# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0001752724-23-008677
**Filing Date:** 2023-1
**Character Count:** 554685
**Document Hash:** 0dbf9569ca567d4b42a8983b6b30f25c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-008677.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-008677

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**PERIOD START**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN TAX FREE TRUST
- **CENTRAL INDEX KEY:** 0000757010
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04149
- **FILM NUMBER:** 23543664

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

## Series and Classes Contracts Data

### FRANKLIN OHIO TAX-FREE INCOME FUND (Series ID: S000006925)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018786 | CLASS A1      | FTOIX           |
| C000018788 | CLASS C       | FOITX           |
| C000068552 | ADVISOR CLASS | FROZX           |
| C000194366 | Class R6      | FKTOX           |
| C000205904 | Class A       | FOHQX           |

## Nport-Ex

## Schedules of Investments (unaudited)

| Franklin Alabama Tax-Free Income Fund | 2 |
| --- | --- |
| Franklin Arizona Tax-Free Income Fund | 6 |
| Franklin Colorado Tax-Free Income Fund | 12 |

Schedule of Investments (unaudited), November 30, 2022

Net FDIC Incurred | May Lose Value | No Bank Guarantee

FST-12-2014

1

| Franklin Connecticut Tax-Free Income Fund | 18 |  |  |
| --- | --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund | 21 |  |  |
| Franklin Federal Limited-Term Tax-Free Income Fund | 42 |  |  |
| Franklin Georgia Tax-Free Income Fund | 56 |  |  |
| Franklin Georgia Tax-Free Income Fund | 61 |  |  |
| Franklin Louisiana Tax-Free Income Fund | 112 | Principal | Value |
| Corporate Bonds 0.2% |  |  |  |
| Software 0.2% |  |  |  |
| Woven at Eight LLC, 5.20%, 10/10/03 |  | $400,000 | $400,000 |
| Total Corporate Bonds (Cost $400,000) |  |  | 400,000 |

2 | Quarterly Schedule of Investments | See Notes to Schedule of Investments

FRANKLIN TAX FREE TRUST

| Franklin Maryland Tax-Free Income Fund | 117 | SCHEDULE OF INVESTMENTS (UNAUDITED) |
| --- | --- | --- |
| Franklin Massachusetts Tax-Free Income Fund | 121 |  |
| Franklin Michigan Tax-Free Income Fund | 126 |  |
| Franklin Minnesota Tax-Free Income Fund | 134 |  |
| Franklin Missouri Tax-Free Income Fund | 141 |  |
| Franklin California Tax-Free Income Fund (continued) | 147 |  |

| Municipal Bonds 96.6% | Principal |  |
| --- | --- | --- |
|  | Amount | Value |
| Alabama 95.1% |  |  |
| Alabama National Tax-Free Income, Bivins State Community College, Pincus, |  |  |
| Alabama, Florida, 95.1% | 2,000,000 | 1,000,000 |
| Alabama National Tax-Frees, Focusing Authority-Birmingham, Ascension Health |  |  |
| California State Tax-Free, St. Bernard, Ga., 11/30/96 | 3,000,000 | 3,000,000 |
| Alabama, Florida, 95.1% | 30,000,000 | 30,000,000 |
| Alabama, Florida, 95.1% | 2,000,000 | 2,000,000 |
| Alabama, Florida, 95.1% | 1,000,000 | 1,000,000 |
| Alabama, Florida, 95.1% |  |  |
| Maryland State Tax-Free, State Board, Ga. 9/01/96 |  |  |
| East Alabama Health Care Authority (TAC) |  |  |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 3

FRANKLIN TAX FREE TRUSTS

| Franklin North Carolina Tax-Free Income Fund | 153 |
| --- | --- |
| Franklin Ohio Tax-Free Income Fund | 180 |
| Franklin Oregon Tax-Free Income Fund | 170 |
| Franklin Pennsylvania Tax-Free Income Fund | 177 |
| Franklin Virginia Tax-Free Income Fund | 185 |
| Franklin Virginia Tax-Free Income Fund (continued) | 190 |

| Revenue: 2021, Saturday, April (count 2th, 8/31/01) | Proposed | 1,610,977 |
| --- | --- | --- |
| Amount: $1,000,000,000.00 | Amount: $1,000,000,000.00 | Amount: $1,000,000,000.00 |
| Balance: $1,000,000,000.00 | Amount: $1,000,000,000.00 | Amount: $1,000,000,000.00 |
| Balance: $1,000,000,000.00 | Amount: $1,000,000,000.00 | Amount: $1,000,000,000.00 |
| Balance: $1,000,000,000.00 |  |  |
| Balance: $1,000,000,000.00 |  |  |
| Balance: $1,000,000,000.00 |  |  |
| Balance: $1,000,000,000.00 |  |  |
| Balance: $1,000,000,000.00 |  |  |
| Balance: $1,000,000,000.00 |  |  |

4

Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alabama Tax-Free Income Fund (continued)

| Description of Funds in Funds | Principal | Total |
| --- | --- | --- |
| Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 500,000,000 | 500,000,000 |
| Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 1,000,000,000 | 1,000,000,000 |
| Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 50,000,000 | 50,000,000 |
| Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 500,000 | 500,000 |
| Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 1,000,000,000 | 1,000,000,000 |
| Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 50,000,000 | 50,000,000 |
| Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 2,545,000,000 | 2,545,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 5

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Arizona Tax-Free Income Fund

|  | Principal | Total |
| --- | --- | --- |
| Financial Statements and Financial Statements | 1,000,000.00 | 1,000,000.00 |
| Total Assets | 1,000,000.00 | 1,000,000.00 |
| Total Assets and Liabilities | 1,000,000.00 | 1,000,000.00 |
| Total Assets and Liabilities and Liabilities | 1,000,000.00 | 1,000,000.00 |
| Total Assets and Liabilities and Liabilities and Liabilities | 1,000,000.00 | 1,000,000.00 |
| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 | 1,000,000.00 |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 | 1,000,000.00 |
| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 | 1,000,000.00 |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

| Total Assets and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities and Liabilities | 1,000,000.00 |
| --- | --- |

[{"box_2d": [19, 443, 250, 451], "label": "header_footer", "8"}][{"box_2d": [19, 443, 250, 451], "label": "header_footer", "8"}]

Quarterly Schedule of Investments (see Note) to Schedule of Investments

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Arizona Tax-Free Income Fund (continued)

| 1. $1,000,000 | 1,000,000 |
| --- | --- |
| 2. $1,000,000 | 1,000,000 |
| 3. $1,000,000 | 1,000,000 |
| 4. $1,000,000 | 1,000,000 |
| 5. $1,000,000 | 1,000,000 |
| 6. $1,000,000 | 1,000,000 |
| 7. $1,000,000 | 1,000,000 |
| 8. $1,000,000 | 1,000,000 |
| 9. $1,000,000 | 1,000,000 |
| 10. $1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 7

