Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

FTFT-Q3PH

1

Schedules

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

2

Franklin

Arizona

Tax-Free

Income

Fund

6

Franklin

Colorado

Tax-Free

Income

Fund

12

Franklin

Connecticut

Tax-Free

Income

Fund

18

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

21

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

40

Franklin

Georgia

Tax-Free

Income

Fund

54

Franklin

High

Yield

Tax-Free

Income

Fund

58

Franklin

Louisiana

Tax-Free

Income

Fund

116

Franklin

Maryland

Tax-Free

Income

Fund

120

Franklin

Massachusetts

Tax-Free

Income

Fund

124

Franklin

Michigan

Tax-Free

Income

Fund

128

Franklin

Minnesota

Tax-Free

Income

Fund

135

Franklin

Missouri

Tax-Free

Income

Fund

141

Franklin

New

Jersey

Tax-Free

Income

Fund

146

Franklin

North

Carolina

Tax-Free

Income

Fund

153

Franklin

Ohio

Tax-Free

Income

Fund

160

Franklin

Oregon

Tax-Free

Income

Fund

168

Franklin

Pennsylvania

Tax-Free

Income

Fund

174

Franklin

Virginia

Tax-Free

Income

Fund

181

Notes

to

Schedules

of

Investments

187

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

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

$

527,983

Total

Corporate

Bonds

(Cost

$

500,000

)

........................................

527,983

Municipal

Bonds

98.1%

Alabama

89.1%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

....

2,000,000

1,785,521

Shelton

State

Community

College

,

Revenue

,

2024

,

AG

Insured

,

5

%

,

8/01/49

.....

1,000,000

1,047,619

Alabama

Federal

Aid

Highway

Finance

Authority

,

Revenue

,

2025

A

,

5

%

,

3/01/45

....

750,000

806,641

Alabama

Housing

Finance

Authority

,

Revenue

,

2024

A

,

GNMA

Insured

,

4.7

%

,

10/01/54

.........................

970,000

968,557

Revenue

,

2024

D

,

GNMA

Insured

,

4.55

%

,

10/01/54

........................

990,000

975,997

Revenue

,

2025

B

,

GNMA

Insured

,

5.05

%

,

10/01/45

........................

1,000,000

1,037,707

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Children's

Hospital

of

Alabama

Obligated

Group

(The)

,

Revenue

,

2025

A

,

Refunding

,

5.25

%

,

6/01/50

...

1,000,000

1,063,888

Alabama

State

University

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/36

......................

1,500,000

1,628,542

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/40

......................

1,500,000

1,588,380

Revenue

,

2025

,

AG

Insured

,

5.75

%

,

9/01/50

.............................

500,000

546,329

Alabaster

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

5

%

,

9/01/47

.............................

1,500,000

1,562,229

Special

Tax

,

2022

,

BAM

Insured

,

5

%

,

9/01/52

.............................

1,500,000

1,547,612

Alexander

City

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

4

%

,

2/01/52

...

3,000,000

2,788,328

Auburn

University

,

Revenue

,

2025

A

,

5

%

,

6/01/55

...........................

2,670,000

2,814,677

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

...........................................

3,000,000

3,074,544

Birmingham

Airport

Authority

,

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/38

......................

400,000

405,269

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

7/01/40

......................

705,000

710,660

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

5

%

,

7/01/33

.....

1,605,000

1,676,545

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

...........................

1,000,000

1,027,192

Revenue

,

2023

B-2

,

Mandatory

Put

,

5.25

%

,

12/01/30

.......................

3,000,000

3,249,825

Revenue

,

2024

A

,

Mandatory

Put

,

5.25

%

,

9/01/32

.........................

2,000,000

2,194,462

c

Revenue

,

144A,

2025

C

,

Mandatory

Put

,

5.5

%

,

8/01/34

.....................

1,200,000

1,273,071

Revenue

,

2025

D

,

Refunding

,

Mandatory

Put

,

5

%

,

8/01/35

...................

1,000,000

1,084,408

City

of

Albertville

,

GO

,

2025

A

,

BAM

Insured

,

5.5

%

,

4/01/51

....................

1,000,000

1,088,246

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

5

%

,

1/01/47

.....

2,590,000

2,604,136

City

of

Huntsville

,

GO

,

2018

B

,

5

%

,

5/01/38

................................

4,775,000

4,927,366

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/01/50

........................

2,500,000

2,353,643

City

of

Trussville

,

GO

,

2018

A

,

4

%

,

8/01/41

................................

3,000,000

3,005,413

City

of

Tuscaloosa

,

GO

,

2020

A

,

4

%

,

10/01/50

...........................................

4,580,000

4,278,953

GO

,

2025

B

,

5.25

%

,

8/01/55

.........................................

1,250,000

1,342,098

b

Columbia

Industrial

Development

Board

,

Alabama

Power

Co.

,

Revenue

,

2014

D

,

Refunding

,

Mandatory

Put

,

3.81

%

,

6/01/28

...............................

2,000,000

2,033,876

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5.5

%

,

10/01/53

..........

4,500,000

4,743,180

County

of

Marshall

,

GO

,

2025

,

5

%

,

11/01/54

...............................

1,000,000

1,039,623

c

County

of

Mobile

,

Revenue

,

144A,

2020

,

4

%

,

11/01/45

.......................

2,100,000

1,931,726

DCH

Healthcare

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/36

.................................

2,000,000

2,001,746

Revenue

,

2021

A

,

4

%

,

6/01/46

........................................

2,310,000

2,157,321

East

Alabama

Health

Care

Authority

(The)

,

Revenue

,

2018

A

,

5

%

,

9/01/41

........

3,000,000

3,061,799

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)

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.5

%

,

1/01/31

.........................

$

1,000,000

$

1,093,439

Revenue

,

2024

B

,

Mandatory

Put

,

5.25

%

,

6/01/32

.........................

2,000,000

2,175,723

Florence

City

Board

of

Education

,

Special

Tax

,

2022

,

4

%

,

3/01/46

...............

3,000,000

2,809,844

Florence

Public

Educational

Building

Authority

,

University

of

North

Alabama

,

Revenue

,

2024

,

AG

Insured

,

5.25

%

,

11/01/49

....................................

1,000,000

1,059,398

Health

Care

Authority

for

Baptist

Health

(The)

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

11/15/36

..............................

1,000,000

1,076,133

Revenue

,

2023

A

,

Refunding

,

5

%

,

11/15/37

..............................

875,000

936,413

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

....................................................

2,000,000

1,928,862

Huntsville

Hospital

Health

System

Obligated

Group

,

Revenue

,

2025

B

,

5

%

,

6/01/35

3,000,000

3,425,158

Homewood

Educational

Building

Authority

,

CHF

-

Horizons

II

LLC

,

Revenue

,

2024

C

,

5.5

%

,

10/01/54

...................

1,000,000

1,019,383

Samford

University

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

12/01/49

...............

2,500,000

2,113,929

Samford

University

,

Revenue

,

2021

A

,

4

%

,

12/01/51

.......................

1,470,000

1,223,875

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

2/01/41

.......

3,000,000

3,004,520

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

2/01/46

3,000,000

2,716,596

Jacksonville

State

University

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

5

%

,

12/01/36

......................

2,500,000

2,562,538

Revenue

,

2020

,

Refunding

,

4

%

,

12/01/50

................................

5,000,000

4,285,085

Jefferson

County

Board

of

Education

,

Special

Tax

,

2024

,

5

%

,

2/01/46

............

1,000,000

1,054,841

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/43

...................

230,000

230,075

Revenue

,

2024

,

5

%

,

12/01/44

........................................

500,000

531,777

Revenue

,

2024

,

4.25

%

,

12/01/54

......................................

2,000,000

1,879,641

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

...............

3,000,000

2,852,017

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

4,667,114

Mobile

County

Board

of

School

Commissioners

,

Special

Tax

,

2022

B

,

BAM

Insured

,

4.25

%

,

3/01/52

...................................................

2,000,000

1,935,523

Mobile

County

Industrial

Development

Authority

,

AM/NS

Calvert

LLC

,

Revenue

,

2024

A

,

5

%

,

6/01/54

........................

1,000,000

971,300

AM/NS

Calvert

LLC

,

Revenue

,

2024

B

,

4.75

%

,

12/01/54

....................

1,250,000

1,168,146

Montgomery

Water

Works

&

Sanitary

Sewer

Board

,

Revenue

,

2025

,

5

%

,

9/01/46

...

1,000,000

1,071,757

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

................

2,000,000

1,973,531

Prattville

Waterworks

Board

,

Revenue

,

2023

,

5.125

%

,

8/01/53

.................

1,000,000

1,042,135

Selma

Industrial

Development

Board

,

International

Paper

Co.

,

Revenue

,

2020

A

,

Refunding

,

4.2

%

,

5/01/34

............................................

1,500,000

1,551,610

b

Southeast

Alabama

Gas

Supply

District

(The)

,

Revenue

,

2024

B

,

Refunding

,

Mandatory

Put

,

5

%

,

5/01/32

..........................................

1,000,000

1,073,187

Southeast

Energy

Authority

A

Cooperative

District

,

b

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

10/01/28

...........................

2,000,000

2,029,417

b

Revenue

,

2022

A-1

,

Mandatory

Put

,

5.5

%

,

12/01/29

........................

2,000,000

2,149,915

b

Revenue

,

2023

B

,

Mandatory

Put

,

5

%

,

6/01/30

............................

1,000,000

1,063,626

Revenue

,

2024

A

,

5

%

,

11/01/35

.......................................

1,000,000

1,060,219

b

Revenue

,

2025

A

,

Mandatory

Put

,

5

%

,

6/01/35

............................

1,000,000

1,045,134

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

3,964,937

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

........................................................

2,000,000

2,029,823

Town

of

Pike

Road

,

GO

,

2024

,

5

%

,

9/01/44

................................

1,000,000

1,062,023

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AG

Insured

,

5.25

%

,

12/01/40

....................................

295,000

295,248

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Alabama

(continued)

University

of

Alabama

(The)

,

Revenue

,

2018

B-2

,

5

%

,

9/01/48

..................

$

5,000,000

$

5,091,592

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

2,544,563

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

.............................

2,000,000

2,040,498

Revenue

,

2024

A

,

Refunding

,

BAM

Insured

,

5.25

%

,

4/01/54

..................

1,000,000

1,053,539

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue,

Sub.

Lien

,

2016

B

,

Pre-

Refunded

,

5

%

,

1/01/43

.............................................

2,000,000

2,052,652

152,343,865

California

0.3%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

700,000

588,283

Florida

1.0%

c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

500,000

337,992

c

,d

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

1,725,000

1,457,894

1,795,886

Georgia

0.4%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

185,000

192,228

d

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

925,000

438,409

630,637

South

Carolina

0.4%

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

750,000

665,570

Texas

0.4%

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

800,000

605,585

Washington

0.3%

c

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

500,000

430,686

Wisconsin

2.7%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

855,000

887,670

c

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

500,000

403,226

d

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

4,200,000

1,997,340

c,d

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

2.34

%,

12/01/44

.................................................

2,125,000

1,358,764

4,647,000

U.S.

Territories

3.5%

Guam

2.2%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

........................................

1,000,000

1,008,562

Guam

Waterworks

Authority

Water

And

Wastewater

System

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/45

............................................

1,000,000

1,027,318

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25

%

,

7/01/50

.............

600,000

621,197

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5

%

,

7/01/55

..............

1,100,000

1,154,658

3,811,735

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

193

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

1.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

$

500,000

$

506,665

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

1,000,000

1,012,261

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

500,000

487,483

Sales

Tax

,

Revenue

,

A-2

,

4.784

%

,

7/01/58

...............................

250,000

236,018

2,242,427

Total

U.S.

Territories

....................................................................

6,054,162

Total

Municipal

Bonds

(Cost

$

173,292,211

)

.....................................

167,761,674

Total

Long

Term

Investments

(Cost

$

173,792,211

)

...............................

168,289,657

a

a

a

a

a

a

Total

Investments

(Cost

$

173,792,211

)

98.4

%

...................................

$168,289,657

Other

Assets,

less

Liabilities

1.6

%

.............................................

2,771,281

Net

Assets

100.0%

...........................................................

$171,060,938

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$8,464,514,

representing

4.9%

of

net

assets.

d

The

rate

shown

represents

the

yield

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

November

30,

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

98.1%

Arizona

91.7%

Arizona

Board

of

Regents

,

Arizona

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/43

............

$

4,005,000

$

4,074,901

Arizona

State

University

,

Revenue

,

2023

B

,

4

%

,

7/01/53

.....................

5,000,000

4,622,694

Arizona

State

University

,

Revenue

,

2024

A

,

5

%

,

7/01/50

.....................

6,225,000

6,587,239

Arizona

State

University

,

Revenue

,

2024

A

,

5

%

,

7/01/54

.....................

2,000,000

2,106,141

Arizona

State

University

SPEED

Fund

,

Revenue

,

2024

,

Refunding

,

5

%

,

8/01/46

...

2,115,000

2,239,174

University

of

Arizona

(The)

,

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/39

...........

2,750,000

2,764,409

University

of

Arizona

(The)

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

6/01/42

..........

2,000,000

2,006,445

University

of

Arizona

(The)

,

Revenue

,

2018

A

,

5

%

,

6/01/43

...................

4,500,000

4,610,333

University

of

Arizona

(The)

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

6/01/55

..........

5,000,000

5,235,165

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/42

........................................................

2,045,000

2,052,208

Academies

of

Math

&

Science

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/51

........................................................

1,080,000

1,060,193

Arizona

Agribusiness

and

Equine

Center,

Inc.

,

Revenue

,

2017

A

,

5

%

,

3/01/48

....

1,555,000

1,564,443

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

2.65

%

,

7/01/26

195,000

193,649

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/31

...

550,000

553,975

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/41

...

2,000,000

1,806,091

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/51

...

2,340,000

1,891,458

BASIS

Schools,

Inc.

Obligated

Group

,

Revenue

,

2017

F

,

Refunding

,

5

%

,

7/01/47

..

3,350,000

3,364,288

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/33

.......................................................

1,000,000

1,044,208

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/36

.......................................................

1,235,000

1,278,224

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/39

.......................................................

1,000,000

1,025,706

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/45

.......................................................

2,200,000

1,995,865

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/50

.......................................................

7,055,000

6,138,403

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

11/01/51

.......................................................

1,400,000

1,208,909

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/01/42

.......................................................

1,650,000

1,548,590

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/47

.......................................................

5,610,000

5,683,521

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4.25

%

,

11/01/52

.......................................................

3,500,000

3,138,014

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2023

A

,

5.25

%

,

11/01/53

.......................................................

5,540,000

5,659,243

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue

,

2025

A-2

,

5.125

%

,

1/01/59

2,425,000

2,261,850

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2025

B

,

5.125

%

,

1/01/59

.................................................

6,899,966

5,271,696

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

7/01/31

..........

225,000

226,338

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

7/01/41

..........

405,000

368,624

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

7/01/52

..........

840,000

689,443

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2025

A

,

5

%

,

7/01/45

..........

900,000

909,368

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2025

A

,

5

%

,

7/01/50

..........

1,300,000

1,289,188

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2025

A

,

5.25

%

,

7/01/55

........

1,750,000

1,764,155

KIPP

Nashville

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

7/01/47

..............

1,400,000

1,404,795

KIPP

Nashville

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

7/01/62

..............

2,400,000

2,364,517

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/32

.............

660,000

698,021

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/34

.............

660,000

654,989

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/36

.............

315,000

306,934

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/41

.............

2,800,000

2,580,308

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/51

.............

8,000,000

6,700,532

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Arizona

Industrial

Development

Authority,

(continued)

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

4

%

,

7/01/61

.............

$

15,580,000

$

12,564,412

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

C

,

3.25

%

,

7/01/31

..........

1,350,000

1,232,837

Leman

Academy

of

Excellence

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4.5

%

,

7/01/54

........................................................

3,000,000

2,570,421

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

2/01/50

.....

2,540,000

2,260,572

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/41

........................................................

885,000

760,904

Provident

Group-NCCU

Properties

LLC

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

6/01/58

........................................................

6,250,000

6,291,993

Arizona

State

University

,

Revenue

,

2019

A

,

5

%

,

7/01/40

......................

1,000,000

1,050,769

City

of

Bullhead

,

Excise

Taxes

,

Revenue

,

2022

,

4

%

,

7/01/47

...................

2,065,000

1,958,860

City

of

Glendale

,

Water

&

Sewer

,

Revenue,

Senior

Lien

,

2024

,

5

%

,

7/01/41

...................

1,000,000

1,111,187

Water

&

Sewer

,

Revenue,

Senior

Lien

,

2024

,

5

%

,

7/01/43

...................

1,000,000

1,087,395

City

of

Goodyear

,

Water

&

Sewer

,

Revenue,

Sub.

Lien,

Second

Series

,

2020

,

AG

Insured

,

4

%

,

7/01/45

...............................................

3,500,000

3,386,842

City

of

Kingman

,

Excise

Tax

,

Revenue

,

2025

,

4.5

%

,

7/15/44

...................

1,000,000

1,017,233

City

of

Lake

Havasu

City

,

Wastewater

System

,

GO,

Senior

Lien

,

2025

,

Refunding

,

4

%

,

7/01/43

.........................................................

2,000,000

2,003,887

City

of

Mesa

,

Utility

System

,

Revenue

,

2018

,

4

%

,

7/01/38

..............................

1,425,000

1,440,507

Utility

System

,

Revenue

,

2018

,

4

%

,

7/01/39

..............................

6,135,000

6,192,340

Utility

System

,

Revenue,

Junior

Lien

,

2022

C

,

Refunding

,

5

%

,

7/01/36

..........

5,000,000

5,869,476

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue

,

2017

A

,

5

%

,

7/01/42

..................................

2,155,000

2,175,356

Airport

,

Revenue

,

2017

A

,

5

%

,

7/01/47

..................................

12,935,000

12,982,342

Airport

,

Revenue,

Junior

Lien

,

2017

D

,

Refunding

,

4

%

,

7/01/40

...............

16,570,000

16,625,894

Airport

,

Revenue,

Junior

Lien

,

2019

A

,

4

%

,

7/01/44

........................

4,000,000

3,919,302

Airport

,

Revenue,

Junior

Lien

,

2019

A

,

5

%

,

7/01/44

........................

8,500,000

8,764,626

Airport

,

Revenue,

Senior

Lien

,

2018

,

5

%

,

7/01/48

..........................

5,000,000

5,047,944

Excise

Tax

,

Revenue

,

2022

,

5

%

,

7/01/46

................................

8,300,000

8,743,334

Excise

Tax

,

Revenue

,

2025

C

,

Refunding

,

5

%

,

7/01/34

......................

5,000,000

5,852,532

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/34

..................................................

2,500,000

2,666,739

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/37

..................................................

1,500,000

1,584,871

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/38

..................................................

4,420,000

4,655,896

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/39

..................................................

4,090,000

4,296,672

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

4

%

,

7/01/45

..................................................

12,500,000

11,935,564

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/27

.....

3,945,000

4,123,920

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/28

.....

2,000,000

2,144,504

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/29

.....

2,000,000

2,198,595

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/36

.....

5,000,000

6,104,112

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5

%

,

7/01/37

.....

7,000,000

8,565,005

Wastewater

,

Revenue,

Junior

Lien

,

2018

A

,

4

%

,

7/01/39

.....................

5,000,000

5,057,817

Water

System

,

Revenue,

Junior

Lien

,

2016

,

Refunding

,

5

%

,

7/01/38

............

5,000,000

5,044,476

Water

System

,

Revenue,

Junior

Lien

,

2020

B

,

5

%

,

7/01/44

...................

8,030,000

8,378,373

City

of

Scottsdale

,

GO

,

2023

,

4

%

,

7/01/39

.................................

1,500,000

1,549,729

City

of

Tempe

,

GO

,

2025

,

Refunding

,

5

%

,

7/01/40

...........................

6,930,000

7,850,307

Coconino

County

Jail

District

,

Excise

Tax

,

Revenue

,

2025

,

4.5

%

,

7/01/45

.........

1,000,000

1,017,758

County

of

Yuma

,

Pledged

,

Revenue

,

2022

,

BAM

Insured

,

4.25

%

,

7/15/42

.........

3,250,000

3,282,961

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.

,

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/39

........................................................

$

10,000,000

$

10,330,882

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/42

........................................................

4,700,000

4,743,616

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

4

%

,

7/15/47

........................................................

9,030,000

8,827,705

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

5/15/31

...........

400,000

389,475

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/41

...........

1,000,000

970,534

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/56

...........

4,500,000

3,863,080

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

1,995,911

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/49

......

3,120,000

3,070,759

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/54

......

2,665,000

2,601,845

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/59

......

2,000,000

1,933,870

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/27

425,000

432,049

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/30

700,000

718,005

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/32

250,000

255,804

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/33

600,000

612,534

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/37

2,950,000

2,982,793

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/42

11,550,000

11,554,067

Vista

College

Preparatory

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

7/01/48

......

1,000,000

1,006,201

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/40

....

1,040,000

1,026,804

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/41

....

1,360,000

1,328,778

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

4/01/51

....

12,000,000

8,528,789

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

4,295,174

Yavapai

Community

Hospital

Association

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

8/01/36

............................................

1,310,000

1,322,230

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools

,

Revenue

,

2018

A

,

5

%

,

2/15/38

....................

1,000,000

1,015,432

Harmony

Public

Schools

,

Revenue

,

2018

A

,

5

%

,

2/15/48

....................

1,000,000

972,423

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2019

F

,

3

%

,

1/01/49

...............

5,000,000

3,744,876

Banner

Health

Obligated

Group

,

Revenue

,

A

,

4

%

,

1/01/41

...................

9,630,000

9,364,060

Banner

Health

Obligated

Group

,

Revenue

,

A

,

5

%

,

1/01/41

...................

37,590,000

38,628,743

Creighton

University

,

Revenue

,

2020

,

4

%

,

7/01/50

.........................

8,450,000

7,630,690

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/52

.

1,000,000

1,001,174

Highland

Prep

Obligated

Group

,

Revenue

,

2019

,

5

%

,

1/01/43

................

2,275,000

2,309,753

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/36

.......

2,100,000

2,191,189

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/37

.......

3,175,000

3,303,187

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/42

.......

2,750,000

2,811,915

HonorHealth

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

9/01/51

................

5,600,000

4,054,704

Reid

Traditional

Schools

Obligated

Group

,

Revenue

,

2016

,

5

%

,

7/01/36

.........

1,120,000

1,121,652

Reid

Traditional

Schools

Obligated

Group

,

Revenue

,

2016

,

5

%

,

7/01/47

.........

3,325,000

3,126,447

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.

,

Revenue

,

2009

B

,

Refunding

,

3.6

%

,

4/01/40

.............

13,500,000

12,608,981

El

Paso

Electric

Co.

,

Revenue

,

2012

A

,

Refunding

,

4.5

%

,

8/01/42

.............

10,000,000

9,999,792

a

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

................................................

4,500,000

4,385,948

a

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

B

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

................................................

2,150,000

2,095,509

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

Pollution

Control

Corp.,

(continued)

Southern

California

Edison

Co.

,

Revenue

,

2000

A

,

Refunding

,

2.4

%

,

6/01/35

.....

$

10,000,000

$

8,538,806

Maricopa

County

Unified

School

District

No.

60

Higley

,

COP

,

2023

,

Refunding

,

AG

Insured

,

5

%

,

6/01/53

...............................................

3,000,000

3,094,961

Maricopa

County

Unified

School

District

No.

69

Paradise

Valley

,

GO

,

2025

A

,

5

%

,

7/01/43

............................................

7,150,000

7,763,957

GO

,

2025

B

,

5

%

,

7/01/34

............................................

2,000,000

2,347,691

GO

,

2025

B

,

5

%

,

7/01/35

............................................

1,000,000

1,183,529

GO

,

2025

B

,

5

%

,

7/01/36

............................................

1,000,000

1,173,357

McAllister

Academic

Village

LLC

,

Arizona

State

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/37

............

2,095,000

2,113,078

Arizona

State

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/39

............

1,000,000

1,006,960

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

.........................................................

1,000,000

1,023,852

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO

,

2017

,

BAM

Insured

,

5

%

,

7/01/33

...................................

2,665,000

2,736,541

GO

,

2017

,

BAM

Insured

,

5

%

,

7/01/34

...................................

2,800,000

2,872,110

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/38

...............................

2,125,000

2,203,901

Revenue

,

2019

A

,

5

%

,

1/01/47

........................................

2,000,000

2,065,977

Revenue

,

2023

A

,

5

%

,

1/01/47

........................................

5,000,000

5,263,632

Revenue

,

2023

A

,

5

%

,

1/01/50

........................................

5,265,000

5,501,304

Revenue

,

2023

B

,

5.25

%

,

1/01/53

.....................................

2,780,000

2,960,549

Revenue

,

2024

A

,

5.25

%

,

1/01/54

.....................................

10,000,000

10,716,201

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5

%

,

12/01/32

.......................................

11,555,000

12,584,556

Revenue

,

2007-1

,

5

%

,

12/01/37

.......................................

5,000,000

5,430,604

Student

&

Academic

Services

LLC

,

Northern

Arizona

Capital

Facilities

Finance

Corp.

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/44

......................

1,030,000

1,097,375

Town

of

Marana

,

Pledged

Excise

,

Revenue

,

2024

,

4

%

,

7/01/44

.................

2,250,000

2,193,716

Town

of

Queen

Creek

,

Excise

Tax

,

Revenue

,

2018

A

,

5

%

,

8/01/42

...............................

5,000,000

5,165,622

Excise

Tax

,

Revenue

,

2018

A

,

5

%

,

8/01/47

...............................

5,000,000

5,107,260

Excise

Tax

,

Revenue

,

2022

,

5

%

,

8/01/47

................................

1,190,000

1,245,511

Excise

Tax

,

Revenue

,

2024

,

5

%

,

8/01/49

................................

4,425,000

4,667,371

Yuma

Industrial

Development

Authority

,

Yuma

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

4

%

,

8/01/49

..............................................

4,000,000

3,660,908

Yuma

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

4

%

,

8/01/54

..............................................

4,000,000

3,602,622

Yuma

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

8/01/54

..................................................

1,750,000

1,823,347

590,615,189

Florida

0.9%

b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

800,000

540,787

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

6,465,000

5,463,932

6,004,719

Georgia

0.3%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

540,000

561,099

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)

Georgia

(continued)

Development

Authority

of

Rockdale

County,

(continued)

c

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

$

2,420,000

$

1,146,973

1,708,072

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

1,453,227

Texas

0.7%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

2,000,000

1,852,940

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,300,000

2,498,040

4,350,980

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

1,550,471

Wisconsin

2.4%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

2,530,000

2,626,673

b

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,900,000

1,532,260

c

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

10,975,000

5,219,239

b

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5

%

,

8/01/53

................

1,500,000

1,358,734

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

2.34

%,

12/01/44

.................................................

5,075,000

3,245,048

b

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,500,000

1,505,064

15,487,018

U.S.

Territories

1.7%

Guam

0.1%

Guam

Power

Authority

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

10/01/44

..............

450,000

464,603

Puerto

Rico

1.6%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

3,700,000

3,749,320

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

1,550,000

1,475,602

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

4,906,000

4,783,182

10,008,104

Total

U.S.

Territories

....................................................................

10,472,707

Total

Municipal

Bonds

(Cost

$

647,945,440

)

.....................................

631,642,383

a

a

a

a

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

193

.

Short

Term

Investments

0.5%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.5%

Arizona

0.5%

d

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

1/01/46

...............

$

3,000,000

$

3,000,000

Total

Municipal

Bonds

(Cost

$

3,000,000

)

.......................................

3,000,000

Total

Short

Term

Investments

(Cost

$

3,000,000

)

.................................

3,000,000

a

Total

Investments

(Cost

$

650,945,440

)

98.6

%

...................................

$634,642,383

Other

Assets,

less

Liabilities

1.4

%

.............................................

9,298,808

Net

Assets

100.0%

...........................................................

$643,941,191

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$19,147,563,

representing

3.0%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

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),

November

30,

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

$

1,478,352

Total

Corporate

Bonds

(Cost

$

1,400,000

)

.......................................

1,478,352

Municipal

Bonds

96.9%

California

0.4%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

2,000,000

1,680,809

Colorado

90.1%

b

Access

25

Metropolitan

District

No.

2

,

GO

,

144A,

2023

,

6.75

%

,

12/01/53

..........

3,000,000

3,112,144

Adams

&

Arapahoe

Counties

Joint

School

District

28J

Aurora

,

COP

,

2025

,

BAM

Insured

,

5.5

%

,

12/01/50

.............................................

2,000,000

2,156,547

Adams

&

Arapahoe

Joint

School

District

28J

Aurora

,

GO

,

2025

,

5.5

%

,

12/01/47

.....

3,000,000

3,343,140

Adams

State

University

,

Revenue

,

2012

,

5

%

,

5/15/37

.........................................

630,000

629,816

Revenue

,

2019

A

,

Refunding

,

4

%

,

5/15/42

...............................

1,515,000

1,496,942

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,003,648

Arapahoe

County

School

District

No.

5

Cherry

Creek

,

GO

,

2024

,

5.25

%

,

12/15/44

...

2,000,000

2,212,541

Aurora

Crossroads

Metropolitan

District

No.

2

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/40

.................................

1,500,000

1,511,970

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

.................................

1,500,000

1,481,162

Baseline

Metropolitan

District

No.

1

,

GO

,

2024

A

,

Refunding

,

AG

Insured

,

4

%

,

12/01/46

2,000,000

1,928,577

Board

of

Governors

of

Colorado

State

University

System

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

3/01/43

...............................

5,000,000

5,586,507

Revenue

,

2017

E

,

Refunding

,

4

%

,

3/01/43

...............................

4,500,000

4,387,530

Revenue

,

2024

A

,

Refunding

,

4

%

,

3/01/47

...............................

5,000,000

4,571,500

Revenue

,

A

,

Refunding

,

4

%

,

3/01/40

...................................

5,000,000

5,017,882

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

5

%

,

9/15/47

........................................

5,000,000

5,096,429

Revenue

,

2024

A

,

Refunding

,

5

%

,

9/15/54

...............................

1,500,000

1,588,800

b

Broadway

Park

North

Metropolitan

District

No.

2

,

GO

,

144A,

2020

,

Refunding

,

5

%

,

12/01/40

........................................................

1,325,000

1,327,260

Bromley

Park

Metropolitan

District

No.

2

,

GO

,

2023

,

Refunding

,

BAM

Insured

,

5.375

%

,

12/01/53

........................................................

2,500,000

2,663,070

b

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-1

,

Refunding

,

5

%

,

12/01/49

........................................................

4,227,000

3,928,137

Castle

Oaks

Metropolitan

District

No.

3

,

GO

,

2020

,

Refunding

,

AG

Insured

,

4

%

,

12/01/45

........................................................

1,140,000

1,102,724

CCP

Metropolitan

District

No.

3

,

GO

,

2024

,

Refunding

,

5

%

,

12/01/53

.............

1,175,000

1,173,427

Centennial

Water

&

Sanitation

District

,

Revenue

,

2019

,

5.25

%

,

12/01/48

..........

2,135,000

2,201,785

Cherokee

Metropolitan

District

,

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/45

..............................

2,250,000

2,184,645

Revenue

,

2020

,

BAM

Insured

,

4

%

,

8/01/50

..............................

1,400,000

1,317,207

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2022

A

,

5

%

,

11/15/37

...........................

4,250,000

4,610,373

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5

%

,

11/15/53

..................

5,000,000

5,100,235

Airport

System

,

Revenue

,

2023

B

,

Refunding

,

5.5

%

,

11/15/42

................

1,000,000

1,088,995

Airport

System

,

Revenue

,

2023

B

,

Refunding

,

5.5

%

,

11/15/43

................

1,000,000

1,079,796

Airport

System

,

Revenue,

Sub.

Lien

,

2018

A

,

Refunding

,

5.25

%

,

12/01/48

.......

5,000,000

5,083,047

Airport

System

,

Revenue,

Sub.

Lien

,

2018

B

,

Refunding

,

5

%

,

12/01/48

..........

4,440,000

4,525,301

Pledged

Excise

Tax

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

8/01/46

...............

3,500,000

3,353,521

Pledged

Excise

Tax

,

Revenue

,

2018

A-1

,

5

%

,

8/01/48

......................

5,000,000

5,018,495

City

of

Aurora

,

Water

,

Revenue,

First

Lien

,

2024

,

4

%

,

8/01/54

..................

2,250,000

2,100,942

City

of

Brighton

,

Water

Activity

,

Revenue

,

2025

,

4.25

%

,

6/01/55

.................

3,000,000

2,892,816

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

,

2018

A-4

,

5

%

,

11/15/48

.........................

$

5,000,000

$

5,122,624

Utilities

System

,

Revenue

,

2024

A

,

5

%

,

11/15/49

..........................

1,500,000

1,583,537

Utilities

System

,

Revenue

,

2024

A

,

5.25

%

,

11/15/54

........................

5,000,000

5,354,040

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018

A

,

5

%

,

12/01/42

......

13,500,000

13,904,095

City

of

Grand

Junction

,

COP

,

2021

,

4

%

,

12/01/45

............................................

2,005,000

1,926,359

Sales

&

Use

Tax

,

Revenue

,

2020

B

,

4

%

,

3/01/49

..........................

3,775,000

3,451,925

Colorado

Bridge

&

Tunnel

Enterprise

,

Revenue

,

2024

A

,

AG

Insured

,

5.5

%

,

12/01/54

............................

1,000,000

1,084,953

Revenue

,

2024

B

,

Refunding

,

5

%

,

12/01/49

..............................

2,925,000

3,108,870

Revenue,

Senior

Lien

,

2025

A

,

AG

Insured

,

5.25

%

,

12/01/54

.................

3,490,000

3,719,398

Colorado

Educational

&

Cultural

Facilities

Authority

,

Addenbrooke

Classical

Academy,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/55

....................................................

750,000

770,020

Alexander

Dawson

School

LLC

(The)

,

Revenue

,

2010

,

5

%

,

2/15/40

............

5,280,000

5,285,667

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/36

....................

425,000

421,612

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/41

....................

150,000

138,162

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/51

....................

370,000

309,171

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

4

%

,

5/01/61

....................

550,000

439,980

Denver

School

of

Science

&

Technology,

Inc.

,

Revenue

,

2021

,

3

%

,

8/01/41

......

1,460,000

1,174,756

Denver

School

of

Science

&

Technology,

Inc.

,

Revenue

,

2021

,

3

%

,

8/01/51

......

3,635,000

2,489,267

Eagle

Ridge

Academy

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

11/01/37

............

1,000,000

1,058,288

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/26

.......

70,000

69,970

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/32

.......

280,000

282,871

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/52

.......

1,355,000

1,141,403

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/62

.......

1,600,000

1,295,432

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

5

%

,

9/01/52

750,000

741,299

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

5

%

,

9/01/57

1,765,000

1,726,597

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

4

%

,

10/01/46

....................

320,000

271,153

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

4

%

,

10/01/56

....................

1,000,000

798,523

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

4

%

,

10/01/61

....................

2,210,000

1,724,918

Pinnacle

Charter

School,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

12/01/50

.......

5,820,000

5,241,026

Roosevelt

Charter

Academy

,

Revenue

,

2025

A

,

BAM

Insured

,

5

%

,

7/01/55

.......

725,000

741,643

Union

Colony

Schools

,

Revenue

,

2018

,

Refunding

,

5

%

,

4/01/48

...............

715,000

717,598

University

of

Denver

,

Revenue

,

2017

A

,

5

%

,

3/01/47

.......................

3,950,000

3,996,935

West

Ridge

Academy

Charter

School

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

6/01/49

..

400,000

399,984

Westgate

Community

School

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/41

........

2,370,000

2,216,398

Windsor

Charter

Academy

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/50

2,400,000

2,089,201

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

11/15/41

......

3,000,000

2,981,615

AdventHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/15/39

......

5,005,000

5,300,983

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/35

.......................................................

1,575,000

1,584,957

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/37

.......................................................

850,000

843,942

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/38

.......................................................

705,000

693,158

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/39

.......................................................

835,000

823,628

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/40

.......................................................

725,000

713,121

BSLC

II

Obligated

Group

,

Revenue

,

2018

A-1

,

Refunding

,

4.75

%

,

9/15/53

.......

1,500,000

1,286,167

BSLC

II

Obligated

Group

,

Revenue,

Second

Tier

,

2025

,

5.5

%

,

9/15/54

..........

2,000,000

1,994,917

BSLC

Obligated

Group

,

Revenue

,

2018

A-1

,

Refunding

,

5

%

,

9/15/48

...........

3,000,000

2,774,969

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

12/01/41

...

5,195,000

5,217,966

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

,

5

%

,

8/01/38

$

3,000,000

$

3,113,352

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/39

2,000,000

2,069,274

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

4

%

,

8/01/49

9,990,000

8,762,619

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5.25

%

,

11/01/52

......

3,000,000

3,096,619

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

12/01/54

.......................................................

4,000,000

4,144,419

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

9/01/35

.

1,000,000

1,134,419

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

12/01/48

.......................................................

5,000,000

4,959,204

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/50

...........................................

5,700,000

4,777,727

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.125

%

,

12/01/45

.......................................

1,000,000

1,017,401

Craig

Hospital

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

12/01/52

..............

3,535,000

3,604,119

Craig

Hospital

Obligated

Group

,

Revenue

,

2025

A

,

5.25

%

,

12/01/50

............

3,000,000

3,145,255

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.25

%

,

5/15/48

........................................................

1,500,000

1,520,425

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

1/01/38

........................................................

3,660,000

3,704,846

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

5/15/54

........................................................

1,100,000

1,126,554

Sanford

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/01/44

..........

3,495,000

3,573,567

Sanford

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/01/49

..........

8,050,000

8,174,342

University

of

Colorado

Health

Obligated

Group

,

Revenue

,

2020

A

,

Pre-Refunded

,

4

%

,

9/01/50

....................................................

6,275,000

6,677,384

Valley

View

Hospital

Association

,

Revenue

,

2015

,

5

%

,

5/15/40

................

2,000,000

2,001,412

Valley

View

Hospital

Association

,

Revenue

,

2015

,

5

%

,

5/15/45

................

1,000,000

1,000,335

Colorado

High

Performance

Transportation

Enterprise

,

C-470

Express

Lanes

System

,

Revenue

,

2017

,

5

%

,

12/31/47

........................................

2,555,000

2,554,864

Colorado

Housing

and

Finance

Authority

,

Revenue

,

2019

B-1

,

I

,

3.15

%

,

10/01/44

.................................

1,000,000

854,515

Revenue

,

2019

B-1

,

I

,

3.25

%

,

10/01/49

.................................

1,000,000

827,342

Colorado

School

of

Mines

,

Revenue

,

2023

C

,

5.25

%

,

12/01/53

.................

3,000,000

3,164,415

Colorado

Science

and

Technology

Park

Metropolitan

District

No.

1

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

5

%

,

12/01/54

...................................

750,000

758,864

Colorado

Springs

School

District

No.

11

Facilities

Corp.

,

COP

,

2024

,

BAM

Insured

,

5.25

%

,

12/15/48

...................................................

1,000,000

1,063,824

Crystal

Valley

Metropolitan

District

No.

2

,

GO

,

2020

A

,

Refunding

,

AG

Insured

,

3

%

,

12/01/49

........................................................

3,000,000

2,292,025

Denver

City

&

County

School

District

No.

1

,

GO

,

2017

,

5

%

,

12/01/41

.............................................

5,000,000

5,056,305

GO

,

2025

C

,

5.5

%

,

12/01/49

.........................................

5,000,000

5,536,046

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

.....................................................

9,775,000

9,817,707

Denver

Health

&

Hospital

Authority

,

COP

,

2018

,

5

%

,

12/01/48

............................................

5,255,000

5,279,610

Revenue

,

2014

A

,

5.25

%

,

12/01/45

....................................

9,250,000

9,253,461

Revenue

,

2019

A

,

Refunding

,

5

%

,

12/01/30

..............................

1,000,000

1,067,053

Revenue

,

2019

A

,

Refunding

,

5

%

,

12/01/32

..............................

1,330,000

1,408,901

Revenue

,

2019

A

,

Refunding

,

4

%

,

12/01/37

..............................

3,540,000

3,482,006

Revenue

,

2025

A

,

5.125

%

,

12/01/50

...................................

1,015,000

1,030,044

Revenue

,

2025

A

,

6

%

,

12/01/55

.......................................

1,000,000

1,083,128

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

........................................................

350,000

300,737

Eagle

River

Water

&

Sanitation

District

,

GO

,

2016

,

5

%

,

12/01/45

................

1,360,000

1,361,160

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)

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

4

%

,

11/15/38

.......................................

$

1,000,000

$

1,015,256

Revenue

,

2019

A

,

4

%

,

11/15/39

.......................................

1,200,000

1,217,999

Erie

Farm

Metropolitan

District

,

GO

,

2021

,

Refunding

,

AG

Insured

,

4

%

,

12/01/51

....

1,200,000

1,095,525

Evan's

Place

Metropolitan

District

,

GO

,

2020

A-3

,

5

%

,

12/01/40

.................

550,000

550,483

b

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55

%

,

12/01/47

3,500,000

3,558,747

Gunnison

County

Housing

Authority

,

Revenue

,

2025

,

BAM

Insured

,

5.125

%

,

6/01/55

.

1,350,000

1,398,990

Gunnison

Watershed

School

District

No.

Re

1J

,

GO

,

2023

,

5

%

,

12/01/47

..........

3,250,000

3,409,333

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25

%

,

12/01/46

.....

3,000,000

2,659,735

Lakes

at

Centerra

Metropolitan

District

No.

2

,

GO

,

2024

A

,

Refunding

,

AG

Insured

,

4.5

%

,

12/01/54

...................................................

2,500,000

2,413,893

Lambertson

Farms

Metropolitan

District

No.

1

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

4.25

%

,

12/15/54

............................................

1,000,000

938,246

Larimer

County

School

District

No.

R-1

Poudre

,

GO

,

2018

,

5

%

,

12/15/39

.............................................

2,660,000

2,790,691

GO

,

2018

,

5

%

,

12/15/40

.............................................

2,340,000

2,447,638

Meridian

Metropolitan

District

,

GO

,

2023

,

AG

Insured

,

4.375

%

,

12/01/53

..........

2,000,000

1,960,781

Mesa

County

Valley

School

District

No.

51

Grand

Junction

,

GO

,

2025

,

5.25

%

,

12/01/49

2,000,000

2,161,388

North

Pine

Vistas

Metropolitan

District

No.

2

,

GO

,

2022

,

Refunding

,

AG

Insured

,

5

%

,

12/01/52

........................................................

1,125,000

1,156,463

Park

70

Metropolitan

District

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/36

....................................

1,000,000

1,008,038

GO

,

2016

,

Refunding

,

5

%

,

12/01/46

....................................

1,500,000

1,484,811

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/01/46

.

2,875,000

2,926,273

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2024

A

,

AG

Insured

,

4.5

%

,

12/01/51

..................................................

1,500,000

1,477,564

Westerly

Creek

District

Service

Area

,

Tax

Allocation,

Senior

Lien

,

2024

A

,

AG

Insured

,

4.25

%

,

12/01/47

..........................................

1,000,000

964,665

Westerly

Creek

District

Service

Area

,

Tax

Allocation,

Senior

Lien

,

2025

,

Refunding

,

AG

Insured

,

5

%

,

12/01/41

..........................................

1,000,000

1,072,670

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

................

6,475,000

6,587,469

Patriot

Park

Metropolitan

District

No.

2

,

GO

,

2021

,

4.3

%

,

12/01/50

...............

535,000

460,734

Prairie

Center

Metropolitan

District

No.

3

,

GO

,

2024

B

,

5.875

%

,

12/15/46

.........

1,000,000

1,055,237

Prairie

Center

Metropolitan

District

No.

7

,

GO

,

2020

,

4.125

%

,

12/15/36

.........................................

500,000

495,573

GO

,

2020

,

4.875

%

,

12/15/44

.........................................

725,000

708,761

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

............

9,900,000

12,109,648

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/34

........

550,000

562,313

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/35

........

1,750,000

1,777,756

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/38

........

700,000

700,344

Sales

Tax

,

Revenue

,

2016

A

,

5

%

,

11/01/41

...............................

10,000,000

10,105,751

Sales

Tax

,

Revenue

,

2016

A

,

5

%

,

11/01/46

...............................

6,000,000

6,040,818

Silver

Peaks

Metropolitan

District

No.

3

,

GO,

Senior

Lien

,

2020

A

,

5

%

,

12/01/50

....

1,000,000

960,127

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

5,697,427

State

of

Colorado

,

COP

,

2020

,

Refunding

,

4

%

,

6/15/40

....................................

1,315,000

1,325,823

COP

,

2020

A

,

4

%

,

12/15/38

..........................................

3,555,000

3,626,417

COP

,

2020

R

,

4

%

,

3/15/45

...........................................

5,000,000

4,803,974

COP

,

2024

A

,

4

%

,

11/01/53

..........................................

2,000,000

1,848,193

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

1,125,000

1,151,793

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.75

%

,

12/01/40

.................................................

500,000

510,000

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)

Sterling

Ranch

Community

Authority

Board,

(continued)

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

4.25

%

,

12/01/50

.................................................

$

1,250,000

$

1,275,000

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016

B

,

Refunding

,

AG

Insured

,

5

%

,

12/01/46

.....................................................

4,500,000

4,505,143

Town

of

Monument

,

COP

,

2020

,

AG

Insured

,

4

%

,

12/01/45

....................

2,000,000

1,869,056

Trails

at

Crowfoot

Metropolitan

District

No.

3

,

GO

,

2024

A

,

Refunding

,

AG

Insured

,

4.25

%

,

12/01/54

...................................................

2,000,000

1,831,895

University

of

Colorado

,

Revenue

,

2025

A

,

4.25

%

,

6/01/55

.....................

4,055,000

3,923,037

Upper

Eagle

Regional

Water

Authority

,

Revenue

,

2024

,

BAM

Insured

,

4.25

%

,

12/01/53

2,000,000

1,927,371

Whispering

Pines

Metropolitan

District

No.

1

,

GO

,

2023

,

Refunding

,

AG

Insured

,

5

%

,

12/01/52

........................................................

900,000

921,920

Wildwing

Metropolitan

District

No.

5

,

GO

,

2024

,

Refunding

,

AG

Insured

,

4.5

%

,

12/01/53

750,000

719,007

Windsor

Highlands

Metropolitan

District

No.

4

,

GO

,

2024

,

Refunding

,

BAM

Insured

,

4.5

%

,

12/01/53

...................................................

2,000,000

1,978,366

437,873,431

Florida

1.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

4,104,000

3,654,383

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

800,000

540,787

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

4,920,000

4,158,167

8,353,337

Georgia

0.4%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

550,000

571,490

c

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

2,735,000

1,296,269

1,867,759

South

Carolina

0.1%

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

750,000

665,570

Texas

0.4%

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,400,000

1,816,756

Washington

0.3%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,400,000

1,205,922

Wisconsin

2.5%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

2,570,000

2,668,201

b

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,400,000

1,129,034

c

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

12,405,000

5,899,286

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

2.34

%,

12/01/44

.................................................

3,650,000

2,333,877

12,030,398

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

647,593

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

193

.

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

$

1,512,842

2,160,435

Puerto

Rico

0.6%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,200,000

1,215,996

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

1,000,000

1,012,261

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

750,000

731,224

2,959,481

Total

U.S.

Territories

....................................................................

5,119,916

Total

Municipal

Bonds

(Cost

$

482,866,783

)

.....................................

470,613,898

Total

Long

Term

Investments

(Cost

$

484,266,783

)

...............................

472,092,250

a

a

a

a

a

Short

Term

Investments

1.5%

Municipal

Bonds

1.5%

Colorado

1.5%

d

Colorado

Health

Facilities

Authority

,

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

12/01/52

.........................

800,000

800,000

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2024

D

,

Daily

VRDN

and

Put

,

2.8

%

,

5/15/64

...................................................

6,400,000

6,400,000

7,200,000

Total

Municipal

Bonds

(Cost

$

7,200,000

)

.......................................

7,200,000

Total

Short

Term

Investments

(Cost

$

7,200,000

)

.................................

7,200,000

a

Total

Investments

(Cost

$

491,466,783

)

98.7

%

...................................

$479,292,250

Other

Assets,

less

Liabilities

1.3

%

.............................................

6,540,567

Net

Assets

100.0%

...........................................................

$485,832,817

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$23,776,401,

representing

4.9%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

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),

November

30,

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

96.9%

Connecticut

90.2%

City

of

Bridgeport

,

GO

,

2021

A

,

BAM

Insured

,

4

%

,

8/01/46

.................................

$

375,000

$

361,122

GO

,

2021

A

,

BAM

Insured

,

4

%

,

8/01/51

.................................

575,000

530,968

GO

,

2024

A

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/44

........................

550,000

592,056

City

of

New

Britain

,

GO

,

2017

C

,

AG

Insured

,

5

%

,

3/01/36

.....................

1,000,000

1,022,817

City

of

New

Haven

,

GO

,

2021

A

,

Refunding

,

4

%

,

8/01/41

...................................

2,000,000

1,969,966

GO

,

2025

,

Refunding

,

AG

Insured

,

5

%

,

8/01/44

...........................

300,000

317,992

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility

,

Revenue

,

2013

A

,

5.25

%

,

8/15/43

.........................................................

1,000,000

1,000,582

City

of

West

Haven

,

GO

,

2021

,

BAM

Insured

,

4

%

,

9/15/41

.....................

565,000

566,233

Connecticut

Housing

Finance

Authority

,

Revenue

,

2019

E-E1

,

3.05

%

,

11/15/44

..................................

5,000,000

4,232,523

Revenue

,

2019

E-E1

,

3.1

%

,

11/15/49

...................................

2,000,000

1,576,146

Revenue

,

2020

C-1

,

Refunding

,

2.05

%

,

5/15/37

...........................

1,000,000

810,416

Revenue

,

2020

C-2

,

Refunding

,

2.2

%

,

11/15/34

...........................

960,000

820,647

Connecticut

Municipal

Electric

Energy

Cooperative

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

1/01/37

.........................................................

135,000

148,251

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Avon

Old

Farms

School

Obligated

Group

,

Revenue

,

D-1

,

Refunding

,

4

%

,

7/01/46

..

1,000,000

944,813

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/38

315,000

320,347

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/39

380,000

385,063

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

4

%

,

7/01/42

860,000

862,569

Connecticut

Children's

Medical

Center

Obligated

Group

,

Revenue

,

E

,

5.25

%

,

7/15/48

3,375,000

3,573,792

Connecticut

College

,

Revenue

,

L-1

,

Refunding

,

4

%

,

7/01/46

..................

5,000,000

4,793,296

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2018

B

,

5

%

,

12/01/40

.......................................................

4,000,000

4,049,187

Fairfield

University

,

Revenue

,

Q-1

,

5

%

,

7/01/46

...........................

9,000,000

9,033,186

Fairfield

University

,

Revenue

,

V

,

5.25

%

,

7/01/47

...........................

620,000

668,064

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

7/01/46

..........

6,000,000

5,584,239

Jerome

Home

,

Revenue

,

2021

E

,

Refunding

,

4

%

,

7/01/41

...................

735,000

666,365

Jerome

Home

,

Revenue

,

2021

E

,

Refunding

,

4

%

,

7/01/51

...................

1,250,000

989,626

Masonicare

Corp.

Obligated

Group

,

Revenue

,

F

,

Refunding

,

5

%

,

7/01/43

........

1,000,000

987,648

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/38

.....

1,000,000

1,004,138

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/41

.....

6,310,000

6,126,927

Quinnipiac

University

,

Revenue

,

L

,

Refunding

,

5

%

,

7/01/45

..................

8,250,000

8,252,783

Sacred

Heart

University,

Inc.

,

Revenue

,

I-1

,

Refunding

,

5

%

,

7/01/42

............

4,375,000

4,444,736

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

5

%

,

7/01/35

.....................

550,000

591,671

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

4

%

,

7/01/45

.....................

1,200,000

1,116,918

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

4

%

,

7/01/37

...

2,550,000

2,573,837

Taft

School

Corp.

(The)

,

Revenue

,

L

,

Refunding

,

3

%

,

7/01/46

.................

2,210,000

1,748,763

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

CT

,

5

%

,

12/01/45

.........

5,000,000

5,007,712

Trustees

of

Trinity

College

(The)

,

Revenue

,

R

,

Refunding

,

4

%

,

6/01/45

..........

2,500,000

2,357,808

Trustees

of

Trinity

College

(The)

,

Revenue

,

S

,

Refunding

,

4

%

,

6/01/51

..........

4,800,000

4,234,004

University

of

Hartford

(The)

,

Revenue

,

2022

P

,

5.375

%

,

7/01/52

...............

2,000,000

1,823,696

Yale

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/35

...................

2,435,000

2,886,392

Yale

University

,

Revenue

,

X-2

,

5

%

,

7/01/37

..............................

3,000,000

3,449,162

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/44

520,000

560,941

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/45

500,000

535,768

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/46

500,000

533,824

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/47

495,000

524,520

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/48

500,000

527,826

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue

,

2020

B

,

3.25

%

,

11/15/36

....................................

1,360,000

1,270,760

Revenue

,

2020

D

,

Pre-Refunded

,

3

%

,

11/15/35

...........................

1,145,000

1,149,354

Revenue

,

2021

B

,

2.25

%

,

11/15/37

....................................

2,355,000

1,930,828

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)

Connecticut

State

Higher

Education

Supplement

Loan

Authority,

(continued)

Revenue

,

2025

B-1

,

5

%

,

11/15/40

.....................................

$

500,000

$

510,215

South

Central

Connecticut

Regional

Water

Authority

,

Revenue

,

38th

,

Refunding

,

5

%

,

8/01/38

.................................

1,000,000

1,160,070

Revenue

,

38th

,

Refunding

,

5

%

,

8/01/40

.................................

500,000

568,207

Revenue

,

38th

,

Refunding

,

5

%

,

8/01/41

.................................

300,000

336,980

Revenue

,

39th

A

,

5

%

,

8/01/54

........................................

1,000,000

1,060,856

Revenue,

Second

Series

,

32nd

B

,

Refunding

,

5

%

,

8/01/38

...................

1,720,000

1,740,153

State

of

Connecticut

,

GO

,

2020

A

,

4

%

,

1/15/38

............................................

7,250,000

7,424,886

GO

,

2020

C

,

4

%

,

6/01/39

............................................

600,000

613,030

GO

,

2024

G

,

5

%

,

11/15/41

...........................................

3,990,000

4,438,111

GO

,

2025

C

,

5

%

,

8/15/44

............................................

2,000,000

2,176,794

Special

Tax

,

2016

A

,

5

%

,

9/01/33

......................................

1,000,000

1,016,465

Special

Tax

,

2018

A

,

5

%

,

1/01/36

......................................

1,000,000

1,041,139

Special

Tax

,

2020

A

,

5

%

,

5/01/35

......................................

4,500,000

4,904,754

Special

Tax

,

2020

A

,

5

%

,

5/01/40

......................................

2,000,000

2,130,941

Special

Tax

,

2021

A

,

5

%

,

5/01/41

......................................

1,500,000

1,608,104

Special

Tax

,

2021

D

,

4

%

,

11/01/40

.....................................

2,075,000

2,104,813

Special

Tax

,

2024

A-2

,

5

%

,

7/01/45

....................................

1,250,000

1,346,711

Bradley

International

Airport

CFC

,

Revenue

,

2019

A

,

AG

Insured

,

5

%

,

7/01/49

....

1,400,000

1,417,991

Clean

Water

Fund

-

State

Revolving

Fund

,

Revenue

,

2015

A

,

5

%

,

3/01/34

.......

1,000,000

1,001,295

Clean

Water

Fund

-

State

Revolving

Fund

,

Revenue

,

2017

A

,

5

%

,

5/01/37

.......

1,000,000

1,028,798

Town

of

Hamden

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

4

%

,

8/15/41

..............

500,000

503,362

Town

of

Stafford

,

GO

,

2021

,

Refunding

,

3

%

,

2/01/36

.....................................

250,000

240,357

GO

,

2021

,

Refunding

,

3

%

,

2/01/38

.....................................

310,000

291,325

GO

,

2021

,

Refunding

,

3

%

,

2/01/41

.....................................

300,000

263,111

Town

of

Stratford

,

GO

,

2017

,

AG

Insured

,

5

%

,

7/01/33

........................

1,000,000

1,001,695

University

of

Connecticut

,

Revenue

,

2017

A

,

5

%

,

1/15/37

.....................

1,000,000

1,022,265

140,412,710

Florida

0.9%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

500,000

337,992

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

1,325,000

1,119,831

1,457,823

Georgia

0.3%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

185,000

192,228

b

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

420,000

199,062

391,290

Illinois

0.6%

State

of

Illinois

,

GO

,

2020

C

,

4

%

,

10/01/42

................................

1,000,000

939,650

Texas

0.3%

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

615,000

465,544

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

430,686

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

193

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

1.7%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

$

855,000

$

887,670

a

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

400,000

322,581

b

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

1,910,000

908,314

a,b

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

2.34

%,

12/01/44

.................................................

800,000

511,535

2,630,100

U.S.

Territories

2.6%

Guam

1.7%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25

%

,

10/01/36

365,000

400,680

Guam

Government

Waterworks

Authority

,

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25

%

,

7/01/50

.............

600,000

621,198

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5

%

,

7/01/55

..............

1,000,000

1,049,689

Territory

of

Guam

,

Revenue

,

2025

G

,

Refunding

,

5.25

%

,

1/01/39

................

500,000

547,835

2,619,402

Puerto

Rico

0.9%

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

1,500,000

1,462,449

Total

U.S.

Territories

....................................................................

4,081,851

Total

Municipal

Bonds

(Cost

$

156,494,403

)

.....................................

150,809,654

a

a

a

a

Short

Term

Investments

1.4%

Municipal

Bonds

1.4%

Connecticut

1.4%

c

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2001

V-1

,

Daily

VRDN

and

Put

,

2.5

%

,

7/01/36

........

1,100,000

1,100,000

Yale

University

,

Revenue

,

2001

V-2

,

Daily

VRDN

and

Put

,

2.5

%

,

7/01/36

........

1,100,000

1,100,000

2,200,000

Total

Municipal

Bonds

(Cost

$

2,200,000

)

.......................................

2,200,000

Total

Short

Term

Investments

(Cost

$

2,200,000

)

.................................

2,200,000

a

Total

Investments

(Cost

$

158,694,403

)

98.3

%

...................................

$153,009,654

Other

Assets,

less

Liabilities

1.7

%

.............................................

2,674,697

Net

Assets

100.0%

...........................................................

$155,684,351

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$3,188,169,

representing

2.0%

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),

November

30,

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

1.0%

Capital

Markets

1.0%

a

Franklin

Municipal

Green

Bond

ETF

.....................................

830,000

$

19,861,485

Total

Management

Investment

Companies

(Cost

$

22,459,625

)

....................

19,861,485

Principal

Amount

a

a

a

a

Municipal

Bonds

95.1%

Alabama

5.4%

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

F

,

Mandatory

Put

,

5.5

%

,

12/01/28

.........................

$

6,970,000

7,369,817

Revenue

,

2023

B-2

,

Mandatory

Put

,

5.25

%

,

12/01/30

.......................

14,000,000

15,165,847

Revenue

,

2024

C

,

Mandatory

Put

,

5

%

,

7/01/31

...........................

4,000,000

4,306,462

c

Revenue

,

144A,

2025

C

,

Mandatory

Put

,

5.5

%

,

8/01/34

.....................

8,715,000

9,245,679

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5

%

,

10/01/33

............

5,000,000

5,664,953

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.5

%

,

1/01/31

.........................

8,570,000

9,370,770

Revenue

,

2023

B-1

,

Mandatory

Put

,

5.75

%

,

11/01/31

.......................

6,000,000

6,640,219

Revenue

,

2024

B

,

Mandatory

Put

,

5.25

%

,

6/01/32

.........................

7,000,000

7,615,030

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

2,266,180

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

4,933,604

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

2/01/28

.......

5,000,000

5,014,728

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/33

...............

2,855,000

2,951,890

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2022

A-1

,

Mandatory

Put

,

5.5

%

,

12/01/29

........................

4,585,000

4,928,679

Revenue

,

2022

B-2

,

Mandatory

Put

,

4.443

%

,

8/01/28

.......................

15,000,000

15,222,813

Revenue

,

2025

B

,

Mandatory

Put

,

5.25

%

,

1/01/33

.........................

9,700,000

10,292,365

110,989,036

Alaska

0.1%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue

,

2020

,

Refunding

,

4

%

,

12/01/35

...

1,710,000

1,756,250

Arizona

3.4%

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/30

.......................................................

600,000

630,985

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/31

.......................................................

630,000

661,307

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/32

.......................................................

1,000,000

1,046,721

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/35

.......................................................

1,115,000

1,157,883

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/36

.......................................................

1,250,000

1,293,749

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

11/01/37

.......................................................

1,050,000

1,082,525

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/37

.......................................................

1,105,000

1,099,215

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

11/01/38

.......................................................

600,000

588,795

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4

%

,

11/01/41

.......................................................

6,000,000

5,736,252

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/27

.............

55,000

56,158

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/28

.............

60,000

61,904

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/29

.............

60,000

62,593

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/30

.............

65,000

68,470

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

5

%

,

7/01/31

.............

70,000

74,297

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)

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/27

.............

$

160,000

$

161,261

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/28

.............

170,000

171,259

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/29

.............

160,000

161,184

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/30

.............

185,000

186,346

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

5

%

,

7/01/31

.............

195,000

196,365

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

3

%

,

2/01/39

.....

1,200,000

1,079,827

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue,

Junior

Lien

,

2019

B

,

5

%

,

7/01/35

........................

7,500,000

7,924,084

Airport

,

Revenue,

Senior

Lien

,

2023

,

Refunding

,

5

%

,

7/01/32

.................

4,250,000

4,734,636

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/35

..................................................

3,340,000

3,552,574

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/36

..................................................

6,380,000

6,764,949

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

5

%

,

7/01/39

..................................................

6,365,000

6,686,631

Maricopa

County

Industrial

Development

Authority

,

c

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375

%

,

10/01/29

18,555,000

19,525,373

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/30

.......

850,000

899,595

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/31

.......

1,000,000

1,057,783

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/32

.......

1,000,000

1,056,115

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/33

.......

800,000

843,229

68,622,065

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

4,842,417

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/36

........................................................

3,625,000

3,773,433

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/37

........................................................

1,250,000

1,294,945

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/38

........................................................

1,000,000

1,031,394

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/39

........................................................

1,000,000

1,027,512

11,969,701

California

5.8%

b

California

Community

Choice

Financing

Authority

,

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

...................................................

11,000,000

11,717,203

c

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..........

2,085,000

1,905,448

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/46

...

6,485,000

5,507,716

California

Municipal

Finance

Authority

,

d

Revenue

,

FRN

,

2025-1

,

A-2

,

3.439

%

,

2/20/41

............................

13,428,687

11,939,236

Witmer

Manor

Community

Partners

LP

,

Revenue

,

2025

A

,

FNMA

Insured

,

4.875

%

,

11/01/43

.......................................................

3,100,000

3,260,041

California

Statewide

Communities

Development

Authority

,

Southern

California

Edison

Co.

,

Revenue

,

2010

A

,

Refunding

,

1.75

%

,

9/01/29

.........................

5,000,000

4,678,999

City

of

Los

Angeles

,

Department

of

Airports

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

5/15/38

14,960,000

16,725,490

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

..............................................

9,765,000

8,949,930

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

.........................................

4,900,000

4,491,004

c

CSCDA

Community

Improvement

Authority

,

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

9/01/46

...............................................

4,825,000

4,012,542

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)

California

(continued)

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

B-1

,

Refunding

,

3.85

%

,

6/01/50

.........................................................

$

3,010,000

$

2,761,879

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/31

...................

8,220,000

8,417,671

Power

System

,

Revenue

,

2017

C

,

5

%

,

7/01/33

............................

3,960,000

4,087,217

Power

System

,

Revenue

,

2017

C

,

5

%

,

7/01/34

............................

4,080,000

4,206,729

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/01/44

...............................

6,760,000

6,883,536

Revenue,

Second

Series

,

2023

C

,

Refunding

,

5

%

,

5/01/33

...................

15,000,000

16,944,675

d

Southern

California

Public

Power

Authority

,

Revenue

,

FRN

,

2007

B

,

4.227

%

,

(

3-month

TSOF

+

1.645

%

),

11/01/38

...........................................

3,000,000

2,951,966

119,441,282

Colorado

4.0%

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5.75

%

,

11/15/41

........................................................

5,325,000

5,897,306

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/31

2,500,000

2,671,422

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/33

9,595,000

10,171,352

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/36

11,635,000

12,163,668

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/38

2,000,000

2,075,568

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/39

5,500,000

5,690,504

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/44

7,695,000

7,771,377

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/40

.........

3,000,000

3,200,630

Denver

City

&

County

School

District

No.

1

,

GO

,

2025

A

,

5.5

%

,

12/01/44

..........

10,000,000

11,239,628

Denver

Health

&

Hospital

Authority

,

Revenue

,

2025

A

,

6

%

,

12/01/55

.............

1,500,000

1,624,692

c

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5

%

,

12/01/32

..

1,000,000

1,030,556

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

9,405,000

9,828,413

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/35

.............................................

1,400,000

1,422,205

South

Maryland

Creek

Ranch

Metropolitan

District

,

GO

,

2023

,

Refunding

,

AG

Insured

,

5

%

,

12/01/43

.....................................................

1,000,000

1,045,278

c

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado

,

GO

,

144A,

2025

A

,

5

%

,

4/01/35

................................................

4,100,000

4,493,651

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2

,

Revenue

,

2020

A

,

Refunding

,

3.375

%

,

12/01/30

................

500,000

510,000

80,836,250

Connecticut

0.9%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

7/01/38

..........

2,500,000

2,485,186

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/33

.....

5,000,000

5,254,230

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/35

.....

250,000

253,642

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/36

.....

4,750,000

4,804,704

University

of

Connecticut

,

Revenue

,

2016

A

,

5

%

,

3/15/31

.....................

5,025,000

5,052,137

17,849,899

Delaware

0.4%

Delaware

State

Economic

Development

Authority

,

Delmarva

Power

&

Light

Co.

,

Revenue

,

2020

A

,

Refunding

,

3.6

%

,

1/01/31

..............................

8,500,000

8,769,660

Florida

7.2%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group

,

Revenue

,

B-1

,

Refunding

,

5

%

,

12/01/35

...................

2,350,000

2,469,142

Beach

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

Refunding

,

AG

Insured

,

5.25

%

,

5/01/44

.................................

1,395,000

1,456,972

Capital

Projects

Finance

Authority

,

Provident

Group

-

Continuum

Properties

LLC

,

Revenue,

Senior

Lien

,

2023

A-1

,

5

%

,

11/01/48

............................

2,500,000

2,429,983

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)

Florida

(continued)

c

Capital

Trust

Agency,

Inc.

,

Kingdom

Kensington

LLC

,

Revenue

,

144A,

2021

A-1

,

3.65

%

,

12/01/36

..........

$

5,345,000

$

4,710,617

Kingdom

Kensington

LLC

,

Revenue

,

144A,

2021

A-2

,

5.1

%

,

12/01/31

...........

1,725,000

1,628,120

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

T

,

5.05

%

,

7/01/34

..........

855,000

757,686

c,e

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

17,285,000

14,608,518

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.........................................................

750,000

648,742

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/30

.........................................................

255,000

243,371

City

of

Jacksonville

,

Revenue

,

2023

A

,

Refunding

,

5.5

%

,

10/01/53

.............................

5,175,000

5,577,789

Genesis

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/01/39

..

1,650,000

1,622,941

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/40

........................................

2,500,000

2,331,800

City

of

Port

St.

Lucie

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

4

%

,

9/01/30

.....................

1,500,000

1,509,318

Utility

System

,

Revenue

,

2016

,

Refunding

,

4

%

,

9/01/31

.....................

1,635,000

1,644,663

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Foundation,

Inc.

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

...................

6,000,000

6,067,976

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

7/01/38

..................................................

700,000

695,852

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

7/01/39

..................................................

500,000

496,834

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

5

%

,

7/01/40

..................................................

1,000,000

1,053,203

Cordoba

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

3

%

,

5/01/37

........................................

1,000,000

902,811

Cross

Creek

North

Community

Development

District

,

Special

Assessment

,

2022

,

3.75

%

,

5/01/32

...................................................

460,000

465,586

East

Palm

Drive

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.1

%

,

6/15/44

.....................................

750,000

758,856

Everlands

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.25

%

,

6/15/44

...............................................

1,000,000

1,018,141

Florida

Development

Finance

Corp.

,

Brightline

Trains

Florida

LLC

,

Revenue

,

2024

,

Refunding

,

AG

Insured

,

5

%

,

7/01/44

....................................

20,000,000

19,887,394

c

Forest

Lake

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

..................................

1,270,000

1,218,887

Greater

Orlando

Aviation

Authority

,

Revenue

,

2019

A

,

5

%

,

10/01/33

.......................................

10,500,000

11,111,135

Revenue

,

2019

A

,

4

%

,

10/01/37

.......................................

8,430,000

8,463,551

Harvest

Ridge

Community

Development

District

,

Special

Assessment

,

2024

,

4.375

%

,

5/01/31

.............................

240,000

244,037

Special

Assessment

,

2024

,

5.125

%

,

5/01/44

.............................

260,000

264,886

Special

Assessment

,

2024

,

5.375

%

,

5/01/54

.............................

650,000

658,317

Herons

Glen

Recreation

District

,

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/32

.............

185,000

184,535

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/33

.............

300,000

297,405

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/34

.............

245,000

240,903

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/35

.............

255,000

246,896

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

3

%

,

5/01/36

.............

260,000

249,181

Hillsborough

County

Housing

Finance

Authority

,

Tampa

47th

Street

Apartments

LLC

,

Revenue

,

2025

A

,

FNMA

Insured

,

5

%

,

12/01/42

...........................

3,075,000

3,240,071

Keys

Edge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.1

%

,

5/01/44

................................................

500,000

500,269

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)

c

Knightsbridge

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

4.25

%

,

6/15/31

...................................................

$

190,000

$

193,694

Lakewood

Ranch

Stewardship

District

,

Special

Assessment

,

2025

,

5.7

%

,

5/01/45

...............................

1,100,000

1,139,582

Assessment

Southeast

,

Special

Assessment

,

2025

,

5.8

%

,

5/01/45

.............

2,000,000

2,080,661

Assessments

,

Special

Assessment

,

2024

,

5.3

%

,

5/01/44

....................

485,000

495,137

Lee

County

Industrial

Development

Authority

,

Lee

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

4/01/37

........................................................

5,000,000

5,011,799

Lee

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

4

%

,

4/01/49

........................................................

12,000,000

10,776,376

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

5.45

%

,

5/01/32

...................................................

1,000,000

1,072,927

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

10/01/28

.....

1,000,000

1,017,282

Orlando

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

10/01/30

.....

2,875,000

2,923,526

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

12/15/41

........................................................

1,000,000

888,420

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

4.2

%

,

5/01/33

...............................

800,000

823,019

Special

Assessment

,

2023

,

5

%

,

5/01/43

.................................

2,000,000

2,041,722

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/31

.....................................

500,000

475,218

State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526

%

,

7/01/34

....................................

6,600,000

6,985,109

State

of

Florida

,

GO

,

2017

C

,

Refunding

,

4

%

,

6/01/33

........................

5,000,000

5,073,083

c

Summerstone

Community

Development

District

,

Assessment

Phase

2

,

Special

Assessment

,

144A,

2021

,

3.15

%

,

5/01/41

...............................

725,000

647,265

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

2,880,462

c

Village

Community

Development

District

No.

15

,

Special

Assessment

,

144A,

2024

,

4

%

,

5/01/34

............................

1,000,000

1,012,420

Special

Assessment

,

144A,

2024

,

4.2

%

,

5/01/39

..........................

1,000,000

995,229

Phase

I

,

Special

Assessment

,

144A,

2023

,

4.85

%

,

5/01/38

...................

845,000

873,747

147,313,066

Georgia

3.9%

c

Atlanta

Development

Authority

(The)

,

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

5

%

,

7/01/35

.............

625,000

651,658

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

5.25

%

,

7/01/40

...........

700,000

719,517

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

6

%

,

7/01/45

.............

975,000

1,018,233

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

4/01/36

1,400,000

1,424,381

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/33

250,000

258,557

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/34

275,000

282,471

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/35

275,000

281,404

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/36

275,000

279,789

DeKalb

County

Housing

Authority

,

HADC

Avenues

LLC

,

Revenue

,

2024

,

Refunding

,

4.125

%

,

12/01/34

............

2,500,000

2,517,723

HADC

Park

at

500

LLC

,

Revenue

,

2024

,

4

%

,

3/01/34

.......................

2,250,000

2,264,382

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

......................

2,375,000

2,329,827

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

5,050,000

5,247,315

e

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

1,260,000

597,184

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/28

........................................................

2,100,000

2,155,033

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)

Georgia

(continued)

Gainesville

&

Hall

County

Hospital

Authority,

(continued)

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/29

........................................................

$

2,000,000

$

2,051,552

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

2/15/30

........................................................

1,000,000

1,024,440

b

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2021

C

,

Mandatory

Put

,

4

%

,

12/01/28

...........................

5,000,000

5,100,736

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

...........................

10,000,000

10,279,485

Revenue

,

2022

B

,

Mandatory

Put

,

5

%

,

6/01/29

............................

10,200,000

10,706,499

c

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

4

%

,

11/01/27

......................

12,000,000

12,006,420

Revenue

,

2023

E-1

,

Mandatory

Put

,

5

%

,

6/01/31

..........................

11,495,000

12,334,704

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2019

A

,

5

%

,

1/01/33

........................................

1,000,000

1,049,645

Revenue

,

2019

B

,

5

%

,

1/01/34

........................................

700,000

725,075

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

5

%

,

1/01/29

..............

500,000

520,323

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

5

%

,

1/01/30

..............

480,000

499,609

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

5

%

,

1/01/31

..............

700,000

728,275

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

5

%

,

1/01/32

..............

750,000

779,615

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

5

%

,

1/01/33

..............

1,045,000

1,084,471

Savannah

Georgia

Convention

Center

Authority

,

Revenue

,

2025

C

,

AG

Insured

,

5.5

%

,

6/01/50

.........................................................

1,000,000

1,073,999

79,992,322

Hawaii

0.5%

City

&

County

Honolulu

,

Wastewater

System

,

Revenue,

Senior

Lien

,

2025

B

,

5.25

%

,

7/01/46

............

1,000,000

1,097,911

Wastewater

System

,

Revenue,

Senior

Lien

,

2025

B

,

5.25

%

,

7/01/47

............

1,750,000

1,916,151

Wastewater

System

,

Revenue,

Senior

Lien

,

2025

B

,

5.25

%

,

7/01/48

............

2,000,000

2,185,589

State

of

Hawaii

,

Airports

System

,

Revenue

,

2020

A

,

4

%

,

7/01/35

................

4,420,000

4,487,880

9,687,531

Idaho

0.1%

Boise

State

University

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

4/01/50

...............................

850,000

890,023

Revenue

,

2025

A

,

Refunding

,

5

%

,

4/01/54

...............................

825,000

860,635

1,750,658

Illinois

7.3%

Chicago

Board

of

Education

,

Dedicated

Capital

Improvement

Tax

,

Revenue

,

2023

,

5.25

%

,

4/01/40

...................................................

3,720,000

3,940,538

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien

,

2020

E

,

Refunding

,

4

%

,

1/01/34

.........................................................

