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Insured
May
Lose
Value
No
Bank
Guarantee
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Schedules
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
2
Franklin
Arizona
Tax-Free
Income
Fund
6
Franklin
Colorado
Tax-Free
Income
Fund
11
Franklin
Connecticut
Tax-Free
Income
Fund
17
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
129
Franklin
Minnesota
Tax-Free
Income
Fund
136
Franklin
Missouri
Tax-Free
Income
Fund
142
Franklin
New
Jersey
Tax-Free
Income
Fund
147
Franklin
North
Carolina
Tax-Free
Income
Fund
154
Franklin
Ohio
Tax-Free
Income
Fund
161
Franklin
Oregon
Tax-Free
Income
Fund
169
Franklin
Pennsylvania
Tax-Free
Income
Fund
175
Franklin
Virginia
Tax-Free
Income
Fund
182
Notes
to
Schedules
of
Investments
188
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
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%
Residential
REITs
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
500,000
$
517,518
Total
Corporate
Bonds
(Cost
$
500,000
)
........................................
517,518
Municipal
Bonds
95.2%
Alabama
85.8%
Alabama
Community
College
System
,
Bishop
State
Community
College
,
Revenue
,
2019
,
BAM
Insured
,
4
%
,
1/01/49
....
2,000,000
1,770,189
Shelton
State
Community
College
,
Revenue
,
2024
,
AG
Insured
,
5
%
,
8/01/49
.....
1,000,000
1,031,859
Alabama
Federal
Aid
Highway
Finance
Authority
,
Revenue
,
2025
A
,
5
%
,
3/01/45
....
750,000
808,366
Alabama
Highway
Authority
,
Revenue
,
2025
,
AG
Insured
,
5
%
,
9/01/45
............
500,000
541,163
Alabama
Housing
Finance
Authority
,
Revenue
,
2024
A
,
GNMA
Insured
,
4.7
%
,
10/01/54
.........................
970,000
971,717
Revenue
,
2024
D
,
GNMA
Insured
,
4.55
%
,
10/01/54
........................
955,000
934,334
Revenue
,
2025
B
,
GNMA
Insured
,
5.05
%
,
10/01/45
........................
995,000
1,030,044
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
1,058,564
Alabama
State
University
,
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
......................
1,500,000
1,604,136
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/40
......................
1,500,000
1,580,137
Revenue
,
2025
,
AG
Insured
,
5.75
%
,
9/01/50
.............................
500,000
545,945
Alabaster
Board
of
Education
,
Special
Tax
,
2022
,
BAM
Insured
,
5
%
,
9/01/47
.............................
1,500,000
1,553,579
Special
Tax
,
2022
,
BAM
Insured
,
5
%
,
9/01/52
.............................
1,500,000
1,528,581
Alexander
City
Board
of
Education
,
Special
Tax
,
2022
,
BAM
Insured
,
4
%
,
2/01/52
...
3,000,000
2,771,207
Auburn
University
,
Revenue
,
2025
A
,
5
%
,
6/01/55
...........................
2,670,000
2,775,872
Bessemer
Governmental
Utility
Services
Corp.
,
Water
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/39
...........................................
3,000,000
3,052,084
Birmingham
Airport
Authority
,
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/38
......................
400,000
405,524
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/40
......................
705,000
710,934
Birmingham-Jefferson
Civic
Center
Authority
,
Special
Tax
,
2018
A
,
5
%
,
7/01/33
.....
1,605,000
1,665,025
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
1,000,000
1,006,369
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
3,000,000
3,236,395
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
2,000,000
2,079,656
c
Revenue
,
144A,
2025
C
,
Mandatory
Put
,
5.5
%
,
8/01/34
.....................
1,200,000
1,283,042
Revenue
,
2025
D
,
Refunding
,
Mandatory
Put
,
5
%
,
8/01/35
...................
1,000,000
1,065,758
City
of
Albertville
,
GO
,
2025
A
,
BAM
Insured
,
5.5
%
,
4/01/51
....................
1,000,000
1,073,739
City
of
Bessemer
,
Water
,
Revenue
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
1/01/47
.....
2,590,000
2,596,828
City
of
Huntsville
,
GO
,
2018
B
,
5
%
,
5/01/38
................................
3,000,000
3,076,219
City
of
Lincoln
,
GO
,
2020
,
BAM
Insured
,
4
%
,
6/01/50
........................
2,500,000
2,295,409
City
of
Trussville
,
GO
,
2018
A
,
4
%
,
8/01/41
................................
3,000,000
2,986,741
City
of
Tuscaloosa
,
GO
,
2020
A
,
4
%
,
10/01/50
...........................................
2,000,000
1,860,466
GO
,
2025
B
,
5.25
%
,
8/01/55
.........................................
1,250,000
1,318,719
b
Columbia
Industrial
Development
Board
,
Alabama
Power
Co.
,
Revenue
,
2014
D
,
Refunding
,
Mandatory
Put
,
3.81
%
,
6/01/28
...............................
2,000,000
2,026,561
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5.5
%
,
10/01/53
..........
4,500,000
4,703,615
County
of
Marshall
,
GO
,
2025
,
5
%
,
11/01/54
...............................
1,000,000
1,023,256
c
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
...................................
2,100,000
1,924,229
Gomesa
,
Revenue
,
144A,
2026
,
5
%
,
11/01/50
............................
1,000,000
964,667
DCH
Healthcare
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/36
.................................
2,000,000
2,001,554
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Alabama
(continued)
DCH
Healthcare
Authority,
(continued)
Revenue
,
2021
A
,
4
%
,
6/01/46
........................................
$
2,310,000
$
2,184,693
East
Alabama
Health
Care
Authority
(The)
,
Revenue
,
2018
A
,
5
%
,
9/01/41
........
3,000,000
3,052,632
b
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
1,000,000
1,077,651
Revenue
,
2024
B
,
Mandatory
Put
,
5.25
%
,
6/01/32
.........................
2,000,000
2,134,673
Florence
City
Board
of
Education
,
Special
Tax
,
2022
,
4
%
,
3/01/46
...............
3,000,000
2,838,612
Florence
Public
Educational
Building
Authority
,
University
of
North
Alabama
,
Revenue
,
2024
,
AG
Insured
,
5.25
%
,
11/01/49
....................................
1,000,000
1,056,996
Health
Care
Authority
for
Baptist
Health
(The)
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
11/15/36
..............................
1,000,000
1,058,410
Revenue
,
2023
A
,
Refunding
,
5
%
,
11/15/37
..............................
875,000
922,986
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
1,895,312
Huntsville
Hospital
Health
System
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
6/01/35
3,000,000
3,361,327
Homewood
Educational
Building
Authority
,
CHF
-
Horizons
II
LLC
,
Revenue
,
2024
C
,
5.5
%
,
10/01/54
...................
1,000,000
1,015,330
Samford
University
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
12/01/49
...............
2,500,000
2,107,503
Samford
University
,
Revenue
,
2021
A
,
4
%
,
12/01/51
.......................
1,470,000
1,215,321
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
,
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/46
......
3,000,000
2,632,507
Jacksonville
State
University
,
Revenue
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
12/01/36
......................
2,500,000
2,542,103
Revenue
,
2020
,
Refunding
,
AG
Insured
,
4
%
,
12/01/50
......................
5,000,000
4,239,873
Jefferson
County
Board
of
Education
,
Special
Tax
,
2024
,
5
%
,
2/01/46
............
1,000,000
1,052,561
Limestone
County
Water
&
Sewer
Authority
,
Revenue
,
2015
B
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/43
...................
230,000
230,111
Revenue
,
2024
,
5
%
,
12/01/44
........................................
500,000
534,793
Revenue
,
2024
,
4.25
%
,
12/01/54
......................................
2,000,000
1,863,180
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/44
...............
3,000,000
2,905,455
Madison
Water
&
Wastewater
Board
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/41
.....
3,000,000
3,020,646
Mobile
County
Board
of
School
Commissioners
,
Special
Tax
,
2022
B
,
BAM
Insured
,
4.25
%
,
3/01/52
...................................................
2,000,000
1,922,942
Mobile
County
Industrial
Development
Authority
,
AM/NS
Calvert
LLC
,
Revenue
,
2024
A
,
5
%
,
6/01/54
........................
1,000,000
976,795
AM/NS
Calvert
LLC
,
Revenue
,
2024
B
,
4.75
%
,
12/01/54
....................
1,250,000
1,178,564
Montgomery
Water
Works
&
Sanitary
Sewer
Board
,
Revenue
,
2025
,
5
%
,
9/01/46
...
1,000,000
1,069,404
Muscle
Shoals
Board
of
Education
,
Special
Tax
,
2026
,
BAM
Insured
,
5.25
%
,
5/01/51
.
1,250,000
1,318,235
Opelika
Utilities
Board
,
Revenue
,
2017
,
Refunding
,
4
%
,
6/01/41
................
2,000,000
1,973,596
Prattville
Waterworks
Board
,
Revenue
,
2023
,
5.125
%
,
8/01/53
.................
1,000,000
1,027,556
Selma
Industrial
Development
Board
,
International
Paper
Co.
,
Revenue
,
2020
A
,
Refunding
,
4.2
%
,
5/01/34
............................................
1,500,000
1,559,743
b
Southeast
Alabama
Gas
Supply
District
(The)
,
Revenue
,
2024
B
,
Refunding
,
Mandatory
Put
,
5
%
,
5/01/32
..........................................
1,000,000
1,054,083
Southeast
Energy
Authority
A
Cooperative
District
,
b
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
10/01/28
...........................
2,000,000
2,027,116
b
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
2,000,000
2,126,909
b
Revenue
,
2023
B
,
Mandatory
Put
,
5
%
,
6/01/30
............................
1,000,000
1,059,712
Revenue
,
2024
A
,
5
%
,
11/01/35
.......................................
1,000,000
1,044,472
b
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/35
............................
1,000,000
1,022,943
Special
Care
Facilities
Financing
Authority
of
the
City
of
Pell
City
Alabama
,
Noland
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/39
.................
4,000,000
4,010,213
Talladega
County
Board
of
Education
,
Special
Tax
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
11/01/39
........................................................
2,000,000
2,025,012
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)
Town
of
Pike
Road
,
GO
,
2024
,
5
%
,
9/01/44
................................
$
1,000,000
$
1,075,794
Troy
Public
Educational
Building
Authority
,
Troy
City
Board
of
Education
,
Revenue
,
2011
,
AG
Insured
,
5.25
%
,
12/01/40
....................................
295,000
295,242
University
of
Alabama
(The)
,
Revenue
,
2018
B-2
,
5
%
,
9/01/48
..................
3,000,000
3,056,641
University
of
Montevallo
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
5/01/42
....
2,500,000
2,528,746
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
.............................
2,000,000
2,031,835
Revenue
,
2024
A
,
Refunding
,
BAM
Insured
,
5.25
%
,
4/01/54
..................
1,000,000
1,042,564
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue,
Sub.
Lien
,
2016
B
,
Pre-
Refunded
,
5
%
,
1/01/43
.............................................
2,000,000
2,027,759
143,261,034
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
700,000
588,418
Florida
1.1%
c
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
500,000
351,518
c
,d
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
1,725,000
1,472,159
1,823,677
Georgia
0.4%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
185,000
192,857
d
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
925,000
467,588
660,445
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
675,306
Texas
0.4%
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
800,000
613,787
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
434,838
Wisconsin
2.9%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
855,000
890,599
c
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
500,000
417,950
d
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
4,200,000
2,130,076
c,d
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
2,125,000
1,423,708
4,862,333
U.S.
Territories
3.6%
Guam
2.3%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
1,000,000
1,016,347
Guam
Waterworks
Authority
Water
And
Wastewater
System
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/45
............................................
1,000,000
1,034,226
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.25
%
,
7/01/50
.............
600,000
617,603
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
195
.
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
..............
$
1,100,000
$
1,146,107
3,814,283
Puerto
Rico
1.3%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
500,000
505,473
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
1,004,430
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
500,000
494,097
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
250,000
240,839
2,244,839
Total
U.S.
Territories
....................................................................
6,059,122
Total
Municipal
Bonds
(Cost
$
163,179,889
)
.....................................
158,978,960
Total
Long
Term
Investments
(Cost
$
163,679,889
)
...............................
159,496,478
a
a
a
a
a
a
Total
Investments
(Cost
$
163,679,889
)
95.5
%
...................................
$159,496,478
Other
Assets,
less
Liabilities
4.5
%
.............................................
7,522,253
Net
Assets
100.0%
...........................................................
$167,018,731
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$9,561,204,
representing
5.7%
of
net
assets.
d
The
rate
shown
represents
the
yield
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
Franklin
Arizona
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.8%
Arizona
90.8%
Arizona
Board
of
Regents
,
Arizona
State
University
,
Revenue
,
2023
B
,
4
%
,
7/01/53
.....................
$
5,000,000
$
4,511,347
Arizona
State
University
,
Revenue
,
2024
A
,
5
%
,
7/01/50
.....................
6,225,000
6,503,971
Arizona
State
University
,
Revenue
,
2024
A
,
5
%
,
7/01/54
.....................
2,000,000
2,076,867
Arizona
State
University
SPEED
Fund
,
Revenue
,
2024
,
Refunding
,
5
%
,
8/01/46
...
2,115,000
2,248,981
Arizona
State
University
SPEED
Fund
,
Revenue
,
2026
A
,
5
%
,
8/01/56
..........
9,000,000
9,359,902
University
of
Arizona
(The)
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/39
...........
2,750,000
2,750,000
University
of
Arizona
(The)
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
6/01/42
..........
2,000,000
2,000,000
University
of
Arizona
(The)
,
Revenue
,
2018
A
,
5
%
,
6/01/43
...................
4,500,000
4,618,062
University
of
Arizona
(The)
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
6/01/55
..........
5,000,000
5,186,999
Arizona
Industrial
Development
Authority
,
Academies
of
Math
&
Science
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/42
........................................................
2,045,000
2,049,666
Academies
of
Math
&
Science
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/51
........................................................
1,080,000
1,039,759
Arizona
Agribusiness
and
Equine
Center,
Inc.
,
Revenue
,
2017
A
,
5
%
,
3/01/48
....
1,555,000
1,559,750
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
2.65
%
,
7/01/26
195,000
194,778
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/41
...
2,000,000
1,837,903
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/51
...
2,340,000
1,912,335
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
2017
F
,
Refunding
,
5
%
,
7/01/47
..
3,350,000
3,357,550
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/33
.......................................................
1,000,000
1,039,453
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/36
.......................................................
1,235,000
1,276,331
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/39
.......................................................
1,000,000
1,026,092
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/45
.......................................................
2,200,000
2,099,938
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/50
.......................................................
7,055,000
6,339,076
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
11/01/51
.......................................................
1,400,000
1,248,008
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/01/42
.......................................................
1,650,000
1,630,876
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/47
.......................................................
5,610,000
5,739,473
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4.25
%
,
11/01/52
.......................................................
3,500,000
3,226,228
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2023
A
,
5.25
%
,
11/01/53
.......................................................
5,540,000
5,655,474
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2026
A
,
5.5
%
,
11/01/56
.......................................................
1,000,000
1,048,269
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue
,
2025
A-2
,
5.125
%
,
1/01/59
2,425,000
2,264,278
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2025
B
,
5.125
%
,
1/01/59
.................................................
6,899,966
5,444,409
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
7/01/41
..........
5,000
4,590
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2025
A
,
5
%
,
7/01/45
..........
900,000
909,637
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2025
A
,
5
%
,
7/01/50
..........
1,300,000
1,265,669
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2025
A
,
5.25
%
,
7/01/55
........
1,750,000
1,747,259
KIPP
Nashville
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/47
..............
1,400,000
1,404,547
KIPP
Nashville
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/62
..............
2,400,000
2,320,306
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/51
.............
8,000,000
6,557,056
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
C
,
3.25
%
,
7/01/31
..........
1,350,000
1,239,426
Leman
Academy
of
Excellence
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4.5
%
,
7/01/54
........................................................
3,000,000
2,481,333
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
2/01/50
.....
2,540,000
2,230,600
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)
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
2/01/41
........................................................
$
885,000
$
768,181
Provident
Group-NCCU
Properties
LLC
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
6/01/58
........................................................
6,250,000
6,294,143
Arizona
State
University
,
Revenue
,
2019
A
,
5
%
,
7/01/40
......................
1,000,000
1,047,154
a
City
of
Avondale
,
Wastewater
System
,
Revenue
,
2026
A
,
Refunding
,
5
%
,
7/01/56
...
500,000
519,403
City
of
Bullhead
,
Excise
Taxes
,
Revenue
,
2022
,
4
%
,
7/01/47
...................
2,065,000
1,961,641
City
of
Glendale
,
Water
&
Sewer
,
Revenue,
Senior
Lien
,
2024
,
5
%
,
7/01/41
...................
1,000,000
1,095,375
Water
&
Sewer
,
Revenue,
Senior
Lien
,
2024
,
5
%
,
7/01/43
...................
1,000,000
1,081,511
City
of
Goodyear
,
Water
&
Sewer
,
Revenue,
Sub.
Lien,
Second
Series
,
2020
,
AG
Insured
,
4
%
,
7/01/45
...............................................
3,500,000
3,473,080
City
of
Kingman
,
Excise
Tax
,
Revenue
,
2025
,
4.5
%
,
7/15/44
...................
1,000,000
1,033,431
City
of
Lake
Havasu
City
,
Wastewater
System
,
GO,
Senior
Lien
,
2025
,
Refunding
,
4
%
,
7/01/43
.........................................................
2,000,000
2,027,934
City
of
Mesa
,
Utility
System
,
Revenue
,
2018
,
4
%
,
7/01/38
.....................
1,425,000
1,429,651
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/42
..................................
2,155,000
2,176,014
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..................................
12,935,000
12,966,860
Airport
,
Revenue,
Junior
Lien
,
2017
D
,
Refunding
,
4
%
,
7/01/40
...............
16,570,000
16,490,161
Airport
,
Revenue,
Junior
Lien
,
2019
A
,
4
%
,
7/01/44
........................
4,000,000
3,971,791
Airport
,
Revenue,
Junior
Lien
,
2019
A
,
5
%
,
7/01/44
........................
8,500,000
8,800,083
Airport
,
Revenue,
Senior
Lien
,
2018
,
5
%
,
7/01/48
..........................
5,000,000
5,012,588
Excise
Tax
,
Revenue
,
2022
,
5
%
,
7/01/46
................................
8,300,000
8,743,903
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/39
..................................................
4,090,000
4,269,540
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
4
%
,
7/01/45
..................................................
12,500,000
12,223,543
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/27
.....
3,945,000
4,066,821
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/28
.....
2,000,000
2,116,327
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/29
.....
2,000,000
2,168,316
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/36
.....
5,000,000
5,973,683
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/37
.....
7,000,000
8,398,837
Wastewater
,
Revenue,
Junior
Lien
,
2018
A
,
4
%
,
7/01/39
.....................
5,000,000
5,030,179
Water
System
,
Revenue,
Junior
Lien
,
2016
,
Refunding
,
5
%
,
7/01/38
............
5,000,000
5,009,492
Water
System
,
Revenue,
Junior
Lien
,
2020
B
,
5
%
,
7/01/44
...................
8,030,000
8,457,986
City
of
Scottsdale
,
GO
,
2023
,
4
%
,
7/01/39
.................................
1,500,000
1,536,188
City
of
Tempe
,
GO
,
2025
,
Refunding
,
5
%
,
7/01/40
...........................
6,930,000
7,787,204
Coconino
County
Jail
District
,
Excise
Tax
,
Revenue
,
2025
,
4.5
%
,
7/01/45
.........
1,000,000
1,021,859
County
of
Yuma
,
Pledged
,
Revenue
,
2022
,
BAM
Insured
,
4.25
%
,
7/15/42
.........
3,250,000
3,302,830
Gilbert
Water
Resource
Municipal
Property
Corp.
,
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/39
........................................................
10,000,000
10,180,099
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/42
........................................................
4,700,000
4,728,648
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/47
........................................................
9,030,000
8,954,517
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
5/15/31
...........
340,000
331,966
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/41
...........
1,000,000
991,093
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
...........
4,500,000
3,908,780
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/44
......
2,000,000
2,002,449
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/49
......
3,120,000
3,024,012
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/54
......
2,665,000
2,527,343
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)
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The),
(continued)
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/59
......
$
2,000,000
$
1,872,903
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/27
425,000
430,445
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/30
700,000
715,304
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/32
250,000
254,555
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/33
600,000
609,814
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/37
3,950,000
3,988,016
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/42
12,800,000
12,802,595
Vista
College
Preparatory
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
7/01/48
......
1,000,000
1,002,910
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/40
....
1,040,000
1,003,661
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/41
....
1,360,000
1,295,560
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
4/01/51
....
12,000,000
8,589,541
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
4,259,717
Yavapai
Community
Hospital
Association
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
8/01/36
............................................
1,310,000
1,312,574
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/38
....................
1,000,000
1,011,903
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/48
....................
1,000,000
974,169
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2019
F
,
3
%
,
1/01/49
...............
5,000,000
3,749,107
Banner
Health
Obligated
Group
,
Revenue
,
A
,
4
%
,
1/01/41
...................
9,630,000
9,639,785
Banner
Health
Obligated
Group
,
Revenue
,
A
,
5
%
,
1/01/41
...................
37,590,000
38,286,392
Creighton
University
,
Revenue
,
2020
,
4
%
,
7/01/50
.........................
8,450,000
7,461,422
Highland
Prep
Obligated
Group
,
Revenue
,
2019
,
5
%
,
1/01/43
................
2,275,000
2,326,708
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/36
.......
2,100,000
2,161,989
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/37
.......
3,175,000
3,262,553
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/42
.......
2,750,000
2,809,314
HonorHealth
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
9/01/51
................
5,600,000
3,996,740
Reid
Traditional
Schools
Obligated
Group
,
Revenue
,
2016
,
5
%
,
7/01/36
.........
1,120,000
1,120,015
Reid
Traditional
Schools
Obligated
Group
,
Revenue
,
2016
,
5
%
,
7/01/47
.........
3,325,000
3,103,106
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.
,
Revenue
,
2009
B
,
Refunding
,
3.6
%
,
4/01/40
.............
13,500,000
12,717,270
El
Paso
Electric
Co.
,
Revenue
,
2012
A
,
Refunding
,
4.5
%
,
8/01/42
.............
10,000,000
10,001,144
b
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
4,500,000
4,466,515
b
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
B
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
2,150,000
2,134,002
Maricopa
County
Unified
School
District
No.
60
Higley
,
COP
,
2023
,
Refunding
,
AG
Insured
,
5
%
,
6/01/53
...............................................
3,000,000
3,051,734
Maricopa
County
Unified
School
District
No.
69
Paradise
Valley
,
GO
,
2025
A
,
5
%
,
7/01/43
.........................................................
7,150,000
7,805,542
Maricopa
County
Unified
School
District
No.
80
Chandler
,
GO
,
2026
A
,
5
%
,
7/01/45
.
3,890,000
4,236,557
McAllister
Academic
Village
LLC
,
Arizona
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/37
............
2,095,000
2,097,539
Arizona
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/39
............
1,000,000
1,001,089
Mohave
County
Union
High
School
District
No.
2
Colorado
River
,
GO
,
2017
,
5
%
,
7/01/35
.........................................................
1,000,000
1,017,913
Pima
County
Unified
School
District
No.
30
Sahuarita
,
GO
,
2017
,
BAM
Insured
,
5
%
,
7/01/33
...................................
2,665,000
2,719,623
GO
,
2017
,
BAM
Insured
,
5
%
,
7/01/34
...................................
2,800,000
2,854,084
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
1/01/38
...............................
2,125,000
2,185,811
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)
Salt
River
Project
Agricultural
Improvement
&
Power
District,
(continued)
Revenue
,
2019
A
,
5
%
,
1/01/47
........................................
$
2,000,000
$
2,057,395
Revenue
,
2023
A
,
5
%
,
1/01/47
........................................
5,000,000
5,249,807
Revenue
,
2023
A
,
5
%
,
1/01/50
........................................
5,265,000
5,463,266
Revenue
,
2023
B
,
5.25
%
,
1/01/53
.....................................
2,780,000
2,930,552
Revenue
,
2024
A
,
5.25
%
,
1/01/54
.....................................
15,000,000
15,888,179
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5
%
,
12/01/32
.......................................
11,555,000
12,239,599
Revenue
,
2007-1
,
5
%
,
12/01/37
.......................................
5,000,000
5,277,950
Student
&
Academic
Services
LLC
,
Northern
Arizona
Capital
Facilities
Finance
Corp.
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/44
......................
1,030,000
1,098,050
Town
of
Marana
,
Pledged
Excise
,
Revenue
,
2024
,
4
%
,
7/01/44
.................
2,250,000
2,243,181
Town
of
Queen
Creek
,
Excise
Tax
,
Revenue
,
2018
A
,
5
%
,
8/01/42
...............................
5,000,000
5,162,574
Excise
Tax
,
Revenue
,
2022
,
5
%
,
8/01/47
................................
1,190,000
1,240,392
Excise
Tax
,
Revenue
,
2024
,
5
%
,
8/01/49
................................
4,425,000
4,618,180
Yuma
Industrial
Development
Authority
,
Yuma
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
4
%
,
8/01/49
..............................................
4,000,000
3,599,491
Yuma
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
4
%
,
8/01/54
..............................................
4,000,000
3,515,137
Yuma
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
8/01/54
..................................................
1,750,000
1,810,976
543,035,164
Florida
1.0%
c
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
800,000
562,428
c
,d
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
6,465,000
5,517,397
6,079,825
Georgia
0.3%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
540,000
562,935
d
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
2,420,000
1,223,311
1,786,246
Oregon
0.2%
c
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
1,459,063
Texas
0.7%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,891,663
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,300,000
2,531,871
4,423,534
Washington
0.3%
c
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,800,000
1,565,416
Wisconsin
2.7%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
2,530,000
2,635,340
c
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,900,000
1,588,211
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
See
Abbreviations
on
page
195
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
d
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
$
10,975,000
$
5,566,092
c
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
1,500,000
1,368,883
c,d
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
5,075,000
3,400,149
c
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,500,000
1,508,620
16,067,295
U.S.
Territories
1.8%
Guam
0.1%
Guam
Power
Authority
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/44
..............
450,000
470,116
Puerto
Rico
1.7%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
3,700,000
3,740,499
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
1,550,000
1,493,221
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
4,906,000
4,848,080
10,081,800
Total
U.S.
Territories
....................................................................
10,551,916
Total
Municipal
Bonds
(Cost
$
595,366,214
)
.....................................
584,968,459
a
a
a
a
Short
Term
Investments
0.1%
Municipal
Bonds
0.1%
Arizona
0.1%
e
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
...............
570,000
570,000
Total
Municipal
Bonds
(Cost
$
570,000
)
.........................................
570,000
Total
Short
Term
Investments
(Cost
$
570,000
)
..................................
570,000
a
Total
Investments
(Cost
$
595,936,214
)
97.9
%
...................................
$585,538,459
Other
Assets,
less
Liabilities
2.1
%
.............................................
12,429,333
Net
Assets
100.0%
...........................................................
$597,967,792
a
Security
purchased
on
a
when-issued
basis.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$19,502,038,
representing
3.3%
of
net
assets.
d
The
rate
shown
represents
the
yield
at
period
end.
e
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
Franklin
Colorado
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Residential
REITs
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,400,000
$
1,449,049
Total
Corporate
Bonds
(Cost
$
1,400,000
)
.......................................
1,449,049
Municipal
Bonds
96.1%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,000,000
1,681,196
Colorado
89.2%
b
Access
25
Metropolitan
District
No.
2
,
GO
,
144A,
2023
,
6.75
%
,
12/01/53
..........
3,000,000
3,108,013
Adams
&
Arapahoe
Counties
Joint
School
District
28J
Aurora
,
COP
,
2025
,
BAM
Insured
,
5.5
%
,
12/01/50
.............................................
2,000,000
2,146,091
Adams
&
Arapahoe
Joint
School
District
28J
Aurora
,
GO
,
2025
,
5.5
%
,
12/01/47
.....
3,000,000
3,322,729
Adams
County
Housing
Authority
,
2880
Uplands
LLLP
,
Revenue
,
2026
A
,
5
%
,
4/01/44
2,250,000
2,312,116
Adams
State
University
,
Revenue
,
2012
,
5
%
,
5/15/37
.........................................
630,000
623,237
Revenue
,
2019
A
,
Refunding
,
4
%
,
5/15/42
...............................
1,515,000
1,491,487
Arapahoe
County
School
District
No.
5
Cherry
Creek
,
GO
,
2024
,
5.25
%
,
12/15/44
...
2,000,000
2,224,028
c
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO
,
2025
A-2
,
Refunding
,
0.41
%,
12/01/55
........................................................
4,250,000
3,985,945
Baseline
Metropolitan
District
No.
1
,
GO
,
2024
A
,
Refunding
,
AG
Insured
,
4
%
,
12/01/46
2,000,000
1,923,965
Board
of
Governors
of
Colorado
State
University
System
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
3/01/43
...............................
5,000,000
5,726,098
Revenue
,
2017
E
,
Refunding
,
4
%
,
3/01/43
...............................
4,500,000
4,433,358
Revenue
,
2024
A
,
Refunding
,
4
%
,
3/01/47
...............................
5,000,000
4,533,214
Revenue
,
A
,
Refunding
,
4
%
,
3/01/40
...................................
5,000,000
5,007,267
Board
of
Water
Commissioners
City
&
County
of
Denver
(The)
,
Revenue
,
2017
A
,
5
%
,
9/15/47
........................................
5,000,000
5,053,432
Revenue
,
2024
A
,
Refunding
,
5
%
,
9/15/54
...............................
1,500,000
1,561,713
b
Broadway
Park
North
Metropolitan
District
No.
2
,
GO
,
144A,
2020
,
Refunding
,
5
%
,
12/01/40
........................................................
1,325,000
1,332,915
Bromley
Park
Metropolitan
District
No.
2
,
GO
,
2023
,
Refunding
,
BAM
Insured
,
5.375
%
,
12/01/53
........................................................
2,500,000
2,624,583
b
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-1
,
Refunding
,
5
%
,
12/01/49
........................................................
4,227,000
3,975,296
Castle
Oaks
Metropolitan
District
No.
3
,
GO
,
2020
,
Refunding
,
AG
Insured
,
4
%
,
12/01/45
........................................................
1,140,000
1,093,659
CCP
Metropolitan
District
No.
3
,
GO
,
2024
,
Refunding
,
5
%
,
12/01/53
.............
1,175,000
1,164,028
Centennial
Water
&
Sanitation
District
,
Revenue
,
2019
,
5.25
%
,
12/01/48
..........
2,135,000
2,195,322
Cherokee
Metropolitan
District
,
Revenue
,
2020
,
BAM
Insured
,
4
%
,
8/01/45
..............................
2,250,000
2,206,595
Revenue
,
2020
,
BAM
Insured
,
4
%
,
8/01/50
..............................
1,400,000
1,282,268
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2022
A
,
5
%
,
11/15/37
...........................
4,250,000
4,575,629
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5
%
,
11/15/53
..................
5,000,000
5,058,401
Airport
System
,
Revenue
,
2023
B
,
Refunding
,
5.5
%
,
11/15/42
................
1,000,000
1,103,485
Airport
System
,
Revenue
,
2023
B
,
Refunding
,
5.5
%
,
11/15/43
................
1,000,000
1,098,047
Airport
System
,
Revenue,
Sub.
Lien
,
2018
A
,
Refunding
,
5.25
%
,
12/01/48
.......
5,000,000
5,063,062
Airport
System
,
Revenue,
Sub.
Lien
,
2018
B
,
Refunding
,
5
%
,
12/01/48
..........
4,440,000
4,500,394
Pledged
Excise
Tax
,
Revenue
,
2018
A-1
,
5
%
,
8/01/48
......................
5,000,000
5,003,418
City
of
Aurora
,
Water
,
Revenue,
First
Lien
,
2024
,
4
%
,
8/01/54
..................
2,250,000
2,071,959
City
of
Brighton
,
Water
Activity
,
Revenue
,
2025
,
4.25
%
,
6/01/55
.................
3,000,000
2,874,368
City
of
Colorado
Springs
,
Utilities
System
,
GO
,
2025
A
,
5.25
%
,
11/15/50
............................
5,000,000
5,368,535
Utilities
System
,
Revenue
,
2024
A
,
5
%
,
11/15/49
..........................
1,500,000
1,576,961
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.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
City
of
Colorado
Springs,
(continued)
Utilities
System
,
Revenue
,
2024
A
,
5.25
%
,
11/15/54
........................
$
5,000,000
$
5,325,108
City
of
Fort
Collins
,
Electric
Utility
Enterprise
,
Revenue
,
2018
A
,
5
%
,
12/01/42
......
13,500,000
13,888,450
City
of
Grand
Junction
,
COP
,
2021
,
4
%
,
12/01/45
............................................
2,005,000
1,957,116
Sales
&
Use
Tax
,
Revenue
,
2020
B
,
4
%
,
3/01/49
..........................
3,775,000
3,459,939
Colorado
Bridge
&
Tunnel
Enterprise
,
Revenue
,
2024
A
,
AG
Insured
,
5.5
%
,
12/01/54
............................
1,000,000
1,068,973
Revenue
,
2024
B
,
Refunding
,
5
%
,
12/01/49
..............................
2,925,000
3,062,673
Revenue,
Senior
Lien
,
2025
A
,
AG
Insured
,
5.25
%
,
12/01/54
.................
3,490,000
3,667,173
Colorado
Educational
&
Cultural
Facilities
Authority
,
Addenbrooke
Classical
Academy,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/55
....................................................
750,000
759,750
Alexander
Dawson
School
LLC
(The)
,
Revenue
,
2010
,
5
%
,
2/15/40
............
5,280,000
5,286,298
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/36
....................
425,000
417,228
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/41
....................
150,000
137,935
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/51
....................
370,000
304,366
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/61
....................
550,000
429,243
Denver
School
of
Science
&
Technology,
Inc.
,
Revenue
,
2021
,
3
%
,
8/01/41
......
1,460,000
1,176,518
Denver
School
of
Science
&
Technology,
Inc.
,
Revenue
,
2021
,
3
%
,
8/01/51
......
3,635,000
2,453,672
Eagle
Ridge
Academy
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
11/01/37
............
1,000,000
1,048,373
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/32
.......
280,000
281,305
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/52
.......
1,355,000
1,119,026
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/62
.......
1,600,000
1,263,254
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/52
750,000
724,019
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/57
1,765,000
1,680,649
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/46
....................
320,000
271,764
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/56
....................
1,000,000
780,465
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/61
....................
2,210,000
1,683,343
Pinnacle
Charter
School,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/50
.......
5,820,000
5,097,806
Roosevelt
Charter
Academy
,
Revenue
,
2025
A
,
BAM
Insured
,
5
%
,
7/01/55
.......
725,000
731,809
Union
Colony
Schools
,
Revenue
,
2018
,
Refunding
,
5
%
,
4/01/48
...............
715,000
715,703
University
of
Denver
,
Revenue
,
2017
A
,
5
%
,
3/01/47
.......................
3,950,000
3,968,165
West
Ridge
Academy
Charter
School
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
6/01/49
..
400,000
393,516
Westgate
Community
School
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/41
........
2,370,000
2,211,851
Windsor
Charter
Academy
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
2,400,000
2,057,811
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
11/15/41
......
3,000,000
2,981,034
AdventHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/15/39
......
5,005,000
5,239,807
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/35
.......................................................
1,575,000
1,573,659
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/37
.......................................................
850,000
835,459
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/38
.......................................................
705,000
687,499
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/39
.......................................................
835,000
817,358
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/40
.......................................................
725,000
711,120
BSLC
II
Obligated
Group
,
Revenue
,
2018
A-1
,
Refunding
,
4.75
%
,
9/15/53
.......
1,500,000
1,383,564
BSLC
II
Obligated
Group
,
Revenue,
Second
Tier
,
2025
,
5.5
%
,
9/15/54
..........
2,000,000
2,014,096
BSLC
Obligated
Group
,
Revenue
,
2018
A-1
,
Refunding
,
5
%
,
9/15/48
...........
3,000,000
2,959,450
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
12/01/41
.......................................................
5,195,000
5,195,000
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/38
3,000,000
3,104,638
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/39
2,000,000
2,065,939
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Health
Facilities
Authority,
(continued)
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
4
%
,
8/01/49
$
9,990,000
$
8,794,847
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5.25
%
,
11/01/52
......
3,000,000
3,095,483
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
12/01/54
.......................................................
4,000,000
4,141,537
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
9/01/35
.
1,000,000
1,117,940
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
12/01/48
.......................................................
5,000,000
4,980,388
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/50
...........................................
5,700,000
4,826,383
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.125
%
,
12/01/45
.......................................
1,000,000
1,028,154
Craig
Hospital
Obligated
Group
,
Revenue
,
2025
A
,
5.25
%
,
12/01/50
............
3,000,000
3,120,303
Craig
Hospital
Obligated
Group
,
Revenue
,
2025
A
,
5.5
%
,
12/01/55
.............
3,535,000
3,703,455
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
5/15/48
........................................................
1,500,000
1,536,890
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
1/01/38
........................................................
3,660,000
3,680,862
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
5/15/54
........................................................
1,100,000
1,121,689
Sanford
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/01/44
..........
3,495,000
3,573,238
Sanford
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/01/49
..........
8,050,000
8,127,967
University
of
Colorado
Health
Obligated
Group
,
Revenue
,
2020
A
,
Pre-Refunded
,
4
%
,
9/01/50
....................................................
6,275,000
6,629,332
Valley
View
Hospital
Association
,
Revenue
,
2015
,
5
%
,
5/15/40
................
2,000,000
2,001,364
Valley
View
Hospital
Association
,
Revenue
,
2015
,
5
%
,
5/15/45
................
1,000,000
1,000,508
Colorado
High
Performance
Transportation
Enterprise
,
C-470
Express
Lanes
System
,
Revenue
,
2017
,
5
%
,
12/31/47
........................................
2,555,000
2,554,882
Colorado
Housing
and
Finance
Authority
,
Revenue
,
2019
B-1
,
I
,
3.15
%
,
10/01/44
.................................
1,000,000
854,041
Revenue
,
2019
B-1
,
I
,
3.25
%
,
10/01/49
.................................
1,000,000
798,572
Colorado
School
of
Mines
,
Revenue
,
2023
C
,
5.25
%
,
12/01/53
.................
3,000,000
3,141,431
Colorado
Science
and
Technology
Park
Metropolitan
District
No.
1
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
5
%
,
12/01/54
...................................
750,000
754,384
Colorado
Springs
School
District
No.
11
Facilities
Corp.
,
COP
,
2024
,
BAM
Insured
,
5.25
%
,
12/15/48
...................................................
1,000,000
1,058,492
d
County
of
Routt
,
Yampa
Valley
Regional
Airport
,
Revenue
,
2026
,
5.5
%
,
6/01/51
.....
1,000,000
1,057,583
Crystal
Valley
Metropolitan
District
No.
2
,
GO
,
2020
A
,
Refunding
,
AG
Insured
,
3
%
,
12/01/49
........................................................
3,000,000
2,148,856
Denver
City
&
County
Housing
Authority
,
4965
Washington
Street
LLLP
,
Revenue
,
2025
A
,
5
%
,
12/01/45
...............................................
3,500,000
3,596,172
Denver
City
&
County
School
District
No.
1
,
GO
,
2025
C
,
5.5
%
,
12/01/49
.........
5,000,000
5,486,038
Denver
Convention
Center
Hotel
Authority
,
Revenue,
Senior
Lien
,
2016
,
Refunding
,
5
%
,
12/01/40
.....................................................
9,775,000
9,795,364
Denver
Health
&
Hospital
Authority
,
COP
,
2018
,
5
%
,
12/01/48
............................................
5,255,000
5,256,304
Revenue
,
2014
A
,
5.25
%
,
12/01/45
....................................
9,250,000
9,253,350
Revenue
,
2019
A
,
Refunding
,
5
%
,
12/01/30
..............................
1,000,000
1,053,877
Revenue
,
2019
A
,
Refunding
,
5
%
,
12/01/32
..............................
1,330,000
1,390,840
Revenue
,
2019
A
,
Refunding
,
4
%
,
12/01/37
..............................
3,540,000
3,391,800
Revenue
,
2025
A
,
5.125
%
,
12/01/50
...................................
1,015,000
1,011,059
Revenue
,
2025
A
,
6
%
,
12/01/55
.......................................
1,000,000
1,065,693
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
A
,
4
%
,
12/01/48
........................................................
350,000
298,431
East
Cherry
Creek
Valley
Water
and
Sanitation
District
,
Revenue
,
2019
A
,
4
%
,
11/15/38
.......................................
1,000,000
1,010,648
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)
East
Cherry
Creek
Valley
Water
and
Sanitation
District,
(continued)
Revenue
,
2019
A
,
4
%
,
11/15/39
.......................................
$
1,200,000
$
1,212,352
Erie
Farm
Metropolitan
District
,
GO
,
2021
,
Refunding
,
AG
Insured
,
4
%
,
12/01/51
....
1,200,000
1,062,574
Evan's
Place
Metropolitan
District
,
GO
,
2020
A-3
,
5
%
,
12/01/40
.................
550,000
552,899
b
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5.55
%
,
12/01/47
3,500,000
3,569,642
Fort
Collins
Housing
Authority
,
Village
on
Eastbrook
LLLP
,
Revenue
,
2026
A
,
5
%
,
5/01/44
.........................................................
1,500,000
1,551,496
Gunnison
County
Housing
Authority
,
Revenue
,
2025
,
BAM
Insured
,
5.125
%
,
6/01/55
.
1,350,000
1,389,676
Gunnison
Watershed
School
District
No.
Re
1J
,
GO
,
2023
,
5
%
,
12/01/47
..........
3,250,000
3,393,724
Johnstown
Plaza
Metropolitan
District
,
GO
,
2022
,
Refunding
,
4.25
%
,
12/01/46
.....
3,000,000
2,952,249
Lakes
at
Centerra
Metropolitan
District
No.
2
,
GO
,
2024
A
,
Refunding
,
AG
Insured
,
4.5
%
,
12/01/54
...................................................
2,500,000
2,367,866
Lambertson
Farms
Metropolitan
District
No.
1
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
4.25
%
,
12/15/54
............................................
1,000,000
918,845
Larimer
County
School
District
No.
R-1
Poudre
,
GO
,
2018
,
5
%
,
12/15/39
.............................................
2,660,000
2,770,449
GO
,
2018
,
5
%
,
12/15/40
.............................................
2,340,000
2,433,338
Meridian
Metropolitan
District
,
GO
,
2023
,
AG
Insured
,
4.375
%
,
12/01/53
..........
2,000,000
1,894,865
Mesa
County
Valley
School
District
No.
51
Grand
Junction
,
GO
,
2025
,
5.25
%
,
12/01/49
2,000,000
2,139,647
North
Pine
Vistas
Metropolitan
District
No.
2
,
GO
,
2022
,
Refunding
,
AG
Insured
,
5
%
,
12/01/52
........................................................
1,125,000
1,143,680
Park
70
Metropolitan
District
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/36
....................................
1,000,000
1,003,530
GO
,
2016
,
Refunding
,
5
%
,
12/01/46
....................................
1,500,000
1,499,920
Park
Creek
Metropolitan
District
,
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/01/46
.
2,875,000
2,916,715
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2024
A
,
AG
Insured
,
4.5
%
,
12/01/51
..................................................
1,500,000
1,454,241
Westerly
Creek
District
Service
Area
,
Tax
Allocation,
Senior
Lien
,
2024
A
,
AG
Insured
,
4.25
%
,
12/01/47
..........................................
1,000,000
963,110
Westerly
Creek
District
Service
Area
,
Tax
Allocation,
Senior
Lien
,
2025
,
Refunding
,
AG
Insured
,
5
%
,
12/01/41
..........................................
1,000,000
1,069,807
Parker
Water
&
Sanitation
District
,
Revenue
,
2018
,
5
%
,
11/01/42
................
6,475,000
6,591,525
Patriot
Park
Metropolitan
District
No.
2
,
GO
,
2021
,
4.3
%
,
12/01/50
...............
534,000
464,432
d
Platte
River
Power
Authority
,
Revenue
,
LL
,
5
%
,
6/01/56
.......................
2,000,000
2,078,856
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
B
,
5.875
%
,
12/15/46
.........
1,000,000
1,058,189
Prairie
Center
Metropolitan
District
No.
7
,
GO
,
2020
,
4.125
%
,
12/15/36
.........................................
390,000
390,060
GO
,
2020
,
4.875
%
,
12/15/44
.........................................
725,000
726,659
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
9,900,000
11,898,834
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/34
........
550,000
555,911
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/35
........
1,750,000
1,762,846
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/38
........
700,000
692,991
Sales
Tax
,
Revenue
,
2016
A
,
5
%
,
11/01/41
...............................
10,000,000
10,058,867
Sales
Tax
,
Revenue
,
2016
A
,
5
%
,
11/01/46
...............................
6,000,000
6,019,932
Silver
Peaks
Metropolitan
District
No.
3
,
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/50
....
1,000,000
968,264
South
Timnath
Metropolitan
District
No.
2
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/42
.....
5,690,000
5,702,296
State
of
Colorado
,
COP
,
2020
,
Refunding
,
4
%
,
6/15/40
....................................
1,315,000
1,323,174
COP
,
2020
A
,
4
%
,
12/15/38
..........................................
3,555,000
3,596,066
COP
,
2020
R
,
4
%
,
3/15/45
...........................................
5,000,000
4,851,204
COP
,
2024
A
,
4
%
,
11/01/53
..........................................
2,000,000
1,766,164
Sterling
Hills
West
Metropolitan
District
,
GO
,
2017
,
Refunding
,
5
%
,
12/01/39
.......
1,125,000
1,152,381
Thompson
Crossing
Metropolitan
District
No.
2
,
GO
,
2016
B
,
Refunding
,
AG
Insured
,
5
%
,
12/01/46
.....................................................
4,500,000
4,501,065
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)
Town
of
Monument
,
COP
,
2020
,
AG
Insured
,
4
%
,
12/01/45
....................
$
2,000,000
$
1,892,333
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
A
,
Refunding
,
AG
Insured
,
4.25
%
,
12/01/54
...................................................
2,000,000
1,811,727
University
of
Colorado
,
Revenue
,
2025
A
,
4.25
%
,
6/01/55
.....................
4,055,000
3,816,435
Upper
Eagle
Regional
Water
Authority
,
Revenue
,
2024
,
BAM
Insured
,
4.25
%
,
12/01/53
2,000,000
1,892,205
Whispering
Pines
Metropolitan
District
No.
1
,
GO
,
2023
,
Refunding
,
AG
Insured
,
5
%
,
12/01/52
........................................................
900,000
914,776
Wildwing
Metropolitan
District
No.
5
,
GO
,
2024
,
Refunding
,
AG
Insured
,
4.5
%
,
12/01/53
750,000
711,201
Windsor
Highlands
Metropolitan
District
No.
4
,
GO
,
2024
,
Refunding
,
BAM
Insured
,
4.5
%
,
12/01/53
...................................................
2,000,000
1,936,428
433,467,145
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
3,687,166
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
800,000
562,428
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
4,820,000
4,113,511
8,363,105
Georgia
0.4%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
550,000
573,360
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
2,735,000
1,382,543
1,955,903
South
Carolina
0.1%
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
695,000
625,783
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,400,000
1,841,361
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
1,217,546
Wisconsin
2.6%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
2,570,000
2,677,005
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,400,000
1,170,261
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
12,405,000
6,291,332
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
3,650,000
2,445,428
12,584,026
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
641,917
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
1,500,000
1,524,521
2,166,438
Puerto
Rico
0.6%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,200,000
1,213,135
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
See
Abbreviations
on
page
195
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Electric
Power
Authority,
(continued)
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
$
1,000,000
$
1,004,430
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
750,000
741,146
2,958,711
Total
U.S.
Territories
....................................................................
5,125,149
Total
Municipal
Bonds
(Cost
$
478,313,988
)
.....................................
466,861,214
Total
Long
Term
Investments
(Cost
$
479,713,988
)
...............................
468,310,263
a
a
a
a
a
Short
Term
Investments
2.8%
Municipal
Bonds
2.8%
Colorado
2.8%
e
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
.........................
13,300,000
13,300,000
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2024
D
,
Daily
VRDN
and
Put
,
2.8
%
,
5/15/64
...................................................
500,000
500,000
13,800,000
Total
Municipal
Bonds
(Cost
$
13,800,000
)
......................................
13,800,000
Total
Short
Term
Investments
(Cost
$
13,800,000
)
................................
13,800,000
a
Total
Investments
(Cost
$
493,513,988
)
99.2
%
...................................
$482,110,263
Other
Assets,
less
Liabilities
0.8
%
.............................................
3,656,608
Net
Assets
100.0%
...........................................................
$485,766,871
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$23,962,184,
representing
4.9%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Security
purchased
on
a
when-issued
basis.
e
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
Franklin
Connecticut
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
93.9%
Connecticut
87.3%
City
of
Bridgeport
,
GO
,
2021
A
,
BAM
Insured
,
4
%
,
8/01/46
.................................
$
375,000
$
363,563
GO
,
2021
A
,
BAM
Insured
,
4
%
,
8/01/51
.................................
575,000
529,556
GO
,
2024
A
,
Refunding
,
BAM
Insured
,
5
%
,
7/01/44
........................
550,000
595,735
City
of
New
Britain
,
GO
,
2017
C
,
AG
Insured
,
5
%
,
3/01/36
.....................
1,000,000
1,012,519
City
of
New
Haven
,
GO
,
2021
A
,
Refunding
,
4
%
,
8/01/41
...................................
2,000,000
1,946,464
GO
,
2025
,
Refunding
,
AG
Insured
,
5
%
,
8/01/44
...........................
300,000
320,083
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
565,455
Connecticut
Housing
Finance
Authority
,
Revenue
,
2019
E-E1
,
3.05
%
,
11/15/44
..................................
5,000,000
4,188,743
Revenue
,
2019
E-E1
,
3.1
%
,
11/15/49
...................................
2,000,000
1,561,798
Revenue
,
2020
C-1
,
Refunding
,
2.05
%
,
5/15/37
...........................
1,000,000
804,490
Revenue
,
2020
C-2
,
Refunding
,
2.2
%
,
11/15/34
...........................
960,000
812,185
Connecticut
Municipal
Electric
Energy
Cooperative
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
1/01/37
.........................................................
135,000
146,525
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Area
Cooperative
Educational
Services
,
Revenue
,
C
,
Refunding
,
5
%
,
7/01/42
....
240,000
259,689
Area
Cooperative
Educational
Services
,
Revenue
,
C
,
Refunding
,
5
%
,
7/01/43
....
140,000
151,040
Area
Cooperative
Educational
Services
,
Revenue
,
C
,
Refunding
,
5
%
,
7/01/44
....
320,000
342,771
Area
Cooperative
Educational
Services
,
Revenue
,
C
,
Refunding
,
5
%
,
7/01/45
....
400,000
424,284
Avon
Old
Farms
School
Obligated
Group
,
Revenue
,
D-1
,
Refunding
,
4
%
,
7/01/46
..
1,000,000
937,036
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/38
315,000
318,732
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/39
380,000
383,328
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/42
860,000
862,431
Connecticut
Children's
Medical
Center
Obligated
Group
,
Revenue
,
E
,
5.25
%
,
7/15/48
3,375,000
3,537,159
Connecticut
College
,
Revenue
,
L-1
,
Refunding
,
4
%
,
7/01/46
..................
5,000,000
4,786,930
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2018
B
,
5
%
,
12/01/40
.......................................................
4,000,000
4,048,798
Fairfield
University
,
Revenue
,
V
,
5.25
%
,
7/01/47
...........................
620,000
662,576
Fairfield
University
,
Revenue
,
W
,
Refunding
,
5
%
,
7/01/46
....................
1,100,000
1,169,818
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
..........
3,500,000
3,297,347
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5.5
%
,
7/01/51
2,000,000
2,140,862
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5.5
%
,
7/01/55
2,175,000
2,311,110
Jerome
Home
,
Revenue
,
2021
E
,
Refunding
,
4
%
,
7/01/41
...................
735,000
683,641
Jerome
Home
,
Revenue
,
2021
E
,
Refunding
,
4
%
,
7/01/51
...................
1,250,000
1,009,109
Masonicare
Corp.
Obligated
Group
,
Revenue
,
F
,
Refunding
,
5
%
,
7/01/43
........
1,000,000
1,000,059
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/38
.....
1,000,000
980,020
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/41
.....
6,310,000
6,021,058
Quinnipiac
University
,
Revenue
,
P
,
Refunding
,
5
%
,
7/01/44
..................
730,000
790,358
Quinnipiac
University
,
Revenue
,
P
,
Refunding
,
5
%
,
7/01/45
..................
2,500,000
2,682,110
Sacred
Heart
University,
Inc.
,
Revenue
,
I-1
,
Refunding
,
5
%
,
7/01/42
............
4,375,000
4,424,323
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
5
%
,
7/01/35
.....................
550,000
585,180
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
4
%
,
7/01/45
.....................
1,200,000
1,168,832
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
4
%
,
7/01/37
...
2,550,000
2,547,929
Taft
School
Corp.
(The)
,
Revenue
,
L
,
Refunding
,
3
%
,
7/01/46
.................
2,210,000
1,771,144
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
CT
,
5
%
,
12/01/45
.........
5,000,000
5,005,133
Trustees
of
Trinity
College
(The)
,
Revenue
,
R
,
Refunding
,
4
%
,
6/01/45
..........
2,500,000
2,441,498
Trustees
of
Trinity
College
(The)
,
Revenue
,
S
,
Refunding
,
4
%
,
6/01/51
..........
4,800,000
4,284,958
Trustees
of
Trinity
College
(The)
,
Revenue
,
T-1
,
Refunding
,
5
%
,
6/01/49
.........
400,000
422,864
University
of
Hartford
(The)
,
Revenue
,
2022
P
,
5.375
%
,
7/01/52
...............
2,000,000
1,862,212
Yale
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/35
...................
2,435,000
2,830,008
Yale
University
,
Revenue
,
X-2
,
5
%
,
7/01/37
..............................
3,000,000
3,402,491
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/44
520,000
560,612
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.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
(continued)
Connecticut
State
Health
&
Educational
Facilities
Authority,
(continued)
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/45
$
500,000
$
534,945
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/46
500,000
531,735
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/47
770,000
810,949
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/48
500,000
523,185
Connecticut
State
Higher
Education
Supplement
Loan
Authority
,
Revenue
,
2020
B
,
3.25
%
,
11/15/36
....................................
1,345,000
1,272,205
Revenue
,
2020
D
,
Pre-Refunded
,
3
%
,
11/15/35
...........................
1,145,000
1,146,400
Revenue
,
2021
B
,
2.25
%
,
11/15/37
....................................
2,355,000
1,986,471
Revenue
,
2025
B-1
,
5
%
,
11/15/40
.....................................
500,000
506,124
Revenue
,
2026
B
,
5
%
,
11/15/35
.......................................
125,000
134,299
Revenue
,
2026
B
,
5
%
,
11/15/36
.......................................
100,000
107,367
Revenue
,
2026
C
,
Refunding
,
5
%
,
11/15/36
..............................
165,000
177,155
South
Central
Connecticut
Regional
Water
Authority
,
Revenue
,
38th
,
Refunding
,
5
%
,
8/01/38
.................................
1,000,000
1,137,013
Revenue
,
38th
,
Refunding
,
5
%
,
8/01/40
.................................
500,000
560,785
Revenue
,
38th
,
Refunding
,
5
%
,
8/01/41
.................................
300,000
333,798
Revenue
,
39th
A
,
5
%
,
8/01/54
........................................
1,000,000
1,028,308
a
Revenue
,
40th
,
Refunding
,
5
%
,
8/01/39
.................................
250,000
285,268
Revenue,
Second
Series
,
32nd
B
,
Refunding
,
5
%
,
8/01/38
...................
1,720,000
1,726,317
State
of
Connecticut
,
GO
,
2020
A
,
4
%
,
1/15/38
............................................
7,250,000
7,379,202
GO
,
2020
C
,
4
%
,
6/01/39
............................................
600,000
608,454
GO
,
2024
G
,
5
%
,
11/15/41
...........................................
3,990,000
4,418,916
GO
,
2025
C
,
5
%
,
8/15/44
............................................
2,000,000
2,185,634
a
GO
,
2026
A
,
5
%
,
9/15/43
............................................
2,500,000
2,757,949
Special
Tax
,
2018
A
,
5
%
,
1/01/36
......................................
1,000,000
1,028,850
Special
Tax
,
2020
A
,
5
%
,
5/01/35
......................................
4,500,000
4,823,875
Special
Tax
,
2020
A
,
5
%
,
5/01/40
......................................
2,000,000
2,117,003
Special
Tax
,
2021
A
,
5
%
,
5/01/41
......................................
1,500,000
1,599,462
Special
Tax
,
2021
D
,
4
%
,
11/01/40
.....................................
2,075,000
2,099,532
Special
Tax
,
2024
A-2
,
5
%
,
7/01/45
....................................
1,250,000
1,348,584
Bradley
International
Airport
CFC
,
Revenue
,
2019
A
,
AG
Insured
,
5
%
,
7/01/49
....
1,400,000
1,409,443
Clean
Water
Fund
-
State
Revolving
Fund
,
Revenue
,
2015
A
,
5
%
,
3/01/34
.......
1,000,000
1,001,525
Clean
Water
Fund
-
State
Revolving
Fund
,
Revenue
,
2017
A
,
5
%
,
5/01/37
.......
1,000,000
1,017,238
Special
Tax
,
Special
Tax
,
2025
A
,
Refunding
,
5
%
,
7/01/45
...................
1,000,000
1,086,469
Town
of
Hamden
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
..............
500,000
502,316
Town
of
Stafford
,
GO
,
2021
,
Refunding
,
3
%
,
2/01/36
.....................................
250,000
237,433
GO
,
2021
,
Refunding
,
3
%
,
2/01/38
.....................................
310,000
288,373
GO
,
2021
,
Refunding
,
3
%
,
2/01/41
.....................................
300,000
261,668
Town
of
Stratford
,
GO
,
2017
,
AG
Insured
,
5
%
,
7/01/33
........................
1,000,000
1,001,581
University
of
Connecticut
,
Revenue
,
2017
A
,
5
%
,
1/15/37
........................................
1,000,000
1,010,967
Revenue
,
2026
A
,
Refunding
,
5
%
,
2/15/44
...............................
2,825,000
3,089,419
Revenue
,
2026
A
,
Refunding
,
5
%
,
2/15/45
...............................
1,345,000
1,457,965
Revenue
,
2026
A
,
Refunding
,
5
%
,
2/15/46
...............................
1,650,000
1,770,499
141,259,829
Florida
0.9%
b
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
500,000
351,517
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
1,325,000
1,130,789
1,482,306
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)
Georgia
0.3%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
$
185,000
$
192,858
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
420,000
212,310
405,168
Illinois
0.6%
State
of
Illinois
,
GO
,
2020
C
,
4
%
,
10/01/42
................................
1,000,000
951,204
Texas
0.3%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
615,000
471,849
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
500,000
434,838
Wisconsin
1.7%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
855,000
890,599
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
400,000
334,360
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
1,910,000
968,678
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
800,000
535,984
2,729,621
U.S.
Territories
2.5%
Guam
1.6%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/36
365,000
396,029
Guam
Government
Waterworks
Authority
,
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.25
%
,
7/01/50
.............
600,000
617,603
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.5
%
,
7/01/55
..............
1,000,000
1,041,916
Territory
of
Guam
,
Revenue
,
2025
G
,
Refunding
,
5.25
%
,
1/01/39
................
500,000
543,559
2,599,107
Puerto
Rico
0.9%
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
1,500,000
1,482,291
Total
U.S.
Territories
....................................................................
4,081,398
Total
Municipal
Bonds
(Cost
$
156,879,159
)
.....................................
151,816,213
a
a
a
a
Short
Term
Investments
6.3%
Municipal
Bonds
6.3%
Connecticut
6.3%
d
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Yale
University
,
Revenue
,
2016
A-1
,
Refunding
,
Daily
VRDN
and
Put
,
2.25
%
,
7/01/42
8,500,000
8,500,000
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
195
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Connecticut
(continued)
d
Connecticut
State
Health
&
Educational
Facilities
Authority,
(continued)
Yale
University
,
Revenue
,
2017
C-3
,
Daily
VRDN
and
Put
,
2.4
%
,
7/01/57
........
$
1,700,000
$
1,700,000
10,200,000
Total
Municipal
Bonds
(Cost
$
10,200,000
)
......................................
10,200,000
Total
Short
Term
Investments
(Cost
$
10,200,000
)
................................
10,200,000
a
Total
Investments
(Cost
$
167,079,159
)
100.2
%
..................................
$162,016,213
Other
Assets,
less
Liabilities
(
0.2
)
%
...........................................
(255,392)
Net
Assets
100.0%
...........................................................
$161,760,821
a
Security
purchased
on
a
when-issued
basis.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$3,259,337,
representing
2.0%
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),
May
31,
2026
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
0.3%
Capital
Markets
0.3%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
220,000
$
5,267,900
Total
Management
Investment
Companies
(Cost
$
5,932,850
)
.....................
5,267,900
Principal
Amount
a
a
a
a
Municipal
Bonds
97.6%
Alabama
5.2%
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2022
F
,
Mandatory
Put
,
5.5
%
,
12/01/28
.........................
$
6,970,000
7,284,114
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
14,000,000
15,103,176
Revenue
,
2024
C
,
Mandatory
Put
,
5
%
,
7/01/31
...........................
4,000,000
4,231,397
c
Revenue
,
144A,
2025
C
,
Mandatory
Put
,
5.5
%
,
8/01/34
.....................
8,715,000
9,318,094
b
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
8,570,000
9,235,471
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
6,000,000
6,580,824
Revenue
,
2024
B
,
Mandatory
Put
,
5.25
%
,
6/01/32
.........................
7,000,000
7,471,355
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
2,255,093
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
4,924,310
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/28
.......
5,000,000
5,004,517
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/33
...............
2,855,000
2,922,350
b
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
4,585,000
4,875,938
Revenue
,
2022
B-2
,
Mandatory
Put
,
4.222
%
,
8/01/28
.......................
15,000,000
15,076,982
Revenue
,
2025
B
,
Mandatory
Put
,
5.25
%
,
1/01/33
.........................
9,700,000
10,070,836
104,354,457
Alaska
0.1%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue
,
2020
,
Refunding
,
4
%
,
12/01/35
...
1,710,000
1,741,094
Arizona
3.2%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/30
.......................................................
600,000
627,906
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/31
.......................................................
630,000
657,490
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/32
.......................................................
1,000,000
1,041,484
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/35
.......................................................
1,115,000
1,154,676
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/36
.......................................................
1,250,000
1,291,833
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/37
.......................................................
1,050,000
1,082,881
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/37
.......................................................
1,105,000
1,115,071
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/38
.......................................................
600,000
604,181
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/01/41
.......................................................
6,000,000
6,000,220
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/27
.............
55,000
55,781
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/28
.............
60,000
61,292
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/29
.............
60,000
61,847
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/30
.............
65,000
67,435
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/31
.............
70,000
72,838
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/27
.............
160,000
160,169
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
%
,
7/01/28
.............
$
170,000
$
170,142
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/29
.............
160,000
160,131
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/30
.............
185,000
185,141
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/31
.............
195,000
195,131
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
3
%
,
2/01/39
.....
1,200,000
1,075,947
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue,
Junior
Lien
,
2019
B
,
5
%
,
7/01/35
........................
7,500,000
7,827,972
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/35
..................................................
3,340,000
3,521,975
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/36
..................................................
6,380,000
6,706,192
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/39
..................................................
6,365,000
6,644,407
Maricopa
County
Industrial
Development
Authority
,
c
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
18,555,000
19,411,403
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/30
.......
850,000
887,290
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/31
.......
1,000,000
1,041,399
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/32
.......
1,000,000
1,039,183
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/33
.......
800,000
829,239
63,750,656
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
4,785,980
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/36
........................................................
3,625,000
3,734,165
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/37
........................................................
1,250,000
1,283,521
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/38
........................................................
1,000,000
1,023,958
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/39
........................................................
1,000,000
1,021,180
11,848,804
California
6.6%
b
California
Community
Choice
Financing
Authority
,
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
...................................................
11,000,000
11,683,604
c
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..........
2,085,000
1,965,607
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
6,485,000
5,667,243
California
Municipal
Finance
Authority
,
d
Revenue
,
FRN
,
2025-1
,
A-2
,
3.537
%
,
2/20/41
............................
13,347,207
11,937,671
Witmer
Manor
Community
Partners
LP
,
Revenue
,
2025
A
,
FNMA
Insured
,
4.875
%
,
11/01/43
.......................................................
3,100,000
3,189,920
California
Statewide
Communities
Development
Authority
,
Southern
California
Edison
Co.
,
Revenue
,
2010
A
,
Refunding
,
1.75
%
,
9/01/29
.........................
5,000,000
4,712,701
City
of
Los
Angeles
,
Department
of
Airports
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/38
14,960,000
16,379,194
c
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
9,710,000
9,109,662
c
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
4,800,000
4,502,935
c
CSCDA
Community
Improvement
Authority
,
Waterscape
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
9/01/46
...............................................
4,825,000
4,127,447
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.........................................................
2,205,000
2,017,970
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)
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/31
...................
$
8,220,000
$
8,319,054
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/33
............................
3,960,000
4,041,984
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/34
............................
4,080,000
4,160,950
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
5
%
,
5/01/44
........................................
6,760,000
6,911,389
Revenue,
Second
Series
,
2023
C
,
Refunding
,
5
%
,
5/01/33
...................
15,000,000
16,635,945
e
Revenue,
Second
Series
,
2026
A
,
Refunding
,
5.25
%
,
5/01/45
.................
8,750,000
9,503,909
d
Southern
California
Public
Power
Authority
,
Revenue
,
FRN
,
2007
B
,
4.1
%
,
(
3-month
TSOF
+
1.645
%
),
11/01/38
...........................................
3,000,000
2,934,991
State
of
California
,
GO
,
Refunding
,
5
%
,
10/01/39
...........................
4,000,000
4,372,518
132,174,694
Colorado
3.4%
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5.75
%
,
11/15/41
........................................................
5,325,000
5,924,425
Colorado
Health
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/31
2,500,000
2,638,880
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/33
9,595,000
10,089,936
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/36
11,635,000
12,110,285
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/38
2,000,000
2,069,758
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/39
5,500,000
5,681,332
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
6,695,000
6,832,667
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/40
.........
3,000,000
3,179,316
Denver
City
&
County
School
District
No.
1
,
GO
,
2025
A
,
5.5
%
,
12/01/44
..........
10,000,000
11,347,200
Denver
Health
&
Hospital
Authority
,
Revenue
,
2025
A
,
6
%
,
12/01/55
.............
1,500,000
1,598,539
c
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5
%
,
12/01/32
..
975,000
1,006,391
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/35
.............................................
1,400,000
1,410,277
South
Maryland
Creek
Ranch
Metropolitan
District
,
GO
,
2023
,
Refunding
,
AG
Insured
,
5
%
,
12/01/43
.....................................................
1,000,000
1,043,978
c
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
,
GO
,
144A,
2025
A
,
5
%
,
4/01/35
................................................
4,100,000
4,437,830
69,370,814
Connecticut
0.7%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/38
..........
2,500,000
2,509,841
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/33
.....
5,000,000
5,181,658
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/35
.....
250,000
250,708
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/36
.....
4,750,000
4,750,923
Connecticut
State
Higher
Education
Supplement
Loan
Authority
,
Revenue
,
2026
C
,
Refunding
,
4.25
%
,
11/15/43
..........................................
1,250,000
1,242,726
13,935,856
Delaware
0.1%
b
Delaware
State
Economic
Development
Authority
,
NRG
Energy,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
Mandatory
Put
,
4
%
,
10/01/35
................................
2,500,000
2,520,528
Florida
7.6%
Alachua
County
Health
Facilities
Authority
,
Shands
Teaching
Hospital
&
Clinics
Obligated
Group
,
Revenue
,
B-1
,
Refunding
,
5
%
,
12/01/35
...................
2,350,000
2,460,118
Beach
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
Refunding
,
AG
Insured
,
5.25
%
,
5/01/44
.................................
1,395,000
1,456,877
Capital
Projects
Finance
Authority
,
Provident
Group
-
Continuum
Properties
LLC
,
Revenue,
Senior
Lien
,
2023
A-1
,
5
%
,
11/01/48
............................
2,500,000
2,361,691
c
Capital
Trust
Agency,
Inc.
,
Kingdom
Kensington
LLC
,
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..........
5,345,000
4,878,267
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.,
(continued)
Kingdom
Kensington
LLC
,
Revenue
,
144A,
2021
A-2
,
5.1
%
,
12/01/31
...........
$
1,725,000
$
1,611,334
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
T
,
5.05
%
,
7/01/34
..........
855,000
756,464
c,f
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
17,195,000
14,674,653
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.........................................................
750,000
642,360
Centre
Lake
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/30
.........................................................
255,000
244,422
City
of
Jacksonville
,
Revenue
,
2023
A
,
Refunding
,
5.5
%
,
10/01/53
.............................
5,175,000
5,527,964
Genesis
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/39
..
1,650,000
1,587,949
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/40
........................................
2,500,000
2,409,970
City
of
Port
St.
Lucie
,
Utility
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
9/01/30
.....................
1,500,000
1,502,855
Utility
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
9/01/31
.....................
1,635,000
1,637,820
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Foundation,
Inc.
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/33
...................
6,000,000
6,032,981
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
7/01/38
..................................................
700,000
691,833
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
7/01/39
..................................................
500,000
489,837
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
5
%
,
7/01/40
..................................................
1,000,000
1,034,475
Cordoba
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/37
........................................
1,000,000
901,100
County
of
Pasco
,
Solid
Waste
Disposal
&
Resource
Recovery
System
,
Revenue
,
2026
B
,
5.5
%
,
10/01/51
.......................................................
1,125,000
1,163,221
Solid
Waste
Disposal
&
Resource
Recovery
System
,
Revenue
,
2026
B
,
5.5
%
,
10/01/56
.......................................................
1,625,000
1,665,363
Cross
Creek
North
Community
Development
District
,
Special
Assessment
,
2022
,
3.75
%
,
5/01/32
...................................................
460,000
462,144
East
Palm
Drive
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.1
%
,
6/15/44
.....................................
750,000
764,512
Everlands
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............................................
1,000,000
1,029,662
Florida
Development
Finance
Corp.
,
Brightline
Trains
Florida
LLC
,
Revenue
,
2024
,
Refunding
,
AG
Insured
,
5
%
,
7/01/44
....................................
15,000,000
14,797,068
c
Forest
Lake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
..................................
1,770,000
1,670,116
Greater
Orlando
Aviation
Authority
,
Revenue
,
2019
A
,
5
%
,
10/01/33
.......................................
10,500,000
11,061,859
Revenue
,
2019
A
,
4
%
,
10/01/37
.......................................
8,430,000
8,435,561
Harvest
Ridge
Community
Development
District
,
Special
Assessment
,
2024
,
4.375
%
,
5/01/31
.............................
205,000
207,900
Special
Assessment
,
2024
,
5.125
%
,
5/01/44
.............................
260,000
268,211
Special
Assessment
,
2024
,
5.375
%
,
5/01/54
.............................
650,000
655,147
Herons
Glen
Recreation
District
,
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/32
.............
185,000
183,193
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/33
.............
300,000
293,458
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/34
.............
245,000
236,785
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/35
.............
255,000
243,872
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/36
.............
260,000
246,051
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)
Hillsborough
County
Housing
Finance
Authority
,
Tampa
47th
Street
Apartments
LLC
,
Revenue
,
2025
A
,
FNMA
Insured
,
5
%
,
12/01/42
...........................
$
3,075,000
$
3,240,783
Keys
Edge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.1
%
,
5/01/44
................................................
500,000
509,085
c
Knightsbridge
Community
Development
District
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
6/15/31
...................................................
190,000
192,555
Lakewood
Ranch
Stewardship
District
,
Special
Assessment
,
2025
,
5.7
%
,
5/01/45
...............................
1,100,000
1,176,002
Assessments
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
....................
485,000
506,443
Saddlestone
Project
Phase
1/2
,
Special
Assessment
,
2026
,
5.25
%
,
5/01/46
......
1,830,000
1,885,412
Southeast
,
Special
Assessment
,
2025
,
5.8
%
,
5/01/45
.......................
2,000,000
2,152,591
Lee
County
Industrial
Development
Authority
,
Lee
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
4/01/37
........................................................
5,000,000
4,965,838
Lee
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
4/01/49
........................................................
12,000,000
10,518,916
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
5.45
%
,
5/01/32
...................................................
1,000,000
1,061,316
c
Orange
Branch
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2026
,
5.3
%
,
5/01/46
................................
635,000
638,444
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/28
.....
1,000,000
1,006,611
Orlando
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/30
.....
2,875,000
2,892,420
Palm
Beach
County
Housing
Finance
Authority
,
SP
Field
LLC
,
Revenue
,
2026
A
,
FHLMC
Insured
,
4.55
%
,
2/01/44
......................................
5,000,000
4,990,574
PBR
Community
Development
District
,
Special
Assessment
,
2026
A-1
,
5
%
,
3/01/48
.
800,000
796,791
c
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
12/15/41
........................................................
1,000,000
902,629
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
4.2
%
,
5/01/33
...............................
800,000
817,133
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
2,000,000
2,062,234
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/31
.....................................
500,000
475,651
Southern
Groves
Community
Development
District
No.
5
,
Assessment
Area
,
Special
Assessment
,
2026
,
5.35
%
,
5/01/46
....................................
760,000
762,226
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
....................................
6,600,000
6,884,109
State
of
Florida
,
GO
,
2017
C
,
Refunding
,
4
%
,
6/01/33
........................
5,000,000
5,050,188
c
Summerstone
Community
Development
District
,
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.15
%
,
5/01/41
...............................
725,000
655,361
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
4
%
,
10/01/32
..........
2,855,000
2,858,200
c
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
4
%
,
5/01/34
............................
990,000
1,001,605
Special
Assessment
,
144A,
2024
,
4.2
%
,
5/01/39
..........................
990,000
990,918
Phase
I
,
Special
Assessment
,
144A,
2023
,
4.85
%
,
5/01/38
...................
845,000
876,382
154,157,510
Georgia
3.9%
c
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
5
%
,
7/01/35
.............
625,000
649,272
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
5.25
%
,
7/01/40
...........