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Arizona Tax-Free Income Fund (continued)

| Year | Amount | Amount |
| --- | --- | --- |
| 1 | 1,000,000 | 1,000,000 |
| 2 | 1,000,000 | 1,000,000 |
| 3 | 1,000,000 | 1,000,000 |
| 4 | 1,000,000 | 1,000,000 |
| 5 | 1,000,000 | 1,000,000 |
| 6 | 1,000,000 | 1,000,000 |
| 7 | 1,000,000 | 1,000,000 |
| 8 | 1,000,000 | 1,000,000 |
| 9 | 1,000,000 | 1,000,000 |
| 10 | 1,000,000 | 1,000,000 |

8 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Arizona Tax-Free Income Fund (continued)

| Franklin Arizona Tax Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| --- | --- | --- |
| WILLIAMS PACIFIC BANK OF KENTUCKY, KENTUCKY, 12/31/2013 | 1,000,000,000 | 1,000,000,000 |
| WILLIAMS PACIFIC BANK OF KENTUCKY, KENTUCKY, 12/31/2013 | 1,000,000,000 | 1,000,000,000 |
| WILLIAMS PACIFIC BANK OF KENTUCKY, KENTUCKY, 12/31/2013 | 1,000,000,000 | 1,000,000,000 |
| WILLIAMS PACIFIC BANK OF KENTUCKY, KENTUCKY, 12/31/2013 | 1,000,000,000 | 1,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 5

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Arizona Tax-Free Income Fund (continued)

| Description | Percentage |
| --- | --- |
| Cash and cash equivalents at the time of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue | 1.00% |
| Cash and cash equivalents at the time of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue | 1.00% |
| Cash and cash equivalents at the time of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue | 1.00% |
| Cash and cash equivalents at the time of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue of the issue | 1.00% |

20 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Arizona Tax-Free Income Fund (continued)

| Financial Statements and Statements (Continued) | 1,000,000,000 | 1,000,000,000 |
| --- | --- | --- |
| Financial Statements and Statements (Continued) | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Statements (Continued) | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Statements (Continued) | 1,000,000,000 | 1,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 11

Franklin TAX FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Colorado Tax-Free Income Fund

| Description | Amount |
| --- | --- |
| Cash and cash equivalents, including interest, interest, and other liabilities | $1,000,000.00 |
| Cash and cash equivalents, including interest, interest, and other liabilities | $1,000,000.00 |
| Cash and cash equivalents, including interest, interest, and other liabilities | $1,000,000.00 |
| Cash and cash equivalents, including interest, interest, and other liabilities | $1,000,000.00 |
| Cash and cash equivalents, including interest, interest, and other liabilities | $1,000,000.00 |

32 Quarterly Schedule of Investments Free Notes to Schedule of Investments

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Colorado Tax-Free Income Fund (continued)

| 1. Financial Statements and Statements, Global Loan, 2017 & Final Report, DPL | 2,000,000 | 2,000,000 |
| --- | --- | --- |
| 2. Financial Statements and Statements, Global Loan, 2017 & Final Report, DPL | 1,000,000 | 1,000,000 |
| 3. Financial Statements and Statements, Global Loan, 2017 & Final Report, DPL | 1,000,000 | 1,000,000 |
| 4. Financial Statements and Statements, Global Loan, 2017 & Final Report, DPL | 1,000,000 | 1,000,000 |
| 5. Financial Statements and Statements, Global Loan, 2017 & Final Report, DPL | 1,000,000 | 1,000,000 |
| 6. Financial Statements and Statements, Global Loan, 2017 & Final Report, DPL | 1,000,000 | 1,000,000 |
| 7. Financial Statements and Statements, Global Loan, 2017 & Final Report, DPL | 1,000,000 | 1,000,000 |
| 8. Financial Statements and Statements, Global Loan, 2017 & Final Report, DPL | 1,000,000 | 1,000,000 |
| 9. Financial Statements and Statements, Global Loan, 2017 & Final Report, DPL | 1,000,000 | 1,000,000 |
| 10. Financial Statements and Statements, Global Loan, 2017 & Final Report, DPL | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 22

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Colorado Tax-Free Income Fund (continued)[{"box_2d": [19, 68, 461, 125], "label": "table", "caption": "

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

| Fund | Proposed | Adopted |
| --- | --- | --- |
| Franklin, Colorado, 1,000,000 | $1,000,000 | $1,000,000 |

<table><thead><tr><th>Fund</th><th>Proposed</th><th>Adopted</th></tr></thead><tr><td>Franklin, Colorado,

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Colorado Tax-Free Income Fund (continued)

| Fund | Proposed |
| --- | --- |
| Franklin Colorado Tax Free Income Fund (continued) | 1,000,000.00 |
| Franklin Colorado Tax Free Income Fund (continued) | 1,000,000.00 |
| Franklin Colorado Tax Free Income Fund (continued) | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 20

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Colorado Tax-Free Income Fund (continued)

| Year Ended December 31, | 2018 | 2017 |
| --- | --- | --- |
| Net income | $1,000,000 | $1,000,000 |
| Net income | $1,000,000 | $1,000,000 |
| Net income | $1,000,000 | $1,000,000 |
| Net income | $1,000,000 | $1,000,000 |
| Net income | $1,000 | $1,000,000 |
| Net income | $1,000,000 | $1,000,000 |
| Net income | $1,000,000 | $1,000,000 |
| Net income | $1,000,000 | $1,000,000 |
| Net income | $ | $1,000,000 |
| Net income | $1,000,000 | $1,000,000 |
| Net income | $1,000,000 | $1,000,000 |
| Net income | $1,000,000 | $1,000,000 |
| Net income | $ | $1,000,000 |

26

Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Colorado Tax-Free Income Fund (continued)

| Description | Period |
| --- | --- |
| Bank of America, Inc. (FAA) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1993 |
| Bank of America, Inc. (FAA) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) | 1993 |
| Bank of America, Inc. (FAA) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) | 1993 |
| Bank of America, Inc. (FAA) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) | 1993 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 27

FRANKLIN TAX FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Connecticut Tax-Free Income Fund

| Description | 2022 | 2021 |
| --- | --- | --- |
| Tax Free Income Fund | $1,000,000 | $1,000,000 |
| Tax Free Income Fund | $1,000,000 | $1,000,000 |
| Tax Free Income Fund | $1,000,000 | $1,000,000 |
| Tax Free Income Fund | $1,000,000 | $1,000,000 |
| Tax Free Income Fund | $1,000,000 | $1,000,000 |

30 Quarterly Schedule of Investments Free Notes to Schedule of Investments

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Connecticut Tax-Free Income Fund (continued)

| Fund | Proposed |
| --- | --- |
| Franklin, Connecticut, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor | 1,000,000 |
| Franklin, Connecticut, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor | 1,000,000 |
| Franklin, Connecticut, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor, 1st floor | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 28

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Connecticut Tax-Free Income Fund (continued)

| Description | Amount |
| --- | --- |
| Financial Services and Financial Services (Funds) | $1,000,000 |
| Financial Services and Financial Services (Funds) | $1,000,000 |
| Financial Services and Financial Services (Funds) | $1,000,000 |
| Financial Services and Financial Services (Funds) | $1,000,000 |
| Financial Services and Financial Services (Funds) | $1,000,000 |