5,345,000

5,460,943

Chicago

Park

District

,

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/32

..................................

1,500,000

1,625,890

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/33

..................................

3,000,000

3,244,756

GO

,

2020

F-2

,

Refunding

,

4

%

,

1/01/34

..................................

1,100,000

1,117,145

City

of

Berwyn

,

GO

,

2022

B

,

Refunding

,

AG

Insured

,

4

%

,

12/01/41

..............

6,000,000

6,085,140

City

of

Chicago

,

e

GO

,

1999

,

NATL

Insured

,

3.53

%,

1/01/31

................................

4,000,000

3,352,626

GO

,

2021

A

,

Refunding

,

5

%

,

1/01/33

...................................

9,500,000

9,928,887

GO

,

2021

A

,

Refunding

,

5

%

,

1/01/34

...................................

6,655,000

6,915,791

GO

,

2021

B

,

Refunding

,

4

%

,

1/01/35

...................................

4,295,000

4,148,167

GO

,

2021

B

,

Refunding

,

BAM

Insured

,

4

%

,

1/01/38

........................

5,150,000

5,156,679

GO

,

2023

A

,

5

%

,

1/01/35

............................................

10,000,000

10,424,937

GO

,

2024

B

,

Refunding

,

5

%

,

1/01/35

...................................

5,575,000

5,934,517

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/15/40

12,645,000

12,421,817

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)

Illinois

(continued)

Illinois

Finance

Authority,

(continued)

b,c

Centerpoint

Joliet

Terminal

Railroad

LLC

,

Revenue

,

144A,

2012

,

Mandatory

Put

,

4.8

%

,

7/02/35

...................................................

$

5,000,000

$

5,160,925

f

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/28

.........

341,673

17,084

f

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/29

.........

352,902

17,645

f

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/30

.........

420,274

21,014

f

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/31

.........

351,298

17,565

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/15/35

........................................................

500,000

500,142

Northwestern

University

,

Revenue

,

2015

,

5

%

,

12/01/28

.....................

1,675,000

1,788,603

c

Rosalind

Franklin

University

of

Medicine

and

Science

,

Revenue

,

144A,

2025

,

5.25

%

,

8/01/35

........................................................

5,000,000

5,117,167

e

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2002

A

,

BAM,

NATL

RE

Insured

,

3.89

%,

12/15/37

...................................................

13,045,000

8,243,485

Northern

Illinois

University

,

Revenue

,

2021

,

BAM

Insured

,

4

%

,

10/01/41

.............................

400,000

394,703

Revenue

,

2021

,

BAM

Insured

,

4

%

,

10/01/43

.............................

2,075,000

1,991,994

State

of

Illinois

,

GO

,

2019

B

,

4

%

,

11/01/38

...........................................

4,680,000

4,601,850

GO

,

2020

C

,

4

%

,

10/01/37

...........................................

8,170,000

8,136,967

GO

,

2021

A

,

5

%

,

3/01/46

............................................

2,000,000

2,041,709

GO

,

2022

A

,

5

%

,

3/01/29

............................................

6,385,000

6,799,885

GO

,

2022

B

,

5

%

,

10/01/30

...........................................

10,000,000

10,937,155

GO

,

2022

C

,

5.5

%

,

10/01/40

.........................................

3,700,000

4,043,498

GO

,

2024

C

,

4

%

,

10/01/39

...........................................

2,500,000

2,434,844

c

Upper

Illinois

River

Valley

Development

Authority

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

................

5,000,000

5,040,821

Village

of

Bellwood

,

Tax

Allocation

,

2024

,

5

%

,

12/01/50

.......................

2,750,000

2,764,522

149,829,411

Indiana

1.3%

Indiana

Finance

Authority

,

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5

%

,

6/01/32

.....................

650,000

698,911

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5

%

,

6/01/33

.....................

830,000

894,416

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5

%

,

6/01/38

.....................

1,600,000

1,683,105

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/26

..

1,065,000

1,065,298

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/27

..

1,150,000

1,152,412

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/28

..

1,235,000

1,239,328

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/29

..

1,330,000

1,336,469

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

4

%

,

11/15/30

..

1,425,000

1,434,523

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

4.3

%

,

5/01/29

...

750,000

758,846

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

5.25

%

,

5/01/45

..

1,000,000

1,003,570

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AG

Insured

,

4

%

,

6/01/37

...............................................

14,000,000

14,380,580

25,647,458

Iowa

1.1%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/32

....

680,000

682,620

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/36

....

650,000

651,572

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

5/15/41

....

350,000

350,137

b

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

3.357

%

,

5/15/26

.....................................

3,250,000

3,199,125

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.75

%

,

5/15/33

........................................................

2,500,000

2,845,451

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/31

.

1,800,000

1,935,754

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)

Iowa

(continued)

Iowa

Higher

Education

Loan

Authority,

(continued)

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/32

.

$

1,920,000

$

2,056,668

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/33

.

2,030,000

2,164,457

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/34

.

2,135,000

2,269,297

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/35

.

1,250,000

1,323,004

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/36

.

2,470,000

2,602,756

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

5

%

,

10/01/37

.

2,595,000

2,723,465

22,804,306

Kentucky

2.3%

County

of

Warren

,

Bowling

Green-Warren

County

Community

Hospital

Corp.

,

Revenue

,

2024

,

5.25

%

,

4/01/49

...............................................

3,250,000

3,413,232

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/35

1,000,000

1,050,509

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/36

1,000,000

1,045,438

Kentucky

Municipal

Energy

Agency

,

Revenue

,

2025

,

AG

Insured

,

5

%

,

1/01/55

......

14,000,000

14,475,301

Kentucky

Municipal

Power

Agency

,

Revenue

,

2016

A

,

Refunding

,

NATL

Insured

,

5

%

,

9/01/34

....................

6,500,000

6,560,535

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/31

...............................

1,500,000

1,568,927

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/32

...............................

1,600,000

1,669,502

Revenue

,

2019

A

,

Refunding

,

5

%

,

9/01/33

...............................

1,000,000

1,041,123

Kentucky

Public

Energy

Authority

,

Revenue

,

2025

B

,

5

%

,

12/01/33

..............

10,000,000

10,467,804

Paducah

Electric

Plant

Board

,

Revenue

,

2016

A

,

Refunding

,

AG

Insured

,

5

%

,

10/01/31

5,500,000

5,581,830

46,874,201

Louisiana

2.5%

East

Baton

Rouge

Sewerage

Commission

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/01/35

1,310,000

1,343,119

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AG

Insured

,

4

%

,

12/01/36

.........

6,000,000

6,135,587

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

c

City

of

New

Orleans

,

Revenue

,

144A,

2021

,

4

%

,

11/01/46

...................

8,600,000

7,756,734

Louisiana

Utilities

Restoration

Corp.

ELL

System

Restoration

,

Revenue

,

2022

A

,

3.615

%

,

2/01/29

.................................................

4,350,116

4,337,712

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

..................................................

6,295,000

6,346,394

Louisiana

Public

Facilities

Authority

,

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.75

%

,

9/01/64

.....

5,650,000

5,878,125

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/29

........................................................

10,000

10,108

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/30

........................................................

5,000

5,054

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/32

........................................................

15,000

15,162

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/28

1,000,000

1,026,882

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/29

2,000,000

2,053,193

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/30

2,250,000

2,309,713

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/31

1,745,000

1,791,445

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/32

1,750,000

1,795,197

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/33

2,000,000

2,048,565

Port

New

Orleans

Board

of

Commissioners

,

Revenue

,

2020

E

,

5

%

,

4/01/35

........................................

1,000,000

1,049,676

Revenue

,

2020

E

,

5

%

,

4/01/36

........................................

1,495,000

1,562,640

Revenue

,

2020

E

,

5

%

,

4/01/37

........................................

1,065,000

1,110,418

Revenue

,

2020

E

,

5

%

,

4/01/38

........................................

1,000,000

1,041,030

Revenue

,

2020

E

,

5

%

,

4/01/39

........................................

2,750,000

2,855,462

50,472,216

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)

Maine

0.0%

†

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/36

........................................

$

1,000,000

$

1,022,032

Maryland

3.1%

City

of

Baltimore

,

Wastewater

Utility

Fund

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

7/01/32

............

5,905,000

6,041,064

Wastewater

Utility

Fund

,

Revenue,

Senior

Lien

,

D

,

Refunding

,

5

%

,

7/01/28

......

2,790,000

2,793,220

Wastewater

Utility

Fund

,

Revenue,

Senior

Lien

,

D

,

Refunding

,

5

%

,

7/01/29

......

5,835,000

5,841,823

Wastewater

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

5

%

,

7/01/29

.............

1,000,000

1,023,504

Wastewater

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

5

%

,

7/01/30

.............

2,940,000

3,009,694

Wastewater

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

5

%

,

7/01/31

.............

2,085,000

2,134,239

Wastewater

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

5

%

,

7/01/32

.............

3,240,000

3,314,656

Water

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

5

%

,

7/01/29

.................

1,320,000

1,351,025

Water

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

5

%

,

7/01/30

.................

1,785,000

1,827,314

Water

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

5

%

,

7/01/31

.................

3,765,000

3,853,914

Water

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

5

%

,

7/01/32

.................

4,000,000

4,092,168

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

.............................................

5,000,000

4,779,034

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3.25

%

,

7/01/39

500,000

425,294

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/40

..

300,000

289,785

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/30

............................................

8,520,000

8,777,688

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/31

............................................

7,415,000

7,639,726

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/28

...............

1,000,000

1,013,422

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/29

...............

1,340,000

1,365,135

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/31

...............

1,480,000

1,524,697

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/32

...............

1,550,000

1,593,020

62,690,422

Massachusetts

0.9%

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2025

B

,

5

%

,

7/01/46

...............................

7,630,000

8,188,830

Sales

Tax

,

Revenue

,

2025

B

,

5.25

%

,

7/01/47

.............................

6,780,000

7,446,324

Massachusetts

Development

Finance

Agency

,

Bentley

University

,

Revenue

,

2025

,

5

%

,

7/01/38

...........................

845,000

948,560

Bentley

University

,

Revenue

,

2025

,

5

%

,

7/01/40

...........................

1,100,000

1,212,061

Bentley

University

,

Revenue

,

2025

,

5

%

,

7/01/43

...........................

1,000,000

1,065,236

18,861,011

Michigan

1.4%

Detroit

Downtown

Development

Authority

,

Catalyst

Development

Area

,

Tax

Allocation

,

2024

,

Refunding

,

5

%

,

7/01/48

........................................

4,445,000

4,646,576

Michigan

Finance

Authority

,

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

5.5

%

,

2/28/49

.........................................................

5,375,000

5,738,664

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group

,

Revenue

,

1999

B-3

,

Pre-Refunded

,

4

%

,

11/15/33

.

5,100,000

5,257,457

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

Refunding

,

5

%

,

12/01/31

.

2,700,000

2,815,084

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

Pre-Refunded

,

5

%

,

12/01/32

135,000

141,013

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

3,500,000

3,175,120

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

..................................................

5,000,000

4,863,495

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue,

Junior

Lien

,

2017

B

,

Refunding

,

5

%

,

12/01/29

............................

1,980,000

2,043,952

28,681,361

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

30

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Mississippi

0.5%

County

of

Warren

,

International

Paper

Co.

,

Revenue

,

2018

,

Refunding

,

4

%

,

9/01/32

.

$

3,250,000

$

3,344,466

c

Mississippi

Development

Bank

,

County

of

Hancock

,

Revenue

,

144A,

2019

,

4.55

%

,

11/01/39

........................................................

1,545,000

1,562,415

c

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

...................................

5,000,000

5,040,821

9,947,702

Missouri

1.1%

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

2,511,494

Mercy

Health

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

6/01/31

....................

12,500,000

13,220,440

Southeast

Missouri

State

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/33

.................................

2,745,000

2,813,195

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/34

.................................

2,180,000

2,225,083

Revenue

,

2020

,

Refunding

,

4

%

,

4/01/35

.................................

1,575,000

1,602,138

22,372,350

Nebraska

0.3%

b

Central

Plains

Energy

Project

,

Revenue

,

2022-1

,

Mandatory

Put

,

5

%

,

10/01/29

.....

5,000,000

5,261,968

Nevada

0.0%

†

City

of

Las

Vegas

,

Special

Improvement

District

No.

819

,

Special

Assessment

,

2025

,

5

%

,

6/01/40

....

325,000

328,419

Special

Improvement

District

No.

819

,

Special

Assessment

,

2025

,

5.25

%

,

6/01/45

.

325,000

325,104

653,523

New

Hampshire

0.5%

New

Hampshire

Business

Finance

Authority

,

d

Revenue

,

FRN

,

2024-3

,

A

,

4.163

%

,

10/20/41

.............................

1,487,965

1,472,302

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2024

D

,

6.129

%

,

7/01/38

4,080,000

4,194,894

Greater

Raleigh

Area

Christian

Education,

Inc.

,

Revenue

,

2025

,

5.125

%

,

8/01/40

..

2,600,000

2,631,091

Greater

Raleigh

Area

Christian

Education,

Inc.

,

Revenue

,

2025

,

5.75

%

,

8/01/45

...

1,750,000

1,776,578

10,074,865

New

Jersey

1.7%

New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

,

Revenue

,

2022

A

,

5

%

,

11/01/39

.....................................................

16,000,000

17,386,152

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey

,

Revenue

,

2016

B

,

5

%

,

9/01/36

......................................................

5,000,000

5,060,882

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/30

...............

900,000

927,926

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/31

...............

1,080,000

1,112,731

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

3.5

%

,

12/01/39

...................

2,095,000

2,054,399

Revenue,

Senior

Lien

,

2020

B

,

3.5

%

,

12/01/39

............................

975,000

942,856

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/36

...........................................

6,200,000

6,373,642

33,858,588

New

Mexico

0.6%

Aspire

Public

Improvement

District

,

Special

Tax

,

2024

,

5.05

%

,

10/01/44

....................................

525,000

516,263

Special

Tax

,

2024

,

5.3

%

,

10/01/53

.....................................

800,000

778,678

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2016

A

,

Refunding

,

2.15

%

,

4/01/33

...................................................

13,500,000

11,759,726

13,054,667

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)

New

York

5.7%

Build

NYC

Resource

Corp.

,

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5

%

,

7/01/43

......................

$

1,230,000

$

1,318,467

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5

%

,

7/01/45

......................

400,000

423,693

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5

%

,

7/01/55

......................

500,000

520,018

City

of

New

York

,

GO

,

2021

C

,

4

%

,

8/01/37

............................................

5,000,000

5,055,628

GO

,

2022

D-1

,

5.5

%

,

5/01/44

.........................................

2,500,000

2,687,354

GO

,

2022

D-1

,

5.5

%

,

5/01/46

.........................................

2,600,000

2,770,390

Metropolitan

Transportation

Authority

,

b

Revenue

,

2015

A-2

,

Mandatory

Put

,

5

%

,

5/15/30

..........................

7,000,000

7,578,586

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/34

..............................

3,265,000

3,321,121

Revenue

,

2017

B

,

Refunding

,

5

%

,

11/15/26

..............................

2,140,000

2,186,248

Revenue

,

2017

C-1

,

Refunding

,

5

%

,

11/15/31

............................

1,870,000

1,969,115

Revenue

,

2024

A

,

Refunding

,

5.5

%

,

11/15/47

.............................

5,000,000

5,405,058

New

York

City

Housing

Development

Corp.

,

Revenue

,

2019

A-1

,

Refunding

,

4.15

%

,

11/01/38

........................................................

1,825,000

1,824,924

New

York

City

Industrial

Development

Agency

,

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

3

%

,

3/01/36

....................................

2,500,000

2,397,314

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2024

CC-1

,

5.25

%

,

6/15/54

..........................................

15,090,000

15,967,539

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2022

B-1

,

4

%

,

8/01/45

......................

5,000,000

4,773,097

Future

Tax

Secured

,

Revenue

,

2022

F-1

,

5

%

,

2/01/42

......................

12,000,000

12,728,789

Future

Tax

Secured

,

Revenue

,

2026

A-1

,

5.25

%

,

5/01/46

....................

7,500,000

8,076,959

b

New

York

Energy

Finance

Development

Corp.

,

Revenue

,

2025

,

Mandatory

Put

,

5

%

,

12/01/33

........................................................

6,990,000

7,496,325

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

2,340,000

2,198,945

New

York

State

Dormitory

Authority

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

Pre-Refunded

,

5

%

,

3/15/32

........................................................

5,000

5,331

State

of

New

York

Sales

Tax

,

Revenue

,

2024

A

,

5

%

,

3/15/46

.................

10,000,000

10,562,519

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

6

%

,

4/01/35

..........................

4,275,000

4,720,029

JFK

NTO

LLC

,

Revenue

,

2025

,

6

%

,

6/30/42

..............................

1,625,000

1,804,972

JFK

NTO

LLC

,

Revenue

,

2025

,

6

%

,

6/30/44

..............................

1,000,000

1,092,606

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

234

,

Refunding

,

5.25

%

,

8/01/42

.

2,500,000

2,680,288

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/30

......

2,900,000

3,164,655

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

9/01/34

......

4,425,000

4,784,751

117,514,721

North

Carolina

0.1%

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/27

..............................

450,000

461,045

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/28

..............................

500,000

516,827

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/29

..............................

350,000

367,969

1,345,841

North

Dakota

0.3%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/29

..

1,600,000

1,680,474

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/30

..

1,600,000

1,700,107

City

of

Horace

,

GO

,

2024

C

,

Refunding

,

4.75

%

,

5/01/44

......................

1,100,000

1,099,669

North

Dakota

Housing

Finance

Agency

,

Revenue

,

2024

C

,

5

%

,

7/01/42

...........

2,240,000

2,421,707

6,901,957

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)

Ohio

2.1%

Columbus

Metropolitan

Housing

Authority

,

Revenue

,

2024

,

4

%

,

12/01/34

........................................

$

5,500,000

$

5,532,145

Revenue

,

2025

C

,

4

%

,

11/01/35

.......................................

5,000,000

4,949,103

County

of

Franklin

,

Ohio

Living

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5

%

,

7/01/31

.........................................................

5,000,000

5,113,744

County

of

Hamilton

,

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25

%

,

1/01/36

........................................................

400,000

434,399

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25

%

,

1/01/37

........................................................

500,000

539,627

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.5

%

,

1/01/38

........................................................

350,000

381,464

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.5

%

,

1/01/39

........................................................

575,000

623,434

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.5

%

,

1/01/40

........................................................

440,000

474,393

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25

%

,

1/01/41

........................................................

525,000

548,835

c

Ohio

Housing

Finance

Agency

,

Revenue

,

144A,

2023

B

,

6

%

,

2/01/26

...................................

4,100,000

4,108,646

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

B

,

6.25

%

,

3/01/26

...........

6,850,000

6,876,249

Port

of

Greater

Cincinnati

Development

Authority

,

Revenue

,

2024

B

,

Refunding

,

AG

Insured

,

4.375

%

,

12/01/58

...........................................

12,535,000

12,184,642

State

of

Ohio

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/15/36

.....................................................

905,000

903,697

42,670,378

Oregon

0.9%

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

3,850,124

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

...

5,240,000

5,414,600

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/36

.......................................

1,300,000

1,390,991

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/26

.......................................................

150,000

151,657

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/28

.......................................................

325,000

338,150

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/29

.......................................................

600,000

631,363

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/35

.......................................................

275,000

289,442

Willamette

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/51

.............

1,000,000

821,915

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/34

.............................................

3,780,000

4,009,430

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

2,496,436

19,394,108

Pennsylvania

2.3%

Allegheny

County

Airport

Authority

,

Revenue

,

2023

A

,

AG

Insured

,

5.5

%

,

1/01/41

.............................

1,000,000

1,093,221

Revenue

,

2023

A

,

AG

Insured

,

5.5

%

,

1/01/42

.............................

1,000,000

1,083,772

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/33

............

4,000,000

4,248,002

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

............

1,000,000

1,059,163

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/28

.................................

600,000

622,739

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)

Pennsylvania

(continued)

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

(continued)

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/29

.................................

$

600,000

$

631,757

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/30

.................................

700,000

746,644

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/31

.................................

675,000

728,098

City

of

Philadelphia

,

Water

&

Wastewater

,

Revenue

,

2023

B

,

Refunding

,

AG

Insured

,

5.5

%

,

9/01/53

....................................................

3,000,000

3,243,856

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

4/15/34

.....................

1,750,000

1,882,184

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/15/40

............

2,525,000

2,473,158

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/15/41

............

2,375,000

2,278,915

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

5/15/42

............

2,815,000

2,647,706

b

Waste

Management

Obligated

Group

,

Revenue

,

2009

,

Mandatory

Put

,

0.95

%

,

12/01/26

.......................................................

3,000,000

2,916,000

b

Waste

Management,

Inc.

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

1.1

%

,

11/02/26

.......................................................

6,750,000

6,580,135

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

5

%

,

5/01/39

........

6,950,000

7,332,737

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2017

A

,

4

%

,

8/15/34

....................................................

5,895,000

5,963,217

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/40

........................................

300,000

305,010

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2021

A

,

BAM

Insured

,

2.799

%

,

9/01/33

.................................

2,425,000

2,184,143

48,020,457

Rhode

Island

0.2%

Rhode

Island

Health

and

Educational

Building

Corp.

,

PRG

-

RI

Properties

LLC

,

Revenue

,

2025

A

,

AG

Insured

,

5

%

,

7/01/55

..........

3,000,000

3,022,780

PRG

-

RI

Properties

LLC

,

Revenue

,

2025

A

,

AG

Insured

,

5

%

,

7/01/60

..........

2,000,000

2,007,593

5,030,373

South

Carolina

3.0%

c

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.625

%

,

11/01/31

...............................

1,000,000

904,066

b

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.25

%

,

8/01/31

.........................................................

27,500,000

29,984,889

South

Carolina

Jobs-Economic

Development

Authority

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/44

.....

4,315,000

4,048,184

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

5.25

%

,

11/01/43

...

4,500,000

4,935,777

Novant

Health

Obligated

Group

,

Revenue

,

2024

A

,

5.5

%

,

11/01/45

.............

5,715,000

6,229,040

Novant

Health

Obligated

Group

,

Revenue

,

2024

A

,

5.5

%

,

11/01/50

.............

4,000,000

4,281,595

Prisma

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

5/01/33

......

6,000,000

6,276,351

South

Carolina

Public

Service

Authority

,

Revenue

,

2025

A

,

5

%

,

12/01/55

..........

1,750,000

1,804,854

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/25

..................................

2,700,000

2,700,000

61,164,756

South

Dakota

0.6%

County

of

Turner

,

GO

,

2025

,

4.35

%

,

12/01/44

..........................................

3,330,000

3,350,776

GO

,

2025

,

4.5

%

,

12/01/49

...........................................

4,520,000

4,489,967

Huron

School

District

No.

2-2

,

GO

,

2024

,

5

%

,

8/01/39

.............................................

1,940,000

2,125,629

GO

,

2024

,

4

%

,

8/01/44

.............................................

1,700,000

1,648,367

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)

South

Dakota

(continued)

South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/41

..................

$

1,150,000

$

954,926

12,569,665

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

2,678,798

b

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

..............

21,895,000

23,718,122

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

5

%

,

11/01/28

.........

8,180,000

8,192,024

34,588,944

Texas

10.9%

Arlington

Higher

Education

Finance

Corp.

,

Leadership

Prep

School

,

Revenue

,

2024

,

PSF

Guaranty

,

4

%

,

6/15/49

..........

250,000

225,606

Leadership

Prep

School

,

Revenue

,

2024

,

PSF

Guaranty

,

4.125

%

,

6/15/54

.......

475,000

440,120

Leadership

Prep

School

,

Revenue

,

2024

,

PSF

Guaranty

,

4.25

%

,

6/15/59

........

1,000,000

947,115

Bexar

Management

And

Development

Corp.

,

Oso

Apartments

Ltd.

,

Revenue

,

2024

,

FNMA

Insured

,

4.61

%

,

7/01/44

........................................

8,250,000

8,255,294

c

City

of

Celina

,

Mosaic

Public

Improvement

District

Phase

No.

1B

,

Special

Assessment

,

144A,

2024

,

5.125

%

,

9/01/44

.........................................

360,000

366,660

City

of

Dallas

Housing

Finance

Corp.

,

TX

Illinois

2024

Ltd.

,

Revenue

,

2025

A

,

FNMA

Insured

,

5

%

,

3/01/44

...............................................

2,850,000

2,991,057

c

City

of

Kyle

,

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3B

,

Special

Assessment

,

144A,

2025

,

4.375

%

,

9/01/35

...............................

621,000

627,069

c

City

of

Lavon

,

Trails

of

Lavon

Public

Improvement

District

Projects

,

Special

Assessment

,

144A,

2025

,

6

%

,

9/15/54

..................................

1,304,000

1,348,309

City

of

Lubbock

,

GO

,

2024

,

5

%

,

2/15/42

.............................................

4,130,000

4,491,923

GO

,

2024

,

5

%

,

2/15/43

.............................................

4,350,000

4,691,095

GO

,

2024

,

5

%

,

2/15/44

.............................................

2,205,000

2,356,397

Clifton

Higher

Education

Finance

Corp.

,

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

PSF

Guaranty

,

5

%

,

2/15/41

....................................................

3,850,000

4,131,458

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

PSF

Guaranty

,

4.375

%

,

2/15/42

.................................................

3,275,000

3,325,929

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

PSF

Guaranty

,

5.25

%

,

2/15/44

..................................................

4,450,000

4,746,779

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

PSF

Guaranty

,

5.25

%

,

2/15/49

..................................................

2,250,000

2,358,896

Southwestern

University

,

Revenue

,

2022

,

4

%

,

8/15/42

......................

10,535,000

10,127,338

Dallas

Convention

Center

Hotel

Development

Corp.

,

Revenue

,

2009

B

,

7.088

%

,

1/01/42

.........................................................

8,715,000

9,898,411

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2025

A-1

,

Refunding

,

5.25

%

,

11/01/43

..........................

14,250,000

15,271,206

Revenue

,

2025

A-1

,

Refunding

,

5.25

%

,

11/01/44

..........................

5,000,000

5,323,123

Revenue

,

2025

A-1

,

Refunding

,

5.25

%

,

11/01/45

..........................

8,000,000

8,482,378

Revenue

,

2025

A-1

,

Refunding

,

5.25

%

,

11/01/46

..........................

12,500,000

13,201,620

Ector

County

Hospital

District

,

GO

,

2020

,

Refunding

,

5

%

,

9/15/29

.....................................

800,000

833,047

GO

,

2020

,

Refunding

,

5

%

,

9/15/30

.....................................

745,000

784,169

GO

,

2020

,

Refunding

,

5

%

,

9/15/31

.....................................

450,000

471,993

GO

,

2020

,

Refunding

,

5

%

,

9/15/32

.....................................

600,000

627,873

GO

,

2020

,

Refunding

,

5

%

,

9/15/33

.....................................

650,000

677,972

GO

,

2020

,

Refunding

,

4

%

,

9/15/34

.....................................

650,000

637,877

GO

,

2020

,

Refunding

,

4

%

,

9/15/35

.....................................

700,000

676,028

EP

Cimarron

Ventanas

PFC

,

Revenue

,

2024

,

Refunding

,

4.125

%

,

12/01/39

........

4,020,000

4,047,787

EP

Royal

Estates

PFC

,

Revenue

,

2024

,

4.25

%

,

10/01/39

.....................

1,000,000

1,009,937

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)

Texas

(continued)

Harris

County

Municipal

Utility

District

No.

490

,

GO

,

2025

,

BAM

Insured

,

4.25

%

,

3/01/40

................................

$

1,400,000

$

1,402,296

GO

,

2025

,

BAM

Insured

,

4.5

%

,

3/01/43

.................................

1,610,000

1,602,066

Houston

Higher

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2025

,

5.125

%

,

10/01/51

..................................................

725,000

689,675

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

2

%

,

9/01/28

.............................................

155,000

143,916

GO

,

2021

,

2

%

,

9/01/29

.............................................

155,000

140,694

GO

,

2024

,

AG

Insured

,

4

%

,

9/01/39

....................................

935,000

932,135

GO

,

2024

,

AG

Insured

,

4.25

%

,

9/01/43

..................................

715,000

698,684

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/34

200,000

184,714

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/35

225,000

221,944

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/36

250,000

243,954

Lake

View

Management

and

Development

District

,

GO

,

2024

,

BAM

Insured

,

4

%

,

2/15/44

...................................

1,000,000

936,445

GO

,

2024

,

BAM

Insured

,

4.125

%

,

2/15/49

...............................

1,725,000

1,590,057

c

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48

%

,

12/15/39

........................................................

3,811,197

2,935,765

Lower

Colorado

River

Authority

,

Revenue

,

2022

,

Refunding

,

AG

Insured

,

4

%

,

5/15/40

.......................

5,000,000

5,040,837

Revenue

,

2024

,

Refunding

,

5

%

,

5/15/41

.................................

3,025,000

3,243,209

North

Texas

Tollway

Authority

,

Revenue,

First

Tier

,

A

,

Refunding

,

4

%

,

1/01/33

......

5,000,000

5,039,987

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-1

,

4.5

%

,

12/01/37

...........

11,900,000

10,430,254

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/37

......

635,000

601,126

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/39

......

2,435,000

2,243,452

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/40

......

2,000,000

1,797,577

Tarrant

Regional

Water

District

,

City

of

Dallas

Waterworks

&

Sewer

System

,

Revenue

,

2025

,

4.25

%

,

9/01/55

...............................................

13,865,000

13,501,095

Terrell

Independent

School

District

,

GO

,

2025

,

PSF

Guaranty

,

5.25

%

,

8/01/43

...............................

2,600,000

2,868,286

GO

,

2025

,

PSF

Guaranty

,

5.25

%

,

8/01/44

...............................

3,000,000

3,283,752

GO

,

2025

,

PSF

Guaranty

,

5.25

%

,

8/01/45

...............................

2,250,000

2,453,963

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/15/30

........................................................

10,000,000

10,714,956

b

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

A

,

Mandatory

Put

,

5.5

%

,

1/01/30

....................................................

19,500,000

20,890,951

Texas

Transportation

Finance

Corp.

,

Revenue

,

2025

A

,

Refunding

,

5.5

%

,

10/01/55

..

10,000,000

10,954,071

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

9/01/31

.........................

281,000

257,568

Town

of

Trophy

Club

,

Public

Improvement

District

No.

1

,

Special

Assessment

,

2025

,

Refunding

,

5

%

,

9/01/30

........................................................

264,000

279,145

Public

Improvement

District

No.

1

,

Special

Assessment

,

2025

,

Refunding

,

5

%

,

9/01/32

........................................................

252,000

270,271

Travis

County

Development

Authority

,

Special

Assessment

,

2025

,

5

%

,

9/01/44

.....

500,000

496,980

Westpointe

Special

Improvement

District

,

GO

,

2024

,

BAM

Insured

,

5

%

,

8/15/37

...................................

450,000

481,908

GO

,

2024

,

BAM

Insured

,

5

%

,

8/15/45

...................................

1,000,000

1,028,846

GO

,

2024

,

BAM

Insured

,

5

%

,

8/15/49

...................................

1,095,000

1,120,491

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

2

%

,

8/15/29

.....................................

290,000

270,595

GO,

Sub.

Lien

,

2021

,

2.25

%

,

8/15/31

...................................

300,000

273,939

GO,

Sub.

Lien

,

2021

,

3

%

,

8/15/33

.....................................

315,000

294,053

GO,

Sub.

Lien

,

2021

,

3

%

,

8/15/35

.....................................

335,000

305,623

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)

Westside

211

Special

Improvement

District,

(continued)

GO,

Sub.

Lien

,

2021

,

3

%

,

8/15/37

.....................................

$

355,000

$

309,647

223,549,393

Utah

0.3%

City

of

Lehi

,

Franchise

&

Sales

Tax

,

Revenue

,

2021

,

AG

Insured

,

4

%

,

2/01/48

......

3,000,000

2,737,427

Downtown

Revitalization

Public

Infrastructure

District

,

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

First

Lien

,

2025

A

,

AG

Insured

,

5

%

,

6/01/39

..............................................

1,300,000

1,377,511

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

5.25

%

,

6/01/43

...........................................

1,000,000

1,090,957

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

5.5

%

,

6/01/50

............................................

1,000,000

1,085,252

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

4

%

,

10/15/35

.....................

400,000

395,731

6,686,878

Virginia

0.9%

Virginia

Public

Building

Authority

,

Commonwealth

of

Virginia

,

Revenue

,

B

,

4

%

,

8/01/29

9,605,000

9,687,921

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/32

........................................................

2,500,000

2,565,211

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

7/01/32

........................................................

2,000,000

2,047,367

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

1/01/35

....................................................

3,000,000

3,147,156

17,447,655

Washington

3.2%

City

of

Seattle

,

Municipal

Light

&

Power

,

Revenue

,

2017

C

,

Refunding

,

4

%

,

9/01/35

.

5,000,000

5,054,326

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/37

..............

9,420,000

9,347,782

King

County

Housing

Authority

,

Revenue

,

2025

,

Refunding

,

5

%

,

7/01/40

.................................

500,000

526,505

Revenue

,

2025

,

Refunding

,

5.375

%

,

7/01/45

.............................

2,000,000

2,107,892

State

of

Washington

,

GO

,

2024

A

,

5

%

,

8/01/43

.............................

10,000,000

10,762,255

Vancouver

Housing

Authority

,

2200

Norris

LLLP

,

Revenue

,

2025

,

Refunding

,

4.125

%

,

12/01/39

..............

2,000,000

1,950,558

Cascara

Vancouver

LLLP

,

Revenue

,

2024

A

,

5

%

,

12/01/42

...................

2,500,000

2,603,300

Esther

Cougar

Rehab

LLLP

,

Revenue

,

2024

B

,

4.5

%

,

10/01/42

...............

2,000,000

2,045,013

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

8/15/31

..

2,250,000

2,311,917

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

8/15/32

..

1,605,000

1,647,624

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

8/15/35

..

2,400,000

2,454,344

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

8/01/36

1,200,000

1,254,525

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/35

1,665,000

1,749,098

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/36

3,250,000

3,397,672

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

9/01/38

........................................................

1,000,000

1,060,508

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

9/01/39

........................................................

1,000,000

1,056,050

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5

%

,

9/01/40

........................................................

1,000,000

1,050,023

c

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

3

%

,

12/01/35

.......................................................

440,000

416,122

Overlake

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

B

,

Refunding

,

5

%

,

7/01/30

........................................................

1,000,000

1,026,581

Overlake

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

B

,

Refunding

,

5

%

,

7/01/31

........................................................

1,925,000

1,975,845

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)

Washington

(continued)

Washington

State

Housing

Finance

Commission

,

Revenue

,

2021-1

,

A

,

3.5

%

,

12/20/35

...................................

$

6,515,193

$

6,330,609

c

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

B

,

5.3

%

,

1/01/30

.

940,000

919,878

c

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

5

%

,

7/01/45

........................................................

2,250,000

2,286,962

c

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

5.625

%

,

7/01/38

........................................................

2,000,000

2,192,433

65,527,822

Wisconsin

5.5%

City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

S-2

,

Refunding

,

3

%

,

6/01/46

..

4,600,000

3,548,896

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

23,650,000

24,553,678

e

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

5,725,000

2,722,564

BlueHub

Loan

Fund,

Inc.

,

Revenue

,

2024

B

,

5.25

%

,

7/01/44

.................

8,200,000

8,651,431

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/29

..........

285,000

286,978

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/30

..........

200,000

201,312

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/31

..........

200,000

201,124

c

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

B-1

,

6.81

%

,

4/28/36

........

3,500,000

3,607,646

EMU

Campus

Living

LLC

,

Revenue

,

2022

A-1

,

BAM

Insured

,

5.375

%

,

7/01/47

....

7,000,000

7,323,215

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

B-1

,

7.125

%

,

7/25/34

........................................................

5,340,000

5,564,671

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

A

,

3.8

%

,

12/01/37

5,600,000

4,927,200

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

B

,

5.75

%

,

12/01/27

.......................................................

1,240,000

1,233,070

KSU

Bixby

Real

Estate

Foundation

LLC

,

Revenue,

Senior

Lien

,

2025

A

,

5.25

%

,

6/15/50

........................................................

1,000,000

1,031,070

North

East

Carolina

Preparatory

School,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

6/15/44

........................................................

800,000

800,129

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

..................................................

24,350,000

24,561,604

Renown

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/35

....................................................

2,100,000

2,126,849

UNC

Health

Appalachian

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

7/01/46

.......

1,100,000

892,425

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/27

...........................................

195,000

197,043

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/28

...........................................

250,000

254,022

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/29

...........................................

320,000

326,959

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/30

...........................................

265,000

272,517

Wisconsin

Health

&

Educational

Facilities

Authority

,

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/28

....................................................

375,000

376,323

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/29

....................................................

390,000

391,913

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/30

....................................................

405,000

407,129

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/37

....................................................

1,460,000

1,415,226

Sanford

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

4

%

,

2/15/34

.

600,000

617,775

Sanford

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

4

%

,

2/15/35

.

1,000,000

1,028,834

Sanford

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

4

%

,

2/15/36

.

600,000

615,559

Sanford

Obligated

Group

,

Revenue

,

2024

A

,

5.5

%

,

2/15/54

..................

11,500,000

12,160,338

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

8/15/41

......

1,790,000

1,607,389

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)

Wisconsin

Health

&

Educational

Facilities

Authority,

(continued)

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2024

A

,

5.5

%

,

8/15/44

.....

$

1,000,000

$

1,035,952

112,940,841

U.S.

Territories

0.5%

District

of

Columbia

0.4%

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

4.375

%

,

7/15/56

.................

505,000

490,516

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

5

%

,

7/15/56

.....................

7,060,000

7,310,015

7,800,531

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

459,966

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/30

..

550,000

586,041

1,046,007

Total

U.S.

Territories

....................................................................

8,846,538

Total

Municipal

Bonds

(Cost

$

1,929,401,967

)

...................................

1,945,284,128

Total

Long

Term

Investments

(Cost

$

1,951,861,592

)

.............................

1,965,145,613

a

a

a

a

a

Short

Term

Investments

2.8%

Municipal

Bonds

2.8%

Arizona

0.0%

†

g

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

1/01/46

...............

200,000

200,000

California

0.1%

g

University

of

California

,

Revenue

,

2013

AL-1

,

Daily

VRDN

and

Put

,

2.5

%

,

5/15/48

...

2,800,000

2,800,000

Colorado

0.0%

†

g

Colorado

Health

Facilities

Authority

,

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2024

D

,

Daily

VRDN

and

Put

,

2.8

%

,

5/15/64

......................

200,000

200,000

Georgia

0.1%

g

Roswell

Development

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2025

A

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

2.9

%

,

4/01/47

................

1,250,000

1,250,000

Maryland

0.1%

g

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2025

C-1

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

2.88

%

,

7/01/55

.............................................

1,300,000

1,300,000

Massachusetts

0.0%

†

g

Massachusetts

Health

&

Educational

Facilities

Authority

,

Massachusetts

Institute

of

Technology

,

Revenue

,

2001

J-2

,

Daily

VRDN

and

Put

,

2.7

%

,

7/01/31

...........

1,200,000

1,200,000

Minnesota

0.5%

g

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2025

D

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

2

%

,

11/15/64

..............................................

9,700,000

9,700,000

Missouri

0.0%

†

g

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

SSM

Health

Care

Obligated

Group

,

Revenue

,

2014

F

,

Daily

VRDN

and

Put

,

2.9

%

,

6/01/44

.........

900,000

900,000

New

York

0.6%

g

City

of

New

York

,

GO

,

2014

I-3

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.9

%

,

3/01/44

3,300,000

3,300,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

39

See

Abbreviations

on

page

193

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

New

York

(continued)

g

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2014

D-3

,

SPA

Mizuho

Bank

Ltd.

,

Daily

VRDN

and

Put

,

2.85

%

,

2/01/44

.........

$

7,800,000

$

7,800,000

11,100,000

Ohio

0.0%

†

g

County

of

Hamilton

,

TriHealth

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.95

%

,

8/15/51

..........

500,000

500,000

Oregon

0.7%

g

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

8/01/34

............

14,000,000

14,000,000

Pennsylvania

0.7%

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

,

2.85

%

,

7/01/54

.............................................

14,000,000

14,000,000

Total

Municipal

Bonds

(Cost

$

57,150,000

)

......................................

57,150,000

Total

Short

Term

Investments

(Cost

$

57,150,000

)

................................

57,150,000

a

Total

Investments

(Cost

$

2,009,011,592

)

98.9

%

..................................

$2,022,295,613

Other

Assets,

less

Liabilities

1.1

%

.............................................

23,425,664

Net

Assets

100.0%

...........................................................

$2,045,721,277

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$215,878,215,

representing

10.6%

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

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),

November

30,

2025

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

40

a

a

Shares

a

Value

a

Management

Investment

Companies

2.1%

Capital

Markets

2.1%

a

Franklin

Municipal

Green

Bond

ETF

.....................................

760,000

$

18,186,420

Total

Management

Investment

Companies

(Cost

$

18,983,200

)

....................

18,186,420

Principal

Amount

a

a

a

a

Municipal

Bonds

89.7%

Alabama

6.5%

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2019

A-1

,

Mandatory

Put

,

4

%

,

12/01/25

.........................

$

5,000,000

5,000,000

Revenue

,

2021

B

,

Mandatory

Put

,

4

%

,

12/01/26

...........................

5,000,000

5,029,778

Revenue

,

2022

E

,

Mandatory

Put

,

5

%

,

6/01/28

............................

4,000,000

4,206,113

Revenue

,

2023

B-2

,

Mandatory

Put

,

5.25

%

,

12/01/30

.......................

10,000,000

10,832,748

Revenue

,

2023

D-3

,

Refunding

,

Mandatory

Put

,

4.503

%

,

2/01/29

..............

5,000,000

5,099,913

Revenue

,

2024

A

,

Mandatory

Put

,

5.25

%

,

9/01/32

.........................

2,000,000

2,194,462

Revenue

,

2024

C

,

Mandatory

Put

,

5

%

,

7/01/31

...........................

10,000,000

10,766,155

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5

%

,

10/01/33

............

2,500,000

2,832,477

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.5

%

,

1/01/31

.........................

4,285,000

4,685,385

Revenue

,

2023

B-1

,

Mandatory

Put

,

5.75

%

,

11/01/31

.......................

3,500,000

3,873,461

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2025

B

,

Mandatory

Put

,

5.25

%

,

1/01/33

...................................................

1,575,000

1,671,183

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

1,048,805

57,240,480

Arizona

1.4%

c

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375

%

,

10/01/29

..........................

11,630,000

12,238,215

Arkansas

0.4%

Arkansas

Development

Finance

Authority

,

b

Revenue

,

2025

,

Mandatory

Put

,

3.875

%

,

10/15/32

.........................

2,000,000

2,008,734

Washington

Regional

Medical

Center

,

Revenue

,

2024

,

5

%

,

2/01/27

............

735,000

747,315

Washington

Regional

Medical

Center

,

Revenue

,

2024

,

5

%

,

2/01/28

............

800,000

824,029

3,580,078

California

3.6%

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

B-1

,

4

%

,

2/01/26

......................................

850,000

851,121

Revenue

,

2021

B-1

,

4

%

,

8/01/26

......................................

325,000

326,831

Revenue

,

2021

B-1

,

4

%

,

8/01/27

......................................

400,000

405,105

Revenue

,

2021

B-1

,

4

%

,

2/01/28

......................................

375,000

380,627

Revenue

,

2021

B-1

,

4

%

,

8/01/28

......................................

470,000

478,696

b

Revenue

,

2023

C

,

Mandatory

Put

,

5.25

%

,

10/01/31

........................

4,245,000

4,521,775

c

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..............................................

2,795,000

2,554,306

c

California

Housing

Finance

Agency

,

Found

Middle

LP

,

Revenue

,

144A,

2024

L

,

5.2

%

,

12/01/27

........................................................

1,000,000

1,016,314

b

California

Municipal

Finance

Authority

,

Republic

Services,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

3.45

%

,

4/01/26

........................................................

1,500,000

1,499,741

Waste

Management,

Inc.

,

Revenue

,

2024

B

,

Mandatory

Put

,

3.375

%

,

9/01/28

....

1,000,000

990,569

City

of

Los

Angeles

,

Revenue

,

2025

,

5

%

,

6/25/26

...........................

7,500,000

7,611,657

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

..............................................

875,000

801,965

d

Long

Beach

Bond

Finance

Authority

,

Revenue

,

FRN

,

2007

B

,

4.206

%

,

(

3-month

TSOF

+

1.45

%

),

11/15/27

.................................................

6,125,000

6,198,665

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

41

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

7/01/28

.............................................

$

4,000,000

$

4,183,453

31,820,825

Colorado

2.3%

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

11/01/29

.........

900,000

962,651

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

5/15/26

........................................................

250,000

251,575

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

5/15/27

........................................................

255,000

260,292

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

5/15/28

........................................................

340,000

352,183

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

5/15/29

........................................................

560,000

587,312

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

5/15/30

........................................................

395,000

419,013

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

5/15/33

........................................................

670,000

723,921

Denver

City

&

County

School

District

No.

1

,

GO

,

2025

A

,

5

%

,

12/01/34

...........................................

5,000,000

5,917,479

GO

,

2025

A

,

5.5

%

,

12/01/44

..........................................

3,000,000

3,371,889

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86

%

,

11/15/29

..

4,035,000

4,216,656

c

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado

,

GO

,

144A,

2025

A

,

5

%

,

4/01/35

................................................

2,750,000

3,014,034

20,077,005

Delaware

0.6%

b

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

4

%

,

10/01/35

................................

5,000,000

5,073,334

Florida

4.7%

Alachua

County

Health

Facilities

Authority

,

Oak

Hammock

at

the

University

of

Florida

Obligated

Group

,

Revenue

,

2025

B-3

,

3.625

%

,

10/01/30

....................

1,140,000

1,141,787

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

3A

,

Special

Assessment

,

2020

,

3

%

,

5/01/30

.......................................

515,000

503,235

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

2.75

%

,

5/01/31

.........................................................

240,000

230,184

County

of

Miami-Dade

,

Aviation

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

10/01/27

.......

4,650,000

4,814,391

Crystal

Cay

Community

Development

District

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

.........................................................

325,000

310,915

East

Palm

Drive

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.375

%

,

6/15/31

...................................

325,000

329,873

Eden

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

...............................................

110,000

109,536

c

Entrada

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

5/01/31

..............................................

370,000

353,313

Halifax

Hospital

Medical

Center

,

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/27

.........................................................

2,890,000

2,917,620

Hillsborough

County

Aviation

Authority

,

Revenue

,

2024

B

,

5

%

,

10/01/32

..........

10,085,000

11,263,083

Ibis

Landing

Community

Development

District

,

Special

Assessment

,

2025

,

4.7

%

,

6/15/35

.........................................................

465,000

483,926

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien

,

2020

,

5

%

,

8/01/26

.....

1,940,000

1,969,546

Keys

Edge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.375

%

,

5/01/31

..............................................

405,000

409,342

Kindred

Community

Development

District

II

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

235,000

226,275

Kingman

Gate

Community

Development

District

,

Special

Assessment

,

2021

,

3.125

%

,

6/15/31

.........................................................

250,000

247,362

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)

Florida

(continued)

Lakes

by

the

Bay

South

Community

Development

District

,

Special

Assessment

,

2024

,

Refunding

,

5

%

,

5/01/26

.............................................

$

710,000

$

713,541

Lakewood

Ranch

Stewardship

District

,

Assessment

Calusa

,

Special

Assessment

,

2025

,

4.6

%

,

5/01/35

...............

440,000

451,543

Assessment

Southeast

,

Special

Assessment

,

2025

,

5

%

,

5/01/30

..............

1,435,000

1,497,652

Assessments

,

Special

Assessment

,

2024

,

4.625

%

,

5/01/31

..................

130,000

132,625

b,c

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

3,999,353

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2024

B-3

,

4.125

%

,

11/15/29

..........................................

3,000,000

3,013,897

Leomas

Landing

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.95

%

,

5/01/31

....................................

105,000

101,933

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

5.2

%

,

5/01/27

....................................................

200,000

202,270

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

3

%

,

12/15/31

........................................................

230,000

226,284

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

4

%

,

5/01/28

300,000

301,533

Preserve

at

South

Branch

Community

Development

District

,

Phase

3

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.......................................

350,000

344,702

Rhodine

Road

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

3

%

,

5/01/32

.......................................

195,000

189,479

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/26

.....................................

220,000

219,100

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment

,

2021

,

3.1

%

,

6/15/31

................................................

500,000

491,364

South

Creek

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.875

%

,

6/15/31

...................................

175,000

169,491

b,c

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

999,220

c

Storey

Park

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

6/15/31

...............................

170,000

166,326

Summerstone

Community

Development

District

,

Assessment

Phase

1

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

....................................

165,000

164,371

c

Village

Community

Development

District

No.

15

,

Special

Assessment

,

144A,

2024

,

3.75

%

,

5/01/29

...................................................

735,000

738,495

Villamar

Community

Development

District

,

Special

Assessment

,

2020

,

3.2

%

,

5/01/30

240,000

237,623

Volusia

County

Educational

Facility

Authority

,

Embry-Riddle

Aeronautical

University,

Inc.

,

Revenue

,

2025

,

5

%

,

10/15/28

........

625,000

663,463

Embry-Riddle

Aeronautical

University,

Inc.

,

Revenue

,

2025

,

5

%

,

10/15/29

........

800,000

865,711

41,200,364

Georgia

4.6%

c

Atlanta

Development

Authority

(The)

,

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

B

,

8.125

%

,

7/01/30

............................................

1,715,000

1,687,041

City

of

Atlanta

,

Department

of

Aviation

,

Revenue

,

2024

A-1

,

5

%

,

7/01/26

....................

300,000

304,346

Department

of

Aviation

,

Revenue

,

2024

A-1

,

5

%

,

7/01/28

....................

215,000

228,309

Cobb-Marietta

Coliseum

&

Exhibit

Hall

Authority

,

County

of

Cobb

,

Revenue

,

2025

,

5

%

,

10/01/27

...........................

300,000

313,066

County

of

Cobb

,

Revenue

,

2025

,

5

%

,

10/01/28

...........................

400,000

426,767

b

Development

Authority

of

Burke

County

(The)

,

Georgia

Power

Co.

,

Revenue

,

4th

1995

,

Mandatory

Put

,

3.8

%

,

5/21/26

.........

3,000,000

3,011,056

Georgia

Power

Co.

,

Revenue

,

5th

1994

,

Mandatory

Put

,

3.7

%

,

6/13/28

.........

1,750,000

1,774,517

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

1

%

,

8/21/26

........................................................

2,000,000

1,961,959

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)

Georgia

(continued)

b

Development

Authority

of

Monroe

County

(The),

(continued)

Georgia

Power

Co.

,

Revenue,

Second

Series

,

2006

,

Refunding

,

Mandatory

Put

,

3.875

%

,

3/06/26

.................................................

$

3,500,000

$

3,507,987

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

........................................................

460,000

477,973

b

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2021

A

,

Mandatory

Put

,

4

%

,

9/01/27

............................

3,250,000

3,287,676

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/29

...........................

4,500,000

4,625,768

c

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

4

%

,

11/01/27

......................

15,000,000

15,008,025

Revenue

,

2023

D

,

Mandatory

Put

,

5

%

,

12/01/30

...........................

4,000,000

4,251,783

40,866,273

Hawaii

0.8%

University

of

Hawaii

,

Revenue

,

2020

B

,

Refunding

,

5

%

,

10/01/26

..............................

2,865,000

2,919,396

Revenue

,

2020

D

,

Refunding

,

5

%

,

10/01/26

..............................

4,360,000

4,442,781

7,362,177

Illinois

4.2%

Chicago

Park

District

,

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/26

..................................

500,000

500,827

GO

,

2020

F-2

,

Refunding

,

5

%

,

1/01/27

..................................

550,000

563,052

City

of

Chicago

,

GO

,

2020

A

,

Refunding

,

5

%

,

1/01/28

...................................

3,100,000

3,166,195

GO

,

2024

B

,

Refunding

,

5

%

,

1/01/29

...................................

1,000,000

1,031,373

GO

,

2024

B

,

Refunding

,

5

%

,

1/01/31

...................................

3,220,000

3,382,371

City

of

Moline

,

GO

,

2021

C

,

AG

Insured

,

1.439

%

,

12/01/25

....................

925,000

925,000

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

11/15/29

......................

845,000

918,172

Sales

Tax

,

Revenue

,

2024

,

Refunding

,

5

%

,

11/15/27

.......................

500,000

521,966

Sales

Tax

,

Revenue

,

2024

,

Refunding

,

5

%

,

11/15/28

.......................

1,000,000

1,065,359

Sales

Tax

,

Revenue

,

2024

,

Refunding

,

5

%

,

11/15/29

.......................

1,000,000

1,086,594

Illinois

Finance

Authority

,

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

5

%

,

4/01/26

...........

340,000

341,986

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

5

%

,

4/01/27

...........

400,000

408,974

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

5

%

,

4/01/28

...........

400,000

413,922

e

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

5/15/27

.........

901,503

45,075

b

Field

Museum

of

Natural

History

,

Revenue

,

2019

,

Refunding

,

Mandatory

Put

,

3.957

%

,

9/01/28

.................................................

1,450,000

1,450,910

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/15/27

........................................................

590,000

590,252

Sangamon

County

School

District

No.

186

Springfield

,

GO

,

2020

C

,

AG

Insured

,

5

%

,

6/01/36

.........................................................

1,485,000

1,593,361

State

of

Illinois

,

GO

,

2016

,

Refunding

,

5

%

,

2/01/29

.....................................

750,000

766,793

GO

,

2017

C

,

5

%

,

11/01/29

...........................................

2,000,000

2,072,123

GO

,

2017

D

,

5

%

,

11/01/27

...........................................

5,025,000

5,218,762

GO

,

2018

A

,

Refunding

,

5

%

,

10/01/29

..................................

375,000

395,982

GO

,

2018

B

,

Refunding

,

5

%

,

10/01/31

..................................

625,000

658,255

GO

,

2019

B

,

5

%

,

11/01/30

...........................................

375,000

403,840

GO

,

2025

A

,

4.1

%

,

9/01/26

...........................................

8,200,000

8,211,147

Sales

Tax

,

Revenue

,

2021

A

,

4

%

,

6/15/27

...............................

1,500,000

1,525,646

37,257,937

Indiana

1.3%

b

City

of

Whiting

,

BP

Products

North

America,

Inc.

,

Revenue

,

2019

A

,

Refunding

,

Mandatory

Put

,

5

%

,

6/05/26

..........................................

1,100,000

1,111,816

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)

Indiana

(continued)

Indiana

Finance

Authority

,

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

5

%

,

5/01/30

....

$

785,000

$

821,867

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

5

%

,

5/01/31

....

875,000

923,871

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

5

%

,

5/01/32

....

920,000

976,066

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

5

%

,

5/01/33

....

965,000

1,028,374

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

5

%

,

5/01/34

....

1,015,000

1,083,178

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

5

%

,

5/01/35

....

535,000

571,025

b

Southern

Indiana

Gas

&

Electric

Co.

,

Revenue

,

2013

E

,

Refunding

,

Mandatory

Put

,

3.55

%

,

8/01/28

..................................................

5,000,000

5,021,543

11,537,740

Iowa

1.9%

Crawford

County

Memorial

Hospital,

Inc.

,

Revenue

,

2024

,

5

%

,

6/15/27

...........

2,000,000

2,015,489

Des

Moines

Independent

Community

School

District

,

Sales

Services

&

Use

Tax

,

Revenue

,

2018

,

AG

Insured

,

3

%

,

6/01/29

................................

9,300,000

9,288,897

Iowa

Finance

Authority

,

b

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

3.357

%

,

5/15/26

.....................................

1,500,000

1,476,519

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.6

%

,

5/15/28

........................................................

640,000

665,373

Iowa

Higher

Education

Loan

Authority

,

University

of

Dubuque

,

Revenue

,

2025

,

5

%

,

10/01/30

.......................

1,370,000

1,452,156

University

of

Dubuque

,

Revenue

,

2025

,

5

%

,

10/01/35

.......................

2,050,000

2,217,082

17,115,516

Kansas

0.2%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

.........................................................

1,575,000

1,633,615

Kentucky

4.8%

County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2001

A

,

Refunding

,

0.625

%

,

9/01/26

...

3,375,000

3,297,222

b

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.7

%

,

6/01/27

..

2,500,000

2,519,396

Eastern

Kentucky

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/26

..............................

1,205,000

1,214,741

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/27

..............................

1,255,000

1,277,378

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/28

..............................

1,305,000

1,338,861

Kentucky

Municipal

Energy

Agency

,

Revenue

,

2025

,

5

%

,

1/01/34

.........................................

2,875,000

3,255,040

Revenue

,

2025

,

5

%

,

1/01/35

.........................................

3,020,000

3,440,479

Kentucky

Public

Energy

Authority

,

b

Revenue

,

2022

A-2

,

Mandatory

Put

,

3.887

%

,

8/01/30

.......................

14,125,000

14,211,751

Revenue

,

2025

B

,

5

%

,

12/01/33

.......................................

5,000,000

5,233,902

Kentucky

State

Property

&

Building

Commission

,

Commonwealth

of

Kentucky

,

Revenue

,

A

,

5

%

,

4/01/33

............................................

5,715,000

6,519,616

42,308,386

Louisiana

1.9%

City

of

New

Orleans

,

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/26

.........................

450,000

454,895

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/27

.........................

600,000

619,622

Sewerage

Service

,

Revenue

,

2020

B

,

5

%

,

6/01/28

.........................

550,000

576,838

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Louisiana

Utilities

Restoration

Corp.

ELL

System

Restoration

,

Revenue

,

2023

,

A-1

,

5.081

%

,

6/01/31

..........................................

1,372,782

1,399,228

Louisiana

Offshore

Terminal

Authority

,

Loop

LLC

,

Revenue

,

2007

A

,

Refunding

,

4.15

%

,

9/01/27

.........................................................

1,500,000

1,513,717

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)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2025

B

,

Refunding

,

5

%

,

5/15/30

...............................

$

4,000,000

$

4,329,589

b

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

C

,

Refunding

,

Mandatory

Put

,

3.3

%

,

7/03/28

........................................

5,000,000

5,012,232

b

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2022

A

,

Refunding

,

Mandatory

Put

,

3.307

%

,

(

SOFR

+

0.5

%

),

5/01/26

..........................

2,875,000

2,869,685

16,775,806

Maine

0.1%

Maine

Governmental

Facilities

Authority

,

State

of

Maine

,

Revenue

,

2025

A

,

5

%

,

10/01/26

...........................

700,000

713,699

State

of

Maine

,

Revenue

,

2025

A

,

5

%

,

10/01/27

...........................

600,000

625,143

1,338,842

Maryland

2.0%

Maryland

Economic

Development

Corp.

,

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

A

,

5

%

,

11/12/28

...............................................

10,000,000

10,069,631

b

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

5,207,074

State

of

Maryland

,

GO

,

2017

B

,

Refunding

,

5

%

,

8/01/26

......................

30,000

30,499

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/26

...............

1,035,000

1,037,545

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

3/01/27

...............

1,215,000

1,234,123

17,578,872

Massachusetts

1.1%

City

of

Quincy

,

GO

,

2025

,

5

%

,

7/24/26

....................................

4,000,000

4,059,649

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2022

C-3

,

FHA

Insured

,

4

%

,

6/01/26

.........................................................

5,275,000

5,278,453

9,338,102

Michigan

2.0%

City

of

Detroit

,

GO

,

2018

,

5

%

,

4/01/33

.............................................

950,000

983,104

GO

,

2018

,

5

%

,

4/01/37

.............................................

2,280,000

2,340,301

GO

,

2018

,

5

%

,

4/01/38

.............................................

1,110,000

1,136,615

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/27

.......................................

2,000,000

2,036,265

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875

%

,

10/08/26

..................................................

5,915,000

5,753,515

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2017

E

,

Refunding

,

4

%

,

12/01/26

......................................

5,000,000

5,041,946

17,291,746

Minnesota

1.8%

b

City

of

Mounds

View

,

OAHS

Sibley

TC

LLLP

,

Revenue

,

2024

,

Mandatory

Put

,

3.375

%

,

3/01/28

.........................................................

5,500,000

5,519,946

Minnesota

Health

&

Education

Facilities

Authority

,

University

of

St.

Thomas

,

Revenue

,

2019

,

5

%

,

10/01/26

................................................

1,000,000

1,017,324

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas

,

Revenue

,

2019

,

5

%

,

10/01/27

................................................

1,000,000

1,038,804

b

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

B

,

Mandatory

Put

,

3.687

%

,

(

SOFR

+

1

%

),

12/01/27

....................................................

8,000,000

8,016,936

15,593,010

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)

Mississippi

0.3%

b

Mississippi

Business

Finance

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2004

,

Mandatory

Put

,

0.7

%

,

9/01/26

........................................

$

2,500,000

$

2,438,399

Missouri

0.7%

Citizens

Memorial

Hospital

District

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

12/01/26

.....

5,000,000

5,018,942

Missouri

Development

Finance

Board

,

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/26

...............

405,000

406,016

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/27

...............

660,000

669,176

6,094,134

Montana

0.1%

b

Montana

Board

of

Housing

,

Aspen

Village

Housing

Partners

LP

,

Revenue

,

2025

,

Mandatory

Put

,

2.9

%

,

12/01/26

.......................................

1,000,000

997,643

Nevada

0.4%

b

County

of

Washoe

,

Sierra

Pacific

Power

Co.

,

Revenue

,

2016

F

,

Refunding

,

Mandatory

Put

,

4.125

%

,

10/01/29

..............................................

3,575,000

3,656,243

New

Hampshire

0.3%

d

New

Hampshire

Business

Finance

Authority

,

Revenue

,

FRN

,

2024-3

,

A

,

4.163

%

,

10/20/41

........................................................

991,977

981,535

New

Hampshire

Municipal

Bond

Bank

,

Revenue

,

2025

B

,

5

%

,

8/15/27

...........

1,500,000

1,561,043

2,542,578

New

Jersey

7.2%

City

of

Newark

,

GO

,

2025

B

,

4.5

%

,

5/07/26

................................

4,000,000

4,023,182

County

of

Morris

,

GO

,

2021

,

2

%

,

2/01/26

.................................

4,215,000

4,208,898

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AG

Insured

,

5.75

%

,

11/01/28

...

15,855,000

16,724,855

Jersey

City

Municipal

Utilities

Authority

,

Water

Fund

,

Revenue

,

2025

A

,

5

%

,

5/01/26

.

1,000,000

1,009,714

Jersey

City

Redevelopment

Agency

,

Revenue

,

2024

A

,

Refunding

,

4.5

%

,

12/11/25

..

3,500,000

3,501,200

New

Jersey

Economic

Development

Authority

,

b

New

Jersey-American

Water

Co.,

Inc.

,

Revenue

,

2019

B

,

Refunding

,

Mandatory

Put

,

2.05

%

,

12/03/29

.................................................

7,500,000

7,102,695

c

State

of

New

Jersey

,

Revenue

,

144A,

2019

,

Refunding

,

5.25

%

,

9/01/27

.........

6,000,000

6,272,848

f

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2006

C

,

AMBAC

Insured

,

2.93

%,

12/15/26

.......

10,000,000

9,704,291

State

of

New

Jersey

,

Revenue

,

2006

C

,

BHAC

Insured

,

2.9

%,

12/15/27

.........

11,110,000

10,479,336

63,027,019

New

Mexico

3.2%

b

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875

%

,

10/01/26

................................................

4,250,000

4,151,428

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

C

,

Refunding

,

Mandatory

Put

,

3.875

%

,

6/01/29

.................................................

11,000,000

11,134,489

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

D

,

Refunding

,

Mandatory

Put

,

3.9

%

,

6/01/28

...................................................

4,000,000

4,045,570

b

County

of

Santa

Fe

,

Cresta

Ranch

Apartments

LLP

,

Revenue

,

2024

,

Mandatory

Put

,

3.29

%

,

6/01/28

...................................................

3,700,000

3,711,171

b

New

Mexico

Mortgage

Finance

Authority

,

g

JLG

NM

SAF

2023

LLLP

,

Revenue

,

2023

,

Mandatory

Put

,

3.28

%

,

3/01/26

.......

1,000,000

1,000,014

JLG

NM

SAF

2023

LLLP

,

Revenue

,

2023

,

Mandatory

Put

,

3.73

%

,

12/01/25

......

4,100,000

4,100,000

28,142,672

New

York

4.8%

County

of

Suffolk

,

GO

,

2018

B

,

AG

Insured

,

4

%

,

10/15/28

.....................

4,205,000

4,252,851

Metropolitan

Transportation

Authority

,

Revenue

,

2025

B

,

Refunding

,

5

%

,

11/15/26

...

3,000,000

3,064,834

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2025

F-1

,

Refunding

,

5

%

,

11/01/33

.............

2,000,000

2,311,341

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)

New

York

(continued)

New

York

City

Transitional

Finance

Authority,

(continued)

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2025

D

,

5

%

,

5/01/26

...............

$

3,000,000

$

3,031,823

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95

%

,

11/15/27

780,000

732,982

New

York

State

Energy

Research

&

Development

Authority

,

New

York

State

Electric

&

Gas

Corp.

,

Revenue

,

1994

D

,

Refunding

,

3.5

%

,

10/01/29

....................

3,000,000

3,027,895

b

New

York

State

Housing

Finance

Agency

,

Revenue

,

2022

A-2

,

Mandatory

Put

,

2.5

%

,

5/01/27

.........................

1,885,000

1,864,236

Revenue

,

2025

A-2

,

Mandatory

Put

,

3.4

%

,

5/01/29

.........................

4,000,000

4,016,591

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

5

%

,

1/01/36

..........................

7,195,000

7,315,282

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/25

...

500,000

500,000

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

5

%

,

12/01/25

...

2,200,000

2,200,000

JFK

NTO

LLC

,

Revenue

,

2025

,

5.5

%

,

6/30/37

............................

2,000,000

2,234,870

JFK

NTO

LLC

,

Revenue

,

2025

,

AG

Insured

,

5.5

%

,

6/30/38

...................

1,600,000

1,806,970

JFK

NTO

LLC

,

Revenue

,

2025

,

5.5

%

,

6/30/39

............................

2,100,000

2,314,504

Triborough

Bridge

&

Tunnel

Authority

,

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue

,

2025

B-1

,

5

%

,

3/15/27

............................

3,500,000

3,611,330

42,285,509

North

Carolina

1.0%

b

Cumberland

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

,

American

Titanium

Metal

LLC

,

Revenue

,

2024

,

Mandatory

Put

,

3.125

%

,

12/01/26

.

2,000,000

1,999,905

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/26

......................................

850,000

859,877

h

North

Carolina

Medical

Care

Commission

,

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2025

B-3

,

3.4

%

,

10/01/29

..................

1,135,000

1,135,578

North

Carolina

State

University

at

Raleigh

,

Revenue

,

2018

,

Refunding

,

5

%

,

10/01/26

................................

3,000,000

3,060,709

Revenue

,

2018

,

Refunding

,

5

%

,

10/01/27

................................

1,500,000

1,566,427

8,622,496

North

Dakota

0.8%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/27

..

2,325,000

2,388,293

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

12/01/28

..

1,680,000

1,746,616

City

of

Horace

,

GO

,

2024

B

,

Refunding

,

4.85

%

,

8/01/26

.................................

1,750,000

1,750,573

GO

,

2024

C

,

Refunding

,

5

%

,

5/01/26

...................................

385,000

387,767

GO

,

2024

C

,

Refunding

,

5

%

,

5/01/27

...................................

400,000

409,534

GO

,

2024

C

,

Refunding

,

5

%

,

5/01/28

...................................

475,000

492,666

7,175,449

Ohio

2.9%

American

Municipal

Power,

Inc.

,

City

of

Wapakoneta

,

Revenue

,

2025

,

4

%

,

6/17/26

..

1,555,000

1,563,482

Cleveland

Department

of

Public

Utilities

,

Division

of

Public

Power

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

5

%

,

11/15/27

...................................

1,580,000

1,645,421

Columbus

Metropolitan

Housing

Authority

,

Revenue

,

2024

,

4

%

,

6/01/34

.........................................

1,500,000

1,511,374

Cobblestone

Manor

LLC

,

Revenue

,

2024

,

5

%

,

8/01/27

......................

2,000,000

2,019,168

Ohio

Air

Quality

Development

Authority

,

American

Electric

Power

Co.,

Inc.

,

Revenue

,

2014

D

,

Refunding

,

3.2

%

,

5/01/26

...

3,500,000

3,495,144

b

Duke

Energy

Corp.

,

Revenue

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.25

%

,

6/01/27

.

7,500,000

7,621,129

Ohio

Housing

Finance

Agency

,

c

Revenue

,

144A,

2023

B

,

6

%

,

2/01/26

...................................

1,700,000

1,703,585

b

At

Main

LLC

,

Revenue

,

2025

,

Mandatory

Put

,

3.7

%

,

5/01/28

.................

1,200,000

1,210,898

c

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

B

,

6.25

%

,

3/01/26

...........

3,000,000

3,011,496

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)

Ohio

(continued)

Youngstown

State

University

,

Revenue

,

2021

,

Refunding

,

AG

Insured

,

4

%

,

12/15/25

......................

$

580,000

$

580,303

Revenue

,

2021

,

Refunding

,

AG

Insured

,

4

%

,

12/15/26

......................

850,000

862,460

25,224,460

Oregon

0.6%

b

State

of

Oregon

Housing

&

Community

Services

Department

,

Hollywood

Hub

LP

,

Revenue

,

2024

R

,

Mandatory

Put

,

4

%

,

1/01/29

...........................

5,000,000

5,076,804

Pennsylvania

3.7%

Adams

County

General

Authority

,

Brethren

Home

Community

Obligated

Group

(The)

,

Revenue

,

2024

B-2

,

Refunding

,

3.6

%

,

6/01/29

............................

1,500,000

1,488,252

Allegheny

County

Airport

Authority

,

Revenue

,

2023

A

,

AG

Insured

,

5.25

%

,

1/01/36

...

1,000,000

1,110,479

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/26

.................................

500,000

502,287

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/27

.................................

590,000

603,322

Chester

County

Industrial

Development

Authority

,

Avon

Grove

Charter

School

,

Revenue

,

2024

,

5

%

,

3/01/27

.........................................

3,250,000

3,278,012

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

B

,

Refunding

,

2.625

%

,

2/15/27

...................................

5,000,000

4,975,758

b

Montgomery

County

Industrial

Development

Authority

,

Constellation

Energy

Generation

LLC

,

Revenue

,

2023

A

,

Refunding

,

Mandatory

Put

,

4.1

%

,

4/03/28

.............

5,000,000

5,132,005

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

11/15/29

...........

1,230,000

1,276,901

b

UPMC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

Mandatory

Put

,

5

%

,

3/15/32

8,200,000

9,070,166

b

Waste

Management,

Inc.

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

1.1

%

,

11/02/26

.......................................................

4,000,000

3,899,339

Pennsylvania

Housing

Finance

Agency

,

Revenue

,

2025-149

A

,

5

%

,

4/01/27

....................................

300,000

308,117

Revenue

,

2025-149

A

,

Refunding

,

5

%

,

10/01/27

...........................

300,000

310,932

Philadelphia

Gas

Works

Co.

,

Revenue

,

16th

A

,

AG

Insured

,

5

%

,

8/01/26

..........

600,000

609,498

32,565,068

Rhode

Island

0.1%

City

of

Providence

,

GO

,

2021

A

,

Refunding

,

5

%

,

1/15/26

......................

500,000

501,161

South

Carolina

1.4%

c

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3

%

,

11/01/26

...................................

210,000

205,975

b

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

A-1

,

Mandatory

Put

,

5.25

%

,

8/01/31

.........................................................

3,535,000

3,854,421

South

Carolina

Public

Service

Authority

,

Revenue

,

2024

A

,

5

%

,

12/01/26

.......................................

675,000

689,939

Revenue

,

2024

A

,

5

%

,

12/01/27

.......................................

525,000

548,905

Revenue

,

2024

A

,

5

%

,

12/01/28

.......................................

500,000

533,762

Revenue

,

2024

A

,

5

%

,

12/01/29

.......................................

550,000

597,278

Revenue

,

2024

A

,

5

%

,

12/01/30

.......................................

675,000

745,473

Revenue

,

2024

A

,

5.5

%

,

12/01/54

.....................................

3,000,000

3,222,510

Revenue

,

2025

B

,

Refunding

,

5

%

,

12/01/28

..............................

750,000

800,644

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/25

..................................

1,200,000

1,200,000

12,398,907

South

Dakota

0.7%

South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2025

B-2

,

3.25

%

,

9/01/30

.....................

6,500,000

6,464,406

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)

Tennessee

3.8%

b

Lewisburg

Industrial

Development

Board

,

Waste

Management,

Inc.

of

Tennessee

,

Revenue

,

2012

,

Refunding

,

Mandatory

Put

,

3.4

%

,

2/02/26

...................

$

2,250,000

$

2,250,572

State

of

Tennessee

,

GO

,

2023

A

,

5

%

,

5/01/31

..............................

6,670,000

7,536,978

b

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

..............

8,010,000

8,676,965

b

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2023

A-1

,

Refunding

,

Mandatory

Put

,

5

%

,

5/01/28

......................................................

14,560,000

15,066,205

33,530,720

Texas

6.0%

b

Austin

Housing

Finance

Corp.

,

Austin

Leased

Housing

Associates

V

LP

,

Revenue

,

2024

,

Mandatory

Put

,

3.4

%

,

11/01/27

...................................

8,500,000

8,531,301

f

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

2.9

%,

8/15/27

....................................................

3,280,000

3,123,643

h

City

of

Austin

,

Airport

System

,

Revenue

,

2025

,

Refunding

,

5

%

,

11/15/26

..........

900,000

916,481

c

City

of

Celina

,

Mosaic

Public

Improvement

District

Phase

No.

1B

,

Special

Assessment

,

144A,

2024

,

4.375

%

,

9/01/31

.........................................

132,000

134,394

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

........................................................

1,000,000

1,022,852

c

City

of

Lavon

,

Special

Assessment

,

144A,

2025

,

4.25

%

,

9/15/32

................

600,000

607,464

c

City

of

Lowry

Crossing

,

Simpson

Road

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

4.75

%

,

9/15/35

...............................

295,000

305,810

c

City

of

Manor

,

Special

Assessment

,

144A,

2025

,

4

%

,

9/15/30

..................

180,000

179,232

City

of

Pflugerville

,

GO

,

2025

,

5

%

,

8/01/26

................................

1,685,000

1,710,213

City

of

San

Antonio

,

Electric

&

Gas

Systems

,

Revenue

,

2015

,

Refunding

,

5

%

,

2/01/27

10,415,000

10,453,750

County

of

Hidalgo

,

GO

,

2025

,

Refunding

,

5

%

,

8/15/26

.....................................

1,150,000

1,167,973

GO

,

2025

,

Refunding

,

5

%

,

8/15/27

.....................................

400,000

414,850

Forney

Independent

School

District

,

GO

,

2025

,

Refunding

,

PSF

Guaranty

,

5

%

,

8/15/26

.........................

600,000

610,012

GO

,

2025

,

Refunding

,

PSF

Guaranty

,

5

%

,

8/15/27

.........................

1,600,000

1,662,116

Hays

Consolidated

Independent

School

District

,

GO

,

2025

,

PSF

Guaranty

,

5

%

,

2/15/26

1,125,000

1,130,504

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

2

%

,

9/01/26

.............................................