700,000
725,245
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/45
.............
975,000
1,031,583
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/36
1,400,000
1,415,084
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/33
250,000
256,441
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/34
275,000
280,915
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/35
275,000
279,833
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Cobb
County
Kennestone
Hospital
Authority,
(continued)
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/36
$
275,000
$
277,963
DeKalb
County
Housing
Authority
,
HADC
Avenues
LLC
,
Revenue
,
2024
,
Refunding
,
4.125
%
,
12/01/34
............
2,500,000
2,498,472
HADC
Park
at
500
LLC
,
Revenue
,
2024
,
4
%
,
3/01/34
.......................
2,250,000
2,253,113
b
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
......................
2,375,000
2,363,466
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
5,050,000
5,264,484
f
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
1,260,000
636,930
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/28
........................................................
2,100,000
2,132,429
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/29
........................................................
2,000,000
2,029,939
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/30
........................................................
1,000,000
1,014,669
b
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2021
C
,
Mandatory
Put
,
4
%
,
12/01/28
...........................
5,000,000
5,067,257
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
10,000,000
10,155,480
Revenue
,
2022
B
,
Mandatory
Put
,
5
%
,
6/01/29
............................
10,200,000
10,623,445
c
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
12,000,000
12,025,269
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
11,495,000
12,293,993
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2019
A
,
5
%
,
1/01/33
........................................
1,000,000
1,037,952
Revenue
,
2019
B
,
5
%
,
1/01/34
........................................
700,000
719,756
PowerSouth
Energy
Cooperative
,
Revenue
,
2019
B
,
5
%
,
1/01/29
..............
500,000
517,216
PowerSouth
Energy
Cooperative
,
Revenue
,
2019
B
,
5
%
,
1/01/30
..............
480,000
496,230
PowerSouth
Energy
Cooperative
,
Revenue
,
2019
B
,
5
%
,
1/01/31
..............
700,000
722,870
PowerSouth
Energy
Cooperative
,
Revenue
,
2019
B
,
5
%
,
1/01/32
..............
750,000
773,427
PowerSouth
Energy
Cooperative
,
Revenue
,
2019
B
,
5
%
,
1/01/33
..............
1,045,000
1,076,128
Savannah
Georgia
Convention
Center
Authority
,
Revenue
,
2025
C
,
AG
Insured
,
5.5
%
,
6/01/50
.........................................................
1,000,000
1,062,440
79,681,301
Hawaii
0.5%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue,
Senior
Lien
,
2025
B
,
5.25
%
,
7/01/46
............
1,000,000
1,094,351
Wastewater
System
,
Revenue,
Senior
Lien
,
2025
B
,
5.25
%
,
7/01/47
............
1,750,000
1,899,884
Wastewater
System
,
Revenue,
Senior
Lien
,
2025
B
,
5.25
%
,
7/01/48
............
2,000,000
2,158,830
State
of
Hawaii
,
Airports
System
,
Revenue
,
2020
A
,
4
%
,
7/01/35
................
4,420,000
4,456,247
9,609,312
Idaho
0.1%
Boise
State
University
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
4/01/50
...............................
850,000
876,501
Revenue
,
2025
A
,
Refunding
,
5
%
,
4/01/54
...............................
825,000
845,923
1,722,424
Illinois
7.4%
Chicago
Board
of
Education
,
Dedicated
Capital
Improvement
Tax
,
Revenue
,
2023
,
5.25
%
,
4/01/40
...................................................
3,720,000
3,955,425
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2020
E
,
Refunding
,
4
%
,
1/01/34
.........................................................
5,345,000
5,437,653
Chicago
Park
District
,
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/33
..................................
3,000,000
3,182,062
GO
,
2020
F-2
,
Refunding
,
4
%
,
1/01/34
..................................
1,100,000
1,113,144
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)
City
of
Berwyn
,
GO
,
2022
B
,
Refunding
,
AG
Insured
,
4
%
,
12/01/41
..............
$
6,000,000
$
6,065,541
City
of
Chicago
,
f
GO
,
1999
,
NATL
Insured
,
3.7
%,
1/01/31
.................................
4,000,000
3,385,620
GO
,
2021
A
,
Refunding
,
5
%
,
1/01/33
...................................
9,335,000
9,635,525
GO
,
2021
A
,
Refunding
,
5
%
,
1/01/34
...................................
6,655,000
6,847,680
GO
,
2021
B
,
Refunding
,
4
%
,
1/01/35
...................................
4,295,000
4,156,450
GO
,
2021
B
,
Refunding
,
BAM
Insured
,
4
%
,
1/01/38
........................
5,150,000
5,036,918
GO
,
2023
A
,
5
%
,
1/01/35
............................................
10,000,000
10,305,802
GO
,
2024
B
,
Refunding
,
5
%
,
1/01/35
...................................
5,575,000
5,821,520
Illinois
Finance
Authority
,
Carle
Foundation
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/15/40
12,645,000
12,326,797
b,c
Centerpoint
Joliet
Terminal
Railroad
LLC
,
Revenue
,
144A,
2012
,
Mandatory
Put
,
4.8
%
,
7/02/35
...................................................
5,000,000
5,172,595
g,h
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/28
.........
321,200
—
g,h
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/29
.........
331,756
—
g,h
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/30
.........
395,091
—
g,h
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/31
.........
330,248
—
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/15/35
........................................................
500,000
500,197
Northwestern
University
,
Revenue
,
2015
,
5
%
,
12/01/28
.....................
1,675,000
1,771,983
c
Rosalind
Franklin
University
of
Medicine
and
Science
,
Revenue
,
144A,
2025
,
5.25
%
,
8/01/35
........................................................
5,000,000
5,226,154
f
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2002
A
,
BAM,
NATL
RE
Insured
,
3.92
%,
12/15/37
...................................................
13,045,000
8,370,379
Northern
Illinois
University
,
Revenue
,
2021
,
BAM
Insured
,
4
%
,
10/01/41
.............................
400,000
387,384
Revenue
,
2021
,
BAM
Insured
,
4
%
,
10/01/43
.............................
2,075,000
1,940,845
State
of
Illinois
,
GO
,
2019
B
,
4
%
,
11/01/38
...........................................
4,680,000
4,629,704
GO
,
2020
C
,
4
%
,
10/01/37
...........................................
8,170,000
8,155,615
GO
,
2021
A
,
5
%
,
3/01/46
............................................
2,000,000
2,038,696
GO
,
2022
A
,
5
%
,
3/01/29
............................................
6,385,000
6,744,415
GO
,
2022
B
,
5
%
,
10/01/30
...........................................
10,000,000
10,814,066
GO
,
2022
C
,
5.5
%
,
10/01/40
.........................................
3,700,000
4,036,637
GO
,
2024
C
,
4
%
,
10/01/39
...........................................
2,500,000
2,440,039
GO
,
2026
C
,
5.5
%
,
4/01/51
..........................................
5,070,000
5,405,388
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
5,044,507
149,948,741
Indiana
1.3%
Indiana
Finance
Authority
,
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/32
.....................
650,000
689,671
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/33
.....................
830,000
882,656
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/38
.....................
1,600,000
1,670,390
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/26
..
1,065,000
1,066,212
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/27
..
1,150,000
1,156,288
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/28
..
1,235,000
1,244,318
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/29
..
1,330,000
1,341,120
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/30
..
1,425,000
1,433,274
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
4.3
%
,
5/01/29
...
750,000
760,648
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5.25
%
,
5/01/45
..
1,000,000
1,025,758
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue
,
2021
A
,
Refunding
,
AG
Insured
,
4
%
,
6/01/37
...............................................
14,000,000
14,290,944
25,561,279
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
1.1%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/32
....
$
680,000
$
680,303
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/36
....
650,000
650,229
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/41
....
350,000
350,045
b
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
3.95
%
,
5/15/31
......................................
2,000,000
2,000,000
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
2,500,000
2,829,079
Iowa
Higher
Education
Loan
Authority
,
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/31
.
1,800,000
1,904,278
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/32
.
1,920,000
2,023,302
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/33
.
2,030,000
2,130,482
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/34
.
2,135,000
2,232,861
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/35
.
1,250,000
1,303,070
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/36
.
2,470,000
2,566,824
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/37
.
2,595,000
2,690,136
21,360,609
Kentucky
2.6%
County
of
Warren
,
Bowling
Green-Warren
County
Community
Hospital
Corp.
,
Revenue
,
2024
,
5.25
%
,
4/01/49
...............................................
3,250,000
3,386,884
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/35
1,000,000
1,045,460
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/36
1,000,000
1,040,850
Kentucky
Municipal
Energy
Agency
,
Revenue
,
2025
,
AG
Insured
,
5
%
,
1/01/55
......
14,000,000
14,332,780
Kentucky
Municipal
Power
Agency
,
Revenue
,
2016
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/34
....................
6,500,000
6,519,998
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/31
...............................
1,500,000
1,552,669
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/32
...............................
1,600,000
1,652,401
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/33
...............................
1,000,000
1,030,899
Kentucky
Public
Energy
Authority
,
Revenue
,
2025
B
,
5
%
,
12/01/33
..............
15,000,000
15,430,785
Paducah
Electric
Plant
Board
,
Revenue
,
2016
A
,
Refunding
,
AG
Insured
,
5
%
,
10/01/31
5,500,000
5,532,693
51,525,419
Louisiana
2.4%
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/35
1,310,000
1,331,164
Jefferson
Sales
Tax
District
,
Revenue
,
2019
B
,
AG
Insured
,
4
%
,
12/01/36
.........
6,000,000
6,095,264
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
c
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
8,600,000
7,734,719
Louisiana
Utilities
Restoration
Corp.
ELL
System
Restoration
,
Revenue
,
2022
A
,
3.615
%
,
2/01/29
.................................................
2,815,305
2,810,166
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
6,295,000
6,351,034
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
5,650,000
5,850,057
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/28
1,000,000
1,019,341
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/29
2,000,000
2,038,237
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/30
2,250,000
2,291,250
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/31
1,745,000
1,774,831
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/32
1,750,000
1,777,795
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/33
2,000,000
2,029,808
Port
New
Orleans
Board
of
Commissioners
,
Revenue
,
2020
E
,
5
%
,
4/01/35
........................................
1,000,000
1,039,493
Revenue
,
2020
E
,
5
%
,
4/01/36
........................................
1,495,000
1,549,195
Revenue
,
2020
E
,
5
%
,
4/01/37
........................................
1,065,000
1,100,221
Revenue
,
2020
E
,
5
%
,
4/01/38
........................................
1,000,000
1,032,140
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)
Louisiana
(continued)
Port
New
Orleans
Board
of
Commissioners,
(continued)
Revenue
,
2020
E
,
5
%
,
4/01/39
........................................
$
2,750,000
$
2,834,226
48,658,941
Maine
0.0%
†
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/36
........................................
1,000,000
1,014,505
Maryland
3.2%
City
of
Baltimore
,
Wastewater
Utility
Fund
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
7/01/32
............
5,905,000
5,963,487
Wastewater
Utility
Fund
,
Revenue,
Senior
Lien
,
D
,
Refunding
,
5
%
,
7/01/28
......
2,790,000
2,794,897
Wastewater
Utility
Fund
,
Revenue,
Senior
Lien
,
D
,
Refunding
,
5
%
,
7/01/29
......
5,835,000
5,845,115
Wastewater
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/29
.............
1,000,000
1,011,168
Wastewater
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/30
.............
2,940,000
2,972,214
Wastewater
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/31
.............
2,085,000
2,106,976
Wastewater
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/32
.............
3,240,000
3,272,842
Water
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/29
.................
1,320,000
1,334,742
Water
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/30
.................
1,785,000
1,804,559
Water
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/31
.................
3,765,000
3,804,684
Water
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/32
.................
4,000,000
4,040,546
Maryland
Community
Development
Administration
,
Residential
,
Revenue
,
2019
B
,
Refunding
,
3
%
,
9/01/34
.............................................
5,000,000
4,763,820
Maryland
Economic
Development
Corp.
,
Morgan
State
University
Student
Housing
,
Revenue
,
2026
A
,
AG
Insured
,
5
%
,
7/01/46
..............................
1,575,000
1,657,736
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
3.25
%
,
7/01/39
500,000
421,707
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/40
..
300,000
287,952
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/30
............................................
8,520,000
8,705,828
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/31
............................................
7,415,000
7,570,781
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/28
...............
1,000,000
1,009,975
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/29
...............
1,340,000
1,364,004
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/31
...............
1,480,000
1,515,447
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/32
...............
1,550,000
1,581,133
63,829,613
Massachusetts
0.9%
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2025
B
,
5
%
,
7/01/46
...............................
7,630,000
8,235,993
Sales
Tax
,
Revenue
,
2025
B
,
5.25
%
,
7/01/47
.............................
6,780,000
7,392,904
Massachusetts
Development
Finance
Agency
,
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/38
...........................
845,000
938,541
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/40
...........................
1,100,000
1,205,357
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/43
...........................
1,000,000
1,073,293
18,846,088
Michigan
1.6%
Detroit
Downtown
Development
Authority
,
Catalyst
Development
Area
,
Tax
Allocation
,
2024
,
Refunding
,
5
%
,
7/01/48
........................................
4,445,000
4,597,299
Michigan
Finance
Authority
,
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
4
%
,
11/15/46
.......................................................
4,000,000
3,611,727
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.5
%
,
2/28/49
............
5,375,000
5,632,949
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)
Michigan
(continued)
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group
,
Revenue
,
1999
B-3
,
Pre-Refunded
,
4
%
,
11/15/33
.
$
5,100,000
$
5,224,217
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2008
C
,
Refunding
,
5
%
,
12/01/31
.
2,700,000
2,781,981
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2008
C
,
Pre-Refunded
,
5
%
,
12/01/32
135,000
139,483
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
3
%
,
10/01/39
..
3,500,000
3,034,660
b
Michigan
Strategic
Fund
,
Consumers
Energy
Co.
,
Revenue
,
2005
,
Mandatory
Put
,
0.875
%
,
10/08/26
..................................................
5,000,000
4,941,200
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue,
Junior
Lien
,
2017
B
,
Refunding
,
5
%
,
12/01/29
............................
1,980,000
2,030,246
31,993,762
Minnesota
0.6%
Minnesota
Municipal
Gas
Agency
,
Revenue
,
2026
A
,
5
%
,
9/01/35
...............
12,000,000
12,563,664
Mississippi
0.5%
County
of
Warren
,
International
Paper
Co.
,
Revenue
,
2018
,
Refunding
,
4
%
,
9/01/32
.
3,250,000
3,336,378
c
Mississippi
Development
Bank
,
County
of
Hancock
,
Revenue
,
144A,
2019
,
4.55
%
,
11/01/39
........................................................
1,545,000
1,544,693
c
Mississippi
Home
Corp.
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
...................................
5,000,000
5,044,506
9,925,577
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
2,545,058
Mercy
Health
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
6/01/31
....................
12,500,000
13,066,513
Southeast
Missouri
State
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/33
.................................
2,745,000
2,795,877
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/34
.................................
2,180,000
2,213,549
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/35
.................................
1,575,000
1,590,277
22,211,274
Nebraska
0.3%
b
Central
Plains
Energy
Project
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
10/01/29
.....
5,000,000
5,233,501
Nevada
0.0%
†
City
of
Las
Vegas
,
Special
Improvement
District
No.
819
,
Special
Assessment
,
2025
,
5
%
,
6/01/40
....
325,000
339,652
Special
Improvement
District
No.
819
,
Special
Assessment
,
2025
,
5.25
%
,
6/01/45
.
325,000
337,519
677,171
New
Hampshire
1.4%
New
Hampshire
Business
Finance
Authority
,
b
Revenue
,
2026-2
,
A-1
,
Mandatory
Put
,
4.42
%
,
4/01/36
......................
7,500,000
7,587,550
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2024
D
,
6.129
%
,
7/01/38
4,080,000
4,122,706
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
5.125
%
,
8/01/40
..
2,600,000
2,630,785
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
5.75
%
,
8/01/45
...
1,750,000
1,788,720
National
Finance
Authority
,
Revenue
,
2020-1
,
A
,
4.125
%
,
1/20/34
..............
6,960,393
7,061,364
d
National
Finance
Authority
,
Revenue
,
FRN
,
2024-3
,
A
,
4.162
%
,
10/20/41
........
1,481,893
1,451,746
National
Finance
Authority
,
Revenue
,
2026-1
,
A-1
,
4.25
%
,
7/20/41
.............
3,747,716
3,659,909
28,302,780
New
Jersey
1.8%
c
Middlesex
County
Improvement
Authority
,
H3
Residential
Urban
Renewal
LLC
,
Revenue
,
144A,
2026
,
IA
,
5.95
%
,
6/01/61
...............................
3,250,000
3,329,661
New
Jersey
Economic
Development
Authority
,
State
of
New
Jersey
,
Revenue
,
2022
A
,
5
%
,
11/01/39
.....................................................
16,000,000
17,303,776
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
Jersey
(continued)
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
$
5,000,000
$
5,018,966
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/30
...............
900,000
920,114
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/31
...............
1,080,000
1,103,271
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
3.5
%
,
12/01/39
...................
2,090,000
2,039,312
Revenue,
Senior
Lien
,
2020
B
,
3.5
%
,
12/01/39
............................
970,000
948,744
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/36
...........................................
6,200,000
6,293,699
36,957,543
New
Mexico
0.6%
Aspire
Public
Improvement
District
,
Special
Tax
,
2024
,
5.05
%
,
10/01/44
....................................
525,000
520,393
Special
Tax
,
2024
,
5.3
%
,
10/01/53
.....................................
800,000
758,286
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
A
,
Refunding
,
2.15
%
,
4/01/33
...................................................
13,500,000
11,818,918
13,097,597
New
York
5.9%
Build
NYC
Resource
Corp.
,
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/43
......................
1,230,000
1,332,509
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/45
......................
400,000
426,189
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/55
......................
500,000
515,096
City
of
New
York
,
GO
,
2021
C
,
4
%
,
8/01/37
............................................
5,000,000
5,046,642
GO
,
2022
D-1
,
5.5
%
,
5/01/44
.........................................
2,500,000
2,707,358
GO
,
2022
D-1
,
5.5
%
,
5/01/46
.........................................
2,600,000
2,778,100
Metropolitan
Transportation
Authority
,
b
Revenue
,
2015
A-2
,
Mandatory
Put
,
5
%
,
5/15/30
..........................
7,000,000
7,502,745
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/34
..............................
3,265,000
3,290,245
Revenue
,
2017
B
,
Refunding
,
5
%
,
11/15/26
..............................
2,140,000
2,163,955
Revenue
,
2017
C-1
,
Refunding
,
5
%
,
11/15/31
............................
1,870,000
1,942,898
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
11/15/47
.............................
5,000,000
5,351,817
New
York
City
Housing
Development
Corp.
,
Revenue
,
2019
A-1
,
Refunding
,
4.15
%
,
11/01/38
........................................................
1,825,000
1,813,602
New
York
City
Industrial
Development
Agency
,
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
3
%
,
3/01/36
....................................
2,500,000
2,369,141
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2024
CC-1
,
5.25
%
,
6/15/54
..........................................
15,090,000
15,848,054
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2022
B-1
,
4
%
,
8/01/45
......................
5,000,000
4,812,704
Future
Tax
Secured
,
Revenue
,
2022
F-1
,
5
%
,
2/01/42
......................
12,000,000
12,717,820
Future
Tax
Secured
,
Revenue
,
2026
A-1
,
5.25
%
,
5/01/46
....................
7,500,000
8,149,322
b
New
York
Energy
Finance
Development
Corp.
,
Revenue
,
2025
,
Mandatory
Put
,
5
%
,
12/01/33
........................................................
6,990,000
7,233,777
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
2,340,000
2,232,055
New
York
State
Dormitory
Authority
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2018
A
,
Pre-Refunded
,
5
%
,
3/15/32
........................................................
5,000
5,270
State
of
New
York
Sales
Tax
,
Revenue
,
2024
A
,
5
%
,
3/15/46
.................
10,000,000
10,607,945
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
6
%
,
4/01/35
..........................
4,275,000
4,718,152
JFK
NTO
LLC
,
Revenue
,
2023
,
6
%
,
6/30/54
..............................
2,000,000
2,085,250
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/42
..............................
1,625,000
1,820,367
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/44
..............................
1,000,000
1,105,971
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
32
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
234
,
Refunding
,
5.25
%
,
8/01/42
.
$
2,500,000
$
2,666,159
Troy
Capital
Resource
Corp.
,
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/30
......
2,900,000
3,107,226
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/34
......
4,425,000
4,688,104
119,038,473
North
Carolina
0.1%
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/27
..............................
450,000
457,281
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/28
..............................
500,000
513,393
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/29
..............................
350,000
365,068
1,335,742
North
Dakota
0.3%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/29
..
1,600,000
1,667,011
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/30
..
1,600,000
1,680,379
City
of
Horace
,
GO
,
2024
C
,
Refunding
,
4.75
%
,
5/01/44
......................
1,100,000
1,107,304
North
Dakota
Housing
Finance
Agency
,
Revenue
,
2024
C
,
5
%
,
7/01/42
...........
2,240,000
2,426,661
6,881,355
Ohio
1.8%
Columbus
Metropolitan
Housing
Authority
,
Revenue
,
2024
,
4
%
,
12/01/34
........................................
5,500,000
5,477,002
Revenue
,
2025
C
,
4
%
,
11/01/35
.......................................
5,000,000
4,938,134
Revenue
,
2025
F
,
4
%
,
12/01/35
.......................................
5,300,000
5,222,108
County
of
Franklin
,
Ohio
Living
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5
%
,
7/01/31
.........................................................
5,000,000
5,101,252
County
of
Hamilton
,
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
1/01/36
........................................................
400,000
432,038
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
1/01/37
........................................................
500,000
537,412
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.5
%
,
1/01/38
........................................................
350,000
380,353
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.5
%
,
1/01/39
........................................................
575,000
622,379
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.5
%
,
1/01/40
........................................................
440,000
474,865
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
1/01/41
........................................................
525,000
552,705
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue
,
2024
B
,
Refunding
,
AG
Insured
,
4.375
%
,
12/01/58
...........................................
12,535,000
11,890,428
State
of
Ohio
,
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/36
.....................................................
905,000
891,661
36,520,337
Oregon
1.0%
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO
,
B
,
5
%
,
6/15/32
....
3,725,000
3,805,577
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
...
5,240,000
5,363,814
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/36
.......................................
1,300,000
1,369,062
Oregon
State
Facilities
Authority
,
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/26
.......................................................
150,000
150,614
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/28
.......................................................
325,000
335,679
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)
Oregon
(continued)
Oregon
State
Facilities
Authority,
(continued)
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/29
.......................................................
$
600,000
$
626,184
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
.......................................................
275,000
285,897
Willamette
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
.............
1,000,000
795,150
Salem
Hospital
Facility
Authority
,
Salem
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/34
.............................................
3,780,000
3,960,589
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
2,506,461
19,199,027
Pennsylvania
2.7%
Allegheny
County
Airport
Authority
,
Revenue
,
2023
A
,
AG
Insured
,
5.5
%
,
1/01/41
.............................
1,000,000
1,094,574
Revenue
,
2023
A
,
AG
Insured
,
5.5
%
,
1/01/42
.............................
1,000,000
1,088,598
Allegheny
County
Hospital
Development
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/15/33
............
4,000,000
4,211,426
UPMC
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/15/34
............
1,000,000
1,048,865
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/28
.................................
600,000
621,059
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/29
.................................
600,000
631,194
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/30
.................................
700,000
746,233
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/31
.................................
675,000
726,880
City
of
Philadelphia
,
Water
&
Wastewater
,
Revenue
,
2023
B
,
Refunding
,
AG
Insured
,
5.5
%
,
9/01/53
....................................................
3,000,000
3,200,861
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
4/15/34
.....................
1,750,000
1,856,487
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/40
............
2,525,000
2,457,589
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/41
............
2,375,000
2,302,931
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/42
............
2,815,000
2,669,832
b
Waste
Management
Obligated
Group
,
Revenue
,
2009
,
Mandatory
Put
,
0.95
%
,
12/01/26
.......................................................
3,000,000
2,966,068
b
Waste
Management,
Inc.
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
1.1
%
,
11/02/26
.......................................................
6,750,000
6,689,817
e
Pennsylvania
Higher
Education
Assistance
Agency
,
Revenue
,
2026-1A
,
4.25
%
,
6/01/47
1,925,000
1,911,740
Pennsylvania
Higher
Educational
Facilities
Authority
,
Drexel
University
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
5
%
,
5/01/39
........
6,950,000
7,307,064
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2017
A
,
4
%
,
8/15/34
....................................................
5,895,000
5,937,262
Philadelphia
Authority
for
Industrial
Development
,
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/40
........................................
300,000
304,124
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2021
A
,
BAM
Insured
,
2.799
%
,
9/01/33
..........
2,425,000
2,148,950
City
of
Philadelphia
,
Revenue
,
2026
B
,
5
%
,
11/01/44
.......................
4,750,000
5,137,611
55,059,165
Rhode
Island
0.1%
Rhode
Island
Health
and
Educational
Building
Corp.
,
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
7/01/55
..............................
3,000,000
3,010,685
South
Carolina
3.1%
c
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.625
%
,
11/01/31
...............................
1,000,000
921,144
e
Medical
University
Hospital
Authority
,
Revenue
,
2026
,
FHA
Insured
,
5.25
%
,
5/15/38
............................
375,000
407,051
Revenue
,
2026
,
FHA
Insured
,
5.25
%
,
11/15/38
............................
400,000
433,805
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
Carolina
(continued)
e
Medical
University
Hospital
Authority,
(continued)
Revenue
,
2026
,
FHA
Insured
,
5.25
%
,
5/15/39
............................
$
500,000
$
540,314
Revenue
,
2026
,
FHA
Insured
,
5.25
%
,
11/15/39
............................
400,000
431,896
Revenue
,
2026
,
FHA
Insured
,
5.25
%
,
5/15/40
............................
600,000
646,617
Revenue
,
2026
,
FHA
Insured
,
5.25
%
,
11/15/40
............................
600,000
645,906
Revenue
,
2026
,
FHA
Insured
,
5.25
%
,
5/15/42
............................
750,000
801,765
Revenue
,
2026
,
FHA
Insured
,
5.25
%
,
11/15/42
............................
500,000
533,613
b
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
27,500,000
29,468,973
South
Carolina
Jobs-Economic
Development
Authority
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/44
.....
4,315,000
4,099,339
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
11/01/43
...
4,500,000
4,923,839
Novant
Health
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
11/01/45
.............
5,715,000
6,253,243
Novant
Health
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
11/01/50
.............
4,000,000
4,240,791
Prisma
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
5/01/33
......
6,000,000
6,197,441
South
Carolina
Public
Service
Authority
,
Revenue
,
2025
A
,
5
%
,
12/01/55
..........
1,750,000
1,782,990
62,328,727
South
Dakota
0.6%
County
of
Turner
,
GO
,
2025
,
4.35
%
,
12/01/44
..........................................
3,330,000
3,374,125
GO
,
2025
,
4.5
%
,
12/01/49
...........................................
4,520,000
4,441,432
Huron
School
District
No.
2-2
,
GO
,
2024
,
5
%
,
8/01/39
.............................................
1,940,000
2,104,544
GO
,
2024
,
4
%
,
8/01/44
.............................................
1,700,000
1,684,456
South
Dakota
Health
&
Educational
Facilities
Authority
,
Presbyterian
Retirement
Village
of
Rapid
City,
Inc.
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/41
..................
1,150,000
971,447
12,576,004
Tennessee
1.8%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/35
................
2,550,000
2,665,924
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
Vanderbilt
University
Medical
Center
Obligated
Group
,
Revenue
,
2026
B
,
Refunding
,
5
%
,
7/01/32
.............................................
1,500,000
1,651,005
b
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
21,895,000
23,266,433
Tennessee
State
School
Bond
Authority
,
Revenue
,
2015
B
,
5
%
,
11/01/28
.........
8,180,000
8,192,024
35,775,386
Texas
11.2%
Arlington
Higher
Education
Finance
Corp.
,
Leadership
Prep
School
,
Revenue
,
2024
,
PSF
Guaranty
,
4
%
,
6/15/49
..........
250,000
226,109
Leadership
Prep
School
,
Revenue
,
2024
,
PSF
Guaranty
,
4.125
%
,
6/15/54
.......
475,000
425,991
Leadership
Prep
School
,
Revenue
,
2024
,
PSF
Guaranty
,
4.25
%
,
6/15/59
........
1,000,000
896,433
Bexar
Management
And
Development
Corp.
,
Oso
Apartments
Ltd.
,
Revenue
,
2024
,
FNMA
Insured
,
4.61
%
,
7/01/44
........................................
8,250,000
8,379,118
c
City
of
Celina
,
Mosaic
Public
Improvement
District
Phase
No.
1B
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
.........................................
360,000
369,709
City
of
Dallas
Housing
Finance
Corp.
,
TX
Illinois
2024
Ltd.
,
Revenue
,
2025
A
,
FNMA
Insured
,
5
%
,
3/01/44
...............................................
2,850,000
3,007,992
c
City
of
Kyle
,
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3B
,
Special
Assessment
,
144A,
2025
,
4.375
%
,
9/01/35
...............................
621,000
629,725
c
City
of
Lavon
,
Trails
of
Lavon
Public
Improvement
District
Projects
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/54
..................................
1,304,000
1,347,232
City
of
Lubbock
,
GO
,
2024
,
5
%
,
2/15/42
.............................................
4,130,000
4,471,451
GO
,
2024
,
5
%
,
2/15/43
.............................................
4,350,000
4,682,713
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)
City
of
Lubbock,
(continued)
GO
,
2024
,
5
%
,
2/15/44
.............................................
$
2,205,000
$
2,358,603
Clifton
Higher
Education
Finance
Corp.
,
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
5
%
,
2/15/41
....................................................
3,850,000
4,138,353
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
4.375
%
,
2/15/42
.................................................
3,275,000
3,295,156
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
5.25
%
,
2/15/44
..................................................
4,450,000
4,775,276
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
5.25
%
,
2/15/49
..................................................
2,250,000
2,341,009
Southwestern
University
,
Revenue
,
2022
,
4
%
,
8/15/42
......................
10,535,000
10,213,393
c
County
of
Hays
,
La
Cima
Public
Improvement
District
Neighborhood
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2025
,
5.125
%
,
9/15/45
...................
1,616,000
1,643,375
Dallas
Convention
Center
Hotel
Development
Corp.
,
Revenue
,
2009
B
,
7.088
%
,
1/01/42
.........................................................
8,535,000
9,400,494
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
11/01/43
..........................
14,250,000
15,335,036
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
11/01/44
..........................
5,000,000
5,337,680
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
11/01/45
..........................
8,000,000
8,474,238
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
11/01/46
..........................
12,500,000
13,132,080
Ector
County
Hospital
District
,
GO
,
2020
,
Refunding
,
5
%
,
9/15/29
.....................................
800,000
828,775
GO
,
2020
,
Refunding
,
5
%
,
9/15/30
.....................................
745,000
777,947
GO
,
2020
,
Refunding
,
5
%
,
9/15/31
.....................................
450,000
467,584
GO
,
2020
,
Refunding
,
5
%
,
9/15/32
.....................................
600,000
621,836
GO
,
2020
,
Refunding
,
5
%
,
9/15/33
.....................................
650,000
671,720
GO
,
2020
,
Refunding
,
4
%
,
9/15/34
.....................................
650,000
625,710
GO
,
2020
,
Refunding
,
4
%
,
9/15/35
.....................................
700,000
667,488
EP
Cimarron
Ventanas
PFC
,
Revenue
,
2024
,
Refunding
,
4.125
%
,
12/01/39
........
4,020,000
3,998,112
EP
Royal
Estates
PFC
,
Revenue
,
2024
,
4.25
%
,
10/01/39
.....................
1,000,000
1,000,075
Harris
County
Municipal
Utility
District
No.
490
,
GO
,
2025
,
BAM
Insured
,
4.25
%
,
3/01/40
................................
1,400,000
1,418,918
GO
,
2025
,
BAM
Insured
,
4.5
%
,
3/01/43
.................................
1,610,000
1,629,941
Houston
Higher
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2025
,
5.125
%
,
10/01/51
..................................................
725,000
704,506
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2
%
,
9/01/28
.............................................
155,000
145,718
GO
,
2021
,
2
%
,
9/01/29
.............................................
155,000
142,075
GO
,
2024
,
AG
Insured
,
4
%
,
9/01/39
....................................
935,000
937,597
GO
,
2024
,
AG
Insured
,
4.25
%
,
9/01/43
..................................
715,000
711,536
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/34
200,000
180,358
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/35
225,000
222,997
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/36
250,000
245,716
Lake
View
Management
and
Development
District
,
GO
,
2024
,
BAM
Insured
,
4
%
,
2/15/44
...................................
1,000,000
960,494
GO
,
2024
,
BAM
Insured
,
4.125
%
,
2/15/49
...............................
1,725,000
1,568,946
c
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
3,646,511
2,856,792
Lower
Colorado
River
Authority
,
Revenue
,
2022
,
Refunding
,
AG
Insured
,
4
%
,
5/15/40
.......................
5,000,000
5,046,866
Revenue
,
2024
,
Refunding
,
5
%
,
5/15/41
.................................
3,025,000
3,270,011
Matagorda
County
Navigation
District
No.
1
,
AEP
Texas,
Inc.
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
4.4
%
,
5/01/30
...............................
3,200,000
3,332,809
North
Texas
Tollway
Authority
,
Revenue,
First
Tier
,
A
,
Refunding
,
4
%
,
1/01/33
......
5,000,000
5,022,426
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
12/01/37
...........
11,900,000
10,546,293
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)
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/37
......
$
635,000
$
604,931
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/39
......
2,435,000
2,270,589
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/40
......
2,000,000
1,840,176
Terrell
Independent
School
District
,
GO
,
2025
,
PSF
Guaranty
,
5.25
%
,
8/01/43
...............................
2,600,000
2,868,714
GO
,
2025
,
PSF
Guaranty
,
5.25
%
,
8/01/44
...............................
3,000,000
3,283,996
GO
,
2025
,
PSF
Guaranty
,
5.25
%
,
8/01/45
...............................
2,250,000
2,444,303
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/30
........................................................
10,000,000
10,577,619
b
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
A
,
Mandatory
Put
,
5.5
%
,
1/01/30
....................................................
19,500,000
20,607,988
Texas
Transportation
Finance
Corp.
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
10/01/55
..
20,790,000
22,365,901
c
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
9/01/31
.........................
281,000
260,793
Town
of
Trophy
Club
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
9/01/30
........................................................
264,000
278,933
Public
Improvement
District
No.
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
9/01/32
........................................................
252,000
270,451
Travis
County
Development
Authority
,
Special
Assessment
,
2025
,
5
%
,
9/01/44
.....
500,000
507,890
Westpointe
Special
Improvement
District
,
GO
,
2024
,
BAM
Insured
,
5
%
,
8/15/37
...................................
450,000
481,820
GO
,
2024
,
BAM
Insured
,
5
%
,
8/15/45
...................................
1,000,000
1,032,487
GO
,
2024
,
BAM
Insured
,
5
%
,
8/15/49
...................................
1,095,000
1,113,308
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
2
%
,
8/15/29
.....................................
290,000
272,177
GO,
Sub.
Lien
,
2021
,
2.25
%
,
8/15/31
...................................
300,000
272,448
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/33
.....................................
315,000
290,202
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/35
.....................................
335,000
300,498
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/37
.....................................
355,000
305,579
225,735,215
Utah
0.3%
City
of
Lehi
,
Franchise
&
Sales
Tax
,
Revenue
,
2021
,
AG
Insured
,
4
%
,
2/01/48
......
3,000,000
2,730,892
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
1,366,330
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5.25
%
,
6/01/43
...........................................
1,000,000
1,109,796
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5.5
%
,
6/01/50
............................................
1,000,000
1,087,744
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
4
%
,
10/15/35
.....................
400,000
392,851
6,687,613
Virginia
0.9%
Virginia
Public
Building
Authority
,
Commonwealth
of
Virginia
,
Revenue
,
B
,
4
%
,
8/01/29
9,605,000
9,625,001
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/32
........................................................
2,500,000
2,537,190
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
7/01/32
........................................................
2,000,000
2,025,220
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
1/01/35
....................................................
3,000,000
3,137,644
17,325,055
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
2.7%
City
of
Seattle
,
Municipal
Light
&
Power
,
Revenue
,
2017
C
,
Refunding
,
4
%
,
9/01/35
.
$
5,000,000
$
5,033,848
Everett
Housing
Authority
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/37
..............
9,420,000
9,254,365
King
County
Housing
Authority
,
Revenue
,
2025
,
Refunding
,
5
%
,
7/01/40
.................................
500,000
526,286
Revenue
,
2025
,
Refunding
,
5.375
%
,
7/01/45
.............................
2,000,000
2,117,430
Vancouver
Housing
Authority
,
2200
Norris
LLLP
,
Revenue
,
2025
,
Refunding
,
4.125
%
,
12/01/39
..............
1,975,000
1,932,298
Cascara
Vancouver
LLLP
,
Revenue
,
2024
A
,
5
%
,
12/01/42
...................
2,500,000
2,734,188
Esther
Cougar
Rehab
LLLP
,
Revenue
,
2024
B
,
4.5
%
,
10/01/42
...............
2,000,000
2,046,722
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/31
..
2,250,000
2,298,099
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/32
..
1,605,000
1,638,162
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/35
..
2,400,000
2,442,401
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/36
1,200,000
1,249,019
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/35
1,665,000
1,740,692
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/36
3,250,000
3,382,761
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/38
........................................................
1,000,000
1,054,082
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/39
........................................................
1,000,000
1,051,104
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/40
........................................................
1,000,000
1,047,592
c
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
3
%
,
12/01/35
.......................................................
440,000
408,184
Overlake
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
B
,
Refunding
,
5
%
,
7/01/30
........................................................
1,000,000
1,024,657
Overlake
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
B
,
Refunding
,
5
%
,
7/01/31
........................................................
1,925,000
1,970,314
Washington
State
Housing
Finance
Commission
,
Revenue
,
2021-1
,
A
,
3.5
%
,
12/20/35
...................................
6,374,895
6,140,217
c
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
B
,
5.3
%
,
1/01/30
.
940,000
910,086
c
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5
%
,
7/01/45
........................................................
2,250,000
2,321,337
c
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
5.625
%
,
7/01/38
........................................................
2,000,000
2,160,231
54,484,075
Wisconsin
5.9%
City
of
Milwaukee
,
Sewerage
System
,
Revenue
,
2021
S-2
,
Refunding
,
3
%
,
6/01/46
..
4,600,000
3,650,430
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
23,650,000
24,634,698
f
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
5,725,000
2,903,497
BlueHub
Loan
Fund,
Inc.
,
Revenue
,
2024
B
,
5.25
%
,
7/01/44
.................
8,200,000
8,736,814
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/29
..........
285,000
286,808
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/30
..........
200,000
200,885
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/31
..........
200,000
200,354
c
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
3,500,000
3,632,761
EMU
Campus
Living
LLC
,
Revenue
,
2022
A-1
,
BAM
Insured
,
5.375
%
,
7/01/47
....
7,000,000
7,341,456
c
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
5,325,000
5,522,368
c
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
A
,
3.8
%
,
12/01/37
5,600,000
4,987,642
c
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
B
,
5.75
%
,
12/01/27
.......................................................
1,240,000
1,232,420
KSU
Bixby
Real
Estate
Foundation
LLC
,
Revenue,
Senior
Lien
,
2025
A
,
5.25
%
,
6/15/50
........................................................
1,000,000
1,042,117
Maniilaq
Association
Obligated
Group
,
Revenue
,
2026
,
5.25
%
,
12/01/41
........
2,300,000
2,462,789
Maniilaq
Association
Obligated
Group
,
Revenue
,
2026
,
5.25
%
,
12/01/44
........
1,750,000
1,832,819
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
38
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
North
East
Carolina
Preparatory
School,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
6/15/44
........................................................
$
800,000
$
802,662
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
24,350,000
24,448,379
PRG
-
Oxford
Properties
LLC
,
Revenue
,
2025
A
,
BAM
Insured
,
5
%
,
7/01/45
......
1,000,000
1,032,910
Renown
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/35
....................................................
2,100,000
2,110,554
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
.......
1,100,000
889,281
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/27
...........................................
195,000
197,096
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/28
...........................................
250,000
254,760
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/29
...........................................
320,000
328,351
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/30
...........................................
265,000
273,465
Wisconsin
Health
&
Educational
Facilities
Authority
,
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/28
....................................................
375,000
376,692
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/29
....................................................
390,000
392,515
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/30
....................................................
405,000
408,072
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/37
....................................................
1,460,000
1,420,355
Sanford
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
4
%
,
2/15/34
.
600,000
611,313
Sanford
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
4
%
,
2/15/35
.
1,000,000
1,018,780
Sanford
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
4
%
,
2/15/36
.
600,000
610,411
Sanford
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
2/15/54
..................
11,500,000
11,976,841
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/41
......
1,790,000
1,683,813
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
8/15/44
.....
1,000,000
1,060,203
118,564,311
U.S.
Territories
0.4%
District
of
Columbia
0.4%
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
4.375
%
,
7/15/56
.................
505,000
487,779
i
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/56
.....................
7,060,000
7,256,634
7,744,413
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
456,724
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/30
..
550,000
579,931
1,036,655
Total
U.S.
Territories
....................................................................
8,781,068
Total
Municipal
Bonds
(Cost
$
1,959,265,162
)
...................................
1,969,877,752
Total
Long
Term
Investments
(Cost
$
1,965,198,012
)
.............................
1,975,145,652
a
a
a
a
a
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
195
.
Short
Term
Investments
1.7%
a
a
Principal
Amount
a
Value
Municipal
Bonds
1.7%
California
0.1%
j
Anaheim
Housing
&
Public
Improvements
Authority
,
City
of
Anaheim
Water
System
,
Revenue,
Second
Lien
,
2024
A
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.3
%
,
10/01/54
...................................................
$
2,000,000
$
2,000,000
Georgia
0.1%
j
Roswell
Development
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2025
A
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
2.9
%
,
4/01/47
................
2,445,000
2,445,000
New
Jersey
0.0%
†
j
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009
C
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
1.7
%
,
7/01/43
.........................................................
700,000
700,000
Ohio
0.1%
j
County
of
Hamilton
,
TriHealth
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.95
%
,
8/15/51
..........
1,800,000
1,800,000
Oregon
0.2%
j
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
8/01/34
.............
3,000,000
3,000,000
Pennsylvania
1.2%
j
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
,
2.82
%
,
7/01/54
.............................................
23,845,000
23,845,000
Total
Municipal
Bonds
(Cost
$
33,790,000
)
......................................
33,790,000
Total
Short
Term
Investments
(Cost
$
33,790,000
)
................................
33,790,000
a
Total
Investments
(Cost
$
1,998,988,012
)
99.6
%
..................................
$2,008,935,652
Other
Assets,
less
Liabilities
0.4
%
.............................................
8,287,998
Net
Assets
100.0%
...........................................................
$2,017,223,650
†
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
May
31,
2026,
the
aggregate
value
of
these
securities
was
$208,979,510,
representing
10.4%
of
net
assets.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
Security
purchased
on
a
when-issued
basis.
f
The
rate
shown
represents
the
yield
at
period
end.
g
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
i
Underlying
security
in
a
tender
option
bond
transaction.
This
security
has
been
segregated
as
collateral
for
financing
transactions.
j
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
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
1.8%
Capital
Markets
1.8%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
660,000
$
15,803,700
Total
Management
Investment
Companies
(Cost
$
16,388,450
)
....................
15,803,700
Principal
Amount
a
a
a
a
Municipal
Bonds
92.2%
Alabama
6.0%
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/26
...........................
$
5,000,000
5,013,667
Revenue
,
2022
E
,
Mandatory
Put
,
5
%
,
6/01/28
............................
4,000,000
4,134,099
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
10,000,000
10,787,983
Revenue
,
2023
D-3
,
Refunding
,
Mandatory
Put
,
4.282
%
,
2/01/29
..............
5,000,000
5,090,775
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
2,000,000
2,079,656
Revenue
,
2024
C
,
Mandatory
Put
,
5
%
,
7/01/31
...........................
10,000,000
10,578,494
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5
%
,
10/01/33
............
2,500,000
2,782,659
b
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
4,285,000
4,617,735
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
3,500,000
3,838,814
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2024
C
,
5
%
,
11/01/26
.......................................
400,000
402,748
Revenue
,
2024
C
,
5
%
,
11/01/27
.......................................
330,000
337,794
b
Revenue
,
2025
B
,
Mandatory
Put
,
5.25
%
,
1/01/33
.........................
1,575,000
1,635,213
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
1,039,412
52,339,049
Arizona
1.8%
b
Arizona
Industrial
Development
Authority
,
TWG
Glendale
LP
,
Revenue
,
2024
,
Mandatory
Put
,
5
%
,
9/01/26
..........................................
800,000
803,973
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5
%
,
1/01/27
......
2,500,000
2,534,261
c
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
11,630,000
12,166,780
15,505,014
Arkansas
0.4%
Arkansas
Development
Finance
Authority
,
b
Revenue
,
2025
,
Mandatory
Put
,
3.875
%
,
10/15/32
.........................
2,000,000
2,004,299
Washington
Regional
Medical
Center
,
Revenue
,
2024
,
5
%
,
2/01/27
............
735,000
741,809
Washington
Regional
Medical
Center
,
Revenue
,
2024
,
5
%
,
2/01/28
............
800,000
818,311
3,564,419
California
4.3%
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
B-1
,
4
%
,
8/01/26
......................................
325,000
325,391
Revenue
,
2021
B-1
,
4
%
,
8/01/27
......................................
400,000
403,503
Revenue
,
2021
B-1
,
4
%
,
2/01/28
......................................
375,000
379,452
Revenue
,
2021
B-1
,
4
%
,
8/01/28
......................................
470,000
476,471
b
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
4,245,000
4,508,809
c
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..............................................
2,795,000
2,634,950
c
California
Housing
Finance
Agency
,
Found
Middle
LP
,
Revenue
,
144A,
2024
L
,
5.2
%
,
12/01/27
........................................................
1,000,000
1,011,545
b,c
California
Infrastructure
&
Economic
Development
Bank
,
DesertXpress
Enterprises
LLC
,
Revenue
,
144A,
2025
C
,
Mandatory
Put
,
3.5
%
,
11/02/26
................
4,000,000
3,999,275
b
California
Municipal
Finance
Authority
,
d
Waste
Management,
Inc.
,
Revenue
,
2024
A
,
Mandatory
Put
,
2.875
%
,
9/01/26
....
2,000,000
2,000,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
41
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
California
Municipal
Finance
Authority,
(continued)
Waste
Management,
Inc.
,
Revenue
,
2024
B
,
Mandatory
Put
,
3.375
%
,
9/01/28
....
$
1,000,000
$
998,853
b
California
State
University
,
Revenue
,
2016
B-2
,
Refunding
,
Mandatory
Put
,
0.55
%
,
11/01/26
........................................................
800,000
791,556
City
of
Los
Angeles
,
Revenue
,
2025
,
5
%
,
6/25/26
...........................
7,500,000
7,511,690
c
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
875,000
820,902
e
Long
Beach
Bond
Finance
Authority
,
Revenue
,
FRN
,
2007
B
,
4.071
%
,
(
3-month
TSOF
+
1.45
%
),
11/15/27
.................................................
6,125,000
6,192,680
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
7/01/28
.............................................
4,000,000
4,132,621
f
Oxnard
School
District
,
GO
,
2026
,
3.27
%,
2/01/31
...........................
1,500,000
1,290,386
Sierra
View
Local
Health
Care
District
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/26
....
240,000
240,128
University
of
California
,
College
of
the
Law
San
Francisco
,
Revenue
,
2026
,
BAM
Insured
,
4.216
%
,
8/01/28
............................................
125,000
124,098
37,842,310
Colorado
1.9%
Colorado
Health
Facilities
Authority
,
Christian
Living
Neighborhoods
Obligated
Group
,
Revenue
,
2026
,
Refunding
,
5
%
,
1/01/28
........................................................
470,000
484,401
Christian
Living
Neighborhoods
Obligated
Group
,
Revenue
,
2026
,
Refunding
,
5
%
,
1/01/29
........................................................
490,000
513,990
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/29
.........
900,000
957,110
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/27
........................................................
255,000
258,703
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/28
........................................................
340,000
350,013
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/29
........................................................
560,000
584,448
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/30
........................................................
395,000
417,066
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/33
........................................................
670,000
721,266
Denver
City
&
County
School
District
No.
1
,
GO
,
2025
A
,
5
%
,
12/01/34
...........................................
5,000,000
5,804,997
GO
,
2025
A
,
5.5
%
,
12/01/44
..........................................
3,000,000
3,404,160
c
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
,
GO
,
144A,
2025
A
,
5
%
,
4/01/35
................................................
2,750,000
2,976,594
16,472,748
Connecticut
0.6%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2026
A
,
5
%
,
7/01/31
..........
4,000,000
4,364,250
b
Yale
University
,
Revenue
,
2016
A-2
,
Refunding
,
Mandatory
Put
,
2
%
,
7/01/26
.....
840,000
839,303
5,203,553
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
5,041,055
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
1,140,867
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
3A
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
.......................................
420,000
411,134
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/31
.........................................................
240,000
229,797
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)
County
of
Miami-Dade
,
Aviation
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/27
.......
$
4,650,000
$
4,772,276
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
.........................................................
325,000
317,082
East
Palm
Drive
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.375
%
,
6/15/31
...................................
325,000
328,724
Eden
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
...............................................
90,000
89,240
c
Entrada
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
5/01/31
..............................................
370,000
353,333
b
Florida
Development
Finance
Corp.
,
Florida
Health
Sciences
Center,
Inc.
Obligated
Group
,
Revenue
,
2026
B
,
Mandatory
Put
,
5
%
,
10/01/31
.....................
1,000,000
1,080,703
Halifax
Hospital
Medical
Center
,
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/27
.........................................................
2,890,000
2,894,134
Hillsborough
County
Aviation
Authority
,
Revenue
,
2024
B
,
5
%
,
10/01/32
..........
10,085,000
11,096,406
Ibis
Landing
Community
Development
District
,
Special
Assessment
,
2025
,
4.7
%
,
6/15/35
.........................................................
465,000
479,516
Jacksonville
Transportation
Authority
,
Revenue,
Senior
Lien
,
2020
,
5
%
,
8/01/26
.....
1,940,000
1,946,994
Keys
Edge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.375
%
,
5/01/31
..............................................
345,000
348,112
Kindred
Community
Development
District
II
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
235,000
226,125
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2021
,
3.125
%
,
6/15/31
.........................................................
250,000
246,662
Lakewood
Ranch
Stewardship
District
,
Assessments
,
Special
Assessment
,
2024
,
4.625
%
,
5/01/31
..................
130,000
134,256
Calusa
,
Special
Assessment
,
2025
,
4.6
%
,
5/01/35
.........................
440,000
462,160
Saddlestone
Project
Phase
1/2
,
Special
Assessment
,
2026
,
4
%
,
5/01/33
........
805,000
816,614
Southeast
,
Special
Assessment
,
2025
,
5
%
,
5/01/30
........................
1,435,000
1,515,691
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
3,999,128
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
B-3
,
4.125
%
,
11/15/29
..........................................
3,000,000
3,003,069
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
....................................
105,000
101,794
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
5.2
%
,
5/01/27
....................................................
100,000
101,139
c
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
3
%
,
12/15/31
........................................................
230,000
225,385
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
4
%
,
5/01/28
200,000
201,190
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.......................................
350,000
343,808
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3
%
,
5/01/32
.......................................
195,000
189,382
Shingle
Creek
at
Bronson
Community
Development
District
,
Special
Assessment
,
2021
,
3.1
%
,
6/15/31
................................................
500,000
490,025
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.875
%
,
6/15/31
...................................
175,000
169,234
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
999,252
c
Storey
Park
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
6/15/31
...............................
170,000
165,932
Summerstone
Community
Development
District
,
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
....................................
135,000
134,447
c
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
3.75
%
,
5/01/29
...................................................
555,000
558,089
Villamar
Community
Development
District
,
Special
Assessment
,
2020
,
3.2
%
,
5/01/30
200,000
198,093
Volusia
County
Educational
Facility
Authority
,
Embry-Riddle
Aeronautical
University,
Inc.
,
Revenue
,
2025
,
5
%
,
10/15/28
........
625,000
656,623
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
43
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Volusia
County
Educational
Facility
Authority,
(continued)
Embry-Riddle
Aeronautical
University,
Inc.
,
Revenue
,
2025
,
5
%
,
10/15/29
........
$
800,000
$
856,002
41,282,418
Georgia
4.7%
c
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
B
,
8.125
%
,
7/01/30
............................................
1,715,000
1,673,853
City
of
Atlanta
,
Department
of
Aviation
,
Revenue
,
2024
A-1
,
5
%
,
7/01/26
....................
300,000
300,566
Department
of
Aviation
,
Revenue
,
2024
A-1
,
5
%
,
7/01/28
....................
215,000
225,653
Cobb-Marietta
Coliseum
&
Exhibit
Hall
Authority
,
County
of
Cobb
,
Revenue
,
2025
,
5
%
,
10/01/27
...........................
300,000
309,442
County
of
Cobb
,
Revenue
,
2025
,
5
%
,
10/01/28
...........................
400,000
421,875
b
Development
Authority
of
Burke
County
(The)
,
Georgia
Power
Co.
,
Revenue
,
5th
1994
,
Mandatory
Put
,
3.7
%
,
6/13/28
.........
1,750,000
1,778,795
Georgia
Power
Co.
,
Revenue,
First
Series
,
2013-1
,
Refunding
,
Mandatory
Put
,
3.375
%
,
3/12/27
.................................................
2,000,000
2,008,277
b
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
......................
2,000,000
1,990,287
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
........................................................
460,000
479,537
b
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
9/01/27
............................
8,050,000
8,151,094
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
4,500,000
4,569,966
c
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
15,000,000
15,031,587
Revenue
,
2023
D
,
Mandatory
Put
,
5
%
,
12/01/30
...........................
4,000,000
4,214,800
41,155,732
Hawaii
0.8%
University
of
Hawaii
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
10/01/26
..............................
2,865,000
2,885,922
Revenue
,
2020
D
,
Refunding
,
5
%
,
10/01/26
..............................
4,360,000
4,391,839
7,277,761
Illinois
4.3%
Chicago
Park
District
,
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/27
..................
550,000
557,409
City
of
Chicago
,
GO
,
2020
A
,
5
%
,
1/01/28
............................................
2,110,000
2,148,737
GO
,
2020
A
,
ETM,
5
%
,
1/01/28
.......................................
990,000
1,025,464
GO
,
2024
B
,
Refunding
,
5
%
,
1/01/29
...................................
1,000,000
1,027,375
GO
,
2024
B
,
Refunding
,
5
%
,
1/01/31
...................................
3,220,000
3,342,685
County
of
Cook
,
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/15/29
......................
845,000
906,922
Sales
Tax
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/27
.......................
500,000
516,831
Sales
Tax
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/28
.......................
1,000,000
1,053,498
Sales
Tax
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/29
.......................
1,000,000
1,073,281
Illinois
Finance
Authority
,
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/27
...........
400,000
405,506
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/28
...........
400,000
410,870
g,h
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/27
.........
847,485
—
b
Field
Museum
of
Natural
History
,
Revenue
,
2019
,
Refunding
,
Mandatory
Put
,
3.691
%
,
9/01/28
.................................................
1,450,000
1,454,433
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/15/27
........................................................
590,000
590,313
Lake
County
Consolidated
High
School
District
No.
120
Mundelein
,
GO
,
2026
,
5
%
,
12/01/27
.............................................
500,000
515,933
GO
,
2026
,
5
%
,
12/01/28
.............................................
500,000
525,972
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)
Illinois
(continued)
Lake
County
Consolidated
High
School
District
No.
120
Mundelein,
(continued)
GO
,
2026
,
5
%
,
12/01/34
.............................................
$
750,000
$
844,811
Sangamon
County
School
District
No.
186
Springfield
,
GO
,
2020
C
,
AG
Insured
,
5
%
,
6/01/36
.........................................................
1,485,000
1,571,168
State
of
Illinois
,
GO
,
2016
,
Refunding
,
5
%
,
2/01/29
.....................................
750,000
760,937
GO
,
2017
C
,
5
%
,
11/01/29
...........................................
2,000,000
2,060,368
GO
,
2017
D
,
5
%
,
11/01/27
...........................................
5,025,000
5,176,294
GO
,
2018
A
,
Refunding
,
5
%
,
10/01/29
..................................
375,000
392,523
GO
,
2018
B
,
Refunding
,
5
%
,
10/01/31
..................................
625,000
651,529
GO
,
2019
B
,
5
%
,
11/01/30
...........................................
375,000
399,267
GO
,
2025
A
,
4.1
%
,
9/01/26
...........................................
8,200,000
8,199,579
Sales
Tax
,
Revenue
,
2021
A
,
4
%
,
6/15/27
...............................
1,500,000
1,516,869
37,128,574
Indiana
1.9%
b
City
of
Whiting
,
BP
Products
North
America,
Inc.
,
Revenue
,
2019
A
,
Refunding
,
Mandatory
Put
,
5
%
,
6/05/26
..........................................
5,900,000
5,901,241
Indiana
Finance
Authority
,
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/30
....
785,000
820,354
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/31
....
875,000
920,723
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/32
....
920,000
972,300
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/33
....
965,000
1,024,765
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/34
....
1,015,000
1,079,962
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/35
....
535,000
569,587
b
Southern
Indiana
Gas
&
Electric
Co.
,
Revenue
,
2013
E
,
Refunding
,
Mandatory
Put
,
3.55
%
,
8/01/28
..................................................
5,000,000
5,066,130
16,355,062
Iowa
2.0%
Crawford
County
Memorial
Hospital,
Inc.
,
Revenue
,
2024
,
5
%
,
6/15/27
...........
2,000,000
2,007,977
Des
Moines
Independent
Community
School
District
,
Sales
Services
&
Use
Tax
,
Revenue
,
2018
,
AG
Insured
,
3
%
,
6/01/29
................................
9,300,000
9,292,923
Iowa
Finance
Authority
,
b
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
3.95
%
,
5/15/31
......................................
2,000,000
2,000,000
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.6
%
,
5/15/28
........................................................
440,000
457,349
Iowa
Higher
Education
Loan
Authority
,
University
of
Dubuque
,
Revenue
,
2025
,
5
%
,
10/01/30
.......................
1,370,000
1,437,636
University
of
Dubuque
,
Revenue
,
2025
,
5
%
,
10/01/35
.......................
2,050,000
2,184,623
17,380,508
Kansas
0.5%
City
of
Valley
Center
,
GO
,
2026-1
,
3.5
%
,
12/01/29
...........................
3,000,000
3,012,818
Reno
County
Unified
School
District
No.
308
Hutchinson
,
GO
,
2019
,
Refunding
,
5
%
,
9/01/27
.........................................................
1,575,000
1,616,551
4,629,369
Kentucky
4.8%
County
of
Trimble
,
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2001
A
,
Refunding
,
0.625
%
,
9/01/26
...
3,375,000
3,346,706
b
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2023
A
,
Mandatory
Put
,
4.7
%
,
6/01/27
..
2,500,000
2,523,288
Eastern
Kentucky
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/26
..............................
1,205,000
1,208,512
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/27
..............................
1,255,000
1,270,901
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/28
..............................
1,305,000
1,332,122
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)
Kentucky
(continued)
Kentucky
Municipal
Energy
Agency
,
Revenue
,
2025
,
5
%
,
1/01/34
.........................................
$
2,875,000
$
3,202,388
Revenue
,
2025
,
5
%
,
1/01/35
.........................................
3,020,000
3,384,161
Kentucky
Public
Energy
Authority
,
b
Revenue
,
2022
A-2
,
Mandatory
Put
,
3.625
%
,
8/01/30
.......................
14,125,000
14,186,396
Revenue
,
2025
B
,
5
%
,
12/01/33
.......................................
5,000,000
5,143,595
Kentucky
State
Property
&
Building
Commission
,
Commonwealth
of
Kentucky
,
Revenue
,
A
,
5
%
,
4/01/33
............................................
5,715,000
6,423,176
42,021,245
Louisiana
1.7%
City
of
New
Orleans
,
d
GO
,
2026
A
,
5
%
,
12/01/30
...........................................
265,000
282,387
d
GO
,
2026
A
,
5
%
,
12/01/31
...........................................
350,000
375,102
d
GO
,
2026
A
,
5
%
,
12/01/32
...........................................
365,000
392,143
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/26
.........................
450,000
450,000
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/27
.........................
600,000
610,538
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/28
.........................
550,000
569,359
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Louisiana
Utilities
Restoration
Corp.
ELL
System
Restoration
,
Revenue
,
2023
,
A-1
,
5.081
%
,
6/01/31
..........................................
1,167,397
1,180,783
Louisiana
Offshore
Terminal
Authority
,
Loop
LLC
,
Revenue
,
2007
A
,
Refunding
,
4.15
%
,
9/01/27
.........................................................
1,500,000
1,515,546
Louisiana
Public
Facilities
Authority
,
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2025
B
,
Refunding
,
5
%
,
5/15/30
...............................
4,000,000
4,285,857
b
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
C
,
Refunding
,
Mandatory
Put
,
3.3
%
,
7/03/28
........................................
5,000,000
5,017,695
14,679,410
Maine
0.4%
City
of
Portland
,
General
Airport
,
Revenue
,
2026
,
Refunding
,
5
%
,
1/01/30
....................
940,000
1,008,504
General
Airport
,
Revenue
,
2026
,
Refunding
,
5
%
,
1/01/31
....................
350,000
380,514
General
Airport
,
Revenue
,
2026
,
Refunding
,
5
%
,
1/01/32
....................
540,000
593,027
Maine
Governmental
Facilities
Authority
,
State
of
Maine
,
Revenue
,
2025
A
,
5
%
,
10/01/26
...........................
700,000
705,229
State
of
Maine
,
Revenue
,
2025
A
,
5
%
,
10/01/27
...........................
600,000
618,006
3,305,280
Maryland
1.9%
Maryland
Economic
Development
Corp.
,
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
A
,
5
%
,
11/12/28
...............................................
10,000,000
10,017,039
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
5,169,020
State
of
Maryland
,
GO
,
2017
B
,
Refunding
,
5
%
,
8/01/26
......................
30,000
30,118
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/27
1,215,000
1,226,108
16,442,285
Massachusetts
1.1%
City
of
Quincy
,
GO
,
2025
,
5
%
,
7/24/26
....................................
4,000,000
4,012,079
f
Massachusetts
Department
of
Transportation
,
Revenue,
Senior
Lien
,
1997
A
,
NATL
Insured
,
2.99
%,
1/01/29
.............................................
2,000,000
1,853,082
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2022
C-3
,
FHA
Insured
,
4
%
,
6/01/26
.........................................................
4,155,000
4,155,000
10,020,161
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)
Michigan
2.0%
City
of
Detroit
,
GO
,
2018
,
5
%
,
4/01/33
.............................................
$
950,000
$
976,412
GO
,
2018
,
5
%
,
4/01/37
.............................................
2,280,000
2,332,913
GO
,
2018
,
5
%
,
4/01/38
.............................................
1,110,000
1,134,652
Michigan
Finance
Authority
,
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/27
.......................................
2,000,000
2,017,129
b
Michigan
Strategic
Fund
,
Consumers
Energy
Co.
,
Revenue
,
2005
,
Mandatory
Put
,
0.875
%
,
10/08/26
..................................................
5,915,000
5,845,440
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2017
E
,
Refunding
,
4
%
,
12/01/26
......................................
5,000,000
5,023,548
17,330,094
Minnesota
1.9%
b
City
of
Mounds
View
,
OAHS
Sibley
TC
LLLP
,
Revenue
,
2024
,
Mandatory
Put
,
3.375
%
,
3/01/28
.........................................................
5,500,000
5,516,929
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2026
,
Refunding
,
5
%
,
5/01/27
.............................................
1,000,000
1,019,582
Minnesota
Health
&
Education
Facilities
Authority
,
University
of
St.
Thomas
,
Revenue
,
2019
,
5
%
,
10/01/26
................................................
1,000,000
1,006,632
Minnesota
Higher
Education
Facilities
Authority
,
University
of
St.
Thomas
,
Revenue
,
2019
,
5
%
,
10/01/27
................................................
1,000,000
1,028,018
b
Minnesota
Municipal
Gas
Agency
,
Revenue
,
2022
B
,
Mandatory
Put
,
3.432
%
,
(
SOFR
+
1
%
),
12/01/27
....................................................
8,000,000
7,995,102
16,566,263
Mississippi
0.3%
b
Mississippi
Business
Finance
Corp.
,
Waste
Management,
Inc.
,
Revenue
,
2004
,
Mandatory
Put
,
0.7
%
,
9/01/26
........................................
2,500,000
2,484,171
Missouri
0.6%
Citizens
Memorial
Hospital
District
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
12/01/26
.....
5,000,000
5,004,937
Missouri
Development
Finance
Board
,
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/27
.............................................
660,000
665,302
5,670,239
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
999,296
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
3,635,341
New
Hampshire
0.3%
e
New
Hampshire
Business
Finance
Authority
,
National
Finance
Authority
,
Revenue
,
FRN
,
2024-3
,
A
,
4.162
%
,
10/20/41
.....................................
987,928
967,831
New
Hampshire
Municipal
Bond
Bank
,
Revenue
,
2025
B
,
5
%
,
8/15/27
...........
1,500,000
1,543,577
2,511,408
New
Jersey
7.1%
City
of
Newark
,
GO
,
2026
CD
,
4.25
%
,
5/05/27
..............................
5,000,000
5,029,731
Garden
State
Preservation
Trust
,
Revenue
,
2005
A
,
AG
Insured
,
5.75
%
,
11/01/28
...
15,855,000
16,551,813
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
7,127,085
c
State
of
New
Jersey
,
Revenue
,
144A,
2019
,
Refunding
,
5.25
%
,
9/01/27
.........
6,000,000
6,193,057
New
Jersey
Transportation
Trust
Fund
Authority
,
f
State
of
New
Jersey
,
Revenue
,
2006
C
,
AMBAC
Insured
,
2.9
%,
12/15/26
........
10,000,000
9,845,059
f
State
of
New
Jersey
,
Revenue
,
2006
C
,
BHAC
Insured
,
2.92
%,
12/15/27
........
11,110,000
10,627,823
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
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority,
(continued)
State
of
New
Jersey
,
Revenue
,
2023
AA
,
Refunding
,
5
%
,
6/15/34
..............
$
3,500,000
$
3,915,981
State
of
New
Jersey
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
6/15/36
...............
2,500,000
2,818,248
62,108,797
New
Mexico
2.7%
b
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
4,250,000
4,218,376
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
C
,
Refunding
,
Mandatory
Put
,
3.875
%
,
6/01/29
.................................................
11,000,000
11,240,387
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
D
,
Refunding
,
Mandatory
Put
,
3.9
%
,
6/01/28
...................................................
4,000,000
4,062,383
b
County
of
Santa
Fe
,
Cresta
Ranch
Apartments
LLP
,
Revenue
,
2024
,
Mandatory
Put
,
3.29
%
,
6/01/28
...................................................
3,700,000
3,710,834
23,231,980
New
York
4.7%
County
of
Suffolk
,
GO
,
2018
B
,
AG
Insured
,
4
%
,
10/15/28
.....................
4,205,000
4,225,734
Metropolitan
Transportation
Authority
,
Revenue
,
2025
B
,
Refunding
,
5
%
,
11/15/26
...
3,000,000
3,033,581
New
York
City
Industrial
Development
Agency
,
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
3
%
,
3/01/36
....................................
5,000,000
4,738,283
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2025
F-1
,
Refunding
,
5
%
,
11/01/33
............................................
2,000,000
2,261,729
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
780,000
744,018
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
3,020,798
b
New
York
State
Housing
Finance
Agency
,
Revenue
,
2022
A-2
,
Mandatory
Put
,
2.5
%
,
5/01/27
.........................
810,000
804,825
Revenue
,
2025
A-2
,
Mandatory
Put
,
3.4
%
,
5/01/29
.........................
4,000,000
4,016,487
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/36
..........................
7,195,000
7,321,823
JFK
NTO
LLC
,
Revenue
,
2025
,
5.5
%
,
6/30/37
............................
2,000,000
2,208,407
JFK
NTO
LLC
,
Revenue
,
2025
,
AG
Insured
,
5.5
%
,
6/30/38
...................
1,600,000
1,787,396
JFK
NTO
LLC
,
Revenue
,
2025
,
5.5
%
,
6/30/39
............................
2,100,000
2,296,766
Triborough
Bridge
&
Tunnel
Authority
,
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue
,
2025
B-1
,
5
%
,
3/15/27
............................
3,500,000
3,568,061
Troy
Capital
Resource
Corp.
,
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/28
.............................................
750,000
781,261
40,809,169
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
1,997,456
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/26
......................................
850,000
853,677
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
1,137,645
North
Carolina
State
University
at
Raleigh
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/26
................................
3,000,000
3,023,418
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/27
................................
1,500,000
1,548,209
8,560,405
North
Dakota
0.6%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/27
..
2,325,000
2,371,933
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/28
..
1,680,000
1,734,408
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)
North
Dakota
(continued)
City
of
Horace
,
GO
,
2024
C
,
Refunding
,
5
%
,
5/01/27
...................................
$
400,000
$
406,228
GO
,
2024
C
,
Refunding
,
5
%
,
5/01/28
...................................
475,000
489,345
5,001,914
Ohio
2.2%
American
Municipal
Power,
Inc.
,
City
of
Wapakoneta
,
Revenue
,
2025
,
4
%
,
6/17/26
..
1,555,000
1,555,651
Cleveland
Department
of
Public
Utilities
,
Division
of
Public
Power
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
5
%
,
11/15/27
...................................
1,580,000
1,630,895
Columbus
Metropolitan
Housing
Authority
,
Revenue
,
2024
,
4
%
,
6/01/34
.........................................
1,500,000
1,497,538
Cobblestone
Manor
LLC
,
Revenue
,
2024
,
5
%
,
8/01/27
......................
2,000,000
2,005,759
b
Ohio
Air
Quality
Development
Authority
,
American
Electric
Power
Co.,
Inc.
,
Revenue
,
2026
,
Refunding
,
Mandatory
Put
,
3.5
%
,
4/01/30
........................................................
3,000,000
3,011,257
Duke
Energy
Corp.
,
Revenue
,
2022
A
,
Refunding
,
Mandatory
Put
,
4.25
%
,
6/01/27
.
7,500,000
7,556,916
b
Ohio
Housing
Finance
Agency
,
At
Main
LLC
,
Revenue
,
2025
,
Mandatory
Put
,
3.7
%
,
5/01/28
.........................................................
1,200,000
1,208,410
Youngstown
State
University
,
Revenue
,
2021
,
Refunding
,
AG
Insured
,
4
%
,
12/15/26
.
850,000
856,188
19,322,614
Oklahoma
0.3%
Lawton
Industrial
Development
Authority
,
City
of
Lawton
Sales
Tax
,
Revenue
,
2026
A
,
5
%
,
7/01/36
....................
150,000
166,249
City
of
Lawton
Sales
Tax
,
Revenue
,
2026
A
,
5
%
,
7/01/37
....................
200,000
220,530
City
of
Lawton
Sales
Tax
,
Revenue
,
2026
A
,
5
%
,
7/01/38
....................
150,000
164,474
City
of
Lawton
Sales
Tax
,
Revenue
,
2026
B
,
4.75
%
,
7/01/35
..................
500,000
490,984
City
of
Lawton
Sales
Tax
,
Revenue
,
2026
B
,
4.85
%
,
7/01/36
..................
500,000
491,088
City
of
Lawton
Sales
Tax
,
Revenue
,
2026
B
,
4.95
%
,
7/01/37
..................
750,000
737,314
2,270,639
Oregon
0.9%
Albany
Hospital
Facility
Authority
,
Mennonite
Home
of
Albany,
Inc.
Obligated
Group
,
Revenue
,
2026
A
,
5
%
,
5/15/36
........................................
2,635,000
2,856,210
b
State
of
Oregon
Housing
&
Community
Services
Department
,
Hollywood
Hub
LP
,
Revenue
,
2024
R
,
Mandatory
Put
,
4
%
,
1/01/29
...........................
5,000,000
5,102,315
7,958,525
Pennsylvania
4.7%
Adams
County
General
Authority
,
Brethren
Home
Community
Obligated
Group
(The)
,
Revenue
,
2024
B-2
,
Refunding
,
3.6
%
,
6/01/29
............................
1,500,000
1,501,830
Allegheny
County
Airport
Authority
,
Revenue
,
2023
A
,
AG
Insured
,
5.25
%
,
1/01/36
...
1,000,000
1,103,518
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/27
.............................................
590,000
599,829
Chester
County
Industrial
Development
Authority
,
Avon
Grove
Charter
School
,
Revenue
,
2024
,
5
%
,
3/01/27
.........................................
3,250,000
3,258,749
Lehigh
County
Industrial
Development
Authority
,
PPL
Electric
Utilities
Corp.
,
Revenue
,
2016
B
,
Refunding
,
2.625
%
,
2/15/27
...................................
5,000,000
4,990,137
b
Montgomery
County
Industrial
Development
Authority
,
Constellation
Energy
Generation
LLC
,
Revenue
,
2023
A
,
Refunding
,
Mandatory
Put
,
4.1
%
,
4/03/28
.............
5,000,000
5,110,594
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/15/29
...........
1,230,000
1,266,524
b
UPMC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
Mandatory
Put
,
5
%
,
3/15/32
8,200,000
8,856,733
UPMC
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5
%
,
12/15/29
...........
5,000,000
5,349,944
b
Waste
Management
Obligated
Group
,
Revenue
,
2013
,
Mandatory
Put
,
2.95
%
,
8/03/26
........................................................
3,000,000
3,000,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
49
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Pennsylvania
Economic
Development
Financing
Authority,
(continued)
b
Waste
Management,
Inc.
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
1.1
%
,
11/02/26
.......................................................
$
4,000,000
$
3,964,336
Pennsylvania
Housing
Finance
Agency
,
Revenue
,
2025-149
A
,
5
%
,
4/01/27
....................................
300,000
305,347
Revenue
,
2025-149
A
,
Refunding
,
5
%
,
10/01/27
...........................
300,000
308,047
Philadelphia
Gas
Works
Co.
,
Revenue
,
16th
A
,
AG
Insured
,
5
%
,
8/01/26
..........