26 Quarterly Schedule of Investment - See Notes to Schedule of Investments.

FINANCIAL TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Federal Intermediate-Term Tax-Free Income Fund

| Item | Value | Amount |
| --- | --- | --- |
| 1. The Bank of Franklin, Inc. (FIFRS) is a registered trademark of Franklin, Inc. (FIFRS) and its affiliates. | 1,000,000 | 1,000,000 |
| 2. The Bank of Franklin, Inc. is a registered trademark of Franklin, Inc. (FIFRS) and its affiliates. | 1,000,000 | 1,000,000 |
| 3. The Bank of Franklin, Inc. is a registered trademark of Franklin, Inc. (FIFRS) and its affiliates. | 1,000,000 | 1,000,000 |
| 4. The Bank of Franklin, Inc. is a registered trademark of Franklin, Inc. (FIFRS) and its affiliates. | 1,000,000 | 1,000,000 |
| 5. The Bank of Franklin, Inc. is a registered trademark of Franklin, Inc. (FIFRS) and its affiliates. | 1,000,000 | 1,000,000 |
| 6. The Bank of Franklin, Inc. is a registered trademark of Franklin, Inc. (FIFRS) and its affiliates. | 1,000,000 | 1,000,000 |
| 7. The Bank of Franklin, Inc. is a registered trademark of Franklin, Inc. (FIFRS) and its affiliates. | 1,000,000 | 1,000,000 |
| 8. The Bank of Franklin, Inc. is a registered trademark of Franklin, Inc. (FIFRS) and its affiliates. | 1,000,000 | 1,000,000 |
| 9. The Bank of Franklin, Inc. is a registered trademark of Franklin, Inc. (FIFRS) and its affiliates. | 1,000,000 | 1,000,000 |
| 10. The Bank of Franklin, Inc. is a registered trademark of Franklin, Inc. (FIFRS) and its affiliates. | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 21

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| Financial Statements | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Financial Statements | 1,000,000 | 1,000,000 |
| Financial Statements | 1,000,000 | 1,000,000 |
| Financial Statements | 1,000,000 | 1,000,000 |
| Financial Statements | 1,000,000 | 1,000,000 |

20 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

The following table provides the information in English:

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 22

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| Financial Statements | 1,418,000,000 |
| --- | --- |
| Financial Statements | 1,418,000,000 |
| Financial Statements | 1,418,000,000 |
| Financial Statements | 1,418,000,000 |
| Financial Statements | 1,418,000,000 |
| Financial Statements | 1,418,000,000 |

26 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| Financial Statements and Supplementary Data, February 2018 A, No. 201/28 | 1,100,000,000 | 100,000,000 |
| --- | --- | --- |
| Financial Statements and Supplementary Data, February 2018 A, No. 201/28 | 1,100,000,000 | 100,000,000 |
| Financial Statements and Supplementary Data, February 2018 A, No. 201/28 | 2,000,000,000 | 2,000,000,000 |
| Financial Statements and Supplementary Data, February 2018 A, No. 201/28 | 1,100,000,000 | 1,100,000,000 |
| Financial Statements and Supplementary Data, February 2018 A, No. 201/28 | 1,100,000,000 | 1,100,000,000 |
| Financial Statements and Supplementary Data, February 2018 A, No. 201/28 | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Supplementary Data, February 2018 A, No. 201/28 | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Supplementary Data, February 2018 A, No. 201/28 | 1,000,000,000 | 1,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 20

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| Fund | Value | Amount |
| --- | --- | --- |
| Financial Services | $1,000,000 | $1,000,000 |
| Financial Services | $1,000,000 | $1,000,000 |
| Financial Services | $1,000,000 | $1,000,000 |
| Financial Services | $1,000,000 | $1,000,000 |
| Financial Services | $1,000,000 |  |

26 Quarterly Schedule of Investment - See Notes to Schedule of Investments.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)[{"box_2d": [35, 69, 461, 126], "label": "table", "caption": "

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) |  |  |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 11,000,000,000 | 10,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 11,000,000,000 | 10,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 11,000,000,000 | 10,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 11,000,000,000 | 10,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

|  | Proposed | Unaudited |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

<table><thead><tr><th></th><th>Proposed</

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| Financial Statements | Percentage | Percentage |
| --- | --- | --- |
| Financial Statements | 100.00% | 100.00% |
| Financial Statements | 100.00% | 100.00% |
| Financial Statements | 100.00% | 100.00% |
| Financial Statements | 100.00% | 100.00% |
| Financial Statements | 100.00% | 100.00% |
| Financial Statements | 100.00% | 100.00% |

26 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| 1. 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000 |
| --- |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 28

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| Funding | Funding | Amount |
| --- | --- | --- |
| Franklin Tax-Free Trust | Franklin, Kentucky, District Hospital, Inc. (Alleged) Group | $1,000,000 |
| Franklin Tax-Free Trust | Franklin, Kentucky, District Hospital, Inc. (Alleged) Group | $1,000,000 |
| Franklin Tax-Free Trust | Franklin, Kentucky, District Hospital, Inc. (Alleged) Group | $1,000,000 |
| Franklin Tax-Free Trust | Franklin, Kentucky, District Hospital, Inc. (Alleged) Group | $1,000,000 |
| Franklin Tax-Free Trust | Franklin, Kentucky, District Hospital, Inc. (Alleged) Group | $1,000,000 |

30 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) |  |  |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 15,000,000.00 | 15,000,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 3,500,000.00 | 3,500,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 3,500,000.00 | 3,500,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 5,000,000.00 | 5,000,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 5,000,000.00 | 5,000,000.00 |
| Total | 15,000,000.00 | 15,000,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 15,000,000.00 | 15,000,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 15,000,000.00 | 15,000,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 15,000,000.00 | 15,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 31