150,000

146,936

GO

,

2021

,

2

%

,

9/01/27

.............................................

155,000

147,842

GO

,

2024

,

AG

Insured

,

5

%

,

9/01/29

....................................

385,000

400,539

GO

,

2024

,

AG

Insured

,

5

%

,

9/01/33

....................................

470,000

510,400

San

Antonio

Independent

School

District

,

GO

,

2025

,

Refunding

,

PSF

Guaranty

,

5

%

,

8/15/26

.........................................................

2,875,000

2,924,195

Sherman

Independent

School

District

,

GO

,

2025

,

PSF

Guaranty

,

5

%

,

2/15/26

......

2,360,000

2,371,349

b

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Texas

Health

Resources

Obligated

Group

,

Revenue

,

2025

B

,

Refunding

,

Mandatory

Put

,

5

%

,

11/15/29

....

7,250,000

7,789,255

b

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

A

,

Mandatory

Put

,

5.5

%

,

1/01/30

....................................................

5,000,000

5,356,654

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

9/01/26

.........................

117,000

115,690

Town

of

Trophy

Club

,

Public

Improvement

District

No.

1

,

Special

Assessment

,

2025

,

Refunding

,

5

%

,

9/01/28

.............................................

590,000

604,421

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

2

%

,

8/15/27

.....

280,000

268,690

52,606,566

Utah

0.5%

Downtown

Revitalization

Public

Infrastructure

District

,

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

First

Lien

,

2025

A

,

AG

Insured

,

5

%

,

6/01/26

..............................................

575,000

581,370

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

First

Lien

,

2025

A

,

AG

Insured

,

5

%

,

6/01/28

..............................................

1,130,000

1,191,284

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)

Utah

(continued)

Downtown

Revitalization

Public

Infrastructure

District,

(continued)

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

5

%

,

6/01/26

..............................................

$

1,330,000

$

1,344,071

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

5

%

,

6/01/27

..............................................

350,000

360,925

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

5

%

,

6/01/28

..............................................

470,000

494,326

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

5

%

,

6/01/29

..............................................

545,000

584,131

4,556,107

Virgin

Islands

0.2%

Virgin

Islands

Transportation

&

Infrastructure

Corp.

,

Revenue

,

2025

,

Refunding

,

5

%

,

9/01/26

.................................

800,000

809,892

Revenue

,

2025

,

Refunding

,

5

%

,

9/01/27

.................................

640,000

657,405

1,467,297

Virginia

0.3%

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/29

........................................................

180,000

182,745

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

7/01/29

........................................................

1,750,000

1,779,760

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

12/01/25

...

230,000

230,000

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

12/01/26

...

235,000

233,714

2,426,219

Washington

1.4%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO

,

2018

,

5

%

,

12/01/27

..

1,700,000

1,781,476

Spokane

County

School

District

No.

354

Mead

,

GO

,

2018

,

4

%

,

12/01/32

.............................................

1,150,000

1,174,152

GO

,

2018

,

5

%

,

12/01/33

.............................................

1,500,000

1,563,526

Vancouver

Housing

Authority

,

Cascara

Vancouver

LLLP

,

Revenue

,

2024

A

,

5

%

,

12/01/26

...................

1,655,000

1,656,317

Esther

Cougar

Rehab

LLLP

,

Revenue

,

2024

A

,

5

%

,

10/01/27

.................

1,460,000

1,482,264

Esther

Cougar

Rehab

LLLP

,

Revenue

,

2024

B

,

5

%

,

10/01/27

.................

1,055,000

1,070,564

c

Washington

Health

Care

Facilities

Authority

,

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

5

%

,

12/01/31

..............................

280,000

307,678

c

Washington

State

Housing

Finance

Commission

,

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

5

%

,

7/01/31

........................................................

500,000

540,889

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

5

%

,

7/01/32

........................................................

750,000

817,317

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

5

%

,

7/01/33

........................................................

1,000,000

1,097,192

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

5

%

,

7/01/28

410,000

423,880

11,915,255

West

Virginia

0.1%

b

West

Virginia

Economic

Development

Authority

,

Appalachian

Power

Co.

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.625

%

,

12/15/25

......................

1,000,000

999,075

Wisconsin

1.5%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

2,145,000

2,226,962

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

4

%

,

7/01/26

..........

150,000

149,748

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

B-1

,

7.125

%

,

7/25/34

........................................................

2,275,000

2,370,717

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)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/26

...........................................

$

300,000

$

301,243

Wisconsin

Health

&

Educational

Facilities

Authority

,

Hospital

Sisters

Services

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

8/15/28

........................................................

1,000,000

1,055,351

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/26

....................................................

345,000

345,037

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/27

....................................................

360,000

360,733

Sanford

Obligated

Group

,

Revenue

,

2024

A

,

5

%

,

2/15/29

....................

5,000,000

5,296,544

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2024

B-2

,

4.2

%

,

8/15/28

...

675,000

672,344

12,778,679

Wyoming

0.1%

County

of

Laramie

,

Cheyenne

Regional

Medical

Center

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/27

......................................................

550,000

557,169

U.S.

Territories

1.4%

District

of

Columbia

1.3%

b

District

of

Columbia

,

Georgetown

University

(The)

,

Revenue

,

2025

A

,

Refunding

,

Mandatory

Put

,

5

%

,

4/03/35

..........................................

3,250,000

3,678,522

b

District

of

Columbia

Housing

Finance

Agency

,

Florida

Avenue

Apartments

LLC

,

Revenue

,

2024

A-2

,

Mandatory

Put

,

4.1

%

,

9/01/30

.........................

6,335,000

6,579,314

Metropolitan

Washington

Airports

Authority

,

Aviation

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

10/01/26

........................................................

1,145,000

1,166,739

11,424,575

Guam

0.1%

Guam

Government

Waterworks

Authority

,

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5

%

,

7/01/32

................................................

640,000

708,321

Puerto

Rico

0.0%

†

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

459,965

Total

U.S.

Territories

....................................................................

12,592,861

Total

Municipal

Bonds

(Cost

$

780,750,765

)

.....................................

787,871,219

Total

Long

Term

Investments

(Cost

$

799,733,965

)

...............................

806,057,639

a

a

a

a

a

Short

Term

Investments

7.7%

Municipal

Bonds

7.7%

Arizona

0.6%

i

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

1/01/46

...............

5,200,000

5,200,000

Georgia

0.1%

i

Roswell

Development

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2025

A

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

2.9

%

,

4/01/47

................

1,100,000

1,100,000

Massachusetts

0.0%

†

i

Massachusetts

Health

&

Educational

Facilities

Authority

,

Massachusetts

Institute

of

Technology

,

Revenue

,

2001

J-2

,

Daily

VRDN

and

Put

,

2.7

%

,

7/01/31

...........

200,000

200,000

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

See

Abbreviations

on

page

193

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Minnesota

3.2%

i

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.9

%

,

11/15/48

......

$

4,200,000

$

4,200,000

i

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2025

D

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

2

%

,

11/15/64

..............................................

23,550,000

23,550,000

27,750,000

Missouri

1.6%

i

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

SSM

Health

Care

Obligated

Group

,

Revenue

,

2014

F

,

Daily

VRDN

and

Put

,

2.9

%

,

6/01/44

........................................................

12,600,000

12,600,000

Washington

University

(The)

,

Revenue

,

2000

C

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.8

%

,

3/01/40

...............................................

1,300,000

1,300,000

13,900,000

New

York

1.3%

i

City

of

New

York

,

GO

,

2014

I-3

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.9

%

,

3/01/44

...........

11,000,000

11,000,000

GO

,

2020

B-3

,

Daily

VRDN

and

Put

,

2.9

%

,

10/01/46

.......................

400,000

400,000

11,400,000

North

Carolina

0.0%

†

i

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2018

H

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

1/15/48

.........................................................

100,000

100,000

Oregon

0.1%

i

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

Pennsylvania

0.8%

i

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

,

2.85

%

,

7/01/54

............

6,000,000

6,000,000

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2024

B-2

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

7/01/54

............

1,000,000

1,000,000

7,000,000

Total

Municipal

Bonds

(Cost

$

67,450,000

)

......................................

67,450,000

Total

Short

Term

Investments

(Cost

$

67,450,000

)

................................

67,450,000

a

Total

Investments

(Cost

$

867,183,965

)

99.5

%

...................................

$873,507,639

Other

Assets,

less

Liabilities

0.5

%

.............................................

4,254,428

Net

Assets

100.0%

...........................................................

$877,762,067

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$62,097,058,

representing

7.1%

of

net

assets.

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

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

The

rate

shown

represents

the

yield

at

period

end.

g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

h

Security

purchased

on

a

when-issued

basis.

i

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),

November

30,

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

$

950,369

Total

Corporate

Bonds

(Cost

$

900,000

)

........................................

950,369

Municipal

Bonds

96.9%

California

0.4%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

1,300,000

1,092,526

Florida

1.9%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

2,592,000

2,308,031

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

750,000

506,988

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

2,950,000

2,493,210

5,308,229

Georgia

90.2%

Athens

Housing

Authority

,

UGAREF

Lumpkin

Street

Housing

Phase

I

LLC

,

Revenue

,

2024

,

4

%

,

6/15/49

.....

2,000,000

1,910,463

UGAREF

Lumpkin

Street

Housing

Phase

I

LLC

,

Revenue

,

2024

,

4.125

%

,

6/15/56

.

3,500,000

3,339,546

Atlanta

&

Fulton

County

Recreation

Authority

,

City

of

Atlanta

,

Revenue

,

2024

,

Refunding

,

5

%

,

12/01/35

............................................

300,000

354,722

Atlanta

Development

Authority

(The)

,

b

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

6

%

,

7/01/55

.............

1,000,000

1,032,660

Tuff

Yamacraw

LLC

,

Revenue

,

2005

A

,

Refunding

,

AMBAC

Insured

,

5

%

,

1/01/26

..

2,555,000

2,558,078

Augusta

,

Water

&

Sewer

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

4

%

,

10/01/50

...

1,500,000

1,397,127

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AG

Insured

,

4

%

,

3/01/43

......................................................

3,000,000

2,957,732

Bleckley

County

School

District

,

GO

,

2020

,

5

%

,

10/01/42

.....................

2,055,000

2,160,666

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

3,000,000

2,738,671

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/50

.

1,450,000

1,360,522

Tanner

Medical

Center

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5

%

,

7/01/50

.

5,000,000

5,244,630

City

of

Atlanta

,

Airport

Passenger

Facility

Charge

,

Revenue

,

2025

B

,

Refunding

,

5.5

%

,

7/01/50

...

3,000,000

3,282,870

Airport

Passenger

Facility

Charge

,

Revenue,

Sub.

Lien

,

2023

E

,

5.25

%

,

7/01/43

...

3,000,000

3,199,755

Department

of

Aviation

,

Revenue

,

2021

C

,

Refunding

,

5

%

,

7/01/37

.............

1,500,000

1,614,157

Department

of

Aviation

,

Revenue

,

2024

B

,

5.25

%

,

7/01/54

...................

7,000,000

7,284,555

Department

of

Aviation

,

Revenue

,

2025

B-1

,

5.5

%

,

7/01/55

..................

1,000,000

1,064,706

Water

&

Wastewater

,

Revenue

,

2001

A

,

AG,

NATL

RE

Insured

,

5.5

%

,

11/01/27

....

2,140,000

2,225,202

City

of

Baldwin

,

Water

&

Sewerage

,

Revenue

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

6/01/46

.........................................................

1,835,000

1,463,709

City

of

Buford

,

GO

,

2017

C

,

Pre-Refunded

,

4

%

,

1/01/43

......................

5,000,000

5,067,812

City

of

Griffin

,

Public

Utility

,

Revenue

,

2025

,

BAM

Insured

,

5

%

,

1/01/51

...........

2,000,000

2,101,928

d

City

of

Springfield

,

Water

and

Sewer

Fund

,

Revenue

,

2025

,

AG

Insured

,

5

%

,

9/01/50

1,000,000

1,045,363

City

of

Valdosta

,

Water

&

Sewer

,

Revenue

,

2024

,

AG

Insured

,

4

%

,

10/01/51

.......

3,000,000

2,789,787

Clayton

County

Development

Authority

,

USG

Real

Estate

Foundation

XIII

LLC

,

Revenue

,

2022

A

,

5

%

,

6/15/32

..........

1,295,000

1,461,643

USG

Real

Estate

Foundation

XIII

LLC

,

Revenue

,

2022

A

,

5

%

,

6/15/33

..........

1,210,000

1,378,812

Cobb-Marietta

Coliseum

&

Exhibit

Hall

Authority

,

County

of

Cobb

,

Revenue

,

2025

,

5.5

%

,

10/01/50

...................................................

1,000,000

1,097,909

Columbia

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

5.125

%

,

4/01/48

....................................

3,000,000

3,126,594

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)

County

of

Columbia

,

Water

&

Sewerage

,

Revenue

,

2024

,

5

%

,

6/01/49

............

$

610,000

$

642,547

County

of

DeKalb

,

Water

&

Sewerage

,

Revenue

,

2006

B

,

Refunding

,

AG

Insured

,

5

%

,

10/01/35

........................................................

4,000,000

4,058,596

County

of

Fulton

,

Water

&

Sewerage

,

Revenue

,

2020

A

,

3

%

,

1/01/45

.............

5,000,000

3,944,698

Coweta

County

Water

&

Sewage

Authority

,

Revenue

,

2021

B

,

3

%

,

6/01/43

........................................

820,000

668,586

Revenue

,

2021

B

,

3

%

,

6/01/46

........................................

1,000,000

771,863

Revenue

,

2024

,

5

%

,

6/01/54

.........................................

2,000,000

2,093,124

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

.....

3,000,000

2,963,097

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2024

B

,

Refunding

,

5

%

,

8/15/37

........................................................

3,075,000

3,494,618

DeKalb

County

Development

Authority

,

GLOBE

Academy,

Inc.

(The)

,

Revenue

,

2024

A

,

5

%

,

6/01/45

.................

350,000

350,180

GLOBE

Academy,

Inc.

(The)

,

Revenue

,

2024

A

,

5

%

,

6/01/50

.................

550,000

538,651

Development

Authority

for

Fulton

County

,

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2018

,

4

%

,

3/01/43

...................

2,000,000

1,984,027

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2024

,

5

%

,

6/15/49

...................

1,750,000

1,837,471

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2024

,

5

%

,

6/15/56

...................

2,000,000

2,087,624

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/46

........................................................

5,840,000

5,858,328

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

......

5,000,000

4,491,328

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

4/01/50

........

3,000,000

2,694,451

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

D

,

Refunding

,

4.125

%

,

11/01/45

..................................

6,000,000

5,668,523

Development

Authority

of

Cobb

County

(The)

,

KSU

2020

Housing

Real

Estate

Foundation

LLC

,

Revenue

,

2020

,

4

%

,

7/15/52

....

5,720,000

5,254,240

University

System

of

Georgia

,

Revenue

,

2020

C

,

4

%

,

7/15/52

................

2,000,000

1,837,147

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

2,085,000

2,166,466

c

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

8,155,000

3,865,109

Etowah

Water

&

Sewer

Authority

,

Revenue

,

2019

,

Refunding

,

BAM

Insured

,

3

%

,

3/01/44

.........................................................

1,250,000

977,461

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Pre-

Refunded

,

4

%

,

7/01/43

.............................................

3,000,000

3,019,077

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

6,006,940

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/15/42

....................................................

7,000,000

7,073,513

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

2/15/51

5,000,000

4,422,773

Georgia

Housing

&

Finance

Authority

,

Revenue

,

2013

A

,

3.8

%

,

12/01/37

.....................................

1,655,000

1,654,954

Revenue

,

2018

A

,

3.85

%

,

12/01/38

....................................

1,170,000

1,166,840

Revenue

,

2018

A

,

3.95

%

,

12/01/43

....................................

1,210,000

1,175,753

Revenue

,

2019

A

,

Refunding

,

3.7

%

,

6/01/49

..............................

4,405,000

3,943,229

Georgia

Ports

Authority

,

Revenue

,

2021

,

4

%

,

7/01/51

.........................................

1,145,000

1,081,920

Revenue

,

2022

,

5.25

%

,

7/01/52

.......................................

2,000,000

2,118,529

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

4,944,496

Henry

County

School

District

,

GO

,

2016

,

Pre-Refunded

,

4

%

,

8/01/33

.............

5,000,000

5,046,349

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2007

A

,

5.5

%

,

9/15/27

......................................

5,000,000

5,181,140

Revenue

,

2019

A

,

5

%

,

5/15/37

........................................

1,975,000

2,156,358

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)

Main

Street

Natural

Gas,

Inc.,

(continued)

Revenue

,

2019

A

,

5

%

,

5/15/38

........................................

$

1,000,000

$

1,086,927

b,e

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

4

%

,

11/01/27

......................

6,000,000

6,003,210

e

Revenue

,

2023

A

,

Mandatory

Put

,

5

%

,

6/01/30

............................

5,000,000

5,292,120

e

Revenue

,

2023

D

,

Mandatory

Put

,

5

%

,

12/01/30

...........................

2,000,000

2,125,892

e

Revenue

,

2023

E-1

,

Mandatory

Put

,

5

%

,

6/01/31

..........................

2,000,000

2,146,099

e

Revenue

,

2024

E

,

Mandatory

Put

,

5

%

,

12/01/32

...........................

2,000,000

2,159,257

e

Revenue

,

2025

A

,

Mandatory

Put

,

5

%

,

6/01/32

............................

2,505,000

2,728,073

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

4,951,859

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2019

A

,

AG

Insured

,

4

%

,

1/01/44

..............................

5,000,000

4,784,305

Revenue

,

2020

A

,

Refunding

,

5

%

,

1/01/50

...............................

3,500,000

3,561,223

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

1/01/49

.............................

500,000

524,962

Revenue

,

2024

A

,

Refunding

,

BAM

Insured

,

5.25

%

,

1/01/54

..................

500,000

525,532

PowerSouth

Energy

Cooperative

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/01/46

.....

330,000

301,823

PowerSouth

Energy

Cooperative

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/01/51

.....

425,000

375,751

PowerSouth

Energy

Cooperative

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

1/01/56

.....

750,000

750,812

PowerSouth

Energy

Cooperative

,

Revenue

,

2023

A

,

5.5

%

,

7/01/64

............

2,000,000

2,053,039

Municipal

Gas

Authority

of

Georgia

,

Revenue

,

2025

,

BAM

Insured

,

5

%

,

9/01/55

.....

2,000,000

2,044,908

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2013

A

,

5

%

,

10/01/43

.........................

5,000,000

5,001,707

Emory

University

,

Revenue

,

2025

A

,

Refunding

,

5.25

%

,

9/01/45

...............

2,000,000

2,197,746

Mercer

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/50

.................

5,400,000

4,867,258

Mercer

University

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

10/01/51

...............

5,500,000

5,731,447

Savannah

Georgia

Convention

Center

Authority

,

Revenue

,

2025

A

,

5.125

%

,

6/01/50

.

1,750,000

1,755,524

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

9,502,748

Upper

Oconee

Basin

Water

Authority

,

Revenue

,

2024

,

5

%

,

7/01/49

.........................................

3,000,000

3,170,105

Revenue

,

2024

,

5

%

,

7/01/55

.........................................

2,835,000

2,978,324

247,120,276

Illinois

1.1%

State

of

Illinois

,

GO

,

2024

C

,

4

%

,

10/01/38

................................

3,000,000

2,950,417

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

1,263,883

New

York

0.0%

†

Metropolitan

Transportation

Authority

,

Revenue

,

2020

A-1

,

4

%

,

11/15/53

..........

100,000

88,820

South

Carolina

0.2%

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

500,000

443,713

Texas

0.4%

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,500,000

1,135,473

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

775,236

Wisconsin

0.8%

b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

900,000

725,808

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

See

Abbreviations

on

page

193

.

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

.................................................

$

2,300,000

$

1,470,662

2,196,470

U.S.

Territories

1.1%

Puerto

Rico

1.1%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

560,000

567,465

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

2,000,000

1,949,932

Sales

Tax

,

Revenue

,

A-2

,

4.784

%

,

7/01/58

...............................

480,000

453,153

2,970,550

Total

U.S.

Territories

....................................................................

2,970,550

Total

Municipal

Bonds

(Cost

$

275,167,435

)

.....................................

265,345,593

Total

Long

Term

Investments

(Cost

$

276,067,435

)

...............................

266,295,962

a

a

a

a

a

Short

Term

Investments

1.8%

Municipal

Bonds

1.8%

Georgia

1.8%

f

Roswell

Development

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2025

A

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

2.9

%

,

4/01/47

................

5,000,000

5,000,000

Total

Municipal

Bonds

(Cost

$

5,000,000

)

.......................................

5,000,000

Total

Short

Term

Investments

(Cost

$

5,000,000

)

.................................

5,000,000

a

Total

Investments

(Cost

$

281,067,435

)

99.0

%

...................................

$271,295,962

Other

Assets,

less

Liabilities

1.0

%

.............................................

2,608,039

Net

Assets

100.0%

...........................................................

$273,904,001

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$14,586,960,

representing

5.3%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

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),

November

30,

2025

Franklin

High

Yield

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

58

a

a

Shares

a

Value

a

Common

Stocks

0.0%

Financial

Services

0.0%

a,b

Brightline

Train

Holdings

West

LLC

......................................

141,600

$

—

b

Independent

Power

and

Renewable

Electricity

Producers

0.0%

a,b

AES

Guayama

Holdings

BV

...........................................

231,664

—

b

Total

Common

Stocks

(Cost

$

–

)

...............................................

—

a

Management

Investment

Companies

3.3%

Capital

Markets

3.3%

iShares

National

Muni

Bond

ETF

........................................

450,000

48,343,500

Vanguard

Tax-Exempt

Bond

Index

ETF

...................................

2,150,000

108,618,000

156,961,500

Total

Management

Investment

Companies

(Cost

$

155,926,230

)

...................

156,961,500

Principal

Amount

a

a

a

a

Corporate

Bonds

2.6%

Commercial

Services

&

Supplies

0.5%

a

,c

CalPlant

I

LLC

,

Senior

Secured

Note

,

144A,

15

%

,

2/28/27

...............................

$

5,795,000

5,795,000

d

21

A

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

1,920,000

249,600

d

21

B

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

7,205,000

936,650

d

22

A

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

3,975,000

516,750

d

22

B

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

345,000

44,850

d

22

C

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

2,610,000

2,610,000

d

22

X

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

3,910,000

3,910,000

d

23

A

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

1,380,000

1,380,000

d

23

B

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

1,225,000

1,225,000

d

23

C

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

1,955,000

1,955,000

d

23

D

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

1,700,000

1,700,000

d

23

E

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/31/23

..........................

1,915,000

1,915,000

22,237,850

Diversified

Consumer

Services

1.8%

Grand

Canyon

University

,

Secured

Note

,

5.125

%

,

10/01/28

....................

84,910,000

84,188,265

Electric

Utilities

0.3%

c

Mission

Rock

Utilities,

Inc.

,

144A,

7

%

,

7/01/27

..............................

14,300,000

14,467,528

Total

Corporate

Bonds

(Cost

$

133,068,719

)

.....................................

120,893,643

Municipal

Bonds

92.7%

Alabama

0.4%

e

Black

Belt

Energy

Gas

District

,

Revenue

,

2024

A

,

Mandatory

Put

,

5.25

%

,

9/01/32

...

1,000,000

1,097,231

Homewood

Educational

Building

Authority

,

CHF

-

Horizons

II

LLC

,

Revenue

,

2024

C

,

5

%

,

10/01/56

.....................................................

750,000

724,879

MidCity

Improvement

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

3.875

%

,

11/01/27

..............

200,000

196,123

Assessment

Area

,

Special

Assessment

,

2022

,

4.25

%

,

11/01/32

...............

600,000

579,560

Assessment

Area

,

Special

Assessment

,

2022

,

4.5

%

,

11/01/42

................

2,090,000

1,893,416

Assessment

Area

,

Special

Assessment

,

2022

,

4.75

%

,

11/01/49

...............

1,150,000

1,025,625

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

6.5

%

,

11/01/44

...........

250,000

243,665

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

6.75

%

,

11/01/53

..........

540,000

522,974

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

59

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Alabama

(continued)

e

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2025

B

,

Mandatory

Put

,

5.25

%

,

1/01/33

...................................................

$

10,000,000

$

10,610,685

16,894,158

Arizona

2.1%

Arizona

Industrial

Development

Authority

,

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2025

B

,

5.125

%

,

1/01/59

..........................

3,141,519

2,400,176

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

6,416,298

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

A

,

7

%

,

11/15/57

.......................................................

5,000,000

5,376,943

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

B-1

,

6.625

%

,

5/15/31

........................................................

4,000,000

4,003,562

c

Maricopa

County

Industrial

Development

Authority

,

Benjamin

Franklin

Charter

School

Obligated

Group

,

Revenue

,

144A,

2018

A

,

6

%

,

7/01/38

........................................................

5,000,000

5,147,541

Benjamin

Franklin

Charter

School

Obligated

Group

,

Revenue

,

144A,

2018

A

,

6

%

,

7/01/52

........................................................

10,000,000

10,088,393

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375

%

,

10/01/29

8,800,000

9,260,215

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5.5

%

,

12/01/29

..................

11,105,000

11,936,979

c

Sierra

Vista

Industrial

Development

Authority

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2023

,

5.75

%

,

6/15/58

......

5,000,000

5,001,983

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2021

A

,

5.375

%

,

10/01/56

.......................................................

18,880,000

15,530,503

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2021

B

,

6.25

%

,

10/01/36

.......................................................

3,945,000

3,451,264

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2022

A

,

7

%

,

10/01/56

.......................................................

2,327,000

2,348,113

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2022

B

,

9

%

,

10/01/37

.......................................................

250,000

247,692

Tempe

Industrial

Development

Authority

,

c

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

6

%

,

10/01/37

................

1,900,000

1,438,105

c

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

6.125

%

,

10/01/47

.............

4,850,000

3,233,530

c

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

6.125

%

,

10/01/52

.............

2,800,000

1,811,289

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/50

........

4,550,000

4,128,686

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/54

........

8,000,000

7,158,934

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2021

B

,

4

%

,

12/01/56

.......

2,130,000

1,649,521

100,629,727

Arkansas

0.5%

Arkansas

Development

Finance

Authority

,

c

Hybar

LLC

,

Revenue

,

144A,

2023

B

,

7.375

%

,

7/01/48

......................

12,500,000

13,574,238

United

States

Steel

Corp.

,

Revenue

,

2022

,

5.45

%

,

9/01/52

...................

3,000,000

3,012,565

United

States

Steel

Corp.

,

Revenue

,

2023

,

5.7

%

,

5/01/53

....................

4,575,000

4,667,865

21,254,668

California

18.4%

f

Alvord

Unified

School

District

,

GO

,

2011

B

,

AG

Insured

,

4.2

%,

8/01/41

............

30,750,000

16,128,876

c

California

Community

College

Financing

Authority

,

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

A

,

4.25

%

,

7/01/32

.....

500,000

445,457

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

A

,

5.75

%

,

7/01/60

.....

17,500,000

13,511,715

NCCD-Napa

Valley

Properties

LLC

,

Revenue,

Sub.

Lien

,

144A,

2022

C

,

6.75

%

,

7/01/60

........................................................

7,000,000

5,556,972

c

California

Community

Housing

Agency

,

Annadel

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

4/01/49

..................

5,800,000

4,702,439

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)

California

(continued)

c

California

Community

Housing

Agency,

(continued)

Arbors

Apartments

,

Revenue

,

144A,

2020

A

,

5

%

,

8/01/50

....................

$

16,550,000

$

15,548,637

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

2/01/43

..........

10,415,000

9,518,102

Brio

Apartments

&

Next

on

Lex

Apartments

,

Revenue,

Sub.

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

....................................................

16,500,000

12,704,537

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/46

...

18,890,000

16,043,292

K

Street

Flats

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/50

......................

17,730,000

13,983,695

Mira

Vista

Hills

Apartments

,

Revenue

,

144A,

2021

A

,

4

%

,

2/01/56

.............

33,000,000

16,248,510

Twin

Creek

Apartments

,

Revenue,

Junior

Lien

,

144A,

2022

B

,

5.5

%

,

2/01/40

.....

4,400,000

3,941,556

Verdant

at

Green

Valley

Apartments

,

Revenue

,

144A,

2019

A

,

5

%

,

8/01/49

.......

20,000,000

18,441,718

e

California

Infrastructure

&

Economic

Development

Bank

,

Desertxpress

Enterprises

LLC

,

Revenue

,

2025

B

,

Refunding

,

Mandatory

Put

,

12

%

,

11/02/26

.............

6,075,000

5,163,750

c

California

Municipal

Finance

Authority

,

California

Baptist

University

,

Revenue

,

144A,

2015

A

,

5.5

%

,

11/01/45

...........

17,400,000

17,399,803

Capital

Christian

Center

,

Revenue

,

144A,

2021

A

,

5

%

,

10/01/51

...............

8,425,000

6,928,629

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

3,514,334

c

California

Statewide

Communities

Development

Authority

,

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25

%

,

7/01/39

.............

1,275,000

1,299,397

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25

%

,

7/01/49

.............

3,725,000

3,722,144

c

City

&

County

of

San

Francisco

,

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2021

B

,

5.25

%

,

9/01/49

.............................................

2,500,000

2,246,074

City

of

San

Francisco

,

5.25

%

,

9/01/49

....................................

10,000,000

8,984,296

c

CMFA

Special

Finance

Agency

,

Solana

at

Grand

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/45

...........

30,500,000

26,899,203

Solana

at

Grand

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

4

%

,

8/01/56

..........

1,700,000

1,463,427

c

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Junior

Lien

,

144A,

2022

A-2

,

4.5

%

,

8/01/51

.........................................................

38,000,000

26,427,666

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

A-2

,

4

%

,

8/01/47

..............................................

26,280,000

24,086,448

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

A-2

,

4

%

,

8/01/47

.........................................

10,305,000

9,444,857

c

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

A-2

,

4.375

%

,

8/01/49

...................................................

21,215,000

18,107,107

c

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

3/01/57

............

15,000,000

11,107,702

Crescent

(The)

,

Revenue

,

144A,

2022

B

,

5.5

%

,

7/01/59

.....................

15,935,000

12,825,043

Dublin

,

Revenue

,

144A,

2021

B

,

4

%

,

2/01/57

.............................

7,500,000

5,598,958

Escondido

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

A-1

,

3

%

,

6/01/48

........

10,000,000

7,210,793

Park

Crossing

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

12/01/48

.............

14,235,000

11,324,317

Renaissance

at

City

Center

,

Revenue

,

144A,

2020

A

,

5

%

,

7/01/51

.............

19,925,000

18,875,865

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

4

%

,

9/01/46

................

5,970,000

4,964,741

Wood

Creek

Apartments

,

Revenue,

Sub.

Lien

,

144A,

2021

B

,

4

%

,

12/01/59

......

19,800,000

10,942,686

c,g

Golden

State

Connect

Authority

,

Revenue

,

144A,

2025

,

6.5

%

,

12/01/60

...........

8,350,000

8,093,370

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.125

%

,

11/01/29

...................................

20,125,000

21,313,669

Revenue

,

2009

B

,

7

%

,

11/01/34

.......................................

20,000,000

24,419,316

Revenue

,

2009

C

,

6.5

%

,

11/01/39

.....................................

20,000,000

24,629,696

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AG

Insured

,

5.625

%

,

8/01/34

........................................................

2,500,000

2,808,336

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)

Palmdale

Elementary

School

District,

(continued)

f

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AG

Insured

,

2.98

%,

8/01/28

........................................................

$

1,500,000

$

1,386,945

f

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AG

Insured

,

3.01

%,

8/01/30

........................................................

1,250,000

1,088,491

f

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AG

Insured

,

3.05

%,

8/01/31

........................................................

1,250,000

1,053,984

f

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien

,

2013

B

,

3.34

%,

6/01/32

............................

4,000,000

3,229,823

Revenue,

Senior

Lien

,

2013

B

,

3.42

%,

6/01/33

............................

5,500,000

4,274,028

Revenue,

Senior

Lien

,

2013

B

,

4.24

%,

6/01/41

............................

5,000,000

2,626,715

Revenue,

Senior

Lien

,

2013

B

,

4.39

%,

6/01/42

............................

7,000,000

3,444,922

f

San

Diego

Unified

School

District

,

GO

,

2012

E

,

5.04

%,

7/01/42

.........................................

44,565,000

37,227,359

GO

,

2012

E

,

5.346

%,

7/01/47

.........................................

33,305,000

27,215,324

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

6

%

,

1/15/45

...............................

35,834,000

45,717,995

Revenue

,

1997

A

,

Refunding

,

6

%

,

1/15/46

...............................

35,834,000

46,028,841

f

Revenue,

Junior

Lien

,

ETM,

2.35

%,

1/01/26

..............................

35,000,000

34,928,177

f

Revenue,

Junior

Lien

,

ETM,

2.46

%,

1/01/27

..............................

125,100,000

121,830,862

f

San

Mateo

Foster

City

School

District

,

GO

,

A

,

5.573

%,

8/01/42

.................

40,000,000

44,436,744

f

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

6.548

%,

9/01/41

.............

20,000,000

21,736,896

f

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue

,

2007

C

,

7.85

%,

6/01/56

...

60,000,000

5,989,110

868,793,794

Colorado

5.0%

3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25

%

,

12/01/49

.............

3,775,000

3,235,580

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,411,000

7,360,281

Allison

Valley

Metropolitan

District

No.

1

,

GO

,

2020

,

Refunding

,

5

%

,

12/01/47

......

5,250,000

5,037,107

Allison

Valley

Metropolitan

District

No.

2

,

GO

,

2020

,

Refunding

,

4.7

%

,

12/01/47

.....

4,720,000

4,392,499

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

1

,

GO

,

2018

A

,

5.375

%

,

12/01/48

........................................................

2,070,000

2,023,090

Baseline

Metropolitan

District

No.

1

,

GO

,

2024

B

,

6.75

%

,

12/15/54

..............

2,500,000

2,521,920

Bradburn

Metropolitan

District

No.

2

,

GO

,

2018

A

,

Refunding

,

5

%

,

12/01/47

........

2,400,000

2,290,703

c

Broomfield

Village

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-2

,

Refunding

,

5

%

,

12/01/49

........................................................

708,000

666,895

Clear

Creek

Transit

Metropolitan

District

No.

2

,

GO

,

2021

A

,

5

%

,

12/01/41

...........................................

578,000

468,853

GO

,

2021

A

,

5

%

,

12/01/50

...........................................

1,000,000

747,563

Colliers

Hill

Metropolitan

District

No.

2

,

GO,

Sub.

Lien

,

2022

B-1

,

Refunding

,

5.75

%

,

12/15/47

........................................................

2,840,000

2,789,448

Colorado

Health

Facilities

Authority

,

Aberdeen

Ridge,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

5

%

,

5/15/49

..........

2,235,000

1,700,026

Aberdeen

Ridge,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

5

%

,

5/15/58

..........

4,750,000

3,417,649

BSLC

II

Obligated

Group

,

Revenue,

Second

Tier

,

2025

,

5.25

%

,

9/15/45

.........

3,600,000

3,615,478

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

5/15/47

........................................................

6,500,000

6,519,159

Conestoga

Metropolitan

District

No.

2

,

GO

,

2021

A-3

,

Refunding

,

5.25

%

,

12/01/51

..

1,625,000

1,466,662

Copperleaf

Metropolitan

District

No.

5

,

GO,

Senior

Lien

,

2025

A

,

Refunding

,

6.5

%

,

12/01/55

........................................................

1,300,000

1,313,272

Copperleaf

Metropolitan

District

No.

6

,

GO

,

2022

B

,

6

%

,

12/15/41

...............

1,225,000

1,239,370

Cornerstar

Metropolitan

District

,

GO

,

A

,

Refunding

,

5.125

%

,

12/01/37

...................................

2,000,000

2,000,081

GO

,

A

,

Refunding

,

5.25

%

,

12/01/47

....................................

5,200,000

5,077,531

Creekwalk

Marketplace

Business

Improvement

District

,

Revenue

,

2024

A

,

Refunding

,

6

%

,

12/01/54

.....................................................

7,500,000

7,480,338

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)

Colorado

(continued)

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

B

,

6

%

,

12/01/48

........................................................

$

6,579,000

$

6,601,975

Eagle

Brook

Meadows

Metropolitan

District

No.

3

,

GO

,

2021-3

,

5

%

,

12/01/51

......

1,600,000

1,503,383

Greenways

Metropolitan

District

No.

1

,

GO

,

2021

A-3

,

4.625

%

,

12/01/51

..........

1,580,000

1,249,192

c

Hidden

Creek

Metropolitan

District

,

GO

,

144A,

2021

A-3

,

4.625

%

,

12/01/45

........

1,140,000

977,342

c

Horizon

Metropolitan

District

No.

2

,

GO

,

144A,

2021

A-3

,

4.5

%

,

12/01/51

..........

1,675,000

1,324,567

Jay

Grove

Metropolitan

District

,

GO

,

2021

,

4.25

%

,

12/01/51

...................

1,225,000

952,977

Jefferson

Center

Metropolitan

District

No.

1

,

Revenue

,

2020

A-2

,

4.125

%

,

12/01/40

..................................

575,000

542,175

Revenue

,

2020

A-2

,

4.375

%

,

12/01/47

..................................

1,125,000

1,036,788

Johnstown

Farms

East

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

............

1,500,000

1,289,375

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25

%

,

12/01/46

.....

5,500,000

4,876,180

Liberty

Ranch

Metropolitan

District

,

GO

,

2021

A

,

Refunding

,

5.25

%

,

12/01/51

......

6,590,000

5,908,360

Morgan

Hill

Metropolitan

District

No.

3

,

GO

,

2021

B

,

Refunding

,

6.375

%

,

12/15/51

...

1,465,000

1,468,722

Murphy

Creek

Metropolitan

District

No.

4

,

GO

,

2021

,

5

%

,

12/01/51

..............

8,000,000

7,151,998

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

5

%

,

12/01/51

...............

565,000

530,674

c

Platte

River

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5

%

,

8/01/53

.........................................................

1,241,000

1,268,697

Prairie

Center

Metropolitan

District

No.

3

,

GO

,

2024

A

,

Refunding

,

5.875

%

,

12/15/46

.

750,000

791,427

Prairie

Center

Metropolitan

District

No.

7

,

GO

,

2021

,

6.375

%

,

6/15/46

............

1,330,000

1,329,846

Ptarmigan

West

Metropolitan

District

No.

2

,

GO

,

2021-3

,

4.125

%

,

12/01/51

........

1,475,000

1,065,907

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.25

%

,

11/15/28

......................................

8,165,000

8,634,735

Revenue

,

2008

,

6.5

%

,

11/15/38

.......................................

60,100,000

73,514,128

Raindance

Metropolitan

District

No.

1

,

Non-Potable

Water

System

,

Revenue

,

2020

,

5.25

%

,

12/01/50

...................................................

4,250,000

4,152,076

Reunion

Metropolitan

District

,

Water

Activity

Enterprise

,

Revenue

,

2021

A

,

3.625

%

,

12/01/44

........................................................

5,858,891

4,333,359

RRC

Metropolitan

District

No.

2

,

GO

,

2021

,

5.25

%

,

12/01/51

...................

5,625,000

5,043,175

Southglenn

Metropolitan

District

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/30

....................................

3,470,000

3,472,846

GO

,

2016

,

Refunding

,

5

%

,

12/01/36

....................................

810,000

810,510

GO

,

2016

,

Refunding

,

5

%

,

12/01/46

....................................

3,700,000

3,538,142

c

STC

Metropolitan

District

No.

2

,

GO,

Second

Lien

,

144A,

2025

A-2

,

Refunding

,

6.25

%

,

12/01/55

........................................................

3,500,000

3,535,579

Trails

at

Crowfoot

Metropolitan

District

No.

3

,

GO

,

2024

B

,

Refunding

,

6.875

%

,

12/15/52

..................................................

1,215,000

1,219,955

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

500,000

491,625

Village

Metropolitan

District

(The)

,

GO

,

2025

A

,

5.75

%

,

12/01/55

................

1,955,000

1,974,361

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

3,254,374

GO

,

2022

A3-1

,

5

%

,

12/01/51

.........................................

4,085,000

3,278,042

f

GO

,

2022

A3-2

,

1.094

%,

12/01/51

.....................................

5,130,000

3,772,483

Water

Tap

Fee

,

Revenue

,

2022

,

4.625

%

,

12/01/28

.........................

6,000,000

5,480,405

c

West

Meadow

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5

%

,

12/01/50

........................................................

2,750,000

2,835,253

237,574,138

Connecticut

0.5%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

c

Church

Home

of

Hartford

Obligated

Group

,

Revenue

,

144A,

2016

A

,

5

%

,

9/01/46

..

1,000,000

959,612

c

Church

Home

of

Hartford

Obligated

Group

,

Revenue

,

144A,

A

,

5

%

,

9/01/53

......

7,850,000

7,308,230

Masonicare

Corp.

Obligated

Group

,

Revenue

,

F

,

Refunding

,

5

%

,

7/01/43

........

6,500,000

6,419,711

c

McLean

Affiliates

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

1/01/45

........

1,000,000

884,946

c

McLean

Affiliates

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

1/01/55

........

5,695,000

4,739,241

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)

Connecticut

(continued)

Stamford

Housing

Authority

,

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.375

%

,

10/01/45

.......................................................

$

1,415,000

$

1,456,228

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.5

%

,

10/01/55

.......................................................

1,765,000

1,801,897

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.25

%

,

10/01/60

.......................................................

1,280,000

1,281,651

24,851,516

Florida

19.2%

Abbott

Square

Community

Development

District

,

Special

Assessment

,

2022

,

5.375

%

,

6/15/42

.............................

1,075,000

1,112,804

Special

Assessment

,

2022

,

5.5

%

,

6/15/52

...............................

1,670,000

1,691,457

Anabelle

Island

Community

Development

District

,

Special

Assessment

,

2022

,

2.7

%

,

5/01/27

...............................

275,000

270,591

Special

Assessment

,

2022

,

3.1

%

,

5/01/32

...............................

750,000

714,729

Special

Assessment

,

2022

,

3.5

%

,

5/01/42

...............................

1,945,000

1,665,309

Antillia

Community

Development

District

,

Special

Assessment

,

2024

,

5.6

%

,

5/01/44

.

565,000

577,048

Arbors

Community

Development

District

,

2023

Project

Area

,

Special

Assessment

,

2023

,

4.5

%

,

5/01/30

.................

540,000

550,485

2023

Project

Area

,

Special

Assessment

,

2023

,

5.4

%

,

5/01/43

.................

1,705,000

1,773,157

2023

Project

Area

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

...............

2,235,000

2,315,905

c

2024

Project

Area

,

Special

Assessment

,

144A,

2024

,

5.15

%

,

5/01/44

...........

630,000

637,511

c

2024

Project

Area

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

5/01/55

............

815,000

824,494

Artisan

Lakes

East

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021-1

,

2.75

%

,

5/01/31

.............

250,000

236,581

Assessment

Area

2

,

Special

Assessment

,

2021-1

,

3.125

%

,

5/01/41

............

470,000

388,778

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2021-2

,

2.75

%

,

5/01/31

........

275,000

260,239

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2021-2

,

3.125

%

,

5/01/41

.......

515,000

426,002

Astonia

Community

Development

District

,

c

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

......................

540,000

532,464

c

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/51

......................

1,370,000

1,217,812

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2021

,

2.5

%

,

5/01/26

...........

50,000

49,592

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/31

............

500,000

476,861

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2021

,

3.2

%

,

5/01/41

...........

750,000

631,642

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.125

%

,

6/15/43

..............

410,000

419,873

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

..............

740,000

754,696

c

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.5

%

,

5/01/26

..

50,000

49,693

c

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/31

....

320,000

307,458

c

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.2

%

,

5/01/41

..

750,000

639,819

Aurora

Oaks

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.35

%

,

5/01/44

...............

665,000

660,187

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/55

..............

1,030,000

1,011,287

Avalon

Groves

Community

Development

District

,

Special

Assessment,

Sub.

Lien

,

2021

,

3.125

%

,

5/01/41

.....................

360,000

307,743

Special

Assessment,

Sub.

Lien

,

2021

,

4

%

,

5/01/51

.........................

500,000

441,095

Assessment

Area

3

,

Special

Assessment

,

2021

,

3

%

,

5/01/32

.................

200,000

191,444

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

..............

495,000

425,359

Avalon

Park

West

Community

Development

District

,

c

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.25

%

,

5/01/30

..

215,000

210,802

c

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.75

%

,

5/01/40

..

580,000

541,869

c

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/51

.....

880,000

735,490

2022

Project

Area

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/42

.................

500,000

523,518

2022

Project

Area

,

Special

Assessment

,

2022

,

5.625

%

,

5/01/52

...............

875,000

900,626

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

64

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

c

Ave

Maria

Stewardship

Community

District

,

BAN

Assessment

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

5/01/53

...........................................

$

2,790,000

$

2,816,339

Avenir

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

3,030,000

3,050,394

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/54

..............

5,115,000

5,139,883

Parcel

A-18

,

Special

Assessment

,

2024

A

,

4.875

%

,

5/01/31

..................

270,000

274,818

Parcel

A-18

,

Special

Assessment

,

2024

A

,

5.75

%

,

5/01/44

...................

1,005,000

1,022,902

Parcel

A-18

,

Special

Assessment

,

2024

A

,

6

%

,

5/01/55

.....................

1,625,000

1,648,098

Aviary

at

Rutland

Ranch

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.1

%

,

11/01/31

...............

170,000

162,451

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.4

%

,

11/01/41

...............

410,000

350,127

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.875

%

,

5/01/31

..............

465,000

440,890

Assessment

Area

2C

,

Special

Assessment

,

2020

,

3

%

,

5/01/30

................

250,000

245,392

Assessment

Area

2C

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

................

775,000

753,504

Assessment

Area

2C

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

................

1,550,000

1,330,757

Assessment

Area

3A

,

Special

Assessment

,

2020

,

3

%

,

5/01/30

................

250,000

244,289

Assessment

Area

3B

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

................

385,000

374,321

Balm

Grove

Community

Development

District

,

Special

Assessment

,

2022

,

3.25

%

,

11/01/27

........................................................

435,000

430,722

Bannon

Lakes

Community

Development

District

,

c

Phase

2

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

5/01/41

...................

700,000

626,753

Phase

3

,

Special

Assessment

,

2022

,

3.3

%

,

5/01/32

........................

365,000

335,323

Phase

3

,

Special

Assessment

,

2022

,

4

%

,

5/01/42

..........................

1,370,000

1,177,216

Bella

Tara

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

6.125

%

,

5/01/56

..............

1,600,000

1,660,795

Master

Infrastructure

Project

,

Special

Assessment

,

2025

,

6.5

%

,

5/01/56

.........

4,000,000

4,147,837

Bellehaven

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.8

%

,

5/01/45

................

1,335,000

1,384,762

Assessment

Area

1

,

Special

Assessment

,

2025

,

6.05

%

,

5/01/55

...............

1,215,000

1,256,719

Belmond

Reserve

Community

Development

District

,

2020

Project

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

......................

1,745,000

1,745,711

2020

Project

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

......................

2,000,000

1,748,423

Belmont

II

Community

Development

District

,

Special

Assessment

,

2020

,

3.125

%

,

12/15/30

.............................

325,000

319,802

Special

Assessment

,

2020

,

3.625

%

,

12/15/40

.............................

1,390,000

1,326,261

Berry

Bay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.625

%

,

5/01/26

..............

55,000

54,680

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

..............

400,000

380,897

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.625

%

,

5/01/41

..............

1,250,000

1,071,038

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

................

985,000

1,017,416

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

1,675,000

1,720,301

Berry

Bay

II

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.45

%

,

5/01/31

...............

120,000

121,408

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.2

%

,

5/01/44

................

145,000

144,957

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/54

...............

115,000

113,631

Black

Creek

Community

Development

District

,

Special

Assessment

,

2022

,

5.125

%

,

6/15/32

.............................

150,000

158,952

Special

Assessment

,

2022

,

5.625

%

,

6/15/52

.............................

2,000,000

2,062,788

Boggy

Branch

Community

Development

District

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

...............................

30,000

29,801

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................................

450,000

429,811

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

...............................

1,165,000

998,489

Bradbury

Community

Development

District

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

2,245,000

2,274,419

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)

Bridgewalk

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.25

%

,

12/15/43

..............

$

760,000

$

807,769

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.5

%

,

12/15/53

...............

700,000

742,200

Bridgewater

North

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

3.125

%

,

5/01/27

..................

85,000

84,096

Assessments

,

Special

Assessment

,

2022

,

3.5

%

,

5/01/32

....................

350,000

341,993

Bridle

Creek

Community

Development

District

,

Special

Assessment

,

2025

,

6.375

%

,

5/01/56

.........................................................

3,525,000

3,652,361

Brightwater

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.85

%

,

5/01/31

...............

280,000

264,620

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.15

%

,

5/01/41

...............

700,000

582,293

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2024

,

5.35

%

,

5/01/44

..........

405,000

410,941

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

5/01/55

.........

525,000

531,267

Brookstone

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

4.75

%

,

5/01/32

...............

325,000

335,021

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/42

................

1,000,000

1,031,919

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.625

%

,

5/01/52

..............

1,750,000

1,781,130

Buckhead

Trails

Community

Development

District

,

Special

Assessment

,

2022

,

5.25

%

,

5/01/32

..............................

400,000

415,352

Special

Assessment

,

2022

,

5.625

%

,

5/01/42

.............................

1,000,000

1,049,103

Special

Assessment

,

2022

,

5.75

%

,

5/01/52

..............................

1,410,000

1,443,907

Special

Assessment

,

2024

,

4.7

%

,

5/01/31

...............................

290,000

293,556

Special

Assessment

,

2024

,

5.6

%

,

5/01/44

...............................

395,000

399,677

Special

Assessment

,

2024

,

5.875

%

,

5/01/54

.............................

885,000

891,473

Buena

Lago

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/52

.....................................

1,135,000

1,178,506

Caldera

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.2

%

,

5/01/54

................................................

385,000

375,321

c

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

..........................

5,250,000

3,354,819

c

Capital

Projects

Finance

Authority

,

PRG

-

UnionWest

Properties

LLC

,

Revenue,

Senior

Lien

,

144A,

2024

A-1

,

5

%

,

6/01/58

.....................................

1,250,000

1,164,911

c

Capital

Trust

Agency,

Inc.

,

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

3

%

,

7/01/31

..........

100,000

93,428

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

4

%

,

7/01/41

..........

450,000

392,747

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

4

%

,

7/01/51

..........

540,000

412,920

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

4

%

,

7/01/56

..........

445,000

333,509

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A-2

,

4

%

,

7/01/41

.........

750,000

653,850

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A-2

,

4

%

,

7/01/51

.........

975,000

745,550

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A-2

,

4

%

,

7/01/56

.........

750,000

563,833

f

Educational

Growth

Fund

LLC

,

Revenue,

Sub.

Lien

,

144A,

2021

B

,

5.81

%,

7/01/31

8,245,000

6,015,305

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

7/01/46

............................................

3,250,000

2,401,100

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-2

,

4.43

%

,

1/01/57

...........

10,245,000

7,161,224

South

Tech

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/55

......

3,805,000

3,444,178

University

Bridge

LLC

,

Revenue

,

144A,

2018

A

,

5.25

%

,

12/01/43

..............

27,380,000

27,428,572

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

A-1

,

3.3

%

,

1/01/31

..............

645,000

608,024

WFCS

Holdings

LLC

,

Revenue

,

144A,

2020

A-1

,

5

%

,

1/01/55

.................

3,500,000

2,974,398

c

Capital

Trust

Authority

,

f

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

........................................................

17,000,000

14,367,649

Madrone

Florida

Tech

Student

Housing

I

LLC

,

Revenue

,

144A,

2025

A

,

5.25

%

,

7/01/55

........................................................

275,000

266,751

Madrone

Florida

Tech

Student

Housing

I

LLC

,

Revenue

,

144A,

2025

A

,

5.375

%

,

7/01/65

........................................................

2,650,000

2,588,649

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)

Caymas

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.3

%

,

5/01/44

................

$

800,000

$

807,958

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/54

..............

690,000

694,179

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

2.25

%

,

5/01/26

..............................

75,000

74,521

Special

Assessment

,

2021

,

2.75

%

,

5/01/31

..............................

240,000

230,184

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.............................

590,000

510,344

d

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

1,419,494

Assessment

Area

1

,

Special

Assessment

,

2023

,

6

%

,

5/01/54

.................

2,325,000

2,417,718

Central

Parc

Community

Development

District

,

Special

Assessment

,

2024

,

5.7

%

,

5/01/44

...............................

500,000

506,903

Special

Assessment

,

2024

,

6

%

,

5/01/54

.................................

750,000

760,670

Chaparral

Palm

Bay

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.2

%

,

5/01/44

................

1,000,000

1,004,230

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/55

................

2,190,000

2,197,324

Assessments

,

Special

Assessment

,

2020

A-1

,

4

%

,

5/01/40

...................

1,220,000

1,195,178

Assessments

,

Special

Assessment

,

2020

A-1

,

4

%

,

5/01/50

...................

1,985,000

1,752,816

Chapel

Creek

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/31

..............

165,000

157,209

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

5/01/41

..........

540,000

465,103

Assessment

Area

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

.................

550,000

561,777

Assessment

Area

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

................

1,020,000

1,033,978

c

Chapel

Crossings

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2020

,

3.2

%

,

5/01/30

...............

645,000

623,950

Assessments

,

Special

Assessment

,

144A,

2020

,

3.7

%

,

5/01/40

...............

1,700,000

1,538,467

Charlotte

County

Industrial

Development

Authority

,

c

MSKP

Town

&

Country

Utility

LLC

,

Revenue

,

144A,

2021

B

,

5

%

,

10/01/36

.......

2,300,000

2,130,216

MSKP

Town

&

Country

Utility

LLC

,

Revenue

,

2025

,

6.125

%

,

10/01/55

..........

3,175,000

3,308,318

Coddington

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

5.75

%

,

5/01/42

...................

610,000

644,300

Assessments

,

Special

Assessment

,

2022

,

5.75

%

,

5/01/52

...................

1,090,000

1,130,509

Connerton

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.25

%

,

6/15/43

...............

1,435,000

1,479,897

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

..............

2,245,000

2,289,585

Copes

Landing

Community

Development

District

,

2023

Project

Area

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/43

................

285,000

303,484

2023

Project

Area

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/53

...............

1,825,000

1,926,684

Coral

Creek

Community

Development

District

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

..............................

2,045,000

2,091,684

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

..............................

1,605,000

1,630,230

Coral

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.5

%

,

11/01/44

...............

780,000

803,882

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

11/01/53

..............

1,000,000

1,023,881

Cordoba

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

3

%

,

5/01/31

.............

835,000

817,488

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

3

%

,

5/01/37

.............

825,000

744,820

Cordova

Palms

Community

Development

District

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

...............................

25,000

24,841

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

...............................

330,000

311,693

Special

Assessment

,

2021

,

3

%

,

5/01/41

.................................

995,000

818,174

Special

Assessment

,

2022-1

,

5.7

%

,

5/01/42

..............................

275,000

293,074

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)

Cordova

Palms

Community

Development

District,

(continued)

Special

Assessment

,

2022-1

,

5.8

%

,

5/01/53

..............................

$

410,000

$

431,619

Assessment

Area

1

,

Special

Assessment

,

2022-2

,

4.5

%

,

5/01/27

..............

115,000

115,703

Assessment

Area

1

,

Special

Assessment

,

2022-2

,

5.1

%

,

5/01/32

..............

335,000

350,598

Assessment

Area

1

,

Special

Assessment

,

2022-2

,

5.4

%

,

5/01/42

..............

1,005,000

1,047,316

Assessment

Area

1

,

Special

Assessment

,

2022-2

,

5.6

%

,

5/01/53

..............

1,980,000

2,049,559

c

County

of

Okaloosa

,

AIR

Force

Enlisted

Village,

Inc.

Obligated

Group

,

Revenue

,

144A,

2025

,

5.75

%

,

5/15/60

...............................................

1,500,000

1,518,580

Creekview

Community

Development

District

,

Phase

1

,

Special

Assessment

,

2022

,

4.25

%

,

5/01/32

.......................

535,000

537,915

Phase

2

,

Special

Assessment

,

2024

,

4.6

%

,

5/01/31

........................

865,000

875,609

Phase

2

,

Special

Assessment

,

2024

,

5.375

%

,

5/01/44

......................

1,995,000

2,005,124

Phase

2

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/55

......................

2,260,000

2,261,695

Cresswind

DeLand

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

....................................

730,000

735,611

c

Crestview

II

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/31

...................

250,000

257,087

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/37

...................

475,000

479,536

Cross

Creek

North

Community

Development

District

,

Special

Assessment

,

2022

,

4.25

%

,

5/01/42

..............................

1,340,000

1,293,344

Special

Assessment

,

2023

,

5.125

%

,

5/01/43

.............................

990,000

1,012,727

Special

Assessment

,

2023

,

5.375

%

,

5/01/53

.............................

1,250,000

1,273,010

Crossings

Community

Development

District

,

Area

2

,

Special

Assessment

,

2024

,

5.35

%

,

5/01/44

........................

580,000

586,441

Area

2

,

Special

Assessment

,

2024

,

5.6

%

,

5/01/54

.........................

525,000

528,515

Crosswinds

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

................

1,220,000

1,247,793

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

1,500,000

1,526,610

Assessment

Area

2

,

Special

Assessment

,

2024

,

4.5

%

,

5/01/31

................

170,000

171,794

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/54

...............

300,000

298,130

Crystal

Cay

Community

Development

District

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

...............................

200,000

191,332

Special

Assessment

,

2021

,

3.05

%

,

5/01/41

..............................

850,000

735,077

Special

Assessment

,

2021

,

4

%

,

5/01/51

.................................

1,000,000

887,563

c

Curiosity

Creek

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.4

%

,

5/01/44

...........

900,000

905,514

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.7

%

,

5/01/55

...........

1,475,000

1,479,679

c

Currents

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2020

A

,

4

%

,

5/01/40

................................................

3,100,000

2,930,759

Cypress

Bay

West

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.25

%

,

5/01/43

...............

1,370,000

1,401,732

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

................

1,200,000

1,221,617

c

Cypress

Bluff

Community

Development

District

,

Special

Assessment

,

144A,

2020

A

,

3.125

%

,

5/01/30

.......................

250,000

246,259

Special

Assessment

,

144A,

2020

A

,

3.625

%

,

5/01/40

.......................

800,000

749,028

Special

Assessment

,

144A,

2020

A

,

3.8

%

,

5/01/50

.........................

1,165,000

967,662

Cypress

Creek

Reserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.75

%

,

5/01/45

...............

525,000

545,438

Assessment

Area

1

,

Special

Assessment

,

2025

,

6

%

,

5/01/56

.................

1,355,000

1,403,122

Cypress

Park

Estates

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.375

%

,

5/01/27

...............

55,000

55,125

Assessment

Area

,

Special

Assessment

,

2022

,

4.75

%

,

5/01/32

................

350,000

360,059

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/30

..........

295,000

286,429

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.875

%

,

5/01/40

.........

1,170,000

1,082,549

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)

Cypress

Park

Estates

Community

Development

District,

(continued)

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/51

............

$

1,210,000

$

980,428

c

Cypress

Reserve

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2025

,

5.8

%

,

5/01/56

...........................................

1,645,000

1,661,058

Cypress

Ridge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/43

..............

1,410,000

1,457,508

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/53

..............

1,205,000

1,239,290

Darby

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

A-1

,

5.625

%

,

5/01/44

...............

1,290,000

1,330,282

Assessments

,

Special

Assessment

,

2024

A-1

,

6

%

,

5/01/54

...................

1,610,000

1,657,752

Assessments

,

Special

Assessment

,

2024

A-2

,

5.875

%

,

5/01/35

...............

400,000

422,040

Deerbrook

Community

Development

District

,

Special

Assessment

,

2023

,

4.375

%

,

5/01/30

.............................

105,000

106,629

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

...............................

1,250,000

1,274,828

Deering

Park

Stewardship

District

,

DPSD

JV1

No.

1

Assessment

Area

,

Special

Assessment

,

2025

,

6

%

,

5/01/45

.....

3,000,000

3,124,738

DPSD

JV1

No.

1

Assessment

Area

,

Special

Assessment

,

2025

,

6.25

%

,

5/01/55

...

2,300,000

2,392,314

Del

Webb

Oak

Creek

Community

Development

District

,

Special

Assessment

,

2023

,

5

%

,

5/01/43

.................................

1,425,000

1,450,256

Special

Assessment

,

2023

,

5.25

%

,

5/01/53

..............................

1,990,000

2,004,080

DG

Farms

Community

Development

District

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

..............................

200,000

196,095

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

..............................

255,000

236,941

Dowden

West

Community

Development

District

,

Special

Assessment

,

2024

,

5.25

%

,

5/01/44

..............................

495,000

501,625

Special

Assessment

,

2024

,

5.55

%

,

5/01/54

..............................

855,000

861,629

DW

Bayview

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

5/01/26

..........

85,000

84,533

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/32

..............

430,000

421,218

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

5/01/41

..........

1,160,000

1,056,535

Assessment

Area

,

Special

Assessment

,

2022

,

4.5

%

,

5/01/32

.................

185,000

192,136

Assessment

Area

,

Special

Assessment

,

2022

,

5.125

%

,

5/01/42

...............

1,115,000

1,149,466

East

547

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

20,000

19,882

Assessment

Area

1

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

90,000

86,132

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.3

%

,

5/01/41

................

375,000

318,065

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.25

%

,

5/01/43

...............

305,000

324,806

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.5

%

,

5/01/54

................

610,000

649,641

East

Bonita

Beach

Road

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/32

.................

255,000

249,360

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/41

...............

750,000

653,048

East

Nassau

Stewardship

District

,

Special

Assessment

,

2025

,

6.25

%

,

5/01/56

..............................

7,130,000

7,417,978

Assessments

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

......................

500,000

476,861

Assessments

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

....................

1,185,000

1,026,158

Wildlight

Village

Phase

3

,

Special

Assessment

,

2024

,

5.25

%

,

5/01/44

...........

1,500,000

1,509,853

Eden

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

................

110,000

109,536

Assessment

Area

,

Special

Assessment

,

2020

,

4

%

,

5/01/40

...................

300,000

296,455

Assessment

Area

,

Special

Assessment

,

2022

,

3.25

%

,

5/01/27

................

190,000

189,391

Assessment

Area

,

Special

Assessment

,

2022

,

3.625

%

,

5/01/32

...............

610,000

609,255

Edgewater

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

110,000

109,357

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.1

%

,

5/01/31

................

700,000

673,635

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)

Edgewater

East

Community

Development

District,

(continued)

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.6

%

,

5/01/41

................

$

2,625,000

$

2,257,494

Assessment

Area

2

,

Special

Assessment

,

2022

,

4

%

,

5/01/42

.................

3,980,000

3,615,460

Edgewater

West

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.5

%

,

5/01/31

................

900,000

907,451

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.25

%

,

5/01/44

...............

2,000,000

1,980,782

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/54

................

2,750,000

2,694,415

c

Enbrook

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

............................

500,000

467,159

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/51

............................

1,150,000

962,581

Entrada

Community

Development

District

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/43

...............................

500,000

526,495

c

Assessments

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

5/01/31

.............

370,000

353,313

c

Assessments

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

5/01/41

.............

935,000

820,331

Assessments

,

Special

Assessment

,

2024

,

5.3

%

,

5/01/55

....................

310,000

308,000

Epperson

North

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

45,000

44,728

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

235,000

224,567

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

................

1,200,000

1,049,944

Assessment

Area

3

,

Special

Assessment

,

2021

A

,

2.45

%

,

11/01/26

............

125,000

123,398

Assessment

Area

3

,

Special

Assessment

,

2021

A

,

3.1

%

,

11/01/31

.............

400,000

381,219

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.3

%

,

5/01/44

................

465,000

468,192

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.6

%

,

5/01/55

................

500,000

501,594

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2020

,

3.625

%

,

5/01/30

...................................

425,000

418,036

c

Everlands

Community

Development

District

,

Assessment

Area

2

Phase

2

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

6/15/54

................................

2,350,000

2,354,163

Everlands

II

Community

Development

District

,

Special

Assessment

,

2024

,

5.2

%

,

6/15/44

...............................

500,000

508,056

Special

Assessment

,

2024

,

5.45

%

,

6/15/54

..............................

485,000

488,963

Fallschase

Community

Development

District

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.........................................................

1,000,000

860,306

Feed

Mill

Community

Development

District

,

Parcel

1

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.875

%

,

5/01/56

...................................

4,575,000

4,629,401

c

Florida

Development

Finance

Corp.

,

e

Brightline

Florida

Holdings

LLC

,

Revenue

,

144A,

2025

B

,

Mandatory

Put

,

10

%

,

6/15/26

........................................................

3,275,000

2,456,250

Glenridge

on

Palmer

Ranch

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

6/01/31

........................................................

450,000

471,966

Glenridge

on

Palmer

Ranch

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

6/01/51

........................................................

5,500,000

5,034,375

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5.25

%

,

6/01/50

........................................................

7,000,000

6,646,357

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

6/01/55

............................................

3,900,000

2,817,047

c

Florida

Local

Government

Finance

Commission

,

BridgePrep

Academy,

Inc.

Obligated

Group

,

Revenue

,

144A,

2025

A

,

6.125

%

,

6/15/65

........................................................

12,400,000

12,519,126

Ponte

Vedra

Pine

Co.

LLC

Obligated

Group

,

Revenue

,

144A,

2025

A

,

6.75

%

,

11/15/55

.......................................................

2,650,000

2,769,211

c

Forest

Lake

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/30

..........

350,000

345,691

Assessment

Area

2

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

5/01/27

..........

20,000

20,136

Assessment

Area

2

,

Special

Assessment

,

144A,

2022

,

5

%

,

5/01/32

............

75,000

78,181

Assessment

Area

2

,

Special

Assessment

,

144A,

2022

,

5.375

%

,

5/01/42

.........

310,000

321,930

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

Forest

Lake

Community

Development

District,

(continued)

Assessment

Area

2

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

5/01/52

...........

$

275,000

$

281,192

c

Gas

Worx

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5

%

,

5/01/36

............................

525,000

548,963

Special

Assessment

,

144A,

2025

,

5.75

%

,

5/01/45

.........................

800,000

821,801

Special

Assessment

,

144A,

2025

,

6

%

,

5/01/57

............................

1,980,000

2,036,615

Grand

Oaks

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2020

,

4.25

%

,

5/01/40

...............

1,095,000

1,060,603

Assessment

Area

2

,

Special

Assessment

,

2020

,

4.5

%

,

5/01/52

................

3,500,000

3,190,590

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.2

%

,

11/01/31

...............

215,000

204,283

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.5

%

,

11/01/41

...............

555,000

475,635

Assessment

Area

3

,

Special

Assessment

,

2021

,

4

%

,

11/01/51

................

1,205,000

1,009,779

Grande

Pines

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.75

%

,

5/01/41

...............

710,000

632,660

Assessment

Area

1

,

Special

Assessment

,

2021

,

4

%

,

5/01/51

.................

750,000

628,704

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

................

1,010,000

1,023,813

Greenbriar

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.65

%

,

5/01/45

...............

1,000,000

1,013,723

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.875

%

,

5/01/54

..............

1,200,000

1,213,919

Grove

Resort

Community

Development

District

,

Special

Assessment

,

2022

,

3.3

%

,

5/01/32

...............................

170,000

161,872

Special

Assessment

,

2022

,

3.55

%

,

5/01/42

..............................

435,000

366,514

Hamilton

Bluff

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

................

1,000,000

1,014,600

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

................

1,250,000

1,261,251

Hammock

Oaks

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

4.875

%

,

5/01/30

..............

155,000

158,315

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/43

..............

640,000

663,966

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

990,000

1,011,299

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.85

%

,

5/01/44

...............

680,000

693,892

Assessment

Area

2

,

Special

Assessment

,

2024

,

6.15

%

,

5/01/54

...............

665,000

679,257

c

Assessment

Area

3

,

Special

Assessment

,

144A,

2025

,

5.55

%

,

5/01/45

..........

1,040,000

1,058,956

c

Assessment

Area

3

,

Special

Assessment

,

144A,

2025

,

5.75

%

,

5/01/55

..........

1,455,000

1,475,677

Hammock

Reserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

.................

860,000

717,708

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

200,000

190,838

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

..............

520,000

451,523

Assessment

Area

3

,

Special

Assessment

,

2022

,

4.4

%

,

5/01/32

................

445,000

457,146

Harmony

on

Lake

Eloise

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2025

,

5.45

%

,

11/01/45

..............

500,000

506,239

Assessment

Area

2

,

Special

Assessment

,

2025

,

5.65

%

,

11/01/54

..............

1,250,000

1,262,806

Harmony

West

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2023

,

5

%

,

5/01/43

.................

360,000

365,479

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.3

%

,

5/01/53

................

305,000

309,592

g

Harvest

Hills

South

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

4.5

%

,

5/01/35

................

375,000

375,966

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.45

%

,

5/01/45

...............

1,375,000

1,378,072

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.75

%

,

5/01/56

...............

1,700,000

1,702,640

Hawkstone

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

2021

,

2.6

%

,

5/01/26

................

45,000

44,748

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.2

%

,

5/01/31

................

440,000

425,977

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.45

%

,

5/01/41

...............

1,120,000

982,864

Assessment

Area

4

,

Special

Assessment

,

2023

,

4.375

%

,

5/01/30

..............

215,000

218,056

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)

Hawthorne

Mill

North

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.2

%

,

5/01/44

................

$

1,000,000

$

1,003,341

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/54

................

1,400,000

1,400,589

Hickory

Tree

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.15

%

,

5/01/44

...............

890,000

891,085

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/55

...............

365,000

361,631

Highland

Trails

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

....................

780,000

798,839

Assessments

,

Special

Assessment

,

2024

,

5.85

%

,

5/01/54

...................

785,000

805,757

Hills

of

Minneola

Community

Development

District

,

North

Parcel

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.55

%

,

5/01/44

.....

525,000

547,835

North

Parcel

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.875

%

,

5/01/54

....

760,000

799,691

South

Parcel

Assessment

Area

Phase

2

,

Special

Assessment

,

2021

,

2.375

%

,

5/01/26

........................................................

25,000

24,844

South

Parcel

Assessment

Area

Phase

2

,

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

250,000

236,952

South

Parcel

Assessment

Area

Phase

2

,

Special

Assessment

,

2021

,

3.2

%

,

5/01/41

500,000

419,622

Hilltop

Point

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2022-1

,

5.375

%

,

5/01/52

............

700,000

705,687

Assessment

Area

2

,

Special

Assessment

,

2022-2

,

5.6

%

,

5/01/53

..............

745,000

756,851

Hobe-St.

Lucie

Conservancy

District

,

Unit

of

Development

No.

1A

,

Special

Assessment

,

2024

,

5.875

%

,

5/01/55

...................................

3,000,000

3,076,159

Holly

Hill

Road

East

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

2020

,

4.5

%

,

11/01/31

...............

165,000

176,672

Assessment

Area

3

,

Special

Assessment

,

2020

,

5

%

,

11/01/41

................

350,000

375,337

Assessment

Area

3

,

Special

Assessment

,

2020

,

5

%

,

11/01/50

................

520,000

536,932

Hyde

Park

Community

Development

District

No.

1

,

Assessments

,

Special

Assessment

,

2024

A

,

5.35

%

,

5/01/44

..................

420,000

422,747

Assessments

,

Special

Assessment

,

2024

A

,

5.625

%

,

5/01/55

.................

280,000

281,131

Indigo

Community

Development

District

,

Special

Assessment

,

1999

A

,

7

%

,

5/01/31

...............................

340,000

340,731

Special

Assessment

,

1999

C

,

7

%

,

5/01/30

...............................

4,123,752

2,309,301

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

2.2

%

,

5/01/26

.........

65,000

64,530

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

.........

240,000

228,572

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.......

855,000

714,742

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

4

%

,

5/01/52

...........

1,375,000

1,175,728

Island

Lake

Estates

Community

Development

District

,

Special

Assessment

,

2023

,

5.75

%

,

12/15/43

.............................

1,240,000

1,304,273

Special

Assessment

,

2023

,

6

%

,

12/15/53

................................

1,430,000

1,493,906

Juniper

Cove

Community

Development

District

,

Assessments

,

Special

Assessment

,

2025

,

5.45

%

,

5/01/45

...................

515,000

523,280

Assessments

,

Special

Assessment

,

2025

,

5.7

%

,

5/01/55

....................

1,070,000

1,082,888

c

K-Bar

Ranch

III

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.875

%

,

5/01/45

.........................

1,765,000

1,850,603

Special

Assessment

,

144A,

2025

,

6.125

%

,

5/01/55

.........................

1,940,000

2,029,598

Kelly

Park

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

6

%

,

11/01/43

................

640,000

668,885

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.25

%

,

11/01/53

..............

860,000

892,625

Assessment

Area

2

,

Special

Assessment

,

2025

,

4.375

%

,

5/01/32

..............

150,000

152,579

Assessment

Area

2

,

Special

Assessment

,

2025

,

5.5

%

,

5/01/55

................

750,000

751,413

Kindred

Community

Development

District

II

,

Special

Assessment

,

2020

,

3.5

%

,

5/01/40

...............................

395,000

370,241

Special

Assessment

,

2020

,

3.75

%

,

5/01/50

..............................

570,000

486,658

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

...............................

235,000

226,275

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.............................

500,000

440,242

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)

Kindred

Community

Development

District

II,

(continued)

Special

Assessment

,

2023

,

5.875

%

,

5/01/54

.............................

$

1,100,000

$

1,140,143

Kingman

Gate

Community

Development

District

,

Special

Assessment

,

2020

,

3.125

%

,

6/15/30

.............................

375,000

372,021

Special

Assessment

,

2020

,

4

%

,

6/15/40

.................................

775,000

776,072

Special

Assessment

,

2020

,

4

%

,

6/15/50

.................................

2,270,000

2,047,940

Special

Assessment

,

2021

,

2.5

%

,

6/15/26

...............................

20,000

19,886

Special

Assessment

,

2021

,

3.125

%

,

6/15/31

.............................

250,000

247,362

Special

Assessment

,

2021

,

3.6

%

,

6/15/41

...............................

750,000

706,832

Kings

Creek

I

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.75

%

,

5/01/45

...............

775,000

796,719

Assessment

Area

1

,

Special

Assessment

,

2025

,

6

%

,

5/01/55

.................

1,300,000

1,332,779

Kingston

One

Community

Development

District

,

Assessment

Area

1

-

2025

Project

,

Special

Assessment

,

2025

,

5.75

%

,

5/01/45

....

2,600,000

2,682,947

Assessment

Area

1

-

2025

Project

,

Special

Assessment

,

2025

,

6

%

,

5/01/57

......

6,000,000

6,180,759

Kissimmee

Park

Community

Development

District

,

Offsite

Master

Infrastructure

Project

,

Special

Assessment

,

2025

,

6.5

%

,

5/01/56

...............................

6,200,000

6,429,147

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

1,760,000

1,761,631

Lake

Deer

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

5

%

,

5/01/32

...................

220,000

225,392

Assessment

Area

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/42

.................

740,000

765,140

Assessment

Area

,

Special

Assessment

,

2022

,

5.625

%

,

5/01/53

...............

1,325,000

1,344,074

c

Lake

Emma

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

5/01/43

..........

1,230,000

1,263,882

Assessment

Area

2

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

5/01/53

...........

805,000

826,974

Lake

Harris

Community

Development

District

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

.............................

585,000

605,263

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

.............................