600,000
602,254
State
Public
School
Building
Authority
,
Delaware
County
Community
College
,
Revenue
,
2026
,
Refunding
,
BAM
Insured
,
5
%
,
10/01/29
.......................................................
380,000
404,327
Delaware
County
Community
College
,
Revenue
,
2026
,
Refunding
,
BAM
Insured
,
5
%
,
10/01/30
.......................................................
455,000
490,097
41,112,266
Rhode
Island
0.2%
Rhode
Island
Health
and
Educational
Building
Corp.
,
Lifespan
Corp.
Obligated
Group
,
Revenue
,
2026
B
,
Refunding
,
5
%
,
5/15/31
...............................
2,000,000
2,152,472
South
Carolina
1.3%
c
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3
%
,
11/01/26
...................................
210,000
208,260
b
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
3,535,000
3,788,102
South
Carolina
Public
Service
Authority
,
Revenue
,
2024
A
,
5
%
,
12/01/26
.......................................
675,000
682,377
Revenue
,
2024
A
,
5
%
,
12/01/27
.......................................
525,000
543,534
Revenue
,
2024
A
,
5
%
,
12/01/28
.......................................
500,000
528,701
Revenue
,
2024
A
,
5
%
,
12/01/29
.......................................
550,000
591,732
Revenue
,
2024
A
,
5
%
,
12/01/30
.......................................
675,000
738,405
Revenue
,
2024
A
,
5.5
%
,
12/01/54
.....................................
3,000,000
3,182,237
Revenue
,
2025
B
,
Refunding
,
5
%
,
12/01/28
..............................
750,000
791,746
11,055,094
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
6,461,402
Tennessee
3.7%
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
Vanderbilt
University
Medical
Center
Obligated
Group
,
Revenue
,
2026
B
,
Refunding
,
5
%
,
7/01/29
.............................................
1,400,000
1,487,822
State
of
Tennessee
,
GO
,
2023
A
,
5
%
,
5/01/31
..............................
6,670,000
7,408,879
b
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
8,010,000
8,511,721
b
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2023
A-1
,
Refunding
,
Mandatory
Put
,
5
%
,
5/01/28
......................................................
14,560,000
14,976,893
32,385,315
Texas
5.2%
b
Austin
Housing
Finance
Corp.
,
Austin
Leased
Housing
Associates
V
LP
,
Revenue
,
2024
,
Mandatory
Put
,
3.4
%
,
11/01/27
...................................
10,000,000
10,067,621
f
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2002
A
,
BHAC,
AMBAC
Insured
,
2.93
%,
8/15/27
...................................................
3,280,000
3,167,549
City
of
Austin
,
Airport
System
,
Revenue
,
2025
,
Refunding
,
5
%
,
11/15/26
..........
900,000
907,820
c
City
of
Celina
,
Mosaic
Public
Improvement
District
Phase
No.
1B
,
Special
Assessment
,
144A,
2024
,
4.375
%
,
9/01/31
.........................................
132,000
134,073
City
of
Houston
,
Combined
Utility
System
,
Revenue,
First
Lien
,
2018
D
,
Refunding
,
5
%
,
11/15/26
........................................................
1,000,000
1,011,102
c
City
of
Lavon
,
Special
Assessment
,
144A,
2025
,
4.25
%
,
9/15/32
................
600,000
608,887
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)
Texas
(continued)
c
City
of
Lowry
Crossing
,
Simpson
Road
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
4.75
%
,
9/15/35
...............................
$
295,000
$
307,095
c
City
of
Manor
,
Special
Assessment
,
144A,
2025
,
4
%
,
9/15/30
..................
180,000
180,846
City
of
Pflugerville
,
GO
,
2025
,
5
%
,
8/01/26
................................
1,685,000
1,691,617
County
of
Hidalgo
,
GO
,
2025
,
Refunding
,
5
%
,
8/15/26
.....................................
1,150,000
1,154,967
GO
,
2025
,
Refunding
,
5
%
,
8/15/27
.....................................
400,000
410,417
Forney
Independent
School
District
,
GO
,
2025
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/26
.........................
600,000
602,779
GO
,
2025
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/27
.........................
1,600,000
1,643,592
FW
Ramble
Public
Facility
Corp.
,
Revenue
,
2025
,
5
%
,
10/01/32
................
2,115,000
2,238,028
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2
%
,
9/01/26
.............................................
150,000
148,890
GO
,
2021
,
2
%
,
9/01/27
.............................................
155,000
149,707
GO
,
2024
,
AG
Insured
,
5
%
,
9/01/29
....................................
385,000
398,257
GO
,
2024
,
AG
Insured
,
5
%
,
9/01/33
....................................
470,000
506,710
NTHP
Lakewest
Senior,
Inc.
,
Revenue
,
2026
,
5
%
,
5/01/36
....................
1,100,000
1,185,232
b
Prosper
Independent
School
District
,
GO
,
2019
B
,
PSF
Guaranty
,
Mandatory
Put
,
4
%
,
8/15/26
.........................................................
1,600,000
1,603,768
San
Antonio
Independent
School
District
,
GO
,
2025
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/26
.........................................................
2,875,000
2,888,497
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
7,731,037
b
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
A
,
Mandatory
Put
,
5.5
%
,
1/01/30
....................................................
5,000,000
5,284,099
c
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
9/01/26
.........................
117,000
116,567
Town
of
Trophy
Club
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
9/01/28
.............................................
590,000
602,415
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
2
%
,
8/15/27
.....
280,000
271,713
45,013,285
Utah
1.0%
City
of
Salt
Lake
City
,
Airport
,
Revenue
,
2023
A
,
5
%
,
7/01/27
...................
760,000
776,238
Davis
School
District
,
GO
,
2016
,
2.5
%
,
6/01/28
.............................
2,975,000
2,943,292
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
575,000
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
First
Lien
,
2025
A
,
AG
Insured
,
5
%
,
6/01/28
..............................................
1,130,000
1,180,050
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5
%
,
6/01/26
..............................................
1,330,000
1,330,000
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5
%
,
6/01/27
..............................................
350,000
357,572
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5
%
,
6/01/28
..............................................
470,000
490,351
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5
%
,
6/01/29
..............................................
545,000
579,490
Utah
Infrastructure
Agency
,
Revenue
,
2022
,
5
%
,
10/15/27
.....................
300,000
306,256
8,538,249
Virginia
0.2%
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/29
........................................................
180,000
182,177
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
7/01/29
........................................................
1,750,000
1,773,318
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)
Virginia
(continued)
Virginia
Small
Business
Financing
Authority,
(continued)
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
12/01/26
...
$
235,000
$
234,672
2,190,167
Washington
1.7%
Auburn
School
District
No.
408
of
King
&
Pierce
Counties
,
GO
,
2018
,
5
%
,
12/01/27
..
1,700,000
1,760,013
Port
of
Seattle
,
Revenue
,
2018
B
,
5
%
,
5/01/27
.............................
880,000
897,956
Spokane
County
School
District
No.
354
Mead
,
GO
,
2018
,
4
%
,
12/01/32
.............................................
1,150,000
1,165,689
GO
,
2018
,
5
%
,
12/01/33
.............................................
1,500,000
1,550,597
Vancouver
Housing
Authority
,
Battle
Ground
Portfolio
LLLP
,
Revenue
,
2026
A
,
5
%
,
8/01/29
.................
800,000
832,292
Cascara
Vancouver
LLLP
,
Revenue
,
2024
A
,
5
%
,
12/01/26
...................
1,655,000
1,656,351
Esther
Cougar
Rehab
LLLP
,
Revenue
,
2024
A
,
5
%
,
10/01/27
.................
1,460,000
1,469,154
Esther
Cougar
Rehab
LLLP
,
Revenue
,
2024
B
,
5
%
,
10/01/27
.................
1,055,000
1,061,403
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/26
..
1,500,000
1,505,948
c
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/31
.......................................................
280,000
302,718
c
Washington
State
Housing
Finance
Commission
,
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5
%
,
7/01/31
........................................................
500,000
538,315
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5
%
,
7/01/32
........................................................
750,000
813,832
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5
%
,
7/01/33
........................................................
1,000,000
1,094,646
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
5
%
,
7/01/28
410,000
419,647
15,068,561
Wisconsin
2.3%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
2,145,000
2,234,310
b,c
Revenue
,
144A,
2026-1
,
A
,
Mandatory
Put
,
3.582
%
,
5/01/29
.................
4,000,000
3,999,769
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/26
..........
150,000
149,941
c
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
2,265,000
2,348,951
Lindenwood
Education
System
Obligated
Group
,
Revenue
,
2026
,
Refunding
,
5
%
,
6/01/30
........................................................
820,000
855,283
Maniilaq
Association
Obligated
Group
,
Revenue
,
2026
,
5
%
,
12/01/29
...........
1,555,000
1,628,952
PAFAF/Mid
States
Leasing
LLC
,
Revenue
,
2025
A
,
5
%
,
12/15/29
..............
875,000
925,061
PAFAF/Mid
States
Leasing
LLC
,
Revenue
,
2025
A
,
5
%
,
12/15/30
..............
580,000
621,024
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/26
...........................................
300,000
300,804
Wisconsin
Health
&
Educational
Facilities
Authority
,
Hospital
Sisters
Services
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
8/15/28
........................................................
1,000,000
1,045,049
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/27
....................................................
360,000
360,498
Sanford
Obligated
Group
,
Revenue
,
2024
A
,
5
%
,
2/15/29
....................
5,000,000
5,245,991
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2024
B-2
,
4.2
%
,
8/15/28
...
225,000
225,016
19,940,649
Wyoming
0.1%
County
of
Laramie
,
Cheyenne
Regional
Medical
Center
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/27
......................................................
550,000
554,486
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
52
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
1.6%
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
$
3,578,082
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
6,560,240
Metropolitan
Washington
Airports
Authority
,
Aviation
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
10/01/26
........................................................
1,145,000
1,153,553
11,291,875
Guam
0.1%
Guam
Government
Waterworks
Authority
,
Guam
Waterworks
Authority
Water
And
Wastewater
System
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/26
............................................
600,000
600,842
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5
%
,
7/01/32
...............
640,000
696,637
1,297,479
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
456,724
Virgin
Islands
0.2%
Virgin
Islands
Transportation
&
Infrastructure
Corp.
,
Revenue
,
2025
,
Refunding
,
5
%
,
9/01/26
.................................
800,000
803,436
Revenue
,
2025
,
Refunding
,
5
%
,
9/01/27
.................................
640,000
653,710
1,457,146
Total
U.S.
Territories
....................................................................
14,503,224
Total
Municipal
Bonds
(Cost
$
799,623,936
)
.....................................
805,081,978
Total
Long
Term
Investments
(Cost
$
816,012,386
)
...............................
820,885,678
a
a
a
a
a
Short
Term
Investments
5.2%
Municipal
Bonds
5.2%
Arizona
1.0%
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
...............
9,000,000
9,000,000
Connecticut
0.0%
†
i
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Yale
University
,
Revenue
,
2017
C-3
,
Daily
VRDN
and
Put
,
2.4
%
,
7/01/57
............................
200,000
200,000
Minnesota
1.9%
i
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2025
D
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
2.5
%
,
11/15/64
.............................................
16,500,000
16,500,000
New
Jersey
1.1%
i
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009
B
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
1.8
%
,
7/01/43
.........................................................
9,300,000
9,300,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
53
See
Abbreviations
on
page
195
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
New
York
1.2%
i
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2017
BB-1B
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
2.95
%
,
6/15/49
.........................................................
$
10,000,000
$
10,000,000
Total
Municipal
Bonds
(Cost
$
45,000,000
)
......................................
45,000,000
Total
Short
Term
Investments
(Cost
$
45,000,000
)
................................
45,000,000
a
Total
Investments
(Cost
$
861,012,386
)
99.2
%
...................................
$865,885,678
Other
Assets,
less
Liabilities
0.8
%
.............................................
7,127,697
Net
Assets
100.0%
...........................................................
$873,013,375
†
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
May
31,
2026,
the
aggregate
value
of
these
securities
was
$63,883,268,
representing
7.3%
of
net
assets.
d
Security
purchased
on
a
when-issued
basis.
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
The
rate
shown
represents
the
yield
at
period
end.
g
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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),
May
31,
2026
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
0.4%
Residential
REITs
0.4%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
900,000
$
931,531
Total
Corporate
Bonds
(Cost
$
900,000
)
........................................
931,531
Municipal
Bonds
96.8%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,300,000
1,092,777
Florida
2.0%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
2,592,000
2,328,736
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
750,000
527,277
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
2,950,000
2,517,605
5,373,618
Georgia
89.9%
Athens
Housing
Authority
,
UGAREF
Lumpkin
Street
Housing
Phase
I
LLC
,
Revenue
,
2024
,
4
%
,
6/15/49
.....
2,000,000
1,901,046
UGAREF
Lumpkin
Street
Housing
Phase
I
LLC
,
Revenue
,
2024
,
4.125
%
,
6/15/56
.
3,500,000
3,298,837
Atlanta
&
Fulton
County
Recreation
Authority
,
City
of
Atlanta
,
Revenue
,
2024
,
Refunding
,
5
%
,
12/01/35
............................................
300,000
348,767
b
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/55
................................................
1,000,000
1,028,010
Augusta
,
Water
&
Sewer
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
4
%
,
10/01/50
...
1,500,000
1,416,621
Bainbridge
Public
Facilities
Authority
,
County
of
Decatur
,
Revenue
,
2018
,
AG
Insured
,
4
%
,
3/01/43
......................................................
3,000,000
2,993,467
Bleckley
County
School
District
,
GO
,
2020
,
5
%
,
10/01/42
.....................
2,055,000
2,167,909
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
3,000,000
2,772,608
Carroll
City-County
Hospital
Authority
,
Tanner
Medical
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/50
.
1,450,000
1,353,213
Tanner
Medical
Center
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5
%
,
7/01/50
.
5,000,000
5,172,057
City
of
Atlanta
,
Airport
Passenger
Facility
Charge
,
Revenue
,
2025
B
,
Refunding
,
5.5
%
,
7/01/50
...
3,000,000
3,232,421
Airport
Passenger
Facility
Charge
,
Revenue,
Sub.
Lien
,
2023
E
,
5.25
%
,
7/01/43
...
3,000,000
3,229,689
Department
of
Aviation
,
Revenue
,
2021
C
,
Refunding
,
5
%
,
7/01/37
.............
1,500,000
1,594,648
Department
of
Aviation
,
Revenue
,
2024
B
,
5.25
%
,
7/01/54
...................
7,000,000
7,266,895
Department
of
Aviation
,
Revenue
,
2025
B-1
,
5.5
%
,
7/01/55
..................
1,000,000
1,060,819
Water
&
Wastewater
,
Revenue
,
2001
A
,
AG,
NATL
RE
Insured
,
5.5
%
,
11/01/27
....
2,140,000
2,197,256
Water
&
Wastewater
,
Revenue,
Sub.
Lien
,
2026
,
Refunding
,
5.25
%
,
11/01/56
.....
3,000,000
3,209,931
City
of
Baldwin
,
Water
&
Sewerage
,
Revenue
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
6/01/46
.........................................................
1,835,000
1,483,087
City
of
Buford
,
GO
,
2017
C
,
Pre-Refunded
,
4
%
,
1/01/43
......................
5,000,000
5,034,857
City
of
Griffin
,
Public
Utility
,
Revenue
,
2025
,
BAM
Insured
,
5
%
,
1/01/51
...........
2,000,000
2,083,547
City
of
Springfield
,
Water
and
Sewer
Fund
,
Revenue
,
2025
,
AG
Insured
,
5
%
,
9/01/50
1,000,000
1,039,490
Clayton
County
Development
Authority
,
USG
Real
Estate
Foundation
XIII
LLC
,
Revenue
,
2022
A
,
5
%
,
6/15/32
..........
1,295,000
1,435,255
USG
Real
Estate
Foundation
XIII
LLC
,
Revenue
,
2022
A
,
5
%
,
6/15/33
..........
1,210,000
1,352,992
Cobb-Marietta
Coliseum
&
Exhibit
Hall
Authority
,
County
of
Cobb
,
Revenue
,
2025
,
5.5
%
,
10/01/50
...................................................
1,000,000
1,087,888
Columbia
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
5.125
%
,
4/01/48
....................................
3,000,000
3,104,325
County
of
Columbia
,
Water
&
Sewerage
,
Revenue
,
2024
,
5
%
,
6/01/49
............
610,000
639,457
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
DeKalb
,
Water
&
Sewerage
,
Revenue
,
2006
B
,
Refunding
,
AG
Insured
,
5
%
,
10/01/35
........................................................
$
4,000,000
$
4,034,616
County
of
Fulton
,
Water
&
Sewerage
,
Revenue
,
2020
A
,
3
%
,
1/01/45
.............
5,000,000
4,129,894
Coweta
County
Water
&
Sewage
Authority
,
Revenue
,
2021
B
,
3
%
,
6/01/43
........................................
820,000
706,759
Revenue
,
2021
B
,
3
%
,
6/01/46
........................................
1,000,000
800,248
Revenue
,
2024
,
5
%
,
6/01/54
.........................................
2,000,000
2,069,624
Dalton
Whitfield
County
Joint
Development
Authority
,
Hamilton
Health
Care
System
Obligated
Group
,
Revenue
,
2017
,
4
%
,
8/15/41
.....
3,000,000
2,986,383
Hamilton
Health
Care
System
Obligated
Group
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
8/15/37
........................................................
3,075,000
3,339,627
DeKalb
County
Development
Authority
,
GLOBE
Academy,
Inc.
(The)
,
Revenue
,
2024
A
,
5
%
,
6/01/45
.................
350,000
350,298
GLOBE
Academy,
Inc.
(The)
,
Revenue
,
2024
A
,
5
%
,
6/01/50
.................
550,000
528,961
Development
Authority
for
Fulton
County
,
Georgia
Tech
Facilities,
Inc.
,
Revenue
,
2024
,
5
%
,
6/15/49
...................
1,750,000
1,833,363
Georgia
Tech
Facilities,
Inc.
,
Revenue
,
2024
,
5
%
,
6/15/56
...................
2,000,000
2,071,619
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
........................................................
5,840,000
5,841,820
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
......
5,000,000
4,508,195
Spelman
College
,
Revenue
,
2026
,
5
%
,
6/01/42
...........................
500,000
547,444
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
4/01/50
........
3,000,000
2,705,531
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.
,
Revenue
,
2017
D
,
Refunding
,
4.125
%
,
11/01/45
..................................
6,000,000
5,778,059
Development
Authority
of
Cobb
County
(The)
,
Kennesaw
State
University
Real
Estate
Foundation
Obligated
Group
2026
ABC
,
Revenue
,
2026
B
,
Refunding
,
5.25
%
,
6/15/57
...........................
500,000
507,999
Kennesaw
State
University
Real
Estate
Foundation
Obligated
Group
2026
ABC
,
Revenue,
Senior
Lien
,
2026
A
,
Refunding
,
5
%
,
6/15/51
....................
2,155,000
2,200,823
KSU
2020
Housing
Real
Estate
Foundation
LLC
,
Revenue
,
2020
,
4
%
,
7/15/52
....
5,720,000
5,157,690
University
System
of
Georgia
,
Revenue
,
2020
C
,
4
%
,
7/15/52
................
2,000,000
1,803,388
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
2,085,000
2,173,554
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
8,155,000
4,122,356
Etowah
Water
&
Sewer
Authority
,
Revenue
,
2019
,
Refunding
,
BAM
Insured
,
3
%
,
3/01/44
.........................................................
1,250,000
1,025,134
Floyd
County
Hospital
Authority
,
Floyd
Obligated
Group
,
Revenue
,
2016
,
Pre-
Refunded
,
4
%
,
7/01/43
.............................................
3,000,000
3,002,410
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
6,000,000
6,002,000
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/42
....................................................
7,000,000
7,048,525
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
2/15/51
5,000,000
4,403,619
Georgia
Housing
&
Finance
Authority
,
Revenue
,
2013
A
,
3.8
%
,
12/01/37
.....................................
1,655,000
1,645,918
Revenue
,
2018
A
,
3.85
%
,
12/01/38
....................................
1,170,000
1,156,576
Revenue
,
2018
A
,
3.95
%
,
12/01/43
....................................
1,210,000
1,206,668
Revenue
,
2019
A
,
Refunding
,
3.7
%
,
6/01/49
..............................
4,370,000
3,877,849
Georgia
Ports
Authority
,
Revenue
,
2022
,
5.25
%
,
7/01/52
......................
2,000,000
2,098,071
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
2,000,000
1,994,657
Henry
County
School
District
,
GO
,
2016
,
Pre-Refunded
,
4
%
,
8/01/33
.............
5,000,000
5,011,492
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2007
A
,
5.5
%
,
9/15/27
......................................
5,000,000
5,146,244
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
%
,
5/15/37
........................................
$
1,975,000
$
2,136,203
Revenue
,
2019
A
,
5
%
,
5/15/38
........................................
1,000,000
1,080,121
b,d
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
6,000,000
6,012,635
d
Revenue
,
2023
A
,
Mandatory
Put
,
5
%
,
6/01/30
............................
5,000,000
5,245,202
d
Revenue
,
2023
D
,
Mandatory
Put
,
5
%
,
12/01/30
...........................
2,000,000
2,107,400
d
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
2,000,000
2,139,016
d
Revenue
,
2024
E
,
Mandatory
Put
,
5
%
,
12/01/32
...........................
2,000,000
2,122,562
d
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/32
............................
2,505,000
2,693,253
Moultrie-Colquitt
Counties
Development
Authority
,
Philadelphia
College
of
Osteopathic
Medicine
Obligated
Group
,
Revenue
,
2018
,
5
%
,
12/01/43
...................
4,815,000
4,940,348
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
1/01/50
...............................
3,500,000
3,553,791
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
1/01/49
.............................
500,000
521,214
Revenue
,
2024
A
,
Refunding
,
BAM
Insured
,
5.25
%
,
1/01/54
..................
500,000
523,604
PowerSouth
Energy
Cooperative
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/46
.....
330,000
304,594
PowerSouth
Energy
Cooperative
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/51
.....
425,000
377,399
PowerSouth
Energy
Cooperative
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
1/01/56
.....
750,000
738,053
PowerSouth
Energy
Cooperative
,
Revenue
,
2023
A
,
5.5
%
,
7/01/64
............
2,000,000
2,053,765
Municipal
Gas
Authority
of
Georgia
,
Revenue
,
2025
,
BAM
Insured
,
5
%
,
9/01/55
.....
2,000,000
2,021,961
Private
Colleges
&
Universities
Authority
,
Emory
University
,
Revenue
,
2013
A
,
5
%
,
10/01/43
.........................
5,000,000
5,002,286
Emory
University
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
9/01/45
...............
2,000,000
2,194,976
Mercer
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/50
.................
5,400,000
4,744,623
Mercer
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
10/01/51
...............
5,500,000
5,689,773
Savannah
Georgia
Convention
Center
Authority
,
Revenue
,
2025
A
,
5.125
%
,
6/01/50
.
1,750,000
1,750,215
Savannah
Hospital
Authority
,
St.
Joseph's/Candler
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/43
...............................
10,000,000
9,482,047
Upper
Oconee
Basin
Water
Authority
,
Revenue
,
2024
,
5
%
,
7/01/49
.........................................
3,000,000
3,146,024
Revenue
,
2024
,
5
%
,
7/01/55
.........................................
2,835,000
2,931,953
236,835,524
Illinois
1.1%
State
of
Illinois
,
GO
,
2024
C
,
4
%
,
10/01/38
................................
3,000,000
2,969,783
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
1,251,570
New
York
0.0%
†
Metropolitan
Transportation
Authority
,
Revenue
,
2020
A-1
,
4
%
,
11/15/53
..........
100,000
86,332
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
450,204
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,500,000
1,150,850
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
782,708
Wisconsin
0.9%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
900,000
752,311
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
195
.
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
$
1,540,954
2,293,265
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
566,130
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
2,000,000
1,976,388
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
480,000
462,410
3,004,928
Total
U.S.
Territories
....................................................................
3,004,928
Total
Municipal
Bonds
(Cost
$
264,081,381
)
.....................................
255,291,559
Total
Long
Term
Investments
(Cost
$
264,981,381
)
...............................
256,223,090
a
a
a
a
a
Short
Term
Investments
1.5%
Municipal
Bonds
1.5%
Georgia
1.5%
e
Roswell
Development
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2025
A
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
2.9
%
,
4/01/47
................
3,900,000
3,900,000
Total
Municipal
Bonds
(Cost
$
3,900,000
)
.......................................
3,900,000
Total
Short
Term
Investments
(Cost
$
3,900,000
)
.................................
3,900,000
a
Total
Investments
(Cost
$
268,881,381
)
98.7
%
...................................
$260,123,090
Other
Assets,
less
Liabilities
1.3
%
.............................................
3,465,377
Net
Assets
100.0%
...........................................................
$263,588,467
†
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
May
31,
2026,
the
aggregate
value
of
these
securities
was
$14,762,554,
representing
5.6%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
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%
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
3.6%
Capital
Markets
3.6%
iShares
National
Muni
Bond
ETF
........................................
325,000
34,830,250
Vanguard
Tax-Exempt
Bond
Index
ETF
...................................
2,750,000
138,490,000
173,320,250
Total
Management
Investment
Companies
(Cost
$
172,880,790
)
...................
173,320,250
Warrants
a
a
a
a
Warrants
0.0%
Financial
Services
0.0%
a,b
Brightline
Train
Holdings
West
LLC
,
11/26/35
..............................
141,600
—
Total
Warrants
(Cost
$
–
)
......................................................
—
Principal
Amount
Corporate
Bonds
1.0%
Commercial
Services
&
Supplies
0.5%
a
,c
CalPlant
I
LLC
,
Senior
Secured
Note
,
15
%
,
2/28/27
....................................
$
5,795,000
5,795,000
d
21
A
,
Senior
Secured
Note
,
144A,
9.5
%
,
9/30/23
..........................
1,920,000
249,600
d
21
B
,
Senior
Secured
Note
,
144A,
9.5
%
,
9/30/23
..........................
7,205,000
936,650
d
22
A
,
Senior
Secured
Note
,
144A,
9.5
%
,
9/30/23
..........................
3,975,000
516,750
d
22
B
,
Senior
Secured
Note
,
144A,
9.5
%
,
9/30/23
..........................
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
0.2%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....................
9,410,000
9,345,918
Electric
Utilities
0.3%
d
Mission
Rock
Utilities,
Inc.
,
144A,
7
%
,
7/01/27
..............................
14,300,000
14,453,196
Total
Corporate
Bonds
(Cost
$
57,588,630
)
......................................
46,036,964
Municipal
Bonds
93.4%
Alabama
1.0%
Black
Belt
Energy
Gas
District
,
e
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
1,000,000
1,039,828
d,e
Revenue
,
144A,
2025
C
,
Mandatory
Put
,
5.5
%
,
8/01/34
.....................
3,250,000
3,474,906
Revenue
,
2025
G
,
5
%
,
10/01/35
.......................................
1,500,000
1,586,341
Homewood
Educational
Building
Authority
,
CHF
-
Horizons
II
LLC
,
Revenue
,
2024
C
,
5
%
,
10/01/56
.....................................................
8,000,000
7,633,853
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)
MidCity
Improvement
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3.875
%
,
11/01/27
..............
$
200,000
$
197,733
Assessment
Area
,
Special
Assessment
,
2022
,
4.25
%
,
11/01/32
...............
600,000
584,651
Assessment
Area
,
Special
Assessment
,
2022
,
4.5
%
,
11/01/42
................
2,090,000
1,964,613
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
11/01/49
...............
1,150,000
1,034,545
d
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
6.5
%
,
11/01/44
...........
250,000
251,322
d
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
6.75
%
,
11/01/53
..........
540,000
524,140
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2024
A
,
5
%
,
11/01/35
.......................................
8,750,000
9,139,133
e
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/35
............................
7,475,000
7,646,499
e
Revenue
,
2025
B
,
Mandatory
Put
,
5.25
%
,
1/01/33
.........................
10,000,000
10,382,305
45,459,869
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
2,478,811
d
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
6/15/57
8,500,000
6,217,940
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
A
,
7
%
,
11/15/57
.......................................................
5,000,000
5,317,354
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
B-1
,
6.625
%
,
5/15/31
........................................................
2,600,000
2,601,810
d
Maricopa
County
Industrial
Development
Authority
,
Benjamin
Franklin
Charter
School
Obligated
Group
,
Revenue
,
144A,
2018
A
,
6
%
,
7/01/38
........................................................
5,000,000
5,114,897
Benjamin
Franklin
Charter
School
Obligated
Group
,
Revenue
,
144A,
2018
A
,
6
%
,
7/01/52
........................................................
10,000,000
10,035,195
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
8,800,000
9,206,162
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5.5
%
,
12/01/29
..................
11,105,000
11,814,521
d
Sierra
Vista
Industrial
Development
Authority
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2023
,
5.75
%
,
6/15/58
......
5,000,000
4,812,799
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2021
A
,
5.375
%
,
10/01/56
.......................................................
18,880,000
15,049,508
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2021
B
,
6.25
%
,
10/01/36
.......................................................
3,945,000
3,422,519
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2022
A
,
7
%
,
10/01/56
.......................................................
2,327,000
2,313,747
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2022
B
,
9
%
,
10/01/37
.......................................................
250,000
244,103
Tempe
Industrial
Development
Authority
,
d
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6
%
,
10/01/37
................
1,900,000
1,627,604
d
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6.125
%
,
10/01/47
.............
4,850,000
3,855,304
d
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6.125
%
,
10/01/52
.............
2,800,000
2,171,538
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/50
........
4,550,000
4,256,695
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/54
........
8,000,000
7,380,273
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
12/01/56
.......
2,130,000
1,643,384
99,564,164
Arkansas
0.5%
Arkansas
Development
Finance
Authority
,
d
Hybar
LLC
,
Revenue
,
144A,
2023
B
,
7.375
%
,
7/01/48
......................
12,500,000
13,548,474
United
States
Steel
Corp.
,
Revenue
,
2022
,
5.45
%
,
9/01/52
...................
3,000,000
3,043,153
United
States
Steel
Corp.
,
Revenue
,
2023
,
5.7
%
,
5/01/53
....................
4,575,000
4,695,609
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)
Arkansas
(continued)
Fayetteville
Public
Facilities
Board
,
Butterfield
Trail
Village,
Inc.
,
Revenue
,
2026
,
5.5
%
,
12/01/60
........................................................
$
700,000
$
710,339
21,997,575
California
17.1%
f
Alvord
Unified
School
District
,
GO
,
2011
B
,
AG
Insured
,
4.17
%,
8/01/41
...........
30,750,000
16,556,879
e
California
Community
Choice
Financing
Authority
,
Revenue
,
2024
B
,
Mandatory
Put
,
5
%
,
12/01/32
.....................................................
2,500,000
2,573,995
d
California
Community
College
Financing
Authority
,
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
A
,
4.25
%
,
7/01/32
.....
500,000
421,141
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
A
,
5.75
%
,
7/01/60
.....
17,500,000
11,993,767
NCCD-Napa
Valley
Properties
LLC
,
Revenue,
Sub.
Lien
,
144A,
2022
C
,
6.75
%
,
7/01/60
........................................................
7,000,000
4,993,388
d
California
Community
Housing
Agency
,
Annadel
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/49
..................
5,800,000
4,537,556
Arbors
Apartments
,
Revenue
,
144A,
2020
A
,
5
%
,
8/01/50
....................
16,485,000
15,600,677
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..........
10,415,000
9,818,607
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue,
Sub.
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
....................................................
16,500,000
13,010,927
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
18,890,000
16,507,975
K
Street
Flats
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/50
......................
17,730,000
14,177,858
Mira
Vista
Hills
Apartments
,
Revenue
,
144A,
2021
A
,
4
%
,
2/01/56
.............
33,000,000
16,190,816
Twin
Creek
Apartments
,
Revenue,
Junior
Lien
,
144A,
2022
B
,
5.5
%
,
2/01/40
.....
4,400,000
3,880,797
Verdant
at
Green
Valley
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
8/01/49
.......
20,000,000
18,702,458
d,e
California
Infrastructure
&
Economic
Development
Bank
,
Desertxpress
Enterprises
LLC
,
Revenue
,
144A,
2025
B
,
Refunding
,
Mandatory
Put
,
12
%
,
11/02/26
........
1,200,000
672,000
d
California
Municipal
Finance
Authority
,
California
Baptist
University
,
Revenue
,
144A,
2015
A
,
5.5
%
,
11/01/45
...........
17,400,000
17,398,413
Capital
Christian
Center
,
Revenue
,
144A,
2021
A
,
5
%
,
10/01/51
...............
8,425,000
7,005,982
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
d
California
Public
Finance
Authority
,
Crossroads
Christian
Schools
Obligated
Group
,
Revenue
,
144A,
2020
,
5
%
,
1/01/56
....................................
4,015,000
3,543,142
d
California
Statewide
Communities
Development
Authority
,
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/39
.............
1,275,000
1,300,170
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/49
.............
3,725,000
3,735,899
d
City
&
County
of
San
Francisco
,
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2021
B
,
5.25
%
,
9/01/49
.............................................
2,500,000
2,178,860
City
of
San
Francisco
,
5.25
%
,
9/01/49
....................................
10,000,000
8,715,439
d
CMFA
Special
Finance
Agency
,
Solana
at
Grand
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/45
...........
30,500,000
27,605,397
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
1,700,000
1,471,044
d
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Junior
Lien
,
144A,
2022
A-2
,
4.5
%
,
8/01/51
.........................................................
38,000,000
26,804,079
d
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
24,255,000
22,755,391
d
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
9,015,000
8,457,074
d
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue
,
144A,
2022
A-2
,
4.375
%
,
8/01/49
...................................................
21,215,000
17,580,349
d
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
3/01/57
............
15,000,000
11,224,405
Crescent
(The)
,
Revenue
,
144A,
2022
B
,
5.5
%
,
7/01/59
.....................
15,935,000
12,913,557
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
7,500,000
5,710,711
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)
d
CSCDA
Community
Improvement
Authority,
(continued)
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
$
10,000,000
$
7,263,979
Park
Crossing
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/48
.............
14,235,000
11,434,691
Renaissance
at
City
Center
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/51
.............
18,325,000
17,534,174
Waterscape
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
9/01/46
................
5,970,000
5,106,914
Wood
Creek
Apartments
,
Revenue,
Sub.
Lien
,
144A,
2021
B
,
4
%
,
12/01/59
......
19,800,000
11,430,162
d
Golden
State
Connect
Authority
,
Revenue
,
144A,
2025
,
6.5
%
,
12/01/60
...........
8,350,000
8,276,633
a
Illinois
Finance
Authority
,
Student
Housing
&
Academic
Facility
,
12
%
,
1/01/65
......
1,200,000
—
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.125
%
,
11/01/29
...................................
20,125,000
21,187,970
Revenue
,
2009
B
,
7
%
,
11/01/34
.......................................
20,000,000
24,097,324
Revenue
,
2009
C
,
6.5
%
,
11/01/39
.....................................
20,000,000
24,663,468
Palmdale
Elementary
School
District
,
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AG
Insured
,
5.625
%
,
8/01/34
........................................................
2,500,000
2,756,449
f
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AG
Insured
,
2.92
%,
8/01/28
........................................................
1,500,000
1,409,166
f
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AG
Insured
,
3.1
%,
8/01/30
........................................................
1,250,000
1,100,806
f
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AG
Insured
,
3.19
%,
8/01/31
........................................................
1,250,000
1,062,704
f
Riverside
County
Transportation
Commission
,
Revenue,
Senior
Lien
,
2013
B
,
3.54
%,
6/01/32
............................
4,000,000
3,246,117
Revenue,
Senior
Lien
,
2013
B
,
3.61
%,
6/01/33
............................
5,500,000
4,289,260
Revenue,
Senior
Lien
,
2013
B
,
4.32
%,
6/01/41
............................
5,000,000
2,649,520
Revenue,
Senior
Lien
,
2013
B
,
4.43
%,
6/01/42
............................
7,000,000
3,495,611
f
San
Diego
Unified
School
District
,
GO
,
2012
E
,
5.123
%,
7/01/42
.........................................
44,565,000
39,590,686
GO
,
2012
E
,
5.436
%,
7/01/47
.........................................
33,305,000
28,520,167
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/45
...............................
35,834,000
45,512,971
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/46
...............................
35,834,000
45,509,883
f
Revenue,
Junior
Lien
,
ETM,
2.45
%,
1/01/27
..............................
102,100,000
100,646,300
f
San
Mateo
Foster
City
School
District
,
GO
,
A
,
5.684
%,
8/01/42
.................
40,000,000
45,448,840
f
San
Mateo
Union
High
School
District
,
GO
,
2011
A
,
6.444
%,
9/01/41
.............
20,000,000
21,986,802
f
Silicon
Valley
Tobacco
Securitization
Authority
,
Revenue
,
2007
C
,
7.92
%,
6/01/56
...
60,000,000
6,095,094
812,354,889
Colorado
5.1%
3rd
and
Havana
Metropolitan
District
,
GO
,
2020
A
,
5.25
%
,
12/01/49
.............
3,775,000
3,274,802
9th
Avenue
Metropolitan
District
No.
2
,
GO
,
2018
,
5
%
,
12/01/48
................
7,411,000
7,412,437
Allison
Valley
Metropolitan
District
No.
1
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/47
......
5,134,000
5,001,927
Allison
Valley
Metropolitan
District
No.
2
,
GO
,
2020
,
Refunding
,
4.7
%
,
12/01/47
.....
4,670,000
4,416,021
f
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO
,
2025
A-1
,
Refunding
,
0.396
%,
12/01/55
........................................................
4,760,000
4,481,366
Banning
Lewis
Ranch
Regional
Metropolitan
District
No.
1
,
GO
,
2018
A
,
5.375
%
,
12/01/48
........................................................
1,935,000
1,913,775
Baseline
Metropolitan
District
No.
1
,
GO
,
2024
B
,
6.75
%
,
12/15/54
..............
2,500,000
2,514,801
Bradburn
Metropolitan
District
No.
2
,
GO
,
2018
A
,
Refunding
,
5
%
,
12/01/47
........
2,400,000
2,519,329
d
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-2
,
Refunding
,
5
%
,
12/01/49
........................................................
708,000
673,971
Clear
Creek
Transit
Metropolitan
District
No.
2
,
GO
,
2021
A
,
5
%
,
12/01/41
...........................................
578,000
466,005
GO
,
2021
A
,
5
%
,
12/01/50
...........................................
1,000,000
751,093
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)
Colliers
Hill
Metropolitan
District
No.
2
,
GO,
Sub.
Lien
,
2022
B-1
,
Refunding
,
5.75
%
,
12/15/47
........................................................
$
2,824,000
$
2,780,890
Colorado
Health
Facilities
Authority
,
Aberdeen
Ridge,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
5
%
,
5/15/49
..........
2,235,000
1,703,158
Aberdeen
Ridge,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
5
%
,
5/15/58
..........
4,750,000
3,420,501
BSLC
II
Obligated
Group
,
Revenue,
Second
Tier
,
2025
,
5.25
%
,
9/15/45
.........
3,600,000
3,699,575
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/47
........................................................
6,500,000
6,525,882
Conestoga
Metropolitan
District
No.
2
,
GO
,
2021
A-3
,
Refunding
,
5.25
%
,
12/01/51
..
1,625,000
1,473,521
Copperleaf
Metropolitan
District
No.
5
,
GO,
Senior
Lien
,
2025
A
,
Refunding
,
6.5
%
,
12/01/55
........................................................
1,300,000
1,344,739
Copperleaf
Metropolitan
District
No.
6
,
GO
,
2022
B
,
6
%
,
12/15/41
...............
1,225,000
1,248,362
Cornerstar
Metropolitan
District
,
GO
,
A
,
Refunding
,
5.125
%
,
12/01/37
...................................
2,000,000
2,000,320
GO
,
A
,
Refunding
,
5.25
%
,
12/01/47
....................................
5,200,000
5,153,608
Creekwalk
Marketplace
Business
Improvement
District
,
Revenue
,
2024
A
,
Refunding
,
6
%
,
12/01/54
.....................................................
7,500,000
7,546,460
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
B
,
6
%
,
12/01/48
........................................................
6,570,000
6,589,878
Eagle
Brook
Meadows
Metropolitan
District
No.
3
,
GO
,
2021-3
,
5
%
,
12/01/51
......
1,600,000
1,509,488
Greenways
Metropolitan
District
No.
1
,
GO
,
2021
A-3
,
4.625
%
,
12/01/51
..........
1,580,000
1,255,899
d
Hidden
Creek
Metropolitan
District
,
GO
,
144A,
2021
A-3
,
4.625
%
,
12/01/45
........
1,140,000
1,008,473
d
Horizon
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-3
,
4.5
%
,
12/01/51
..........
1,675,000
1,332,576
Jay
Grove
Metropolitan
District
,
GO
,
2021
,
4.25
%
,
12/01/51
...................
1,225,000
958,551
d
Jefferson
Center
Metropolitan
District
No.
2
,
Revenue
,
144A,
2026
A
,
Refunding
,
6
%
,
12/01/56
........................................................
5,000,000
5,033,219
Johnstown
Farms
East
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
............
1,500,000
1,295,297
Johnstown
Plaza
Metropolitan
District
,
GO
,
2022
,
Refunding
,
4.25
%
,
12/01/46
.....
5,500,000
5,412,456
Liberty
Ranch
Metropolitan
District
,
GO
,
2021
A
,
Refunding
,
5.25
%
,
12/01/51
......
6,590,000
5,870,683
Morgan
Hill
Metropolitan
District
No.
3
,
GO
,
2021
B
,
Refunding
,
6.375
%
,
12/15/51
...
1,465,000
1,466,160
Murphy
Creek
Metropolitan
District
No.
4
,
GO
,
2021
,
5
%
,
12/01/51
..............
8,000,000
6,844,190
Nexus
North
at
DIA
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
...............
565,000
539,033
d
Platte
River
Metropolitan
District
,
GO,
Senior
Lien
,
144A,
2023
A
,
Refunding
,
6.5
%
,
8/01/53
.........................................................
1,175,000
1,201,822
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
A
,
Refunding
,
5.875
%
,
12/15/46
.
750,000
793,661
Prairie
Center
Metropolitan
District
No.
7
,
GO
,
2021
,
6.375
%
,
6/15/46
............
1,330,000
1,329,926
Ptarmigan
West
Metropolitan
District
No.
2
,
GO
,
2021-3
,
4.125
%
,
12/01/51
........
1,475,000
1,073,779
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.25
%
,
11/15/28
......................................
8,165,000
8,513,858
Revenue
,
2008
,
6.5
%
,
11/15/38
.......................................
60,100,000
72,234,334
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System
,
Revenue
,
2020
,
5.25
%
,
12/01/50
...................................................
4,250,000
4,180,142
Reunion
Metropolitan
District
,
Water
Activity
Enterprise
,
Revenue
,
2021
A
,
3.625
%
,
12/01/44
........................................................
5,700,619
4,387,851
RRC
Metropolitan
District
No.
2
,
GO
,
2021
,
5.25
%
,
12/01/51
...................
5,625,000
4,971,644
Southglenn
Metropolitan
District
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/30
....................................
3,470,000
3,470,812
GO
,
2016
,
Refunding
,
5
%
,
12/01/36
....................................
810,000
809,989
GO
,
2016
,
Refunding
,
5
%
,
12/01/46
....................................
3,700,000
3,555,141
d
STC
Metropolitan
District
No.
2
,
GO,
Second
Lien
,
144A,
2025
A-2
,
Refunding
,
6.25
%
,
12/01/55
........................................................
3,500,000
3,569,921
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
B
,
Refunding
,
6.875
%
,
12/15/52
..................................................
1,215,000
1,217,724
Village
Metropolitan
District
(The)
,
GO
,
2025
A
,
5.75
%
,
12/01/55
................
1,955,000
1,985,165
Villages
at
Castle
Rock
Metropolitan
District
No.
4
,
1989
,
8.5
%
,
6/01/31
..........
3,000,000
3,000,000
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
63
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Waterfront
at
Foster
Lake
Metropolitan
District
No.
2
,
GO
,
2022
A3-1
,
5
%
,
12/01/42
.........................................
$
3,705,000
$
3,375,318
GO
,
2022
A3-1
,
5
%
,
12/01/51
.........................................
4,085,000
3,295,848
f
GO
,
2022
A3-2
,
1.094
%,
12/01/51
.....................................
5,130,000
3,808,791
Water
Tap
Fee
,
Revenue
,
2022
,
4.625
%
,
12/01/28
.........................
6,000,000
5,587,015
d
West
Meadow
Metropolitan
District
,
GO,
Senior
Lien
,
144A,
2023
A
,
Refunding
,
6.5
%
,
12/01/50
........................................................
2,750,000
2,835,475
244,636,662
Connecticut
0.5%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
d
Church
Home
of
Hartford
Obligated
Group
,
Revenue
,
144A,
2016
A
,
5
%
,
9/01/46
..
1,000,000
999,900
d
Church
Home
of
Hartford
Obligated
Group
,
Revenue
,
144A,
A
,
5
%
,
9/01/53
......
7,850,000
7,512,112
Masonicare
Corp.
Obligated
Group
,
Revenue
,
F
,
Refunding
,
5
%
,
7/01/43
........
6,500,000
6,500,385
d
McLean
Affiliates
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/45
........
1,000,000
927,684
d
McLean
Affiliates
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/55
........
5,695,000
4,814,718
Stamford
Housing
Authority
,
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.375
%
,
10/01/45
.......................................................
1,415,000
1,503,528
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.5
%
,
10/01/55
.......................................................
1,765,000
1,833,141
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.25
%
,
10/01/60
.......................................................
1,280,000
1,300,226
25,391,694
Florida
19.2%
Abbott
Square
Community
Development
District
,
Special
Assessment
,
2022
,
5.375
%
,
6/15/42
.............................
1,075,000
1,117,812
Special
Assessment
,
2022
,
5.5
%
,
6/15/52
...............................
1,695,000
1,710,144
Anabelle
Island
Community
Development
District
,
Special
Assessment
,
2022
,
2.7
%
,
5/01/27
...............................
140,000
138,558
Special
Assessment
,
2022
,
3.1
%
,
5/01/32
...............................
750,000
713,070
Special
Assessment
,
2022
,
3.5
%
,
5/01/42
...............................
1,945,000
1,695,705
Antillia
Community
Development
District
,
Special
Assessment
,
2024
,
5.6
%
,
5/01/44
.
445,000
461,786
Arbors
Community
Development
District
,
2023
Project
Area
,
Special
Assessment
,
2023
,
4.5
%
,
5/01/30
.................
440,000
447,915
2023
Project
Area
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
.................
1,705,000
1,785,846
2023
Project
Area
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
...............
2,235,000
2,274,414
d
2024
Project
Area
,
Special
Assessment
,
144A,
2024
,
5.15
%
,
5/01/44
...........
630,000
644,830
Artisan
Lakes
East
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021-1
,
2.75
%
,
5/01/31
.............
250,000
236,779
Assessment
Area
2
,
Special
Assessment
,
2021-1
,
3.125
%
,
5/01/41
............
470,000
394,318
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2021-2
,
2.75
%
,
5/01/31
........
275,000
260,457
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2021-2
,
3.125
%
,
5/01/41
.......
515,000
432,071
Astonia
Community
Development
District
,
d
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
......................
540,000
534,215
d
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
......................
1,370,000
1,214,137
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
............
500,000
476,939
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
3.2
%
,
5/01/41
...........
750,000
640,336
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
410,000
424,227
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
740,000
748,943
d
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
....
320,000
307,313
d
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.2
%
,
5/01/41
..
750,000
648,443
Aurora
Oaks
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.35
%
,
5/01/44
...............
665,000
671,426
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)
Aurora
Oaks
Community
Development
District,
(continued)
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/55
..............
$
1,030,000
$
1,002,105
Avalon
Groves
Community
Development
District
,
Special
Assessment,
Sub.
Lien
,
2021
,
3.125
%
,
5/01/41
.....................
360,000
311,903
Special
Assessment,
Sub.
Lien
,
2021
,
4
%
,
5/01/51
.........................
500,000
439,808
Assessment
Area
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/32
.................
200,000
194,698
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
495,000
447,352
Avalon
Park
West
Community
Development
District
,
d
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.25
%
,
5/01/30
..
175,000
171,825
d
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.75
%
,
5/01/40
..
580,000
544,427
d
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/51
.....
880,000
733,805
2022
Project
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
.................
500,000
525,217
2022
Project
Area
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/52
...............
875,000
896,353
d
Ave
Maria
Stewardship
Community
District
,
BAN
Assessment
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
5/01/53
...........................................
2,790,000
2,804,815
Avenir
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
3,030,000
3,178,378
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/54
..............
5,115,000
5,246,656
Parcel
A-18
,
Special
Assessment
,
2024
A
,
4.875
%
,
5/01/31
..................
230,000
234,474
Parcel
A-18
,
Special
Assessment
,
2024
A
,
5.75
%
,
5/01/44
...................
1,005,000
1,066,133
Parcel
A-18
,
Special
Assessment
,
2024
A
,
6
%
,
5/01/55
.....................
1,625,000
1,643,325
Aviary
at
Rutland
Ranch
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.1
%
,
11/01/31
...............
170,000
165,994
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.4
%
,
11/01/41
...............
410,000
369,725
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/31
..............
465,000
441,784
Assessment
Area
2C
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
................
205,000
200,673
Assessment
Area
2C
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
775,000
750,696
Assessment
Area
2C
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
................
1,550,000
1,327,284
Assessment
Area
3A
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
................
205,000
200,673
Assessment
Area
3B
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
385,000
372,926
Balm
Grove
Community
Development
District
,
Special
Assessment
,
2022
,
3.25
%
,
11/01/27
........................................................
435,000
432,140
Bannon
Lakes
Community
Development
District
,
d
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
...................
700,000
634,341
Phase
3
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/32
........................
365,000
335,418
Phase
3
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
..........................
1,370,000
1,197,741
Bella
Tara
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.125
%
,
5/01/56
..............
1,600,000
1,649,692
Master
Infrastructure
Project
,
Special
Assessment
,
2025
,
6.5
%
,
5/01/56
.........
4,000,000
4,120,714
Bellehaven
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.8
%
,
5/01/45
................
1,295,000
1,359,073
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.05
%
,
5/01/55
...............
1,215,000
1,249,218
Belmond
Reserve
Community
Development
District
,
2020
Project
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
......................
1,745,000
1,717,210
2020
Project
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
......................
2,000,000
1,672,647
Belmont
II
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
12/15/30
.............................
325,000
319,322
Special
Assessment
,
2020
,
3.625
%
,
12/15/40
.............................
1,390,000
1,336,282
Berry
Bay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
400,000
381,353
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
1,250,000
1,092,135
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
985,000
1,041,071
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,675,000
1,722,344
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)
Berry
Bay
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.45
%
,
5/01/31
...............
$
105,000
$
105,725
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
145,000
146,410
Big
Cypress
Stewardship
District
,
Assessment
Area
1
,
Special
Assessment
,
2026
,
5.75
%
,
5/01/55
...................................................
1,850,000
1,858,324
Black
Creek
Community
Development
District
,
Special
Assessment
,
2022
,
5.125
%
,
6/15/32
.............................
150,000
157,865
Special
Assessment
,
2022
,
5.625
%
,
6/15/52
.............................
2,000,000
2,044,088
Blackwell
Community
Development
District
,
Special
Assessment
,
2026
,
5.75
%
,
5/01/56
575,000
573,865
Boggy
Branch
Community
Development
District
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
450,000
429,632
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
...............................
1,165,000
1,010,391
Bradbury
Community
Development
District
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
2,245,000
2,260,782
Bridgewalk
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.25
%
,
12/15/43
..............
760,000
818,460
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.5
%
,
12/15/53
...............
700,000
737,690
Bridgewater
North
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
3.125
%
,
5/01/27
..................
45,000
44,664
Assessments
,
Special
Assessment
,
2022
,
3.5
%
,
5/01/32
....................
350,000
338,991
Bridle
Creek
Community
Development
District
,
Special
Assessment
,
2025
,
6.375
%
,
5/01/56
.........................................................
3,525,000
3,628,876
Brightshore
Community
Development
District
,
Assessments
,
Special
Assessment
,
2026
,
5.7
%
,
5/01/57
................................................
2,965,000
2,933,102
Brightwater
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.85
%
,
5/01/31
...............
280,000
273,320
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.35
%
,
5/01/44
..........
405,000
420,654
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/55
.........
540,000
549,224
Brookstone
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
...............
325,000
333,057
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
................
1,000,000
1,040,956
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/52
..............
1,750,000
1,774,006
Buckhead
Trails
Community
Development
District
,
Special
Assessment
,
2022
,
5.25
%
,
5/01/32
..............................
400,000
415,327
Special
Assessment
,
2022
,
5.625
%
,
5/01/42
.............................
1,000,000
1,068,700
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
..............................
1,410,000
1,438,520
Special
Assessment
,
2024
,
4.7
%
,
5/01/31
...............................
245,000
248,199
Special
Assessment
,
2024
,
5.6
%
,
5/01/44
...............................
395,000
410,162
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
.............................
885,000
904,503
d
Buckhead
Trails
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2026
,
5.8
%
,
5/01/56
................................
1,045,000
1,050,925
Buena
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
.....................................
1,135,000
1,172,303
d
Cape
Coral
Health
Facilities
Authority
,
Gulf
Care,
Inc.
Obligated
Group
,
Revenue,
Senior
Lien
,
144A,
2015
,
Refunding
,
6
%
,
7/01/45
..........................
5,250,000
3,462,738
d
Capital
Projects
Finance
Authority
,
PRG
-
UnionWest
Properties
LLC
,
Revenue,
Senior
Lien
,
144A,
2024
A-1
,
5
%
,
6/01/58
.....................................
1,250,000
1,041,656
d
Capital
Trust
Agency,
Inc.
,
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
3
%
,
7/01/31
..........
100,000
94,296
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/41
..........
450,000
404,068
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/51
..........
540,000
426,564
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/56
..........
445,000
340,148
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/41
.........
750,000
673,446
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/51
.........
975,000
770,186
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/56
.........
750,000
574,171
f
Educational
Growth
Fund
LLC
,
Revenue,
Sub.
Lien
,
144A,
2021
B
,
6.06
%,
7/01/31
7,825,000
5,802,718
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)
d
Capital
Trust
Agency,
Inc.,
(continued)
Sarasota-Manatee
Jewish
Housing
Council
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
7/01/46
............................................
$
3,250,000
$
2,479,618
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-2
,
4.43
%
,
1/01/57
...........
10,245,000
7,417,105
South
Tech
Schools
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/55
......
3,805,000
3,892,390
University
Bridge
LLC
,
Revenue
,
144A,
2018
A
,
5.25
%
,
12/01/43
..............
27,380,000
27,464,426
WFCS
Holdings
II
LLC
,
Revenue
,
144A,
2021
A-1
,
3.3
%
,
1/01/31
..............
585,000
557,151
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
5
%
,
1/01/55
.................
3,500,000
3,013,518
d
Capital
Trust
Authority
,
f
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
........................................................
16,900,000
14,422,893
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.25
%
,
7/01/55
........................................................
275,000
267,338
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.375
%
,
7/01/65
........................................................
2,650,000
2,557,865
Caymas
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
................
800,000
820,964
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/54
..............
690,000
691,199
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/31
..............................
240,000
229,797
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.............................
590,000
505,323
c
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
1,434,005
Assessment
Area
1
,
Special
Assessment
,
2023
,
6
%
,
5/01/54
.................
2,320,000
2,398,527
Central
Parc
Community
Development
District
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/44
...............................
500,000
513,223
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................................
750,000
757,161
Chaparral
Palm
Bay
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
810,000
825,238
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/55
................
1,775,000
1,769,980
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/40
...................
1,220,000
1,200,571
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/50
...................
1,985,000
1,757,968
Chapel
Creek
Community
Development
District
,
d
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
..............
165,000
160,395
d
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
5/01/41
..........
540,000
489,227
Assessment
Area
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
.................
510,000
527,286
Assessment
Area
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
................
950,000
958,558
d
Chapel
Crossings
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2020
,
3.2
%
,
5/01/30
...............
520,000
504,459
Assessments
,
Special
Assessment
,
144A,
2020
,
3.7
%
,
5/01/40
...............
1,695,000
1,542,442
Charlotte
County
Industrial
Development
Authority
,
d
MSKP
Town
&
Country
Utility
LLC
,
Revenue
,
144A,
2021
B
,
5
%
,
10/01/36
.......
2,300,000
2,117,149
MSKP
Town
&
Country
Utility
LLC
,
Revenue
,
2025
,
6.125
%
,
10/01/55
..........
3,175,000
3,282,480
Coddington
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/42
...................
610,000
646,008
Assessments
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
...................
1,090,000
1,124,595
Connerton
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
...............
1,435,000
1,499,012
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
2,245,000
2,265,541
Copes
Landing
Community
Development
District
,
2023
Project
Area
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
................
285,000
306,308
2023
Project
Area
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
...............
1,825,000
1,914,145
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)
Coral
Creek
Community
Development
District
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
..............................
$
2,000,000
$
2,069,203
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
..............................
1,565,000
1,582,086
Coral
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
11/01/44
...............
780,000
813,934
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
11/01/53
..............
1,000,000
1,018,533
Cordoba
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/31
.............
835,000
815,784
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/37
.............
825,000
743,407
Cordova
Palms
Community
Development
District
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
...............................
330,000
312,005
Special
Assessment
,
2021
,
3
%
,
5/01/41
.................................
995,000
830,065
Special
Assessment
,
2022-1
,
5.7
%
,
5/01/42
..............................
270,000
289,172
Special
Assessment
,
2022-1
,
5.8
%
,
5/01/53
..............................
400,000
418,392
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
4.5
%
,
5/01/27
..............
15,000
15,094
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.1
%
,
5/01/32
..............
330,000
342,460
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.4
%
,
5/01/42
..............
1,005,000
1,051,051
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.6
%
,
5/01/53
..............
1,975,000
2,033,319
d
County
of
Okaloosa
,
AIR
Force
Enlisted
Village,
Inc.
Obligated
Group
,
Revenue
,
144A,
2025
,
5.75
%
,
5/15/60
...............................................
1,500,000
1,520,410
Creekview
Community
Development
District
,
Phase
1
,
Special
Assessment
,
2022
,
4.25
%
,
5/01/32
.......................
485,000
485,465
Phase
2
,
Special
Assessment
,
2024
,
4.6
%
,
5/01/31
........................
735,000
742,127
Phase
2
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/44
......................
1,995,000
2,032,614
Phase
2
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/55
......................
2,260,000
2,242,560
Cresswind
DeLand
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
....................................
730,000
732,413
d
Crestview
II
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/31
...................
213,000
218,435
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/37
...................
475,000
477,841
Cross
Creek
North
Community
Development
District
,
Special
Assessment
,
2022
,
4.25
%
,
5/01/42
..............................
1,340,000
1,321,922
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
.............................
990,000
1,022,744
Special
Assessment
,
2023
,
5.375
%
,
5/01/53
.............................
1,245,000
1,262,076
Crossings
Community
Development
District
,
Area
2
,
Special
Assessment
,
2024
,
5.35
%
,
5/01/44
........................
465,000
476,497
Area
2
,
Special
Assessment
,
2024
,
5.6
%
,
5/01/54
.........................
420,000
420,884
Crosswinds
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
1,220,000
1,258,935
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
1,500,000
1,522,042
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
................
150,000
151,582
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
...............................
200,000
195,127
Special
Assessment
,
2021
,
3.05
%
,
5/01/41
..............................
850,000
774,739
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................................
1,000,000
896,037
d
Curiosity
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.4
%
,
5/01/44
...........
700,000
713,903
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.7
%
,
5/01/55
...........
1,145,000
1,141,825
Curiosity
Creek
Community
Development
District
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/56
.............................
2,550,000
2,552,027
d
Currents
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2020
A
,
4
%
,
5/01/40
................................................
3,100,000
2,943,488
Cypress
Bay
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/43
...............
1,370,000
1,415,523
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
Bay
West
Community
Development
District,
(continued)
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
................
$
1,200,000
$
1,216,039
d
Cypress
Bluff
Community
Development
District
,
Special
Assessment
,
144A,
2020
A
,
3.125
%
,
5/01/30
.......................
165,000
162,680
Special
Assessment
,
144A,
2020
A
,
3.625
%
,
5/01/40
.......................
800,000
752,555
Special
Assessment
,
144A,
2020
A
,
3.8
%
,
5/01/50
.........................
1,160,000
962,790
Cypress
Creek
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/45
...............
525,000
551,837
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/56
.................
1,355,000
1,393,820
Cypress
Park
Estates
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
4.375
%
,
5/01/27
...............
25,000
25,123
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
................
350,000
360,232
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
240,000
234,618
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
5/01/40
.........
1,170,000
1,118,909
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
............
1,210,000
1,001,676
d
Cypress
Reserve
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.8
%
,
5/01/56
...........................................
1,645,000
1,651,592
Cypress
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
1,125,000
1,173,560
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
..............
965,000
987,423
Darby
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
A-1
,
5.625
%
,
5/01/44
...............
1,290,000
1,345,883
Assessments
,
Special
Assessment
,
2024
A-1
,
6
%
,
5/01/54
...................
1,610,000
1,648,917
Assessments
,
Special
Assessment
,
2024
A-2
,
5.875
%
,
5/01/35
...............
300,000
313,295
Deerbrook
Community
Development
District
,
Special
Assessment
,
2023
,
4.375
%
,
5/01/30
.............................
85,000
85,981
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
...............................
1,250,000
1,255,207
Deering
Park
Stewardship
District
,
DPSD
JV1
No.
1
Assessment
Area
,
Special
Assessment
,
2025
,
6
%
,
5/01/45
.....
3,000,000
3,160,723
DPSD
JV1
No.
1
Assessment
Area
,
Special
Assessment
,
2025
,
6.25
%
,
5/01/55
...
2,300,000
2,377,645
Del
Webb
Oak
Creek
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
1,425,000
1,468,055
Special
Assessment
,
2023
,
5.25
%
,
5/01/53
..............................
1,985,000
1,992,205
DG
Farms
Community
Development
District
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
..............................
185,000
181,643
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
255,000
238,093
Dowden
West
Community
Development
District
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
..............................
495,000
507,658
Special
Assessment
,
2024
,
5.55
%
,
5/01/54
..............................
855,000
857,851
DW
Bayview
Community
Development
District
,
d
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/32
..............
430,000
419,408
d
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
5/01/41
..........
1,160,000
1,069,047
Assessment
Area
,
Special
Assessment
,
2022
,
4.5
%
,
5/01/32
.................
185,000
190,649
Assessment
Area
,
Special
Assessment
,
2022
,
5.125
%
,
5/01/42
...............
1,115,000
1,154,422
East
547
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
90,000
87,681
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.3
%
,
5/01/41
................
375,000
335,912
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.25
%
,
5/01/43
...............
245,000
265,117
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.5
%
,
5/01/54
................
470,000
498,677
East
Bonita
Beach
Road
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/32
.................
255,000
248,319
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
...............
750,000
661,518
East
Nassau
Stewardship
District
,
Special
Assessment
,
2025
,
6.25
%
,
5/01/56
..............................
7,130,000
7,368,777
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)
East
Nassau
Stewardship
District,
(continued)
Assessments
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
......................
$
500,000
$
486,057
Assessments
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
....................
1,185,000
1,078,389
Wildlight
Village
Phase
3
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
...........
1,500,000
1,529,503
d
East
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2026
,
6
%
,
5/01/57
............................................
1,600,000
1,607,942
Eden
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
................
90,000
89,240
Assessment
Area
,
Special
Assessment
,
2022
,
3.25
%
,
5/01/27
................
95,000
94,803
Assessment
Area
,
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
...............
610,000
606,816
Edgewater
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.1
%
,
5/01/31
................
700,000
672,924
Assessment
Area
2
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
.................
3,975,000
3,624,496
Edgewater
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
................
765,000
769,415
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
...............
2,000,000
2,016,685
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/54
................
2,750,000
2,716,024
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.875
%
,
5/01/56
..............
1,000,000
1,017,340
d
Enbrook
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
............................
500,000
461,560
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
............................
1,150,000
950,551
Entrada
Community
Development
District
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/43
...............................
500,000
530,640
d
Assessments
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
5/01/31
.............
370,000
353,333
d
Assessments
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
5/01/41
.............
935,000
830,937
Epperson
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
235,000
224,566
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
................
1,200,000
1,063,182
Assessment
Area
3
,
Special
Assessment
,
2021
A
,
2.45
%
,
11/01/26
............
125,000
124,230
Assessment
Area
3
,
Special
Assessment
,
2021
A
,
3.1
%
,
11/01/31
.............
400,000
380,756
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
................
465,000
474,595
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.6
%
,
5/01/55
................
500,000
498,605
Epperson
Ranch
II
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
3.625
%
,
5/01/30
...................................
345,000
339,706
Esplanade
at
Wellen
Park
Community
Development
District
,
Special
Assessment
,
2026
,
5.7
%
,
5/01/56
................................................
1,945,000
1,950,220
d
Everlands
Community
Development
District
,
Assessment
Area
2
Phase
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
6/15/54
................................
2,350,000
2,356,591
Everlands
II
Community
Development
District
,
Special
Assessment
,
2024
,
5.2
%
,
6/15/44
.........................................................
500,000
515,259
Fallschase
Community
Development
District
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.........................................................
1,000,000
871,580
Feed
Mill
Community
Development
District
,
Parcel
1
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.875
%
,
5/01/56
...................................
4,570,000
4,598,542
d
Florida
Development
Finance
Corp.
,
e
Brightline
Florida
Holdings
LLC
,
Revenue
,
144A,
2025
B
,
Mandatory
Put
,
10
%
,
6/15/26
........................................................
3,275,000
2,128,750
Glenridge
on
Palmer
Ranch
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
6/01/31
........................................................
450,000
471,004
Glenridge
on
Palmer
Ranch
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
6/01/51
........................................................
5,500,000
5,143,411
Mayflower
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5.25
%
,
6/01/50
........................................................
7,000,000
6,783,494
Mayflower
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/55
............................................
3,900,000
2,911,299
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)
d
Florida
Local
Government
Finance
Commission
,
BridgePrep
Academy,
Inc.
Obligated
Group
,
Revenue
,
144A,
2025
A
,
6.125
%
,
6/15/65
........................................................
$
12,400,000
$
12,556,684
Ponte
Vedra
Pine
Co.
LLC
Obligated
Group
,
Revenue
,
144A,
2025
A
,
6.75
%
,
11/15/55
.......................................................
2,650,000
2,804,097
d
Forest
Lake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
280,000
275,620
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
5/01/27
..........
10,000
10,070
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5
%
,
5/01/32
............
75,000
77,553
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
5/01/42
.........
310,000
323,152
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
5/01/52
...........
275,000
279,977
d
Gas
Worx
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5
%
,
5/01/36
............................
525,000
544,494
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/45
.........................
800,000
831,777
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/57
............................
1,980,000
2,023,485
d
Governors
Park
South
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2026
,
5.8
%
,
5/01/56
................................
2,350,000
2,348,696
d
Grace
Groves
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2026
,
5.8
%
,
5/01/57
................................
1,900,000
1,913,975
Grand
Oaks
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
4.25
%
,
5/01/40
...............
1,095,000
1,070,031
Assessment
Area
2
,
Special
Assessment
,
2020
,
4.5
%
,
5/01/52
................
3,500,000
3,170,331
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.2
%
,
11/01/31
...............
215,000
205,465
Assessment
Area
3
,
Special
Assessment
,
2021
,
4
%
,
11/01/51
................
1,205,000
998,844
Grande
Pines
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.75
%
,
5/01/41
...............
710,000
637,404
Assessment
Area
1
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................
750,000
624,485
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
................
1,010,000
1,024,223
Greenbriar
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.65
%
,
5/01/45
...............
1,000,000
1,025,979
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.875
%
,
5/01/54
..............
1,200,000
1,208,064
Grove
Resort
Community
Development
District
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/32
...............................
170,000
159,639
Special
Assessment
,
2022
,
3.55
%
,
5/01/42
..............................
435,000
368,099
Hamilton
Bluff
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
.....................................
1,250,000
1,255,699
Hammock
Oaks
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
125,000
127,578
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
635,000
664,685
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
980,000
996,360
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.85
%
,
5/01/44
...............
670,000
691,965
Assessment
Area
2
,
Special
Assessment
,
2024
,
6.15
%
,
5/01/54
...............
655,000
665,714
d
Assessment
Area
3
,
Special
Assessment
,
144A,
2025
,
5.55
%
,
5/01/45
..........
1,040,000
1,071,628
d
Assessment
Area
3
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/55
..........
1,455,000
1,468,119
Hammock
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
.................
860,000
716,075
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
200,000
194,423
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
520,000
470,736
Assessment
Area
3
,
Special
Assessment
,
2022
,
4.4
%
,
5/01/32
................
445,000
454,102
Harmony
on
Lake
Eloise
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.45
%
,
11/01/45
..............
500,000
513,460
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.65
%
,
11/01/54
..............
1,250,000
1,265,393
Harmony
West
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................
360,000
369,049
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.3
%
,
5/01/53
................
305,000
306,632
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)
Harvest
Hills
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
4.5
%
,
5/01/35
................
$
375,000
$
372,897
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
...............
1,800,000
1,786,295
Hawkstone
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/31
................
440,000
427,035
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.45
%
,
5/01/41
...............
1,115,000
991,919
Assessment
Area
4
,
Special
Assessment
,
2023
,
4.375
%
,
5/01/30
..............
175,000
177,591
Hawthorne
Mill
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
.....................................
1,000,000
1,018,647
Hickory
Tree
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/55
....................................
365,000
365,243
Highland
Park
Community
Development
District
,
Assessments
,
Special
Assessment
,
2026
,
6.125
%
,
5/01/56
..............................................
1,500,000
1,529,088
Highland
Trails
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.85
%
,
5/01/56
...............
1,385,000
1,384,234
Assessments
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
....................
305,000
315,937
Assessments
,
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
...................
300,000
306,328
Hills
of
Minneola
Community
Development
District
,
North
Parcel
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.55
%
,
5/01/44
.....
545,000
578,041
North
Parcel
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
....
760,000
793,575
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
250,000
237,225
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/41
500,000
427,867
Hilltop
Point
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022-1
,
5.375
%
,
5/01/52
............
700,000
703,293
Assessment
Area
2
,
Special
Assessment
,
2022-2
,
5.6
%
,
5/01/53
..............
745,000
753,697
Hobe-St.
Lucie
Conservancy
District
,
Unit
of
Development
No.
1A
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/55
...................................
3,000,000
3,069,458
Holly
Hill
Road
East
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2020
,
4.5
%
,
11/01/31
...............
165,000
174,920
Assessment
Area
3
,
Special
Assessment
,
2020
,
5
%
,
11/01/41
................
350,000
377,946
Assessment
Area
3
,
Special
Assessment
,
2020
,
5
%
,
11/01/50
................
520,000
535,314
Hyde
Park
Community
Development
District
No.
1
,
Assessments
,
Special
Assessment
,
2024
A
,
5.35
%
,
5/01/44
..................
420,000
428,228
Assessments
,
Special
Assessment
,
2024
A
,
5.625
%
,
5/01/55
.................
280,000
279,813
Indigo
Community
Development
District
,
Special
Assessment
,
1999
A
,
7
%
,
5/01/31
...............................
290,000
290,603
Special
Assessment
,
1999
C
,
7
%
,
5/01/30
...............................
4,123,752
2,309,301
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
.........
240,000
228,638
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.......
855,000
724,760
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
...........
1,375,000
1,167,484
Island
Lake
Estates
Community
Development
District
,
Special
Assessment
,
2023
,
5.75
%
,
12/15/43
.............................
1,240,000
1,317,636
Special
Assessment
,
2023
,
6
%
,
12/15/53
................................
1,430,000
1,484,881
Juniper
Cove
Community
Development
District
,
Assessments
,
Special
Assessment
,
2025
,
5.45
%
,
5/01/45
...................
515,000
529,612
Assessments
,
Special
Assessment
,
2025
,
5.7
%
,
5/01/55
....................
1,070,000
1,077,427
d
K-Bar
Ranch
III
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/45
.........................
1,765,000
1,871,586
Special
Assessment
,
144A,
2025
,
6.125
%
,
5/01/55
.........................
1,940,000
2,016,627
Kelly
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
6
%
,
11/01/43
................
640,000
675,685
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.25
%
,
11/01/53
..............
860,000
887,632
Assessment
Area
2
,
Special
Assessment
,
2025
,
4.375
%
,
5/01/32
..............
135,000
136,812
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/55
................
750,000
745,740
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
,
Special
Assessment
,
2020
,
3.5
%
,
5/01/40
...............................
$
395,000
$
371,989
Special
Assessment
,
2020
,
3.75
%
,
5/01/50
..............................
570,000
486,134
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
...............................
235,000
226,125
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.............................
500,000
445,899
Special
Assessment
,
2023
,
5.875
%
,
5/01/54
.............................
1,100,000
1,133,818
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
6/15/30
.............................
375,000
371,918
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................................
775,000
776,938
Special
Assessment
,
2020
,
4
%
,
6/15/50
.................................
2,270,000
2,044,125
Special
Assessment
,
2021
,
2.5
%
,
6/15/26
...............................
20,000
19,992
Special
Assessment
,
2021
,
3.125
%
,
6/15/31
.............................
250,000
246,662
Special
Assessment
,
2021
,
3.6
%
,
6/15/41
...............................
750,000
707,846
Kings
Creek
I
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/45
...............
775,000
806,410
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
.................
1,300,000
1,325,266
Kingston
One
Community
Development
District
,
Assessment
Area
1
-
2025
Project
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/45
....
2,600,000
2,715,080
Assessment
Area
1
-
2025
Project
,
Special
Assessment
,
2025
,
6
%
,
5/01/57
......
6,000,000
6,140,553
Kissimmee
Park
Community
Development
District
,
Offsite
Master
Infrastructure
Project
,
Special
Assessment
,
2025
,
6.5
%
,
5/01/56
...............................
6,200,000
6,387,107
Lake
Ashton
Community
Development
District
,
Special
Assessment
,
2015
A-1
,
Refunding
,
5
%
,
5/01/32
.............................................
1,505,000
1,506,279
Lake
Deer
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
5
%
,
5/01/32
...................
220,000
224,785
Assessment
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
.................
740,000
776,637
Assessment
Area
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/53
...............
1,325,000
1,336,649
d
Lake
Emma
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
5/01/43
..........
1,230,000
1,276,021
Assessment
Area
2
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
5/01/53
...........
