
&
Industry
,
Fulcrum
Sierra
Biofuels
LLC
,
Revenue
,
144A,
2017
,
5.875
%
,
12/15/27
..........
6,426,495
643
Fulcrum
Sierra
Biofuels
LLC
,
Revenue
,
144A,
2017
,
6.25
%
,
12/15/37
...........
7,072,148
707
28,463,128
New
Hampshire
0.2%
New
Hampshire
Business
Finance
Authority
,
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
3.75
%
,
8/15/30
...............
100,000
96,766
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.125
%
,
8/15/40
..............
2,545,000
2,198,699
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.25
%
,
8/15/46
...............
2,860,000
2,375,514
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.5
%
,
8/15/55
................
5,940,000
4,799,433
9,470,412
New
Jersey
1.2%
New
Jersey
Economic
Development
Authority
,
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..........
2,200,000
2,013,367
United
Airlines,
Inc.
,
Revenue
,
2003
,
5.5
%
,
6/01/33
........................
8,480,000
8,483,910
c,d
White
Horse
HMT
Urban
Renewal
LLC
,
Revenue
,
144A,
2020
,
5
%
,
1/01/40
......
3,000,000
1,930,296
g
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2008
A
,
4.58
%,
12/15/38
................................................
46,750,000
25,337,425
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
6/01/46
.............................
7,000,000
7,028,832
Revenue
,
2018
B
,
Refunding
,
5
%
,
6/01/46
...............................
10,995,000
10,555,514
55,349,344
New
Mexico
0.0%
†
Lower
Petroglyphs
Public
Improvement
District
,
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/33
..............................
500,000
486,643
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/38
..............................
450,000
431,246
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/48
..............................
1,205,000
1,115,937
2,033,826
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)
New
York
3.0%
Metropolitan
Transportation
Authority
,
Revenue
,
2016
A-1
,
5.25
%
,
11/15/56
...................................
$
4,765,000
$
4,762,378
Revenue
,
2020
C-1
,
4.75
%
,
11/15/45
...................................
13,220,000
12,974,293
Revenue
,
2020
C-1
,
5
%
,
11/15/50
.....................................
10,000,000
9,928,717
Revenue
,
2020
C-1
,
5.25
%
,
11/15/55
...................................
29,500,000
29,944,001
Revenue
,
2020
D
,
4
%
,
11/15/50
.......................................
11,500,000
9,597,192
New
York
Liberty
Development
Corp.
,
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2005
,
Refunding
,
5.25
%
,
10/01/35
.....................................
23,000,000
25,677,145
New
York
Transportation
Development
Corp.
,
American
Airlines,
Inc.
,
Revenue
,
2020
,
Refunding
,
5.375
%
,
8/01/36
...........
5,000,000
5,088,596
Laguardia
Gateway
Partners
LLC
,
Revenue
,
2016
A
,
5
%
,
7/01/46
.............
13,505,000
13,144,171
c,g
Rockland
Tobacco
Asset
Securitization
Corp.
,
Revenue
,
144A,
2005
A
,
6.18
%,
8/15/45
56,000,000
16,665,869
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
5.75
%
,
12/01/44
......................................
5,000,000
5,118,434
Revenue
,
2024
,
6
%
,
12/01/53
........................................
7,175,000
7,336,628
140,237,424
North
Dakota
0.1%
County
of
Burleigh
,
University
of
Mary
,
Revenue
,
2016
,
5.1
%
,
4/15/36
.........................
3,550,000
3,483,176
University
of
Mary
,
Revenue
,
2016
,
5.2
%
,
4/15/46
.........................
3,130,000
2,843,225
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
—
6,326,401
Ohio
2.7%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
B-2
,
2
,
Refunding
,
5
%
,
6/01/55
.............................................
7,060,000
6,118,116
City
of
Centerville
,
Graceworks
Lutheran
Services
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/01/50
..........................................
5,000,000
4,352,883
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
1,194,996
c
Flats
East
Bank
TIF
District
,
Tax
Allocation,
Senior
Lien
,
144A,
2021
A
,
Refunding
,
4
%
,
12/01/55
...................................................
1,050,000
792,835
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5.25
%
,
12/01/38
.....
700,000
704,819
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5.5
%
,
12/01/43
......
700,000
702,046
County
of
Fairfield
,
Fairfield
Medical
Center
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/15/43
.............................................
10,000,000
8,370,059
County
of
Franklin
,
Wesley
Communities
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5.25
%
,
11/15/40
2,910,000
2,810,160
Wesley
Communities
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5.25
%
,
11/15/55
8,800,000
7,690,066
County
of
Washington
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.625
%
,
12/01/42
................................................
10,000,000
10,625,260
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.75
%
,
12/01/52
.......................................................
17,000,000
18,056,885
Ohio
Higher
Educational
Facility
Commission
,
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/42
...........
1,360,000
1,298,431
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/45
...........
1,205,000
1,119,941
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/50
...........
2,570,000
2,314,419
Ohio
Housing
Finance
Agency
,
Revenue
,
2023
C
,
8
%
,
8/01/34
........................................
1,000,000
1,016,153
c
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
C
,
8
%
,
9/01/39
..............
1,400,000
1,412,991
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)
Ohio
(continued)
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
5.75
%
,
2/15/35
.........................................................
$
35,000,000
$
39,424,140
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/35
.......................................................
1,000,000
927,366
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/43
.......................................................
1,000,000
849,121
c
State
of
Ohio
,
Aultman
Health
Foundation
Obligated
Group
,
Revenue
,
144A,
2018
,
Refunding
,
5
%
,
12/01/38
.......................................................
5,000,000
4,712,722
Aultman
Health
Foundation
Obligated
Group
,
Revenue
,
144A,
2018
,
Refunding
,
5
%
,
12/01/48
.......................................................
15,195,000
13,274,632
127,768,041
Oklahoma
0.2%
Tulsa
County
Industrial
Authority
,
Montereau
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/15/37
.......
1,000,000
1,003,497
Montereau
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/15/45
.......
6,500,000
6,309,380
Tulsa
Municipal
Airport
Trust
Trustees
,
American
Airlines,
Inc.
,
Revenue
,
2025
,
Refunding
,
6.25
%
,
12/01/35
...........
1,735,000
1,898,423
American
Airlines,
Inc.
,
Revenue
,
2025
,
Refunding
,
6.25
%
,
12/01/40
...........
1,390,000
1,494,113
10,705,413
Oregon
0.3%
Clackamas
County
Hospital
Facility
Authority
,
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.125
%
,
11/15/40
.
500,000
487,026
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.25
%
,
11/15/50
..
1,250,000
1,145,676
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.375
%
,
11/15/55
.
1,500,000
1,374,710
Polk
County
Hospital
Facility
Authority
,
Dallas
Mennonite
Retirement
Community
Obligated
Group
,
Revenue
,
2020
A
,
5.125
%
,
7/01/55
.......................
3,500,000
3,065,371
Yamhill
County
Hospital
Authority
,
Friendsview
Manor
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/15/51
..
4,325,000
3,509,743
Friendsview
Manor
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/15/56
..
6,115,000
4,849,264
14,431,790
Pennsylvania
2.3%
c
Allentown
Commercial
and
Industrial
Development
Authority
,
Executive
Education
Academy
Charter
School
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/59
........
1,800,000
1,618,008
c
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Center
City
Investment
Corp.
,
Revenue
,
144A,
2018
,
5.375
%
,
5/01/42
..........
5,000,000
4,902,619
Center
City
Investment
Corp.
,
Revenue
,
144A,
2022
,
5.25
%
,
5/01/42
...........
5,765,000
5,679,916
Berks
County
Municipal
Authority
(The)
,
Tower
Health
Obligated
Group
,
Revenue
,
2024
A-1
,
8
%
,
6/30/34
..............
2,083,000
2,095,897
Tower
Health
Obligated
Group
,
Revenue
,
2024
A-2
,
6
%
,
6/30/34
..............
1,045,000
1,099,946
Tower
Health
Obligated
Group
,
Revenue
,
2024
A-3
,
5
%
,
6/30/39
..............
13,996,000
12,967,438
g
Tower
Health
Obligated
Group
,
Revenue
,
2024
B-1
,
1.361
%,
6/30/44
...........
6,993,000
5,035,311
c
Chester
County
Industrial
Development
Authority
,
Borough
of
Phoenixville
Steelpointe
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4.75
%
,
3/01/50
..............................
4,205,000
3,413,761
Woodlands
at
Greystone
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2018
,
5
%
,
3/01/38
...........................................
225,000
216,712
Woodlands
at
Greystone
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2018
,
5.125
%
,
3/01/48
.......................................
800,000
725,158
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
......................................................
4,000,000
3,433,629
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)
Pennsylvania
(continued)
c
Erie
County
Industrial
Development
Authority
,
CFC
-
Erie
I
LLC
,
Revenue
,
144A,
2024
B
,
7.25
%
,
3/01/50
.................................................
$
4,495,000
$
3,974,376
Franklin
County
Industrial
Development
Authority
,
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/38
...
1,000,000
942,540
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/43
...
1,200,000
1,068,596
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/48
...
4,600,000
3,945,409
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/53
...
3,050,000
2,532,868
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/54
............
1,000,000
827,015
Lancaster
County
Hospital
Authority
,
Brethren
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.125
%
,
7/01/37
...
1,105,000
1,078,779
Brethren
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
7/01/41
....
3,705,000
3,526,610
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/31
............
580,000
555,238
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/51
............
2,385,000
1,799,179
g
Pennsylvania
Turnpike
Commission
,
Revenue
,
B-2
,
5.544
%,
12/01/37
......................................
20,000,000
19,068,314
Revenue
,
B-2
,
5.645
%,
12/01/40
......................................
25,075,000
23,374,168
Philadelphia
Authority
for
Industrial
Development
,
Evangelical
Services
for
the
Aging
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
7/01/49
......................
3,000,000
2,624,639
106,506,126
South
Carolina
1.5%
County
of
Dorchester
,
Summers
Corner
Improvement
District
,
Special
Assessment
,
2023
,
5.5
%
,
10/01/51
...............................................
2,110,000
1,965,743
c
Greenville
Housing
Authority
,
Revenue
,
144A,
2023
B
,
8.375
%
,
5/01/47
..........
10,600,000
10,092,011
South
Carolina
Jobs-Economic
Development
Authority
,
Beaufort
Memorial
Hospital
Obligated
Group
,
Revenue
,
2024
,
5.75
%
,
11/15/54
...
2,000,000
2,017,028
c,g
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
2.603
%,
6/01/37
..
14,400,000
11,385,815
c,g
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
1.357
%,
6/01/52
..
25,550,000
18,207,829
c
FAH
Pelham
LLC
,
Revenue
,
144A,
2023
B
,
II
,
7.5
%
,
8/01/47
.................
9,565,000
9,321,436
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2017
,
5
%
,
4/01/52
........................................................
1,750,000
1,554,773
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
4/01/48
............................................
3,500,000
3,186,098
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
4/01/53
.........................................
11,000,000
10,099,752
67,830,485
South
Dakota
0.2%
City
of
Sioux
Falls
,
Dow
Rummel
Village
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/46
...............
7,110,000
6,056,925
Dow
Rummel
Village
,
Revenue
,
2017
,
5
%
,
11/01/42
........................
2,000,000
1,770,513
7,827,438
Tennessee
1.5%
c
Cleveland
Housing
Authority
,
Cleveland
Forward
Phase
One
LLC
,
Revenue
,
144A,
2022
B
,
6.25
%
,
4/01/41
....
1,000,000
952,805
Cleveland
Forward
Phase
Two
LLC
,
Revenue
,
144A,
2022
B
,
6.25
%
,
4/01/41
....
1,000,000
952,806
g
Johnson
City
Health
&
Educational
Facilities
Board
,
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
3.85
%,
7/01/27
........................................................
19,365,000
17,898,564
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
3.93
%,
7/01/28
........................................................
19,400,000
17,225,993
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
4.04
%,
7/01/29
........................................................
19,365,000
16,470,008
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)
Tennessee
(continued)
g
Johnson
City
Health
&
Educational
Facilities
Board,
(continued)
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
4.16
%,
7/01/30
........................................................
$
19,370,000
$
15,745,391
69,245,567
Texas
11.9%
c
Arlington
Higher
Education
Finance
Corp.
,
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2024
,
4.875
%
,
6/15/59
.................................
1,000,000
888,421
Cedar
Bayou
Navigation
District
,
Special
Assessment
,
2020
,
6
%
,
9/15/51
.........
7,500,000
6,004,707
g
Central
Texas
Regional
Mobility
Authority
,
Revenue
,
2010
,
4.05
%,
1/01/35
.......................................
3,000,000
2,050,525
Revenue
,
2010
,
4.53
%,
1/01/37
.......................................
2,500,000
1,496,230
Revenue
,
2010
,
4.72
%,
1/01/38
.......................................
2,405,000
1,345,583
Revenue
,
2010
,
4.9
%,
1/01/39
........................................
2,545,000
1,329,129
c
City
of
Anna
,
Hurricane
Creek
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/01/42
..............................
972,000
988,418
Hurricane
Creek
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/01/52
................................
1,907,000
1,863,873
Meadow
Vista
Public
Improvement
District
Improvement
Area
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/15/44
.........................................
850,000
819,952
Sherley
Tract
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/31
..............................
300,000
274,637
Sherley
Tract
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/41
................................
867,000
722,095
Sherley
Tract
Public
Improvement
District
No.
2
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/15/31
...............................
101,000
95,427
Sherley
Tract
Public
Improvement
District
No.
2
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5
%
,
9/15/51
................................
503,000
450,281
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Area
1
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/15/43
.............................
751,000
754,945
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Area
1
,
Special
Assessment
,
144A,
2023
,
5.875
%
,
9/15/53
.............................
1,075,000
1,083,934
c
City
of
Aubrey
,
Aubrey
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2023
,
5.875
%
,
9/01/43
........................................................
1,075,000
1,058,886
Aubrey
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
........................................................
1,600,000
1,567,143
Duck
Point
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
12/31/45
.......................................................
1,100,000
1,029,517
Duck
Point
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
12/31/55
.......................................................
1,890,000
1,755,472
Jackson
Ridge
Public
Improvement
District
Phase
No.
3B
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/32
........................................
775,000
793,587
Jackson
Ridge
Public
Improvement
District
Phase
No.
3B
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/01/45
...........................................
1,803,000
1,851,919
c
City
of
Boyd
,
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/15/43
.......................................
690,000
660,863
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/15/53
.........................................
1,408,000
1,354,435
City
of
Celina
,
c
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/44
..........................
470,000
457,236
c
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/54
.........................
1,300,000
1,252,711
c
Chalk
Hill
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/43
..................................................
767,000
755,819
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
96
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Celina,
(continued)
c
Chalk
Hill
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
........................................................
$
1,764,000
$
1,702,619
c
Creeks
of
Legacy
Public
Improvement
District
Phase
No.
3
,
Special
Assessment
,
144A,
2020
,
4.25
%
,
9/01/40
........................................
230,000
202,785
c
Cross
Creek
Meadows
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.5
%
,
9/01/30
.........................................
501,000
500,842
c
Cross
Creek
Meadows
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
9/01/43
.......................................
1,624,000
1,571,536
c
Cross
Creek
Meadows
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
.........................................
1,741,000
1,622,307
c
Cross
Creek
Meadows
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
5
%
,
9/01/30
..........................
350,000
354,596
c
Cross
Creek
Meadows
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/53
.......................
1,549,000
1,506,615
c
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/01/31
..................................................
175,000
170,316
c
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/01/41
..................................................
370,000
361,681
c
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
5.5
%
,
9/01/50
...................................................
500,000
471,426
c
Edgewood
Creek
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
4.25
%
,
9/01/41
........................................
500,000
426,670
c
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
2.75
%
,
9/01/27
........................................................
197,000
188,517
c
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.125
%
,
9/01/32
.................................................
231,000
196,707
c
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/42
.................................................
866,000
634,100
c
Lakes
at
Mustang
Ranch
Public
Improvement
District
Phases
8-9
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
9/01/55
.............................
600,000
566,844
c
Mosaic
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
4.5
%
,
9/01/31
...................................................
500,000
493,366
c
Mosaic
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
.................................................
1,495,000
1,389,573
c
Mosaic
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...................................................
2,500,000
2,323,525
c
Mosaic
Public
Improvement
District
Phase
1
,
Special
Assessment
,
144A,
2023
,
4.375
%
,
9/01/30
.................................................
405,000
402,531
c
Mosaic
Public
Improvement
District
Phase
1
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
9/01/43
.................................................
1,225,000
1,150,866
c
Mosaic
Public
Improvement
District
Phase
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
...................................................
1,851,000
1,724,808
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
4.375
%
,
9/01/30
............................................
336,000
333,951
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
5.375
%
,
9/01/43
............................................
812,000
785,768
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
5.625
%
,
9/01/52
............................................
1,005,000
955,710
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
5.25
%
,
9/01/52
.............................................
100,000
90,090
c
North
Sky
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
4.875
%
,
9/01/30
.......................................
228,000
230,219
c
North
Sky
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/52
.......................................
999,000
962,220
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
173,607
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
97
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
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
$
450,379
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/26
..............................
114,000
111,494
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
..............................
150,000
137,749
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/41
...............................
1,205,000
943,856
c
Pravin
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
6.5
%
,
9/01/43
1,500,000
1,457,666
c
Pravin
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
6.75
%
,
9/01/53
2,000,000
1,940,101
c
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/27
........................................
227,000
219,380
c
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
3.625
%
,
9/01/32
.......................................
336,000
298,762
c
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/01/51
.......................................
1,033,000
814,070
c
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/01/50
.......................
1,787,000
1,383,025
c
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
2.875
%
,
9/01/27
.......................
68,000
65,251
c
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/32
........................
250,000
220,323
c
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/42
.........................
1,175,000
909,421
c
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/30
..............................
491,000
494,190
c
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/42
...............................
1,169,000
1,158,234
c
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/52
..............................
1,494,000
1,445,653
c
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/30
...............................
234,000
240,232
c
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.25
%
,
9/01/42
..............................
801,000
782,503
c
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.5
%
,
9/01/52
...............................
1,300,000
1,268,793
c
Wells
North
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
........................................................
425,000
352,824
c
Wells
North
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
498,000
377,261
c
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
........................................................
150,000
138,753
c
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/40
........................................................
350,000
296,649
c
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
965,000
731,039
c
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
..........................
158,000
140,614
c
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
.......................
379,000
295,969
c
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/01/42
.........................
490,000
485,487
c
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/01/52
.......................
1,314,000
1,249,555
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
98
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Corpus
Christi
,
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
5.375
%
,
9/15/31
..................................
$
350,000
$
348,949
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
6.125
%
,
9/15/44
..................................
1,150,000
1,099,648
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
6.5
%
,
9/15/54
....................................
2,000,000
1,910,435
c
City
of
Crandall
,
Cartwright
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/31
................................
409,000
398,099
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/15/31
..............................
161,000
159,435
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5
%
,
9/15/41
................................
1,144,000
1,058,030
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/15/51
..............................
750,000
691,827
River
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/32
...............................
528,000
540,993
River
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.............................
5,000,000
5,067,634
River
Ridge
Public
Improvement
District
Single-family
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/32
.......................
232,000
240,522
River
Ridge
Public
Improvement
District
Single-family
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.75
%
,
9/15/52
........................
1,750,000
1,797,064
c,g
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue
,
144A,
2022
B
,
7.87
%,
12/01/62
........................................................
173,330,000
10,111,310
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
1,289,688
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2022
A
,
4.875
%
,
9/01/32
..................
269,000
271,198
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2022
A
,
5.125
%
,
9/01/42
..................
764,000
741,132
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Junior
Lien
,
144A,
2024
B
,
6.25
%
,
9/01/54
...................
1,225,000
1,150,822
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.375
%
,
9/01/44
..................
608,000
584,069
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.75
%
,
9/01/54
...................
866,000
808,627
c
City
of
Decatur
,
Paloma
Trails
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/45
...............................
700,000
664,609
Paloma
Trails
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
9/15/55
..............................
1,400,000
1,322,711
Paloma
Trails
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/15/35
.............................
172,000
167,940
Paloma
Trails
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
6.375
%
,
9/15/55
.............................
865,000
817,600
Vista
Park
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.875
%
,
9/15/54
.............................
2,160,000
2,143,419
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
1,382,432
c
City
of
Dorchester
,
Cottonwood
Public
improvement
District
Major
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/15/44
................................
1,000,000
930,200
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)
c
City
of
Dorchester,
(continued)
Cottonwood
Public
improvement
District
Major
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
6.25
%
,
9/15/54
..............................
$
1,500,000
$
1,371,684
c
City
of
Dripping
Springs
,
Heritage
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.5
%
,
9/01/30
.........................................
373,000
372,365
Heritage
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
.........................................
1,219,000
1,172,729
Heritage
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5
%
,
9/01/44
...........................................
646,000
595,349
Heritage
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/54
........................................
565,000
515,893
c
City
of
Elmendorf
,
Hickory
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/31
.............................
398,000
354,028
Hickory
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/01/41
..............................
1,205,000
921,834
c
City
of
Fate
,
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
8/15/26
........................................
200,000
195,070
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
8/15/31
.......................................
711,000
647,049
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
8/15/41
........................................
1,871,000
1,511,436
Monterra
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
8/15/44
.......................................
800,000
759,826
Monterra
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
8/15/54
........................................
1,350,000
1,272,761
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
8/15/30
.............................
125,000
114,058
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
8/15/40
.............................
691,000
568,629
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
8/15/50
.............................
994,000
785,066
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.875
%
,
8/15/42
.............................
1,617,000
1,566,776
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
8/15/52
................................
2,500,000
2,476,198
Williamsburg
East
Public
Improvement
District
Major
Improvement
Area
,
Revenue
,
144A,
2020
,
4.125
%
,
8/15/30
.......................................
515,000
491,774
Williamsburg
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.25
%
,
8/15/42
..................................................
1,204,000
1,071,195
Williamsburg
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
8/15/52
.................................................
1,100,000
928,927
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
4.25
%
,
8/15/30
........................................
275,000
276,350
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
8/15/43
.......................................
1,000,000
985,665
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
8/15/53
.......................................
1,287,000
1,252,675
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
677,187
Woodstone
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/42
..............................
1,259,000
992,413
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)
c
City
of
Fort
Worth
,
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/01/27
................................................
$
870,000
$
868,067
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/01/32
................................................
1,270,000
1,247,307
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5.125
%
,
9/01/37
............................................
1,650,000
1,573,823
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/27
...........................................
740,000
738,666
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/32
...........................................
1,530,000
1,499,960
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/37
...........................................
1,975,000
1,857,222
c
City
of
Georgetown
,
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/15/32
.................................................
409,000
380,145
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/15/42
.................................................
1,060,000
901,157
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.25
%
,
9/15/47
..................................................
716,000
586,354
c
City
of
Gunter
,
Bridges
Phase
2A
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
9/15/55
..........................................
1,676,000
1,579,102
c
City
of
Haslet
,
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/01/26
.......................................
191,000
185,841
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
........................................
150,000
132,374
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/01/41
.......................................
1,271,000
976,978
City
of
Horseshoe
Bay
,
Escondido
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3
%
,
10/01/30
.......................................................
496,000
448,283
Escondido
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
10/01/33
.................................................
431,000
373,644
City
of
Houston
Airport
System
,
United
Airlines,
Inc.
,
Revenue
,
2024
B
,
5.5
%
,
7/15/39
4,750,000
4,866,005
c
City
of
Huntsville
,
Reserves
of
Huntsville
Public
Improvement
District
(The)
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/44
............................................
775,000
753,968
Reserves
of
Huntsville
Public
Improvement
District
(The)
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/15/54
............................................
742,000
702,252
c
City
of
Hutto
,
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/31
.............................
260,000
237,291
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/41
...............................
1,038,000
817,792
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/01/55
.............................
584,000
544,548
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/26
..................................................
100,000
97,460
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/31
........................................................
392,000
359,835
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.875
%
,
9/01/41
.................................................
1,000,000
827,820
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/56
........................................................
3,479,000
2,618,963
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)
c
City
of
Hutto,
(continued)
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
..............................
$
206,000
$
186,780
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/01/41
.............................
519,000
412,937
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/56
................................
1,146,000
846,778
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
..............................
859,000
842,097
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/58
.............................
2,000,000
1,961,936
c
City
of
Justin
,
Timberbrook
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
................................
475,000
429,857
Timberbrook
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
.............................
2,709,000
2,118,001
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
4.5
%
,
9/01/31
.........................................
200,000
200,578
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/44
.........................................
580,000
564,249
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/53
........................................
755,000
728,058
c
City
of
Kaufman
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
........................................................
230,000
201,955
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/41
........................................................
570,000
455,202
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
1,026,003
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
.......................................
400,000
367,906
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
9/01/40
.......................................
1,310,000
1,076,631
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/26
........................................
124,000
121,965
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/31
.......................................
530,000
497,081
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/01/41
........................................
1,428,000
1,187,483
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
........................................
2,250,000
2,193,011
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/47
.........................................
1,396,000
1,376,028
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/01/50
.......................................
500,000
467,015
Kyle
57
Public
Improvement
District
,
Special
Assessment
,
2022
,
4.75
%
,
9/01/32
..
400,000
398,306
c
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/33
..............................
176,000
173,245
c
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/43
...............................
678,000
652,975
c
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/53
..............................
1,250,000
1,198,848
c
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/53
..............................
1,113,000
1,076,215
c
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/01/32
.............................
500,000
469,058
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
102
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Kyle,
(continued)
c
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/01/41
.............................
$
1,185,000
$
1,028,699
c
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/54
.............................
805,000
778,452
c
Plum
Creek
North
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
4.625
%
,
9/01/41
.............................
1,092,000
1,003,393
c
Porter
Country
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/43
..............................
1,229,000
1,180,550
c
Porter
Country
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
................................
3,000,000
2,868,882
c
Southwest
Kyle
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
6.75
%
,
9/01/48
..............................
1,400,000
1,431,989
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
276,585
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2020
,
Refunding
,
3.75
%
,
9/01/42
..........................
1,045,000
840,556
c
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/01/43
.............................
563,000
537,894
c
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/01/54
................................
2,113,000
2,040,838
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
1,755,522
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
2,198,950
c
City
of
Lavon
,
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/15/27
.........................................
400,000
389,471
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/15/32
.......................................
1,000,000
939,928
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/15/42
...........................................
2,259,000
1,898,147
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
9/15/31
........................................
243,000
236,187
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/52
.......................................
500,000
474,149
Elevon
Public
Improvement
District
Improvement
Area
No.
2A-2B
,
Special
Assessment
,
144A,
2024
,
4.375
%
,
9/15/31
.............................
300,000
293,604
Elevon
Public
Improvement
District
Improvement
Area
No.
2A-2B
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/15/44
.............................
615,000
600,144
Elevon
Public
Improvement
District
Improvement
Area
No.
2A-2B
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/15/54
...............................
800,000
766,792
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/15/27
........................................
190,000
185,976
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/15/32
.......................................
455,000
435,922
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/15/42
.......................................
1,000,000
881,941
Lakepointe
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
........................................................
1,500,000
1,532,752
City
of
Leander
,
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/32
...........................................
530,000
475,399
c
City
of
Lewisville
,
Lakeside
Crossing
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
8
%
,
9/01/53
............................................
1,625,000
1,655,703
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
Liberty
Hill
,
Butler
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
2.625
%
,
9/01/27
........................................................
$
264,000
$
255,096
Butler
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.125
%
,
9/01/32
........................................................
750,000
685,102
Butler
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/42
........................................................
1,771,000
1,371,206
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/27
...............................
136,000
132,150
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/01/32
.............................
275,000
252,920
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/01/42
.............................
1,097,000
911,646
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/01/52
.............................
2,705,000
2,163,988
Summerlyn
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
.................................................
250,000
231,475
Summerlyn
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/40
........................................................
845,000
740,887
c
City
of
Manor
,
Manor
Heights
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
4.5
%
,
9/15/30
..............................................
232,000
230,277
Manor
Heights
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/15/43
.............................................
328,000
318,842
Manor
Heights
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/44
............................................
298,000
292,321
Manor
Heights
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/15/54
............................................
584,000
565,197
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/26
.............................
135,000
132,043
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.............................
250,000
220,987
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/31
..............................
310,000
275,689
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/15/41
...............................
700,000
529,056
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/41
.............................
830,000
695,210
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
................................
1,000,000
752,109
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/15/51
.............................
1,225,000
955,253
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
1,109,944
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.875
%
,
9/01/31
.............................
350,000
321,002
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/01/41
.............................
1,000,000
841,102
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/01/51
.............................
1,470,000
1,172,667
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.625
%
,
9/01/31
.............................
150,000
141,938
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.875
%
,
9/01/41
.............................
450,000
409,203
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.125
%
,
9/01/51
.............................
620,000
552,494
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
Marble
Falls,
(continued)
Thunder
Rock
Public
Improvement
District
Remainder
Area
,
Special
Assessment
,
144A,
2024
,
7.375
%
,
9/01/44
.......................................
$
1,000,000
$
960,327
Thunder
Rock
Public
Improvement
District
Remainder
Area
,
Special
Assessment
,
144A,
2024
,
7.625
%
,
9/01/54
.......................................
1,750,000
1,671,182
c
City
of
Mclendon-Chisholm
,
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/15/26
.......................................
80,000
77,804
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/41
.......................................
620,000
493,987
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
...........................................
865,000
655,302
Sonoma
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/15/32
.......................................
250,000
250,471
Sonoma
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/15/52
........................................
3,175,000
2,982,967
c
City
of
Mesquite
,
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/30
........................................
647,000
651,381
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/43
.........................................
3,021,000
3,017,133
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/53
........................................
4,965,000
4,955,307
Solterra
Public
Improvement
District
Improvement
Area
No.
C-1
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
9/01/43
.............................
750,000
736,646
Solterra
Public
Improvement
District
Improvement
Area
No.
C-1
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/53
.............................
1,210,000
1,183,369
Solterra
Public
Improvement
District
Improvement
Area
No.
C-2
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/53
.............................
1,017,000
997,390
Solterra
Public
Improvement
District
Improvement
Area
No.
C-3
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
9/01/31
..............................
244,000
239,566
Solterra
Public
Improvement
District
Improvement
Area
No.
C-3
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/53
..............................
200,000
185,484
c
City
of
Midlothian
,
Redden
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/15/31
........................................................
410,000
374,445
Redden
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.875
%
,
9/15/41
.................................................
1,105,000
919,222
Redden
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/51
.................................................
1,635,000
1,266,002
Redden
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/31
.............................
230,000
222,006
Redden
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/15/41
...............................
420,000
375,821
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/32
...............................
309,000
303,649
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/42
................................
750,000
729,778
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.............................
1,410,000
1,372,133
c
City
of
Mustang
Ridge
,
Durango
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/43
.......................................
515,000
527,118
Durango
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/01/53
.......................................
498,000
507,466
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)
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
$
298,640
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/01/41
...............................
882,000
749,926
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/01/51
..............................
1,454,000
1,223,719
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
526,093
Chaparral
Park
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/15/54
..............................
250,000
227,921
Oak
Point
720
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
4.7
%
,
9/15/31
..............................................
249,000
245,782
Oak
Point
720
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.35
%
,
9/15/44
.............................................
170,000
161,055
Oak
Point
720
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/15/54
............................................
160,000
147,718
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/01/30
..................................................
300,000
274,773
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
..................................................
1,170,000
968,091
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
1,060,000
821,580
Wildridge
Public
Improvement
District
No.
1
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/31
..............................
160,000
141,064
Wildridge
Public
Improvement
District
No.
1
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/41
.............................
628,000
461,386
c
City
of
Pilot
Point
,
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.25
%
,
9/15/35
..............................
500,000
506,406
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
9/15/45
.............................
927,000
938,467
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.375
%
,
9/15/55
.............................
1,790,000
1,808,821
Bryson
Ranch
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/35
................................
301,000
304,265
Bryson
Ranch
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2025
,
7.125
%
,
9/15/55
.............................
1,004,000
1,014,159
Bryson
Ranch
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.25
%
,
9/15/35
..............................
250,000
252,861
Bryson
Ranch
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
9/15/45
.............................
650,000
657,543
Bryson
Ranch
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.375
%
,
9/15/55
.............................
1,390,000
1,403,565
Bryson
Ranch
Public
Improvement
District
Zone
B
Remainder
Area
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/35
................................
251,000
253,431
Bryson
Ranch
Public
Improvement
District
Zone
B
Remainder
Area
,
Special
Assessment
,
144A,
2025
,
7.125
%
,
9/15/55
.............................
1,070,000
1,080,046
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/32
..............................
200,000
200,239
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/42
...............................
800,000
774,253
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/15/52
.............................
1,450,000
1,384,369
Creekview
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/15/32
........................................
200,000
204,552
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
Pilot
Point,
(continued)
Creekview
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.......................................
$
2,078,000
$
2,067,637
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/32
..............................
300,000
300,218
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/42
...............................
750,000
725,862
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/15/52
.............................
1,303,000
1,244,023
Mobberly
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/15/32
.......................................
500,000
499,416
Mobberly
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/48
.........................................
4,026,000
3,873,259
Mobberly
Public
Improvement
District
Improvement
Area
No.
1B
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/15/48
.............................
926,000
907,873
Mobberly
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/15/32
.......................................
810,000
835,855
Mobberly
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/52
...........................................
4,001,000
3,967,602
Mobberly
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
9/15/52
.........................................
1,600,000
1,605,117
c
City
of
Plano
,
Collin
Creek
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/15/51
.................................................
7,556,000
5,818,631
Collin
Creek
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
....................................................
2,192,000
1,675,145
Haggard
Farm
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7.5
%
,
9/15/53
...............................
1,000,000
1,028,111
Haggard
Farm
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
8.25
%
,
9/15/43
..............................
1,250,000
1,281,084
Haggard
Farm
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
8.5
%
,
9/15/53
...............................
2,193,000
2,252,216
c
City
of
Princeton
,
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
2.875
%
,
9/01/25
.................................................
32,000
31,906
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/01/30
.................................................
180,000
166,123
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
9/01/40
.................................................
650,000
544,387
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/01/50
.................................................
930,000
750,128
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/27
........................................................
157,000
154,593
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/01/32
........................................................
280,000
268,749
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/01/52
.................................................
1,117,000
919,864
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
9/01/26
........................................................
36,000
35,126
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
........................................................
126,000
114,280
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
........................................................
325,000
249,667
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
........................................................
431,000
337,760
Eastridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
........................................
380,000
377,016
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
Princeton,
(continued)
Eastridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
........................................
$
1,155,000
$
1,098,873
Eastridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
.........................................
1,220,000
1,159,054
Eastridge
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
9/01/31
........................................
302,000
297,963
Eastridge
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5
%
,
9/01/44
...........................................
713,000
663,411
Eastridge
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/54
........................................
491,000
471,482
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7
%
,
9/01/43
................................
1,000,000
1,003,546
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7
%
,
9/01/53
................................
2,000,000
1,986,706
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7.875
%
,
9/01/53
.............................
1,000,000
1,007,125
Southbridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/44
..............................
500,000
475,320
Southbridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...............................
1,100,000
1,064,959
Southridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.25
%
,
9/01/43
..............................
1,355,000
1,402,162
Southridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/01/53
.............................
1,380,000
1,445,688
Whitewing
Trails
Public
Improvement
District
No.
2
Phase
2
,
Special
Assessment
,
144A,
2023
,
4.25
%
,
9/01/30
........................................
166,000
162,284
Whitewing
Trails
Public
Improvement
District
No.
2
Phase
2
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
9/01/53
.......................................
2,041,000
1,904,037
Winchester
Crossing
Public
Improvement
District
No.
3
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
............................................
875,000
808,498
Winchester
Crossing
Public
Improvement
District
No.
3
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/54
............................................
225,000
215,400
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/01/30
........................................................
200,000
184,224
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
........................................................
470,000
388,462
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
675,000
525,437
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
9/01/31
........................................................
110,000
97,494
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/41
........................................................
518,000
378,422
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
........................................................
616,000
464,772
Winchester
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
..................................................
461,000
459,326
Winchester
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/52
..................................................
2,220,000
2,038,957
Windmore
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
.............................
411,000
380,662
Windmore
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...............................
565,000
547,002
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
128,377
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
Red
Oak,
(continued)
Red
Oak
Public
Improvement
District
No.
1
Improvement
Area
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.............................
$
354,000
$
310,316
Red
Oak
Public
Improvement
District
No.
1
Improvement
Area
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/15/41
.............................
500,000
379,261
c
City
of
Rowlett
,
Trails
at
Cottonwood
Creek
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
..............
175,000
157,739
Trails
at
Cottonwood
Creek
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/41
...............
820,000
654,410
c
City
of
Royse
City
,
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
9/15/30
.............................
225,000
208,311
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/15/40
.............................
590,000
507,745
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.375
%
,
9/15/50
.............................
715,000
583,885
Creekshaw
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.875
%
,
9/15/42
.............................
589,000
575,738
Creekshaw
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/52
................................
1,267,000
1,256,424
Creekshaw
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
4.375
%
,
9/15/30
.............................
210,000
202,455
Creekshaw
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
4.875
%
,
9/15/40
.............................
375,000
343,568
Creekshaw
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.125
%
,
9/15/50
.............................
575,000
516,053
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/15/30
.......................................
450,000
418,183
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
9/15/40
.......................................