570,000

586,370

Lake

Hideaway

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.75

%

,

5/01/31

...............

490,000

499,371

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.65

%

,

5/01/44

...............

1,460,000

1,485,127

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.9

%

,

5/01/54

................

2,405,000

2,429,748

Lake

Mattie

Preserve

Community

Development

District

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

...............................

1,005,000

1,015,591

Special

Assessment

,

2024

,

5.85

%

,

5/01/54

..............................

1,750,000

1,766,882

Phase

2

,

Special

Assessment

,

2025

,

5.45

%

,

5/01/45

.......................

975,000

972,527

Phase

2

,

Special

Assessment

,

2025

,

5.65

%

,

5/01/55

.......................

1,075,000

1,063,773

Lakes

at

Bella

Lago

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023-1

,

5.75

%

,

5/01/43

.............

805,000

835,257

Assessment

Area

1

,

Special

Assessment

,

2023-1

,

6

%

,

5/01/53

................

1,895,000

1,959,733

Assessment

Area

2

,

Special

Assessment

,

2023-2

,

5.75

%

,

5/01/43

.............

1,000,000

1,037,586

Assessment

Area

2

,

Special

Assessment

,

2023-2

,

6

%

,

5/01/54

................

2,395,000

2,475,353

Lakes

of

Sarasota

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

A-1

,

3.4

%

,

5/01/31

.............

135,000

132,135

Assessment

Area

1

,

Special

Assessment

,

2021

A-1

,

3.9

%

,

5/01/41

.............

285,000

262,997

Assessment

Area

1

,

Special

Assessment

,

2021

A-2

,

3.875

%

,

5/01/31

...........

100,000

100,863

Assessment

Area

2

,

Special

Assessment

,

2021

B-1

,

3.625

%

,

5/01/31

...........

125,000

124,740

Assessment

Area

2

,

Special

Assessment

,

2021

B-1

,

4.125

%

,

5/01/41

...........

200,000

188,643

Assessments

,

Special

Assessment

,

2024

A

,

5.6

%

,

5/01/55

...................

280,000

280,108

Lakes

of

Sarasota

Community

Development

District

2

,

Assessments

,

Special

Assessment

,

2025

A

,

5.7

%

,

5/01/55

....................................

760,000

764,169

c

Lakeside

at

Satilla

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2025

,

5.625

%

,

5/01/55

...............................

1,500,000

1,518,290

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)

Lakeside

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

6

%

,

5/01/43

.................................

$

675,000

$

712,649

Special

Assessment

,

2023

,

6.375

%

,

5/01/54

.............................

1,140,000

1,201,459

Lakewood

Park

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.2

%

,

5/01/31

................

125,000

121,016

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.625

%

,

5/01/41

..............

325,000

286,172

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

910,000

941,373

Lakewood

Ranch

Stewardship

District

,

c

Assessment

Lorraine

Lakes

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

5/01/30

..

250,000

244,156

c

Assessment

Northeast

Sector

Project

Phase

2B

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.2

%

,

5/01/30

..........................................

440,000

429,819

Assessment

Northeast

Sector

Project

Phase

2C

,

Special

Assessment

,

2020

,

3

%

,

5/01/30

........................................................

470,000

453,477

Assessment

Northeast

Sector

Project

Phase

2C

,

Special

Assessment

,

2020

,

3.5

%

,

5/01/40

........................................................

750,000

668,177

Assessment

Star

Farms

Phase

1/2

,

Special

Assessment

,

2021

,

2.3

%

,

5/01/26

....

50,000

49,689

Assessment

Star

Farms

Phase

1/2

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

....

100,000

94,484

Assessments

,

Special

Assessment

,

2023

,

6.125

%

,

5/01/43

..................

1,500,000

1,604,059

Assessments

,

Special

Assessment

,

2023

,

6.3

%

,

5/01/54

....................

5,000,000

5,280,115

Assessments

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/55

....................

765,000

771,449

Langley

South

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.125

%

,

5/01/44

..............

1,325,000

1,326,201

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.4

%

,

5/01/55

................

2,765,000

2,747,350

Laurel

Road

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

A-1

,

3

%

,

5/01/31

...................

350,000

331,671

Assessments

,

Special

Assessment

,

2021

A-1

,

4

%

,

5/01/52

...................

1,445,000

1,184,225

Lawson

Dunes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.375

%

,

5/01/27

...............

85,000

85,300

Assessment

Area

,

Special

Assessment

,

2022

,

4.75

%

,

5/01/32

................

510,000

526,354

Leomas

Landing

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

................

55,000

54,649

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.95

%

,

5/01/31

...............

310,000

300,200

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.95

%

,

5/01/31

...............

100,000

97,079

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.35

%

,

5/01/41

...............

795,000

696,983

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.35

%

,

5/01/41

...............

265,000

233,412

Assessment

Area

1

,

Special

Assessment

,

2021

,

4

%

,

5/01/52

.................

530,000

436,317

Live

Oak

Lake

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

,

4.4

%

,

5/01/40

................................................

1,600,000

1,483,622

Longleaf

Community

Development

District

,

c

Neighborhood

4

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.4

%

,

5/01/44

........................................................

730,000

749,719

c

Neighborhood

4

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.75

%

,

5/01/54

........................................................

945,000

966,879

Neighborhood

4

Assessment

Area

2

,

Special

Assessment

,

2024

A

,

5.2

%

,

5/01/44

..

710,000

703,977

Neighborhood

4

Assessment

Area

2

,

Special

Assessment

,

2024

A

,

5.45

%

,

5/01/55

.

820,000

800,769

c

Lowery

Hills

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

5.85

%

,

5/01/55

...............................

1,000,000

1,006,889

LT

Ranch

Community

Development

District

,

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.3

%

,

5/01/32

.........

120,000

126,729

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.75

%

,

5/01/42

........

380,000

401,367

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.9

%

,

5/01/53

.........

500,000

515,747

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

5

%

,

5/01/32

.........

1,245,000

1,304,592

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.5

%

,

5/01/42

........

2,620,000

2,712,372

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.7

%

,

5/01/53

........

5,790,000

5,941,721

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

74

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

LTC

Ranch

West

Residential

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

A

,

3.125

%

,

5/01/31

............

$

700,000

$

671,503

Assessment

Area

2

,

Special

Assessment

,

2024

AA-2

,

5.7

%

,

5/01/44

...........

300,000

305,153

Assessment

Area

2

,

Special

Assessment

,

2024

AA-2

,

6

%

,

5/01/54

.............

305,000

309,745

Assessment

Area

3

,

Special

Assessment

,

2024

AA-3

,

5.75

%

,

5/01/44

...........

1,075,000

1,097,053

Assessment

Area

3

,

Special

Assessment

,

2024

AA-3

,

6.05

%

,

5/01/54

...........

1,180,000

1,202,248

Magnolia

Island

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.55

%

,

5/01/45

...............

500,000

504,318

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.75

%

,

5/01/55

...............

1,000,000

1,006,922

c,g

Assessment

Area

2

,

Special

Assessment

,

144A,

2025

A

,

5.45

%

,

5/01/45

........

600,000

600,861

c,g

Assessment

Area

2

,

Special

Assessment

,

144A,

2025

A

,

5.75

%

,

5/01/56

........

1,000,000

1,000,766

c

Magnolia

Park

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/31

...................

250,000

256,765

Special

Assessment

,

144A,

2020

,

Refunding

,

4

%

,

5/01/39

...................

688,000

689,088

Malabar

Springs

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.5

%

,

5/01/31

................

385,000

389,176

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.2

%

,

5/01/44

................

455,000

453,796

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/54

................

925,000

914,047

c

Mandarin

Grove

Community

Development

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

5/01/53

...................................................

1,000,000

1,162,865

Mangrove

Point

&

Mangrove

Manor

,

Community

Development

District

,

Special

Assessment

,

2022

,

4

%

,

5/01/32

.......................................

345,000

326,864

Marion

Ranch

Community

Development

District

,

Special

Assessment

,

2024

,

5.7

%

,

5/01/44

.........................................................

660,000

674,463

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,290,000

1,291,073

Meadow

View

at

Twin

Creeks

Community

Development

District

,

Phase

3B

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

........................

205,000

195,513

Phase

3B

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/41

......................

785,000

656,947

Phase

3B

,

Special

Assessment

,

2021

,

3.75

%

,

5/01/52

......................

625,000

489,325

Phase

4

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

..........................

225,000

214,587

Phase

4

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/41

.......................

1,155,000

966,590

Merrick

Square

Community

Development

District

,

Special

Assessment

,

2023

,

4.5

%

,

5/01/30

...............................

175,000

178,405

Special

Assessment

,

2023

,

5.4

%

,

5/01/43

...............................

725,000

753,063

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

.............................

1,000,000

1,034,948

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

6.2

%

,

5/01/53

....................................................

3,115,000

3,261,735

Mirada

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/32

...............................................

210,000

201,434

Mirada

II

Community

Development

District

,

2021

Project

Area

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

.................

105,000

103,447

2021

Project

Area

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

...............

645,000

596,688

2021

Project

Area

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

.................

2,080,000

1,772,546

2022

Project

Area

,

Special

Assessment

,

2022

,

5.125

%

,

5/01/32

...............

195,000

204,429

2022

Project

Area

,

Special

Assessment

,

2022

,

5.6

%

,

5/01/42

.................

600,000

625,771

2022

Project

Area

,

Special

Assessment

,

2022

,

5.75

%

,

5/01/53

................

1,100,000

1,129,981

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment

,

2021

,

2.875

%

,

5/01/26

.............................

95,000

94,489

Special

Assessment

,

2021

,

3.5

%

,

5/01/31

...............................

500,000

486,325

Special

Assessment

,

2021

,

3.875

%

,

5/01/41

.............................

1,250,000

1,113,123

Newport

Isles

Community

Development

District

,

Special

Assessment

,

2024

,

5

%

,

5/01/44

.........................................................

2,000,000

1,997,014

c

Normandy

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.3

%

,

5/01/44

...........

990,000

974,843

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

Normandy

Community

Development

District,

(continued)

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.55

%

,

5/01/54

..........

$

1,365,000

$

1,324,472

North

AR-1

Pasco

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.625

%

,

5/01/26

..............

35,000

34,806

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

..............

275,000

263,935

Assessment

Area

2

,

Special

Assessment

,

2021

A

,

3.25

%

,

5/01/31

.............

165,000

159,357

Assessment

Area

2

,

Special

Assessment

,

2021

A

,

3.55

%

,

5/01/41

.............

460,000

403,138

Assessment

Area

3

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/43

...............

410,000

424,388

Assessment

Area

3

,

Special

Assessment

,

2023

,

6

%

,

5/01/54

.................

600,000

617,918

Assessment

Area

4

,

Special

Assessment

,

2024

,

4.625

%

,

5/01/31

..............

165,000

167,799

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

...............

760,000

772,153

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

805,000

812,261

Assessment

Area

5

,

Special

Assessment

,

2024

A

,

4.875

%

,

5/01/31

............

320,000

326,438

Assessment

Area

5

,

Special

Assessment

,

2024

A

,

5.75

%

,

5/01/44

.............

930,000

956,030

Assessment

Area

5

,

Special

Assessment

,

2024

A

,

6

%

,

5/01/54

................

990,000

1,016,018

North

Loop

Community

Development

District

,

Special

Assessment

,

2023

,

6.375

%

,

5/01/43

.............................

525,000

566,093

Special

Assessment

,

2023

,

6.625

%

,

5/01/54

.............................

1,000,000

1,075,398

North

Park

Isle

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.45

%

,

11/01/26

..............

55,000

54,286

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

11/01/31

................

500,000

476,198

North

Powerline

Road

Community

Development

District

,

Special

Assessment

,

2020

,

3.125

%

,

5/01/30

.............................

490,000

476,791

Special

Assessment

,

2020

,

3.625

%

,

5/01/40

.............................

1,000,000

914,957

c

Special

Assessment

,

144A,

2022

,

5.25

%

,

5/01/32

.........................

200,000

208,427

c

Special

Assessment

,

144A,

2022

,

5.625

%

,

5/01/52

.........................

1,395,000

1,438,935

North

River

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

A-1

,

3.5

%

,

5/01/30

.................

855,000

841,801

Assessments

,

Special

Assessment

,

2020

A-1

,

4

%

,

5/01/40

...................

1,150,000

1,103,716

North

River

Ranch

Improvement

Stewardship

District

,

Assessments

,

Special

Assessment

,

2023

A

,

6.7

%

,

5/01/55

...................

1,400,000

1,497,941

Assessments

,

Special

Assessment

,

2023

A-1

,

6

%

,

5/01/54

...................

4,925,000

5,035,993

Northlake

Stewardship

District

,

Rye

Ranch

Pod

C1

-

Assessment

Area

1

,

Special

Assessment

,

2025

,

6

%

,

5/01/45

.

875,000

909,343

Rye

Ranch

Pod

C1

-

Assessment

Area

1

,

Special

Assessment

,

2025

,

6.2

%

,

5/01/56

2,570,000

2,666,325

c

Northridge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

5.75

%

,

5/01/45

..........

1,500,000

1,540,876

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

6

%

,

5/01/55

............

2,000,000

2,051,956

Orange

Blossom

Groves

Community

Development

District

,

Special

Assessment

,

2023

,

4.25

%

,

6/15/30

..............................

365,000

372,268

Special

Assessment

,

2023

,

5.25

%

,

6/15/43

..............................

1,100,000

1,142,181

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

.............................

1,375,000

1,409,234

c

Osceola

Village

Center

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

5/01/31

.........................

180,000

170,414

Special

Assessment

,

144A,

2021

,

3.3

%

,

5/01/41

..........................

370,000

312,734

Palermo

Community

Development

District

,

Special

Assessment

,

2023

,

5

%

,

6/15/43

.................................

1,945,000

1,982,752

Special

Assessment

,

2023

,

5.25

%

,

6/15/53

..............................

1,500,000

1,520,033

Palm

Beach

County

Health

Facilities

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

C

,

Refunding

,

7.5

%

,

5/15/53

........................................................

2,035,000

2,260,296

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

C

,

Refunding

,

7.625

%

,

5/15/58

.................................................

1,620,000

1,804,174

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)

c

Palm

Coast

145

Community

Development

District

,

Special

Assessment

,

144A,

2025

A

,

6.75

%

,

5/01/57

...................................................

$

2,315,000

$

2,406,441

Palm

Coast

Park

Community

Development

District

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/53

...............................

1,000,000

1,017,334

Sawmill

Branch

-

Phase

7

,

Special

Assessment

,

2024

,

5

%

,

5/01/44

............

1,000,000

991,387

Sawmill

Branch

-

Phase

7

,

Special

Assessment

,

2024

,

5.3

%

,

5/01/55

...........

670,000

661,761

Spring

Lake

-

Tracts

2

&

3

,

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

...........

350,000

328,951

Spring

Lake

-

Tracts

2

&

3

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

.........

730,000

598,924

Palm

Gate

Community

Development

District

,

Special

Assessment

,

2025

,

5.55

%

,

6/15/55

.........................................................

630,000

629,557

Park

East

Community

Development

District

,

Special

Assessment

,

2021

,

3.15

%

,

11/01/41

........................................................

595,000

488,661

Parker

Pointe

Community

Development

District

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

.........................................................

555,000

562,350

Parkland

Community

Development

District

,

Phase

1

,

Special

Assessment

,

2023

A-1

,

6.45

%

,

5/01/54

...................................................

2,445,000

2,525,975

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

...............................................

955,000

857,105

Parrish

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.4

%

,

5/01/53

................

980,000

989,287

Assessment

Area

2

,

Special

Assessment

,

2023

A

,

5.375

%

,

5/01/43

............

1,080,000

1,103,891

Assessment

Area

2

,

Special

Assessment

,

2023

A

,

5.625

%

,

5/01/53

............

1,535,000

1,564,876

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

................

1,410,000

1,428,549

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

................

610,000

616,595

Parrish

Lakes

II

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.125

%

,

5/01/44

..............

2,500,000

2,483,062

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/54

...............

5,220,000

5,157,864

Parrish

Plantation

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

70,000

69,605

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

..............

235,000

226,656

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

................

790,000

686,465

Assessment

Area

2

,

Special

Assessment

,

2022

,

4.75

%

,

5/01/32

...............

115,000

118,832

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.375

%

,

5/01/42

..............

435,000

450,034

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/52

................

700,000

715,377

Assessment

Area

3

,

Special

Assessment

,

2024

,

4.875

%

,

5/01/31

..............

255,000

260,627

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/44

................

485,000

501,531

Assessment

Area

3

,

Special

Assessment

,

2024

,

6.05

%

,

5/01/54

...............

1,300,000

1,343,763

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..............

250,000

256,948

Assessment

Area

4

,

Special

Assessment

,

2024

,

5.875

%

,

5/01/54

..............

375,000

385,033

Pasadena

Ridge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.05

%

,

5/01/44

...............

750,000

745,332

Assessment

Area

2

,

Special

Assessment

,

2025

,

5.7

%

,

5/01/55

................

1,500,000

1,500,657

Peace

Creek

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.125

%

,

6/15/43

..............

1,450,000

1,485,841

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

..............

1,615,000

1,645,047

Peace

Creek

Village

Community

Development

District

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

...............................

1,115,000

1,138,112

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

..............................

910,000

920,641

c

Special

Assessment

,

144A,

2025

,

5.85

%

,

5/01/55

.........................

1,685,000

1,700,265

Peace

Crossing

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5

%

,

5/01/31

.................

435,000

439,449

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.7

%

,

5/01/44

................

2,825,000

2,808,243

Assessment

Area

1

,

Special

Assessment

,

2024

,

6

%

,

5/01/54

.................

4,000,000

3,954,995

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

12/15/26

........................

45,000

44,491

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)

c

Pine

Isle

Community

Development

District,

(continued)

Special

Assessment

,

144A,

2021

,

3

%

,

12/15/31

...........................

$

225,000

$

221,365

Special

Assessment

,

144A,

2021

,

3.25

%

,

12/15/41

.........................

1,000,000

888,420

Special

Assessment

,

144A,

2021

,

4

%

,

12/15/51

...........................

1,200,000

1,072,961

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment,

Sub.

Lien

,

2020

A-2

,

Refunding

,

3.75

%

,

5/01/37

...............................

700,000

691,479

Preserve

at

Savannah

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

...............

135,000

138,082

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

1,000,000

1,015,720

Preserve

at

South

Branch

Community

Development

District

,

Phase

3

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

..........................

150,000

147,730

Phase

3

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

........................

750,000

703,465

Prosperity

Lakes

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.875

%

,

12/15/43

.............

355,000

378,736

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.125

%

,

12/15/53

.............

990,000

1,058,950

Quail

Roost

Community

Development

District

,

Expansion

Area

,

Special

Assessment

,

2021

,

2.2

%

,

12/15/26

.................

80,000

78,833

Expansion

Area

,

Special

Assessment

,

2021

,

2.7

%

,

12/15/31

.................

200,000

190,128

Expansion

Area

,

Special

Assessment

,

2021

,

3.125

%

,

12/15/41

................

965,000

802,432

Expansion

Area

,

Special

Assessment

,

2021

,

4

%

,

12/15/51

...................

2,335,000

2,030,864

c

Radiance

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

6.2

%

,

5/01/45

...........

1,000,000

1,036,581

Assessment

Area

1

,

Special

Assessment

,

144A,

2025

,

6.4

%

,

5/01/56

...........

2,100,000

2,173,196

Ranches

at

Lake

Mcleod

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

6/15/53

...............................

730,000

743,746

Reserve

at

Van

Oaks

Community

Development

District

,

Special

Assessment

,

2023

,

5.125

%

,

5/01/43

.............................

285,000

292,977

Special

Assessment

,

2023

,

5.375

%

,

5/01/53

.............................

965,000

986,953

Reunion

East

Community

Development

District

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

...............................

110,000

109,325

Special

Assessment

,

2021

,

2.85

%

,

5/01/31

..............................

400,000

375,235

Rhodine

Road

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

2.6

%

,

5/01/27

.................

55,000

54,289

Assessment

Area

,

Special

Assessment

,

2022

,

3

%

,

5/01/32

...................

190,000

184,620

Assessment

Area

,

Special

Assessment

,

2022

,

3.3

%

,

5/01/42

.................

490,000

420,040

Ridge

at

Apopka

Community

Development

District

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/52

...............................

2,145,000

2,153,687

Parcel

2

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

........................

310,000

317,498

Parcel

2

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

.......................

545,000

552,736

River

Glen

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

350,000

332,161

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

..............

1,000,000

859,311

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A-2

,

Refunding

,

3

%

,

5/01/31

.......

895,000

850,641

Assessment

Area

,

Special

Assessment

,

2021

A-2

,

Refunding

,

3

%

,

5/01/36

.......

890,000

794,143

Assessment

Area

3

,

Special

Assessment

,

2020

A

,

3.625

%

,

5/01/40

............

1,030,000

924,059

Assessment

Area

4

,

Special

Assessment

,

2023

A

,

6.25

%

,

5/01/43

.............

500,000

534,922

Assessment

Area

4

,

Special

Assessment

,

2023

A

,

6.5

%

,

5/01/54

..............

1,300,000

1,382,683

c

Assessment

Area

5

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

5/01/55

.........

335,000

335,717

River

Landing

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

A

,

3.6

%

,

5/01/30

...................

475,000

466,740

Assessments

,

Special

Assessment

,

2020

A

,

4.125

%

,

5/01/40

.................

850,000

813,023

Assessments

,

Special

Assessment

,

2020

A

,

4.35

%

,

5/01/51

..................

1,100,000

982,063

Assessments

,

Special

Assessment

,

2023

A

,

5.5

%

,

5/01/43

...................

750,000

783,669

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

78

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

River

Landing

Community

Development

District,

(continued)

Assessments

,

Special

Assessment

,

2023

A

,

5.75

%

,

5/01/53

..................

$

1,000,000

$

1,041,972

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment

,

2001

A

,

7.625

%

,

5/01/30

............................

690,000

678,155

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

190,369

Rivers

Edge

III

Community

Development

District

,

c

Assessments

,

Special

Assessment

,

144A,

2021

,

3

%

,

5/01/31

.................

295,000

281,348

c

Assessments

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

5/01/41

...............

775,000

671,116

Assessments

,

Special

Assessment

,

2024

,

5.95

%

,

5/01/55

...................

1,920,000

1,951,189

Rivington

Community

Development

District

,

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

..............................

1,680,000

1,534,124

Special

Assessment

,

2022

,

3.625

%

,

5/01/32

.............................

430,000

421,035

Rolling

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

A-2

,

Refunding

,

3.65

%

,

5/01/32

...................................

700,000

669,920

c

Rolling

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

6.5

%

,

5/01/53

...........................................

1,500,000

1,577,836

Rookery

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

4.25

%

,

5/01/31

...............

300,000

302,318

Assessment

Area

1

,

Special

Assessment

,

2024

,

5

%

,

5/01/44

.................

775,000

761,952

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.35

%

,

5/01/55

...............

495,000

484,677

Rye

Crossing

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2024

,

4.2

%

,

5/01/31

................

270,000

272,402

Assessment

Area

2

,

Special

Assessment

,

2024

,

5

%

,

5/01/44

.................

630,000

627,560

Rye

Ranch

Community

Development

District

,

Pod

A

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.5

%

,

5/01/43

...........

1,000,000

1,087,409

Pod

A

Assessment

Area

1

,

Special

Assessment

,

2023

,

6.625

%

,

5/01/54

.........

1,600,000

1,715,070

c

Pod

B

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

11/01/43

....

710,000

733,932

c

Pod

B

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

6

%

,

11/01/53

......

215,000

222,676

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2020

,

3

%

,

6/15/30

.................

250,000

244,539

Assessment

Area

1

,

Special

Assessment

,

2020

,

4

%

,

6/15/40

.................

610,000

591,898

Assessment

Area

2

,

Special

Assessment

,

2022

,

3.1

%

,

12/15/32

...............

300,000

289,929

Assessment

Area

2

,

Special

Assessment

,

2022

,

3.35

%

,

12/15/41

..............

485,000

418,544

Saltleaf

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

4.75

%

,

5/01/31

...................

450,000

458,777

Assessments

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..................

1,565,000

1,594,614

Assessments

,

Special

Assessment

,

2024

,

6

%

,

5/01/56

......................

3,000,000

3,063,513

Sanctuary

Cove

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.625

%

,

5/01/31

...............

190,000

181,522

Assessment

Area

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

...............

400,000

341,534

Assessment

Area

,

Special

Assessment

,

2021

,

4

%

,

5/01/52

...................

770,000

676,886

Sandmine

Road

Community

Development

District

,

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

5/01/30

.........

300,000

297,693

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

5/01/40

.........

1,040,000

1,012,116

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

5/01/50

..........

2,020,000

1,745,636

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.3

%

,

11/01/26

...............

50,000

49,456

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

11/01/31

................

450,000

442,110

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.3

%

,

11/01/41

...............

1,180,000

1,055,772

Sandridge

Community

Development

District

,

Special

Assessment

,

2021

A-1

,

2.875

%

,

5/01/26

..........................

35,000

34,879

Special

Assessment

,

2021

A-1

,

3.4

%

,

5/01/31

............................

750,000

748,985

Special

Assessment

,

2021

A-1

,

3.875

%

,

5/01/41

..........................

730,000

687,825

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)

Sandridge

Community

Development

District,

(continued)

Special

Assessment

,

2021

A-1

,

4

%

,

5/01/51

..............................

$

735,000

$

640,607

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

...............................

1,000,000

1,018,377

Sarasota

National

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

,

Refunding

,

3.5

%

,

5/01/31

...........

1,490,000

1,503,310

Assessments

,

Special

Assessment

,

2020

,

Refunding

,

4

%

,

5/01/39

.............

2,210,000

2,211,118

Savanna

Lakes

Community

Development

District

,

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.125

%

,

6/15/43

.........

395,000

405,267

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

6/15/53

.........

1,065,000

1,085,483

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.25

%

,

6/15/44

...............

480,000

484,591

Sawgrass

Village

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

4.875

%

,

5/01/30

..............

440,000

448,250

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

................

1,500,000

1,542,805

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

1,595,000

1,625,412

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.125

%

,

11/01/43

.............

1,000,000

1,056,438

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.375

%

,

11/01/53

.............

1,000,000

1,051,686

c

Assessment

Area

3

,

Special

Assessment

,

144A,

2024

,

4.7

%

,

5/01/31

...........

315,000

320,671

c

Assessment

Area

3

,

Special

Assessment

,

144A,

2024

,

5.55

%

,

5/01/44

..........

700,000

710,673

c

Assessment

Area

3

,

Special

Assessment

,

144A,

2024

,

5.875

%

,

5/01/54

.........

1,180,000

1,194,906

Scenic

Highway

Community

Development

District

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

..............................

470,000

464,782

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

..............................

1,230,000

1,157,943

Scenic

Terrace

North

Community

Development

District

,

2023

Assessment

Area

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/43

...........

1,490,000

1,544,358

2023

Assessment

Area

,

Special

Assessment

,

2023

,

6.125

%

,

5/01/54

...........

1,300,000

1,347,808

Scenic

Terrace

South

Community

Development

District

,

Special

Assessment

,

2022

,

3.75

%

,

5/01/27

..............................

200,000

199,524

Special

Assessment

,

2022

,

4.125

%

,

5/01/32

.............................

585,000

589,758

c

Seaton

Creek

Reserve

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

6/15/53

................................

980,000

1,003,362

Sebastian

Isles

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

4.25

%

,

5/01/31

...................

220,000

222,386

Assessments

,

Special

Assessment

,

2024

,

5

%

,

5/01/44

......................

500,000

500,972

Sedona

Point

Community

Development

District

,

Special

Assessment

,

2023

,

4.125

%

,

6/15/30

.............................

55,000

55,803

Special

Assessment

,

2023

,

5

%

,

6/15/43

.................................

705,000

723,185

c

Seminole

County

Industrial

Development

Authority

,

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

4

%

,

6/15/36

.....

310,000

294,606

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

4

%

,

6/15/41

.....

425,000

373,382

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

4

%

,

6/15/51

.....

830,000

649,745

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

4

%

,

6/15/56

.....

705,000

535,888

Seminole

Palms

Community

Development

District

,

Special

Assessment

,

2023

,

4.75

%

,

5/01/30

..............................

205,000

208,458

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

...............................

850,000

874,256

Special

Assessment

,

2023

,

5.7

%

,

5/01/53

...............................

870,000

885,556

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2024

,

5.2

%

,

5/01/44

...........

1,190,000

1,163,454

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

5/01/55

...........

1,670,000

1,638,077

Sherwood

Manor

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/43

................

1,695,000

1,760,368

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..............

1,570,000

1,614,117

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment

,

2021

,

3.1

%

,

6/15/31

...............................

375,000

368,523

Special

Assessment

,

2021

,

3.5

%

,

6/15/41

...............................

1,000,000

911,635

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)

Silver

Oaks

Community

Development

District

,

Special

Assessment

,

2024

,

5.55

%

,

5/01/44

..............................

$

985,000

$

1,005,375

Special

Assessment

,

2024

,

5.85

%

,

5/01/54

..............................

1,475,000

1,499,079

Silver

Palms

West

Community

Development

District

,

Special

Assessment

,

2022

,

2.6

%

,

6/15/27

...............................

170,000

166,540

Special

Assessment

,

2022

,

3.25

%

,

6/15/42

..............................

1,750,000

1,535,455

Silverlake

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

245,000

253,486

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

................

985,000

1,013,114

Six

Mile

Creek

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2020

,

Refunding

,

3.625

%

,

11/01/31

....

495,000

498,192

Assessment

Area

2

,

Special

Assessment

,

2020

,

Refunding

,

4.125

%

,

11/01/40

....

1,370,000

1,350,188

Assessment

Area

2

,

Special

Assessment

,

2020

,

Refunding

,

4.25

%

,

11/01/50

.....

2,275,000

2,052,356

Assessment

Area

2

,

Special

Assessment

,

2021

,

Refunding

,

2.5

%

,

5/01/26

.......

65,000

64,588

Assessment

Area

2

,

Special

Assessment

,

2021

,

Refunding

,

3.1

%

,

5/01/31

.......

250,000

240,229

Assessment

Area

3

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

75,000

74,595

Assessment

Area

3

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

520,000

497,160

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.4

%

,

5/01/41

................

805,000

689,947

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

................

1,575,000

1,367,015

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

4.75

%

,

5/01/30

...........

420,000

428,310

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

5.5

%

,

5/01/43

...........

1,200,000

1,244,766

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

5.7

%

,

5/01/54

...........

1,500,000

1,543,435

Project

Area

,

Special

Assessment

,

2024

,

4.3

%

,

5/01/31

.....................

225,000

226,740

Solaeris

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.2

%

,

5/01/31

................

175,000

182,385

Assessment

Area

1

,

Special

Assessment

,

2024

,

6

%

,

5/01/44

.................

1,000,000

1,067,333

Assessment

Area

1

,

Special

Assessment

,

2024

,

6.25

%

,

5/01/55

...............

2,535,000

2,705,297

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2025

,

6

%

,

5/01/45

............

1,325,000

1,368,814

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2025

,

6.3

%

,

5/01/56

...........

2,300,000

2,377,043

c

Somerset

Bay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

5/01/44

.........

920,000

920,124

Assessment

Area

1

,

Special

Assessment

,

144A,

2024

,

5.9

%

,

5/01/54

...........

1,075,000

1,078,241

Somerset

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

Refunding

,

4

%

,

5/01/32

.............

750,000

751,344

Assessments

,

Special

Assessment

,

2022

,

Refunding

,

4.2

%

,

5/01/37

...........

1,000,000

981,929

Sorrento

Pines

Community

Development

District

,

Assessment

Area

1

,

Revenue

,

2023

,

5.25

%

,

5/01/43

.......................

445,000

459,219

Assessment

Area

1

,

Revenue

,

2023

,

5.5

%

,

5/01/53

........................

500,000

514,271

South

Creek

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.875

%

,

6/15/31

..............

175,000

169,491

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.25

%

,

6/15/41

...............

500,000

428,415

Southern

Groves

Community

Development

District

No.

5

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

.................

105,000

104,407

Assessment

Area

,

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

.................

400,000

386,917

Assessment

Area

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

...............

1,100,000

957,129

Assessment

Area

,

Special

Assessment

,

2022-1

,

6

%

,

5/01/49

.................

1,210,000

1,274,228

Assessment

Area

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

................

900,000

935,518

Assessment

Area

,

Special

Assessment

,

2024

,

5.7

%

,

5/01/50

.................

1,025,000

1,068,042

Stellar

North

Community

Development

District

,

Special

Assessment

,

2021

,

2.45

%

,

5/01/26

..............................

35,000

34,765

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................................

215,000

203,841

Special

Assessment

,

2021

,

3.2

%

,

5/01/41

...............................

755,000

624,833

c

Stillwater

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

6/15/26

.........................

75,000

74,359

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)

c

Stillwater

Community

Development

District,

(continued)

Special

Assessment

,

144A,

2021

,

3

%

,

6/15/31

............................

$

325,000

$

308,604

Stonegate

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

5.875

%

,

12/15/43

.............................

700,000

747,764

Special

Assessment

,

2023

,

6.125

%

,

12/15/53

.............................

1,250,000

1,338,761

c

Stonewater

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2021

,

3

%

,

11/01/32

................

250,000

234,806

Assessments

,

Special

Assessment

,

144A,

2021

,

3.3

%

,

11/01/41

..............

635,000

536,489

Stoneybrook

North

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

Refunding

,

6.375

%

,

11/01/52

..........................

1,205,000

1,316,091

Stoneybrook

South

at

Championsgate

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

4.5

%

,

6/15/30

.................

80,000

82,306

Assessment

Area

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/43

...............

395,000

417,631

Assessment

Area

,

Special

Assessment

,

2023

,

5.5

%

,

6/15/53

.................

390,000

407,729

c

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3

%

,

12/15/30

....

500,000

493,920

c

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.5

%

,

12/15/40

...

1,000,000

944,478

c

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

12/15/50

..

1,500,000

1,295,468

Storey

Creek

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

5

%

,

6/15/32

.................

240,000

253,321

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.2

%

,

6/15/42

................

625,000

637,021

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.375

%

,

6/15/52

..............

1,000,000

1,006,009

Assessment

Area

3

,

Special

Assessment

,

2024

,

4.45

%

,

6/15/31

...............

230,000

234,720

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.25

%

,

6/15/44

...............

650,000

661,792

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.5

%

,

6/15/54

................

810,000

826,871

Storey

Drive

Community

Development

District

,

Special

Assessment

,

2022

,

2.55

%

,

6/15/27

..............................

80,000

78,278

Special

Assessment

,

2022

,

3

%

,

6/15/32

.................................

375,000

351,016

Special

Assessment

,

2022

,

3.25

%

,

6/15/42

..............................

900,000

738,132

c

Storey

Park

Community

Development

District

,

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

6/15/31

.........

230,000

225,030

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

3.3

%

,

6/15/41

...........

620,000

569,819

Summer

Woods

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

150,000

146,491

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.4

%

,

5/01/41

................

395,000

350,107

Assessment

Area

3

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

50,000

49,681

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.15

%

,

5/01/31

...............

200,000

192,100

Assessment

Area

3

,

Special

Assessment

,

2021

,

3.45

%

,

5/01/41

...............

725,000

614,641

Summerstone

Community

Development

District

,

Assessment

Phase

1

,

Special

Assessment

,

2020

,

3.25

%

,

5/01/30

.............

165,000

164,371

Assessment

Phase

1

,

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

.............

700,000

672,835

Assessment

Phase

1

,

Special

Assessment

,

2020

,

4

%

,

5/01/51

................

910,000

813,854

c

Assessment

Phase

2

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

5/01/31

........

175,000

170,622

c

Assessment

Phase

2

,

Special

Assessment

,

144A,

2021

,

3.15

%

,

5/01/41

........

700,000

624,946

c

Assessment

Phase

2

,

Special

Assessment

,

144A,

2021

,

4

%

,

5/01/51

...........

1,750,000

1,565,103

Summit

View

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..............

945,000

968,029

Assessment

Area

2

,

Special

Assessment

,

2024

,

6

%

,

5/01/54

.................

1,205,000

1,234,232

Sunbridge

Stewardship

District

,

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

5

%

,

5/01/32

........................................................

350,000

365,277

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

5.4

%

,

5/01/42

...................................................

920,000

950,488

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/52

...................................................

1,720,000

1,754,955

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)

Sunbridge

Stewardship

District,

(continued)

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

4.2

%

,

5/01/27

........................................................

$

235,000

$

235,559

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

4.6

%

,

5/01/32

........................................................

460,000

471,546

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

5.2

%

,

5/01/42

........................................................

1,000,000

1,022,204

c

Sunrise

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.875

%

,

5/01/55

.........................................................

2,250,000

2,225,506

Tamarindo

Community

Development

District

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................................

185,000

176,265

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.............................

820,000

703,007

Tern

Bay

Community

Development

District

,

Special

Assessment

,

2022

,

4

%

,

6/15/42

.

2,000,000

1,792,790

Terra

Lago

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.625

%

,

5/01/45

..............

450,000

458,008

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.8

%

,

5/01/55

................

1,170,000

1,187,443

Terreno

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.65

%

,

5/01/55

...............................................

540,000

547,312

Three

Rivers

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

Refunding

,

5.75

%

,

5/01/53

......................................

2,300,000

2,342,450

Timber

Creek

Southwest

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.35

%

,

12/15/26

..............

165,000

162,580

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

12/15/31

................

750,000

713,709

Tohoqua

Community

Development

District

,

Phase

2

,

Special

Assessment

,

2021

,

2.875

%

,

5/01/31

......................

215,000

208,862

Phase

2

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

......................

805,000

710,449

Tolomato

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2022-1

,

3.3

%

,

5/01/32

..............

515,000

498,845

Assessment

Area

2

,

Special

Assessment

,

2022-2

,

3.3

%

,

5/01/32

..............

190,000

183,935

c

Towne

Park

Community

Development

District

,

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

5/01/30

........

410,000

401,725

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

5/01/40

........

1,075,000

997,697

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/51

...........

1,000,000

883,528

c

Towns

at

Woodsdale

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2023

,

6.125

%

,

11/01/43

.............

380,000

402,456

Assessments

,

Special

Assessment

,

144A,

2023

,

6.375

%

,

11/01/53

.............

1,325,000

1,400,431

Tradition

Community

Development

District

No.

9

,

Assessments

,

Special

Assessment

,

2021

,

2.3

%

,

5/01/26

....................

100,000

99,346

Assessments

,

Special

Assessment

,

2021

,

2.7

%

,

5/01/31

....................

445,000

417,333

c

Trevesta

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/30

..........

235,000

226,878

Assessment

Area

2

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

5/01/40

..........

880,000

783,004

Triple

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3

%

,

11/01/31

..................

250,000

235,946

Assessment

Area

,

Special

Assessment

,

2021

,

3.5

%

,

11/01/41

................

740,000

640,157

c

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.375

%

,

11/01/26

.......................................................

40,000

39,369

c

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

11/01/31

.......................................................

450,000

421,772

c

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

11/01/41

.......................................................

1,190,000

978,702

Tuckers

Pointe

Community

Development

District

,

Phase

1

Project

,

Special

Assessment

,

2022

,

3

%

,

5/01/27

....................

130,000

128,360

Phase

1

Project

,

Special

Assessment

,

2022

,

3.375

%

,

5/01/32

................

565,000

544,055

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)

Twisted

Oaks

Pointe

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..............

$

500,000

$

509,732

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/43

..............

500,000

520,731

Assessment

Area

2

,

Special

Assessment

,

2023

,

6.125

%

,

5/01/54

..............

500,000

519,003

Assessment

Area

3

,

Special

Assessment

,

2024

,

4.8

%

,

5/01/31

................

330,000

335,641

Assessment

Area

3

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..............

965,000

982,606

Assessment

Area

3

,

Special

Assessment

,

2024

,

6

%

,

5/01/55

.................

1,350,000

1,372,785

Two

Rivers

East

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

4.875

%

,

5/01/30

..............

155,000

157,943

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/43

...............

2,000,000

2,077,671

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.875

%

,

5/01/53

..............

3,465,000

3,548,725

Two

Rivers

North

Community

Development

District

,

Special

Assessment

,

2022

,

4.625

%

,

5/01/27

.............................

45,000

45,174

Special

Assessment

,

2022

,

4.875

%

,

5/01/32

.............................

380,000

392,399

Two

Rivers

West

Community

Development

District

,

Special

Assessment

,

2022

,

6

%

,

5/01/43

.................................

1,190,000

1,254,385

Special

Assessment

,

2022

,

6.25

%

,

5/01/53

..............................

1,465,000

1,536,245

Special

Assessment

,

2023

,

6

%

,

11/01/43

................................

1,555,000

1,635,441

Special

Assessment

,

2023

,

6.125

%

,

11/01/53

.............................

2,145,000

2,240,041

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

.............................

405,000

415,423

c

Union

Park

East

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

144A,

2021

,

2.95

%

,

5/01/31

..........

60,000

57,078

Assessment

Area

3

,

Special

Assessment

,

144A,

2021

,

3.35

%

,

5/01/41

..........

160,000

136,263

Varrea

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.125

%

,

5/01/43

...............

1,075,000

1,101,028

Assessment

Area

,

Special

Assessment

,

2023

,

5.4

%

,

5/01/53

.................

1,320,000

1,347,134

V-Dana

Community

Development

District

,

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

3.5

%

,

5/01/31

...........

375,000

371,029

c

Assessment

Area

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

5/01/40

............

1,775,000

1,658,415

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

..............

400,000

386,559

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.625

%

,

5/01/41

..............

1,250,000

1,106,957

Assessment

Area

2

,

Special

Assessment

,

2023

,

4.3

%

,

5/01/30

................

590,000

598,766

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.25

%

,

5/01/43

...............

1,485,000

1,522,182

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/54

................

1,960,000

1,995,320

Assessment

Area

2

,

Special

Assessment

,

2025

,

5.375

%

,

5/01/45

..............

500,000

504,908

Assessment

Area

2

,

Special

Assessment

,

2025

,

5.55

%

,

5/01/55

...............

1,100,000

1,106,882

Veranda

Community

Development

District

II

,

Assessment

Area

3

,

Special

Assessment

,

2024

,

Refunding

,

5.125

%

,

5/01/44

.....

1,675,000

1,707,362

Assessment

Area

3

,

Special

Assessment

,

2024

,

Refunding

,

5.375

%

,

5/01/54

.....

3,470,000

3,524,223

c

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.5

%

,

5/01/26

..

50,000

49,691

c

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.1

%

,

5/01/31

..

265,000

253,393

c

Assessment

Area

4

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.6

%

,

5/01/41

..

535,000

469,093

c

Assessment

Area

5

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.5

%

,

5/01/26

..

25,000

24,847

c

Assessment

Area

5

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.1

%

,

5/01/31

..

65,000

62,214

c

Assessment

Area

5

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.6

%

,

5/01/41

..

275,000

242,504

Assessment

Area

5

Phase

2

,

Special

Assessment

,

2024

,

Refunding

,

5.375

%

,

5/01/44

........................................................

580,000

592,683

Assessment

Area

5

Phase

2

,

Special

Assessment

,

2024

,

Refunding

,

5.625

%

,

5/01/54

........................................................

260,000

263,319

Verano

No.

2

Community

Development

District

,

Pod

D

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

..........................

815,000

829,114

Pod

D

,

Special

Assessment

,

2024

,

5.8

%

,

5/01/54

..........................

1,910,000

1,934,842

Pod

D

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/55

........................

195,000

195,417

Verano

No.

3

Community

Development

District

,

Phase

1

Assessment

Area

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

.........

750,000

622,589

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)

Verano

No.

3

Community

Development

District,

(continued)

Phase

2

Assessment

Area

,

Special

Assessment

,

2022

,

6.45

%

,

11/01/42

.........

$

1,000,000

$

1,069,888

Phase

2

Assessment

Area

,

Special

Assessment

,

2022

,

6.625

%

,

11/01/52

........

1,475,000

1,568,573

Verano

No.

4

Community

Development

District

,

Astor

Creek

Phase

1

Assessment

Area

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

1,020,000

1,056,617

Astor

Creek

Phase

1

Assessment

Area

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

250,000

258,113

Viera

Stewardship

District

,

Assessments

,

Special

Assessment

,

2021

,

2.3

%

,

5/01/26

....................

200,000

198,601

Assessments

,

Special

Assessment

,

2021

,

2.8

%

,

5/01/31

....................

800,000

751,516

Assessments

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/41

..................

1,750,000

1,456,079

Assessments

,

Special

Assessment

,

2023

,

5.5

%

,

5/01/54

....................

2,500,000

2,526,666

Village

Community

Development

District

No.

14

,

Phase

I

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/53

....................................................

11,265,000

11,474,813

Villages

of

Glen

Creek

Community

Development

District

,

Assessment

Area

3

,

Special

Assessment

,

2022

,

Refunding

,

3.15

%

,

5/01/32

......

200,000

190,937

Assessment

Area

3

,

Special

Assessment

,

2022

,

Refunding

,

3.45

%

,

5/01/42

......

545,000

460,228

Assessment

Area

3

,

Special

Assessment

,

2022

,

Refunding

,

4

%

,

5/01/52

........

1,170,000

980,822

Assessment

Area

4

,

Special

Assessment

,

2022

A

,

4.625

%

,

5/01/27

............

100,000

100,441

Assessment

Area

4

,

Special

Assessment

,

2022

A

,

4.875

%

,

5/01/32

............

250,000

258,664

Assessment

Area

4

,

Special

Assessment

,

2022

A

,

5.125

%

,

5/01/42

............

710,000

725,213

Villamar

Community

Development

District

,

Special

Assessment

,

2020

,

3.2

%

,

5/01/30

...............................

240,000

237,623

Special

Assessment

,

2020

,

3.75

%

,

5/01/40

..............................

655,000

610,606

Assessment

Area

5

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/43

..............

400,000

416,738

Assessment

Area

5

,

Special

Assessment

,

2023

,

5.75

%

,

5/01/53

...............

1,205,000

1,233,141

Assessment

Area

6

,

Special

Assessment

,

2024

,

5.5

%

,

5/01/44

................

670,000

688,947

Assessment

Area

6

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

495,000

504,784

Phase

4

Project

,

Special

Assessment

,

2022

,

3.25

%

,

5/01/27

.................

75,000

74,340

Phase

4

Project

,

Special

Assessment

,

2022

,

3.625

%

,

5/01/32

................

250,000

243,958

Phase

4

Project

,

Special

Assessment

,

2022

,

4

%

,

5/01/42

....................

670,000

612,197

Waterford

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

315,000

325,911

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/53

................

610,000

630,004

Assessment

Area

2

,

Special

Assessment

,

2024

,

4.375

%

,

5/01/31

..............

160,000

161,626

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/54

...............

600,000

593,706

c

Assessment

Area

3

,

Special

Assessment

,

144A,

2025

,

6.25

%

,

5/01/56

..........

1,590,000

1,653,110

Waterset

South

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

6.1

%

,

5/01/53

....................

665,000

695,299

Assessments

,

Special

Assessment

,

2024

,

5.65

%

,

5/01/54

...................

1,680,000

1,722,495

Wellness

Ridge

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.125

%

,

6/15/43

..............

1,405,000

1,438,833

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

6/15/53

..............

1,340,000

1,362,413

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2024

,

4.25

%

,

6/15/31

..........

235,000

237,102

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2024

,

5

%

,

6/15/44

............

500,000

499,020

West

Hillcrest

Community

Development

District

,

Special

Assessment

,

2023

,

5.25

%

,

6/15/43

.........................................................

825,000

853,453

West

Port

Community

Development

District

,

Assessment

Area

1

2021

Project

Area

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

..

55,000

54,642

Assessment

Area

1

2021

Project

Area

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

...

570,000

543,086

Assessment

Area

1

2021

Project

Area

,

Special

Assessment

,

2021

,

3.4

%

,

5/01/41

..

1,470,000

1,255,552

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

5/01/31

..........

410,000

395,009

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

5/01/41

.........

1,085,000

952,111

West

Villages

Improvement

District

,

Unit

of

Development

No.

10

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.375

%

,

5/01/44

........................................................

945,000

959,191

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)

West

Villages

Improvement

District,

(continued)

Unit

of

Development

No.

10

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/54

........................................................

$

995,000

$

1,001,691

Unit

of

Development

No.

12

Assessment

Area

1

,

Special

Assessment

,

2025

,

5

%

,

5/01/35

........................................................

855,000

897,802

Unit

of

Development

No.

12

Assessment

Area

1

,

Special

Assessment

,

2025

,

5.75

%

,

5/01/45

........................................................

500,000

523,623

Unit

of

Development

No.

12

Assessment

Area

1

,

Special

Assessment

,

2025

,

6

%

,

5/01/55

........................................................

1,570,000

1,645,419

Unit

of

Development

No.

7

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

..........

55,000

54,604

Unit

of

Development

No.

7

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

........

200,000

188,588

Unit

of

Development

No.

7

,

Special

Assessment

,

2021

,

3.5

%

,

5/01/41

..........

800,000

667,899

Unit

of

Development

No.

7

,

Special

Assessment

,

2023

,

6

%

,

5/01/43

............

320,000

342,353

Unit

of

Development

No.

7

,

Special

Assessment

,

2023

,

6.25

%

,

5/01/54

.........

585,000

622,180

Unit

of

Development

No.

8

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

..........

40,000

39,707

Unit

of

Development

No.

8

,

Special

Assessment

,

2021

,

3.125

%

,

5/01/31

........

525,000

495,287

Unit

of

Development

No.

8

,

Special

Assessment

,

2022

,

5.5

%

,

5/01/53

..........

1,905,000

1,938,145

Unit

of

Development

No.

9

,

Special

Assessment

,

2023

,

4.625

%

,

5/01/30

........

205,000

208,850

Unit

of

Development

No.

9

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

........

1,495,000

1,547,725

Unit

of

Development

No.

9

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

........

2,005,000

2,063,829

Westside

Haines

City

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

65,000

64,631

Assessment

Area

1

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

350,000

334,792

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.25

%

,

5/01/41

...............

1,000,000

826,266

Assessment

Area

2

,

Special

Assessment

,

2024

,

4.875

%

,

5/01/31

..............

395,000

403,745

Assessment

Area

2

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/44

...............

1,515,000

1,553,274

Assessment

Area

2

,

Special

Assessment

,

2024

,

6

%

,

5/01/54

.................

2,130,000

2,183,106

Westview

North

Community

Development

District

,

Special

Assessment

,

2022

,

5.75

%

,

6/15/42

..............................

1,000,000

1,054,314

Special

Assessment

,

2022

,

6

%

,

6/15/52

.................................

1,250,000

1,307,990

Westview

South

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2023

,

4.875

%

,

5/01/28

..............

265,000

267,697

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

1,470,000

1,516,292

Assessment

Area

1

,

Special

Assessment

,

2023

,

5.6

%

,

5/01/53

................

2,565,000

2,615,758

c

Assessment

Area

1

2025

Project

Area

,

Special

Assessment

,

144A,

2025

,

6

%

,

5/01/45

........................................................

2,455,000

2,562,813

c

Assessment

Area

1

2025

Project

Area

,

Special

Assessment

,

144A,

2025

,

6.2

%

,

5/01/55

........................................................

2,225,000

2,319,657

Assessment

Area

2

,

Special

Assessment

,

2023

,

4.75

%

,

5/01/28

...............

140,000

140,908

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

1,240,000

1,254,416

Westwood

of

Pasco

Community

Development

District

,

Assessments

,

Special

Assessment

,

2023

,

5.4

%

,

5/01/43

....................

500,000

515,261

Assessments

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..................

145,000

148,536

Whispering

Pines

Community

Development

District

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

.............................

500,000

519,847

Special

Assessment

,

2023

,

5.5

%

,

5/01/53

...............................

930,000

956,545

Willowbrook

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.625

%

,

5/01/44

..............

555,000

561,751

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.9

%

,

5/01/55

................

725,000

731,489

c

Assessment

Area

2

,

Special

Assessment

,

144A,

2025

,

5.875

%

,

5/01/56

.........

1,100,000

1,116,097

Willows

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2022

,

4.7

%

,

5/01/29

................

235,000

239,134

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.625

%

,

5/01/42

..............

1,440,000

1,510,295

Assessment

Area

2

,

Special

Assessment

,

2022

,

5.75

%

,

5/01/52

...............

1,200,000

1,243,933

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)

Wind

Meadows

South

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.4

%

,

5/01/26

................

$

60,000

$

59,576

Assessment

Area

1

,

Special

Assessment

,

2021

,

2.95

%

,

5/01/31

...............

250,000

235,607

Assessment

Area

1

,

Special

Assessment

,

2021

,

3.35

%

,

5/01/41

...............

940,000

788,618

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.375

%

,

5/01/43

..............

920,000

946,088

Assessment

Area

2

,

Special

Assessment

,

2023

,

5.625

%

,

5/01/53

..............

980,000

1,002,691

Winding

Oaks

Community

Development

District

,

Special

Assessment

,

2024

,

5.4

%

,

5/01/44

...............................

315,000

317,375

Special

Assessment

,

2024

,

5.7

%

,

5/01/55

...............................

1,125,000

1,130,133

Windsor

Cay

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.45

%

,

5/01/44

...............

1,000,000

1,038,066

Assessment

Area

1

,

Special

Assessment

,

2024

,

5.75

%

,

5/01/54

...............

765,000

796,351

Windward

Community

Development

District

,

Special

Assessment

,

2020

A-1

,

3.65

%

,

5/01/30

.........................................................

130,000

128,414

Wiregrass

II

Community

Development

District

,

Assessment

Area

1

,

Special

Assessment

,

2020

,

3.125

%

,

5/01/30

..............

645,000

622,010

Assessment

Area

1

,

Special

Assessment

,

2020

,

3.7

%

,

5/01/40

................

1,680,000

1,525,331

c

Woodland

Crossing

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.875

%

,

5/01/45

.........................

830,000

854,996

Special

Assessment

,

144A,

2025

,

6.125

%

,

5/01/56

.........................

1,760,000

1,811,342

Woodland

Ranch

Estates

Community

Development

District

,

Special

Assessment

,

2025

,

5.75

%

,

5/01/55

...................................................

715,000

720,988

Zephyr

Lakes

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

2021

,

2.5

%

,

5/01/26

................

45,000

44,645

Assessment

Area

2

,

Special

Assessment

,

2021

,

3

%

,

5/01/31

.................

135,000

127,678

Assessment

Area

2

,

Special

Assessment

,

2021

,

3.375

%

,

5/01/41

..............

640,000

540,519

905,887,353

Georgia

1.0%

c

Atlanta

Development

Authority

(The)

,

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

6

%

,

7/01/50

.............

1,000,000

1,037,898

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

6

%

,

7/01/55

.............

885,000

913,904

c

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

5

%

,

12/01/39

1,825,000

1,629,429

Presbyterian

Village

Austell,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

5

%

,

12/01/49

10,760,000

8,351,754

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

1,835,000

1,906,698

f

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

16,820,000

7,971,936

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

2,935,000

3,130,227

c

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC

,

Revenue

,

144A,

2021

B

,

5

%

,

1/01/54

...........................................

6,500,000

6,198,400

Georgia

Housing

&

Finance

Authority

,

Revenue

,

2025

C

,

5.125

%

,

12/01/50

........

5,000,000

5,152,338

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2007

A

,

5.5

%

,

9/15/27

......................................

4,000,000

4,144,912

Revenue

,

2007

A

,

5.5

%

,

9/15/28

......................................

5,000,000

5,280,042

45,717,538

Idaho

0.3%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

7

%

,

2/01/36

............

13,305,000

13,331,367

Illinois

2.7%

Chicago

Board

of

Education

,

GO

,

2025

A

,

5.75

%

,

12/01/50

.........................................

6,540,000

6,404,765

GO

,

2025

B

,

Refunding

,

6

%

,

12/01/43

..................................

3,000,000

3,085,066

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)

Illinois

(continued)

Chicago

Board

of

Education,

(continued)

GO

,

2025

B

,

Refunding

,

6

%

,

12/01/44

..................................

$

2,000,000

$

2,045,692

GO

,

2025

C

,

Refunding

,

6

%

,

12/01/43

..................................

5,000,000

5,141,776

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien

,

2025

E

,

BAM

Insured

,

5

%

,

1/01/60

.........................................................

3,000,000

2,995,378

City

of

Chicago

,

GO

,

2025

A

,

6

%

,

1/01/50

............................................

7,500,000

7,882,029

GO

,

2025

F

,

6

%

,

1/01/44

............................................

1,660,000

1,783,089

Illinois

Finance

Authority

,

c

DePaul

College

Prep

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.625

%

,

8/01/53

......

2,055,000

2,104,819

c

McKinley

Foundation

at

University

of

Illinois

(The)

,

Revenue

,

144A,

2021

A

,

Refunding

,

5.125

%

,

11/01/55

.......................................

13,560,000

11,254,965

c

McKinley

Foundation

at

University

of

Illinois

(The)

,

Revenue

,

144A,

2021

B

,

7

%

,

11/01/37

.......................................................

3,035,000

3,045,675

Plymouth

Place

Obligated

Group

,

Revenue

,

2022

A

,

6.75

%

,

5/15/58

...........

3,000,000

3,145,533

Westminster

Village,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

5/01/48

........................................................

10,000,000

8,962,086

Westminster

Village,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.5

%

,

5/01/53

........................................................

10,810,000

9,813,333

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

1996

,

ETM,

7

%

,

7/01/26

.....................................

1,075,000

1,100,595

f

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2010

B-1

,

Refunding

,

AG

Insured

,

4.69

%,

6/15/45

................................

18,100,000

7,395,392

State

of

Illinois

,

GO

,

2022

C

,

5.5

%

,

10/01/44

...............................

4,645,000

4,949,876

c

,f

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

39,864,534

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

B

,

Refunding

,

5.68

%,

12/01/35

.......................................................

12,135,000

6,933,000

Village

of

Villa

Park

,

Garden

Station

Redevelopment

Area

,

Tax

Allocation

,

2021

,

Zero

Cpn.

till

12/30/25,

4.5%

thereafter

,

12/31/38

..............................

1,815,000

1,544,831

129,452,434

Indiana

0.6%

c

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

144A,

2020

A

,

5.375

%

,

1/01/40

.........................................................

2,740,000

2,485,466

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

5

%

,

8/01/41

..

5,345,000

4,613,709

c

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25

%

,

11/01/40

...................................................

4,500,000

4,076,707

c

City

of

Valparaiso

,

Green

Oaks

of

Valparaiso

LLC

,

Revenue

,

144A,

2021

,

5.375

%

,

12/01/41

........................................................

4,650,000

4,234,450

Indiana

Finance

Authority

,

SFP-PUFW

I

LLC

,

Revenue

,

2024

C

,

5.75

%

,

7/01/64

.......................

1,730,000

1,655,392

University

of

Evansville

,

Revenue

,

2022

B

,

7

%

,

9/01/32

.....................

3,515,000

3,457,055

Westminster

Village

Greenwood,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

5.75

%

,

5/15/60

........................................................

3,585,000

3,629,406

c

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

144A,

2021

A

,

5.25

%

,

4/01/41

........................................

4,750,000

4,165,529

28,317,714

Iowa

0.3%

Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

5/15/48

....

2,090,000

1,995,885

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.75

%

,

5/15/33

........................................................

1,000,000

1,138,180

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)

Iowa

(continued)

Iowa

Finance

Authority,

(continued)

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

7.25

%

,

5/15/38

........................................................

$

1,500,000

$

1,715,130

Northcrest

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

3/01/48

..................

7,500,000

7,075,352

Presbyterian

Homes

Mill

Pond

Apartment,

Inc.

,

Revenue

,

2025

,

5.875

%

,

10/01/65

.

2,000,000

2,029,498

13,954,045

Kansas

0.0%

†

g

City

of

Manhattan

,

Lowry

Trails

Public

Improvement

District

Improvement

Area

No.

1

,

Revenue

,

2025

A

,

5.5

%

,

6/01/60

......................................

1,000,000

1,000,028

Kentucky

0.4%

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier

,

2013

C

,

6.6

%

,

7/01/39

...............................

10,000,000

11,522,940

Revenue,

First

Tier

,

2013

C

,

6.75

%

,

7/01/43

..............................

5,000,000

5,667,169

17,190,109

Louisiana

1.5%

Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment

,

2021

,

2.375

%

,

6/01/26

.............................

95,000

94,075

Special

Assessment

,

2021

,

2.875

%

,

6/01/31

.............................

695,000

640,116

Special

Assessment

,

2021

,

3.2

%

,

6/01/41

...............................

2,730,000

2,184,478

Special

Assessment

,

2021

,

4

%

,

6/01/51

.................................

2,035,000

1,635,933

Special

Assessment

,

2022

,

5.5

%

,

6/01/52

...............................

1,425,000

1,451,237

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA

,

Revenue

,

144A,

2018

,

5.375

%

,

11/01/38

........................

1,225,000

1,269,267

Parish

of

Lafourche

,

Revenue

,

144A,

2019

,

3.95

%

,

11/01/43

.................

1,547,668

1,441,178

Parish

of

St.

Martin

,

Revenue

,

144A,

2019

,

4.4

%

,

11/01/44

...................

2,630,000

2,567,745

Parish

of

Vermilion

,

Revenue

,

144A,

2019

,

4.625

%

,

11/01/38

.................

1,270,000

1,289,942

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

..................................................

5,000,000

5,040,821

f

Patriot

Services

Group

Obligated

Group

,

Revenue,

Sub.

Lien

,

144A,

2024

B

,

Refunding

,

5.76

%,

12/01/35

........................................

12,800,000

7,312,929

Terrebonne

Parish

Consolidated

Government

,

Revenue

,

144A,

2018

,

5.5

%

,

11/01/39

895,000

928,220

Louisiana

Public

Facilities

Authority

,

c

Acadiana

Renaissance

Charter

Academy

,

Revenue

,

144A,

2025

,

6

%

,

6/15/59

....

2,435,000

2,444,726

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.5

%

,

9/01/59

......

6,500,000

6,644,655

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.75

%

,

9/01/64

.....

5,025,000

5,227,890

c

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

A-1

,

5.375

%

,

1/01/40

5,000,000

4,081,493

c

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

A-1

,

5.5

%

,

1/01/50

.

4,500,000

3,458,482

c

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

A-2

,

7

%

,

1/01/57

...

10,000,000

7,912,209

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

13,990,000

14,018,612

69,644,008

Maryland

0.2%

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District

,

Special

Tax

,

2019

,

Refunding

,

3.25

%

,

7/01/29

........................................................

620,000

601,467

Urbana

Community

Development

Authority

,

Special

Tax,

Sub.

Lien

,

2020

B

,

Refunding

,

4

%

,

7/01/40

............................................

295,000

287,610

c

Town

of

La

Plata

,

Heritage

Green

Special

Taxing

District

,

Special

Tax

,

144A,

2023

A

,

6.5

%

,

2/15/53

....................................................

8,500,000

8,611,290

9,500,367

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)

Massachusetts

0.0%

†

c

Massachusetts

Development

Finance

Agency

,

CHF

Merrimack,

Inc.

,

Revenue

,

144A,

2024

A

,

5

%

,

7/01/54

..................

$

1,200,000

$

1,144,715

CHF

Merrimack,

Inc.

,

Revenue

,

144A,

2024

A

,

5

%

,

7/01/60

..................

1,100,000

1,034,772

2,179,487

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

15,027

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

440,000

440,491

g

Grand

Rapids

Economic

Development

Corp.

,

Michigan

Christian

Home

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6

%

,

11/01/50

........................

2,500,000

2,481,697

Kalamazoo

Economic

Development

Corp.

,

c

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/31

....................................................

700,000

694,627

c

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/51

....................................................

3,015,000

2,455,415

Heritage

Community

of

Kalamazoo

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/55

8,860,000

8,080,644

c

Michigan

Strategic

Fund

,

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/31

....................................................

570,000

565,625

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/41

....................................................

895,000

813,095

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

5

%

,

8/15/51

....................................................

1,380,000

1,123,871

f

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue,

Sub.

Lien

,

2007

B

,

8.16

%,

6/01/52

....................

26,990,000

3,376,260

20,046,752

Minnesota

0.2%

City

of

Apple

Valley

,

PHS

Apple

Valley

Senior

Housing,

Inc.

,

Revenue

,

2025

A

,

5.375

%

,

9/01/45

.........................................................

475,000

481,981

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC

,

Revenue

,

2015

,

5.25

%

,

11/01/45

..............

2,900,000

2,752,440

Ecumen

Mill

City

Quarter

LLC

,

Revenue

,

2015

,

5.375

%

,

11/01/50

..............

1,000,000

929,809

City

of

Ramsey

,

PACT

Charter

School

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/01/32

...

5,535,000

5,539,825

c

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue,

Sub.

Lien

,

144A,

2022

B

,

6.25

%

,

8/01/37

....................................

590,000

600,635

10,304,690

Mississippi

0.4%

c

Mississippi

Development

Bank

,

Magnolia

Regional

Health

Center

,

Revenue

,

144A,

2021

,

Refunding

,

4

%

,

10/01/34

900,000

844,259

Magnolia

Regional

Health

Center

,

Revenue

,

144A,

2021

,

Refunding

,

4

%

,

10/01/36

850,000

772,073

c

,f

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024-2

A-2

,

Refunding

,

2.34

%,

12/01/44

.................................................

14,500,000

9,271,565

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024-2

B

,

Refunding

,

5.77

%,

12/01/35

.................................................

12,850,000

7,334,360

18,222,257

Missouri

0.3%

Cape

Girardeau

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2016

A

,

Refunding

,

6

%

,

3/01/33

.......................................

3,250,000

3,274,482

City

of

Maryland

Heights

,

Westport

Plaza

Redevelopment

Area

,

Tax

Allocation

,

2020

,

4.125

%

,

11/01/38

..................................................

2,175,000

2,046,813

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)

Missouri

(continued)

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

5/15/42

...................................

$

1,000,000

$

957,530

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25

%

,

5/15/50

...................................

3,500,000

3,099,598

Stoddard

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2016

B

,

Refunding

,

6

%

,

3/01/37

.............................................

3,290,000

3,312,210

12,690,633

Nevada

0.7%

City

of

Las

Vegas

,

Special

Improvement

District

No.

610

,

Special

Assessment

,

2018

,

5

%

,

6/01/48

....

6,990,000

6,973,401

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

4

%

,

6/01/33

....

175,000

166,948

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

4

%

,

6/01/34

....

175,000

165,843

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

4

%

,

6/01/35

....

175,000

164,689

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

4

%

,

6/01/40

....

425,000

388,091

Special

Improvement

District

No.

612

Skye

Hills

,

Special

Assessment

,

2020

,

3.5

%

,

6/01/35

........................................................

190,000

175,459

Special

Improvement

District

No.

612

Skye

Hills

,

Special

Assessment

,

2020

,

4

%

,

6/01/50

........................................................

925,000

815,088

Special

Improvement

District

No.

812

,

Special

Assessment

,

2015

,

5

%

,

12/01/30

...

1,425,000

1,425,996

Special

Improvement

District

No.

812

,

Special

Assessment

,

2015

,

5

%

,

12/01/35

...

900,000

900,479

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

4

%

,

6/01/39

....

415,000

394,390

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

4

%

,

6/01/44

....

670,000

593,341

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

2.75

%

,

6/01/33

.

515,000

455,260

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

2.75

%

,

6/01/36

.

810,000

678,827

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

3

%

,

6/01/41

....

630,000

490,703

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

3.125

%

,

6/01/51

1,400,000

990,769

c

City

of

North

Las

Vegas

,

Special

Improvement

District

No.

66

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

6/01/47

........................................................

1,555,000

1,585,605

Special

Improvement

District

No.

66

,

Special

Assessment

,

144A,

2022

,

6

%

,

6/01/52

1,750,000

1,799,751

Special

Improvement

District

No.

67

Apex

Moonwater

West

,

Special

Assessment

,

144A,

2025

,

6.75

%

,

6/01/55

........................................

4,850,000

4,923,197

c,f

City

of

Reno

,

Sales

Tax

,

Revenue,

Sub.

Lien

,

144A,

2018

C

,

Refunding

,

5.71

%,

7/01/58

.........................................................

11,000,000

1,801,275

County

of

Clark

,

Special

Improvement

District

No.

128

,

Special

Assessment

,

2001-2007

,

5

%

,

2/01/26

270,000

270,617

Special

Improvement

District

No.

128

,

Special

Assessment

,

2001-2007

,

5.05

%

,

2/01/31

........................................................

980,000

982,286

Special

Improvement

District

No.

159

,

Special

Assessment

,

2015

,

5

%

,

8/01/35

....

1,905,000

1,906,908

Henderson

Local

Improvement

Districts

,

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch

,

Special

Assessment

,

2022

,

3

%

,

9/01/36

...............................

300,000

263,432

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch

,

Special

Assessment

,

2022

,

3.5

%

,

9/01/45

..............................

725,000

555,252

City

of

Henderson

Local

Improvement

District

No.

T-21

Black

Mountain

Ranch

,

Special

Assessment

,

2022

,

4

%

,

9/01/51

...............................

480,000

405,697

Local

Improvement

District

No.

T-22

,

Special

Assessment

,

2023

,

5

%

,

3/01/38

.....

765,000

789,198

Local

Improvement

District

No.

T-22

,

Special

Assessment

,

2023

,

5.25

%

,

3/01/48

..

980,000

988,070

Local

Improvement

District

No.

T-22

,

Special

Assessment

,

2023

,

5.25

%

,

3/01/53

..

295,000

295,826

c

,d

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC

,

Revenue

,

144A,

2017

,

5.875

%

,

12/15/27

..........

6,386,895

64

Fulcrum

Sierra

Biofuels

LLC

,

Revenue

,

144A,

2017

,

6.25

%

,

12/15/37

...........

7,028,570

70

31,346,532

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)

New

Hampshire

0.5%

New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

3.75

%

,

8/15/30

...............

$

100,000

$

98,609

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.125

%

,

8/15/40

..............

2,545,000

2,315,311

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.25

%

,

8/15/46

...............

2,860,000

2,459,076

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.5

%

,

8/15/55

................

5,940,000

4,949,397

Greater

Raleigh

Area

Christian

Education,

Inc.

,

Revenue

,

2025

,

6

%

,

8/01/65

.....

11,875,000

11,978,486

21,800,879

New

Jersey

1.1%

New

Jersey

Economic

Development

Authority

,

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/47

..........

2,200,000

2,075,147

United

Airlines,

Inc.

,

Revenue

,

2003

,

5.5

%

,

6/01/33

........................

8,480,000

8,498,458

c

White

Horse

HMT

Urban

Renewal

LLC

,

Revenue

,

144A,

2020

,

5

%

,

1/01/40

......

2,949,126

2,089,627

f

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2008

A

,

3.86

%,

12/15/38

................................................

46,750,000

28,542,703

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

6/01/46

.............................

7,000,000

7,022,728

Revenue,

Sub.

Lien

,

2018

B

,

Refunding

,

5

%

,

6/01/46

.......................

2,415,000

2,348,251

50,576,914

New

Mexico

0.0%

†

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax

,

2018

,

Refunding

,

5

%

,

10/01/33

..............................

500,000

500,955

Special

Tax

,

2018

,

Refunding

,

5

%

,

10/01/38

..............................

450,000

450,997

Special

Tax

,

2018

,

Refunding

,

5

%

,

10/01/48

..............................

1,205,000

1,181,389

2,133,341

New

York

2.9%

Metropolitan

Transportation

Authority

,

Revenue

,

2016

A-1

,

5.25

%

,

11/15/56

...................................

4,765,000

4,774,125

Revenue

,

2020

C-1

,

4.75

%

,

11/15/45

...................................

13,220,000

13,270,380

Revenue

,

2020

C-1

,

5

%

,

11/15/50

.....................................

10,000,000

10,171,682

Revenue

,

2020

C-1

,

5.25

%

,

11/15/55

...................................

29,500,000

30,360,565

New

York

Liberty

Development

Corp.

,

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25

%

,

10/01/35

.....................................

21,500,000

25,233,608

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.

,

Revenue

,

2020

,

Refunding

,

5.375

%

,

8/01/36

...........

5,000,000

5,224,773

JFK

NTO

LLC

,

Revenue

,

2023

,

5.375

%

,

6/30/60

..........................

355,000

356,268

JFK

NTO

LLC

,

Revenue

,

2025

,

6

%

,

6/30/59

..............................

9,990,000

10,622,888

Laguardia

Gateway

Partners

LLC

,

Revenue

,

2016

A

,

5

%

,

7/01/46

.............

10,005,000

9,980,373

c,f

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue,

Sub.

Lien

,

144A,

2005

A

,

6.22

%,

8/15/45

...................................................

55,000,000

16,735,373

Suffolk

Regional

Off-Track

Betting

Co.

,

Revenue

,

2024

,

6

%

,

12/01/53

............

7,175,000

7,285,780

Suffolk

Regional

Off-Track

Betting

Corp.

,

Revenue

,

2024

,

5.75

%

,

12/01/44

........

5,000,000

5,085,828

139,101,643

North

Dakota

0.1%

County

of

Burleigh

,

University

of

Mary

,

Revenue

,

2016

,

5.1

%

,

4/15/36

.........................

1,750,000

1,752,382

University

of

Mary

,

Revenue

,

2016

,

5.2

%

,

4/15/46

.........................

3,130,000

2,979,240

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

—

4,731,622

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)

Ohio

2.7%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

B-2

,

2

,

Refunding

,

5

%

,

6/01/55

.............................................

$

1,560,000

$

1,315,904

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

5,000,000

4,691,785

c

Cleveland-Cuyahoga

County

Port

Authority

,

Flats

East

Bank

TIF

District

,

Tax

Allocation,

Senior

Lien

,

144A,

2021

A

,

Refunding

,

4

%

,

12/01/55

...................................................

1,050,000

848,866

Flats

East

Bank

TIF

District

,

Tax

Allocation,

Sub.

Lien

,

144A,

2021

B

,

Refunding

,

4.5

%

,

12/01/55

..................................................

1,500,000

1,275,155

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

.............................................

10,000,000

8,791,286

County

of

Franklin

,

Wesley

Communities

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5.25

%

,

11/15/40

2,910,000

2,942,475

Wesley

Communities

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5.25

%

,

11/15/55

8,800,000

8,128,851

County

of

Washington

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

6.625

%

,

12/01/42

................................................

10,000,000

10,626,390

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

6.75

%

,

12/01/52

.......................................................

17,000,000

17,622,725

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/42

...........

1,360,000

1,359,242

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/45

...........

1,205,000

1,161,572

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/50

...........

2,570,000

2,400,061

Ohio

Housing

Finance

Agency

,

Revenue,

Sub.

Lien

,

2023

C

,

8

%

,

8/01/34

...............................

1,000,000

1,053,800

c

Middletown

Phase

Two

LP

,

Revenue,

Sub.

Lien

,

144A,

2023

C

,

8

%

,

9/01/39

......

1,400,000

1,499,609

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

5.75

%

,

2/15/35

.........................................................

35,000,000

39,884,957

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

12/01/35

.......................................................

1,000,000

965,141

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

12/01/43

.......................................................

1,000,000

878,386

c

State

of

Ohio

,

Aultman

Health

Foundation

Obligated

Group

,

Revenue

,

144A,

2018

,

Refunding

,

5

%

,

12/01/38

.......................................................

5,000,000

4,959,120

Aultman

Health

Foundation

Obligated

Group

,

Revenue

,

144A,

2018

,

Refunding

,

5

%

,

12/01/48

.......................................................

15,195,000

13,696,654

f

West

Central

Ohio

Port

Authority

,

DR

Horton-Indiana

LLC

,

Revenue

,

2025

,

1.426

%,

12/01/58

........................................................