800,000
817,665
Lake
Flores
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2026
,
5.75
%
,
5/01/56
...............................................
1,250,000
1,256,164
Lake
Harris
Community
Development
District
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
.............................
575,000
600,382
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
.............................
560,000
573,127
Lake
Hideaway
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.75
%
,
5/01/31
...............
390,000
396,421
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.65
%
,
5/01/44
...............
1,375,000
1,415,924
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.9
%
,
5/01/54
................
2,260,000
2,273,104
Lake
Mattie
Preserve
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
...............................
945,000
967,098
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
..............................
1,750,000
1,759,064
Phase
2
,
Special
Assessment
,
2025
,
5.65
%
,
5/01/55
.......................
1,075,000
1,054,046
Lakefront
Estates
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/56
.......................................
3,150,000
3,160,655
Lakes
at
Bella
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023-1
,
5.75
%
,
5/01/43
.............
805,000
842,709
Assessment
Area
1
,
Special
Assessment
,
2023-1
,
6
%
,
5/01/53
................
1,880,000
1,933,765
Assessment
Area
2
,
Special
Assessment
,
2023-2
,
5.75
%
,
5/01/43
.............
1,000,000
1,046,843
Assessment
Area
2
,
Special
Assessment
,
2023-2
,
6
%
,
5/01/54
................
2,395,000
2,462,069
Lakes
of
Sarasota
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
A-1
,
3.4
%
,
5/01/31
.............
135,000
131,865
Assessment
Area
1
,
Special
Assessment
,
2021
A-1
,
3.9
%
,
5/01/41
.............
285,000
265,916
Assessment
Area
1
,
Special
Assessment
,
2021
A-2
,
3.875
%
,
5/01/31
...........
100,000
100,405
Assessment
Area
2
,
Special
Assessment
,
2021
B-1
,
3.625
%
,
5/01/31
...........
125,000
124,283
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)
Lakes
of
Sarasota
Community
Development
District,
(continued)
Assessment
Area
2
,
Special
Assessment
,
2021
B-1
,
4.125
%
,
5/01/41
...........
$
200,000
$
190,616
Lakes
of
Sarasota
Community
Development
District
2
,
Assessments
,
Special
Assessment
,
2025
A
,
5.7
%
,
5/01/55
....................................
760,000
760,523
d
Lakeside
at
Satilla
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
...............................
1,500,000
1,510,353
Lakeside
Preserve
Community
Development
District
,
Special
Assessment
,
2023
,
6
%
,
5/01/43
.................................
625,000
665,989
Special
Assessment
,
2023
,
6.375
%
,
5/01/54
.............................
1,055,000
1,104,818
Lakewood
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/31
................
125,000
122,753
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
325,000
299,954
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
910,000
927,289
Lakewood
Ranch
Stewardship
District
,
Assessments
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/43
..................
1,500,000
1,641,447
Assessments
,
Special
Assessment
,
2023
,
6.3
%
,
5/01/54
....................
5,000,000
5,298,971
Assessments
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/55
....................
765,000
776,268
d
Lorraine
Lakes
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
............
250,000
244,870
d
Northeast
Sector
Project
Phase
2B
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.2
%
,
5/01/30
...................................................
340,000
334,555
Northeast
Sector
Project
Phase
2C
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
.....
380,000
371,843
Northeast
Sector
Project
Phase
2C
,
Special
Assessment
,
2020
,
3.5
%
,
5/01/40
....
750,000
686,781
Star
Farms
Phase
1/2
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
..............
100,000
95,787
Langley
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.125
%
,
5/01/44
..............
1,195,000
1,217,121
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.4
%
,
5/01/55
................
2,485,000
2,470,739
Laurel
Road
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
A-1
,
3
%
,
5/01/31
...................
350,000
331,907
Assessments
,
Special
Assessment
,
2021
A-1
,
4
%
,
5/01/52
...................
1,445,000
1,176,543
Lawson
Dunes
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
4.375
%
,
5/01/27
...............
40,000
40,093
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
................
510,000
519,801
Lecanto
Preserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2026
,
5.7
%
,
5/01/56
.....................................
800,000
800,981
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
C
,
5
%
,
11/15/54
...............................................
1,600,000
1,565,865
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
310,000
299,855
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
100,000
96,947
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
795,000
705,845
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
265,000
236,356
Assessment
Area
1
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
.................
530,000
433,463
Live
Oak
Lake
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
,
4.4
%
,
5/01/40
................................................
1,600,000
1,490,572
Longleaf
Community
Development
District
,
d
Neighborhood
4
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.4
%
,
5/01/44
........................................................
720,000
737,375
d
Neighborhood
4
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
5/01/54
........................................................
935,000
952,994
Neighborhood
4
Assessment
Area
2
,
Special
Assessment
,
2024
A
,
5.45
%
,
5/01/55
.
815,000
803,374
d
Lowery
Hills
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.85
%
,
5/01/55
...............................
1,000,000
1,002,052
LT
Ranch
Community
Development
District
,
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.3
%
,
5/01/32
.........
120,000
126,558
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.75
%
,
5/01/42
........
380,000
405,267
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
74
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
LT
Ranch
Community
Development
District,
(continued)
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.9
%
,
5/01/53
.........
$
500,000
$
516,165
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5
%
,
5/01/32
.........
1,245,000
1,299,044
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5.5
%
,
5/01/42
........
2,615,000
2,748,270
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5.7
%
,
5/01/53
........
5,790,000
5,918,965
LTC
Ranch
West
Residential
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
A
,
3.125
%
,
5/01/31
............
700,000
670,675
Assessment
Area
2
,
Special
Assessment
,
2024
AA-2
,
5.7
%
,
5/01/44
...........
300,000
308,520
Assessment
Area
2
,
Special
Assessment
,
2024
AA-2
,
6
%
,
5/01/54
.............
305,000
307,912
Assessment
Area
3
,
Special
Assessment
,
2024
AA-3
,
5.75
%
,
5/01/44
...........
900,000
927,836
Assessment
Area
3
,
Special
Assessment
,
2024
AA-3
,
6.05
%
,
5/01/54
...........
990,000
1,002,553
Magnolia
Island
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/45
...............
495,000
505,459
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/55
...............
995,000
997,057
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
A
,
5.45
%
,
5/01/45
........
600,000
609,146
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
A
,
5.75
%
,
5/01/56
........
1,000,000
990,984
d
Magnolia
Park
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/31
...................
213,000
218,171
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/39
...................
688,000
688,843
Malabar
Springs
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
................
290,000
292,815
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
410,000
415,109
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/54
................
830,000
814,095
d
Mandarin
Grove
Community
Development
District
,
Special
Assessment
,
144A,
2022
,
6.625
%
,
5/01/53
...................................................
985,000
1,134,933
Mangrove
Point
&
Mangrove
Manor
,
Community
Development
District
,
Special
Assessment
,
2022
,
4
%
,
5/01/32
.......................................
345,000
326,258
Marion
Ranch
Community
Development
District
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/44
.........................................................
655,000
677,014
Marshall
Creek
Community
Development
District
,
Special
Assessment
,
2015
A
,
Refunding
,
5
%
,
5/01/32
.............................................
1,090,000
1,089,959
Meadow
View
at
Twin
Creeks
Community
Development
District
,
Phase
3B
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
........................
205,000
195,545
Phase
3B
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
......................
785,000
666,043
Phase
3B
,
Special
Assessment
,
2021
,
3.75
%
,
5/01/52
......................
625,000
486,339
Phase
4
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
..........................
225,000
214,720
Phase
4
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
.......................
1,155,000
991,186
Merrick
Square
Community
Development
District
,
Special
Assessment
,
2023
,
4.5
%
,
5/01/30
...............................
145,000
147,646
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
...............................
725,000
759,594
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
.............................
1,000,000
1,026,943
Metropica
Community
Development
District
,
Assessment
Area
1
Master
Infrastructure
,
Special
Assessment
,
2026
,
7
%
,
11/01/30
................................
3,630,000
3,629,817
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
6.2
%
,
5/01/53
....................................................
3,115,000
3,240,576
Mirada
II
Community
Development
District
,
2021
Project
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
...............
645,000
604,807
2021
Project
Area
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
.................
2,070,000
1,781,279
2022
Project
Area
,
Special
Assessment
,
2022
,
5.125
%
,
5/01/32
...............
175,000
183,407
2022
Project
Area
,
Special
Assessment
,
2022
,
5.6
%
,
5/01/42
.................
550,000
577,654
2022
Project
Area
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/53
................
1,010,000
1,031,948
New
Port
Tampa
Bay
Community
Development
District
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/31
...............................
500,000
485,594
Special
Assessment
,
2021
,
3.875
%
,
5/01/41
.............................
1,250,000
1,126,339
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)
Newport
Isles
Community
Development
District
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
.........................................................
$
2,000,000
$
2,027,783
d
Normandy
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.55
%
,
5/01/54
..........................................
1,355,000
1,303,532
North
AR-1
Pasco
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
275,000
263,835
Assessment
Area
2
,
Special
Assessment
,
2021
A
,
3.25
%
,
5/01/31
.............
155,000
151,749
Assessment
Area
2
,
Special
Assessment
,
2021
A
,
3.55
%
,
5/01/41
.............
390,000
358,729
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
410,000
428,230
Assessment
Area
3
,
Special
Assessment
,
2023
,
6
%
,
5/01/54
.................
600,000
614,724
Assessment
Area
4
,
Special
Assessment
,
2024
,
4.625
%
,
5/01/31
..............
140,000
142,324
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
760,000
784,285
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
800,000
808,225
Assessment
Area
5
,
Special
Assessment
,
2024
A
,
4.875
%
,
5/01/31
............
235,000
239,090
Assessment
Area
5
,
Special
Assessment
,
2024
A
,
5.75
%
,
5/01/44
.............
755,000
785,303
Assessment
Area
5
,
Special
Assessment
,
2024
A
,
6
%
,
5/01/54
................
805,000
821,881
North
Loop
Community
Development
District
,
Special
Assessment
,
2023
,
6.375
%
,
5/01/43
.............................
525,000
570,927
Special
Assessment
,
2023
,
6.625
%
,
5/01/54
.............................
1,000,000
1,067,618
North
Park
Isle
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.45
%
,
11/01/26
..............
55,000
54,657
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
................
500,000
475,643
North
Powerline
Road
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
5/01/30
.............................
400,000
390,082
Special
Assessment
,
2020
,
3.625
%
,
5/01/40
.............................
1,000,000
919,802
d
Special
Assessment
,
144A,
2022
,
5.25
%
,
5/01/32
.........................
200,000
206,767
d
Special
Assessment
,
144A,
2022
,
5.625
%
,
5/01/52
.........................
1,395,000
1,432,433
North
River
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A-1
,
3.5
%
,
5/01/30
.................
695,000
684,928
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/40
...................
1,150,000
1,108,096
North
River
Ranch
Improvement
Stewardship
District
,
Assessments
,
Special
Assessment
,
2023
A
,
6.7
%
,
5/01/55
...................
1,400,000
1,487,270
Assessments
,
Special
Assessment
,
2023
A-1
,
6
%
,
5/01/54
...................
4,920,000
5,035,073
Northlake
Stewardship
District
,
Rye
Ranch
Pod
B
-
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.7
%
,
5/01/56
.
490,000
491,365
Rye
Ranch
Pod
C1
-
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/45
.
875,000
919,934
Rye
Ranch
Pod
C1
-
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.2
%
,
5/01/56
2,570,000
2,648,608
d
Northridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/45
..........
1,500,000
1,559,582
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/55
............
2,000,000
2,040,329
Orange
Blossom
Groves
Community
Development
District
,
Special
Assessment
,
2023
,
4.25
%
,
6/15/30
..............................
365,000
370,713
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
..............................
1,100,000
1,152,737
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
.............................
1,375,000
1,402,177
d
Osceola
Village
Center
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
5/01/31
.........................
180,000
174,297
Special
Assessment
,
144A,
2021
,
3.3
%
,
5/01/41
..........................
370,000
330,585
Palermo
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
6/15/43
.................................
1,945,000
2,003,214
Special
Assessment
,
2023
,
5.25
%
,
6/15/53
..............................
1,500,000
1,513,345
Palm
Beach
County
Health
Facilities
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.5
%
,
5/15/53
........................................................
2,035,000
2,251,974
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)
Palm
Beach
County
Health
Facilities
Authority,
(continued)
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.625
%
,
5/15/58
.................................................
$
1,620,000
$
1,796,304
d
Palm
Coast
145
Community
Development
District
,
Special
Assessment
,
144A,
2025
A
,
6.75
%
,
5/01/57
...................................................
2,315,000
2,390,713
Palm
Coast
Park
Community
Development
District
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
...............................
1,000,000
1,012,166
Sawmill
Branch
-
Phase
7
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
............
1,000,000
1,009,328
Spring
Lake
-
Tracts
2
&
3
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
...........
350,000
329,421
Spring
Lake
-
Tracts
2
&
3
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.........
730,000
607,566
Palm
Gate
Community
Development
District
,
Special
Assessment
,
2025
,
5.55
%
,
6/15/55
.........................................................
630,000
639,330
Park
East
Community
Development
District
,
Special
Assessment
,
2021
,
3.15
%
,
11/01/41
........................................................
595,000
497,020
Parker
Pointe
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
.........................................................
570,000
582,585
Parkland
Community
Development
District
,
Phase
1
,
Special
Assessment
,
2023
A-1
,
6.45
%
,
5/01/54
...................................................
2,445,000
2,512,343
Parkview
at
Long
Lake
Ranch
Community
Development
District
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
...............................................
955,000
862,014
Parrish
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/53
................
735,000
738,918
Assessment
Area
2
,
Special
Assessment
,
2023
A
,
5.375
%
,
5/01/43
............
1,080,000
1,114,769
Assessment
Area
2
,
Special
Assessment
,
2023
A
,
5.625
%
,
5/01/53
............
1,535,000
1,557,636
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
1,265,000
1,298,691
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
................
555,000
558,393
Parrish
Lakes
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.125
%
,
5/01/44
..............
2,500,000
2,513,291
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/54
...............
5,220,000
5,069,199
Parrish
Plantation
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
235,000
226,884
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
................
790,000
698,355
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
...............
115,000
117,978
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.375
%
,
5/01/42
..............
420,000
436,275
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
................
675,000
686,871
Assessment
Area
3
,
Special
Assessment
,
2024
,
4.875
%
,
5/01/31
..............
215,000
219,162
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/44
................
475,000
496,852
Assessment
Area
3
,
Special
Assessment
,
2024
,
6.05
%
,
5/01/54
...............
1,290,000
1,326,015
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
250,000
260,000
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
..............
375,000
383,023
Pasadena
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.05
%
,
5/01/44
...............
750,000
758,231
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.7
%
,
5/01/55
................
1,500,000
1,487,456
Peace
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
1,450,000
1,499,432
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
1,615,000
1,627,885
Peace
Creek
Village
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
...............................
1,115,000
1,152,056
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
..............................
910,000
916,463
d
Special
Assessment
,
144A,
2025
,
5.85
%
,
5/01/55
.........................
1,685,000
1,691,954
Peace
Crossing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5
%
,
5/01/31
.................
370,000
372,846
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/44
................
2,825,000
2,864,015
Assessment
Area
1
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................
4,000,000
3,921,913
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)
d
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
12/15/26
........................
$
20,000
$
19,879
Special
Assessment
,
144A,
2021
,
3
%
,
12/15/31
...........................
225,000
220,486
Special
Assessment
,
144A,
2021
,
3.25
%
,
12/15/41
.........................
1,000,000
902,629
Special
Assessment
,
144A,
2021
,
4
%
,
12/15/51
...........................
1,200,000
1,067,057
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment,
Sub.
Lien
,
2020
A-2
,
Refunding
,
3.75
%
,
5/01/37
...............................
700,000
687,989
Pinery
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2026
,
5.875
%
,
5/01/56
..............................................
1,750,000
1,745,364
Preserve
at
Savannah
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
135,000
139,671
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
1,000,000
1,010,918
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
..........................
150,000
147,346
Phase
3
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
........................
750,000
711,256
Prosperity
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
12/15/43
.............
355,000
382,340
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.125
%
,
12/15/53
.............
985,000
1,046,071
Quail
Roost
Community
Development
District
,
Expansion
Area
,
Special
Assessment
,
2021
,
2.2
%
,
12/15/26
.................
40,000
39,689
Expansion
Area
,
Special
Assessment
,
2021
,
2.7
%
,
12/15/31
.................
200,000
189,871
Expansion
Area
,
Special
Assessment
,
2021
,
3.125
%
,
12/15/41
................
965,000
816,486
Expansion
Area
,
Special
Assessment
,
2021
,
4
%
,
12/15/51
...................
2,335,000
2,020,381
d
Radiance
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
5/01/45
...........
1,000,000
1,048,595
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
6.4
%
,
5/01/56
...........
2,100,000
2,159,093
Ranches
at
Lake
Mcleod
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
6/15/53
...............................
730,000
737,715
Reserve
at
Van
Oaks
Community
Development
District
,
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
.............................
285,000
295,796
Special
Assessment
,
2023
,
5.375
%
,
5/01/53
.............................
965,000
982,151
Reunion
East
Community
Development
District
,
Special
Assessment
,
2021
,
2.85
%
,
5/01/31
.........................................................
400,000
386,114
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
2.6
%
,
5/01/27
.................
30,000
29,758
Assessment
Area
,
Special
Assessment
,
2022
,
3
%
,
5/01/32
...................
190,000
184,526
Assessment
Area
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/42
.................
490,000
428,854
Ridge
at
Apopka
Community
Development
District
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
...............................
2,145,000
2,135,957
Parcel
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
........................
310,000
320,578
Parcel
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
.......................
545,000
550,349
River
Glen
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
350,000
339,745
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
1,000,000
904,350
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-2
,
Refunding
,
3
%
,
5/01/31
.......
825,000
784,825
Assessment
Area
,
Special
Assessment
,
2021
A-2
,
Refunding
,
3
%
,
5/01/36
.......
825,000
734,407
Assessment
Area
3
,
Special
Assessment
,
2020
A
,
3.625
%
,
5/01/40
............
1,030,000
929,411
Assessment
Area
4
,
Special
Assessment
,
2023
A
,
6.25
%
,
5/01/43
.............
500,000
539,699
Assessment
Area
4
,
Special
Assessment
,
2023
A
,
6.5
%
,
5/01/54
..............
1,300,000
1,373,351
d
Assessment
Area
5
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/55
.........
335,000
333,358
River
Landing
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A
,
3.6
%
,
5/01/30
...................
390,000
383,666
Assessments
,
Special
Assessment
,
2020
A
,
4.125
%
,
5/01/40
.................
850,000
816,289
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
,
2020
A
,
4.35
%
,
5/01/51
..................
$
1,100,000
$
979,146
Assessments
,
Special
Assessment
,
2023
A
,
5.5
%
,
5/01/43
...................
750,000
790,189
Assessments
,
Special
Assessment
,
2023
A
,
5.75
%
,
5/01/53
..................
1,000,000
1,035,901
River
Place
on
the
St.
Lucie
Community
Development
District
,
Special
Assessment
,
2001
A
,
7.625
%
,
5/01/30
............................
570,000
559,107
c
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
194,692
Rivers
Edge
III
Community
Development
District
,
d
Assessments
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
.................
295,000
287,581
d
Assessments
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
...............
775,000
705,318
Assessments
,
Special
Assessment
,
2024
,
5.95
%
,
5/01/55
...................
1,920,000
1,941,695
Rivington
Community
Development
District
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
1,680,000
1,542,248
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
.............................
430,000
419,273
Rolling
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
A-2
,
Refunding
,
3.65
%
,
5/01/32
...................................
700,000
668,192
d
Rolling
Oaks
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
5/01/53
...........................................
1,500,000
1,568,055
Rookery
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.25
%
,
5/01/31
...............
255,000
256,406
Assessment
Area
1
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
.................
775,000
778,878
Rye
Crossing
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.2
%
,
5/01/31
................
230,000
232,045
Assessment
Area
2
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
.................
630,000
640,533
Rye
Ranch
Community
Development
District
,
Pod
A
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.5
%
,
5/01/43
...........
1,000,000
1,096,247
Pod
A
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.625
%
,
5/01/54
.........
1,600,000
1,702,923
d
Pod
B
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
11/01/43
....
710,000
741,856
d
Pod
B
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
11/01/53
......
215,000
221,444
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
3
%
,
6/15/30
.................
250,000
244,830
Assessment
Area
1
,
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................
610,000
594,492
Assessment
Area
2
,
Special
Assessment
,
2022
,
3.1
%
,
12/15/32
...............
300,000
288,685
Assessment
Area
2
,
Special
Assessment
,
2022
,
3.35
%
,
12/15/41
..............
485,000
425,428
Saltleaf
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
4.75
%
,
5/01/31
...................
450,000
456,506
Assessments
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..................
1,565,000
1,614,189
Assessments
,
Special
Assessment
,
2024
,
6
%
,
5/01/56
......................
3,000,000
3,046,317
d
Assessments
,
Special
Assessment
,
144A,
2026
,
6.05
%
,
5/01/57
..............
1,800,000
1,836,919
Sanctuary
Cove
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
,
2.625
%
,
5/01/31
...............
190,000
181,524
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
...............
400,000
346,160
Assessment
Area
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
...................
770,000
671,902
Sandmine
Road
Community
Development
District
,
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
.........
240,000
238,186
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/40
.........
1,040,000
1,015,874
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
5/01/50
..........
2,020,000
1,743,497
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.3
%
,
11/01/26
...............
50,000
49,737
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
................
450,000
440,523
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.3
%
,
11/01/41
...............
1,180,000
1,071,757
Sandridge
Community
Development
District
,
Special
Assessment
,
2021
A-1
,
3.4
%
,
5/01/31
............................
750,000
745,507
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
,
3.875
%
,
5/01/41
..........................
$
730,000
$
694,394
Special
Assessment
,
2021
A-1
,
4
%
,
5/01/51
..............................
735,000
636,928
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
...............................
1,000,000
1,013,444
Sarasota
National
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
,
Refunding
,
3.5
%
,
5/01/31
...........
1,260,000
1,261,649
Assessments
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
5/01/39
.............
2,210,000
2,187,602
Savanna
Lakes
Community
Development
District
,
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
6/15/43
.........
395,000
406,071
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
6/15/53
.........
1,065,000
1,063,075
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............
495,000
510,075
Sawgrass
Village
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
360,000
366,497
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
1,500,000
1,556,968
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,595,000
1,617,959
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.125
%
,
11/01/43
.............
1,000,000
1,066,578
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.375
%
,
11/01/53
.............
1,000,000
1,045,129
d
Assessment
Area
3
,
Special
Assessment
,
144A,
2024
,
4.7
%
,
5/01/31
...........
270,000
274,146
d
Assessment
Area
3
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
5/01/54
.........
1,180,000
1,189,456
Scenic
Highway
Community
Development
District
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
..............................
385,000
380,916
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
1,230,000
1,163,186
Scenic
Terrace
North
Community
Development
District
,
2023
Assessment
Area
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/43
...........
1,490,000
1,558,169
2023
Assessment
Area
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/54
...........
1,290,000
1,329,997
Scenic
Terrace
South
Community
Development
District
,
Special
Assessment
,
2022
,
3.75
%
,
5/01/27
..............................
105,000
104,810
Special
Assessment
,
2022
,
4.125
%
,
5/01/32
.............................
585,000
585,884
Schaller
Preserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2026
,
5.625
%
,
5/01/56
...................................
650,000
653,472
d
Seaton
Creek
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
6/15/53
................................
980,000
998,416
Sebastian
Isles
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
4.25
%
,
5/01/31
...................
190,000
191,576
Assessments
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
......................
500,000
508,013
Sedona
Point
Community
Development
District
,
Special
Assessment
,
2023
,
4.125
%
,
6/15/30
.............................
55,000
55,622
Special
Assessment
,
2023
,
5
%
,
6/15/43
.................................
705,000
730,651
d
Seminole
County
Industrial
Development
Authority
,
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/36
.....
310,000
293,760
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/41
.....
425,000
377,769
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/51
.....
830,000
650,343
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/56
.....
705,000
529,941
Seminole
Palms
Community
Development
District
,
Special
Assessment
,
2023
,
4.75
%
,
5/01/30
..............................
150,000
152,762
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
...............................
795,000
828,277
Special
Assessment
,
2023
,
5.7
%
,
5/01/53
...............................
810,000
821,680
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.2
%
,
5/01/44
...........
1,135,000
1,152,257
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
5/01/55
...........
1,590,000
1,585,518
Sherwood
Manor
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
1,695,000
1,780,197
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
1,570,000
1,611,383
Shingle
Creek
at
Bronson
Community
Development
District
,
Special
Assessment
,
2021
,
3.1
%
,
6/15/31
...............................
375,000
367,519
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)
Shingle
Creek
at
Bronson
Community
Development
District,
(continued)
Special
Assessment
,
2021
,
3.5
%
,
6/15/41
...............................
$
1,000,000
$
923,106
Silver
Oaks
Community
Development
District
,
Special
Assessment
,
2024
,
5.55
%
,
5/01/44
..............................
980,000
1,012,506
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
..............................
1,475,000
1,491,976
Silver
Palms
West
Community
Development
District
,
Special
Assessment
,
2022
,
2.6
%
,
6/15/27
...............................
170,000
167,732
Special
Assessment
,
2022
,
3.25
%
,
6/15/42
..............................
1,750,000
1,545,866
Silverlake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
245,000
255,520
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
................
985,000
1,006,733
Six
Mile
Creek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
3.625
%
,
11/01/31
....
495,000
496,344
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
4.125
%
,
11/01/40
....
1,370,000
1,358,023
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
4.25
%
,
11/01/50
.....
2,275,000
2,048,223
Assessment
Area
2
,
Special
Assessment
,
2021
,
Refunding
,
3.1
%
,
5/01/31
.......
250,000
240,872
Assessment
Area
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
520,000
496,688
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
................
805,000
700,607
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
4.75
%
,
5/01/30
...........
345,000
351,591
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
5.5
%
,
5/01/43
...........
1,195,000
1,250,748
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
5.7
%
,
5/01/54
...........
1,495,000
1,530,334
Project
Area
,
Special
Assessment
,
2024
,
4.3
%
,
5/01/31
.....................
190,000
190,991
Solaeris
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/31
................
145,000
150,051
Assessment
Area
1
,
Special
Assessment
,
2024
,
6
%
,
5/01/44
.................
1,000,000
1,085,717
Assessment
Area
1
,
Special
Assessment
,
2024
,
6.25
%
,
5/01/55
...............
2,535,000
2,685,095
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/45
............
1,325,000
1,384,979
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
6.3
%
,
5/01/56
...........
2,300,000
2,361,670
d
Somerset
Bay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/44
.........
725,000
748,723
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.9
%
,
5/01/54
...........
830,000
839,533
Sorrento
Pines
Community
Development
District
,
Assessment
Area
1
,
Revenue
,
2023
,
5.25
%
,
5/01/43
.......................
445,000
463,522
Assessment
Area
1
,
Revenue
,
2023
,
5.5
%
,
5/01/53
........................
500,000
511,616
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.875
%
,
6/15/31
..............
175,000
169,235
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
6/15/41
...............
500,000
434,495
Southern
Groves
Community
Development
District
No.
5
,
Assessment
Area
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
.................
400,000
386,509
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
...............
1,100,000
969,684
Assessment
Area
,
Special
Assessment
,
2022-1
,
6
%
,
5/01/49
.................
1,270,000
1,332,469
Assessment
Area
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
................
900,000
946,218
Assessment
Area
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/50
.................
1,025,000
1,064,612
Stellar
North
Community
Development
District
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
215,000
205,454
d
Stillwater
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
6/15/26
.........................
75,000
74,936
Special
Assessment
,
144A,
2021
,
3
%
,
6/15/31
............................
325,000
306,383
Stonegate
Preserve
Community
Development
District
,
Special
Assessment
,
2023
,
5.875
%
,
12/15/43
.............................
700,000
754,832
Special
Assessment
,
2023
,
6.125
%
,
12/15/53
.............................
1,250,000
1,329,107
d
Stonewater
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2021
,
3
%
,
11/01/32
................
250,000
234,139
Assessments
,
Special
Assessment
,
144A,
2021
,
3.3
%
,
11/01/41
..............
635,000
538,320
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)
Stoneybrook
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
Refunding
,
6.375
%
,
11/01/52
..........................
$
1,000,000
$
1,083,623
Stoneybrook
South
at
Championsgate
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
4.5
%
,
6/15/30
.................
80,000
81,801
Assessment
Area
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/43
...............
395,000
417,871
Assessment
Area
,
Special
Assessment
,
2023
,
5.5
%
,
6/15/53
.................
390,000
401,731
d
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3
%
,
12/15/30
....
500,000
491,135
d
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
12/15/40
...
1,000,000
940,262
d
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
12/15/50
..
1,500,000
1,275,680
Storey
Creek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
5
%
,
6/15/32
.................
240,000
254,947
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.2
%
,
6/15/42
................
650,000
668,580
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.375
%
,
6/15/52
..............
1,000,000
1,003,575
Assessment
Area
3
,
Special
Assessment
,
2024
,
4.45
%
,
6/15/31
...............
230,000
233,653
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............
650,000
670,155
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.5
%
,
6/15/54
................
810,000
823,754
Storey
Drive
Community
Development
District
,
Special
Assessment
,
2022
,
2.55
%
,
6/15/27
..............................
80,000
78,924
Special
Assessment
,
2022
,
3
%
,
6/15/32
.................................
375,000
353,809
Special
Assessment
,
2022
,
3.25
%
,
6/15/42
..............................
900,000
778,247
d
Storey
Park
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
6/15/31
.........
230,000
224,496
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
3.3
%
,
6/15/41
...........
620,000
576,998
Summer
Woods
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
150,000
146,217
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
................
395,000
354,456
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.15
%
,
5/01/31
...............
200,000
192,447
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.45
%
,
5/01/41
...............
725,000
648,772
Summerstone
Community
Development
District
,
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
.............
135,000
134,447
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
.............
700,000
675,526
Assessment
Phase
1
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
................
910,000
811,348
d
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
5/01/31
........
175,000
170,325
d
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.15
%
,
5/01/41
........
700,000
632,762
d
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
4
%
,
5/01/51
...........
1,750,000
1,560,284
Summit
View
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
860,000
891,557
Assessment
Area
2
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................
1,100,000
1,120,962
Sunbridge
Stewardship
District
,
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5
%
,
5/01/32
..
350,000
363,875
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5.4
%
,
5/01/42
.
920,000
954,899
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
.
1,720,000
1,742,378
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
4.6
%
,
5/01/32
.......
460,000
468,018
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
5.2
%
,
5/01/42
.......
1,000,000
1,027,696
d
Sunrise
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/55
.........................................................
2,250,000
2,205,646
Tamarindo
Community
Development
District
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
185,000
176,309
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.............................
820,000
712,273
Tern
Bay
Community
Development
District
,
Special
Assessment
,
2022
,
4
%
,
6/15/42
.
2,000,000
1,824,239
Terra
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/45
..............
450,000
463,479
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.8
%
,
5/01/55
................
1,170,000
1,181,341
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
...............
2,500,000
2,484,478
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)
Terreno
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2025
,
5.65
%
,
5/01/55
...............................................
$
540,000
$
544,512
Three
Rivers
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
Refunding
,
5.75
%
,
5/01/53
......................................
1,900,000
1,926,259
Timber
Creek
Southwest
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.35
%
,
12/15/26
..............
85,000
84,353
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
12/15/31
................
750,000
711,266
Tohoqua
Community
Development
District
,
Phase
2
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/31
......................
215,000
208,565
Phase
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
......................
805,000
719,361
Tolomato
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022-1
,
3.3
%
,
5/01/32
..............
515,000
497,118
Assessment
Area
2
,
Special
Assessment
,
2022-2
,
3.3
%
,
5/01/32
..............
185,000
178,482
d
Towne
Park
Community
Development
District
,
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
........
335,000
328,126
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/40
........
1,075,000
996,206
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
...........
1,000,000
870,445
d
Towns
at
Woodsdale
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
11/01/43
.............
285,000
305,979
Assessments
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
11/01/53
.............
1,005,000
1,055,945
Tradition
Community
Development
District
No.
9
,
Assessments
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
................................................
445,000
418,009
d
Trevesta
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
195,000
188,835
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
5/01/40
..........
880,000
787,656
Triple
Creek
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
..................
250,000
237,470
Assessment
Area
,
Special
Assessment
,
2021
,
3.5
%
,
11/01/41
................
740,000
648,635
d
Villages
Q
&
R
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
11/01/26
.......................................................
40,000
39,713
d
Villages
Q
&
R
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
11/01/31
.......................................................
450,000
423,687
Tuckers
Pointe
Community
Development
District
,
Phase
1
Project
,
Special
Assessment
,
2022
,
3
%
,
5/01/27
....................
65,000
64,476
Phase
1
Project
,
Special
Assessment
,
2022
,
3.375
%
,
5/01/32
................
565,000
542,403
Twisted
Oaks
Pointe
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
500,000
507,364
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/43
..............
500,000
533,072
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/54
..............
500,000
518,403
Assessment
Area
3
,
Special
Assessment
,
2024
,
4.8
%
,
5/01/31
................
260,000
265,080
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
920,000
965,977
Assessment
Area
3
,
Special
Assessment
,
2024
,
6
%
,
5/01/55
.................
1,285,000
1,327,445
Two
Rivers
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
145,000
147,683
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
2,000,000
2,097,266
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
..............
3,465,000
3,531,538
Two
Rivers
North
Community
Development
District
,
Special
Assessment
,
2022
,
4.625
%
,
5/01/27
.............................
25,000
25,101
Special
Assessment
,
2022
,
4.875
%
,
5/01/32
.............................
380,000
389,612
Two
Rivers
West
Community
Development
District
,
Special
Assessment
,
2022
,
6
%
,
5/01/43
.................................
1,190,000
1,266,575
Special
Assessment
,
2022
,
6.25
%
,
5/01/53
..............................
1,465,000
1,521,788
Special
Assessment
,
2023
,
6
%
,
11/01/43
................................
1,590,000
1,698,891
Special
Assessment
,
2023
,
6.125
%
,
11/01/53
.............................
2,145,000
2,217,523
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)
Two
Rivers
West
Community
Development
District,
(continued)
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
.............................
$
420,000
$
435,689
d
Union
Park
East
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
144A,
2021
,
2.95
%
,
5/01/31
..........
60,000
57,229
Assessment
Area
3
,
Special
Assessment
,
144A,
2021
,
3.35
%
,
5/01/41
..........
160,000
143,974
Varrea
South
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
...............
1,075,000
1,111,844
Assessment
Area
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/53
.................
1,320,000
1,340,773
V-Dana
Community
Development
District
,
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
5/01/31
...........
315,000
310,744
d
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
............
1,775,000
1,666,102
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
400,000
391,332
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
1,250,000
1,149,548
Assessment
Area
2
,
Special
Assessment
,
2023
,
4.3
%
,
5/01/30
................
450,000
456,199
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/43
...............
1,380,000
1,433,289
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/54
................
1,830,000
1,853,246
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.375
%
,
5/01/45
..............
480,000
490,714
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/55
...............
1,060,000
1,061,476
Veranda
Community
Development
District
II
,
Assessment
Area
3
,
Special
Assessment
,
2024
,
Refunding
,
5.125
%
,
5/01/44
.....
1,670,000
1,723,529
Assessment
Area
3
,
Special
Assessment
,
2024
,
Refunding
,
5.375
%
,
5/01/54
.....
3,460,000
3,497,036
d
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.1
%
,
5/01/31
..
260,000
253,467
d
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.1
%
,
5/01/31
..
65,000
63,364
d
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.6
%
,
5/01/41
..
275,000
252,804
Assessment
Area
5
Phase
2
,
Special
Assessment
,
2024
,
Refunding
,
5.375
%
,
5/01/44
........................................................
580,000
599,948
Assessment
Area
5
Phase
2
,
Special
Assessment
,
2024
,
Refunding
,
5.625
%
,
5/01/54
........................................................
260,000
262,105
Verano
No.
2
Community
Development
District
,
Pod
D
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
..........................
815,000
843,163
Pod
D
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
..........................
1,910,000
1,943,007
Pod
D
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/55
........................
195,000
196,103
Verano
No.
3
Community
Development
District
,
Phase
1
Assessment
Area
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.........
750,000
656,677
Phase
2
Assessment
Area
,
Special
Assessment
,
2022
,
6.45
%
,
11/01/42
.........
1,000,000
1,078,633
Phase
2
Assessment
Area
,
Special
Assessment
,
2022
,
6.625
%
,
11/01/52
........
1,475,000
1,557,948
Verano
No.
4
Community
Development
District
,
Astor
Creek
Phase
1
Assessment
Area
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
1,020,000
1,065,640
Astor
Creek
Phase
1
Assessment
Area
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
250,000
254,843
Viera
Stewardship
District
,
Assessments
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
....................
800,000
751,941
Assessments
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
..................
1,750,000
1,473,257
Assessments
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/54
....................
2,500,000
2,514,622
Village
Community
Development
District
No.
14
,
Phase
I
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/53
....................................................
11,115,000
11,291,767
Villages
of
Glen
Creek
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2022
,
Refunding
,
3.15
%
,
5/01/32
......
200,000
191,589
Assessment
Area
3
,
Special
Assessment
,
2022
,
Refunding
,
4
%
,
5/01/52
........
1,170,000
975,648
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
4.875
%
,
5/01/32
............
250,000
257,428
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
5.125
%
,
5/01/42
............
710,000
731,007
Villamar
Community
Development
District
,
Special
Assessment
,
2020
,
3.2
%
,
5/01/30
...............................
195,000
193,140
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
655,000
613,522
Assessment
Area
5
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
390,000
409,751
Assessment
Area
5
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,175,000
1,196,646
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)
Villamar
Community
Development
District,
(continued)
Assessment
Area
6
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
$
670,000
$
697,155
Assessment
Area
6
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
495,000
502,302
Phase
4
Project
,
Special
Assessment
,
2022
,
3.25
%
,
5/01/27
.................
35,000
34,805
Phase
4
Project
,
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
................
250,000
242,995
Phase
4
Project
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
....................
670,000
622,223
Vivid
Shores
Community
Development
District
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/56
.........................................................
1,400,000
1,402,189
Waterford
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
315,000
328,905
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
................
610,000
626,628
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.375
%
,
5/01/31
..............
135,000
136,028
d
Assessment
Area
3
,
Special
Assessment
,
144A,
2025
,
6.25
%
,
5/01/56
..........
1,590,000
1,642,014
Waterset
South
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
6.1
%
,
5/01/53
....................
765,000
798,993
Assessments
,
Special
Assessment
,
2024
,
5.65
%
,
5/01/54
...................
1,680,000
1,698,415
Wellness
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
1,405,000
1,453,753
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
1,340,000
1,355,406
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
6/15/31
..........
235,000
236,960
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5
%
,
6/15/44
............
500,000
508,309
West
Hillcrest
Community
Development
District
,
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
.........................................................
825,000
861,801
West
Port
Community
Development
District
,
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
...
570,000
543,221
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
..
1,470,000
1,272,169
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/31
..........
410,000
394,732
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/41
.........
1,085,000
963,937
West
Villages
Improvement
District
,
Unit
of
Development
No.
10
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/44
........................................................
945,000
971,247
Unit
of
Development
No.
10
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/54
........................................................
995,000
997,360
Unit
of
Development
No.
12
Assessment
Area
1
,
Special
Assessment
,
2025
,
5
%
,
5/01/35
........................................................
790,000
824,550
Unit
of
Development
No.
12
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/45
........................................................
500,000
529,289
Unit
of
Development
No.
12
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
........................................................
1,570,000
1,634,842
d
Unit
of
Development
No.
12
Assessment
Area
2
,
Special
Assessment
,
144A,
2026
,
5.65
%
,
5/01/56
..................................................
735,000
734,588
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
........
200,000
188,803
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
..........
800,000
678,500
Unit
of
Development
No.
7
,
Special
Assessment
,
2023
,
6
%
,
5/01/43
............
320,000
345,327
Unit
of
Development
No.
7
,
Special
Assessment
,
2023
,
6.25
%
,
5/01/54
.........
585,000
617,942
Unit
of
Development
No.
8
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
........
525,000
495,829
Unit
of
Development
No.
8
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/53
..........
1,905,000
1,929,326
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
4.625
%
,
5/01/30
........
165,000
167,598
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
........
1,495,000
1,557,402
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
........
2,005,000
2,041,482
Westside
Haines
City
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
350,000
335,367
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
...............
1,000,000
870,709
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.875
%
,
5/01/31
..............
335,000
341,982
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/44
...............
1,515,000
1,576,806
Assessment
Area
2
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................
2,140,000
2,188,984
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)
Westview
North
Community
Development
District
,
Special
Assessment
,
2022
,
5.75
%
,
6/15/42
..............................
$
1,000,000
$
1,057,790
Special
Assessment
,
2022
,
6
%
,
6/15/52
.................................
1,250,000
1,300,772
Westview
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/28
..............
165,000
166,553
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
1,380,000
1,426,886
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
................
2,405,000
2,421,844
d
Assessment
Area
1
2025
Project
Area
,
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/45
........................................................
2,455,000
2,592,122
d
Assessment
Area
1
2025
Project
Area
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
5/01/55
........................................................
2,225,000
2,305,194
Assessment
Area
2
,
Special
Assessment
,
2023
,
4.75
%
,
5/01/28
...............
95,000
95,694
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
1,240,000
1,267,482
Westwood
of
Pasco
Community
Development
District
,
Assessments
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
....................
500,000
520,103
Assessments
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..................
145,000
147,809
Whispering
Pines
Community
Development
District
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
.............................
500,000
526,607
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
...............................
930,000
951,063
Willowbrook
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
555,000
568,817
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.9
%
,
5/01/55
................
725,000
728,170
d
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/56
.........
1,100,000
1,109,548
Willows
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.7
%
,
5/01/29
................
180,000
183,255
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/42
..............
1,440,000
1,515,010
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
...............
1,200,000
1,237,469
Wind
Meadows
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
250,000
236,953
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
940,000
834,112
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
920,000
956,196
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
980,000
998,985
Winding
Oaks
Community
Development
District
,
Special
Assessment
,
2024
,
5.4
%
,
5/01/44
...............................
310,000
316,582
Special
Assessment
,
2024
,
5.7
%
,
5/01/55
...............................
1,105,000
1,104,993
Windsor
Cay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
1,000,000
1,050,003
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
765,000
791,649
Windward
Community
Development
District
,
Special
Assessment
,
2020
A-1
,
3.65
%
,
5/01/30
.........................................................
120,000
118,608
Wiregrass
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
3.125
%
,
5/01/30
..............
525,000
509,378
Assessment
Area
1
,
Special
Assessment
,
2020
,
3.7
%
,
5/01/40
................
1,675,000
1,545,403
d
Woodland
Crossing
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/45
.........................
830,000
864,706
Special
Assessment
,
144A,
2025
,
6.125
%
,
5/01/56
.........................
1,760,000
1,800,078
Woodland
Ranch
Estates
Community
Development
District
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/55
...................................................
715,000
717,469
Woodlands
Section
9
Community
Development
District
,
Special
Assessment
,
2026
,
6
%
,
5/01/56
......................................................
3,500,000
3,509,241
Zephyr
Lakes
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.......................................
130,000
125,854
912,863,742
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)
Georgia
1.0%
d
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/50
.............
$
1,000,000
$
1,037,033
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/55
.............
885,000
909,789
d
Development
Authority
of
Cobb
County
(The)
,
Presbyterian
Village
Austell,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
12/01/39
1,825,000
1,653,323
Presbyterian
Village
Austell,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
12/01/49
10,760,000
8,490,295
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
1,835,000
1,912,936
f
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
16,820,000
8,502,517
Forsyth
County
Hospital
Authority
,
Georgia
Baptist
Healthcare
System
Obligated
Group
,
Revenue
,
1998
,
ETM,
6.375
%
,
10/01/28
...........................
2,935,000
3,077,914
d
George
L
Smith
II
Congress
Center
Authority
,
Signia
Hotel
Management
LLC
,
Revenue
,
144A,
2021
B
,
5
%
,
1/01/54
...........................................
6,500,000
6,279,718
Georgia
Housing
&
Finance
Authority
,
Revenue
,
2025
C
,
5.125
%
,
12/01/50
........
5,000,000
5,125,131
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2007
A
,
5.5
%
,
9/15/27
......................................
4,000,000
4,116,995
Revenue
,
2007
A
,
5.5
%
,
9/15/28
......................................
5,000,000
5,251,881
46,357,532
Idaho
0.3%
Idaho
Housing
&
Finance
Association
,
Revenue
,
2010
A
,
7
%
,
2/01/36
............
13,305,000
13,330,321
Illinois
3.0%
Chicago
Board
of
Education
,
GO
,
2023
A
,
6
%
,
12/01/49
...........................................
5,000,000
5,135,849
GO
,
2025
A
,
5.75
%
,
12/01/50
.........................................
10,540,000
10,631,093
GO
,
2025
B
,
Refunding
,
6
%
,
12/01/43
..................................
3,000,000
3,204,324
GO
,
2025
B
,
Refunding
,
6
%
,
12/01/44
..................................
2,000,000
2,119,869
GO
,
2025
C
,
Refunding
,
6
%
,
12/01/43
..................................
6,500,000
6,942,701
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2025
E
,
BAM
Insured
,
5
%
,
1/01/60
.........................................................
3,000,000
3,014,128
City
of
Chicago
,
GO
,
2025
A
,
6
%
,
1/01/50
............................................
7,500,000
7,892,932
GO
,
2025
F
,
6
%
,
1/01/44
............................................
1,660,000
1,799,097
Illinois
Finance
Authority
,
d
DePaul
College
Prep
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.625
%
,
8/01/53
......
2,055,000
2,109,144
d
McKinley
Foundation
at
University
of
Illinois
(The)
,
Revenue
,
144A,
2021
A
,
Refunding
,
5.125
%
,
11/01/55
.......................................
13,560,000
11,539,681
d
McKinley
Foundation
at
University
of
Illinois
(The)
,
Revenue
,
144A,
2021
B
,
7
%
,
11/01/37
.......................................................
2,835,000
2,814,302
Plymouth
Place
Obligated
Group
,
Revenue
,
2022
A
,
6.75
%
,
5/15/58
...........
3,000,000
3,149,135
Westminster
Village,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
5/01/48
........................................................
10,000,000
9,144,860
Westminster
Village,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.5
%
,
5/01/53
........................................................
10,810,000
9,935,641
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
1996
,
ETM,
7
%
,
7/01/26
.....................................
1,075,000
1,078,548
f
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2010
B-1
,
Refunding
,
AG
Insured
,
4.54
%,
6/15/45
................................
18,100,000
7,773,288
State
of
Illinois
,
GO
,
2022
C
,
5.5
%
,
10/01/44
...............................
4,645,000
4,954,591
d
,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
41,469,151
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
B
,
Refunding
,
5.73
%,
12/01/35
.......................................................
12,135,000
7,144,090
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)
Village
of
Villa
Park
,
Garden
Station
Redevelopment
Area
,
Tax
Allocation
,
2021
,
4.5
%
,
12/31/38
........................................................
$
1,815,000
$
1,707,487
143,559,911
Indiana
0.6%
d
City
of
Anderson
,
Sweet
Galilee
at
the
Wigwam
LLC
,
Revenue
,
144A,
2020
A
,
5.375
%
,
1/01/40
.........................................................
2,740,000
2,479,438
d
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
A
,
5
%
,
8/01/41
..
5,345,000
4,729,779
d
City
of
Jeffersonville
,
Vivera
Senior
Living
of
Columbus
LLC
,
Revenue
,
144A,
2020
A
,
5.25
%
,
11/01/40
...................................................
4,500,000
3,870,271
d
City
of
Valparaiso
,
Green
Oaks
of
Valparaiso
LLC
,
Revenue
,
144A,
2021
,
5.375
%
,
12/01/41
........................................................
4,650,000
4,337,684
Indiana
Finance
Authority
,
SFP-PUFW
I
LLC
,
Revenue
,
2024
C
,
5.75
%
,
7/01/64
.......................
1,730,000
1,622,659
University
of
Evansville
,
Revenue
,
2022
B
,
7
%
,
9/01/32
.....................
3,515,000
3,431,993
Westminster
Village
Greenwood,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
5.75
%
,
5/15/60
........................................................
3,585,000
3,651,498
d
Indiana
Housing
&
Community
Development
Authority
,
Vita
of
Marion
LLC
,
Revenue
,
144A,
2021
A
,
5.25
%
,
4/01/41
........................................
4,750,000
4,280,077
28,403,399
Iowa
0.3%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
5/15/48
....
2,090,000
2,020,670
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
1,000,000
1,131,632
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.25
%
,
5/15/38
........................................................
1,500,000
1,707,746
Northcrest
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
3/01/48
..................
7,500,000
7,239,138
Presbyterian
Homes
Mill
Pond
Apartment,
Inc.
,
Revenue
,
2025
,
5.875
%
,
10/01/65
.
2,000,000
2,039,430
14,138,616
Kansas
0.0%
†
City
of
Manhattan
,
Lowry
Trails
Public
Improvement
District
Improvement
Area
No.
1
,
Revenue
,
2025
A
,
5.5
%
,
6/01/60
......................................
1,000,000
1,005,310
Kentucky
0.4%
Kentucky
Public
Energy
Authority
,
Revenue
,
2025
B
,
5
%
,
12/01/33
..............
2,150,000
2,211,746
Kentucky
Public
Transportation
Infrastructure
Authority
,
Revenue,
First
Tier
,
2013
C
,
6.6
%
,
7/01/39
...............................
10,000,000
11,350,005
Revenue,
First
Tier
,
2013
C
,
6.75
%
,
7/01/43
..............................
5,000,000
5,617,428
19,179,179
Louisiana
1.5%
Lakeshore
Villages
Master
Community
Development
District
,
Special
Assessment
,
2021
,
2.375
%
,
6/01/26
.............................
95,000
95,000
Special
Assessment
,
2021
,
2.875
%
,
6/01/31
.............................
695,000
647,840
Special
Assessment
,
2021
,
3.2
%
,
6/01/41
...............................
2,730,000
2,253,972
Special
Assessment
,
2021
,
4
%
,
6/01/51
.................................
2,035,000
1,649,206
Special
Assessment
,
2022
,
5.5
%
,
6/01/52
...............................
1,425,000
1,454,008
d
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
GOMESA
,
Revenue
,
144A,
2018
,
5.375
%
,
11/01/38
........................
1,225,000
1,253,727
Parish
of
Lafourche
,
Revenue
,
144A,
2019
,
3.95
%
,
11/01/43
.................
1,547,668
1,430,208
Parish
of
St.
Martin
,
Revenue
,
144A,
2019
,
4.4
%
,
11/01/44
...................
2,630,000
2,564,003
Parish
of
Vermilion
,
Revenue
,
144A,
2019
,
4.625
%
,
11/01/38
.................
1,270,000
1,275,266
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)
Louisiana
(continued)
d
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority,
(continued)
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
$
5,000,000
$
5,044,506
f
Patriot
Services
Group
Obligated
Group
,
Revenue,
Sub.
Lien
,
144A,
2024
B
,
Refunding
,
5.73
%,
12/01/35
........................................
12,800,000
7,536,530
Terrebonne
Parish
Consolidated
Government
,
Revenue
,
144A,
2018
,
5.5
%
,
11/01/39
895,000
913,359
Louisiana
Public
Facilities
Authority
,
d
Acadiana
Renaissance
Charter
Academy
,
Revenue
,
144A,
2025
,
6
%
,
6/15/59
....
2,435,000
2,458,916
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.5
%
,
9/01/59
......
6,500,000
6,624,532
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
7,425,000
7,687,907
d
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.375
%
,
1/01/40
5,000,000
4,078,278
d
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
4,500,000
3,442,306
d
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-2
,
7
%
,
1/01/57
...
10,000,000
7,868,089
Parish
of
Beauregard
,
OfficeMax,
Inc.
,
Revenue
,
2002
,
Refunding
,
6.8
%
,
2/01/27
...
13,990,000
14,019,195
72,296,848
Maryland
0.2%
d
Town
of
La
Plata
,
Heritage
Green
Special
Taxing
District
,
Special
Tax
,
144A,
2023
A
,
6.5
%
,
2/15/53
....................................................
8,500,000
8,620,439
Massachusetts
0.0%
†
d
Massachusetts
Development
Finance
Agency
,
CHF
Merrimack,
Inc.
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/54
..................
1,200,000
1,164,949
CHF
Merrimack,
Inc.
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/60
..................
1,100,000
1,050,715
2,215,664
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
15,028
Grand
Rapids
Economic
Development
Corp.
,
Michigan
Christian
Home
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6
%
,
11/01/50
........................
2,500,000
2,514,436
Kalamazoo
Economic
Development
Corp.
,
d
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/31
....................................................
700,000
717,986
d
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/51
....................................................
3,015,000
2,615,421
Heritage
Community
of
Kalamazoo
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/55
8,860,000
8,197,828
d
Michigan
Strategic
Fund
,
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/31
....................................................
570,000
584,646
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/41
....................................................
895,000
870,408
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/51
....................................................
1,380,000
1,197,108
f
Michigan
Tobacco
Settlement
Finance
Authority
,
Michigan
Finance
Authority
Tobacco
Settlement
,
Revenue,
Sub.
Lien
,
2007
B
,
8.25
%,
6/01/52
....................
26,990,000
3,432,974
20,145,835
Minnesota
0.2%
City
of
Apple
Valley
,
PHS
Apple
Valley
Senior
Housing,
Inc.
,
Revenue
,
2025
A
,
5.375
%
,
9/01/45
.........................................................
475,000
493,011
City
of
Minneapolis
,
Ecumen
Mill
City
Quarter
LLC
,
Revenue
,
2015
,
5.25
%
,
11/01/45
..............
2,900,000
2,830,795
Ecumen
Mill
City
Quarter
LLC
,
Revenue
,
2015
,
5.375
%
,
11/01/50
..............
1,000,000
938,827
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
5,535,000
5,583,873
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)
Minnesota
(continued)
d
Scott
County
Community
Development
Agency
,
Spero
BP
Senior
LLC
,
Revenue,
Sub.
Lien
,
144A,
2022
B
,
6.25
%
,
8/01/37
....................................
$
590,000
$
596,694
10,443,200
Mississippi
0.4%
d
Mississippi
Development
Bank
,
Magnolia
Regional
Health
Center
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/34
900,000
847,411
Magnolia
Regional
Health
Center
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/36
850,000
779,796
d
,f
Mississippi
Home
Corp.
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024-2
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
14,500,000
9,644,762
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024-2
B
,
Refunding
,
5.74
%,
12/01/35
.................................................
12,850,000
7,558,983
18,830,952
Missouri
0.3%
Cape
Girardeau
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2016
A
,
Refunding
,
6
%
,
3/01/33
.......................................
2,910,000
2,914,068
City
of
Maryland
Heights
,
Westport
Plaza
Redevelopment
Area
,
Tax
Allocation
,
2020
,
4.125
%
,
11/01/38
..................................................
1,970,000
1,837,871
Kirkwood
Industrial
Development
Authority
,
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/42
...................................
1,000,000
1,002,622
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/50
...................................
3,500,000
3,338,748
Stoddard
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2016
B
,
Refunding
,
6
%
,
3/01/37
.............................................
3,120,000
3,126,107
12,219,416
Nevada
0.6%
City
of
Las
Vegas
,
Special
Improvement
District
No.
610
,
Special
Assessment
,
2018
,
5
%
,
6/01/48
....
6,910,000
6,920,467
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/33
....
175,000
168,630
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/34
....
175,000
167,201
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/35
....
175,000
166,674
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/40
....
420,000
392,210
Special
Improvement
District
No.
612
Skye
Hills
,
Special
Assessment
,
2020
,
3.5
%
,
6/01/35
........................................................
190,000
177,902
Special
Improvement
District
No.
612
Skye
Hills
,
Special
Assessment
,
2020
,
4
%
,
6/01/50
........................................................
910,000
806,528
Special
Improvement
District
No.
812
,
Special
Assessment
,
2015
,
5
%
,
12/01/30
...
1,380,000
1,381,063
Special
Improvement
District
No.
812
,
Special
Assessment
,
2015
,
5
%
,
12/01/35
...
870,000
870,508
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/39
....
410,000
397,117
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/44
....
670,000
619,926
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
2.75
%
,
6/01/33
.
510,000
457,950
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
2.75
%
,
6/01/36
.
805,000
686,318
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3
%
,
6/01/41
....
625,000
507,462
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3.125
%
,
6/01/51
1,390,000
987,600
d
City
of
North
Las
Vegas
,
Special
Improvement
District
No.
66
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
6/01/47
........................................................
1,555,000
1,592,125
Special
Improvement
District
No.
66
,
Special
Assessment
,
144A,
2022
,
6
%
,
6/01/52
1,750,000
1,799,241
Special
Improvement
District
No.
67
Apex
Moonwater
West
,
Special
Assessment
,
144A,
2025
,
6.75
%
,
6/01/55
........................................
4,850,000
4,961,346
d,f
City
of
Reno
,
Sales
Tax
,
Revenue,
Sub.
Lien
,
144A,
2018
C
,
Refunding
,
5.82
%,
7/01/58
.........................................................
11,000,000
1,791,847
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)
Nevada
(continued)
County
of
Clark
,
Special
Improvement
District
No.
128
,
Special
Assessment
,
2001-2007
,
5.05
%
,
2/01/31
........................................................
$
980,000
$
982,475
Special
Improvement
District
No.
159
,
Special
Assessment
,
2015
,
5
%
,
8/01/35
....
1,855,000
1,856,979
Henderson
Local
Improvement
Districts
,
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
3
%
,
9/01/36
...............................
290,000
259,013
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
3.5
%
,
9/01/45
..............................
705,000
576,804
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
4
%
,
9/01/51
...............................
470,000
396,989
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5
%
,
3/01/38
.....
760,000
789,230
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5.25
%
,
3/01/48
..
970,000
983,118
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5.25
%
,
3/01/53
..
295,000
296,241
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
30,993,098
New
Hampshire
0.5%
New
Hampshire
Business
Finance
Authority
,
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
3.75
%
,
8/15/30
...............
100,000
98,957
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.125
%
,
8/15/40
..............
2,545,000
2,355,246
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.25
%
,
8/15/46
...............
2,860,000
2,521,278
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.5
%
,
8/15/55
................
5,940,000
4,995,336
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
6
%
,
8/01/65
.....
11,875,000
11,911,467
21,882,284
New
Jersey
1.0%
New
Jersey
Economic
Development
Authority
,
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..........
2,200,000
2,122,770
United
Airlines,
Inc.
,
Revenue
,
2003
,
5.5
%
,
6/01/33
........................
8,480,000
8,496,161
d
White
Horse
HMT
Urban
Renewal
LLC
,
Revenue
,
144A,
2020
,
5
%
,
1/01/40
......
2,921,853
2,067,985
f
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2008
A
,
3.86
%,
12/15/38
................................................
46,750,000
29,069,734
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
6/01/46
..
7,000,000
7,009,197
48,765,847
New
Mexico
0.0%
†
Lower
Petroglyphs
Public
Improvement
District
,
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/33
..............................
500,000
501,475
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/38
..............................
450,000
451,848
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/48
..............................
1,205,000
1,196,367
2,149,690
New
York
3.2%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
C-1
,
4.75
%
,
11/15/45
...................................
13,220,000
13,314,891
Revenue
,
2020
C-1
,
5
%
,
11/15/50
.....................................
10,000,000
10,102,212
Revenue
,
2020
C-1
,
5.25
%
,
11/15/55
...................................
25,000,000
25,436,112
New
York
Liberty
Development
Corp.
,
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2005
,
Refunding
,
5.25
%
,
10/01/35
.....................................
21,500,000
24,502,731
New
York
Transportation
Development
Corp.
,
American
Airlines,
Inc.
,
Revenue
,
2020
,
Refunding
,
5.375
%
,
8/01/36
...........
5,000,000
5,208,101
JFK
NTO
LLC
,
Revenue
,
2023
,
5.375
%
,
6/30/60
..........................
21,935,000
22,040,654
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
York
(continued)
New
York
Transportation
Development
Corp.,
(continued)
JFK
NTO
LLC
,
Revenue
,
2024
,
5.5
%
,
6/30/60
............................
$
5,995,000
$
6,073,681
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/59
..............................
9,990,000
10,535,148
Laguardia
Gateway
Partners
LLC
,
Revenue
,
2016
A
,
5
%
,
7/01/46
.............
5,000,000
4,999,974
d,f
Rockland
Tobacco
Asset
Securitization
Corp.
,
Revenue,
Sub.
Lien
,
144A,
2005
A
,
6.64
%,
8/15/45
...................................................
55,000,000
16,010,566
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
6
%
,
12/01/53
............
7,175,000
7,338,078
Suffolk
Regional
Off-Track
Betting
Corp.
,
Revenue
,
2024
,
5.75
%
,
12/01/44
........
5,000,000
5,146,336
150,708,484
Ohio
2.7%
City
of
Centerville
,
Graceworks
Lutheran
Services
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/01/50
..........................................
5,000,000
4,769,476
d
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
817,921
Flats
East
Bank
TIF
District
,
Tax
Allocation,
Sub.
Lien
,
144A,
2021
B
,
Refunding
,
4.5
%
,
12/01/55
..................................................
1,500,000
1,221,061
County
of
Fairfield
,
Fairfield
Medical
Center
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/15/43
.............................................
10,000,000
8,895,162
County
of
Franklin
,
Wesley
Communities
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5.25
%
,
11/15/40
2,910,000
2,958,398
Wesley
Communities
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5.25
%
,
11/15/55
8,800,000
8,241,347
County
of
Washington
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.625
%
,
12/01/42
................................................
10,000,000
10,659,873
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.75
%
,
12/01/52
.......................................................
17,000,000
17,536,200
Ohio
Higher
Educational
Facility
Commission
,
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/42
...........
1,360,000
1,374,291
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/45
...........
1,205,000
1,203,449
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/50
...........
2,570,000
2,444,191
Ohio
Housing
Finance
Agency
,
Revenue,
Sub.
Lien
,
2023
C
,
8
%
,
8/01/34
...............................
1,000,000
1,048,293
d
Middletown
Phase
Two
LP
,
Revenue,
Sub.
Lien
,
144A,
2023
C
,
8
%
,
9/01/39
......
1,400,000
1,505,488
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
5.75
%
,
2/15/35
.........................................................
35,000,000
39,160,030
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/35
.......................................................
1,000,000
977,177
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/43
.......................................................
1,000,000
919,218
d
State
of
Ohio
,
Aultman
Health
Foundation
Obligated
Group
,
Revenue
,
144A,
2018
,
Refunding
,
5
%
,
12/01/38
.......................................................
5,000,000
4,912,362
Aultman
Health
Foundation
Obligated
Group
,
Revenue
,
144A,
2018
,
Refunding
,
5
%
,
12/01/48
.......................................................
15,195,000
13,470,247
f
West
Central
Ohio
Port
Authority
,
DR
Horton-Indiana
LLC
,
Revenue
,
2025
,
1.422
%,
12/01/58
........................................................
5,825,000
4,073,029
126,187,213
Oklahoma
0.2%
Tulsa
County
Industrial
Authority
,
Montereau
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/15/37
.......
1,000,000
1,011,539
Montereau
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/15/45
.......
4,000,000
4,016,809
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)
Oklahoma
(continued)
Tulsa
Municipal
Airport
Trust
Trustees
,
American
Airlines,
Inc.
,
Revenue
,
2025
,
Refunding
,
6.25
%
,
12/01/35
...........
$
1,735,000
$
1,957,233
American
Airlines,
Inc.
,
Revenue
,
2025
,
Refunding
,
6.25
%
,
12/01/40
...........
1,390,000
1,535,623
8,521,204
Oregon
0.3%
Clackamas
County
Hospital
Facility
Authority
,
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.125
%
,
11/15/40
.
500,000
504,554
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.25
%
,
11/15/50
..
1,250,000
1,239,798
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.375
%
,
11/15/55
.
1,500,000
1,495,132
Polk
County
Hospital
Facility
Authority
,
Dallas
Mennonite
Retirement
Community
Obligated
Group
,
Revenue
,
2020
A
,
5.125
%
,
7/01/55
.......................
3,500,000
3,257,054
Yamhill
County
Hospital
Authority
,
Friendsview
Manor
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/15/51
..
4,325,000
3,718,936
Friendsview
Manor
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/15/56
..
6,115,000
5,207,868
15,423,342
Pennsylvania
2.8%
d
Allentown
Commercial
and
Industrial
Development
Authority
,
Executive
Education
Academy
Charter
School
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/59
........
1,800,000
1,636,916
d
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Center
City
Investment
Corp.
,
Revenue
,
144A,
2018
,
5.375
%
,
5/01/42
..........
5,000,000
5,067,525
Center
City
Investment
Corp.
,
Revenue,
Sub.
Lien
,
144A,
2022
,
5.25
%
,
5/01/42
...
5,565,000
5,777,073
Berks
County
Municipal
Authority
(The)
,
Tower
Health
Obligated
Group
,
Revenue
,
2024
A-1
,
8
%
,
6/30/34
..............
2,083,000
2,122,404
Tower
Health
Obligated
Group
,
Revenue
,
2024
A-2
,
6
%
,
6/30/34
..............
1,045,000
1,108,823
Tower
Health
Obligated
Group
,
Revenue
,
2024
A-3
,
5
%
,
6/30/39
..............
13,496,000
12,644,388
f
Tower
Health
Obligated
Group
,
Revenue
,
2024
B-1
,
1.361
%,
6/30/44
...........
6,993,000
5,269,102
d
Chester
County
Industrial
Development
Authority
,
Borough
of
Phoenixville
Steelpointe
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4.75
%
,
3/01/50
..............................
4,165,000
3,787,793
Woodlands
at
Greystone
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2018
,
5
%
,
3/01/38
...........................................
225,000
226,611
Woodlands
at
Greystone
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2018
,
5.125
%
,
3/01/48
.......................................
700,000
700,697
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
......................................................
4,000,000
3,652,224
d
Erie
County
Industrial
Development
Authority
,
CFC
-
Erie
I
LLC
,
Revenue
,
144A,
2024
B
,
7.25
%
,
3/01/50
.................................................
4,495,000
4,136,983
Franklin
County
Industrial
Development
Authority
,
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/38
...
1,000,000
1,005,421
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/43
...
1,200,000
1,174,390
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/48
...
4,600,000
4,178,210
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/53
...
3,050,000
2,685,398
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/54
............
1,000,000
877,298
Lancaster
County
Hospital
Authority
,
Brethren
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.125
%
,
7/01/37
...
1,105,000
1,106,394
Brethren
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
7/01/41
....
2,705,000
2,705,733
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/51
........................................
2,385,000
1,873,882
Montgomery
County
Higher
Education
and
Health
Authority
,
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
5/01/57
.........
20,000,000
20,065,526
f
Pennsylvania
Turnpike
Commission
,
Revenue
,
B-2
,
5.544
%,
12/01/37
......................................
20,000,000
20,881,144
Revenue
,
B-2
,
5.645
%,
12/01/40
......................................
25,075,000
25,458,891
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)
Pennsylvania
(continued)
Philadelphia
Authority
for
Industrial
Development
,
Evangelical
Services
for
the
Aging
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
7/01/49
......................
$
3,000,000
$
2,762,963
130,905,789
Rhode
Island
0.0%
†
Rhode
Island
Health
and
Educational
Building
Corp.
,
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
7/01/55
..............................
1,425,000
1,430,075
South
Carolina
0.9%
County
of
Dorchester
,
Summers
Corner
Improvement
District
,
Special
Assessment
,
2023
,
5.5
%
,
10/01/51
...............................................
2,110,000
2,091,517
d
County
of
Lancaster
,
Roselyn
Residential
Improvement
District
,
Special
Assessment
,
144A,
2025
,
6
%
,
6/01/45
........................................................
1,295,000
1,363,982
Roselyn
Residential
Improvement
District
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
6/01/55
........................................................
1,000,000
1,034,042
d
Greenville
Housing
Authority
,
Victor
Verdae
Apartments
Project
,
Revenue
,
144A,
2023
B
,
8.375
%
,
5/01/47
................................................
10,600,000
10,478,760
South
Carolina
Jobs-Economic
Development
Authority
,
Beaufort
Memorial
Hospital
Obligated
Group
,
Revenue
,
2024
,
5.75
%
,
11/15/54
...
2,000,000
2,022,948
d
FAH
Pelham
LLC
,
Revenue
,
144A,
2023
B
,
II
,
7.5
%
,
8/01/47
.................
9,565,000
9,299,106
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2017
,
5
%
,
4/01/52
........................................................
1,750,000
1,628,420
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
4/01/48
............................................
3,500,000
3,348,613
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
4/01/53
.........................................
11,000,000
10,593,381
41,860,769
South
Dakota
0.2%
City
of
Sioux
Falls
,
Dow
Rummel
Village
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/46
...............
7,110,000
6,532,365
Dow
Rummel
Village
,
Revenue
,
2017
,
5
%
,
11/01/42
........................
2,000,000
1,928,024
8,460,389
Tennessee
1.5%
d
Cleveland
Housing
Authority
,
Cleveland
Forward
Phase
One
LLC
,
Revenue,
Sub.
Lien
,
144A,
2022
B
,
6.25
%
,
4/01/41
........................................................
1,000,000
1,012,536
Cleveland
Forward
Phase
Two
LLC
,
Revenue,
Sub.
Lien
,
144A,
2022
B
,
6.25
%
,
4/01/41
........................................................
1,000,000
1,012,535
f
Johnson
City
Health
&
Educational
Facilities
Board
,
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
3.64
%,
7/01/27
........................................................
19,365,000
18,629,045
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
3.66
%,
7/01/28
........................................................
19,400,000
17,998,414
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
3.74
%,
7/01/29
........................................................
19,365,000
17,290,346
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
3.83
%,
7/01/30
........................................................
19,370,000
16,613,105
72,555,981
Texas
12.7%
d
Arlington
Higher
Education
Finance
Corp.
,
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2024
,
4.875
%
,
6/15/59
......
1,000,000
899,028
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
94
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
Arlington
Higher
Education
Finance
Corp.,
(continued)
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2025
,
Refunding
,
5.875
%
,
6/15/65
........................................................
$
7,600,000
$
7,695,922
Cedar
Bayou
Navigation
District
,
Special
Assessment
,
2020
,
6
%
,
9/15/51
.........
7,500,000
6,132,961
f
Central
Texas
Regional
Mobility
Authority
,
Revenue
,
2010
,
3.69
%,
1/01/35
.......................................
3,000,000
2,197,448
Revenue
,
2010
,
3.97
%,
1/01/37
.......................................
2,500,000
1,654,928
Revenue
,
2010
,
4.1
%,
1/01/38
........................................
2,405,000
1,508,825
Revenue
,
2010
,
4.23
%,
1/01/39
.......................................
2,545,000
1,510,646
City
of
Anna
,
d
Hurricane
Creek
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/01/42
..............................
972,000
1,036,502
d
Hurricane
Creek
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/01/52
................................
1,907,000
1,943,821
d
Hurricane
Creek
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2026
,
5.875
%
,
9/01/56
.............................
614,000
620,342
d
Meadow
Vista
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/15/44
...............................
850,000
874,514
d
Sherley
Farms
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2026
,
5.7
%
,
9/15/56
...............................
2,000,000
2,005,263
d
Sherley
Tract
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/31
..............................
300,000
300,104
d
Sherley
Tract
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/41
................................
867,000
813,545
d,g
Sherley
Tract
Public
Improvement
District
No.
2
Improvement
Area
No.
2-4
,
Special
Assessment
,
144A,
2026
,
6
%
,
9/15/56
................................
1,069,000
1,069,250
d
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Area
1
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/15/43
.............................
751,000
787,345
d
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Area
1
,
Special
Assessment
,
144A,
2023
,
5.875
%
,
9/15/53
.............................
1,075,000
1,110,076
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Improvement
Area
No.
2-3
,
Special
Assessment
,
2025
,
5.5
%
,
9/15/55
..........................
1,180,000
1,194,402
d
City
of
Aransas
Pass
,
Aransas
Oaks
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2026
,
6
%
,
9/01/56
.......................
1,018,000
1,020,619
d
City
of
Aubrey
,
Aubrey
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2023
,
5.875
%
,
9/01/43
........................................................
1,075,000
1,108,481
Aubrey
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
........................................................
1,600,000
1,621,367
Duck
Point
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
12/31/45
.......................................................
1,100,000
1,111,804
Duck
Point
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
12/31/55
.......................................................
1,890,000
1,890,770
Jackson
Ridge
Public
Improvement
District
Phase
No.
3B
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/32
........................................
700,000
728,361
Jackson
Ridge
Public
Improvement
District
Phase
No.
3B
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/01/45
...........................................
1,803,000
1,912,481
d
City
of
Boyd
,
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/15/53
................................
1,408,000
1,418,770
City
of
Celina
,
d
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/44
..........................
470,000
484,112
d
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/54
.........................
1,300,000
1,323,691
d
Chalk
Hill
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/43
..................................................
767,000
789,015
d
Chalk
Hill
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
........................................................
1,764,000
1,774,062
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
95
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Celina,
(continued)
d
Creeks
of
Legacy
Public
Improvement
District
Phase
No.
3
,
Special
Assessment
,
144A,
2020
,
4.25
%
,
9/01/40
........................................
$
230,000
$
219,991
d
Cross
Creek
Meadows
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
5
%
,
9/01/30
..........................
350,000
355,413
d
Cross
Creek
Meadows
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/53
.......................
1,549,000
1,572,817
d
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/01/31
..................................................
155,000
155,514
d
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/01/41
..................................................
370,000
374,209
d
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
5.5
%
,
9/01/50
...................................................
500,000
500,353
d
Edgewood
Creek
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
4.25
%
,
9/01/41
........................................
500,000
476,762
d
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
2.75
%
,
9/01/27
........................................................
122,000
119,550
d
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.125
%
,
9/01/32
.................................................
231,000
217,443
d
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/42
.................................................
866,000
703,268
d
Lakes
at
Mustang
Ranch
Public
Improvement
District
Phases
8-9
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
9/01/55
.............................
600,000
600,601
d
Mosaic
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
.................................................
1,495,000
1,531,860
d
Mosaic
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...................................................
2,500,000
2,529,961
d
Mosaic
Public
Improvement
District
Phase
1
,
Special
Assessment
,
144A,
2023
,
4.375
%
,
9/01/30
.................................................
321,000
325,616
d
Mosaic
Public
Improvement
District
Phase
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
...................................................