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| Fund | Proposed | 2022-2023 |
| --- | --- | --- |
| Franklin, Texas, 1st District, 1st District, 2nd District, 3rd District, 4th District, 5th District, 6th District, 7th District, 8th District, 9th District, 10th District, 11st District, 12nd District, 13rd District, 14th District, 15th District, 16th District, 17th District, 18th District, 19th District, 20th District, 21st District, 22nd District, 23rd District, 24th District, 25th District, 26th District, 27th District, 28th District, 29th District, 30th District, 31st District, 32nd District, 33rd District, 34th District, 35th District, 36th District, 37th District, 38th District, 39th District, 40th District, 41st District, 42nd District, 43rd District, 44th District, 45th District, 46th District, 47th District, 48th District, 49th District, 50th District, 51st District, 52nd District, 53rd District, 54th District, 55th District, 56th District, 57th District, 58th District, 59th District, 60th District, 61st District, 62nd District, 63rd District, 64th District, 65th District, 66th District, 67th District, 68th District, 69th District, 70th District, 71st District, 72nd District, 73rd District, 74th District, 75th District, 76th District, 77th District, 78th District, 79th District, 80th District, 81st District, 82nd District, 83rd District, 84th District, 85th District, 86th District, 87th District, 88th District, 89th District, 90th District, 91st District, 92nd District, 93rd District, 94th District, 95th District, 96th District, 97th District, 98th District, 99th District, 100th District | 1,000,000.00 | 1,000,000.00 |
| Franklin, Texas, 1st District, 1st District, 2nd District, 3rd District, 4th District, 5th District, 6th District, 7th District, 8th District, 9th District, 10th District, 11st District, 12nd District, 13rd District, 14th District, 15th District, 16th District, 17th District, 18th District, 19th District, 20th District, 21st District, 22nd District, 23rd District, 24th District, 25th District, 26th District, 27th District, 28th District, 29th District, 30th District, 31st District, 32nd District, 33rd District, 34th District, 35th District, 36th District, 37th District, 38th District, 39th District, 40th District, 41st District, 42nd District, 43rd District, 44th District, 45th District, 46th District, 47th District, 48th District, 49th District, 50th District, 51st District, 52nd District, 53rd District, 54th District, 55th District, 56th District, 57th District, 58th District, 59th District, 60th District, 61st District, 62nd District, 63rd District, 64th District, 65th District, 66th District, 67th District, 68th District, 69th District, 70th District, 71st District, 72nd District, 73rd District, 74th District, 75th District, 76th District, 77th District, 78th District, 79th District, 80th District, 81st District, 82nd District, 83rd District, 84th District, 85th District, 86th District, 87th District, 88th District, 89th District, 90th District, 91st District, 92nd District, 93rd District, 94th District, 95th District, 96th District, 97th District, 98th District, 99th District, 100th | 1,000,000.00 | 1,000,000.00 |
| Franklin, Texas, 1st District, 1st District, 2nd District, 3rd District, 4th District, 5th District, 6th District, 7th District, 8th District, 9th District, 10th District, 11st District, 12nd District, 13rd District, 14th District, 15th District, 16th District, 17th District, 18th District, 19th District, 20th District, 21st District, 22nd District, 23rd District, 24th District, 25th District, 26th District, 27th District, 28th District, 29th District, 30th District, 31st District, 32nd District, 33rd District, 34th District, 35th District, 36th District, 37th District, 38th District, 39th District, 40th District, 41st District, 42nd District, 43rd District, 44th District, 45th District, 46th District, 47th District, 48th District, 49th District, 50th District, 51st District, 52nd District, 53rd District, 54th District, 55th District, 56th District, 57th District, 58th District, 59th District, 60th District, 61st District, 62nd District, 63rd District, 64th District, 65th District, 66th District, 67th District, 68th District, 69th District, 70th District, 71st District, 72nd District, 73rd District, 74th District, 75th District, 76th District, 77th District, 78th District, 79th District, 80th District, 81st District, 82nd District, 83rd District, 84th District, 85th District, 86th District, 87th District, 88th District, 89th District, 90th District, 91st District, 92nd District, 93rd District, 94th District, 95th District, 96th District, 97th District, 98th District, 99th District, 100th | 1,000,000.00 | 1,000,000.00 |
| Franklin, Texas, 1st District, 1st District, 2nd District, 3rd District, 4th District, 5th District, 6th District, 7th District, 8th District, 9th District, 10th District, 11st District, 12nd District, 13rd District, 14th District, 15th District, 16th District, 17th District, 18th District, 19th District, 20th District, 21st District, 22nd District, 23rd District, 24th District, 25th District, 26th District, 27th District, 28th District, 29th District, 30th District, 31st District, 32nd District, 33rd District, 34th District, 35th District, 36th District, 37th District, 38th District, 39th District, 40th District, 41st District, 42nd District, 43rd District, 44th District, 45th District, 46th District, 47th District, 48th District, 49th District, 50th District, 51st District, 52nd District, 53rd District, 54th District, 55th District, 56th District, 57th District, 58th District, 59th District, 60th District, 61st District, 62nd District, 63rd District, 64th District, 65th District, 66th District, 67th District, 68th District, 69th District, 70th District, 71st District, 72nd District, 73rd District, 74th District, 75th District, 76th District, 77th District, 78th District, 79th District, 80th District, 81st District, 82nd District, 83rd District, 84th District, 85th District, 86th District, 87th District, 88th District, 89th District, 90th District, 91st District, 92nd District, 93rd District, 94th District, 95th District, 96th District, 97th District, 98th District, 99th District, 100th | 1,000,000.00 | 1,000,000.00 |

32 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| 1. International Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| --- | --- | --- |
| 2. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 3. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 4. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 5. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 6. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 7. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 8. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 9. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 10. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 11. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 12. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 13. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 14. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 15. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 16. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 17. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 18. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 19. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |
| 20. Financial Statements (IFRS) 2014 | 3,000,000 | 2,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments 32

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin Tax Free Trust | $1,000,000 | $1,000,000 |
| Franklin Tax Free Trust | $1,000,000 | $1,000,000 |
| Franklin Tax Free Trust | $1,000,000 | $1,000,000 |
| Franklin Tax Free Trust | $1,000,000 | $1,000,000 |

30 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 30

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| Fund | 2018 | 2017 |
| --- | --- | --- |
| First Amendment of the Federal Trade Commission (FTC) Act of 1933 | $1,000,000 | $1,000,000 |
| First Amendment of the Federal Trade Commission (FTC) Act of 1933 | $1,000,000 | $1,000,000 |
| First Amendment of the Federal Trade Commission (FTC) Act of 1933 | $1,000,000 | $1,000,000 |
| First Amendment of the Federal Trade Commission (FTC) Act of 1933 | $1,000,000 | $1,000,000 |
| First Amendment of the Federal Trade Commission (FTC) Act of 1933 | $1,000,000 | $1,000,000 |