5,825,000

3,942,396

128,044,375

Oklahoma

0.2%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/15/37

.......

1,000,000

1,013,869

Montereau

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/15/45

.......

4,000,000

4,001,221

Tulsa

Municipal

Airport

Trust

Trustees

,

American

Airlines,

Inc.

,

Revenue

,

2025

,

Refunding

,

6.25

%

,

12/01/35

...........

1,735,000

2,002,183

American

Airlines,

Inc.

,

Revenue

,

2025

,

Refunding

,

6.25

%

,

12/01/40

...........

1,390,000

1,561,519

8,578,792

Oregon

0.3%

Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.125

%

,

11/15/40

.

500,000

502,964

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.25

%

,

11/15/50

..

1,250,000

1,213,095

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)

Oregon

(continued)

Clackamas

County

Hospital

Facility

Authority,

(continued)

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.375

%

,

11/15/55

.

$

1,500,000

$

1,474,992

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group

,

Revenue

,

2020

A

,

5.125

%

,

7/01/55

.......................

3,500,000

3,211,330

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

11/15/51

..

4,325,000

3,734,800

Friendsview

Manor

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

11/15/56

..

6,115,000

5,184,350

15,321,531

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

1,681,162

c

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Center

City

Investment

Corp.

,

Revenue

,

144A,

2018

,

5.375

%

,

5/01/42

..........

5,000,000

5,059,743

Center

City

Investment

Corp.

,

Revenue,

Sub.

Lien

,

144A,

2022

,

5.25

%

,

5/01/42

...

5,765,000

5,892,797

Berks

County

Municipal

Authority

(The)

,

Tower

Health

Obligated

Group

,

Revenue

,

2024

A-1

,

8

%

,

6/30/34

..............

2,083,000

2,098,647

Tower

Health

Obligated

Group

,

Revenue

,

2024

A-2

,

6

%

,

6/30/34

..............

1,045,000

1,124,813

Tower

Health

Obligated

Group

,

Revenue

,

2024

A-3

,

5

%

,

6/30/39

..............

13,996,000

12,611,384

f

Tower

Health

Obligated

Group

,

Revenue

,

2024

B-1

,

1.361

%,

6/30/44

...........

6,993,000

4,840,883

c

Chester

County

Industrial

Development

Authority

,

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4.75

%

,

3/01/50

..............................

4,185,000

3,770,022

Woodlands

at

Greystone

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2018

,

5

%

,

3/01/38

...........................................

225,000

226,299

Woodlands

at

Greystone

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2018

,

5.125

%

,

3/01/48

.......................................

700,000

691,136

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/01/48

......................................................

4,000,000

3,610,294

c

Erie

County

Industrial

Development

Authority

,

CFC

-

Erie

I

LLC

,

Revenue

,

144A,

2024

B

,

7.25

%

,

3/01/50

.................................................

4,495,000

4,089,368

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

12/01/38

...

1,000,000

1,001,742

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

12/01/43

...

1,200,000

1,141,810

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

12/01/48

...

4,600,000

4,184,346

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

12/01/53

...

3,050,000

2,672,708

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/54

............

1,000,000

873,313

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.125

%

,

7/01/37

...

1,105,000

1,108,472

Brethren

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

7/01/41

....

2,705,000

2,701,676

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

4

%

,

5/01/31

............

580,000

566,255

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

4

%

,

5/01/51

............

2,385,000

1,831,476

f

Pennsylvania

Turnpike

Commission

,

Revenue

,

B-2

,

5.515

%,

12/01/37

......................................

20,000,000

20,766,460

Revenue

,

B-2

,

5.612

%,

12/01/40

......................................

25,075,000

25,083,313

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

7/01/49

......................

3,000,000

2,716,577

110,344,696

South

Carolina

0.9%

County

of

Dorchester

,

Summers

Corner

Improvement

District

,

Special

Assessment

,

2023

,

5.5

%

,

10/01/51

...............................................

2,110,000

2,082,313

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)

South

Carolina

(continued)

c

County

of

Lancaster

,

Roselyn

Residential

Improvement

District

,

Special

Assessment

,

144A,

2025

,

6

%

,

6/01/45

........................................................

$

1,295,000

$

1,338,693

Roselyn

Residential

Improvement

District

,

Special

Assessment

,

144A,

2025

,

6.2

%

,

6/01/55

........................................................

1,000,000

1,033,537

c

Greenville

Housing

Authority

,

Victor

Verdae

Apartments

Project

,

Revenue

,

144A,

2023

B

,

8.375

%

,

5/01/47

................................................

10,600,000

10,322,575

South

Carolina

Jobs-Economic

Development

Authority

,

Beaufort

Memorial

Hospital

Obligated

Group

,

Revenue

,

2024

,

5.75

%

,

11/15/54

...

2,000,000

2,075,128

c

FAH

Pelham

LLC

,

Revenue

,

144A,

2023

B

,

II

,

7.5

%

,

8/01/47

.................

9,565,000

9,550,310

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2017

,

5

%

,

4/01/52

........................................................

1,750,000

1,621,423

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

4/01/48

............................................

3,500,000

3,300,551

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

4/01/53

.........................................

11,000,000

10,533,919

41,858,449

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/46

...............

7,110,000

6,335,444

Dow

Rummel

Village

,

Revenue

,

2017

,

5

%

,

11/01/42

........................

2,000,000

1,871,519

8,206,963

Tennessee

1.5%

c

Cleveland

Housing

Authority

,

Cleveland

Forward

Phase

One

LLC

,

Revenue,

Sub.

Lien

,

144A,

2022

B

,

6.25

%

,

4/01/41

........................................................

1,000,000

994,621

Cleveland

Forward

Phase

Two

LLC

,

Revenue,

Sub.

Lien

,

144A,

2022

B

,

6.25

%

,

4/01/41

........................................................

1,000,000

995,584

f

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

3.61

%,

7/01/27

........................................................

19,365,000

18,307,793

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

3.64

%,

7/01/28

........................................................

19,400,000

17,687,511

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

3.68

%,

7/01/29

........................................................

19,365,000

17,010,741

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

3.72

%,

7/01/30

........................................................

19,370,000

16,387,520

71,383,770

Texas

12.2%

c

Arlington

Higher

Education

Finance

Corp.

,

BASIS

Texas

Charter

Schools,

Inc.

,

Revenue

,

144A,

2024

,

4.875

%

,

6/15/59

......

1,000,000

896,465

BASIS

Texas

Charter

Schools,

Inc.

,

Revenue

,

144A,

2025

,

Refunding

,

5.875

%

,

6/15/65

........................................................

7,600,000

7,699,298

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

6

%

,

9/15/51

.........

7,500,000

6,236,419

f

Central

Texas

Regional

Mobility

Authority

,

Revenue

,

2010

,

3.48

%,

1/01/35

.......................................

3,000,000

2,198,881

Revenue

,

2010

,

3.8

%,

1/01/37

........................................

2,500,000

1,652,501

Revenue

,

2010

,

3.97

%,

1/01/38

.......................................

2,405,000

1,502,112

Revenue

,

2010

,

4.12

%,

1/01/39

.......................................

2,545,000

1,499,610

c

City

of

Anna

,

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

9/01/42

..............................

972,000

1,023,734

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

95

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

c

City

of

Anna,

(continued)

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/01/52

................................

$

1,907,000

$

1,945,242

Meadow

Vista

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/15/44

...............................

850,000

860,758

Sherley

Tract

Public

Improvement

District

No.

2

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/15/31

..............................

300,000

292,498

Sherley

Tract

Public

Improvement

District

No.

2

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/41

................................

867,000

781,463

Sherley

Tract

Public

Improvement

District

No.

2

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.5

%

,

9/15/31

...............................

100,000

100,181

Sherley

Tract

Public

Improvement

District

No.

2

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5

%

,

9/15/51

................................

503,000

470,802

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

1

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/15/43

.............................

751,000

777,090

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

1

,

Special

Assessment

,

144A,

2023

,

5.875

%

,

9/15/53

.............................

1,075,000

1,112,027

g

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Improvement

Area

No.

2-3

,

Special

Assessment

,

144A,

2025

,

5.5

%

,

9/15/55

.....................

1,180,000

1,181,570

c

City

of

Aubrey

,

Aubrey

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2023

,

5.875

%

,

9/01/43

........................................................

1,075,000

1,092,928

Aubrey

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2023

,

6

%

,

9/01/53

........................................................

1,600,000

1,621,012

Duck

Point

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.375

%

,

12/31/45

.......................................................

1,100,000

1,095,302

Duck

Point

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.625

%

,

12/31/55

.......................................................

1,890,000

1,893,617

Jackson

Ridge

Public

Improvement

District

Phase

No.

3B

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/01/32

........................................

700,000

729,317

Jackson

Ridge

Public

Improvement

District

Phase

No.

3B

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/01/45

...........................................

1,803,000

1,892,428

c

City

of

Boyd

,

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/15/53

................................

1,408,000

1,418,485

City

of

Celina

,

c

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/44

..........................

470,000

476,576

c

Special

Assessment

,

144A,

2024

,

5.75

%

,

9/01/54

.........................

1,300,000

1,323,370

c

Chalk

Hill

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/43

..................................................

767,000

777,762

c

Chalk

Hill

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2023

,

6

%

,

9/01/53

........................................................

1,764,000

1,772,600

c

Creeks

of

Legacy

Public

Improvement

District

Phase

No.

3

,

Special

Assessment

,

144A,

2020

,

4.25

%

,

9/01/40

........................................

230,000

215,238

c

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

5

%

,

9/01/30

..........................

350,000

355,084

c

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

6.125

%

,

9/01/53

.......................

1,549,000

1,558,158

c

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.75

%

,

9/01/31

..................................................

155,000

154,311

c

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

5.25

%

,

9/01/41

..................................................

370,000

374,953

c

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

5.5

%

,

9/01/50

...................................................

500,000

495,211

c

Edgewood

Creek

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2021

,

4.25

%

,

9/01/41

........................................

500,000

439,111

c

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

2.75

%

,

9/01/27

........................................................

122,000

118,179

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

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.125

%

,

9/01/32

.................................................

$

231,000

$

203,851

c

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.375

%

,

9/01/42

.................................................

866,000

675,399

c

Lakes

at

Mustang

Ranch

Public

Improvement

District

Phases

8-9

,

Special

Assessment

,

144A,

2025

,

5.625

%

,

9/01/55

.............................

600,000

597,212

c

Mosaic

Public

Improvement

District

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.125

%

,

9/01/44

.................................................

1,495,000

1,522,657

c

Mosaic

Public

Improvement

District

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/54

...................................................

2,500,000

2,565,381

c

Mosaic

Public

Improvement

District

Phase

1

,

Special

Assessment

,

144A,

2023

,

4.375

%

,

9/01/30

.................................................

321,000

325,240

c

Mosaic

Public

Improvement

District

Phase

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

...................................................

1,851,000

1,882,756

North

Sky

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2023

,

4.375

%

,

9/01/30

............................................

328,000

330,133

North

Sky

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2023

,

5.375

%

,

9/01/43

............................................

812,000

823,983

North

Sky

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2023

,

5.625

%

,

9/01/52

............................................

1,005,000

1,014,207

c

North

Sky

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

4.875

%

,

9/01/30

.......................................

228,000

232,485

c

North

Sky

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.125

%

,

9/01/52

.......................................

999,000

1,014,147

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/26

..........

78,000

77,586

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/31

...........

473,000

458,820

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

9/01/26

..............................

66,000

65,341

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/31

..............................

150,000

140,527

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/41

...............................

1,205,000

1,002,793

c

Pravin

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

6.5

%

,

9/01/43

1,500,000

1,513,379

c

Pravin

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

6.75

%

,

9/01/53

2,000,000

2,014,505

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2022

,

3.25

%

,

9/01/27

........................................

227,000

221,591

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2022

,

3.625

%

,

9/01/32

.......................................

336,000

308,666

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

1

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/01/51

.......................................

1,033,000

855,332

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

9/01/50

.......................

1,785,000

1,448,696

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

2.875

%

,

9/01/27

.......................

43,000

41,743

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

3.25

%

,

9/01/32

........................

250,000

227,845

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

3.5

%

,

9/01/42

.........................

1,175,000

940,283

c

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

4.75

%

,

9/01/30

..............................

394,000

399,655

c

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/42

...............................

1,169,000

1,204,899

c

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/52

..............................

1,494,000

1,525,969

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

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/30

...............................

$

231,000

$

234,094

c

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.25

%

,

9/01/42

..............................

801,000

813,396

c

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.5

%

,

9/01/52

...............................

1,300,000

1,313,461

c

Wells

North

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/01/40

........................................................

425,000

383,032

c

Wells

North

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/50

........................................................

498,000

395,837

c

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

9/01/30

........................................................

150,000

142,015

c

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/40

........................................................

350,000

315,320

c

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/50

........................................................

965,000

767,034

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

3

%

,

9/01/31

..........................

158,000

144,910

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/41

.......................

379,000

305,656

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/01/42

.........................

490,000

503,410

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2022

,

5.625

%

,

9/01/52

.......................

1,314,000

1,329,911

City

of

Corpus

Christi

,

Whitecap

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

2024

,

5.375

%

,

9/15/31

..................................

244,000

253,280

Whitecap

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

2024

,

6.125

%

,

9/15/44

..................................

1,150,000

1,151,477

Whitecap

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

2024

,

6.5

%

,

9/15/54

....................................

2,000,000

2,010,759

c

City

of

Crandall

,

Cartwright

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/31

................................

409,000

408,755

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.75

%

,

9/15/31

..............................

161,000

162,122

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5

%

,

9/15/41

................................

1,144,000

1,111,743

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.25

%

,

9/15/51

..............................

750,000

719,750

River

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/32

...............................

528,000

551,538

River

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/52

.............................

5,000,000

5,183,945

River

Ridge

Public

Improvement

District

Single-family

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/32

.......................

207,000

218,305

River

Ridge

Public

Improvement

District

Single-family

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.75

%

,

9/15/52

........................

1,750,000

1,836,281

c,f

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue

,

144A,

2022

B

,

7.67

%,

12/01/62

........................................................

173,330,000

11,252,012

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

...................

1,402,000

1,409,036

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Senior

Lien

,

144A,

2022

A

,

4.875

%

,

9/01/32

..................

269,000

278,747

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.

98

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

c

City

of

Dayton,

(continued)

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Senior

Lien

,

144A,

2022

A

,

5.125

%

,

9/01/42

..................

$

764,000

$

775,670

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment,

Junior

Lien

,

144A,

2024

B

,

6.25

%

,

9/01/54

...................

1,225,000

1,217,302

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.375

%

,

9/01/44

..................

608,000

622,237

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.75

%

,

9/01/54

...................

866,000

875,003

c

City

of

Decatur

,

Paloma

Trails

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

5.5

%

,

9/15/45

...............................

700,000

708,799

Paloma

Trails

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

5.75

%

,

9/15/55

..............................

1,400,000

1,415,821

Paloma

Trails

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

5.375

%

,

9/15/35

.............................

172,000

174,236

Paloma

Trails

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

6.375

%

,

9/15/55

.............................

865,000

864,643

Vista

Park

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.875

%

,

9/15/54

.............................

2,160,000

2,208,994

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

1,443,370

c

City

of

Dorchester

,

Cottonwood

Public

improvement

District

Major

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

6

%

,

9/15/44

................................

1,000,000

975,250

Cottonwood

Public

improvement

District

Major

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

6.25

%

,

9/15/54

..............................

1,500,000

1,451,826

c

City

of

Dripping

Springs

,

Heritage

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

4.5

%

,

9/01/30

.........................................

269,000

271,862

Heritage

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

.........................................

1,219,000

1,228,046

Heritage

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

9/01/54

........................................

565,000

548,902

c

City

of

Elmendorf

,

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/31

.............................

398,000

365,851

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/01/41

..............................

1,205,000

1,002,832

Ridge

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2025

,

6.125

%

,

9/01/55

.......................................

2,350,000

2,370,013

c

City

of

Fate

,

Monterra

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

8/15/26

........................................

100,000

99,196

Monterra

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

8/15/31

.......................................

711,000

667,849

Monterra

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

8/15/41

........................................

1,871,000

1,651,959

Monterra

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

8/15/44

.......................................

800,000

799,020

Monterra

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.75

%

,

8/15/54

........................................

1,350,000

1,363,098

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

8/15/30

.............................

125,000

117,135

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.875

%

,

8/15/40

.............................

691,000

635,877

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

Fate,

(continued)

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

8/15/50

.............................

$

994,000

$

829,330

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

5.875

%

,

8/15/42

.............................

1,617,000

1,638,825

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

6

%

,

8/15/52

................................

2,500,000

2,548,532

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area

,

Revenue

,

144A,

2020

,

4.125

%

,

8/15/30

.......................................

436,000

428,987

Williamsburg

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.25

%

,

8/15/42

..................................................

1,204,000

1,143,205

Williamsburg

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

8/15/52

.................................................

1,100,000

983,358

Williamsburg

Public

Improvement

District

No.

1

Phase

3B

,

Special

Assessment

,

144A,

2023

,

4.25

%

,

8/15/30

........................................

250,000

254,081

Williamsburg

Public

Improvement

District

No.

1

Phase

3B

,

Special

Assessment

,

144A,

2023

,

5.125

%

,

8/15/43

.......................................

1,000,000

1,018,261

Williamsburg

Public

Improvement

District

No.

1

Phase

3B

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

8/15/53

.......................................

1,287,000

1,301,933

c

City

of

Ferris

,

Woodstone

Public

Improvement

District

No.

2

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.375

%

,

9/01/32

.............................

675,000

622,939

Woodstone

Public

Improvement

District

No.

2

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/01/42

..............................

1,259,000

1,087,553

c

City

of

Fort

Worth

,

Public

Improvement

District

No.

17

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

5

%

,

9/01/27

................................................

575,000

576,089

Public

Improvement

District

No.

17

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

5

%

,

9/01/32

................................................

1,270,000

1,274,082

Public

Improvement

District

No.

17

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

5.125

%

,

9/01/37

............................................

1,650,000

1,650,437

Public

Improvement

District

No.

17

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

5

%

,

9/01/27

...........................................

505,000

505,811

Public

Improvement

District

No.

17

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

5

%

,

9/01/32

...........................................

1,530,000

1,534,153

Public

Improvement

District

No.

17

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

5

%

,

9/01/37

...........................................

1,975,000

1,951,691

c

City

of

Georgetown

,

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.875

%

,

9/15/32

.................................................

409,000

393,122

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/15/42

.................................................

1,060,000

963,027

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.25

%

,

9/15/47

..................................................

716,000

618,026

c

City

of

Gunter

,

Bridges

Phase

2A

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.75

%

,

9/15/55

..........................................

1,676,000

1,694,939

c

City

of

Haslet

,

Public

Improvement

District

No.

5

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

9/01/26

.......................................

87,000

86,185

Public

Improvement

District

No.

5

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/31

........................................

150,000

136,887

Public

Improvement

District

No.

5

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/01/41

.......................................

1,271,000

1,065,016

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3

%

,

10/01/30

.......................................................

490,000

457,391

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

100

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Horseshoe

Bay,

(continued)

Escondido

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25

%

,

10/01/33

.................................................

$

425,000

$

384,311

City

of

Houston

Airport

System

,

United

Airlines,

Inc.

,

Revenue

,

2024

B

,

5.5

%

,

7/15/39

4,750,000

5,107,179

c

City

of

Huntsville

,

Reserves

of

Huntsville

Public

Improvement

District

(The)

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/15/44

............................................

775,000

783,305

Reserves

of

Huntsville

Public

Improvement

District

(The)

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

9/15/54

............................................

742,000

743,917

c

City

of

Hutto

,

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/01/31

.............................

260,000

244,849

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/41

...............................

1,038,000

871,840

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2025

,

5.375

%

,

9/01/55

.............................

584,000

579,509

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/31

........................................................

392,000

371,016

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.875

%

,

9/01/41

.................................................

1,000,000

898,757

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/56

........................................................

3,479,000

2,783,232

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/31

..............................

206,000

192,792

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/01/41

.............................

519,000

442,944

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/56

................................

1,146,000

899,491

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

9/01/43

..............................

859,000

872,103

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/01/58

.............................

2,000,000

2,028,785

c

City

of

Justin

,

Special

Assessment

,

144A,

2025

,

6.125

%

,

9/01/55

.........................

1,000,000

1,039,175

Timberbrook

Public

Improvement

District

No.

1

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3

%

,

9/01/31

................................

475,000

443,861

Timberbrook

Public

Improvement

District

No.

1

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/41

.............................

2,709,000

2,238,689

Timberbrook

Public

Improvement

District

No.

1

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2025

,

5.875

%

,

9/01/45

.............................

460,000

476,705

Timberbrook

Public

Improvement

District

No.

2

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

4.5

%

,

9/01/31

.........................................

200,000

203,572

Timberbrook

Public

Improvement

District

No.

2

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/44

.........................................

580,000

594,534

Timberbrook

Public

Improvement

District

No.

2

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.75

%

,

9/01/53

........................................

755,000

772,289

Timberbrook

Public

Improvement

District

No.

2

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2025

,

5.75

%

,

9/01/45

..............................

406,000

409,578

Timberbrook

Public

Improvement

District

No.

2

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2025

,

6

%

,

9/01/55

................................

503,000

507,496

c

City

of

Kaufman

,

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

........................................................

230,000

208,968

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/15/41

........................................................

570,000

486,522

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

101

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Kyle

,

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.5

%

,

9/01/44

.........................................

$

1,380,000

$

1,074,590

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

9/01/30

.......................................

400,000

366,590

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/31

.......................................

530,000

506,848

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/01/41

........................................

1,428,000

1,263,855

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

9/01/43

........................................

2,250,000

2,286,982

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/47

.........................................

1,396,000

1,423,563

c

6

Creeks

Public

Improvement

District

Improvement

Area

No.

5

,

Special

Assessment

,

144A,

2025

,

5.375

%

,

9/01/50

.......................................

500,000

494,820

Kyle

57

Public

Improvement

District

,

Special

Assessment

,

2022

,

4.75

%

,

9/01/32

..

400,000

412,557

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

4.75

%

,

9/01/33

..............................

176,000

178,460

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/53

..............................

1,250,000

1,261,806

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.75

%

,

9/01/53

..............................

1,113,000

1,125,603

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.875

%

,

9/01/32

.............................

500,000

484,734

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/01/41

.............................

1,185,000

1,096,269

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/01/54

.............................

805,000

813,930

c

Plum

Creek

North

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

4.625

%

,

9/01/41

.............................

1,092,000

1,066,516

c

Porter

Country

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/43

..............................

1,229,000

1,238,008

c

Porter

Country

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6

%

,

9/01/53

................................

3,000,000

3,016,910

c

Southwest

Kyle

Public

Improvement

District

No.

1

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

6.75

%

,

9/01/48

..............................

700,000

733,655

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

283,907

c

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

9/01/43

.............................

563,000

571,674

c

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

6

%

,

9/01/54

................................

2,113,000

2,159,386

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

1,832,640

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

2,314,587

c

City

of

Lavon

,

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.5

%

,

9/15/27

.........................................

200,000

196,582

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

3.875

%

,

9/15/32

.......................................

1,000,000

971,422

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4

%

,

9/15/42

...........................................

2,259,000

2,029,921

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

4.25

%

,

9/15/31

........................................

146,000

145,690

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

102

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

c

City

of

Lavon,

(continued)

Elevon

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/15/52

.......................................

$

500,000

$

501,303

Elevon

Public

Improvement

District

Improvement

Area

No.

2A-2B

,

Special

Assessment

,

144A,

2024

,

4.375

%

,

9/15/31

.............................

200,000

200,524

Elevon

Public

Improvement

District

Improvement

Area

No.

2A-2B

,

Special

Assessment

,

144A,

2024

,

5.125

%

,

9/15/44

.............................

615,000

622,713

Elevon

Public

Improvement

District

Improvement

Area

No.

2A-2B

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/15/54

...............................

800,000

806,365

Elevon

Public

Improvement

District

Zone

1

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/15/27

........................................

119,000

117,451

Elevon

Public

Improvement

District

Zone

1

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

4.125

%

,

9/15/32

.......................................

455,000

449,933

Elevon

Public

Improvement

District

Zone

1

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

9/15/42

.......................................

1,000,000

941,191

Lakepointe

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/52

........................................................

1,625,000

1,697,887

City

of

Leander

,

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25

%

,

9/01/32

...........................................

530,000

492,895

c

City

of

Lewisville

,

Lakeside

Crossing

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

8

%

,

9/01/53

............................................

1,625,000

1,695,376

c

City

of

Liberty

Hill

,

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

2.625

%

,

9/01/27

........................................................

164,000

160,406

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.125

%

,

9/01/32

........................................................

750,000

701,667

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.375

%

,

9/01/42

........................................................

1,771,000

1,439,043

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

3.5

%

,

9/01/27

...............................

136,000

133,547

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

3.875

%

,

9/01/32

.............................

275,000

263,037

Summerlyn

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.125

%

,

9/01/30

.................................................

250,000

235,973

Summerlyn

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/40

........................................................

845,000

765,397

c,g

City

of

Lowry

Crossing

,

Lowry

Trails

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

5.5

%

,

9/15/55

.........................

1,020,000

1,012,929

c

City

of

Manor

,

Manor

Heights

Public

Improvement

District

Area

No.

3

,

Special

Assessment

,

144A,

2023

,

4.5

%

,

9/15/30

..............................................

161,000

162,167

Manor

Heights

Public

Improvement

District

Area

No.

3

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

9/15/43

.............................................

328,000

331,949

Manor

Heights

Public

Improvement

District

Area

No.

4

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/15/44

............................................

298,000

302,385

Manor

Heights

Public

Improvement

District

Area

No.

4

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

9/15/54

............................................

584,000

590,768

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

.............................

250,000

228,558

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/15/31

..............................

310,000

284,829

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/15/41

...............................

700,000

580,555

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/15/41

.............................

830,000

741,716

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/51

................................

1,000,000

796,238

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

Manor,

(continued)

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.375

%

,

9/15/51

.............................

$

1,225,000

$

1,014,865

Newhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

6

%

,

9/15/55

........................................................

825,000

836,664

c

City

of

Marble

Falls

,

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.875

%

,

9/01/31

.............................

350,000

337,319

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/01/41

.............................

1,000,000

890,478

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.375

%

,

9/01/51

.............................

1,470,000

1,246,367

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

2A

,

Special

Assessment

,

144A,

2024

,

6.625

%

,

9/01/54

.............................

1,200,000

1,171,006

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.625

%

,

9/01/31

.............................

150,000

146,490

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.875

%

,

9/01/41

.............................

450,000

423,850

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.125

%

,

9/01/51

.............................

620,000

561,706

Thunder

Rock

Public

Improvement

District

Remainder

Area

,

Special

Assessment

,

144A,

2024

,

7.375

%

,

9/01/44

.......................................

1,000,000

1,002,093

Thunder

Rock

Public

Improvement

District

Remainder

Area

,

Special

Assessment

,

144A,

2024

,

7.625

%

,

9/01/54

.......................................

1,750,000

1,753,924

c

City

of

Mclendon-Chisholm

,

Sonoma

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

9/15/26

.......................................

55,000

54,459

Sonoma

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/15/41

.......................................

620,000

529,200

Sonoma

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/51

...........................................

865,000

693,827

Sonoma

Public

Improvement

District

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2022

,

5.375

%

,

9/15/32

.......................................

250,000

264,285

City

of

Mesquite

,

g

Solterra

Public

Improvement

District

Improvement

Area

A-2-A-4

,

Special

Assessment

,

2025

,

5.75

%

,

9/01/55

.............................................

1,500,000

1,502,419

c,g

Solterra

Public

Improvement

District

Improvement

Area

C-4

,

Special

Assessment

,

144A,

2025

,

5.625

%

,

9/01/55

.......................................

1,625,000

1,626,679

c

Solterra

Public

Improvement

District

Improvement

Area

No.

A-1

,

Special

Assessment

,

144A,

2023

,

4.75

%

,

9/01/30

........................................

549,000

559,091

c

Solterra

Public

Improvement

District

Improvement

Area

No.

A-1

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/43

.........................................

1,500,000

1,544,622

c

Solterra

Public

Improvement

District

Improvement

Area

No.

A-1

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/01/53

........................................

4,965,000

5,093,447

c

Solterra

Public

Improvement

District

Improvement

Area

No.

C-1

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

9/01/43

.............................

750,000

765,392

c

Solterra

Public

Improvement

District

Improvement

Area

No.

C-1

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/01/53

.............................

1,210,000

1,230,272

c

Solterra

Public

Improvement

District

Improvement

Area

No.

C-2

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/01/53

.............................

1,017,000

1,035,329

c

Solterra

Public

Improvement

District

Improvement

Area

No.

C-3

,

Special

Assessment

,

144A,

2024

,

4.25

%

,

9/01/31

..............................

231,000

232,015

c

Solterra

Public

Improvement

District

Improvement

Area

No.

C-3

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

9/01/53

..............................

200,000

197,207

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

104

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

c

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/15/31

........................................................

$

410,000

$

389,073

Redden

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/15/51

.................................................

1,635,000

1,349,464

Redden

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/15/31

.............................

220,000

212,442

Redden

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.5

%

,

9/15/41

...............................

420,000

396,596

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/32

...............................

309,000

314,346

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/42

................................

750,000

769,991

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/52

.............................

1,410,000

1,442,624

c

City

of

Mustang

Ridge

,

Durango

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.125

%

,

9/01/43

.......................................

515,000

538,615

Durango

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.375

%

,

9/01/53

.......................................

498,000

517,279

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

310,943

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.5

%

,

9/01/41

...............................

882,000

820,792

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.75

%

,

9/01/51

..............................

1,454,000

1,313,087

c

City

of

Oak

Point

,

Chaparral

Park

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.1

%

,

9/15/44

...............................

1,295,000

1,271,227

Oak

Point

720

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

4.7

%

,

9/15/31

..............................................

243,000

244,818

Oak

Point

720

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.35

%

,

9/15/44

.............................................

170,000

169,303

Oak

Point

720

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

9/15/54

............................................

160,000

160,145

Oak

Point

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/01/30

..................................................

300,000

283,403

Oak

Point

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/01/40

..................................................

1,170,000

1,038,383

Oak

Point

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/50

........................................................

1,060,000

864,725

Wildridge

Public

Improvement

District

No.

1

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

2.75

%

,

9/01/31

..............................

160,000

145,960

Wildridge

Public

Improvement

District

No.

1

Improvement

Area

No.

4

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/01/41

.............................

628,000

494,925

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

522,211

Bryson

Ranch

Public

Improvement

District

Zone

A

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

6.125

%

,

9/15/45

.............................

927,000

961,619

Bryson

Ranch

Public

Improvement

District

Zone

A

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

6.375

%

,

9/15/55

.............................

1,790,000

1,852,721

Bryson

Ranch

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2025

,

6

%

,

9/15/35

................................

301,000

312,181

Bryson

Ranch

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2025

,

7.125

%

,

9/15/55

.............................

1,004,000

1,038,706

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

Pilot

Point,

(continued)

Bryson

Ranch

Public

Improvement

District

Zone

B

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

5.25

%

,

9/15/35

..............................

$

250,000

$

260,766

Bryson

Ranch

Public

Improvement

District

Zone

B

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

6.125

%

,

9/15/45

.............................

650,000

674,274

Bryson

Ranch

Public

Improvement

District

Zone

B

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2025

,

6.375

%

,

9/15/55

.............................

1,390,000

1,438,706

Bryson

Ranch

Public

Improvement

District

Zone

B

Remainder

Area

,

Special

Assessment

,

144A,

2025

,

6

%

,

9/15/35

................................

251,000

260,031

Bryson

Ranch

Public

Improvement

District

Zone

B

Remainder

Area

,

Special

Assessment

,

144A,

2025

,

7.125

%

,

9/15/55

.............................

1,070,000

1,106,987

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/15/32

..............................

200,000

209,239

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/42

...............................

800,000

810,679

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.625

%

,

9/15/52

.............................

1,000,000

1,003,135

Creekview

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

9/15/32

........................................

200,000

209,715

Creekview

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/15/52

.......................................

2,078,000

2,122,565

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/15/32

..............................

300,000

313,859

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/42

...............................

750,000

760,011

Mobberly

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.125

%

,

9/15/32

.......................................

500,000

510,162

Mobberly

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

9/15/48

.........................................

4,026,000

4,034,817

Mobberly

Public

Improvement

District

Improvement

Area

No.

1B

,

Special

Assessment

,

144A,

2023

,

5.625

%

,

9/15/48

.............................

926,000

932,848

Mobberly

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

5.625

%

,

9/15/32

.......................................

810,000

851,651

Mobberly

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/52

...........................................

4,001,000

4,059,019

Mobberly

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.5

%

,

9/15/52

.........................................

1,600,000

1,667,652

c

City

of

Plano

,

Collin

Creek

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.375

%

,

9/15/51

.................................................

7,342,000

6,039,445

Collin

Creek

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/15/51

....................................................

2,192,000

1,773,856

Haggard

Farm

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

7.5

%

,

9/15/53

...............................

1,000,000

1,052,930

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

8.25

%

,

9/15/43

..............................

1,250,000

1,315,880

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

8.5

%

,

9/15/53

...............................

2,193,000

2,304,790

c

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

9/01/30

.................................................

180,000

171,734

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.875

%

,

9/01/40

.................................................

650,000

598,312

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

9/01/50

.................................................

930,000

793,823

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/01/27

........................................................

86,000

85,276

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

Princeton,

(continued)

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4

%

,

9/01/32

........................................................

$

280,000

$

277,342

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

9/01/52

.................................................

1,117,000

973,416

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3

%

,

9/01/31

........................................................

126,000

117,985

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/01/41

........................................................

325,000

265,471

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/51

........................................................

431,000

351,993

Eastridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/01/32

........................................

380,000

394,423

Eastridge

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.25

%

,

9/01/43

........................................

1,155,000

1,166,287

Eastridge

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

.........................................

1,220,000

1,229,654

Eastridge

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

4.25

%

,

9/01/31

........................................

256,000

257,846

Eastridge

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5

%

,

9/01/44

...........................................

713,000

701,059

Eastridge

Public

Improvement

District

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

9/01/54

........................................

491,000

492,989

Sicily

Public

Improvement

District

Major

improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

7

%

,

9/01/43

................................

1,000,000

1,032,358

Sicily

Public

Improvement

District

Major

improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

7

%

,

9/01/53

................................

2,000,000

2,045,637

Sicily

Public

Improvement

District

Major

improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

7.875

%

,

9/01/53

.............................

1,000,000

1,031,822

Southbridge

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

9/01/44

..............................

500,000

499,968

Southbridge

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/54

...............................

1,100,000

1,089,442

Southridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.25

%

,

9/01/43

..............................

1,355,000

1,431,658

Southridge

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.375

%

,

9/01/53

.............................

1,380,000

1,444,461

Whitewing

Trails

Public

Improvement

District

No.

2

Phase

2

,

Special

Assessment

,

144A,

2023

,

4.25

%

,

9/01/30

........................................

164,000

164,307

Whitewing

Trails

Public

Improvement

District

No.

2

Phase

2

,

Special

Assessment

,

144A,

2023

,

5.375

%

,

9/01/53

.......................................

2,041,000

2,047,034

Winchester

Crossing

Public

Improvement

District

No.

3

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/01/54

............................................

225,000

226,604

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/01/30

........................................................

200,000

189,921

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/01/40

........................................................

470,000

426,394

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/01/50

........................................................

675,000

556,283

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.875

%

,

9/01/31

........................................................

110,000

100,827

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/41

........................................................

518,000

405,621

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4

%

,

9/01/51

........................................................

616,000

492,794

Winchester

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/01/32

..................................................

461,000

469,563

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)

Winchester

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/01/52

..................................................

$

2,220,000

$

2,221,952

Windmore

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/54

...............................

565,000

563,598

c

City

of

Red

Oak

,

Red

Oak

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

2.625

%

,

9/15/26

.............................

130,000

128,722

Red

Oak

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

.............................

354,000

321,129

Red

Oak

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/15/41

.............................

500,000

406,534

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

162,927

Trails

at

Cottonwood

Creek

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.75

%

,

9/15/41

...............

820,000

726,703

c

City

of

Royse

City

,

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.625

%

,

9/15/30

.............................

225,000

214,557

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

9/15/40

.............................

590,000

542,851

Creekshaw

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4.375

%

,

9/15/50

.............................

715,000

616,114

Creekshaw

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

5.875

%

,

9/15/42

.............................

589,000

607,637

Creekshaw

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/52

................................

1,267,000

1,296,085

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

4.375

%

,

9/15/30

.............................

210,000

207,907

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

4.875

%

,

9/15/40

.............................

375,000

365,911

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.125

%

,

9/15/50

.............................

575,000

546,522

Creekside

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

9/15/30

.......................................

450,000

430,672

Creekside

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.875

%

,

9/15/40

.......................................

1,190,000

1,094,522

Creekside

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4.125

%

,

9/15/50

.......................................

1,780,000

1,471,254

Liberty

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2023

,

6.375

%

,

9/15/53

.............................

1,182,000

1,217,406

Liberty

Crossing

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/15/44

.............................

685,000

684,198

Waterscape

Public

Improvement

District

Area

No.

4

,

Special

Assessment

,

144A,

2024

,

5.875

%

,

9/15/54

............................................

1,000,000

1,014,857

Waterscape

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2019

,

4.75

%

,

9/15/49

..............................

1,495,000

1,401,606

c

City

of

Sachse

,

Sachse

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

7

%

,

9/15/52

........................................................

750,000

818,824

Sachse

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/15/30

..............................

405,000

382,589

Sachse

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/15/40

..............................

1,070,000

969,944

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

108

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

c

City

of

Sachse,

(continued)

Sachse

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

4

%

,

9/15/50

................................

$

1,485,000

$

1,218,041

Sachse

Public

Improvement

District

No.

1

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

6

%

,

9/15/50

................................

200,000

210,056

Sachse

Public

Improvement

District

No.

1

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.375

%

,

9/15/40

.............................

1,600,000

1,649,184

Sachse

Public

Improvement

District

No.

1

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.625

%

,

9/15/50

.............................

2,235,000

2,281,022

City

of

San

Marcos

,

c

Trace

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

6

%

,

9/01/48

.

1,295,000

1,296,464

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

4.875

%

,

9/01/30

.

305,000

307,220

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

5.375

%

,

9/01/40

.

1,300,000

1,325,551

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

5.625

%

,

9/01/50

.

1,300,000

1,308,688

c

Whisper

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/01/27

..................................................

100,000

98,793

c

Whisper

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4

%

,

9/01/32

........................................................

425,000

411,957

c

City

of

Sinton

,

Somerset

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.375

%

,

9/01/27

.................................................

175,000

174,709

Somerset

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/01/32

..................................................

660,000

650,528

Somerset

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

5.125

%

,

9/01/42

.................................................

1,000,000

992,091

Somerset

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/01/51

..................................................

1,250,000

1,236,945

c

City

of

Terrell

,

Arboretum

Estates

Public

Improvement

District

No.

6

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2025

,

6.25

%

,

9/15/55

..................

2,625,000

2,712,562

Arboretum

Estates

Public

Improvement

District

No.

6

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2025

,

7

%

,

9/15/55

....................

2,625,000

2,690,501

c

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District

Area

No.

2

,

Special

Assessment

,

144A,

2023

,

5.75

%

,

9/15/52

.............................................

1,000,000

1,012,293

Raburn

Reserve

Public

Improvement

District

Area

No.

3

,

Special

Assessment

,

144A,

2023

,

6

%

,

9/15/53

................................................

1,307,000

1,346,410

Raburn

Reserve

Public

Improvement

District

improvement

Area

No.

1

,

Special

Assessment

,

144A,

2020

,

3.375

%

,

9/15/30

.............................

185,000

177,673

c

City

of

Uhland

,

Anderson

Park

Public

Improvement

District

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/55

..............................................

950,000

942,105

Watermill

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.625

%

,

9/01/52

........................................................

3,000,000

3,121,540

c

City

of

Venus

,

Brahman

Ranch

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

6.25

%

,

9/15/42

..................................................

1,000,000

1,013,546

Brahman

Ranch

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

6.5

%

,

9/15/52

...................................................

1,009,000

1,022,814

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.125

%

,

9/15/31

.................................................

166,000

153,347

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.375

%

,

9/15/41

.................................................

994,000

811,956

c

City

of

Waxahachie

,

North

Grove

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

5.125

%

,

8/15/32

........................................................

302,000

313,498

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

109

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

c

City

of

Waxahachie,

(continued)

North

Grove

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

5.5

%

,

8/15/52

........................................................

$

2,395,000

$

2,404,587

c

City

of

Wharton

,

Special

Assessment

,

144A,

2025

,

6

%

,

9/15/55

.................

1,100,000

1,128,950

c

Club

Municipal

Management

District

No.

1

,

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

2.5

%

,

9/01/26

.......

56,000

55,424

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3

%

,

9/01/31

........

267,000

245,770

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2021

,

3.25

%

,

9/01/41

......

981,000

781,711

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2024

,

5.1

%

,

9/01/44

.......

500,000

500,821

c

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel

,

Revenue,

Second

Lien

,

144A,

2021

B

,

3.5

%

,

10/01/31

....................................

450,000

404,259

c

County

of

Bastrop

,

Double

Eagle

Ranch

Public

Improvement

District

Improvement

Area

No.

2

,

Special

Assessment

,

144A,

2024

,

5.5

%

,

9/01/54

.....................

775,000

789,940

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

2,338,238

Green

Meadows

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

5.875

%

,

12/31/45

............................

2,300,000

2,378,582

Green

Meadows

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

6.125

%

,

12/31/55

............................

4,550,000

4,717,941

Tabor

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.25

%

,

12/31/44

..................

1,750,000

1,747,427

Tabor

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.625

%

,

12/31/54

.................

3,100,000

3,113,288

c

County

of

Hays

,

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.25

%

,

9/15/30

........................................................

100,000

93,850

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75

%

,

9/15/40

........................................................

800,000

725,192

La

Cima

Public

Improvement

District

Neighborhood

Improvement

Area

No.

3

,

Special

Assessment

,

144A,

2022

,

5.75

%

,

9/15/52

..............................

3,375,000

3,393,248

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

1,142,464

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.875

%

,

9/01/31

.............................

640,000

631,345

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.25

%

,

9/01/41

..............................

780,000

762,952

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.5

%

,

9/01/50

...............................

1,160,000

1,133,663

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

3.5

%

,

9/01/26

.........................

100,000

99,703

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.125

%

,

9/01/31

.......................

400,000

390,509

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2021

,

4.5

%

,

9/01/41

.........................

1,085,000

1,020,876

County

of

Montgomery

,

Crockett

Meadows

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2025

,

5.25

%

,

9/15/45

...................................

1,125,000

1,134,038

Crockett

Meadows

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2025

,

5.5

%

,

9/15/54

....................................

1,750,000

1,745,553

Meadow

Park

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

2025

,

5.375

%

,

9/15/54

..................................

814,000

819,484

c

East

Waller

County

Management

District

,

Sofi

Lakes

Sections

1

&

2

Assessments

,

Special

Assessment

,

144A,

2025

,

5

%

,

9/15/35

........................................................

885,000

908,258

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

East

Waller

County

Management

District,

(continued)

Sofi

Lakes

Sections

1

&

2

Assessments

,

Special

Assessment

,

144A,

2025

,

6

%

,

9/15/45

........................................................

$

1,965,000

$

2,020,088

Sofi

Lakes

Sections

1

&

2

Assessments

,

Special

Assessment

,

144A,

2025

,

6.25

%

,

9/15/55

........................................................

2,295,000

2,361,192

FW

Texas

Street

Public

Facility

Corp.

,

Revenue

,

2025

,

5

%

,

5/01/38

..............

10,000,000

10,575,375

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

5.8

%

,

10/01/45

..........

10,000,000

10,585,709

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/48

...................

5,000,000

4,795,257

c

Joshua

Farms

Municipal

Management

District

No.

1

,

Special

Assessment

,

144A,

2023

,

4.375

%

,

9/01/30

.........................

320,000

322,428

Special

Assessment

,

144A,

2023

,

5.5

%

,

9/01/53

..........................

3,393,000

3,401,540

Karis

Municipal

Management

District

of

Tarrant

County

,

Improvement

Area

No.

1

,

Special

Assessment

,

2024

,

5

%

,

12/01/44

............

746,000

729,298

Improvement

Area

No.

1

,

Special

Assessment

,

2024

,

5.25

%

,

12/01/53

..........

828,000

807,973

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

c

Mission

Economic

Development

Corp.

,

Permian

Basin

Water

Resources

LLC

,

Revenue

,

144A,

2025

A

,

7

%

,

8/15/60

...................................

8,000,000

8,295,644

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

d

Cardinal

Bay,

Inc.

,

Revenue

,

D

,

6

%

,

7/01/26

.............................

110,000

22,000

d

Cardinal

Bay,

Inc.

,

Revenue

,

D

,

7

%

,

7/01/51

.............................

5,110,000

1,022,000

CHF-Collegiate

Housing

College

Station

I

LLC

,

Revenue

,

2014

A

,

5

%

,

4/01/46

....

1,500,000

1,486,860

Longhorn

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

1/01/42

......

5,000,000

4,993,896

Longhorn

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

1/01/47

......

4,595,000

4,482,398

Morningside

Ministries

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

1/01/55

.........

4,100,000

3,445,406

NCCD-College

Station

Properties

LLC

,

Revenue

,

A

,

5

%

,

7/01/47

..............

25,500,000

23,991,221

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

10/01/39

.......................................................

2,750,000

2,723,662

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5.25

%

,

10/01/49

.......................................................

12,600,000

11,877,876

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2020

A

,

5.25

%

,

10/01/55

...

2,495,000

2,301,963

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

A-1

,

5

%

,

12/01/39

.......................................................

425,000

425,566

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

A-1

,

5

%

,

12/01/49

.......................................................

1,180,000

1,071,848

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue,

Second

Tier

,

2019

B

,

5.5

%

,

12/01/54

................................................

15,925,000

14,797,324

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue,

Third

Tier

,

2019

C

,

6

%

,

12/01/54

...................................................

5,545,000

5,240,826

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2014

,

5.5

%

,

1/01/43

............

3,225,000

3,225,329

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2014

,

5.5

%

,

1/01/49

............

1,015,000

1,006,724

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

1/01/50

.....

1,180,000

1,079,856

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

1/01/55

.....

4,400,000

3,959,044

c

North

Parkway

Municipal

Management

District

No.

1

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/15/26

.........................

350,000

348,711

City

of

Celina

Legacy

Hills

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.625

%

,

9/15/31

............................................

250,000

243,412

North

Texas

Tollway

Authority

,

f

Special

Projects

System

,

Revenue

,

2011

B

,

Pre-Refunded

,

5.42

%,

9/01/37

......

7,500,000

4,033,990

Special

Projects

System

,

Revenue

,

2011

C

,

Pre-Refunded

,

7

%

,

9/01/43

.........

10,000,000

12,047,477

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

Northwood

Municipal

Utility

District

No.

1

,

GO

,

144A,

2020

,

Refunding

,

4

%

,

8/01/31

.

$

1,070,000

$

1,070,153

c

Pecan

Public

Facility

Corp.

,

Revenue,

Sub.

Lien

,

144A,

2022

B

,

6

%

,

12/01/52

......

5,075,000

3,950,019

d

Red

River

Health

Facilities

Development

Corp.

,

Eden

Home,

Inc.

Obligated

Group

,

Revenue

,

2012

,

7.25

%

,

12/15/42

......................................

11,000,000

5,555,000

South

Manvel

Development

Authority

,

City

of

Manvel

Tax

Increment

Reinvestment

Zone

No.

3

,

Tax

Allocation

,

2023

,

5

%

,

4/01/38

............................

500,000

514,277

c

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.625

%

,

9/01/26

........................................

200,000

198,127

River

Walk

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.25

%

,

9/01/31

.........................................

750,000

715,452

River

Walk

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.5

%

,

9/01/36

..........................................

800,000

729,959

River

Walk

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2021

,

Refunding

,

4

%

,

9/01/43

............................................

2,450,000

2,147,907

c

Town

of

Lakewood

Village

,

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/15/32

445,000

456,580

Public

Improvement

District

No.

1

,

Special

Assessment

,

144A,

2022

,

5.25

%

,

9/15/42

1,400,000

1,423,690

c

Town

of

Little

Elm

,

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.25

%

,

9/01/27

........................................................

71,000

69,634

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.5

%

,

9/01/32

........................................................

205,000

192,465

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75

%

,

9/01/42

........................................................

529,000

451,556

Valencia

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

6.125

%

,

9/01/32

.................................................

712,000

758,783

Valencia

Public

Improvement

District

No.

2

,

Special

Assessment

,

144A,

2022

,

6.875

%

,

9/01/52

.................................................

2,700,000

2,819,055

c

Town

of

Providence

Village

,

Foree

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5

%

,

9/01/44

................................

270,000

264,842

Foree

Ranch

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2024

,

5.25

%

,

9/01/54

..............................

297,000

293,643

c

Travis

County

Development

Authority

,

Bella

Fortuna

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

5.375

%

,

9/01/44

........................................................

843,000

857,976

Bella

Fortuna

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

5.625

%

,

9/01/51

........................................................

750,000

764,278

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

4.75

%

,

9/01/32

...................

302,000

311,294

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

1

,

Special

Assessment

,

144A,

2022

,

5.375

%

,

9/01/42

..................

868,000

896,644

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

1,256,671

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

2.875

%

,

12/01/30

.

258,000

239,513

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.125

%

,

12/01/35

.

415,000

359,189

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.375

%

,

12/01/40

.

486,000

406,627

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.5

%

,

12/01/47

..

835,000

611,813

577,944,697

Utah

0.5%

c

MIDA

Cormont

Public

Infrastructure

District

,

GO

,

144A,

2025

A-1

,

6.25

%

,

6/01/55

...................................

2,225,000

2,344,602

f

GO

,

144A,

2025

A-2

,

0.868

%,

6/01/55

..................................

2,250,000

1,914,053

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)

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

$

1,997,120

Military

Recreation

Facility

Project

Area

,

Tax

Allocation

,

144A,

2024-2

,

6

%

,

6/15/54

5,000,000

5,154,021

Military

Installation

Development

Authority

,

Military

Recreation

Facility

Project

Area

,

Revenue

,

2021

A-1

,

4

%

,

6/01/52

.......

3,000,000

2,540,922

Military

Recreation

Facility

Project

Area

,

Revenue

,

2021

A-2

,

4

%

,

6/01/52

.......

2,745,000

2,300,298

Point

Phase

1

Public

Infrastructure

District

No.

1

,

Revenue

,

2025

A-1

,

6.125

%

,

3/01/55

7,950,000

8,298,956

c

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/39

..

475,000

452,578

Mountain

West

Montessori

Academy,

Inc.

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/49

..

825,000

708,302

25,710,852

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

3,507,181

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

6/01/49

........................................................

4,065,000

3,869,052

c

Virginia

Small

Business

Financing

Authority

,

P3

VB

Holdings

LLC

,

Revenue,

Senior

Lien

,

144A,

2023

A

,

8.5

%

,

12/01/52

....................................

11,000,000

10,585,937

17,962,170

Washington

1.4%

Jefferson

County

Public

Hospital

District

No.

2

,

Revenue

,

2023

A

,

Refunding

,

6.875

%

,

12/01/53

........................................................

10,000,000

10,485,624

e

Washington

Economic

Development

Finance

Authority

,

Propeller

Airports

Paine

Field

LLC

,

Revenue

,

A

,

Mandatory

Put

,

8.5

%

,

3/01/27

..........................

22,750,000

22,702,962

c

Washington

State

Housing

Finance

Commission

,

eliseo

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

1/01/51

........

15,070,000

10,337,798

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

2019

A

,

5

%

,

1/01/55

..............................................

4,700,000

4,272,200

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

A

,

Refunding

,

5

%

,

1/01/46

.........................................

2,250,000

2,132,540

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

A

,

Refunding

,

5

%

,

1/01/51

.........................................

1,700,000

1,563,135

Spokane

United

Methodist

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

5

%

,

1/01/55

........................................................

9,020,000

7,931,116

Spokane

United

Methodist

Homes

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5

%

,

1/01/51

........................................................

6,000,000

5,346,850

64,772,225

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

930,709

Monongalia

County

Building

Commission

Development

District

No.

4

,

Tax

Allocation

,

144A,

2023

A

,

Refunding

,

6

%

,

6/01/53

................................

1,755,000

1,849,727

2,780,436

Wisconsin

3.8%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

8,575,000

8,902,655

f

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

76,350,000

36,308,785

A&T

Real

Estate

Foundation

LLC

,

Revenue

,

2019

B

,

5

%

,

6/01/49

.............

2,675,000

2,622,227

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)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2017

A

,

5

%

,

7/01/53

..........

$

4,345,000

$

4,157,656

c

Coral

Academy

of

Science

Reno

,

Revenue

,

144A,

2022

A

,

6

%

,

6/01/62

.........

1,565,000

1,522,328

c

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

B-1

,

6.81

%

,

4/28/36

........

5,500,000

5,669,158

c

Eno

River

Academy

,

Revenue

,

144A,

2020

A

,

5

%

,

6/15/54

...................

1,380,000

1,263,684

c

Estancia

Valley

Classical

Academy

,

Revenue

,

144A,

2021

A

,

Refunding

,

4

%

,

7/01/41

1,000,000

792,277

c

Estancia

Valley

Classical

Academy

,

Revenue

,

144A,

2021

A

,

Refunding

,

4.25

%

,

7/01/51

........................................................

5,345,000

3,817,887

c

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

B

,

6.625

%

,

2/01/46

..............

11,095,000

9,125,371

c

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.

,

Revenue

,

144A,

2024

,

5

%

,

7/01/60

....................................................

1,000,000

893,460

c

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

9/01/49

..

6,600,000

6,316,927

c

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

5

%

,

9/01/54

..

2,920,000

2,755,628

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

B-1

,

7.125

%

,

7/25/34

........................................................

5,685,000

5,924,186

c

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/36

....

300,000

277,669

c

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/51

....

1,000,000

765,710

c

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

5

%

,

6/01/61

....

1,275,000

938,612

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue,

Sub.

Lien

,

144A,

2022

C

,

4.6

%

,

12/01/37

..................................................

5,460,000

4,831,992

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

5

%

,

3/01/52

............................................

4,100,000

3,589,494

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5.25

%

,

3/01/55

..................................................

12,975,000

11,686,074

c

Ocean

Academy

Charter

School

,

Revenue

,

144A,

2021

,

5

%

,

10/15/41

..........

570,000

534,450

c

Ocean

Academy

Charter

School

,

Revenue

,

144A,

2021

,

5

%

,

10/15/51

..........

1,130,000

982,809

c,f

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

B

,

Refunding

,

5.77

%,

12/01/35

.......................................................

39,830,000

22,733,662

c,f

Pine

Forest

2022

Obligated

Group

,

Revenue,

Sub.

Lien

,

144A,

2022

,

2.279

%,

12/01/45

.......................................................

11,680,000

8,852,607

c

Signature

Preparatory,

Inc.

,

Revenue

,

144A,

2021

A

,

5

%

,

6/15/51

.............

2,250,000

1,963,036

c

Signature

Preparatory,

Inc.

,

Revenue

,

144A,

2021

A

,

5

%

,

6/15/56

.............

2,465,000

2,100,623

SR

400

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

5.75

%

,

12/31/65

......

8,000,000

8,304,343

SR

400

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

6.5

%

,

12/31/65

.......

5,000,000

5,533,374

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2025

,

Refunding

,

5.25

%

,

6/15/65

..

2,250,000

2,152,945

c

UHF

RISE

Student

Housing

LLC

,

Revenue

,

144A,

2021

A-2

,

5.35

%

,

7/01/40

.....

3,000,000

2,468,629

c

UHF

RISE

Student

Housing

LLC

,

Revenue

,

144A,

2021

B

,

5.25

%

,

7/01/61

.......

2,000,000

1,671,653

c

UMA

Education,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

5

%

,

10/01/39

.........

2,000,000

2,037,787

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

6

%

,

7/01/28

...................

110,000

107,916

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

6.5

%

,

7/01/33

..................

300,000

292,234

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

7

%

,

7/01/43

...................

1,000,000

904,034

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

7.5

%

,

7/01/53

..................

6,620,000

5,986,602

HOPE

Christian

Schools

Obligated

Group

,

Revenue

,

2021

,

4

%

,

12/01/41

........

850,000

642,818

PHW

Menomonee

Falls,

Inc.

,

Revenue

,

2024

,

6.125

%

,

10/01/59

..............

1,000,000

1,036,861

180,468,163

U.S.

Territories

6.5%

District

of

Columbia

0.9%

District

of

Columbia

,

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2006

A

,

7.31

%,

6/15/46

.........................................................

175,000,000

41,097,507

Pacific

Islands

0.1%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6

%

,

3/15/28

.........

4,350,000

4,419,170

Puerto

Rico

5.5%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

2,500,000

2,541,226

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)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

Commonwealth

of

Puerto

Rico

,

h

GO

,

FRN

,

Zero

Cpn.,

11/01/43

........................................

$

1

$

—

GO

,

2022

A-1

,

5.75

%

,

7/01/31

........................................

666,031

733,691

GO

,

2022

A-1

,

4

%

,

7/01/35

..........................................

13,786,998

13,695,524

GO

,

2022

A-1

,

4

%

,

7/01/37

..........................................

31,512,915

30,297,232

GO

,

2022

A-1

,

4

%

,

7/01/41

..........................................

18,434,144

17,046,101

GO

,

2022

A-1

,

4

%

,

7/01/46

..........................................

2,799,278

2,490,758

f

GO

,

2022

A-1

,

4.41

%,

7/01/33

........................................

2,011,366

1,450,138

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5

%

,

8/20/40

...................

20,888,368

20,335,848

HTA

CL

6

Trust

,

Revenue

,

L-2028

,

5.25

%

,

7/01/38

..........................

1,239,120

1,239,393

c

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue

,

144A,

2021

B

,

Refunding

,

4

%

,

7/01/42

..........................

2,500,000

2,293,413

Revenue,

Senior

Lien

,

144A,

2020

A

,

Refunding

,

5

%

,

7/01/47

................

16,750,000

16,488,422

d

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

1

,

10

%

,

1/01/21

...........................................

6,000,000

3,990,000

Revenue

,

2

,

10

%

,

7/01/21

...........................................

6,000,000

3,990,000

Revenue

,

2013

A

,

10

%

,

7/01/19

.......................................

5,500,000

3,657,500

Revenue

,

2013

A

,

7.25

%

,

7/01/30

.....................................

1,675,000

1,118,062

Revenue

,

2016

B-1

,

10

%

,

7/01/19

.....................................

5,500,000

3,657,500

Revenue

,

3

,

10

%

,

1/01/22

...........................................

1,989,500

1,323,018

Revenue

,

4

,

10

%

,

7/01/22

...........................................

1,989,499

1,323,017

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Revenue

,

2000

B

,

6.625

%

,

1/01/27

....................................

1,381,057

1,373,742

Revenue

,

2000

B

,

6.625

%

,

1/01/28

....................................

10,533,091

10,458,720

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

45,065,000

43,936,834

f

Sales

Tax

,

Revenue

,

A-1

,

5.37

%,

7/01/46

................................

25,400,000

8,661,341

f

Sales

Tax

,

Revenue

,

A-1

,

5.58

%,

7/01/51

................................

206,837,000

51,547,235

Sales

Tax

,

Revenue

,

A-2

,

4.329

%

,

7/01/40

...............................

12,000,000

11,704,576

Sales

Tax

,

Revenue

,

A-2

,

4.784

%

,

7/01/58

...............................

6,000,000

5,664,418

261,017,709

Total

U.S.

Territories

....................................................................

306,534,386

Total

Municipal

Bonds

(Cost

$

4,440,229,188

)

...................................

4,377,039,219

Total

Long

Term

Investments

(Cost

$

4,729,224,137

)

.............................

4,654,894,362

a

a

a

a

a

Short

Term

Investments

0.5%

Municipal

Bonds

0.5%

California

0.1%

i

University

of

California

,

Revenue

,

2013

AL-1

,

Daily

VRDN

and

Put

,

2.5

%

,

5/15/48

...

2,200,000

2,200,000

Georgia

0.0%

†

i

Roswell

Development

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2025

A

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

2.9

%

,

4/01/47

................

1,200,000

1,200,000

Massachusetts

0.0%

†

i

Massachusetts

Health

&

Educational

Facilities

Authority

,

Massachusetts

Institute

of

Technology

,

Revenue

,

2001

J-2

,

Daily

VRDN

and

Put

,

2.7

%

,

7/01/31

...........

100,000

100,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

115

See

Abbreviations

on

page

193

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Michigan

0.1%

i

Green

Lake

Township

Economic

Development

Corp.

,

Interlochen

Center

for

the

Arts

,

Revenue

,

2004

,

Refunding

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

6/01/34

.........................................................

$

2,700,000

$

2,700,000

Minnesota

0.2%

i

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2025

D

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

2

%

,

11/15/64

..............................................

9,200,000

9,200,000

Missouri

0.0%

†

i

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

SSM

Health

Care

Obligated

Group

,

Revenue

,

2014

F

,

Daily

VRDN

and

Put

,

2.9

%

,

6/01/44

.........

400,000

400,000

Ohio

0.0%

†

i

County

of

Hamilton

,

TriHealth

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.95

%

,

8/15/51

..........

600,000

600,000

Pennsylvania

0.1%

i

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

,

2.85

%

,

7/01/54

............

4,700,000

4,700,000

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2024

B-2

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

7/01/54

............

1,000,000

1,000,000

5,700,000

Total

Municipal

Bonds

(Cost

$

22,100,000

)

......................................

22,100,000

Total

Short

Term

Investments

(Cost

$

22,100,000

)

................................

22,100,000

a

Total

Investments

(Cost

$

4,751,324,137

)

99.1

%

..................................

$4,676,994,362

Other

Assets,

less

Liabilities

0.9

%

.............................................

43,229,896

Net

Assets

100.0%

...........................................................

$4,720,224,258

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Non-income

producing.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$1,605,448,066,

representing

34.0%

of

net

assets.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

The

maturity

date

shown

represents

the

mandatory

put

date.

f

The

rate

shown

represents

the

yield

at

period

end.

g

Security

purchased

on

a

when-issued

basis.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

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),

November

30,

2025

Franklin

Louisiana

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

116

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.8%

Florida

1.0%

a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

$

500,000

$

337,992

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

2,300,000

1,943,858

2,281,850

Georgia

0.2%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

185,000

192,228

b

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

505,000

239,348

431,576

Louisiana

91.0%

Caddo

Parish

Parishwide

School

District

,

GO

,

2021

,

AG

Insured

,

3

%

,

3/01/36

......

505,000

487,224

City

of

Lafayette

,

Sales

&

Use

Tax

,

Revenue

,

2019

A

,

5

%

,

5/01/44

..............

2,350,000

2,443,143

City

of

Natchitoches

,

Utilities

,

Revenue

,

2023

,

AG

Insured

,

5.5

%

,

6/01/53

.........

750,000

809,965

City

of

New

Orleans

,

GO

,

2021

A

,

5

%

,

12/01/39

...........................................

6,000,000

6,414,433

Sewerage

Service

,

Revenue

,

2020

B

,

4

%

,

6/01/50

.........................

1,300,000

1,178,704

City

of

Shreveport

,

GO

,

2024

,

AG

Insured

,

5

%

,

3/01/54

....................................

4,950,000

5,082,762

Water

&

Sewer

,

Revenue

,

2016

B

,

5

%

,

12/01/41

..........................

4,000,000

3,983,552

Water

&

Sewer

,

Revenue

,

2020

B

,

Refunding

,

3

%

,

12/01/50

..................

5,070,000

3,668,610

East

Baton

Rouge

Sewerage

Commission

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/01/45

3,000,000

2,919,511

East

Ouachita

Parish

School

District

,

GO

,

2025

,

5.25

%

,

3/01/45

................

1,500,000

1,614,382

Greater

New

Orleans

Expressway

Commission

,

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

AG

Insured

,

5

%

,

11/01/46

...........................................

1,050,000

1,095,946

Greater

Ouachita

Water

Co.

,

Revenue

,

2024

,

BAM

Insured

,

4.5

%

,

9/01/53

........

1,000,000

964,768

Jefferson

Parish

Consolidated

Waterworks

District

No.

2

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

4

%

,

2/01/40

...........................................

5,000,000

5,050,080

Jefferson

Sales

Tax

District

,

Revenue

,

2017

B

,

AG

Insured

,

5

%

,

12/01/42

.........

2,250,000

2,293,504

Juban

Crossing

Economic

Development

District

,

Revenue

,

2024

C

,

Refunding

,

5

%

,

9/15/54

.........................................................

1,500,000

1,514,859

Lafayette

Parish

School

Board

,

Sale

Tax

,

Revenue

,

2025

,

5.75

%

,

4/01/55

...............................

1,500,000

1,659,682

Sale

Tax

,

Revenue

,

2025

A

,

5

%

,

4/01/50

................................

1,500,000

1,577,675

Sales

Tax

,

Revenue

,

2023

,

4

%

,

4/01/53

.................................

2,500,000

2,308,434

Livingston

Parish

School

District

No.

1

,

GO

,

2021

,

BAM

Insured

,

4

%

,

5/01/38

......

1,050,000

1,065,002

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

,

Revenue

,

2021

,

4

%

,

10/01/39

........................................................

1,490,000

1,497,762

Louisiana

Housing

Corp.

,

Revenue

,

2021

B

,

GNMA

Insured

,

2.05

%

,

6/01/36

.........................

615,000

517,633

Revenue

,

2021

B

,

GNMA

Insured

,

2.2

%

,

6/01/41

..........................

1,965,000

1,495,062

Revenue

,

2024

A

,

GNMA

Insured

,

4.4

%

,

12/01/44

.........................

990,000

989,084

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Calcasieu

Parish

School

Board

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/39

.......................................................

500,000

548,057

a

City

of

New

Orleans

,

Revenue

,

144A,

2021

,

4

%

,

11/01/46

...................

1,800,000

1,623,502

City

of

Pineville

,

Revenue

,

2024

,

AG

Insured

,

5

%

,

9/01/39

...................

2,505,000

2,779,783

Entergy

Louisiana

LLC

,

Revenue

,

2021

A

,

Refunding

,

2

%

,

6/01/30

.............

1,500,000

1,393,752

Entergy

Louisiana

LLC

,

Revenue

,

2021

B

,

Refunding

,

2.5

%

,

4/01/36

...........

3,000,000

2,568,677

a

Parish

of

Assumption

,

Revenue

,

144A,

2021

,

3.875

%

,

11/01/45

...............

735,000

658,912

a

Parish

of

St.

Bernard

,

Revenue

,

144A,

2021

,

4

%

,

11/01/45

...................

910,000

833,746

a

Parish

of

St.

Charles

,

Revenue

,

144A,

2022

,

4.5

%

,

11/01/47

.................

1,760,000

1,690,696

a

Parish

of

St.

Tammany

LA

GOMESA

,

Revenue

,

144A,

2020

,

3.875

%

,

11/01/45

....

2,450,000

2,196,374

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

117

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

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-1

,

Refunding

,

4.5

%

,

12/01/31

..................................................

$

1,250,000

$

1,260,205

a,b

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

2.38

%,

12/01/44

.................................................

6,500,000

4,156,219

University

of

Louisiana

at

Lafayette

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

5

%

,

10/01/39

.......................................................

1,000,000

1,016,927

University

of

Louisiana

at

Lafayette

,

Revenue

,

2018

,

AG

Insured

,

5

%

,

10/01/48

...

3,500,000

3,516,156

University

of

Louisiana

System

,

Revenue

,

2019

,

Refunding

,

AG

Insured

,

4

%

,

8/01/34

1,000,000

1,019,024

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/01/30

....................................................

1,020,000

1,050,532

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/01/31

....................................................

1,065,000

1,100,907

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/01/32

....................................................

1,100,000

1,128,983

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/01/33

....................................................

1,155,000

1,176,707

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2023

A

,

AG

Insured

,

5

%

,

10/01/43

...................................................

600,000

626,250

Woman's

Hospital

Foundation

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/41

......

5,230,000

5,302,398

Louisiana

Offshore

Terminal

Authority

,

Loop

LLC

,

Revenue

,

2007

A

,

Refunding

,

4.15

%

,

9/01/27

.........................................................

1,500,000

1,513,717

Louisiana

Public

Facilities

Authority

,

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.75

%

,

9/01/64

.....

5,000,000

5,201,880

CHRISTUS

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/48

...

5,000,000

5,069,616

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

5

%

,

7/01/35

..............................................

4,965,000

4,968,982

Louisiana

Children's

Medical

Center

Obligated

Group

,

Revenue

,

2015

A-1

,

5

%

,

6/01/45

........................................................

7,800,000

7,906,765

Louisiana

Children's

Medical

Center

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

6/01/50

5,000,000

4,379,806

Louisiana

Department

of

Public

Safety

&

Corrections

,

Revenue

,

2024

,

AG

Insured

,

5

%

,

8/01/44

....................................................

800,000

848,034

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

,

Revenue

,

2016

A

,

5

%

,

7/01/46

..............................................

3,500,000

3,504,454

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

,

Revenue

,

2017

,

5

%

,

7/01/52

................................................

2,310,000

2,313,756

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/37

.......

2,020,000

1,963,057

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/39

.......

3,460,000

3,294,014

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/41

.......

2,850,000

2,617,922

Loyola

University

New

Orleans

,

Revenue

,

2023

A

,

5

%

,

10/01/38

..............

500,000

518,922

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/34

........................................................

30,000

30,324

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

5/15/47

........................................................

20,000

20,216

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/42

5,695,000

5,752,190

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

5/15/46

2,000,000

2,010,700

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.25

%

,

5/15/55

........................................................

3,000,000

3,148,275

a

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

A-1

,

5.5

%

,

1/01/50

.

2,000,000

1,537,103

c

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans

,

Revenue

,

2017

,

Refunding

,

5

%

,

7/01/37

............................................

3,750,000

1,509,375

South

Quad

L3C

,

Revenue

,

2025

,

AG

Insured

,

5.25

%

,

7/01/55

................

2,250,000

2,372,022

Tulane

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

12/15/41

................

3,000,000

3,037,981

Tulane

University

,

Revenue

,

2017

A

,

Pre-Refunded

,

4

%

,

12/15/50

.............

60,000

61,540

Tulane

University

,

Revenue

,

2024

A

,

5

%

,

4/15/38

..........................

1,000,000

1,112,659

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

Stadium

&

Exposition

District

,

Revenue,

Senior

Lien

,

2023

A

,

Refunding

,

5.25

%

,

7/01/53

...................................................

$

1,750,000

$

1,814,695

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Auxiliary

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

7/01/40

....................................

4,500,000

4,560,991

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AG

Insured

,

5

%

,

3/01/38

.....

1,440,000

1,516,583

New

Orleans

Aviation

Board

,

Revenue

,

2024

B

,

Refunding

,

5.25

%

,

1/01/45

.............................

2,500,000

2,626,865

Revenue

,

2024

C-1

,

5

%

,

1/01/54

......................................

1,000,000

1,032,221

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

5

%

,

1/01/48

.

5,000,000

5,019,108

Parish

of

Terrebonne

,

Sales

&

Use

Tax

,

Revenue

,

2020

A

,

4

%

,

3/01/41

...........

2,660,000

2,673,009

Port

New

Orleans

Board

of

Commissioners

,

Revenue

,

2020

D

,

5

%

,

4/01/50

........................................

2,000,000

2,041,967

Revenue

,

2025

A

,

5.25

%

,

4/01/55

.....................................

3,000,000

3,130,406

Rapides

Parish

Consolidated

School

District

No.

62

,

GO

,

2022

,

AG

Insured

,

5

%

,

3/01/42

.........................................................

1,100,000

1,160,583

Rapides

Parish

School

District

No.

11

Rigolette

,

GO

,

2023

,

AG

Insured

,

4

%

,

3/01/41

.

1,000,000

1,001,182

St.

John

the

Baptist

,

Parish

School

District

No.

1

,

GO

,

2023

,

5.25

%

,

3/01/43

.......

3,300,000

3,453,521

St.

Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

3,000,000

3,020,093

State

of

Louisiana

,

GO

,

2016

A

,

5

%

,

9/01/35

............................................

2,575,000

2,608,157

Gasoline

&

Fuels

Tax

,

Revenue

,

2025

B

,

Refunding

,

5

%

,

5/01/35

..............

1,500,000

1,777,612

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2024

A

,

Refunding

,

4

%

,

5/01/44

...

6,000,000

5,857,020

Tangipahoa

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2021

,

Refunding

,

4

%

,

2/01/35

.................................

2,250,000

2,291,609

Revenue

,

2021

,

Refunding

,

4

%

,

2/01/38

.................................

2,000,000

2,006,989

Terrebonne

Levee

&

Conservation

District

,

Sales

Tax

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

6/01/41

......................................................

1,000,000

1,003,579

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

1

,

GO

,

2020

,

4

%

,

3/01/50

.........................................................

3,000,000

2,748,050

202,317,134

Texas

0.6%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

450,000

416,912

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,250,000

946,227

1,363,139

Washington

0.3%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

700,000

602,961

Wisconsin

1.4%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

855,000

887,670

a

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

800,000

645,162

b

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

2,290,000

1,089,026

a

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

500,000

501,688

3,123,546

U.S.

Territories

2.3%

Puerto

Rico

2.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

500,000

506,665

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

3,500,000

3,332,004

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

See

Abbreviations

on

page

193

.

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

..................................

$

1,196,000

$

1,166,059

5,004,728

Total

U.S.

Territories

....................................................................

5,004,728

Total

Municipal

Bonds

(Cost

$

224,270,058

)

.....................................

215,124,934

a

a

a

a

Short

Term

Investments

0.9%

Municipal

Bonds

0.9%

Louisiana

0.9%

d

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2023

A-2

,

Refunding

,

LOC

Toronto

Dominion

Bank

(The)

,

Daily

VRDN

and

Put

,

2.85

%

,

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

$

226,370,058

)

97.7

%

...................................

$217,224,934

Other

Assets,

less

Liabilities

2.3

%

.............................................

4,985,989

Net

Assets

100.0%

...........................................................

$222,210,923

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$18,934,645,

representing

8.5%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

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),

November

30,

2025

Franklin

Maryland

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

120

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.9%

Florida

0.7%

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

$

2,650,000

$

2,239,663

Georgia

0.2%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

205,000

213,010

b

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

945,000

447,888

660,898

Maryland

86.7%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District

,

Revenue

,

2016

,

Refunding

,

5.125

%

,

6/01/43

...................................................

3,000,000

3,005,272

City

of

Gaithersburg

,

Asbury

Maryland

Obligated

Group

,

Revenue

,

2022

,

4.5

%

,

1/01/42

1,500,000

1,464,573

c

County

of

Anne

Arundel

,

Glenview

Housing

LP

,

Revenue

,

2009

,

Mandatory

Put

,

5

%

,

1/01/27

.........................................................

1,725,000

1,727,592

County

of

Frederick

,

GO

,

2025

A

,

4

%

,

4/01/43

............................................

5,000,000

5,005,792

a

Urbana

Community

Development

Authority

,

Special

Tax,

Sub.

Lien

,

144A,

2020

C

,

4

%

,

7/01/50

....................................................

3,865,000

3,444,231

County

of

Harford

,

GO

,

2025

,

4

%

,

10/01/41

.............................................

1,610,000

1,637,979

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

4

%

,

7/01/31

........................................................

150,000

155,724

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

4

%

,

7/01/36

........................................................

750,000

762,127

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

4

%

,

7/01/40

........................................................