1,190,000
990,312
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/15/50
.......................................
1,780,000
1,392,742
Liberty
Crossing
Public
Improvement
District
Improvement
Area
2
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/44
.............................
716,000
680,387
Liberty
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/15/53
.............................
1,107,000
1,113,751
Waterscape
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
9/15/54
............................................
1,000,000
968,632
Waterscape
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2019
,
4.75
%
,
9/15/49
..............................
1,495,000
1,319,630
c
City
of
Sachse
,
Sachse
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
7
%
,
9/15/52
........................................................
750,000
803,139
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/15/30
..............................
405,000
371,018
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/15/40
..............................
1,070,000
874,823
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/15/50
................................
1,485,000
1,152,163
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/50
................................
200,000
205,549
Sachse
Public
Improvement
District
No.
1
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.375
%
,
9/15/40
.............................
1,700,000
1,710,090
Sachse
Public
Improvement
District
No.
1
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.625
%
,
9/15/50
.............................
2,235,000
2,242,332
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)
City
of
San
Marcos
,
c
Trace
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/01/48
.
$
1,295,000
$
1,233,041
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
4.375
%
,
9/01/25
.
100,000
100,041
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
4.875
%
,
9/01/30
.
305,000
302,745
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
5.375
%
,
9/01/40
.
1,300,000
1,283,531
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
5.625
%
,
9/01/50
.
1,300,000
1,255,057
c
Whisper
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/27
..................................................
200,000
195,889
c
Whisper
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/01/32
........................................................
425,000
402,653
c
Whisper
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.5
%
,
9/01/51
........................................................
1,621,000
1,331,193
c
City
of
Sinton
,
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/01/27
.................................................
280,000
277,228
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
..................................................
660,000
630,734
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/01/42
.................................................
1,000,000
933,865
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/51
..................................................
1,250,000
1,164,285
c
City
of
Tomball
,
Raburn
Reserve
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/15/52
.............................................
1,000,000
972,793
Raburn
Reserve
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/15/53
................................................
1,307,000
1,302,651
Raburn
Reserve
Public
Improvement
District
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/15/30
.............................
235,000
217,867
c
City
of
Uhland
,
Anderson
Park
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
............................................
605,000
567,024
Anderson
Park
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/55
..............................................
950,000
886,053
Watermill
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
6.625
%
,
9/01/52
........................................................
3,000,000
3,053,623
c
City
of
Venus
,
Brahman
Ranch
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
6.25
%
,
9/15/42
..................................................
1,000,000
970,478
Brahman
Ranch
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
9/15/52
...................................................
1,009,000
987,182
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/15/26
.................................................
117,000
113,803
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.................................................
171,000
154,564
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/15/41
.................................................
1,005,000
789,629
c
City
of
Waxahachie
,
North
Grove
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
8/15/32
........................................................
302,000
302,959
North
Grove
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
8/15/52
........................................................
2,395,000
2,280,984
c
Club
Municipal
Management
District
No.
1
,
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
9/01/26
.......
105,000
102,007
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
........
271,000
241,313
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/41
......
1,006,000
747,955
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
4.375
%
,
9/01/31
.....
500,000
492,144
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
Club
Municipal
Management
District
No.
1,
(continued)
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.1
%
,
9/01/44
.......
$
500,000
$
466,052
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/55
.....
700,000
652,711
c
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel
,
Revenue,
Second
Lien
,
144A,
2021
B
,
3.5
%
,
10/01/31
....................................
450,000
375,544
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
478,706
Double
Eagle
Ranch
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...............................
775,000
735,587
c
County
of
Denton
,
Green
Meadows
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
12/31/55
............................
2,260,000
2,196,186
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
12/31/45
............................
2,300,000
2,240,425
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
12/31/55
............................
4,550,000
4,416,252
Tabor
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
4.625
%
,
12/31/31
.................
605,000
595,847
Tabor
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.25
%
,
12/31/44
..................
1,750,000
1,639,666
Tabor
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.625
%
,
12/31/54
.................
3,100,000
2,907,788
c
County
of
Hays
,
La
Cima
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/15/30
........................................................
100,000
91,305
La
Cima
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/15/40
........................................................
800,000
658,418
La
Cima
Public
Improvement
District
Neighborhood
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/15/52
..............................
3,375,000
3,234,941
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
1,084,619
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.875
%
,
9/01/31
.............................
730,000
686,338
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/01/41
..............................
780,000
738,344
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.5
%
,
9/01/50
...............................
1,160,000
1,083,667
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/26
.........................
115,000
113,532
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/01/31
.......................
400,000
380,223
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/01/41
.........................
1,085,000
964,027
County
of
Montgomery
,
Crockett
Meadows
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2025
,
5.25
%
,
9/15/45
...................................
1,125,000
1,085,321
Crockett
Meadows
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2025
,
5.5
%
,
9/15/54
....................................
1,750,000
1,639,990
Meadow
Park
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2025
,
5.375
%
,
9/15/54
..................................
814,000
775,856
FW
Texas
Street
Public
Facility
Corp.
,
Revenue
,
2025
,
5
%
,
5/01/38
..............
10,000,000
9,915,385
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2013
B
,
5.8
%
,
10/01/45
..........
10,000,000
10,410,874
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/48
...................
5,000,000
4,659,849
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
Joshua
Farms
Municipal
Management
District
No.
1
,
Special
Assessment
,
144A,
2023
,
4.375
%
,
9/01/30
.........................
$
373,000
$
370,382
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
..........................
3,393,000
3,219,024
Karis
Municipal
Management
District
of
Tarrant
County
,
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
5
%
,
12/01/44
............
746,000
688,955
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
5.25
%
,
12/01/53
..........
833,000
762,470
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
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
1,416,445
Longhorn
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/42
......
5,000,000
4,763,226
Longhorn
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/47
......
4,595,000
4,208,224
Morningside
Ministries
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
1/01/55
.........
4,100,000
3,333,382
NCCD-College
Station
Properties
LLC
,
Revenue
,
A
,
5
%
,
7/01/47
..............
25,500,000
24,228,573
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/39
.......................................................
2,750,000
2,511,654
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5.25
%
,
10/01/49
.......................................................
12,600,000
11,085,910
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2020
A
,
5.25
%
,
10/01/55
...
2,500,000
2,142,597
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/39
.......................................................
425,000
406,637
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/49
.......................................................
1,180,000
1,036,724
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue,
Second
Tier
,
2019
B
,
5.5
%
,
12/01/54
................................................
15,925,000
14,309,706
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue,
Third
Tier
,
2019
C
,
6
%
,
12/01/54
...................................................
6,115,000
5,598,341
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2014
,
5.5
%
,
1/01/43
............
3,225,000
2,930,611
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2014
,
5.5
%
,
1/01/49
............
1,015,000
881,789
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/50
.....
1,180,000
936,251
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/55
.....
4,400,000
3,383,101
c
North
Parkway
Municipal
Management
District
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/26
.........................
675,000
672,672
City
of
Celina
Legacy
Hills
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/31
............................................
250,000
232,401
City
of
Celina
Legacy
Hills
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/41
................................................
1,000,000
837,606
North
Texas
Tollway
Authority
,
g
Special
Projects
System
,
Revenue
,
2011
B
,
Pre-Refunded
,
5.58
%,
9/01/37
......
7,500,000
3,855,667
Special
Projects
System
,
Revenue
,
2011
C
,
Pre-Refunded
,
7
%
,
9/01/43
.........
10,000,000
11,902,188
c
Northwood
Municipal
Utility
District
No.
1
,
GO
,
144A,
2020
,
Refunding
,
3.5
%
,
8/01/25
..............................
295,000
294,345
GO
,
144A,
2020
,
Refunding
,
4
%
,
8/01/31
................................
1,070,000
1,056,282
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
B
,
6
%
,
12/01/52
..............
5,075,000
3,838,774
d
Red
River
Health
Facilities
Development
Corp.
,
Eden
Home,
Inc.
Obligated
Group
,
Revenue
,
2012
,
7.25
%
,
12/15/42
......................................
11,000,000
5,060,000
South
Manvel
Development
Authority
,
City
of
Manvel
Tax
Increment
Reinvestment
Zone
No.
3
,
Tax
Allocation
,
2023
,
5
%
,
4/01/38
............................
500,000
501,063
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)
Texas
Department
of
Housing
&
Community
Affairs
,
Revenue
,
2024
C
,
GNMA
Insured
,
5
%
,
1/01/49
......................................................
$
5,285,000
$
5,280,968
c
Town
of
Flower
Mound
,
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
2.625
%
,
9/01/26
........................................
375,000
366,460
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.25
%
,
9/01/31
.........................................
750,000
694,113
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.5
%
,
9/01/36
..........................................
800,000
691,664
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
4
%
,
9/01/43
............................................
2,450,000
2,019,947
c
Town
of
Lakewood
Village
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/15/32
445,000
444,614
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/42
1,400,000
1,381,677
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/15/52
........................................................
2,400,000
2,360,277
c
Town
of
Little
Elm
,
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/27
........................................................
139,000
134,966
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/32
........................................................
205,000
185,801
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/42
........................................................
529,000
413,054
Valencia
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/01/32
.................................................
712,000
745,894
Valencia
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
6.875
%
,
9/01/52
.................................................
2,700,000
2,758,723
c
Town
of
Providence
Village
,
Foree
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5
%
,
9/01/44
................................
270,000
250,022
Foree
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/54
..............................
297,000
274,687
c
Travis
County
Development
Authority
,
Bella
Fortuna
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/44
........................................................
843,000
832,085
Bella
Fortuna
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/01/51
........................................................
750,000
740,397
County
of
Travis
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
...................
302,000
305,402
County
of
Travis
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/01/42
..................
868,000
870,091
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
1,202,724
Viridian
Municipal
Management
District
,
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
2.875
%
,
12/01/30
.
258,000
232,564
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.125
%
,
12/01/35
.
415,000
340,249
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.375
%
,
12/01/40
.
486,000
377,965
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.5
%
,
12/01/47
..
835,000
596,293
553,224,782
Utah
0.6%
c
MIDA
Cormont
Public
Infrastructure
District
,
GO
,
144A,
2025
A-1
,
6.25
%
,
6/01/55
...................................
2,225,000
2,278,679
g
GO
,
144A,
2025
A-2
,
0.868
%,
6/01/55
..................................
2,250,000
1,820,489
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)
Utah
(continued)
c
MIDA
Mountain
Village
Public
Infrastructure
District
,
Military
Recreation
Facility
Project
Area
,
Tax
Allocation
,
144A,
2024-1
,
5.125
%
,
6/15/54
........................................................
$
2,000,000
$
1,861,017
Military
Recreation
Facility
Project
Area
,
Tax
Allocation
,
144A,
2024-2
,
6
%
,
6/15/54
5,000,000
5,026,136
Military
Installation
Development
Authority
,
Military
Recreation
Facility
Project
Area
,
Revenue
,
2021
A-1
,
4
%
,
6/01/52
.......
3,000,000
2,339,751
Military
Recreation
Facility
Project
Area
,
Revenue
,
2021
A-2
,
4
%
,
6/01/52
.......
18,495,000
14,403,133
c
Utah
Charter
School
Finance
Authority
,
Mountain
West
Montessori
Academy,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/39
..
475,000
436,369
Mountain
West
Montessori
Academy,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/49
..
825,000
697,899
28,863,473
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
3,398,703
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
6/01/49
........................................................
4,065,000
3,767,762
c
Virginia
Small
Business
Financing
Authority
,
P3
VB
Holdings
LLC
,
Revenue,
Senior
Lien
,
144A,
2023
A
,
8.5
%
,
12/01/52
....................................
11,000,000
10,322,214
17,488,679
Washington
1.3%
Jefferson
County
Public
Hospital
District
No.
2
,
Revenue
,
2023
A
,
Refunding
,
6.875
%
,
12/01/53
........................................................
10,000,000
10,085,990
f
Washington
Economic
Development
Finance
Authority
,
Propeller
Airports
Paine
Field
LLC
,
Revenue
,
A
,
Mandatory
Put
,
8.5
%
,
3/01/27
..........................
22,750,000
22,626,115
c
Washington
State
Housing
Finance
Commission
,
eliseo
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
1/01/51
........
15,070,000
9,785,614
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
2019
A
,
5
%
,
1/01/55
..............................................
4,700,000
4,024,685
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
A
,
Refunding
,
5
%
,
1/01/46
.........................................
2,250,000
2,008,645
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
A
,
Refunding
,
5
%
,
1/01/51
.........................................
1,700,000
1,478,841
Spokane
United
Methodist
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
5
%
,
1/01/55
........................................................
9,020,000
7,680,229
Spokane
United
Methodist
Homes
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/51
........................................................
6,000,000
5,191,378
62,881,497
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
..............................
880,000
904,172
Monongalia
County
Building
Commission
Development
District
No.
4
,
Tax
Allocation
,
144A,
2023
A
,
Refunding
,
6
%
,
6/01/53
................................
1,755,000
1,805,401
2,709,573
Wisconsin
2.7%
Public
Finance
Authority
,
A&T
Real
Estate
Foundation
LLC
,
Revenue
,
2019
B
,
5
%
,
6/01/49
.............
7,900,000
7,452,170
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2017
A
,
5
%
,
7/01/53
..........
4,345,000
3,989,250
c
Coral
Academy
of
Science
Reno
,
Revenue
,
144A,
2022
A
,
6
%
,
6/01/62
.........
1,565,000
1,490,814
c
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
5,500,000
5,585,685
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
114
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
c
Eno
River
Academy
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/40
...................
$
815,000
$
782,372
c
Eno
River
Academy
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/54
...................
1,380,000
1,232,424
c
Estancia
Valley
Classical
Academy
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/41
1,000,000
760,196
c
Estancia
Valley
Classical
Academy
,
Revenue
,
144A,
2021
A
,
Refunding
,
4.25
%
,
7/01/51
........................................................
5,345,000
3,747,240
c
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
B
,
6.625
%
,
2/01/46
..............
11,095,000
9,394,666
c
Foundation
Academy
Charter
School
A
NJ
Nonprofit
Corp.
,
Revenue
,
144A,
2024
,
4.75
%
,
7/01/45
..................................................
1,600,000
1,407,440
c
Foundation
Academy
Charter
School
A
NJ
Nonprofit
Corp.
,
Revenue
,
144A,
2024
,
5
%
,
7/01/60
....................................................
1,000,000
860,258
c
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/39
..
1,230,000
1,198,901
c
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/49
..
7,600,000
6,839,126
c
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/54
..
1,920,000
1,684,035
c
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
6,320,000
6,500,736
c
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/36
....
300,000
269,730
c
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/51
....
1,000,000
753,790
c
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/61
....
1,275,000
924,265
c
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
C
,
4.6
%
,
12/01/37
5,460,000
4,618,151
c
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
3/01/37
............................................
1,000,000
955,470
c
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
3/01/52
............................................
4,100,000
3,384,651
c
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5.25
%
,
3/01/55
..................................................
12,975,000
11,029,460
c
Ocean
Academy
Charter
School
,
Revenue
,
144A,
2021
,
4
%
,
10/15/31
..........
185,000
174,353
c
Ocean
Academy
Charter
School
,
Revenue
,
144A,
2021
,
5
%
,
10/15/41
..........
570,000
515,834
c
Ocean
Academy
Charter
School
,
Revenue
,
144A,
2021
,
5
%
,
10/15/51
..........
1,130,000
967,844
c,g
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
B
,
Refunding
,
6.22
%,
12/01/35
.......................................................
39,830,000
21,121,953
c,g
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
,
2.279
%,
12/01/45
.....
11,680,000
8,365,453
c
Signature
Preparatory,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
6/15/31
.............
590,000
588,519
c
Signature
Preparatory,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
6/15/51
.............
2,250,000
1,924,819
c
Signature
Preparatory,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
6/15/56
.............
2,465,000
2,067,398
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
6/15/65
..
2,250,000
2,099,908
c
UHF
RISE
Student
Housing
LLC
,
Revenue
,
144A,
2021
A-2
,
5.35
%
,
7/01/40
.....
3,000,000
2,374,776
c
UHF
RISE
Student
Housing
LLC
,
Revenue
,
144A,
2021
B
,
5.25
%
,
7/01/61
.......
2,000,000
1,624,681
c
UMA
Education,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
10/01/39
.........
2,000,000
1,910,396
Wisconsin
Health
&
Educational
Facilities
Authority
,
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
6
%
,
7/01/28
...................
125,000
120,543
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
6.5
%
,
7/01/33
..................
300,000
279,371
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
7
%
,
7/01/43
...................
1,000,000
844,858
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
7.5
%
,
7/01/53
..................
6,620,000
5,567,469
HOPE
Christian
Schools
Obligated
Group
,
Revenue
,
2021
,
4
%
,
12/01/41
........
850,000
637,771
PHW
Menomonee
Falls,
Inc.
,
Revenue
,
2024
,
6.125
%
,
10/01/59
..............
1,000,000
980,457
127,027,233
U.S.
Territories
7.0%
District
of
Columbia
0.9%
District
of
Columbia
,
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2006
A
,
6.77
%,
6/15/46
.........................................................
175,000,000
44,106,300
Pacific
Islands
0.1%
Northern
Mariana
Island
Ports
Authority
,
Revenue
,
1998
A
,
6.6
%
,
3/15/28
.........
4,350,000
4,421,769
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
115
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
6.0%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.625
%
,
5/15/43
......................
$
2,500,000
$
2,528,772
Commonwealth
of
Puerto
Rico
,
i
GO
,
FRN
,
Zero
Cpn.,
11/01/43
........................................
1
—
GO
,
2022
A-1
,
5.75
%
,
7/01/31
........................................
2,166,031
2,319,034
GO
,
2022
A-1
,
4
%
,
7/01/35
..........................................
13,786,998
13,023,939
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
31,512,915
29,127,214
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
18,434,144
15,805,719
GO
,
2022
A-1
,
4
%
,
7/01/46
..........................................
6,799,278
5,592,311
g
GO
,
2022
A-1
,
4.93
%,
7/01/33
........................................
2,011,366
1,363,331
GDB
Debt
Recovery
Authority
of
Puerto
Rico
,
7.5
%
,
8/20/40
...................
22,571,556
21,691,132
HTA
CL
6
Trust
,
Revenue
,
L-2028
,
5.25
%
,
7/01/38
..........................
1,239,120
1,239,403
c
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
,
Revenue
,
144A,
2021
B
,
Refunding
,
4
%
,
7/01/42
..........................
2,500,000
2,142,825
Revenue,
Senior
Lien
,
144A,
2020
A
,
Refunding
,
5
%
,
7/01/47
................
26,750,000
25,383,168
d
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
1
,
10
%
,
1/01/21
...........................................
6,000,000
2,910,000
Revenue
,
2
,
10
%
,
7/01/21
...........................................
6,000,000
2,910,000
Revenue
,
2013
A
,
10
%
,
7/01/19
.......................................
5,500,000
2,667,500
Revenue
,
2013
A
,
7.25
%
,
7/01/30
.....................................
25,000,000
12,187,500
Revenue
,
2016
B-1
,
10
%
,
7/01/19
.....................................
5,500,000
2,667,500
Revenue
,
3
,
10
%
,
1/01/22
...........................................
1,989,500
964,907
Revenue
,
4
,
10
%
,
7/01/22
...........................................
1,989,499
1,077,314
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
B
,
6.625
%
,
1/01/27
....................................
1,381,057
1,366,240
Revenue
,
2000
B
,
6.625
%
,
1/01/28
....................................
10,533,091
10,386,449
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
49,065,000
46,099,295
g
Sales
Tax
,
Revenue
,
A-1
,
5.54
%,
7/01/46
................................
25,400,000
8,154,271
g
Sales
Tax
,
Revenue
,
A-1
,
5.69
%,
7/01/51
................................
206,837,000
48,829,148
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
12,000,000
11,205,778
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
6,000,000
5,379,044
277,021,794
Total
U.S.
Territories
....................................................................
325,549,863
Total
Municipal
Bonds
(Cost
$
4,510,886,160
)
...................................
4,271,176,981
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
$
4,845,158,353
)
.............................
4,588,218,867
a
a
a
a
a
Short
Term
Investments
0.3%
Principal
Amount
Municipal
Bonds
0.3%
California
0.0%
†
j
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2023
C-1
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
7/01/57
.........................
700,000
700,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
116
See
Abbreviations
on
page
200
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Georgia
0.1%
j
Roswell
Development
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2025
A
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
3.05
%
,
4/01/47
...............
$
4,300,000
$
4,300,000
Minnesota
0.1%
j
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2025
D
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
2.7
%
,
11/15/64
.............................................
5,400,000
5,400,000
New
York
0.1%
j
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2022
DD
,
Refunding
,
Daily
VRDN
and
Put
,
3
%
,
6/15/33
.....................
1,000,000
1,000,000
Oregon
0.0%
†
j
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
8/01/34
.............
300,000
300,000
Total
Municipal
Bonds
(Cost
$
11,700,000
)
......................................
11,700,000
Total
Short
Term
Investments
(Cost
$
11,700,000
)
................................
11,700,000
a
Total
Investments
(Cost
$
4,856,858,353
)
99.0
%
..................................
$4,599,918,867
Other
Assets,
less
Liabilities
1.0
%
.............................................
47,409,043
Net
Assets
100.0%
...........................................................
$4,647,327,910
†
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$1,613,173,712,
representing
34.7%
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
maturity
date
shown
represents
the
mandatory
put
date.
g
The
rate
shown
represents
the
yield
at
period
end.
h
Security
purchased
on
a
when-issued
basis.
i
The
coupon
rate
shown
represents
the
rate
at
period
end.
j
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Louisiana
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
117
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
96.9%
Florida
1.0%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
$
500,000
$
326,135
a
,b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
2,300,000
1,893,204
2,219,339
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
992,967
Louisiana
91.6%
Caddo
Parish
Parishwide
School
District
,
GO
,
2021
,
AGMC
Insured
,
3
%
,
3/01/36
...
505,000
455,368
Central
Community
School
System
,
GO
,
2020
,
4
%
,
3/01/40
...................
1,190,000
1,121,778
City
of
Lafayette
,
Sales
&
Use
Tax
,
Revenue
,
2019
A
,
5
%
,
5/01/44
..............
2,350,000
2,399,690
City
of
Lafayette
Sales
&
Use
Tax
,
Public
Improvement
1961
Sales
Tax
Trust
,
Revenue
,
2024
A
,
5
%
,
3/01/49
................................................
1,500,000
1,548,681
City
of
Natchitoches
,
Utilities
,
Revenue
,
2023
,
AGMC
Insured
,
5.5
%
,
6/01/53
.......
750,000
791,639
City
of
New
Orleans
,
GO
,
2021
A
,
5
%
,
12/01/39
...........................................
6,000,000
6,174,242
GO
,
2024
A
,
5
%
,
12/01/53
...........................................
2,500,000
2,515,411
Sewerage
Service
,
Revenue
,
2020
B
,
4
%
,
6/01/50
.........................
1,300,000
1,073,593
City
of
Shreveport
,
GO
,
2024
,
AGMC
Insured
,
5
%
,
3/01/54
.................................
4,950,000
4,910,704
Water
&
Sewer
,
Revenue
,
2016
B
,
5
%
,
12/01/41
..........................
4,000,000
4,044,918
Water
&
Sewer
,
Revenue
,
2020
B
,
Refunding
,
3
%
,
12/01/50
..................
5,070,000
3,402,548
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/45
5,000,000
4,570,845
Greater
Ouachita
Water
Co.
,
Revenue
,
2024
,
BAM
Insured
,
4.5
%
,
9/01/53
........
1,000,000
907,819
Jefferson
Parish
Consolidated
Sewerage
District
No.
1
,
Revenue
,
2022
,
BAM
Insured
,
4
%
,
2/01/38
......................................................
1,000,000
953,736
Jefferson
Parish
Consolidated
Waterworks
District
No.
2
,
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
4
%
,
2/01/40
...........................................
5,000,000
4,693,676
Jefferson
Sales
Tax
District
,
Revenue
,
2017
B
,
AGMC
Insured
,
5
%
,
12/01/42
.......
2,250,000
2,265,030
Juban
Crossing
Economic
Development
District
,
Revenue
,
2024
C
,
Refunding
,
5
%
,
9/15/54
.........................................................
1,500,000
1,443,648
Lafayette
Parish
School
Board
,
Sales
Tax
,
Revenue
,
2023
,
4
%
,
4/01/53
..........
2,500,000
2,149,830
Livingston
Parish
School
District
No.
1
,
GO
,
2021
,
BAM
Insured
,
4
%
,
5/01/38
......
1,050,000
993,700
Louisiana
Correctional
Facilities
Corp.
,
State
of
Louisiana
,
Revenue
,
2021
,
4
%
,
10/01/37
..........................
875,000
853,449
State
of
Louisiana
,
Revenue
,
2021
,
4
%
,
10/01/39
..........................
1,490,000
1,387,377
Louisiana
Housing
Corp.
,
Revenue
,
2021
B
,
GNMA
Insured
,
2.05
%
,
6/01/36
.........................
615,000
473,822
Revenue
,
2021
B
,
GNMA
Insured
,
2.2
%
,
6/01/41
..........................
1,965,000
1,347,124
Revenue
,
2024
A
,
GNMA
Insured
,
4.4
%
,
12/01/44
.........................
990,000
953,262
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Calcasieu
Parish
School
Board
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/39
.......................................................
500,000
524,491
a
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
1,800,000
1,536,364
City
of
Pineville
,
Revenue
,
2024
,
AGMC
Insured
,
5
%
,
9/01/39
................
2,505,000
2,685,193
Entergy
Louisiana
LLC
,
Revenue
,
2021
A
,
Refunding
,
2
%
,
6/01/30
.............
1,500,000
1,354,799
Entergy
Louisiana
LLC
,
Revenue
,
2021
B
,
Refunding
,
2.5
%
,
4/01/36
...........
3,000,000
2,434,717
a
Parish
of
Assumption
,
Revenue
,
144A,
2021
,
3.875
%
,
11/01/45
...............
900,000
758,298
a
Parish
of
St.
Bernard
,
Revenue
,
144A,
2021
,
4
%
,
11/01/45
...................
1,110,000
952,665
a
Parish
of
St.
Charles
,
Revenue
,
144A,
2022
,
4.5
%
,
11/01/47
.................
1,900,000
1,763,843
a
Parish
of
St.
Tammany
LA
GOMESA
,
Revenue
,
144A,
2020
,
3.875
%
,
11/01/45
....
2,610,000
2,199,063
a
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
1,250,000
1,232,650
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
118
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority,
(continued)
a,b
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.8
%,
12/01/44
..................................................
$
6,500,000
$
3,792,841
University
of
Louisiana
at
Lafayette
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/39
.......................................................
1,000,000
1,005,086
University
of
Louisiana
at
Lafayette
,
Revenue
,
2018
,
AGMC
Insured
,
5
%
,
10/01/48
3,500,000
3,494,442
University
of
Louisiana
System
,
Revenue
,
2019
,
Refunding
,
AGMC
Insured
,
4
%
,
8/01/34
........................................................
1,000,000
1,002,737
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2021
,
Refunding
,
AGMC
Insured
,
4
%
,
10/01/39
.......................................
1,060,000
971,323
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/30
....................................................
1,020,000
1,034,047
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/31
....................................................
1,065,000
1,076,693
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/32
....................................................
1,100,000
1,096,932
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/33
....................................................
1,155,000
1,144,230
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2023
A
,
AGMC
Insured
,
5
%
,
10/01/43
.............................................
600,000
610,036
Woman's
Hospital
Foundation
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/41
......
5,230,000
5,180,365
Louisiana
Offshore
Terminal
Authority
,
Loop
LLC
,
Revenue
,
2007
A
,
Refunding
,
4.15
%
,
9/01/27
.........................................................
1,500,000
1,509,381
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
5,000,000
5,161,086
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/48
...
5,000,000
4,903,696
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
5
%
,
7/01/35
..............................................
4,965,000
4,967,522
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
Pre-Refunded
,
5
%
,
7/01/35
..................................
35,000
35,052
Louisiana
Children's
Medical
Center
Obligated
Group
,
Revenue
,
2015
A-1
,
5
%
,
6/01/45
........................................................
7,800,000
7,717,555
Louisiana
Children's
Medical
Center
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
6/01/50
5,000,000
3,981,939
Louisiana
Department
of
Public
Safety
&
Corrections
,
Revenue
,
2024
,
AGMC
Insured
,
5
%
,
8/01/44
..............................................
800,000
826,670
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2016
A
,
5
%
,
7/01/46
..............................................
6,500,000
6,302,075
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2017
,
5
%
,
7/01/52
................................................
2,310,000
2,279,973
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/37
.......
2,020,000
1,897,436
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/39
.......
3,460,000
3,152,843
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/41
.......
2,850,000
2,525,064
Loyola
University
New
Orleans
,
Revenue
,
2023
A
,
5
%
,
10/01/38
..............
500,000
507,533
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/34
........................................................
30,000
30,534
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/47
........................................................
20,000
20,356
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/42
5,695,000
5,695,143
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/46
2,000,000
1,947,339
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
5/15/55
........................................................
3,000,000
3,015,297
a
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
2,000,000
1,710,431
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
3,004,723
Tulane
University
,
Revenue
,
2017
A
,
Pre-Refunded
,
4
%
,
12/15/50
.............
60,000
61,513
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
119
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
(continued)
Tulane
University
,
Revenue
,
2024
A
,
5
%
,
4/15/38
..........................
$
1,000,000
$
1,072,233
Louisiana
Stadium
&
Exposition
District
,
Revenue,
Senior
Lien
,
2023
A
,
Refunding
,
5.25
%
,
7/01/53
...................................................
1,750,000
1,783,314
Louisiana
State
University
&
Agricultural
&
Mechanical
College
,
Auxiliary
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
7/01/40
....................................
4,500,000
4,598,708
Natchitoches
Parish
School
District
No.
9
,
GO
,
2018
,
AGMC
Insured
,
5
%
,
3/01/38
...
1,440,000
1,493,107
New
Orleans
Aviation
Board
,
Revenue
,
2024
B
,
Refunding
,
5.25
%
,
1/01/45
.............................
2,500,000
2,537,028
Revenue
,
2024
C-1
,
5
%
,
1/01/54
......................................
1,000,000
1,005,355
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
A
,
5
%
,
1/01/48
.
5,000,000
4,972,260
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
MovEBR
Sales
Tax
,
Revenue
,
2019
,
5
%
,
8/01/48
.........................................
500,000
502,886
Parish
of
Terrebonne
,
Sales
&
Use
Tax
,
Revenue
,
2020
A
,
4
%
,
3/01/41
...........
2,660,000
2,465,845
Port
New
Orleans
Board
of
Commissioners
,
Revenue
,
2018
A
,
AGMC
Insured
,
5
%
,
4/01/48
............................
2,750,000
2,756,373
Revenue
,
2020
D
,
5
%
,
4/01/50
........................................
6,000,000
6,005,327
Revenue
,
2025
A
,
5.25
%
,
4/01/55
.....................................
3,000,000
3,056,678
Rapides
Parish
Consolidated
School
District
No.
62
,
GO
,
2022
,
AGMC
Insured
,
5
%
,
3/01/42
.........................................................
1,100,000
1,124,231
Rapides
Parish
School
District
No.
11
Rigolette
,
GO
,
2023
,
AGMC
Insured
,
4
%
,
3/01/41
.........................................................
1,000,000
914,327
St.
John
the
Baptist
,
Parish
School
District
No.
1
,
GO
,
2023
,
5.25
%
,
3/01/43
.......
3,300,000
3,313,578
St.
Tammany
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/48
.........................................................
5,500,000
5,357,820
State
of
Louisiana
,
GO
,
2016
A
,
5
%
,
9/01/35
............................................
2,575,000
2,619,935
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2024
A
,
Refunding
,
4
%
,
5/01/44
...
6,000,000
5,440,938
Tangipahoa
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2021
,
Refunding
,
4
%
,
2/01/35
.................................
2,250,000
2,183,636
Revenue
,
2021
,
Refunding
,
4
%
,
2/01/38
.................................
2,000,000
1,869,400
Terrebonne
Levee
&
Conservation
District
,
Sales
Tax
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
6/01/41
......................................................
1,000,000
918,622
West
Feliciana
Parish
Parishwide
Consolidated
School
District
No.
1
,
GO
,
2020
,
4
%
,
3/01/50
.........................................................
3,000,000
2,504,981
210,219,948
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
600,000
502,349
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
700,000
586,074
1,088,423
Texas
0.6%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
450,000
405,637
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,250,000
916,274
1,321,911
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
577,540
Wisconsin
0.5%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
622,870
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
120
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
a
Public
Finance
Authority,
(continued)
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
$
500,000
$
491,543
1,114,413
U.S.
Territories
2.1%
Puerto
Rico
2.1%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
500,000
493,837
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
3,500,000
3,205,282
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
1,196,000
1,123,709
4,822,828
Total
U.S.
Territories
....................................................................
4,822,828
Total
Municipal
Bonds
(Cost
$
240,280,288
)
.....................................
222,357,369
Shares
Escrows
and
Litigation
Trusts
0.0%
†
c
,d
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
43,434
34,747
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
34,747
Total
Long
Term
Investments
(Cost
$
240,280,288
)
...............................
222,392,116
a
a
a
a
a
Short
Term
Investments
0.9%
Principal
Amount
Municipal
Bonds
0.9%
Louisiana
0.9%
e
State
of
Louisiana
,
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2023
A-2
,
Refunding
,
LOC
Toronto
Dominion
Bank
(The)
,
Daily
VRDN
and
Put
,
3
%
,
5/01/43
.
2,100,000
2,100,000
Total
Municipal
Bonds
(Cost
$
2,100,000
)
.......................................
2,100,000
Total
Short
Term
Investments
(Cost
$
2,100,000
)
.................................
2,100,000
a
Total
Investments
(Cost
$
242,380,288
)
97.8
%
...................................
$224,492,116
Other
Assets,
less
Liabilities
2.2
%
.............................................
4,938,408
Net
Assets
100.0%
...........................................................
$229,430,524
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2025,
the
aggregate
value
of
these
securities
was
$20,269,037,
representing
8.8%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
Non-income
producing.
d
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
121
e
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Maryland
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
122
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.9%
Florida
0.7%
a
,b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
$
2,650,000
$
2,181,301
Georgia
0.3%
a
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
1,325,000
1,074,025
Maryland
89.1%
City
of
Baltimore
,
Harbor
Point
Special
Taxing
District
,
Revenue
,
2016
,
Refunding
,
5.125
%
,
6/01/43
.
3,000,000
2,894,492
Wastewater
Utility
Fund
,
Revenue
,
2017
A
,
5
%
,
7/01/46
.....................
2,000,000
1,984,475
City
of
Gaithersburg
,
Asbury
Maryland
Obligated
Group
,
Revenue
,
2022
,
4.5
%
,
1/01/42
1,500,000
1,372,261
c
County
of
Anne
Arundel
,
Glenview
Housing
LP
,
Revenue
,
2009
,
Mandatory
Put
,
5
%
,
1/01/27
.........................................................
1,745,000
1,747,192
County
of
Baltimore
,
GO
,
2023
,
5
%
,
3/01/53
...............................
6,000,000
6,162,234
County
of
Frederick
,
GO
,
2025
A
,
4
%
,
4/01/43
............................................
5,000,000
4,806,129
a
Urbana
Community
Development
Authority
,
Special
Tax
,
144A,
2020
C
,
4
%
,
7/01/50
3,930,000
3,286,275
County
of
Harford
,
GO
,
2025
,
4
%
,
10/01/41
.............................................
1,610,000
1,564,426
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/31
........................................................
150,000
152,891
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/36
........................................................
750,000
737,176
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/40
........................................................
675,000
633,647
County
of
Howard
,
Annapolis
Junction
Town
Center
Development
District
,
Tax
Allocation
,
2024
,
Refunding
,
5
%
,
2/15/44
................................
665,000
677,283
Howard
County
Housing
Commission
,
Revenue
,
2013
,
5
%
,
10/01/28
........................................
9,990,000
10,000,750
Revenue
,
2016
,
4
%
,
6/01/46
.........................................
2,000,000
1,728,907
Revenue
,
2017
,
5
%
,
12/01/46
........................................
5,000,000
4,945,931
Maryland
Community
Development
Administration
,
Housing
,
Revenue
,
2019
D
,
3
%
,
7/01/39
................................
1,500,000
1,236,915
Housing
,
Revenue
,
2019
D
,
3.2
%
,
7/01/44
...............................
1,000,000
796,112
Maryland
Community
Development
Administration
Local
Government
Infrastructure
,
Revenue
,
2017
A-1
,
4
%
,
6/01/47
......................................
2,300,000
2,041,262
Revenue
,
2018
A-1
,
5
%
,
6/01/48
......................................
1,310,000
1,324,108
Revenue,
Senior
Lien
,
2019
B-1
,
4
%
,
6/01/49
.............................
3,000,000
2,642,559
Maryland
Economic
Development
Corp.
,
Annapolis
Parking
System
,
Revenue,
Senior
Lien
,
2022
A
,
5.25
%
,
12/31/47
......
5,000,000
5,059,748
City
of
Baltimore
,
Revenue
,
2024
,
5
%
,
7/01/49
............................
5,120,000
5,059,585
Frostburg
State
University
Project
,
Revenue,
Senior
Lien
,
2013
,
Refunding
,
5
%
,
10/01/33
.......................................................