36 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| 1. 2014 | 2. 2015 | 3. 2016 |
| --- | --- | --- |
| 1. 2015 | 1. 2016 | 1. 2017 |
| 1. 2016 | 1. 2017 | 1. 2018 |
| 1. 2017 | 1. 2018 | 1. 2019 |
| 1. 2018 | 1. 2019 | 1. 2020 |
| 1. 2019 | 1. 2020 | 1. 2021 |
| 1. 2020 | 1. 2021 | 1. 2022 |
| 1. 2021 | 1. 2022 | 1. 2023 |
| 1. 2022 | 1. 2023 | 1. 2024 |
| 1. 2023 | 1. 2024 | 1. 2025 |
| 1. 2024 | 1. 2025 | 1. 2026 |
| 1. 2025 | 1. 2026 | 1. 2027 |
| 1. 2026 | 1. 2027 | 1. 2028 |
| 1. 2027 | 1. 2028 | 1. 2029 |
| 1. 2028 | 1. 2029 | 1. 2030 |
| 1. 2029 | 1. 2030 | 1. 2031 |
| 1. 2030 | 1. 2031 | 1. 2032 |
| 1. 2031 | 1. 2032 | 1. 2033 |
| 1. 2032 | 1. 2033 | 1. 2034 |
| 1. 2033 | 1. 2034 | 1. 2035 |
| 1. 2034 | 1. 2035 | 1. 2036 |
| 1. 2035 | 1. 2036 | 1. 2037 |
| 1. 2036 | 1. 2037 | 1. 2038 |
| 1. 2037 | 1. 2038 | 1. 2039 |
| 1. 2038 | 1. 2039 | 1. 2040 |
| 1. 2039 | 1. 2040 | 1. 2041 |
| 1. 2040 | 1. 2041 | 1. 2042 |
| 1. 2041 | 1. 2042 | 1. 2043 |
| 1. 2042 | 1. 2043 | 1. 2044 |
| 1. 2043 | 1. 2044 | 1. 2045 |
| 1. 2044 | 1. 2045 | 1. 2046 |
| 1. 2045 | 1. 2046 | 1. 2047 |
| 1. 2046 | 1. 2047 | 1. 2048 |
| 1. 2047 | 1. 2048 | 1. 2049 |
| 1. 2048 | 1. 2049 | 1. 2050 |
| 1. 2049 | 1. 2050 | 1. 2051 |
| 1. 2050 | 1. 2051 | 1. 2052 |
| 1. 2051 | 1. 2052 | 1. 2053 |
| 1. 2052 | 1. 2053 | 1. 2054 |
| 1. 2053 | 1. 2054 | 1. 2055 |
| 1. 2054 | 1. 2055 | 1. 2056 |
| 1. 2055 | 1. 2056 | 1. 2057 |
| 1. 2056 | 1. 2057 | 1. 2058 |
| 1. 2057 | 1. 2058 | 1. 2059 |
| 1. 2058 | 1. 2059 | 1. 2060 |
| 1. 2059 | 1. 2060 | 1. 2061 |
| 1. 2060 | 1. 2061 | 1. 2062 |
| 1. 2061 | 1. 2062 | 1. 2063 |
| 1. 2062 | 1. 2063 | 1. 2064 |
| 1. 2063 | 1. 2064 | 1. 2065 |
| 1. 2064 | 1. 2065 | 1. 2066 |
| 1. 2065 | 1. 2066 | 1. 2067 |
| 1. 2066 | 1. 2067 | 1. 2068 |
| 1. 2067 | 1. 2068 | 1. 2069 |
| 1. 2068 | 1. 2069 | 1. 2070 |
| 1. 2069 | 1. 2070 | 1. 2071 |
| 1. 2070 | 1. 2071 | 1. 2072 |
| 1. 2071 | 1. 2072 | 1. 2073 |
| 1. 2072 | 1. 2073 | 1. 2074 |
| 1. 2073 | 1. 2074 | 1. 2075 |
| 1. 2074 | 1. 2075 | 1. 2076 |
| 1. 2075 | 1. 2076 | 1. 2077 |
| 1. 2076 | 1. 2077 | 1. 2078 |
| 1. 2077 | 1. 2078 | 1. 2079 |
| 1. 2078 | 1. 2079 | 1. 2080 |
| 1. 2079 | 1. 2080 | 1. 2081 |
| 1. 2080 | 1. 2081 | 1. 2082 |
| 1. 2081 | 1. 2082 | 1. 2083 |
| 1. 2082 | 1. 2083 | 1. 2084 |
| 1. 2083 | 1. 2084 | 1. 2085 |
| 1. 2084 | 1. 2085 | 1. 2086 |
| 1. 2085 | 1. 2086 | 1. 2087 |
| 1. 2086 | 1. 2087 | 1. 2088 |
| 1. 2087 | 1. 2088 | 1. 2089 |
| 1. 2088 | 1. 2089 | 1. 2090 |
| 1. 2089 | 1. 2090 | 1. 2091 |
| 1. 2090 | 1. 2091 | 1. 2092 |
| 1. 2091 | 1. 2092 | 1. 2093 |
| 1. 2092 | 1. 2093 | 1. 2094 |
| 1. 2093 | 1. 2094 | 1. 2095 |
| 1. 2094 | 1. 2095 | 1. 2096 |
| 1. 2095 | 1. 2096 | 1. 2097 |
| 1. 2096 | 1. 2097 | 1. 2098 |
| 1. 2097 | 1. 2098 | 1. 2099 |
| 1. 2098 | 1. 2099 | 1. 2100 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 37

FRANKLIN TEE-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Intermediate-Term Tee-Free Income Fund (continued)

| Funding | 2018 | 2017 |
| --- | --- | --- |
| Financial Services and Investment Funds (Title of Millions Millions) | 1,000,000 | 1,000,000 |
| Financial Services and Investment Funds (Title of Millions Millions) | 1,000,000 | 1,000,000 |
| Financial Services and Investment Funds (Title of Millions Millions) | 1,000,000 | 1,000,000 |
| Financial Services and Investment Funds (Title of Millions Millions) | 1,000,000 | 1,000,000 |
| Financial Services and Investment Funds (Title of Millions Millions) | 1,000,000 | 1,000,000 |
| Financial Services and Investment Funds (Title of Millions Millions) | 1,000,000 | 1,000,000 |

38 Quarterly Schedule of Investment Free Notes to Schedules of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| Fund | Proposed | Total |
| --- | --- | --- |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 12,000,000.00 | 12,000,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 6,000,000.00 | 6,000,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 3,000,000.00 | 3,000,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 6,000,000.00 | 6,000,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 6,000,000.00 | 6,000,000.00 |
| Franklin Federal Intermediate-Term Tax-Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments 20

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)[{"box_2d": [18, 65, 461, 125], "label": "table", "caption": "

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |
| Franklin, CA | 1,000,000 | 1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

| Fund | 2018 | 2017 |
| --- | --- | --- |
| Franklin, CA | $1,000,000 | $1,000,000 |

<table><thead><tr><th>Fund</th><th>2018</th><th>2017</th></tr></thead

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)

| Bank of America | 1,100,000,000 | 1,100,000,000 |
| --- | --- | --- |
| Bank of America, Inc. | 1,100,000,000 | 1,100,000,000 |
| Bank of America, Inc. | 1,100,000,000 | 1,100,000,000 |
| Bank of America, Inc. | 1,100,000,000 | 1,100,000,000 |
| Bank of America, Inc. | 1,100,000,000 | 1,100,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 41

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Federal Limited-Term Tax-Free Income Fund

| Description | 2022 | 2021 |
| --- | --- | --- |
| Capital Invested in the United States | $1,000,000 | $1,000,000 |
| Capital Invested in the United Kingdom | 1,000,000 | 1,000,000 |
| Capital Invested in the United States of America | 1,000,000 | 1,000,000 |
| Capital Invested in the United Kingdom and the United States of America | 1,000,000 | 1,000,000 |
| Capital Invested in the United States of America and the United Kingdom | 1,000,000 | 1,000,000 |
| Capital Invested in the United States of America and the United Kingdom | 1,000,000 | 1,000,000 |
| Total Capital Invested in the United States | 1,000,000 | 1,000,000 |
| Total Investment (Total) | 1,000,000 | 1,000,000 |
| Total Long Term Investments (Cost $2,000,000,000) | 1,000,000 | 1,000,000 |