675,000

675,071

County

of

Howard

,

Annapolis

Junction

Town

Center

Development

District

,

Tax

Allocation

,

2024

,

Refunding

,

5

%

,

2/15/44

................................

665,000

692,841

Howard

County

Housing

Commission

,

Revenue

,

2013

,

5

%

,

10/01/28

........................................

9,980,000

9,994,274

Revenue

,

2016

,

4

%

,

6/01/46

.........................................

2,000,000

1,905,248

Revenue

,

2017

,

5

%

,

12/01/46

........................................

5,000,000

5,050,227

Maryland

Community

Development

Administration

,

Housing

,

Revenue

,

2019

D

,

3

%

,

7/01/39

................................

1,500,000

1,368,992

Housing

,

Revenue

,

2019

D

,

3.2

%

,

7/01/44

...............................

1,000,000

856,807

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue

,

2017

A-1

,

4

%

,

6/01/47

......................................

2,300,000

2,162,383

Revenue

,

2018

A-1

,

5

%

,

6/01/48

......................................

1,310,000

1,328,403

Revenue,

Senior

Lien

,

2019

B-1

,

4

%

,

6/01/49

.............................

3,000,000

2,806,279

Maryland

Department

of

Housing

&

Community

Development

,

Revenue

,

2025

C

,

5.1

%

,

7/01/50

.........................................................

3,300,000

3,399,067

Maryland

Economic

Development

Corp.

,

Annapolis

Parking

System

,

Revenue,

Senior

Lien

,

2022

A

,

5.25

%

,

12/31/47

......

5,000,000

5,155,454

City

of

Baltimore

,

Revenue

,

2024

,

5

%

,

7/01/49

............................

5,120,000

5,192,153

Frostburg

State

University

Project

,

Revenue,

Senior

Lien

,

2013

,

Refunding

,

5

%

,

10/01/33

.......................................................

5,000,000

5,001,348

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

4

%

,

7/01/40

.

1,000,000

958,623

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

5

%

,

7/01/50

.

1,250,000

1,253,031

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2022

A

,

6

%

,

7/01/58

4,620,000

4,908,354

Ports

America

Chesapeake

LLC

,

Revenue

,

2019

A

,

5

%

,

6/01/49

..............

3,500,000

3,517,201

PRG-Towson

Place

Properties

LLC

,

Revenue,

Senior

Lien

,

2024

A-1

,

Refunding

,

5

%

,

6/01/38

........................................................

1,000,000

1,062,871

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25

%

,

6/30/47

...........

5,000,000

5,031,656

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25

%

,

6/30/55

...........

5,000,000

4,978,027

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

121

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Economic

Development

Corp.,

(continued)

University

of

Maryland

College

Park

,

Revenue

,

2016

,

Refunding

,

AG

Insured

,

5

%

,

6/01/43

........................................................

$

3,305,000

$

3,314,305

University

of

Maryland

Leonardtown

Project

,

Revenue

,

2024

,

AG

Insured

,

5

%

,

7/01/54

........................................................

7,000,000

7,161,552

University

Park

Phase

I

&

II

at

Salisbury

University

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/01/34

........................................................

2,040,000

2,040,898

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2016

A

,

5.5

%

,

1/01/46

.........

9,750,000

9,854,752

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

1/01/38

...

865,000

855,705

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2021

B

,

BAM

Insured

,

4

%

,

1/01/51

2,000,000

1,839,423

Charlestown

Community,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/45

........

4,170,000

4,182,576

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/50

..

1,715,000

1,504,856

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.25

%

,

7/01/53

3,500,000

3,585,824

Greater

Baltimore

Medical

Center

Obligated

Group

,

Revenue

,

2021

A

,

4

%

,

7/01/37

1,750,000

1,742,978

Johns

Hopkins

Medical

Institutions

Parking

System

,

Revenue

,

2001

,

AMBAC

Insured

,

5

%

,

7/01/27

..............................................

345,000

347,560

Johns

Hopkins

Medical

Institutions

Parking

System

,

Revenue

,

2004

,

AMBAC

Insured

,

5

%

,

7/01/34

..............................................

5,000,000

5,038,082

LifeBridge

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/47

.....

4,000,000

4,011,233

LifeBridge

Health

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

7/01/54

............

1,000,000

1,059,085

Loyola

University

Maryland,

Inc.

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

10/01/49

.....

2,000,000

2,014,303

Loyola

University

Maryland,

Inc.

,

Revenue

,

2025

,

Refunding

,

5

%

,

10/01/54

......

5,000,000

5,102,986

Maryland

Institute

College

of

Art

,

Revenue

,

2016

,

Refunding

,

4

%

,

6/01/42

.......

5,325,000

4,669,482

Maryland

Institute

College

of

Art

,

Revenue

,

2024

,

Refunding

,

5.5

%

,

6/01/47

......

1,250,000

1,263,984

MedStar

Health

Obligated

Group

,

Revenue

,

1997

,

AMBAC

Insured

,

ETM,

5

%

,

7/01/27

........................................................

3,115,000

3,174,248

MedStar

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/38

.......

2,100,000

2,101,128

MedStar

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

5/15/45

..............

5,000,000

5,028,256

Meritus

Medical

Center

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25

%

,

7/01/50

6,000,000

6,268,279

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/28

..........

630,000

652,118

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/30

..........

1,225,000

1,299,119

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

6/01/32

..........

800,000

853,072

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/34

..........

350,000

351,193

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/36

..........

1,125,000

1,117,003

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/40

..........

1,850,000

1,749,089

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/46

..........

1,000,000

885,719

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/01/55

..........

3,250,000

2,742,948

TidalHealth

Obligated

Group

,

Revenue

,

2025

C

,

Refunding

,

AG

Insured

,

5.5

%

,

7/01/55

........................................................

5,000,000

5,391,573

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/39

............................................

10,000,000

10,192,149

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

D

,

4

%

,

7/01/48

........................................................

5,000,000

4,598,365

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.25

%

,

7/01/52

.........................................

3,000,000

3,167,458

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.

,

Revenue

,

2019

,

Refunding

,

4

%

,

9/01/43

..............

1,100,000

1,061,324

McDonogh

School,

Inc.

,

Revenue

,

2019

,

Refunding

,

4

%

,

9/01/48

..............

610,000

562,689

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund

,

Revenue

,

2016

,

Pre-

Refunded

,

5

%

,

5/01/46

............................................

4,085,000

4,126,110

Baltimore

City

Public

School

Construction

Financing

Fund

,

Revenue

,

2020

A

,

AG

Insured

,

5

%

,

5/01/50

..............................................

11,225,000

12,263,307

State

of

Maryland

Built

to

Learn

,

Revenue

,

2021

,

4

%

,

6/01/35

................

1,590,000

1,658,270

State

of

Maryland

Built

to

Learn

,

Revenue

,

2022

A

,

4

%

,

6/01/47

...............

5,000,000

4,674,487

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.

122

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Stadium

Authority,

(continued)

State

of

Maryland

Built

to

Learn

,

Revenue

,

2024

,

4

%

,

6/01/49

................

$

2,445,000

$

2,280,354

State

of

Maryland

Built

to

Learn

,

Revenue

,

2024

,

5

%

,

6/01/54

................

3,525,000

3,656,135

Maryland

State

Transportation

Authority

,

Revenue

,

2020

,

4

%

,

7/01/45

............

4,000,000

3,881,448

Montgomery

County

Housing

Opportunities

Commission

,

Revenue

,

2023

C

,

5.125

%

,

1/01/53

.........................................................

915,000

960,942

State

of

Maryland

,

GO

,

2022

A

,

5

%

,

6/01/37

...............................

8,000,000

8,934,521

State

of

Maryland

Department

of

Transportation

,

Maryland

Aviation

Administration

,

Revenue

,

2021

B

,

4

%

,

8/01/51

..............

3,500,000

3,122,739

Maryland

Aviation

Administration

,

Revenue

,

2024

A

,

AG

Insured

,

5

%

,

8/01/39

.....

2,150,000

2,348,197

Maryland

Aviation

Administration

,

Revenue

,

2024

A

,

AG

Insured

,

5.25

%

,

8/01/54

..

5,050,000

5,308,230

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/34

...............

3,420,000

3,292,637

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/36

...............

2,700,000

2,561,119

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/37

...............

3,095,000

2,894,452

University

System

of

Maryland

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

4/01/51

........

5,260,000

4,945,986

Washington

Suburban

Sanitary

Commission

,

Revenue

,

2023

,

4

%

,

6/01/49

.........................................

9,500,000

9,182,582

Revenue

,

2025

,

4

%

,

6/01/49

.........................................

5,000,000

4,862,007

Revenue,

Second

Series

,

2016

,

4

%

,

6/01/43

.............................

2,000,000

2,000,152

278,240,589

New

Jersey

0.8%

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2022

BB

,

4

%

,

6/15/39

...................................................

2,500,000

2,513,463

Texas

0.5%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

550,000

509,559

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,300,000

984,076

1,493,635

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

602,961

Wisconsin

1.3%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

965,000

1,001,873

a

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

800,000

645,162

b

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

4,295,000

2,042,518

a

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

500,000

501,688

4,191,241

U.S.

Territories

6.5%

District

of

Columbia

4.2%

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue

,

2020

A

,

5

%

,

7/15/45

...............................

2,500,000

2,586,008

Dedicated

,

Revenue

,

2021

A

,

5

%

,

7/15/46

...............................

3,000,000

3,112,094

Dedicated

,

Revenue

,

2023

A

,

4.125

%

,

7/15/47

............................

2,500,000

2,407,496

Dedicated

,

Revenue,

Second

Lien

,

2023

A

,

5

%

,

7/15/48

.....................

1,100,000

1,146,568

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

5

%

,

7/15/49

.....................

1,250,000

1,304,580

Dedicated

,

Revenue,

Second

Lien

,

2025

A

,

5

%

,

7/15/60

.....................

3,000,000

3,123,279

13,680,025

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

See

Abbreviations

on

page

193

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

2.3%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

$

2,000,000

$

2,026,659

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

3,600,000

3,427,205

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

1,900,000

1,852,435

7,306,299

Total

U.S.

Territories

....................................................................

20,986,324

Total

Municipal

Bonds

(Cost

$

315,078,473

)

.....................................

310,928,774

a

a

a

a

Short

Term

Investments

1.7%

Municipal

Bonds

1.7%

Maryland

1.7%

d

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.7

%

,

11/01/37

........................................................

2,800,000

2,800,000

d

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2025

C-1

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

2.88

%

,

7/01/55

.............................................

2,700,000

2,700,000

5,500,000

Total

Municipal

Bonds

(Cost

$

5,500,000

)

.......................................

5,500,000

Total

Short

Term

Investments

(Cost

$

5,500,000

)

.................................

5,500,000

a

Total

Investments

(Cost

$

320,578,473

)

98.6

%

...................................

$316,428,774

Other

Assets,

less

Liabilities

1.4

%

.............................................

4,495,651

Net

Assets

100.0%

...........................................................

$320,924,425

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$8,417,781,

representing

2.6%

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),

November

30,

2025

Franklin

Massachusetts

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

124

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

$

950,369

Total

Corporate

Bonds

(Cost

$

900,000

)

........................................

950,369

Municipal

Bonds

95.7%

California

0.3%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

1,200,000

1,008,486

Florida

0.8%

b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

750,000

506,988

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

2,800,000

2,366,436

2,873,424

Georgia

0.2%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

125,000

129,884

c

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

1,115,000

528,461

658,345

Massachusetts

90.2%

City

of

Newton

,

GO

,

2025

,

4

%

,

2/01/48

...................................

4,000,000

3,930,243

City

of

Worcester

,

GO

,

2020

A

,

3

%

,

2/01/42

................................

1,685,000

1,416,285

Commonwealth

of

Massachusetts

,

GO

,

2017

F

,

5

%

,

11/01/46

...........................................

5,000,000

5,078,370

GO

,

2022

E

,

5

%

,

11/01/49

...........................................

3,000,000

3,132,478

GO

,

2024

A

,

5

%

,

1/01/49

............................................

10,000,000

10,511,240

GO

,

2025

C

,

5

%

,

6/01/53

............................................

3,500,000

3,686,958

GO

,

A

,

5.25

%

,

4/01/42

..............................................

5,000,000

5,094,852

Revenue

,

2005

,

Refunding

,

AG,

NATL

Insured

,

5.5

%

,

1/01/34

................

11,900,000

13,731,589

Transportation

Fund

,

Revenue

,

2016

B

,

4

%

,

6/01/45

.......................

5,000,000

4,871,831

Transportation

Fund

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

6/01/43

...............

4,805,000

4,908,123

Transportation

Fund

,

Revenue

,

2018

A

,

5

%

,

6/01/48

.......................

15,000,000

15,256,899

Transportation

Fund

,

Revenue

,

2023

A

,

5

%

,

6/01/53

.......................

5,000,000

5,206,464

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2025

B

,

5.25

%

,

7/01/55

.............................

5,000,000

5,378,137

Sales

Tax

,

Revenue

,

A-1

,

Refunding

,

5.25

%

,

7/01/30

.......................

4,000,000

4,502,724

Sales

Tax

,

Revenue,

Senior

Lien

,

2024

A

,

Refunding

,

5

%

,

7/01/48

.............

3,395,000

3,598,855

Massachusetts

Development

Finance

Agency

,

Bentley

University

,

Revenue

,

2025

,

5

%

,

7/01/55

...........................

2,375,000

2,448,777

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2018

J-2

,

5

%

,

7/01/30

......

3,270,000

3,449,733

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2023

M

,

5

%

,

7/01/34

.......

3,375,000

3,824,800

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

N

,

Refunding

,

5.25

%

,

7/01/45

8,830,000

9,428,225

Boston

Medical

Center

Corp.

Obligated

Group

,

Revenue

,

2023

G

,

Refunding

,

5.25

%

,

7/01/48

........................................................

4,315,000

4,365,790

Boston

Medical

Center

Corp.

Obligated

Group

,

Revenue

,

2023

G

,

Refunding

,

5.25

%

,

7/01/52

........................................................

1,270,000

1,277,891

Brandeis

University

,

Revenue

,

2019

S-1

,

Refunding

,

5

%

,

10/01/39

.............

2,660,000

2,803,391

Broad

Institute,

Inc.

(The)

,

Revenue

,

2017

,

Refunding

,

4

%

,

4/01/41

............

5,000,000

4,985,872

Dana-Farber

Cancer

Institute

Obligated

Group

,

Revenue

,

2016

N

,

5

%

,

12/01/46

..

6,890,000

6,928,724

Emerson

College

,

Revenue

,

2025

,

Refunding

,

5.25

%

,

1/01/45

................

1,200,000

1,221,305

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

C

,

4

%

,

11/01/46

.......................................................

1,250,000

1,135,954

Lasell

Village,

Inc.

,

Revenue

,

2025

,

Refunding

,

5.25

%

,

7/01/50

...............

1,250,000

1,263,498

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

125

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Lasell

Village,

Inc.

,

Revenue

,

2025

,

Refunding

,

5.25

%

,

7/01/55

...............

$

1,500,000

$

1,509,462

Lifespan

Corp.

Obligated

Group

,

Revenue

,

2025

A

,

5.5

%

,

8/15/50

.............

6,000,000

6,251,795

Loomis

Obligated

Group

,

Revenue

,

2021

,

4

%

,

1/01/41

......................

435,000

417,278

Loomis

Obligated

Group

,

Revenue

,

2021

,

4

%

,

1/01/51

......................

300,000

257,719

b

Loomis

Obligated

Group

,

Revenue

,

144A,

2022

,

Refunding

,

4

%

,

1/01/41

........

485,000

465,241

b

Loomis

Obligated

Group

,

Revenue

,

144A,

2022

,

Refunding

,

4

%

,

1/01/51

........

520,000

446,713

Mass

General

Brigham,

Inc.

,

Revenue

,

2017

S-1

,

Refunding

,

4

%

,

7/01/41

.......

4,000,000

3,972,662

Mass

General

Brigham,

Inc.

,

Revenue

,

2024

D

,

Refunding

,

5

%

,

7/01/54

.........

1,500,000

1,545,688

Merrimack

College

,

Revenue

,

2021

B

,

4

%

,

7/01/50

........................

3,650,000

3,015,487

Merrimack

College

,

Revenue

,

2022

,

5

%

,

7/01/52

..........................

1,000,000

975,646

b

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

5

%

,

11/15/38

.......................................................

3,000,000

3,092,138

b

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

5.125

%

,

11/15/46

.......................................................

5,000,000

5,064,905

Northeastern

University

,

Revenue

,

2022

,

Refunding

,

5

%

,

10/01/44

.............

2,375,000

2,531,894

President

&

Trustees

of

Williams

College

,

Revenue

,

2017

S

,

4

%

,

7/01/46

........

5,000,000

4,825,216

President

and

Fellows

of

Harvard

College

,

Revenue

,

2024

B

,

5

%

,

2/15/34

.......

3,000,000

3,518,372

d

President

and

Fellows

of

Harvard

College

,

Revenue

,

2025

A-2

,

Mandatory

Put

,

5

%

,

11/15/35

.......................................................

3,000,000

3,543,500

PRG

Medford

Properties,

Inc.

,

Revenue

,

2025

,

5.25

%

,

6/01/55

...............

1,000,000

1,048,066

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/39

.

750,000

728,407

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/41

.

500,000

470,482

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/48

.

1,750,000

1,495,796

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

6

%

,

9/01/50

.

250,000

266,479

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

6

%

,

9/01/55

.

500,000

530,763

Simmons

University

,

Revenue

,

2023

N

,

Refunding

,

5

%

,

10/01/43

..............

1,750,000

1,570,049

Southcoast

Health

System

Obligated

Group

,

Revenue

,

2021

G

,

Refunding

,

4

%

,

7/01/46

........................................................

3,000,000

2,663,392

Southcoast

Health

System

Obligated

Group

,

Revenue

,

2021

G

,

Refunding

,

5

%

,

7/01/50

........................................................

4,040,000

4,055,601

Springfield

College

,

Revenue

,

2021

B

,

Refunding

,

4

%

,

6/01/50

................

1,195,000

941,444

Suffolk

University

,

Revenue

,

2021

,

4

%

,

7/01/46

...........................

2,000,000

1,714,924

Suffolk

University

,

Revenue

,

2021

,

AG

Insured

,

4

%

,

7/01/51

..................

5,000,000

4,263,742

d

Trustees

of

Amherst

College

,

Revenue

,

2025

A

,

Mandatory

Put

,

5

%

,

11/01/35

....

1,250,000

1,476,113

Trustees

of

Boston

College

,

Revenue

,

2017

T

,

Refunding

,

5

%

,

7/01/42

..........

3,750,000

3,818,541

Trustees

of

Boston

College

,

Revenue

,

2025

W

,

Refunding

,

5

%

,

7/01/55

.........

3,000,000

3,156,376

Trustees

of

Boston

University

,

Revenue

,

2025

B-2

,

Refunding

,

5

%

,

10/01/48

.....

5,000,000

5,329,639

Trustees

of

Boston

University

,

Revenue

,

BB-1

,

4

%

,

10/01/46

.................

5,000,000

4,799,096

UMass

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2025

N-1

,

Refunding

,

5.25

%

,

7/01/50

..................................................

6,500,000

6,642,518

Wellesley

College

,

Revenue

,

2018

L

,

Refunding

,

4

%

,

7/01/44

.................

6,160,000

6,007,333

WGBH

Educational

Foundation

,

Revenue

,

2002

A

,

AMBAC

Insured

,

5.75

%

,

1/01/42

5,100,000

5,975,969

Wheaton

College

,

Revenue

,

2021

I

,

5

%

,

1/01/53

..........................

3,000,000

2,846,935

Woods

Hole

Oceanographic

Institution

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/35

..

1,200,000

1,255,364

Woods

Hole

Oceanographic

Institution

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/36

..

1,000,000

1,043,556

Worcester

Polytechnic

Institute

,

Revenue

,

2017

,

Refunding

,

5

%

,

9/01/42

........

1,090,000

1,107,339

Massachusetts

Educational

Financing

Authority

,

Revenue

,

2021

C

,

3

%

,

7/01/51

........................................

3,000,000

2,077,182

Revenue

,

2025

B

,

5.5

%

,

7/01/55

......................................

1,500,000

1,529,850

Revenue,

Sub.

Lien

,

2017

B

,

Refunding

,

4.25

%

,

7/01/46

....................

2,410,000

2,188,173

Revenue,

Sub.

Lien

,

2023

C

,

5

%

,

7/01/53

...............................

4,375,000

4,343,175

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

M-2

,

5.5

%

,

6/01/35

.........................................

8,600,000

10,190,521

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2012

F

,

3.15

%

,

12/01/32

.....................................

105,000

105,003

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.

126

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Housing

Finance

Agency,

(continued)

Revenue

,

2012

F

,

3.45

%

,

12/01/37

.....................................

$

45,000

$

43,854

Revenue

,

2024

A-1

,

4.95

%

,

12/01/64

...................................

1,000,000

1,005,026

Revenue

,

214

,

GNMA

Insured

,

2.55

%

,

12/01/34

...........................

1,000,000

903,047

Revenue

,

214

,

GNMA

Insured

,

2.8

%

,

12/01/39

............................

2,860,000

2,466,957

Revenue

,

A

,

3.5

%

,

12/01/31

..........................................

5,805,000

5,805,828

Massachusetts

Port

Authority

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/39

...............................

610,000

633,319

Revenue

,

2019

C

,

5

%

,

7/01/33

........................................

4,430,000

4,687,410

Revenue

,

2019

C

,

5

%

,

7/01/44

........................................

1,205,000

1,224,023

Revenue

,

2021

B

,

Refunding

,

5

%

,

7/01/39

...............................

1,175,000

1,243,070

Bosfuel

Corp.

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/35

....................

835,000

882,215

Bosfuel

Corp.

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/36

....................

800,000

842,171

Massachusetts

School

Building

Authority

,

Revenue

,

2025

B

,

Refunding

,

5

%

,

2/15/38

.

500,000

576,138

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue

,

2019

B-1

,

Refunding

,

5

%

,

1/01/37

.....................................

1,015,000

1,075,242

Massachusetts

Water

Resources

Authority

,

Revenue

,

2016

C

,

Pre-Refunded

,

5

%

,

8/01/40

............................

5,000,000

5,082,824

Revenue

,

2018

B

,

5

%

,

8/01/43

........................................

2,525,000

2,602,676

Revenue

,

2024

B

,

5

%

,

8/01/49

........................................

4,000,000

4,237,494

Revenue

,

B

,

Refunding

,

AG

Insured

,

5.25

%

,

8/01/28

.......................

5,490,000

5,896,308

University

of

Massachusetts

Building

Authority

,

Revenue,

Senior

Lien

,

2017-1

,

5.25

%

,

11/01/42

........................................................

5,000,000

5,133,266

302,855,420

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

1,061,622

South

Carolina

0.3%

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

887,427

Texas

0.3%

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

1,400,000

1,059,774

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

689,098

Wisconsin

1.6%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

580,000

602,162

b

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

800,000

645,163

c

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

5,060,000

2,406,319

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

2.34

%,

12/01/44

.................................................

1,200,000

767,302

b

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,000,000

1,003,376

5,424,322

U.S.

Territories

1.5%

Guam

0.2%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25

%

,

10/01/39

600,000

647,593

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

127

See

Abbreviations

on

page

193

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

1.3%

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

$

473,662

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/39

..

200,000

189,002

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

3,660,000

3,568,375

4,231,039

Total

U.S.

Territories

....................................................................

4,878,632

Total

Municipal

Bonds

(Cost

$

325,604,605

)

.....................................

321,396,550

Total

Long

Term

Investments

(Cost

$

326,504,605

)

...............................

322,346,919

a

a

a

a

a

Short

Term

Investments

2.5%

Municipal

Bonds

2.5%

Massachusetts

2.5%

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

.................................................

4,000,000

4,000,000

e

Massachusetts

Health

&

Educational

Facilities

Authority

,

Massachusetts

Institute

of

Technology

,

Revenue

,

2001

J-2

,

Daily

VRDN

and

Put

,

2.7

%

,

7/01/31

...........

4,400,000

4,400,000

8,400,000

Total

Municipal

Bonds

(Cost

$

8,400,000

)

.......................................

8,400,000

Total

Short

Term

Investments

(Cost

$

8,400,000

)

.................................

8,400,000

a

Total

Investments

(Cost

$

334,904,605

)

98.5

%

...................................

$330,746,919

Other

Assets,

less

Liabilities

1.5

%

.............................................

4,956,391

Net

Assets

100.0%

...........................................................

$335,703,310

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$16,994,561,

representing

5.1%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

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),

November

30,

2025

Franklin

Michigan

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

128

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

$

1,900,738

Total

Corporate

Bonds

(Cost

$

1,800,000

)

.......................................

1,900,738

Municipal

Bonds

98.0%

California

0.3%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

2,650,000

2,227,072

Florida

1.6%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

5,256,000

4,680,175

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

900,000

608,385

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

6,020,000

5,087,838

10,376,398

Georgia

0.4%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

280,000

290,940

c

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

4,415,000

2,092,515

2,383,455

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

2,125,246

State

of

Illinois

,

GO

,

2024

C

,

4

%

,

10/01/39

................................

1,860,000

1,811,524

3,936,770

Michigan

87.3%

Allegan

Public

School

District

,

GO

,

2025

III

,

5

%

,

5/01/50

......................

5,310,000

5,536,964

Alma

Public

Schools

,

GO

,

2025

I

,

5.25

%

,

5/01/55

...........................

2,000,000

2,089,159

Bangor

Township

School

District

,

GO

,

2023

,

5

%

,

5/01/53

......................

2,000,000

2,095,362

Battle

Creek

School

District

,

GO

,

2022

,

4

%

,

5/01/45

.........................

3,000,000

2,947,811

Belding

Area

Schools

,

GO

,

2022

,

4.25

%

,

5/01/52

...........................

7,330,000

7,071,046

Byron

Center

Public

Schools

,

GO

,

2017

I

,

5

%

,

5/01/34

.............................................

1,000,000

1,031,315

GO

,

2017

I

,

5

%

,

5/01/35

.............................................

1,920,000

1,977,164

GO

,

2017

I

,

5

%

,

5/01/36

.............................................

650,000

668,313

GO

,

2017

I

,

5

%

,

5/01/37

.............................................

1,480,000

1,517,135

GO

,

2017

I

,

5

%

,

5/01/38

.............................................

1,330,000

1,362,727

GO

,

2017

I

,

5

%

,

5/01/47

.............................................

6,730,000

6,797,673

Caledonia

Community

Schools

,

GO

,

2023

I

,

5

%

,

5/01/53

.............................................

2,000,000

2,079,871

GO

,

2025

II

,

5

%

,

5/01/50

............................................

1,605,000

1,664,840

GO

,

2025

II

,

5

%

,

5/01/53

............................................

1,000,000

1,038,087

GO

,

2025

II

,

5

%

,

5/01/55

............................................

1,215,000

1,261,243

Central

Michigan

University

,

Revenue

,

2021

,

Refunding

,

3

%

,

10/01/46

...........

1,325,000

1,032,198

Charter

Township

of

Bloomfield

,

GO

,

2016

,

Refunding

,

5

%

,

5/01/32

..............

1,000,000

1,009,049

Charter

Township

of

White

Lake

,

GO

,

2025

,

5

%

,

3/01/45

.............................................

700,000

738,462

GO

,

2025

,

4.5

%

,

3/01/49

............................................

2,850,000

2,826,695

GO

,

2025

,

4.625

%

,

3/01/54

..........................................

2,750,000

2,759,287

City

of

Albion

,

Water

Supply

System

,

Revenue

,

2025

,

BAM

Insured

,

5

%

,

4/01/55

....

1,750,000

1,804,860

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,307,132

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

129

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Second

Lien

,

2003

B

,

NATL

Insured

,

5

%

,

7/01/34

.........................................

$

25,000

$

25,046

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Senior

Lien

,

06

A

,

AG

Insured

,

5

%

,

7/01/34

..............................................

30,000

30,030

City

of

Grand

Rapids

,

GO

,

2024

,

5

%

,

10/01/44

.............................................

1,645,000

1,765,183

GO

,

2024

,

5

%

,

10/01/49

.............................................

1,150,000

1,217,102

GO

,

2024

,

5

%

,

10/01/54

.............................................

1,700,000

1,774,203

GO

,

2025

,

5

%

,

4/01/55

.............................................

3,000,000

3,141,253

Sanitary

Sewer

System

,

Revenue

,

2018

,

5

%

,

1/01/37

.......................

1,040,000

1,079,939

Sanitary

Sewer

System

,

Revenue

,

2018

,

5

%

,

1/01/43

.......................

1,000,000

1,022,266

Sanitary

Sewer

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

1/01/45

..............

2,000,000

2,072,920

Water

Supply

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/41

...............

2,190,000

2,195,255

Water

Supply

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

1/01/46

...............

2,525,000

2,531,059

Water

Supply

System

,

Revenue

,

2018

,

Refunding

,

5

%

,

1/01/43

...............

1,500,000

1,533,399

Water

Supply

System

,

Revenue

,

2020

,

5

%

,

1/01/40

........................

2,400,000

2,537,459

Water

Supply

System

,

Revenue

,

2020

,

5

%

,

1/01/50

........................

3,000,000

3,092,644

City

of

Lansing

,

GO

,

2023

,

AG

Insured

,

4.25

%

,

6/01/53

..................................

2,225,000

2,104,494

GO

,

2023

B

,

Refunding

,

AG

Insured

,

5

%

,

6/01/48

..........................

9,980,000

10,451,372

Comstock

Park

Public

Schools

,

GO

,

2025

II

,

5

%

,

11/01/53

....................

5,395,000

5,621,518

Comstock

Public

Schools

,

GO

,

2022

I

,

4

%

,

5/01/52

..........................

3,000,000

2,749,667

County

of

Genesee

,

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AG

Insured

,

5

%

,

11/01/37

.........

835,000

950,335

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AG

Insured

,

5

%

,

11/01/38

.........

700,000

789,044

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AG

Insured

,

5

%

,

11/01/39

.........

1,150,000

1,287,089

County

of

Kent

,

GO

,

2016

,

5

%

,

6/01/32

.............................................

1,305,000

1,319,147

GO

,

2016

,

5

%

,

6/01/33

.............................................

1,275,000

1,287,997

County

of

Muskegon

,

GO

,

2015

,

Refunding

,

5

%

,

11/01/33

....................................

1,360,000

1,361,449

GO

,

2015

,

Refunding

,

5

%

,

11/01/36

....................................

1,735,000

1,736,243

Crestwood

School

District

,

GO

,

2025

I

,

5

%

,

5/01/55

.........................

3,000,000

3,130,571

Detroit

City

School

District

,

GO

,

2001

A

,

AG

Insured

,

6

%

,

5/01/29

...............

6,590,000

7,016,792

DeWitt

Public

Schools

,

GO

,

2017

,

5

%

,

5/01/30

.............................................

500,000

516,854

GO

,

2017

,

5

%

,

5/01/34

.............................................

1,000,000

1,028,921

GO

,

2017

,

5

%

,

5/01/35

.............................................

1,000,000

1,028,366

GO

,

2017

,

5

%

,

5/01/36

.............................................

1,000,000

1,026,770

Dexter

Community

Schools

,

GO

,

2025

,

4.5

%

,

5/01/55

........................

3,000,000

2,952,186

Downriver

Utility

Wastewater

Authority

,

Revenue

,

2018

,

Refunding

,

AG

Insured

,

5

%

,

4/01/34

.......................

510,000

535,501

Revenue

,

2018

,

Refunding

,

AG

Insured

,

5

%

,

4/01/36

.......................

1,600,000

1,675,773

Revenue

,

2018

,

Refunding

,

AG

Insured

,

5

%

,

4/01/38

.......................

1,500,000

1,563,995

Revenue

,

2018

,

Refunding

,

AG

Insured

,

5

%

,

4/01/43

.......................

3,000,000

3,066,368

East

Grand

Rapids

Public

School

District

,

GO

,

2024

I

,

5

%

,

5/01/53

..............

700,000

733,097

East

Lansing

School

District

,

GO

,

2017

I

,

5

%

,

5/01/35

.............................................

1,500,000

1,538,342

GO

,

2017

I

,

5

%

,

5/01/37

.............................................

1,100,000

1,124,528

GO

,

2017

I

,

5

%

,

5/01/42

.............................................

2,500,000

2,535,234

Eastern

Michigan

University

,

Revenue

,

2025

,

Refunding

,

BAM

Insured

,

5.25

%

,

3/01/50

2,000,000

2,097,173

Farmington

Public

School

District

,

GO

,

2018

,

BAM

Insured

,

4.5

%

,

5/01/38

.........

7,225,000

7,376,133

Ferris

State

University

,

Revenue

,

2025

A

,

Refunding

,

AG

Insured

,

5

%

,

10/01/49

....

1,800,000

1,903,005

Flat

Rock

Community

School

District

,

GO

,

2022

I

,

4.5

%

,

5/01/52

................

2,100,000

2,104,661

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

130

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Four

Lakes

Special

Assessment

District

,

Special

Assessment

,

2025

,

AG

Insured

,

5

%

,

6/01/55

.........................................................

$

1,500,000

$

1,546,886

Gerald

R

Ford

International

Airport

Authority

,

Revenue

,

2021

,

5

%

,

1/01/46

.........

2,000,000

2,055,950

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

7/01/44

...........

1,110,000

1,126,302

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

B

,

5

%

,

7/01/39

...........

1,625,000

1,674,815

Munson

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

7/01/51

....

10,000,000

7,182,017

Grand

Valley

State

University

,

Revenue

,

2018

,

5

%

,

12/01/38

........................................

900,000

938,477

Revenue

,

2018

,

5

%

,

12/01/43

........................................

1,800,000

1,846,042

Great

Lakes

Water

Authority

,

Sewage

Disposal

System

,

Revenue,

Second

Lien

,

2022

B

,

5.5

%

,

7/01/52

.......

1,500,000

1,601,739

Water

Supply

System

,

Revenue,

Second

Lien

,

2022

B

,

5.5

%

,

7/01/52

..........

5,000,000

5,342,084

Water

Supply

System

,

Revenue,

Senior

Lien

,

2025

C

,

Refunding

,

5.25

%

,

7/01/55

.

1,000,000

1,075,511

Grosse

Ile

Township

School

District

,

GO

,

2025

II

,

Refunding

,

5

%

,

5/01/52

.........

2,000,000

2,085,476

Gull

Lake

Community

School

District

,

GO

,

2018

I

,

5

%

,

5/01/45

.............................................

4,000,000

4,069,961

GO

,

2018

I

,

5

%

,

5/01/48

.............................................

1,000,000

1,015,741

Hemlock

Public

School

District

,

GO

,

2024

III

,

5

%

,

5/01/53

.....................

1,100,000

1,152,801

Holly

Area

School

District

,

GO

,

2025

II

,

5

%

,

5/01/48

............................................

625,000

664,014

GO

,

2025

II

,

5

%

,

5/01/52

............................................

1,000,000

1,052,968

Howell

Public

Schools

,

GO

,

2025

II

,

5

%

,

5/01/45

............................

500,000

532,280

Hudsonville

Public

Schools

,

GO

,

2017

,

Refunding

,

5

%

,

5/01/41

.................

2,500,000

2,553,191

Ingham

County

Building

Authority

,

Community

Mental

Health

Authority

of

Clinton

Eaton

&

Ingham

Counties

,

GO

,

2024

,

BAM

Insured

,

5

%

,

8/01/49

...................

2,540,000

2,660,345

Jenison

Public

Schools

,

GO

,

2024

I

,

5

%

,

5/01/49

...........................

550,000

578,470

Kent

Hospital

Finance

Authority

,

Mary

Free

Bed

Rehabilitation

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

3

%

,

4/01/51

..................................

6,010,000

4,340,248

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group

,

Revenue

,

2021

,

4

%

,

11/15/45

................

1,655,000

1,384,417

Holland

Home

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

11/15/31

.......

1,725,000

1,723,950

Holland

Home

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

11/15/43

.......

8,820,000

7,613,067

Kentwood

Public

Schools

,

GO

,

2016

,

5

%

,

5/01/44

...........................

2,920,000

2,920,811

L'Anse

Creuse

Public

Schools

,

GO

,

2025

I

,

5

%

,

5/01/49

......................

2,250,000

2,373,385

Lansing

Board

of

Water

&

Light

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

7/01/54

........

9,500,000

9,997,191

Lansing

School

District

,

GO

,

2016

I

,

5

%

,

5/01/39

.............................................

2,125,000

2,130,307

GO

,

2016

I

,

5

%

,

5/01/40

.............................................

2,200,000

2,204,136

Lowell

Area

Schools

,

GO

,

2024

I

,

4.125

%

,

5/01/54

..........................

2,155,000

2,042,947

Ludington

Area

School

District

,

GO

,

2022

II

,

BAM

Insured

,

4

%

,

5/01/51

...........

7,820,000

7,201,737

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment

,

2017

A

,

Refunding

,

5

%

,

5/01/42

......................................................

4,000,000

4,070,746

Mattawan

Consolidated

School

District

,

GO

,

2024

I

,

5

%

,

5/01/54

................

1,700,000

1,777,950

Melvindale

Northern

Allen

Park

Public

Schools

,

GO

,

2022

,

AG

Insured

,

4.375

%

,

5/01/47

.................................

1,500,000

1,513,398

GO

,

2024

,

AG

Insured

,

5

%

,

5/01/45

....................................

1,300,000

1,391,587

Michigan

Finance

Authority

,

Albion

College

,

Revenue

,

2022

,

Refunding

,

5

%

,

12/01/36

....................

1,925,000

1,374,940

Albion

College

,

Revenue

,

2022

,

Refunding

,

4

%

,

12/01/46

....................

4,800,000

3,033,867

Albion

College

,

Revenue

,

2022

,

Refunding

,

4

%

,

12/01/51

....................

3,050,000

1,860,681

Bronson

Health

Care

Group

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/15/54

........................................................

11,000,000

11,022,631

Calvin

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/50

......

895,000

642,659

Calvin

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/50

......

1,600,000

1,379,281

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

131

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Finance

Authority,

(continued)

City

of

Inkster

,

Revenue

,

2024

B

,

5

%

,

11/01/42

...........................

$

1,420,000

$

1,531,815

City

of

Inkster

,

Revenue

,

2024

B

,

5

%

,

11/01/45

...........................

1,660,000

1,753,594

City

of

Inkster

,

Revenue

,

2024

B

,

5

%

,

11/01/49

...........................

2,635,000

2,751,332

City

of

Inkster

,

Revenue

,

2024

B

,

5

%

,

11/01/54

...........................

3,820,000

3,964,804

Clean

Water

Revolving

Fund

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

10/01/30

.......

2,750,000

2,776,337

Clean

Water

Revolving

Fund

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

10/01/38

.......

8,055,000

8,459,704

Corewell

Health

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

11/01/44

.............

12,000,000

12,004,822

County

of

Wayne

,

GO,

Second

Lien

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

11/01/55

4,000,000

3,666,904

Detroit

Public

Lighting

Authority

Utility

Users

Tax

,

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/44

..............................................

500,000

532,457

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/41

.......................................................

7,000,000

7,079,844

Kalamazoo

College

,

Revenue

,

2018

,

Refunding

,

4

%

,

12/01/47

................

2,610,000

2,393,047

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/35

.................

400,000

375,948

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/36

.................

565,000

523,417

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/37

.................

640,000

587,133

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/38

.................

675,000

608,391

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/39

.................

645,000

576,118

Kettering

University

,

Revenue

,

2020

,

Refunding

,

4

%

,

9/01/45

.................

2,780,000

2,240,940

Lawrence

Technological

University

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

2/01/42

........................................................

745,000

647,008

Michigan

Finance

Authority

Clean

Water

Revolving

Fund

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

10/01/39

...........................................

6,000,000

6,292,021

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

5.5

%

,

2/28/49

............

1,500,000

1,601,488

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

4.375

%

,

2/28/54

..........

1,895,000

1,818,730

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

5.5

%

,

2/28/57

............

1,750,000

1,834,960

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A-2

,

Refunding

,

5

%

,

6/01/40

....

1,000,000

1,020,819

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

1

,

Refunding

,

4

%

,

6/01/49

...

7,170,000

6,230,048

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

B-1

,

2

,

Refunding

,

5

%

,

6/01/49

..

495,000

493,695

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

MI

,

Pre-Refunded

,

5

%

,

12/01/45

.......................................................

290,000

293,083

Trinity

Health

Credit

Group

,

Revenue

,

2016

MI

,

Refunding

,

5

%

,

12/01/45

........

110,000

111,169

Trinity

Health

Credit

Group

,

Revenue

,

2016

MI

,

Refunding

,

5

%

,

12/01/45

........

2,100,000

2,104,268

University

of

Detroit

Mercy

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.5

%

,

11/01/48

.......................................................

2,000,000

2,039,679

University

of

Detroit

Mercy

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.625

%

,

11/01/52

.......................................................

2,280,000

2,327,402

Michigan

State

Building

Authority

,

State

of

Michigan

,

Revenue

,

2016

I

,

Refunding

,

5

%

,

4/15/41

.................

12,000,000

12,159,629

State

of

Michigan

,

Revenue

,

2016

I

,

Refunding

,

5

%

,

10/15/46

................

9,910,000

9,981,687

State

of

Michigan

,

Revenue

,

2016

I

,

Refunding

,

5

%

,

10/15/51

................

1,000,000

1,005,736

State

of

Michigan

,

Revenue

,

2019

I

,

Refunding

,

4

%

,

4/15/54

.................

2,000,000

1,825,920

State

of

Michigan

,

Revenue

,

2022

I

,

4

%

,

10/15/52

.........................

4,250,000

3,908,456

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group

,

Revenue

,

1999

B-3

,

Pre-Refunded

,

4

%

,

11/15/33

.

5,370,000

5,535,793

Ascension

Health

Credit

Group

,

Revenue

,

2010

F-7

,

Pre-Refunded

,

5

%

,

11/15/47

.

10,000,000

10,213,137

Ascension

Health

Credit

Group

,

Revenue

,

2010

F-8

,

Pre-Refunded

,

5

%

,

11/15/46

.

2,550,000

2,604,350

Corewell

Health

Obligated

Group

,

Revenue

,

2025

A

,

5

%

,

8/15/46

..............

1,000,000

1,055,003

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

B

,

3.1

%

,

12/01/44

.....................................

10,500,000

8,775,633

Revenue

,

2020

A

,

2.8

%

,

12/01/45

.....................................

4,350,000

3,428,278

Revenue

,

2020

A

,

2.85

%

,

6/01/50

.....................................

5,150,000

3,832,763

Revenue

,

2021

A

,

2.5

%

,

6/01/52

......................................

3,000,000

2,074,755

Revenue

,

2021

A

,

2.7

%

,

10/01/56

.....................................

4,000,000

2,637,186

Revenue

,

2021

A

,

2.73

%

,

10/01/59

....................................

5,000,000

3,241,704

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)

Michigan

State

Housing

Development

Authority,

(continued)

Revenue

,

2022

A

,

4.1

%

,

6/01/43

......................................

$

5,000,000

$

5,025,115

Revenue

,

2025

A

,

5

%

,

12/01/55

.......................................

5,000,000

5,052,808

Revenue

,

2025

C

,

5.1

%

,

6/01/56

......................................

3,000,000

3,047,413

Michigan

State

University

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

2/15/55

............

5,000,000

5,291,628

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

5

%

,

6/30/33

....

2,200,000

2,279,392

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

5

%

,

6/30/48

....

7,000,000

6,878,428

Michigan

Technological

University

,

Revenue

,

2015

A

,

5

%

,

10/01/45

.......................................

2,400,000

2,401,334

Revenue

,

2023

A

,

AG

Insured

,

5

%

,

10/01/47

.............................

3,515,000

3,617,273

Revenue

,

2023

A

,

AG

Insured

,

5.25

%

,

10/01/52

...........................

1,000,000

1,037,206

Revenue

,

2023

C

,

AG

Insured

,

5.25

%

,

10/01/53

...........................

2,000,000

2,107,786

Monroe

Public

Schools

,

GO

,

2020

I

,

5

%

,

5/01/45

............................

2,465,000

2,551,601

Oakland

University

,

Revenue

,

2016

,

5

%

,

3/01/41

.........................................

5,000,000

4,959,896

Revenue

,

2019

,

5

%

,

3/01/50

.........................................

2,230,000

2,265,441

Okemos

Public

Schools

,

GO

,

2024

II

,

5

%

,

5/01/54

...........................

2,335,000

2,440,391

Plainwell

Community

Schools

,

GO

,

2022

II

,

4

%

,

5/01/52

......................

7,000,000

6,565,782

Portage

Public

Schools

,

GO

,

2025

,

BAM

Insured

,

4.25

%

,

11/01/47

..............

2,000,000

1,954,741

Rochester

Community

School

District

,

GO

,

2016

I

,

5

%

,

5/01/36

.................

2,800,000

2,812,193

Saginaw

Valley

State

University

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/31

...............................

2,170,000

2,195,969

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/33

...............................

1,240,000

1,254,394

Saline

Area

Schools

,

GO

,

2016

,

5

%

,

5/01/36

...............................

2,950,000

2,962,846

South

Redford

School

District

,

GO

,

2024

,

5

%

,

5/01/48

.............................................

500,000

527,531

GO

,

2024

,

5

%

,

5/01/51

.............................................

300,000

314,522

Southfield

Public

Schools

,

GO

,

2025

,

5.25

%

,

5/01/50

...........................................

3,235,000

3,447,784

GO

,

2025

,

5.25

%

,

5/01/55

...........................................

5,750,000

6,096,319

Sparta

Area

Schools

,

GO

,

2019

II

,

5

%

,

5/01/48

.............................

5,750,000

5,848,435

Spring

Lake

Public

Schools

,

GO

,

2025

II

,

5

%

,

5/01/45

........................

750,000

799,022

State

of

Michigan

,

Trunk

Line

,

Revenue

,

2023

,

5.25

%

,

11/15/49

................

2,000,000

2,145,651

Swartz

Creek

Community

Schools

,

GO

,

2025

I

,

5

%

,

5/01/49

...................

3,000,000

3,166,893

Trenton

Public

Schools

School

District

,

GO

,

2018

,

5

%

,

5/01/42

.............................................

4,920,000

5,063,755

GO

,

2018

,

5

%

,

5/01/45

.............................................

11,480,000

11,683,428

Universal

Academy

,

Revenue

,

2021

,

Refunding

,

2

%

,

12/01/26

................................

205,000

201,075

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/31

................................

1,035,000

1,027,699

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/40

................................

1,100,000

1,006,872

University

of

Michigan

,

Revenue

,

2015

,

Pre-Refunded

,

5

%

,

4/01/46

..............................

2,000,000

2,015,704

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

4/01/37

............................

2,700,000

2,785,605

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

4/01/42

............................

5,635,000

5,813,660

Revenue

,

2017

A

,

Pre-Refunded

,

5

%

,

4/01/47

............................

5,000,000

5,158,528

Walled

Lake

Consolidated

School

District

,

GO

,

2024

,

5

%

,

5/01/54

...............

1,800,000

1,876,089

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2018

A

,

5

%

,

12/01/43

......

7,750,000

7,955,049

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

A

,

5

%

,

12/01/40

......

3,330,000

3,572,729

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

A

,

5

%

,

12/01/46

......

3,670,000

3,794,992

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

B

,

5

%

,

12/01/39

......

1,675,000

1,768,797

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)

Wayne

State

University

,

Revenue

,

2018

A

,

5

%

,

11/15/43

.......................................

$

4,500,000

$

4,625,445

Revenue

,

2018

A

,

4

%

,

11/15/48

.......................................

10,000,000

9,279,012

Wayne-Westland

Community

Schools

,

GO

,

2022

,

3

%

,

11/01/44

.................

2,830,000

2,242,575

Western

Michigan

University

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

11/15/44

.........

2,315,000

2,385,827

Western

School

District

,

GO

,

2022

,

5.25

%

,

5/01/52

..........................

2,000,000

2,113,121

Williamston

Community

Schools

School

District

,

GO

,

2024

,

5

%

,

5/01/54

..........

2,000,000

2,109,015

Woodhaven-Brownstown

School

District

,

GO

,

2025

III

,

5

%

,

11/01/51

...........................................

525,000

547,059

GO

,

2025

III

,

5

%

,

5/01/55

............................................

5,500,000

5,739,398

Zeeland

Public

Schools

,

GO

,

2025

III

,

Refunding

,

AG

Insured

,

5

%

,

5/01/45

........

310,000

327,996

583,064,013

New

Jersey

0.1%

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

BB

,

4

%

,

6/15/50

......................

500,000

460,731

State

of

New

Jersey

,

Revenue

,

2020

AA

,

3

%

,

6/15/50

......................

600,000

453,564

914,295

New

York

1.3%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/48

..........

9,300,000

8,430,422

South

Carolina

0.1%

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

887,427

Texas

0.5%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/39

325,000

273,584

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/40

300,000

244,852

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,500,000

2,649,436

3,167,872

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

1,550,471

Wisconsin

3.0%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

1,305,000

1,354,865

b

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,800,000

1,451,615

c

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

20,050,000

9,534,920

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

2.34

%,

12/01/44

.................................................

12,000,000

7,673,019

20,014,419

U.S.

Territories

2.6%

Guam

0.7%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

........................................

1,750,000

1,764,983

Guam

Waterworks

Authority

Water

And

Wastewater

System

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

1/01/46

............................................

1,770,000

1,812,138

Water

and

Wastewater

System

,

Revenue

,

2025

A

,

5.5

%

,

7/01/45

..............

1,000,000

1,068,241

4,645,362

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

See

Abbreviations

on

page

193

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

1.9%

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

$

12,900,000

$

12,577,059

Total

U.S.

Territories

....................................................................

17,222,421

Total

Municipal

Bonds

(Cost

$

679,238,178

)

.....................................

654,175,035

Total

Long

Term

Investments

(Cost

$

681,038,178

)

...............................

656,075,773

a

a

a

a

a

Short

Term

Investments

0.9%

Municipal

Bonds

0.9%

Michigan

0.9%

d

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

C

,

Refunding

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

2.8

%

,

7/01/41

....................................................

1,800,000

1,800,000

d

Green

Lake

Township

Economic

Development

Corp.

,

Interlochen

Center

for

the

Arts

,

Revenue

,

2004

,

Refunding

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

6/01/34

.........................................................

4,300,000

4,300,000

6,100,000

Total

Municipal

Bonds

(Cost

$

6,100,000

)

.......................................

6,100,000

Total

Short

Term

Investments

(Cost

$

6,100,000

)

.................................

6,100,000

a

Total

Investments

(Cost

$

687,138,178

)

99.2

%

...................................

$662,175,773

Other

Assets,

less

Liabilities

0.8

%

.............................................

5,327,501

Net

Assets

100.0%

...........................................................

$667,503,274

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$19,908,191,

representing

3.0%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

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),

November

30,

2025

Franklin

Minnesota

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

135

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.8%

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

$

5,513,631

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

2,100,000

1,419,566

6,933,197

Minnesota

96.2%

Alexandria

Independent

School

District

No.

206

,

GO

,

2017

A

,

Refunding

,

3

%

,

2/01/37

29,905,000

29,094,539

Anoka-Hennepin

Independent

School

District

No.

11

,

GO

,

2018

A

,

3.25

%

,

2/01/37

..........................................

5,355,000

5,235,991

GO

,

2018

A

,

4

%

,

2/01/39

............................................

8,905,000

8,982,471

GO

,

2018

A

,

3.375

%

,

2/01/43

.........................................

4,020,000

3,584,694

b

Becker

Independent

School

District

No.

726

,

GO

,

2022

A

,

4.43

%,

2/01/41

.........

1,000,000

517,849

Brainerd

Independent

School

District

No.

181

,

GO

,

2018

A

,

4

%

,

2/01/43

..........

1,900,000

1,901,282

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

......

1,000,000

967,400

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2025

,

Refunding

,

5

%

,

11/01/44

......

1,160,000

1,198,015

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2025

,

Refunding

,

5

%

,

11/01/47

......

1,000,000

1,022,199

City

of

Cold

Spring

,

GO

,

2024

A

,

BAM

Insured

,

4

%

,

2/01/54

...................

1,050,000

974,680

City

of

Coon

Rapids

,

Mississippi

View

Housing

Partners

LP

,

Revenue

,

2023

,

FNMA

Insured

,

5.6

%

,

12/01/39

.............................................

3,717,285

4,203,505

City

of

Corcoran

,

GO

,

2023

A

,

BAM

Insured

,

4

%

,

2/01/53

.....................

3,605,000

3,405,329

City

of

Fridley

,

GO

,

2022

A

,

4

%

,

2/01/36

............................................

350,000

361,241

GO

,

2022

A

,

4

%

,

2/01/37

............................................

735,000

756,289

GO

,

2022

A

,

4

%

,

2/01/38

............................................

800,000

822,083

Fridley

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2018

,

FNMA

Insured

,

3.75

%

,

11/01/34

.......................................................

9,111,870

9,217,467

a

Roers

Fridley

Apartments

Owner

II

LLC

,

Revenue

,

144A,

2023

A

,

5.75

%

,

6/01/41

..

16,000,000

16,623,387

City

of

Minneapolis

,

GO

,

2018

,

4

%

,

12/01/46

.............................................

3,500,000

3,456,285

GO

,

2019

,

3

%

,

12/01/40

.............................................

2,000,000

1,800,013

14th

and

Central

LLLP

,

Revenue

,

2020

,

FNMA

Insured

,

2.35

%

,

2/01/38

.........

7,238,445

6,059,571

Allina

Health

Obligated

Group

,

Revenue

,

2021

,

4

%

,

11/15/40

.................

6,750,000

6,680,195

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

11/15/44

.......................................................

1,325,000

1,320,669

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

AG

Insured

,

5

%

,

11/15/44

...................................................

10,000,000

10,002,177

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/15/49

.......................................................

4,535,000

4,469,088

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

AG

Insured

,

5

%

,

11/15/49

...................................................

6,000,000

6,067,987

c

City

of

Mounds

View

,

OAHS

Sibley

TC

LLLP

,

Revenue

,

2024

,

Mandatory

Put

,

3.375

%

,

3/01/28

.........................................................

4,500,000

4,516,320

City

of

Rochester

,

Electric

Utility

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/42

...................

1,395,000

1,415,505

Electric

Utility

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/47

...................

8,315,000

8,368,021

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/33

....................

9,425,000

10,932,817

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/34

....................

5,235,000

6,133,454

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/36

....................

8,400,000

9,918,924

Mayo

Clinic

,

Revenue

,

2018

,

4

%

,

11/15/48

...............................

4,000,000

3,809,162

Mayo

Clinic

,

Revenue

,

2022

,

Refunding

,

3.25

%

,

11/15/41

...................

4,000,000

3,643,121

Mayo

Clinic

,

Revenue

,

2022

,

Refunding

,

5

%

,

11/15/57

......................

1,000,000

1,032,015

Mayo

Clinic

,

Revenue

,

2025

A

,

4.25

%

,

11/15/50

...........................

3,000,000

2,924,047

Mayo

Clinic

,

Revenue

,

2025

A

,

4.375

%

,

11/15/53

..........................

1,750,000

1,740,494

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

136

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

5/01/37

........................................................

$

7,310,000

$

7,315,534

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

5/01/46

........................................................

2,650,000

2,653,285

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

5/01/48

........................................................

10,000,000

10,170,409

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

5

%

,

5/01/54

........................................................

1,000,000

1,028,796

City

of

St.

Paul

,

Water

,

Revenue

,

2023

A

,

4

%

,

12/01/46

.......................

13,340,000

13,136,244

City

of

Virginia

,

GO

,

2024

A

,

4.375

%

,

2/01/34

.........................................

1,000,000

1,027,005

GO

,

2024

A

,

4.5

%

,

2/01/37

...........................................

1,605,000

1,639,593

GO

,

2024

A

,

5

%

,

2/01/41

............................................

825,000

860,427

GO

,

2025

A

,

5.625

%

,

2/01/44

.........................................

1,035,000

1,055,575

GO

,

2025

A

,

5.75

%

,

2/01/47

..........................................

1,225,000

1,248,074

City

of

Wadena

,

Astera

Health

,

Revenue

,

2024

A

,

5

%

,

12/01/45

.................

1,900,000

1,985,012

County

of

Norman

,

GO

,

2022

A

,

3.25

%

,

2/01/52

............................

3,115,000

2,485,444

County

of

Rice

,

GO

,

2022

A

,

4

%

,

2/01/48

.................................

5,200,000

5,022,191

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

.......................

330,000

330,097

Roers

Burnsville

Affordable

Apartments

Owner

LLC

,

Revenue

,

2024

,

FNMA

Insured

,

4.2

%

,

5/01/43

...................................................

1,000,000

984,396

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

2,727,973

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

2/15/53

.....

15,830,000

15,963,866

Essentia

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

2/15/53

...

13,105,000

13,212,637

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/38

........................................................

150,000

153,213

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

6/15/39

........................................................

155,000

157,559

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

6/15/44

........................................................

850,000

712,189

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/30

........................................................

425,000

465,295

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/32

........................................................

500,000

563,069

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

6/15/33

........................................................

600,000

674,598

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/34

........................................................

520,000

546,402

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/35

........................................................

425,000

444,562

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/36

........................................................

400,000

416,112

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/37

........................................................

375,000

387,460

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/38

........................................................

400,000

410,390

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/15/39

........................................................

250,000

255,065

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

B

,

5.25

%

,

6/15/52

..

8,000,000

8,311,338

b

Duluth

Independent

School

District

No.

709

,

GO

,

2021

C

,

3.23

%,

2/01/29

.........................................

1,870,000

1,690,470

GO

,

2021

C

,

3.27

%,

2/01/30

.........................................

1,275,000

1,114,600

GO

,

2021

C

,

3.29

%,

2/01/31

.........................................

1,325,000

1,120,777

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

137

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

b

Duluth

Independent

School

District

No.

709,

(continued)

GO

,

2021

C

,

3.36

%,

2/01/32

.........................................

$

1,080,000

$

880,728

GO

,

2021

C

,

3.46

%,

2/01/33

.........................................

1,075,000

842,211

Forest

Lake

Independent

School

District

No.

831

,

GO

,

2023

A

,

4

%

,

2/01/37

........

2,000,000

2,073,880

Gibbon

Independent

School

District

No.

2365

,

GO

,

2023

A

,

5

%

,

2/01/48

............................................

1,850,000

1,929,419

GO

,

2023

A

,

4.125

%

,

2/01/52

.........................................

2,250,000

2,227,059

b

Hastings

Independent

School

District

No.

200

,

GO

,

2018

A

,

4.12

%,

2/01/38

..........................................

4,685,000

2,865,464

GO

,

2018

A

,

4.29

%,

2/01/39

..........................................

4,685,000

2,692,615

GO

,

2018

A

,

4.54

%,

2/01/40

..........................................

4,685,000

2,498,672

Hennepin

County

Regional

Railroad

Authority

,

County

of

Hennepin

,

GO

,

2019

A

,

5

%

,

12/01/37

...........................

1,000,000

1,057,118

County

of

Hennepin

,

GO

,

2019

A

,

5

%

,

12/01/38

...........................

3,965,000

4,178,441

Hopkins

Independent

School

District

No.

270

,

GO

,

2019

A

,

3

%

,

2/01/34

..........

2,450,000

2,415,385

Jordan

Independent

School

District

No.

717

,

GO

,

2023

A

,

4

%

,

2/01/42

...........

1,300,000

1,310,195

Mankato

Independent

School

District

No.

77

,

COP

,

2022

A

,

3

%

,

2/01/42

..........

2,730,000

2,322,271

Metropolitan

Council

,

GO

,

2020

B

,

2.125

%

,

3/01/36

.........................................

3,500,000

3,014,607

GO

,

2020

B

,

2.125

%

,

3/01/38

.........................................

4,000,000

3,280,065

GO

,

2022

C

,

4

%

,

3/01/40

............................................

3,275,000

3,378,316

GO

,

2022

C

,

4

%

,

3/01/41

............................................

3,410,000

3,486,952

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue

,

2022

A

,

Refunding

,

4.25

%

,

1/01/52

.............................

2,990,000

2,867,293

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/34

..............................

1,870,000

1,909,815

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/35

..............................

4,025,000

4,107,931

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/41

..............................

20,730,000

20,996,121

Revenue,

Senior

Lien

,

2016

C

,

5

%

,

1/01/46

..............................

14,475,000

14,585,339

Minnesota

Agricultural

&

Economic

Development

Board

,

HealthPartners

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

1/01/54

.................................

6,000,000

6,240,102

Minnesota

Health

&

Education

Facilities

Authority

,

Macalester

College

,

Revenue

,

2017

,

Refunding

,

3

%

,

3/01/33

.................

1,510,000

1,476,050

Macalester

College

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/36

.................

125,000

129,621

St.

Catherine

University

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

10/01/45

...........

2,075,000

2,038,042

St.

Catherine

University

,

Revenue

,

2023

,

5

%

,

10/01/43

.....................

600,000

596,149

St.

Catherine

University

,

Revenue

,

2023

,

5.125

%

,

10/01/48

..................

750,000

741,447

St.

Catherine

University

,

Revenue

,

2023

,

5

%

,

10/01/52

.....................

3,000,000

2,872,006

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/32

...............

255,000

264,232

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/33

...............

240,000

247,844

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

10/01/34

...............

355,000

365,460

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

3

%

,

10/01/38

...............

250,000

228,029

St.

Olaf

College

,

Revenue

,

2021

,

3

%

,

10/01/41

...........................

1,000,000

872,121

University

of

St.

Thomas

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

10/01/36

..........

750,000

758,188

University

of

St.

Thomas

,

Revenue

,

2022

A

,

5

%

,

10/01/52

...................

10,000,000

10,176,315

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas

,

Revenue

,

2024

A

,

5

%

,

10/01/49

...............................................

4,000,000

4,125,392

Minnesota

Housing

Finance

Agency

,

Revenue

,

2020

E

,

GNMA

Insured

,

2.5

%

,

7/01/40

..........................

1,840,000

1,483,250

Revenue

,

2021

B

,

GNMA

Insured

,

2.1

%

,

7/01/36

..........................

950,000

799,414

Revenue

,

2021

H

,

GNMA

Insured

,

2.55

%

,

1/01/46

.........................

3,950,000

2,939,987

Revenue

,

2022

A

,

GNMA

Insured

,

2.75

%

,

7/01/42

.........................

2,660,000

2,163,064

Revenue

,

2023

D

,

GNMA

Insured

,

4.5

%

,

7/01/43

..........................

970,000

989,068

Revenue

,

2023

D

,

GNMA

Insured

,

4.6

%

,

7/01/45

..........................

965,000

963,266

State

of

Minnesota

,

Revenue

,

2009

,

4

%

,

8/01/29

..........................

1,365,000

1,365,251

State

of

Minnesota

,

Revenue

,

2011

,

5

%

,

8/01/31

..........................

2,225,000

2,229,224

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

138

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Housing

Finance

Agency,

(continued)

State

of

Minnesota

,

Revenue

,

2020

D

,

4

%

,

8/01/42

........................

$

1,815,000

$

1,825,762

c

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

4

%

,

12/01/27

..

11,550,000

11,703,176

Minnesota

Office

of

Higher

Education

,

Revenue,

Senior

Lien

,

2023

,

Refunding

,

4

%

,

11/01/42

........................................................

2,250,000

2,178,343

Moorhead

Independent

School

District

No.

152

,

GO

,

2020

A

,

2.5

%

,

2/01/37

.......

3,795,000

3,333,999

Nashwauk

Keewatin

Independent

School

District

No.

319

,

GO

,

2022

A

,

Refunding

,

4

%

,

2/01/48

.........................................................

4,000,000

3,932,000

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO

,

2019

A

,

3

%

,

2/01/42

............................................

4,975,000

4,254,546

GO

,

2019

A

,

3

%

,

2/01/46

............................................

22,965,000

18,177,553

Osseo

Independent

School

District

No.

279

,

GO

,

2024

A

,

4

%

,

2/01/43

............

4,920,000

4,934,557

b

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO

,

2018

B

,

3.11

%,

2/01/27

..........................................

8,545,000

8,243,244

GO

,

2018

B

,

2.94

%,

2/01/28

.........................................

13,055,000

12,258,885

GO

,

2018

B

,

3.43

%,

2/01/30

.........................................

9,010,000

7,826,482

GO

,

2018

B

,

3.45

%,

2/01/31

.........................................

5,310,000

4,456,084

Red

Rock

Central

Independent

School

District

No.

2884

,

GO

,

2022

A

,

2.375

%

,

2/01/47

3,000,000

2,035,035

Redwood

Area

Schools

Independent

School

District

No.

2897

,

GO

,

2024

A

,

4

%

,

2/01/44

.........................................................

2,000,000

2,003,550

Robbinsdale

Independent

School

District

No.

281

,

GO

,

2024

A

,

4

%

,

2/01/43

............................................

500,000

503,813

GO

,

2024

A

,

4

%

,

2/01/44

............................................

450,000

450,750

GO

,

2024

A

,

4

%

,

2/01/45

............................................

415,000

412,320

Rosemount-Apple

Valley-Eagan

Independent

School

District

No.

196

,

GO

,

2023

A

,

4

%

,

2/01/44

.........................................................

2,000,000

1,964,254

Roseville

Independent

School

District

No.

623

,

GO

,

2018

A

,

4

%

,

2/01/35

............................................

4,900,000

4,952,025

GO

,

2018

A

,

4

%

,

2/01/37

............................................

5,000,000

5,039,457

b

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO

,

2016

B

,

4.24

%,

2/01/36

.........................................

3,000,000

1,966,862

GO

,

2016

B

,

4.35

%,

2/01/37

.........................................

2,820,000

1,751,672

GO

,

2016

B

,

4.47

%,

2/01/38

.........................................

5,220,000

3,065,946

GO

,

2016

B

,

4.57

%,

2/01/39

.........................................

3,020,000

1,676,347

Sauk

Centre

Public

Utilities

Commission

,

Electric

,

Revenue

,

2024

A

,

AG

Insured

,

4.25

%

,

12/01/44

....................

395,000

395,379

Electric

,

Revenue

,

2024

A

,

AG

Insured

,

4.5

%

,

12/01/53

.....................

335,000

332,423

a

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

5.25

%

,

8/01/37

...............................

8,000,000

8,073,820

Southern

Minnesota

Municipal

Power

Agency

,

b

Revenue

,

1994

A

,

NATL

Insured

,

3.24

%,

1/01/26

..........................

5,395,000

5,379,723

b

Revenue

,

1994

A

,

NATL

Insured

,

3.48

%,

1/01/27

..........................

6,600,000

6,359,276

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/41

...............................

2,085,000

2,088,947

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/46

...............................

7,260,000

7,273,744

Revenue

,

2017

A

,

5

%

,

1/01/47

........................................

1,315,000

1,338,800

Revenue

,

2025

A

,

Refunding

,

5

%

,

1/01/45

...............................

400,000

432,123

Revenue

,

2025

A

,

Refunding

,

5

%

,

1/01/46

...............................

500,000

536,001

St.

Cloud

Independent

School

District

No.

742

,

COP

,

2017

A

,

4

%

,

2/01/38

.........

1,000,000

1,000,238

St.

Francis

Independent

School

District

No.

15

,

GO

,

2018

A

,

3.5

%

,

2/01/41

........

3,350,000

3,155,628

St.

Paul

Port

Authority

,

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2021-1

,

Refunding

,

3

%

,

10/01/34

300,000

290,288

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-3

,

4.75

%

,

10/01/43

.....

1,000,000

1,020,786

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-4

,

5.25

%

,

10/01/42

.....

1,000,000

1,042,375

State

of

Minnesota

,

GO

,

2023

B

,

4

%

,

8/01/43

............................................

4,745,000

4,772,256

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)

State

of

Minnesota,

(continued)

Department

of

Iron

Range

Resources

&

Rehabilitation

,

Revenue

,

2025

A

,

5

%

,

10/01/45

.......................................................

$

1,000,000

$

1,065,196

Stearns

County

Housing

&

Redevelopment

Authority

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

2/01/61

......................................................

1,105,000

770,421

University

of

Minnesota

,

Revenue

,

2017

A

,

5

%

,

9/01/40

........................................

1,240,000

1,272,324

Revenue

,

2017

A

,

5

%

,

9/01/41

........................................

3,000,000

3,073,394

Revenue

,

2019

A

,

5

%

,

4/01/39

........................................

3,055,000

3,214,381

Revenue

,

2019

A

,

5

%

,

4/01/40

........................................

2,110,000

2,214,694

Revenue

,

2019

A

,

5

%

,

4/01/41

........................................

6,045,000

6,324,858

Revenue

,

2019

A

,

5

%

,

4/01/44

........................................

2,000,000

2,072,294

Revenue

,

2020

A

,

5

%

,

11/01/39

.......................................

2,000,000

2,144,144

Revenue

,

2020

A

,

5

%

,

11/01/42

.......................................

1,230,000

1,300,536

Virginia

Housing

&

Redevelopment

Authority

,

County

of

St.

Louis

,

Revenue

,

2025

A

,

5

%

,

4/01/50

........................

670,000

691,178

County

of

St.

Louis

,

Revenue

,

2025

A

,

5

%

,

4/01/55

........................

885,000

908,910

County

of

St.

Louis

,

Revenue

,

2025

A

,

5

%

,

4/01/60

........................

1,130,000

1,145,137

Waconia

Independent

School

District

No.

110

,

GO

,

2025

A

,

Refunding

,

4

%

,

2/01/41

.

1,270,000

1,296,995

b

Watertown-Mayer

Independent

School

District

No.

111

,

GO

,

2020

A

,

3.85

%,

2/01/33

..........................................

2,470,000

1,884,050

GO

,

2020

A

,

3.96

%,

2/01/34

..........................................

2,470,000

1,798,829

GO

,

2020

A

,

4.29

%,

2/01/37

..........................................

2,470,000

1,544,364

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

2,691,113

Western

Minnesota

Municipal

Power

Agency

,

Revenue

,

2018

A

,

5

%

,

1/01/49

.......

5,000,000

5,069,544

Zumbro

Education

District

,

COP

,

2021

A

,

4

%

,

2/01/32

...........................................

200,000

199,503

COP

,

2021

A

,

4

%

,

2/01/33

...........................................

150,000

148,937

COP

,

2021

A

,

4

%

,

2/01/34

...........................................

125,000

123,361

COP

,

2021

A

,

2.125

%

,

2/01/35

........................................

325,000

265,413

COP

,

2021

A

,

4

%

,

2/01/38

...........................................

390,000

370,741

COP

,

2021

A

,

4

%

,

2/01/41

...........................................

635,000

566,373

607,006,521

South

Carolina

0.5%

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,500,000

3,105,994

Texas

0.5%

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,000,000

3,027,927

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

1,808,883

Wisconsin

0.2%

a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

..............

2,100,000

1,693,551

Total

Municipal

Bonds

(Cost

$

640,740,707

)

.....................................

623,576,073

a

a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

140

See

Abbreviations

on

page

193

.

Short

Term

Investments

0.2%

a

a

Principal

Amount

a

Value

Municipal

Bonds

0.2%

Minnesota

0.2%

d

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2025

D

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

2

%

,

11/15/64

..............................................

$

1,150,000

$

1,150,000

Total

Municipal

Bonds

(Cost

$

1,150,000

)

.......................................

1,150,000

Total

Short

Term

Investments

(Cost

$

1,150,000

)

.................................

1,150,000

a

Total

Investments

(Cost

$

641,890,707

)

99.0

%

...................................

$624,726,073

Other

Assets,

less

Liabilities

1.0

%

.............................................

6,184,593

Net

Assets

100.0%

...........................................................

$630,910,666

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$35,753,128,

representing

5.7%

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),

November

30,

2025

Franklin

Missouri

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

141

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.8%

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

$

4,936,623

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

850,000

574,586

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

6,200,000

5,239,966

10,751,175

Georgia

0.3%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

540,000

561,099

b

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

2,355,000

1,116,166

1,677,265

Missouri

88.9%

Affton

School

District

No.

101

,

GO

,

2017

A

,

5

%

,

3/01/36

............................................

300,000

307,254

GO

,

2017

A

,

Pre-Refunded

,

5

%

,

3/01/36

................................

1,620,000

1,666,130

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

10/01/44

......................................

4,500,000

4,399,470

Cape

Girardeau

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2021

,

4

%

,

3/01/41

..............................

3,010,000

3,014,786

Mercy

Health

,

Revenue

,

2021

,

3

%

,

3/01/46

..............................

3,000,000

2,362,391

Mercy

Health

,

Revenue

,

2021

,

4

%

,

3/01/46

..............................

3,500,000

3,356,314

Procter

&

Gamble

Co.

(The)

,

Revenue

,

1998

,

5.3

%

,

5/15/28

..................

6,875,000

6,890,402

St.

Francis

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/39

..........

7,110,000

7,149,245

City

of

Harrisonville

,

COP

,

2023

A

,

Refunding

,

4.375

%

,

3/01/43

...............................

1,000,000

1,005,111

COP

,

2023

A

,

Refunding

,

4.5

%

,

3/01/48

.................................

2,000,000

2,003,749

COP

,

2023

A

,

Refunding

,

4.625

%

,

3/01/53

...............................

2,000,000

2,000,852

City

of

Kansas

City

,

GO

,

2024

A

,

4

%

,

2/01/44

............................................

1,700,000

1,676,026

Sanitary

Sewer

System

,

Revenue

,

2023

A

,

4

%

,

1/01/48

.....................

5,000,000

4,796,969

Sanitary

Sewer

System

,

Revenue

,

2024

A

,

4

%

,

1/01/49

.....................

3,500,000

3,316,342

Sanitary

Sewer

System

,

Revenue,

Sub.

Lien

,

2018

A

,

4

%

,

1/01/35

.............

1,500,000

1,527,843

Water

,

Revenue

,

2023

A

,

4

%

,

12/01/47

.................................

2,120,000

2,052,185

City

of

Kirkwood

,

COP

,

2024

A

,

4.25

%

,

4/01/50

.........................................

535,000

515,293

COP

,

2024

A

,

4.25

%

,

4/01/54

.........................................

1,700,000

1,624,640

City

of

Marshfield

,

Waterworks

&

Sewer

System

,

Revenue

,

2020

B

,

AG

Insured

,

5

%

,

2/01/47

.........................................................

1,775,000

1,800,451

City

of

Republic

,

Revenue

,

2022

,

3

%

,

5/01/47

.........................................

5,000,000

3,956,565

Revenue

,

2023

,

4.5

%

,

5/01/41

........................................

1,000,000

1,018,572

Revenue

,

2023

,

4.5

%

,

5/01/44

........................................

1,000,000

1,006,205

City

of

Springfield

,

Revenue

,

2023

,

4.375

%

,

11/01/42

.....................................

500,000

512,491

Public

Utility

,

COP

,

2025

,

4

%

,

11/01/47

..................................

20,000,000

18,984,496

City

of

St.

Charles

,

COP

,

2020

B

,

Refunding

,

3

%

,

2/01/39

.....................

1,000,000

914,061

City

of

St.

Louis

,

Airport

,

Revenue

,

2005

,

Refunding

,

NATL

Insured

,

5.5

%

,

7/01/29

..............

13,070,000

14,344,315

Airport

,

Revenue

,

2017

D

,

Refunding

,

AG

Insured

,

5

%

,

7/01/35

...............

1,000,000

1,021,289

Airport

,

Revenue

,

2017

D

,

Refunding

,

AG

Insured

,

5

%

,

7/01/36

...............

2,125,000

2,166,597

Airport

,

Revenue

,

2019

C

,

Refunding

,

5

%

,

7/01/27

.........................