1,851,000
1,884,052
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
4.375
%
,
9/01/30
............................................
328,000
330,872
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
5.375
%
,
9/01/43
............................................
812,000
839,355
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
5.625
%
,
9/01/52
............................................
1,005,000
1,014,288
d
North
Sky
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
4.875
%
,
9/01/30
.......................................
228,000
232,546
d
North
Sky
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/52
.......................................
999,000
1,014,253
d
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
(The)
Initial
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/26
..........
78,000
77,777
d
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
(The)
Initial
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/31
...........
473,000
459,566
d
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/26
..............................
66,000
65,782
d
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
..............................
150,000
142,227
d
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/41
...............................
1,205,000
1,066,988
d
Pravin
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
6.5
%
,
9/01/43
1,500,000
1,542,716
d
Pravin
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
6.75
%
,
9/01/53
2,000,000
2,016,711
d
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/27
........................................
227,000
223,669
d
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
3.625
%
,
9/01/32
.......................................
336,000
312,440
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)
d
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/01/51
.......................................
$
1,033,000
$
862,455
d
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/01/50
.......................
1,785,000
1,504,258
d
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
2.875
%
,
9/01/27
.......................
43,000
42,201
d
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/32
........................
250,000
236,107
d
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/42
.........................
1,175,000
986,483
d
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/30
..............................
394,000
400,131
d
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/42
...............................
1,169,000
1,224,495
d
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/52
..............................
1,494,000
1,525,643
d
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/30
...............................
231,000
234,357
d
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.25
%
,
9/01/42
..............................
801,000
826,399
d
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.5
%
,
9/01/52
...............................
1,300,000
1,313,483
d
Wells
North
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
........................................................
425,000
392,093
d
Wells
North
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
498,000
405,930
d
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
........................................................
150,000
143,635
d
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/40
........................................................
350,000
322,647
d
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
965,000
785,465
d
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
..........................
158,000
146,641
d
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
.......................
379,000
316,710
d
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/01/42
.........................
490,000
510,496
d
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/01/52
.......................
1,314,000
1,329,573
City
of
Corpus
Christi
,
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
5.375
%
,
9/15/31
..................................
244,000
252,724
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
6.125
%
,
9/15/44
..................................
1,150,000
1,175,031
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
6.5
%
,
9/15/54
....................................
2,000,000
2,016,057
d
City
of
Crandall
,
Cartwright
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/31
................................
409,000
410,165
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/15/31
..............................
161,000
162,555
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5
%
,
9/15/41
................................
1,144,000
1,136,173
River
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/32
...............................
528,000
551,928
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)
d
City
of
Crandall,
(continued)
River
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.............................
$
5,000,000
$
5,180,449
River
Ridge
Public
Improvement
District
Single-family
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/32
.......................
207,000
217,822
River
Ridge
Public
Improvement
District
Single-family
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.75
%
,
9/15/52
........................
1,750,000
1,833,755
d,f
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue
,
144A,
2022
B
,
7.52
%,
12/01/62
........................................................
173,330,000
12,284,920
d
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
1,408,556
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2022
A
,
4.875
%
,
9/01/32
..................
269,000
278,258
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2022
A
,
5.125
%
,
9/01/42
..................
764,000
773,185
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Junior
Lien
,
144A,
2024
B
,
6.25
%
,
9/01/54
...................
1,225,000
1,221,509
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.375
%
,
9/01/44
..................
608,000
622,207
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.75
%
,
9/01/54
...................
866,000
884,683
d
City
of
Decatur
,
Paloma
Trails
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/45
...............................
700,000
719,663
Paloma
Trails
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
9/15/55
..............................
1,400,000
1,412,439
Paloma
Trails
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/15/35
.............................
172,000
174,912
Paloma
Trails
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
6.375
%
,
9/15/55
.............................
865,000
866,123
Vista
Park
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.875
%
,
9/15/54
.............................
2,160,000
2,209,757
d
City
of
DeSoto
,
Danieldale
Homestead
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/15/50
.....................
1,430,000
1,444,714
d
City
of
Dorchester
,
Cottonwood
Public
improvement
District
Major
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/15/44
................................
1,000,000
1,005,788
Cottonwood
Public
improvement
District
Major
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
6.25
%
,
9/15/54
..............................
1,500,000
1,456,992
d
City
of
Dripping
Springs
,
Heritage
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.5
%
,
9/01/30
.........................................
269,000
272,290
Heritage
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
.........................................
1,219,000
1,228,841
Heritage
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/54
........................................
565,000
565,507
d
City
of
Elmendorf
,
Hickory
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/31
.............................
398,000
370,109
Hickory
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/01/41
..............................
1,205,000
1,032,887
Ridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
9/01/55
.......................................
2,350,000
2,373,024
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)
d
City
of
Fate
,
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
8/15/26
........................................
$
100,000
$
99,771
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
8/15/31
.......................................
711,000
674,838
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
8/15/41
........................................
1,871,000
1,703,288
Monterra
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
8/15/44
.......................................
800,000
815,643
Monterra
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
8/15/54
........................................
1,350,000
1,374,580
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
8/15/30
.............................
125,000
120,399
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
8/15/40
.............................
691,000
650,356
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
8/15/50
.............................
994,000
837,996
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.875
%
,
8/15/42
.............................
1,617,000
1,661,653
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
8/15/52
................................
2,500,000
2,549,374
Williamsburg
East
Public
Improvement
District
Major
Improvement
Area
,
Revenue
,
144A,
2020
,
4.125
%
,
8/15/30
.......................................
436,000
429,924
Williamsburg
East
Public
Improvement
District
Major
Improvement
Area
,
Revenue
,
144A,
2020
,
4.625
%
,
8/15/40
.......................................
505,000
489,008
Williamsburg
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
8/15/52
.................................................
1,100,000
988,752
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
4.25
%
,
8/15/30
........................................
250,000
252,971
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
8/15/43
.......................................
1,000,000
1,020,158
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
8/15/53
.......................................
1,287,000
1,301,767
d
City
of
Ferris
,
Woodstone
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/32
.............................
675,000
638,166
Woodstone
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/42
..............................
1,259,000
1,129,653
d
City
of
Fort
Worth
,
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/01/27
................................................
575,000
573,469
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/01/32
................................................
1,270,000
1,245,769
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5.125
%
,
9/01/37
............................................
1,650,000
1,619,646
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/27
...........................................
505,000
509,942
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/32
...........................................
1,530,000
1,534,998
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/37
...........................................
1,975,000
1,974,229
d
City
of
Georgetown
,
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/15/32
.................................................
409,000
410,452
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/15/42
.................................................
1,060,000
1,044,245
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)
d
City
of
Georgetown,
(continued)
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.25
%
,
9/15/47
..................................................
$
716,000
$
661,413
d
City
of
Gunter
,
Bridges
Phase
2A
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
9/15/55
..........................................
1,676,000
1,707,888
d
City
of
Haslet
,
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/01/26
.......................................
87,000
86,731
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
........................................
150,000
138,565
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/01/41
.......................................
1,271,000
1,097,146
City
of
Horseshoe
Bay
,
Escondido
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3
%
,
10/01/30
.......................................................
490,000
463,114
Escondido
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
10/01/33
.................................................
425,000
389,266
City
of
Houston
Airport
System
,
United
Airlines,
Inc.
,
Revenue
,
2024
B
,
5.5
%
,
7/15/39
4,750,000
5,053,963
d
City
of
Huntsville
,
Reserves
of
Huntsville
Public
Improvement
District
(The)
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/44
............................................
775,000
795,963
Reserves
of
Huntsville
Public
Improvement
District
(The)
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/15/54
............................................
742,000
744,801
d
City
of
Hutto
,
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/31
.............................
260,000
247,248
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/41
...............................
1,038,000
900,427
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/01/55
.............................
584,000
582,330
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2026
,
5.625
%
,
9/01/56
.............................
1,000,000
991,335
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/31
........................................................
392,000
374,643
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.875
%
,
9/01/41
.................................................
1,000,000
924,303
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/56
........................................................
3,479,000
2,794,273
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
..............................
206,000
194,770
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/01/41
.............................
519,000
457,205
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/56
................................
1,146,000
903,148
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
..............................
859,000
884,537
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/58
.............................
2,000,000
2,027,929
Prairie
Winds
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2026
,
5.75
%
,
9/01/61
..............................
1,500,000
1,501,199
d
City
of
Josephine
,
Morgan
Farms
Public
Improvement
District
Improvement
Area
,
Special
Assessment
,
144A,
2026
,
5.625
%
,
9/15/56
.......................................
1,021,000
1,016,539
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2026
,
5.75
%
,
9/15/56
........................................
1,250,000
1,253,580
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)
d
City
of
Justin
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
9/01/55
.........................
$
1,000,000
$
1,039,305
Timberbrook
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
................................
475,000
448,501
Timberbrook
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
.............................
2,709,000
2,266,350
Timberbrook
Public
Improvement
District
No.
1
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
9/01/45
.............................
460,000
484,944
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
4.5
%
,
9/01/31
.........................................
200,000
203,636
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/44
.........................................
580,000
606,368
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/53
........................................
755,000
772,851
Timberbrook
Public
Improvement
District
No.
2
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
9/01/45
..............................
406,000
416,530
Timberbrook
Public
Improvement
District
No.
2
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/01/55
................................
503,000
508,136
d
City
of
Kaufman
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
........................................................
230,000
211,596
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/41
........................................................
570,000
501,734
City
of
Kyle
,
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
9/01/44
.........................................
1,520,000
1,237,307
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
.......................................
400,000
372,087
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/31
.......................................
530,000
511,161
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/01/41
........................................
1,428,000
1,301,925
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
........................................
2,250,000
2,362,100
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/47
.........................................
1,396,000
1,443,009
d
6
Creeks
Public
Improvement
District
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/01/50
.......................................
500,000
503,617
d,g
6
Creeks
Public
Improvement
District
Improvement
Area
No.
6
,
Special
Assessment
,
144A,
2026
,
5.625
%
,
9/01/51
.......................................
1,001,000
1,004,461
Kyle
57
Public
Improvement
District
,
Special
Assessment
,
2022
,
4.75
%
,
9/01/32
..
400,000
409,918
d
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/33
..............................
176,000
179,179
d
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/53
..............................
1,250,000
1,280,377
d
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/53
..............................
1,113,000
1,131,356
d
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/01/32
.............................
500,000
496,229
d
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/01/41
.............................
1,185,000
1,138,916
d
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/54
.............................
805,000
814,046
d
Porter
Country
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/43
..............................
1,229,000
1,262,740
d
Porter
Country
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
................................
3,000,000
3,020,722
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,
(continued)
d
Savannah
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2026
,
5.75
%
,
9/01/56
..............................
$
1,262,000
$
1,257,448
d
Southwest
Kyle
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
6.75
%
,
9/01/48
..............................
700,000
735,842
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
287,156
d
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/01/43
.............................
563,000
584,280
d
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/01/54
................................
2,113,000
2,160,911
d
Tessera
on
Lake
Travis
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
A
,
Refunding
,
5.125
%
,
9/01/35
...................
2,070,000
1,816,671
d
Tessera
on
Lake
Travis
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
A
,
Refunding
,
5.5
%
,
9/01/40
.....................
2,715,000
2,277,302
City
of
Lavon
,
d
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/15/27
.........................................
200,000
198,038
d
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/15/32
.......................................
1,000,000
979,706
d
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/15/42
...........................................
2,259,000
2,027,538
d
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
9/15/31
........................................
146,000
146,282
d
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/52
.......................................
500,000
500,674
d
Elevon
Public
Improvement
District
Improvement
Area
No.
2A-2B
,
Special
Assessment
,
144A,
2024
,
4.375
%
,
9/15/31
.............................
200,000
201,011
d
Elevon
Public
Improvement
District
Improvement
Area
No.
2A-2B
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/15/44
.............................
615,000
633,125
d
Elevon
Public
Improvement
District
Improvement
Area
No.
2A-2B
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/15/54
...............................
800,000
807,062
Elevon
Public
Improvement
District
Improvement
Area
No.
3-5
,
Special
Assessment
,
2025
,
5.75
%
,
9/15/55
.............................................
1,600,000
1,610,765
d
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/15/27
........................................
119,000
118,187
d
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/15/32
.......................................
455,000
453,476
d
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/15/42
.......................................
1,000,000
974,021
Elevon
Public
Improvement
District
Zone
2
Remainder
Area
,
Special
Assessment
,
2025
,
6.375
%
,
9/15/55
............................................
1,897,000
1,900,780
d
Lakepointe
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
........................................................
1,825,000
1,904,675
City
of
Leander
,
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/32
...........................................
530,000
500,547
d
City
of
Lewisville
,
Lakeside
Crossing
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
8
%
,
9/01/53
............................................
1,625,000
1,694,385
City
of
Liberty
,
Liberty
Ranch
Public
Improvement
District
,
Special
Assessment
,
2026
,
5.5
%
,
9/01/46
500,000
502,348
Liberty
Ranch
Public
Improvement
District
,
Special
Assessment
,
2026
,
5.875
%
,
9/01/56
........................................................
1,600,000
1,608,437
d
City
of
Liberty
Hill
,
Butler
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
2.625
%
,
9/01/27
........................................................
164,000
160,849
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)
d
City
of
Liberty
Hill,
(continued)
Butler
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/42
........................................................
$
1,771,000
$
1,499,492
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/27
...............................
136,000
134,576
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/01/32
.............................
275,000
265,541
Summerlyn
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
.................................................
250,000
238,828
Summerlyn
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/40
........................................................
845,000
783,100
City
of
Lockhart
,
Seawillow
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2026
,
6.125
%
,
9/01/56
.............................
1,850,000
1,865,243
d
City
of
Manor
,
Manor
Heights
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
4.5
%
,
9/15/30
..............................................
161,000
162,511
Manor
Heights
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/15/43
.............................................
328,000
337,226
Manor
Heights
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/44
............................................
298,000
307,363
Manor
Heights
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/15/54
............................................
584,000
590,836
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.............................
250,000
231,319
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/31
..............................
310,000
288,098
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/15/41
...............................
700,000
598,487
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/41
.............................
830,000
762,635
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
................................
1,000,000
801,897
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/15/51
.............................
1,225,000
1,021,442
Newhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/55
........................................................
825,000
851,307
d
City
of
Marble
Falls
,
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.875
%
,
9/01/31
.............................
350,000
340,106
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/01/41
.............................
1,000,000
926,597
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/01/51
.............................
1,470,000
1,295,113
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
2A
,
Special
Assessment
,
144A,
2024
,
6.625
%
,
9/01/54
.............................
1,200,000
1,177,848
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.625
%
,
9/01/31
.............................
150,000
147,460
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.875
%
,
9/01/41
.............................
450,000
434,734
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.125
%
,
9/01/51
.............................
620,000
565,544
Thunder
Rock
Public
Improvement
District
Remainder
Area
,
Special
Assessment
,
144A,
2024
,
7.375
%
,
9/01/44
.......................................
1,000,000
1,021,521
Thunder
Rock
Public
Improvement
District
Remainder
Area
,
Special
Assessment
,
144A,
2024
,
7.625
%
,
9/01/54
.......................................
1,750,000
1,755,438
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)
d
City
of
Mclendon-Chisholm
,
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/15/26
.......................................
$
55,000
$
54,805
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/41
.......................................
620,000
545,746
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
...........................................
865,000
698,721
Sonoma
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/15/32
.......................................
250,000
264,188
City
of
Mesquite
,
Solterra
Public
Improvement
District
Improvement
Area
A-2-A-4
,
Special
Assessment
,
2025
,
5.75
%
,
9/01/55
.............................................
1,500,000
1,506,902
Solterra
Public
Improvement
District
Improvement
Area
C-4
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
............................................
1,625,000
1,645,190
d
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/30
........................................
549,000
558,158
d
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/43
.........................................
1,500,000
1,565,620
d
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/53
........................................
4,965,000
5,079,671
d
Solterra
Public
Improvement
District
Improvement
Area
No.
C-1
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
9/01/43
.............................
750,000
776,194
d
Solterra
Public
Improvement
District
Improvement
Area
No.
C-1
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/53
.............................
1,210,000
1,228,960
d
Solterra
Public
Improvement
District
Improvement
Area
No.
C-2
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/53
.............................
1,017,000
1,032,877
d
Solterra
Public
Improvement
District
Improvement
Area
No.
C-3
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
9/01/31
..............................
231,000
231,960
d
Solterra
Public
Improvement
District
Improvement
Area
No.
C-3
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/53
..............................
200,000
197,421
d
City
of
Midlothian
,
Redden
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/15/31
........................................................
410,000
392,591
Redden
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/31
.............................
220,000
214,548
Redden
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/15/41
...............................
420,000
397,105
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/32
...............................
309,000
314,098
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/42
................................
750,000
776,836
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.............................
1,225,000
1,247,030
d
City
of
Mustang
Ridge
,
Durango
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/43
.......................................
515,000
545,125
Durango
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/01/53
.......................................
498,000
516,443
d
City
of
New
Braunfels
,
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.25
%
,
9/01/31
..............................
320,000
313,144
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/01/41
...............................
882,000
842,603
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/01/51
..............................
1,454,000
1,322,483
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)
d
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
$
1,309,819
Oak
Point
720
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
4.7
%
,
9/15/31
..............................................
243,000
246,582
Oak
Point
720
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.35
%
,
9/15/44
.............................................
170,000
172,622
Oak
Point
720
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/15/54
............................................
160,000
161,533
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/01/30
..................................................
300,000
286,687
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
..................................................
1,170,000
1,063,273
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
1,060,000
874,027
Wildridge
Public
Improvement
District
No.
1
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/31
..............................
160,000
147,780
Wildridge
Public
Improvement
District
No.
1
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/41
.............................
628,000
509,259
City
of
Pilot
Point
,
d
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.25
%
,
9/15/35
..............................
500,000
524,543
d
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
9/15/45
.............................
927,000
976,597
d
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.375
%
,
9/15/55
.............................
1,790,000
1,853,234
d
Bryson
Ranch
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/35
................................
301,000
313,042
d
Bryson
Ranch
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2025
,
7.125
%
,
9/15/55
.............................
1,004,000
1,039,007
d
Bryson
Ranch
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.25
%
,
9/15/35
..............................
250,000
261,786
d
Bryson
Ranch
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
9/15/45
.............................
650,000
685,698
d
Bryson
Ranch
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.375
%
,
9/15/55
.............................
1,390,000
1,439,103
d
Bryson
Ranch
Public
Improvement
District
Zone
B
Remainder
Area
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/35
................................
251,000
260,763
d
Bryson
Ranch
Public
Improvement
District
Zone
B
Remainder
Area
,
Special
Assessment
,
144A,
2025
,
7.125
%
,
9/15/55
.............................
1,070,000
1,107,309
d
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/32
..............................
200,000
207,321
d
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/42
...............................
800,000
822,975
d
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/15/52
.............................
1,000,000
1,004,483
d
Creekview
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/15/32
........................................
200,000
207,804
d
Creekview
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.......................................
2,078,000
2,123,639
d
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/32
..............................
300,000
310,982
d
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/42
...............................
750,000
771,132
Maverick
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
2026
,
6.75
%
,
9/15/46
...................................
1,207,000
1,219,900
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
105
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Pilot
Point,
(continued)
Maverick
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
2026
,
7
%
,
9/15/56
.....................................
$
907,000
$
909,196
Maverick
Farms
Public
Improvement
District
Major
Improvement
Area
No.
1
,
Special
Assessment
,
2026
,
6.25
%
,
9/15/56
...................................
2,350,000
2,355,973
d
Mobberly
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/15/32
.......................................
500,000
514,484
d
Mobberly
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/48
.........................................
4,026,000
4,054,395
d
Mobberly
Public
Improvement
District
Improvement
Area
No.
1B
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/15/48
.............................
926,000
933,388
d
Mobberly
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/15/32
.......................................
810,000
843,197
d
Mobberly
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/52
...........................................
4,001,000
4,089,165
d
Mobberly
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
9/15/52
.........................................
1,600,000
1,655,772
d
City
of
Plano
,
Collin
Creek
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/15/51
.................................................
7,342,000
6,078,873
Collin
Creek
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
....................................................
2,192,000
1,786,257
Haggard
Farm
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7.5
%
,
9/15/53
...............................
1,000,000
1,051,258
Haggard
Farm
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
8.25
%
,
9/15/43
..............................
1,250,000
1,337,628
Haggard
Farm
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
8.5
%
,
9/15/53
...............................
2,193,000
2,303,847
d
City
of
Princeton
,
Special
Assessment
,
144A,
2026
,
5.625
%
,
9/01/56
.........................
1,500,000
1,499,889
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/01/30
.................................................
180,000
175,393
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
9/01/40
.................................................
650,000
612,080
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/01/50
.................................................
930,000
801,982
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/27
........................................................
86,000
85,907
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/01/32
........................................................
280,000
278,734
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/01/52
.................................................
1,117,000
984,700
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
........................................................
126,000
119,199
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
........................................................
325,000
272,205
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
........................................................
431,000
355,007
Eastridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
........................................
380,000
394,742
Eastridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
........................................
1,155,000
1,182,673
Eastridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
.........................................
1,220,000
1,220,450
Eastridge
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
9/01/31
........................................
256,000
260,048
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)
d
City
of
Princeton,
(continued)
Eastridge
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5
%
,
9/01/44
...........................................
$
713,000
$
721,940
Eastridge
Public
Improvement
District
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
9/01/55
.......................................
235,000
237,079
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7
%
,
9/01/43
................................
1,000,000
1,050,920
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7
%
,
9/01/53
................................
2,000,000
2,046,412
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7.875
%
,
9/01/53
.............................
1,000,000
1,031,768
Southbridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/44
..............................
500,000
509,034
Southbridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...............................
1,100,000
1,098,215
Southridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.25
%
,
9/01/43
..............................
1,355,000
1,449,795
Southridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/01/53
.............................
1,380,000
1,434,923
Whitewing
Trails
Public
Improvement
District
No.
2
Phase
2
,
Special
Assessment
,
144A,
2023
,
4.25
%
,
9/01/30
........................................
164,000
164,805
Whitewing
Trails
Public
Improvement
District
No.
2
Phase
2
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
9/01/53
.......................................
2,041,000
2,052,407
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/01/30
........................................................
200,000
192,024
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
........................................................
470,000
436,423
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
675,000
562,228
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
9/01/31
........................................................
110,000
102,090
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/41
........................................................
518,000
426,956
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
........................................................
616,000
497,227
Winchester
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
..................................................
461,000
469,637
Winchester
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/52
..................................................
2,220,000
2,237,685
Windmore
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...............................
565,000
568,783
d
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
129,540
Red
Oak
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.............................
354,000
325,362
Red
Oak
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/15/41
.............................
500,000
417,924
d
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
164,661
Trails
at
Cottonwood
Creek
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/41
...............
820,000
747,905
d
City
of
Royse
City
,
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
9/15/30
.............................
225,000
220,223
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)
d
City
of
Royse
City,
(continued)
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/15/40
.............................
$
590,000
$
573,208
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.375
%
,
9/15/50
.............................
715,000
639,212
Creekshaw
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.875
%
,
9/15/42
.............................
589,000
616,103
Creekshaw
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/52
................................
1,267,000
1,296,267
Creekshaw
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
4.375
%
,
9/15/30
.............................
210,000
210,486
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/15/30
.......................................
450,000
435,041
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
9/15/40
.......................................
1,190,000
1,121,190
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/15/50
.......................................
1,780,000
1,482,442
Liberty
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/15/53
.............................
1,182,000
1,216,716
Waterscape
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
9/15/54
............................................
1,000,000
1,015,301
Waterscape
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2019
,
4.75
%
,
9/15/49
..............................
1,495,000
1,421,438
d
City
of
Sachse
,
Sachse
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
7
%
,
9/15/52
........................................................
950,000
1,024,383
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/15/30
..............................
405,000
386,966
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/15/40
..............................
1,070,000
994,076
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/15/50
................................
1,485,000
1,229,304
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/50
................................
200,000
210,289
Sachse
Public
Improvement
District
No.
1
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.375
%
,
9/15/40
.............................
1,600,000
1,657,422
Sachse
Public
Improvement
District
No.
1
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.625
%
,
9/15/50
.............................
2,235,000
2,280,036
City
of
San
Marcos
,
d
Trace
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/01/48
.
1,295,000
1,301,798
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
4.875
%
,
9/01/30
.
305,000
307,945
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
5.375
%
,
9/01/40
.
1,300,000
1,332,795
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
5.625
%
,
9/01/50
.
1,300,000
1,310,243
d
Whisper
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/27
..................................................
100,000
99,409
d
Whisper
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/01/32
........................................................
425,000
416,418
d
City
of
Sinton
,
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/01/27
.................................................
175,000
175,144
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
..................................................
660,000
655,318
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/01/42
.................................................
1,000,000
1,011,410
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/51
..................................................
1,250,000
1,244,602
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)
d
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
$
2,713,481
Arboretum
Estates
Public
Improvement
District
No.
6
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2025
,
7
%
,
9/15/55
....................
2,625,000
2,692,201
d
City
of
Tomball
,
Raburn
Reserve
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/15/52
.............................................
1,000,000
1,024,943
Raburn
Reserve
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/15/53
................................................
1,307,000
1,356,786
Raburn
Reserve
Public
Improvement
District
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/15/30
.............................
185,000
179,415
d
City
of
Uhland
,
Anderson
Park
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/55
..............................................
950,000
949,372
Watermill
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
6.625
%
,
9/01/52
........................................................
3,000,000
3,115,568
d
City
of
Venus
,
Brahman
Ranch
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
6.25
%
,
9/15/42
..................................................
1,000,000
1,004,970
Brahman
Ranch
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
9/15/52
...................................................
1,009,000
994,149
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.................................................
166,000
155,149
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/15/41
.................................................
994,000
831,783
d
City
of
Waxahachie
,
North
Grove
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
8/15/32
........................................................
302,000
313,852
North
Grove
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
8/15/52
........................................................
2,395,000
2,407,686
d
City
of
Wharton
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/55
.................
1,100,000
1,128,935
d
Club
Municipal
Management
District
No.
1
,
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
9/01/26
.......
56,000
55,810
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
........
267,000
248,634
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.1
%
,
9/01/44
.......
500,000
503,035
d
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel
,
Revenue,
Second
Lien
,
144A,
2021
B
,
3.5
%
,
10/01/31
....................................
450,000
337,500
d
County
of
Bastrop
,
Double
Eagle
Ranch
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
.....................
775,000
782,645
d
County
of
Denton
,
Green
Meadows
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
12/31/55
............................
2,260,000
2,323,279
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
12/31/45
............................
3,100,000
3,222,835
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
12/31/55
............................
4,550,000
4,708,391
Tabor
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.25
%
,
12/31/44
..................
1,750,000
1,783,803
Tabor
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.625
%
,
12/31/54
.................
3,100,000
3,123,545
d
County
of
Hays
,
La
Cima
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/15/30
........................................................
100,000
94,983
La
Cima
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/15/40
........................................................
800,000
748,887
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)
d
County
of
Hays,
(continued)
La
Cima
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
Refunding
,
5.625
%
,
9/15/45
.................................................
$
1,513,000
$
1,545,772
La
Cima
Public
Improvement
District
Neighborhood
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/15/52
..............................
3,375,000
3,439,614
County
of
Medina
,
d
Haby
Farms
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
9/01/54
.............................
1,135,000
1,148,501
Viera
Public
Improvement
District
1
Improvement
Area
No.
1
Project
,
Special
Assessment
,
2026
,
5.75
%
,
9/01/56
...................................
1,000,000
1,001,844
d
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.875
%
,
9/01/31
.............................
640,000
635,014
d
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/01/41
..............................
780,000
781,381
d
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.5
%
,
9/01/50
...............................
1,160,000
1,142,745
d
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/26
.........................
100,000
99,906
d
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/01/31
.......................
400,000
393,138
d
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/01/41
.........................
1,085,000
1,048,968
County
of
Montgomery
,
Crockett
Meadows
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2025
,
5.25
%
,
9/15/45
...................................
1,125,000
1,135,479
Meadow
Park
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2025
,
5.375
%
,
9/15/54
..................................
814,000
814,596
d
East
Waller
County
Management
District
,
Sofi
Lakes
Sections
1
&
2
Assessments
,
Special
Assessment
,
144A,
2025
,
5
%
,
9/15/35
........................................................
885,000
911,004
Sofi
Lakes
Sections
1
&
2
Assessments
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/45
........................................................
1,965,000
2,055,137
Sofi
Lakes
Sections
1
&
2
Assessments
,
Special
Assessment
,
144A,
2025
,
6.25
%
,
9/15/55
........................................................
2,295,000
2,362,385
FW
Texas
Street
Public
Facility
Corp.
,
Revenue
,
2025
,
5
%
,
5/01/38
..............
10,000,000
10,612,865
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2013
B
,
5.8
%
,
10/01/45
..........
10,000,000
10,479,723
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/48
...................
5,000,000
4,930,067
d
Joshua
Farms
Municipal
Management
District
No.
1
,
Special
Assessment
,
144A,
2023
,
4.375
%
,
9/01/30
.........................
320,000
323,104
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
..........................
3,393,000
3,404,986
Karis
Municipal
Management
District
of
Tarrant
County
,
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
5.25
%
,
12/01/53
.............................
828,000
787,883
c
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
d
Mission
Economic
Development
Corp.
,
Permian
Basin
Water
Resources
LLC
,
Revenue
,
144A,
2025
A
,
7
%
,
8/15/60
...................................
8,000,000
8,225,586
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
c
Cardinal
Bay,
Inc.
,
Revenue
,
D
,
6
%
,
7/01/26
.............................
110,000
26,400
c
Cardinal
Bay,
Inc.
,
Revenue
,
D
,
7
%
,
7/01/51
.............................
5,110,000
1,226,400
CHF-Collegiate
Housing
College
Station
I
LLC
,
Revenue
,
2014
A
,
5
%
,
4/01/46
....
1,500,000
1,477,560
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)
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
(continued)
Longhorn
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/42
......
$
5,000,000
$
5,005,516
Longhorn
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/47
......
4,595,000
4,574,329
Morningside
Ministries
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
1/01/55
.........
4,100,000
3,495,607
NCCD-College
Station
Properties
LLC
,
Revenue
,
A
,
5
%
,
7/01/47
..............
25,500,000
24,512,171
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/39
.......................................................
2,750,000
2,775,417
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5.25
%
,
10/01/49
.......................................................
12,600,000
12,473,468
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2020
A
,
5.25
%
,
10/01/55
...
2,495,000
2,409,720
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/39
.......................................................
425,000
427,189
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/49
.......................................................
1,180,000
1,089,235
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue,
Second
Tier,
Sub.
Lien
,
2019
B
,
5.5
%
,
12/01/54
.......................................
15,715,000
14,803,407
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue,
Sub.
Lien,
Third
Tier
,
2019
C
,
6
%
,
12/01/54
.........................................
5,465,000
5,232,535
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2014
,
5.5
%
,
1/01/43
............
3,225,000
3,226,937
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2014
,
5.5
%
,
1/01/49
............
1,015,000
1,015,154
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/50
.....
865,000
828,462
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/55
.....
3,220,000
3,026,658
North
Texas
Tollway
Authority
,
f
Special
Projects
System
,
Revenue
,
2011
B
,
Pre-Refunded
,
5.64
%,
9/01/37
......
7,500,000
4,042,690
Special
Projects
System
,
Revenue
,
2011
C
,
Pre-Refunded
,
7
%
,
9/01/43
.........
10,000,000
11,785,850
d
Northwood
Municipal
Utility
District
No.
1
,
GO
,
144A,
2020
,
Refunding
,
4
%
,
8/01/31
.
1,070,000
1,070,013
d
Pecan
Public
Facility
Corp.
,
Revenue,
Sub.
Lien
,
144A,
2022
B
,
6
%
,
12/01/52
......
5,075,000
3,996,871
c
Red
River
Health
Facilities
Development
Corp.
,
Eden
Home,
Inc.
Obligated
Group
,
Revenue
,
2012
,
7.25
%
,
12/15/42
......................................
11,000,000
7,700,000
South
Manvel
Development
Authority
,
City
of
Manvel
Tax
Increment
Reinvestment
Zone
No.
3
,
Tax
Allocation
,
2023
,
5
%
,
4/01/38
............................
500,000
513,069
d
Town
of
Flower
Mound
,
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
2.625
%
,
9/01/26
........................................
200,000
199,382
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.25
%
,
9/01/31
.........................................
750,000
721,706
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.5
%
,
9/01/36
..........................................
800,000
739,230
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
4
%
,
9/01/43
............................................
2,450,000
2,243,904
d
Town
of
Lakewood
Village
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/15/32
445,000
457,832
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/42
1,400,000
1,444,256
d
Town
of
Little
Elm
,
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/27
........................................................
71,000
70,196
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/32
........................................................
205,000
194,554
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/42
........................................................
529,000
468,473
Valencia
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/01/32
.................................................
712,000
757,613
Valencia
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
6.875
%
,
9/01/52
.................................................
2,700,000
2,813,123
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)
d
Travis
County
Development
Authority
,
Bella
Fortuna
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/44
........................................................
$
843,000
$
871,052
Bella
Fortuna
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/01/51
........................................................
750,000
765,132
County
of
Travis
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
...................
302,000
311,749
County
of
Travis
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/01/42
..................
868,000
909,015
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
1,256,499
Viridian
Municipal
Management
District
,
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
2.875
%
,
12/01/30
.
258,000
242,490
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.125
%
,
12/01/35
.
415,000
364,382
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.375
%
,
12/01/40
.
486,000
417,284
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.5
%
,
12/01/47
..
835,000
624,194
600,723,856
Utah
0.4%
d
MIDA
Cormont
Public
Infrastructure
District
,
GO
,
144A,
2025
A-1
,
6.25
%
,
6/01/55
...................................
2,225,000
2,348,583
f
GO
,
144A,
2025
A-2
,
0.868
%,
6/01/55
..................................
2,250,000
1,965,131
d
MIDA
Mountain
Village
Public
Infrastructure
District
,
Military
Recreation
Facility
Project
Area
,
Tax
Allocation
,
144A,
2024-1
,
5.125
%
,
6/15/54
........................................................
2,000,000
2,011,737
Military
Recreation
Facility
Project
Area
,
Tax
Allocation
,
144A,
2024-2
,
6
%
,
6/15/54
5,000,000
5,157,637
Point
Phase
1
Public
Infrastructure
District
No.
1
,
Revenue
,
2025
A-1
,
6.125
%
,
3/01/55
7,950,000
8,292,144
d
Utah
Charter
School
Finance
Authority
,
Mountain
West
Montessori
Academy,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/39
..
475,000
464,679
Mountain
West
Montessori
Academy,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/49
..
825,000
747,227
20,987,138
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
3,566,354
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
6/01/49
........................................................
4,065,000
3,934,951
d
Virginia
Small
Business
Financing
Authority
,
P3
VB
Holdings
LLC
,
Revenue,
Senior
Lien
,
144A,
2023
A
,
8.5
%
,
12/01/52
....................................
11,000,000
10,706,541
18,207,846
Washington
1.4%
Jefferson
County
Public
Hospital
District
No.
2
,
Revenue
,
2023
A
,
Refunding
,
6.875
%
,
12/01/53
........................................................
10,000,000
10,341,271
e
Washington
Economic
Development
Finance
Authority
,
Propeller
Airports
Paine
Field
LLC
,
Revenue
,
A
,
Mandatory
Put
,
8.5
%
,
3/01/27
..........................
22,250,000
22,202,429
d
Washington
State
Housing
Finance
Commission
,
eliseo
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
1/01/51
........
15,070,000
10,862,344
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
2019
A
,
5
%
,
1/01/55
..............................................
4,700,000
4,334,574
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
A
,
Refunding
,
5
%
,
1/01/46
.........................................
2,250,000
2,197,585
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
A
,
Refunding
,
5
%
,
1/01/51
.........................................
1,700,000
1,583,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
112
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
d
Washington
State
Housing
Finance
Commission,
(continued)
Spokane
United
Methodist
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
5
%
,
1/01/55
........................................................
$
9,020,000
$
8,046,885
Spokane
United
Methodist
Homes
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/51
........................................................
6,000,000
5,437,435
65,005,523
West
Virginia
0.1%
d
County
of
Monongalia
,
Monongalia
County
Building
Commission
Development
District
No.
4
,
Tax
Allocation
,
144A,
2023
A
,
Refunding
,
5.75
%
,
6/01/43
..............................
880,000
945,524
Monongalia
County
Building
Commission
Development
District
No.
4
,
Tax
Allocation
,
144A,
2023
A
,
Refunding
,
6
%
,
6/01/53
................................
1,755,000
1,847,310
2,792,834
Wisconsin
3.9%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
8,575,000
8,932,031
f
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
76,350,000
38,721,742
A&T
Real
Estate
Foundation
LLC
,
Revenue
,
2019
B
,
5
%
,
6/01/49
.............
2,675,000
2,643,379
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2017
A
,
5
%
,
7/01/53
..........
4,345,000
4,106,577
d
Coral
Academy
of
Science
Reno
,
Revenue
,
144A,
2022
A
,
6
%
,
6/01/62
.........
1,565,000
1,534,553
d
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
5,500,000
5,708,624
d
Eno
River
Academy
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/54
...................
1,380,000
1,278,412
d
Estancia
Valley
Classical
Academy
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/41
1,000,000
813,685
d
Estancia
Valley
Classical
Academy
,
Revenue
,
144A,
2021
A
,
Refunding
,
4.25
%
,
7/01/51
........................................................
5,345,000
3,885,702
d
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
B
,
6.625
%
,
2/01/46
..............
11,095,000
9,343,878
d
Foundation
Academy
Charter
School
A
NJ
Nonprofit
Corp.
,
Revenue
,
144A,
2024
,
5
%
,
7/01/60
....................................................
1,000,000
901,487
d
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/49
..
6,600,000
6,429,895
d
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/54
..
2,920,000
2,800,131
d
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
5,655,000
5,864,599
d
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/36
....
300,000
279,714
d
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/51
....
1,000,000
778,160
d
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/61
....
1,275,000
944,189
d
Hope
Housing
Foundation
Obligated
Group
,
Revenue,
Sub.
Lien
,
144A,
2022
C
,
4.6
%
,
12/01/37
..................................................
5,460,000
4,887,584
d
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
3/01/52
............................................
4,100,000
3,662,366
d
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5.25
%
,
3/01/55
..................................................
12,975,000
11,952,094
d
Ocean
Academy
Charter
School
,
Revenue
,
144A,
2021
,
5
%
,
10/15/41
..........
570,000
547,285
d
Ocean
Academy
Charter
School
,
Revenue
,
144A,
2021
,
5
%
,
10/15/51
..........
1,130,000
997,500
d,f
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
B
,
Refunding
,
5.89
%,
12/01/35
.......................................................
39,830,000
23,128,927
d,f
Pine
Forest
2022
Obligated
Group
,
Revenue,
Sub.
Lien
,
144A,
2022
,
2.279
%,
12/01/45
.......................................................
11,680,000
9,296,138
d
Signature
Preparatory,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
6/15/51
.............
2,250,000
1,994,473
d
Signature
Preparatory,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
6/15/56
.............
2,465,000
2,113,158
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
5.75
%
,
12/31/65
......
8,000,000
8,297,283
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
6.5
%
,
12/31/65
.......
5,000,000
5,553,362
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
6/15/65
..
2,250,000
2,048,362
d
UHF
RISE
Student
Housing
LLC
,
Revenue
,
144A,
2021
A-2
,
5.35
%
,
7/01/40
.....
3,000,000
2,437,442
d
UHF
RISE
Student
Housing
LLC
,
Revenue
,
144A,
2021
B
,
5.25
%
,
7/01/61
.......
2,000,000
1,569,192
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)
d
UMA
Education,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
10/01/39
.........
$
2,000,000
$
2,033,299
Wisconsin
Health
&
Educational
Facilities
Authority
,
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
6
%
,
7/01/28
...................
90,000
89,102
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
6.5
%
,
7/01/33
..................
300,000
296,120
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
7
%
,
7/01/43
...................
1,000,000
952,377
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
7.5
%
,
7/01/53
..................
6,620,000
6,119,617
HOPE
Christian
Schools
Obligated
Group
,
Revenue
,
2021
,
4
%
,
12/01/41
........
850,000
691,260
PHW
Menomonee
Falls,
Inc.
,
Revenue
,
2024
,
6.125
%
,
10/01/59
..............
1,000,000
1,040,249
184,673,948
U.S.
Territories
6.5%
District
of
Columbia
0.8%
District
of
Columbia
,
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2006
A
,
7.64
%,
6/15/46
.........................................................
175,000,000
40,031,250
Pacific
Islands
0.1%
Northern
Mariana
Island
Ports
Authority
,
Revenue
,
1998
A
,
6.6
%
,
3/15/28
.........
2,990,000
3,037,781
Puerto
Rico
5.6%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.625
%
,
5/15/43
......................
2,500,000
2,535,025
Commonwealth
of
Puerto
Rico
,
h
GO
,
FRN
,
Zero
Cpn.,
11/01/43
........................................
1
1
GO
,
2022
A-1
,
5.75
%
,
7/01/31
........................................
666,031
721,394
GO
,
2022
A-1
,
4
%
,
7/01/35
..........................................
13,786,998
13,753,780
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
27,512,915
27,197,276
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
18,434,144
17,569,417
GO
,
2022
A-1
,
4
%
,
7/01/46
..........................................
49,278
43,705
f
GO
,
2022
A-1
,
4.55
%,
7/01/33
........................................
2,011,366
1,467,958
GDB
Debt
Recovery
Authority
of
Puerto
Rico
,
7.5
%
,
8/20/40
...................
19,729,608
19,360,398
HTA
CL
6
Trust
,
Revenue
,
L-2028
,
5.25
%
,
7/01/38
..........................
1,239,120
1,239,393
d
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
,
Revenue
,
144A,
2021
B
,
Refunding
,
4
%
,
7/01/42
..........................
2,500,000
2,400,838
Revenue,
Senior
Lien
,
144A,
2020
A
,
Refunding
,
5
%
,
7/01/47
................
16,750,000
16,806,214
c
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
1
,
10
%
,
1/01/21
...........................................
6,000,000
4,560,000
Revenue
,
2
,
10
%
,
7/01/21
...........................................
6,000,000
4,560,000
Revenue
,
2013
A
,
10
%
,
7/01/19
.......................................
5,500,000
4,180,000
Revenue
,
2013
A
,
7.25
%
,
7/01/30
.....................................
1,675,000
1,254,157
Revenue
,
2016
B-1
,
10
%
,
7/01/19
.....................................
5,500,000
4,180,000
Revenue
,
3
,
10
%
,
1/01/22
...........................................
1,989,500
1,512,020
Revenue
,
4
,
10
%
,
7/01/22
...........................................
1,989,499
1,512,019
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
A
,
6.625
%
,
1/01/27
....................................
1,381,057
1,377,311
Revenue
,
2000
A
,
6.625
%
,
1/01/28
....................................
10,533,091
10,489,168
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
45,065,000
44,532,967
f
Sales
Tax
,
Revenue
,
A-1
,
5.15
%,
7/01/46
................................
25,400,000
9,271,412
f
Sales
Tax
,
Revenue
,
A-1
,
5.38
%,
7/01/51
................................
206,837,000
55,551,516
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
12,000,000
11,965,970
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
114
See
Abbreviations
on
page
195
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
$
6,000,000
$
5,780,121
263,822,060
Total
U.S.
Territories
....................................................................
306,891,091
Total
Municipal
Bonds
(Cost
$
4,454,768,920
)
...................................
4,432,141,618
Total
Long
Term
Investments
(Cost
$
4,685,238,340
)
.............................
4,651,498,832
a
a
a
a
a
Short
Term
Investments
0.8%
Municipal
Bonds
0.8%
Arizona
0.3%
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
...............
13,200,000
13,200,000
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
................
6,500,000
6,500,000
Minnesota
0.2%
i
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2025
D
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
2.5
%
,
11/15/64
.............................................
10,100,000
10,100,000
Missouri
0.0%
†
i
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
BJC
Healthcare
Obligated
Group
,
Revenue
,
2021
B-1
,
Refunding
,
Daily
VRDN
and
Put
,
1.54
%
,
5/01/51
.........................................................
2,000,000
2,000,000
New
Jersey
0.1%
i
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009
B
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
1.8
%
,
7/01/43
.........................................................
3,000,000
3,000,000
Virginia
0.1%
i
Winchester
Economic
Development
Authority
,
Valley
Health
Obligated
Group
,
Revenue
,
2024
B-1
,
Refunding
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
2.9
%
,
1/01/54
.........................................................
2,300,000
2,300,000
Total
Municipal
Bonds
(Cost
$
37,100,000
)
......................................
37,100,000
Total
Short
Term
Investments
(Cost
$
37,100,000
)
................................
37,100,000
a
Total
Investments
(Cost
$
4,722,338,340
)
98.8
%
..................................
$4,688,598,832
Other
Assets,
less
Liabilities
1.2
%
.............................................
56,977,787
Net
Assets
100.0%
...........................................................
$4,745,576,619
†
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
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$1,624,071,850,
representing
34.2%
of
net
assets.
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),
May
31,
2026
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
97.7%
Florida
1.1%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
$
500,000
$
351,518
a
,b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
2,300,000
1,962,879
2,314,397
Georgia
0.2%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
185,000
192,857
b
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
505,000
255,278
448,135
Louisiana
91.5%
Caddo
Parish
Parishwide
School
District
,
GO
,
2021
,
AG
Insured
,
3
%
,
3/01/36
......
505,000
479,542
City
of
Lafayette
,
Sales
&
Use
Tax
,
Revenue
,
2019
A
,
5
%
,
5/01/44
..............
2,350,000
2,434,578
City
of
Natchitoches
,
Utilities
,
Revenue
,
2023
,
AG
Insured
,
5.5
%
,
6/01/53
.........
750,000
804,041
City
of
New
Orleans
,
GO
,
2021
A
,
5
%
,
12/01/39
...........................................
6,000,000
6,176,806
c
GO
,
2026
A
,
5.5
%
,
12/01/51
..........................................
100,000
104,973
c
GO
,
2026
A
,
5.75
%
,
12/01/55
.........................................
100,000
106,532
Sewerage
Service
,
Revenue
,
2020
B
,
4
%
,
6/01/50
.........................
1,300,000
1,129,831
City
of
Shreveport
,
GO
,
2024
,
AG
Insured
,
5
%
,
3/01/54
....................................
4,950,000
5,056,076
Water
&
Sewer
,
Revenue
,
2016
B
,
5
%
,
12/01/41
..........................
3,850,000
3,862,596
Water
&
Sewer
,
Revenue
,
2020
B
,
Refunding
,
3
%
,
12/01/50
..................
5,070,000
3,617,803
Water
&
Sewer
,
Revenue
,
2025
,
Refunding
,
AG
Insured
,
5
%
,
12/01/40
..........
1,000,000
1,097,425
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/45
3,000,000
2,961,652
East
Ouachita
Parish
School
District
,
GO
,
2025
,
5.25
%
,
3/01/45
................
1,500,000
1,607,528
Greater
New
Orleans
Expressway
Commission
,
Revenue,
Sub.
Lien
,
2025
,
Refunding
,
AG
Insured
,
5
%
,
11/01/46
...........................................
1,050,000
1,098,070
Greater
Ouachita
Water
Co.
,
Revenue
,
2024
,
BAM
Insured
,
4.5
%
,
9/01/53
........
1,000,000
936,244
Jefferson
Parish
Consolidated
Waterworks
District
No.
2
,
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
4
%
,
2/01/40
...........................................
5,000,000
5,086,523
Juban
Crossing
Economic
Development
District
,
Revenue
,
2024
C
,
Refunding
,
5
%
,
9/15/54
.........................................................
1,500,000
1,486,989
Lafayette
Parish
School
Board
,
Sale
Tax
,
Revenue
,
2025
,
5.75
%
,
4/01/55
...............................
1,500,000
1,637,581
Sale
Tax
,
Revenue
,
2025
A
,
5
%
,
4/01/50
................................
1,500,000
1,562,622
Sales
Tax
,
Revenue
,
2023
,
4
%
,
4/01/53
.................................
2,500,000
2,256,964
Livingston
Parish
School
District
No.
1
,
GO
,
2021
,
BAM
Insured
,
4
%
,
5/01/38
......
1,050,000
1,058,902
Louisiana
Correctional
Facilities
Corp.
,
State
of
Louisiana
,
Revenue
,
2021
,
4
%
,
10/01/39
........................................................
1,490,000
1,507,792
Louisiana
Housing
Corp.
,
Revenue
,
2021
B
,
GNMA
Insured
,
2.05
%
,
6/01/36
.........................
615,000
504,767
Revenue
,
2021
B
,
GNMA
Insured
,
2.2
%
,
6/01/41
..........................
1,965,000
1,515,000
Revenue
,
2024
A
,
GNMA
Insured
,
4.4
%
,
12/01/44
.........................
990,000
995,765
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Calcasieu
Parish
School
Board
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/39
.......................................................
500,000
542,358
a
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
1,800,000
1,618,895
City
of
Pineville
,
Revenue
,
2024
,
AG
Insured
,
5
%
,
9/01/39
...................
2,505,000
2,748,430
Entergy
Louisiana
LLC
,
Revenue
,
2021
A
,
Refunding
,
2
%
,
6/01/30
.............
1,500,000
1,410,811
Entergy
Louisiana
LLC
,
Revenue
,
2021
B
,
Refunding
,
2.5
%
,
4/01/36
...........
3,000,000
2,601,468
a
Parish
of
Assumption
,
Revenue
,
144A,
2021
,
3.875
%
,
11/01/45
...............
735,000
661,756
a
Parish
of
St.
Bernard
,
Revenue
,
144A,
2021
,
4
%
,
11/01/45
...................
910,000
833,746
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
Parish
of
St.
Charles
,
Revenue
,
144A,
2022
,
4.5
%
,
11/01/47
.................
$
1,760,000
$
1,670,765
a
Parish
of
St.
Tammany
LA
GOMESA
,
Revenue
,
144A,
2020
,
3.875
%
,
11/01/45
....
2,450,000
2,205,853
a
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
1,250,000
1,261,127
a,b
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.23
%,
12/01/44
.................................................
6,500,000
4,323,514
University
of
Louisiana
at
Lafayette
,
Revenue
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
10/01/39
.......................................................
1,000,000
1,011,312
University
of
Louisiana
at
Lafayette
,
Revenue
,
2018
,
AG
Insured
,
5
%
,
10/01/48
...
3,500,000
3,503,366
University
of
Louisiana
System
,
Revenue
,
2019
,
Refunding
,
AG
Insured
,
4
%
,
8/01/34
1,000,000
1,010,878
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/30
....................................................
1,020,000
1,043,498
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/31
....................................................
1,065,000
1,089,529
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/32
....................................................
1,100,000
1,116,898
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/33
....................................................
1,155,000
1,164,851
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2023
A
,
AG
Insured
,
5
%
,
10/01/43
...................................................
600,000
635,915
Woman's
Hospital
Foundation
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/41
......
5,230,000
5,302,930
Louisiana
Offshore
Terminal
Authority
,
Loop
LLC
,
Revenue
,
2007
A
,
Refunding
,
4.15
%
,
9/01/27
.........................................................
1,500,000
1,515,546
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
5,000,000
5,177,042
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/48
...
5,000,000
5,086,613
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
5
%
,
7/01/35
..............................................
4,965,000
4,970,190
Louisiana
Children's
Medical
Center
Obligated
Group
,
Revenue
,
2015
A-1
,
5
%
,
6/01/45
........................................................
7,800,000
7,918,560
Louisiana
Children's
Medical
Center
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
6/01/50
5,000,000
4,266,274
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2017
,
5
%
,
7/01/52
................................................
2,310,000
2,308,591
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/37
.......
2,020,000
1,921,117
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/39
.......
3,460,000
3,227,871
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/41
.......
2,850,000
2,625,114
Loyola
University
New
Orleans
,
Revenue
,
2023
A
,
5
%
,
10/01/38
..............
500,000
516,903
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/42
5,695,000
5,736,394
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/46
2,000,000
2,005,573
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
5/15/55
........................................................
3,000,000
3,115,014
a
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
2,000,000
1,529,914
d
Roman
Catholic
Church
of
the
Archdiocese
of
New
Orleans
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/37
............................................
3,750,000
1,556,250
South
Quad
L3C
,
Revenue
,
2025
,
AG
Insured
,
5.25
%
,
7/01/55
................
2,250,000
2,345,356
Tulane
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
12/15/41
................
3,000,000
3,021,502
Tulane
University
,
Revenue
,
2017
A
,
Pre-Refunded
,
4
%
,
12/15/50
.............
60,000
61,144
Tulane
University
,
Revenue
,
2024
A
,
5
%
,
4/15/38
..........................
1,000,000
1,109,221
Louisiana
Stadium
&
Exposition
District
,
Revenue,
Senior
Lien
,
2023
A
,
Refunding
,
5.25
%
,
7/01/53
...................................................
1,750,000
1,806,495
Louisiana
State
University
&
Agricultural
&
Mechanical
College
,
Auxiliary
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
7/01/40
....................................
4,500,000
4,508,266
New
Orleans
Aviation
Board
,
Revenue
,
2024
C-1
,
5
%
,
1/01/54
......................................
1,000,000
1,019,713
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
A
,
5
%
,
1/01/48
.
3,850,000
3,860,167
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)
New
Orleans
Aviation
Board,
(continued)
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2024
B
,
Refunding
,
5.25
%
,
1/01/45
..................................................
$
2,500,000
$
2,627,591
Parish
of
Terrebonne
,
Sales
&
Use
Tax
,
Revenue
,
2020
A
,
4
%
,
3/01/41
...........
2,660,000
2,666,619
Port
New
Orleans
Board
of
Commissioners
,
Revenue
,
2020
D
,
5
%
,
4/01/50
........................................
2,000,000
2,026,557
Revenue
,
2025
A
,
5.25
%
,
4/01/55
.....................................
3,000,000
3,080,787
Rapides
Parish
Consolidated
School
District
No.
62
,
GO
,
2022
,
AG
Insured
,
5
%
,
3/01/42
.........................................................
1,100,000
1,153,442
Rapides
Parish
School
District
No.
11
Rigolette
,
GO
,
2023
,
AG
Insured
,
4
%
,
3/01/41
.
1,000,000
995,913
St.
John
the
Baptist
,
Parish
School
District
No.
1
,
GO
,
2023
,
5.25
%
,
3/01/43
.......
3,300,000
3,566,427
St.
Tammany
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/48
.........................................................
3,000,000
3,018,549
State
of
Louisiana
,
GO
,
2016
A
,
5
%
,
9/01/35
............................................
2,575,000
2,586,490
Gasoline
&
Fuels
Tax
,
Revenue
,
2025
B
,
Refunding
,
5
%
,
5/01/35
..............
1,500,000
1,727,273
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2024
A
,
Refunding
,
4
%
,
5/01/44
...
6,000,000
5,866,939
Tangipahoa
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2021
,
Refunding
,
4
%
,
2/01/35
.................................
2,250,000
2,271,209
Revenue
,
2021
,
Refunding
,
4
%
,
2/01/38
.................................
2,000,000
1,989,114
Terrebonne
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2026
,
Refunding
,
5.5
%
,
4/01/51
.........................................................
750,000
792,325
West
Feliciana
Parish
Parishwide
Consolidated
School
District
No.
1
,
GO
,
2020
,
4
%
,
3/01/50
.........................................................
3,000,000
2,655,347
193,077,914
Texas
0.7%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
450,000
425,624
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,250,000
959,042
1,384,666
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
608,773
Wisconsin
1.5%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
855,000
890,599
a
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
668,721
b
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
2,290,000
1,161,399
a
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
500,000
502,873
3,223,592
U.S.
Territories
2.4%
Puerto
Rico
2.4%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
500,000
505,473
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
3,500,000
3,371,789
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
195
.
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
$
1,181,880
5,059,142
Total
U.S.
Territories
....................................................................
5,059,142
Total
Municipal
Bonds
(Cost
$
215,263,762
)
.....................................
206,116,619
a
a
a
a
Short
Term
Investments
0.6%
Municipal
Bonds
0.6%
Louisiana
0.6%
e
State
of
Louisiana
,
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2023
A-2
,
Refunding
,
LOC
Toronto
Dominion
Bank
(The)
,
Daily
VRDN
and
Put
,
2.8
%
,
5/01/43
1,300,000
1,300,000
Total
Municipal
Bonds
(Cost
$
1,300,000
)
.......................................
1,300,000
Total
Short
Term
Investments
(Cost
$
1,300,000
)
.................................
1,300,000
a
Total
Investments
(Cost
$
216,563,762
)
98.3
%
...................................
$207,416,619
Other
Assets,
less
Liabilities
1.7
%
.............................................
3,577,100
Net
Assets
100.0%
...........................................................
$210,993,719
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$19,159,376,
representing
9.1%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
Security
purchased
on
a
when-issued
basis.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
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
94.9%
Florida
0.7%
a
,b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
$
2,650,000
$
2,261,578
Georgia
0.2%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
205,000
213,707
b
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
945,000
477,698
691,405
Maryland
84.5%
City
of
Baltimore
,
Harbor
Point
Special
Taxing
District
,
Revenue
,
2016
,
Refunding
,
5.125
%
,
6/01/43
...................................................
3,000,000
3,000,875
City
of
Gaithersburg
,
Asbury
Maryland
Obligated
Group
,
Revenue
,
2022
,
4.5
%
,
1/01/42
1,500,000
1,500,995
c
County
of
Anne
Arundel
,
Glenview
Housing
LP
,
Revenue
,
2009
,
Mandatory
Put
,
5
%
,
1/01/27
.........................................................
1,710,000
1,712,653
County
of
Frederick
,
GO
,
2025
A
,
4
%
,
4/01/43
............................................
5,000,000
5,060,146
a
Urbana
Community
Development
Authority
,
Special
Tax,
Sub.
Lien
,
144A,
2020
C
,
4
%
,
7/01/50
....................................................
3,860,000
3,433,804
County
of
Harford
,
GO
,
2025
,
4
%
,
10/01/41
.............................................
1,610,000
1,645,593
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/31
........................................................
150,000
154,107
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/36
........................................................
750,000
755,823
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/40
........................................................
675,000
675,361
County
of
Howard
,
Annapolis
Junction
Town
Center
Development
District
,
Tax
Allocation
,
2024
,
Refunding
,
5
%
,
2/15/44
................................
665,000
695,960
Howard
County
Housing
Commission
,
Revenue
,
2013
,
5
%
,
10/01/28
........................................
9,980,000
9,995,218
Revenue
,
2016
,
4
%
,
6/01/46
.........................................
2,000,000
1,904,308
Revenue
,
2017
,
5
%
,
12/01/46
........................................
5,000,000
5,039,414
Maryland
Community
Development
Administration
,
Housing
,
Revenue
,
2019
D
,
3
%
,
7/01/39
................................
1,500,000
1,379,731
Housing
,
Revenue
,
2019
D
,
3.2
%
,
7/01/44
...............................
1,000,000
863,668
Maryland
Community
Development
Administration
Local
Government
Infrastructure
,
Revenue
,
2017
A-1
,
4
%
,
6/01/47
......................................
2,300,000
2,168,680
Revenue
,
2018
A-1
,
5
%
,
6/01/48
......................................
1,310,000
1,325,159
Revenue,
Senior
Lien
,
2019
B-1
,
4
%
,
6/01/49
.............................
3,000,000
2,773,973
St.
Mary's
County
Metropolitan
Commission
,
Revenue
,
2026
A-1
,
5
%
,
6/01/51
....
1,600,000
1,662,667
Maryland
Department
of
Housing
&
Community
Development
,
Revenue
,
2025
C
,
5.1
%
,
7/01/50
.........................................................
3,300,000
3,375,366
Maryland
Economic
Development
Corp.
,
Annapolis
Parking
System
,
Revenue,
Senior
Lien
,
2022
A
,
5.25
%
,
12/31/47
......
5,000,000
5,159,759
City
of
Baltimore
,
Revenue
,
2024
,
5
%
,
7/01/49
............................
5,120,000
5,177,370
Frostburg
State
University
Project
,
Revenue,
Senior
Lien
,
2013
,
Refunding
,
5
%
,
10/01/33
.......................................................
5,000,000
5,001,396
Morgan
State
University
Student
Housing
,
Revenue
,
2026
A
,
AG
Insured
,
5
%
,
7/01/40
........................................................
340,000
372,559
Morgan
State
University
Student
Housing
,
Revenue
,
2026
A
,
AG
Insured
,
5
%
,
7/01/41
........................................................
375,000
408,491
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
4
%
,
7/01/40
.
1,000,000
964,939
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
5
%
,
7/01/50
.
1,250,000
1,240,762
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2022
A
,
6
%
,
7/01/58
4,620,000
4,893,132
Ports
America
Chesapeake
LLC
,
Revenue
,
2019
A
,
5
%
,
6/01/49
..............
3,500,000
3,521,211
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)
PRG-Towson
Place
Properties
LLC
,
Revenue,
Senior
Lien
,
2024
A-1
,
Refunding
,
5
%
,
6/01/38
........................................................
$
1,000,000
$
1,051,359
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/47
...........
5,000,000
5,046,341
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/55
...........
5,000,000
5,007,435
University
of
Maryland
College
Park
,
Revenue
,
2016
,
Refunding
,
AG
Insured
,
5
%
,
6/01/43
........................................................
3,305,000
3,307,222
University
of
Maryland
Leonardtown
Project
,
Revenue
,
2024
,
AG
Insured
,
5
%
,
7/01/54
........................................................
7,000,000
7,077,427
University
Park
Phase
I
&
II
at
Salisbury
University
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/01/34
........................................................
2,040,000
2,040,569
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2016
A
,
5.5
%
,
1/01/46
.........
9,750,000
9,815,715
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/38
...
865,000
845,688
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2021
B
,
BAM
Insured
,
4
%
,
1/01/51
2,000,000
1,808,201
Charlestown
Community,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/45
........
4,170,000
4,171,940
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/50
..
1,715,000
1,448,065
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.25
%
,
7/01/53
3,500,000
3,558,365
Greater
Baltimore
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/37
1,750,000
1,723,803
Johns
Hopkins
Medical
Institutions
Parking
System
,
Revenue
,
2001
,
AMBAC
Insured
,
5
%
,
7/01/27
..............................................
345,000
347,627
Johns
Hopkins
Medical
Institutions
Parking
System
,
Revenue
,
2004
,
AMBAC
Insured
,
5
%
,
7/01/34
..............................................
5,000,000
5,038,363
LifeBridge
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/47
.....
4,000,000
4,001,664
LifeBridge
Health
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
7/01/54
............
1,000,000
1,043,522
Loyola
University
Maryland,
Inc.
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/49
.....
2,000,000
2,019,100
Loyola
University
Maryland,
Inc.
,
Revenue
,
2025
,
Refunding
,
5
%
,
10/01/54
......
5,000,000
5,070,258
Maryland
Institute
College
of
Art
,
Revenue
,
2016
,
Refunding
,
4
%
,
6/01/42
.......
5,325,000
4,653,786
Maryland
Institute
College
of
Art
,
Revenue
,
2024
,
Refunding
,
5.5
%
,
6/01/47
......
1,250,000
1,253,198
MedStar
Health
Obligated
Group
,
Revenue
,
1997
,
AMBAC
Insured
,
ETM,
5
%
,
7/01/27
........................................................
3,115,000
3,146,302
MedStar
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
5/15/45
..............
5,000,000
5,035,375
MedStar
Health
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5.25
%
,
8/15/51
...
2,000,000
2,088,185
Meritus
Medical
Center
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
7/01/50
6,000,000
6,234,130
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/28
..........
630,000
647,980
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/30
..........
1,225,000
1,287,915
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/32
..........
800,000
842,932
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/34
..........
350,000
348,482
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/36
..........
1,125,000
1,108,139
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/40
..........
1,850,000
1,751,336
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/46
..........
1,000,000
906,205
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/55
..........
3,250,000
2,746,327
TidalHealth
Obligated
Group
,
Revenue
,
2025
C
,
Refunding
,
AG
Insured
,
5.5
%
,
7/01/55
........................................................
5,000,000
5,334,069
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/39
............................................
10,000,000
10,131,702
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
D
,
4
%
,
7/01/48
........................................................
5,000,000
4,508,582
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
7/01/52
.........................................
3,000,000
3,135,377
Maryland
Industrial
Development
Financing
Authority
,
McDonogh
School,
Inc.
,
Revenue
,
2019
,
Refunding
,
4
%
,
9/01/43
..............
1,100,000
1,089,448
McDonogh
School,
Inc.
,
Revenue
,
2019
,
Refunding
,
4
%
,
9/01/48
..............
610,000
560,176
Maryland
Stadium
Authority
,
Baltimore
City
Public
School
Construction
Financing
Fund
,
Revenue
,
2020
A
,
AG
Insured
,
5
%
,
5/01/50
..............................................
11,225,000
11,967,971
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
,
2021
,
4
%
,
6/01/35
................
$
1,590,000
$
1,641,433
State
of
Maryland
Built
to
Learn
,
Revenue
,
2024
,
4
%
,
6/01/49
................
2,445,000
2,260,788
State
of
Maryland
Built
to
Learn
,
Revenue
,
2024
,
5
%
,
6/01/54
................
3,525,000
3,640,530
Montgomery
County
Housing
Opportunities
Commission
,
Revenue
,
2023
C
,
5.125
%
,
1/01/53
.........................................................
915,000
951,860
State
of
Maryland
,
GO
,
2022
A
,
5
%
,
6/01/37
...............................
8,000,000
8,811,349
State
of
Maryland
Department
of
Transportation
,
Maryland
Aviation
Administration
,
Revenue
,
2021
B
,
4
%
,
8/01/51
..............
3,500,000
3,126,641
Maryland
Aviation
Administration
,
Revenue
,
2024
A
,
AG
Insured
,
5
%
,
8/01/39
.....
2,150,000
2,324,876
Maryland
Aviation
Administration
,
Revenue
,
2024
A
,
AG
Insured
,
5.25
%
,
8/01/54
..
5,050,000
5,226,721
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/34
...............
3,420,000
3,245,747
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/36
...............
2,700,000
2,500,969
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/37
...............
3,095,000
2,839,632
University
System
of
Maryland
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/51
........
5,260,000
4,969,276
Washington
Suburban
Sanitary
Commission
,
Revenue
,
2023
,
4
%
,
6/01/49
.........................................
9,500,000
9,220,491
Revenue
,
2025
,
4
%
,
6/01/49
.........................................
5,000,000
4,852,890
Revenue,
Second
Series
,
2016
,
4
%
,
6/01/43
.............................
2,000,000
1,985,956
266,662,560
New
Jersey
0.8%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/39
...................................................
2,500,000
2,502,276
Texas
0.5%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
550,000
520,207
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,300,000
997,404
1,517,611
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
608,773
Wisconsin
1.4%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
965,000
1,005,179
a
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
668,721
b
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
4,295,000
2,178,256
a
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
500,000
502,873
4,355,029
U.S.
Territories
6.6%
District
of
Columbia
4.3%
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2020
A
,
5
%
,
7/15/45
...............................
2,500,000
2,578,229
Dedicated
,
Revenue
,
2021
A
,
5
%
,
7/15/46
...............................
3,000,000
3,099,200
Dedicated
,
Revenue
,
2023
A
,
4.125
%
,
7/15/47
............................
2,500,000
2,436,948
Dedicated
,
Revenue,
Second
Lien
,
2023
A
,
5
%
,
7/15/48
.....................
1,100,000
1,144,978
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/49
.....................
1,250,000
1,302,363
Dedicated
,
Revenue,
Second
Lien
,
2025
A
,
5
%
,
7/15/60
.....................
3,000,000
3,082,879
13,644,597
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
195
.
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
$
2,021,891
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
3,600,000
3,468,126
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
1,900,000
1,877,569
7,367,586
Total
U.S.
Territories
....................................................................
21,012,183
Total
Municipal
Bonds
(Cost
$
303,886,204
)
.....................................
299,611,415
a
a
a
a
Short
Term
Investments
3.3%
Municipal
Bonds
3.3%
Maryland
3.3%
d
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.7
%
,
11/01/37
........................................................
8,000,000
8,000,000
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
,
2.9
%
,
7/01/55
..............................................
2,400,000
2,400,000
10,400,000
Total
Municipal
Bonds
(Cost
$
10,400,000
)
......................................
10,400,000
Total
Short
Term
Investments
(Cost
$
10,400,000
)
................................
10,400,000
a
Total
Investments
(Cost
$
314,286,204
)
98.2
%
...................................
$310,011,415
Other
Assets,
less
Liabilities
1.8
%
.............................................
5,590,879
Net
Assets
100.0%
...........................................................
$315,602,294
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$8,473,153,
representing
2.7%
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),
May
31,
2026
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%
Residential
REITs
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
900,000
$
931,532
Total
Corporate
Bonds
(Cost
$
900,000
)
........................................
931,532
Municipal
Bonds
94.0%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,200,000
1,008,717
Florida
0.9%
b
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
750,000
527,276
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
2,800,000
2,389,592
2,916,868
Georgia
0.2%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
125,000
130,309
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
1,115,000
563,633
693,942
Massachusetts
88.4%
d
City
of
Boston
,
GO
,
2026
A
,
5
%
,
6/01/45
............................................
1,000,000
1,101,719
GO
,
2026
A
,
5
%
,
6/01/46
............................................
1,000,000
1,091,153
City
of
Worcester
,
GO
,
2020
A
,
3
%
,
2/01/42
................................
1,685,000
1,445,592
Commonwealth
of
Massachusetts
,
GO
,
2017
F
,
5
%
,
11/01/46
...........................................
5,000,000
5,068,002
GO
,
2022
E
,
5
%
,
11/01/49
...........................................
3,000,000
3,126,681
GO
,
2024
A
,
5
%
,
1/01/49
............................................
10,000,000
10,487,617
GO
,
2025
C
,
5
%
,
6/01/53
............................................
3,500,000
3,639,615
GO
,
A
,
5.25
%
,
4/01/42
..............................................
5,000,000
5,085,575
Revenue
,
2005
,
Refunding
,
AG,
NATL
Insured
,
5.5
%
,
1/01/34
................
11,900,000
13,547,372
Transportation
Fund
,
Revenue
,
2016
B
,
4
%
,
6/01/45
.......................
5,000,000
4,961,146
Transportation
Fund
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/43
...............
4,805,000
4,916,679
Transportation
Fund
,
Revenue
,
2018
A
,
5
%
,
6/01/48
.......................
15,000,000
15,294,453
Transportation
Fund
,
Revenue
,
2023
A
,
5
%
,
6/01/53
.......................
5,000,000
5,164,737
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2025
B
,
5.25
%
,
7/01/55
.............................
5,000,000
5,318,967
Sales
Tax
,
Revenue
,
A-1
,
Refunding
,
5.25
%
,
7/01/30
.......................
4,000,000
4,420,208
Sales
Tax
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
5
%
,
7/01/48
.............
3,395,000
3,581,958
Massachusetts
Development
Finance
Agency
,
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/55
...........................
2,375,000
2,425,059
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2018
J-2
,
5
%
,
7/01/30
......
3,270,000
3,401,103
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2023
M
,
5
%
,
7/01/34
.......
3,375,000
3,775,911
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
N
,
Refunding
,
5.25
%
,
7/01/45
8,830,000
9,600,405
Boston
Medical
Center
Corp.
Obligated
Group
,
Revenue
,
2023
G
,
Refunding
,
5.25
%
,
7/01/48
........................................................
4,315,000
4,340,314
Boston
Medical
Center
Corp.
Obligated
Group
,
Revenue
,
2023
G
,
Refunding
,
5.25
%
,
7/01/52
........................................................
1,270,000
1,274,864
Brandeis
University
,
Revenue
,
2019
S-1
,
Refunding
,
5
%
,
10/01/39
.............
2,660,000
2,756,555
Broad
Institute,
Inc.
(The)
,
Revenue
,
2017
,
Refunding
,
4
%
,
4/01/41
............
5,000,000
5,003,374
Dana-Farber
Cancer
Institute
Obligated
Group
,
Revenue
,
2026
Q
,
Refunding
,
5
%
,
12/01/46
.......................................................
4,500,000
4,729,233
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)
Dana-Farber
Cancer
Institute
Obligated
Group
,
Revenue
,
2026
Q
,
Refunding
,
5.5
%
,
12/01/56
.......................................................
$
1,000,000
$
1,064,511
Emerson
College
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
1/01/45
................
1,200,000
1,244,590
Emmanuel
College
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/43
...............
1,500,000
1,464,629
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
C
,
4
%
,
11/01/46
.......................................................
1,250,000
1,192,724
Franklin
W
Olin
College
of
Engineering,
Inc.
,
Revenue
,
2013
E
,
4
%
,
11/01/43
.....
160,000
147,836
Lasell
Village,
Inc.
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
7/01/50
...............
1,250,000
1,273,789
Lasell
Village,
Inc.
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
7/01/55
...............
1,500,000
1,520,314
Lifespan
Corp.
Obligated
Group
,
Revenue
,
2025
A
,
5.5
%
,
8/15/50
.............
6,000,000
6,367,301
Loomis
Obligated
Group
,
Revenue
,
2021
,
4
%
,
1/01/41
......................
435,000
424,579
Loomis
Obligated
Group
,
Revenue
,
2021
,
4
%
,
1/01/51
......................
300,000
261,872
b
Loomis
Obligated
Group
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
1/01/41
........
485,000
473,381
b
Loomis
Obligated
Group
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
1/01/51
........
520,000
453,911
Mass
General
Brigham,
Inc.
,
Revenue
,
2017
S-1
,
Refunding
,
4
%
,
7/01/41
.......
4,000,000
3,942,991
Mass
General
Brigham,
Inc.
,
Revenue
,
2024
D
,
Refunding
,
5
%
,
7/01/54
.........
1,500,000
1,547,815
Mass
General
Brigham,
Inc.
,
Revenue
,
2026
F
,
5
%
,
7/01/46
..................
1,000,000
1,064,950
Merrimack
College
,
Revenue
,
2021
B
,
4
%
,
7/01/50
........................
3,650,000
2,972,995
Merrimack
College
,
Revenue
,
2022
,
5
%
,
7/01/52
..........................
1,000,000
954,565
b
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
11/15/38
.......................................................
3,000,000
3,078,674
b
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5.125
%
,
11/15/46
.......................................................
5,000,000
5,063,606
Northeastern
University
,
Revenue
,
2022
,
Refunding
,
5
%
,
10/01/44
.............