42 Quarterly Schedule of Investments Free Notes to Schedule of Investments

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Limited Term Tax-Free Income Fund (continued)

| 1. The Bank of America, Inc. (the Bank of America, Inc.) is a member of the Bank of America, Inc. (the Bank of America, Inc.) and is a member of the Bank of America, Inc. (the Bank of America, Inc.) and is a member of the Bank of America, Inc. (the Bank of America, Inc.) and is a member of the Bank of America, Inc. (the Bank of America, Inc.) and is a member of the Bank of America, Inc. (the Bank of America, Inc.) and is a member of the Bank of America, Inc. (the Bank of America, Inc.) | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| 2. The Bank of America, Inc. (the Bank of America, Inc.) is a member of the Bank of America, Inc. (the Bank of America, Inc.) and is a member of the Bank of America, Inc. (the Bank of America, Inc.) and is a member of the Bank of America, Inc. (the Bank of America, Inc.) and is a member of the Bank of America, Inc. (the Bank of America, Inc.) and is a member of the Bank of America, Inc. | 1,000,000 | 1,000,000 |
| 3. The Bank of America, Inc. (the Bank of America, Inc.) is a member of the Bank of America, Inc. (the Bank of America, Inc.) and is a member of the Bank of America, Inc. (the Bank of America, Inc.) and is a member of the Bank of America, Inc. (the Bank of America, Inc.) and is a member of the Bank of America, Inc. (the Bank of America, Inc.) and is a member of the Bank of America, Inc. | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 41

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Limited-Term Tax-Free Income Fund (continued)

| Fund | Proposed | 2,476,921 |
| --- | --- | --- |
| Franklin Financial Limited (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 1,000,000,000 | 1,000,000,000 |
| Franklin Financial Limited (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 1,000,000,000 | 1,000,000,000 |
| Franklin Financial Limited (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 1,000,000,000 | 1,000,000,000 |
| Franklin Financial Limited (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 1,000,000,000 | 1,000,000,000 |

40 | Quarterly Schedule of Investment | See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Limited Term Tax-Free Income Fund (continued)

| 1. The Bank of America, 1000 N. Main Street, New York, NY 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001 | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| 2. The Bank of America, 1000 N. Main Street, New York, NY 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001 | 1,000,000 | 1,000,000 |
| 3. The Bank of America, 1000 N. Main Street, New York, NY 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001, 10001 | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments 45

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Limited-Term Tax-Free Income Fund (continued)

|  | FORECAST | 2,640,024 |
| --- | --- | --- |
| 1. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,470,000,000 | 1,470,000,000 |
| 2. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,470,000,000 | 1,470,000,000 |
| 3. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,470,000,000 | 1,470,000,000 |

48 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNMUDITED)

Franklin Federal Limited Term Tax-Free Income Fund (continued)

| General and administrative expense | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| General and administrative expense | 1,000,000 | 1,000,000 |
| General and administrative expense | 1,000,000 | 1,000,000 |
| General and administrative expense | 1,000,000 | 1,000,000 |
| General and administrative expense | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 47

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Limited-Term Tax-Free Income Fund (continued)

| DESCRIPTION | Principal | Amount |
| --- | --- | --- |
| Interest | $1,000,000 | $1,000,000 |
| Interest | $1,000,000 | $1,000,000 |
| Interest | $1,000,000 | $1,000,000 |
| Interest | $1,000,000 | $1,000,000 |
| Interest | $1,000,000 | $1,000,000 |

of Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Limited Term Tax-Free Income Fund (continued)

| Franklin Federal Limited Term Tax-Free Income Fund (continued) |  |  |
| --- | --- | --- |
| Franklin Federal Limited Term Tax-Free Income Fund (continued) | 1,120,000,000 | 1,120,175 |
| Franklin Federal Limited Term Tax-Free Income Fund (continued) | 1,120,000,000 | 1,120,175 |
| Franklin Federal Limited Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Limited Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Limited Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Limited Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Limited Term Tax-Free Income Fund (continued) | 15,000,000,000 | 15,000,000,000 |
| Franklin Federal Limited Term Tax-Free Income Fund (continued) | 15,000,000,000 | 15,000,000,000 |
| Franklin Federal Limited Term Tax-Free Income Fund (continued) | 15,000,000,000 | 15,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments 48

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Limited-Term Tax-Free Income Fund (continued)

| Franklin Federal Limited-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| --- | --- | --- |
| Franklin Federal Limited-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Limited-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |
| Franklin Federal Limited-Term Tax-Free Income Fund (continued) | 1,000,000,000 | 1,000,000,000 |

92 Quarterly Schedule of Investment - See Notes to Schedule of Investments.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Limited Term Tax-Free Income Fund (continued)

| 1.00% | 1,000,000 |
| --- | --- |
| 2.00% | 2,000,000 |
| 3.00% | 3,000,000 |
| 4.00% | 4,000,000 |
| 5.00% | 5,000,000 |
| 6.00% | 6,000,000 |
| 7.00% | 7,000,000 |
| 8.00% | 8,000,000 |
| 9.00% | 9,000,000 |
| 10.00% | 10,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 51

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Limited-Term Tax-Free Income Fund (continued)

| 1. Company Name | Proposed | 2. Total |
| --- | --- | --- |
| 1. The Franklin Federal Limited Term Tax-Free Income Fund (continued) |  |  |
| 2. The Franklin Federal Limited Term Tax-Free Income Fund (continued) |  |  |
| 3. The Franklin Federal Limited Term Tax-Free Income Fund (continued) |  |  |
| 4. The Franklin Federal Limited Term Tax-Free Income Fund (continued) |  |  |
| 5. The Franklin Federal Limited Term Tax-Free Income Fund (continued) |  |  |
| 6. The Franklin Federal Limited Term Tax-Free Income Fund (continued) |  |  |
| 7. The Franklin Federal Limited Term Tax-Free Income Fund (continued) |  |  |
| 8. The Franklin Federal Limited Term Tax-Free Income Fund (continued) |  |  |
| 9. The Franklin Federal Limited Term Tax-Free Income Fund (continued) |  |  |
| 10. The Franklin Federal Limited Term Tax-Free Income Fund (continued) |  |  |

92 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNMUDITED)