5,000,000
4,999,665
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
4
%
,
7/01/40
.
1,000,000
910,169
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
5
%
,
7/01/50
.
1,250,000
1,213,452
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2022
A
,
6
%
,
7/01/58
4,620,000
4,843,776
Ports
America
Chesapeake
LLC
,
Revenue
,
2019
A
,
5
%
,
6/01/49
..............
3,500,000
3,283,753
PRG-Towson
Place
Properties
LLC
,
Revenue,
Senior
Lien
,
2024
A-1
,
Refunding
,
5
%
,
6/01/38
........................................................
1,000,000
1,019,371
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/47
...........
5,000,000
4,969,786
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/55
...........
5,000,000
4,893,646
University
of
Maryland
College
Park
,
Revenue
,
2016
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/43
........................................................
3,305,000
3,307,425
University
of
Maryland
Leonardtown
Project
,
Revenue
,
2024
,
AGMC
Insured
,
5
%
,
7/01/54
........................................................
2,000,000
1,975,102
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
123
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Maryland
Economic
Development
Corp.,
(continued)
University
Park
Phase
I
&
II
at
Salisbury
University
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/01/34
........................................................
$
2,040,000
$
2,040,010
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2016
A
,
5.5
%
,
1/01/46
.........
9,750,000
9,767,024
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/38
...
865,000
807,196
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2021
B
,
BAM
Insured
,
4
%
,
1/01/51
2,000,000
1,732,287
Charlestown
Community,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/45
........
4,170,000
4,177,006
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/50
..
1,715,000
1,422,118
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.25
%
,
7/01/53
1,500,000
1,505,774
Goucher
College
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/44
.................
7,470,000
6,948,123
Greater
Baltimore
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/37
1,750,000
1,654,201
Johns
Hopkins
Medical
Institutions
Parking
System
,
Revenue
,
2001
,
AMBAC
Insured
,
5
%
,
7/01/27
..............................................
505,000
508,694
Johns
Hopkins
Medical
Institutions
Parking
System
,
Revenue
,
2004
,
AMBAC
Insured
,
5
%
,
7/01/34
..............................................
5,000,000
5,036,401
LifeBridge
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/47
.....
4,000,000
3,921,994
LifeBridge
Health
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
7/01/54
............
1,000,000
1,025,935
Loyola
University
Maryland,
Inc.
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/49
.....
2,000,000
1,983,135
Loyola
University
Maryland,
Inc.
,
Revenue
,
2025
,
Refunding
,
5
%
,
10/01/54
......
5,000,000
4,963,916
Maryland
Institute
College
of
Art
,
Revenue
,
2016
,
Refunding
,
4
%
,
6/01/42
.......
5,325,000
4,597,441
Maryland
Institute
College
of
Art
,
Revenue
,
2024
,
Refunding
,
5.5
%
,
6/01/47
......
1,250,000
1,265,351
MedStar
Health
Obligated
Group
,
Revenue
,
1997
,
AMBAC
Insured
,
ETM,
5
%
,
7/01/27
........................................................
4,560,000
4,635,019
MedStar
Health
Obligated
Group
,
Revenue
,
2013
A
,
5
%
,
8/15/38
..............
5,000,000
5,000,993
MedStar
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/38
.......
2,100,000
2,100,037
MedStar
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
5/15/45
..............
5,000,000
4,875,363
Meritus
Medical
Center
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/40
.
8,535,000
8,534,595
d
Meritus
Medical
Center
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
7/01/50
3,000,000
3,024,870
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/28
..........
630,000
650,316
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/30
..........
1,225,000
1,277,980
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/32
..........
800,000
832,212
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/34
..........
350,000
335,907
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/36
..........
1,125,000
1,054,791
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/40
..........
1,850,000
1,628,491
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/46
..........
1,000,000
837,616
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/55
..........
3,250,000
2,564,306
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/39
............................................
10,000,000
10,111,011
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
D
,
4
%
,
7/01/48
........................................................
5,000,000
4,366,083
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
7/01/52
.........................................
3,000,000
3,028,407
Maryland
Industrial
Development
Financing
Authority
,
McDonogh
School,
Inc.
,
Revenue
,
2019
,
Refunding
,
4
%
,
9/01/43
..............
1,100,000
1,004,582
McDonogh
School,
Inc.
,
Revenue
,
2019
,
Refunding
,
4
%
,
9/01/48
..............
610,000
530,371
Maryland
Stadium
Authority
,
Baltimore
City
Public
School
Construction
Financing
Fund
,
Revenue
,
2016
,
Pre-
Refunded
,
5
%
,
5/01/46
............................................
4,085,000
4,162,124
Baltimore
City
Public
School
Construction
Financing
Fund
,
Revenue
,
2020
A
,
5
%
,
5/01/50
........................................................
11,225,000
11,699,179
State
of
Maryland
Built
to
Learn
,
Revenue
,
2021
,
4
%
,
6/01/35
................
1,590,000
1,604,775
State
of
Maryland
Built
to
Learn
,
Revenue
,
2022
A
,
4
%
,
6/01/47
...............
5,000,000
4,437,525
State
of
Maryland
Built
to
Learn
,
Revenue
,
2024
,
4
%
,
6/01/49
................
2,445,000
2,153,686
State
of
Maryland
Built
to
Learn
,
Revenue
,
2024
,
5
%
,
6/01/54
................
3,525,000
3,552,402
Maryland
State
Transportation
Authority
,
Revenue
,
2020
,
4
%
,
7/01/45
............
4,000,000
3,592,944
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
124
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Montgomery
County
Housing
Opportunities
Commission
,
Revenue
,
2023
C
,
5.125
%
,
1/01/53
.........................................................
$
915,000
$
928,999
State
of
Maryland
,
GO
,
2022
A
,
5
%
,
6/01/37
...............................
8,000,000
8,661,214
State
of
Maryland
Department
of
Transportation
,
Maryland
Aviation
Administration
,
Revenue
,
2021
B
,
4
%
,
8/01/51
..............
3,500,000
2,926,713
Maryland
Aviation
Administration
,
Revenue
,
2024
A
,
AGMC
Insured
,
5
%
,
8/01/39
..
2,150,000
2,220,120
e
Maryland
Aviation
Administration
,
Revenue
,
2024
A
,
AGMC
Insured
,
5.25
%
,
8/01/54
5,050,000
5,107,436
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/34
...............
3,420,000
3,243,364
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/36
...............
2,700,000
2,497,148
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/37
...............
3,095,000
2,821,913
University
System
of
Maryland
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/51
........
5,260,000
4,622,814
Washington
Suburban
Sanitary
Commission
,
Revenue
,
2023
,
4
%
,
6/01/49
.........................................
9,500,000
8,644,439
Revenue
,
2025
,
4
%
,
6/01/49
.........................................
5,000,000
4,549,705
Revenue,
Second
Series
,
2016
,
4
%
,
6/01/43
.............................
5,000,000
4,762,979
284,209,538
New
Jersey
0.7%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/39
...................................................
2,500,000
2,349,359
South
Carolina
0.7%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
700,000
586,074
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
700,000
586,074
a,b
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
1.357
%,
6/01/52
..
1,350,000
962,058
2,134,206
Texas
0.5%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
550,000
495,779
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,300,000
952,924
1,448,703
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
577,540
Wisconsin
0.4%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
622,870
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
500,000
491,543
1,114,413
U.S.
Territories
6.3%
District
of
Columbia
4.1%
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2020
A
,
5
%
,
7/15/45
...............................
2,500,000
2,524,682
Dedicated
,
Revenue
,
2021
A
,
5
%
,
7/15/46
...............................
3,000,000
3,030,403
Dedicated
,
Revenue
,
2023
A
,
4.125
%
,
7/15/47
............................
2,500,000
2,245,746
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/49
.....................
2,350,000
2,378,157
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/56
.....................
3,000,000
3,020,939
13,199,927
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
125
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
2.2%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
$
2,000,000
$
1,975,349
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
3,600,000
3,296,861
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
1,900,000
1,785,156
7,057,366
Total
U.S.
Territories
....................................................................
20,257,293
Total
Municipal
Bonds
(Cost
$
336,073,546
)
.....................................
315,346,378
Shares
Escrows
and
Litigation
Trusts
0.0%
†
f
,g
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
100,330
80,264
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
80,264
Total
Long
Term
Investments
(Cost
$
336,073,546
)
...............................
315,426,642
a
a
a
a
a
Short
Term
Investments
2.2%
Principal
Amount
Municipal
Bonds
2.2%
Maryland
2.2%
h
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.85
%
,
11/01/37
........................................................
3,900,000
3,900,000
h
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2025
C-1
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
3.1
%
,
7/01/55
..............................................
3,000,000
3,000,000
6,900,000
Total
Municipal
Bonds
(Cost
$
6,900,000
)
.......................................
6,900,000
Total
Short
Term
Investments
(Cost
$
6,900,000
)
.................................
6,900,000
a
Total
Investments
(Cost
$
342,973,546
)
101.1
%
..................................
$322,326,642
Other
Assets,
less
Liabilities
(
1.1
)
%
...........................................
(3,517,265)
Net
Assets
100.0%
...........................................................
$318,809,377
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2025,
the
aggregate
value
of
these
securities
was
$10,734,610,
representing
3.4%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
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
Non-income
producing.
g
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
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.
126
h
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Massachusetts
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
127
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
$
902,424
Total
Corporate
Bonds
(Cost
$
900,000
)
........................................
902,424
Municipal
Bonds
92.8%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,200,000
1,004,093
Florida
1.4%
b
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
750,000
489,202
b,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
2,800,000
2,304,770
b
,d
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
5.5
%
,
5/01/52
....................................................
2,000,000
1,802,000
4,595,972
Massachusetts
86.9%
City
of
Newton
,
GO
,
2025
,
4
%
,
2/01/48
...................................
4,000,000
3,684,784
City
of
Worcester
,
GO
,
2020
A
,
3
%
,
2/01/42
................................
1,685,000
1,308,076
Commonwealth
of
Massachusetts
,
GO
,
2017
F
,
5
%
,
11/01/46
...........................................
5,000,000
5,011,040
GO
,
2022
E
,
5
%
,
11/01/49
...........................................
3,000,000
3,054,689
GO
,
2024
B
,
5
%
,
5/01/54
............................................
3,500,000
3,559,753
GO
,
2024
I
,
5
%
,
12/01/53
............................................
10,000,000
10,189,025
GO
,
A
,
5.25
%
,
4/01/42
..............................................
5,000,000
5,082,232
Revenue
,
2005
,
Refunding
,
AGMC,
NATL
Insured
,
5.5
%
,
1/01/34
..............
11,900,000
13,416,390
Transportation
Fund
,
Revenue
,
2016
B
,
4
%
,
6/01/45
.......................
5,000,000
4,613,773
Transportation
Fund
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/43
...............
4,805,000
4,847,196
Transportation
Fund
,
Revenue
,
2018
A
,
5
%
,
6/01/48
.......................
15,000,000
15,090,652
Transportation
Fund
,
Revenue
,
2023
A
,
5
%
,
6/01/53
.......................
5,000,000
5,085,566
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
A
,
5
%
,
7/01/40
....................................
5,000,000
5,008,755
Sales
Tax
,
Revenue
,
A-1
,
Refunding
,
5.25
%
,
7/01/30
.......................
4,000,000
4,445,044
Sales
Tax
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
5
%
,
7/01/48
.............
3,395,000
3,517,421
Massachusetts
Development
Finance
Agency
,
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/55
...........................
2,375,000
2,330,183
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2015
F
,
Refunding
,
5
%
,
8/15/32
2,975,000
2,978,558
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2015
F
,
Refunding
,
5
%
,
8/15/34
5,000,000
5,002,613
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2018
J-2
,
5
%
,
7/01/30
......
3,270,000
3,416,108
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2023
M
,
5
%
,
7/01/34
.......
3,375,000
3,653,454
Boston
Medical
Center
Corp.
Obligated
Group
,
Revenue
,
2023
G
,
Refunding
,
5.25
%
,
7/01/52
........................................................
5,585,000
5,451,754
Brandeis
University
,
Revenue
,
2019
S-1
,
Refunding
,
5
%
,
10/01/39
.............
2,660,000
2,742,285
Broad
Institute,
Inc.
(The)
,
Revenue
,
2017
,
Refunding
,
4
%
,
4/01/41
............
5,000,000
4,661,496
Dana-Farber
Cancer
Institute
Obligated
Group
,
Revenue
,
2016
N
,
5
%
,
12/01/46
..
6,890,000
6,797,762
Emerson
College
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
1/01/45
................
1,200,000
1,233,175
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
C
,
4
%
,
11/01/46
.......................................................
1,250,000
1,054,721
Lasell
Village,
Inc.
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
7/01/50
...............
1,250,000
1,235,688
Lasell
Village,
Inc.
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
7/01/55
...............
1,500,000
1,465,908
Lifespan
Obligated
Group
,
Revenue
,
2025
A
,
5.5
%
,
8/15/50
..................
6,000,000
6,169,398
Loomis
Obligated
Group
,
Revenue
,
2021
,
4
%
,
1/01/41
......................
435,000
389,174
Loomis
Obligated
Group
,
Revenue
,
2021
,
4
%
,
1/01/51
......................
300,000
243,150
b
Loomis
Obligated
Group
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
1/01/41
........
485,000
433,906
b
Loomis
Obligated
Group
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
1/01/51
........
520,000
421,460
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
128
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
(continued)
Mass
General
Brigham,
Inc.
,
Revenue
,
2017
S-1
,
Refunding
,
4
%
,
7/01/41
.......
$
4,000,000
$
3,619,662
Mass
General
Brigham,
Inc.
,
Revenue
,
2024
D
,
Refunding
,
5
%
,
7/01/54
.........
1,500,000
1,500,652
Merrimack
College
,
Revenue
,
2021
B
,
4
%
,
7/01/50
........................
3,650,000
2,930,919
Merrimack
College
,
Revenue
,
2022
,
5
%
,
7/01/52
..........................
1,000,000
930,138
b
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
11/15/38
.......................................................
3,000,000
3,056,183
b
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5.125
%
,
11/15/46
.......................................................
5,000,000
5,030,481
Northeastern
University
,
Revenue
,
2022
,
Refunding
,
5
%
,
10/01/44
.............
2,375,000
2,443,054
President
&
Trustees
of
Williams
College
,
Revenue
,
2017
S
,
4
%
,
7/01/46
........
5,000,000
4,561,954
President
and
Fellows
of
Harvard
College
,
Revenue
,
2024
B
,
5
%
,
2/15/34
.......
3,000,000
3,348,461
d
President
and
Fellows
of
Harvard
College
,
Revenue
,
2025
A-2
,
Mandatory
Put
,
5
%
,
11/15/35
.......................................................
3,000,000
3,303,965
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/39
.
750,000
664,784
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/41
.
500,000
429,278
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/48
.
1,750,000
1,373,578
Simmons
University
,
Revenue
,
2023
N
,
Refunding
,
5
%
,
10/01/43
..............
1,750,000
1,579,658
Southcoast
Health
System
Obligated
Group
,
Revenue
,
2021
G
,
Refunding
,
4
%
,
7/01/46
........................................................
3,000,000
2,580,139
Southcoast
Health
System
Obligated
Group
,
Revenue
,
2021
G
,
Refunding
,
5
%
,
7/01/50
........................................................
3,540,000
3,455,862
Springfield
College
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
6/01/50
................
2,695,000
1,941,164
Suffolk
University
,
Revenue
,
2021
,
4
%
,
7/01/46
...........................
2,000,000
1,626,108
Suffolk
University
,
Revenue
,
2021
,
4
%
,
7/01/51
...........................
5,000,000
3,929,195
d
Trustees
of
Amherst
College
,
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
11/01/35
....
1,250,000
1,409,943
Trustees
of
Boston
College
,
Revenue
,
2017
T
,
Refunding
,
5
%
,
7/01/42
..........
3,750,000
3,792,683
Trustees
of
Boston
College
,
Revenue
,
2025
W
,
Refunding
,
5
%
,
7/01/55
.........
3,000,000
3,068,243
Trustees
of
Boston
University
,
Revenue
,
2025
B-2
,
Refunding
,
5
%
,
10/01/48
.....
5,000,000
5,184,019
Trustees
of
Boston
University
,
Revenue
,
BB-1
,
4
%
,
10/01/46
.................
5,000,000
4,358,645
UMass
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2025
N-1
,
Refunding
,
5.25
%
,
7/01/50
..................................................
6,500,000
6,565,666
Wellesley
College
,
Revenue
,
2018
L
,
Refunding
,
4
%
,
7/01/44
.................
6,160,000
5,687,011
Wheaton
College
,
Revenue
,
2021
I
,
5
%
,
1/01/53
..........................
3,000,000
2,820,427
Woods
Hole
Oceanographic
Institution
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/35
..
1,200,000
1,233,744
Woods
Hole
Oceanographic
Institution
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/36
..
1,000,000
1,025,011
Worcester
Polytechnic
Institute
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/42
........
1,090,000
1,092,485
Massachusetts
Educational
Financing
Authority
,
Revenue
,
2017
B
,
Refunding
,
4.25
%
,
7/01/46
.............................
2,410,000
2,077,213
Revenue
,
2021
C
,
3
%
,
7/01/51
........................................
3,000,000
1,898,065
Revenue
,
2023
C
,
5
%
,
7/01/53
........................................
4,375,000
4,165,547
Massachusetts
Health
&
Educational
Facilities
Authority
,
Trustees
of
Boston
College
,
Revenue
,
M-2
,
5.5
%
,
6/01/35
.........................................
8,600,000
9,845,535
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2009
C
,
5.125
%
,
12/01/39
...................................
75,000
75,028
Revenue
,
2009
C
,
5.35
%
,
12/01/49
....................................
210,000
210,017
Revenue
,
2012
F
,
3.15
%
,
12/01/32
.....................................
105,000
100,118
Revenue
,
2012
F
,
3.45
%
,
12/01/37
.....................................
45,000
39,856
Revenue
,
2024
A-1
,
4.95
%
,
12/01/64
...................................
1,000,000
990,840
Revenue
,
214
,
GNMA
Insured
,
2.55
%
,
12/01/34
...........................
1,000,000
852,955
Revenue
,
214
,
GNMA
Insured
,
2.8
%
,
12/01/39
............................
2,860,000
2,257,446
Revenue
,
A
,
3.5
%
,
12/01/31
..........................................
5,805,000
5,722,373
Massachusetts
Port
Authority
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/39
...............................
610,000
621,207
Revenue
,
2019
C
,
5
%
,
7/01/33
........................................
4,430,000
4,631,686
Revenue
,
2019
C
,
5
%
,
7/01/44
........................................
1,205,000
1,210,676
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
129
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Port
Authority,
(continued)
Revenue
,
2021
B
,
Refunding
,
5
%
,
7/01/39
...............................
$
1,175,000
$
1,218,489
Bosfuel
Corp.
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/35
....................
835,000
855,872
Bosfuel
Corp.
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/36
....................
800,000
816,398
Massachusetts
Transportation
Trust
Fund
,
Metropolitan
Highway
System
,
Revenue
,
2019
B-1
,
Refunding
,
5
%
,
1/01/37
.....................................
1,015,000
1,057,377
Massachusetts
Water
Resources
Authority
,
Revenue
,
2016
C
,
Pre-Refunded
,
5
%
,
8/01/40
............................
5,000,000
5,129,891
Revenue
,
2018
B
,
5
%
,
8/01/43
........................................
2,525,000
2,551,782
Revenue
,
2024
B
,
5
%
,
8/01/49
........................................
4,000,000
4,134,861
Revenue
,
B
,
Refunding
,
AGMC
Insured
,
5.25
%
,
8/01/28
.....................
5,490,000
5,909,731
Town
of
Plymouth
,
GO
,
2017
,
4
%
,
5/01/47
.................................
5,000,000
4,520,146
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien
,
2017-1
,
5.25
%
,
11/01/42
........................................................
5,000,000
5,096,528
288,127,938
New
Jersey
0.3%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/32
..........................................
1,000,000
1,043,255
New
York
0.7%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
A-1
,
4
%
,
11/15/40
.....................................
750,000
690,604
Revenue
,
2020
A-1
,
4
%
,
11/15/53
.....................................
1,900,000
1,554,147
2,244,751
South
Carolina
0.6%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
800,000
669,799
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
800,000
669,799
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
797,035
2,136,633
Texas
0.3%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,400,000
1,026,226
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
800,000
660,046
Wisconsin
0.7%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
622,870
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
1,200,000
700,217
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,000,000
983,087
2,306,174
U.S.
Territories
1.4%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/39
600,000
619,900
Puerto
Rico
1.2%
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
461,320
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
130
See
Abbreviations
on
page
200
.
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
,
4
%
,
7/01/39
..
$
200,000
$
177,693
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
3,660,000
3,438,773
4,077,786
Total
U.S.
Territories
....................................................................
4,697,686
Total
Municipal
Bonds
(Cost
$
327,275,065
)
.....................................
307,842,774
Total
Long
Term
Investments
(Cost
$
328,175,065
)
...............................
308,745,198
a
a
a
a
a
Short
Term
Investments
5.6%
Municipal
Bonds
5.6%
Massachusetts
5.6%
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
,
2.8
%
,
3/01/48
.................................................
5,500,000
5,500,000
e
Massachusetts
Health
&
Educational
Facilities
Authority
,
Baystate
Total
Home
Care,
Inc.
,
Revenue
,
2009
K-1
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
7/01/39
............................................
400,000
400,000
Massachusetts
Institute
of
Technology
,
Revenue
,
2001
J-2
,
Daily
VRDN
and
Put
,
1.9
%
,
7/01/31
...................................................
12,700,000
12,700,000
18,600,000
Total
Municipal
Bonds
(Cost
$
18,600,000
)
......................................
18,600,000
Total
Short
Term
Investments
(Cost
$
18,600,000
)
................................
18,600,000
a
Total
Investments
(Cost
$
346,775,065
)
98.7
%
...................................
$327,345,198
Other
Assets,
less
Liabilities
1.3
%
.............................................
4,388,826
Net
Assets
100.0%
...........................................................
$331,734,024
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$18,997,282,
representing
5.7%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Michigan
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
131
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,800,000
$
1,804,848
Total
Corporate
Bonds
(Cost
$
1,800,000
)
.......................................
1,804,848
Municipal
Bonds
99.4%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,650,000
2,217,373
Florida
2.1%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
5,256,000
4,484,831
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
900,000
587,042
b,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
6,020,000
4,955,257
b
,d
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
5.5
%
,
5/01/52
....................................................
4,100,000
3,694,100
13,721,230
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
2,020,876
State
of
Illinois
,
GO
,
2024
C
,
4
%
,
10/01/39
................................
1,860,000
1,694,817
3,715,693
Michigan
89.6%
Allegan
Public
School
District
,
GO
,
2025
III
,
5
%
,
5/01/50
......................
5,310,000
5,388,642
Bangor
Township
School
District
,
GO
,
2023
,
5
%
,
5/01/53
......................
2,000,000
2,036,619
Battle
Creek
School
District
,
GO
,
2022
,
4
%
,
5/01/45
.........................
3,000,000
2,727,906
Belding
Area
Schools
,
GO
,
2022
,
4.25
%
,
5/01/52
...........................
7,330,000
6,529,786
Byron
Center
Public
Schools
,
GO
,
2017
I
,
5
%
,
5/01/34
.............................................
1,000,000
1,030,468
GO
,
2017
I
,
5
%
,
5/01/35
.............................................
1,920,000
1,973,715
GO
,
2017
I
,
5
%
,
5/01/36
.............................................
650,000
666,973
GO
,
2017
I
,
5
%
,
5/01/37
.............................................
1,480,000
1,512,455
GO
,
2017
I
,
5
%
,
5/01/38
.............................................
1,330,000
1,356,958
GO
,
2017
I
,
5
%
,
5/01/47
.............................................
6,730,000
6,771,765
Caledonia
Community
Schools
,
GO
,
2023
I
,
5
%
,
5/01/53
.............................................
2,000,000
2,040,592
GO
,
2025
II
,
5
%
,
5/01/50
............................................
1,605,000
1,635,111
GO
,
2025
II
,
5
%
,
5/01/53
............................................
1,000,000
1,015,560
GO
,
2025
II
,
5
%
,
5/01/55
............................................
1,215,000
1,231,699
Central
Michigan
University
,
Revenue
,
2021
,
Refunding
,
3
%
,
10/01/46
...........
1,325,000
958,595
Charter
Township
of
Bloomfield
,
GO
,
2016
,
Refunding
,
5
%
,
5/01/32
..............
1,000,000
1,018,621
Charter
Township
of
White
Lake
,
GO
,
2025
,
5
%
,
3/01/45
.............................................
700,000
718,720
GO
,
2025
,
4.5
%
,
3/01/49
............................................
2,850,000
2,663,511
GO
,
2025
,
4.625
%
,
3/01/54
..........................................
2,750,000
2,584,769
City
of
Albion
,
Water
Supply
System
,
Revenue
,
2025
,
BAM
Insured
,
5
%
,
4/01/55
....
1,750,000
1,751,016
City
of
Battle
Creek
,
Water
&
Wastewater
System
,
Revenue
,
2016
A
,
5
%
,
6/01/36
...
1,300,000
1,323,335
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
30,050
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
132
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
City
of
Grand
Rapids
,
GO
,
2024
,
5
%
,
10/01/44
.............................................
$
1,645,000
$
1,712,070
GO
,
2024
,
5
%
,
10/01/54
.............................................
3,400,000
3,462,698
GO
,
2025
,
5
%
,
4/01/55
.............................................
3,000,000
3,052,647
Sanitary
Sewer
System
,
Revenue
,
2018
,
5
%
,
1/01/37
.......................
1,040,000
1,072,332
Sanitary
Sewer
System
,
Revenue
,
2018
,
5
%
,
1/01/43
.......................
1,000,000
1,010,803
Sanitary
Sewer
System
,
Revenue
,
2020
,
Refunding
,
5
%
,
1/01/45
..............
2,000,000
2,036,243
Water
Supply
System
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/41
...............
2,190,000
2,199,775
Water
Supply
System
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/46
...............
2,525,000
2,530,661
Water
Supply
System
,
Revenue
,
2018
,
Refunding
,
5
%
,
1/01/43
...............
1,500,000
1,516,204
Water
Supply
System
,
Revenue
,
2018
,
Refunding
,
5
%
,
1/01/48
...............
2,000,000
2,016,518
Water
Supply
System
,
Revenue
,
2020
,
5
%
,
1/01/40
........................
2,400,000
2,484,745
Water
Supply
System
,
Revenue
,
2020
,
5
%
,
1/01/50
........................
3,000,000
3,041,051
City
of
Lansing
,
GO
,
2023
,
AGMC
Insured
,
4.25
%
,
6/01/53
...............................
2,225,000
1,942,463
GO
,
2023
B
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/48
.......................
9,980,000
10,150,252
Comstock
Park
Public
Schools
,
GO
,
2025
II
,
5
%
,
11/01/53
....................
5,395,000
5,461,951
Comstock
Public
Schools
,
GO
,
2022
I
,
4
%
,
5/01/52
..........................
3,000,000
2,568,735
County
of
Genesee
,
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/37
......
835,000
898,398
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/38
......
700,000
747,953
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/39
......
1,150,000
1,221,810
County
of
Kent
,
GO
,
2016
,
5
%
,
6/01/32
.............................................
1,305,000
1,331,522
GO
,
2016
,
5
%
,
6/01/33
.............................................
1,275,000
1,300,029
County
of
Muskegon
,
GO
,
2015
,
Refunding
,
5
%
,
11/01/33
....................................
1,360,000
1,369,825
GO
,
2015
,
Refunding
,
5
%
,
11/01/36
....................................
1,735,000
1,746,746
Crestwood
School
District
,
GO
,
2025
I
,
5
%
,
5/01/55
.........................
3,000,000
3,048,329
Detroit
City
School
District
,
GO
,
2001
A
,
AGMC
Insured
,
6
%
,
5/01/29
............
6,590,000
7,059,783
DeWitt
Public
Schools
,
GO
,
2017
,
5
%
,
5/01/30
.............................................
500,000
518,463
GO
,
2017
,
5
%
,
5/01/33
.............................................
815,000
839,887
GO
,
2017
,
5
%
,
5/01/34
.............................................
1,000,000
1,027,286
GO
,
2017
,
5
%
,
5/01/35
.............................................
1,000,000
1,026,109
GO
,
2017
,
5
%
,
5/01/36
.............................................
1,000,000
1,024,248
Downriver
Utility
Wastewater
Authority
,
Revenue
,
2018
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/34
....................
510,000
530,541
Revenue
,
2018
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/36
....................
1,600,000
1,657,744
Revenue
,
2018
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/38
....................
1,500,000
1,543,484
Revenue
,
2018
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/43
....................
3,000,000
3,032,755
East
Grand
Rapids
Public
School
District
,
GO
,
2024
I
,
5
%
,
5/01/53
..............
700,000
710,008
East
Lansing
School
District
,
GO
,
2017
I
,
5
%
,
5/01/35
.............................................
1,500,000
1,533,579
GO
,
2017
I
,
5
%
,
5/01/37
.............................................
1,100,000
1,120,048
GO
,
2017
I
,
5
%
,
5/01/42
.............................................
3,500,000
3,519,322
Farmington
Public
School
District
,
GO
,
2018
,
BAM
Insured
,
4.5
%
,
5/01/38
.........
7,225,000
7,281,586
Ferris
State
University
,
Revenue
,
2025
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/49
..
1,800,000
1,835,822
Flat
Rock
Community
School
District
,
GO
,
2022
I
,
4.5
%
,
5/01/52
................
2,100,000
1,969,815
Gerald
R
Ford
International
Airport
Authority
,
Revenue
,
2021
,
5
%
,
1/01/46
.........
2,000,000
2,008,822
Grand
Traverse
County
Hospital
Finance
Authority
,
Munson
Healthcare
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
7/01/44
...........
1,110,000
1,113,541
Munson
Healthcare
Obligated
Group
,
Revenue
,
2019
B
,
5
%
,
7/01/39
...........
1,625,000
1,650,700
Munson
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
7/01/51
....
10,000,000
6,730,476
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
133
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Grand
Valley
State
University
,
Revenue
,
2018
,
5
%
,
12/01/38
........................................
$
900,000
$
914,912
Revenue
,
2018
,
5
%
,
12/01/43
........................................
1,800,000
1,805,310
Great
Lakes
Water
Authority
,
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2022
B
,
5.5
%
,
7/01/52
.......
1,500,000
1,549,369
Water
Supply
System
,
Revenue,
Second
Lien
,
2022
B
,
5.5
%
,
7/01/52
..........
5,000,000
5,141,665
e
Grosse
Ile
Township
School
District
,
GO
,
2025
II
,
Refunding
,
5
%
,
5/01/52
.........
2,000,000
2,026,652
Gull
Lake
Community
School
District
,
GO
,
2018
I
,
5
%
,
5/01/45
.............................................
4,000,000
4,047,242
GO
,
2018
I
,
5
%
,
5/01/48
.............................................
1,000,000
1,008,854
Hemlock
Public
School
District
,
GO
,
2024
III
,
5
%
,
5/01/53
.....................
1,100,000
1,124,536
Holly
Area
School
District
,
GO
,
2025
II
,
5
%
,
5/01/48
............................................
625,000
646,153
GO
,
2025
II
,
5
%
,
5/01/52
............................................
1,000,000
1,023,622
Howell
Public
Schools
,
GO
,
2025
II
,
5
%
,
5/01/45
............................
500,000
514,769
Hudsonville
Public
Schools
,
GO
,
2017
,
Refunding
,
5
%
,
5/01/41
.................
2,500,000
2,535,830
Ingham
County
Building
Authority
,
Community
Mental
Health
Authority
of
Clinton
Eaton
&
Ingham
Counties
,
Revenue
,
2024
,
BAM
Insured
,
5
%
,
8/01/49
...............
2,540,000
2,583,698
Jenison
Public
Schools
,
GO
,
2024
I
,
5
%
,
5/01/49
...........................
550,000
561,269
Kent
Hospital
Finance
Authority
,
Mary
Free
Bed
Rehabilitation
Hospital
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
4/01/51
..................................
6,010,000
4,024,734
Kentwood
Economic
Development
Corp.
,
Holland
Home
Obligated
Group
,
Revenue
,
2021
,
4
%
,
11/15/45
................
1,655,000
1,317,704
Holland
Home
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
11/15/31
.......
1,845,000
1,776,274
Holland
Home
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
11/15/43
.......
8,820,000
7,161,575
Kentwood
Public
Schools
,
GO
,
2016
,
5
%
,
5/01/44
...........................
2,920,000
2,948,793
L'Anse
Creuse
Public
Schools
,
GO
,
2025
I
,
5
%
,
5/01/49
......................
2,250,000
2,323,592
Lansing
Board
of
Water
&
Light
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/54
........
9,500,000
9,653,327
Lansing
School
District
,
GO
,
2016
I
,
5
%
,
5/01/39
.............................................
2,125,000
2,140,627
GO
,
2016
I
,
5
%
,
5/01/40
.............................................
2,200,000
2,214,017
Lowell
Area
Schools
,
GO
,
2024
I
,
4.125
%
,
5/01/54
..........................
2,155,000
1,876,861
Ludington
Area
School
District
,
GO
,
2022
II
,
BAM
Insured
,
4
%
,
5/01/51
...........
7,820,000
6,732,108
Macomb
Interceptor
Drain
Drainage
District
,
Special
Assessment
,
2017
A
,
Refunding
,
5
%
,
5/01/42
......................................................
4,000,000
4,006,128
Mattawan
Consolidated
School
District
,
GO
,
2024
I
,
5
%
,
5/01/54
................
1,700,000
1,733,975
Melvindale
Northern
Allen
Park
Public
Schools
,
GO
,
2022
,
AGMC
Insured
,
4.375
%
,
5/01/47
..............................
1,500,000
1,438,960
GO
,
2024
,
AGMC
Insured
,
5
%
,
5/01/45
.................................
1,300,000
1,339,438
Michigan
Finance
Authority
,
Albion
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
12/01/36
....................
1,925,000
1,349,534
Albion
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
12/01/46
....................
4,800,000
3,003,335
Albion
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
12/01/51
....................
3,050,000
1,844,289
Bronson
Health
Care
Group
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/54
........................................................
11,000,000
10,573,637
Calvin
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/50
......
895,000
594,140
Calvin
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/50
......
2,600,000
2,150,981
City
of
Inkster
,
Revenue
,
2024
B
,
5
%
,
11/01/42
...........................
1,420,000
1,482,532
City
of
Inkster
,
Revenue
,
2024
B
,
5
%
,
11/01/45
...........................
1,660,000
1,708,332
City
of
Inkster
,
Revenue
,
2024
B
,
5
%
,
11/01/49
...........................
2,635,000
2,679,380
City
of
Inkster
,
Revenue
,
2024
B
,
5
%
,
11/01/54
...........................
3,820,000
3,856,366
Clean
Water
Revolving
Fund
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
10/01/30
.......
2,750,000
2,768,732
Clean
Water
Revolving
Fund
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
10/01/38
.......
8,055,000
8,308,596
Corewell
Health
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
11/01/44
.............
12,000,000
11,883,521
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Finance
Authority,
(continued)
County
of
Wayne
,
Revenue,
Second
Lien
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
11/01/55
.......................................................
$
4,000,000
$
3,340,874
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/41
.......................................................
7,000,000
7,006,266
Kalamazoo
College
,
Revenue
,
2018
,
Refunding
,
4
%
,
12/01/47
................
2,610,000
2,188,060
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/35
.................
400,000
362,957
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/36
.................
565,000
505,273
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/37
.................
640,000
563,508
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/38
.................
675,000
582,133
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/39
.................
645,000
548,339
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/45
.................
2,780,000
2,174,581
Lawrence
Technological
University
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
2/01/42
........................................................
745,000
617,427
Michigan
Finance
Authority
Clean
Water
Revolving
Fund
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
10/01/39
...........................................
6,000,000
6,174,260
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.5
%
,
2/28/49
............
1,500,000
1,565,213
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
4.375
%
,
2/28/54
..........
1,895,000
1,712,829
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.5
%
,
2/28/57
............
1,750,000
1,814,527
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A-2
,
Refunding
,
5
%
,
6/01/40
....
1,000,000
1,012,935
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/49
...
7,170,000
5,989,451
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
B-1
,
2
,
Refunding
,
5
%
,
6/01/49
..
1,010,000
1,000,354
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
MI
,
5
%
,
12/01/45
.........
7,710,000
7,634,467
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
MI
,
Pre-Refunded
,
5
%
,
12/01/45
.......................................................
290,000
295,292
University
of
Detroit
Mercy
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.5
%
,
11/01/48
.......................................................
2,000,000
1,981,415
University
of
Detroit
Mercy
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.625
%
,
11/01/52
.......................................................
2,280,000
2,259,837
Michigan
State
Building
Authority
,
State
of
Michigan
,
Revenue
,
2016
I
,
Refunding
,
5
%
,
4/15/41
.................
12,000,000
12,078,776
State
of
Michigan
,
Revenue
,
2016
I
,
Refunding
,
5
%
,
10/15/46
................
9,910,000
9,940,623
State
of
Michigan
,
Revenue
,
2016
I
,
Refunding
,
5
%
,
10/15/51
................
1,000,000
1,002,604
State
of
Michigan
,
Revenue
,
2019
I
,
Refunding
,
4
%
,
4/15/54
.................