1,705,000

1,758,711

Airport

,

Revenue

,

2024

A

,

AG

Insured

,

5.25

%

,

7/01/49

......................

6,480,000

6,915,006

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

142

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

City

of

St.

Louis,

(continued)

Airport

,

Revenue

,

2024

A

,

AG

Insured

,

5.25

%

,

7/01/54

......................

$

2,000,000

$

2,123,425

City

of

University

City

,

COP

,

2024

,

5

%

,

4/01/49

.............................

1,205,000

1,259,271

Clay

County

Reorganized

School

District

No.

R-1

,

GO

,

2017

,

3

%

,

3/01/36

.............................................

1,540,000

1,498,664

GO

,

2017

,

3.125

%

,

3/01/37

..........................................

1,855,000

1,805,537

Community

College

District

of

Central

Southwest

Missouri

,

COP

,

2021

,

3

%

,

3/01/40

.............................................

575,000

518,458

COP

,

2021

,

3

%

,

3/01/41

.............................................

400,000

354,819

County

of

Jackson

,

Revenue

,

2023

A

,

4.25

%

,

12/01/53

....................................

2,660,000

2,551,107

Revenue

,

2023

A

,

5.25

%

,

12/01/58

....................................

2,500,000

2,636,966

County

of

Phelps

,

Phelps

County

Regional

Medical

Center

,

Revenue

,

2025

,

5.375

%

,

12/01/50

......

2,500,000

2,567,294

Phelps

County

Regional

Medical

Center

,

Revenue

,

2025

,

6

%

,

12/01/55

.........

2,500,000

2,690,948

Ferguson

Reorganized

School

District

No.

R-2

,

GO

,

2018

,

4

%

,

5/01/32

.............................................

1,000,000

1,012,156

GO

,

2018

,

5

%

,

5/01/38

.............................................

2,250,000

2,301,280

Hannibal

Board

of

Public

Works

,

COP

,

2022

,

3.625

%

,

4/01/44

.........................................

1,000,000

883,246

COP

,

2022

,

3.75

%

,

4/01/47

..........................................

1,000,000

876,337

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Bethesda

Health

Group,

Inc.

Obligated

Group

,

Revenue

,

2015

,

5

%

,

8/01/40

......

1,650,000

1,650,057

Bethesda

Health

Group,

Inc.

Obligated

Group

,

Revenue

,

2015

,

5

%

,

8/01/45

......

1,300,000

1,254,901

BJC

Healthcare

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/34

......

4,030,000

4,061,936

BJC

Healthcare

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/15/43

....

2,000,000

2,038,829

BJC

Healthcare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

7/01/51

.....

13,000,000

9,849,902

BJC

Healthcare

Obligated

Group

,

Revenue

,

2025

A

,

4.25

%

,

4/01/55

...........

5,000,000

4,689,545

CoxHealth

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

11/15/44

.................

5,000,000

4,748,395

Kansas

City

University

,

Revenue

,

2017

A

,

5

%

,

6/01/42

......................

2,800,000

2,845,835

Kansas

City

University

,

Revenue

,

2017

A

,

5

%

,

6/01/47

......................

4,875,000

4,919,679

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

2/15/40

........................................................

2,060,000

1,649,670

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

2/15/41

........................................................

2,120,000

1,648,904

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

2/15/46

........................................................

5,590,000

3,938,459

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

2/01/46

.......

4,000,000

3,912,642

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

2/01/46

........................................................

11,575,000

11,322,207

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

2/01/34

.......

2,000,000

2,042,160

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

2/01/42

.......

1,750,000

1,756,154

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

C

,

Refunding

,

4

%

,

2/01/33

........................................................

1,730,000

1,732,671

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2021

,

4

%

,

2/01/30

........

2,035,000

2,051,246

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2021

,

4

%

,

2/01/42

........

4,900,000

4,450,127

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

2/01/44

........................................................

1,050,000

1,074,836

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

2/01/54

........................................................

1,750,000

1,739,508

Maryville

University

of

St.

Louis

,

Revenue

,

2015

,

5

%

,

6/15/44

.................

5,000,000

4,872,141

Maryville

University

of

St.

Louis

,

Revenue

,

2019

A

,

5

%

,

6/15/45

...............

4,000,000

3,891,128

Maryville

University

of

St.

Louis

,

Revenue

,

2022

A

,

Refunding

,

3.125

%

,

6/15/38

...

2,300,000

1,965,554

Maryville

University

of

St.

Louis

,

Revenue

,

2022

A

,

Refunding

,

3.375

%

,

6/15/45

...

1,000,000

758,008

Maryville

University

of

St.

Louis

,

Revenue

,

2025

A

,

5.25

%

,

6/15/35

.............

2,610,000

2,853,959

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

143

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

Maryville

University

of

St.

Louis

,

Revenue

,

2025

A

,

5

%

,

6/15/40

...............

$

1,935,000

$

1,991,651

Maryville

University

of

St.

Louis

,

Revenue

,

2025

A

,

5.5

%

,

6/15/47

..............

3,000,000

3,047,857

Mercy

Health

,

Revenue

,

2012

,

4

%

,

11/15/42

.............................

8,000,000

7,713,417

Mercy

Health

,

Revenue

,

2017

C

,

Refunding

,

5

%

,

11/15/42

...................

9,720,000

9,886,583

Mercy

Health

,

Revenue

,

2017

C

,

Refunding

,

4

%

,

11/15/47

...................

10,000,000

9,042,823

Mercy

Health

,

Revenue

,

2020

,

4

%

,

6/01/53

..............................

2,000,000

1,755,966

Mercy

Health

,

Revenue

,

2023

,

5

%

,

12/01/52

.............................

18,000,000

18,747,189

Mosaic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/15/54

4,000,000

3,507,414

SSM

Health

Care

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

6/01/48

............

13,500,000

13,633,230

SSM

Health

Care

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

6/01/52

............

5,000,000

5,274,747

St.

Louis

University

,

Revenue

,

2017

A

,

5

%

,

10/01/42

.......................

9,200,000

9,328,346

St.

Louis

University

,

Revenue

,

2017

A

,

5

%

,

10/01/47

.......................

11,490,000

11,597,318

Howard

Bend

Levee

District

,

Special

Tax

,

2021

,

2.75

%

,

3/01/31

.....................................

400,000

367,634

Special

Tax

,

2021

,

3

%

,

3/01/36

.......................................

500,000

425,208

Special

Tax

,

2021

,

3.125

%

,

3/01/41

....................................

1,000,000

794,365

Special

Tax

,

2022

,

3.375

%

,

3/01/32

....................................

75,000

70,275

Special

Tax

,

2022

,

3.5

%

,

3/01/37

......................................

175,000

153,966

Special

Tax

,

2022

,

3.625

%

,

3/01/42

....................................

200,000

162,715

Jefferson

County

School

District

No.

R-VI

,

Festus

,

COP

,

2021

B

,

3

%

,

4/01/42

.....................................

500,000

428,377

Festus

,

COP

,

2021

B

,

3

%

,

4/01/44

.....................................

1,500,000

1,219,079

Festus

,

COP

,

2021

B

,

2.375

%

,

4/01/46

..................................

2,000,000

1,331,401

Joplin

Industrial

Development

Authority

,

Freeman

Health

System

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

4

%

,

2/15/43

510,000

492,102

Freeman

Health

System

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

4

%

,

2/15/44

380,000

361,783

Kansas

City

Industrial

Development

Authority

,

Revenue

,

2011

A

,

Refunding

,

5.5

%

,

9/01/29

..............................

5,000,000

5,020,064

Revenue

,

2011

A

,

Refunding

,

5.5

%

,

9/01/30

..............................

12,000,000

12,048,155

Revenue

,

2011

A

,

Refunding

,

5

%

,

9/01/32

...............................

3,000,000

3,010,874

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

5

%

,

3/01/46

...................

30,680,000

30,971,555

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

AG

Insured

,

5

%

,

3/01/49

.........

8,000,000

8,069,623

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

5

%

,

3/01/54

...................

5,090,000

5,106,384

Lebanon

Reorganized

School

District

No.

R-3

,

GO

,

2024

,

4

%

,

3/01/44

...........

4,000,000

3,954,693

Maplewood-Richmond

Heights

School

District

,

GO

,

2025

,

5

%

,

3/01/45

...........

1,390,000

1,467,364

Metropolitan

St.

Louis

Sewer

District

,

Revenue

,

2016

C

,

Refunding

,

5

%

,

5/01/46

...............................

24,700,000

24,897,037

Revenue

,

2017

A

,

Refunding

,

5

%

,

5/01/47

...............................

15,000,000

15,148,776

Missouri

Development

Finance

Board

,

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

5

%

,

3/01/30

...............

930,000

967,780

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

3

%

,

3/01/46

...............

2,640,000

1,847,646

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/51

...............

9,445,000

7,712,899

City

of

Independence

,

Revenue

,

2025

A

,

AG

Insured

,

5

%

,

12/01/54

............

1,225,000

1,260,030

Procter

&

Gamble

Co.

(The)

,

Revenue

,

1999

,

5.2

%

,

3/15/29

..................

3,000,000

3,183,617

Zoological

Subdistrict

of

the

Metropolitan

Zoo

Park

&

Museum

District

of

St.

Louis

,

Revenue

,

2022

,

5.25

%

,

5/01/55

.....................................

2,500,000

2,586,020

Missouri

Housing

Development

Commission

,

Revenue

,

2018

B

,

GNMA

Insured

,

4

%

,

11/01/38

...........................

785,000

788,600

Revenue

,

2020

C

,

GNMA

Insured

,

2.4

%

,

11/01/45

.........................

2,010,000

1,459,052

Revenue

,

2020

D

,

GNMA

Insured

,

2.55

%

,

11/01/50

........................

2,715,000

1,959,404

Revenue

,

2021

B

,

GNMA

Insured

,

2.3

%

,

11/01/51

.........................

7,220,000

4,747,080

Revenue

,

2022

A

,

GNMA

Insured

,

3.125

%

,

11/01/42

.......................

3,425,000

2,991,606

Revenue

,

2022

C

,

GNMA

Insured

,

4.3

%

,

11/01/47

.........................

1,900,000

1,865,023

Revenue

,

2022

C

,

GNMA

Insured

,

4.35

%

,

11/01/52

........................

2,370,000

2,279,253

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

144

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Missouri

Housing

Development

Commission,

(continued)

Revenue

,

2024

G

,

GNMA

Insured

,

4.5

%

,

11/01/54

.........................

$

3,725,000

$

3,642,819

Missouri

Joint

Municipal

Electric

Utility

Commission

,

MoPEP

1

Pool

Fund

,

Revenue

,

2018

,

5

%

,

12/01/43

................................................

2,000,000

2,026,645

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,050,000

4,920,799

Poplar

Bluff

Regional

Transportation

Development

District

,

Sales

Tax

,

Revenue

,

2023

B

,

Refunding

,

3.375

%

,

12/01/31

..................

1,370,000

1,361,253

Sales

Tax

,

Revenue

,

2023

B

,

Refunding

,

4

%

,

12/01/37

......................

2,600,000

2,584,088

Republic

School

District

No.

R-3

,

GO

,

2023

,

4

%

,

3/01/43

......................

1,470,000

1,469,062

Riverside-Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment

,

2017

,

Refunding

,

5

%

,

3/01/29

.............................................

2,585,000

2,607,337

Springfield

School

District

No.

R-12

,

GO

,

2023

,

4

%

,

3/01/43

...................

2,000,000

2,004,869

St.

Charles

County

Public

Water

Supply

District

No.

2

,

COP

,

2022

,

4

%

,

12/01/44

....

5,000,000

4,871,807

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

15,400,000

15,660,074

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2013

A

,

5.875

%

,

9/01/43

..

7,000,000

7,002,625

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

9/01/48

........................................................

7,095,000

6,911,784

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue

,

2021

,

2.25

%

,

7/15/41

.......................................

3,845,000

2,955,106

Revenue

,

2021

A

,

Refunding

,

2.125

%

,

4/01/39

............................

5,635,000

4,592,382

City

of

St.

Louis

,

Revenue

,

2022

C

,

5

%

,

6/01/36

...........................

2,025,000

2,085,450

City

of

St.

Louis

,

Revenue

,

2022

C

,

5

%

,

6/01/41

...........................

2,000,000

2,011,489

City

of

St.

Louis

,

Revenue

,

2022

C

,

5.125

%

,

6/01/46

.......................

2,600,000

2,563,029

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AG

Insured

,

5

%

,

10/01/45

..................

5,685,000

5,845,899

City

of

St.

Louis

,

Revenue

,

2020

,

AG

Insured

,

5

%

,

10/01/49

..................

2,175,000

2,226,221

St.

Louis

Municipal

Library

District

,

COP

,

2020

,

Refunding

,

BAM

Insured

,

4

%

,

3/15/48

2,800,000

2,648,532

St.

Louis

School

District

,

GO

,

2023

,

AG

Insured

,

4

%

,

4/01/43

..................

7,000,000

7,025,050

Strafford

Reorganized

School

District

No.

R-VI

,

GO

,

2023

,

4

%

,

3/01/43

...........

4,000,000

4,010,504

Waynesville

R-VI

School

District

,

COP

,

2025

,

4.625

%

,

4/15/50

.................

10,000,000

9,942,087

560,506,614

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

1,453,227

Texas

0.7%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

2,000,000

1,852,940

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

2.5

%

,

9/01/41

...............................

525,000

386,549

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,200,000

2,422,341

4,661,830

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

1,636,608

Wisconsin

2.4%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

2,530,000

2,626,673

a

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,900,000

1,532,260

b

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

10,690,000

5,083,706

a

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5

%

,

8/01/53

................

1,500,000

1,358,734

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

See

Abbreviations

on

page

193

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

a,b

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

2.34

%,

12/01/44

.................................................

$

4,825,000

$

3,085,193

a

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,500,000

1,505,064

15,191,630

U.S.

Territories

2.3%

Guam

0.9%

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

5,790,000

5,839,571

Puerto

Rico

1.4%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

1,750,000

1,773,327

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

1,404,000

1,336,610

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

6,000,000

5,849,795

8,959,732

Total

U.S.

Territories

....................................................................

14,799,303

Total

Municipal

Bonds

(Cost

$

628,257,475

)

.....................................

610,677,652

a

a

a

a

Short

Term

Investments

2.1%

Municipal

Bonds

2.1%

Missouri

2.1%

c

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

SSM

Health

Care

Obligated

Group

,

Revenue

,

2014

F

,

Daily

VRDN

and

Put

,

2.9

%

,

6/01/44

........................................................

7,900,000

7,900,000

Washington

University

(The)

,

Revenue

,

2000

C

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.8

%

,

3/01/40

...............................................

5,300,000

5,300,000

13,200,000

Total

Municipal

Bonds

(Cost

$

13,200,000

)

......................................

13,200,000

Total

Short

Term

Investments

(Cost

$

13,200,000

)

................................

13,200,000

a

Total

Investments

(Cost

$

641,457,475

)

98.9

%

...................................

$623,877,652

Other

Assets,

less

Liabilities

1.1

%

.............................................

6,699,286

Net

Assets

100.0%

...........................................................

$630,576,938

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$18,807,979,

representing

3.0%

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),

November

30,

2025

Franklin

New

Jersey

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

146

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

$

1,689,546

Total

Corporate

Bonds

(Cost

$

1,600,000

)

.......................................

1,689,546

Municipal

Bonds

95.3%

California

0.1%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

1,300,000

1,092,526

Delaware

1.8%

Delaware

River

&

Bay

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/44

.................................

12,500,000

12,369,485

Revenue

,

2021

,

4

%

,

1/01/46

.........................................

1,750,000

1,701,164

Revenue

,

2024

A

,

5

%

,

1/01/49

........................................

1,335,000

1,423,189

15,493,838

Florida

1.1%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

4,536,000

4,039,055

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

850,000

574,586

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

5,350,000

4,521,584

9,135,225

Georgia

0.2%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

430,000

446,801

c

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

2,525,000

1,196,738

1,643,539

New

Jersey

77.5%

Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AG

Insured

,

4

%

,

7/01/47

............................................

1,500,000

1,396,880

Camden

County

Improvement

Authority

(The)

,

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

5

%

,

7/15/32

.....................

250,000

264,490

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

5

%

,

7/15/42

.....................

1,180,000

1,193,342

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

5

%

,

7/15/52

.....................

3,000,000

2,961,022

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

6

%

,

6/15/47

..........

1,700,000

1,781,436

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

6

%

,

6/15/52

..........

2,100,000

2,189,696

Casino

Reinvestment

Development

Authority,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

4

%

,

11/01/44

.....................

1,350,000

1,286,277

Revenue

,

2024

B

,

AG

Insured

,

5

%

,

11/01/42

.............................

1,200,000

1,284,243

Revenue

,

2024

B

,

AG

Insured

,

5

%

,

11/01/43

.............................

825,000

874,616

Revenue

,

2024

B

,

AG

Insured

,

5

%

,

11/01/44

.............................

950,000

1,000,465

City

of

Newark

,

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AG

Insured

,

5

%

,

11/15/42

...........

1,000,000

1,085,565

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AG

Insured

,

5.375

%

,

11/15/52

........

1,500,000

1,621,392

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AG

Insured

,

6

%

,

11/15/62

...........

1,000,000

1,117,206

County

of

Monmouth

,

GO

,

2025

ABCE

,

5

%

,

3/01/37

........................................

6,780,000

7,915,956

GO

,

2025

ABCE

,

5

%

,

3/01/38

........................................

3,580,000

4,138,663

Cumberland

County

Improvement

Authority

(The)

,

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/36

............

955,000

992,084

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/37

............

1,000,000

1,035,855

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

147

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

Cumberland

County

Improvement

Authority

(The),

(continued)

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/38

............

$

1,020,000

$

1,053,790

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/39

............

1,070,000

1,103,042

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

5

%

,

1/15/44

............

5,725,000

5,848,397

Essex

County

Improvement

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

4

%

,

6/15/38

........................................................

1,645,000

1,638,528

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

4

%

,

6/15/51

........................................................

2,700,000

2,377,005

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

4

%

,

6/15/56

........................................................

4,925,000

4,255,063

b

North

Star

Academy

Charter

School

of

Newark,

Inc.

,

Revenue

,

144A,

2024

A

,

Refunding

,

5

%

,

7/15/40

............................................

375,000

387,638

b

North

Star

Academy

Charter

School

of

Newark,

Inc.

,

Revenue

,

144A,

2024

A

,

Refunding

,

5

%

,

7/15/54

............................................

500,000

499,995

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/37

...........................

750,000

772,470

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/38

...........................

700,000

718,078

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/39

...........................

600,000

613,322

Rowan

University

,

Revenue

,

2019

,

5

%

,

7/01/44

...........................

4,925,000

5,110,915

Rowan

University

,

Revenue

,

2019

,

4

%

,

7/01/48

...........................

5,250,000

5,109,623

Rowan

University

,

Revenue

,

2024

,

BAM

Insured

,

5

%

,

7/01/54

................

5,000,000

5,186,793

Rowan

University

,

Revenue

,

2025

,

Refunding

,

5

%

,

7/01/43

..................

1,200,000

1,307,987

Rowan

University

,

Revenue

,

2025

,

Refunding

,

5

%

,

7/01/44

..................

1,400,000

1,511,551

Hudson

County

Improvement

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/40

.................................

1,000,000

1,010,291

County

of

Hudson

,

Revenue

,

2016

,

5.25

%

,

5/01/51

........................

6,000,000

6,021,937

Jersey

City

Municipal

Utilities

Authority

,

Sewer

Fund

,

Revenue

,

2025

E

,

BAM

Insured

,

5.75

%

,

10/15/55

...............

1,350,000

1,518,864

Water

Fund

,

Revenue

,

2024

C

,

AG

Insured

,

5.25

%

,

10/15/54

.................

1,500,000

1,598,650

Middlesex

County

Improvement

Authority

,

Rutgers

The

State

University

of

New

Jersey

,

Revenue

,

2023

A

,

5

%

,

8/15/53

........................................

1,050,000

1,100,087

Monmouth

County

Improvement

Authority

(The)

,

Little

Silver

School

District

,

Revenue

,

2022

C

,

5

%

,

8/15/39

...............................................

1,045,000

1,163,171

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

5,000,000

5,056,962

New

Jersey

Economic

Development

Authority

,

Advanced

Schools,

Inc.

,

Revenue

,

2025

,

5

%

,

11/01/35

......................

500,000

539,773

Advanced

Schools,

Inc.

,

Revenue

,

2025

,

5

%

,

11/01/45

......................

675,000

683,511

Advanced

Schools,

Inc.

,

Revenue

,

2025

,

5.125

%

,

11/01/55

..................

900,000

900,967

Middlesex

Water

Co.

,

Revenue

,

2019

,

4

%

,

8/01/59

........................

6,200,000

5,442,912

Middlesex

Water

Co.

,

Revenue

,

2019

,

5

%

,

8/01/59

........................

7,245,000

7,378,199

Port

Newark

Container

Terminal

LLC

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/37

...

250,000

253,769

Port

Newark

Container

Terminal

LLC

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/47

...

19,175,000

19,184,006

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/32

..........

640,000

644,204

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/37

..........

600,000

600,642

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

5

%

,

7/01/47

..........

1,500,000

1,414,873

Provident

Group-Montclair

Properties

LLC

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

5

%

,

6/01/42

....................................................

6,000,000

6,080,099

Provident

Group-Rowan

Properties

LLC

,

Revenue

,

A

,

5

%

,

1/01/48

.............

7,000,000

6,713,360

State

of

New

Jersey

,

Revenue

,

2005

N-1

,

Refunding

,

NATL

Insured

,

5.5

%

,

9/01/27

8,660,000

9,090,609

State

of

New

Jersey

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/39

.....................

2,500,000

2,521,696

State

of

New

Jersey

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/46

.....................

1,250,000

1,183,341

State

of

New

Jersey

,

Revenue

,

2022

A

,

5

%

,

11/01/52

.......................

5,000,000

5,150,659

New

Jersey

Educational

Facilities

Authority

,

Kean

University

,

Revenue

,

2015

H

,

Refunding

,

AG

Insured

,

5

%

,

7/01/34

........

2,205,000

2,208,217

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

148

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Educational

Facilities

Authority,

(continued)

Kean

University

,

Revenue

,

2015

H

,

Refunding

,

AG

Insured

,

5

%

,

7/01/35

........

$

5,000,000

$

5,007,130

Kean

University

,

Revenue

,

2017

D

,

Refunding

,

BAM

Insured

,

4

%

,

9/01/38

.......

1,150,000

1,157,850

Montclair

State

University,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

5

%

,

7/01/40

........................................................

1,000,000

1,115,398

Montclair

State

University,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

5

%

,

7/01/43

........................................................

1,000,000

1,078,275

Ramapo

College

of

New

Jersey

,

Revenue

,

2017

A

,

Refunding

,

AG

Insured

,

5

%

,

7/01/35

........................................................

3,955,000

4,072,697

Seton

Hall

University

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

7/01/34

..............

400,000

400,323

Seton

Hall

University

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

7/01/37

..............

1,300,000

1,300,730

Seton

Hall

University

,

Revenue

,

2017

D

,

Refunding

,

5

%

,

7/01/42

..............

3,945,000

3,970,862

Seton

Hall

University

,

Revenue

,

2020

C

,

AG

Insured

,

3.25

%

,

7/01/49

...........

1,150,000

945,784

Seton

Hall

University

,

Revenue

,

2020

C

,

AG

Insured

,

4

%

,

7/01/50

.............

1,850,000

1,743,791

State

of

New

Jersey

,

Revenue

,

2023

A

,

4.625

%

,

9/01/48

....................

2,000,000

2,044,174

State

of

New

Jersey

,

Revenue

,

2023

A

,

5.25

%

,

9/01/53

.....................

2,000,000

2,101,048

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

1998-1

,

ETM,

5

%

,

7/01/28

........................................................

250,000

258,374

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/36

........................................................

1,600,000

1,637,267

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/42

........................................................

9,430,000

9,530,586

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/47

........................................................

4,085,000

4,104,279

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2020

A

,

5

%

,

7/01/45

.

4,000,000

4,074,592

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2020

A

,

4

%

,

7/01/50

.

11,640,000

10,351,593

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

A-2

,

5

%

,

3/01/40

........

2,160,000

2,437,501

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

B

,

4

%

,

3/01/53

..........

5,000,000

4,768,712

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

B

,

5.25

%

,

3/01/54

........

13,500,000

14,643,900

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.

,

Revenue

,

2008

A

,

5

%

,

7/01/27

........................

85,000

85,079

AHS

Hospital

Corp.

,

Revenue

,

2016

,

Refunding

,

4

%

,

7/01/41

.................

10,000,000

9,933,748

AtlantiCare

Health

System

Obligated

Group

,

Revenue

,

2021

,

4

%

,

7/01/37

.......

750,000

773,103

AtlantiCare

Health

System

Obligated

Group

,

Revenue

,

2021

,

3

%

,

7/01/46

.......

1,000,000

790,094

Hackensack

Meridian

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

7/01/39

........................................................

11,000,000

11,260,066

Inspira

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/46

......

18,500,000

18,543,876

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

...............

7,000,000

7,084,741

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

4

%

,

7/01/47

...............

8,700,000

8,144,004

Inspira

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

7/01/54

....

6,000,000

6,367,718

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/43

10,000,000

10,052,567

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25

%

,

7/01/54

........................................................

5,115,000

5,489,006

St.

Joseph's

Healthcare

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/41

........................................................

5,850,000

5,862,874

State

of

New

Jersey

,

Revenue

,

2024

,

Refunding

,

5

%

,

9/15/27

................

2,000,000

2,084,281

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/35

...........

1,000,000

1,020,384

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/37

...........

3,950,000

3,991,520

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/38

...........

2,200,000

2,212,331

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

4

%

,

7/01/44

...........

12,000,000

11,346,289

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue

,

2019

B

,

Refunding

,

3.25

%

,

12/01/39

............................

1,780,000

1,728,038

Revenue

,

2020

C

,

Refunding

,

4.25

%

,

12/01/50

...........................

1,750,000

1,539,083

Revenue

,

2021

B

,

Refunding

,

5

%

,

12/01/29

..............................

2,830,000

2,989,605

Revenue

,

2023

C

,

5

%

,

12/01/53

.......................................

3,125,000

3,065,504

Revenue

,

2024

C

,

5.25

%

,

12/01/54

....................................

2,000,000

2,017,025

Revenue

,

2025

1-C

,

Refunding

,

5.5

%

,

12/01/55

...........................

3,000,000

3,065,520

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

149

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Higher

Education

Student

Assistance

Authority,

(continued)

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

3.5

%

,

12/01/39

...................

$

3,415,000

$

3,348,817

Revenue,

Senior

Lien

,

2025

1-A

,

Refunding

,

5

%

,

12/01/35

...................

1,500,000

1,615,338

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue

,

2018

A

,

Refunding

,

3.95

%

,

11/01/43

............................

1,100,000

1,067,559

Revenue

,

2019

A

,

Refunding

,

3

%

,

11/01/44

..............................

510,000

424,532

Revenue

,

2019

C

,

Refunding

,

3.95

%

,

10/01/44

...........................

3,955,000

3,846,062

Revenue

,

2020

E

,

Refunding

,

2.05

%

,

10/01/35

............................

4,005,000

3,425,965

Revenue

,

2020

E

,

Refunding

,

2.25

%

,

10/01/40

............................

8,020,000

6,234,966

Revenue

,

2020

E

,

Refunding

,

2.4

%

,

10/01/45

.............................

3,205,000

2,328,300

Revenue

,

2020

E

,

Refunding

,

2.45

%

,

10/01/50

............................

2,400,000

1,652,029

Revenue

,

2024

D-1

,

GNMA

Insured

,

5.1

%

,

11/01/45

........................

3,000,000

3,112,842

Revenue

,

2025

M

,

5.05

%

,

10/01/45

....................................

2,500,000

2,598,676

Montgomery

Gateway

Preservation

LP

,

Revenue

,

2025

A

,

FNMA

Insured

,

4.55

%

,

5/01/41

........................................................

4,225,000

4,463,231

New

Jersey

Infrastructure

Bank

,

Revenue

,

2022

A-2

,

5

%

,

9/01/52

......................................

6,070,000

6,397,393

Revenue

,

2024

A-W1

,

5

%

,

9/01/49

.....................................

2,000,000

2,143,328

New

Jersey

Institute

of

Technology

,

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/44

....................

5,300,000

5,744,267

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

5.25

%

,

7/01/55

..................

1,750,000

1,892,948

New

Jersey

Transportation

Trust

Fund

Authority

,

c

State

of

New

Jersey

,

Revenue

,

2006

C

,

AG

Insured

,

3.22

%,

12/15/33

...........

10,000,000

7,751,827

c

State

of

New

Jersey

,

Revenue

,

2009

A

,

3.22

%,

12/15/32

....................

10,000,000

8,000,570

c

State

of

New

Jersey

,

Revenue

,

2009

A

,

3.64

%,

12/15/36

....................

500,000

337,020

c

State

of

New

Jersey

,

Revenue

,

2009

A

,

BAM

Insured

,

3.87

%,

12/15/39

.........

10,000,000

5,864,376

c

State

of

New

Jersey

,

Revenue

,

2010

A

,

3.09

%,

12/15/29

....................

5,000,000

4,421,718

c

State

of

New

Jersey

,

Revenue

,

2010

A

,

4.09

%,

12/15/40

....................

4,750,000

2,600,294

State

of

New

Jersey

,

Revenue

,

2019

BB

,

4

%

,

6/15/44

......................

6,000,000

5,748,692

State

of

New

Jersey

,

Revenue

,

2020

AA

,

5

%

,

6/15/45

......................

8,435,000

8,732,183

State

of

New

Jersey

,

Revenue

,

2020

AA

,

4

%

,

6/15/50

......................

3,670,000

3,381,762

State

of

New

Jersey

,

Revenue

,

2022

A

,

4

%

,

6/15/41

........................

2,000,000

1,959,931

State

of

New

Jersey

,

Revenue

,

2022

BB

,

4

%

,

6/15/42

......................

2,400,000

2,326,399

State

of

New

Jersey

,

Revenue

,

2022

BB

,

4

%

,

6/15/46

......................

7,325,000

6,934,376

State

of

New

Jersey

,

Revenue

,

2022

CC

,

Pre-Refunded

,

5.5

%

,

6/15/50

.........

1,250,000

1,493,217

State

of

New

Jersey

,

Revenue

,

2023

A

,

Refunding

,

5

%

,

6/15/38

...............

4,000,000

4,424,630

State

of

New

Jersey

,

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

6/15/41

............

2,500,000

2,739,698

State

of

New

Jersey

,

Revenue

,

2023

BB

,

5.25

%

,

6/15/50

....................

2,000,000

2,109,369

State

of

New

Jersey

,

Revenue

,

2024

CC

,

4.125

%

,

6/15/50

...................

1,250,000

1,174,819

State

of

New

Jersey

,

Revenue

,

2024

CC

,

5.25

%

,

6/15/50

....................

9,555,000

10,130,572

New

Jersey

Turnpike

Authority

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

1/01/40

...............................

1,345,000

1,383,183

Revenue

,

2017

G

,

Refunding

,

4

%

,

1/01/43

...............................

5,000,000

4,935,533

Revenue

,

2019

A

,

5

%

,

1/01/48

........................................

15,500,000

15,864,949

Revenue

,

2021

A

,

4

%

,

1/01/51

........................................

4,010,000

3,808,562

Revenue

,

2022

B

,

4.5

%

,

1/01/48

......................................

5,000,000

5,092,137

Revenue

,

2024

B

,

4.125

%

,

1/01/54

....................................

1,500,000

1,448,162

Revenue

,

2024

B

,

5.25

%

,

1/01/54

.....................................

2,000,000

2,132,751

Revenue

,

2024

C

,

Refunding

,

5

%

,

1/01/42

...............................

13,900,000

15,071,421

Revenue

,

2024

C

,

Refunding

,

5

%

,

1/01/43

...............................

7,360,000

7,913,059

Revenue

,

2025

A

,

5.25

%

,

1/01/55

.....................................

10,000,000

10,797,093

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/39

..........................

700,000

621,963

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/40

..........................

750,000

656,917

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/41

..........................

750,000

646,975

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

150

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

Newark

Board

of

Education,

(continued)

GO

,

2021

,

Refunding

,

BAM

Insured

,

3

%

,

7/15/42

..........................

$

700,000

$

592,977

Newark

Housing

Authority

,

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2017

,

Refunding

,

4

%

,

1/01/37

.............................................

19,245,000

19,364,252

Passaic

County

Improvement

Authority

(The)

,

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

4.25

%

,

7/01/33

........

175,000

179,433

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.25

%

,

7/01/43

........

670,000

689,062

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.375

%

,

7/01/53

.......

1,000,000

1,020,523

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.5

%

,

7/01/58

.........

1,000,000

1,024,090

Paterson

Charter

School

for

Science

and

Technology,

Inc.

,

Revenue

,

2025

,

4.125

%

,

7/01/33

........................................................

715,000

731,576

Paterson

Charter

School

for

Science

and

Technology,

Inc.

,

Revenue

,

2025

,

4.5

%

,

7/01/40

........................................................

1,000,000

1,009,129

Paterson

Charter

School

for

Science

and

Technology,

Inc.

,

Revenue

,

2025

,

5

%

,

7/01/44

........................................................

625,000

631,390

South

Jersey

Port

Corp.

,

Revenue,

Sub.

Lien

,

2017

B

,

5

%

,

1/01/34

...............................

625,000

644,061

Revenue,

Sub.

Lien

,

2017

B

,

5

%

,

1/01/35

...............................

1,760,000

1,811,436

Revenue,

Sub.

Lien

,

2017

B

,

5

%

,

1/01/48

...............................

4,625,000

4,635,388

South

Jersey

Transportation

Authority

,

Revenue

,

2020

A

,

5

%

,

11/01/45

.......................................

5,750,000

5,901,739

Revenue

,

2022

A

,

4.625

%

,

11/01/47

....................................

6,000,000

6,027,182

Revenue

,

2022

A

,

5.25

%

,

11/01/52

.....................................

5,540,000

5,748,467

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

...................

2,120,000

2,360,914

State

of

New

Jersey

,

GO

,

2020

A

,

4

%

,

6/01/31

............................................

4,500,000

4,819,222

GO

,

2020

A

,

3

%

,

6/01/32

............................................

3,400,000

3,438,645

GO

,

2020

A

,

4

%

,

6/01/32

............................................

10,000,000

10,790,395

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25

%

,

6/01/46

..

17,000,000

17,055,197

Union

County

Improvement

Authority

,

Revenue

,

2024

,

4.125

%

,

4/15/54

...........

5,500,000

5,308,791

647,869,786

New

York

2.9%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

242

,

Refunding

,

5

%

,

12/01/53

.................................

6,250,000

6,361,794

Revenue

,

244

,

Refunding

,

5

%

,

7/15/54

.................................

7,500,000

7,904,745

Revenue

,

250

,

Refunding

,

5

%

,

10/15/47

.................................

2,500,000

2,682,184

Revenue

,

250

,

Refunding

,

5.25

%

,

10/15/51

..............................

6,400,000

6,954,795

23,903,518

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

............................

2,000,000

2,076,038

Pennsylvania

5.9%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue

,

2017

,

5

%

,

7/01/42

........

19,500,000

19,907,068

Delaware

River

Port

Authority

,

Revenue

,

2018

A

,

5

%

,

1/01/38

........................................

7,010,000

7,357,833

Revenue

,

2018

A

,

5

%

,

1/01/39

........................................

3,650,000

3,833,352

Revenue

,

2018

A

,

5

%

,

1/01/40

........................................

9,565,000

10,034,201

Revenue

,

2025

,

Refunding

,

5

%

,

1/01/39

.................................

2,000,000

2,270,989

Revenue

,

2025

,

Refunding

,

5

%

,

1/01/40

.................................

5,000,000

5,630,184

49,033,627

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)

South

Carolina

0.1%

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

$

950,000

$

843,056

Texas

0.5%

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

.....................................................

2,000,000

1,852,940

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,700,000

2,043,851

3,896,791

Washington

0.1%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,400,000

1,205,922

Wisconsin

1.5%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

2,015,000

2,091,994

b

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,500,000

1,209,679

c

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

11,450,000

5,445,129

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

2.34

%,

12/01/44

.................................................

3,225,000

2,062,124

b

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

2,000,000

2,006,753

12,815,679

U.S.

Territories

3.4%

Guam

2.0%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25

%

,

10/01/43

1,000,000

1,038,431

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

........................................

850,000

857,277

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25

%

,

7/01/50

.............

5,700,000

5,901,375

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5

%

,

7/01/55

..............

6,300,000

6,613,043

Guam

Power

Authority

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

10/01/39

..............

500,000

540,095

Territory

of

Guam

,

Revenue

,

2025

G

,

Refunding

,

5.25

%

,

1/01/39

............................

500,000

547,835

Revenue

,

2025

G

,

Refunding

,

5.25

%

,

1/01/40

............................

1,000,000

1,086,699

16,584,755

Puerto

Rico

1.4%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

1,200,000

1,215,996

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

10,000,000

9,749,658

Sales

Tax

,

Revenue

,

A-2

,

4.784

%

,

7/01/58

...............................

850,000

802,459

11,768,113

Total

U.S.

Territories

....................................................................

28,352,868

Total

Municipal

Bonds

(Cost

$

804,203,129

)

.....................................

797,362,413

Total

Long

Term

Investments

(Cost

$

805,803,129

)

...............................

799,051,959

a

a

a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

152

See

Abbreviations

on

page

193

.

Short

Term

Investments

2.5%

a

a

Principal

Amount

a

Value

Municipal

Bonds

2.5%

New

Jersey

2.5%

d

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009

B

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.5

%

,

7/01/43

..................................

$

4,285,000

$

4,285,000

Virtua

Health

Obligated

Group

,

Revenue

,

2009

C

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.4

%

,

7/01/43

..................................

16,885,000

16,885,000

21,170,000

Total

Municipal

Bonds

(Cost

$

21,170,000

)

......................................

21,170,000

Total

Short

Term

Investments

(Cost

$

21,170,000

)

................................

21,170,000

a

Total

Investments

(Cost

$

826,973,129

)

98.0

%

...................................

$820,221,959

Other

Assets,

less

Liabilities

2.0

%

.............................................

16,099,880

Net

Assets

100.0%

...........................................................

$836,321,839

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$21,850,080,

representing

2.6%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

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),

November

30,

2025

Franklin

North

Carolina

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

153

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.3%

Software

0.3%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

1,600,000

$

1,689,545

Total

Corporate

Bonds

(Cost

$

1,600,000

)

.......................................

1,689,545

Municipal

Bonds

96.6%

California

0.3%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

2,300,000

1,932,930

Florida

1.7%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

4,680,000

4,167,279

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

1,500,000

1,013,975

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

5,300,000

4,479,326

9,660,580

Georgia

0.2%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

250,000

259,768

c

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

2,100,000

995,307

1,255,075

Illinois

0.5%

Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

6/15/50

....................

500,000

497,945

State

of

Illinois

,

GO

,

2021

A

,

5

%

,

3/01/33

.................................

2,000,000

2,185,137

2,683,082

New

Jersey

1.0%

New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

,

Revenue

,

2021

QQQ

,

4

%

,

6/15/41

.................................................

1,000,000

996,955

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

BB

,

5

%

,

6/15/44

......................

2,900,000

2,967,085

State

of

New

Jersey

,

Revenue

,

2020

AA

,

3

%

,

6/15/50

......................

500,000

377,970

State

of

New

Jersey

,

Revenue

,

2020

AA

,

5

%

,

6/15/50

......................

1,010,000

1,035,561

State

of

New

Jersey

,

Revenue

,

2020

AA

,

Pre-Refunded

,

5

%

,

6/15/50

...........

280,000

313,639

5,691,210

New

York

1.6%

Metropolitan

Transportation

Authority

,

Revenue

,

2020

E

,

Refunding

,

4

%

,

11/15/45

..............................

1,595,000

1,468,415

Revenue

,

2021

A-1

,

4

%

,

11/15/48

.....................................

5,325,000

4,827,097

Revenue

,

2021

A-2

,

4

%

,

11/15/41

.....................................

3,000,000

2,928,528

9,224,040

North

Carolina

83.2%

Cape

Fear

Public

Utility

Authority

,

Revenue

,

2025

,

Refunding

,

5

%

,

4/01/37

.................................

275,000

318,527

Revenue

,

2025

,

Refunding

,

5

%

,

4/01/38

.................................

275,000

315,878

Revenue

,

2025

,

Refunding

,

5

%

,

4/01/39

.................................

325,000

370,590

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/40

.......

14,000,000

14,021,830

Atrium

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/15/36

.......

5,000,000

5,296,733

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.

154

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

Charlotte-Mecklenburg

Hospital

Authority

(The),

(continued)

Atrium

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

1/15/43

.......

$

2,000,000

$

1,982,910

City

of

Charlotte

,

COP

,

2019

A

,

Refunding

,

5

%

,

6/01/44

..................................

8,250,000

8,515,151

GO

,

2023

B

,

Refunding

,

5

%

,

7/01/42

...................................

2,925,000

3,195,877

GO

,

2023

B

,

Refunding

,

5

%

,

7/01/43

...................................

2,300,000

2,492,201

GO

,

2025

B

,

Refunding

,

5

%

,

7/01/42

...................................

1,690,000

1,882,671

Airport

,

Revenue

,

2019

B

,

4

%

,

7/01/44

..................................

5,515,000

5,165,640

Airport

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/40

.........................

9,030,000

9,130,368

Airport

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/41

.........................

2,410,000

2,428,384

Airport

,

Revenue

,

2023

A

,

5

%

,

7/01/48

..................................

4,500,000

4,731,443

Airport

,

Revenue

,

2023

A

,

5

%

,

7/01/53

..................................

6,155,000

6,419,395

Airport

,

Revenue

,

2025

A

,

Refunding

,

5.25

%

,

7/01/55

.......................

3,000,000

3,236,674

Water

&

Sewer

System

,

Revenue

,

2018

,

Refunding

,

4

%

,

7/01/38

..............

4,150,000

4,217,735

Water

&

Sewer

System

,

Revenue

,

2020

,

Refunding

,

2

%

,

7/01/41

..............

500,000

368,593

City

of

Durham

,

Water

&

Sewer

Utility

System

,

Revenue

,

2024

,

4

%

,

8/01/49

..................

3,960,000

3,838,488

Water

&

Sewer

Utility

System

,

Revenue

,

2024

,

4

%

,

8/01/53

..................

3,400,000

3,252,258

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

............

4,015,000

4,031,426

Public

Works

Commission

,

Revenue

,

2023

,

5

%

,

3/01/53

....................

2,200,000

2,297,855

City

of

Greensboro

,

Combined

Water

&

Sewer

System

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/45

....

4,500,000

4,485,651

Combined

Water

&

Sewer

System

,

Revenue

,

2024

B

,

5

%

,

6/01/49

.............

1,500,000

1,598,768

Combined

Water

&

Sewer

System

,

Revenue

,

2024

B

,

5

%

,

6/01/54

.............

3,500,000

3,703,775

City

of

Raleigh

,

GO

,

2023

A

,

Refunding

,

5

%

,

4/01/41

...................................

1,775,000

1,951,071

Combined

Enterprise

System

,

Revenue

,

2023

,

Refunding

,

4

%

,

9/01/53

.........

3,000,000

2,936,342

City

of

Winston-Salem

,

Water

&

Sewer

System

,

Revenue

,

2017

,

4

%

,

6/01/47

......

10,000,000

9,781,619

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

,

International

Paper

Co.

,

Revenue

,

2020

A

,

Refunding

,

4.2

%

,

5/01/34

...........

2,500,000

2,586,016

County

of

Brunswick

,

GO

,

2022

,

4

%

,

8/01/39

..............................

1,550,000

1,601,829

County

of

Catawba

,

Revenue

,

2023

,

4

%

,

4/01/43

...........................

400,000

396,797

County

of

Dare

,

Revenue

,

2021

A

,

3

%

,

6/01/38

........................................

375,000

348,034

Revenue

,

2021

A

,

3

%

,

6/01/39

........................................

585,000

533,777

Revenue

,

2021

A

,

3

%

,

6/01/40

........................................

250,000

221,380

Revenue

,

2021

A

,

3

%

,

6/01/41

........................................

450,000

388,253

County

of

Guilford

,

GO

,

2024

,

4

%

,

3/01/43

.............................................

5,000,000

5,033,179

GO

,

2025

,

5

%

,

3/01/38

.............................................

4,085,000

4,729,603

GO

,

2025

,

5

%

,

3/01/39

.............................................

3,000,000

3,447,875

GO

,

2025

,

4

%

,

3/01/43

.............................................

3,000,000

3,021,932

GO

,

2025

,

4

%

,

3/01/45

.............................................

5,000,000

5,005,988

County

of

Henderson

,

Revenue

,

2025

,

Refunding

,

5

%

,

10/01/40

................................

625,000

703,686

Revenue

,

2025

,

Refunding

,

5

%

,

10/01/41

................................

575,000

640,317

County

of

Iredell

,

GO

,

2025

,

4

%

,

4/01/45

..................................

4,195,000

4,181,514

County

of

Johnston

,

GO

,

2025

,

5

%

,

2/01/39

.............................................

5,000,000

5,743,742

Water

&

Sewer

System

,

Revenue

,

2023

,

4

%

,

4/01/53

.......................

1,150,000

1,091,448

County

of

Lincoln

,

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

3

%

,

8/01/38

..................

400,000

370,127

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

3

%

,

8/01/41

..................

480,000

413,706

County

of

Mecklenburg

,

GO

,

2025

B

,

4

%

,

2/01/45

...........................

5,000,000

4,984,017

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

155

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

County

of

New

Hanover

,

Revenue

,

2021

,

Refunding

,

5

%

,

8/01/30

.................................

$

3,375,000

$

3,747,611

New

Hanover

Regional

Medical

Center

,

Revenue

,

2017

,

Pre-Refunded

,

5

%

,

10/01/42

.......................................................

5,000,000

5,217,759

New

Hanover

Regional

Medical

Center

,

Revenue

,

2017

,

Pre-Refunded

,

5

%

,

10/01/47

.......................................................

13,565,000

14,155,780

County

of

Wake

,

GO

,

2019

A

,

5

%

,

3/01/32

............................................

5,000,000

5,390,806

Revenue

,

2021

,

3

%

,

3/01/35

.........................................

5,535,000

5,439,285

Revenue

,

2021

,

3

%

,

3/01/36

.........................................

6,000,000

5,775,356

Greater

Asheville

Regional

Airport

Authority

,

Revenue

,

2023

,

AG

Insured

,

5.25

%

,

7/01/53

.........................................................

7,500,000

7,698,262

Greenville

Utilities

Commission

,

Revenue

,

2025

,

5

%

,

9/01/49

..................

2,460,000

2,606,740

Nash

Health

Care

Systems

,

Revenue

,

2025

,

5.75

%

,

2/01/50

.......................................

1,250,000

1,356,522

Revenue

,

2025

,

5.25

%

,

2/01/55

.......................................

5,500,000

5,714,845

North

Carolina

Agricultural

&

Technical

State

University

,

Revenue

,

2023

,

5

%

,

10/01/43

1,000,000

1,069,255

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/27

..........

400,000

410,250

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/28

..........

500,000

519,271

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/29

..........

550,000

577,742

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/30

..........

1,860,000

1,974,929

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/31

..........

1,855,000

1,984,602

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/32

..........

1,000,000

1,064,905

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/33

..........

1,670,000

1,766,939

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/34

..........

740,000

737,222

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/35

..........

360,000

356,257

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

10/01/40

.................

2,500,000

2,523,810

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

10/01/44

.................

7,000,000

7,042,050

High

Point

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/32

................

2,000,000

2,063,677

High

Point

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/33

................

3,210,000

3,298,977

High

Point

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

5/01/34

................

2,270,000

2,324,888

Wake

Forest

University

,

Revenue

,

2018

,

5

%

,

1/01/48

.......................

13,500,000

13,713,633

North

Carolina

Central

University

,

Revenue

,

2019

,

AG

Insured

,

5

%

,

4/01/44

................................

1,575,000

1,622,975

Revenue

,

2019

,

4

%

,

4/01/49

.........................................

1,000,000

905,039

North

Carolina

Housing

Finance

Agency

,

Revenue

,

41

,

GNMA

Insured

,

3.55

%

,

7/01/44

.............................

4,175,000

3,778,475

Revenue

,

41

,

GNMA

Insured

,

3.625

%

,

7/01/49

............................

6,395,000

5,636,559

Revenue

,

42

,

GNMA

Insured

,

2.45

%

,

7/01/34

.............................

750,000

674,098

Revenue

,

42

,

GNMA

Insured

,

2.625

%

,

7/01/39

............................

3,035,000

2,641,177

Revenue

,

42

,

GNMA

Insured

,

2.85

%

,

1/01/43

.............................

2,660,000

2,143,390

Revenue

,

43

,

GNMA

Insured

,

2.8

%

,

1/01/40

..............................

4,715,000

4,027,886

Revenue

,

43

,

GNMA

Insured

,

2.95

%

,

7/01/43

.............................

2,170,000

1,765,973

Revenue

,

44

,

3

%

,

7/01/46

...........................................

2,740,000

2,171,796

Revenue

,

45

,

Refunding

,

GNMA

Insured

,

2.2

%

,

7/01/40

.....................

1,805,000

1,394,869

Revenue

,

46

A

,

GNMA

Insured

,

1.55

%

,

1/01/30

...........................

2,100,000

1,950,957

Revenue

,

46

A

,

GNMA

Insured

,

1.75

%

,

1/01/31

...........................

975,000

890,148

North

Carolina

Medical

Care

Commission

,

Atrium

Health

Wake

Forest

Baptist

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

12/01/33

1,000,000

1,057,835

Carolina

Meadows,

Inc.

Obligated

Group

,

Revenue

,

2024

,

4

%

,

12/01/39

........

10,765,000

10,502,196

Carolina

Meadows,

Inc.

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

12/01/44

......

340,000

350,395

Chapel

Hill

Residential

Center,

Inc.

Obligated

Group

,

Revenue

,

2025

,

5.25

%

,

12/01/55

.......................................................

3,000,000

3,070,505

Duke

University

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2016

D

,

Refunding

,

4

%

,

6/01/42

....................................................

7,000,000

7,000,995

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

156

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Medical

Care

Commission,

(continued)

Duke

University

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

6/01/42

....................................................

$

1,000,000

$

1,081,389

EveryAge

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

9/01/47

..........

2,935,000

2,484,019

EveryAge

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

9/01/51

..........

960,000

778,243

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/33

............

355,000

356,278

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/34

............

185,000

185,057

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/41

............

920,000

841,373

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/46

............

1,665,000

1,397,542

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

4

%

,

9/01/51

............

1,670,000

1,337,950

Friends

Homes

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

9/01/50

..............

3,000,000

2,454,452

Lutheran

Retirement

Ministries

of

Alamance

County

Obligated

Group

,

Revenue

,

2025

A

,

5.25

%

,

1/01/55

................................................

4,000,000

4,017,003

Novant

Health

Obligated

Group

,

Revenue

,

2013

A

,

Refunding

,

5

%

,

11/01/46

.....

20,000,000

20,008,260

Novant

Health

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

11/01/49

..............

2,115,000

1,913,644

Novant

Health

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

11/01/52

..............

6,640,000

5,906,876

Pines

at

Davidson,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

1/01/34

........

2,050,000

2,099,733

Pines

at

Davidson,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

5

%

,

1/01/49

........

5,000,000

4,950,637

Plantation

Village,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/01/41

1,020,000

953,773

Plantation

Village,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/01/52

3,510,000

2,881,751

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

C

,

Refunding

,

5

%

,

10/01/31

5,000,000

5,052,684

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

10/01/40

.........

1,800,000

1,842,771

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

10/01/45

.........

1,000,000

872,334

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

10/01/45

.........

2,420,000

2,427,688

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

10/01/50

.........

1,350,000

1,125,587

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

10/01/50

.........

1,400,000

1,390,219

Rex

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

7/01/49

............

4,000,000

3,863,759

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2024

A

,

5

%

,

10/01/44

...................................................

750,000

759,448

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2024

A

,

5

%

,

10/01/49

...................................................

750,000

750,262

d

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2025

A

,

5.125

%

,

10/01/56

................................................

3,000,000

3,005,705

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/26

..............................

300,000

302,592

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/27

..............................

450,000

461,045

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/28

..............................

500,000

516,827

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

6/01/29

..............................

350,000

367,969

Revenue,

Senior

Lien

,

2025

A

,

Refunding

,

5

%

,

6/01/35

.....................

1,250,000

1,328,300

North

Carolina

Turnpike

Authority

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/47

...............................

4,510,000

4,521,259

Revenue

,

2016

A

,

Refunding

,

5

%

,

7/01/54

...............................

2,560,000

2,565,155

Revenue,

Senior

Lien

,

2017

,

Refunding

,

AG

Insured

,

5

%

,

1/01/31

.............

1,000,000

1,021,637

Revenue,

Senior

Lien

,

2019

,

AG

Insured

,

5

%

,

1/01/49

......................

2,000,000

2,040,162

Revenue,

Senior

Lien

,

2019

,

4

%

,

1/01/55

................................

5,000,000

4,470,424

Revenue,

Senior

Lien

,

2024

A

,

AG

Insured

,

5

%

,

1/01/58

.....................

11,980,000

12,349,586

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/36

..............

1,750,000

1,929,275

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/37

..............

1,770,000

1,940,443

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/38

..............

1,250,000

1,363,214

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/39

..............

1,500,000

1,628,480

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/40

..............

1,270,000

1,368,035

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/41

..............

2,000,000

2,138,717

State

of

North

Carolina

Highway

Trust

Fund

,

Revenue

,

2018

A

,

Refunding

,

4

%

,

1/01/39

........................................................

3,000,000

3,027,776

Raleigh

Durham

Airport

Authority

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/01/30

...............................

550,000

550,645

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

157

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

Raleigh

Durham

Airport

Authority,

(continued)

Revenue

,

2020

A

,

Refunding

,

5

%

,

5/01/36

...............................

$

2,580,000

$

2,747,414

State

of

North

Carolina

,

Revenue

,

2025

,

Refunding

,

5

%

,

3/01/40

................

1,500,000

1,684,375

Town

of

Cary

,

Combined

Utility

Systems

,

Revenue

,

2017

B

,

Refunding

,

4

%

,

12/01/42

5,000,000

5,017,792

Town

of

Fuquay-Varina

,

Combined

Utilities

,

Revenue

,

2024

C

,

5

%

,

6/01/41

........

2,320,000

2,553,111

Town

of

Holly

Springs

,

Enterprise

System

,

Revenue

,

2024

,

4

%

,

11/01/49

..........

2,500,000

2,419,192

University

of

North

Carolina

at

Chapel

Hill

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

12/01/37

..............................

2,180,000

2,418,421

d

Revenue

,

2025

A

,

5

%

,

12/01/50

.......................................

5,000,000

5,348,768

d

Revenue

,

2025

A

,

5

%

,

12/01/55

.......................................

4,500,000

4,779,848

Hospitals

at

Chapel

Hill

,

Revenue

,

2019

,

5

%

,

2/01/49

.......................

6,920,000

7,750,263

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue

,

2017

,

5

%

,

10/01/47

......

5,000,000

5,092,824

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

3,000,000

3,005,942

University

of

North

Carolina

System

,

Appalachian

State

University

,

Revenue

,

2008

A

,

AG

Insured

,

5

%

,

10/01/33

...........................................

160,000

160,077

Water

and

Sewer

Authority

of

Cabarrus

County

,

Revenue

,

2024

,

4

%

,

6/01/49

......

2,685,000

2,599,179

Western

Carolina

University

,

Revenue

,

2020

B

,

3

%

,

4/01/36

........................................

1,000,000

962,964

Revenue

,

2020

B

,

4

%

,

4/01/50

........................................

5,000,000

4,716,921

477,414,783

South

Carolina

0.4%

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,500,000

2,218,568

Texas

0.4%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/32

200,000

200,968

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

4

%

,

9/01/33

200,000

199,846

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,800,000

2,119,549

2,520,363

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

1,378,196

Wisconsin

2.1%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

1,160,000

1,204,324

b

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,600,000

1,290,324

c

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

9,545,000

4,539,193

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

2.34

%,

12/01/44

.................................................

7,965,000

5,092,967

12,126,808

U.S.

Territories

5.0%

Guam

2.0%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

10/01/30

............................

750,000

804,465

Revenue

,

2023

A

,

Refunding

,

5.125

%

,

10/01/34

...........................

390,000

423,914

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

10/01/35

............................

265,000

292,364

Revenue

,

2024

A

,

5.25

%

,

10/01/35

....................................

625,000

696,521

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

........................................

3,205,000

3,232,440

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25

%

,

7/01/50

.............

2,500,000

2,588,322

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)

U.S.

Territories

(continued)

Guam

(continued)

Guam

Government

Waterworks

Authority,

(continued)

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5

%

,

7/01/55

..............

$

3,200,000

$

3,359,006

11,397,032

Puerto

Rico

3.0%

Commonwealth

of

Puerto

Rico

,

c,e

GO

,

FRN

,

2.563

%,

11/01/43

..........................................

89,769

57,564

GO

,

2022

A-1

,

5.625

%

,

7/01/27

.......................................

25,850

26,445

GO

,

2022

A-1

,

5.625

%

,

7/01/29

.......................................

25,431

27,001

GO

,

2022

A-1

,

5.75

%

,

7/01/31

........................................

24,701

27,210

GO

,

2022

A-1

,

4

%

,

7/01/33

..........................................

23,423

23,409

GO

,

2022

A-1

,

4

%

,

7/01/35

..........................................

21,054

20,915

GO

,

2022

A-1

,

4

%

,

7/01/37

..........................................

18,070

17,373

GO

,

2022

A-1

,

4

%

,

7/01/41

..........................................

24,568

22,718

GO

,

2022

A-1

,

4

%

,

7/01/46

..........................................

25,551

22,735

c

GO

,

2022

A-1

,

4.41

%,

7/01/33

........................................

30,143

21,732

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

1,500,000

1,519,995

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

469,342

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/41

..

220,000

199,790

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

11,700,000

11,407,100

Sales

Tax

,

Revenue

,

A-2

,

4.329

%

,

7/01/40

...............................

2,000,000

1,950,762

Sales

Tax

,

Revenue

,

A-2

,

4.784

%

,

7/01/58

...............................

1,190,000

1,123,443

16,937,534

Total

U.S.

Territories

....................................................................

28,334,566

Total

Municipal

Bonds

(Cost

$

569,534,660

)

.....................................

554,440,201

Total

Long

Term

Investments

(Cost

$

571,134,660

)

...............................

556,129,746

a

a

a

a

a

Short

Term

Investments

2.9%

Municipal

Bonds

2.9%

North

Carolina

2.9%

f

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2007

C

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

1/15/37

..........................

2,900,000

2,900,000

Atrium

Health

Obligated

Group

,

Revenue

,

2018

G

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

1/15/48

.................................

2,200,000

2,200,000

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

See

Abbreviations

on

page

193

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

North

Carolina

(continued)

f

Charlotte-Mecklenburg

Hospital

Authority

(The),

(continued)

Atrium

Health

Obligated

Group

,

Revenue

,

2018

H

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

1/15/48

.................................

$

11,630,000

$

11,630,000

16,730,000

Total

Municipal

Bonds

(Cost

$

16,730,000

)

......................................

16,730,000

Total

Short

Term

Investments

(Cost

$

16,730,000

)

................................

16,730,000

a

Total

Investments

(Cost

$

587,864,660

)

99.8

%

...................................

$572,859,746

Other

Assets,

less

Liabilities

0.2

%

.............................................

1,304,561

Net

Assets

100.0%

...........................................................

$574,164,307

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$17,592,905,

representing

3.1%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

Security

purchased

on

a

when-issued

basis.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

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),

November

30,

2025

Franklin

Ohio

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

160

a

a

Principal

Amount

a

Value

a

a

a

a

a

Corporate

Bonds

0.4%

Software

0.4%

a

Haven

at

Elgin

LLC

,

5.25

%

,

12/31/53

....................................

$

3,200,000

$

3,379,091

Total

Corporate

Bonds

(Cost

$

3,200,000

)

.......................................

3,379,091

Municipal

Bonds

98.5%

California

0.3%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

2,800,000

2,353,133

Florida

2.0%

Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

A-1

,

3.75

%

,

12/01/36

.............................................

9,144,000

8,142,223

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

2,200,000

1,487,164

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

10,600,000

8,958,651

18,588,038

Georgia

0.2%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

920,000

955,947

c

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

2,100,000

995,307

1,951,254

New

Jersey

0.2%

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2022

A

,

4

%

,

6/15/38

....................................................

2,000,000

2,025,013

New

York

0.1%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/48

..........

750,000

679,873

Ohio

91.2%

Akron

City

School

District

,

COP

,

2023

,

AG

Insured

,

5

%

,

8/01/53

................

3,000,000

3,099,055

American

Municipal

Power,

Inc.

,

Combined

Hydroelectric

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

2/15/35

............

1,000,000

1,002,961

Combined

Hydroelectric

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

2/15/46

............

3,500,000

3,517,468

Combined

Hydroelectric

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

2/15/48

............

1,325,000

1,391,259

Greenup

Hydroelectric

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

2/15/41

.............

5,000,000

5,024,954

Prairie

State

Energy

Campus

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/15/37

........

3,700,000

3,824,495

Prairie

State

Energy

Campus

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/15/38

........

3,500,000

3,605,731

Solar

Electricity

Prepayment

,

Revenue

,

2019

A

,

5

%

,

2/15/44

.................

3,345,000

3,435,489

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

...........................................

2,445,000

2,445,195

GO

,

2017

A

,

Refunding

,

4

%

,

12/01/39

..................................

555,000

555,000

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

6,579,617

Beachwood

City

School

District

,

GO

,

2023

,

4

%

,

12/01/53

.....................

7,575,000

7,126,140

Bedford

City

School

District

,

GO

,

2025

,

BAM

Insured

,

5.5

%

,

12/01/58

............

2,000,000

2,126,779

Bethel

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

2.75

%

,

12/01/49

..........

4,000,000

2,749,050

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

1,045,000

1,059,821

Brooklyn

City

School

District

,

GO

,

2017

,

Refunding

,

AG

Insured

,

5

%

,

12/01/49

.....

9,000,000

9,010,988

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/34

........................................................

185,000

181,836

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/35

........................................................

195,000

190,581

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/36

........................................................

205,000

198,378

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

161

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

%

,

5/15/37

........................................................

$

210,000

$

201,446

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/38

........................................................

220,000

208,463

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/39

........................................................

225,000

211,551

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/40

........................................................

240,000

222,642

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

5/15/41

........................................................

245,000

223,003

c

Canal

Winchester

Local

School

District

,

GO

,

2005

,

NATL

Insured

,

3.32

%,

12/01/32

...............................

3,955,000

3,147,075

GO

,

2005

,

NATL

Insured

,

3.45

%,

12/01/33

...............................

2,000,000

1,524,721

Cincinnati

City

School

District

,

GO

,

2006

,

Refunding

,

NATL

Insured

,

5.25

%

,

12/01/27

......................

14,900,000

15,698,261

GO

,

2006

,

Refunding

,

NATL

Insured

,

5.25

%

,

12/01/28

......................

8,180,000

8,805,669

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/37

.

2,890,000

2,939,185

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/47

.

2,110,000

2,112,192

City

of

Cleveland

,

GO

,

2012

,

5

%

,

12/01/30

.............................................

35,000

35,049

GO

,

2020

A

,

2

%

,

12/01/36

...........................................

1,215,000

1,029,019

Water

Pollution

Control

,

Revenue

,

2024

,

5

%

,

11/15/54

......................

1,350,000

1,412,590

City

of

Columbus

,

GO

,

2018

A

,

5

%

,

4/01/34

............................................

7,000,000

7,440,576

GO

,

2019

A

,

5

%

,

4/01/40

............................................

3,000,000

3,159,168

GO

,

2021

A

,

5

%

,

4/01/40

............................................

1,900,000

2,042,734

Sewerage

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/30

........................

5,000,000

5,055,949

City

of

Hilliard

,

Income

Tax

,

Revenue

,

2022

,

5

%

,

12/01/47

.....................

5,000,000

5,158,082

City

of

Marysville

,

Wastewater

Treatment

System

,

Revenue

,

2015

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/40

.......................................................

3,015,000

3,015,299

Wastewater

Treatment

System

,

Revenue

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/47

.......................................................

2,035,000

2,035,620

Wastewater

Treatment

System

,

Revenue

,

2016

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/46

.......................................................

9,370,000

8,897,798

Cleveland

Department

of

Public

Utilities

,

Division

of

Public

Power

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

4

%

,

11/15/37

.

1,000,000

1,018,325

c

Division

of

Public

Power

,

Revenue

,

B-2

,

NATL

Insured

,

4.49

%,

11/15/38

.........

10,000,000

5,658,587

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/38

.......

100,000

101,547

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/39

.......

700,000

707,287

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/40

.......

100,000

100,326

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

4

%

,

7/01/51

.......

1,000,000

876,431

Euclid

Avenue

Development

Corp.

,

Revenue

,

2022

A

,

5.5

%

,

8/01/52

...........

9,000,000

9,386,841

Port

of

Cleveland

Bond

Fund

,

Revenue

,

2024

C

,

5

%

,

11/15/54

................

1,175,000

1,195,068

Columbus

Regional

Airport

Authority

,

Revenue

,

2025

A

,

Refunding

,

5.5

%

,

1/01/50

...

5,000,000

5,315,872

Columbus-Franklin

County

Finance

Authority

,

Revenue

,

2021

C

,

2.5

%

,

11/15/41

.....................................

900,000

666,077

Revenue

,

2021

C

,

3

%

,

5/15/51

........................................

2,180,000

1,509,548

Central

Ohio

Regional

Bond

Fund

,

Revenue

,

2024

A

,

5

%

,

11/15/54

............

980,000

992,079

Central

Ohio

Regional

Bond

Fund

,

Revenue

,

2025

A

,

5.25

%

,

5/15/45

...........

660,000

691,657

ECG

Westerville

LP

,

Revenue

,

2024

A

,

FNMA

Insured

,

4.375

%

,

6/01/43

.........

5,000,000

5,041,947

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

162

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

County

of

Butler

,

UC

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/45

..........

$

5,020,000

$

4,986,202

UC

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

11/15/36

..........

2,140,000

2,092,356

County

of

Cuyahoga

,

GO

,

2020

A

,

Refunding

,

4

%

,

12/01/34

...................

750,000

782,606

County

of

Fayette

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2025

,

AG

Insured

,

5.25

%

,

12/01/54

............................................

5,000,000

5,189,073

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.

,

Revenue

,

2016

C

,

Refunding

,

4

%

,

11/01/40

..

5,000,000

5,002,085

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

4

%

,

7/01/33

.......

5,000

5,309

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

4

%

,

7/01/34

...................

2,230,000

2,204,185

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

4

%

,

7/01/34

.......

10,000

10,618

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

4

%

,

7/01/35

...................

2,890,000

2,831,619

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

4

%

,

7/01/35

.......

10,000

10,618

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

4

%

,

7/01/36

.......

15,000

15,927

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

4

%

,

7/01/40

.......

5,000

5,309

Ohio

Living

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.25

%

,

7/01/41

........

5,000,000

5,160,257

Sales

Tax

,

Revenue

,

2018

,

5

%

,

6/01/43

.................................

6,000,000

6,182,435

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2017

,

5

%

,

12/01/46

............

3,515,000

3,534,683

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2017

A-OH

,

5

%

,

12/01/47

.......

11,800,000

11,881,416

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

12/01/49

..........

6,030,000

5,381,902

County

of

Hamilton

,

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.5

%

,

1/01/50

........................................................

1,000,000

1,021,544

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.5

%

,

1/01/55

........................................................

3,000,000

3,053,473

TriHealth

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

8/15/42

...................

5,000,000

5,060,854

UC

Health

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.5

%

,

8/01/51

........

3,700,000

3,823,202

County

of

Lucas

,

GO

,

2022

,

4.75

%

,

12/01/52

..............................

3,000,000

3,014,666

County

of

Mahoning

,

Sewer

System

,

Revenue

,

2022

,

Refunding

,

5

%

,

12/01/46

.....

3,000,000

3,092,527

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/45

.............................................

5,000,000

5,067,476

County

of

Montgomery

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

11/15/39

............................................

5,000,000

4,869,812

County

of

Morrow

,

GO

,

2024

,

5

%

,

12/01/54

................................

1,635,000

1,700,652

County

of

Muskingum

,

GO

,

2024

,

4

%

,

12/01/54

.............................

1,000,000

933,403

County

of

Perry

,

GO

,

2023

,

5

%

,

12/01/61

.................................

1,500,000

1,509,275

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/39

.

3,805,000

3,953,945

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/44

.

1,300,000

1,320,827

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

5,005,390

County

of

Warren

,

Otterbein

Homes

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

5

%

,

7/01/54

.........................................................

2,000,000

1,997,152

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

5,549,779

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund

,

Revenue

,

2021

C

,

2

%

,

11/15/31

..........

325,000

292,798

Southwest

Ohio

Regional

Bond

Fund

,

Revenue

,

2021

C

,

2.5

%

,

11/15/41

........

1,615,000

1,202,429

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

...........................................

10,000,000

9,885,610

GO

,

2024

,

5

%

,

12/01/48

.............................................

2,250,000

2,377,399

GO

,

2024

B

,

4

%

,

12/01/48

...........................................

1,250,000

1,191,940

Elyria

City

School

District

,

GO

,

2017

A

,

5

%

,

12/01/43

........................

5,500,000

5,520,650

Fremont

City

School

District

,

GO

,

2017

A

,

5

%

,

1/15/49

.......................

13,970,000

13,970,620

Grandview

Heights

City

School

District

,

GO

,

2025

,

5

%

,

12/01/58

................

1,260,000

1,321,258

Green

Local

School

District

,

COP

,

2022

,

AG

Insured

,

5

%

,

11/01/52

..............

2,000,000

2,041,958

Hilliard

School

District

,

GO

,

2017

,

4

%

,

12/01/46

............................

9,000,000

8,654,243

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,370,000

17,745,675

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

163

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Indian

Creek

Local

School

District

,

GO

,

2018

A

,

5

%

,

11/01/55

...........................................

$

3,000,000

$

3,047,963

GO

,

2018

B

,

BAM

Insured

,

5

%

,

11/01/55

................................

3,910,000

3,978,937

Lakota

Local

School

District

,

GO

,

2005

,

Refunding

,

NATL

Insured

,

5.25

%

,

12/01/26

.

2,000,000

2,052,559

d

Lancaster

Port

Authority

,

Revenue

,

2024

A

,

Refunding

,

Mandatory

Put

,

5

%

,

8/01/30

.

3,000,000

3,205,358

Licking

Heights

Local

School

District

,

GO

,

2022

,

4.5

%

,

10/01/51

................

1,800,000

1,797,818

Madeira

City

School

District

,

GO

,

Refunding

,

AG

Insured

,

5.25

%

,

12/01/32

........

9,605,000

10,766,735

Madison-Plains

Local

School

District

,

COP

,

2025

,

BAM

Insured

,

5.5

%

,

12/01/54

....

2,000,000

2,104,342

Miami

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

9/01/34

...................

1,000,000

1,111,953

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

20,439,182

Northeast

Ohio

Medical

University

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/25

..............................

125,000

125,000

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/27

..............................

100,000

103,250

Revenue

,

2021

A

,

Refunding

,

5

%

,

12/01/29

..............................

110,000

116,625

Revenue

,

2021

A

,

Refunding

,

3

%

,

12/01/40

..............................

500,000

417,529

Revenue

,

2022

,

BAM

Insured

,

5

%

,

12/01/43

.............................

1,000,000

1,025,848

Northeastern

Local

School

District

,

GO

,

2018

,

AG

Insured

,

5.25

%

,

12/01/45

.................................

5,420,000

5,585,894

GO

,

2018

,

AG

Insured

,

4

%

,

12/01/55

...................................

5,000,000

4,645,657

Norwalk

City

School

District

,

GO

,

2025

,

5

%

,

11/01/53

.............................................

700,000

727,404

GO

,

2025

,

5

%

,

11/01/55

.............................................

550,000

571,189

Norwood

City

School

District

,

GO

,

2017

A

,

Pre-Refunded

,

5

%

,

11/01/46

...............................

5,000,000

5,048,229

GO

,

2017

A

,

Pre-Refunded

,

5.25

%

,

11/01/51

.............................

7,645,000

7,726,601

Ohio

Higher

Educational

Facility

Commission

,

Ashtabula

County

Medical

Center

Obligated

Group

,

Revenue

,

2022

,

5.25

%

,

1/01/52

4,895,000

4,925,330

Baldwin

Wallace

University

,

Revenue

,

2022

,

6

%

,

12/01/52

...................

5,970,000

6,106,994

Capital

University

,

Revenue

,

2022

,

Refunding

,

6

%

,

9/01/42

..................

4,900,000

5,039,105

Capital

University

,

Revenue

,

2022

,

Refunding

,

6

%

,

9/01/47

..................

2,000,000

2,042,394

Capital

University

,

Revenue

,

2022

,

Refunding

,

6

%

,

9/01/52

..................

5,100,000

5,177,328

Case

Western

Reserve

University

,

Revenue

,

2016

,

Refunding

,

5

%

,

12/01/40

.....

6,000,000

6,057,571

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5

%

,

12/01/32

..............

300,000

317,527

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5.125

%

,

12/01/42

...........

3,390,000

3,484,561

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5.375

%

,

12/01/52

...........

3,100,000

3,157,100

John

Carroll

University

,

Revenue

,

2020

,

4

%

,

10/01/45

......................

1,100,000

926,479

John

Carroll

University

,

Revenue

,

2022

,

Refunding

,

4

%

,

10/01/47

..............

5,360,000

4,443,566

John

Carroll

University

,

Revenue

,

2025

,

5.5

%

,

10/01/57

.....................

5,000,000

5,003,646

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/42

...........

1,040,000

1,039,421

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/45

...........

1,360,000

1,310,986

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

12/01/50

...........

2,900,000

2,708,240

Kenyon

College

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

...................

5,320,000

5,347,585

Kenyon

College

,

Revenue

,

2016

,

Refunding

,

4

%

,

7/01/44

...................

4,180,000

3,852,113

Kenyon

College

,

Revenue

,

2017

,

5

%

,

7/01/42

............................

1,250,000

1,269,156

Kenyon

College

,

Revenue

,

2017

,

4

%

,

7/01/47

............................

3,000,000

2,677,826

Otterbein

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/30

......

1,095,000

1,127,727

University

of

Dayton

,

Revenue

,

2018

A

,

4

%

,

12/01/43

.......................

11,885,000

11,362,111

Xavier

University

,

Revenue

,

2024

,

Refunding

,

5.25

%

,

5/01/49

................

6,750,000

6,938,638

Ohio

Housing

Finance

Agency

,

Revenue

,

2020

B

,

GNMA

Insured

,

2.1

%

,

9/01/35

..........................

485,000

413,630

b

Revenue

,

144A,

2023

A

,

5.625

%

,

8/01/41

...............................

17,000,000

17,323,566

Revenue

,

2024

B

,

GNMA

Insured

,

4.7

%

,

9/01/54

..........................

9,800,000

9,785,405

Revenue

,

2024

C

,

GNMA

Insured

,

4.7

%

,

9/01/54

..........................

7,470,000

7,469,960

b

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

A

,

6

%

,

9/01/41

..............

11,000,000

11,603,830

Ohio

State

University

(The)

,

Revenue

,

2021

A

,

4

%

,

12/01/48

...................

10,020,000

9,456,930

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

164

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

2018

A

,

5

%

,

2/15/43

........................................