2,375,000
2,519,718
President
&
Trustees
of
Williams
College
,
Revenue
,
2017
S
,
4
%
,
7/01/46
........
3,000,000
2,895,974
President
and
Fellows
of
Harvard
College
,
Revenue
,
2024
B
,
5
%
,
2/15/34
.......
3,000,000
3,449,802
e
President
and
Fellows
of
Harvard
College
,
Revenue
,
2025
A-2
,
Mandatory
Put
,
5
%
,
11/15/35
.......................................................
3,000,000
3,473,303
President
and
Fellows
of
Harvard
College
,
Revenue
,
2026
A
,
Refunding
,
4
%
,
2/15/36
500,000
541,012
PRG
Medford
Properties,
Inc.
,
Revenue
,
2025
,
5.25
%
,
6/01/55
...............
1,000,000
1,030,346
Provident
Commonwealth
Education
Resources,
Inc.
,
Revenue
,
2016
,
5
%
,
10/01/41
1,000,000
1,000,727
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/39
.
750,000
742,479
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/41
.
500,000
487,192
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/48
.
1,750,000
1,548,811
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
6
%
,
9/01/50
.
250,000
273,499
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
6
%
,
9/01/55
.
500,000
543,808
Simmons
University
,
Revenue
,
2023
N
,
Refunding
,
5
%
,
10/01/43
..............
1,750,000
1,563,315
Southcoast
Health
System
Obligated
Group
,
Revenue
,
2021
G
,
Refunding
,
4
%
,
7/01/46
........................................................
3,000,000
2,622,292
Southcoast
Health
System
Obligated
Group
,
Revenue
,
2021
G
,
Refunding
,
5
%
,
7/01/50
........................................................
4,040,000
3,971,466
Springfield
College
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
6/01/50
................
1,195,000
939,861
Suffolk
University
,
Revenue
,
2021
,
4
%
,
7/01/46
...........................
2,000,000
1,776,129
Suffolk
University
,
Revenue
,
2021
,
AG
Insured
,
4
%
,
7/01/51
..................
5,000,000
4,460,902
e
Trustees
of
Amherst
College
,
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
11/01/35
....
1,250,000
1,451,013
Trustees
of
Boston
College
,
Revenue
,
2017
T
,
Refunding
,
5
%
,
7/01/42
..........
3,750,000
3,796,618
Trustees
of
Boston
College
,
Revenue
,
2025
W
,
Refunding
,
5
%
,
7/01/55
.........
3,000,000
3,128,848
Trustees
of
Boston
University
,
Revenue
,
2025
B-2
,
Refunding
,
5
%
,
10/01/48
.....
5,000,000
5,267,185
e
Trustees
of
Boston
University
,
Revenue
,
2026
A-2
,
Mandatory
Put
,
5
%
,
10/01/33
..
500,000
563,897
Trustees
of
Boston
University
,
Revenue
,
BB-1
,
4
%
,
10/01/46
.................
5,000,000
4,816,978
UMass
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2025
N-1
,
Refunding
,
5.25
%
,
7/01/50
..................................................
6,500,000
6,682,617
Wellesley
College
,
Revenue
,
2018
L
,
Refunding
,
4
%
,
7/01/44
.................
4,000,000
3,952,414
WGBH
Educational
Foundation
,
Revenue
,
2002
A
,
AMBAC
Insured
,
5.75
%
,
1/01/42
5,100,000
5,982,360
Wheaton
College
,
Revenue
,
2021
I
,
5
%
,
1/01/53
..........................
3,000,000
2,804,649
Woods
Hole
Oceanographic
Institution
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/35
..
1,200,000
1,244,523
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
Development
Finance
Agency,
(continued)
Woods
Hole
Oceanographic
Institution
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/36
..
$
1,000,000
$
1,034,900
Worcester
Polytechnic
Institute
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/42
........
1,090,000
1,107,154
Massachusetts
Educational
Financing
Authority
,
Revenue
,
2021
C
,
3
%
,
7/01/51
........................................
3,000,000
2,020,330
Revenue
,
2025
B
,
5.5
%
,
7/01/55
......................................
1,500,000
1,513,724
Revenue,
Sub.
Lien
,
2017
B
,
Refunding
,
4.25
%
,
7/01/46
....................
2,295,000
2,078,235
Revenue,
Sub.
Lien
,
2023
C
,
5
%
,
7/01/53
...............................
4,375,000
4,231,716
Massachusetts
Health
&
Educational
Facilities
Authority
,
Trustees
of
Boston
College
,
Revenue
,
M-2
,
5.5
%
,
6/01/35
.........................................
8,600,000
9,976,064
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2012
F
,
3.15
%
,
12/01/32
.....................................
105,000
105,002
Revenue
,
2012
F
,
3.45
%
,
12/01/37
.....................................
45,000
44,225
Revenue
,
2024
A-1
,
4.95
%
,
12/01/64
...................................
1,000,000
1,009,738
Revenue
,
214
,
GNMA
Insured
,
2.55
%
,
12/01/34
...........................
1,000,000
886,040
Revenue
,
214
,
GNMA
Insured
,
2.8
%
,
12/01/39
............................
2,860,000
2,499,744
Revenue
,
A
,
3.5
%
,
12/01/31
..........................................
5,805,000
5,806,249
Massachusetts
Port
Authority
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/39
...............................
610,000
631,914
Revenue
,
2019
C
,
5
%
,
7/01/33
........................................
4,430,000
4,656,870
Revenue
,
2019
C
,
5
%
,
7/01/44
........................................
1,205,000
1,232,733
Revenue
,
2021
B
,
Refunding
,
5
%
,
7/01/39
...............................
1,175,000
1,242,692
Bosfuel
Corp.
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/35
....................
835,000
871,763
Bosfuel
Corp.
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/36
....................
800,000
833,044
Massachusetts
School
Building
Authority
,
Revenue
,
2025
B
,
Refunding
,
5
%
,
2/15/38
.
500,000
566,869
Massachusetts
Transportation
Trust
Fund
,
Metropolitan
Highway
System
,
Revenue
,
2019
B-1
,
Refunding
,
5
%
,
1/01/37
.....................................
1,015,000
1,064,141
Massachusetts
Water
Resources
Authority
,
Revenue
,
2016
C
,
Pre-Refunded
,
5
%
,
8/01/40
............................
5,000,000
5,018,364
Revenue
,
2018
B
,
5
%
,
8/01/43
........................................
2,525,000
2,600,714
Revenue
,
2024
B
,
5
%
,
8/01/49
........................................
4,000,000
4,204,737
Revenue
,
B
,
Refunding
,
AG
Insured
,
5.25
%
,
8/01/28
.......................
5,490,000
5,810,554
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien
,
2017-1
,
5.25
%
,
11/01/42
........................................................
5,000,000
5,121,062
299,773,641
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
1,049,141
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
900,408
Texas
0.3%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,400,000
1,074,127
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
695,741
Wisconsin
1.7%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
580,000
604,149
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
668,721
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
5,060,000
2,566,235
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
195
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
$
1,200,000
$
803,976
b
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,000,000
1,005,746
5,648,827
U.S.
Territories
1.4%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/39
600,000
641,917
Puerto
Rico
1.2%
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/31
..
440,000
467,163
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/39
..
200,000
187,467
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
3,660,000
3,616,791
4,271,421
Total
U.S.
Territories
....................................................................
4,913,338
Total
Municipal
Bonds
(Cost
$
322,135,696
)
.....................................
318,674,750
Total
Long
Term
Investments
(Cost
$
323,035,696
)
...............................
319,606,282
a
a
a
a
a
Short
Term
Investments
3.1%
Municipal
Bonds
3.1%
Massachusetts
3.1%
f
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
f
Massachusetts
Health
&
Educational
Facilities
Authority
,
Massachusetts
Institute
of
Technology
,
Revenue
,
2001
J-2
,
Daily
VRDN
and
Put
,
2.57
%
,
7/01/31
..........
6,600,000
6,600,000
10,600,000
Total
Municipal
Bonds
(Cost
$
10,600,000
)
......................................
10,600,000
Total
Short
Term
Investments
(Cost
$
10,600,000
)
................................
10,600,000
a
Total
Investments
(Cost
$
333,635,696
)
97.4
%
...................................
$330,206,282
Other
Assets,
less
Liabilities
2.6
%
.............................................
8,757,804
Net
Assets
100.0%
...........................................................
$338,964,086
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
128
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$17,135,159,
representing
5.1%
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),
May
31,
2026
Franklin
Michigan
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
129
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Residential
REITs
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,800,000
$
1,863,063
Total
Corporate
Bonds
(Cost
$
1,800,000
)
.......................................
1,863,063
Municipal
Bonds
95.6%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,650,000
2,227,585
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
4,722,160
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
900,000
632,731
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
5,920,000
5,052,280
10,407,171
Georgia
0.4%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
280,000
291,892
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
4,415,000
2,231,784
2,523,676
Illinois
0.3%
State
of
Illinois
,
GO
,
2024
C
,
4
%
,
10/01/39
................................
1,860,000
1,815,389
Michigan
85.1%
Allegan
Public
School
District
,
GO
,
2025
III
,
5
%
,
5/01/50
......................
5,310,000
5,513,681
Alma
Public
Schools
,
GO
,
2025
I
,
5.25
%
,
5/01/55
...........................
2,000,000
2,103,057
Bangor
Township
School
District
,
GO
,
2023
,
5
%
,
5/01/53
......................
2,000,000
2,065,271
Battle
Creek
School
District
,
GO
,
2022
,
4
%
,
5/01/45
.........................
3,000,000
2,883,540
Belding
Area
Schools
,
GO
,
2022
,
4.25
%
,
5/01/52
...........................
7,330,000
6,941,533
Byron
Center
Public
Schools
,
GO
,
2017
I
,
5
%
,
5/01/34
.............................................
1,000,000
1,018,041
GO
,
2017
I
,
5
%
,
5/01/35
.............................................
1,920,000
1,953,256
GO
,
2017
I
,
5
%
,
5/01/36
.............................................
650,000
660,726
GO
,
2017
I
,
5
%
,
5/01/37
.............................................
1,480,000
1,502,431
GO
,
2017
I
,
5
%
,
5/01/38
.............................................
1,330,000
1,349,858
GO
,
2017
I
,
5
%
,
5/01/47
.............................................
6,730,000
6,772,116
Caledonia
Community
Schools
,
GO
,
2023
I
,
5
%
,
5/01/53
.............................................
2,000,000
2,054,482
GO
,
2025
II
,
5
%
,
5/01/50
............................................
1,605,000
1,666,565
GO
,
2025
II
,
5
%
,
5/01/53
............................................
1,000,000
1,031,378
GO
,
2025
II
,
5
%
,
5/01/55
............................................
1,215,000
1,251,047
Central
Michigan
University
,
Revenue
,
2021
,
Refunding
,
3
%
,
10/01/46
...........
1,325,000
1,059,852
Charter
Township
of
Bloomfield
,
GO
,
2016
,
Refunding
,
5
%
,
5/01/32
..............
1,000,000
1,002,575
Charter
Township
of
White
Lake
,
GO
,
2025
,
5
%
,
3/01/45
.............................................
700,000
750,609
GO
,
2025
,
4.5
%
,
3/01/49
............................................
2,850,000
2,795,872
GO
,
2025
,
4.625
%
,
3/01/54
..........................................
2,750,000
2,706,544
City
of
Albion
,
Water
Supply
System
,
Revenue
,
2025
,
BAM
Insured
,
5
%
,
4/01/55
....
1,750,000
1,813,326
City
of
Allegan
,
Sanitary
Sewer
System
,
Revenue,
First
Lien
,
2026
,
AG
Insured
,
5
%
,
4/01/46
.........................................................
800,000
850,357
City
of
Battle
Creek
,
Water
&
Wastewater
System
,
Revenue
,
2016
A
,
5
%
,
6/01/36
...
1,300,000
1,301,045
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)
City
of
Detroit
,
Great
Lakes
Water
Authority
Water
Supply
System
,
Revenue,
Second
Lien
,
2003
B
,
NATL
Insured
,
5
%
,
7/01/34
.........................................
$
25,000
$
25,048
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
1,778,221
GO
,
2024
,
5
%
,
10/01/49
.............................................
1,150,000
1,204,575
GO
,
2024
,
5
%
,
10/01/54
.............................................
1,700,000
1,753,436
GO
,
2025
,
5
%
,
4/01/55
.............................................
5,000,000
5,162,521
Sanitary
Sewer
System
,
Revenue
,
2018
,
5
%
,
1/01/37
.......................
1,040,000
1,068,292
Sanitary
Sewer
System
,
Revenue
,
2018
,
5
%
,
1/01/43
.......................
1,000,000
1,017,551
Sanitary
Sewer
System
,
Revenue
,
2020
,
Refunding
,
5
%
,
1/01/45
..............
2,000,000
2,068,634
Water
Supply
System
,
Revenue
,
2018
,
Refunding
,
5
%
,
1/01/43
...............
1,500,000
1,526,327
Water
Supply
System
,
Revenue
,
2020
,
5
%
,
1/01/40
........................
2,400,000
2,514,827
Water
Supply
System
,
Revenue
,
2020
,
5
%
,
1/01/50
........................
3,000,000
3,071,967
City
of
Lansing
,
GO
,
2023
,
AG
Insured
,
4.25
%
,
6/01/53
..................................
2,225,000
2,099,343
GO
,
2023
B
,
Refunding
,
AG
Insured
,
5
%
,
6/01/48
..........................
9,980,000
10,380,332
City
of
Novi
,
GO
,
2026
,
5
%
,
5/01/50
.............................................
1,920,000
2,020,682
GO
,
2026
,
5
%
,
5/01/51
.............................................
655,000
687,946
Comstock
Park
Public
Schools
,
GO
,
2025
II
,
5
%
,
11/01/53
....................
5,395,000
5,564,288
Comstock
Public
Schools
,
GO
,
2022
I
,
4
%
,
5/01/52
..........................
3,000,000
2,693,614
County
of
Genesee
,
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AG
Insured
,
5
%
,
11/01/37
.........
835,000
937,680
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AG
Insured
,
5
%
,
11/01/38
.........
700,000
781,017
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AG
Insured
,
5
%
,
11/01/39
.........
1,150,000
1,275,899
County
of
Kent
,
GO
,
2016
,
Refunding
,
5
%
,
6/01/32
.....................................
1,305,000
1,305,319
GO
,
2016
,
Refunding
,
5
%
,
6/01/33
.....................................
1,275,000
1,275,311
Crestwood
School
District
,
GO
,
2025
I
,
5
%
,
5/01/55
.........................
3,000,000
3,100,097
Detroit
City
School
District
,
GO
,
2001
A
,
AG
Insured
,
6
%
,
5/01/29
...............
5,260,000
5,607,656
DeWitt
Public
Schools
,
GO
,
2017
,
5
%
,
5/01/30
.............................................
500,000
510,488
GO
,
2017
,
5
%
,
5/01/34
.............................................
1,000,000
1,017,221
GO
,
2017
,
5
%
,
5/01/35
.............................................
1,000,000
1,016,775
GO
,
2017
,
5
%
,
5/01/36
.............................................
1,000,000
1,015,956
Dexter
Community
Schools
,
GO
,
2025
,
4.5
%
,
5/01/55
........................
3,000,000
2,905,171
Downriver
Utility
Wastewater
Authority
,
Revenue
,
2018
,
Refunding
,
AG
Insured
,
5
%
,
4/01/34
.......................
510,000
527,220
Revenue
,
2018
,
Refunding
,
AG
Insured
,
5
%
,
4/01/36
.......................
1,600,000
1,648,565
Revenue
,
2018
,
Refunding
,
AG
Insured
,
5
%
,
4/01/38
.......................
1,500,000
1,540,556
Revenue
,
2018
,
Refunding
,
AG
Insured
,
5
%
,
4/01/43
.......................
3,000,000
3,052,475
East
Grand
Rapids
Public
School
District
,
GO
,
2024
I
,
5
%
,
5/01/53
..............
700,000
725,613
East
Lansing
School
District
,
GO
,
2017
I
,
5
%
,
5/01/35
.............................................
1,500,000
1,524,753
GO
,
2017
I
,
5
%
,
5/01/37
.............................................
1,100,000
1,116,173
GO
,
2017
I
,
5
%
,
5/01/42
.............................................
2,500,000
2,527,394
Eastern
Michigan
University
,
Revenue
,
2025
,
Refunding
,
BAM
Insured
,
5.25
%
,
3/01/50
2,000,000
2,098,015
Farmington
Public
School
District
,
GO
,
2018
,
BAM
Insured
,
4.5
%
,
5/01/38
.........
7,225,000
7,333,649
d
Ferndale
Public
Schools
,
GO
,
2026
,
5
%
,
5/01/56
............................
2,000,000
2,054,066
Ferris
State
University
,
Revenue
,
2025
A
,
Refunding
,
AG
Insured
,
5
%
,
10/01/49
....
1,800,000
1,892,350
Fitzgerald
Public
School
District
,
GO
,
2026
,
5
%
,
5/01/50
......................
1,000,000
1,045,055
Flat
Rock
Community
School
District
,
GO
,
2022
I
,
4.5
%
,
5/01/52
................
2,100,000
2,070,829
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)
Four
Lakes
Special
Assessment
District
,
Special
Assessment
,
2025
,
AG
Insured
,
5
%
,
6/01/55
.......................
$
1,500,000
$
1,525,655
d
Special
Assessment
,
2026
,
AG
Insured
,
4.75
%
,
6/01/54
.....................
1,000,000
1,008,407
Fruitport
Community
Schools
,
GO
,
2026
I
,
AG
Insured
,
5
%
,
5/01/55
.............
1,000,000
1,028,375
Gerald
R
Ford
International
Airport
Authority
,
Revenue
,
2021
,
5
%
,
1/01/46
.........
2,000,000
2,052,743
Grand
Traverse
County
Hospital
Finance
Authority
,
Munson
Healthcare
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
7/01/44
...........
1,110,000
1,128,710
Munson
Healthcare
Obligated
Group
,
Revenue
,
2019
B
,
5
%
,
7/01/39
...........
1,625,000
1,662,891
Munson
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
7/01/51
....
10,000,000
7,223,792
Grand
Valley
State
University
,
Revenue
,
2018
,
5
%
,
12/01/38
........................................
900,000
929,817
Revenue
,
2018
,
5
%
,
12/01/43
........................................
1,800,000
1,845,133
Great
Lakes
Water
Authority
,
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2022
B
,
5.5
%
,
7/01/52
.......
1,500,000
1,579,465
d
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2026
B
,
Refunding
,
5
%
,
7/01/36
5,000,000
5,745,988
d
Sewage
Disposal
System
,
Revenue,
Senior
Lien
,
2026
C
,
Refunding
,
5.25
%
,
7/01/56
1,950,000
2,066,709
Water
Supply
System
,
Revenue,
Second
Lien
,
2022
B
,
5.5
%
,
7/01/52
..........
5,000,000
5,264,882
Water
Supply
System
,
Revenue,
Senior
Lien
,
2025
C
,
Refunding
,
5.25
%
,
7/01/55
.
1,000,000
1,058,602
d
Water
Supply
System
,
Revenue,
Senior
Lien
,
2026
C
,
Refunding
,
5.25
%
,
7/01/51
.
2,000,000
2,139,908
Grosse
Ile
Township
School
District
,
GO
,
2025
II
,
Refunding
,
5
%
,
5/01/52
.........
2,000,000
2,064,708
Gull
Lake
Community
School
District
,
GO
,
2018
I
,
5
%
,
5/01/45
.............................................
4,000,000
4,072,890
GO
,
2018
I
,
5
%
,
5/01/48
.............................................
1,000,000
1,014,124
Hemlock
Public
School
District
,
GO
,
2024
III
,
5
%
,
5/01/53
.....................
1,100,000
1,137,281
Holland
School
District
,
GO
,
2026
I
,
BAM
Insured
,
5
%
,
11/01/54
................
1,000,000
1,017,737
Holly
Area
School
District
,
GO
,
2025
II
,
5
%
,
5/01/48
............................................
625,000
652,890
GO
,
2025
II
,
5
%
,
5/01/52
............................................
1,000,000
1,032,354
Howell
Public
Schools
,
GO
,
2025
II
,
5
%
,
5/01/45
............................
500,000
533,344
Hudsonville
Public
Schools
,
GO
,
2017
,
Refunding
,
5
%
,
5/01/41
.................
2,500,000
2,533,200
Ingham
County
Building
Authority
,
Community
Mental
Health
Authority
of
Clinton
Eaton
&
Ingham
Counties
,
GO
,
2024
,
BAM
Insured
,
5
%
,
8/01/49
...................
2,540,000
2,633,212
Jenison
Public
Schools
,
GO
,
2024
I
,
5
%
,
5/01/49
...........................
550,000
572,707
Kent
Hospital
Finance
Authority
,
Mary
Free
Bed
Rehabilitation
Hospital
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
4/01/51
..................................
6,010,000
4,370,513
Kentwood
Economic
Development
Corp.
,
Holland
Home
Obligated
Group
,
Revenue
,
2021
,
4
%
,
11/15/45
................
1,655,000
1,449,596
Holland
Home
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
11/15/31
.......
1,725,000
1,725,582
Holland
Home
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
11/15/43
.......
8,820,000
7,922,420
L'Anse
Creuse
Public
Schools
,
GO
,
2025
I
,
5
%
,
5/01/49
......................
2,250,000
2,343,417
Lansing
Board
of
Water
&
Light
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/54
........
9,500,000
9,786,982
Lowell
Area
Schools
,
GO
,
2024
I
,
4.125
%
,
5/01/54
..........................
2,155,000
2,002,136
Ludington
Area
School
District
,
GO
,
2022
II
,
BAM
Insured
,
4
%
,
5/01/51
...........
7,820,000
7,078,942
Macomb
Interceptor
Drain
Drainage
District
,
Special
Assessment
,
2017
A
,
Refunding
,
5
%
,
5/01/42
......................................................
4,000,000
4,045,634
Mattawan
Consolidated
School
District
,
GO
,
2024
I
,
5
%
,
5/01/54
................
1,700,000
1,741,605
Melvindale
Northern
Allen
Park
Public
Schools
,
GO
,
2022
,
AG
Insured
,
4.375
%
,
5/01/47
.................................
1,500,000
1,505,531
GO
,
2024
,
AG
Insured
,
5
%
,
5/01/45
....................................
1,300,000
1,398,369
Michigan
Finance
Authority
,
Albion
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
12/01/36
....................
1,925,000
1,344,828
Albion
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
12/01/46
....................
4,800,000
2,882,049
Albion
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
12/01/51
....................
3,050,000
1,716,838
Calvin
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/50
......
895,000
635,641
Calvin
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/50
......
1,600,000
1,332,859
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
Finance
Authority,
(continued)
City
of
Inkster
,
Revenue
,
2024
B
,
5
%
,
11/01/42
...........................
$
1,420,000
$
1,526,755
City
of
Inkster
,
Revenue
,
2024
B
,
5
%
,
11/01/45
...........................
1,660,000
1,749,631
City
of
Inkster
,
Revenue
,
2024
B
,
5
%
,
11/01/49
...........................
2,635,000
2,722,887
City
of
Inkster
,
Revenue
,
2024
B
,
5
%
,
11/01/54
...........................
3,820,000
3,911,330
Clean
Water
Revolving
Fund
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
10/01/30
.......
2,750,000
2,759,898
Clean
Water
Revolving
Fund
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
10/01/38
.......
8,055,000
8,370,712
Corewell
Health
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
11/01/44
.............
12,000,000
12,002,161
County
of
Wayne
,
GO,
Second
Lien
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
11/01/55
4,000,000
3,583,943
Detroit
Public
Lighting
Authority
Utility
Users
Tax
,
Revenue
,
2025
A
,
Refunding
,
BAM
Insured
,
5
%
,
7/01/44
..............................................
500,000
537,936
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/41
.......................................................
7,000,000
7,033,711
Kalamazoo
College
,
Revenue
,
2018
,
Refunding
,
4
%
,
12/01/47
................
2,610,000
2,332,896
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/35
.................
400,000
371,522
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/36
.................
565,000
517,971
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/37
.................
640,000
581,519
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/38
.................
675,000
604,117
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/39
.................
645,000
571,600
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/45
.................
2,780,000
2,254,148
Lawrence
Technological
University
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
2/01/42
........................................................
745,000
648,690
Michigan
Finance
Authority
Clean
Water
Revolving
Fund
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
10/01/39
...........................................
6,000,000
6,225,408
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.5
%
,
2/28/49
............
1,500,000
1,571,986
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
4.375
%
,
2/28/54
..........
1,895,000
1,751,620
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.5
%
,
2/28/57
............
1,750,000
1,801,533
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A-2
,
Refunding
,
5
%
,
6/01/40
....
1,000,000
1,035,454
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/49
...
4,170,000
3,573,738
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
MI
,
Pre-Refunded
,
5
%
,
12/01/45
.......................................................
290,000
290,000
Trinity
Health
Credit
Group
,
Revenue
,
2016
MI
,
Pre-Refunded
,
5
%
,
12/01/45
.....
110,000
110,000
Trinity
Health
Credit
Group
,
Revenue
,
2016
MI
,
Refunding
,
5
%
,
12/01/45
........
2,100,000
2,102,156
University
of
Detroit
Mercy
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.5
%
,
11/01/48
.......................................................
2,000,000
2,042,690
University
of
Detroit
Mercy
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.625
%
,
11/01/52
.......................................................
2,280,000
2,322,895
Michigan
State
Building
Authority
,
State
of
Michigan
,
Revenue
,
2016
I
,
Refunding
,
5
%
,
4/15/41
.................
12,000,000
12,059,286
State
of
Michigan
,
Revenue
,
2016
I
,
Refunding
,
5
%
,
10/15/46
................
9,910,000
9,941,307
State
of
Michigan
,
Revenue
,
2016
I
,
Refunding
,
5
%
,
10/15/51
................
1,000,000
1,001,813
State
of
Michigan
,
Revenue
,
2019
I
,
Refunding
,
4
%
,
4/15/54
.................
2,000,000
1,792,962
State
of
Michigan
,
Revenue
,
2022
I
,
4
%
,
10/15/52
.........................
4,250,000
3,805,634
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group
,
Revenue
,
1999
B-3
,
Pre-Refunded
,
4
%
,
11/15/33
.
5,370,000
5,500,793
Ascension
Health
Credit
Group
,
Revenue
,
2010
F-7
,
Pre-Refunded
,
5
%
,
11/15/47
.
10,000,000
10,098,472
Ascension
Health
Credit
Group
,
Revenue
,
2010
F-8
,
Pre-Refunded
,
5
%
,
11/15/46
.
2,550,000
2,575,110
Corewell
Health
Obligated
Group
,
Revenue
,
2025
A
,
5
%
,
8/15/46
..............
1,000,000
1,048,710
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
B
,
3.1
%
,
12/01/44
.....................................
10,500,000
8,919,384
Revenue
,
2020
A
,
2.8
%
,
12/01/45
.....................................
4,350,000
3,436,771
Revenue
,
2020
A
,
2.85
%
,
6/01/50
.....................................
4,150,000
3,101,136
Revenue
,
2021
A
,
2.7
%
,
10/01/56
.....................................
4,000,000
2,662,390
Revenue
,
2021
A
,
2.73
%
,
10/01/59
....................................
5,000,000
3,102,837
Revenue
,
2022
A
,
4.1
%
,
6/01/43
......................................
5,000,000
4,916,895
Revenue
,
2025
A
,
5
%
,
12/01/55
.......................................
5,000,000
5,082,034
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
133
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
State
Housing
Development
Authority,
(continued)
Revenue
,
2025
C
,
5.1
%
,
6/01/56
......................................
$
3,000,000
$
3,062,825
Revenue
,
2026
A
,
5
%
,
12/01/56
.......................................
1,355,000
1,375,108
Michigan
State
University
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
2/15/55
............
5,000,000
5,182,484
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation
,
Revenue
,
2018
,
5
%
,
6/30/33
....
2,200,000
2,261,498
State
of
Michigan
Department
of
Transportation
,
Revenue
,
2018
,
5
%
,
6/30/48
....
7,000,000
6,954,070
Michigan
Technological
University
,
Revenue
,
2015
A
,
5
%
,
10/01/45
.......................................
2,400,000
2,401,710
Revenue
,
2023
A
,
AG
Insured
,
5
%
,
10/01/47
.............................
3,515,000
3,624,707
Revenue
,
2023
A
,
AG
Insured
,
5.25
%
,
10/01/52
...........................
1,000,000
1,025,690
Revenue
,
2023
C
,
AG
Insured
,
5.25
%
,
10/01/53
...........................
2,000,000
2,068,613
Monroe
Public
Schools
,
GO
,
2020
I
,
5
%
,
5/01/45
............................
2,465,000
2,547,122
Northwestern
Regional
Airport
Authority
,
Revenue
,
2026
,
5.25
%
,
1/01/56
..........
500,000
518,476
Oakland
University
,
Revenue
,
2019
,
5
%
,
3/01/50
............................
2,230,000
2,255,927
Okemos
Public
Schools
,
GO
,
2024
II
,
5
%
,
5/01/54
...........................
2,335,000
2,396,818
Plainwell
Community
Schools
,
GO
,
2022
II
,
4
%
,
5/01/52
......................
7,000,000
6,383,796
Portage
Public
Schools
,
GO
,
2025
,
BAM
Insured
,
4.25
%
,
11/01/47
..............
2,000,000
1,917,029
Potterville
Public
Schools
,
GO
,
2026
III
,
5
%
,
5/01/51
............................................
2,000,000
2,029,754
GO
,
2026
III
,
5
%
,
5/01/54
............................................
1,000,000
1,013,428
Saginaw
Valley
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/31
...............................
2,170,000
2,173,475
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/33
...............................
1,240,000
1,241,847
d
Revenue
,
2026
A
,
Refunding
,
BAM
Insured
,
5.25
%
,
7/01/51
..................
875,000
916,550
d
Revenue
,
2026
A
,
Refunding
,
BAM
Insured
,
5.25
%
,
7/01/56
..................
1,200,000
1,248,024
Saline
Area
Schools
,
GO
,
2016
,
Refunding
,
5
%
,
5/01/36
......................
2,950,000
2,956,507
South
Redford
School
District
,
GO
,
2024
,
5
%
,
5/01/48
.............................................
500,000
523,123
GO
,
2024
,
5
%
,
5/01/51
.............................................
300,000
310,972
Southfield
Public
Schools
,
GO
,
2025
,
5.25
%
,
5/01/50
...........................................
3,235,000
3,418,016
GO
,
2025
,
5.25
%
,
5/01/55
...........................................
7,250,000
7,585,687
GO
,
2026
,
5
%
,
5/01/56
.............................................
1,500,000
1,547,937
Sparta
Area
Schools
,
GO
,
2019
II
,
5
%
,
5/01/48
.............................
5,750,000
5,835,446
Spring
Lake
Public
Schools
,
GO
,
2025
II
,
5
%
,
5/01/45
........................
750,000
801,172
State
of
Michigan
,
Trunk
Line
,
Revenue
,
2023
,
5.25
%
,
11/15/49
................
2,000,000
2,123,936
Swartz
Creek
Community
Schools
,
GO
,
2025
I
,
5
%
,
5/01/49
...................
3,000,000
3,124,555
Trenton
Public
Schools
School
District
,
GO
,
2018
,
5
%
,
5/01/42
.............................................
4,920,000
5,041,679
GO
,
2018
,
5
%
,
5/01/45
.............................................
11,480,000
11,691,318
Universal
Academy
,
Revenue
,
2021
,
Refunding
,
2
%
,
12/01/26
................................
105,000
103,974
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/31
................................
1,035,000
1,030,632
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/40
................................
1,100,000
1,025,875
University
of
Michigan
,
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/37
............................
2,700,000
2,752,841
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/42
............................
5,635,000
5,745,280
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/47
............................
5,000,000
5,097,853
Walled
Lake
Consolidated
School
District
,
GO
,
2024
,
5
%
,
5/01/54
.............................................
1,800,000
1,848,857
d
GO
,
2026
,
5
%
,
5/01/56
.............................................
2,000,000
2,063,866
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2018
A
,
5
%
,
12/01/43
......
7,750,000
7,988,930
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
134
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Wayne
County
Airport
Authority,
(continued)
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
A
,
5
%
,
12/01/40
......
$
3,330,000
$
3,555,824
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
A
,
5
%
,
12/01/46
......
3,670,000
3,803,662
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
B
,
5
%
,
12/01/39
......
1,675,000
1,765,992
Wayne
State
University
,
Revenue
,
2018
A
,
5
%
,
11/15/43
.......................................
4,500,000
4,634,169
Revenue
,
2018
A
,
4
%
,
11/15/48
.......................................
10,000,000
9,149,873
Wayne-Westland
Community
Schools
,
GO
,
2022
,
3
%
,
11/01/44
.................
2,830,000
2,267,123
Western
Michigan
University
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/15/44
.........
2,315,000
2,382,350
Western
School
District
,
GO
,
2022
,
5.25
%
,
5/01/52
..........................
2,000,000
2,082,306
Williamston
Community
Schools
School
District
,
GO
,
2024
,
5
%
,
5/01/54
..........
2,000,000
2,050,280
Woodhaven-Brownstown
School
District
,
GO
,
2025
III
,
5
%
,
11/01/51
...........................................
525,000
544,328
GO
,
2025
III
,
5
%
,
5/01/55
............................................
5,500,000
5,671,071
Zeeland
Public
Schools
,
GO
,
2025
III
,
Refunding
,
AG
Insured
,
5
%
,
5/01/45
........
310,000
330,169
569,837,560
New
Jersey
0.1%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2019
BB
,
4
%
,
6/15/50
......................
500,000
459,971
State
of
New
Jersey
,
Revenue
,
2020
AA
,
3
%
,
6/15/50
......................
600,000
447,559
907,530
New
York
1.2%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/48
..........
9,300,000
8,290,798
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
900,408
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/39
325,000
269,934
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/40
300,000
244,484
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,500,000
2,685,318
3,199,736
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
1,565,416
Wisconsin
3.2%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
1,305,000
1,359,335
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,800,000
1,504,622
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
20,050,000
10,168,578
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
12,000,000
8,039,762
21,072,297
U.S.
Territories
2.6%
Guam
0.7%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
1,750,000
1,778,607
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
135
See
Abbreviations
on
page
195
.
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)
Guam
Waterworks
Authority
Water
And
Wastewater
System
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
1/01/46
............................................
$
1,770,000
$
1,820,824
Water
and
Wastewater
System
,
Revenue
,
2025
A
,
5.5
%
,
7/01/45
..............
1,000,000
1,074,630
4,674,061
Puerto
Rico
1.9%
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
12,900,000
12,747,704
Total
U.S.
Territories
....................................................................
17,421,765
Total
Municipal
Bonds
(Cost
$
663,679,187
)
.....................................
640,169,331
Total
Long
Term
Investments
(Cost
$
665,479,187
)
...............................
642,032,394
a
a
a
a
a
Short
Term
Investments
2.6%
Municipal
Bonds
2.6%
Michigan
2.6%
e
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
....................................................
6,200,000
6,200,000
e
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
.........................................................
11,200,000
11,200,000
17,400,000
Total
Municipal
Bonds
(Cost
$
17,400,000
)
......................................
17,400,000
Total
Short
Term
Investments
(Cost
$
17,400,000
)
................................
17,400,000
a
Total
Investments
(Cost
$
682,879,187
)
98.5
%
...................................
$659,432,394
Other
Assets,
less
Liabilities
1.5
%
.............................................
10,227,705
Net
Assets
100.0%
...........................................................
$669,660,099
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$20,380,537,
representing
3.0%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Security
purchased
on
a
when-issued
basis.
e
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
Franklin
Minnesota
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
136
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
99.1%
Florida
1.2%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
$
6,192,000
$
5,563,092
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,100,000
1,476,374
7,039,466
Minnesota
96.3%
Alexandria
Independent
School
District
No.
206
,
GO
,
2017
A
,
Refunding
,
3
%
,
2/01/37
29,905,000
29,058,491
Anoka-Hennepin
Independent
School
District
No.
11
,
GO
,
2018
A
,
3.25
%
,
2/01/37
..........................................
5,355,000
5,127,570
GO
,
2018
A
,
4
%
,
2/01/39
............................................
8,905,000
8,939,721
GO
,
2018
A
,
3.375
%
,
2/01/43
.........................................
4,020,000
3,657,339
b
Becker
Independent
School
District
No.
726
,
GO
,
2022
A
,
4.52
%,
2/01/41
.........
1,000,000
522,977
Belle
Plaine
Independent
School
District
No.
716
,
GO
,
2025
A
,
5
%
,
2/01/48
............................................
525,000
549,068
GO
,
2025
A
,
5
%
,
2/01/50
............................................
500,000
519,801
GO
,
2025
A
,
5
%
,
2/01/52
............................................
500,000
517,456
Big
Lake
Economic
Development
Authority
,
City
of
Big
Lake
,
Revenue
,
2026
A
,
5
%
,
2/01/52
.........................................................
2,500,000
2,561,138
Brainerd
Independent
School
District
No.
181
,
GO
,
2018
A
,
4
%
,
2/01/43
..........
1,900,000
1,901,100
Breckenridge
Independent
School
District
No.
846
,
GO
,
2026
A
,
Refunding
,
4
%
,
2/01/42
...................................
1,390,000
1,372,110
GO
,
2026
A
,
Refunding
,
4.25
%
,
2/01/50
.................................
1,000,000
965,783
City
of
Center
City
,
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2019
,
Refunding
,
4
%
,
11/01/41
......
1,000,000
1,002,225
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2025
,
Refunding
,
5
%
,
11/01/44
......
1,160,000
1,226,593
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2025
,
Refunding
,
5
%
,
11/01/47
......
1,000,000
1,032,299
City
of
Cold
Spring
,
GO
,
2024
A
,
BAM
Insured
,
4
%
,
2/01/54
...................
1,050,000
938,082
City
of
Coon
Rapids
,
Mississippi
View
Housing
Partners
LP
,
Revenue
,
2023
,
FNMA
Insured
,
5.6
%
,
12/01/39
.............................................
3,708,680
4,149,330
City
of
Corcoran
,
GO
,
2023
A
,
BAM
Insured
,
4
%
,
2/01/53
.....................
3,605,000
3,356,249
City
of
Fridley
,
GO
,
2022
A
,
4
%
,
2/01/36
............................................
350,000
357,748
GO
,
2022
A
,
4
%
,
2/01/37
............................................
735,000
750,025
GO
,
2022
A
,
4
%
,
2/01/38
............................................
800,000
816,872
Fridley
Leased
Housing
Associates
I
LLLP
,
Revenue
,
2018
,
FNMA
Insured
,
3.75
%
,
11/01/34
.......................................................
9,034,605
8,985,677
a
Roers
Fridley
Apartments
Owner
II
LLC
,
Revenue
,
144A,
2023
A
,
5.75
%
,
6/01/41
..
16,000,000
16,759,613
City
of
Minneapolis
,
GO
,
2018
,
4
%
,
12/01/46
.............................................
3,500,000
3,422,878
14th
and
Central
LLLP
,
Revenue
,
2020
,
FNMA
Insured
,
2.35
%
,
2/01/38
.........
7,181,181
5,898,447
Allina
Health
Obligated
Group
,
Revenue
,
2021
,
4
%
,
11/15/40
.................
6,750,000
6,600,350
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/49
.......................................................
3,535,000
3,500,823
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
AG
Insured
,
5
%
,
11/15/49
...................................................
6,000,000
6,070,212
c
City
of
Mounds
View
,
OAHS
Sibley
TC
LLLP
,
Revenue
,
2024
,
Mandatory
Put
,
3.375
%
,
3/01/28
.........................................................
4,500,000
4,513,851
City
of
Rochester
,
Electric
Utility
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/42
...................
1,395,000
1,404,099
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/33
....................
9,425,000
10,688,938
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/34
....................
5,235,000
5,978,066
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/36
....................
8,400,000
9,689,920
Mayo
Clinic
,
Revenue
,
2018
,
4
%
,
11/15/48
...............................
4,000,000
3,845,356
Mayo
Clinic
,
Revenue
,
2022
,
Refunding
,
3.25
%
,
11/15/41
...................
4,000,000
3,665,303
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)
City
of
Rochester,
(continued)
Mayo
Clinic
,
Revenue
,
2022
,
Refunding
,
5
%
,
11/15/57
......................
$
1,000,000
$
1,029,153
Mayo
Clinic
,
Revenue
,
2025
A
,
4.25
%
,
11/15/50
...........................
3,000,000
2,884,818
Mayo
Clinic
,
Revenue
,
2025
A
,
4.375
%
,
11/15/53
..........................
1,750,000
1,687,001
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
........................................................
10,000,000
10,131,489
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
5/01/54
........................................................
1,000,000
1,019,109
City
of
St.
Paul
,
Water
,
Revenue
,
2023
A
,
4
%
,
12/01/46
.......................
13,340,000
13,082,154
City
of
Virginia
,
GO
,
2024
A
,
4.375
%
,
2/01/34
.........................................
1,000,000
1,017,407
GO
,
2024
A
,
4.5
%
,
2/01/37
...........................................
1,605,000
1,630,841
GO
,
2024
A
,
5
%
,
2/01/41
............................................
825,000
847,642
GO
,
2025
A
,
5.625
%
,
2/01/44
.........................................
1,035,000
1,061,421
GO
,
2025
A
,
5.75
%
,
2/01/47
..........................................
1,225,000
1,243,745
City
of
Wadena
,
Astera
Health
,
Revenue
,
2024
A
,
5
%
,
12/01/45
.................
1,900,000
1,981,977
County
of
Norman
,
GO
,
2022
A
,
3.25
%
,
2/01/52
............................
3,115,000
2,399,011
County
of
Rice
,
GO
,
2022
A
,
4
%
,
2/01/48
.................................
5,200,000
4,990,762
County
of
Stearns
,
GO
,
2026
A
,
4.375
%
,
12/01/55
...........................
2,000,000
1,985,162
Dakota
County
Community
Development
Agency
,
Revenue
,
2011
A
,
GNMA
Insured
,
4.875
%
,
12/01/33
.......................
310,000
310,084
Roers
Burnsville
Affordable
Apartments
Owner
LLC
,
Revenue
,
2024
,
FNMA
Insured
,
4.2
%
,
5/01/43
...................................................
1,000,000
977,529
Dawson-Boyd
Independent
School
District
No.
378
,
GO
,
2019
A
,
3.125
%
,
2/01/40
...
2,965,000
2,720,501
Duluth
Economic
Development
Authority
,
Essentia
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
2/15/53
.....
15,830,000
15,838,198
Essentia
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
2/15/53
...
13,105,000
13,185,977
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/38
........................................................
150,000
152,381
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/39
........................................................
155,000
156,675
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
6/15/44
........................................................
850,000
726,759
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/30
........................................................
425,000
460,255
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/32
........................................................
500,000
553,861
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/33
........................................................
600,000
663,121
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/34
........................................................
520,000
538,358
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/35
........................................................
425,000
437,925
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/36
........................................................
400,000
410,817
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/37
........................................................
375,000
383,753
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/38
........................................................
400,000
406,656
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/39
........................................................
250,000
253,587
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
B
,
5.25
%
,
6/15/52
..
8,000,000
8,235,388
b
Duluth
Independent
School
District
No.
709
,
GO
,
2021
C
,
3.44
%,
2/01/30
.........................................
1,275,000
1,125,992
GO
,
2021
C
,
3.53
%,
2/01/31
.........................................
1,325,000
1,126,529
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)
b
Duluth
Independent
School
District
No.
709,
(continued)
GO
,
2021
C
,
3.64
%,
2/01/32
.........................................
$
1,080,000
$
881,911
GO
,
2021
C
,
3.74
%,
2/01/33
.........................................
1,075,000
841,383
Forest
Lake
Independent
School
District
No.
831
,
GO
,
2023
A
,
4
%
,
2/01/37
........
2,000,000
2,055,044
Gibbon
Independent
School
District
No.
2365
,
GO
,
2023
A
,
5
%
,
2/01/48
............................................
1,850,000
1,912,551
GO
,
2023
A
,
4.125
%
,
2/01/52
.........................................
2,250,000
2,171,230
b
Hastings
Independent
School
District
No.
200
,
GO
,
2018
A
,
4.09
%,
2/01/38
..........................................
4,685,000
2,934,034
GO
,
2018
A
,
4.21
%,
2/01/39
..........................................
4,685,000
2,779,571
GO
,
2018
A
,
4.31
%,
2/01/40
..........................................
4,685,000
2,631,696
Hennepin
County
Regional
Railroad
Authority
,
County
of
Hennepin
,
GO
,
2019
A
,
5
%
,
12/01/37
...........................
1,000,000
1,044,396
County
of
Hennepin
,
GO
,
2019
A
,
5
%
,
12/01/38
...........................
3,965,000
4,133,481
Hopkins
Independent
School
District
No.
270
,
GO
,
2019
A
,
3
%
,
2/01/34
..........
2,450,000
2,402,556
Jordan
Independent
School
District
No.
717
,
GO
,
2023
A
,
4
%
,
2/01/42
...........
1,300,000
1,308,471
Mankato
Independent
School
District
No.
77
,
COP
,
2022
A
,
3
%
,
2/01/42
..........
2,730,000
2,367,430
Metropolitan
Council
,
GO
,
2020
B
,
2.125
%
,
3/01/36
.........................................
3,500,000
2,967,833
GO
,
2020
B
,
2.125
%
,
3/01/38
.........................................
4,000,000
3,245,752
GO
,
2022
C
,
4
%
,
3/01/40
............................................
3,275,000
3,335,826
GO
,
2022
C
,
4
%
,
3/01/41
............................................
3,410,000
3,459,033
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
,
Revenue
,
2022
A
,
Refunding
,
4.25
%
,
1/01/52
.............................
2,990,000
2,857,769
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/35
..............................
4,025,000
4,072,505
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/41
..............................
20,730,000
20,905,127
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/46
..............................
14,475,000
14,552,952
Minnesota
Agricultural
&
Economic
Development
Board
,
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5
%
,
11/15/44
.......................................................
5,135,000
5,429,839
HealthPartners
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
1/01/54
.............
8,000,000
8,224,597
Minnesota
Health
&
Education
Facilities
Authority
,
Macalester
College
,
Revenue
,
2017
,
Refunding
,
3
%
,
3/01/33
.................
1,510,000
1,467,735
Macalester
College
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/36
.................
125,000
128,317
Macalester
College
,
Revenue
,
2026
,
Refunding
,
5.25
%
,
3/01/56
...............
1,000,000
1,056,603
St.
Catherine
University
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
10/01/45
...........
2,075,000
2,075,804
St.
Catherine
University
,
Revenue
,
2023
,
5
%
,
10/01/43
.....................
600,000
608,506
St.
Catherine
University
,
Revenue
,
2023
,
5.125
%
,
10/01/48
..................
750,000
750,658
St.
Catherine
University
,
Revenue
,
2023
,
5
%
,
10/01/52
.....................
3,000,000
2,925,216
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/32
...............
255,000
261,465
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/33
...............
240,000
245,353
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/34
...............
355,000
361,821
St.
Olaf
College
,
Revenue
,
2021
,
3
%
,
10/01/41
...........................
1,000,000
860,334
University
of
St.
Thomas
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
10/01/36
..........
750,000
753,346
University
of
St.
Thomas
,
Revenue
,
2022
A
,
5
%
,
10/01/52
...................
10,000,000
10,086,489
Minnesota
Higher
Education
Facilities
Authority
,
University
of
St.
Thomas
,
Revenue
,
2024
A
,
5
%
,
10/01/49
...............................................
4,000,000
4,066,636
Minnesota
Housing
Finance
Agency
,
Revenue
,
2020
E
,
GNMA
Insured
,
2.5
%
,
7/01/40
..........................
1,840,000
1,510,518
Revenue
,
2022
A
,
GNMA
Insured
,
2.75
%
,
7/01/42
.........................
2,660,000
2,170,282
Revenue
,
2023
D
,
GNMA
Insured
,
4.5
%
,
7/01/43
..........................
930,000
937,496
Revenue
,
2023
D
,
GNMA
Insured
,
4.6
%
,
7/01/45
..........................
930,000
935,455
Revenue
,
2026
A
,
GNMA
Insured
,
4.6
%
,
1/01/47
..........................
2,000,000
2,007,143
Revenue
,
2026
B-1
,
4.9
%
,
8/01/56
.....................................
485,000
486,363
Revenue
,
2026
B-1
,
4.95
%
,
2/01/68
....................................
440,000
441,233
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)
Minnesota
Housing
Finance
Agency,
(continued)
State
of
Minnesota
,
Revenue
,
2009
,
4
%
,
8/01/29
..........................
$
1,365,000
$
1,365,845
State
of
Minnesota
,
Revenue
,
2011
,
5
%
,
8/01/31
..........................
2,225,000
2,229,224
State
of
Minnesota
,
Revenue
,
2020
D
,
4
%
,
8/01/42
........................
1,815,000
1,828,128
Minnesota
Municipal
Gas
Agency
,
c
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/27
...........................
11,550,000
11,722,610
Revenue
,
2026
A
,
5
%
,
9/01/35
........................................
5,000,000
5,234,860
Minnesota
Office
of
Higher
Education
,
Revenue,
Senior
Lien
,
2023
,
Refunding
,
4
%
,
11/01/42
........................................................
2,250,000
2,154,306
b
Minnetonka
Independent
School
District
No.
276
,
GO
,
2026
A
,
4.83
%,
2/01/52
..........................................
4,750,000
1,413,515
GO
,
2026
A
,
4.85
%,
2/01/53
..........................................
6,310,000
1,784,452
d
Montevideo
Independent
School
District
No.
129
,
GO
,
2026
A
,
4.25
%
,
2/01/47
.....
1,000,000
993,444
Moorhead
Independent
School
District
No.
152
,
GO
,
2020
A
,
2.5
%
,
2/01/37
.......
3,795,000
3,283,440
Nashwauk
Keewatin
Independent
School
District
No.
319
,
GO
,
2022
A
,
Refunding
,
4
%
,
2/01/48
.........................................................
4,000,000
3,883,059
b
Nicollet
Independent
School
District
No.
507
,
GO
,
2026
A
,
4.98
%,
2/01/45
..........................................
250,000
100,921
GO
,
2026
A
,
5.22
%,
2/01/47
..........................................
175,000
61,062
North
St.
Paul-Maplewood-Oakdale
Independent
School
District
No.
622
,
GO
,
2019
A
,
3
%
,
2/01/42
............................................
4,975,000
4,340,104
GO
,
2019
A
,
3
%
,
2/01/46
............................................
17,965,000
15,076,197
Northland
Learning
Center
No.
6076
,
COP
,
2026
A
,
3.75
%
,
4/01/35
.........................................
940,000
920,796
COP
,
2026
A
,
4.25
%
,
4/01/40
.........................................
1,140,000
1,129,953
d
Osakis
Independent
School
District
No.
213
,
GO
,
2026
A
,
4.5
%
,
2/01/52
..........
1,000,000
1,006,181
Osseo
Independent
School
District
No.
279
,
GO
,
2024
A
,
4
%
,
2/01/43
............
4,920,000
4,955,899
b
Prior
Lake-Savage
Independent
School
District
No.
719
,
GO
,
2018
B
,
3.29
%,
2/01/27
.........................................
3,545,000
3,468,170
GO
,
2018
B
,
3.27
%,
2/01/28
.........................................
10,055,000
9,527,407
GO
,
2018
B
,
3.56
%,
2/01/30
.........................................
9,010,000
7,923,287
GO
,
2018
B
,
3.68
%,
2/01/31
.........................................
5,310,000
4,483,952
Red
Rock
Central
Independent
School
District
No.
2884
,
GO
,
2022
A
,
2.375
%
,
2/01/47
3,000,000
2,083,422
Redwood
Area
Schools
Independent
School
District
No.
2897
,
GO
,
2024
A
,
4
%
,
2/01/44
.........................................................
2,000,000
2,005,734
Robbinsdale
Independent
School
District
No.
281
,
GO
,
2024
A
,
4
%
,
2/01/43
............................................
500,000
504,696
GO
,
2024
A
,
4
%
,
2/01/44
............................................
450,000
452,425
GO
,
2024
A
,
4
%
,
2/01/45
............................................
415,000
414,710
Rosemount-Apple
Valley-Eagan
Independent
School
District
No.
196
,
GO
,
2023
A
,
4
%
,
2/01/44
.........................................................
2,000,000
1,981,599
Roseville
Independent
School
District
No.
623
,
GO
,
2018
A
,
4
%
,
2/01/35
............................................
4,900,000
4,926,119
GO
,
2018
A
,
4
%
,
2/01/37
............................................
5,000,000
5,018,974
b
Sartell-St.
Stephen
Independent
School
District
No.
748
,
GO
,
2016
B
,
4.22
%,
2/01/36
.........................................
3,000,000
2,010,332
GO
,
2016
B
,
4.32
%,
2/01/37
.........................................
2,820,000
1,796,245
GO
,
2016
B
,
4.4
%,
2/01/38
..........................................
5,220,000
3,158,919
Sauk
Centre
Public
Utilities
Commission
,
Electric
,
Revenue
,
2024
A
,
AG
Insured
,
4.25
%
,
12/01/44
....................
395,000
396,887
Electric
,
Revenue
,
2024
A
,
AG
Insured
,
4.5
%
,
12/01/53
.....................
335,000
325,358
d
Sauk
Rapids-Rice
Independent
School
District
No.
47
,
GO
,
2026
A
,
4
%
,
2/01/41
............................................
1,000,000
1,005,921
GO
,
2026
A
,
4.25
%
,
2/01/45
..........................................
1,000,000
1,004,167
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
140
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
a
Scott
County
Community
Development
Agency
,
Spero
BP
Senior
LLC
,
Revenue,
Senior
Lien
,
144A,
2022
A
,
5.25
%
,
8/01/37
...............................
$
8,000,000
$
8,097,372
South
Washington
County
Independent
School
District
No.
833
,
GO
,
2026
A
,
Refunding
,
4
%
,
2/01/44
...................................
2,000,000
1,928,598
GO
,
2026
A
,
Refunding
,
4
%
,
2/01/46
...................................
2,000,000
1,918,959
Southern
Minnesota
Municipal
Power
Agency
,
b
Revenue
,
1994
A
,
NATL
Insured
,
3.5
%,
1/01/27
...........................
6,600,000
6,466,516
Revenue
,
2017
A
,
5
%
,
1/01/47
........................................
1,315,000
1,332,498
Revenue
,
2025
A
,
Refunding
,
5
%
,
1/01/45
...............................
400,000
434,481
Revenue
,
2025
A
,
Refunding
,
5
%
,
1/01/46
...............................
500,000
538,202
St.
Francis
Independent
School
District
No.
15
,
GO
,
2018
A
,
3.5
%
,
2/01/41
........
3,350,000
3,218,585
St.
Paul
Port
Authority
,
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2021-1
,
Refunding
,
3
%
,
10/01/34
300,000
285,299
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2023-3
,
4.75
%
,
10/01/43
.....
1,000,000
1,028,788
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2023-4
,
5.25
%
,
10/01/42
.....
1,000,000
1,042,459
State
of
Minnesota
,
GO
,
2023
B
,
4
%
,
8/01/43
............................................
4,745,000
4,786,687
Department
of
Iron
Range
Resources
&
Rehabilitation
,
Revenue
,
2025
A
,
5
%
,
10/01/45
.......................................................
1,000,000
1,061,263
Stearns
County
Housing
&
Redevelopment
Authority
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
2/01/61
......................................................
1,105,000
763,377
University
of
Minnesota
,
Revenue
,
2017
A
,
5
%
,
9/01/40
........................................
1,240,000
1,263,389
Revenue
,
2017
A
,
5
%
,
9/01/41
........................................
3,000,000
3,054,534
Revenue
,
2019
A
,
5
%
,
4/01/39
........................................
3,055,000
3,191,320
Revenue
,
2019
A
,
5
%
,
4/01/40
........................................
2,110,000
2,200,078
Revenue
,
2019
A
,
5
%
,
4/01/41
........................................
6,045,000
6,288,245
Revenue
,
2019
A
,
5
%
,
4/01/44
........................................
2,000,000
2,062,908
Revenue
,
2020
A
,
5
%
,
11/01/39
.......................................
2,000,000
2,131,215
Revenue
,
2020
A
,
5
%
,
11/01/42
.......................................
1,230,000
1,300,150
Virginia
Housing
&
Redevelopment
Authority
,
County
of
St.
Louis
,
Revenue
,
2025
A
,
5
%
,
4/01/50
........................
670,000
684,533
County
of
St.
Louis
,
Revenue
,
2025
A
,
5
%
,
4/01/55
........................
885,000
897,042
County
of
St.
Louis
,
Revenue
,
2025
A
,
5
%
,
4/01/60
........................
1,130,000
1,143,230
Waconia
Independent
School
District
No.
110
,
GO
,
2025
A
,
Refunding
,
4
%
,
2/01/41
.
1,270,000
1,291,847
b
Watertown-Mayer
Independent
School
District
No.
111
,
GO
,
2020
A
,
4.23
%,
2/01/33
..........................................
470,000
356,496
GO
,
2020
A
,
4.34
%,
2/01/34
..........................................
2,470,000
1,782,920
GO
,
2020
A
,
4.63
%,
2/01/37
..........................................
2,470,000
1,523,224
West
St.
Paul-Mendota
Heights-Eagan
Independent
School
District
No.
197
,
GO
,
2018
A
,
4
%
,
2/01/34
....................................................
2,655,000
2,673,755
Western
Minnesota
Municipal
Power
Agency
,
Revenue
,
2018
A
,
5
%
,
1/01/49
.......
5,000,000
5,062,517
Zumbro
Education
District
,
COP
,
2021
A
,
4
%
,
2/01/32
...........................................
200,000
198,511
COP
,
2021
A
,
4
%
,
2/01/33
...........................................
150,000
148,098
COP
,
2021
A
,
4
%
,
2/01/34
...........................................
125,000
122,669
COP
,
2021
A
,
2.125
%
,
2/01/35
........................................
325,000
265,840
COP
,
2021
A
,
4
%
,
2/01/38
...........................................
390,000
370,327
COP
,
2021
A
,
4
%
,
2/01/41
...........................................
635,000
568,975
574,110,535
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
3,151,427
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
141
See
Abbreviations
on
page
195
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
0.5%
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
$
4,000,000
$
3,068,934
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
1,826,319
Wisconsin
0.3%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
2,100,000
1,755,392
Total
Municipal
Bonds
(Cost
$
605,586,752
)
.....................................
590,952,073
a
a
a
a
Short
Term
Investments
0.6%
Municipal
Bonds
0.6%
Minnesota
0.6%
e
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2025
D
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
2.5
%
,
11/15/64
.............................................
3,700,000
3,700,000
Total
Municipal
Bonds
(Cost
$
3,700,000
)
.......................................
3,700,000
Total
Short
Term
Investments
(Cost
$
3,700,000
)
.................................
3,700,000
a
Total
Investments
(Cost
$
609,286,752
)
99.7
%
...................................
$594,652,073
Other
Assets,
less
Liabilities
0.3
%
.............................................
1,787,504
Net
Assets
100.0%
...........................................................
$596,439,577
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$36,135,431,
representing
6.1%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Security
purchased
on
a
when-issued
basis.
e
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
Franklin
Missouri
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
142
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.6%
Florida
1.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
$
5,544,000
$
4,980,908
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
850,000
597,580
a
,b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
6,200,000
5,291,239
10,869,727
Georgia
0.3%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
540,000
562,935
b
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
2,355,000
1,190,453
1,753,388
Missouri
89.5%
Affton
School
District
No.
101
,
GO
,
2017
A
,
5
%
,
3/01/36
............................................
300,000
304,001
GO
,
2017
A
,
Pre-Refunded
,
5
%
,
3/01/36
................................
1,620,000
1,647,237
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
10/01/44
......................................
4,500,000
4,404,118
Cape
Girardeau
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2021
,
4
%
,
3/01/41
..............................
3,010,000
2,982,067
Mercy
Health
,
Revenue
,
2021
,
3
%
,
3/01/46
..............................
3,000,000
2,427,671
Mercy
Health
,
Revenue
,
2021
,
4
%
,
3/01/46
..............................
3,500,000
3,323,781
Procter
&
Gamble
Co.
(The)
,
Revenue
,
1998
,
5.3
%
,
5/15/28
..................
6,875,000
6,890,513
St.
Francis
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/39
..........
7,110,000
7,114,944
City
of
Harrisonville
,
COP
,
2023
A
,
Refunding
,
4.375
%
,
3/01/43
...............................
1,000,000
1,006,134
COP
,
2023
A
,
Refunding
,
4.5
%
,
3/01/48
.................................
2,000,000
1,988,234
COP
,
2023
A
,
Refunding
,
4.625
%
,
3/01/53
...............................
2,000,000
1,948,530
City
of
Kansas
City
,
GO
,
2024
A
,
4
%
,
2/01/44
............................................
1,700,000
1,685,052
GO
,
2026
A
,
4.25
%
,
2/01/46
..........................................
1,000,000
985,886
Sanitary
Sewer
System
,
Revenue
,
2023
A
,
4
%
,
1/01/48
.....................
5,000,000
4,814,148
Sanitary
Sewer
System
,
Revenue
,
2024
A
,
4
%
,
1/01/49
.....................
3,500,000
3,343,310
Sanitary
Sewer
System
,
Revenue,
Sub.
Lien
,
2018
A
,
4
%
,
1/01/35
.............
1,500,000
1,516,455
Water
,
Revenue
,
2023
A
,
4
%
,
12/01/47
.................................
2,120,000
2,063,272
City
of
Kirkwood
,
COP
,
2024
A
,
4.25
%
,
4/01/50
.........................................
535,000
499,376
COP
,
2024
A
,
4.25
%
,
4/01/54
.........................................
1,700,000
1,558,162
City
of
Marshfield
,
Waterworks
&
Sewer
System
,
Revenue
,
2020
B
,
AG
Insured
,
5
%
,
2/01/47
.........................................................
1,775,000
1,799,121
City
of
Republic
,
Revenue
,
2022
,
3
%
,
5/01/47
.........................................
5,000,000
3,972,829
Revenue
,
2023
,
4.5
%
,
5/01/41
........................................
1,000,000
1,011,658
Revenue
,
2023
,
4.5
%
,
5/01/44
........................................
1,000,000
1,004,416
City
of
Springfield
,
Revenue
,
2023
,
4.375
%
,
11/01/42
.....................................
500,000
512,334
Public
Utility
,
COP
,
2025
,
4
%
,
11/01/47
..................................
20,000,000
18,777,790
City
of
St.
Charles
,
COP
,
2020
B
,
Refunding
,
3
%
,
2/01/39
.....................
1,000,000
904,563
City
of
St.
Louis
,
Airport
,
Revenue
,
2005
,
Refunding
,
NATL
Insured
,
5.5
%
,
7/01/29
..............
13,070,000
14,149,762
Airport
,
Revenue
,
2017
D
,
Refunding
,
AG
Insured
,
5
%
,
7/01/35
...............
1,000,000
1,015,133
Airport
,
Revenue
,
2017
D
,
Refunding
,
AG
Insured
,
5
%
,
7/01/36
...............
2,125,000
2,155,084
Airport
,
Revenue
,
2019
C
,
Refunding
,
5
%
,
7/01/27
.........................
1,705,000
1,745,103
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)
City
of
St.
Louis,
(continued)
Airport
,
Revenue
,
2024
A
,
AG
Insured
,
5.25
%
,
7/01/49
......................
$
7,730,000
$
8,161,411
Airport
,
Revenue
,
2024
A
,
AG
Insured
,
5.25
%
,
7/01/54
......................
2,000,000
2,085,828
City
of
University
City
,
COP
,
2024
,
5
%
,
4/01/49
.............................
1,205,000
1,247,351
Clay
County
Reorganized
School
District
No.
R-1
,
GO
,
2017
,
3
%
,
3/01/36
.............................................
1,540,000
1,494,545
GO
,
2017
,
3.125
%
,
3/01/37
..........................................
1,855,000
1,803,461
Community
College
District
of
Central
Southwest
Missouri
,
COP
,
2021
,
3
%
,
3/01/40
.............................................
575,000
518,140
COP
,
2021
,
3
%
,
3/01/41
.............................................
400,000
355,651
County
of
Jackson
,
Revenue
,
2023
A
,
4.25
%
,
12/01/53
....................................
2,660,000
2,512,666
Revenue
,
2023
A
,
5.25
%
,
12/01/58
....................................
8,925,000
9,246,734
County
of
Phelps
,
Phelps
County
Regional
Medical
Center
,
Revenue
,
2025
,
5.375
%
,
12/01/50
......
2,500,000
2,533,766
Phelps
County
Regional
Medical
Center
,
Revenue
,
2025
,
6
%
,
12/01/55
.........
2,500,000
2,644,554
Ferguson
Reorganized
School
District
No.
R-2
,
GO
,
2018
,
4
%
,
5/01/32
.............................................
1,000,000
1,006,083
GO
,
2018
,
5
%
,
5/01/38
.............................................
2,250,000
2,281,556
Hannibal
Board
of
Public
Works
,
COP
,
2022
,
3.625
%
,
4/01/44
.........................................
1,000,000
908,221
COP
,
2022
,
3.75
%
,
4/01/47
..........................................
1,000,000
882,427
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Bethesda
Health
Group,
Inc.
Obligated
Group
,
Revenue
,
2015
,
5
%
,
8/01/40
......
1,650,000
1,650,265
Bethesda
Health
Group,
Inc.
Obligated
Group
,
Revenue
,
2015
,
5
%
,
8/01/45
......
1,300,000
1,299,904
BJC
Healthcare
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/34
......
4,030,000
4,035,067
BJC
Healthcare
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/43
....
2,000,000
2,048,295
BJC
Healthcare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
7/01/51
.....
13,000,000
9,823,627
BJC
Healthcare
Obligated
Group
,
Revenue
,
2025
A
,
4.25
%
,
4/01/55
...........
5,000,000
4,699,159
CoxHealth
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/15/44
.................
5,000,000
4,764,705
Kansas
City
University
,
Revenue
,
2017
A
,
5
%
,
6/01/42
......................
2,800,000
2,831,079
Kansas
City
University
,
Revenue
,
2017
A
,
5
%
,
6/01/47
......................
4,875,000
4,902,336
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/40
........................................................
2,060,000
1,657,785
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/41
........................................................
2,120,000
1,665,903
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/46
........................................................
5,590,000
3,986,385
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/46
.......
4,000,000
4,000,272
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
2/01/46
........................................................
11,575,000
11,575,791
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
2/01/34
.......
2,000,000
2,042,001
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
2/01/42
.......
1,750,000
1,776,760
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
C
,
Refunding
,
4
%
,
2/01/33
........................................................
1,730,000
1,740,539
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2021
,
4
%
,
2/01/30
........
2,035,000
2,066,236
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2021
,
4
%
,
2/01/42
........
4,900,000
4,580,007
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
2/01/44
........................................................
1,050,000
1,097,289
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
2/01/54
........................................................
1,750,000
1,760,292
Maryville
University
of
St.
Louis
,
Revenue
,
2015
,
5
%
,
6/15/44
.................
5,000,000
4,915,226
Maryville
University
of
St.
Louis
,
Revenue
,
2019
A
,
5
%
,
6/15/45
...............
4,000,000
3,899,674
Maryville
University
of
St.
Louis
,
Revenue
,
2022
A
,
Refunding
,
3.125
%
,
6/15/38
...
2,300,000
1,971,831
Maryville
University
of
St.
Louis
,
Revenue
,
2022
A
,
Refunding
,
3.375
%
,
6/15/45
...
1,000,000
768,020
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)
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri,
(continued)
Maryville
University
of
St.
Louis
,
Revenue
,
2025
A
,
5.25
%
,
6/15/35
.............
$
2,610,000
$
2,800,734
Maryville
University
of
St.
Louis
,
Revenue
,
2025
A
,
5
%
,
6/15/40
...............
1,935,000
1,982,816
Maryville
University
of
St.
Louis
,
Revenue
,
2025
A
,
5.5
%
,
6/15/47
..............
3,000,000
3,025,402
Mercy
Health
,
Revenue
,
2012
,
4
%
,
11/15/42
.............................
8,000,000
7,801,204
Mercy
Health
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
11/15/42
...................
9,720,000
9,871,068
Mercy
Health
,
Revenue
,
2017
C
,
Refunding
,
4
%
,
11/15/47
...................
10,000,000
9,075,792
Mercy
Health
,
Revenue
,
2020
,
4
%
,
6/01/53
..............................
2,000,000
1,757,329
Mercy
Health
,
Revenue
,
2023
,
5
%
,
12/01/52
.............................
18,000,000
18,532,233
Mosaic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/15/54
4,000,000
3,390,381
SSM
Health
Care
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
6/01/48
............
13,500,000
13,632,994
SSM
Health
Care
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
6/01/52
............
5,000,000
5,141,104
St.
Louis
University
,
Revenue
,
2017
A
,
5
%
,
10/01/42
.......................
9,200,000
9,288,894
St.
Louis
University
,
Revenue
,
2017
A
,
5
%
,
10/01/47
.......................
11,490,000
11,552,887
Howard
Bend
Levee
District
,
Special
Tax
,
2021
,
2.75
%
,
3/01/31
.....................................
385,000
354,494
Special
Tax
,
2021
,
3
%
,
3/01/36
.......................................
500,000
422,524
Special
Tax
,
2021
,
3.125
%
,
3/01/41
....................................
1,000,000
796,351
Special
Tax
,
2022
,
3.375
%
,
3/01/32
....................................
75,000
70,115
Special
Tax
,
2022
,
3.5
%
,
3/01/37
......................................
175,000
152,722
Special
Tax
,
2022
,
3.625
%
,
3/01/42
....................................
200,000
163,606
Jackson
County
Reorganized
School
District
No.
7
,
GO
,
2026
,
5
%
,
3/01/46
........
3,000,000
3,207,444
Jefferson
County
School
District
No.
R-VI
,
Festus
,
COP
,
2021
B
,
3
%
,
4/01/42
.....................................
500,000
438,004
Festus
,
COP
,
2021
B
,
3
%
,
4/01/44
.....................................
1,500,000
1,268,746
Festus
,
COP
,
2021
B
,
2.375
%
,
4/01/46
..................................
2,000,000
1,327,739
Joplin
Industrial
Development
Authority
,
Freeman
Health
System
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
4
%
,
2/15/43
510,000
487,315
Freeman
Health
System
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
4
%
,
2/15/44
380,000
358,978
Kansas
City
Industrial
Development
Authority
,
Revenue
,
2011
A
,
5.5
%
,
9/01/29
......................................
4,585,000
4,602,703
Revenue
,
2011
A
,
Refunding
,
5.5
%
,
9/01/29
..............................
415,000
415,061
Revenue
,
2011
A
,
5.5
%
,
9/01/30
......................................
11,015,000
11,057,531
Revenue
,
2011
A
,
Refunding
,
5.5
%
,
9/01/30
..............................
985,000
985,144
Revenue
,
2011
A
,
Refunding
,
5
%
,
9/01/32
...............................
3,000,000
3,010,396
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/46
...................
30,680,000
30,975,341
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
AG
Insured
,
5
%
,
3/01/49
.........
8,000,000
8,044,109
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/54
...................
5,090,000
5,105,487
Lebanon
Reorganized
School
District
No.
R-3
,
GO
,
2024
,
4
%
,
3/01/44
...........
4,000,000
3,985,252
Maplewood-Richmond
Heights
School
District
,
GO
,
2025
,
5
%
,
3/01/45
...........
1,390,000
1,466,472
Metropolitan
St.
Louis
Sewer
District
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/01/47
...............................
10,000,000
10,077,948
Revenue
,
2025
C
,
Refunding
,
5
%
,
5/01/38
...............................
10,000,000
11,336,505
Revenue
,
2025
C
,
Refunding
,
5
%
,
5/01/39
...............................
5,330,000
6,006,267
Missouri
Development
Finance
Board
,
Revenue
,
2026
,
4.125
%
,
10/01/44
.....................................
2,515,000
2,485,541
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/30
...............
930,000
960,686
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
3
%
,
3/01/46
...............
2,640,000
1,841,461
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/51
...............
9,445,000
7,541,997
City
of
Independence
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
12/01/54
............
1,225,000
1,255,478
Procter
&
Gamble
Co.
(The)
,
Revenue
,
1999
,
5.2
%
,
3/15/29
..................
3,000,000
3,156,192
Zoological
Subdistrict
of
the
Metropolitan
Zoo
Park
&
Museum
District
of
St.
Louis
,
Revenue
,
2022
,
5.25
%
,
5/01/55
.....................................
2,500,000
2,587,261
Missouri
Housing
Development
Commission
,
Revenue
,
2018
B
,
GNMA
Insured
,
4
%
,
11/01/38
...........................
785,000
784,612
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
145
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Missouri
Housing
Development
Commission,
(continued)
Revenue
,
2020
C
,
GNMA
Insured
,
2.4
%
,
11/01/45
.........................
$
2,010,000
$
1,492,735
Revenue
,
2020
D
,
GNMA
Insured
,
2.55
%
,
11/01/50
........................
2,715,000
1,942,324
Revenue
,
2021
B
,
GNMA
Insured
,
2.3
%
,
11/01/51
.........................
7,220,000
4,757,652
Revenue
,
2022
A
,
GNMA
Insured
,
3.125
%
,
11/01/42
.......................
3,425,000
2,994,487
Revenue
,
2022
C
,
GNMA
Insured
,
4.3
%
,
11/01/47
.........................
1,900,000
1,846,751
Revenue
,
2022
C
,
GNMA
Insured
,
4.35
%
,
11/01/52
........................
2,370,000
2,260,590
Revenue
,
2024
G
,
GNMA
Insured
,
4.5
%
,
11/01/54
.........................
3,725,000
3,655,319
Revenue
,
2026
A
,
GNMA
Insured
,
4.7
%
,
11/01/56
.........................
2,900,000
2,897,724
Missouri
Joint
Municipal
Electric
Utility
Commission
,
MoPEP
1
Pool
Fund
,
Revenue
,
2018
,
5
%
,
12/01/43
................................................
2,000,000
2,019,669
Moberly
School
District
No.
81
,
GO
,
2026
,
5
%
,
3/01/45
.............................................
500,000
532,976
GO
,
2026
,
5
%
,
3/01/46
.............................................
375,000
395,995
Move
Rolla
Transportation
Development
District
,
Revenue
,
2017
,
4.75
%
,
6/01/47
...
5,050,000
4,861,522
Poplar
Bluff
Regional
Transportation
Development
District
,
Sales
Tax
,
Revenue
,
2023
B
,
Refunding
,
3.375
%
,
12/01/31
..................