2,000,000
1,706,372
State
of
Michigan
,
Revenue
,
2022
I
,
4
%
,
10/15/52
.........................
4,250,000
3,620,179
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group
,
Revenue
,
1999
B-3
,
Pre-Refunded
,
4
%
,
11/15/33
.
5,370,000
5,472,044
Ascension
Health
Credit
Group
,
Revenue
,
2010
F-7
,
Pre-Refunded
,
5
%
,
11/15/47
.
10,000,000
10,232,673
Ascension
Health
Credit
Group
,
Revenue
,
2010
F-8
,
5
%
,
11/15/46
.............
2,450,000
2,436,488
Ascension
Health
Credit
Group
,
Revenue
,
2010
F-8
,
Pre-Refunded
,
5
%
,
11/15/46
.
2,550,000
2,609,332
Corewell
Health
Obligated
Group
,
Revenue
,
2025
A
,
5
%
,
8/15/46
..............
1,000,000
1,025,318
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
B
,
3.1
%
,
12/01/44
.....................................
12,500,000
9,859,344
Revenue
,
2020
A
,
2.8
%
,
12/01/45
.....................................
4,350,000
3,182,121
Revenue
,
2020
A
,
2.85
%
,
6/01/50
.....................................
5,150,000
3,498,360
Revenue
,
2021
A
,
2.5
%
,
6/01/52
......................................
3,000,000
1,833,471
Revenue
,
2021
A
,
2.7
%
,
10/01/56
.....................................
5,000,000
3,082,119
Revenue
,
2021
A
,
2.73
%
,
10/01/59
....................................
5,000,000
3,052,289
Revenue
,
2022
A
,
4.1
%
,
6/01/43
......................................
5,000,000
4,699,873
Revenue
,
2025
A
,
5
%
,
12/01/55
.......................................
5,000,000
4,860,228
Michigan
State
University
,
Revenue
,
2015
A
,
5
%
,
8/15/40
........................................
8,500,000
8,521,170
e
Revenue
,
2025
A
,
Refunding
,
5
%
,
2/15/55
...............................
5,000,000
5,061,979
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation
,
Revenue
,
2018
,
5
%
,
6/30/33
....
2,200,000
2,259,004
State
of
Michigan
Department
of
Transportation
,
Revenue
,
2018
,
5
%
,
6/30/48
....
7,000,000
6,811,792
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
135
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Technological
University
,
Revenue
,
2015
A
,
5
%
,
10/01/45
.......................................
$
2,400,000
$
2,401,797
Revenue
,
2023
A
,
AGMC
Insured
,
5
%
,
10/01/47
...........................
3,000,000
3,023,859
Revenue
,
2023
A
,
AGMC
Insured
,
5.25
%
,
10/01/52
........................
1,675,000
1,698,943
Revenue
,
2023
C
,
AGMC
Insured
,
5.25
%
,
10/01/53
........................
2,000,000
2,055,399
Monroe
Public
Schools
,
GO
,
2020
I
,
5
%
,
5/01/45
............................
2,465,000
2,499,054
Oakland
University
,
Revenue
,
2016
,
5
%
,
3/01/41
.........................................
5,000,000
4,927,020
Revenue
,
2019
,
5
%
,
3/01/50
.........................................
2,230,000
2,233,128
Okemos
Public
Schools
,
GO
,
2024
II
,
5
%
,
5/01/54
...........................
2,335,000
2,361,331
Plainwell
Community
Schools
,
GO
,
2022
II
,
4
%
,
5/01/52
......................
7,000,000
6,014,159
Portage
Public
Schools
,
GO
,
2025
,
BAM
Insured
,
4.25
%
,
11/01/47
..............
2,000,000
1,838,932
Rochester
Community
School
District
,
GO
,
2016
I
,
5
%
,
5/01/36
.................
2,800,000
2,843,757
Saginaw
Valley
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/31
...............................
2,170,000
2,201,534
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/33
...............................
1,240,000
1,255,989
Saline
Area
Schools
,
GO
,
2016
,
5
%
,
5/01/36
...............................
2,950,000
2,991,568
South
Redford
School
District
,
GO
,
2024
,
5
%
,
5/01/48
.............................................
500,000
512,224
GO
,
2024
,
5
%
,
5/01/51
.............................................
300,000
304,823
Southfield
Public
Schools
,
GO
,
2025
,
5.25
%
,
5/01/50
...........................................
3,235,000
3,359,013
GO
,
2025
,
5.25
%
,
5/01/55
...........................................
5,750,000
5,927,525
Sparta
Area
Schools
,
GO
,
2019
II
,
5
%
,
5/01/48
.............................
5,750,000
5,825,916
Spring
Lake
Public
Schools
,
GO
,
2025
II
,
5
%
,
5/01/45
........................
750,000
777,591
State
of
Michigan
,
Trunk
Line
,
Revenue
,
2023
,
5.25
%
,
11/15/49
................
2,000,000
2,077,851
Swartz
Creek
Community
Schools
,
GO
,
2025
I
,
5
%
,
5/01/49
...................
3,000,000
3,081,271
Trenton
Public
Schools
School
District
,
GO
,
2018
,
5
%
,
5/01/42
.............................................
4,920,000
4,981,897
GO
,
2018
,
5
%
,
5/01/45
.............................................
11,480,000
11,556,435
Universal
Academy
,
Revenue
,
2021
,
Refunding
,
2
%
,
12/01/26
................................
205,000
198,627
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/31
................................
1,035,000
1,006,766
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/40
................................
1,100,000
967,223
University
of
Michigan
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
4/01/46
..............................
2,000,000
2,033,954
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/37
............................
2,700,000
2,804,587
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/42
............................
5,635,000
5,853,278
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/47
............................
5,000,000
5,193,680
Walled
Lake
Consolidated
School
District
,
GO
,
2022
,
5
%
,
5/01/49
.............................................
1,500,000
1,527,723
GO
,
2024
,
5
%
,
5/01/54
.............................................
1,800,000
1,828,116
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2018
A
,
5
%
,
12/01/43
......
7,750,000
7,781,154
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
A
,
5
%
,
12/01/40
......
3,330,000
3,490,486
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
A
,
5
%
,
12/01/46
......
4,670,000
4,745,047
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
B
,
5
%
,
12/01/39
......
1,675,000
1,691,231
Wayne
State
University
,
Revenue
,
2018
A
,
5
%
,
11/15/43
.......................................
4,500,000
4,548,987
Revenue
,
2018
A
,
4
%
,
11/15/48
.......................................
10,000,000
8,675,863
Wayne-Westland
Community
Schools
,
GO
,
2022
,
3
%
,
11/01/44
.............................................
2,830,000
2,126,870
GO
,
2022
,
3
%
,
11/01/46
.............................................
1,475,000
1,084,001
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)
Western
Michigan
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/30
..............................
$
2,500,000
$
2,501,745
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/40
..............................
1,560,000
1,561,089
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/45
..............................
2,000,000
2,001,396
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/15/44
..............................
2,315,000
2,337,860
Revenue
,
2021
A
,
AGMC
Insured
,
5
%
,
11/15/51
...........................
2,785,000
2,791,782
Western
School
District
,
GO
,
2022
,
5.25
%
,
5/01/52
..........................
2,000,000
2,064,491
Williamston
Community
Schools
School
District
,
GO
,
2024
,
5
%
,
5/01/54
..........
2,000,000
2,041,430
Woodhaven-Brownstown
School
District
,
GO
,
2025
III
,
5
%
,
11/01/51
...........................................
525,000
526,320
GO
,
2025
III
,
5
%
,
5/01/55
............................................
5,500,000
5,488,482
Zeeland
Public
Schools
,
GO
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/31
.......................
1,530,000
1,530,152
GO
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/33
.......................
2,000,000
2,000,199
GO
,
2025
III
,
Refunding
,
AGMC
Insured
,
5
%
,
5/01/45
.......................
310,000
314,562
594,669,326
New
Jersey
0.1%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2019
BB
,
4
%
,
6/15/50
......................
500,000
422,122
State
of
New
Jersey
,
Revenue
,
2020
AA
,
3
%
,
6/15/50
......................
600,000
420,335
842,457
New
York
1.2%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/48
..........
9,300,000
7,814,909
South
Carolina
1.2%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,800,000
1,507,048
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,800,000
1,507,048
b,c
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
1.357
%,
6/01/52
..
6,200,000
4,418,338
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
797,035
8,229,469
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/39
325,000
251,202
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/40
300,000
225,661
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,500,000
2,565,566
3,042,429
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
1,485,104
Wisconsin
1.3%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,800,000
1,401,457
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
12,000,000
7,002,168
8,403,625
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
137
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
2.3%
Guam
0.5%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
$
1,750,000
$
1,676,006
Guam
Waterworks
Authority
Water
And
Wastewater
System
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
1/01/46
............................................
1,770,000
1,710,956
3,386,962
Puerto
Rico
1.8%
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
12,900,000
12,120,267
Total
U.S.
Territories
....................................................................
15,507,229
Total
Municipal
Bonds
(Cost
$
709,071,537
)
.....................................
659,648,844
Total
Long
Term
Investments
(Cost
$
710,871,537
)
...............................
661,453,692
a
a
a
a
a
Short
Term
Investments
0.6%
Municipal
Bonds
0.6%
Michigan
0.6%
f
Grand
Traverse
County
Hospital
Finance
Authority
,
Munson
Healthcare
Obligated
Group
,
Revenue
,
2019
C
,
Refunding
,
LOC
PNC
Bank
NA
,
Daily
VRDN
and
Put
,
3
%
,
7/01/41
.........................................................
2,300,000
2,300,000
f
Green
Lake
Township
Economic
Development
Corp.
,
Interlochen
Center
for
the
Arts
,
Revenue
,
2004
,
Refunding
,
LOC
PNC
Bank
NA
,
Daily
VRDN
and
Put
,
3
%
,
6/01/34
1,400,000
1,400,000
3,700,000
Total
Municipal
Bonds
(Cost
$
3,700,000
)
.......................................
3,700,000
Total
Short
Term
Investments
(Cost
$
3,700,000
)
.................................
3,700,000
a
Total
Investments
(Cost
$
714,571,537
)
100.3
%
..................................
$665,153,692
Other
Assets,
less
Liabilities
(
0.3
)
%
...........................................
(1,480,702)
Net
Assets
100.0%
...........................................................
$663,672,990
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$28,413,115,
representing
4.3%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Security
purchased
on
a
when-issued
basis.
f
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Minnesota
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
138
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.1%
Florida
1.1%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
$
6,192,000
$
5,283,500
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,100,000
1,369,764
6,653,264
Minnesota
94.0%
Alexandria
Independent
School
District
No.
206
,
GO
,
2017
A
,
Refunding
,
3
%
,
2/01/37
29,905,000
26,707,318
Anoka-Hennepin
Independent
School
District
No.
11
,
GO
,
2018
A
,
3.25
%
,
2/01/37
..........................................
5,355,000
4,806,012
GO
,
2018
A
,
4
%
,
2/01/39
............................................
8,905,000
8,892,893
GO
,
2018
A
,
3.375
%
,
2/01/43
.........................................
4,020,000
3,224,499
b
Becker
Independent
School
District
No.
726
,
GO
,
2022
A
,
5
%,
2/01/41
...........
1,000,000
465,502
Brainerd
Independent
School
District
No.
181
,
GO
,
2018
A
,
4
%
,
2/01/43
..........
1,900,000
1,765,737
City
of
Center
City
,
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2019
,
Refunding
,
4
%
,
11/01/41
......
1,000,000
899,466
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2025
,
Refunding
,
5
%
,
11/01/44
......
1,160,000
1,177,969
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2025
,
Refunding
,
5
%
,
11/01/47
......
1,000,000
1,005,421
City
of
Cold
Spring
,
GO
,
2024
A
,
BAM
Insured
,
4
%
,
2/01/54
...................
1,050,000
908,124
City
of
Coon
Rapids
,
Mississippi
View
Housing
Partners
LP
,
Revenue
,
2023
,
FNMA
Insured
,
5.6
%
,
12/01/39
.............................................
3,727,260
3,974,526
City
of
Corcoran
,
GO
,
2023
A
,
BAM
Insured
,
4
%
,
2/01/53
.....................
3,605,000
3,125,543
City
of
Fridley
,
GO
,
2022
A
,
4
%
,
2/01/36
............................................
350,000
349,641
GO
,
2022
A
,
4
%
,
2/01/37
............................................
735,000
729,643
GO
,
2022
A
,
4
%
,
2/01/38
............................................
800,000
790,434
Fridley
Leased
Housing
Associates
I
LLLP
,
Revenue
,
2018
,
FNMA
Insured
,
3.75
%
,
11/01/34
.......................................................
9,196,486
8,900,164
a
Roers
Fridley
Apartments
Owner
II
LLC
,
Revenue
,
144A,
2023
A
,
5.75
%
,
6/01/41
..
16,000,000
15,963,659
City
of
Minneapolis
,
GO
,
2018
,
4
%
,
12/01/46
.............................................
3,500,000
3,271,699
GO
,
2019
,
3
%
,
12/01/40
.............................................
2,000,000
1,634,290
14th
and
Central
LLLP
,
Revenue
,
2020
,
FNMA
Insured
,
2.35
%
,
2/01/38
.........
7,301,796
5,633,887
Allina
Health
Obligated
Group
,
Revenue
,
2021
,
4
%
,
11/15/40
.................
6,750,000
6,252,598
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/44
.......................................................
1,325,000
1,299,096
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
11/15/44
.............................................
10,000,000
9,876,412
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/49
.......................................................
4,535,000
4,431,500
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
AGMC
Insured
,
5
%
,
11/15/49
.............................................
6,000,000
5,898,435
c
City
of
Mounds
View
,
OAHS
Sibley
TC
LLLP
,
Revenue
,
2024
,
Mandatory
Put
,
3.375
%
,
3/01/28
.........................................................
4,500,000
4,503,424
City
of
Rochester
,
Electric
Utility
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/42
...................
1,395,000
1,419,382
Electric
Utility
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/47
...................
9,815,000
9,956,527
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/33
....................
9,425,000
10,613,388
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/34
....................
5,235,000
5,912,464
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/36
....................
8,400,000
9,472,251
Mayo
Clinic
,
Revenue
,
2018
,
4
%
,
11/15/48
...............................
4,000,000
3,535,834
Mayo
Clinic
,
Revenue
,
2022
,
Refunding
,
3.25
%
,
11/15/41
...................
4,000,000
3,347,546
Mayo
Clinic
,
Revenue
,
2022
,
Refunding
,
5
%
,
11/15/57
......................
1,000,000
1,016,554
Mayo
Clinic
,
Revenue
,
2025
A
,
4.25
%
,
11/15/50
...........................
3,000,000
2,755,370
Mayo
Clinic
,
Revenue
,
2025
A
,
4.375
%
,
11/15/53
..........................
1,750,000
1,611,975
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
139
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
5/01/37
........................................................
$
7,310,000
$
7,022,494
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/01/46
........................................................
2,650,000
2,584,000
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
........................................................
10,000,000
9,786,055
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
5/01/54
........................................................
1,000,000
980,177
City
of
St.
Paul
,
Water
,
Revenue
,
2023
A
,
4
%
,
12/01/46
.......................
13,340,000
12,289,632
City
of
Virginia
,
GO
,
2024
A
,
4.375
%
,
2/01/34
.........................................
1,000,000
996,607
GO
,
2024
A
,
4.5
%
,
2/01/37
...........................................
1,605,000
1,600,778
GO
,
2024
A
,
5
%
,
2/01/41
............................................
825,000
823,455
City
of
Wadena
,
Astera
Health
,
Revenue
,
2024
A
,
5
%
,
12/01/45
.................
1,900,000
1,908,548
County
of
Norman
,
GO
,
2022
A
,
3.25
%
,
2/01/52
............................
3,115,000
2,301,436
County
of
Rice
,
GO
,
2022
A
,
4
%
,
2/01/48
.................................
5,200,000
4,727,790
Dakota
County
Community
Development
Agency
,
Revenue
,
2011
A
,
GNMA
Insured
,
4.875
%
,
12/01/33
.......................
335,000
335,045
Roers
Burnsville
Affordable
Apartments
Owner
LLC
,
Revenue
,
2024
,
FNMA
Insured
,
4.2
%
,
5/01/43
...................................................
1,000,000
908,945
Dawson-Boyd
Independent
School
District
No.
378
,
GO
,
2019
A
,
3.125
%
,
2/01/40
...
2,965,000
2,499,350
Duluth
Economic
Development
Authority
,
Essentia
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
2/15/53
.....
15,830,000
15,389,679
Essentia
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
2/15/53
...
13,105,000
12,823,270
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/38
........................................................
150,000
146,609
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/39
........................................................
155,000
149,251
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
6/15/44
........................................................
850,000
660,257
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/29
........................................................
400,000
427,285
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/30
........................................................
425,000
458,313
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/32
........................................................
500,000
545,543
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/33
........................................................
600,000
648,232
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/34
........................................................
520,000
527,787
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/35
........................................................
425,000
428,094
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/36
........................................................
400,000
399,986
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/37
........................................................
375,000
370,508
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/38
........................................................
400,000
389,782
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/39
........................................................
250,000
239,965
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
B
,
5.25
%
,
6/15/52
..
8,000,000
8,108,154
Duluth
Independent
School
District
No.
709
,
GO
,
2015
B
,
Refunding
,
2.5
%
,
2/01/26
..................................
2,840,000
2,821,260
b
GO
,
2021
C
,
4.46
%,
2/01/29
.........................................
1,870,000
1,590,261
b
GO
,
2021
C
,
4.58
%,
2/01/30
.........................................
1,275,000
1,032,040
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
140
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Duluth
Independent
School
District
No.
709,
(continued)
b
GO
,
2021
C
,
4.73
%,
2/01/31
.........................................
$
1,325,000
$
1,019,119
b
GO
,
2021
C
,
4.86
%,
2/01/32
.........................................
1,080,000
786,973
b
GO
,
2021
C
,
4.94
%,
2/01/33
.........................................
1,075,000
739,278
Forest
Lake
Independent
School
District
No.
831
,
GO
,
2023
A
,
4
%
,
2/01/37
........
2,000,000
1,991,543
Gibbon
Independent
School
District
No.
2365
,
GO
,
2023
A
,
5
%
,
2/01/48
............................................
1,850,000
1,894,481
GO
,
2023
A
,
4.125
%
,
2/01/52
.........................................
2,250,000
2,045,163
b
Hastings
Independent
School
District
No.
200
,
GO
,
2018
A
,
4.73
%,
2/01/38
..........................................
4,685,000
2,607,064
GO
,
2018
A
,
4.92
%,
2/01/39
..........................................
4,685,000
2,427,837
GO
,
2018
A
,
5.11
%,
2/01/40
..........................................
4,685,000
2,255,964
Hennepin
County
Regional
Railroad
Authority
,
County
of
Hennepin
,
GO
,
2019
A
,
5
%
,
12/01/37
...........................
1,000,000
1,039,381
County
of
Hennepin
,
GO
,
2019
A
,
5
%
,
12/01/38
...........................
3,965,000
4,103,969
Hopkins
Independent
School
District
No.
270
,
GO
,
2019
A
,
3
%
,
2/01/34
..........
2,450,000
2,276,039
Jordan
Independent
School
District
No.
717
,
GO
,
2023
A
,
4
%
,
2/01/42
...........
1,300,000
1,218,679
Mankato
Independent
School
District
No.
77
,
COP
,
2022
A
,
3
%
,
2/01/42
..........
2,730,000
2,096,618
Metropolitan
Council
,
GO
,
2020
B
,
2.125
%
,
3/01/36
.........................................
3,500,000
2,791,509
GO
,
2020
B
,
2.125
%
,
3/01/38
.........................................
4,000,000
2,977,650
GO
,
2022
C
,
4
%
,
3/01/40
............................................
3,275,000
3,234,237
GO
,
2022
C
,
4
%
,
3/01/41
............................................
3,410,000
3,332,589
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
,
Revenue
,
2022
A
,
Refunding
,
4.25
%
,
1/01/52
.............................
2,990,000
2,699,236
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/34
..............................
1,870,000
1,910,648
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/35
..............................
4,025,000
4,100,060
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/41
..............................
20,730,000
20,841,169
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/46
..............................
14,475,000
14,496,169
Minnesota
Agricultural
&
Economic
Development
Board
,
HealthPartners
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
1/01/54
.................................
5,000,000
5,019,852
Minnesota
Higher
Education
Facilities
Authority
,
Macalester
College
,
Revenue
,
2017
,
Refunding
,
3
%
,
3/01/33
.................
1,510,000
1,417,810
Macalester
College
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/36
.................
125,000
126,067
St.
Catherine
University
,
Revenue
,
2023
,
5
%
,
10/01/43
.....................
600,000
562,716
St.
Catherine
University
,
Revenue
,
2023
,
5.125
%
,
10/01/48
..................
750,000
696,393
St.
Catherine
University
,
Revenue
,
2023
,
5
%
,
10/01/52
.....................
3,000,000
2,680,720
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/32
...............
255,000
258,609
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/33
...............
240,000
242,347
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/34
...............
355,000
356,720
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
3
%
,
10/01/38
...............
250,000
208,907
St.
Olaf
College
,
Revenue
,
2021
,
3
%
,
10/01/41
...........................
1,000,000
785,125
University
of
St.
Thomas
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
10/01/36
..........
750,000
749,967
University
of
St.
Thomas
,
Revenue
,
2022
A
,
5
%
,
10/01/52
...................
10,000,000
9,662,296
University
of
St.
Thomas
,
Revenue
,
2024
A
,
5
%
,
10/01/49
...................
4,000,000
3,888,100
Minnesota
Housing
Finance
Agency
,
Revenue
,
2020
E
,
GNMA
Insured
,
2.5
%
,
7/01/40
..........................
1,840,000
1,359,698
Revenue
,
2021
B
,
GNMA
Insured
,
2.1
%
,
7/01/36
..........................
950,000
729,068
Revenue
,
2021
H
,
GNMA
Insured
,
2.55
%
,
1/01/46
.........................
3,950,000
2,616,289
Revenue
,
2022
A
,
GNMA
Insured
,
2.75
%
,
7/01/42
.........................
2,660,000
2,000,687
Revenue
,
2023
D
,
GNMA
Insured
,
4.5
%
,
7/01/43
..........................
990,000
965,034
Revenue
,
2023
D
,
GNMA
Insured
,
4.6
%
,
7/01/45
..........................
985,000
963,048
State
of
Minnesota
,
Revenue
,
2009
,
4
%
,
8/01/29
..........................
1,675,000
1,664,459
State
of
Minnesota
,
Revenue
,
2011
,
5
%
,
8/01/31
..........................
2,225,000
2,228,648
State
of
Minnesota
,
Revenue
,
2020
D
,
4
%
,
8/01/42
........................
1,815,000
1,697,712
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
141
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
c
Minnesota
Municipal
Gas
Agency
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/27
..
$
11,550,000
$
11,539,478
Minnesota
Office
of
Higher
Education
,
Revenue,
Senior
Lien
,
2023
,
Refunding
,
4
%
,
11/01/42
........................................................
2,250,000
2,006,630
Moorhead
Independent
School
District
No.
152
,
GO
,
2020
A
,
2.5
%
,
2/01/37
.......
3,795,000
3,087,678
Nashwauk
Keewatin
Independent
School
District
No.
319
,
GO
,
2022
A
,
Refunding
,
4
%
,
2/01/48
.........................................................
4,000,000
3,632,318
North
St.
Paul-Maplewood-Oakdale
Independent
School
District
No.
622
,
GO
,
2019
A
,
3
%
,
2/01/42
............................................
4,975,000
3,904,084
GO
,
2019
A
,
3
%
,
2/01/46
............................................
22,965,000
17,404,429
Northern
Municipal
Power
Agency
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/41
.......
800,000
803,124
Osseo
Independent
School
District
No.
279
,
GO
,
2024
A
,
4
%
,
2/01/43
............
4,920,000
4,652,810
b
Prior
Lake-Savage
Independent
School
District
No.
719
,
GO
,
2018
B
,
3.5
%,
2/01/27
..........................................
8,545,000
8,067,136
GO
,
2018
B
,
3.46
%,
2/01/28
.........................................
13,055,000
11,921,410
GO
,
2018
B
,
3.99
%,
2/01/30
.........................................
9,010,000
7,502,930
GO
,
2018
B
,
4.12
%,
2/01/31
.........................................
5,310,000
4,223,781
Red
Rock
Central
Independent
School
District
No.
2884
,
GO
,
2022
A
,
2.375
%
,
2/01/47
3,000,000
1,893,899
Redwood
Area
Schools
Independent
School
District
No.
2897
,
GO
,
2024
A
,
4
%
,
2/01/44
.........................................................
2,000,000
1,859,445
Robbinsdale
Independent
School
District
No.
281
,
GO
,
2024
A
,
4
%
,
2/01/43
............................................
500,000
477,588
GO
,
2024
A
,
4
%
,
2/01/44
............................................
450,000
427,145
GO
,
2024
A
,
4
%
,
2/01/45
............................................
415,000
391,963
Rosemount-Apple
Valley-Eagan
Independent
School
District
No.
196
,
GO
,
2023
A
,
4
%
,
2/01/44
.........................................................
2,000,000
1,862,191
Roseville
Independent
School
District
No.
623
,
GO
,
2018
A
,
4
%
,
2/01/35
............................................
4,900,000
4,924,606
GO
,
2018
A
,
4
%
,
2/01/37
............................................
5,000,000
5,007,610
b
Sartell-St.
Stephen
Independent
School
District
No.
748
,
GO
,
2016
B
,
4.82
%,
2/01/36
.........................................
3,000,000
1,815,064
GO
,
2016
B
,
4.94
%,
2/01/37
.........................................
2,820,000
1,606,646
GO
,
2016
B
,
5.08
%,
2/01/38
.........................................
5,220,000
2,785,197
GO
,
2016
B
,
5.2
%,
2/01/39
..........................................
3,020,000
1,509,683
Sauk
Centre
Public
Utilities
Commission
,
Electric
,
Revenue
,
2024
A
,
AGMC
Insured
,
4.25
%
,
12/01/44
..................
395,000
369,057
Electric
,
Revenue
,
2024
A
,
AGMC
Insured
,
4.5
%
,
12/01/53
...................
335,000
310,119
a
Scott
County
Community
Development
Agency
,
Spero
BP
Senior
LLC
,
Revenue,
Senior
Lien
,
144A,
2022
A
,
5.25
%
,
8/01/37
...............................
8,000,000
7,825,146
Southern
Minnesota
Municipal
Power
Agency
,
b
Revenue
,
1994
A
,
NATL
Insured
,
3.71
%,
1/01/26
..........................
5,395,000
5,279,676
b
Revenue
,
1994
A
,
NATL
Insured
,
3.74
%,
1/01/27
..........................
6,600,000
6,226,344
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/41
...............................
2,085,000
2,100,393
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/46
...............................
7,260,000
7,301,950
Revenue
,
2017
A
,
5
%
,
1/01/47
........................................
1,315,000
1,320,454
St.
Cloud
Independent
School
District
No.
742
,
COP
,
2017
A
,
4
%
,
2/01/38
.........
1,000,000
977,667
St.
Francis
Independent
School
District
No.
15
,
GO
,
2018
A
,
3.5
%
,
2/01/41
........
3,350,000
2,859,679
St.
Paul
Port
Authority
,
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2021-1
,
Refunding
,
3
%
,
10/01/34
300,000
272,316
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2023-3
,
4.75
%
,
10/01/43
.....
1,000,000
960,574
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2023-4
,
5.25
%
,
10/01/42
.....
1,000,000
992,037
State
of
Minnesota
,
GO
,
2023
B
,
4
%
,
8/01/43
..............................
4,745,000
4,553,193
Stearns
County
Housing
&
Redevelopment
Authority
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
2/01/61
......................................................
1,105,000
717,744
University
of
Minnesota
,
Revenue
,
2017
A
,
5
%
,
9/01/40
........................................
1,240,000
1,260,971
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)
University
of
Minnesota,
(continued)
Revenue
,
2017
A
,
5
%
,
9/01/41
........................................
$
3,000,000
$
3,044,190
Revenue
,
2019
A
,
5
%
,
4/01/39
........................................
3,055,000
3,157,848
Revenue
,
2019
A
,
5
%
,
4/01/40
........................................
2,110,000
2,172,355
Revenue
,
2019
A
,
5
%
,
4/01/41
........................................
6,045,000
6,199,192
Revenue
,
2019
A
,
5
%
,
4/01/44
........................................
2,000,000
2,036,163
Revenue
,
2020
A
,
5
%
,
11/01/39
.......................................
2,000,000
2,088,921
Revenue
,
2020
A
,
5
%
,
11/01/42
.......................................
1,230,000
1,271,009
Waconia
Independent
School
District
No.
110
,
GO
,
2025
A
,
Refunding
,
4
%
,
2/01/41
.
1,270,000
1,221,219
b
Watertown-Mayer
Independent
School
District
No.
111
,
GO
,
2020
A
,
4.38
%,
2/01/33
..........................................
2,470,000
1,778,031
GO
,
2020
A
,
4.5
%,
2/01/34
...........................................
2,470,000
1,685,609
GO
,
2020
A
,
4.88
%,
2/01/37
..........................................
2,470,000
1,416,887
West
St.
Paul-Mendota
Heights-Eagan
Independent
School
District
No.
197
,
GO
,
2018
A
,
4
%
,
2/01/34
....................................................
2,655,000
2,675,639
Western
Minnesota
Municipal
Power
Agency
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/35
...............................
3,000,000
3,030,262
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/36
...............................
2,035,000
2,054,941
Revenue
,
2018
A
,
5
%
,
1/01/49
........................................
5,000,000
5,039,595
Zumbro
Education
District
,
COP
,
2021
A
,
4
%
,
2/01/32
...........................................
200,000
193,877
COP
,
2021
A
,
4
%
,
2/01/33
...........................................
150,000
143,996
COP
,
2021
A
,
4
%
,
2/01/34
...........................................
125,000
118,661
COP
,
2021
A
,
2.125
%
,
2/01/35
........................................
325,000
250,664
COP
,
2021
A
,
4
%
,
2/01/38
...........................................
390,000
349,558
COP
,
2021
A
,
4
%
,
2/01/41
...........................................
635,000
533,347
582,911,547
South
Carolina
1.0%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
2,100,000
1,758,223
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
2,100,000
1,758,222
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,500,000
2,789,623
6,306,068
Texas
0.5%
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
4,000,000
2,932,075
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
1,732,621
Wisconsin
0.2%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
2,100,000
1,635,034
Total
Municipal
Bonds
(Cost
$
645,985,019
)
.....................................
602,170,609
a
a
a
a
Short
Term
Investments
1.7%
Municipal
Bonds
1.7%
Minnesota
1.7%
d
City
of
Minneapolis
,
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
C
,
Refunding
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3
%
,
11/15/48
........
4,600,000
4,600,000
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
See
Abbreviations
on
page
200
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Minnesota
(continued)
d
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2025
D
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
2.7
%
,
11/15/64
.............................................
$
5,900,000
$
5,900,000
10,500,000
Total
Municipal
Bonds
(Cost
$
10,500,000
)
......................................
10,500,000
Total
Short
Term
Investments
(Cost
$
10,500,000
)
................................
10,500,000
a
Total
Investments
(Cost
$
656,485,019
)
98.8
%
...................................
$612,670,609
Other
Assets,
less
Liabilities
1.2
%
.............................................
7,169,477
Net
Assets
100.0%
...........................................................
$619,840,086
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2025,
the
aggregate
value
of
these
securities
was
$36,006,145,
representing
5.8%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Missouri
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
144
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.5%
Florida
1.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
$
5,544,000
$
4,730,576
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
850,000
554,428
a
,b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
6,200,000
5,103,420
10,388,424
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
2,634,402
Missouri
90.9%
Affton
School
District
No.
101
,
GO
,
2017
A
,
Refunding
,
5
%
,
3/01/34
...................................
1,700,000
1,745,544
GO
,
2017
A
,
Refunding
,
5
%
,
3/01/35
...................................
1,810,000
1,854,790
GO
,
2017
A
,
5
%
,
3/01/36
............................................
300,000
306,908
GO
,
2017
A
,
Pre-Refunded
,
5
%
,
3/01/36
................................
1,620,000
1,676,963
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
10/01/44
......................................
4,500,000
4,005,785
Cape
Girardeau
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2021
,
4
%
,
3/01/41
..............................
3,010,000
2,809,691
Mercy
Health
,
Revenue
,
2021
,
3
%
,
3/01/46
..............................
3,000,000
2,199,458
Mercy
Health
,
Revenue
,
2021
,
4
%
,
3/01/46
..............................
3,500,000
3,102,304
Procter
&
Gamble
Co.
(The)
,
Revenue
,
1998
,
5.3
%
,
5/15/28
..................
6,875,000
6,888,620
St.
Francis
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/39
..........
7,110,000
7,115,977
City
of
Harrisonville
,
COP
,
2023
A
,
Refunding
,
4.375
%
,
3/01/43
...............................
1,000,000
957,800
COP
,
2023
A
,
Refunding
,
4.5
%
,
3/01/48
.................................
2,000,000
1,874,576
COP
,
2023
A
,
Refunding
,
4.625
%
,
3/01/53
...............................
2,000,000
1,854,058
City
of
Kansas
City
,
GO
,
2024
A
,
4
%
,
2/01/44
............................................
1,700,000
1,547,676
Sanitary
Sewer
System
,
Revenue
,
2018
A
,
4
%
,
1/01/35
.....................
1,500,000
1,507,672
Sanitary
Sewer
System
,
Revenue
,
2023
A
,
4
%
,
1/01/48
.....................
5,000,000
4,445,934
Sanitary
Sewer
System
,
Revenue
,
2024
A
,
4
%
,
1/01/49
.....................
3,500,000
3,062,588
Water
,
Revenue
,
2017
A
,
4
%
,
12/01/41
.................................
4,970,000
4,603,746
Water
,
Revenue
,
2023
A
,
4
%
,
12/01/47
.................................
2,120,000
1,897,623
City
of
Kirkwood
,
COP
,
2024
A
,
4.25
%
,
4/01/50
.........................................
535,000
479,654
COP
,
2024
A
,
4.25
%
,
4/01/54
.........................................
1,700,000
1,496,354
City
of
Marshfield
,
Waterworks
&
Sewer
System
,
Revenue
,
2020
B
,
AGMC
Insured
,
5
%
,
2/01/47
......................................................
1,775,000
1,782,005
City
of
Republic
,
Revenue
,
2022
,
3
%
,
5/01/47
.........................................
5,000,000
3,664,129
Revenue
,
2023
,
4.5
%
,
5/01/41
........................................
1,000,000
966,505
Revenue
,
2023
,
4.5
%
,
5/01/44
........................................
1,000,000
945,523
City
of
Springfield
,
Revenue
,
2023
,
4.375
%
,
11/01/42
.....................................
500,000
486,959
Public
Utility
,
COP
,
2025
,
4
%
,
11/01/47
..................................
20,000,000
17,654,972
City
of
St.
Charles
,
COP
,
2020
B
,
Refunding
,
3
%
,
2/01/39
.....................
1,000,000
828,777
City
of
St.
Louis
,
Airport
,
Revenue
,
2005
,
Refunding
,
NATL
Insured
,
5.5
%
,
7/01/29
..............
13,070,000
14,290,653
Airport
,
Revenue
,
2017
A
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/25
.............
5,000,000
5,007,289
Airport
,
Revenue
,
2017
D
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/35
.............
1,000,000
1,008,321
Airport
,
Revenue
,
2017
D
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/36
.............
2,125,000
2,138,074
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
145
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
City
of
St.
Louis,
(continued)
Airport
,
Revenue
,
2019
C
,
Refunding
,
5
%
,
7/01/27
.........................
$
1,705,000
$
1,766,570
Airport
,
Revenue
,
2024
A
,
AGMC
Insured
,
5.25
%
,
7/01/49
...................
6,480,000
6,743,036
City
of
University
City
,
COP
,
2024
,
5
%
,
4/01/49
.............................
1,205,000
1,221,991
Clay
County
Reorganized
School
District
No.
R-1
,
GO
,
2017
,
3
%
,
3/01/36
.............................................
1,540,000
1,377,815
GO
,
2017
,
3.125
%
,
3/01/37
..........................................
1,855,000
1,651,158
Community
College
District
of
Central
Southwest
Missouri
,
COP
,
2021
,
3
%
,
3/01/40
.............................................
575,000
467,086
COP
,
2021
,
3
%
,
3/01/41
.............................................
400,000
319,237
County
of
Jackson
,
Revenue
,
2023
A
,
4.25
%
,
12/01/53
....................................
2,660,000
2,376,737
Revenue
,
2023
A
,
5.25
%
,
12/01/58
....................................
2,500,000
2,556,136
Curators
of
the
University
of
Missouri
(The)
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/01/34
2,500,000
2,847,084
Ferguson
Reorganized
School
District
No.
R-2
,
GO
,
2018
,
4
%
,
5/01/32
.............................................
1,000,000
1,004,863
GO
,
2018
,
5
%
,
5/01/38
.............................................
2,250,000
2,282,320
Hannibal
Board
of
Public
Works
,
COP
,
2022
,
3.625
%
,
4/01/44
.........................................
1,000,000
825,603
COP
,
2022
,
3.75
%
,
4/01/47
..........................................