Franklin Federal Limited Term Tax-Free Income Fund (continued)

| 1. The following is a report of the following: (1) the following is a report of the following: (2) the following is a report of the following: (3) the following is a report of the following: (4) the following is a report of the following: (5) the following is a report of the following: (6) the following is a report of the following: (7) the following is a report of the following: (8) the following is a report of the following: (9) the following is a report of the following: (10) the following is a report of the following: (11) the following is a report of the following: (12) the following is a report of the following: (13) the following is a report of the following: (14) the following is a report of the following: (15) the following is a report of the following: (16) the following is a report of the following: (17) the following is a report of the following: (18) the following is a report of the following: (19) the following is a report of the following: (20) the following is a report of the following: (21) the following is a report of the following: (22) the following is a report of the following: (23) the following is a report of the following: (24) the following is a report of the following: (25) the following is a report of the following: (26) the following is a report of the following: (27) the following is a report of the following: (28) the following is a report of the following: (29) the following is a report of the following: (30) the following is a report of the following: (31) the following is a report of the following: (32) the following is a report of the following: (33) the following is a report of the following: (34) the following is a report of the following: (35) the following is a report of the following: (36) the following is a report of the following: (37) the following is a report of the following: (38) the following is a report of the following: (39) the following is a report of the following: (40) the following is a report of the following: (41) the following is a report of the following: (42) the following is a report of the following: (43) the following is a report of the following: (44) the following is a report of the following: (45) the following is a report of the following: (46) the following is a report of the following: (47) the following is a report of the following: (48) the following is a report of the following: (49) the following is a report of the following: (50) the following is a report of the following: (51) the following is a report of the following: (52) the following is a report of the following: (53) the following is a report of the following: (54) the following is a report of the following: (55) the following is a report of the following: (56) the following is a report of the following: (57) the following is a report of the following: (58) the following is a report of the following: (59) the following is a report of the following: (60) the following is a report of the following: (61) the following is a report of the following: (62) the following is a report of the following: (63) the following is a report of the following: (64) the following is a report of the following: (65) the following is a report of the following: (66) the following is a report of the following: (67) the following is a report of the following: (68) the following is a report of the following: (69) the following is a report of the following: (70) the following is a report of the following: (71) the following is a report of the following: (72) the following is a report of the following: (73) the following is a report of the following: (74) the following is a report of the following: (75) the following is a report of the following: (76) the following is a report of the following: (77) the following is a report of the following: (78) the following is a report of the following: (79) the following is a report of the following: (80) the following is a report of the following: (81) the following is a report of the following: (82) the following is a report of the following: (83) the following is a report of the following: (84) the following is a report of the following: (85) the following is a report of the following: (86) the following is a report of the following: (87) the following is a report of the following: (88) the following is a report of the following: (89) the following is a report of the following: (90) the following is a report of the following: (91) the following is a report of the following: (92) the following is a report of the following: (93) the following is a report of the following: (94) the following is a report of the following: (95) the following is a report of the following: (96) the following is a report of the following: (97) the following is a report of the following: (98) the following is a report of the following: (99) the following is a report of the following: (100) |
| --- |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 52

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Limited-Term Tax-Free Income Fund (continued)

| ISSUE | PREVIOUS | THIS |
| --- | --- | --- |
| 1. TAXES AND OTHER TAXES | 1,000,000 | 1,000,000 |
| 2. TAXES AND OTHER TAXES | 1,000,000 | 1,000,000 |
| 3. TAXES AND OTHER TAXES | 1,000,000 | 1,000,000 |
| 4. TAXES AND OTHER TAXES | 1,000,000 | 1,000,000 |
| 5. TAXES AND OTHER TAXES | 1,000,000 | 1,000,000 |
| 6. TAXES AND OTHER TAXES | 1,000,000 | 1,000,000 |
| 7. TAXES AND OTHER TAXES | 1,000,000 | 1,000,000 |
| 8. TAXES AND OTHER TAXES | 1,000,000 | 1,000,000 |
| 9. TAXES AND OTHER TAXES | 1,000,000 | 1,000,000 |
| 10. TAXES AND OTHER TAXES | 1,000,000 | 1,000,000 |

92 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Federal Limited Term Tax-Free Income Fund (continued)

| Bank of America, Inc. (if any) (if any) | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Bank of America, Inc. (if any) (if any) | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (if any) (if any) | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (if any) (if any) | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (if any) (if any) | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 68

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

Franklin Georgia Tax-Free Income Fund

| Item | Amount | Percentage |
| --- | --- | --- |
| 1. 2022-2023 (2022-2023) | 1,000,000.00 | 100.00% |
| 2. 2022-2023 (2022-2023) | 1,000,000.00 | 100.00% |
| 3. 2022-2023 (2022-2023) | 1,000,000.00 | 100.00% |
| 4. 2022-2023 (2022-2023) | 1,000,000.00 | 100.00% |
| 5. 2022-2023 (2022-2023) | 1,000,000.00 | 100.00% |
| 6. 2022-2023 (2022-2023) | 1,000,000.00 | 100.00% |
| 7. 2022-2023 (2022-2023) | 1,000,000.00 | 100.00% |
| 8. 2022-2023 (2022-2023) | 1,000,000.00 | 100.00% |
| 9. 2022-2023 (2022-2023) | 1,000,000.00 | 100.00% |
| 10. 2022-2023 (2022-2023) | 1,000,000.00 | 100.00% |

98 Quarterly Schedule of Investments. See Notes to Schedule of Investments.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Georgia Tax-Free Income Fund (continued)

| Particulars | Amount | Total |
| --- | --- | --- |
| Bank of America, Inc. | 1,750,000 | 1,750,000 |
| Bank of America, Inc. | 1,750,000 | 1,750,000 |
| Bank of America, Inc. | 1,750,000 | 1,750,000 |
| Bank of America, Inc. | 1,750,000 | 1,750,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 67

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Georgia Tax-Free Income Fund (continued)

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Georgia Tax-Free Income Fund (continued)

| Financial Statements | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Financial Statements | 1,000,000 | 1,000,000 |
| Financial Statements | 1,000,000 | 1,000,000 |
| Financial Statements | 1,000,000 | 1,000,000 |
| Financial Statements | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments 48

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Georgia Tax-Free Income Fund (continued)

| Fund | Principal | Total |
| --- | --- | --- |
| Funding for the State of Georgia | 4,000,000 | 4,000,000 |
| Tax Free Income | 4,000,000 | 4,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

92 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin High Yield Tax-Free Income Fund

| 1. Franklin High Yield Tax Free Income Fund | 3,100,000,000 | 3,100,000,000 |
| --- | --- | --- |
| 2. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 3. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 4. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 5. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 6. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 7. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 8. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 9. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 41

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| 1. The United States, 1.1.1, Revenues, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000 |
| --- |

92 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Amount |
| --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) | 4,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 4,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 42

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Year | Principal |
| --- | --- |
| 1 | $1,000,000.00 |
| 2 | $1,000,000.00 |
| 3 | $1,000,000.00 |
| 4 | $1,000,000.00 |
| 5 | $1,000,000.00 |
| 6 | $1,000,000.00 |
| 7 | $1,000,000.00 |
| 8 | $1,000,000.00 |
| 9 | $1,000,000.00 |
| 10 | $1,000,000.00 |

60

Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Proposed | 2016 |
| --- | --- | --- |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 88

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| 1. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| 2. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 3. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 4. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 5. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 6. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 7. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 8. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 9. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 10. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 11. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 12. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 13. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 14. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 15. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 16. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 17. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 18. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 19. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 20. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |

98 Quarterly Schedule of Investment - See Notes to Schedule of Investments.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Financial Services, Inc. (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| Financial Services, Inc. (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) | 1,000,000.00 | 1,000,000.00 |
| Financial Services, Inc. (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 67