950,000
929,550
Sales
Tax
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
12/01/37
......................
2,600,000
2,504,984
Republic
School
District
No.
R-3
,
GO
,
2023
,
4
%
,
3/01/43
......................
1,470,000
1,460,242
Springfield
School
District
No.
R-12
,
GO
,
2023
,
4
%
,
3/01/43
...................
2,000,000
2,033,369
St.
Charles
County
Public
Water
Supply
District
No.
2
,
COP
,
2022
,
4
%
,
12/01/44
............................................
5,000,000
4,876,882
COP
,
2024
,
5.25
%
,
12/01/46
.........................................
5,000,000
5,359,410
St.
Charles
County
School
District
No.
R-IV
Wentzville
,
GO
,
2018
,
Pre-Refunded
,
4
%
,
3/01/38
.........................................................
10,000,000
10,083,306
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2013
A
,
5.875
%
,
9/01/43
..
7,000,000
7,007,146
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/48
........................................................
7,095,000
7,019,395
St.
Louis
Land
Clearance
for
Redevelopment
Authority
,
Revenue
,
2021
,
2.25
%
,
7/15/41
.......................................
3,845,000
2,935,344
Revenue
,
2021
A
,
Refunding
,
2.125
%
,
4/01/39
............................
5,290,000
4,615,211
City
of
St.
Louis
,
Revenue
,
2022
C
,
5
%
,
6/01/36
...........................
2,025,000
2,076,214
City
of
St.
Louis
,
Revenue
,
2022
C
,
5
%
,
6/01/41
...........................
2,000,000
2,015,208
City
of
St.
Louis
,
Revenue
,
2022
C
,
5.125
%
,
6/01/46
.......................
2,600,000
2,595,015
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis
,
Revenue
,
2020
,
AG
Insured
,
5
%
,
10/01/45
..................
5,685,000
5,860,839
City
of
St.
Louis
,
Revenue
,
2020
,
AG
Insured
,
5
%
,
10/01/49
..................
2,175,000
2,220,246
St.
Louis
Municipal
Library
District
,
COP
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
3/15/48
2,800,000
2,607,810
St.
Louis
School
District
,
GO
,
2023
,
AG
Insured
,
4
%
,
4/01/43
..................
7,000,000
7,059,099
Strafford
Reorganized
School
District
No.
R-VI
,
GO
,
2023
,
4
%
,
3/01/43
...........
4,000,000
4,013,713
Waynesville
R-VI
School
District
,
COP
,
2025
,
4.625
%
,
4/15/50
.................
10,000,000
10,009,819
562,314,392
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
1,459,063
Texas
0.8%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,891,663
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
2.5
%
,
9/01/41
...............................
525,000
385,220
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,200,000
2,455,147
4,732,030
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
146
See
Abbreviations
on
page
195
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
0.3%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
$
1,900,000
$
1,652,384
Wisconsin
2.5%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
2,530,000
2,635,340
a
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,900,000
1,588,211
b
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
10,690,000
5,421,551
a
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
1,500,000
1,368,883
a,b
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
4,825,000
3,232,654
a
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,500,000
1,508,620
15,755,259
U.S.
Territories
2.3%
Guam
0.9%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
5,790,000
5,884,649
Puerto
Rico
1.4%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,750,000
1,769,155
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
1,404,000
1,352,569
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
6,000,000
5,929,165
9,050,889
Total
U.S.
Territories
....................................................................
14,935,538
Total
Municipal
Bonds
(Cost
$
630,295,073
)
.....................................
613,471,781
a
a
a
a
Short
Term
Investments
1.2%
Municipal
Bonds
1.2%
Missouri
1.2%
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
.........
7,700,000
7,700,000
Total
Municipal
Bonds
(Cost
$
7,700,000
)
.......................................
7,700,000
Total
Short
Term
Investments
(Cost
$
7,700,000
)
.................................
7,700,000
a
Total
Investments
(Cost
$
637,995,073
)
98.8
%
...................................
$621,171,781
Other
Assets,
less
Liabilities
1.2
%
.............................................
7,454,239
Net
Assets
100.0%
...........................................................
$628,626,020
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$19,153,781,
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),
May
31,
2026
Franklin
New
Jersey
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
147
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.2%
Residential
REITs
0.2%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,600,000
$
1,656,056
Total
Corporate
Bonds
(Cost
$
1,600,000
)
.......................................
1,656,056
Municipal
Bonds
96.8%
California
0.1%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,300,000
1,092,777
Delaware
1.9%
Delaware
River
&
Bay
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/44
.................................
12,500,000
12,476,078
Revenue
,
2021
,
4
%
,
1/01/46
.........................................
1,750,000
1,693,396
Revenue
,
2024
A
,
5
%
,
1/01/49
........................................
1,335,000
1,391,920
15,561,394
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
4,075,288
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
850,000
597,580
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
5,350,000
4,565,827
9,238,695
Georgia
0.2%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
430,000
448,263
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
2,525,000
1,276,389
1,724,652
New
Jersey
78.7%
Atlantic
County
Improvement
Authority
(The)
,
Stockton
University
,
Revenue
,
2021
A
,
AG
Insured
,
4
%
,
7/01/47
............................................
1,500,000
1,438,912
Camden
County
Improvement
Authority
(The)
,
b
Camden
Prep,
Inc.
,
Revenue
,
144A,
2022
,
5
%
,
7/15/32
.....................
250,000
261,433
b
Camden
Prep,
Inc.
,
Revenue
,
144A,
2022
,
5
%
,
7/15/42
.....................
1,770,000
1,787,123
b
Camden
Prep,
Inc.
,
Revenue
,
144A,
2022
,
5
%
,
7/15/52
.....................
3,000,000
2,892,243
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/47
..........
1,700,000
1,769,621
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/52
..........
2,100,000
2,167,614
Casino
Reinvestment
Development
Authority,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
4
%
,
11/01/44
.....................
1,350,000
1,323,244
Revenue
,
2024
B
,
AG
Insured
,
5
%
,
11/01/42
.............................
1,200,000
1,287,549
Revenue
,
2024
B
,
AG
Insured
,
5
%
,
11/01/43
.............................
825,000
879,961
Revenue
,
2024
B
,
AG
Insured
,
5
%
,
11/01/44
.............................
950,000
1,005,229
City
of
Newark
,
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AG
Insured
,
5
%
,
11/15/42
...........
1,000,000
1,083,306
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AG
Insured
,
5.375
%
,
11/15/52
........
1,500,000
1,598,723
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AG
Insured
,
6
%
,
11/15/62
...........
1,000,000
1,098,190
County
of
Monmouth
,
GO
,
2025
ABCE
,
5
%
,
3/01/37
........................................
6,780,000
7,800,471
GO
,
2025
ABCE
,
5
%
,
3/01/38
........................................
3,580,000
4,084,218
Cumberland
County
Improvement
Authority
(The)
,
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/36
............
955,000
984,582
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/37
............
1,000,000
1,029,383
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)
Cumberland
County
Improvement
Authority
(The),
(continued)
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/38
............
$
1,020,000
$
1,048,356
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/39
............
1,070,000
1,097,652
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/44
............
5,725,000
5,829,898
Essex
County
Improvement
Authority
,
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/38
........................................................
1,645,000
1,628,023
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/51
........................................................
2,700,000
2,337,898
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/56
........................................................
4,925,000
4,153,495
b
North
Star
Academy
Charter
School
of
Newark,
Inc.
,
Revenue
,
144A,
2024
A
,
Refunding
,
5
%
,
7/15/40
............................................
375,000
385,965
b
North
Star
Academy
Charter
School
of
Newark,
Inc.
,
Revenue
,
144A,
2024
A
,
Refunding
,
5
%
,
7/15/54
............................................
500,000
487,625
Gloucester
County
Improvement
Authority
(The)
,
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/37
...........................
750,000
760,600
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/38
...........................
700,000
708,223
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/39
...........................
600,000
605,794
Rowan
University
,
Revenue
,
2019
,
5
%
,
7/01/44
...........................
4,925,000
5,123,601
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/48
...........................
5,250,000
4,915,910
Rowan
University
,
Revenue
,
2024
,
BAM
Insured
,
5
%
,
7/01/54
................
5,000,000
5,119,896
Rowan
University
,
Revenue
,
2025
,
Refunding
,
5
%
,
7/01/43
..................
1,200,000
1,316,660
Rowan
University
,
Revenue
,
2025
,
Refunding
,
5
%
,
7/01/44
..................
1,400,000
1,522,905
Hudson
County
Improvement
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/40
.................................
1,000,000
1,006,588
County
of
Hudson
,
Revenue
,
2016
,
5.25
%
,
5/01/51
........................
6,000,000
6,003,935
Jersey
City
Municipal
Utilities
Authority
,
Revenue
,
2026
D
,
BAM
Insured
,
5
%
,
10/15/56
............................
1,000,000
1,051,646
Sewer
Fund
,
Revenue
,
2025
E
,
BAM
Insured
,
5.75
%
,
10/15/55
...............
1,350,000
1,490,817
Water
Fund
,
Revenue
,
2024
C
,
AG
Insured
,
5.25
%
,
10/15/54
.................
1,500,000
1,592,474
Middlesex
County
Improvement
Authority
,
b
H3
Residential
Urban
Renewal
LLC
,
Revenue
,
144A,
2026
,
IA
,
5.95
%
,
6/01/61
...
5,000,000
5,122,556
Rutgers
The
State
University
of
New
Jersey
,
Revenue
,
2023
A
,
5
%
,
8/15/53
......
1,050,000
1,094,447
Monmouth
County
Improvement
Authority
(The)
,
Little
Silver
School
District
,
Revenue
,
2022
C
,
5
%
,
8/15/39
...............................................
1,045,000
1,150,505
New
Brunswick
Parking
Authority
,
Revenue
,
2016
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/39
.........................................................
5,000,000
5,015,329
New
Jersey
Economic
Development
Authority
,
Advanced
Schools,
Inc.
,
Revenue
,
2025
,
5
%
,
11/01/35
......................
500,000
534,821
Advanced
Schools,
Inc.
,
Revenue
,
2025
,
5
%
,
11/01/45
......................
675,000
686,612
Advanced
Schools,
Inc.
,
Revenue
,
2025
,
5.125
%
,
11/01/55
..................
900,000
888,476
Middlesex
Water
Co.
,
Revenue
,
2019
,
4
%
,
8/01/59
........................
6,200,000
5,351,051
Middlesex
Water
Co.
,
Revenue
,
2019
,
5
%
,
8/01/59
........................
7,245,000
7,308,932
d
New
Jersey
Natural
Gas
Co.
,
Revenue
,
2005
C
,
Refunding
,
Mandatory
Put
,
3.75
%
,
4/01/33
........................................................
750,000
760,613
Port
Newark
Container
Terminal
LLC
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/37
...
250,000
253,296
Port
Newark
Container
Terminal
LLC
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/47
...
19,175,000
19,203,824
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/32
..........
640,000
642,354
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/37
..........
600,000
600,590
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..........
1,500,000
1,447,343
Provident
Group-Montclair
Properties
LLC
,
Revenue
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
6/01/42
....................................................
6,000,000
6,065,445
Provident
Group-Rowan
Properties
LLC
,
Revenue
,
A
,
5
%
,
1/01/48
.............
7,000,000
6,911,657
State
of
New
Jersey
,
Revenue
,
2005
N-1
,
Refunding
,
NATL
Insured
,
5.5
%
,
9/01/27
8,660,000
8,965,083
State
of
New
Jersey
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/39
.....................
2,500,000
2,502,923
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
Economic
Development
Authority,
(continued)
State
of
New
Jersey
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/46
.....................
$
1,250,000
$
1,174,256
State
of
New
Jersey
,
Revenue
,
2022
A
,
5
%
,
11/01/52
.......................
5,000,000
5,117,123
New
Jersey
Educational
Facilities
Authority
,
Kean
University
,
Revenue
,
2015
H
,
Refunding
,
AG
Insured
,
5
%
,
7/01/34
........
2,205,000
2,207,945
Kean
University
,
Revenue
,
2015
H
,
Refunding
,
AG
Insured
,
5
%
,
7/01/35
........
5,000,000
5,006,516
Kean
University
,
Revenue
,
2017
D
,
Refunding
,
BAM
Insured
,
4
%
,
9/01/38
.......
1,150,000
1,154,411
Montclair
State
University,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
5
%
,
7/01/40
........................................................
1,000,000
1,109,553
Montclair
State
University,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
5
%
,
7/01/43
........................................................
1,000,000
1,088,766
Ramapo
College
of
New
Jersey
,
Revenue
,
2017
A
,
Refunding
,
AG
Insured
,
5
%
,
7/01/35
........................................................
3,955,000
4,030,459
Seton
Hall
University
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
7/01/34
..............
400,000
400,268
Seton
Hall
University
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
7/01/37
..............
1,300,000
1,300,605
Seton
Hall
University
,
Revenue
,
2017
D
,
Refunding
,
5
%
,
7/01/42
..............
3,945,000
3,962,269
Seton
Hall
University
,
Revenue
,
2020
C
,
AG
Insured
,
3.25
%
,
7/01/49
...........
1,150,000
946,386
Seton
Hall
University
,
Revenue
,
2020
C
,
AG
Insured
,
4
%
,
7/01/50
.............
1,850,000
1,742,164
State
of
New
Jersey
,
Revenue
,
2023
A
,
4.625
%
,
9/01/48
....................
2,000,000
2,028,552
State
of
New
Jersey
,
Revenue
,
2023
A
,
5.25
%
,
9/01/53
.....................
2,000,000
2,089,924
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
1998-1
,
ETM,
5
%
,
7/01/28
........................................................
250,000
255,741
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/36
........................................................
1,600,000
1,625,551
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/42
........................................................
9,430,000
9,520,957
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
........................................................
4,085,000
4,101,054
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2020
A
,
5
%
,
7/01/45
.
4,000,000
4,097,812
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2020
A
,
4
%
,
7/01/50
.
11,640,000
10,223,222
Trustees
of
Princeton
University
(The)
,
Revenue
,
2024
A-2
,
5
%
,
3/01/40
........
2,160,000
2,421,635
Trustees
of
Princeton
University
(The)
,
Revenue
,
2024
B
,
4
%
,
3/01/53
..........
5,000,000
4,773,151
Trustees
of
Princeton
University
(The)
,
Revenue
,
2024
B
,
5.25
%
,
3/01/54
........
8,500,000
9,070,187
New
Jersey
Health
Care
Facilities
Financing
Authority
,
AHS
Hospital
Corp.
,
Revenue
,
2008
A
,
5
%
,
7/01/27
........................
85,000
85,145
AHS
Hospital
Corp.
,
Revenue
,
2016
,
Refunding
,
4
%
,
7/01/41
.................
10,000,000
9,870,501
AtlantiCare
Health
System
Obligated
Group
,
Revenue
,
2021
,
4
%
,
7/01/37
.......
750,000
766,934
AtlantiCare
Health
System
Obligated
Group
,
Revenue
,
2021
,
3
%
,
7/01/46
.......
1,000,000
804,347
Hackensack
Meridian
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/39
........................................................
11,000,000
11,187,089
Inspira
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
......
18,500,000
18,507,493
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/42
...............
7,000,000
7,087,087
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
4
%
,
7/01/47
...............
8,700,000
8,195,801
Inspira
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
7/01/54
....
6,000,000
6,319,082
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/43
10,000,000
10,018,369
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
7/01/54
........................................................
5,115,000
5,440,556
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5.5
%
,
7/01/38
1,470,000
1,743,716
St.
Joseph's
Healthcare
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/41
........................................................
5,850,000
5,853,120
State
of
New
Jersey
,
Revenue
,
2024
,
Refunding
,
5
%
,
9/15/27
................
2,000,000
2,060,067
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/35
...........
1,000,000
1,012,619
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/37
...........
3,950,000
3,973,854
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/38
...........
2,200,000
2,208,607
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/44
...........
12,000,000
11,546,466
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
150
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue
,
2019
B
,
Refunding
,
3.25
%
,
12/01/39
............................
$
1,780,000
$
1,768,083
Revenue
,
2020
C
,
Refunding
,
4.25
%
,
12/01/50
...........................
1,750,000
1,509,643
Revenue
,
2021
B
,
Refunding
,
5
%
,
12/01/29
..............................
2,830,000
2,989,440
Revenue
,
2023
C
,
5
%
,
12/01/53
.......................................
3,125,000
3,057,769
Revenue
,
2024
C
,
5.25
%
,
12/01/54
....................................
2,000,000
2,015,889
Revenue
,
2025
1-C
,
Refunding
,
5.5
%
,
12/01/55
...........................
3,000,000
3,037,855
e
Revenue
,
2026
A
,
Refunding
,
4.25
%
,
12/01/46
............................
1,000,000
1,003,460
e
Revenue
,
2026
B
,
Refunding
,
5.25
%
,
12/01/56
............................
1,000,000
1,008,121
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
3.5
%
,
12/01/39
...................
3,405,000
3,322,419
Revenue,
Senior
Lien
,
2025
1-A
,
Refunding
,
5
%
,
12/01/35
...................
1,500,000
1,642,541
New
Jersey
Housing
&
Mortgage
Finance
Agency
,
Revenue
,
2018
A
,
Refunding
,
3.95
%
,
11/01/43
............................
1,100,000
1,070,378
Revenue
,
2019
A
,
Refunding
,
3
%
,
11/01/44
..............................
510,000
425,081
Revenue
,
2019
C
,
Refunding
,
3.95
%
,
10/01/44
...........................
3,955,000
3,924,030
Revenue
,
2020
E
,
Refunding
,
2.05
%
,
10/01/35
............................
4,005,000
3,469,419
Revenue
,
2020
E
,
Refunding
,
2.25
%
,
10/01/40
............................
8,020,000
6,423,577
Revenue
,
2020
E
,
Refunding
,
2.4
%
,
10/01/45
.............................
3,205,000
2,381,994
Revenue
,
2020
E
,
Refunding
,
2.45
%
,
10/01/50
............................
2,400,000
1,676,190
Revenue
,
2024
D-1
,
GNMA
Insured
,
5.1
%
,
11/01/45
........................
3,000,000
3,116,102
Revenue
,
2025
M
,
5.05
%
,
10/01/45
....................................
2,445,000
2,520,274
Montgomery
Gateway
Preservation
LP
,
Revenue
,
2025
A
,
FNMA
Insured
,
4.55
%
,
5/01/41
........................................................
4,200,000
4,333,452
New
Jersey
Infrastructure
Bank
,
Revenue
,
2022
A-2
,
5
%
,
9/01/52
......................................
6,070,000
6,324,875
Revenue
,
2024
A-W1
,
5
%
,
9/01/49
.....................................
2,000,000
2,123,128
New
Jersey
Institute
of
Technology
,
Revenue
,
2025
A
,
Refunding
,
BAM
Insured
,
5
%
,
7/01/44
....................
5,300,000
5,820,699
Revenue
,
2025
A
,
Refunding
,
BAM
Insured
,
5.25
%
,
7/01/55
..................
1,750,000
1,879,096
New
Jersey
Transportation
Trust
Fund
Authority
,
c
State
of
New
Jersey
,
Revenue
,
2006
C
,
AG
Insured
,
3.36
%,
12/15/33
...........
10,000,000
7,791,877
c
State
of
New
Jersey
,
Revenue
,
2009
A
,
3.34
%,
12/15/32
....................
10,000,000
8,067,984
c
State
of
New
Jersey
,
Revenue
,
2009
A
,
3.67
%,
12/15/36
....................
500,000
341,789
c
State
of
New
Jersey
,
Revenue
,
2009
A
,
BAM
Insured
,
3.85
%,
12/15/39
.........
10,000,000
5,994,255
c
State
of
New
Jersey
,
Revenue
,
2010
A
,
3.08
%,
12/15/29
....................
5,000,000
4,489,857
c
State
of
New
Jersey
,
Revenue
,
2010
A
,
4.03
%,
12/15/40
....................
4,750,000
2,673,706
State
of
New
Jersey
,
Revenue
,
2019
BB
,
4
%
,
6/15/44
......................
6,000,000
5,830,268
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/45
......................
8,435,000
8,736,097
State
of
New
Jersey
,
Revenue
,
2020
AA
,
4
%
,
6/15/50
......................
3,670,000
3,371,156
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/41
........................
2,000,000
1,975,503
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/42
......................
2,400,000
2,361,788
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/46
......................
7,325,000
6,911,034
State
of
New
Jersey
,
Revenue
,
2022
CC
,
Pre-Refunded
,
5.5
%
,
6/15/50
.........
1,250,000
1,461,163
State
of
New
Jersey
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
6/15/38
...............
4,000,000
4,384,650
State
of
New
Jersey
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
6/15/41
............
2,500,000
2,743,056
State
of
New
Jersey
,
Revenue
,
2023
BB
,
5.25
%
,
6/15/50
....................
2,000,000
2,101,343
State
of
New
Jersey
,
Revenue
,
2024
CC
,
4.125
%
,
6/15/50
...................
1,250,000
1,176,106
State
of
New
Jersey
,
Revenue
,
2024
CC
,
5.25
%
,
6/15/50
....................
9,555,000
10,064,410
New
Jersey
Turnpike
Authority
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
1/01/40
...............................
1,345,000
1,377,262
Revenue
,
2017
G
,
Refunding
,
4
%
,
1/01/43
...............................
5,000,000
5,000,718
Revenue
,
2021
A
,
4
%
,
1/01/51
........................................
4,010,000
3,809,422
Revenue
,
2022
B
,
4.5
%
,
1/01/48
......................................
5,000,000
5,038,102
Revenue
,
2024
B
,
5.25
%
,
1/01/49
.....................................
15,000,000
15,993,603
Revenue
,
2024
B
,
4.125
%
,
1/01/54
....................................
1,500,000
1,442,003
Revenue
,
2024
B
,
5.25
%
,
1/01/54
.....................................
2,000,000
2,114,713
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
151
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Turnpike
Authority,
(continued)
Revenue
,
2024
C
,
Refunding
,
5
%
,
1/01/42
...............................
$
13,900,000
$
15,145,451
Revenue
,
2024
C
,
Refunding
,
5
%
,
1/01/43
...............................
7,360,000
7,980,010
Revenue
,
2025
A
,
5.25
%
,
1/01/55
.....................................
10,000,000
10,680,618
Newark
Board
of
Education
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/39
..........................
700,000
624,673
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/40
..........................
750,000
654,389
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/41
..........................
750,000
643,601
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/42
..........................
700,000
589,277
Newark
Housing
Authority
,
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
2017
,
Refunding
,
4
%
,
1/01/37
.............................................
19,245,000
19,298,755
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
4.25
%
,
7/01/33
........
175,000
177,876
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.25
%
,
7/01/43
........
670,000
688,060
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.375
%
,
7/01/53
.......
1,000,000
1,009,143
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.5
%
,
7/01/58
.........
1,000,000
1,012,995
Paterson
Charter
School
for
Science
and
Technology,
Inc.
,
Revenue
,
2025
,
4.125
%
,
7/01/33
........................................................
715,000
726,139
Paterson
Charter
School
for
Science
and
Technology,
Inc.
,
Revenue
,
2025
,
4.5
%
,
7/01/40
........................................................
1,000,000
1,008,119
Paterson
Charter
School
for
Science
and
Technology,
Inc.
,
Revenue
,
2025
,
5
%
,
7/01/44
........................................................
625,000
634,085
South
Jersey
Port
Corp.
,
Revenue,
Sub.
Lien
,
2017
B
,
5
%
,
1/01/34
...............................
625,000
637,939
Revenue,
Sub.
Lien
,
2017
B
,
5
%
,
1/01/35
...............................
1,760,000
1,794,544
Revenue,
Sub.
Lien
,
2017
B
,
5
%
,
1/01/48
...............................
4,625,000
4,632,514
South
Jersey
Transportation
Authority
,
Revenue
,
2020
A
,
5
%
,
11/01/45
.......................................
5,750,000
5,938,379
Revenue
,
2022
A
,
4.625
%
,
11/01/47
....................................
6,000,000
5,987,561
Revenue
,
2022
A
,
5.25
%
,
11/01/52
.....................................
5,540,000
5,746,030
Revenue
,
2025
A
,
Refunding
,
BAM
Insured
,
5
%
,
11/01/39
...................
2,120,000
2,352,091
State
of
New
Jersey
,
GO
,
2020
A
,
4
%
,
6/01/31
............................................
4,500,000
4,756,427
GO
,
2020
A
,
3
%
,
6/01/32
............................................
3,400,000
3,394,250
GO
,
2020
A
,
4
%
,
6/01/32
............................................
10,000,000
10,623,858
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
6/01/46
..
17,000,000
17,022,335
Union
County
Improvement
Authority
,
Revenue
,
2024
,
4.125
%
,
4/15/54
...........
5,500,000
5,210,628
652,380,107
New
York
2.9%
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
242
,
Refunding
,
5
%
,
12/01/53
.................................
6,250,000
6,372,472
Revenue
,
244
,
Refunding
,
5
%
,
7/15/54
.................................
7,500,000
7,830,665
Revenue
,
250
,
Refunding
,
5
%
,
10/15/47
.................................
2,500,000
2,681,538
Revenue
,
250
,
Refunding
,
5.25
%
,
10/15/51
..............................
6,400,000
6,900,932
23,785,607
Oregon
0.3%
b
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
2,000,000
2,084,375
Pennsylvania
5.9%
Delaware
River
Joint
Toll
Bridge
Commission
,
Revenue
,
2017
,
5
%
,
7/01/42
........
19,500,000
19,771,623
Delaware
River
Port
Authority
,
Revenue
,
2018
A
,
5
%
,
1/01/38
........................................
7,010,000
7,302,314
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
152
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Delaware
River
Port
Authority,
(continued)
Revenue
,
2018
A
,
5
%
,
1/01/39
........................................
$
3,650,000
$
3,795,147
Revenue
,
2018
A
,
5
%
,
1/01/40
........................................
9,565,000
9,928,382
Revenue
,
2025
,
Refunding
,
5
%
,
1/01/39
.................................
2,000,000
2,227,240
Revenue
,
2025
,
Refunding
,
5
%
,
1/01/40
.................................
5,000,000
5,532,609
48,557,315
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
855,387
Texas
0.5%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,891,663
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,700,000
2,071,531
3,963,194
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
1,217,546
Wisconsin
1.6%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
2,015,000
2,098,897
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,500,000
1,253,851
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
11,450,000
5,806,994
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
3,225,000
2,160,686
b
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
2,000,000
2,011,493
13,331,921
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
1,044,881
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
850,000
863,895
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.25
%
,
7/01/50
.............
5,700,000
5,867,228
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.5
%
,
7/01/55
..............
6,300,000
6,564,070
Guam
Power
Authority
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/39
..............
500,000
534,929
Territory
of
Guam
,
Revenue
,
2025
G
,
Refunding
,
5.25
%
,
1/01/39
............................
500,000
543,559
Revenue
,
2025
G
,
Refunding
,
5.25
%
,
1/01/40
............................
1,000,000
1,081,789
16,500,351
Puerto
Rico
1.4%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,200,000
1,213,135
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
10,000,000
9,881,941
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
153
See
Abbreviations
on
page
195
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
$
850,000
$
818,850
11,913,926
Total
U.S.
Territories
....................................................................
28,414,277
Total
Municipal
Bonds
(Cost
$
808,079,337
)
.....................................
802,207,247
Total
Long
Term
Investments
(Cost
$
809,679,337
)
...............................
803,863,303
a
a
a
a
a
Short
Term
Investments
1.9%
Municipal
Bonds
1.9%
New
Jersey
1.9%
f
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009
B
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
1.8
%
,
7/01/43
..................................
800,000
800,000
Virtua
Health
Obligated
Group
,
Revenue
,
2009
C
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
1.7
%
,
7/01/43
..................................
15,360,000
15,360,000
16,160,000
Total
Municipal
Bonds
(Cost
$
16,160,000
)
......................................
16,160,000
Total
Short
Term
Investments
(Cost
$
16,160,000
)
................................
16,160,000
a
Total
Investments
(Cost
$
825,839,337
)
98.9
%
...................................
$820,023,303
Other
Assets,
less
Liabilities
1.1
%
.............................................
8,981,028
Net
Assets
100.0%
...........................................................
$829,004,331
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$27,755,221,
representing
3.3%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
Security
purchased
on
a
when-issued
basis.
f
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
Franklin
North
Carolina
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
154
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Residential
REITs
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,600,000
$
1,656,056
Total
Corporate
Bonds
(Cost
$
1,600,000
)
.......................................
1,656,056
Municipal
Bonds
97.1%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,300,000
1,933,375
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
4,204,663
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
1,500,000
1,054,552
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
5,300,000
4,523,156
9,782,371
Georgia
0.2%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
250,000
260,618
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
2,100,000
1,061,551
1,322,169
Illinois
0.1%
Metropolitan
Pier
&
Exposition
Authority
,
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
....................
500,000
502,808
New
Jersey
0.8%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2019
BB
,
5
%
,
6/15/44
......................
2,900,000
2,984,445
State
of
New
Jersey
,
Revenue
,
2020
AA
,
3
%
,
6/15/50
......................
500,000
372,966
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/50
......................
1,010,000
1,030,044
State
of
New
Jersey
,
Revenue
,
2020
AA
,
Pre-Refunded
,
5
%
,
6/15/50
...........
280,000
309,532
4,696,987
New
York
1.6%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
E
,
Refunding
,
4
%
,
11/15/45
..............................
1,595,000
1,486,941
Revenue
,
2021
A-1
,
4
%
,
11/15/48
.....................................
5,325,000
4,747,150
Revenue
,
2021
A-2
,
4
%
,
11/15/41
.....................................
3,000,000
2,939,307
9,173,398
North
Carolina
84.1%
Cape
Fear
Public
Utility
Authority
,
Revenue
,
2025
,
Refunding
,
5
%
,
4/01/37
.................................
275,000
313,312
Revenue
,
2025
,
Refunding
,
5
%
,
4/01/38
.................................
275,000
311,591
Revenue
,
2025
,
Refunding
,
5
%
,
4/01/39
.................................
325,000
366,057
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/15/40
.......
14,000,000
14,013,247
Atrium
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/15/36
.......
5,000,000
5,231,315
Atrium
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
1/15/43
.......
2,000,000
1,999,540
City
of
Charlotte
,
COP
,
2019
A
,
Refunding
,
5
%
,
6/01/44
..................................
8,250,000
8,526,982
GO
,
2023
B
,
Refunding
,
5
%
,
7/01/42
...................................
2,925,000
3,206,244
GO
,
2023
B
,
Refunding
,
5
%
,
7/01/43
...................................
2,300,000
2,509,054
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
155
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
City
of
Charlotte,
(continued)
GO
,
2025
B
,
Refunding
,
5
%
,
7/01/42
...................................
$
1,690,000
$
1,891,687
Airport
,
Revenue
,
2019
B
,
4
%
,
7/01/44
..................................
5,515,000
5,264,768
Airport
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/40
.........................
9,030,000
9,085,553
Airport
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/41
.........................
2,410,000
2,422,182
Airport
,
Revenue
,
2023
A
,
5
%
,
7/01/48
..................................
4,500,000
4,679,478
Airport
,
Revenue
,
2023
A
,
5
%
,
7/01/53
..................................
6,155,000
6,352,062
Airport
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
7/01/55
.......................
3,000,000
3,175,247
d
Airport
,
Revenue
,
2026
,
Refunding
,
5.25
%
,
7/01/51
........................
1,000,000
1,071,882
d
Airport
,
Revenue
,
2026
,
Refunding
,
5.25
%
,
7/01/56
........................
2,000,000
2,124,415
Water
&
Sewer
System
,
Revenue
,
2018
,
Refunding
,
4
%
,
7/01/38
..............
4,150,000
4,195,209
Water
&
Sewer
System
,
Revenue
,
2020
,
Refunding
,
2
%
,
7/01/41
..............
500,000
382,691
City
of
Durham
,
Revenue
,
2026
A
,
5
%
,
4/01/43
........................................
1,075,000
1,193,239
Water
&
Sewer
Utility
System
,
Revenue
,
2024
,
4
%
,
8/01/49
..................
3,960,000
3,820,036
Water
&
Sewer
Utility
System
,
Revenue
,
2024
,
4
%
,
8/01/53
..................
3,400,000
3,181,862
City
of
Fayetteville
,
Public
Works
Commission
,
Revenue
,
2018
,
Refunding
,
4
%
,
3/01/41
............
4,015,000
3,997,588
Public
Works
Commission
,
Revenue
,
2023
,
5
%
,
3/01/53
....................
2,200,000
2,266,229
City
of
Greensboro
,
Combined
Water
&
Sewer
System
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/45
....
4,500,000
4,503,451
Combined
Water
&
Sewer
System
,
Revenue
,
2024
B
,
5
%
,
6/01/49
.............
1,500,000
1,578,663
Combined
Water
&
Sewer
System
,
Revenue
,
2024
B
,
5
%
,
6/01/54
.............
3,500,000
3,648,130
City
of
Raleigh
,
GO
,
2023
A
,
Refunding
,
5
%
,
4/01/41
...................................
1,775,000
1,950,330
Combined
Enterprise
System
,
Revenue
,
2023
,
Refunding
,
4
%
,
9/01/53
.........
3,000,000
2,807,200
City
of
Winston-Salem
,
Water
&
Sewer
System
,
Revenue
,
2017
,
4
%
,
6/01/47
......
10,000,000
9,832,287
Columbus
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
,
International
Paper
Co.
,
Revenue
,
2020
A
,
Refunding
,
4.2
%
,
5/01/34
...........
2,500,000
2,599,571
County
of
Buncombe
,
GO
,
2026
A
,
4
%
,
6/01/43
.............................
1,590,000
1,609,960
County
of
Catawba
,
Revenue
,
2023
,
4
%
,
4/01/43
...........................
400,000
401,228
County
of
Dare
,
Revenue
,
2021
A
,
3
%
,
6/01/38
........................................
375,000
346,515
Revenue
,
2021
A
,
3
%
,
6/01/39
........................................
585,000
532,947
Revenue
,
2021
A
,
3
%
,
6/01/40
........................................
250,000
224,454
Revenue
,
2021
A
,
3
%
,
6/01/41
........................................
450,000
397,295
County
of
Guilford
,
GO
,
2024
,
4
%
,
3/01/43
.............................................
5,000,000
5,033,731
GO
,
2025
,
5
%
,
3/01/38
.............................................
4,085,000
4,656,170
GO
,
2025
,
5
%
,
3/01/39
.............................................
3,000,000
3,396,812
GO
,
2025
,
4
%
,
3/01/43
.............................................
3,000,000
3,022,452
GO
,
2025
,
4
%
,
3/01/45
.............................................
5,000,000
4,980,751
County
of
Henderson
,
Revenue
,
2025
,
Refunding
,
5
%
,
10/01/40
................................
625,000
699,849
Revenue
,
2025
,
Refunding
,
5
%
,
10/01/41
................................
575,000
641,743
County
of
Iredell
,
GO
,
2025
,
4
%
,
4/01/45
..................................
4,195,000
4,204,405
County
of
Johnston
,
GO
,
2025
,
5
%
,
2/01/39
.............................................
5,000,000
5,658,341
Water
&
Sewer
System
,
Revenue
,
2023
,
4
%
,
4/01/53
.......................
1,150,000
1,076,694
County
of
Lincoln
,
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
3
%
,
8/01/38
..................
400,000
368,745
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
3
%
,
8/01/41
..................
480,000
422,766
County
of
Mecklenburg
,
GO
,
2025
B
,
4
%
,
2/01/45
...........................
5,000,000
5,011,029
County
of
New
Hanover
,
Revenue
,
2021
,
Refunding
,
5
%
,
8/01/30
.................................
3,375,000
3,692,567
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)
County
of
New
Hanover,
(continued)
NHW
Healthcare,
Inc.
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
10/01/42
...........
$
5,000,000
$
5,160,698
NHW
Healthcare,
Inc.
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
10/01/47
...........
13,565,000
14,000,975
County
of
Wake
,
GO
,
2019
A
,
5
%
,
3/01/32
............................................
5,000,000
5,310,317
GO
,
2026
A
,
5
%
,
4/01/36
............................................
3,180,000
3,721,054
Revenue
,
2021
,
3
%
,
3/01/35
.........................................
5,535,000
5,410,833
Revenue
,
2021
,
3
%
,
3/01/36
.........................................
6,000,000
5,785,664
Greater
Asheville
Regional
Airport
Authority
,
Revenue
,
2023
,
AG
Insured
,
5.25
%
,
7/01/41
.............................
1,405,000
1,519,657
Revenue
,
2023
,
AG
Insured
,
5.25
%
,
7/01/53
.............................
7,500,000
7,710,705
Greenville
Utilities
Commission
,
Revenue
,
2025
,
5
%
,
9/01/49
..................
2,460,000
2,593,818
Nash
Health
Care
Systems
,
Revenue
,
2025
,
5.75
%
,
2/01/50
.......................................
1,250,000
1,344,020
Revenue
,
2025
,
5.25
%
,
2/01/55
.......................................
5,500,000
5,641,940
North
Carolina
Agricultural
&
Technical
State
University
,
Revenue
,
2023
,
5
%
,
10/01/43
1,000,000
1,068,372
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/27
..........
400,000
407,360
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/28
..........
500,000
515,975
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/29
..........
550,000
573,651
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/30
..........
1,860,000
1,955,627
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/31
..........
1,855,000
1,960,099
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/32
..........
1,000,000
1,051,706
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/33
..........
1,670,000
1,746,103
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/34
..........
740,000
729,121
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/35
..........
360,000
352,465
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/40
.................
2,500,000
2,513,189
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/44
.................
7,000,000
7,028,985
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/32
................
2,000,000
2,073,576
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/33
................
3,210,000
3,314,448
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/34
................
2,270,000
2,333,486
Wake
Forest
University
,
Revenue
,
2018
,
5
%
,
1/01/48
.......................
13,500,000
13,649,518
North
Carolina
Central
University
,
Revenue
,
2019
,
AG
Insured
,
5
%
,
4/01/44
................................
1,575,000
1,620,630
Revenue
,
2019
,
4
%
,
4/01/49
.........................................
1,000,000
870,102
North
Carolina
Housing
Finance
Agency
,
Revenue
,
41
,
GNMA
Insured
,
3.55
%
,
7/01/44
.............................
4,175,000
3,906,878
Revenue
,
41
,
GNMA
Insured
,
3.625
%
,
7/01/49
............................
6,325,000
5,568,245
Revenue
,
42
,
GNMA
Insured
,
2.45
%
,
7/01/34
.............................
750,000
689,916
Revenue
,
42
,
GNMA
Insured
,
2.625
%
,
7/01/39
............................
3,035,000
2,629,774
Revenue
,
42
,
GNMA
Insured
,
2.85
%
,
1/01/43
.............................
2,660,000
2,266,554
Revenue
,
43
,
GNMA
Insured
,
2.8
%
,
1/01/40
..............................
4,715,000
4,098,199
Revenue
,
43
,
GNMA
Insured
,
2.95
%
,
7/01/43
.............................
2,170,000
1,876,607
Revenue
,
44
,
3
%
,
7/01/46
...........................................
2,740,000
2,240,500
Revenue
,
45
,
Refunding
,
GNMA
Insured
,
2.2
%
,
7/01/40
.....................
1,795,000
1,433,519
Revenue
,
46
A
,
GNMA
Insured
,
1.55
%
,
1/01/30
...........................
2,100,000
1,941,884
Revenue
,
46
A
,
GNMA
Insured
,
1.75
%
,
1/01/31
...........................
975,000
888,613
North
Carolina
Medical
Care
Commission
,
Atrium
Health
Wake
Forest
Baptist
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
12/01/33
1,000,000
1,046,011
Carolina
Meadows,
Inc.
Obligated
Group
,
Revenue
,
2024
,
4
%
,
12/01/39
........
10,765,000
10,722,427
Carolina
Meadows,
Inc.
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
12/01/44
......
340,000
359,748
Chapel
Hill
Residential
Center,
Inc.
Obligated
Group
,
Revenue
,
2025
,
5.25
%
,
12/01/55
.......................................................
3,000,000
3,081,857
Deerfield
Episcopal
Retirement
Community
Obligated
Group
,
Revenue
,
2026
A
,
5.25
%
,
11/01/50
.................................................
4,000,000
4,072,743
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
157
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Medical
Care
Commission,
(continued)
Duke
University
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2016
D
,
Refunding
,
4
%
,
6/01/42
....................................................
$
7,000,000
$
6,999,922
Duke
University
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
6/01/42
....................................................
1,000,000
1,076,727
EveryAge
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
9/01/47
..........
2,935,000
2,656,787
EveryAge
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
9/01/51
..........
960,000
834,227
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/33
............
355,000
358,059
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/34
............
185,000
186,069
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/41
............
920,000
871,614
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/46
............
1,665,000
1,468,263
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/51
............
1,670,000
1,389,824
Friends
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
9/01/50
..............
3,000,000
2,502,411
Lutheran
Retirement
Ministries
of
Alamance
County
Obligated
Group
,
Revenue
,
2025
A
,
5.25
%
,
1/01/55
................................................
4,000,000
4,045,263
Novant
Health
Obligated
Group
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
11/01/46
.....
20,000,000
20,010,288
Novant
Health
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/01/49
..............
2,115,000
1,906,017
Novant
Health
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/01/52
..............
6,640,000
5,986,236
Pines
at
Davidson,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
1/01/34
........
2,050,000
2,092,995
Pines
at
Davidson,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
1/01/49
........
5,000,000
5,008,546
Plantation
Village,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/41
1,020,000
985,848
Plantation
Village,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/52
3,510,000
2,950,288
Plantation
Village,
Inc.
Obligated
Group
,
Revenue
,
2026
A
,
5.2
%
,
1/01/56
.......
1,825,000
1,832,599
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
10/01/31
5,000,000
5,022,983
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/40
.........
1,800,000
1,848,853
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
10/01/45
.........
1,000,000
896,510
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/45
.........
2,420,000
2,435,840
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
10/01/50
.........
1,350,000
1,137,084
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/50
.........
1,400,000
1,372,273
Rex
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/49
............
4,000,000
3,829,436
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/44
...................................................
750,000
772,802
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/49
...................................................
750,000
756,405
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2025
A
,
5.125
%
,
10/01/56
................................................
3,000,000
3,028,681
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/26
..............................
300,000
300,000
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/27
..............................
450,000
457,281
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/28
..............................
500,000
513,393
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/29
..............................
350,000
365,068
Revenue,
Senior
Lien
,
2025
A
,
Refunding
,
5
%
,
6/01/35
.....................
1,250,000
1,307,796
North
Carolina
Turnpike
Authority
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/47
...............................
4,510,000
4,510,183
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/54
...............................
2,560,000
2,537,951
Revenue,
Senior
Lien
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
1/01/31
.............
1,000,000
1,010,806
Revenue,
Senior
Lien
,
2019
,
AG
Insured
,
5
%
,
1/01/49
......................
2,000,000
2,027,343
Revenue,
Senior
Lien
,
2019
,
4
%
,
1/01/55
................................
5,000,000
4,445,147
Revenue,
Senior
Lien
,
2024
A
,
AG
Insured
,
5
%
,
1/01/58
.....................
11,980,000
12,195,368
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/36
..............
1,750,000
1,911,049
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/37
..............
1,770,000
1,925,359
State
of
North
Carolina
Highway
Trust
Fund
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
1/01/39
........................................................
3,000,000
3,004,558
Raleigh
Durham
Airport
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/01/30
...............................
550,000
551,002
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/01/36
...............................
2,580,000
2,722,617
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
158
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
State
of
North
Carolina
,
Revenue
,
2025
,
Refunding
,
5
%
,
3/01/40
................
$
1,500,000
$
1,674,155
Town
of
Cary
,
Combined
Utility
Systems
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
12/01/42
5,000,000
5,001,627
Town
of
Fuquay-Varina
,
Combined
Utilities
,
Revenue
,
2024
C
,
5
%
,
6/01/41
........
2,320,000
2,549,304
Town
of
Holly
Springs
,
Enterprise
System
,
Revenue
,
2024
,
4
%
,
11/01/49
..........
2,500,000
2,432,858
University
of
North
Carolina
at
Chapel
Hill
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
12/01/37
..............................
2,180,000
2,386,289
Revenue
,
2025
A
,
5
%
,
12/01/50
.......................................
5,000,000
5,321,548
Revenue
,
2025
A
,
5
%
,
12/01/55
.......................................
4,500,000
4,747,054
Hospitals
at
Chapel
Hill
,
Revenue
,
2019
,
5
%
,
2/01/49
.......................
6,920,000
7,584,043
University
of
North
Carolina
at
Charlotte
(The)
,
Revenue
,
2017
,
5
%
,
10/01/47
......
5,000,000
5,064,220
University
of
North
Carolina
at
Wilmington
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/37
.
3,000,000
3,005,574
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
2,613,733
Western
Carolina
University
,
Revenue
,
2020
B
,
3
%
,
4/01/36
........................................
1,000,000
954,396
Revenue
,
2020
B
,
4
%
,
4/01/50
........................................
5,000,000
4,633,562
485,843,336
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
2,251,020
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/32
200,000
201,128
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/33
200,000
200,425
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,800,000
2,148,254
2,549,807
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
1,391,481
Wisconsin
2.2%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
1,160,000
1,208,298
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,600,000
1,337,441
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
9,545,000
4,840,852
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
7,965,000
5,336,392
12,722,983
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
793,839
Revenue
,
2023
A
,
Refunding
,
5.125
%
,
10/01/34
...........................
390,000
418,813
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/35
............................
265,000
286,085
Revenue
,
2024
A
,
5.25
%
,
10/01/35
....................................
625,000
680,404
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
3,205,000
3,257,392
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.25
%
,
7/01/50
.............
2,500,000
2,573,346
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.5
%
,
7/01/55
..............
3,200,000
3,334,131
11,344,010
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
195
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
3.0%
Commonwealth
of
Puerto
Rico
,
c,e
GO
,
FRN
,
2.57
%,
11/01/43
...........................................
$
89,769
$
62,053
GO
,
2022
A-1
,
5.625
%
,
7/01/27
.......................................
25,850
26,262
GO
,
2022
A-1
,
5.625
%
,
7/01/29
.......................................
25,431
26,735
GO
,
2022
A-1
,
5.75
%
,
7/01/31
........................................
24,701
26,754
GO
,
2022
A-1
,
4
%
,
7/01/33
..........................................
23,423
23,478
GO
,
2022
A-1
,
4
%
,
7/01/35
..........................................
21,054
21,003
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
18,070
17,863
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
24,568
23,415
GO
,
2022
A-1
,
4
%
,
7/01/46
..........................................
25,551
22,662
c
GO
,
2022
A-1
,
4.55
%,
7/01/33
........................................
30,143
21,999
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,500,000
1,516,419
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
462,931
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/41
..
220,000
198,424
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
11,700,000
11,561,871
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
2,000,000
1,994,328
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
1,190,000
1,146,391
17,152,588
Total
U.S.
Territories
....................................................................
28,496,598
Total
Municipal
Bonds
(Cost
$
573,352,519
)
.....................................
560,666,333
Total
Long
Term
Investments
(Cost
$
574,952,519
)
...............................
562,322,389
a
a
a
a
a
Short
Term
Investments
1.7%
Municipal
Bonds
1.7%
North
Carolina
1.7%
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
..........................
2,000,000
2,000,000
Atrium
Health
Obligated
Group
,
Revenue
,
2018
G
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.85
%
,
1/15/48
.................................
2,600,000
2,600,000
Atrium
Health
Obligated
Group
,
Revenue
,
2018
H
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.85
%
,
1/15/48
.................................
1,050,000
1,050,000
f
North
Carolina
Medical
Care
Commission
,
FirstHealth
of
the
Carolinas,
Inc.
,
Revenue
,
2017
C
,
Refunding
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
2.9
%
,
10/01/39
......
4,000,000
4,000,000
9,650,000
Total
Municipal
Bonds
(Cost
$
9,650,000
)
.......................................
9,650,000
Total
Short
Term
Investments
(Cost
$
9,650,000
)
.................................
9,650,000
a
Total
Investments
(Cost
$
584,602,519
)
99.1
%
...................................
$571,972,389
Other
Assets,
less
Liabilities
0.9
%
.............................................
5,580,785
Net
Assets
100.0%
...........................................................
$577,553,174
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
160
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$18,042,296,
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),
May
31,
2026
Franklin
Ohio
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
161
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.4%
Residential
REITs
0.4%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
3,200,000
$
3,312,112
Total
Corporate
Bonds
(Cost
$
3,200,000
)
.......................................
3,312,112
Municipal
Bonds
97.9%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,800,000
2,353,674
Florida
2.1%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
9,144,000
8,215,264
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,200,000
1,546,677
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
10,600,000
9,046,312
18,808,253
Georgia
0.2%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
920,000
959,074
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
2,100,000
1,061,551
2,020,625
New
Jersey
0.2%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/38
....................................................
2,000,000
2,016,071
New
York
0.1%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/48
..........
750,000
668,613
Ohio
90.3%
Akron
City
School
District
,
COP
,
2023
,
AG
Insured
,
5
%
,
8/01/53
................
3,000,000
3,075,157
American
Municipal
Power,
Inc.
,
Combined
Hydroelectric
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
2/15/48
............
1,325,000
1,371,045
Prairie
State
Energy
Campus
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/37
........
3,700,000
3,800,014
Prairie
State
Energy
Campus
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/38
........
3,500,000
3,587,582
Solar
Electricity
Prepayment
,
Revenue
,
2019
A
,
5
%
,
2/15/44
.................
3,345,000
3,426,792
Anthony
Wayne
Local
School
District
,
GO
,
2017
A
,
4
%
,
12/01/39
................
2,445,000
2,445,174
Apollo
Joint
Vocational
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
12/01/39
........
6,530,000
6,558,014
Beachwood
City
School
District
,
GO
,
2023
,
4
%
,
12/01/53
.....................
7,575,000
6,978,249
Bedford
City
School
District
,
GO
,
2025
,
BAM
Insured
,
5.5
%
,
12/01/58
............
2,000,000
2,094,020
Big
Walnut
Local
School
District
,
GO
,
2026
B
,
5
%
,
12/01/55
...................
1,000,000
1,031,264
Bowling
Green
State
University
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/42
........
1,045,000
1,056,599
Brooklyn
City
School
District
,
GO
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
12/01/49
.....
9,000,000
9,002,483
Butler
County
Port
Authority
,
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/34
........................................................
185,000
186,312
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/35
........................................................
195,000
195,700
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/36
........................................................
205,000
204,486
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/37
........................................................
210,000
208,001
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/38
........................................................
220,000
216,039
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)
Butler
County
Port
Authority,
(continued)
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/39
........................................................
$
225,000
$
218,674
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/40
........................................................
240,000
231,648
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/41
........................................................
245,000
233,938
c
Canal
Winchester
Local
School
District
,
GO
,
2005
,
NATL
Insured
,
3.52
%,
12/01/32
...............................
3,955,000
3,159,009
GO
,
2005
,
NATL
Insured
,
3.64
%,
12/01/33
...............................
2,000,000
1,528,870
Cincinnati
City
School
District
,
GO
,
2006
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/27
......................
14,900,000
15,507,317
GO
,
2006
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/28
......................
8,180,000
8,696,686
City
of
Chillicothe
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/37
.
2,890,000
2,923,711
Adena
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/47
.
2,110,000
2,108,534
City
of
Cleveland
,
GO
,
2012
,
5
%
,
12/01/30
.............................................
35,000
35,054
GO
,
2020
A
,
2
%
,
12/01/36
...........................................
1,215,000
995,834
Water
Pollution
Control
,
Revenue
,
2024
,
5
%
,
11/15/54
......................
1,350,000
1,388,017
City
of
Columbus
,
GO
,
2018
A
,
5
%
,
4/01/34
............................................
7,000,000
7,335,169
GO
,
2019
A
,
5
%
,
4/01/40
............................................
3,000,000
3,132,894
GO
,
2021
A
,
5
%
,
4/01/40
............................................
1,900,000
2,025,665
City
of
Hilliard
,
Income
Tax
,
Revenue
,
2022
,
5
%
,
12/01/47
.....................
5,000,000
5,202,062
City
of
Marysville
,
Wastewater
Treatment
System
,
Revenue
,
2015
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/40
.......................................................
3,015,000
3,015,238
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
9,007,165
Cleveland
Department
of
Public
Utilities
,
Division
of
Public
Power
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
4
%
,
11/15/37
.
1,000,000
1,012,687
c
Division
of
Public
Power
,
Revenue
,
B-2
,
NATL
Insured
,
4.59
%,
11/15/38
.........
10,000,000
5,715,178
Cleveland-Cuyahoga
County
Port
Authority
,
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/38
.......
100,000
100,761
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/39
.......
700,000
702,114
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/40
.......
100,000
99,643
Euclid
Avenue
Development
Corp.
,
Revenue
,
2022
A
,
5.5
%
,
8/01/52
...........
9,000,000
9,209,768
Port
of
Cleveland
Bond
Fund
,
Revenue
,
2024
C
,
5
%
,
11/15/54
................
1,175,000
1,186,366
Columbiana
Exempted
Village
School
District
,
COP
,
2026
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/50
.....................................................
1,000,000
1,018,073
Columbus
Regional
Airport
Authority
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
1/01/50
...
5,000,000
5,293,010
Columbus-Franklin
County
Finance
Authority
,
Revenue
,
2021
C
,
2.5
%
,
11/15/41
.....................................
900,000
662,124
Revenue
,
2021
C
,
3
%
,
5/15/51
........................................
2,180,000
1,522,563
Central
Ohio
Regional
Bond
Fund
,
Revenue
,
2024
A
,
5
%
,
11/15/54
............
980,000
984,084
Central
Ohio
Regional
Bond
Fund
,
Revenue
,
2025
A
,
5.25
%
,
5/15/45
...........
660,000
696,399
ECG
Westerville
LP
,
Revenue
,
2024
A
,
FNMA
Insured
,
4.375
%
,
6/01/43
.........
5,000,000
4,986,584
County
of
Butler
,
UC
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/45
..........
5,020,000
5,022,014
UC
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
11/15/36
..........
2,140,000
2,064,451
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)
County
of
Cuyahoga
,
GO
,
2020
A
,
Refunding
,
4
%
,
12/01/34
..................................
$
750,000
$
773,111
d
GO
,
2026
,
5.25
%
,
12/01/56
..........................................
2,000,000
2,115,601
d
GO
,
2026
,
5
%
,
12/01/64
.............................................
2,145,000
2,184,767
County
of
Fayette
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2025
,
AG
Insured
,
5.25
%
,
12/01/54
............................................
5,000,000
5,185,941
County
of
Franklin
,
Nationwide
Children's
Hospital,
Inc.
,
Revenue
,
2016
C
,
Refunding
,
4
%
,
11/01/40
..
5,000,000
4,985,632
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/33
.......
5,000
5,276
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
4
%
,
7/01/34
...................
2,230,000
2,220,568
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/34
.......
10,000
10,553
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
4
%
,
7/01/35
...................
2,890,000
2,863,521
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/35
.......
10,000
10,553
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/36
.......
15,000
15,830
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/40
.......
5,000
5,276
Ohio
Living
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.25
%
,
7/01/41
........
5,000,000
5,216,047
Sales
Tax
,
Revenue
,
2018
,
5
%
,
6/01/43
.................................
6,000,000
6,172,600
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2017
A-OH
,
5
%
,
12/01/47
.......
11,800,000
11,898,259
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
12/01/49
..........
6,030,000
5,298,925
County
of
Hamilton
,
Christ
Hospital
Obligated
Group
,
Revenue
,
2026
,
Refunding
,
AG
Insured
,
4.125
%
,
6/01/44
........................................................
1,000,000
975,077
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.5
%
,
1/01/50
........................................................
1,000,000
1,024,963
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.5
%
,
1/01/55
........................................................
3,000,000
3,057,372
TriHealth
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
8/15/42
...................
5,000,000
5,067,269
UC
Health
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
8/01/51
........
3,700,000
3,777,375
County
of
Lucas
,
GO
,
2022
,
4.75
%
,
12/01/52
..............................
3,000,000
2,990,769
County
of
Mahoning
,
Sewer
System
,
Revenue
,
2022
,
Refunding
,
5
%
,
12/01/46
.....
3,000,000
3,083,272
County
of
Miami
,
Kettering
Health
Network
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
8/01/45
.............................................
5,000,000
5,081,913
County
of
Montgomery
,
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
11/15/39
............................................
5,000,000
4,827,861
County
of
Morrow
,
GO
,
2024
,
5
%
,
12/01/54
................................
1,635,000
1,676,722
County
of
Muskingum
,
GO
,
2024
,
4
%
,
12/01/54
.............................
1,000,000
919,570
County
of
Perry
,
GO
,
2023
,
5
%
,
12/01/61
.................................
1,500,000
1,493,907
County
of
Ross
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/39
.
3,805,000
3,890,908
Adena
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/44
.
1,300,000
1,315,889
County
of
Union
,
GO
,
2018
,
5
%
,
12/01/47
.................................
5,000,000
5,000,897
County
of
Warren
,
Otterbein
Homes
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
7/01/54
.........................................................
2,000,000
1,979,814
Dayton
City
School
District
,
GO
,
2014
,
Refunding
,
5
%
,
11/01/30
................
5,000,000
5,464,852
Dayton-Montgomery
County
Port
Authority
,
Southwest
Ohio
Regional
Bond
Fund
,
Revenue
,
2021
C
,
2
%
,
11/15/31
..........
300,000
268,665
Southwest
Ohio
Regional
Bond
Fund
,
Revenue
,
2021
C
,
2.5
%
,
11/15/41
........
1,615,000
1,195,122
d
Delaware
County
Finance
Authority
,
Common
Bond
Fund
,
Revenue
,
2026
A
,
6.75
%
,
12/01/51
....................
300,000
326,081
Common
Bond
Fund
,
Revenue
,
2026
A
,
6.75
%
,
12/01/55
....................
300,000
324,080
Dublin
City
School
District
,
GO
,
2019
A
,
4
%
,
12/01/44
...........................................
10,000,000
9,964,106
GO
,
2024
,
5
%
,
12/01/48
.............................................
2,250,000
2,364,744
GO
,
2024
B
,
4
%
,
12/01/48
...........................................
1,250,000
1,186,720
Elyria
City
School
District
,
GO
,
2017
A
,
5
%
,
12/01/43
........................
5,500,000
5,510,443
Fremont
City
School
District
,
GO
,
2017
A
,
5
%
,
1/15/49
.......................
13,970,000
13,971,273
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)
Grandview
Heights
City
School
District
,
GO
,
2025
,
5
%
,
12/01/58
................
$
1,260,000
$
1,301,996
Green
Local
School
District
,
COP
,
2022
,
AG
Insured
,
5
%
,
11/01/52
..............
2,000,000
2,024,437
Hilliard
School
District
,
GO
,
2017
,
4
%
,
12/01/46
............................
8,500,000
8,204,626
Hudson
City
School
District
,
GO
,
2018
,
4
%
,
12/01/45
........................
17,370,000
17,322,630
Indian
Creek
Local
School
District
,
GO
,
2018
A
,
5
%
,
11/01/55
...........................................
3,000,000
3,037,261
GO
,
2018
B
,
BAM
Insured
,
5
%
,
11/01/55
................................
3,910,000
3,963,930
Jonathan
Alder
Local
School
District
,
GO
,
2026
,
5
%
,
12/01/55
..................
1,500,000
1,558,607
Lakota
Local
School
District
,
GO
,
2005
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/26
.
2,000,000
2,025,722
e
Lancaster
Port
Authority
,
Revenue
,
2024
A
,
Refunding
,
Mandatory
Put
,
5
%
,
8/01/30
.
3,000,000
3,193,798
Licking
Heights
Local
School
District
,
GO
,
2022
,
4.5
%
,
10/01/51
................
1,800,000
1,788,887
Madeira
City
School
District
,
GO
,
Refunding
,
AG
Insured
,
5.25
%
,
12/01/32
........
9,605,000
10,574,072
Madison-Plains
Local
School
District
,
COP
,
2025
,
BAM
Insured
,
5.5
%
,
12/01/54
....
2,000,000
2,078,070
Miami
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
9/01/34
...............................
1,000,000
1,090,661
d
Revenue
,
2026
A
,
Refunding
,
5.25
%
,
9/01/51
.............................
3,000,000
3,185,562
Miami
Valley
Career
Technology
Center
,
GO
,
2018
,
5
%
,
12/01/44
...............
20,000,000
20,443,442
Northeast
Ohio
Medical
University
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/27
..............................
100,000
102,416
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/29
..............................
110,000
115,677
Revenue
,
2021
A
,
Refunding
,
3
%
,
12/01/40
..............................
500,000
419,387
Revenue
,
2022
,
BAM
Insured
,
5
%
,
12/01/43
.............................
1,000,000
1,026,912
Northeastern
Local
School
District
,
GO
,
2018
,
AG
Insured
,
5.25
%
,
12/01/45
.................................
5,420,000
5,562,739
GO
,
2018
,
AG
Insured
,
4
%
,
12/01/55
...................................
5,000,000
4,504,629
Norwalk
City
School
District
,
GO
,
2025
,
5
%
,
11/01/53
.............................................
700,000
718,450
GO
,
2025
,
5
%
,
11/01/55
.............................................
550,000
564,347
Oak
Hills
Local
School
District
,
GO
,
2026
,
5.375
%
,
11/01/62
...................
1,000,000
1,044,066
Ohio
Air
Quality
Development
Authority
,
Ohio
Valley
Electric
Corp.
,
Revenue
,
2026
B
,
Refunding
,
4.35
%
,
6/30/40
...........................................
2,400,000
2,425,983
Ohio
Higher
Educational
Facility
Commission
,
Ashtabula
County
Medical
Center
Obligated
Group
,
Revenue
,
2022
,
5.25
%
,
1/01/52
4,895,000
4,885,253
Baldwin
Wallace
University
,
Revenue
,
2022
,
6
%
,
12/01/52
...................
5,885,000
5,949,918
Capital
University
,
Revenue
,
2022
,
Refunding
,
6
%
,
9/01/42
..................
4,900,000
5,023,389
Capital
University
,
Revenue
,
2022
,
Refunding
,
6
%
,
9/01/47
..................
2,000,000
2,033,448
Capital
University
,
Revenue
,
2022
,
Refunding
,
6
%
,
9/01/52
..................
5,100,000
5,138,551
Case
Western
Reserve
University
,
Revenue
,
2016
,
Refunding
,
5
%
,
12/01/40
.....
6,000,000
6,029,072
Cleveland
Institute
of
Music
(The)
,
Revenue
,
2022
,
5
%
,
12/01/32
..............
300,000
311,051
Cleveland
Institute
of
Music
(The)
,
Revenue
,
2022
,
5.125
%
,
12/01/42
...........
3,390,000
3,424,371
Cleveland
Institute
of
Music
(The)
,
Revenue
,
2022
,
5.375
%
,
12/01/52
...........
3,100,000
3,054,532
John
Carroll
University
,
Revenue
,
2020
,
4
%
,
10/01/45
......................
1,100,000
933,118
John
Carroll
University
,
Revenue
,
2022
,
Refunding
,
4
%
,
10/01/47
..............
5,360,000
4,427,742
John
Carroll
University
,
Revenue
,
2025
,
5.5
%
,
10/01/57
.....................
5,000,000
4,879,497
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/42
...........
1,040,000
1,050,929
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/45
...........
1,360,000
1,358,249
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/50
...........
2,900,000
2,758,036
Kenyon
College
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
...................
5,320,000
5,324,395
Kenyon
College
,
Revenue
,
2016
,
Refunding
,
4
%
,
7/01/44
...................
4,180,000
3,951,105
Kenyon
College
,
Revenue
,
2017
,
5
%
,
7/01/42
............................
1,250,000
1,263,430
Kenyon
College
,
Revenue
,
2017
,
4
%
,
7/01/47
............................
3,000,000
2,693,262
Otterbein
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/30
......
1,095,000
1,124,642
University
of
Dayton
,
Revenue
,
2018
A
,
4
%
,
12/01/43
.......................
11,885,000
11,712,886
Xavier
University
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
5/01/49
................
6,750,000
6,680,884
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)
Ohio
Housing
Finance
Agency
,
Revenue
,
2020
B
,
GNMA
Insured
,
2.1
%
,
9/01/35
..........................
$
485,000
$
420,714
b
Revenue
,
144A,
2023
A
,
5.625
%
,
8/01/41
...............................
14,000,000
14,429,320
Revenue
,
2024
B
,
GNMA
Insured
,
4.7
%
,
9/01/54
..........................
9,655,000
9,690,742
Revenue
,
2024
C
,
GNMA
Insured
,
4.7
%
,
9/01/54
..........................
7,380,000
7,370,111
b
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
A
,
6
%
,
9/01/41
..............
8,000,000
8,566,880
Ohio
State
University
(The)
,
Revenue
,
2021
A
,
4
%
,
12/01/48
...................
10,020,000
9,519,729
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue
,
2018
A
,
5
%
,
2/15/43
........................................
17,025,000
17,331,295
c
Revenue,
Junior
Lien
,
2013
A-2
,
BAM
Insured
,
3.74
%,
2/15/38
................
3,665,000
2,384,746
c
Revenue,
Junior
Lien
,
2013
A-2
,
4.16
%,
2/15/43
...........................
10,485,000
5,307,211
Revenue,
Sub.
Lien
,
2018
A
,
5
%
,
2/15/43
................................
2,575,000
2,620,474
Revenue,
Sub.
Lien
,
2018
A
,
5
%
,
2/15/46
................................
13,750,000
13,904,446
Ohio
University
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/45
...................
7,000,000
7,064,439
Ohio
Water
Development
Authority
,
Revenue
,
2019
,
5
%
,
12/01/39
........................................
5,000,000
5,269,771
Revenue
,
2019
,
5
%
,
6/01/44
.........................................
1,330,000
1,384,689
Fresh
Water
Fund
,
Revenue
,
2025
A
,
5
%
,
12/01/43
........................
10,000,000
11,013,537
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2019
B
,
Refunding
,
5
%
,
12/01/44
...
10,000,000
10,410,545
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2020
A
,
5
%
,
12/01/50
............
6,820,000
7,009,821
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2021
A
,
5
%
,
12/01/46
............
5,500,000
5,778,594
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2023
B
,
5
%
,
12/01/36
............
5,675,000
6,354,925
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2024
D
,
5
%
,
12/01/43
...........
1,700,000
1,865,507
Water
Pollution
Control
Loan
Fund
,
Revenue
,
2024
D
,
5
%
,
12/01/44
...........
7,575,000
8,251,410
Olentangy
Local
School
District
,
GO
,
2026
,
Refunding
,
5
%
,
12/01/55
.............
1,000,000
1,039,856
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
12/01/53
..............................
1,500,000
1,518,018
Revenue
,
2024
B
,
Refunding
,
5
%
,
12/01/63
..............................
2,000,000
2,013,811
Revenue
,
2024
C
,
Refunding
,
AG
Insured
,
5.25
%
,
12/01/53
..................
1,000,000
1,043,617
Revenue
,
2024
C
,
Refunding
,
AG
Insured
,
5.25
%
,
12/01/58
..................
1,000,000
1,042,781
Revenue
,
2024
C
,
Refunding
,
AG
Insured
,
5.25
%
,
12/01/63
..................
1,000,000
1,040,744
3CDC
Master
Parking
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
AG
Insured
,
5
%
,
12/01/60
.............................................
4,625,000
4,693,271
Southwest
Ohio
Regional
Bond
Fund
,
Revenue
,
2026
A-1
,
5.125
%
,
11/15/54
.....
600,000
613,139
c
Princeton
City
School
District
,
GO
,
2014
,
Refunding
,
4.47
%,
12/01/40
.................................
6,000,000
3,183,611
GO
,
2014
,
Refunding
,
4.64
%,
12/01/41
.................................
6,000,000
2,969,885
Russia
Local
School
District
,
GO
,
2023
,
5
%
,
12/01/52
........................
1,670,000
1,733,706
Springboro
Community
City
School
District
,
GO
,
2007
,
Refunding
,
AG
Insured
,
5.25
%
,
12/01/27
........................
5,175,000
5,361,878
GO
,
2007
,
Refunding
,
AG
Insured
,
5.25
%
,
12/01/28
........................
2,000,000
2,118,854
State
of
Ohio
,
GO
,
2019
A
,
5
%
,
6/15/38
............................................
6,500,000
6,838,118
GO
,
2020
C
,
5
%
,
3/01/38
............................................
2,300,000
2,480,658
GO
,
2025
A
,
5
%
,
3/01/44
............................................
2,000,000
2,185,463
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
1/01/29
........................................................
4,850,000
5,125,773
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/37
1,000,000
977,808
University
Hospitals
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/15/46
............................................
5,795,000
5,492,849
Summit
County
Development
Finance
Authority
,
City
of
Akron
,
Revenue
,
2022
,
4
%
,
5/15/46
...............................
3,585,000
3,270,785
PRG
-
Akron
Properties
LLC
,
Revenue
,
2025
A
,
BAM
Insured
,
5.25
%
,
7/01/55
....
1,000,000
1,024,613
PRG
-
Akron
Properties
LLC
,
Revenue
,
2025
A
,
BAM
Insured
,
5.5
%
,
7/01/60
.....
1,000,000
1,038,716
UAkronPark,
Inc.
,
Revenue
,
2023
,
5.625
%
,
12/01/48
.......................
4,700,000
4,956,868
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
166
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Summit
County
Development
Finance
Authority,
(continued)
UAkronPark,
Inc.
,
Revenue
,
2023
,
5.75
%
,
12/01/53
........................
$
5,000,000
$
5,272,944
Sycamore
Community
City
School
District
,
GO
,
2020
,
4
%
,
12/01/45
.............
6,000,000
5,915,726
Toledo
City
School
District
,
COP
,
2024
,
BAM
Insured
,
5
%
,
12/01/48
.................................
1,250,000
1,302,664
GO
,
2025
,
5
%
,
12/01/50
.............................................
6,595,000
6,860,067
GO
,
2025
,
5
%
,
12/01/54
.............................................
6,450,000
6,668,433
Toledo
Lucas
County
Public
Library
,
GO
,
2025
A
,
5
%
,
12/01/54
.................
5,000,000
5,173,064
Toledo-Lucas
County
Port
Authority
,
Revenue
,
2021
A
,
2
%
,
11/15/31
.......................................
300,000
269,628
Northwest
Ohio
Bond
Fund
,
Revenue
,
2024
C
,
5
%
,
11/15/54
.................
2,155,000
2,183,000
ParkUToledo,
Inc.
,
Revenue
,
2021
,
4
%
,
1/01/46
...........................
1,625,000
1,497,897
ParkUToledo,
Inc.
,
Revenue
,
2021
,
4
%
,
1/01/51
...........................
2,840,000
2,464,404
ParkUToledo,
Inc.
,
Revenue
,
2021
,
4
%
,
1/01/57
...........................
5,000,000
4,183,238
Triway
Local
School
District
,
COP
,
2021
,
BAM
Insured
,
4
%
,
12/01/39
............
2,200,000
2,210,747
University
of
Akron
(The)
,
2018
A
,
5
%
,
1/01/42
................................................
1,780,000
1,860,068
Revenue
,
2018
A
,
5
%
,
1/01/42
........................................
3,945,000
4,019,124
University
of
Cincinnati
,
Revenue
,
2017
A
,
5
%
,
6/01/45
........................................
2,205,000
2,225,333
Revenue
,
2018
A
,
Refunding
,
4
%
,
6/01/48
...............................
10,000,000
9,277,490
Revenue
,
2024
A
,
5.25
%
,
6/01/49
.....................................
6,350,000
6,703,676
Revenue
,
2024
A
,
5.25
%
,
6/01/54
.....................................
1,650,000
1,726,163
Upper
Arlington
City
School
District
,
GO
,
2018
A
,
Pre-Refunded
,
5
%
,
12/01/48
.....
13,000,000
13,478,401
Village
of
Bluffton
,
Blanchard
Valley
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
12/01/33
.......................................................
1,655,000
1,663,645
Blanchard
Valley
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
12/01/34
.......................................................
1,900,000
1,908,005
Warren
County
Port
Authority
,
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2021
C
,
4
%
,
12/01/41
..........
2,075,000
1,973,730
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2021
C
,
4
%
,
12/01/55
..........
3,500,000
2,820,423
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2021
H
,
4
%
,
12/01/53
..........
1,375,000
1,135,534
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2022
A
,
5.5
%
,
12/01/50
.........
3,205,000
3,269,302
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2022
B
,
4.75
%
,
12/01/34
........
900,000
927,043
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2025
A
,
5.25
%
,
12/01/40
........
380,000
397,683
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2025
A
,
6.75
%
,
12/01/56
........
1,650,000
1,794,082
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2025
C
,
6
%
,
12/01/42
..........
1,020,000
1,103,008
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2020
D-1
,
Refunding
,
4
%
,
12/01/40
.......................................
1,390,000
1,355,796
Warren
County
Port
Authority
Ohio
Communities
Accelerator
Fund
,
Revenue
,
2020
D-1
,
Refunding
,
4
%
,
12/01/52
.......................................
1,930,000
1,600,356
West
Central
Ohio
Port
Authority
,
Global
Impact
STEM
Academy
,
Revenue
,
2025
A
,
5.5
%
,
12/01/55
...................................................
2,690,000
2,711,315
Westerville
City
School
District
,
GO
,
2006
,
Refunding
,
XLCA
Insured
,
5
%
,
12/01/27
..
3,820,000
3,906,293
Westlake
City
School
District
,
GO
,
2021
A
,
Refunding
,
4
%
,
12/01/49
.............
3,965,000
3,592,685
Winton
Woods
City
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
11/01/43
...........
7,000,000
6,933,493
Wyoming
City
School
District
,
GO
,
2025
,
Refunding
,
5
%
,
12/01/61
..............
3,000,000
3,080,529
813,660,763
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
2,791,264
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
167
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/38
.................................
$
300,000
$
253,791
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
6,000,000
4,603,402
4,857,193
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
2,695,995
Wisconsin
3.2%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
4,285,000
4,463,412
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
3,100,000
2,591,292
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
9,545,000
4,840,852
b
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
2,800,000
2,555,248
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
21,750,000
14,572,069
29,022,873
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
1,010,946
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
1,004,430
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
462,931
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/35
..
235,000
245,148
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
..
1,100,000
1,059,689
3,783,144
Total
U.S.
Territories
....................................................................
3,783,144
Total
Municipal
Bonds
(Cost
$
891,221,896
)
.....................................
882,678,468
Total
Long
Term
Investments
(Cost
$
894,421,896
)
...............................