1,000,000
823,954
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Bethesda
Health
Group,
Inc.
Obligated
Group
,
Revenue
,
2015
,
5
%
,
8/01/40
......
1,650,000
1,592,494
Bethesda
Health
Group,
Inc.
Obligated
Group
,
Revenue
,
2015
,
5
%
,
8/01/45
......
1,300,000
1,210,208
BJC
Healthcare
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/34
......
4,030,000
4,063,588
BJC
Healthcare
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/43
....
2,000,000
2,017,176
BJC
Healthcare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
7/01/51
.....
13,000,000
9,150,649
BJC
Healthcare
Obligated
Group
,
Revenue
,
2025
A
,
4.25
%
,
4/01/55
...........
5,000,000
4,363,487
CoxHealth
Obligated
Group
,
Revenue
,
2013
A
,
5
%
,
11/15/44
.................
2,760,000
2,679,498
CoxHealth
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/33
........
3,200,000
3,212,692
CoxHealth
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/15/44
.................
5,000,000
4,538,613
Kansas
City
University
,
Revenue
,
2017
A
,
5
%
,
6/01/42
......................
2,800,000
2,814,625
Kansas
City
University
,
Revenue
,
2017
A
,
5
%
,
6/01/47
......................
4,875,000
4,851,532
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/40
........................................................
2,060,000
1,521,968
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/41
........................................................
2,120,000
1,524,941
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/46
........................................................
5,590,000
3,694,407
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/46
.......
4,000,000
3,721,113
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
2/01/46
........................................................
11,575,000
10,754,561
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
2/01/34
.......
2,000,000
2,035,986
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
2/01/42
.......
1,750,000
1,737,014
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
C
,
Refunding
,
4
%
,
2/01/33
........................................................
1,730,000
1,692,786
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2021
,
4
%
,
2/01/30
........
2,035,000
2,021,963
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2021
,
4
%
,
2/01/42
........
9,900,000
8,590,147
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
2/01/44
........................................................
1,050,000
1,055,134
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
2/01/54
........................................................
1,750,000
1,687,541
Maryville
University
of
St.
Louis
,
Revenue
,
2015
,
5
%
,
6/15/44
.................
5,000,000
4,629,202
Maryville
University
of
St.
Louis
,
Revenue
,
2019
A
,
5
%
,
6/15/45
...............
4,000,000
3,692,836
Maryville
University
of
St.
Louis
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/15/34
......
4,345,000
4,094,105
Maryville
University
of
St.
Louis
,
Revenue
,
2022
A
,
Refunding
,
3.125
%
,
6/15/38
...
2,300,000
1,833,883
Maryville
University
of
St.
Louis
,
Revenue
,
2022
A
,
Refunding
,
3.375
%
,
6/15/45
...
1,000,000
712,536
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
146
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)
c
Maryville
University
of
St.
Louis
,
Revenue
,
2025
A
,
5.25
%
,
6/15/35
.............
$
2,610,000
$
2,730,212
c
Maryville
University
of
St.
Louis
,
Revenue
,
2025
A
,
5
%
,
6/15/40
...............
1,935,000
1,889,763
c
Maryville
University
of
St.
Louis
,
Revenue
,
2025
A
,
5.5
%
,
6/15/47
..............
3,000,000
2,926,490
Mercy
Health
,
Revenue
,
2012
,
4
%
,
11/15/42
.............................
8,000,000
7,152,474
Mercy
Health
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
11/15/42
...................
9,720,000
9,709,536
Mercy
Health
,
Revenue
,
2017
C
,
Refunding
,
4
%
,
11/15/47
...................
10,000,000
8,470,523
Mercy
Health
,
Revenue
,
2020
,
4
%
,
6/01/53
..............................
2,000,000
1,640,377
Mercy
Health
,
Revenue
,
2023
,
5
%
,
12/01/52
.............................
18,000,000
17,567,732
Mosaic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/15/54
4,000,000
3,392,738
SSM
Health
Care
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
6/01/48
............
13,500,000
13,155,785
SSM
Health
Care
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
6/01/52
............
5,000,000
4,971,632
St.
Louis
University
,
Revenue
,
2017
A
,
5
%
,
10/01/42
.......................
9,200,000
9,276,220
St.
Louis
University
,
Revenue
,
2017
A
,
5
%
,
10/01/47
.......................
11,490,000
11,532,780
Howard
Bend
Levee
District
,
Special
Tax
,
2021
,
2.75
%
,
3/01/31
.....................................
400,000
355,968
Special
Tax
,
2021
,
3
%
,
3/01/36
.......................................
500,000
402,571
Special
Tax
,
2021
,
3.125
%
,
3/01/41
....................................
1,000,000
747,471
Special
Tax
,
2022
,
3.375
%
,
3/01/32
....................................
75,000
68,005
Special
Tax
,
2022
,
3.5
%
,
3/01/37
......................................
175,000
145,679
Special
Tax
,
2022
,
3.625
%
,
3/01/42
....................................
200,000
156,591
Jefferson
City
School
District
,
GO
,
2018
,
5
%
,
3/01/38
........................
2,070,000
2,107,268
Jefferson
County
School
District
No.
R-VI
,
Festus
,
COP
,
2021
B
,
3
%
,
4/01/42
.....................................
500,000
386,899
Festus
,
COP
,
2021
B
,
3
%
,
4/01/44
.....................................
1,500,000
1,120,626
Festus
,
COP
,
2021
B
,
2.375
%
,
4/01/46
..................................
2,000,000
1,241,110
Joplin
Industrial
Development
Authority
,
Freeman
Health
System
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
4
%
,
2/15/43
510,000
450,630
Freeman
Health
System
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
4
%
,
2/15/44
380,000
334,223
Kansas
City
Industrial
Development
Authority
,
Revenue
,
2011
A
,
Refunding
,
5.5
%
,
9/01/29
..............................
5,000,000
5,018,763
Revenue
,
2011
A
,
Refunding
,
5.5
%
,
9/01/30
..............................
12,000,000
12,045,031
Revenue
,
2011
A
,
Refunding
,
5
%
,
9/01/32
...............................
3,000,000
3,010,095
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/46
...................
30,680,000
30,210,492
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
AGMC
Insured
,
5
%
,
3/01/49
.......
8,000,000
7,905,989
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/54
...................
5,090,000
4,989,080
City
of
Kansas
City
Airport
,
Revenue
,
2020
A
,
AGMC
Insured
,
4
%
,
3/01/57
.......
5,000,000
4,076,347
Lebanon
Reorganized
School
District
No.
R-3
,
GO
,
2024
,
4
%
,
3/01/44
...........
4,000,000
3,662,733
Metropolitan
St.
Louis
Sewer
District
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
5/01/46
...............................
24,700,000
25,087,889
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/01/47
...............................
15,000,000
15,170,407
Missouri
Development
Finance
Board
,
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/30
...............
930,000
955,217
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
3
%
,
3/01/46
...............
2,640,000
1,733,283
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/51
...............
9,445,000
7,273,434
City
of
Independence
,
Revenue
,
2025
A
,
AGMC
Insured
,
5
%
,
12/01/54
.........
1,225,000
1,214,206
Procter
&
Gamble
Co.
(The)
,
Revenue
,
1999
,
5.2
%
,
3/15/29
..................
3,000,000
3,160,750
Zoological
Subdistrict
of
the
Metropolitan
Zoo
Park
&
Museum
District
of
St.
Louis
,
Revenue
,
2022
,
5.25
%
,
5/01/55
.....................................
2,500,000
2,518,245
Missouri
Housing
Development
Commission
,
Revenue
,
2018
B
,
GNMA
Insured
,
4
%
,
11/01/38
...........................
785,000
737,304
Revenue
,
2020
C
,
GNMA
Insured
,
2.4
%
,
11/01/45
.........................
2,010,000
1,327,406
Revenue
,
2020
D
,
GNMA
Insured
,
2.55
%
,
11/01/50
........................
2,715,000
1,664,327
Revenue
,
2021
B
,
GNMA
Insured
,
2.3
%
,
11/01/51
.........................
7,220,000
4,046,560
Revenue
,
2022
A
,
GNMA
Insured
,
3.125
%
,
11/01/42
.......................
3,425,000
2,746,908
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
147
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Missouri
Housing
Development
Commission,
(continued)
Revenue
,
2022
C
,
GNMA
Insured
,
4.3
%
,
11/01/47
.........................
$
1,915,000
$
1,716,601
Revenue
,
2022
C
,
GNMA
Insured
,
4.35
%
,
11/01/52
........................
2,390,000
2,085,841
Revenue
,
2024
G
,
GNMA
Insured
,
4.5
%
,
11/01/54
.........................
3,725,000
3,470,587
Missouri
Joint
Municipal
Electric
Utility
Commission
,
MoPEP
1
Pool
Fund
,
Revenue
,
2018
,
5
%
,
12/01/43
................................................
2,000,000
2,005,374
Move
Rolla
Transportation
Development
District
,
Revenue
,
2017
,
4.75
%
,
6/01/47
...
5,050,000
4,675,452
Poplar
Bluff
Regional
Transportation
Development
District
,
Sales
Tax
,
Revenue
,
2023
B
,
Refunding
,
3.375
%
,
12/01/31
..................
1,725,000
1,642,011
Sales
Tax
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
12/01/37
......................
2,600,000
2,400,197
Republic
School
District
No.
R-3
,
GO
,
2023
,
4
%
,
3/01/43
......................
1,470,000
1,359,327
Riverside-Quindaro
Bend
Levee
District
of
Platte
County
,
Special
Assessment
,
2017
,
Refunding
,
5
%
,
3/01/29
.............................................
2,585,000
2,611,367
Springfield
School
District
No.
R-12
,
GO
,
2023
,
4
%
,
3/01/43
...................
2,000,000
1,865,176
St.
Charles
County
Public
Water
Supply
District
No.
2
,
COP
,
2022
,
4
%
,
12/01/44
....
5,000,000
4,518,436
St.
Charles
County
School
District
No.
R-IV
Wentzville
,
GO
,
2018
,
Refunding
,
4
%
,
3/01/38
.........................................................
15,400,000
15,254,869
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2013
A
,
5.875
%
,
9/01/43
..
7,000,000
6,999,791
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/48
........................................................
7,095,000
6,504,047
St.
Louis
Land
Clearance
for
Redevelopment
Authority
,
Revenue
,
2021
,
2.25
%
,
7/15/41
.......................................
3,845,000
2,708,035
Revenue
,
2021
A
,
Refunding
,
2.125
%
,
4/01/39
............................
5,635,000
4,174,296
City
of
St.
Louis
,
Revenue
,
2022
C
,
5
%
,
6/01/36
...........................
2,025,000
2,040,610
City
of
St.
Louis
,
Revenue
,
2022
C
,
5
%
,
6/01/41
...........................
2,000,000
1,920,894
City
of
St.
Louis
,
Revenue
,
2022
C
,
5.125
%
,
6/01/46
.......................
2,600,000
2,445,566
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/45
...............
5,685,000
5,706,608
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/49
...............
2,175,000
2,143,678
St.
Louis
Municipal
Library
District
,
COP
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
3/15/48
2,800,000
2,454,653
St.
Louis
School
District
,
GO
,
2023
,
AGMC
Insured
,
4
%
,
4/01/43
................
7,000,000
6,585,788
Strafford
Reorganized
School
District
No.
R-VI
,
GO
,
2023
,
4
%
,
3/01/43
...........
4,000,000
3,651,386
Waynesville
R-VI
School
District
,
COP
,
2025
,
4.625
%
,
4/15/50
.................
10,000,000
9,335,181
566,728,743
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
1,414,161
South
Carolina
0.9%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,900,000
1,590,773
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,900,000
1,590,773
a,b
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
1.357
%,
6/01/52
..
3,200,000
2,280,432
5,461,978
Texas
0.7%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,802,832
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
2.5
%
,
9/01/41
...............................
525,000
354,940
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,200,000
2,345,660
4,503,432
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)
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
$
1,567,610
Wisconsin
1.1%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,900,000
1,479,316
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
1,500,000
1,411,187
b
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
4,825,000
2,815,455
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,500,000
1,474,630
7,180,588
U.S.
Territories
2.3%
Guam
0.9%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
5,790,000
5,545,186
Puerto
Rico
1.4%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,750,000
1,728,430
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
1,404,000
1,285,776
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
6,000,000
5,637,334
8,651,540
Total
U.S.
Territories
....................................................................
14,196,726
Total
Municipal
Bonds
(Cost
$
660,863,321
)
.....................................
614,076,064
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
$
660,863,321
)
...............................
614,266,666
a
a
a
a
a
Short
Term
Investments
1.4%
Principal
Amount
Municipal
Bonds
1.4%
Missouri
1.4%
f
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
SSM
Health
Care
Obligated
Group
,
Revenue
,
2014
F
,
Daily
VRDN
and
Put
,
3.05
%
,
6/01/44
........................................................
5,700,000
5,700,000
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
See
Abbreviations
on
page
200
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Missouri
(continued)
f
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri,
(continued)
Washington
University
(The)
,
Revenue
,
2000
C
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
3/01/40
...............................................
$
3,200,000
$
3,200,000
8,900,000
Total
Municipal
Bonds
(Cost
$
8,900,000
)
.......................................
8,900,000
Total
Short
Term
Investments
(Cost
$
8,900,000
)
.................................
8,900,000
a
Total
Investments
(Cost
$
669,763,321
)
99.9
%
...................................
$623,166,666
Other
Assets,
less
Liabilities
0.1
%
.............................................
592,421
Net
Assets
100.0%
...........................................................
$623,759,087
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2025,
the
aggregate
value
of
these
securities
was
$24,671,474,
representing
4.0%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
d
Non-income
producing.
e
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
f
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
New
Jersey
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
150
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
$
1,604,310
Total
Corporate
Bonds
(Cost
$
1,600,000
)
.......................................
1,604,310
Municipal
Bonds
95.8%
California
0.1%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,300,000
1,087,768
Delaware
2.0%
Delaware
River
&
Bay
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/44
.................................
12,500,000
11,332,751
Revenue
,
2021
,
4
%
,
1/01/46
.........................................
1,750,000
1,576,836
Revenue
,
2024
A
,
5
%
,
1/01/49
........................................
1,335,000
1,377,689
14,287,276
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
3,870,471
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
850,000
554,428
b,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
5,450,000
4,486,071
b
,d
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
5.5
%
,
5/01/52
....................................................
3,650,000
3,288,650
12,199,620
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
2,148,051
New
Jersey
78.8%
Atlantic
County
Improvement
Authority
(The)
,
Stockton
University
,
Revenue
,
2021
A
,
AGMC
Insured
,
4
%
,
7/01/47
..........................................
1,500,000
1,302,993
Camden
County
Improvement
Authority
(The)
,
b
Camden
Prep,
Inc.
,
Revenue
,
144A,
2022
,
5
%
,
7/15/32
.....................
250,000
260,116
b
Camden
Prep,
Inc.
,
Revenue
,
144A,
2022
,
5
%
,
7/15/52
.....................
3,000,000
2,810,274
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/47
..........
1,700,000
1,761,649
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/52
..........
2,100,000
2,163,731
Casino
Reinvestment
Development
Authority,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
4
%
,
11/01/44
..................
1,350,000
1,186,113
Revenue
,
2024
B
,
AGMC
Insured
,
5
%
,
11/01/42
...........................
1,200,000
1,236,987
Revenue
,
2024
B
,
AGMC
Insured
,
5
%
,
11/01/43
...........................
825,000
847,822
Revenue
,
2024
B
,
AGMC
Insured
,
5
%
,
11/01/44
...........................
950,000
973,606
City
of
Newark
,
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AGMC
Insured
,
5
%
,
11/15/42
.........
1,000,000
1,055,967
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AGMC
Insured
,
5.375
%
,
11/15/52
.....
1,500,000
1,586,759
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AGMC
Insured
,
6
%
,
11/15/62
.........
1,000,000
1,095,823
Cumberland
County
Improvement
Authority
(The)
,
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/36
............
955,000
983,527
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/37
............
1,000,000
1,026,106
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/38
............
1,020,000
1,043,594
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/39
............
1,070,000
1,091,405
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/44
............
5,725,000
5,781,273
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
151
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
Essex
County
Improvement
Authority
,
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/38
........................................................
$
1,645,000
$
1,544,817
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/51
........................................................
2,700,000
2,241,987
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/56
........................................................
4,925,000
3,991,310
b
North
Star
Academy
Charter
School
of
Newark,
Inc.
,
Revenue
,
144A,
2024
A
,
Refunding
,
5
%
,
7/15/40
............................................
375,000
377,744
b
North
Star
Academy
Charter
School
of
Newark,
Inc.
,
Revenue
,
144A,
2024
A
,
Refunding
,
5
%
,
7/15/54
............................................
500,000
476,973
Gloucester
County
Improvement
Authority
(The)
,
Rowan
University
,
Revenue
,
2015
C
,
5
%
,
7/01/44
.........................
3,500,000
3,499,923
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/37
...........................
750,000
754,657
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/38
...........................
700,000
699,946
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/39
...........................
600,000
593,653
Rowan
University
,
Revenue
,
2019
,
5
%
,
7/01/44
...........................
4,925,000
5,014,942
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/48
...........................
5,250,000
4,732,317
Rowan
University
,
Revenue
,
2024
,
BAM
Insured
,
5
%
,
7/01/54
................
5,000,000
5,049,165
Hudson
County
Improvement
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/40
.................................
1,000,000
951,129
County
of
Hudson
,
Revenue
,
2016
,
5.25
%
,
5/01/51
........................
6,000,000
6,010,683
Jersey
City
Municipal
Utilities
Authority
,
Sewer
Fund
,
Revenue
,
2025
E
,
BAM
Insured
,
5.75
%
,
10/15/55
...............
1,350,000
1,476,415
Water
Fund
,
Revenue
,
2024
C
,
AGMC
Insured
,
5.25
%
,
10/15/54
..............
1,500,000
1,554,706
Middlesex
County
Improvement
Authority
,
Rutgers
The
State
University
of
New
Jersey
,
Revenue
,
2023
A
,
5
%
,
8/15/53
........................................
1,050,000
1,075,269
Monmouth
County
Improvement
Authority
(The)
,
Little
Silver
School
District
,
Revenue
,
2022
C
,
5
%
,
8/15/39
...............................................
1,045,000
1,126,455
New
Brunswick
Parking
Authority
,
Revenue
,
2016
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/39
.........................................................
5,000,000
5,040,916
New
Jersey
Economic
Development
Authority
,
Middlesex
Water
Co.
,
Revenue
,
2019
,
4
%
,
8/01/59
........................
6,200,000
4,980,963
Middlesex
Water
Co.
,
Revenue
,
2019
,
5
%
,
8/01/59
........................
7,245,000
7,055,387
Port
Newark
Container
Terminal
LLC
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/47
...
13,625,000
12,981,735
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/32
..........
640,000
642,177
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/37
..........
600,000
583,837
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..........
1,500,000
1,372,750
Provident
Group-Montclair
Properties
LLC
,
Revenue
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/42
..............................................
6,000,000
6,001,961
Provident
Group-Rowan
Properties
LLC
,
Revenue
,
A
,
5
%
,
1/01/48
.............
7,000,000
6,339,739
State
of
New
Jersey
,
Revenue
,
2005
N-1
,
Refunding
,
NATL
Insured
,
5.5
%
,
9/01/27
8,660,000
9,123,157
State
of
New
Jersey
,
Revenue
,
2015
WW
,
Pre-Refunded
,
5
%
,
6/15/37
..........
4,760,000
4,763,365
State
of
New
Jersey
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/39
.....................
2,500,000
2,317,511
State
of
New
Jersey
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/46
.....................
1,250,000
1,088,570
State
of
New
Jersey
,
Revenue
,
2022
A
,
5
%
,
11/01/52
.......................
5,000,000
5,030,228
New
Jersey
Educational
Facilities
Authority
,
Kean
University
,
Revenue
,
2015
H
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/34
......
2,205,000
2,207,004
Kean
University
,
Revenue
,
2015
H
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/35
......
5,000,000
5,004,273
Kean
University
,
Revenue
,
2017
D
,
Refunding
,
BAM
Insured
,
4
%
,
9/01/38
.......
1,150,000
1,113,633
Montclair
State
University,
Inc.
,
Revenue
,
2015
D
,
Refunding
,
5
%
,
7/01/35
.......
2,245,000
2,246,232
Montclair
State
University,
Inc.
,
Revenue
,
2015
D
,
Refunding
,
5
%
,
7/01/36
.......
1,210,000
1,210,547
Montclair
State
University,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/40
........................................................
1,000,000
1,064,877
Montclair
State
University,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/43
........................................................
1,000,000
1,037,772
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
152
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Educational
Facilities
Authority,
(continued)
Ramapo
College
of
New
Jersey
,
Revenue
,
2017
A
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/35
........................................................
$
3,955,000
$
4,057,322
Seton
Hall
University
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
7/01/34
..............
400,000
400,153
Seton
Hall
University
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
7/01/37
..............
1,300,000
1,300,142
Seton
Hall
University
,
Revenue
,
2017
D
,
Refunding
,
5
%
,
7/01/42
..............
3,945,000
3,872,642
Seton
Hall
University
,
Revenue
,
2020
C
,
AGMC
Insured
,
3.25
%
,
7/01/49
........
1,150,000
878,257
Seton
Hall
University
,
Revenue
,
2020
C
,
AGMC
Insured
,
4
%
,
7/01/50
...........
1,850,000
1,625,542
State
of
New
Jersey
,
Revenue
,
2023
A
,
4.625
%
,
9/01/48
....................
2,000,000
1,978,189
State
of
New
Jersey
,
Revenue
,
2023
A
,
5.25
%
,
9/01/53
.....................
2,000,000
2,052,192
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
1998-1
,
ETM,
5
%
,
7/01/28
........................................................
330,000
339,788
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/36
........................................................
1,600,000
1,628,570
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/42
........................................................
9,310,000
9,351,107
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
........................................................
4,085,000
4,081,362
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2020
A
,
5
%
,
7/01/45
.
4,000,000
4,023,950
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2020
A
,
4
%
,
7/01/50
.
11,640,000
9,868,357
Trustees
of
Princeton
University
(The)
,
Revenue
,
2024
B
,
4
%
,
3/01/53
..........
5,000,000
4,501,388
Trustees
of
Princeton
University
(The)
,
Revenue
,
2024
B
,
5.25
%
,
3/01/54
........
13,500,000
14,066,607
New
Jersey
Health
Care
Facilities
Financing
Authority
,
AHS
Hospital
Corp.
,
Revenue
,
2008
A
,
5
%
,
7/01/27
........................
135,000
135,096
AHS
Hospital
Corp.
,
Revenue
,
2016
,
Refunding
,
4
%
,
7/01/41
.................
10,000,000
9,247,599
AtlantiCare
Health
System
Obligated
Group
,
Revenue
,
2021
,
4
%
,
7/01/37
.......
750,000
741,939
AtlantiCare
Health
System
Obligated
Group
,
Revenue
,
2021
,
3
%
,
7/01/46
.......
1,000,000
734,602
Hackensack
Meridian
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/39
........................................................
11,000,000
11,080,983
Inspira
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
......
18,500,000
18,374,707
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/42
...............
7,000,000
6,982,814
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
4
%
,
7/01/47
...............
8,700,000
7,620,029
Inspira
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
7/01/54
....
6,000,000
6,085,297
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/43
10,000,000
9,918,187
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
7/01/54
........................................................
5,115,000
5,308,442
St.
Joseph's
Healthcare
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/41
........................................................
5,850,000
5,829,532
State
of
New
Jersey
,
Revenue
,
2024
,
Refunding
,
5
%
,
9/15/27
................
2,000,000
2,085,875
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/35
...........
1,000,000
1,005,709
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/37
...........
3,950,000
3,878,446
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/38
...........
2,200,000
2,112,831
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/44
...........
12,000,000
10,706,270
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue
,
2019
B
,
Refunding
,
3.25
%
,
12/01/39
............................
2,930,000
2,735,278
Revenue
,
2020
C
,
Refunding
,
4.25
%
,
12/01/50
...........................
1,750,000
1,456,202
Revenue
,
2021
B
,
Refunding
,
5
%
,
12/01/29
..............................
2,830,000
2,963,915
Revenue
,
2023
C
,
5
%
,
12/01/53
.......................................
3,125,000
2,824,365
Revenue
,
2024
C
,
5.25
%
,
12/01/54
....................................
2,000,000
1,898,918
e
Revenue
,
2025
1-C
,
Refunding
,
5.5
%
,
12/01/55
...........................
1,000,000
972,158
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
3.5
%
,
12/01/39
...................
3,770,000
3,574,040
f
Revenue,
Senior
Lien
,
2025
1-A
,
Refunding
,
5
%
,
12/01/35
...................
1,500,000
1,545,743
New
Jersey
Housing
&
Mortgage
Finance
Agency
,
Revenue
,
2018
A
,
Refunding
,
3.95
%
,
11/01/43
............................
1,100,000
986,160
Revenue
,
2019
A
,
Refunding
,
3
%
,
11/01/44
..............................
510,000
390,652
Revenue
,
2019
C
,
Refunding
,
3.95
%
,
10/01/44
...........................
3,955,000
3,522,879
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
153
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Housing
&
Mortgage
Finance
Agency,
(continued)
Revenue
,
2020
E
,
Refunding
,
2.05
%
,
10/01/35
............................
$
4,005,000
$
3,150,246
Revenue
,
2020
E
,
Refunding
,
2.25
%
,
10/01/40
............................
8,020,000
5,680,479
Revenue
,
2020
E
,
Refunding
,
2.4
%
,
10/01/45
.............................
3,205,000
2,118,571
Revenue
,
2020
E
,
Refunding
,
2.45
%
,
10/01/50
............................
2,400,000
1,449,732
Montgomery
Gateway
Preservation
LP
,
Revenue
,
2025
A
,
FNMA
Insured
,
4.55
%
,
5/01/41
........................................................
4,250,000
4,227,736
New
Jersey
Infrastructure
Bank
,
Revenue
,
2024
A-W1
,
5
%
,
9/01/49
.............
2,000,000
2,084,788
New
Jersey
Institute
of
Technology
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/45
...............................
6,000,000
6,008,943
Revenue
,
2025
A
,
BAM
Insured
,
5.25
%
,
7/01/55
...........................
1,750,000
1,808,972
New
Jersey
Transportation
Trust
Fund
Authority
,
c
State
of
New
Jersey
,
Revenue
,
2006
C
,
AGMC
Insured
,
3.91
%,
12/15/33
........
10,000,000
7,205,034
c
State
of
New
Jersey
,
Revenue
,
2009
A
,
3.82
%,
12/15/32
....................
10,000,000
7,539,206
c
State
of
New
Jersey
,
Revenue
,
2009
A
,
4.31
%,
12/15/36
....................
500,000
305,818
c
State
of
New
Jersey
,
Revenue
,
2009
A
,
BAM
Insured
,
4.58
%,
12/15/39
.........
10,000,000
5,178,583
c
State
of
New
Jersey
,
Revenue
,
2010
A
,
3.54
%,
12/15/29
....................
5,000,000
4,262,970
c
State
of
New
Jersey
,
Revenue
,
2010
A
,
4.74
%,
12/15/40
....................
4,750,000
2,291,903
State
of
New
Jersey
,
Revenue
,
2019
BB
,
4
%
,
6/15/44
......................
6,000,000
5,289,283
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/45
......................
1,500,000
1,513,367
State
of
New
Jersey
,
Revenue
,
2020
AA
,
4
%
,
6/15/50
......................
3,670,000
3,098,377
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/41
........................
2,000,000
1,834,905
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/42
......................
2,400,000
2,172,377
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/46
......................
7,325,000
6,336,021
State
of
New
Jersey
,
Revenue
,
2022
CC
,
Pre-Refunded
,
5.5
%
,
6/15/50
.........
1,250,000
1,456,639
State
of
New
Jersey
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
6/15/38
...............
4,000,000
4,200,807
State
of
New
Jersey
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
6/15/41
............
2,500,000
2,618,249
State
of
New
Jersey
,
Revenue
,
2023
BB
,
5.25
%
,
6/15/50
....................
2,000,000
2,044,190
State
of
New
Jersey
,
Revenue
,
2024
CC
,
4.125
%
,
6/15/50
...................
1,250,000
1,077,238
State
of
New
Jersey
,
Revenue
,
2024
CC
,
5.25
%
,
6/15/50
....................
9,555,000
9,799,917
New
Jersey
Turnpike
Authority
,
Revenue
,
2017
A
,
5
%
,
1/01/34
........................................
10,005,000
10,226,854
Revenue
,
2017
B
,
Refunding
,
5
%
,
1/01/40
...............................
15,245,000
15,530,524
Revenue
,
2017
G
,
Refunding
,
4
%
,
1/01/43
...............................
5,000,000
4,548,496
Revenue
,
2019
A
,
5
%
,
1/01/48
........................................
15,500,000
15,658,619
Revenue
,
2021
A
,
4
%
,
1/01/51
........................................
4,010,000
3,530,694
Revenue
,
2022
B
,
4.5
%
,
1/01/48
......................................
5,000,000
4,822,716
Revenue
,
2024
B
,
4.125
%
,
1/01/54
....................................
1,500,000
1,344,150
Revenue
,
2024
B
,
5.25
%
,
1/01/54
.....................................
2,000,000
2,062,408
f
Revenue
,
2025
A
,
5.25
%
,
1/01/55
.....................................
4,250,000
4,396,370
Newark
Board
of
Education
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/39
..........................
700,000
566,297
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/40
..........................
750,000
594,044
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/41
..........................
750,000
582,229
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/42
..........................
700,000
534,111
Newark
Housing
Authority
,
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
2017
,
Refunding
,
4
%
,
1/01/37
.............................................
19,245,000
18,725,298
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
4.25
%
,
7/01/33
........
190,000
191,234
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.25
%
,
7/01/43
........
670,000
676,439
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.375
%
,
7/01/53
.......
1,000,000
1,003,274
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.5
%
,
7/01/58
.........
1,000,000
1,007,474
Paterson
Charter
School
for
Science
and
Technology,
Inc.
,
Revenue
,
2025
,
4.125
%
,
7/01/33
........................................................
715,000
709,182
Paterson
Charter
School
for
Science
and
Technology,
Inc.
,
Revenue
,
2025
,
4.5
%
,
7/01/40
........................................................
1,000,000
956,003
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)
Passaic
County
Improvement
Authority
(The),
(continued)
Paterson
Charter
School
for
Science
and
Technology,
Inc.
,
Revenue
,
2025
,
5
%
,
7/01/44
........................................................
$
625,000
$
608,470
South
Jersey
Port
Corp.
,
Revenue
,
2017
B
,
5
%
,
1/01/48
......................
4,625,000
4,412,273
South
Jersey
Transportation
Authority
,
Revenue
,
2020
A
,
5
%
,
11/01/45
.......................................
5,750,000
5,763,885
Revenue
,
2022
A
,
4.625
%
,
11/01/47
....................................
5,000,000
4,754,855
Revenue
,
2022
A
,
5.25
%
,
11/01/52
.....................................
5,540,000
5,610,614
Revenue
,
2025
A
,
Refunding
,
BAM
Insured
,
5
%
,
11/01/39
...................
2,120,000
2,209,775
State
of
New
Jersey
,
GO
,
2020
A
,
4
%
,
6/01/31
............................................
4,500,000
4,726,469
GO
,
2020
A
,
3
%
,
6/01/32
............................................
3,400,000
3,294,456
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
6/01/46
..
17,000,000
17,070,020
Union
County
Improvement
Authority
,
Revenue
,
2024
,
4.125
%
,
4/15/54
...........
5,500,000
5,034,761
573,237,051
New
York
1.9%
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
242
,
Refunding
,
5
%
,
12/01/53
.................................
6,250,000
6,254,117
Revenue
,
244
,
Refunding
,
5
%
,
7/15/54
.................................
7,500,000
7,658,156
13,912,273
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
2,020,230
Pennsylvania
6.9%
Delaware
River
Joint
Toll
Bridge
Commission
,
Revenue
,
2017
,
5
%
,
7/01/42
........
19,500,000
19,659,570
Delaware
River
Port
Authority
,
Revenue
,
2013
,
5
%
,
1/01/37
.........................................
10,000,000
10,002,395
Revenue
,
2018
A
,
5
%
,
1/01/38
........................................
7,010,000
7,268,568
Revenue
,
2018
A
,
5
%
,
1/01/39
........................................
3,650,000
3,773,877
Revenue
,
2018
A
,
5
%
,
1/01/40
........................................
9,565,000
9,854,851
50,559,261
South
Carolina
0.5%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,500,000
1,255,874
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,500,000
1,255,873
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
797,035
3,308,782
Texas
0.5%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,802,832
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,700,000
1,979,150
3,781,982
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,400,000
1,155,081
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)
Wisconsin
0.7%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
$
1,500,000
$
1,167,881
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
3,225,000
1,881,833
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
2,000,000
1,966,173
5,015,887
U.S.
Territories
1.9%
Guam
0.3%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/43
1,000,000
1,010,513
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
850,000
814,060
Guam
Power
Authority
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/39
..............
500,000
524,528
2,349,101
Puerto
Rico
1.6%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,200,000
1,185,209
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
10,850,000
10,194,178
11,379,387
Total
U.S.
Territories
....................................................................
13,728,488
Total
Municipal
Bonds
(Cost
$
736,286,621
)
.....................................
696,441,750
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,g
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
200,660
160,528
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
160,528
Total
Long
Term
Investments
(Cost
$
737,886,621
)
...............................
698,206,588
a
a
a
a
a
Short
Term
Investments
2.4%
Principal
Amount
Municipal
Bonds
2.4%
New
Jersey
2.4%
h
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009
B
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.1
%
,
7/01/43
..................................
800,000
800,000
Virtua
Health
Obligated
Group
,
Revenue
,
2009
C
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.1
%
,
7/01/43
..................................
16,885,000
16,885,000
17,685,000
Total
Municipal
Bonds
(Cost
$
17,685,000
)
......................................
17,685,000
Total
Short
Term
Investments
(Cost
$
17,685,000
)
................................
17,685,000
a
Total
Investments
(Cost
$
755,571,621
)
98.4
%
...................................
$715,891,588
Other
Assets,
less
Liabilities
1.6
%
.............................................
11,106,561
Net
Assets
100.0%
...........................................................
$726,998,149
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
See
Abbreviations
on
page
200
.
†
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$26,625,564,
representing
3.7%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
Security
purchased
on
a
when-issued
basis.
g
Non-income
producing.
h
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
North
Carolina
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
157
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
$
1,604,309
Total
Corporate
Bonds
(Cost
$
1,600,000
)
.......................................
1,604,309
Municipal
Bonds
97.8%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,300,000
1,924,512
Florida
2.3%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
4,680,000
3,993,343
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
1,500,000
978,403
b,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
5,400,000
4,444,914
b
,d
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
5.5
%
,
5/01/52
....................................................
3,750,000
3,378,750
12,795,410
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
485,405
State
of
Illinois
,
GO
,
2016
,
5
%
,
11/01/34
.............................................
1,100,000
1,111,940
GO
,
2021
A
,
5
%
,
3/01/33
............................................
2,000,000
2,123,416
3,720,761
New
Jersey
1.0%
New
Jersey
Economic
Development
Authority
,
State
of
New
Jersey
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/41
.................................................
1,000,000
906,971
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2019
BB
,
5
%
,
6/15/44
......................
2,900,000
2,893,124
State
of
New
Jersey
,
Revenue
,
2020
AA
,
3
%
,
6/15/50
......................
500,000
350,279
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/50
......................
1,010,000
1,010,972
State
of
New
Jersey
,
Revenue
,
2020
AA
,
Pre-Refunded
,
5
%
,
6/15/50
...........
280,000
309,568
5,470,914
New
York
1.5%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
E
,
Refunding
,
4
%
,
11/15/45
..............................
1,595,000
1,374,625
Revenue
,
2021
A-1
,
4
%
,
11/15/48
.....................................
5,325,000
4,474,666
Revenue
,
2021
A-2
,
4
%
,
11/15/41
.....................................
3,000,000
2,717,865
8,567,156
North
Carolina
85.8%
Cape
Fear
Public
Utility
Authority
,
Revenue
,
2025
,
Refunding
,
5
%
,
4/01/37
.................................
275,000
304,432
Revenue
,
2025
,
Refunding
,
5
%
,
4/01/38
.................................
275,000
301,661
Revenue
,
2025
,
Refunding
,
5
%
,
4/01/39
.................................
325,000
353,227
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/15/40
.......
14,000,000
14,048,399
Atrium
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/15/36
.......
5,000,000
5,221,619
Atrium
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
1/15/43
.......
2,000,000
1,857,373
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
158
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
City
of
Charlotte
,
COP
,
2019
A
,
Refunding
,
5
%
,
6/01/44
..................................
$
8,250,000
$
8,372,178
GO
,
2023
B
,
Refunding
,
5
%
,
7/01/42
...................................
2,925,000
3,110,112
GO
,
2023
B
,
Refunding
,
5
%
,
7/01/43
...................................
2,300,000
2,434,023
Airport
,
Revenue
,
2019
B
,
4
%
,
7/01/44
..................................
5,515,000
4,935,504
Airport
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/39
.........................
5,000,000
4,899,016
Airport
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/40
.........................
9,030,000
8,774,198
Airport
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/41
.........................