$

17,025,000

$

17,328,358

c

Revenue,

Junior

Lien

,

2013

A-2

,

BAM

Insured

,

3.55

%,

2/15/38

................

3,665,000

2,394,923

c

Revenue,

Junior

Lien

,

2013

A-2

,

4.33

%,

2/15/43

...........................

10,485,000

5,055,957

Revenue,

Sub.

Lien

,

2018

A

,

5

%

,

2/15/43

................................

2,575,000

2,618,165

Revenue,

Sub.

Lien

,

2018

A

,

5

%

,

2/15/46

................................

13,750,000

13,916,866

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/45

...................

7,000,000

7,082,158

Ohio

Water

Development

Authority

,

Revenue

,

2019

,

5

%

,

12/01/39

........................................

5,000,000

5,323,256

Revenue

,

2019

,

5

%

,

6/01/44

.........................................

1,330,000

1,381,883

Fresh

Water

Fund

,

Revenue

,

2025

A

,

5

%

,

12/01/43

........................

10,000,000

10,995,953

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

12/01/44

...

10,000,000

10,389,818

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2020

A

,

5

%

,

12/01/50

............

6,820,000

7,050,288

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2021

A

,

5

%

,

12/01/46

............

5,500,000

5,794,038

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2023

B

,

5

%

,

12/01/36

............

5,675,000

6,468,636

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2024

D

,

5

%

,

12/01/43

...........

1,700,000

1,861,810

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2024

D

,

5

%

,

12/01/44

...........

7,575,000

8,234,314

Olentangy

Local

School

District

,

GO

,

2016

,

4

%

,

12/01/46

.....................

6,660,000

6,457,975

Port

of

Greater

Cincinnati

Development

Authority

,

Revenue

,

2024

B

,

Refunding

,

5

%

,

12/01/53

..............................

1,500,000

1,536,629

Revenue

,

2024

B

,

Refunding

,

5

%

,

12/01/63

..............................

2,000,000

2,031,948

Revenue

,

2024

C

,

Refunding

,

AG

Insured

,

5.25

%

,

12/01/53

..................

1,000,000

1,051,846

Revenue

,

2024

C

,

Refunding

,

AG

Insured

,

5.25

%

,

12/01/58

..................

1,000,000

1,048,948

Revenue

,

2024

C

,

Refunding

,

AG

Insured

,

5.25

%

,

12/01/63

..................

1,000,000

1,048,947

e

3CDC

Master

Parking

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

AG

Insured

,

5

%

,

12/01/60

.............................................

4,625,000

4,672,443

c

Princeton

City

School

District

,

GO

,

2014

,

Refunding

,

4.41

%,

12/01/40

.................................

6,000,000

3,138,630

GO

,

2014

,

Refunding

,

4.56

%,

12/01/41

.................................

6,000,000

2,940,992

Russia

Local

School

District

,

GO

,

2023

,

5

%

,

12/01/52

........................

1,670,000

1,718,731

Springboro

Community

City

School

District

,

GO

,

2007

,

Refunding

,

AG

Insured

,

5.25

%

,

12/01/27

........................

5,175,000

5,425,356

GO

,

2007

,

Refunding

,

AG

Insured

,

5.25

%

,

12/01/28

........................

2,000,000

2,143,999

State

of

Ohio

,

GO

,

2019

A

,

5

%

,

6/15/38

............................................

6,500,000

6,906,317

GO

,

2020

C

,

5

%

,

3/01/38

............................................

2,300,000

2,519,108

GO

,

2025

A

,

5

%

,

3/01/44

............................................

2,000,000

2,181,245

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

5

%

,

1/01/29

........................................................

4,850,000

5,184,709

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/15/37

1,000,000

989,652

University

Hospitals

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

1/15/46

............................................

5,795,000

5,291,938

Summit

County

Development

Finance

Authority

,

City

of

Akron

,

Revenue

,

2022

,

4

%

,

5/15/46

...............................

3,585,000

3,244,730

UAkronPark,

Inc.

,

Revenue

,

2023

,

5.625

%

,

12/01/48

.......................

4,700,000

4,932,599

UAkronPark,

Inc.

,

Revenue

,

2023

,

5.75

%

,

12/01/53

........................

5,000,000

5,258,594

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/45

.............

6,000,000

5,875,138

Toledo

City

School

District

,

COP

,

2024

,

BAM

Insured

,

5

%

,

12/01/48

.................................

1,250,000

1,319,884

GO

,

2025

,

5

%

,

12/01/50

.............................................

6,595,000

6,957,635

GO

,

2025

,

5

%

,

12/01/54

.............................................

6,450,000

6,804,686

Toledo

Lucas

County

Public

Library

,

GO

,

2025

A

,

5

%

,

12/01/54

.................

5,000,000

5,262,985

Toledo-Lucas

County

Port

Authority

,

Revenue

,

2021

A

,

2

%

,

11/15/31

.......................................

325,000

293,936

Northwest

Ohio

Bond

Fund

,

Revenue

,

2024

C

,

5

%

,

11/15/54

.................

2,155,000

2,191,806

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)

Toledo-Lucas

County

Port

Authority,

(continued)

ParkUToledo,

Inc.

,

Revenue

,

2021

,

4

%

,

1/01/46

...........................

$

1,625,000

$

1,424,288

ParkUToledo,

Inc.

,

Revenue

,

2021

,

4

%

,

1/01/51

...........................

2,840,000

2,382,495

ParkUToledo,

Inc.

,

Revenue

,

2021

,

4

%

,

1/01/57

...........................

5,000,000

4,073,865

Triway

Local

School

District

,

COP

,

2021

,

BAM

Insured

,

4

%

,

12/01/39

............

2,200,000

2,219,026

University

of

Akron

(The)

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/42

.............

5,725,000

5,872,247

University

of

Cincinnati

,

Revenue

,

2017

A

,

5

%

,

6/01/45

........................................

2,205,000

2,230,204

Revenue

,

2018

A

,

Refunding

,

4

%

,

6/01/48

...............................

10,000,000

9,311,441

Revenue

,

2024

A

,

5.25

%

,

6/01/49

.....................................

6,350,000

6,726,826

Revenue

,

2024

A

,

5.25

%

,

6/01/54

.....................................

1,650,000

1,738,708

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

5

%

,

12/01/48

.....

13,000,000

13,646,445

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

12/01/33

.......................................................

1,655,000

1,671,461

Blanchard

Valley

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

12/01/34

.......................................................

1,900,000

1,917,063

Warren

County

Port

Authority

,

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

C

,

4

%

,

12/01/41

..........

2,075,000

1,990,441

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

C

,

4

%

,

12/01/55

..........

3,500,000

2,907,421

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

H

,

4

%

,

12/01/53

..........

1,375,000

1,169,202

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2022

A

,

5.5

%

,

12/01/50

.........

3,210,000

3,309,708

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2022

B

,

4.75

%

,

12/01/34

........

935,000

975,072

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2025

A

,

5.25

%

,

12/01/40

........

380,000

398,478

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2025

A

,

6.75

%

,

12/01/56

........

1,650,000

1,827,220

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2025

C

,

6

%

,

12/01/42

..........

1,020,000

1,110,098

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2020

D-1

,

Refunding

,

4

%

,

12/01/40

.......................................

1,390,000

1,362,810

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2020

D-1

,

Refunding

,

4

%

,

12/01/52

.......................................

1,930,000

1,645,933

West

Central

Ohio

Port

Authority

,

Global

Impact

STEM

Academy

,

Revenue

,

2025

A

,

5.5

%

,

12/01/55

...................................................

2,690,000

2,742,409

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

3,820,000

3,949,603

Westlake

City

School

District

,

GO

,

2021

A

,

Refunding

,

4

%

,

12/01/49

.............

3,965,000

3,756,240

Winton

Woods

City

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

11/01/43

...........

7,000,000

6,863,978

Wyoming

City

School

District

,

GO

,

2025

,

Refunding

,

5

%

,

12/01/61

..............

3,000,000

3,125,971

845,060,918

South

Carolina

0.3%

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,100,000

2,751,024

Texas

0.5%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

3

%

,

9/01/38

.................................

300,000

257,706

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

6,000,000

4,541,890

4,799,596

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

2,670,256

Wisconsin

3.0%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

4,285,000

4,448,732

b

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

3,100,000

2,500,004

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)

Wisconsin

(continued)

Public

Finance

Authority,

(continued)

c

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

$

9,545,000

$

4,539,192

b

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5

%

,

8/01/53

................

2,800,000

2,536,304

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

2.34

%,

12/01/44

.................................................

21,750,000

13,907,348

27,931,580

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

1,013,330

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

1,000,000

1,012,261

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

469,342

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/35

..

235,000

248,422

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-2

,

4.784

%

,

7/01/58

..

1,100,000

1,038,477

3,781,832

Total

U.S.

Territories

....................................................................

3,781,832

Total

Municipal

Bonds

(Cost

$

923,640,564

)

.....................................

912,592,517

Total

Long

Term

Investments

(Cost

$

926,840,564

)

...............................

915,971,608

a

a

a

a

a

Short

Term

Investments

0.1%

Municipal

Bonds

0.1%

Ohio

0.1%

f

County

of

Hamilton

,

TriHealth

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.95

%

,

8/15/51

..........

500,000

500,000

Total

Municipal

Bonds

(Cost

$

500,000

)

.........................................

500,000

Total

Short

Term

Investments

(Cost

$

500,000

)

..................................

500,000

a

Total

Investments

(Cost

$

927,340,564

)

99.0

%

...................................

$916,471,608

Other

Assets,

less

Liabilities

1.0

%

.............................................

10,154,224

Net

Assets

100.0%

...........................................................

$926,625,832

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

See

Abbreviations

on

page

193

.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$68,280,037,

representing

7.4%

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

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),

November

30,

2025

Franklin

Oregon

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

168

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

$

2,639,915

Total

Corporate

Bonds

(Cost

$

2,500,000

)

.......................................

2,639,915

Municipal

Bonds

97.2%

California

0.4%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

3,500,000

2,941,416

Florida

1.0%

b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

.........................................................

1,500,000

1,013,975

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

8,400,000

7,099,309

8,113,284

Georgia

0.4%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

965,000

1,002,705

c

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

4,520,000

2,142,280

3,144,985

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

2,407,717

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

BAM

Insured

,

4

%

,

6/15/52

.................................

1,000,000

871,261

3,278,978

New

Jersey

0.6%

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

BB

,

5

%

,

6/15/44

......................

2,250,000

2,302,048

State

of

New

Jersey

,

Revenue

,

2022

A

,

4

%

,

6/15/38

........................

2,165,000

2,192,077

4,494,125

New

York

0.6%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/47

..........

5,500,000

5,000,183

Oregon

86.1%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2016

,

4

%

,

8/01/46

......

1,750,000

1,622,333

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

8/01/49

...

5,500,000

5,570,397

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

8/01/54

...

6,500,000

6,560,036

c

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

3.24

%,

6/15/31

.............

1,000,000

837,904

City

of

Beaverton

,

Water

,

Revenue

,

2020

,

5

%

,

4/01/32

.......................

1,000,000

1,101,331

City

of

Eugene

,

Electric

Utility

System

,

Revenue

,

2017

,

5

%

,

8/01/47

.............

3,580,000

3,613,621

City

of

Forest

Grove

,

Pacific

University

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

5/01/36

.................

6,575,000

6,577,405

Pacific

University

,

Revenue

,

2017

,

Refunding

,

4

%

,

3/01/37

...................

3,500,000

3,287,771

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/26

.................

335,000

336,463

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

5/01/30

.................

1,385,000

1,447,584

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/35

.................

490,000

477,777

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/37

.................

1,905,000

1,812,690

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/38

.................

3,960,000

3,730,772

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

5/01/39

.................

1,750,000

1,636,935

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

169

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

$

845,000

$

845,902

City

of

Medford

,

Sewer

,

Revenue

,

2024

,

BAM

Insured

,

4

%

,

6/01/47

.........................

2,330,000

2,233,491

Sewer

,

Revenue

,

2024

,

BAM

Insured

,

4

%

,

6/01/49

.........................

1,715,000

1,622,811

City

of

Molalla

,

GO

,

2024

A

,

BAM

Insured

,

4

%

,

6/01/49

.......................

3,115,000

2,967,332

City

of

Portland

,

Sewer

System

,

Revenue,

Second

Lien

,

2025

A

,

Refunding

,

5

%

,

10/01/54

........................................................

17,170,000

18,140,272

City

of

Redmond

,

GO

,

2025

A

,

5.5

%

,

6/01/52

..............................

1,500,000

1,601,859

Clackamas

Community

College

District

,

GO

,

2017

A

,

5

%

,

6/15/39

...............

2,250,000

2,301,297

Clackamas

County

School

District

No.

12

North

Clackamas

,

c

GO

,

2017

A

,

4.58

%,

6/15/40

..........................................

8,940,000

4,659,597

c

GO

,

2017

A

,

Pre-Refunded

,

4.41

%,

6/15/40

..............................

1,060,000

565,649

c

GO

,

2017

A

,

4.75

%,

6/15/42

..........................................

29,265,000

13,586,885

c

GO

,

2017

A

,

Pre-Refunded

,

4.45

%,

6/15/42

..............................

3,505,000

1,704,758

GO

,

2018

,

5

%

,

6/15/42

.............................................

1,750,000

1,804,072

Clackamas

County

School

District

No.

35

Molalla

River

,

GO

,

2024

,

4

%

,

6/15/49

....

3,000,000

2,868,050

c

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO

,

3.75

%,

6/15/37

................................................

12,130,000

7,934,335

GO

,

3.88

%,

6/15/38

................................................

12,495,000

7,755,327

Clackamas

County

School

District

No.

86

Canby

,

GO

,

2020

A

,

Refunding

,

4

%

,

6/15/40

3,470,000

3,513,005

Columbia

County

School

District

No.

502

,

GO

,

2017

,

5

%

,

6/15/39

...............

1,000,000

1,024,309

County

of

Benton

,

GO

,

2023

,

4.125

%

,

6/01/53

.............................

2,035,000

1,968,621

County

of

Yamhill

,

George

Fox

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/36

..............

2,585,000

2,652,863

George

Fox

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/46

..............

2,330,000

2,246,752

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/40

................

7,010,000

7,034,346

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/45

................

9,285,000

8,907,861

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/48

.........................

13,890,000

13,894,132

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

..................

2,760,000

2,761,200

Jackson

County

School

District

No.

5

Ashland

,

GO

,

2019

,

5

%

,

6/15/34

...........

1,000,000

1,073,325

Jackson

County

School

District

No.

6

Central

Point

,

GO

,

2019

A

,

5

%

,

6/15/31

............................................

2,665,000

2,885,986

c

GO

,

2019

B

,

4.37

%,

6/15/40

.........................................

705,000

378,356

c

GO

,

2019

B

,

4.48

%,

6/15/41

.........................................

710,000

359,589

c

GO

,

2019

B

,

4.59

%,

6/15/42

.........................................

610,000

290,156

c

GO

,

2019

B

,

4.7

%,

6/15/43

..........................................

820,000

366,513

c

GO

,

2019

B

,

4.77

%,

6/15/44

.........................................

1,115,000

469,816

c

GO

,

2019

B

,

4.81

%,

6/15/45

.........................................

985,000

393,341

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/46

.................................

1,000,000

1,003,756

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

4

%

,

8/15/45

....................................................

5,620,000

5,240,870

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/45

8,245,000

8,459,078

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/15/50

11,235,000

9,972,263

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

8/15/50

4,500,000

4,569,979

Metro

,

County

of

Multnomah

Transient

Lodging

Tax

,

Revenue

,

2017

,

5

%

,

6/15/47

...

9,200,000

9,300,909

Metro

Oregon

-

Clackamas,

Multnomah,

and

Washington

Counties

,

GO

,

2025

,

4.125

%

,

6/01/44

..........................................

10,790,000

10,873,283

GO

,

2025

,

4.25

%

,

6/01/45

...........................................

11,585,000

11,719,892

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO

,

2017

A

,

5

%

,

6/15/37

................................................

7,885,000

8,092,201

Multnomah

County

School

District

No.

1J

Portland

,

GO

,

2023

,

4

%

,

6/15/41

........

10,000,000

10,091,954

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.

170

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

,

3.04

%,

6/15/28

.........................................

$

2,495,000

$

2,312,168

GO

,

2012

B

,

3.08

%,

6/15/29

.........................................

2,595,000

2,330,535

GO

,

2012

B

,

3.12

%,

6/15/30

.........................................

1,885,000

1,639,885

GO

,

2012

B

,

3.15

%,

6/15/31

.........................................

2,030,000

1,709,313

GO

,

2012

B

,

3.24

%,

6/15/32

.........................................

2,000,000

1,624,009

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO

,

2020

,

Refunding

,

5

%

,

6/15/45

.....................................

3,000,000

3,118,539

GO

,

2020

,

Refunding

,

5

%

,

6/15/50

.....................................

24,655,000

25,468,035

Oregon

City

School

District

No.

62

,

GO

,

2018

B

,

Refunding

,

5

%

,

6/15/49

..........

2,345,000

2,384,926

Oregon

Health

&

Science

University

,

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

7/01/46

.................

2,000,000

1,881,990

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/44

.................

12,645,000

12,211,242

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/01/51

.................

26,580,000

24,296,698

Oregon

Health

&

Science

University

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

7/01/42

10,000,000

10,115,223

Oregon

State

Facilities

Authority

,

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

4

%

,

10/01/26

.................

390,000

387,974

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

5

%

,

10/01/36

.................

1,670,000

1,613,133

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

5

%

,

10/01/48

.................

4,000,000

3,608,560

Legacy

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

6/01/46

......

25,945,000

26,010,747

Legacy

Health

Obligated

Group

,

Revenue

,

2022

A

,

4.125

%

,

6/01/52

...........

3,000,000

2,663,450

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2015

C

,

5

%

,

10/01/45

..

4,000,000

4,000,844

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

10/01/41

.......................................................

7,800,000

7,815,473

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

10/01/46

.

3,280,000

3,280,862

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

10/01/46

...................................................

220,000

224,086

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/40

.......................................................

11,025,000

11,325,578

Southern

Oregon

Goodwill

Industries

,

Revenue

,

2025

A

,

5

%

,

12/01/40

..........

420,000

428,335

Southern

Oregon

Goodwill

Industries

,

Revenue

,

2025

A

,

5.375

%

,

12/01/45

......

500,000

502,241

Southern

Oregon

Goodwill

Industries

,

Revenue

,

2025

A

,

5.5

%

,

12/01/54

........

1,500,000

1,489,415

University

of

Portland

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

4/01/45

..............

10,000,000

10,285,146

Willamette

University

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

10/01/40

.............

1,950,000

1,956,234

Willamette

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/51

.............

47,505,000

39,045,072

Oregon

State

University

,

Revenue

,

2024

A

,

Refunding

,

4.25

%

,

4/01/52

...........

3,610,000

3,542,872

Port

of

Portland

,

Airport

,

Revenue

,

24

B

,

5

%

,

7/01/42

....................................

7,645,000

7,690,832

Airport

,

Revenue

,

25

B

,

5

%

,

7/01/44

....................................

4,830,000

4,899,869

Airport

,

Revenue

,

25

B

,

5

%

,

7/01/49

....................................

6,300,000

6,362,311

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/30

....................................

1,585,000

1,726,029

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/37

....................................

5,000,000

5,289,394

Airport

,

Revenue

,

27

A

,

5

%

,

7/01/45

....................................

10,670,000

10,886,669

Airport

,

Revenue

,

28

,

4

%

,

7/01/38

.....................................

2,500,000

2,509,362

Airport

,

Revenue

,

29

,

5.5

%

,

7/01/53

....................................

13,500,000

14,209,089

Rockwood

Water

People's

Utility

District

,

Revenue

,

2024

,

4

%

,

6/15/47

............

1,100,000

1,052,658

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/33

.............

545,000

558,542

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/38

.............

500,000

507,759

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/43

.............

2,250,000

2,254,107

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/15/48

.............

3,700,000

3,580,345

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/26

....

135,000

135,704

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/27

....

260,000

264,433

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/15/28

....

310,000

318,971

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/29

....

515,000

519,479

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/30

....

385,000

389,483

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

171

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Salem

Hospital

Facility

Authority,

(continued)

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/31

....

$

400,000

$

405,682

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/32

....

370,000

375,059

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/40

....

1,540,000

1,456,498

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/57

....

2,750,000

2,167,182

Salem

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

5/15/46

.......

17,105,000

17,147,827

Salem-Keizer

School

District

No.

24J

,

c

GO

,

2009

B

,

3

%,

6/15/30

............................................

8,500,000

7,431,167

GO

,

2020

C

,

4

%

,

6/15/38

............................................

6,000,000

6,112,155

State

of

Oregon

,

GO

,

2007

A

,

4.7

%

,

8/01/42

...........................................

3,050,000

3,049,991

GO

,

2019

G

,

5

%

,

8/01/33

............................................

3,000,000

3,238,771

GO

,

2019

G

,

5

%

,

8/01/34

............................................

1,900,000

2,046,198

GO

,

2025

A

,

Refunding

,

5.25

%

,

5/01/50

.................................

3,300,000

3,588,719

GO

,

L

,

Refunding

,

5

%

,

8/01/42

........................................

3,270,000

3,325,973

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

5

%

,

11/15/39

23,175,000

24,598,420

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

4

%

,

11/15/42

3,300,000

3,288,304

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

20,760,380

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue

,

2018

A

,

5

%

,

10/01/31

........................................................

5,025,000

5,237,739

Umatilla

Hospital

District

No.

1

,

GO

,

2023

,

5

%

,

6/01/53

.......................

750,000

757,202

Union

County

Hospital

Facility

Authority

,

Grande

Ronde

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2022

,

5

%

,

7/01/47

......

2,250,000

2,265,635

Grande

Ronde

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2022

,

5

%

,

7/01/52

......

3,680,000

3,637,558

University

of

Oregon

,

Revenue

,

2018

A

,

5

%

,

4/01/48

.........................

10,000,000

10,128,108

b

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue

,

144A,

2019

B

,

Refunding

,

5

%

,

11/01/33

.........................

250,000

266,261

Revenue

,

144A,

2019

B

,

Refunding

,

5

%

,

11/01/34

.........................

300,000

318,992

Revenue

,

144A,

2019

B

,

Refunding

,

5

%

,

11/01/39

.........................

2,200,000

2,307,844

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO

,

2017

,

5

%

,

6/15/36

.............................................

9,400,000

9,662,705

GO

,

2017

,

5

%

,

6/15/37

.............................................

5,040,000

5,172,440

GO

,

2017

,

Pre-Refunded

,

5

%

,

6/15/37

..................................

960,000

993,652

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO

,

2017

D

,

5

%

,

6/15/35

............................................

15,050,000

15,495,790

GO

,

2017

D

,

5

%

,

6/15/36

............................................

5,000,000

5,139,737

GO

,

2022

B

,

5

%

,

6/15/52

............................................

19,145,000

19,973,866

c

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO

,

2018

A

,

4.25

%,

6/15/38

..........................................

2,350,000

1,393,736

GO

,

2018

A

,

4.33

%,

6/15/39

..........................................

3,275,000

1,845,120

c

Washington

County

School

District

No.

15

Forest

Grove

,

GO

,

2012

B

,

3.15

%,

6/15/29

.........................................

2,545,000

2,280,062

GO

,

2012

B

,

3.19

%,

6/15/30

.........................................

2,490,000

2,159,449

GO

,

2012

B

,

3.22

%,

6/15/31

.........................................

3,140,000

2,633,890

Yamhill

County

School

District

No.

8

Dayton

,

GO

,

2019

,

Refunding

,

5

%

,

6/15/32

.....................................

1,045,000

1,130,723

GO

,

2019

,

Refunding

,

5

%

,

6/15/33

.....................................

1,080,000

1,165,400

702,134,868

South

Carolina

0.3%

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

3,000,000

2,662,281

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

172

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

0.5%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/30

$

250,000

$

263,834

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/31

250,000

265,944

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

4,200,000

3,179,323

3,709,101

Washington

0.3%

b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

2,400,000

2,067,295

Wisconsin

2.9%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

4,500,000

4,671,947

b

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

2,400,000

1,935,487

c

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

20,520,000

9,758,432

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

A-2

,

Refunding

,

2.34

%,

12/01/44

.................................................

11,650,000

7,449,223

23,815,089

U.S.

Territories

3.7%

Puerto

Rico

3.7%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

6,000,000

6,098,943

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

....................

1,300,000

1,317,329

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

1,000,000

1,012,261

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

17,925,000

17,476,262

Sales

Tax

,

Revenue

,

A-2

,

4.329

%

,

7/01/40

...............................

3,000,000

2,926,144

Sales

Tax

,

Revenue

,

A-2

,

4.784

%

,

7/01/58

...............................

1,820,000

1,718,207

30,549,146

Total

U.S.

Territories

....................................................................

30,549,146

Total

Municipal

Bonds

(Cost

$

800,892,481

)

.....................................

791,910,751

Total

Long

Term

Investments

(Cost

$

803,392,481

)

...............................

794,550,666

a

a

a

a

a

Short

Term

Investments

1.3%

Municipal

Bonds

1.3%

Oregon

1.3%

d

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

2.8

%

,

8/01/34

..................................

1,000,000

1,000,000

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

See

Abbreviations

on

page

193

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Oregon

(continued)

d

Oregon

State

Facilities

Authority,

(continued)

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

8/01/34

.................................

$

9,500,000

$

9,500,000

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

$

813,892,481

)

98.8

%

...................................

$805,050,666

Other

Assets,

less

Liabilities

1.2

%

.............................................

10,061,529

Net

Assets

100.0%

...........................................................

$815,112,195

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$54,670,037,

representing

6.7%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

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),

November

30,

2025

Franklin

Pennsylvania

Tax-Free

Income

Fund

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

174

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

$

2,111,932

Total

Corporate

Bonds

(Cost

$

2,000,000

)

.......................................

2,111,932

Municipal

Bonds

96.2%

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

5,064,847

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

1,000,000

675,984

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

6,700,000

5,662,544

11,403,375

Georgia

0.1%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

305,000

316,917

c

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

755,000

357,837

674,754

New

York

1.7%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/44

.....................................

6,700,000

6,213,029

Revenue

,

2021

A-1

,

4

%

,

11/15/46

.....................................

6,050,000

5,525,091

11,738,120

Pennsylvania

90.4%

Adams

County

General

Authority

,

Brethren

Home

Community

Obligated

Group

(The)

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

6/01/54

....................................................

3,100,000

2,966,638

Brethren

Home

Community

Obligated

Group

(The)

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

6/01/59

....................................................

1,505,000

1,421,279

Allegheny

County

Airport

Authority

,

Revenue

,

2021

A

,

5

%

,

1/01/32

........................................

4,345,000

4,690,181

Revenue

,

2021

A

,

5

%

,

1/01/34

........................................

8,155,000

8,745,175

Revenue

,

2021

A

,

5

%

,

1/01/56

........................................

3,500,000

3,507,755

Revenue

,

2023

A

,

AG

Insured

,

5.5

%

,

1/01/53

.............................

5,000,000

5,229,577

Revenue

,

2025

A

,

AG

Insured

,

5.5

%

,

1/01/50

.............................

4,000,000

4,240,524

Allegheny

County

Higher

Education

Building

Authority

,

Chatham

University

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

9/01/33

..............

700,000

715,580

Chatham

University

,

Revenue

,

2022

,

Refunding

,

5.25

%

,

9/01/34

..............

1,090,000

1,110,175

Duquesne

University

of

the

Holy

Spirit

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/40

.

2,115,000

2,081,263

Duquesne

University

of

the

Holy

Spirit

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

3/01/41

.

6,000,000

5,822,685

Robert

Morris

University

,

Revenue

,

2017

,

Pre-Refunded

,

5

%

,

10/15/37

..........

1,000,000

1,041,660

Robert

Morris

University

,

Revenue

,

2017

,

5

%

,

10/15/47

.....................

1,300,000

1,354,158

Allentown

Commercial

and

Industrial

Development

Authority

,

b

Executive

Education

Academy

Charter

School

,

Revenue

,

144A,

2024

,

Refunding

,

5

%

,

7/01/50

....................................................

2,000,000

1,907,641

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

5.5

%

,

6/15/38

.....

600,000

628,811

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

5.75

%

,

6/15/43

....

600,000

619,052

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/32

.................................

1,560,000

1,695,629

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/33

.................................

1,800,000

1,948,695

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/34

.................................

1,550,000

1,671,478

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/35

.................................

1,400,000

1,502,308

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

175

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

(continued)

Revenue

,

2022

,

Refunding

,

5

%

,

5/01/42

.................................

$

8,875,000

$

9,178,009

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

5/15/42

........................................................

1,000,000

1,002,624

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

5/15/47

........................................................

600,000

585,673

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

C

,

5

%

,

5/15/37

......

1,245,000

1,258,760

Bethlehem

Redevelopment

Authority

,

Moravian

University

Obligated

Group

,

Revenue

,

2024

,

5.25

%

,

10/01/49

.........

750,000

758,977

Moravian

University

Obligated

Group

,

Revenue

,

2024

,

5.5

%

,

10/01/54

..........

1,050,000

1,071,889

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

3

%

,

6/01/37

..........

1,250,000

1,170,583

Bucks

County

Industrial

Development

Authority

,

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

11/01/37

.........

1,000,000

1,004,012

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

11/01/42

.........

1,080,000

1,014,918

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

11/01/52

.........

2,500,000

2,207,653

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2019

,

4

%

,

8/15/44

.............

1,500,000

1,392,591

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2021

,

3

%

,

8/15/53

.............

12,000,000

8,422,768

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/35

.......................................

1,885,000

1,884,976

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2021

B

,

4

%

,

12/01/51

........................................................

5,000,000

4,396,420

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

11/15/42

.......................................................

1,215,000

1,234,680

Mount

Nittany

Medical

Center

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

4

%

,

11/15/47

.......................................................

1,840,000

1,699,488

Cheltenham

Township

Industrial

Development

Authority

,

Arcadia

University

,

Revenue

,

2024

,

Refunding

,

5

%

,

4/01/44

..................

2,250,000

2,156,858

Arcadia

University

,

Revenue

,

2024

,

Refunding

,

5.75

%

,

4/01/54

...............

1,000,000

984,908

Chester

County

Health

and

Education

Facilities

Authority

,

Tel

Hai

Retirement

Community

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25

%

,

6/01/55

.......

1,800,000

1,815,509

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

5

%

,

8/01/35

...............

500,000

500,023

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

5

%

,

8/01/45

...............

1,500,000

1,385,807

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University

,

Revenue

,

2021

TT-1

,

4

%

,

5/01/36

......................

400,000

383,680

Gannon

University

,

Revenue

,

2021

TT-1

,

4

%

,

5/01/41

......................

1,000,000

876,069

Gannon

University

,

Revenue

,

2021

TT-1

,

5

%

,

5/01/47

......................

2,430,000

2,285,486

Gannon

University

,

Revenue

,

2025

XX-1

,

5

%

,

5/01/35

......................

375,000

399,475

Gannon

University

,

Revenue

,

2025

XX-1

,

5

%

,

5/01/38

......................

635,000

663,224

Gannon

University

,

Revenue

,

2025

XX-1

,

5

%

,

5/01/48

......................

775,000

739,746

City

of

Philadelphia

,

GO

,

2019

B

,

5

%

,

2/01/38

............................................

4,055,000

4,297,972

GO

,

2019

B

,

5

%

,

2/01/39

............................................

3,550,000

3,751,498

GO

,

2021

A

,

4

%

,

5/01/37

............................................

4,435,000

4,507,777

Airport

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

7/01/47

.........................

10,000,000

10,013,945

Airport

,

Revenue

,

2020

C

,

Refunding

,

4

%

,

7/01/45

.........................

5,225,000

4,826,982

Airport

,

Revenue

,

2021

,

Refunding

,

5

%

,

7/01/51

...........................

5,000,000

5,058,221

Water

&

Wastewater

,

Revenue

,

2022

C

,

5.5

%

,

6/01/47

......................

5,000,000

5,389,336

Water

&

Wastewater

,

Revenue

,

2024

C

,

AG

Insured

,

5.25

%

,

9/01/54

...........

5,000,000

5,359,340

Colonial

School

District

,

GO

,

2021

A

,

3

%

,

2/15/40

...........................

1,650,000

1,465,461

County

of

Allegheny

,

GO

,

C-77

,

5

%

,

11/01/43

.............................................

5,030,000

5,188,740

GO

,

C-80

,

5

%

,

12/01/54

.............................................

3,000,000

3,111,239

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.

176

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

County

of

Delaware

,

GO

,

2025

,

5

%

,

8/01/48

...............................

$

1,000,000

$

1,055,332

County

of

Jefferson

,

GO

,

2021

,

Refunding

,

AG

Insured

,

3

%

,

12/15/37

..........................

770,000

728,776

GO

,

2021

,

Refunding

,

AG

Insured

,

3

%

,

12/15/39

..........................

520,000

480,927

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

2,500,000

2,498,066

Delaware

County

Authority

,

Elwyn

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/27

..............

1,065,000

1,073,644

Elwyn

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/32

..............

1,620,000

1,633,199

Haverford

College

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/46

...............

5,865,000

5,914,379

DuBois

Hospital

Authority

,

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

7/15/43

........................................................

3,410,000

3,255,003

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2020

,

4

%

,

7/15/50

......

3,500,000

2,613,708

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/15/41

........................................................

1,000,000

850,858

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/15/51

........................................................

4,000,000

2,917,305

Erie

City

Water

Authority

,

Revenue

,

2016

,

Pre-Refunded

,

5

%

,

12/01/43

...........

6,000,000

6,136,973

b

Erie

County

Industrial

Development

Authority

,

CFC

-

Erie

I

LLC

,

Revenue

,

144A,

2024

A

,

6.75

%

,

9/01/61

.................................................

5,000,000

4,926,824

Fairview

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/15/37

...................................

1,195,000

1,110,185

GO

,

2021

,

BAM

Insured

,

3

%

,

9/15/38

...................................

1,000,000

907,172

GO

,

2021

,

BAM

Insured

,

3

%

,

9/15/39

...................................

1,000,000

906,241

Geisinger

Authority

,

Kaiser

Obligated

Group

,

Revenue

,

2017

A-2

,

Refunding

,

5

%

,

2/15/39

.........................................................

13,155,000

13,354,906

Governor

Mifflin

School

District

,

GO

,

2021

,

3

%

,

4/01/36

.............................................

625,000

599,857

GO

,

2021

,

3

%

,

4/01/37

.............................................

1,000,000

947,465

GO

,

2021

,

3

%

,

4/01/38

.............................................

1,000,000

932,402

GO

,

2021

,

3

%

,

4/01/39

.............................................

1,015,000

932,040

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

TT-3

,

Refunding

,

5

%

,

10/01/51

............................................

2,520,000

2,357,257

Lancaster

County

Hospital

Authority

,

Masonic

Villages

of

the

Grand

Lodge

of

Pennsylvania

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

11/01/34

...................................................

1,260,000

1,415,424

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

8/15/46

............................................

4,165,000

4,180,738

Lancaster

Higher

Education

Authority

,

Elizabethtown

College

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

10/01/46

............

5,000,000

4,751,921

Elizabethtown

College

,

Revenue

,

2022

A

,

Refunding

,

5

%

,

10/01/51

............

5,000,000

4,638,019

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/51

........

2,780,000

2,279,893

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/56

........

520,000

414,923

Willow

Valley

Communities

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/44

......

1,850,000

1,837,292

Willow

Valley

Communities

Obligated

Group

,

Revenue

,

2019

,

5

%

,

12/01/49

......

2,300,000

2,241,757

Lancaster

Municipal

Authority

,

Garden

Spot

Village

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5

%

,

5/01/44

..

1,200,000

1,212,091

Garden

Spot

Village

Obligated

Group

,

Revenue

,

2024

B

,

5

%

,

5/01/59

..........

530,000

514,959

Luthercare

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

12/01/55

........

1,250,000

1,216,076

Lancaster

School

District

,

GO

,

2025

B

,

BAM

Insured

,

5

%

,

6/01/43

.................................

2,000,000

2,147,904

GO

,

2025

B

,

BAM

Insured

,

5

%

,

6/01/44

.................................

2,000,000

2,130,960

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

177

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/46

................

$

750,000

$

612,865

Seton

Hill

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/51

................

800,000

632,675

Lehigh

County

Authority

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

4

%

,

12/01/45

...

6,500,000

6,253,504

Lehigh

County

General

Purpose

Authority

,

Good

Shepherd

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

11/01/41

4,345,000

3,887,515

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

4

%

,

6/01/42

....

14,390,000

12,900,566

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

4

%

,

6/01/57

....

5,000,000

4,055,867

Muhlenberg

College

,

Revenue

,

2024

,

Refunding

,

5.25

%

,

2/01/54

..............

1,600,000

1,608,316

Lycoming

County

Authority

,

Lycoming

College

,

Revenue

,

2013

MM-1

,

5.25

%

,

11/01/38

...................

1,400,000

1,402,693

Lycoming

College

,

Revenue

,

2013

MM-1

,

5.25

%

,

11/01/43

...................

1,495,000

1,497,935

Montgomery

County

Higher

Education

and

Health

Authority

,

Gwynedd

Mercy

University

,

Revenue

,

2022

UU-2

,

Refunding

,

5.25

%

,

5/01/37

....

2,665,000

2,801,213

Gwynedd

Mercy

University

,

Revenue

,

2022

UU-2

,

Refunding

,

5

%

,

5/01/42

.......

3,700,000

3,705,170

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

4

%

,

9/01/43

........................................................

3,740,000

3,544,600

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

9/01/48

........................................................

8,250,000

8,360,512

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

4

%

,

5/01/52

........................................................

4,000,000

3,538,132

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

5

%

,

5/01/57

........................................................

5,000,000

5,035,463

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

4

%

,

11/15/43

.......................................................

600,000

541,341

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

5

%

,

11/15/45

.......................................................

1,985,000

1,987,376

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

A

,

5.25

%

,

11/15/53

.......................................................

3,000,000

3,018,294

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5

%

,

11/15/49

...........................................

9,525,000

9,413,556

Gwynedd

Mercy

University

,

Revenue

,

2023

VV-1

,

5.75

%

,

5/01/48

..............

2,000,000

2,051,544

Meadowood

Corp.

Obligated

Group

(The)

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/01/38

.......................................................

2,500,000

2,530,959

Public

School

of

Germantown

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/51

..

2,450,000

2,071,774

Waverly

Heights

Ltd.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/49

..

2,000,000

1,976,408

Muhlenberg

School

District

,

GO

,

2024

,

5

%

,

5/15/54

..........................

2,000,000

2,065,211

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AG

Insured

,

3

%

,

12/01/38

........................................................

500,000

467,482

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

8/15/48

...

2,500,000

2,519,109

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2024

A-1

,

Refunding

,

AG

Insured

,

5.25

%

,

8/15/53

..................................................

5,000,000

5,294,593

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College

,

Revenue

,

2019

,

5

%

,

5/01/44

.................................................

1,000,000

959,650

Northeastern

School

District

,

GO

,

2021

A

,

BAM

Insured

,

3

%

,

3/01/38

.................................

850,000

779,291

GO

,

2021

A

,

BAM

Insured

,

3

%

,

3/01/41

.................................

775,000

668,521

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

3

%

,

9/01/36

..........

1,895,000

1,798,855

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

5.5

%

,

6/30/43

2,000,000

2,096,019

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

5.25

%

,

6/30/53

........................................................

8,500,000

8,645,890

Parking

System

,

Revenue,

Senior

Lien

,

2024

A

,

Refunding

,

AG

Insured

,

4

%

,

1/01/41

1,015,000

1,022,684

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

4

%

,

1/01/29

........

500,000

508,797

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

178

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

Economic

Development

Financing

Authority,

(continued)

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

4

%

,

1/01/32

........

$

1,300,000

$

1,342,547

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

B-1

,

5.25

%

,

7/01/49

......

2,000,000

2,011,470

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

B-2

,

Refunding

,

5

%

,

7/01/42

2,365,000

2,418,206

UPMC

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

4

%

,

11/15/42

...........

5,000,000

4,694,723

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

4

%

,

4/15/45

.....................

5,000,000

4,584,898

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/15/39

...........

1,325,000

1,303,756

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/15/40

...........

1,200,000

1,175,633

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/15/41

...........

1,300,000

1,246,246

UPMC

Obligated

Group

,

Revenue

,

2025

B

,

Refunding

,

5

%

,

3/15/43

............

1,850,000

1,964,853

UPMC

Obligated

Group

,

Revenue

,

2025

B

,

Refunding

,

5

%

,

3/15/50

............

3,000,000

3,106,739

Villanova

University

,

Revenue

,

2024

,

4

%

,

8/01/54

..........................

5,000,000

4,562,486

Pennsylvania

Higher

Educational

Facilities

Authority

,

St.

Joseph's

University

,

Revenue

,

2012

,

5

%

,

11/01/42

......................

4,745,000

4,745,650

Trustees

of

the

University

of

Pennsylvania

(The)

,

Revenue

,

2025

A

,

4.25

%

,

2/15/55

15,695,000

14,988,268

Trustees

of

the

University

of

Pennsylvania

(The)

,

Revenue

,

2025

A

,

5

%

,

2/15/55

..

2,095,000

2,208,772

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2019

,

4

%

,

8/15/49

....................................................

7,000,000

6,302,425

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2025

,

Refunding

,

5.25

%

,

8/15/50

.........................................

3,000,000

3,192,348

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2025

,

Refunding

,

5

%

,

8/15/55

............................................

6,375,000

6,608,173

Widener

University

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

7/15/51

................

11,030,000

8,887,894

Pennsylvania

Housing

Finance

Agency

,

Revenue

,

2019-129

,

3.4

%

,

10/01/49

...................................

6,000,000

5,018,096

Revenue

,

2020-132

A

,

2.55

%

,

10/01/41

.................................

11,280,000

9,163,996

Revenue

,

2025-150A

,

Refunding

,

4.9

%

,

10/01/40

..........................

6,000,000

6,252,008

Pennsylvania

State

University

(The)

,

Revenue

,

2023

,

5.25

%

,

9/01/48

.......................................

3,000,000

3,211,630

Revenue

,

2024

,

5.25

%

,

9/01/54

.......................................

5,000,000

5,344,265

Pennsylvania

Turnpike

Commission

,

Revenue

,

2021

B

,

4

%

,

12/01/37

.......................................

1,500,000

1,534,157

Revenue

,

2021

B

,

4

%

,

12/01/46

.......................................

10,950,000

10,283,374

Revenue

,

2024

C

,

5.25

%

,

12/01/54

....................................

4,500,000

4,820,036

Revenue

,

2025

A

,

5.25

%

,

12/01/55

....................................

5,000,000

5,375,659

Revenue

,

2025

B

,

5.25

%

,

12/01/55

....................................

11,100,000

11,969,243

Oil

Franchise

Tax

,

Revenue,

Senior

Lien

,

2025

A

,

5.25

%

,

12/01/53

.............

7,650,000

8,249,301

Philadelphia

Authority

for

Industrial

Development

,

d

Beech

International

LLC

,

Revenue

,

2010

A

,

5.625

%

,

6/15/42

.................

4,000,000

3,000,000

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2024

A

,

4

%

,

7/01/49

2,500,000

2,319,592

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/30

............

155,000

160,376

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/40

............

300,000

305,010

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

5

%

,

8/01/50

............

2,515,000

2,497,487

St.

Joseph's

University

,

Revenue

,

2022

,

5.5

%

,

11/01/60

.....................

8,410,000

8,803,416

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

9/01/42

........................................................

3,500,000

3,532,015

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

9/01/47

........................................................

2,400,000

2,416,191

b

University

Plaza

Associates

,

Revenue

,

144A,

2017

,

III

,

5.5

%

,

12/01/58

..........

10,000,000

10,247,347

Philadelphia

Gas

Works

Co.

,

Revenue

,

15th

,

Refunding

,

5

%

,

8/01/47

.................................

11,000,000

11,109,617

Revenue

,

17th

A

,

AG

Insured

,

5.25

%

,

8/01/54

............................

2,000,000

2,113,039

Philadelphia

Housing

Authority

Development

Corp.

,

Revenue

,

2025

A

,

5.25

%

,

3/01/43

.....................................

3,375,000

3,576,500

Revenue

,

2025

A

,

5.25

%

,

3/01/45

.....................................

2,500,000

2,618,484

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)

Pittsburgh

Water

&

Sewer

Authority

,

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/39

.............................

$

1,490,000

$

1,673,937

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/40

.............................

1,365,000

1,522,491

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/41

.............................

1,650,000

1,823,982

Revenue,

First

Lien

,

2022

A

,

5.25

%

,

9/01/42

.............................

1,685,000

1,846,439

Revenue,

First

Lien

,

2022

A

,

5

%

,

9/01/52

................................

2,640,000

2,742,897

School

District

of

Philadelphia

(The)

,

GO

,

2021

A

,

4

%

,

9/01/36

.................

3,845,000

3,952,744

Scranton

School

District

,

GO

,

2020

,

4

%

,

12/01/40

...........................

1,535,000

1,541,121

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

..............

4,000,000

4,023,148

University

of

Scranton

,

Revenue

,

2025

A

,

Refunding

,

4

%

,

11/01/41

............

2,075,000

2,032,460

University

of

Scranton

,

Revenue

,

2025

A

,

Refunding

,

4

%

,

11/01/42

............

2,160,000

2,081,610

University

of

Scranton

,

Revenue

,

2025

A

,

Refunding

,

4

%

,

11/01/43

............

2,245,000

2,122,318

Southeastern

Pennsylvania

Transportation

Authority

,

Revenue

,

2022

,

5.25

%

,

6/01/52

5,000,000

5,239,642

State

College

Area

School

District

,

GO

,

2018

,

5

%

,

5/15/44

....................

3,500,000

3,589,916

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AG

Insured

,

5

%

,

6/01/32

........................................................

7,095,000

7,218,901

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AG

Insured

,

5

%

,

6/01/33

........................................................

3,000,000

3,048,535

Temple

University-of

Commonwealth

System

of

Higher

Education

(The)

,

Revenue,

First

Series

,

2025

,

Refunding

,

AG

Insured

,

5

%

,

4/01/44

.............

1,000,000

1,071,830

Revenue,

First

Series

,

2025

,

Refunding

,

AG

Insured

,

5

%

,

4/01/45

.............

750,000

800,445

Township

of

Northampton

,

GO

,

2021

,

4

%

,

5/15/39

...........................

1,495,000

1,520,511

Upper

Merion

Area

School

District

,

GO

,

2021

A

,

3

%

,

1/15/39

............................................

1,000,000

930,599

GO

,

2021

A

,

3

%

,

1/15/40

............................................

1,500,000

1,347,977

GO

,

2021

A

,

3

%

,

1/15/41

............................................

1,275,000

1,112,603

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/29

......

725,000

756,825

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

7/01/30

......

1,370,000

1,443,724

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/37

......

1,400,000

1,359,775

Westmoreland

County

Municipal

Authority

,

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

5

%

,

8/15/40

......................................................

5,000,000

5,546,028

Wilkes-Barre

Finance

Authority

,

Wilkes

University

,

Revenue

,

2021

,

Refunding

,

4

%

,

3/01/42

.........................................................

2,500,000

2,125,922

613,456,743

South

Carolina

0.1%

b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

1,000,000

887,427

Texas

0.4%

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

3,300,000

2,498,039

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

1,636,608

Wisconsin

0.7%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

1,415,000

1,469,068

b

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,900,000

1,532,260

c

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

3,435,000

1,633,539

4,634,867

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

See

Abbreviations

on

page

193

.

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

$

1,114,663

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/34

....................

1,000,000

1,012,261

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

.....

4,000,000

3,899,863

6,026,787

Total

U.S.

Territories

....................................................................

6,026,787

Total

Municipal

Bonds

(Cost

$

684,535,958

)

.....................................

652,956,720

Total

Long

Term

Investments

(Cost

$

686,535,958

)

...............................

655,068,652

a

a

a

a

a

Short

Term

Investments

2.4%

Municipal

Bonds

2.4%

Pennsylvania

2.4%

e

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

3

%

,

12/01/37

.................................................

1,500,000

1,500,000

e

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

,

2.85

%

,

7/01/54

............

8,100,000

8,100,000

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2024

B-2

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

7/01/54

............

6,600,000

6,600,000

16,200,000

Total

Municipal

Bonds

(Cost

$

16,200,000

)

......................................

16,200,000

Total

Short

Term

Investments

(Cost

$

16,200,000

)

................................

16,200,000

a

Total

Investments

(Cost

$

702,735,958

)

98.9

%

...................................

$671,268,652

Other

Assets,

less

Liabilities

1.1

%

.............................................

7,563,744

Net

Assets

100.0%

...........................................................

$678,832,396

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$29,974,674,

representing

4.4%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

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),

November

30,

2025

Franklin

Virginia

Tax-Free

Income

Fund

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

181

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.0%

California

0.2%

California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

A-1

,

4.25

%

,

12/01/37

...........................................

$

1,000,000

$

840,404

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

3,077,376

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

A-1

,

3.68

%

,

1/01/57

...........

1,100,000

743,582

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31

%,

3/01/29

...........................................

4,025,000

3,401,752

7,222,710

Georgia

0.2%

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

320,000

332,503

b

Revenue,

Sub.

Lien

,

2025

A-1

,

Refunding

,

3.8

%,

12/01/45

...................

1,095,000

518,982

851,485

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

1,493,835

State

of

Illinois

,

GO

,

2017

D

,

5

%

,

11/01/26

................................

1,000,000

1,018,683

2,512,518

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

3,673,212

State

of

New

Jersey

,

Revenue

,

2022

A

,

4

%

,

6/15/41

........................

1,000,000

979,966

4,653,178

New

York

0.3%

Metropolitan

Transportation

Authority

,

Revenue

,

2021

A-1

,

4

%

,

11/15/46

..........

1,350,000

1,232,871

South

Carolina

0.4%

a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2

%

,

12/01/39

................................

2,000,000

1,774,854

Texas

0.5%

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/28

225,000

232,347

City

of

Houston

Reinvestment

Zone

No.

10

,

Revenue

,

2021

,

Refunding

,

5

%

,

9/01/29

250,000

261,008

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

A-2

,

5

%

,

12/01/52

............

2,100,000

1,589,662

2,083,017

Virginia

78.6%

Albemarle

County

Economic

Development

Authority

,

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/30

............................................

1,120,000

1,160,405

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/31

............................................

1,165,000

1,215,104

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/32

............................................

1,105,000

1,157,662

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/33

............................................

1,260,000

1,313,014

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/42

............................................

2,725,000

2,633,411

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.

182

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Albemarle

County

Economic

Development

Authority,

(continued)

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

6/01/49

............................................

$

2,800,000

$

2,510,717

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

4

%

,

6/01/54

............................................

5,215,000

4,553,120

Alexandria

Industrial

Development

Authority

,

Protestant

Episcopal

High

School

in

Virginia

,

Revenue

,

2021

C

,

Refunding

,

4

%

,

1/01/46

........................

2,450,000

2,343,151

Alexandria

Sanitation

Authority

,

Revenue

,

2024

,

5

%

,

7/15/49

.........................................

2,830,000

3,011,945

Revenue

,

2024

,

5

%

,

7/15/54

.........................................

1,100,000

1,164,250

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

.......

2,000,000

1,914,785

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

7/01/39

........................................................

1,000,000

985,451

Chesapeake

Hospital

Authority

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

4

%

,

7/01/43

........................................................

4,000,000

3,759,056

City

of

Alexandria

,

GO

,

2023

,

4

%

,

12/15/43

................................

5,500,000

5,500,138

City

of

Chesapeake

,

Chesapeake

Expressway

Toll

Road

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

AG

Insured

,

4

%

,

7/15/47

....................................

2,500,000

2,421,892

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

4,849,888

City

of

Norfolk

,

Water

,

Revenue

,

2018

,

5

%

,

11/01/43

...................................

6,920,000

7,073,865

Water

,

Revenue

,

2018

,

5

%

,

11/01/47

...................................

6,925,000

7,030,711

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

1/15/33

......

10,000,000

10,029,045

Commonwealth

of

Virginia

,

GO

,

2020

A

,

4

%

,

6/01/31

............................................

2,710,000

2,882,276

GO

,

2022

A

,

5

%

,

6/01/52

............................................

2,445,000

2,565,991

County

of

Fairfax

,

GO

,

2025

A

,

4

%

,

10/01/43

...........................................

2,455,000

2,455,976

GO

,

2025

A

,

4

%

,

10/01/44

...........................................

4,395,000

4,337,237

Sewer

,

Revenue

,

2024

A

,

5

%

,

7/15/49

..................................

3,070,000

3,271,967

Sewer

,

Revenue

,

2024

A

,

5

%

,

7/15/54

..................................

4,500,000

4,766,182

Fairfax

County

Economic

Development

Authority

,

Revenue

,

2017

,

5

%

,

4/01/42

.....

5,085,000

5,157,169

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/44

...

3,000,000

2,913,151

Inova

Health

System

Obligated

Group

,

Revenue

,

2024

,

4.125

%

,

5/15/54

........

5,000,000

4,625,895

Fairfax

County

Water

Authority

,

Revenue

,

2017

,

Refunding

,

5

%

,

4/01/43

.................................

2,000,000

2,031,119

Revenue

,

2017

,

Refunding

,

5

%

,

4/01/47

.................................

5,000,000

5,057,238

Farmville

Industrial

Development

Authority

,

c

Elwood

Place

LLC

,

Revenue

,

2021

,

AG

Insured

,

Mandatory

Put

,

5.375

%

,

7/01/43

.

5,000,000

5,316,580

Longwood

Housing

Foundation

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/48

...

5,000,000

4,606,234

Hampton

Roads

Sanitation

District

,

Revenue,

Sub.

Lien

,

2016

A

,

Pre-Refunded

,

5

%

,

8/01/43

.........................................................

5,000,000

5,082,155

Hampton

Roads

Transportation

Accountability

Commission

,

Hampton

Roads

Transportation

Fund

,

Revenue,

Senior

Lien

,

2018

A

,

Pre-Refunded

,

5

%

,

7/01/48

....................................................

5,505,000

5,787,583

Transportation

Fund

,

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

7/01/60

..............

4,885,000

5,009,520

Henrico

County

Economic

Development

Authority

,

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/40

.......................................................

500,000

495,185

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/45

.......................................................

1,425,000

1,303,399

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

183

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

$

1,319,137

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

10/01/42

..

1,125,000

1,166,178

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2022

A

,

5

%

,

10/01/52

..

5,000,000

5,028,622

Isle

of

Wight

County

Economic

Development

Authority

,

Riverside

Healthcare

Association

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

5.25

%

,

7/01/48

.......

2,260,000

2,381,169

Isle

Wight

County

Industrial

Development

Authority

,

Riverside

Healthcare

Association

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

5.25

%

,

7/01/53

................

4,680,000

4,883,381

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/38

........................................................

665,000

645,455

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/42

........................................................

1,120,000

1,045,295

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

4

%

,

1/01/48

........................................................

2,315,000

1,994,431

Washington

&

Lee

University

(The)

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/35

....

1,105,000

1,153,828

Washington

&

Lee

University

(The)

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/48

....

1,500,000

1,524,635

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/47

......

4,500,000

4,512,286

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/47

........

2,350,000

2,130,012

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

1/01/51

........

2,000,000

1,407,220

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

1/01/55

........

6,305,000

5,404,613

Norfolk

Airport

Authority

,

Revenue

,

2019

,

5

%

,

7/01/39

.........................................

800,000

836,855

Revenue

,

2019

,

5

%

,

7/01/43

.........................................

2,675,000

2,736,970

Northern

Virginia

Transportation

Commission

,

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

5

%

,

6/01/47

.........

1,750,000

1,826,675

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

5

%

,

6/01/52

.........

7,090,000

7,354,880

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,071,645

Richmond

Economic

Development

Authority

,

City

of

Richmond

,

Revenue

,

2024

,

4

%

,

6/01/54

.........................................................

2,080,000

1,942,724

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

6,224,776

Roanoke

Economic

Development

Authority

,

Carilion

Clinic

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/01/51

.......................................

4,000,000

3,694,860

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

..................

925,000

888,544

Roanoke

College

Obligated

Group

,

Revenue

,

2025

,

6

%

,

4/01/50

..............

300,000

315,975

Roanoke

College

Obligated

Group

,

Revenue

,

2025

,

6

%

,

4/01/55

..............

700,000

734,643

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AG

Insured

,

5

%

,

8/01/37

...............................................

960,000

960,954

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

9/01/40

............................................

1,750,000

1,765,328

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5

%

,

9/01/44

............................................

2,215,000

2,180,522

Virginia

College

Building

Authority

,

Revenue

,

2016

A

,

5

%

,

9/01/27

........................................

3,925,000

3,987,791

Revenue

,

2016

A

,

Pre-Refunded

,

5

%

,

9/01/27

............................

75,000

76,308

Commonwealth

of

Virginia

,

Revenue

,

2016

A

,

Refunding

,

4

%

,

2/01/30

..........

7,000,000

7,012,144

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

1/15/39

...........

795,000

719,741

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

2.25

%

,

1/15/40

........

450,000

337,328

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

1/15/41

...........

500,000

437,339

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

1/15/46

...........

1,100,000

845,342

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

3

%

,

1/15/51

...........

1,750,000

1,242,614

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.

184

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Virginia

College

Building

Authority,

(continued)

Regent

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

6/01/36

.....

$

2,750,000

$

2,728,133

Regent

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

6/01/41

.....

4,800,000

3,832,816

Regent

University

Obligated

Group

,

Revenue

,

2025

,

6

%

,

6/01/55

..............

3,000,000

3,192,195

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2016

,

5

%

,

9/15/30

.........................................

2,260,000

2,299,652

Revenue

,

2016

,

5

%

,

9/15/31

.........................................

4,000,000

4,068,604

Commonwealth

of

Virginia

,

Revenue

,

2022

,

Refunding

,

4

%

,

5/15/36

............

5,000,000

5,270,875

Commonwealth

of

Virginia

,

Revenue

,

2023

,

4

%

,

5/15/45

....................

2,000,000

1,952,721

Virginia

Housing

Development

Authority

,

Revenue

,

2024

A

,

4.45

%

,

9/01/44

........

3,000,000

3,028,826

Virginia

Port

Authority

,

Revenue

,

2025

,

5.25

%

,

7/01/50

.......................................

1,000,000

1,072,677

Revenue

,

2025

,

5.25

%

,

7/01/55

.......................................

5,000,000

5,327,164

Virginia

Port

Authority

Commonwealth

Port

Fund

,

Commonwealth

of

Virginia

,

Revenue

,

2023

A

,

5.25

%

,

7/01/48

.............................................

6,000,000

6,437,577

Virginia

Public

Building

Authority

,

Revenue

,

2025

A

,

5

%

,

8/01/44

........................................

5,295,000

5,734,268

Commonwealth

of

Virginia

,

Revenue

,

2019

A

,

4

%

,

8/01/35

...................

1,250,000

1,286,403

Virginia

Public

School

Authority

,

Revenue

,

2018

B

,

5

%

,

8/01/30

........................................

5,280,000

5,617,903

County

of

Prince

William

,

Revenue

,

2018

,

4

%

,

3/01/33

......................

3,295,000

3,386,423

County

of

Prince

William

,

Revenue

,

2024

,

4

%

,

10/01/41

.....................

5,595,000

5,764,003

Virginia

Resources

Authority

,

Revenue

,

2018

C

,

Refunding

,

5

%

,

11/01/48

.........

6,655,000

6,832,862

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/48

.....

7,000,000

6,198,356

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

12/01/49

.....

5,000,000

4,488,934

Capital

Beltway

Express

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

5

%

,

12/31/47

6,825,000

6,863,279

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/38

........................................................

3,820,000

3,793,328

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

4

%

,

1/01/40

........................................................

3,680,000

3,572,955

I-66

Express

Mobility

Partners

LLC

,

Revenue,

Senior

Lien

,

2017

,

5

%

,

12/31/47

...

5,000,000

4,898,576

I-66

Express

Mobility

Partners

LLC

,

Revenue,

Senior

Lien

,

2017

,

5

%

,

12/31/52

...

7,600,000

7,391,725

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/36

...

1,000,000

1,001,796

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/41

...

2,500,000

2,372,851

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

12/01/51

...

7,500,000

6,338,870

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.5

%

,

12/01/54

4,000,000

4,101,600

Mary

Washington

Healthcare

Obligated

Group

,

Revenue

,

2025

A-1

,

Refunding

,

5.25

%

,

6/15/55

..................................................

1,250,000

1,306,770

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

1/01/37

....................................................

2,750,000

2,767,057

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

1/01/51

....................................................

2,250,000

1,947,903

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

4

%

,

11/01/37

...

4,000,000

4,061,662

Williamsburg

Economic

Development

Authority

,

Provident

Group

-

Williamsburg

Properties

LLC

,

Revenue

,

2023

A

,

AG

Insured

,

4.125

%

,

7/01/58

...............

2,000,000

1,892,232

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,002,260

350,915,943

Washington

0.2%

a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65

%

,

1/01/37

............................

1,200,000

1,033,647

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Schedules

of

Investments.

Quarterly

Schedule

of

Investments

185

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

1.3%

Public

Finance

Authority

,

Revenue

,

2025

A-1

,

Refunding

,

5.375

%

,

12/01/36

.........................

$

1,500,000

$

1,557,316

a

Revenue

,

144A,

2022

,

B-1

,

4

%

,

12/28/44

................................

1,200,000

967,743

b

Revenue,

Sub.

Lien

,

2025

A-2

,

Refunding

,

4.075

%,

12/01/45

.................

4,965,000

2,361,141

a

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5

%

,

12/01/52

.....

1,000,000

1,003,376

5,889,576

U.S.

Territories

11.1%

District

of

Columbia

8.1%

Metropolitan

Washington

Airports

Authority

,

Aviation

,

Revenue

,

2021

A

,

Refunding

,

5

%

,

10/01/46

.......................

5,000,000

5,121,818

Aviation

,

Revenue

,

2023

A

,

Refunding

,

5.25

%

,

10/01/48

.....................

4,000,000

4,167,275

Aviation

,

Revenue

,

2024

A

,

Refunding

,

5.5

%

,

10/01/54

......................

3,250,000

3,429,599

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue

,

2020

A

,

5

%

,

7/15/45

...............................

3,145,000

3,253,199

Dedicated

,

Revenue

,

2021

A

,

5

%

,

7/15/41

...............................

2,530,000

2,697,452

Dedicated

,

Revenue

,

2021

A

,

5

%

,

7/15/46

...............................

2,000,000

2,074,729

Dedicated

,

Revenue

,

2023

A

,

5

%

,

7/15/43

...............................

2,500,000

2,665,690

Dedicated

,

Revenue

,

2023

A

,

4.125

%

,

7/15/47

............................

1,975,000

1,901,922

Dedicated

,

Revenue,

Second

Lien

,

2023

A

,

5

%

,

7/15/48

.....................

6,400,000

6,670,941

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

5

%

,

7/15/49

.....................

1,800,000

1,878,595

Dedicated

,

Revenue,

Second

Lien

,

2025

A

,

5

%

,

7/15/60

.....................

2,000,000

2,082,186

35,943,406

Guam

1.0%

Guam

Government

Waterworks

Authority

,

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25

%

,

7/01/50

.............

2,000,000

2,070,658

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5

%

,

7/01/55

..............

2,500,000

2,624,223

4,694,881

Puerto

Rico

2.0%

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25

%

,

7/01/32

.........................................................

1,700,000

1,722,661

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

446,863

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

4

%

,

7/01/37

..

200,000

193,722

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

A-1

,

4.75

%

,

7/01/53

................................

6,400,000

6,092,808

Sales

Tax

,

Revenue

,

A-1

,

5

%

,

7/01/58

..................................

500,000

487,483

8,943,537

Total

U.S.

Territories

....................................................................

49,581,824

Total

Municipal

Bonds

(Cost

$

443,490,958

)

.....................................

428,592,027

a

a

a

a

Short

Term

Investments

2.6%

Municipal

Bonds

2.6%

Virginia

2.6%

d

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

2.85

%

,

10/01/48

........................................................

4,900,000

4,900,000

d

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

2.85

%

,

1/01/47

......

1,900,000

1,900,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedules

of

Investments.

186

See

Abbreviations

on

page

193

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

Municipal

Bonds

(continued)

Virginia

(continued)

d

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2024

B-1

,

Refunding

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

2.88

%

,

1/01/54

.........................................................

$

5,000,000

$

5,000,000

11,800,000

Total

Municipal

Bonds

(Cost

$

11,800,000

)

......................................

11,800,000

Total

Short

Term

Investments

(Cost

$

11,800,000

)

................................

11,800,000

a

Total

Investments

(Cost

$

455,290,958

)

98.6

%

...................................

$440,392,027

Other

Assets,

less

Liabilities

1.4

%

.............................................

5,951,578

Net

Assets

100.0%

...........................................................

$446,343,605

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

November

30,

2025,

the

aggregate

value

of

these

securities

was

$10,514,616,

representing

2.4%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

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

187

Quarterly

Schedules

of

Investments

Notes

to

Schedules

of

Investments

(unaudited)

1.

Organization

Franklin

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of twenty

separate

funds

(Funds).

The

Funds

follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services -

Investment

Companies

(ASC

946)

and

apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

exchange

traded

funds

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

3.

Investments

in

Affiliated

Management

Investment

Companies

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

November

30,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows: 

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

188

Quarterly

Schedules

of

Investments

4. Fair

Value

Measurements

The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the Funds'

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

November

30,

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

$—

$(10,510,734)

$(2,032,266)

$1,364,118

$19,861,485

830,000

$690,437

Total

Affiliated

Securities

...

$31,040,367

$—

$(10,510,734)

$(2,032,266)

$1,364,118

$19,861,485

$690,437

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$37,296,565

$—

$(18,291,848)

$(2,613,777)

$1,795,480

$18,186,420

760,000

$769,881

Total

Affiliated

Securities

...

$37,296,565

$—

$(18,291,848)

$(2,613,777)

$1,795,480

$18,186,420

$769,881

Level

1

Level

2

Level

3

Total

Franklin

Alabama

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

$

—

$

—

$

527,983

$

527,983

Municipal

Bonds

.........................

—

167,761,674

—

167,761,674

Total

Investments

in

Securities

...........

$—

$167,761,674

$527,983

$168,289,657

Franklin

Arizona

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

631,642,383

—

631,642,383

Short

Term

Investments

...................

—

3,000,000

—

3,000,000

Total

Investments

in

Securities

...........

$—

$634,642,383

$—

$634,642,383

3.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

189

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

$

—

$

—

$

1,478,352

$

1,478,352

Municipal

Bonds

.........................

—

470,613,898

—

470,613,898

Short

Term

Investments

...................

—

7,200,000

—

7,200,000

Total

Investments

in

Securities

...........

$—

$477,813,898

$1,478,352

$479,292,250

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

150,809,654

—

150,809,654

Short

Term

Investments

...................

—

2,200,000

—

2,200,000

Total

Investments

in

Securities

...........

$—

$153,009,654

$—

$153,009,654

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Management

Investment

Companies

.........

19,861,485

—

—

19,861,485

Municipal

Bonds

.........................

—

1,945,284,128

—

1,945,284,128

Short

Term

Investments

...................

—

57,150,000

—

57,150,000

Total

Investments

in

Securities

...........

$19,861,485

$2,002,434,128

$—

$2,022,295,613

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Management

Investment

Companies

.........

18,186,420

—

—

18,186,420

Municipal

Bonds

.........................

—

787,871,219

—

787,871,219

Short

Term

Investments

...................

—

67,450,000

—

67,450,000

Total

Investments

in

Securities

...........

$18,186,420

$855,321,219

$—

$873,507,639

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

950,369

950,369

Municipal

Bonds

.........................

—

265,345,593

—

265,345,593

Short

Term

Investments

...................

—

5,000,000

—

5,000,000

Total

Investments

in

Securities

...........

$—

$270,345,593

$950,369

$271,295,962

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Common

Stocks

.........................

—

—

—

b

—

Management

Investment

Companies

.........

156,961,500

—

—

156,961,500

Corporate

Bonds

:

Commercial

Services

&

Supplies

...........

—

—

22,237,850

22,237,850

Diversified

Consumer

Services

............

—

84,188,265

—

84,188,265

Electric

Utilities

........................

—

14,467,528

—

14,467,528

Municipal

Bonds

:

Alabama

.............................

—

16,894,158

—

16,894,158

Arizona

..............................

—

100,629,727

—

100,629,727

Arkansas

.............................

—

21,254,668

—

21,254,668

California

.............................

—

868,793,349

445

868,793,794

Colorado

.............................

—

237,574,138

—

237,574,138

Connecticut

...........................

—

24,851,516

—

24,851,516

Florida

...............................

—

905,887,353

—

905,887,353

Georgia

..............................

—

45,717,538

—

45,717,538

Idaho

................................

—

13,331,367

—

13,331,367

Illinois

...............................

—

129,452,434

—

129,452,434

Indiana

..............................

—

28,317,714

—

28,317,714

4. Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

190

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

a

(continued)

Municipal

Bonds:

(continued)

Iowa

................................

$

—

$

13,954,045

$

—

$

13,954,045

Kansas

..............................

—

1,000,028

—

1,000,028

Kentucky

.............................

—

17,190,109

—

17,190,109

Louisiana

.............................

—

69,644,008

—

69,644,008

Maryland

.............................

—

9,500,367

—

9,500,367

Massachusetts

........................

—

2,179,487

—

2,179,487

Michigan

.............................

—

20,046,752

—

20,046,752

Minnesota

............................

—

10,304,690

—

10,304,690

Mississippi

............................

—

18,222,257

—

18,222,257

Missouri

..............................

—

12,690,633

—

12,690,633

Nevada

..............................

—

31,346,532

—

31,346,532

New

Hampshire

........................

—

21,800,879

—

21,800,879

New

Jersey

...........................

—

50,576,914

—

50,576,914

New

Mexico

...........................

—

2,133,341

—

2,133,341

New

York

.............................

—

139,101,643

—

139,101,643

North

Dakota

..........................

—

4,731,622

—

b

4,731,622

Ohio

................................

—

128,044,375

—

128,044,375

Oklahoma

............................

—

8,578,792

—

8,578,792

Oregon

..............................

—

15,321,531

—

15,321,531

Pennsylvania

..........................

—

110,344,696

—

110,344,696

South

Carolina

.........................

—

41,858,449

—

41,858,449

South

Dakota

..........................

—

8,206,963

—

8,206,963

Tennessee

............................

—

71,383,770

—

71,383,770

Texas

...............................

—

577,944,697

—

577,944,697

Utah

................................

—

25,710,852

—

25,710,852

Virginia

..............................

—

17,962,170

—

17,962,170

Washington

...........................

—

64,772,225

—

64,772,225

West

Virginia

..........................

—

2,780,436

—

2,780,436

Wisconsin

............................

—

180,468,163

—

180,468,163

U.S.

Territories

..........................

District

of

Columbia

.....................

—

41,097,507

—

41,097,507

Pacific

Islands

.........................

—

4,419,170

—

4,419,170

Puerto

Rico

...........................

—

261,017,709

—

261,017,709

Short

Term

Investments

...................

—

22,100,000

—

22,100,000

Total

Investments

in

Securities

...........

$156,961,500

$4,497,794,567

$22,238,295

$4,676,994,362

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

215,124,934

—

215,124,934

Short

Term

Investments

...................

—

2,100,000

—

2,100,000

Total

Investments

in

Securities

...........

$—

$217,224,934

$—

$217,224,934

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

310,928,774

—

310,928,774

Short

Term

Investments

...................

—

5,500,000

—

5,500,000

Total

Investments

in

Securities

...........

$—

$316,428,774

$—

$316,428,774

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

950,369

950,369

Municipal

Bonds

.........................

—

321,396,550

—

321,396,550

4. Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

191

Quarterly

Schedules

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

Assets:

(continued)

Investments

in

Securities:

a

(continued)

Short

Term

Investments

...................

$

—

$

8,400,000

$

—

$

8,400,000

Total

Investments

in

Securities

...........

$—

$329,796,550

$950,369

$330,746,919

Franklin

Michigan

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

1,900,738

1,900,738

Municipal

Bonds

.........................

—

654,175,035

—

654,175,035

Short

Term

Investments

...................

—

6,100,000

—

6,100,000

Total

Investments

in

Securities

...........

$—

$660,275,035

$1,900,738

$662,175,773

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

623,576,073

—

623,576,073

Short

Term

Investments

...................

—

1,150,000

—

1,150,000

Total

Investments

in

Securities

...........

$—

$624,726,073

$—

$624,726,073

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

610,677,652

—

610,677,652

Short

Term

Investments

...................

—

13,200,000

—

13,200,000

Total

Investments

in

Securities

...........

$—

$623,877,652

$—

$623,877,652

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

1,689,546

1,689,546

Municipal

Bonds

.........................

—

797,362,413

—

797,362,413

Short

Term

Investments

...................

—

21,170,000

—

21,170,000

Total

Investments

in

Securities

...........

$—

$818,532,413

$1,689,546

$820,221,959

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

1,689,545

1,689,545

Municipal

Bonds

.........................

—

554,440,201

—

554,440,201

Short

Term

Investments

...................

—

16,730,000

—

16,730,000

Total

Investments

in

Securities

...........

$—

$571,170,201

$1,689,545

$572,859,746

Franklin

Ohio

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

3,379,091

3,379,091

Municipal

Bonds

.........................

—

912,592,517

—

912,592,517

Short

Term

Investments

...................

—

500,000

—

500,000

Total

Investments

in

Securities

...........

$—

$913,092,517

$3,379,091

$916,471,608

Franklin

Oregon

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

2,639,915

2,639,915

Municipal

Bonds

.........................

—

791,910,751

—

791,910,751

Short

Term

Investments

...................

—

10,500,000

—

10,500,000

Total

Investments

in

Securities

...........

$—

$802,410,751

$2,639,915

$805,050,666

4. Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

192

Quarterly

Schedules

of

Investments

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

At November

30,

2025,

the

reconciliation

is

as

follows:

Level

1

Level

2

Level

3

Total

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Corporate

Bonds

........................

$

—

$

—

$

2,111,932

$

2,111,932

Municipal

Bonds

.........................

—

652,956,720

—

652,956,720

Short

Term

Investments

...................

—

16,200,000

—

16,200,000

Total

Investments

in

Securities

...........

$—

$669,156,720

$2,111,932

$671,268,652

Franklin

Virginia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

a

Municipal

Bonds

.........................

—

428,592,027

—

428,592,027

Short

Term

Investments

...................

—

11,800,000

—

11,800,000

Total

Investments

in

Securities

...........

$—

$440,392,027

$—

$440,392,027

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

$

—

$

(874,281)

$

—

$

—

$

3,868

$

10,278

$

(14,146)

$

—

$

—

Senior

Floating

Rate

Interests

:

United

States

.

12,081,618

—

(12,064,255)

—

—

—

—

(17,363)

—

—

Total

Investments

in

Securities

.......

$12,955,899

$—

$(12,938,536)

$—

$—

$3,868

$10,278

$(31,509)

$—

$—

a

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

4. Fair

Value

Measurements

(continued)

Franklin

Tax-Free

Trust

Notes

to

Schedules

of

Investments

(unaudited)

193

Quarterly

Schedules

of

Investments

Abbreviations

Selected

Portfolio

AG

Assured

Guaranty,

Inc.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

BHAC

Berkshire

Hathaway

Assurance

Corp.

COP

Certificate

of

Participation

ETF

Exchange-Traded

Fund

ETM

Escrowed

to

Maturity

FHA

Federal

Housing

Administration

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

NATL

National

Reinsurance

Corp.

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.