885,990,580
a
a
a
a
a
Short
Term
Investments
0.8%
Municipal
Bonds
0.8%
Ohio
0.8%
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
..........
7,600,000
7,600,000
Total
Municipal
Bonds
(Cost
$
7,600,000
)
.......................................
7,600,000
Total
Short
Term
Investments
(Cost
$
7,600,000
)
.................................
7,600,000
a
Total
Investments
(Cost
$
902,021,896
)
99.1
%
...................................
$893,590,580
Other
Assets,
less
Liabilities
0.9
%
.............................................
7,695,527
Net
Assets
100.0%
...........................................................
$901,286,107
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
168
See
Abbreviations
on
page
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
May
31,
2026,
the
aggregate
value
of
these
securities
was
$63,398,459,
representing
7.0%
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),
May
31,
2026
Franklin
Oregon
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
169
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Residential
REITs
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
2,500,000
$
2,587,587
Total
Corporate
Bonds
(Cost
$
2,500,000
)
.......................................
2,587,587
Municipal
Bonds
98.1%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
3,500,000
2,942,093
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
1,054,553
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
8,400,000
7,168,775
8,223,328
Georgia
0.4%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
965,000
1,005,985
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
4,520,000
2,284,862
3,290,847
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
2,471,745
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
BAM
Insured
,
4
%
,
6/15/52
.................................
1,000,000
870,435
3,342,180
New
Jersey
0.5%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2019
BB
,
5
%
,
6/15/44
......................
2,250,000
2,315,518
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/38
........................
2,165,000
2,182,397
4,497,915
New
York
0.6%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/47
..........
5,500,000
4,961,100
Oregon
86.8%
Albany
Hospital
Facility
Authority
,
Mennonite
Home
of
Albany,
Inc.
Obligated
Group
,
Revenue
,
2026
A
,
5.375
%
,
5/15/54
....................................
6,000,000
6,077,332
Astoria
Hospital
Facilities
Authority
,
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2016
,
4
%
,
8/01/46
......
1,750,000
1,618,687
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
8/01/49
...
5,500,000
5,513,085
Columbia
Lutheran
Charities
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
8/01/54
...
6,500,000
6,445,211
c
Benton
&
Polk
School
District
No.
17J
,
GO
,
2010
B
,
3.42
%,
6/15/31
.............
1,000,000
843,992
City
of
Beaverton
,
Water
,
Revenue
,
2020
,
5
%
,
4/01/32
.......................
1,000,000
1,082,951
City
of
Eugene
,
Electric
Utility
System
,
Revenue
,
2017
,
5
%
,
8/01/47
.............
3,580,000
3,605,260
City
of
Forest
Grove
,
Pacific
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/01/36
.................
6,575,000
6,577,286
Pacific
University
,
Revenue
,
2017
,
Refunding
,
4
%
,
3/01/37
...................
3,500,000
3,249,833
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
5/01/30
.................
1,385,000
1,444,060
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/35
.................
490,000
477,904
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/37
.................
1,905,000
1,817,875
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/38
.................
3,960,000
3,733,253
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)
City
of
Forest
Grove,
(continued)
Pacific
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
5/01/39
.................
$
1,750,000
$
1,640,033
City
of
Keizer
,
Special
Assessment
,
2008
,
5.2
%
,
6/01/31
......................
705,000
706,301
City
of
Medford
,
Sewer
,
Revenue
,
2024
,
BAM
Insured
,
4
%
,
6/01/47
.........................
2,330,000
2,243,202
Sewer
,
Revenue
,
2024
,
BAM
Insured
,
4
%
,
6/01/49
.........................
1,715,000
1,628,085
City
of
Molalla
,
GO
,
2024
A
,
BAM
Insured
,
4
%
,
6/01/49
.......................
3,115,000
2,961,485
City
of
Portland
,
GO
,
2026
A
,
5
%
,
4/01/46
............................................
585,000
633,113
GO
,
2026
B
,
4.6
%
,
6/01/46
..........................................
1,115,000
1,120,292
Sewer
System
,
Revenue,
Second
Lien
,
2025
A
,
Refunding
,
5
%
,
10/01/54
........
17,170,000
17,926,749
City
of
Redmond
,
GO
,
2025
A
,
5.5
%
,
6/01/52
..............................
1,500,000
1,575,571
Clackamas
&
Washington
Counties
School
District
No.
3
,
GO
,
2026
B
,
5
%
,
6/15/45
..
1,750,000
1,905,723
Clackamas
Community
College
District
,
GO
,
2017
A
,
5
%
,
6/15/39
...............
2,250,000
2,288,014
c
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO
,
2017
A
,
4.59
%,
6/15/40
..........................................
8,940,000
4,760,716
GO
,
2017
A
,
Pre-Refunded
,
4.47
%,
6/15/40
..............................
1,060,000
573,690
GO
,
2017
A
,
4.74
%,
6/15/42
..........................................
29,265,000
13,918,978
GO
,
2017
A
,
Pre-Refunded
,
4.5
%,
6/15/42
...............................
3,505,000
1,728,990
Clackamas
County
School
District
No.
35
Molalla
River
,
GO
,
2024
,
4
%
,
6/15/49
....
3,000,000
2,847,376
c
Clackamas
County
School
District
No.
46
Oregon
Trail
,
GO
,
3.76
%,
6/15/37
................................................
12,130,000
8,070,236
GO
,
3.87
%,
6/15/38
................................................
12,495,000
7,914,308
d
Clackamas
County
School
District
No.
7J
Lake
Oswego
,
GO
,
2026
,
5.25
%
,
6/01/51
.
1,000,000
1,076,596
Clackamas
County
School
District
No.
86
Canby
,
GO
,
2020
A
,
Refunding
,
4
%
,
6/15/40
3,470,000
3,501,923
Columbia
County
School
District
No.
502
,
GO
,
2017
,
5
%
,
6/15/39
...............
1,000,000
1,014,846
County
of
Benton
,
GO
,
2023
,
4.125
%
,
6/01/53
.............................
2,035,000
1,947,985
County
of
Yamhill
,
George
Fox
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/36
..............
2,585,000
2,631,140
George
Fox
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/46
..............
2,330,000
2,117,677
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/40
................
7,010,000
7,024,337
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/45
................
9,285,000
8,929,216
Deschutes
County
Hospital
Facilities
Authority
,
St.
Charles
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/48
.........................
13,890,000
13,890,731
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2012
,
Refunding
,
5
%
,
12/01/29
..................
2,260,000
2,260,999
Jackson
County
School
District
No.
5
Ashland
,
GO
,
2019
,
5
%
,
6/15/34
...........
1,000,000
1,059,536
Jackson
County
School
District
No.
6
Central
Point
,
GO
,
2019
A
,
5
%
,
6/15/31
............................................
2,665,000
2,838,999
c
GO
,
2019
B
,
4.45
%,
6/15/40
.........................................
705,000
382,591
c
GO
,
2019
B
,
4.56
%,
6/15/41
.........................................
710,000
363,113
c
GO
,
2019
B
,
4.64
%,
6/15/42
.........................................
610,000
294,711
c
GO
,
2019
B
,
4.68
%,
6/15/43
.........................................
820,000
376,079
c
GO
,
2019
B
,
4.74
%,
6/15/44
.........................................
1,115,000
483,573
c
GO
,
2019
B
,
4.83
%,
6/15/45
.........................................
985,000
401,545
Klamath
Falls
Intercommunity
Hospital
Authority
,
Sky
Lakes
Medical
Center,
Inc.
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/46
.................................
1,000,000
1,001,301
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
4
%
,
8/15/45
....................................................
5,620,000
5,267,368
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/45
8,245,000
8,450,056
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/15/50
11,235,000
9,711,771
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/50
4,500,000
4,543,695
Metro
,
County
of
Multnomah
Transient
Lodging
Tax
,
Revenue
,
2017
,
5
%
,
6/15/47
...
9,200,000
9,257,096
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)
Metro
Oregon
-
Clackamas,
Multnomah,
and
Washington
Counties
,
GO
,
2025
,
4.125
%
,
6/01/44
..........................................
$
10,790,000
$
10,886,371
GO
,
2025
,
4.25
%
,
6/01/45
...........................................
11,585,000
11,793,551
Multnomah
County
School
District
No.
1J
Portland
,
GO
,
2023
,
4
%
,
6/15/41
.............................................
10,000,000
10,034,284
GO
,
2026
,
4.5
%
,
6/15/55
............................................
20,000,000
19,869,802
c
Multnomah
County
School
District
No.
40
,
GO
,
2012
B
,
3.16
%,
6/15/29
.........................................
2,595,000
2,360,733
GO
,
2012
B
,
3.25
%,
6/15/30
.........................................
1,885,000
1,656,670
GO
,
2012
B
,
3.35
%,
6/15/31
.........................................
2,030,000
1,719,257
GO
,
2012
B
,
3.45
%,
6/15/32
.........................................
2,000,000
1,629,253
Multnomah-Clackamas
Counties
Centennial
School
District
No.
28JT
,
GO
,
2020
,
Refunding
,
5
%
,
6/15/45
.....................................
3,000,000
3,117,075
GO
,
2020
,
Refunding
,
5
%
,
6/15/50
.....................................
24,655,000
25,192,107
Oregon
City
School
District
No.
62
,
GO
,
2018
B
,
Refunding
,
5
%
,
6/15/49
..........
2,345,000
2,372,894
Oregon
Health
&
Science
University
,
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
7/01/46
.................
2,000,000
1,915,003
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/44
.................
12,645,000
12,352,273
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/51
.................
26,580,000
24,160,308
Oregon
Health
&
Science
University
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/42
10,000,000
10,093,587
Oregon
State
Facilities
Authority
,
b
CHNW
Clifton
House
LLC
,
Revenue
,
144A,
A
,
4
%
,
10/01/26
.................
390,000
389,082
b
CHNW
Clifton
House
LLC
,
Revenue
,
144A,
A
,
5
%
,
10/01/36
.................
1,670,000
1,622,955
b
CHNW
Clifton
House
LLC
,
Revenue
,
144A,
A
,
5
%
,
10/01/48
.................
4,000,000
3,675,260
Legacy
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
6/01/46
......
25,945,000
25,952,000
Legacy
Health
Obligated
Group
,
Revenue
,
2022
A
,
4.125
%
,
6/01/52
...........
3,000,000
2,610,960
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2015
C
,
5
%
,
10/01/45
..
4,000,000
4,000,915
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/41
.......................................................
7,800,000
7,803,349
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
10/01/46
.
3,280,000
3,275,447
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
10/01/46
...................................................
220,000
221,570
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/40
.......................................................
11,025,000
11,271,729
Southern
Oregon
Goodwill
Industries
,
Revenue
,
2025
A
,
5
%
,
12/01/40
..........
420,000
436,542
Southern
Oregon
Goodwill
Industries
,
Revenue
,
2025
A
,
5.375
%
,
12/01/45
......
500,000
516,001
Southern
Oregon
Goodwill
Industries
,
Revenue
,
2025
A
,
5.5
%
,
12/01/54
........
1,500,000
1,516,554
University
of
Portland
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
4/01/45
..............
10,000,000
10,463,917
Willamette
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/40
.............
1,950,000
1,950,151
Willamette
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
.............
47,505,000
37,773,620
Oregon
State
University
,
Revenue
,
2024
A
,
Refunding
,
4.25
%
,
4/01/52
...........
3,610,000
3,462,176
Port
of
Portland
,
Airport
,
Revenue
,
24
B
,
5
%
,
7/01/42
....................................
7,645,000
7,687,619
Airport
,
Revenue
,
25
B
,
5
%
,
7/01/44
....................................
4,830,000
4,927,158
Airport
,
Revenue
,
25
B
,
5
%
,
7/01/49
....................................
6,300,000
6,356,873
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/30
....................................
1,585,000
1,703,690
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/37
....................................
5,000,000
5,257,871
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/45
....................................
10,670,000
10,934,925
Airport
,
Revenue
,
28
,
4
%
,
7/01/38
.....................................
2,500,000
2,499,367
Airport
,
Revenue
,
29
,
5.5
%
,
7/01/53
....................................
13,500,000
14,137,855
Rockwood
Water
People's
Utility
District
,
Revenue
,
2024
,
4
%
,
6/15/47
............
1,100,000
1,061,557
Salem
Hospital
Facility
Authority
,
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/33
.............
545,000
556,174
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/38
.............
500,000
507,116
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/43
.............
2,250,000
2,266,820
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
172
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Salem
Hospital
Facility
Authority,
(continued)
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/48
.............
$
3,700,000
$
3,657,993
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/15/27
....
260,000
263,359
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/15/28
....
310,000
318,242
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/29
....
515,000
521,103
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/30
....
385,000
390,119
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/31
....
400,000
405,610
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/32
....
370,000
374,747
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/40
....
1,540,000
1,483,282
Capital
Manor,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/57
....
2,750,000
2,200,292
Salem
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/15/46
.......
17,105,000
17,110,443
Salem-Keizer
School
District
No.
24J
,
c
GO
,
2009
B
,
3.14
%,
6/15/30
.........................................
8,500,000
7,503,137
GO
,
2020
C
,
4
%
,
6/15/38
............................................
6,000,000
6,100,615
State
of
Oregon
,
GO
,
2007
A
,
4.7
%
,
8/01/42
...........................................
3,050,000
3,050,195
GO
,
2019
G
,
5
%
,
8/01/33
............................................
3,000,000
3,197,898
GO
,
2019
G
,
5
%
,
8/01/34
............................................
1,900,000
2,021,170
GO
,
2025
A
,
Refunding
,
5.25
%
,
5/01/50
.................................
3,300,000
3,536,836
GO
,
L
,
Refunding
,
5
%
,
8/01/42
........................................
3,270,000
3,321,396
Department
of
Transportation
,
Revenue,
Sub.
Lien
,
2019
A
,
Refunding
,
5
%
,
11/15/39
23,175,000
24,509,625
Department
of
Transportation
,
Revenue,
Sub.
Lien
,
2019
A
,
Refunding
,
4
%
,
11/15/42
3,300,000
3,291,065
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
20,843,752
Tri-County
Metropolitan
Transportation
District
of
Oregon
,
Revenue
,
2018
A
,
5
%
,
10/01/31
........................................................
5,025,000
5,201,714
Umatilla
Hospital
District
No.
1
,
GO
,
2023
,
5
%
,
6/01/53
.......................
750,000
754,714
Union
County
Hospital
Facility
Authority
,
Grande
Ronde
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2022
,
5
%
,
7/01/47
......
2,750,000
2,686,791
Grande
Ronde
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2022
,
5
%
,
7/01/52
......
3,680,000
3,532,833
University
of
Oregon
,
Revenue
,
2018
A
,
5
%
,
4/01/48
.........................
10,000,000
10,136,259
b
Warm
Springs
Reservation
Confederated
Tribe
,
Revenue
,
144A,
2019
B
,
Refunding
,
5
%
,
11/01/33
.........................
250,000
262,461
Revenue
,
144A,
2019
B
,
Refunding
,
5
%
,
11/01/34
.........................
300,000
314,066
Revenue
,
144A,
2019
B
,
Refunding
,
5
%
,
11/01/39
.........................
2,200,000
2,283,771
Washington
&
Clackamas
Counties
School
District
No.
23J
Tigard-Tualatin
,
GO
,
2017
,
5
%
,
6/15/37
.............................................
5,040,000
5,134,991
GO
,
2017
,
Pre-Refunded
,
5
%
,
6/15/37
..................................
960,000
983,541
Washington
&
Multnomah
Counties
School
District
No.
48J
Beaverton
,
GO
,
2017
D
,
5
%
,
6/15/35
............................................
15,050,000
15,339,851
GO
,
2022
B
,
5
%
,
6/15/52
............................................
19,145,000
19,733,142
c
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO
,
2018
A
,
4.13
%,
6/15/38
..........................................
2,350,000
1,443,693
GO
,
2018
A
,
4.22
%,
6/15/39
..........................................
3,275,000
1,909,326
c
Washington
County
School
District
No.
15
Forest
Grove
,
GO
,
2012
B
,
3.12
%,
6/15/29
.........................................
2,545,000
2,318,019
GO
,
2012
B
,
3.26
%,
6/15/30
.........................................
2,490,000
2,187,516
GO
,
2012
B
,
3.36
%,
6/15/31
.........................................
3,140,000
2,658,026
Yamhill
Clackamas
&
Washington
Counties
School
District
No.
29J
Newberg
,
GO
,
2021
B
,
4
%
,
6/15/42
....................................................
3,135,000
3,143,369
Yamhill
County
School
District
No.
8
Dayton
,
GO
,
2019
,
Refunding
,
5
%
,
6/15/32
.....................................
1,045,000
1,112,959
GO
,
2019
,
Refunding
,
5
%
,
6/15/33
.....................................
1,080,000
1,147,545
706,134,362
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
173
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
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
$
2,701,223
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/30
250,000
262,783
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/31
250,000
264,643
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
4,200,000
3,222,381
3,749,807
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
2,087,222
Wisconsin
3.1%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
4,500,000
4,687,363
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
2,400,000
2,006,162
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
20,520,000
10,406,944
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
11,650,000
7,805,269
24,905,738
U.S.
Territories
3.8%
Puerto
Rico
3.8%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.625
%
,
5/15/43
......................
6,000,000
6,084,059
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,300,000
1,314,229
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
1,004,431
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
17,925,000
17,713,379
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
3,000,000
2,991,493
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
1,820,000
1,753,303
30,860,894
Total
U.S.
Territories
....................................................................
30,860,894
Total
Municipal
Bonds
(Cost
$
807,313,695
)
.....................................
797,696,709
Total
Long
Term
Investments
(Cost
$
809,813,695
)
...............................
800,284,296
a
a
a
a
a
Short
Term
Investments
0.6%
Municipal
Bonds
0.6%
Oregon
0.6%
e
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
2.75
%
,
8/01/34
.................................
900,000
900,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Oregon
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
174
See
Abbreviations
on
page
195
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Oregon
(continued)
e
Oregon
State
Facilities
Authority,
(continued)
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
8/01/34
..................................
$
4,000,000
$
4,000,000
4,900,000
Total
Municipal
Bonds
(Cost
$
4,900,000
)
.......................................
4,900,000
Total
Short
Term
Investments
(Cost
$
4,900,000
)
.................................
4,900,000
a
Total
Investments
(Cost
$
814,713,695
)
99.0
%
...................................
$805,184,296
Other
Assets,
less
Liabilities
1.0
%
.............................................
8,293,368
Net
Assets
100.0%
...........................................................
$813,477,664
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$55,436,932,
representing
6.8%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Security
purchased
on
a
when-issued
basis.
e
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
Franklin
Pennsylvania
Tax-Free
Income
Fund
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
175
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Residential
REITs
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
2,000,000
$
2,070,070
Total
Corporate
Bonds
(Cost
$
2,000,000
)
.......................................
2,070,070
Municipal
Bonds
97.1%
Florida
1.8%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
5,688,000
5,110,282
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
1,000,000
703,035
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
6,700,000
5,717,952
11,531,269
Georgia
0.1%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
305,000
317,954
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
755,000
381,653
699,607
New
York
1.8%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/44
.....................................
6,700,000
6,315,112
Revenue
,
2021
A-1
,
4
%
,
11/15/46
.....................................
6,050,000
5,555,667
11,870,779
Pennsylvania
91.0%
Adams
County
General
Authority
,
Brethren
Home
Community
Obligated
Group
(The)
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
6/01/54
....................................................
500,000
486,952
Brethren
Home
Community
Obligated
Group
(The)
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
6/01/59
....................................................
4,105,000
3,960,679
Allegheny
County
Airport
Authority
,
Revenue
,
2021
A
,
5
%
,
1/01/32
........................................
4,345,000
4,641,027
Revenue
,
2021
A
,
5
%
,
1/01/34
........................................
8,155,000
8,657,779
Revenue
,
2021
A
,
5
%
,
1/01/56
........................................
3,500,000
3,511,980
Revenue
,
2023
A
,
AG
Insured
,
5.5
%
,
1/01/53
.............................
5,000,000
5,207,628
Revenue
,
2025
A
,
AG
Insured
,
5.5
%
,
1/01/50
.............................
4,000,000
4,234,408
Allegheny
County
Higher
Education
Building
Authority
,
Chatham
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
9/01/33
..............
700,000
709,106
Chatham
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
9/01/34
..............
1,090,000
1,099,667
Duquesne
University
of
the
Holy
Spirit
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/41
.
6,000,000
5,802,076
Robert
Morris
University
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
10/15/37
..........
1,000,000
1,031,012
Robert
Morris
University
,
Revenue
,
2017
,
5
%
,
10/15/47
.....................
1,300,000
1,340,315
Allentown
Commercial
and
Industrial
Development
Authority
,
b
Executive
Education
Academy
Charter
School
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/50
....................................................
2,000,000
1,874,126
Lincoln
Leadership
Academy
Charter
School
,
Revenue
,
2023
,
5.5
%
,
6/15/38
.....
600,000
624,593
Lincoln
Leadership
Academy
Charter
School
,
Revenue
,
2023
,
5.75
%
,
6/15/43
....
600,000
620,416
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/32
.................................
1,560,000
1,695,005
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/33
.................................
1,800,000
1,950,442
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/34
.................................
1,550,000
1,670,099
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/35
.................................
1,400,000
1,502,273
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/42
.................................
8,875,000
9,286,671
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)
Berks
County
Industrial
Development
Authority
,
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/15/42
........................................................
$
1,000,000
$
1,002,907
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/15/47
........................................................
600,000
593,387
Highlands
at
Wyomissing
Obligated
Group
,
Revenue
,
2017
C
,
5
%
,
5/15/37
......
1,245,000
1,249,227
Bethlehem
Redevelopment
Authority
,
Moravian
University
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
10/01/49
.........
750,000
753,654
Moravian
University
Obligated
Group
,
Revenue
,
2024
,
5.5
%
,
10/01/54
..........
1,050,000
1,061,518
Bristol
Township
School
District
,
GO
,
2021
C
,
BAM
Insured
,
3
%
,
6/01/37
..........
1,250,000
1,158,252
Bucks
County
Industrial
Development
Authority
,
Delaware
Valley
University
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
11/01/37
.........
1,000,000
997,083
Delaware
Valley
University
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
11/01/42
.........
1,080,000
1,014,559
Delaware
Valley
University
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
11/01/52
.........
2,500,000
2,160,582
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2019
,
4
%
,
8/15/44
.............
1,500,000
1,390,603
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2021
,
3
%
,
8/15/53
.............
12,000,000
8,411,069
Central
Bradford
Progress
Authority
,
Guthrie
Clinic
(The)
,
Revenue
,
2021
B
,
4
%
,
12/01/51
........................................................
5,000,000
4,295,613
Centre
County
Hospital
Authority
,
Mount
Nittany
Medical
Center
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/42
.......................................................
1,215,000
1,230,446
Mount
Nittany
Medical
Center
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
11/15/47
.......................................................
1,840,000
1,665,315
Cheltenham
Township
Industrial
Development
Authority
,
Arcadia
University
,
Revenue
,
2024
,
Refunding
,
5
%
,
4/01/44
..................
2,250,000
2,173,796
Arcadia
University
,
Revenue
,
2024
,
Refunding
,
5.75
%
,
4/01/54
...............
1,000,000
962,686
Chester
County
Health
and
Education
Facilities
Authority
,
Tel
Hai
Retirement
Community
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
6/01/55
.......
1,800,000
1,828,339
Chester
County
Industrial
Development
Authority
,
University
Student
Housing
LLC
,
Revenue
,
2013
A
,
5
%
,
8/01/35
...............
500,000
500,074
University
Student
Housing
LLC
,
Revenue
,
2013
A
,
5
%
,
8/01/45
...............
1,500,000
1,447,894
City
of
Erie
Higher
Education
Building
Authority
,
Gannon
University
,
Revenue
,
2021
TT-1
,
4
%
,
5/01/36
......................
400,000
377,166
Gannon
University
,
Revenue
,
2021
TT-1
,
4
%
,
5/01/41
......................
1,000,000
866,260
Gannon
University
,
Revenue
,
2021
TT-1
,
5
%
,
5/01/47
......................
2,430,000
2,240,260
Gannon
University
,
Revenue
,
2025
XX-1
,
5
%
,
5/01/35
......................
375,000
390,693
Gannon
University
,
Revenue
,
2025
XX-1
,
5
%
,
5/01/38
......................
635,000
652,903
Gannon
University
,
Revenue
,
2025
XX-1
,
5
%
,
5/01/48
......................
775,000
720,434
City
of
Philadelphia
,
GO
,
2019
B
,
5
%
,
2/01/38
............................................
4,055,000
4,257,766
GO
,
2019
B
,
5
%
,
2/01/39
............................................
3,550,000
3,720,699
GO
,
2021
A
,
4
%
,
5/01/37
............................................
4,435,000
4,515,401
Airport
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/47
.........................
10,000,000
10,025,678
Airport
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
7/01/45
.........................
5,225,000
4,786,420
Airport
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/51
...........................
5,000,000
5,042,390
Water
&
Wastewater
,
Revenue
,
2022
C
,
5.5
%
,
6/01/47
......................
5,000,000
5,363,328
Water
&
Wastewater
,
Revenue
,
2024
C
,
AG
Insured
,
5.25
%
,
9/01/54
...........
5,000,000
5,241,394
Colonial
School
District
,
GO
,
2021
A
,
3
%
,
2/15/40
...........................
1,650,000
1,472,811
County
of
Allegheny
,
GO
,
C-77
,
5
%
,
11/01/43
..............................
5,030,000
5,189,913
County
of
Delaware
,
GO
,
2025
,
5
%
,
8/01/48
...............................
1,000,000
1,057,416
County
of
Jefferson
,
GO
,
2021
,
Refunding
,
AG
Insured
,
3
%
,
12/15/37
..........................
770,000
718,664
GO
,
2021
,
Refunding
,
AG
Insured
,
3
%
,
12/15/39
..........................
520,000
475,929
Cumberland
County
Municipal
Authority
,
Messiah
Village
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5.5
%
,
6/01/51
.....................................
5,000,000
5,092,655
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)
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2014
,
Refunding
,
5
%
,
5/01/37
......................................................
$
2,500,000
$
2,499,929
Delaware
County
Authority
,
Elwyn
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/27
..............
1,065,000
1,072,516
Elwyn
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/32
..............
1,620,000
1,628,761
Haverford
College
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/46
...............
5,865,000
5,895,798
DuBois
Hospital
Authority
,
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
7/15/43
........................................................
3,410,000
3,370,104
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2020
,
4
%
,
7/15/50
......
3,500,000
2,816,036
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/15/41
........................................................
1,000,000
889,430
Penn
Highlands
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/15/51
........................................................
4,000,000
3,190,392
Erie
City
Water
Authority
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
12/01/43
...........
6,000,000
6,066,772
b
Erie
County
Industrial
Development
Authority
,
CFC
-
Erie
I
LLC
,
Revenue
,
144A,
2024
A
,
6.75
%
,
9/01/61
.................................................
5,000,000
4,956,333
Fairview
School
District
,
GO
,
2021
,
BAM
Insured
,
3
%
,
9/15/37
...................................
1,195,000
1,099,278
GO
,
2021
,
BAM
Insured
,
3
%
,
9/15/38
...................................
1,000,000
897,950
GO
,
2021
,
BAM
Insured
,
3
%
,
9/15/39
...................................
1,000,000
896,146
Geisinger
Authority
,
Kaiser
Obligated
Group
,
Revenue
,
2017
A-2
,
Refunding
,
5
%
,
2/15/39
.........................................................
13,155,000
13,299,151
Governor
Mifflin
School
District
,
GO
,
2021
,
3
%
,
4/01/36
.............................................
625,000
593,507
GO
,
2021
,
3
%
,
4/01/37
.............................................
1,000,000
939,367
GO
,
2021
,
3
%
,
4/01/38
.............................................
1,000,000
925,172
GO
,
2021
,
3
%
,
4/01/39
.............................................
1,015,000
923,579
Lancaster
County
Hospital
Authority
,
Masonic
Villages
of
the
Grand
Lodge
of
Pennsylvania
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
11/01/34
...................................................
1,260,000
1,394,116
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
8/15/46
............................................
4,165,000
4,171,837
Lancaster
Higher
Education
Authority
,
Elizabethtown
College
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/46
............
5,000,000
4,742,535
Elizabethtown
College
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
10/01/51
............
5,000,000
4,552,676
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/51
........
2,780,000
2,293,998
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/56
........
520,000
413,955
Willow
Valley
Communities
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/44
......
1,850,000
1,854,511
Willow
Valley
Communities
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/49
......
2,300,000
2,234,745
Lancaster
Municipal
Authority
,
Garden
Spot
Village
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
5/01/44
..
1,200,000
1,230,991
Garden
Spot
Village
Obligated
Group
,
Revenue
,
2024
B
,
5
%
,
5/01/59
..........
540,000
524,312
Luthercare
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
12/01/55
........
2,050,000
2,010,464
Lancaster
School
District
,
GO
,
2025
B
,
BAM
Insured
,
5
%
,
6/01/43
.................................
2,000,000
2,149,071
GO
,
2025
B
,
BAM
Insured
,
5
%
,
6/01/44
.................................
2,000,000
2,134,166
Latrobe
Industrial
Development
Authority
,
Seton
Hill
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/46
................
750,000
617,787
Seton
Hill
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/51
................
800,000
622,565
Lehigh
County
General
Purpose
Authority
,
Good
Shepherd
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/01/41
4,345,000
3,960,845
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/42
....
14,390,000
12,939,324
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/57
....
5,000,000
3,961,893
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)
Lehigh
County
General
Purpose
Authority,
(continued)
Muhlenberg
College
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
2/01/54
..............
$
1,600,000
$
1,543,912
Lycoming
County
Authority
,
Lycoming
College
,
Revenue
,
2013
MM-1
,
5.25
%
,
11/01/38
...................
1,400,000
1,402,004
Lycoming
College
,
Revenue
,
2013
MM-1
,
5.25
%
,
11/01/43
...................
1,495,000
1,496,439
d
Marple
Newtown
School
District
,
GO
,
2026
A
,
5
%
,
6/01/43
....................
1,200,000
1,321,169
Montgomery
County
Higher
Education
and
Health
Authority
,
Gwynedd
Mercy
University
,
Revenue
,
2022
UU-2
,
Refunding
,
5.25
%
,
5/01/37
....
2,665,000
2,773,965
Gwynedd
Mercy
University
,
Revenue
,
2022
UU-2
,
Refunding
,
5
%
,
5/01/42
.......
3,700,000
3,702,197
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
9/01/43
........................................................
3,740,000
3,537,516
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
9/01/48
........................................................
8,250,000
8,301,682
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
4
%
,
5/01/52
........................................................
4,000,000
3,437,691
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
5/01/57
........................................................
5,000,000
5,016,382
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
4
%
,
11/15/43
.......................................................
600,000
575,759
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
5
%
,
11/15/45
.......................................................
1,985,000
2,012,197
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
A
,
5.25
%
,
11/15/53
.......................................................
3,000,000
3,030,513
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
11/15/49
...........................................
9,525,000
9,576,703
Gwynedd
Mercy
University
,
Revenue
,
2023
VV-1
,
5.75
%
,
5/01/48
..............
2,000,000
2,037,041
Meadowood
Corp.
Obligated
Group
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/38
.......................................................
2,500,000
2,534,687
Public
School
of
Germantown
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
..
2,450,000
2,038,759
Waverly
Heights
Ltd.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
12/01/49
..
2,000,000
1,969,896
Muhlenberg
School
District
,
GO
,
2024
,
5
%
,
5/15/54
..........................
2,000,000
2,042,567
New
Kensington
Municipal
Sanitary
Authority
,
Revenue
,
2021
A
,
AG
Insured
,
3
%
,
12/01/38
........................................................
500,000
453,422
Northampton
County
General
Purpose
Authority
,
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
8/15/48
...
2,500,000
2,514,942
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2024
A-1
,
Refunding
,
AG
Insured
,
5.25
%
,
8/15/53
..................................................
5,000,000
5,202,595
Northeastern
Pennsylvania
Hospital
and
Education
Authority
,
King's
College
,
Revenue
,
2019
,
5
%
,
5/01/44
.................................................
1,000,000
983,094
Northeastern
School
District
,
GO
,
2021
A
,
BAM
Insured
,
3
%
,
3/01/38
.................................
850,000
782,453
GO
,
2021
A
,
BAM
Insured
,
3
%
,
3/01/41
.................................
775,000
672,395
Northern
Lebanon
School
District
,
GO
,
2021
,
BAM
Insured
,
3
%
,
9/01/36
..........
1,895,000
1,776,923
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
5.5
%
,
6/30/43
2,000,000
2,124,724
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
5.25
%
,
6/30/53
........................................................
8,500,000
8,599,923
Parking
System
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
AG
Insured
,
4
%
,
1/01/41
1,015,000
1,014,816
Philadelphia
Water
Department
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/29
........
500,000
507,901
Philadelphia
Water
Department
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/32
........
1,300,000
1,331,209
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2023
B-1
,
5.25
%
,
7/01/49
......
2,000,000
2,025,387
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2023
B-2
,
Refunding
,
5
%
,
7/01/42
2,365,000
2,441,895
UPMC
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
11/15/42
...........
5,000,000
4,761,430
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
4/15/45
.....................
5,000,000
4,630,585
UPMC
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/15/39
...........
1,325,000
1,295,307
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)
Pennsylvania
Economic
Development
Financing
Authority,
(continued)
UPMC
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/15/40
...........
$
1,200,000
$
1,164,045
UPMC
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/15/41
...........
1,300,000
1,252,881
UPMC
Obligated
Group
,
Revenue
,
2025
B
,
Refunding
,
5
%
,
3/15/43
............
1,850,000
1,974,078
UPMC
Obligated
Group
,
Revenue
,
2025
B
,
Refunding
,
5
%
,
3/15/50
............
3,000,000
3,062,574
Villanova
University
,
Revenue
,
2024
,
4
%
,
8/01/54
..........................
5,000,000
4,552,285
d
Pennsylvania
Higher
Education
Assistance
Agency
,
Revenue
,
2026-1A
,
4.25
%
,
6/01/47
7,125,000
7,075,919
Pennsylvania
Higher
Educational
Facilities
Authority
,
St.
Joseph's
University
,
Revenue
,
2012
,
5
%
,
11/01/42
......................
1,840,000
1,839,970
Trustees
of
the
University
of
Pennsylvania
(The)
,
Revenue
,
2025
A
,
4.25
%
,
2/15/55
15,695,000
14,896,762
Trustees
of
the
University
of
Pennsylvania
(The)
,
Revenue
,
2025
A
,
5
%
,
2/15/55
..
2,095,000
2,174,726
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2019
,
4
%
,
8/15/49
....................................................
7,000,000
6,270,262
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
8/15/50
.........................................
3,000,000
3,197,407
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2025
,
Refunding
,
5
%
,
8/15/55
............................................
6,375,000
6,617,404
Widener
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/15/51
................
11,030,000
8,754,046
Pennsylvania
Housing
Finance
Agency
,
Revenue
,
2019-129
,
3.4
%
,
10/01/49
...................................
6,000,000
4,976,361
Revenue
,
2020-132
A
,
2.55
%
,
10/01/41
.................................
11,280,000
9,284,275
Revenue
,
2025-150A
,
Refunding
,
4.9
%
,
10/01/40
..........................
6,000,000
6,281,313
Pennsylvania
State
University
(The)
,
Revenue
,
2023
,
5.25
%
,
9/01/48
.......................................
3,000,000
3,190,599
Revenue
,
2024
,
5.25
%
,
9/01/54
.......................................
5,000,000
5,297,865
Pennsylvania
Turnpike
Commission
,
Revenue
,
2021
B
,
4
%
,
12/01/37
.......................................
1,500,000
1,518,884
Revenue
,
2021
B
,
4
%
,
12/01/46
.......................................
9,950,000
9,382,987
Revenue
,
2024
C
,
5.25
%
,
12/01/54
....................................
4,500,000
4,764,258
Revenue
,
2025
A
,
5.25
%
,
12/01/55
....................................
5,000,000
5,305,320
Revenue
,
2025
B
,
5.25
%
,
12/01/55
....................................
11,100,000
11,808,209
Oil
Franchise
Tax
,
Revenue,
Senior
Lien
,
2025
A
,
5.25
%
,
12/01/53
.............
7,650,000
8,152,242
Philadelphia
Authority
for
Industrial
Development
,
e
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
2,287,053
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/30
............
155,000
159,129
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/40
............
300,000
304,124
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/50
............
2,515,000
2,451,779
St.
Joseph's
University
,
Revenue
,
2022
,
5.5
%
,
11/01/60
.....................
8,410,000
8,705,802
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
9/01/42
........................................................
3,500,000
3,509,820
b
University
Plaza
Associates
,
Revenue
,
144A,
2017
,
III
,
5.5
%
,
12/01/58
..........
10,000,000
10,123,464
Philadelphia
Gas
Works
Co.
,
Revenue
,
15th
,
Refunding
,
5
%
,
8/01/47
.................................
9,000,000
9,073,939
Revenue
,
17th
A
,
AG
Insured
,
5.25
%
,
8/01/54
............................
2,000,000
2,094,523
Philadelphia
Housing
Authority
Development
Corp.
,
Revenue
,
2025
A
,
5.25
%
,
3/01/43
.....................................
3,375,000
3,617,214
Revenue
,
2025
A
,
5.25
%
,
3/01/45
.....................................
2,500,000
2,619,233
Pittsburgh
Water
&
Sewer
Authority
,
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/39
.............................
1,490,000
1,649,630
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/40
.............................
1,365,000
1,504,751
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/41
.............................
1,650,000
1,808,411
Revenue,
First
Lien
,
2022
A
,
5.25
%
,
9/01/42
.............................
1,685,000
1,841,699
Revenue,
First
Lien
,
2022
A
,
5
%
,
9/01/52
................................
2,640,000
2,730,701
Revenue,
First
Lien
,
2026
A
,
5
%
,
9/01/44
................................
725,000
790,254
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
180
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
School
District
of
Philadelphia
(The)
,
GO
,
2021
A
,
4
%
,
9/01/36
.................
$
3,845,000
$
3,893,536
Scranton
School
District
,
GO
,
2020
,
4
%
,
12/01/40
...........................
1,535,000
1,537,759
Scranton-Lackawanna
Health
and
Welfare
Authority
,
University
of
Scranton
,
Revenue
,
2025
A
,
Refunding
,
4
%
,
11/01/41
............
2,075,000
2,018,530
University
of
Scranton
,
Revenue
,
2025
A
,
Refunding
,
4
%
,
11/01/42
............
2,160,000
2,075,065
University
of
Scranton
,
Revenue
,
2025
A
,
Refunding
,
4
%
,
11/01/43
............
2,245,000
2,127,823
Southeastern
Pennsylvania
Transportation
Authority
,
Revenue
,
2022
,
5.25
%
,
6/01/52
5,000,000
5,228,966
State
College
Area
School
District
,
GO
,
2018
,
5
%
,
5/15/44
....................
2,500,000
2,554,033
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AG
Insured
,
5
%
,
6/01/32
........................................................
7,095,000
7,170,500
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AG
Insured
,
5
%
,
6/01/33
........................................................
3,000,000
3,030,131
Temple
University-of
Commonwealth
System
of
Higher
Education
(The)
,
Revenue,
First
Series
,
2025
,
Refunding
,
AG
Insured
,
5
%
,
4/01/44
.............
1,000,000
1,074,807
Revenue,
First
Series
,
2025
,
Refunding
,
AG
Insured
,
5
%
,
4/01/45
.............
750,000
799,517
Upper
Merion
Area
School
District
,
GO
,
2021
A
,
3
%
,
1/15/39
............................................
1,000,000
926,473
GO
,
2021
A
,
3
%
,
1/15/40
............................................
1,500,000
1,347,916
GO
,
2021
A
,
3
%
,
1/15/41
............................................
1,275,000
1,119,863
West
Cornwall
Township
Municipal
Authority
,
Lebanon
Valley
Brethren
Home
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5.125
%
,
11/15/46
.....................
670,000
688,759
Westmoreland
County
Industrial
Development
Authority
,
Excela
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/29
......
725,000
751,365
Excela
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
7/01/30
......
1,370,000
1,430,248
Excela
Health
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/37
......
1,400,000
1,343,075
Westmoreland
County
Municipal
Authority
,
Revenue
,
2025
A
,
Refunding
,
BAM
Insured
,
5
%
,
8/15/40
......................................................
5,000,000
5,513,798
Wilkes-Barre
Finance
Authority
,
Wilkes
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/42
.........................................................
2,500,000
2,134,704
597,084,596
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
900,408
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,300,000
2,531,871
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,900,000
1,652,384
Wisconsin
0.7%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
1,415,000
1,473,915
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,900,000
1,588,212
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
3,435,000
1,742,098
4,804,225
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
1,112,040
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
1,004,431
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Pennsylvania
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
181
See
Abbreviations
on
page
195
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
$
4,000,000
$
3,952,776
6,069,247
Total
U.S.
Territories
....................................................................
6,069,247
Total
Municipal
Bonds
(Cost
$
667,094,916
)
.....................................
637,144,386
Total
Long
Term
Investments
(Cost
$
669,094,916
)
...............................
639,214,456
a
a
a
a
a
Short
Term
Investments
2.5%
Municipal
Bonds
2.5%
Pennsylvania
2.5%
f
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
,
2.82
%
,
7/01/54
.............................................
16,700,000
16,700,000
Total
Municipal
Bonds
(Cost
$
16,700,000
)
......................................
16,700,000
Total
Short
Term
Investments
(Cost
$
16,700,000
)
................................
16,700,000
a
Total
Investments
(Cost
$
685,794,916
)
99.9
%
...................................
$655,914,456
Other
Assets,
less
Liabilities
0.1
%
.............................................
445,893
Net
Assets
100.0%
...........................................................
$656,360,349
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$30,047,785,
representing
4.6%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Security
purchased
on
a
when-issued
basis.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited),
May
31,
2026
Franklin
Virginia
Tax-Free
Income
Fund
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
182
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
96.8%
California
0.2%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
$
1,000,000
$
840,598
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
3,104,982
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
1,100,000
773,338
a
,b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.93
%,
3/01/29
...........................................
4,025,000
3,435,038
7,313,358
Georgia
0.2%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
320,000
333,591
b
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
1,095,000
553,523
887,114
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
1,508,425
State
of
Illinois
,
GO
,
2017
D
,
5
%
,
11/01/26
................................
1,000,000
1,008,919
2,517,344
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
3,630,027
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/41
........................
1,000,000
987,752
4,617,779
New
York
0.3%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/46
..........
1,350,000
1,239,694
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
1,800,816
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/28
225,000
231,902
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
5
%
,
9/01/29
250,000
260,672
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,100,000
1,611,191
2,103,765
Virginia
78.9%
Albemarle
County
Economic
Development
Authority
,
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/30
............................................
1,120,000
1,159,366
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/31
............................................
1,165,000
1,211,478
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/32
............................................
1,105,000
1,154,073
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/33
............................................
1,260,000
1,309,487
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/01/42
............................................
2,725,000
2,712,918
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)
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
$
2,562,726
Westminster
Canterbury
of
the
Blue
Ridge
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
4
%
,
6/01/54
............................................
5,215,000
4,629,352
Alexandria
Industrial
Development
Authority
,
Protestant
Episcopal
High
School
in
Virginia
,
Revenue
,
2021
C
,
Refunding
,
4
%
,
1/01/46
........................
2,450,000
2,362,569
Alexandria
Sanitation
Authority
,
Revenue
,
2024
,
5
%
,
7/15/49
.........................................
2,830,000
2,989,053
Revenue
,
2024
,
5
%
,
7/15/54
.........................................
1,100,000
1,150,797
Arlington
County
Industrial
Development
Authority
,
Virginia
Hospital
Center
Arlington
Health
System
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/45
.......
2,000,000
1,905,072
Chesapeake
Hospital
Authority
,
Chesapeake
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
4
%
,
7/01/39
........................................................
1,000,000
975,738
Chesapeake
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
4
%
,
7/01/43
........................................................
4,000,000
3,811,274
City
of
Alexandria
,
GO
,
2023
,
4
%
,
12/15/43
................................
5,500,000
5,552,827
City
of
Chesapeake
,
Chesapeake
Expressway
Toll
Road
,
Revenue,
Senior
Lien
,
2024
,
Refunding
,
AG
Insured
,
4
%
,
7/15/47
....................................
2,500,000
2,437,949
City
of
Hopewell
,
Sewer
System
,
Revenue
,
2011
A
,
Refunding
,
5
%
,
7/15/42
.......
4,850,000
4,850,303
City
of
Norfolk
,
Water
,
Revenue
,
2018
,
5
%
,
11/01/43
...................................
6,920,000
7,058,464
Water
,
Revenue
,
2018
,
5
%
,
11/01/47
...................................
6,925,000
7,016,977
City
of
Richmond
,
GO
,
2026
A
,
Refunding
,
5
%
,
1/15/43
...................................
5,000,000
5,565,869
c
Public
Utility
,
Revenue
,
2026
B
,
Refunding
,
5
%
,
1/15/51
.....................
1,000,000
1,054,675
City
of
Virginia
Beach
,
GO
,
2026
A
,
5
%
,
8/01/40
............................
5,000,000
5,700,243
Commonwealth
of
Virginia
,
GO
,
2020
A
,
4
%
,
6/01/31
............................................
2,710,000
2,847,799
GO
,
2022
A
,
5
%
,
6/01/52
............................................
2,445,000
2,534,149
County
of
Fairfax
,
GO
,
2025
A
,
4
%
,
10/01/43
...........................................
2,455,000
2,476,709
GO
,
2025
A
,
4
%
,
10/01/44
...........................................
3,395,000
3,408,379
Sewer
,
Revenue
,
2024
A
,
5
%
,
7/15/49
..................................
3,070,000
3,238,214
Sewer
,
Revenue
,
2024
A
,
5
%
,
7/15/54
..................................
4,500,000
4,692,141
Sewer
,
Revenue
,
2026
A
,
5
%
,
7/15/54
..................................
5,000,000
5,256,267
Fairfax
County
Economic
Development
Authority
,
Revenue
,
2017
,
5
%
,
4/01/42
.....
5,085,000
5,139,756
Fairfax
County
Industrial
Development
Authority
,
Inova
Health
System
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/44
...
3,000,000
2,858,826
Inova
Health
System
Obligated
Group
,
Revenue
,
2024
,
4.125
%
,
5/15/54
........
5,000,000
4,608,105
Fairfax
County
Water
Authority
,
Revenue
,
2017
,
Refunding
,
5
%
,
4/01/43
.................................
2,000,000
2,021,596
Revenue
,
2017
,
Refunding
,
5
%
,
4/01/47
.................................
5,000,000
5,036,594
Farmville
Industrial
Development
Authority
,
d
Elwood
Place
LLC
,
Revenue
,
2021
,
AG
Insured
,
Mandatory
Put
,
5.375
%
,
7/01/43
.
5,000,000
5,246,486
Longwood
Housing
Foundation
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/48
...
5,000,000
4,688,095
Hampton
Roads
Sanitation
District
,
Revenue,
Sub.
Lien
,
2016
A
,
Pre-Refunded
,
5
%
,
8/01/43
.........................................................
5,000,000
5,019,719
Hampton
Roads
Transportation
Accountability
Commission
,
Hampton
Roads
Transportation
Fund
,
Revenue,
Senior
Lien
,
2018
A
,
Pre-Refunded
,
5
%
,
7/01/48
....................................................
5,505,000
5,715,247
Hampton
Roads
Transportation
Fund
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
7/01/60
.
4,885,000
4,979,626
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)
Henrico
County
Economic
Development
Authority
,
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/40
.......................................................
$
500,000
$
494,319
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/45
.......................................................
1,425,000
1,307,798
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/50
.......................................................
1,500,000
1,283,881
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
10/01/42
..
1,125,000
1,166,458
Westminster-Canterbury
Corp.
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
10/01/52
..
5,000,000
4,910,638
Isle
Wight
County
Industrial
Development
Authority
,
Riverside
Healthcare
Association
Obligated
Group
,
Revenue
,
2023
,
AG
Insured
,
5.25
%
,
7/01/48
..................................................
2,260,000
2,382,345
Riverside
Healthcare
Association
Obligated
Group
,
Revenue
,
2023
,
AG
Insured
,
5.25
%
,
7/01/53
..................................................
4,680,000
4,868,237
Lexington
Industrial
Development
Authority
,
Lexington
Retirement
Community
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/38
........................................................
650,000
645,126
Lexington
Retirement
Community
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/42
........................................................
1,120,000
1,074,870
Lexington
Retirement
Community
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/48
........................................................
2,315,000
2,048,673
Washington
&
Lee
University
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/35
....
1,105,000
1,138,896
Washington
&
Lee
University
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/48
....
1,500,000
1,517,530
Lynchburg
Economic
Development
Authority
,
Centra
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
1/01/47
......
4,500,000
4,504,928
Centra
Health
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/47
........
2,350,000
2,102,926
Centra
Health
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
1/01/51
........
2,000,000
1,435,492
Centra
Health
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/55
........
6,305,000
5,385,041
Centra
Health
Obligated
Group
,
Revenue
,
2026
A
,
5.5
%
,
1/01/51
..............
1,000,000
1,070,334
Centra
Health
Obligated
Group
,
Revenue
,
2026
A
,
5.5
%
,
1/01/56
..............
1,500,000
1,593,012
Norfolk
Airport
Authority
,
Revenue
,
2019
,
5
%
,
7/01/39
.........................................
800,000
833,474
Revenue
,
2019
,
5
%
,
7/01/43
.........................................
2,675,000
2,761,380
Northern
Virginia
Transportation
Commission
,
Commuter
Rail
Operating
&
Capital
Fund
,
Revenue
,
2022
,
5
%
,
6/01/47
.........
1,750,000
1,825,414
Commuter
Rail
Operating
&
Capital
Fund
,
Revenue
,
2022
,
5
%
,
6/01/52
.........
7,090,000
7,273,107
Prince
Edward
County
Industrial
Development
Authority
,
President
and
Trustees
of
Hampden-Sydney
College
,
Revenue
,
2018
,
5
%
,
9/01/48
....................
2,050,000
2,068,942
Richmond
Economic
Development
Authority
,
City
of
Richmond
,
Revenue
,
2024
,
4
%
,
6/01/54
.........................................................
2,080,000
1,909,940
Riverside
Regional
Jail
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/31
.........
6,215,000
6,225,221
Roanoke
Economic
Development
Authority
,
Carilion
Clinic
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/51
.......................................
4,000,000
3,671,558
Salem
Economic
Development
Authority
,
Roanoke
College
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
4/01/49
.....
925,000
894,286
Roanoke
College
Obligated
Group
,
Revenue
,
2025
,
6
%
,
4/01/50
..............
300,000
316,516
Roanoke
College
Obligated
Group
,
Revenue
,
2025
,
6
%
,
4/01/55
..............
700,000
732,628
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
1,766,129
Westminster-Canterbury
on
Chesapeake
Bay
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
9/01/44
............................................
2,215,000
2,216,961
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
185
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
College
Building
Authority
,
Revenue
,
2016
A
,
5
%
,
9/01/27
........................................
$
3,925,000
$
3,946,261
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
9/01/27
............................
75,000
75,417
Commonwealth
of
Virginia
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
2/01/30
..........
7,000,000
7,002,358
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/39
...........
795,000
695,703
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
2.25
%
,
1/15/40
........
450,000
339,990
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/41
...........
500,000
422,260
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/46
...........
1,100,000
831,559
Randolph-Macon
College
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
1/15/51
...........
1,750,000
1,206,710
Regent
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
6/01/36
.....
2,750,000
2,699,966
Regent
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
6/01/41
.....
4,800,000
3,839,689
Regent
University
Obligated
Group
,
Revenue
,
2025
,
6
%
,
6/01/55
..............
3,000,000
3,146,536
Virginia
Commonwealth
Transportation
Board
,
Revenue
,
2016
,
5
%
,
9/15/30
.........................................
2,260,000
2,273,784
Revenue
,
2016
,
5
%
,
9/15/31
.........................................
4,000,000
4,023,697
Commonwealth
of
Virginia
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/15/36
............
5,000,000
5,187,708
Commonwealth
of
Virginia
,
Revenue
,
2023
,
4
%
,
5/15/45
....................
2,000,000
1,972,341
Virginia
Housing
Development
Authority
,
Revenue
,
2024
A
,
4.45
%
,
9/01/44
........
3,000,000
3,016,602
Virginia
Port
Authority
,
Revenue
,
2025
,
5.25
%
,
7/01/50
.......................................
1,000,000
1,057,189
Revenue
,
2025
,
5.25
%
,
7/01/55
.......................................
5,000,000
5,242,087
Virginia
Port
Authority
Commonwealth
Port
Fund
,
Commonwealth
of
Virginia
,
Revenue
,
2023
A
,
5.25
%
,
7/01/48
.............................................
6,000,000
6,377,080
Virginia
Public
Building
Authority
,
Revenue
,
2025
A
,
5
%
,
8/01/44
........................................
5,295,000
5,773,608
Commonwealth
of
Virginia
,
Revenue
,
2019
A
,
4
%
,
8/01/35
...................
1,250,000
1,276,814
Virginia
Public
School
Authority
,
Revenue
,
2018
B
,
5
%
,
8/01/30
........................................
5,280,000
5,544,730
County
of
Prince
William
,
Revenue
,
2018
,
4
%
,
3/01/33
......................
3,295,000
3,359,796
County
of
Prince
William
,
Revenue
,
2024
,
4
%
,
10/01/41
.....................
5,595,000
5,743,111
Virginia
Resources
Authority
,
Revenue
,
2018
C
,
Refunding
,
5
%
,
11/01/48
.........
6,655,000
6,802,501
Virginia
Small
Business
Financing
Authority
,
95
Express
Lanes
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/48
.....
7,000,000
6,270,186
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/49
.....
5,000,000
4,365,229
Capital
Beltway
Express
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
5
%
,
12/31/47
6,825,000
6,908,612
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/38
........................................................
3,820,000
3,751,865
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/40
........................................................
3,680,000
3,604,649
I-66
Express
Mobility
Partners
LLC
,
Revenue,
Senior
Lien
,
2017
,
5
%
,
12/31/47
...
5,000,000
5,000,825
I-66
Express
Mobility
Partners
LLC
,
Revenue,
Senior
Lien
,
2017
,
5
%
,
12/31/52
...
7,600,000
7,496,356
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/36
...
1,000,000
1,008,328
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/41
...
2,500,000
2,460,588
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/51
...
7,500,000
6,399,085
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
12/01/54
4,000,000
4,122,822
Mary
Washington
Healthcare
Obligated
Group
,
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
6/15/55
..................................................
1,250,000
1,293,526
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/01/37
....................................................
2,750,000
2,794,894
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/01/51
....................................................
2,250,000
2,009,974
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/37
...
4,000,000
4,048,103
Williamsburg
Economic
Development
Authority
,
Provident
Group
-
Williamsburg
Properties
LLC
,
Revenue
,
2023
A
,
AG
Insured
,
4.125
%
,
7/01/58
...............
2,000,000
1,855,755
354,574,226
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedules
of
Investments.
186
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
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
$
1,043,611
Wisconsin
1.4%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
1,500,000
1,562,455
a
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,200,000
1,003,081
b
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
4,965,000
2,518,054
a
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,000,000
1,005,746
6,089,336
U.S.
Territories
11.5%
District
of
Columbia
8.5%
Metropolitan
Washington
Airports
Authority
,
Aviation
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/46
.......................
5,000,000
5,116,967
Aviation
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/48
.....................
4,000,000
4,141,340
Aviation
,
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
10/01/54
......................
3,250,000
3,414,116
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2020
A
,
5
%
,
7/15/45
...............................
3,145,000
3,243,412
Dedicated
,
Revenue
,
2021
A
,
5
%
,
7/15/41
...............................
2,530,000
2,680,525
Dedicated
,
Revenue
,
2021
A
,
5
%
,
7/15/46
...............................
2,000,000
2,066,133
Dedicated
,
Revenue
,
2023
A
,
5
%
,
7/15/43
...............................
2,500,000
2,662,626
Dedicated
,
Revenue,
Second
Lien
,
2023
A
,
5
%
,
7/15/48
.....................
6,400,000
6,661,691
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/49
.....................
1,800,000
1,875,402
Dedicated
,
Revenue,
Second
Lien
,
2025
A
,
5.25
%
,
7/15/55
..................
4,290,000
4,502,050
Dedicated
,
Revenue,
Second
Lien
,
2025
A
,
5
%
,
7/15/60
.....................
2,000,000
2,055,252
38,419,514
Guam
1.0%
Guam
Government
Waterworks
Authority
,
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.25
%
,
7/01/50
.............
2,000,000
2,058,677
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.5
%
,
7/01/55
..............
2,500,000
2,604,789
4,663,466
Puerto
Rico
2.0%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,700,000
1,718,608
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
443,225
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/37
..
200,000
191,361
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
6,400,000
6,165,558
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
500,000
494,097
9,012,849
Total
U.S.
Territories
....................................................................
52,095,829
Total
Municipal
Bonds
(Cost
$
448,998,989
)
.....................................
435,123,470
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
(unaudited)
Franklin
Virginia
Tax-Free
Income
Fund
(continued)
See
Notes
to
Schedules
of
Investments.
Quarterly
Schedule
of
Investments
187
See
Abbreviations
on
page
195
.
Short
Term
Investments
2.0%
a
a
Principal
Amount
a
Value
Municipal
Bonds
2.0%
Virginia
2.0%
e
Albemarle
County
Economic
Development
Authority
,
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
10/01/48
........................................................
$
2,500,000
$
2,500,000
e
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
e
Winchester
Economic
Development
Authority
,
Valley
Health
Obligated
Group
,
Revenue
,
2024
B-1
,
Refunding
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
2.9
%
,
1/01/54
.........................................................
4,500,000
4,500,000
8,900,000
Total
Municipal
Bonds
(Cost
$
8,900,000
)
.......................................
8,900,000
Total
Short
Term
Investments
(Cost
$
8,900,000
)
.................................
8,900,000
a
Total
Investments
(Cost
$
457,898,989
)
98.8
%
...................................
$444,023,470
Other
Assets,
less
Liabilities
1.2
%
.............................................
5,263,074
Net
Assets
100.0%
...........................................................
$449,286,544
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
May
31,
2026,
the
aggregate
value
of
these
securities
was
$10,672,821,
representing
2.4%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
Security
purchased
on
a
when-issued
basis.
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
Notes
to
Schedules
of
Investments
(unaudited)
188
Quarterly
Schedules
of
Investments
1.
Organization
Franklin
Tax-Free
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company,
consisting
of twenty
separate
funds
(Funds).
The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services -
Investment
Companies
(ASC
946)
and
apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Funds’
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Funds
calculate
the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds'
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and
exchange
traded
funds
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The
Funds’
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Funds
have procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
May
31,
2026,
investments
in
affiliated
management
investment
companies
were
as
follows: 
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
189
Quarterly
Schedules
of
Investments
4. Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
May
31,
2026,
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
...................
$15,059,800
$—
$(9,549,377)
$(1,268,323)
$1,025,800
$5,267,900
220,000
$83,576
Total
Affiliated
Securities
...
$15,059,800
$—
$(9,549,377)
$(1,268,323)
$1,025,800
$5,267,900
$83,576
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Municipal
Green
Bond
ETF
...................
$16,031,400
$—
$—
$—
$(227,700)
$15,803,700
660,000
$123,281
Total
Affiliated
Securities
...
$16,031,400
$—
$—
$—
$(227,700)
$15,803,700
$123,281
Level
1
Level
2
Level
3
Total
Franklin
Alabama
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
—
$
—
$
517,518
$
517,518
Municipal
Bonds
.........................
—
158,978,960
—
158,978,960
Total
Investments
in
Securities
...........
$—
$158,978,960
$517,518
$159,496,478
Franklin
Arizona
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
584,968,459
—
584,968,459
Short
Term
Investments
...................
—
570,000
—
570,000
Total
Investments
in
Securities
...........
$—
$585,538,459
$—
$585,538,459
3.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
190
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Colorado
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
$
—
$
—
$
1,449,049
$
1,449,049
Municipal
Bonds
.........................
—
466,861,214
—
466,861,214
Short
Term
Investments
...................
—
13,800,000
—
13,800,000
Total
Investments
in
Securities
...........
$—
$480,661,214
$1,449,049
$482,110,263
Franklin
Connecticut
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
151,816,213
—
151,816,213
Short
Term
Investments
...................
—
10,200,000
—
10,200,000
Total
Investments
in
Securities
...........
$—
$162,016,213
$—
$162,016,213
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
5,267,900
—
—
5,267,900
Municipal
Bonds
:
Alabama
.............................
—
104,354,457
—
104,354,457
Alaska
...............................
—
1,741,094
—
1,741,094
Arizona
..............................
—
63,750,656
—
63,750,656
Arkansas
.............................
—
11,848,804
—
11,848,804
California
.............................
—
132,174,694
—
132,174,694
Colorado
.............................
—
69,370,814
—
69,370,814
Connecticut
...........................
—
13,935,856
—
13,935,856
Delaware
.............................
—
2,520,528
—
2,520,528
Florida
...............................
—
154,157,510
—
154,157,510
Georgia
..............................
—
79,681,301
—
79,681,301
Hawaii
...............................
—
9,609,312
—
9,609,312
Idaho
................................
—
1,722,424
—
1,722,424
Illinois
...............................
—
149,948,741
—
b
149,948,741
Indiana
..............................
—
25,561,279
—
25,561,279
Iowa
................................
—
21,360,609
—
21,360,609
Kentucky
.............................
—
51,525,419
—
51,525,419
Louisiana
.............................
—
48,658,941
—
48,658,941
Maine
...............................
—
1,014,505
—
1,014,505
Maryland
.............................
—
63,829,613
—
63,829,613
Massachusetts
........................
—
18,846,088
—
18,846,088
Michigan
.............................
—
31,993,762
—
31,993,762
Minnesota
............................
—
12,563,664
—
12,563,664
Mississippi
............................
—
9,925,577
—
9,925,577
Missouri
..............................
—
22,211,274
—
22,211,274
Nebraska
.............................
—
5,233,501
—
5,233,501
Nevada
..............................
—
677,171
—
677,171
New
Hampshire
........................
—
28,302,780
—
28,302,780
New
Jersey
...........................
—
36,957,543
—
36,957,543
New
Mexico
...........................
—
13,097,597
—
13,097,597
New
York
.............................
—
119,038,473
—
119,038,473
North
Carolina
.........................
—
1,335,742
—
1,335,742
North
Dakota
..........................
—
6,881,355
—
6,881,355
Ohio
................................
—
36,520,337
—
36,520,337
Oregon
..............................
—
19,199,027
—
19,199,027
Pennsylvania
..........................
—
55,059,165
—
55,059,165
Rhode
Island
..........................
—
3,010,685
—
3,010,685
South
Carolina
.........................
—
62,328,727
—
62,328,727
South
Dakota
..........................
—
12,576,004
—
12,576,004
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
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Municipal
Bonds:
(continued)
Tennessee
............................
$
—
$
35,775,386
$
—
$
35,775,386
Texas
...............................
—
225,735,215
—
225,735,215
Utah
................................
—
6,687,613
—
6,687,613
Virginia
..............................
—
17,325,055
—
17,325,055
Washington
...........................
—
54,484,075
—
54,484,075
Wisconsin
............................
—
118,564,311
—
118,564,311
U.S.
Territories
..........................
District
of
Columbia
.....................
—
7,744,413
—
7,744,413
Puerto
Rico
...........................
—
1,036,655
—
1,036,655
Short
Term
Investments
...................
—
33,790,000
—
33,790,000
Total
Investments
in
Securities
...........
$5,267,900
$2,003,667,752
$—
$2,008,935,652
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
15,803,700
—
—
15,803,700
Municipal
Bonds
:
Alabama
.............................
—
52,339,049
—
52,339,049
Arizona
..............................
—
15,505,014
—
15,505,014
Arkansas
.............................
—
3,564,419
—
3,564,419
California
.............................
—
37,842,310
—
37,842,310
Colorado
.............................
—
16,472,748
—
16,472,748
Connecticut
...........................
—
5,203,553
—
5,203,553
Delaware
.............................
—
5,041,055
—
5,041,055
Florida
...............................
—
41,282,418
—
41,282,418
Georgia
..............................
—
41,155,732
—
41,155,732
Hawaii
...............................
—
7,277,761
—
7,277,761
Illinois
...............................
—
37,128,574
—
b
37,128,574
Indiana
..............................
—
16,355,062
—
16,355,062
Iowa
................................
—
17,380,508
—
17,380,508
Kansas
..............................
—
4,629,369
—
4,629,369
Kentucky
.............................
—
42,021,245
—
42,021,245
Louisiana
.............................
—
14,679,410
—
14,679,410
Maine
...............................
—
3,305,280
—
3,305,280
Maryland
.............................
—
16,442,285
—
16,442,285
Massachusetts
........................
—
10,020,161
—
10,020,161
Michigan
.............................
—
17,330,094
—
17,330,094
Minnesota
............................
—
16,566,263
—
16,566,263
Mississippi
............................
—
2,484,171
—
2,484,171
Missouri
..............................
—
5,670,239
—
5,670,239
Montana
.............................
—
999,296
—
999,296
Nevada
..............................
—
3,635,341
—
3,635,341
New
Hampshire
........................
—
2,511,408
—
2,511,408
New
Jersey
...........................
—
62,108,797
—
62,108,797
New
Mexico
...........................
—
23,231,980
—
23,231,980
New
York
.............................
—
40,809,169
—
40,809,169
North
Carolina
.........................
—
8,560,405
—
8,560,405
North
Dakota
..........................
—
5,001,914
—
5,001,914
Ohio
................................
—
19,322,614
—
19,322,614
Oklahoma
............................
—
2,270,639
—
2,270,639
Oregon
..............................
—
7,958,525
—
7,958,525
Pennsylvania
..........................
—
41,112,266
—
41,112,266
Rhode
Island
..........................
—
2,152,472
—
2,152,472
South
Carolina
.........................
—
11,055,094
—
11,055,094
4. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
192
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Municipal
Bonds:
(continued)
South
Dakota
..........................
$
—
$
6,461,402
$
—
$
6,461,402
Tennessee
............................
—
32,385,315
—
32,385,315
Texas
...............................
—
45,013,285
—
45,013,285
Utah
................................
—
8,538,249
—
8,538,249
Virginia
..............................
—
2,190,167
—
2,190,167
Washington
...........................
—
15,068,561
—
15,068,561
Wisconsin
............................
—
19,940,649
—
19,940,649
Wyoming
.............................
—
554,486
—
554,486
U.S.
Territories
..........................
District
of
Columbia
.....................
—
11,291,875
—
11,291,875
Guam
...............................
—
1,297,479
—
1,297,479
Puerto
Rico
...........................
—
456,724
—
456,724
Virgin
Islands
..........................
—
1,457,146
—
1,457,146
Short
Term
Investments
...................
—
45,000,000
—
45,000,000
Total
Investments
in
Securities
...........
$15,803,700
$850,081,978
$—
$865,885,678
Franklin
Georgia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
931,531
931,531
Municipal
Bonds
.........................
—
255,291,559
—
255,291,559
Short
Term
Investments
...................
—
3,900,000
—
3,900,000
Total
Investments
in
Securities
...........
$—
$259,191,559
$931,531
$260,123,090
Franklin
High
Yield
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
.........................
—
—
—
b
—
Management
Investment
Companies
.........
173,320,250
—
—
173,320,250
Warrants
...............................
—
—
—
b
—
Corporate
Bonds
:
Commercial
Services
&
Supplies
...........
—
—
22,237,850
22,237,850
Diversified
Consumer
Services
............
—
9,345,918
—
9,345,918
Electric
Utilities
........................
—
14,453,196
—
14,453,196
Municipal
Bonds
:
Alabama
.............................
—
45,459,869
—
45,459,869
Arizona
..............................
—
99,564,164
—
99,564,164
Arkansas
.............................
—
21,997,575
—
21,997,575
California
.............................
—
812,354,444
445
812,354,889
Colorado
.............................
—
244,636,662
—
244,636,662
Connecticut
...........................
—
25,391,694
—
25,391,694
Florida
...............................
—
912,863,742
—
912,863,742
Georgia
..............................
—
46,357,532
—
46,357,532
Idaho
................................
—
13,330,321
—
13,330,321
Illinois
...............................
—
143,559,911
—
143,559,911
Indiana
..............................
—
28,403,399
—
28,403,399
Iowa
................................
—
14,138,616
—
14,138,616
Kansas
..............................
—
1,005,310
—
1,005,310
Kentucky
.............................
—
19,179,179
—
19,179,179
Louisiana
.............................
—
72,296,848
—
72,296,848
Maryland
.............................
—
8,620,439
—
8,620,439
Massachusetts
........................
—
2,215,664
—
2,215,664
Michigan
.............................
—
20,145,835
—
20,145,835
Minnesota
............................
—
10,443,200
—
10,443,200
4. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
193
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Municipal
Bonds:
(continued)
Mississippi
............................
$
—
$
18,830,952
$
—
$
18,830,952
Missouri
..............................
—
12,219,416
—
12,219,416
Nevada
..............................
—
30,993,098
—
30,993,098
New
Hampshire
........................
—
21,882,284
—
21,882,284
New
Jersey
...........................
—
48,765,847
—
48,765,847
New
Mexico
...........................
—
2,149,690
—
2,149,690
New
York
.............................
—
150,708,484
—
150,708,484
Ohio
................................
—
126,187,213
—
126,187,213
Oklahoma
............................
—
8,521,204
—
8,521,204
Oregon
..............................
—
15,423,342
—
15,423,342
Pennsylvania
..........................
—
130,905,789
—
130,905,789
Rhode
Island
..........................
—
1,430,075
—
1,430,075
South
Carolina
.........................
—
41,860,769
—
41,860,769
South
Dakota
..........................
—
8,460,389
—
8,460,389
Tennessee
............................
—
72,555,981
—
72,555,981
Texas
...............................
—
600,723,856
—
600,723,856
Utah
................................
—
20,987,138
—
20,987,138
Virginia
..............................
—
18,207,846
—
18,207,846
Washington
...........................
—
65,005,523
—
65,005,523
West
Virginia
..........................
—
2,792,834
—
2,792,834
Wisconsin
............................
—
184,673,948
—
184,673,948
U.S.
Territories
..........................
District
of
Columbia
.....................
—
40,031,250
—
40,031,250
Pacific
Islands
.........................
—
3,037,781
—
3,037,781
Puerto
Rico
...........................
—
263,822,060
—
263,822,060
Short
Term
Investments
...................
—
37,100,000
—
37,100,000
Total
Investments
in
Securities
...........
$173,320,250
$4,493,040,287
$22,238,295
$4,688,598,832
Franklin
Louisiana
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
206,116,619
—
206,116,619
Short
Term
Investments
...................
—
1,300,000
—
1,300,000
Total
Investments
in
Securities
...........
$—
$207,416,619
$—
$207,416,619
Franklin
Maryland
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
299,611,415
—
299,611,415
Short
Term
Investments
...................
—
10,400,000
—
10,400,000
Total
Investments
in
Securities
...........
$—
$310,011,415
$—
$310,011,415
Franklin
Massachusetts
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
931,532
931,532
Municipal
Bonds
.........................
—
318,674,750
—
318,674,750
Short
Term
Investments
...................
—
10,600,000
—
10,600,000
Total
Investments
in
Securities
...........
$—
$329,274,750
$931,532
$330,206,282
Franklin
Michigan
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
1,863,063
1,863,063
Municipal
Bonds
.........................
—
640,169,331
—
640,169,331
4. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
194
Quarterly
Schedules
of
Investments
Level
1
Level
2
Level
3
Total
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Short
Term
Investments
...................
$
—
$
17,400,000
$
—
$
17,400,000
Total
Investments
in
Securities
...........
$—
$657,569,331
$1,863,063
$659,432,394
Franklin
Minnesota
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
590,952,073
—
590,952,073
Short
Term
Investments
...................
—
3,700,000
—
3,700,000
Total
Investments
in
Securities
...........
$—
$594,652,073
$—
$594,652,073
Franklin
Missouri
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
—
613,471,781
—
613,471,781
Short
Term
Investments
...................
—
7,700,000
—
7,700,000
Total
Investments
in
Securities
...........
$—
$621,171,781
$—
$621,171,781
Franklin
New
Jersey
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
1,656,056
1,656,056
Municipal
Bonds
.........................
—
802,207,247
—
802,207,247
Short
Term
Investments
...................
—
16,160,000
—
16,160,000
Total
Investments
in
Securities
...........
$—
$818,367,247
$1,656,056
$820,023,303
Franklin
North
Carolina
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
1,656,056
1,656,056
Municipal
Bonds
.........................
—
560,666,333
—
560,666,333
Short
Term
Investments
...................
—
9,650,000
—
9,650,000
Total
Investments
in
Securities
...........
$—
$570,316,333
$1,656,056
$571,972,389
Franklin
Ohio
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
3,312,112
3,312,112
Municipal
Bonds
.........................
—
882,678,468
—
882,678,468
Short
Term
Investments
...................
—
7,600,000
—
7,600,000
Total
Investments
in
Securities
...........
$—
$890,278,468
$3,312,112
$893,590,580
Franklin
Oregon
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
2,587,587
2,587,587
Municipal
Bonds
.........................
—
797,696,709
—
797,696,709
Short
Term
Investments
...................
—
4,900,000
—
4,900,000
Total
Investments
in
Securities
...........
$—
$802,596,709
$2,587,587
$805,184,296
Franklin
Pennsylvania
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Corporate
Bonds
........................
—
—
2,070,070
2,070,070
Municipal
Bonds
.........................
—
637,144,386
—
637,144,386
Short
Term
Investments
...................
—
16,700,000
—
16,700,000
Total
Investments
in
Securities
...........
$—
$653,844,386
$2,070,070
$655,914,456
4. Fair
Value
Measurements
(continued)
Franklin
Tax-Free
Trust
Notes
to
Schedules
of
Investments
(unaudited)
195
Quarterly
Schedules
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the
period.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
Virginia
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
435,123,470
$
—
$
435,123,470
Short
Term
Investments
...................
—
8,900,000
—
8,900,000
Total
Investments
in
Securities
...........
$—
$444,023,470
$—
$444,023,470
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
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
FHLMC
Federal
Home
Loan
Mortgage
Corp.
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
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
SPA
Standby
Purchase
Agreement
TSOF
Term
SOFR
XLCA
XL
Capital
Assurance,
Inc.
4. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Funds'
significant
accounting
policies,
please
refer
to
the Funds'
most
recent
semiannual
or
annual
shareholder
report.