2,410,000
2,309,958
Airport
,
Revenue
,
2023
A
,
5
%
,
7/01/48
..................................
4,500,000
4,610,668
Airport
,
Revenue
,
2023
A
,
5
%
,
7/01/53
..................................
6,155,000
6,261,001
e
Airport
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
7/01/55
.......................
3,000,000
3,120,339
Water
&
Sewer
System
,
Revenue
,
2018
,
Refunding
,
4
%
,
7/01/38
..............
4,150,000
4,115,926
Water
&
Sewer
System
,
Revenue
,
2020
,
Refunding
,
2
%
,
7/01/41
..............
500,000
336,415
City
of
Durham
,
Water
&
Sewer
Utility
System
,
Revenue
,
2024
,
4
%
,
8/01/49
..................
3,960,000
3,634,237
Water
&
Sewer
Utility
System
,
Revenue
,
2024
,
4
%
,
8/01/53
..................
3,400,000
3,074,388
City
of
Fayetteville
,
Public
Works
Commission
,
Revenue
,
2018
,
Refunding
,
4
%
,
3/01/41
4,015,000
3,899,684
City
of
Greensboro
,
Combined
Water
&
Sewer
System
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/45
....
4,500,000
4,271,053
Combined
Water
&
Sewer
System
,
Revenue
,
2024
B
,
5
%
,
6/01/49
.............
1,500,000
1,562,288
Combined
Water
&
Sewer
System
,
Revenue
,
2024
B
,
5
%
,
6/01/54
.............
3,500,000
3,619,890
City
of
Raleigh
,
GO
,
2023
A
,
Refunding
,
5
%
,
4/01/41
...................................
1,775,000
1,896,722
Combined
Enterprise
System
,
Revenue
,
2023
,
Refunding
,
4
%
,
9/01/53
.........
9,305,000
8,412,522
City
of
Winston-Salem
,
Water
&
Sewer
System
,
Revenue
,
2017
,
4
%
,
6/01/47
......
10,000,000
9,284,690
County
of
Brunswick
,
GO
,
2022
,
4
%
,
8/01/39
..............................
1,550,000
1,531,800
County
of
Catawba
,
Revenue
,
2023
,
4
%
,
4/01/43
...........................
400,000
379,235
County
of
Dare
,
Revenue
,
2021
A
,
3
%
,
6/01/38
........................................
375,000
322,050
Revenue
,
2021
A
,
3
%
,
6/01/39
........................................
585,000
492,510
Revenue
,
2021
A
,
3
%
,
6/01/40
........................................
250,000
204,342
Revenue
,
2021
A
,
3
%
,
6/01/41
........................................
450,000
359,242
County
of
Durham
,
GO
,
2019
,
4
%
,
6/01/37
.............................................
450,000
449,966
GO
,
2019
,
4
%
,
6/01/39
.............................................
700,000
691,688
County
of
Forsyth
,
GO
,
2023
A
,
4
%
,
6/01/42
...............................
1,000,000
963,791
County
of
Guilford
,
GO
,
2024
,
4
%
,
3/01/43
.............................................
5,000,000
4,800,705
GO
,
2025
,
5
%
,
3/01/39
.............................................
3,000,000
3,299,117
GO
,
2025
,
4
%
,
3/01/43
.............................................
3,000,000
2,880,423
GO
,
2025
,
4
%
,
3/01/45
.............................................
5,000,000
4,760,073
County
of
Iredell
,
GO
,
2025
,
4
%
,
4/01/45
..................................
4,195,000
3,982,494
County
of
Johnston
,
GO
,
2025
,
5
%
,
2/01/39
.............................................
5,000,000
5,490,038
Water
&
Sewer
System
,
Revenue
,
2023
,
4
%
,
4/01/53
.......................
1,150,000
1,014,233
County
of
Lincoln
,
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
3
%
,
8/01/38
..................
400,000
342,308
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
3
%
,
8/01/41
..................
480,000
382,628
County
of
Mecklenburg
,
GO
,
2025
B
,
4
%
,
2/01/45
...........................
5,000,000
4,760,746
County
of
New
Hanover
,
Revenue
,
2021
,
Refunding
,
5
%
,
8/01/30
.................................
3,375,000
3,711,862
New
Hanover
Regional
Medical
Center
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
10/01/42
.......................................................
5,000,000
5,234,060
New
Hanover
Regional
Medical
Center
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
10/01/47
.......................................................
13,565,000
14,200,005
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
159
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
County
of
Wake
,
GO
,
2019
A
,
5
%
,
3/01/32
............................................
$
7,870,000
$
8,376,669
Revenue
,
2021
,
3
%
,
3/01/35
.........................................
5,535,000
5,107,491
Revenue
,
2021
,
3
%
,
3/01/36
.........................................
6,000,000
5,440,501
Greater
Asheville
Regional
Airport
Authority
,
Revenue
,
2023
,
AGMC
Insured
,
5.25
%
,
7/01/53
.........................................................
2,500,000
2,535,981
e
Greenville
Utilities
Commission
,
Revenue
,
2025
,
5
%
,
9/01/49
..................
2,460,000
2,542,462
North
Carolina
Agricultural
&
Technical
State
University
,
Revenue
,
2023
,
5
%
,
10/01/43
1,000,000
1,030,899
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/25
..........
1,700,000
1,705,283
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/27
..........
400,000
410,622
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/28
..........
500,000
517,610
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/29
..........
550,000
572,670
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/30
..........
1,860,000
1,943,677
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/31
..........
1,855,000
1,941,819
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/32
..........
1,000,000
1,040,397
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/33
..........
1,670,000
1,724,000
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/34
..........
740,000
705,759
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/35
..........
360,000
339,500
Duke
University
,
Revenue
,
2015
B
,
Pre-Refunded
,
5
%
,
10/01/41
..............
13,585,000
13,678,516
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/40
.................
2,500,000
2,518,777
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
10/01/44
.................
5,085,000
4,627,218
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/44
.................
13,000,000
13,072,582
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/32
................
2,000,000
2,009,770
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/33
................
3,210,000
3,203,668
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/34
................
2,270,000
2,242,692
Wake
Forest
University
,
Revenue
,
2016
,
Refunding
,
4
%
,
1/01/38
..............
5,500,000
5,497,773
Wake
Forest
University
,
Revenue
,
2016
,
Refunding
,
4
%
,
1/01/39
..............
2,500,000
2,470,205
Wake
Forest
University
,
Revenue
,
2018
,
4
%
,
1/01/48
.......................
10,000,000
8,889,550
Wake
Forest
University
,
Revenue
,
2018
,
5
%
,
1/01/48
.......................
13,500,000
13,640,918
North
Carolina
Central
University
,
Revenue
,
2019
,
AGMC
Insured
,
5
%
,
4/01/44
.............................
1,575,000
1,593,527
Revenue
,
2019
,
4
%
,
4/01/49
.........................................
1,000,000
843,322
North
Carolina
Housing
Finance
Agency
,
Revenue
,
41
,
GNMA
Insured
,
3.55
%
,
7/01/44
.............................
4,175,000
3,497,152
Revenue
,
41
,
GNMA
Insured
,
3.625
%
,
7/01/49
............................
6,395,000
5,179,862
Revenue
,
42
,
GNMA
Insured
,
2.45
%
,
7/01/34
.............................
750,000
638,580
Revenue
,
42
,
GNMA
Insured
,
2.625
%
,
7/01/39
............................
3,035,000
2,313,532
Revenue
,
42
,
GNMA
Insured
,
2.85
%
,
1/01/43
.............................
2,660,000
1,940,988
Revenue
,
43
,
GNMA
Insured
,
2.8
%
,
1/01/40
..............................
4,715,000
3,665,962
Revenue
,
43
,
GNMA
Insured
,
2.95
%
,
7/01/43
.............................
2,170,000
1,581,794
Revenue
,
44
,
3
%
,
7/01/46
...........................................
2,740,000
2,003,241
Revenue
,
45
,
Refunding
,
GNMA
Insured
,
2.2
%
,
7/01/40
.....................
1,805,000
1,271,259
Revenue
,
46
A
,
GNMA
Insured
,
1.55
%
,
1/01/30
...........................
2,100,000
1,887,711
Revenue
,
46
A
,
GNMA
Insured
,
1.75
%
,
1/01/31
...........................
975,000
852,946
North
Carolina
Medical
Care
Commission
,
Atrium
Health
Wake
Forest
Baptist
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
12/01/33
1,000,000
1,044,998
Carolina
Meadows,
Inc.
Obligated
Group
,
Revenue
,
2024
,
4
%
,
12/01/39
........
10,765,000
10,213,395
Carolina
Meadows,
Inc.
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
12/01/44
......
340,000
347,975
Duke
University
Health
System,
Inc.
,
Revenue
,
2016
D
,
Refunding
,
4
%
,
6/01/42
...
7,000,000
6,537,711
EveryAge
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
9/01/47
..........
2,935,000
2,385,881
EveryAge
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
9/01/51
..........
960,000
745,723
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/33
............
180,000
174,055
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/34
............
185,000
177,121
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/41
............
920,000
796,214
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/46
............
1,665,000
1,343,557
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
160
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Medical
Care
Commission,
(continued)
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/51
............
$
1,670,000
$
1,271,023
Friends
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
9/01/50
..............
3,000,000
2,282,386
Lutheran
Retirement
Ministries
of
Alamance
County
Obligated
Group
,
Revenue
,
2025
A
,
5.25
%
,
1/01/55
................................................
4,000,000
3,889,380
Novant
Health
Obligated
Group
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
11/01/46
.....
20,000,000
19,788,994
Novant
Health
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/01/49
..............
2,115,000
1,825,155
Novant
Health
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/01/52
..............
6,640,000
5,620,219
Pines
at
Davidson,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
1/01/34
........
2,050,000
2,092,298
Pines
at
Davidson,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
1/01/49
........
5,000,000
4,848,114
Plantation
Village,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/41
1,020,000
879,568
Plantation
Village,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/52
3,510,000
2,649,829
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
10/01/31
5,000,000
5,048,971
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/40
.........
1,800,000
1,801,860
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
10/01/45
.........
1,000,000
836,635
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/45
.........
2,420,000
2,352,234
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
10/01/50
.........
1,350,000
1,076,470
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/50
.........
1,400,000
1,334,241
Rex
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/49
............
4,000,000
3,616,242
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/44
...................................................
750,000
740,025
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/49
...................................................
750,000
725,002
North
Carolina
Municipal
Power
Agency
No.
1
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/32
.........................................................
4,200,000
4,231,183
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/25
..............................
125,000
125,000
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/26
..............................
300,000
304,292
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/27
..............................
450,000
462,481
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/28
..............................
500,000
515,981
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/29
..............................
350,000
365,669
e
Revenue,
Senior
Lien
,
2025
A
,
Refunding
,
5
%
,
6/01/35
.....................
1,250,000
1,273,065
North
Carolina
Turnpike
Authority
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/47
...............................
4,510,000
4,452,583
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/54
...............................
2,560,000
2,475,311
Revenue,
Senior
Lien
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
1/01/31
...........
1,000,000
1,024,016
Revenue,
Senior
Lien
,
2019
,
AGMC
Insured
,
5
%
,
1/01/49
...................
2,000,000
2,001,925
Revenue,
Senior
Lien
,
2019
,
4
%
,
1/01/55
................................
5,000,000
4,103,004
Revenue,
Senior
Lien
,
2024
A
,
AGMC
Insured
,
5
%
,
1/01/58
..................
3,000,000
2,969,673
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/35
..............
1,300,000
1,407,103
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/36
..............
1,750,000
1,880,285
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/37
..............
1,770,000
1,889,893
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/38
..............
1,250,000
1,324,357
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/39
..............
1,500,000
1,580,944
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/40
..............
1,270,000
1,331,884
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/41
..............
2,000,000
2,085,922
State
of
North
Carolina
Highway
Trust
Fund
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
1/01/33
........................................................
4,625,000
4,671,503
State
of
North
Carolina
Highway
Trust
Fund
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
1/01/39
........................................................
5,200,000
5,103,066
Raleigh
Durham
Airport
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/01/30
...............................
550,000
550,460
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/01/36
...............................
2,580,000
2,663,129
State
of
North
Carolina
,
Revenue
,
2025
,
Refunding
,
5
%
,
3/01/40
................
1,500,000
1,606,711
Town
of
Cary
,
Combined
Utility
Systems
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
12/01/42
8,000,000
7,685,541
Town
of
Fuquay-Varina
,
Combined
Utilities
,
Revenue
,
2024
C
,
5
%
,
6/01/41
........
2,320,000
2,471,903
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)
Town
of
Holly
Springs
,
Enterprise
System
,
Revenue
,
2024
,
4
%
,
11/01/49
..........
$
2,500,000
$
2,252,322
University
of
North
Carolina
at
Chapel
Hill
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
12/01/37
..............................
2,180,000
2,361,056
Hospitals
at
Chapel
Hill
,
Revenue
,
2019
,
5
%
,
2/01/49
.......................
6,920,000
7,310,804
University
of
North
Carolina
at
Charlotte
(The)
,
Revenue
,
2017
,
5
%
,
10/01/47
........................................
5,000,000
5,049,863
Revenue
,
2017
A
,
Refunding
,
4
%
,
10/01/40
..............................
2,250,000
2,103,953
University
of
North
Carolina
at
Wilmington
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/37
.
3,000,000
3,001,320
University
of
North
Carolina
System
,
Appalachian
State
University
,
Revenue
,
2008
A
,
AGMC
Insured
,
5
%
,
10/01/33
.........................................
160,000
160,035
Water
and
Sewer
Authority
of
Cabarrus
County
,
Revenue
,
2024
,
4
%
,
6/01/49
......
2,685,000
2,421,549
Western
Carolina
University
,
Revenue
,
2020
B
,
3
%
,
4/01/36
........................................
1,000,000
908,396
Revenue
,
2020
B
,
4
%
,
4/01/50
........................................
5,000,000
4,356,341
487,259,523
South
Carolina
0.8%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,600,000
1,339,598
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,600,000
1,339,598
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
2,500,000
1,992,588
4,671,784
Texas
0.4%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/32
200,000
193,188
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/33
200,000
190,769
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,800,000
2,052,452
2,436,409
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
1,320,093
Wisconsin
1.0%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,600,000
1,245,740
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
7,965,000
4,647,689
5,893,429
U.S.
Territories
3.8%
Guam
0.9%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/30
............................
750,000
788,240
Revenue
,
2023
A
,
Refunding
,
5.125
%
,
10/01/34
...........................
390,000
407,343
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/35
............................
265,000
277,820
Revenue
,
2024
A
,
5.25
%
,
10/01/35
....................................
625,000
658,167
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
3,205,000
3,069,486
5,201,056
Puerto
Rico
2.9%
Commonwealth
of
Puerto
Rico
,
c,f
GO
,
FRN
,
2.57
%,
11/01/43
...........................................
96,418
57,971
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
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Commonwealth
of
Puerto
Rico,
(continued)
GO
,
2022
A-1
,
5.625
%
,
7/01/27
.......................................
$
25,850
$
26,536
GO
,
2022
A-1
,
5.625
%
,
7/01/29
.......................................
25,431
26,658
GO
,
2022
A-1
,
5.75
%
,
7/01/31
........................................
24,701
26,446
GO
,
2022
A-1
,
4
%
,
7/01/33
..........................................
23,423
22,536
GO
,
2022
A-1
,
4
%
,
7/01/35
..........................................
21,054
19,889
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
18,070
16,702
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
24,568
21,065
GO
,
2022
A-1
,
4
%
,
7/01/46
..........................................
25,551
21,015
c
GO
,
2022
A-1
,
4.93
%,
7/01/33
........................................
30,143
20,431
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,500,000
1,481,512
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
457,395
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/41
..
220,000
188,836
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
12,890,000
12,110,872
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
2,000,000
1,867,629
16,365,493
Total
U.S.
Territories
....................................................................
21,566,549
Total
Municipal
Bonds
(Cost
$
595,463,702
)
.....................................
555,626,540
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,g
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
209,296
167,437
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
167,437
Total
Long
Term
Investments
(Cost
$
597,063,702
)
...............................
557,398,286
a
a
a
a
a
Short
Term
Investments
0.5%
Principal
Amount
Municipal
Bonds
0.5%
North
Carolina
0.5%
h
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2018
G
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.95
%
,
1/15/48
.........................................................
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
$
599,963,702
)
98.6
%
...................................
$560,298,286
Other
Assets,
less
Liabilities
1.4
%
.............................................
7,825,414
Net
Assets
100.0%
...........................................................
$568,123,700
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
†
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$21,400,227,
representing
3.8%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Security
purchased
on
a
when-issued
basis.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
Non-income
producing.
h
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Ohio
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
164
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
$
3,208,619
Total
Corporate
Bonds
(Cost
$
3,200,000
)
.......................................
3,208,619
Municipal
Bonds
98.5%
California
0.2%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,800,000
2,342,884
Florida
1.9%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
9,144,000
7,802,378
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,200,000
1,434,991
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
10,700,000
8,807,515
18,044,884
New
Jersey
0.2%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/38
....................................................
2,000,000
1,904,893
New
York
0.1%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/48
..........
750,000
630,235
Ohio
91.7%
Akron
City
School
District
,
COP
,
2023
,
AGMC
Insured
,
5
%
,
8/01/53
..............
3,000,000
3,012,940
American
Municipal
Power,
Inc.
,
Combined
Hydroelectric
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
2/15/35
............
1,000,000
998,754
Combined
Hydroelectric
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
2/15/46
............
3,500,000
3,503,633
Combined
Hydroelectric
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
2/15/48
............
1,325,000
1,340,379
Greenup
Hydroelectric
,
Revenue
,
2016
A
,
5
%
,
2/15/41
......................
5,000,000
5,018,922
Prairie
State
Energy
Campus
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/37
........
3,700,000
3,806,399
Prairie
State
Energy
Campus
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/38
........
3,500,000
3,593,407
Solar
Electricity
Prepayment
,
Revenue
,
2019
A
,
5
%
,
2/15/44
.................
3,345,000
3,372,255
Anthony
Wayne
Local
School
District
,
GO
,
2017
A
,
4
%
,
12/01/39
................
3,000,000
2,850,915
Apollo
Joint
Vocational
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
12/01/39
........
6,530,000
6,269,698
Beachwood
City
School
District
,
GO
,
2023
,
4
%
,
12/01/53
.....................
7,575,000
6,648,375
d
Bedford
City
School
District
,
GO
,
2025
,
BAM
Insured
,
5.5
%
,
12/01/58
............
2,000,000
2,035,466
Bethel
Local
School
District
,
COP
,
2020
,
BAM
Insured
,
2.75
%
,
12/01/49
..........
4,000,000
2,455,479
Big
Walnut
Local
School
District
,
GO
,
2019
,
5
%
,
12/01/53
.....................
7,155,000
7,183,351
Bloom-Carroll
Local
School
District
,
GO
,
2018
A
,
5
%
,
11/01/55
.................
7,025,000
7,043,604
Bowling
Green
State
University
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/42
........
1,045,000
1,054,420
Brooklyn
City
School
District
,
GO
,
2017
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/49
...
9,000,000
9,092,020
Butler
County
Port
Authority
,
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/34
........................................................
185,000
176,195
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/35
........................................................
195,000
183,648
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/36
........................................................
205,000
190,169
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/37
........................................................
210,000
192,776
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/38
........................................................
220,000
198,497
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/39
........................................................
225,000
200,348
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
165
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Butler
County
Port
Authority,
(continued)
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/40
........................................................
$
240,000
$
210,060
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/41
........................................................
245,000
211,308
c
Canal
Winchester
Local
School
District
,
GO
,
2005
,
NATL
Insured
,
3.84
%,
12/01/32
...............................
3,955,000
2,980,354
GO
,
2005
,
NATL
Insured
,
3.99
%,
12/01/33
...............................
2,000,000
1,434,021
Cincinnati
City
School
District
,
GO
,
2006
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/27
......................
14,900,000
15,782,044
GO
,
2006
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/28
......................
8,180,000
8,814,498
City
of
Chillicothe
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/37
.
2,890,000
2,914,125
Adena
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/47
.
2,110,000
2,056,107
City
of
Cleveland
,
GO
,
2012
,
5
%
,
12/01/30
.............................................
35,000
35,039
GO
,
2020
A
,
2
%
,
12/01/36
...........................................
1,215,000
913,226
Water
Pollution
Control
,
Revenue
,
2024
,
5
%
,
11/15/54
......................
1,350,000
1,366,279
City
of
Columbus
,
GO
,
2018
A
,
5
%
,
4/01/34
............................................
7,000,000
7,290,569
GO
,
2019
A
,
5
%
,
4/01/40
............................................
3,000,000
3,089,377
GO
,
2021
A
,
5
%
,
4/01/40
............................................
1,900,000
1,986,663
Sewerage
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/30
........................
5,000,000
5,081,858
City
of
Hilliard
,
Income
Tax
,
Revenue
,
2022
,
5
%
,
12/01/47
.....................
5,000,000
5,114,373
City
of
Marysville
,
Wastewater
Treatment
System
,
Revenue
,
2015
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/40
.......................................................
3,015,000
2,843,823
Wastewater
Treatment
System
,
Revenue
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/47
.......................................................
5,035,000
5,036,391
Wastewater
Treatment
System
,
Revenue
,
2016
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/46
.......................................................
9,370,000
8,197,427
City
of
St.
Bernard
,
Income
Tax
,
Revenue
,
2013
,
AGMC
Insured
,
5
%
,
12/01/43
.....
3,760,000
3,218,126
Cleveland
Department
of
Public
Utilities
,
Division
of
Public
Power
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
11/15/37
1,000,000
980,679
c
Division
of
Public
Power
,
Revenue
,
B-2
,
NATL
Insured
,
5.02
%,
11/15/38
.........
10,000,000
5,133,297
Cleveland-Cuyahoga
County
Port
Authority
,
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/38
.......
100,000
97,585
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/39
.......
700,000
667,371
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/40
.......
100,000
93,566
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/46
.......
500,000
429,957
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/51
.......
2,000,000
1,648,730
Euclid
Avenue
Development
Corp.
,
Revenue
,
2022
A
,
5.5
%
,
8/01/52
...........
9,000,000
9,186,760
Port
of
Cleveland
Bond
Fund
,
Revenue
,
2024
C
,
5
%
,
11/15/54
................
1,175,000
1,149,668
Columbus
Regional
Airport
Authority
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
1/01/50
...
5,000,000
5,165,222
Columbus-Franklin
County
Finance
Authority
,
Revenue
,
2021
C
,
2.5
%
,
11/15/41
.....................................
900,000
611,999
Revenue
,
2021
C
,
3
%
,
5/15/51
........................................
2,180,000
1,400,696
Central
Ohio
Regional
Bond
Fund
,
Revenue
,
2024
A
,
5
%
,
11/15/54
............
980,000
967,747
ECG
Westerville
LP
,
Revenue
,
2024
A
,
FNMA
Insured
,
4.375
%
,
6/01/43
.........
5,000,000
4,719,289
County
of
Butler
,
UC
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/45
..........
5,020,000
4,800,194
UC
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
11/15/36
..........
2,140,000
1,957,212
County
of
Cuyahoga
,
GO
,
2020
A
,
Refunding
,
4
%
,
12/01/34
...................
750,000
763,036
County
of
Fayette
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2025
,
AGMC
Insured
,
5.25
%
,
12/01/54
............................................
5,000,000
5,058,608
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
166
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
County
of
Franklin
,
Nationwide
Children's
Hospital,
Inc.
,
Revenue
,
2016
C
,
Refunding
,
4
%
,
11/01/40
..
$
5,000,000
$
4,638,771
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/33
.......
5,000
5,294
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
4
%
,
7/01/34
...................
2,230,000
2,096,734
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/34
.......
10,000
10,588
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
4
%
,
7/01/35
...................
2,890,000
2,677,299
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/35
.......
10,000
10,588
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/36
.......
15,000
15,883
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/40
.......
5,000
5,294
Ohio
Living
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.25
%
,
7/01/41
........
5,000,000
5,005,914
Sales
Tax
,
Revenue
,
2018
,
5
%
,
6/01/43
.................................
6,000,000
6,062,507
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2017
,
5
%
,
12/01/46
............
3,515,000
3,488,354
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2017
A-OH
,
5
%
,
12/01/47
.......
11,800,000
11,730,930
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
12/01/49
..........
6,030,000
5,102,688
County
of
Hamilton
,
TriHealth
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
8/15/42
...................
5,000,000
5,009,573
UC
Health
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
8/01/51
........
3,700,000
3,646,279
County
of
Lucas
,
GO
,
2022
,
4.75
%
,
12/01/52
..............................
3,000,000
2,839,494
County
of
Mahoning
,
Sewer
System
,
Revenue
,
2022
,
Refunding
,
5
%
,
12/01/46
....................
3,000,000
3,020,944
Western
Reserve
Care
System
,
Revenue
,
1995
,
NATL
Insured
,
ETM,
5.5
%
,
10/15/25
600,000
605,048
County
of
Miami
,
Kettering
Health
Network
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
8/01/45
.............................................
5,000,000
4,953,265
County
of
Montgomery
,
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
11/15/39
............................................
5,000,000
4,547,364
County
of
Morrow
,
GO
,
2024
,
5
%
,
12/01/54
................................
1,635,000
1,660,774
County
of
Muskingum
,
GO
,
2024
,
4
%
,
12/01/54
.............................
1,000,000
871,799
County
of
Perry
,
GO
,
2023
,
5
%
,
12/01/61
.................................
1,500,000
1,438,545
County
of
Ross
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/39
.
3,805,000
3,838,582
Adena
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/44
.
1,300,000
1,286,809
County
of
Union
,
GO
,
2018
,
5
%
,
12/01/47
.................................
5,000,000
5,037,823
County
of
Warren
,
Otterbein
Homes
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
7/01/54
.........................................................
2,000,000
1,888,215
Cuyahoga
Falls
City
School
District
,
GO
,
2021
,
BAM
Insured
,
4
%
,
12/01/51
.......
1,485,000
1,273,706
Dayton
City
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
11/01/30
................
5,000,000
5,478,871
Dayton-Montgomery
County
Port
Authority
,
Southwest
Ohio
Regional
Bond
Fund
,
Revenue
,
2021
C
,
2
%
,
11/15/31
..........
350,000
300,386
Southwest
Ohio
Regional
Bond
Fund
,
Revenue
,
2021
C
,
2.5
%
,
11/15/41
........
1,615,000
1,104,697
Dublin
City
School
District
,
GO
,
2019
A
,
4
%
,
12/01/44
...........................................
10,000,000
9,121,092
GO
,
2024
B
,
4
%
,
12/01/48
...........................................
1,250,000
1,155,952
GO
,
2024
B
,
5
%
,
12/01/53
...........................................
2,100,000
2,163,550
Elyria
City
School
District
,
GO
,
2017
A
,
5
%
,
12/01/43
........................
5,500,000
5,548,249
Fremont
City
School
District
,
GO
,
2017
A
,
5
%
,
1/15/49
.......................
13,970,000
13,998,158
Grandview
Heights
City
School
District
,
GO
,
2019
,
5
%
,
12/01/53
.............................................
2,150,000
2,165,757
GO
,
2025
,
5
%
,
12/01/58
.............................................
1,260,000
1,285,501
Green
Local
School
District
,
COP
,
2022
,
AGMC
Insured
,
5
%
,
11/01/52
...........
2,000,000
2,001,454
Hilliard
School
District
,
GO
,
2017
,
4
%
,
12/01/46
............................
10,000,000
8,943,694
Hudson
City
School
District
,
GO
,
2018
,
4
%
,
12/01/45
........................
18,870,000
17,052,698
Indian
Creek
Local
School
District
,
GO
,
2018
A
,
5
%
,
11/01/55
...........................................
3,000,000
3,007,011
GO
,
2018
B
,
BAM
Insured
,
5
%
,
11/01/55
................................
3,910,000
3,926,448
Lakota
Local
School
District
,
GO
,
2005
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/26
.
2,000,000
2,070,223
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
167
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
e
Lancaster
Port
Authority
,
Revenue
,
2024
A
,
Refunding
,
Mandatory
Put
,
5
%
,
8/01/30
.
$
3,000,000
$
3,135,223
Licking
Heights
Local
School
District
,
GO
,
2022
,
4.5
%
,
10/01/51
................
1,800,000
1,668,891
Madeira
City
School
District
,
GO
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/32
.....
9,605,000
10,546,708
Miami
University
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/41
.................................
5,000,000
5,030,088
Revenue
,
2022
A
,
Refunding
,
5
%
,
9/01/34
...............................
1,000,000
1,084,103
Miami
Valley
Career
Technology
Center
,
GO
,
2018
,
5
%
,
12/01/44
...............
20,000,000
20,197,864
Northeast
Ohio
Medical
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/25
..............................
125,000
125,638
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/27
..............................
100,000
103,146
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/29
..............................
110,000
115,113
Revenue
,
2021
A
,
Refunding
,
3
%
,
12/01/40
..............................
500,000
384,554
Revenue
,
2022
,
BAM
Insured
,
5
%
,
12/01/43
.............................
1,000,000
1,004,121
Northeastern
Local
School
District
,
GO
,
2018
,
AGMC
Insured
,
5.25
%
,
12/01/45
..............................
5,420,000
5,535,695
GO
,
2018
,
AGMC
Insured
,
4
%
,
12/01/55
................................
5,000,000
4,246,074
Norwalk
City
School
District
,
GO
,
2025
,
5
%
,
11/01/53
.............................................
700,000
707,952
GO
,
2025
,
5
%
,
11/01/55
.............................................
550,000
555,288
Norwood
City
School
District
,
GO
,
2017
A
,
Pre-Refunded
,
5
%
,
11/01/46
...............................
5,000,000
5,092,126
GO
,
2017
A
,
Pre-Refunded
,
5.25
%
,
11/01/51
.............................
7,645,000
7,802,961
e
Ohio
Air
Quality
Development
Authority
,
Ohio
Valley
Electric
Corp.
,
Revenue
,
2009
C
,
Mandatory
Put
,
1.5
%
,
11/04/25
.......................................
2,000,000
1,965,387
Ohio
Higher
Educational
Facility
Commission
,
Ashtabula
County
Medical
Center
Obligated
Group
,
Revenue
,
2022
,
5.25
%
,
1/01/52
4,895,000
4,819,845
Baldwin
Wallace
University
,
Revenue
,
2022
,
6
%
,
12/01/52
...................
5,970,000
5,974,024
Capital
University
,
Revenue
,
2022
,
Refunding
,
6
%
,
9/01/42
..................
4,900,000
4,944,919
Capital
University
,
Revenue
,
2022
,
Refunding
,
6
%
,
9/01/47
..................
2,000,000
2,011,703
Capital
University
,
Revenue
,
2022
,
Refunding
,
6
%
,
9/01/52
..................
5,100,000
5,086,758
Case
Western
Reserve
University
,
Revenue
,
2016
,
Refunding
,
5
%
,
12/01/40
.....
6,000,000
6,135,619
Cleveland
Institute
of
Music
(The)
,
Revenue
,
2022
,
5
%
,
12/01/32
..............
300,000
312,922
Cleveland
Institute
of
Music
(The)
,
Revenue
,
2022
,
5.125
%
,
12/01/42
...........
3,390,000
3,400,977
Cleveland
Institute
of
Music
(The)
,
Revenue
,
2022
,
5.375
%
,
12/01/52
...........
3,100,000
3,093,953
John
Carroll
University
,
Revenue
,
2020
,
4
%
,
10/01/45
......................
1,100,000
896,611
John
Carroll
University
,
Revenue
,
2022
,
Refunding
,
4
%
,
10/01/47
..............
5,360,000
4,293,982
d
John
Carroll
University
,
Revenue
,
2025
,
5.5
%
,
10/01/57
.....................
5,000,000
4,850,196
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/42
...........
1,040,000
992,918
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/45
...........
1,360,000
1,264,000
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/50
...........
2,900,000
2,611,601
Kenyon
College
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
...................
5,320,000
5,331,493
Kenyon
College
,
Revenue
,
2016
,
Refunding
,
4
%
,
7/01/44
...................
4,180,000
3,772,490
Kenyon
College
,
Revenue
,
2017
,
5
%
,
7/01/42
............................
1,250,000
1,257,764
Kenyon
College
,
Revenue
,
2017
,
4
%
,
7/01/47
............................
3,000,000
2,545,029
Otterbein
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/30
......
1,095,000
1,108,050
University
of
Dayton
,
Revenue
,
2018
A
,
4
%
,
12/01/43
.......................
11,885,000
10,628,628
Xavier
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
5/01/49
................
6,750,000
6,728,457
Ohio
Housing
Finance
Agency
,
Revenue
,
2020
B
,
GNMA
Insured
,
2.1
%
,
9/01/35
..........................
485,000
385,108
b
Revenue
,
144A,
2023
A
,
5.625
%
,
8/01/41
...............................
17,000,000
16,377,917
Revenue
,
2024
B
,
GNMA
Insured
,
4.7
%
,
9/01/54
..........................
9,930,000
9,510,818
Revenue
,
2024
C
,
GNMA
Insured
,
4.7
%
,
9/01/54
..........................
7,500,000
7,175,079
b
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
A
,
6
%
,
9/01/41
..............
11,000,000
10,987,875
Ohio
State
University
(The)
,
Revenue
,
2021
A
,
4
%
,
12/01/48
...................
10,020,000
8,841,031
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)
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue
,
2018
A
,
5
%
,
2/15/43
........................................
$
2,575,000
$
2,592,925
Revenue
,
2018
A
,
5
%
,
2/15/43
........................................
17,025,000
17,320,682
Revenue
,
2018
A
,
5
%
,
2/15/46
........................................
13,750,000
13,824,932
c
Revenue,
Junior
Lien
,
2013
A-2
,
BAM
Insured
,
4.48
%,
2/15/38
................
3,665,000
2,087,820
c
Revenue,
Junior
Lien
,
2013
A-2
,
4.98
%,
2/15/43
...........................
10,485,000
4,386,505
Ohio
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/45
...................
7,000,000
7,082,239
Ohio
Water
Development
Authority
,
Revenue
,
2019
,
5
%
,
12/01/39
........................................
5,000,000
5,205,092
Revenue
,
2019
,
5
%
,
6/01/44
.........................................
1,330,000
1,363,309
Revenue
,
2021
,
5
%
,
6/01/46
.........................................
5,555,000
5,694,217
Fresh
Water
Fund
,
Revenue
,
2025
A
,
5
%
,
12/01/43
........................
10,000,000
10,586,022
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2019
B
,
Refunding
,
5
%
,
12/01/44
...
10,000,000
10,157,749
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2020
A
,
5
%
,
12/01/50
............
6,820,000
6,910,795
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2023
B
,
5
%
,
12/01/36
............
5,675,000
6,242,467
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2024
D
,
5
%
,
12/01/43
...........
3,200,000
3,379,911
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2024
D
,
5
%
,
12/01/44
...........
7,575,000
7,960,615
Olentangy
Local
School
District
,
GO
,
2016
,
4
%
,
12/01/46
.....................
7,660,000
6,938,600
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
12/01/53
..............................
1,500,000
1,477,309
Revenue
,
2024
B
,
Refunding
,
5
%
,
12/01/63
..............................
2,000,000
1,945,596
Revenue
,
2024
C
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/53
...............
1,000,000
1,018,570
Revenue
,
2024
C
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/58
...............
1,000,000
1,021,321
Revenue
,
2024
C
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/63
...............
1,000,000
1,017,689
c
Princeton
City
School
District
,
GO
,
2014
,
Refunding
,
4.98
%,
12/01/40
.................................
6,000,000
2,822,394
GO
,
2014
,
Refunding
,
5.09
%,
12/01/41
.................................
6,000,000
2,643,103
Russia
Local
School
District
,
GO
,
2023
,
5
%
,
12/01/52
........................
1,670,000
1,680,509
Springboro
Community
City
School
District
,
GO
,
2007
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/27
.....................
5,175,000
5,439,143
GO
,
2007
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/01/28
.....................
2,000,000
2,134,532
State
of
Ohio
,
GO
,
2019
A
,
5
%
,
6/15/38
............................................
6,500,000
6,745,214
GO
,
2020
C
,
5
%
,
3/01/38
............................................
2,300,000
2,439,924
GO
,
2025
A
,
5
%
,
3/01/44
............................................
2,000,000
2,103,841
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
1/01/29
........................................................
4,850,000
5,175,729
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/37
1,000,000
934,498
University
Hospitals
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/15/46
............................................
5,795,000
4,989,458
Summit
County
Development
Finance
Authority
,
City
of
Akron
,
Revenue
,
2022
,
4
%
,
5/15/46
...............................
3,585,000
3,080,878
UAkronPark,
Inc.
,
Revenue
,
2023
,
5.625
%
,
12/01/48
.......................
4,700,000
4,837,989
UAkronPark,
Inc.
,
Revenue
,
2023
,
5.75
%
,
12/01/53
........................
5,000,000
5,139,839
Sycamore
Community
City
School
District
,
GO
,
2020
,
4
%
,
12/01/45
.............
6,000,000
5,460,827
Sylvania
City
School
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/36
....
9,700,000
9,700,000
Toledo
City
School
District
,
COP
,
2024
,
BAM
Insured
,
5
%
,
12/01/48
.................................
1,250,000
1,276,038
GO
,
2025
,
5
%
,
12/01/50
.............................................
6,595,000
6,772,632
GO
,
2025
,
5
%
,
12/01/54
.............................................
6,450,000
6,612,186
Toledo
Lucas
County
Public
Library
,
GO
,
2025
A
,
5
%
,
12/01/54
.................
5,000,000
5,065,920
Toledo-Lucas
County
Port
Authority
,
Revenue
,
2021
A
,
2
%
,
11/15/31
.......................................
350,000
301,616
Northwest
Ohio
Bond
Fund
,
Revenue
,
2024
C
,
5
%
,
11/15/54
.................
2,155,000
2,126,380
ParkUToledo,
Inc.
,
Revenue
,
2021
,
4
%
,
1/01/46
...........................
1,625,000
1,315,268
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)
Toledo-Lucas
County
Port
Authority,
(continued)
ParkUToledo,
Inc.
,
Revenue
,
2021
,
4
%
,
1/01/51
...........................
$
2,840,000
$
2,219,254
ParkUToledo,
Inc.
,
Revenue
,
2021
,
4
%
,
1/01/57
...........................
5,000,000
3,788,931
Triway
Local
School
District
,
COP
,
2021
,
BAM
Insured
,
4
%
,
12/01/39
............
2,200,000
2,078,267
University
of
Akron
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/42
.............
5,725,000
5,772,141
University
of
Cincinnati
,
Revenue
,
2017
A
,
5
%
,
6/01/45
........................................
2,205,000
2,212,687
Revenue
,
2018
A
,
Refunding
,
4
%
,
6/01/48
...............................
10,000,000
8,673,955
Revenue
,
2024
A
,
5.25
%
,
6/01/54
.....................................
8,000,000
8,258,825
Upper
Arlington
City
School
District
,
GO
,
2018
A
,
Pre-Refunded
,
5
%
,
12/01/48
.....
13,000,000
13,717,449
Village
of
Bluffton
,
Blanchard
Valley
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
12/01/33
.......................................................
1,655,000
1,653,384
Blanchard
Valley
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
12/01/34
.......................................................
1,900,000
1,883,452
Warren
County
Port
Authority
,
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2021
C
,
4
%
,
12/01/41
..........
2,075,000
1,869,371
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2021
C
,
4
%
,
12/01/55
..........
3,500,000
2,726,452
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2021
H
,
4
%
,
12/01/53
..........
1,375,000
1,073,254
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2022
A
,
5.5
%
,
12/01/50
.........
3,210,000
3,221,746
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2022
B
,
4.75
%
,
12/01/34
........
970,000
982,979
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2020
D-1
,
Refunding
,
4
%
,
12/01/40
.......................................
1,390,000
1,264,265
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2020
D-1
,
Refunding
,
4
%
,
12/01/52
.......................................
1,930,000
1,524,637
Westerville
City
School
District
,
GO
,
2006
,
Refunding
,
XLCA
Insured
,
5
%
,
12/01/27
..
3,820,000
3,971,069
Westlake
City
School
District
,
GO
,
2021
A
,
Refunding
,
4
%
,
12/01/49
.............
3,965,000
3,445,052
Willoughby-Eastlake
City
School
District
,
GO
,
2016
,
Pre-Refunded
,
5
%
,
12/01/46
...
10,000,000
10,098,787
Winton
Woods
City
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
11/01/43
...........
7,000,000
6,488,520
Wyoming
City
School
District
,
GO
,
2025
,
Refunding
,
5
%
,
12/01/61
..............
3,000,000
3,012,741
857,511,939
South
Carolina
1.3%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
3,200,000
2,679,196
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
3,200,000
2,679,196
b,c
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
2.603
%,
6/01/37
..
5,250,000
4,151,079
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,200,000
2,550,512
12,059,983
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/38
.................................
300,000
237,908
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
6,000,000
4,398,112
4,636,020
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
3,100,000
2,557,679
Wisconsin
1.9%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
3,100,000
2,413,621
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
2,800,000
2,634,216
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
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
b
Public
Finance
Authority,
(continued)
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
$
21,750,000
$
12,691,430
17,739,267
U.S.
Territories
0.4%
Puerto
Rico
0.4%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,000,000
987,674
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
972,535
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
457,395
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/35
..
235,000
241,758
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
1,100,000
1,033,511
3,692,873
Total
U.S.
Territories
....................................................................
3,692,873
Total
Municipal
Bonds
(Cost
$
967,617,525
)
.....................................
921,120,657
Total
Long
Term
Investments
(Cost
$
970,817,525
)
...............................
924,329,276
a
a
a
a
a
Short
Term
Investments
0.3%
Municipal
Bonds
0.3%
Ohio
0.3%
f
County
of
Hamilton
,
TriHealth
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
8/15/51
...........
2,890,000
2,890,000
f
Ohio
Water
Development
Authority
,
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2024
C
,
Daily
VRDN
and
Put
,
3
%
,
12/01/54
..................................
100,000
100,000
2,990,000
Total
Municipal
Bonds
(Cost
$
2,990,000
)
.......................................
2,990,000
Total
Short
Term
Investments
(Cost
$
2,990,000
)
.................................
2,990,000
a
Total
Investments
(Cost
$
973,807,525
)
99.1
%
...................................
$927,319,276
Other
Assets,
less
Liabilities
0.9
%
.............................................
8,021,378
Net
Assets
100.0%
...........................................................
$935,340,654
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$71,684,143,
representing
7.7%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
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
d
Security
purchased
on
a
when-issued
basis.
e
The
maturity
date
shown
represents
the
mandatory
put
date.
f
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Oregon
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
172
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
$
2,506,734
Total
Corporate
Bonds
(Cost
$
2,500,000
)
.......................................
2,506,734
Municipal
Bonds
99.6%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
3,500,000
2,928,605
Florida
1.6%
b
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
1,500,000
978,403
b,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
8,400,000
6,914,311
b
,d
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Mandatory
Put
,
5.5
%
,
5/01/52
....................................................
5,600,000
5,045,600
12,938,314
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
2,296,042
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
BAM
Insured
,
4
%
,
6/15/52
.................................
1,000,000
824,462
3,120,504
New
Jersey
0.5%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2019
BB
,
5
%
,
6/15/44
......................
2,250,000
2,244,665
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/38
........................
2,165,000
2,062,047
4,306,712
New
York
0.6%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/47
..........
5,500,000
4,654,571
Oregon
89.0%
Astoria
Hospital
Facilities
Authority
,
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2016
,
5
%
,
8/01/41
......
4,250,000
4,200,065
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2016
,
4
%
,
8/01/46
......
1,750,000
1,483,266
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
8/01/49
...
5,000,000
5,067,285
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
8/01/54
...
6,500,000
6,539,014
c
Benton
&
Polk
School
District
No.
17J
,
GO
,
2010
B
,
3.69
%,
6/15/31
.............
1,000,000
801,579
City
of
Beaverton
,
Water
,
Revenue
,
2020
,
5
%
,
4/01/32
.......................
1,000,000
1,085,617
City
of
Eugene
,
Electric
Utility
System
,
Revenue
,
2017
,
5
%
,
8/01/47
.............
3,580,000
3,618,307
City
of
Forest
Grove
,
Pacific
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/01/36
.................
6,575,000
6,571,763
Pacific
University
,
Revenue
,
2017
,
Refunding
,
4
%
,
3/01/37
...................
3,500,000
3,113,657
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/26
.................
335,000
337,339
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/30
.................
1,385,000
1,427,456
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/35
.................
490,000
455,810
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/37
.................
1,905,000
1,716,225
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/38
.................
3,960,000
3,506,486
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/39
.................
1,750,000
1,532,063
City
of
Keizer
,
Special
Assessment
,
2008
,
5.2
%
,
6/01/31
......................
930,000
935,131
City
of
Medford
,
Sewer
,
Revenue
,
2024
,
BAM
Insured
,
4
%
,
6/01/47
.........................
2,330,000
2,086,036
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
173
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
City
of
Medford,
(continued)
Sewer
,
Revenue
,
2024
,
BAM
Insured
,
4
%
,
6/01/49
.........................
$
1,715,000
$
1,523,296
City
of
Molalla
,
GO
,
2024
A
,
BAM
Insured
,
4
%
,
6/01/49
.......................
3,115,000
2,793,007
City
of
Portland
,
Sewer
System
,
Revenue,
Second
Lien
,
2025
A
,
Refunding
,
5
%
,
10/01/54
........................................................
5,660,000
5,777,716
Clackamas
Community
College
District
,
GO
,
2017
A
,
5
%
,
6/15/39
...............
2,250,000
2,295,747
Clackamas
County
School
District
No.
12
North
Clackamas
,
c
GO
,
2017
A
,
5.1
%,
6/15/40
...........................................
10,000,000
4,733,729
c
GO
,
2017
A
,
5.49
%,
6/15/42
..........................................
32,770,000
13,169,985
GO
,
2017
B
,
5
%
,
6/15/34
............................................
11,000,000
11,308,295
GO
,
2017
B
,
5
%
,
6/15/37
............................................
7,000,000
7,160,222
GO
,
2018
,
5
%
,
6/15/42
.............................................
1,750,000
1,774,238
Clackamas
County
School
District
No.
35
Molalla
River
,
GO
,
2024
,
4
%
,
6/15/49
....
3,000,000
2,656,119
c
Clackamas
County
School
District
No.
46
Oregon
Trail
,
GO
,
4.33
%,
6/15/37
................................................
12,130,000
7,279,987
GO
,
4.51
%,
6/15/38
................................................
12,495,000
7,033,328
Clackamas
County
School
District
No.
7J
Lake
Oswego
,
GO
,
2005
,
Refunding
,
AGMC
Insured
,
5.25
%
,
6/01/25
.............................................
3,075,000
3,075,000
Clackamas
County
School
District
No.
86
Canby
,
GO
,
2020
A
,
Refunding
,
4
%
,
6/15/40
3,470,000
3,344,367
Columbia
County
School
District
No.
502
,
GO
,
2017
,
5
%
,
6/15/39
...............
1,000,000
1,019,743
County
of
Benton
,
GO
,
2023
,
4.125
%
,
6/01/53
.............................
2,035,000
1,816,027
County
of
Yamhill
,
George
Fox
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/36
..............
2,585,000
2,571,417
George
Fox
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/46
..............
2,330,000
2,074,008
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/40
................
7,010,000
6,666,165
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/45
................
9,285,000
8,492,429
Deschutes
County
Hospital
Facilities
Authority
,
St.
Charles
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/48
.........................
13,890,000
13,449,479
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2012
,
Refunding
,
5
%
,
12/01/29
..................
2,760,000
2,760,472
Jackson
County
School
District
No.
5
Ashland
,
GO
,
2019
,
5
%
,
6/15/34
...........
1,000,000
1,055,003
Jackson
County
School
District
No.
6
Central
Point
,
GO
,
2019
A
,
5
%
,
6/15/31
............................................
2,665,000
2,856,900
c
GO
,
2019
B
,
5.06
%,
6/15/40
.........................................
705,000
335,692
c
GO
,
2019
B
,
5.17
%,
6/15/41
.........................................
710,000
316,532
c
GO
,
2019
B
,
5.27
%,
6/15/42
.........................................
610,000
254,292
c
GO
,
2019
B
,
5.32
%,
6/15/43
.........................................
820,000
321,823
c
GO
,
2019
B
,
5.37
%,
6/15/44
.........................................
1,115,000
411,905
c
GO
,
2019
B
,
5.4
%,
6/15/45
..........................................
985,000
343,021
Klamath
Falls
Intercommunity
Hospital
Authority
,
Sky
Lakes
Medical
Center,
Inc.
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/46
.................................
1,000,000
974,799
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
8/15/45
..............................................
5,620,000
4,933,451
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/45
8,245,000
8,206,752
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/15/50
11,235,000
9,157,683
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/50
4,500,000
4,370,762
Metro
,
County
of
Multnomah
Transient
Lodging
Tax
,
Revenue
,
2017
,
5
%
,
6/15/47
...
10,950,000
11,040,342
Metro
Oregon
-
Clackamas,
Multnomah,
and
Washington
Counties
,
GO
,
2025
,
4.125
%
,
6/01/44
..........................................
10,790,000
10,491,447
GO
,
2025
,
4.25
%
,
6/01/45
...........................................
11,585,000
11,363,336
Multnomah
&
Clackamas
Counties
School
District
No.
10JT
Gresham-Barlow
,
GO
,
2017
A
,
5
%
,
6/15/37
................................................
7,885,000
8,009,810
Multnomah
County
School
District
No.
1J
Portland
,
GO
,
2023
,
4
%
,
6/15/41
........
10,000,000
9,231,159
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
174
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
c
Multnomah
County
School
District
No.
40
,
GO
,
2012
B
,
3.38
%,
6/15/27
.........................................
$
2,655,000
$
2,479,354
GO
,
2012
B
,
3.47
%,
6/15/28
.........................................
2,495,000
2,249,355
GO
,
2012
B
,
3.56
%,
6/15/29
.........................................
2,595,000
2,252,739
GO
,
2012
B
,
3.66
%,
6/15/30
.........................................
1,885,000
1,572,822
GO
,
2012
B
,
3.7
%,
6/15/31
..........................................
2,030,000
1,626,241
GO
,
2012
B
,
3.81
%,
6/15/32
.........................................
2,000,000
1,532,859
GO
,
2023
A
,
3.62
%,
6/15/30
..........................................
425,000
354,615
Multnomah-Clackamas
Counties
Centennial
School
District
No.
28JT
,
GO
,
2020
,
Refunding
,
5
%
,
6/15/45
.....................................
3,000,000
3,076,893
GO
,
2020
,
Refunding
,
5
%
,
6/15/50
.....................................
24,655,000
25,103,334
Oregon
City
School
District
No.
62
,
GO
,
2018
B
,
Refunding
,
5
%
,
6/15/49
..........
2,345,000
2,361,621
Oregon
Health
&
Science
University
,
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
7/01/46
.................
2,000,000
1,717,187
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/44
.................
12,645,000
11,656,328
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/51
.................
26,580,000
23,130,373
Oregon
Health
&
Science
University
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/42
10,000,000
10,048,678
Oregon
State
Facilities
Authority
,
b
CHNW
Clifton
House
LLC
,
Revenue
,
144A,
A
,
4
%
,
10/01/26
.................
665,000
657,530
b
CHNW
Clifton
House
LLC
,
Revenue
,
144A,
A
,
5
%
,
10/01/36
.................
1,670,000
1,556,537
b
CHNW
Clifton
House
LLC
,
Revenue
,
144A,
A
,
5
%
,
10/01/48
.................
4,000,000
3,501,204
Legacy
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/46
......
25,945,000
25,448,903
Legacy
Health
Obligated
Group
,
Revenue
,
2022
A
,
4.125
%
,
6/01/52
...........
3,000,000
2,520,131
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2015
C
,
5
%
,
10/01/45
..
4,000,000
3,944,535
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/41
.......................................................
7,800,000
7,661,482
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
10/01/46
.
3,280,000
3,191,700
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
10/01/46
...................................................
220,000
225,685
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/40
.......................................................
11,025,000
11,087,652
Southern
Oregon
Goodwill
Industries
,
Revenue
,
2025
A
,
5
%
,
12/01/40
..........
420,000
406,827
Southern
Oregon
Goodwill
Industries
,
Revenue
,
2025
A
,
5.375
%
,
12/01/45
......
500,000
477,450
Southern
Oregon
Goodwill
Industries
,
Revenue
,
2025
A
,
5.5
%
,
12/01/54
........
1,500,000
1,417,039
e
University
of
Portland
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
4/01/45
..............
10,000,000
9,903,302
Willamette
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/40
.............
1,950,000
1,887,747
Willamette
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
.............
47,505,000
36,742,756
Oregon
State
University
,
Revenue
,
2024
A
,
Refunding
,
4.25
%
,
4/01/52
...........
3,610,000
3,313,759
Port
of
Portland
,
Airport
,
Revenue
,
24
A
,
5
%
,
7/01/47
....................................
4,700,000
4,677,163
Airport
,
Revenue
,
24
B
,
5
%
,
7/01/42
....................................
7,645,000
7,538,901
Airport
,
Revenue
,
25
B
,
5
%
,
7/01/44
....................................
4,830,000
4,753,834
Airport
,
Revenue
,
25
B
,
5
%
,
7/01/49
....................................
6,300,000
6,165,724
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/30
....................................
1,585,000
1,683,385
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/37
....................................
5,000,000
5,138,857
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/45
....................................
10,670,000
10,569,961
Airport
,
Revenue
,
28
,
4
%
,
7/01/38
.....................................
2,500,000
2,379,403
Airport
,
Revenue
,
29
,
5.5
%
,
7/01/53
....................................
13,500,000
13,925,155
Rockwood
Water
People's
Utility
District
,
Revenue
,
2024
,
4
%
,
6/15/47
............
1,100,000
973,032
Salem
Hospital
Facility
Authority
,
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/33
.............
545,000
553,462
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/38
.............
500,000
500,446
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/43
.............
2,250,000
2,152,221
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/48
.............
3,700,000
3,406,037
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/15/26
....
135,000
136,010
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/15/27
....
260,000
264,292
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
175
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
%
,
5/15/28
....
$
310,000
$
317,448
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/29
....
515,000
512,619
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/30
....
385,000
381,729
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/31
....
400,000
394,755
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/32
....
370,000
362,753
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/40
....
1,540,000
1,362,576
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/57
....
2,750,000
2,007,633
Salem
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/15/46
.......
17,105,000
16,760,545
Salem-Keizer
School
District
No.
24J
,
c
GO
,
2009
B
,
3.51
%,
6/15/30
.........................................
8,500,000
7,131,005
GO
,
2020
C
,
4
%
,
6/15/38
............................................
6,000,000
5,977,721
Seaside
School
District
No.
10
,
GO
,
2017
B
,
5
%
,
6/15/36
.....................
2,500,000
2,562,153
State
of
Oregon
,
GO
,
2007
A
,
4.7
%
,
8/01/42
...........................................
3,050,000
2,855,381
GO
,
2019
G
,
5
%
,
8/01/33
............................................
3,000,000
3,195,077
GO
,
2019
G
,
5
%
,
8/01/34
............................................
1,900,000
2,016,168
GO
,
2025
A
,
Refunding
,
5.25
%
,
5/01/50
.................................
3,300,000
3,479,884
GO
,
L
,
Refunding
,
5
%
,
8/01/42
........................................
3,270,000
3,326,592
Department
of
Transportation
,
Revenue,
Sub.
Lien
,
2019
A
,
Refunding
,
5
%
,
11/15/37
7,500,000
7,865,389
Department
of
Transportation
,
Revenue,
Sub.
Lien
,
2019
A
,
Refunding
,
5
%
,
11/15/39
23,175,000
24,063,972
Department
of
Transportation
,
Revenue,
Sub.
Lien
,
2019
A
,
Refunding
,
4
%
,
11/15/42
3,300,000
3,130,028
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
20,202,300
Tillamook
&
Yamhill
Counties
School
District
No.
101
Nestucca
Valley
,
GO
,
2018
B
,
5
%
,
6/15/36
............................................
350,000
360,915
GO
,
2018
B
,
5
%
,
6/15/37
............................................
2,520,000
2,590,027
Tri-County
Metropolitan
Transportation
District
of
Oregon
,
Revenue
,
2018
A
,
5
%
,
10/01/31
........................................................
5,025,000
5,232,133
Umatilla
Hospital
District
No.
1
,
GO
,
2023
,
5
%
,
6/01/53
.......................
750,000
708,965
Union
County
Hospital
Facility
Authority
,
Grande
Ronde
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2022
,
5
%
,
7/01/47
......
2,250,000
2,175,054
Grande
Ronde
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2022
,
5
%
,
7/01/52
......
3,680,000
3,512,563
University
of
Oregon
,
Revenue
,
2018
A
,
5
%
,
4/01/48
.........................
10,000,000
10,123,705
b
Warm
Springs
Reservation
Confederated
Tribe
,
Revenue
,
144A,
2019
B
,
Refunding
,
5
%
,
11/01/33
.........................
250,000
264,161
Revenue
,
144A,
2019
B
,
Refunding
,
5
%
,
11/01/34
.........................
300,000
315,954
Revenue
,
144A,
2019
B
,
Refunding
,
5
%
,
11/01/39
.........................
2,200,000
2,273,392
Washington
&
Clackamas
Counties
School
District
No.
23J
Tigard-Tualatin
,
GO
,
2017
,
5
%
,
6/15/36
.............................................
9,400,000
9,629,983
GO
,
2017
,
5
%
,
6/15/37
.............................................
5,040,000
5,159,113
GO
,
2017
,
Pre-Refunded
,
5
%
,
6/15/37
..................................
960,000
999,586
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton
,
GO
,
2017
D
,
5
%
,
6/15/35
............................................
15,050,000
15,444,980
GO
,
2017
D
,
5
%
,
6/15/36
............................................
5,000,000
5,122,331
GO
,
2022
B
,
5
%
,
6/15/52
............................................
19,145,000
19,497,768
c
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO
,
2018
A
,
4.91
%,
6/15/38
..........................................
2,350,000
1,257,077
GO
,
2018
A
,
5.06
%,
6/15/39
..........................................
3,275,000
1,638,180
c
Washington
County
School
District
No.
15
Forest
Grove
,
GO
,
2012
B
,
3.53
%,
6/15/29
.........................................
2,545,000
2,209,333
GO
,
2012
B
,
3.59
%,
6/15/30
.........................................
2,490,000
2,080,712
GO
,
2012
B
,
3.69
%,
6/15/31
.........................................
3,140,000
2,516,959
Yachats
Rural
Fire
Protection
District
,
GO
,
2017
,
AGMC
Insured
,
5
%
,
6/15/47
......
1,600,000
1,611,459
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)
Yamhill
County
School
District
No.
8
Dayton
,
GO
,
2019
,
Refunding
,
5
%
,
6/15/32
.....................................
$
1,045,000
$
1,118,660
GO
,
2019
,
Refunding
,
5
%
,
6/15/33
.....................................
1,080,000
1,151,734
713,751,577
South
Carolina
1.6%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
2,500,000
2,093,122
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
2,500,000
2,093,122
b,c
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
2.603
%,
6/01/37
..
7,650,000
6,048,714
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,000,000
2,391,106
12,626,064
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/30
250,000
258,507
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/31
250,000
258,870
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
4,200,000
3,078,679
3,596,056
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
2,400,000
1,980,139
Wisconsin
1.1%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
2,400,000
1,868,610
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
11,650,000
6,797,938
8,666,548
U.S.
Territories
3.7%
Puerto
Rico
3.7%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.625
%
,
5/15/43
......................
6,000,000
6,069,052
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,300,000
1,283,976
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
972,535
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
19,745,000
18,551,525
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
3,000,000
2,801,445
29,678,533
Total
U.S.
Territories
....................................................................
29,678,533
Total
Municipal
Bonds
(Cost
$
838,237,000
)
.....................................
798,247,623
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,f
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
357,633
286,106
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
286,106
Total
Long
Term
Investments
(Cost
$
840,737,000
)
...............................
801,040,463
a
a
a
a
a
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
See
Abbreviations
on
page
200
.
Short
Term
Investments
0.0%
†
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.0%
†
Oregon
0.0%
†
g
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
8/01/34
.............
$
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
$
841,037,000
)
99.9
%
...................................
$801,340,463
Other
Assets,
less
Liabilities
0.1
%
.............................................
329,763
Net
Assets
100.0%
...........................................................
$801,670,226
†
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$65,967,700,
representing
8.2%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Security
purchased
on
a
when-issued
basis.
f
Non-income
producing.
g
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Pennsylvania
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
178
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
$
2,005,387
Total
Corporate
Bonds
(Cost
$
2,000,000
)
.......................................
2,005,387
Municipal
Bonds
97.2%
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
4,853,447
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
1,000,000
652,269
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
6,700,000
5,514,987
11,020,703
New
York
1.6%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/44
.....................................
6,700,000
5,830,278
Revenue
,
2021
A-1
,
4
%
,
11/15/46
.....................................
6,050,000
5,158,086
10,988,364
Pennsylvania
91.6%
Adams
County
General
Authority
,
Brethren
Home
Community
Obligated
Group
(The)
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
6/01/54
....................................................
3,100,000
2,854,690
Brethren
Home
Community
Obligated
Group
(The)
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
6/01/59
....................................................
1,505,000
1,367,690
Allegheny
County
Airport
Authority
,
Revenue
,
2021
A
,
5
%
,
1/01/32
........................................
4,345,000
4,584,677
Revenue
,
2021
A
,
5
%
,
1/01/34
........................................
8,155,000
8,508,704
Revenue
,
2021
A
,
5
%
,
1/01/56
........................................
3,500,000
3,386,270
Revenue
,
2023
A
,
AGMC
Insured
,
5.5
%
,
1/01/53
..........................
5,000,000
5,165,344
Revenue
,
2025
A
,
AGMC
Insured
,
5.5
%
,
1/01/50
..........................
4,000,000
4,178,511
Allegheny
County
Higher
Education
Building
Authority
,
Chatham
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
9/01/33
..............
700,000
696,234
Chatham
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
9/01/34
..............
1,090,000
1,075,279
Duquesne
University
of
the
Holy
Spirit
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/40
.
2,115,000
1,914,983
Duquesne
University
of
the
Holy
Spirit
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/41
.
6,000,000
5,335,910
Robert
Morris
University
,
Revenue
,
2017
,
5
%
,
10/15/37
.....................
1,000,000
921,569
Robert
Morris
University
,
Revenue
,
2017
,
5
%
,
10/15/47
.....................
1,300,000
1,076,192
Allentown
Commercial
and
Industrial
Development
Authority
,
b
Executive
Education
Academy
Charter
School
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/50
....................................................
2,000,000
1,841,805
Lincoln
Leadership
Academy
Charter
School
,
Revenue
,
2023
,
5.5
%
,
6/15/38
.....
600,000
618,691
Lincoln
Leadership
Academy
Charter
School
,
Revenue
,
2023
,
5.75
%
,
6/15/43
....
600,000
614,912
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/32
.................................
1,560,000
1,651,880
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/33
.................................
1,800,000
1,899,035
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/34
.................................
1,550,000
1,629,217
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/35
.................................
1,400,000
1,468,647
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/42
.................................
8,875,000
8,950,179
Berks
County
Industrial
Development
Authority
,
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/15/42
........................................................
1,000,000
969,078
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/15/47
........................................................
600,000
553,047
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
179
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Berks
County
Industrial
Development
Authority,
(continued)
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2017
C
,
5
%
,
5/15/37
......
$
1,245,000
$
1,248,056
Bethlehem
Redevelopment
Authority
,
Moravian
University
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
10/01/49
.........
750,000
750,147
Moravian
University
Obligated
Group
,
Revenue
,
2024
,
5.5
%
,
10/01/54
..........
1,050,000
1,058,103
Bristol
Township
School
District
,
GO
,
2021
C
,
BAM
Insured
,
3
%
,
6/01/37
..........
1,250,000
1,094,723
Bucks
County
Industrial
Development
Authority
,
Delaware
Valley
University
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
11/01/37
.........
1,000,000
954,159
Delaware
Valley
University
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
11/01/42
.........
1,080,000
960,759
Delaware
Valley
University
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
11/01/52
.........
2,500,000
2,089,915
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2019
,
4
%
,
8/15/44
.............
1,500,000
1,301,123
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2021
,
3
%
,
8/15/53
.............
12,000,000
7,826,238
Butler
County
Hospital
Authority
,
Butler
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/35
.......................................
1,885,000
1,814,947
Central
Bradford
Progress
Authority
,
Guthrie
Clinic
(The)
,
Revenue
,
2021
B
,
4
%
,
12/01/51
........................................................
5,000,000
4,291,676
Centre
County
Hospital
Authority
,
Mount
Nittany
Medical
Center
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/42
.......................................................
1,215,000
1,215,825
Mount
Nittany
Medical
Center
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
11/15/47
.......................................................
1,840,000
1,593,273
Cheltenham
Township
Industrial
Development
Authority
,
Arcadia
University
,
Revenue
,
2024
,
Refunding
,
5
%
,
4/01/44
..................
2,250,000
2,059,630
Arcadia
University
,
Revenue
,
2024
,
Refunding
,
5.75
%
,
4/01/54
...............
1,000,000
933,200
Chester
County
Industrial
Development
Authority
,
University
Student
Housing
LLC
,
Revenue
,
2013
A
,
5
%
,
8/01/35
...............
500,000
489,251
University
Student
Housing
LLC
,
Revenue
,
2013
A
,
5
%
,
8/01/45
...............
1,500,000
1,347,776
City
of
Erie
Higher
Education
Building
Authority
,
Gannon
University
,
Revenue
,
2021
TT-1
,
4
%
,
5/01/36
......................
400,000
369,342
Gannon
University
,
Revenue
,
2021
TT-1
,
4
%
,
5/01/41
......................
1,000,000
837,397
Gannon
University
,
Revenue
,
2021
TT-1
,
5
%
,
5/01/47
......................
2,430,000
2,219,564
Gannon
University
,
Revenue
,
2025
XX-1
,
5
%
,
5/01/35
......................
375,000
389,959
Gannon
University
,
Revenue
,
2025
XX-1
,
5
%
,
5/01/38
......................
635,000
646,378
Gannon
University
,
Revenue
,
2025
XX-1
,
5
%
,
5/01/48
......................
775,000
730,496
City
of
Philadelphia
,
GO
,
2019
B
,
5
%
,
2/01/37
............................................
2,000,000
2,080,160
GO
,
2019
B
,
5
%
,
2/01/38
............................................
4,055,000
4,193,313
GO
,
2019
B
,
5
%
,
2/01/39
............................................
3,550,000
3,651,426
GO
,
2021
A
,
4
%
,
5/01/37
............................................
4,435,000
4,360,470
Airport
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/47
.........................
10,000,000
9,846,638
Airport
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
7/01/45
.........................
5,225,000
4,625,331
Airport
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/51
...........................
5,000,000
4,923,974
Water
&
Wastewater
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
11/01/45
..............
6,300,000
6,432,061
Water
&
Wastewater
,
Revenue
,
2022
C
,
5.5
%
,
6/01/47
......................
5,000,000
5,264,654
Water
&
Wastewater
,
Revenue
,
2024
C
,
AGMC
Insured
,
5.25
%
,
9/01/54
.........
5,000,000
5,180,242
Colonial
School
District
,
GO
,
2021
A
,
3
%
,
2/15/40
...........................
1,650,000
1,374,281
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
,
Revenue
,
2015
A
,
5
%
,
6/01/34
....................................................
10,000,000
10,011,161
County
of
Allegheny
,
GO
,
C-77
,
5
%
,
11/01/43
.............................................
5,030,000
5,113,108
GO
,
C-80
,
5
%
,
12/01/54
.............................................
3,000,000
3,049,149
County
of
Jefferson
,
GO
,
2021
,
Refunding
,
AGMC
Insured
,
3
%
,
12/15/37
........................
770,000
682,286
GO
,
2021
,
Refunding
,
AGMC
Insured
,
3
%
,
12/15/39
........................
520,000
443,511
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
180
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2014
,
Refunding
,
5
%
,
5/01/37
......................................................
$
2,500,000
$
2,374,698
Delaware
County
Authority
,
Elwyn
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/27
..............
1,560,000
1,555,336
Elwyn
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/32
..............
1,620,000
1,580,558
Haverford
College
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/46
...............
5,865,000
5,884,374
Delaware
County
Regional
Water
Quality
Control
Authority
,
Revenue
,
2016
,
4
%
,
11/01/36
........................................................
2,005,000
2,006,230
DuBois
Hospital
Authority
,
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
7/15/43
........................................................
3,410,000
3,072,912
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2020
,
4
%
,
7/15/50
......
3,500,000
2,584,866
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/15/41
........................................................
1,000,000
837,585
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/15/51
........................................................
4,000,000
2,941,654
East
Hempfield
Township
Industrial
Development
Authority
,
Student
Services,
Inc.
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
7/01/47
..............................
3,750,000
3,754,665
Erie
City
Water
Authority
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
12/01/43
...........
6,000,000
6,179,920
b
Erie
County
Industrial
Development
Authority
,
CFC
-
Erie
I
LLC
,
Revenue
,
144A,
2024
A
,
6.75
%
,
9/01/61
.................................................
5,000,000
4,751,703
Fairview
School
District
,
GO
,
2021
,
BAM
Insured
,
3
%
,
9/15/37
...................................
1,195,000
1,034,401
GO
,
2021
,
BAM
Insured
,
3
%
,
9/15/38
...................................
1,000,000
838,994
GO
,
2021
,
BAM
Insured
,
3
%
,
9/15/39
...................................
1,000,000
832,486
Geisinger
Authority
,
Kaiser
Obligated
Group
,
Revenue
,
2017
A-1
,
Refunding
,
5
%
,
2/15/45
...........
5,555,000
5,491,516
Kaiser
Obligated
Group
,
Revenue
,
2017
A-2
,
Refunding
,
5
%
,
2/15/39
...........
13,155,000
13,154,442
Governor
Mifflin
School
District
,
GO
,
2021
,
3
%
,
4/01/36
.............................................
625,000
564,027
GO
,
2021
,
3
%
,
4/01/37
.............................................
1,000,000
886,832
GO
,
2021
,
3
%
,
4/01/38
.............................................
1,000,000
863,842
GO
,
2021
,
3
%
,
4/01/39
.............................................
1,015,000
858,716
Huntingdon
County
General
Authority
,
Juniata
College
,
Revenue
,
2021
TT-3
,
Refunding
,
5
%
,
10/01/51
............................................
2,520,000
2,247,534
Lancaster
County
Hospital
Authority
,
d
Masonic
Villages
of
the
Grand
Lodge
of
Pennsylvania
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
11/01/34
...................................................
1,260,000
1,365,811
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
8/15/46
............................................
4,165,000
4,113,471
Lancaster
Higher
Education
Authority
,
Elizabethtown
College
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/46
............
5,000,000
4,524,988
Elizabethtown
College
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/51
............
5,000,000
4,392,301
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/51
........
2,780,000
2,158,846
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/56
........
520,000
391,721
Willow
Valley
Communities
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/44
......
1,850,000
1,754,995
Willow
Valley
Communities
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/49
......
2,300,000
2,130,173
Lancaster
Municipal
Authority
,
Garden
Spot
Village
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
5/01/44
..
1,200,000
1,193,437
Garden
Spot
Village
Obligated
Group
,
Revenue
,
2024
B
,
5
%
,
5/01/59
..........
530,000
501,610
Luthercare
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
12/01/55
........
1,250,000
1,164,461
Lancaster
School
District
,
GO
,
2025
B
,
BAM
Insured
,
5
%
,
6/01/43
.................................
2,000,000
2,081,018
GO
,
2025
B
,
BAM
Insured
,
5
%
,
6/01/44
.................................
2,000,000
2,069,200
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
181
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Latrobe
Industrial
Development
Authority
,
Seton
Hill
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/46
................
$
750,000
$
581,455
Seton
Hill
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/51
................
800,000
596,903
Lehigh
County
Authority
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/45
...
6,500,000
5,788,970
Lehigh
County
General
Purpose
Authority
,
Good
Shepherd
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/01/41
4,345,000
3,815,645
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/42
....
14,390,000
12,163,880
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/57
....
5,000,000
3,801,317
Muhlenberg
College
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
2/01/54
..............
1,600,000
1,599,509
Lycoming
County
Authority
,
Lycoming
College
,
Revenue
,
2013
MM-1
,
5.25
%
,
11/01/38
...................
1,400,000
1,402,386
Lycoming
College
,
Revenue
,
2013
MM-1
,
5.25
%
,
11/01/43
...................
1,495,000
1,497,607
Montgomery
County
Higher
Education
and
Health
Authority
,
Gwynedd
Mercy
University
,
Revenue
,
2022
UU-2
,
Refunding
,
5.25
%
,
5/01/37
....
2,665,000
2,718,868
Gwynedd
Mercy
University
,
Revenue
,
2022
UU-2
,
Refunding
,
5
%
,
5/01/42
.......
3,700,000
3,516,373
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
9/01/43
........................................................
3,740,000
3,299,472
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
9/01/48
........................................................
8,250,000
8,020,419
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
4
%
,
5/01/52
........................................................
4,000,000
3,210,727
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
5/01/57
........................................................
5,000,000
4,842,256
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
4
%
,
11/15/43
.......................................................
600,000
524,655
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
5
%
,
11/15/45
.......................................................
1,985,000
1,942,613
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
A
,
5.25
%
,
11/15/53
.......................................................
1,500,000
1,510,141
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
11/15/49
...........................................
9,525,000
9,177,832
Gwynedd
Mercy
University
,
Revenue
,
2023
VV-1
,
5.75
%
,
5/01/48
..............
2,000,000
2,011,076
Meadowood
Corp.
Obligated
Group
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/38
.......................................................
2,500,000
2,510,885
Public
School
of
Germantown
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
..
2,450,000
1,977,947
Waverly
Heights
Ltd.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/49
..
2,000,000
1,877,754
Muhlenberg
School
District
,
GO
,
2024
,
5
%
,
5/15/54
..........................
2,000,000
2,011,419
New
Kensington
Municipal
Sanitary
Authority
,
Revenue
,
2021
A
,
AGMC
Insured
,
3
%
,
12/01/38
........................................................
500,000
431,806
Northampton
County
General
Purpose
Authority
,
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
8/15/48
...
2,500,000
2,444,018
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2024
A-1
,
Refunding
,
AGMC
Insured
,
5.25
%
,
8/15/53
..................................................
5,000,000
5,116,571
Northeastern
Pennsylvania
Hospital
and
Education
Authority
,
King's
College
,
Revenue
,
2019
,
5
%
,
5/01/44
.................................................
1,000,000
918,455
Northeastern
School
District
,
GO
,
2021
A
,
BAM
Insured
,
3
%
,
3/01/38
.................................
850,000
722,748
GO
,
2021
A
,
BAM
Insured
,
3
%
,
3/01/41
.................................
775,000
630,258
Northern
Lebanon
School
District
,
GO
,
2021
,
BAM
Insured
,
3
%
,
9/01/36
..........
1,895,000
1,666,213
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
5.5
%
,
6/30/43
2,000,000
2,041,678
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
5.25
%
,
6/30/53
........................................................
8,500,000
8,303,936
Parking
System
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
AGMC
Insured
,
4
%
,
1/01/41
........................................................
1,015,000
945,768
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)
Pennsylvania
Economic
Development
Financing
Authority,
(continued)
Philadelphia
Water
Department
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/29
........
$
500,000
$
504,695
Philadelphia
Water
Department
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/32
........
1,300,000
1,307,435
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2023
B-2
,
Refunding
,
5
%
,
7/01/42
2,365,000
2,376,172
UPMC
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
11/15/42
...........
5,000,000
4,451,187
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
4/15/45
.....................
5,000,000
4,323,881
UPMC
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/15/39
...........
1,325,000
1,219,526
UPMC
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/15/40
...........
1,200,000
1,095,702
UPMC
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/15/41
...........
1,300,000
1,172,043
UPMC
Obligated
Group
,
Revenue
,
2025
B
,
Refunding
,
5
%
,
3/15/43
............
1,850,000
1,861,710
UPMC
Obligated
Group
,
Revenue
,
2025
B
,
Refunding
,
5
%
,
3/15/50
............
3,000,000
2,927,001
Villanova
University
,
Revenue
,
2024
,
4
%
,
8/01/54
..........................
5,000,000
4,279,974
Pennsylvania
Higher
Educational
Facilities
Authority
,
St.
Joseph's
University
,
Revenue
,
2012
,
5
%
,
11/01/42
......................
5,000,000
4,969,609
Trustees
of
the
University
of
Pennsylvania
(The)
,
Revenue
,
2017
A
,
5
%
,
8/15/46
..
7,000,000
7,034,002
Trustees
of
the
University
of
Pennsylvania
(The)
,
Revenue
,
2025
A
,
4.25
%
,
2/15/55
15,695,000
14,099,478
Trustees
of
the
University
of
Pennsylvania
(The)
,
Revenue
,
2025
A
,
5
%
,
2/15/55
..
2,095,000
2,137,904
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/40
............................................
6,475,000
6,482,453
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2019
,
4
%
,
8/15/49
....................................................
7,000,000
6,022,912
Widener
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/15/51
................
11,030,000
8,380,249
Pennsylvania
Housing
Finance
Agency
,
Revenue
,
2019-129
,
3.4
%
,
10/01/49
...................................
6,000,000
4,697,825
Revenue
,
2020-132
A
,
2.55
%
,
10/01/41
.................................
11,280,000
8,164,854
Pennsylvania
State
University
(The)
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
9/01/40
...............................
10,490,000
10,517,837
Revenue
,
2016
A
,
Refunding
,
5
%
,
9/01/41
...............................
10,000,000
10,108,603
Revenue
,
2023
,
5.25
%
,
9/01/53
.......................................
3,000,000
3,104,592
Revenue
,
2024
,
5.25
%
,
9/01/54
.......................................
5,000,000
5,195,534
Pennsylvania
Turnpike
Commission
,
Revenue
,
2021
B
,
4
%
,
12/01/37
.......................................
1,500,000
1,468,620
Revenue
,
2021
B
,
4
%
,
12/01/46
.......................................
10,950,000
9,805,972
Revenue
,
2024
C
,
5.25
%
,
12/01/54
....................................
4,500,000
4,655,727
Revenue
,
2025
A
,
5.25
%
,
12/01/55
....................................
5,000,000
5,175,632
Philadelphia
Authority
for
Industrial
Development
,
e
Beech
International
LLC
,
Revenue
,
2010
A
,
5.625
%
,
6/15/42
.................
4,000,000
2,920,000
Children's
Hospital
of
Philadelphia
Obligated
Group
,
Revenue
,
2024
A
,
4
%
,
7/01/49
2,500,000
2,178,314
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/30
............
245,000
250,961
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/40
............
300,000
296,333
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/50
............
2,515,000
2,390,568
St.
Joseph's
University
,
Revenue
,
2022
,
5.5
%
,
11/01/60
.....................
8,410,000
8,608,126
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
9/01/42
........................................................
3,500,000
3,409,736
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
9/01/47
........................................................
2,400,000
2,315,462
b
University
Plaza
Associates
,
Revenue
,
144A,
2017
,
III
,
5.5
%
,
12/01/58
..........
10,000,000
10,350,253
Philadelphia
Gas
Works
Co.
,
Revenue
,
14th
,
Refunding
,
5
%
,
10/01/32
................................
1,000,000
1,019,273
Revenue
,
15th
,
Refunding
,
5
%
,
8/01/47
.................................
11,000,000
11,001,730
Revenue
,
17th
A
,
AGMC
Insured
,
5.25
%
,
8/01/54
..........................
2,000,000
2,067,107
Pittsburgh
Water
&
Sewer
Authority
,
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/39
.............................
1,490,000
1,613,784
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/40
.............................
1,365,000
1,457,809
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/41
.............................
1,650,000
1,762,797
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)
Pittsburgh
Water
&
Sewer
Authority,
(continued)
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/42
.............................
$
1,685,000
$
1,788,554
Revenue,
First
Lien
,
2022
A
,
5
%
,
9/01/52
................................
2,640,000
2,670,337
School
District
of
Philadelphia
(The)
,
GO
,
2021
A
,
4
%
,
9/01/36
.................
3,845,000
3,767,614
Scranton
School
District
,
GO
,
2020
,
4
%
,
12/01/40
...........................
1,535,000
1,424,292
Scranton-Lackawanna
Health
and
Welfare
Authority
,
University
of
Scranton
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/37
..............
4,000,000
4,011,772
University
of
Scranton
,
Revenue
,
2025
A
,
Refunding
,
4
%
,
11/01/41
............
2,075,000
1,889,797
University
of
Scranton
,
Revenue
,
2025
A
,
Refunding
,
4
%
,
11/01/42
............
2,160,000
1,949,560
University
of
Scranton
,
Revenue
,
2025
A
,
Refunding
,
4
%
,
11/01/43
............
2,245,000
1,999,171
Southeastern
Pennsylvania
Transportation
Authority
,
Revenue
,
2022
,
5.25
%
,
6/01/52
5,000,000
5,105,962
State
College
Area
School
District
,
GO
,
2015
,
5
%
,
3/15/40
.............................................
10,000,000
10,008,228
GO
,
2018
,
5
%
,
5/15/44
.............................................
3,500,000
3,559,658
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/32
....................................................
7,095,000
7,180,833
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/33
....................................................
3,000,000
3,031,950
Temple
University-of
Commonwealth
System
of
Higher
Education
(The)
,
Revenue,
First
Series
,
2025
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/44
...........
1,000,000
1,037,680
Revenue,
First
Series
,
2025
,
Refunding
,
AGMC
Insured
,
5
%
,
4/01/45
...........
750,000
774,984
Township
of
Northampton
,
GO
,
2021
,
4
%
,
5/15/39
...........................
1,495,000
1,450,090
Upper
Merion
Area
School
District
,
GO
,
2021
A
,
3
%
,
1/15/39
............................................
1,000,000
849,404
GO
,
2021
A
,
3
%
,
1/15/40
............................................
1,500,000
1,248,109
GO
,
2021
A
,
3
%
,
1/15/41
............................................
1,275,000
1,044,300
Westmoreland
County
Industrial
Development
Authority
,
Excela
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/29
......
725,000
750,977
Excela
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/30
......
1,370,000
1,422,822
Excela
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/37
......
1,400,000
1,286,876
Wilkes-Barre
Finance
Authority
,
Wilkes
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/42
.........................................................
2,500,000
2,005,060
613,918,541
South
Carolina
0.6%
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,900,000
1,590,773
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
2,000,000
1,674,497
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
797,035
4,062,305
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,300,000
2,418,962
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
1,567,610
Wisconsin
0.2%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
1,900,000
1,479,316
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
See
Abbreviations
on
page
200
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
0.9%
Puerto
Rico
0.9%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
$
1,100,000
$
1,086,442
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
972,535
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
4,000,000
3,758,222
5,817,199
Total
U.S.
Territories
....................................................................
5,817,199
Total
Municipal
Bonds
(Cost
$
710,181,357
)
.....................................
651,273,000
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,f
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
262,891
210,312
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
210,312
Total
Long
Term
Investments
(Cost
$
712,181,357
)
...............................
653,488,699
a
a
a
a
a
Short
Term
Investments
1.6%
Principal
Amount
Municipal
Bonds
1.6%
Pennsylvania
1.6%
g
Allegheny
County
Higher
Education
Building
Authority
,
Carnegie
Mellon
University
,
Revenue
,
2008
A
,
Refunding
,
SPA
Bank
of
New
York
Mellon
(The)
,
Daily
VRDN
and
Put
,
2.5
%
,
12/01/37
................................................
1,500,000
1,500,000
g
General
Authority
of
Southcentral
Pennsylvania
,
WellSpan
Health
Obligated
Group
,
Revenue
,
2019
E
,
Refunding
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.85
%
,
6/01/35
.........................................................
5,300,000
5,300,000
g
Philadelphia
Authority
for
Industrial
Development
,
Children's
Hospital
of
Philadelphia
Obligated
Group
,
Revenue
,
2024
B-1
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.95
%
,
7/01/54
.............................................
3,800,000
3,800,000
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
$
722,781,357
)
99.1
%
...................................
$664,088,699
Other
Assets,
less
Liabilities
0.9
%
.............................................
6,243,344
Net
Assets
100.0%
...........................................................
$670,332,043
†
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$30,964,713,
representing
4.6%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
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
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
Non-income
producing.
g
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2025
Franklin
Virginia
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
186
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
95.4%
California
0.2%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
$
1,000,000
$
836,744
Florida
1.6%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
3,456,000
2,948,930
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
1,100,000
717,496
a
,b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.33
%,
3/01/29
...........................................
4,025,000
3,313,107
6,979,533
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
1,456,213
State
of
Illinois
,
GO
,
2017
D
,
5
%
,
11/01/26
................................
1,000,000
1,024,449
2,480,662
New
Jersey
1.0%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/32
..............
3,460,000
3,609,663
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/41
........................
1,000,000
917,453
4,527,116
New
York
0.3%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/46
..........
1,350,000
1,150,978
South
Carolina
0.8%
South
Carolina
Jobs-Economic
Development
Authority
,
a
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
1,200,000
1,004,699
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
1,200,000
1,004,698
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
2,000,000
1,594,070
3,603,467
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/28
225,000
231,112
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/29
250,000
257,804
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,100,000
1,539,339
2,028,255
Virginia
80.1%
Albemarle
County
Economic
Development
Authority
,
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/30
............................................
1,120,000
1,131,850
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/31
............................................
1,165,000
1,177,098
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/32
............................................
1,105,000
1,116,249
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/33
............................................
1,260,000
1,270,202
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/42
............................................
2,725,000
2,499,591
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/49
............................................
2,800,000
2,395,365
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
187
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
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
$
4,288,426
Alexandria
Industrial
Development
Authority
,
Goodwin
House,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
10/01/45
975,000
980,740
Protestant
Episcopal
High
School
in
Virginia
,
Revenue
,
2021
C
,
Refunding
,
4
%
,
1/01/46
........................................................
2,450,000
2,158,299
Alexandria
Sanitation
Authority
,
Revenue
,
2024
,
5
%
,
7/15/49
.........................................
2,830,000
2,933,628
Revenue
,
2024
,
5
%
,
7/15/54
.........................................
1,100,000
1,133,066
Arlington
County
Industrial
Development
Authority
,
Virginia
Hospital
Center
Arlington
Health
System
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/45
.......
2,000,000
1,775,227
Chesapeake
Hospital
Authority
,
Chesapeake
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
4
%
,
7/01/39
........................................................
1,000,000
936,119
Chesapeake
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
4
%
,
7/01/43
........................................................
4,000,000
3,589,445
City
of
Alexandria
,
GO
,
2023
,
4
%
,
12/15/43
................................
5,500,000
5,260,532
City
of
Chesapeake
,
Chesapeake
Expressway
Toll
Road
,
Revenue,
Senior
Lien
,
2024
,
Refunding
,
AGMC
Insured
,
4
%
,
7/15/47
.................................
2,500,000
2,230,264
City
of
Hopewell
,
Sewer
System
,
Revenue
,
2011
A
,
Refunding
,
5
%
,
7/15/42
.......
4,850,000
4,586,679
City
of
Norfolk
,
Water
,
Revenue
,
2018
,
5
%
,
11/01/43
...................................
6,920,000
7,015,185
Water
,
Revenue
,
2018
,
5
%
,
11/01/47
...................................
6,925,000
7,012,172
City
of
Richmond
,
Public
Utility
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
1/15/33
......
10,000,000
10,126,642
Commonwealth
of
Virginia
,
GO
,
2020
A
,
4
%
,
6/01/31
............................................
2,710,000
2,817,688
GO
,
2022
A
,
5
%
,
6/01/52
............................................
2,445,000
2,523,803
GO
,
2024
A
,
4
%
,
6/01/42
............................................
3,180,000
3,128,841
County
of
Fairfax
,
GO
,
2024
A
,
4
%
,
10/01/42
...........................................
5,000,000
4,810,098
GO
,
2025
A
,
4
%
,
10/01/43
...........................................
2,455,000
2,378,519
GO
,
2025
A
,
4
%
,
10/01/44
...........................................
4,395,000
4,220,012
Sewer
,
Revenue
,
2024
A
,
5
%
,
7/15/49
..................................
3,070,000
3,205,769
Sewer
,
Revenue
,
2024
A
,
5
%
,
7/15/54
..................................
4,500,000
4,665,830
Fairfax
County
Economic
Development
Authority
,
Revenue
,
2017
,
5
%
,
4/01/42
.....
5,085,000
5,112,663
Fairfax
County
Industrial
Development
Authority
,
Inova
Health
System
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/44
...
3,000,000
2,732,069
Inova
Health
System
Obligated
Group
,
Revenue
,
2024
,
4.125
%
,
5/15/54
........
5,000,000
4,265,038
Fairfax
County
Water
Authority
,
Revenue
,
2017
,
Refunding
,
5
%
,
4/01/43
.................................
3,510,000
3,553,102
Revenue
,
2017
,
Refunding
,
5
%
,
4/01/47
.................................
5,000,000
5,042,383
Farmville
Industrial
Development
Authority
,
c
Elwood
Place
LLC
,
Revenue
,
2021
,
AGMC
Insured
,
Mandatory
Put
,
5.375
%
,
7/01/43
5,000,000
5,120,634
Longwood
Housing
Foundation
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/48
...
5,000,000
4,528,250
Hampton
Roads
Sanitation
District
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
8/01/43
...
5,000,000
5,121,196
Hampton
Roads
Transportation
Accountability
Commission
,
Hampton
Roads
Transportation
Fund
,
Revenue,
Senior
Lien
,
2018
A
,
Pre-Refunded
,
5
%
,
7/01/48
....................................................
5,505,000
5,802,739
Transportation
Fund
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
7/01/60
..............
4,885,000
4,910,155
Henrico
County
Economic
Development
Authority
,
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/40
.......................................................
500,000
479,128
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/45
.......................................................
1,425,000
1,280,596
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
188
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Henrico
County
Economic
Development
Authority,
(continued)
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/50
.......................................................
$
1,500,000
$
1,291,604
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
10/01/42
..
1,125,000
1,151,783
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
10/01/52
..
5,000,000
4,993,239
Isle
of
Wight
County
Economic
Development
Authority
,
Riverside
Healthcare
Association
Obligated
Group
,
Revenue
,
2023
,
AGMC
Insured
,
5.25
%
,
7/01/48
....
2,260,000
2,325,350
Isle
Wight
County
Industrial
Development
Authority
,
Riverside
Healthcare
Association
Obligated
Group
,
Revenue
,
2023
,
AGMC
Insured
,
5.25
%
,
7/01/53
.............
4,680,000
4,738,011
Lexington
Industrial
Development
Authority
,
Lexington
Retirement
Community
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/38
........................................................
665,000
614,840
Lexington
Retirement
Community
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/42
........................................................
1,120,000
985,885
Lexington
Retirement
Community
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/48
........................................................
2,315,000
1,892,083
Washington
&
Lee
University
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/35
....
1,105,000
1,147,100
Washington
&
Lee
University
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/48
....
1,500,000
1,510,576
Loudoun
County
Economic
Development
Authority
,
Howard
Hughes
Medical
Institute
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
10/01/52
..............................
8,945,000
8,021,395
Lynchburg
Economic
Development
Authority
,
Centra
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
1/01/47
......
4,500,000
4,431,845
Centra
Health
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/47
........
2,350,000
2,017,770
Centra
Health
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
1/01/51
........
2,000,000
1,360,607
Centra
Health
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/55
........
6,305,000
5,044,829
Montgomery
County
Economic
Development
Authority
,
Virginia
Tech
Foundation,
Inc.
,
Revenue
,
2019
A
,
4
%
,
6/01/39
........................................
1,750,000
1,664,162
Norfolk
Airport
Authority
,
Revenue
,
2019
,
5
%
,
7/01/39
.........................................
800,000
822,201
Revenue
,
2019
,
5
%
,
7/01/43
.........................................
2,675,000
2,702,051
Northern
Virginia
Transportation
Commission
,
Commuter
Rail
Operating
&
Capital
Fund
,
Revenue
,
2022
,
5
%
,
6/01/47
.........
1,750,000
1,811,962
Commuter
Rail
Operating
&
Capital
Fund
,
Revenue
,
2022
,
5
%
,
6/01/52
.........
7,090,000
7,292,757
Prince
Edward
County
Industrial
Development
Authority
,
President
and
Trustees
of
Hampden-Sydney
College
,
Revenue
,
2018
,
5
%
,
9/01/48
....................
2,050,000
2,006,477
Richmond
Economic
Development
Authority
,
City
of
Richmond
,
Revenue
,
2024
,
4
%
,
6/01/54
.........................................................
2,080,000
1,776,765
Riverside
Regional
Jail
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/31
.........
6,215,000
6,223,769
Roanoke
Economic
Development
Authority
,
Carilion
Clinic
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/51
.......................................
4,000,000
3,443,456
Salem
Economic
Development
Authority
,
Roanoke
College
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/49
..................
925,000
843,876
d
Roanoke
College
Obligated
Group
,
Revenue
,
2025
,
6
%
,
4/01/50
..............
300,000
308,023
d
Roanoke
College
Obligated
Group
,
Revenue
,
2025
,
6
%
,
4/01/55
..............
700,000
714,832
Stafford
County
&
Staunton
Industrial
Development
Authority
,
Revenue
,
2007
E
,
AGMC
Insured
,
5
%
,
8/01/37
...............................................
960,000
960,645
Virginia
Beach
Development
Authority
,
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
9/01/40
............................................
1,750,000
1,717,311
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
9/01/44
............................................
2,215,000
2,095,892
Virginia
College
Building
Authority
,
Revenue
,
2016
A
,
5
%
,
9/01/27
........................................
3,925,000
4,016,201
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
9/01/27
............................
75,000
76,905
Commonwealth
of
Virginia
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
2/01/30
..........
7,000,000
7,022,435
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/39
...........
795,000
658,201
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)
Virginia
College
Building
Authority,
(continued)
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
2.25
%
,
1/15/40
........
$
450,000
$
309,105
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/41
...........
500,000
395,917
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/46
...........
1,100,000
782,342
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/51
...........
1,750,000
1,152,872
Regent
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
6/01/36
..................
2,750,000
2,591,908
Regent
University
,
Revenue
,
2021
,
Refunding
,
3
%
,
6/01/41
..................
4,800,000
3,618,414
Regent
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
6/01/46
..................
3,725,000
3,062,513
Virginia
Commonwealth
Transportation
Board
,
Revenue
,
2016
,
5
%
,
9/15/30
.........................................
2,260,000
2,309,593
Revenue
,
2016
,
5
%
,
9/15/31
.........................................
4,000,000
4,082,698
Commonwealth
of
Virginia
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/36
............
5,000,000
5,079,718
Commonwealth
of
Virginia
,
Revenue
,
2023
,
4
%
,
5/15/45
....................
2,000,000
1,838,729
Virginia
Housing
Development
Authority
,
Revenue
,
2024
A
,
4.45
%
,
9/01/44
........
3,000,000
2,909,589
Virginia
Public
Building
Authority
,
Revenue
,
2025
A
,
5
%
,
8/01/44
........................................
5,295,000
5,565,131
Commonwealth
of
Virginia
,
Revenue
,
2019
A
,
4
%
,
8/01/35
...................
1,250,000
1,257,733
Virginia
Public
School
Authority
,
Revenue
,
2018
B
,
5
%
,
8/01/30
........................................
5,280,000
5,606,828
County
of
Prince
William
,
Revenue
,
2018
,
4
%
,
3/01/33
......................
5,795,000
5,890,424
County
of
Prince
William
,
Revenue
,
2024
,
4
%
,
10/01/41
.....................
5,595,000
5,494,507
Virginia
Resources
Authority
,
Revenue
,
Pre-Refunded
,
5
%
,
11/01/38
..................................
3,195,000
3,220,248
Revenue
,
2018
C
,
Refunding
,
5
%
,
11/01/48
..............................
7,655,000
7,740,482
Virginia
Small
Business
Financing
Authority
,
95
Express
Lanes
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/48
.....
7,000,000
5,784,706
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/49
.....
5,000,000
4,221,829
Capital
Beltway
Express
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
5
%
,
12/31/57
6,000,000
5,827,515
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/38
........................................................
3,820,000
3,561,280
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/40
........................................................
3,680,000
3,324,733
I-66
Express
Mobility
Partners
LLC
,
Revenue,
Senior
Lien
,
2017
,
5
%
,
12/31/47
...
5,000,000
4,774,241
I-66
Express
Mobility
Partners
LLC
,
Revenue,
Senior
Lien
,
2017
,
5
%
,
12/31/52
...
7,600,000
7,095,406
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/36
...
1,000,000
956,572
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/41
...
2,500,000
2,235,038
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/51
...
7,500,000
6,018,331
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
12/01/54
4,000,000
4,035,696
Mary
Washington
Healthcare
Obligated
Group
,
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
6/15/55
..................................................
1,250,000
1,266,185
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/01/37
....................................................
2,750,000
2,633,514
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/01/51
....................................................
2,250,000
1,803,678
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/37
...
4,000,000
3,865,071
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/38
...
2,000,000
1,892,268
Williamsburg
Economic
Development
Authority
,
Provident
Group
-
Williamsburg
Properties
LLC
,
Revenue
,
2023
A
,
AGMC
Insured
,
4.125
%
,
7/01/58
............
2,000,000
1,761,204
Winchester
Economic
Development
Authority
,
Valley
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
1/01/44
.................................
5,000,000
4,909,235
355,875,383
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,200,000
990,069
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)
Wisconsin
0.4%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
$
1,200,000
$
934,305
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,000,000
983,087
1,917,392
U.S.
Territories
9.7%
District
of
Columbia
7.8%
Metropolitan
Washington
Airports
Authority
,
Aviation
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/46
.......................
5,000,000
4,986,663
Aviation
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/48
.....................
4,000,000
4,045,502
Aviation
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
10/01/49
.....................
2,000,000
2,031,510
Aviation
,
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
10/01/54
......................
1,000,000
1,031,443
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2020
A
,
5
%
,
7/15/45
...............................
3,145,000
3,176,049
Dedicated
,
Revenue
,
2021
A
,
5
%
,
7/15/41
...............................
2,530,000
2,605,667
Dedicated
,
Revenue
,
2021
A
,
5
%
,
7/15/46
...............................
2,000,000
2,020,268
Dedicated
,
Revenue
,
2023
A
,
5
%
,
7/15/43
...............................
2,500,000
2,586,992
Dedicated
,
Revenue
,
2023
A
,
4.125
%
,
7/15/47
............................
1,975,000
1,774,140
Dedicated
,
Revenue,
Second
Lien
,
2023
A
,
5
%
,
7/15/48
.....................
5,000,000
5,062,593
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/49
.....................
3,200,000
3,238,342
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/56
.....................
2,000,000
2,013,959
34,573,128
Puerto
Rico
1.9%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,700,000
1,679,046
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
441,200
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/37
..
200,000
184,184
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
6,400,000
5,861,087
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
500,000
469,778
8,635,295
Total
U.S.
Territories
....................................................................
43,208,423
Total
Municipal
Bonds
(Cost
$
456,708,668
)
.....................................
423,598,022
Shares
Escrows
and
Litigation
Trusts
0.0%
†
e
,f
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
149,352
119,482
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
119,482
Total
Long
Term
Investments
(Cost
$
456,708,668
)
...............................
423,717,504
a
a
a
a
a
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
See
Abbreviations
on
page
200
.
Short
Term
Investments
3.2%
a
a
Principal
Amount
a
Value
Municipal
Bonds
3.2%
Virginia
3.2%
g
Albemarle
County
Economic
Development
Authority
,
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3
%
,
10/01/48
........................................................
$
14,300,000
$
14,300,000
Total
Municipal
Bonds
(Cost
$
14,300,000
)
......................................
14,300,000
Total
Short
Term
Investments
(Cost
$
14,300,000
)
................................
14,300,000
a
Total
Investments
(Cost
$
471,008,668
)
98.6
%
...................................
$438,017,504
Other
Assets,
less
Liabilities
1.4
%
.............................................
5,971,516
Net
Assets
100.0%
...........................................................
$443,989,020
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2025,
the
aggregate
value
of
these
securities
was
$11,076,172,
representing
2.5%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Security
purchased
on
a
when-issued
basis.
e
Non-income
producing.
f
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
g
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
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)
192
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
May
31,
2025,
unfunded
commitments
were
as
follows:
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
193
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)
194
Quarterly
Schedules
of
Investments
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2025,
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)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2025,
in
valuing
the
Funds'
assets
carried
at
fair
value,
is
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Municipal
Green
Bond
ETF
...................
$31,040,367
$—
$(5,977,234)
$(1,118,266)
$(280,514)
$23,664,353
1,030,000
$264,272
Total
Affiliated
Securities
...
$31,040,367
$—
$(5,977,234)
$(1,118,266)
$(280,514)
$23,664,353
$264,272
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Controlled
Affiliates
Dividends
Franklin
Municipal
Green
Bond
ETF
...................
$37,296,565
$—
$(9,063,848)
$(1,389,377)
$(192,224)
$26,651,116
1,160,000
$304,008
Total
Affiliated
Securities
...
$37,296,565
$—
$(9,063,848)
$(1,389,377)
$(192,224)
$26,651,116
$304,008
Level
1
Level
2
Level
3
Total
Franklin
Alabama
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
—
$
—
$
501,347
$
501,347
Municipal
Bonds
.........................
—
164,253,728
—
164,253,728
Total
Investments
in
Securities
...........
$—
$164,253,728
$501,347
$164,755,075
4.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
195
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Arizona
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
637,678,053
$
—
$
637,678,053
Total
Investments
in
Securities
...........
$—
$637,678,053
$—
$637,678,053
Franklin
Colorado
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
1,403,771
1,403,771
Municipal
Bonds
.........................
—
471,936,861
—
471,936,861
Short
Term
Investments
...................
—
2,800,000
—
2,800,000
Total
Investments
in
Securities
...........
$—
$474,736,861
$1,403,771
$476,140,632
Franklin
Connecticut
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
138,329,187
—
138,329,187
Short
Term
Investments
...................
—
2,300,000
—
2,300,000
Total
Investments
in
Securities
...........
$—
$140,629,187
$—
$140,629,187
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
23,664,353
—
—
23,664,353
Municipal
Bonds
.........................
—
1,939,598,727
—
1,939,598,727
Short
Term
Investments
...................
—
33,100,000
—
33,100,000
Total
Investments
in
Securities
...........
$23,664,353
$1,972,698,727
$—
$1,996,363,080
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
26,651,116
—
—
26,651,116
Corporate
Bonds
........................
—
—
539,723
539,723
Senior
Floating
Rate
Interests
...............
—
25,139,708
—
25,139,708
Municipal
Bonds
.........................
—
788,963,651
—
788,963,651
Short
Term
Investments
...................
—
33,850,000
—
33,850,000
Total
Investments
in
Securities
...........
$26,651,116
$847,953,359
$539,723
$875,144,198
Franklin
Georgia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
902,424
902,424
Municipal
Bonds
.........................
—
266,518,709
—
266,518,709
Escrows
and
Litigation
Trusts
...............
—
—
92,253
92,253
Short
Term
Investments
...................
—
5,600,000
—
5,600,000
Total
Investments
in
Securities
...........
$—
$272,118,709
$994,677
$273,113,386
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
.........
185,812,500
—
—
185,812,500
Corporate
Bonds
:
Commercial
Services
&
Supplies
...........
—
—
22,237,850
22,237,850
Diversified
Consumer
Services
............
—
88,818,436
—
88,818,436
5. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
196
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Corporate
Bonds:
(continued)
Electric
Utilities
........................
$
—
$
15,243,289
$
—
$
15,243,289
Senior
Floating
Rate
Interests
...............
—
—
2,445
2,445
Municipal
Bonds
:
Alabama
.............................
—
17,407,843
—
17,407,843
Arizona
..............................
—
89,527,889
—
89,527,889
Arkansas
.............................
—
21,172,784
—
21,172,784
California
.............................
—
927,628,998
445
927,629,443
Colorado
.............................
—
237,331,198
—
237,331,198
Connecticut
...........................
—
25,910,319
—
25,910,319
Florida
...............................
—
853,347,804
—
853,347,804
Georgia
..............................
—
38,910,268
—
38,910,268
Idaho
................................
—
13,325,390
—
13,325,390
Illinois
...............................
—
100,574,624
—
100,574,624
Indiana
..............................
—
23,951,665
—
23,951,665
Iowa
................................
—
11,500,117
—
11,500,117
Kansas
..............................
—
1,189,429
—
1,189,429
Kentucky
.............................
—
16,880,682
—
16,880,682
Louisiana
.............................
—
59,563,764
—
59,563,764
Maryland
.............................
—
9,270,164
—
9,270,164
Massachusetts
........................
—
2,098,539
—
2,098,539
Michigan
.............................
—
18,352,239
—
18,352,239
Minnesota
............................
—
9,937,350
—
9,937,350
Mississippi
............................
—
16,813,335
—
16,813,335
Missouri
..............................
—
12,541,640
—
12,541,640
Nevada
..............................
—
28,463,128
—
28,463,128
New
Hampshire
........................
—
9,470,412
—
9,470,412
New
Jersey
...........................
—
55,349,344
—
55,349,344
New
Mexico
...........................
—
2,033,826
—
2,033,826
New
York
.............................
—
140,237,424
—
140,237,424
North
Dakota
..........................
—
6,326,401
—
6,326,401
Ohio
................................
—
127,768,041
—
127,768,041
Oklahoma
............................
—
10,705,413
—
10,705,413
Oregon
..............................
—
14,431,790
—
14,431,790
Pennsylvania
..........................
—
106,506,126
—
106,506,126
South
Carolina
.........................
—
67,830,485
—
67,830,485
South
Dakota
..........................
—
7,827,438
—
7,827,438
Tennessee
............................
—
69,245,567
—
69,245,567
Texas
...............................
—
553,224,782
—
553,224,782
Utah
................................
—
28,863,473
—
28,863,473
Virginia
..............................
—
17,488,679
—
17,488,679
Washington
...........................
—
62,881,497
—
62,881,497
West
Virginia
..........................
—
2,709,573
—
2,709,573
Wisconsin
............................
—
127,027,233
—
127,027,233
U.S.
Territories
..........................
District
of
Columbia
.....................
—
44,106,300
—
44,106,300
Pacific
Islands
.........................
—
4,421,769
—
4,421,769
Puerto
Rico
...........................
—
277,021,794
—
277,021,794
Escrows
and
Litigation
Trusts
...............
—
—
4,927,366
4,927,366
Short
Term
Investments
...................
—
11,700,000
—
11,700,000
Total
Investments
in
Securities
...........
$185,812,500
$4,386,938,261
$27,168,106
$4,599,918,867
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$3,305,474
$3,305,474
Total
Other
Financial
Instruments
.........
$—
$—
$3,305,474
$3,305,474
5. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
197
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Louisiana
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
222,357,369
$
—
$
222,357,369
Escrows
and
Litigation
Trusts
...............
—
—
34,747
34,747
Short
Term
Investments
...................
—
2,100,000
—
2,100,000
Total
Investments
in
Securities
...........
$—
$224,457,369
$34,747
$224,492,116
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
.........................
—
315,346,378
—
315,346,378
Escrows
and
Litigation
Trusts
...............
—
—
80,264
80,264
Short
Term
Investments
...................
—
6,900,000
—
6,900,000
Total
Investments
in
Securities
...........
$—
$322,246,378
$80,264
$322,326,642
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
........................
—
—
902,424
902,424
Municipal
Bonds
.........................
—
307,842,774
—
307,842,774
Short
Term
Investments
...................
—
18,600,000
—
18,600,000
Total
Investments
in
Securities
...........
$—
$326,442,774
$902,424
$327,345,198
Franklin
Michigan
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
1,804,848
1,804,848
Municipal
Bonds
.........................
—
659,648,844
—
659,648,844
Short
Term
Investments
...................
—
3,700,000
—
3,700,000
Total
Investments
in
Securities
...........
$—
$663,348,844
$1,804,848
$665,153,692
Franklin
Minnesota
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
602,170,609
—
602,170,609
Short
Term
Investments
...................
—
10,500,000
—
10,500,000
Total
Investments
in
Securities
...........
$—
$612,670,609
$—
$612,670,609
Franklin
Missouri
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
614,076,064
—
614,076,064
Escrows
and
Litigation
Trusts
...............
—
—
190,602
190,602
Short
Term
Investments
...................
—
8,900,000
—
8,900,000
Total
Investments
in
Securities
...........
$—
$622,976,064
$190,602
$623,166,666
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$125,974
$125,974
Total
Other
Financial
Instruments
.........
$—
$—
$125,974
$125,974
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
New
Jersey
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
—
$
—
$
1,604,310
$
1,604,310
Municipal
Bonds
.........................
—
696,441,750
—
696,441,750
Escrows
and
Litigation
Trusts
...............
—
—
160,528
160,528
Short
Term
Investments
...................
—
17,685,000
—
17,685,000
Total
Investments
in
Securities
...........
$—
$714,126,750
$1,764,838
$715,891,588
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
........................
—
—
1,604,309
1,604,309
Municipal
Bonds
.........................
—
555,626,540
—
555,626,540
Escrows
and
Litigation
Trusts
...............
—
—
167,437
167,437
Short
Term
Investments
...................
—
2,900,000
—
2,900,000
Total
Investments
in
Securities
...........
$—
$558,526,540
$1,771,746
$560,298,286
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
........................
—
—
3,208,619
3,208,619
Municipal
Bonds
.........................
—
921,120,657
—
921,120,657
Short
Term
Investments
...................
—
2,990,000
—
2,990,000
Total
Investments
in
Securities
...........
$—
$924,110,657
$3,208,619
$927,319,276
Franklin
Oregon
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
2,506,734
2,506,734
Municipal
Bonds
.........................
—
798,247,623
—
798,247,623
Escrows
and
Litigation
Trusts
...............
—
—
286,106
286,106
Short
Term
Investments
...................
—
300,000
—
300,000
Total
Investments
in
Securities
...........
$—
$798,547,623
$2,792,840
$801,340,463
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$188,866
$188,866
Total
Other
Financial
Instruments
.........
$—
$—
$188,866
$188,866
Franklin
Pennsylvania
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
2,005,387
2,005,387
Municipal
Bonds
.........................
—
651,273,000
—
651,273,000
Escrows
and
Litigation
Trusts
...............
—
—
210,312
210,312
Short
Term
Investments
...................
—
10,600,000
—
10,600,000
Total
Investments
in
Securities
...........
$—
$661,873,000
$2,215,699
$664,088,699
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$138,832
$138,832
Total
Other
Financial
Instruments
.........
$—
$—
$138,832
$138,832
5. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
199
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
At
May
31,
2025,
the
reconciliation
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Virginia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
423,598,022
$
—
$
423,598,022
Escrows
and
Litigation
Trusts
...............
—
—
119,482
119,482
Short
Term
Investments
...................
—
14,300,000
—
14,300,000
Total
Investments
in
Securities
...........
$—
$437,898,022
$119,482
$438,017,504
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
Sales
a
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
.
$
874,281
$
—
$
(334,558)
$
—
$
—
$
2,470
$
4,994
$
(7,464)
$
539,723
$
—
Senior
Floating
Rate
Interests
:
United
States
.
12,081,618
—
(12,064,255)
—
—
—
—
(17,363)
—
—
Total
Investments
in
Securities
.......
$12,955,899
$—
$(12,398,813)
$—
$—
$2,470
$4,994
$(24,827)
$539,723
$—
a
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)
200
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
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.