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Franklin High Yield Tax Free Income Fund (continued) | 2,000,000,000 | 2,000,000,000 |
| --- | --- | --- |
| Franklin High Yield Tax Free Income Fund (continued) | 2,000,000,000 | 2,000,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 2,000,000,000 | 2,000,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 2,000,000,000 | 2,000,000,000 |

88 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| 1. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度 | 4,000,000,000 | 4,000,000,000 |
| --- | --- | --- |
| 2. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 14,000,000,000 | 14,000,000,000 |
| 3. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 14,000,000,000 | 14,000,000,000 |
| 4. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 14,000,000,000 | 14,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments 48

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

|  | Proposed |  |
| --- | --- | --- |
| 1. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 2. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 3. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 4. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 5. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 6. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 7. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 8. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 9. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 10. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 11. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 12. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 13. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 71

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Source of Income | Percentage | Total |
| --- | --- | --- |
| Financial Statements and Statements of Financial Statements | 100.00% | 100.00% |
| Financial Statements and Statements of Financial Statements | 100.00% | 100.00% |
| Financial Statements and Statements of Financial Statements | 100.00% | 100.00% |
| Financial Statements and Statements of Financial Statements | 100.00% | 100.00% |
| Financial Statements and Statements of Financial Statements | 100.00% | 100.00% |

70 Quarterly Schedule of Investment - See Notes to Schedule of Investments.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Proposed | 2023 |
| --- | --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| Bank of America, Inc. (1) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (2) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (3) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (4) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (5) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (6) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (7) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (8) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (9) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (10) 1,000,000 | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 72

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| 1. ALLUMBERS, BROS. & CO., INC. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000,000 | 1,000,000,000 |
| --- | --- | --- |
| 2. ALLUMBERS, BROS. & CO., INC. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000,000 | 1,000,000,000 |
| 3. ALLUMBERS, BROS. & CO., INC. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000,000 | 1,000,000,000 |
| 4. ALLUMBERS, BROS. & CO., INC. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000,000 | 1,000,000,000 |

76 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| 1. 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000 |
| --- |

See Notes to Schedules of Investments Quarterly Schedule of Investments 75

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| 1. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 1. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements |
| --- | --- |
| 2. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 2. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements |
| 3. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements |

76 Quarterly Schedule of Investment - See Note to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| 1. ALL FINANCIAL TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 3. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 4. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 5. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 6. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 7. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 8. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 9. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 10. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 11. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 12. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 13. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 14. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 15. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 16. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 17. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 18. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 19. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 20. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 37

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Value |
| --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 |

76 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Bank of America, Inc. (1984) | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| Bank of America, Inc. (1985) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1986) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1987) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1988) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1989) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1990) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1991) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1992) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1993) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1994) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1995) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1996) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1997) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1998) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1999) | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 70

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Description | Proposed 2018 | Proposed 2017 |
| --- | --- | --- |
| Financial Statements and Statements of Financial Statements, 2021, 3.3%, 5.6% | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Statements of Financial Statements, 2021, 2.7%, 5.6% | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Statements of Financial Statements, 2021, 3.3%, 5.6% | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Statements of Financial Statements, 2021, 3.3%, 5.6% | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Statements of Financial Statements, 2021, 3.3%, 5.6% | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Statements of Financial Statements, 2021, 3.3%, 5.6% | 1,000,000,000 | 1,000,000,000 |

88 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Funded |
| --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) | 2,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 2,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 2,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 2,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 61

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - 2023 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2022 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2021 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2020 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2019 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2018 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2017 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2016 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2015 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2014 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2013 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2012 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2011 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2010 | 1,000,000,000 | 1,000,000,000 |

62 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Year | Proposed | 2013/14 |
| --- | --- | --- |
| 2013/14 | $1,000,000 | $1,000,000 |
| 2014/15 | $1,000,000 | $1,000,000 |
| 2015/16 | $1,000,000 | $1,000,000 |
| 2016/17 | $1,000,000 | $1,000,000 |
| 2017/18 | $1,000,000 | $1,000,000 |
| 2018/19 | $1,000,000 | $1,000,000 |
| 2019/20 | $1,000,000 | $1,000,000 |
| 2020/21 | $1,000,000 | $1,000,000 |
| 2021/22 | $1,000,000 | $1,000,000 |
| 2022/23 | $1,000,000 | $1,000,000 |
| 2023/24 | $1,000,000 | $1,000,000 |
| 2024/25 | $1,000,000 | $1,000,000 |
| 2025/26 | $1,000,000 | $1,000,000 |
| 2026/27 | $1,000,000 | $1,000,000 |
| 2027/28 | $1,000,000 | $1,000,000 |
| 2028/29 | $1,000,000 | $1,000,000 |
| 2029/30 | $1,000,000 | $1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 42

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Funding | Percentage |
| --- | --- |
| Financial Assets | 100.00% |
| Investments | 100.00% |
| Investments at the time of the year | 100.00% |
| Investments at the time of the year | 100.00% |
| Investments at the time of the year | 100.00% |
| Investments at the time of the year | 100.00% |
| Investments at the time of the year | 100.00% |

86 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| 1. Bank of America's First National Bank (1961, 1962, 1963) | 1,000,000,000 | 1,000,000,000 |
| --- | --- | --- |
| 2. Bank of America's First National Bank (1962, 1963, 1964) | 1,000,000,000 | 1,000,000,000 |
| 3. Bank of America's First National Bank (1963, 1964, 1965) | 1,000,000,000 | 1,000,000,000 |
| 4. Bank of America's First National Bank (1964, 1965, 1966) | 1,000,000,000 | 1,000,000,000 |
| 5. Bank of America's First National Bank (1965, 1966, 1967) | 1,000,000,000 | 1,000,000,000 |
| 6. Bank of America's First National Bank (1966, 1967, 1968) | 1,000,000,000 | 1,000,000,000 |
| 7. Bank of America's First National Bank (1967, 1968, 1969) | 1,000,000,000 | 1,000,000,000 |
| 8. Bank of America's First National Bank (1968, 1969, 1970) | 1,000,000,000 | 1,000,000,000 |
| 9. Bank of America's First National Bank (1969, 1970, 1971) | 1,000,000,000 | 1,000,000,000 |
| 10. Bank of America's First National Bank (1970, 1971, 1972) | 1,000,000,000 | 1,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 45

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Fund | 1996 | 1995 |
| --- | --- | --- |
| Franklin Financial Services Corporation | 1,000,000 | 1,000,000 |
| Franklin Financial Services Corporation | 1,000,000 | 1,000,000 |
| Franklin Financial Services Corporation | 1,000,000 | 1,000,000 |
| Franklin Financial Services Corporation | 1,000,000 | 1,000,000 |
| Franklin Financial Services Corporation | 1,000,000 | 1,000,000 |

98 | Quarterly Schedule of Investment | See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Funded Account | 2023 | 2022 |
| --- | --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 | $1,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 | $1,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 | $1,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 | $1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 47

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| 1. Financial Assets (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| --- | --- | --- |
| 2. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 3. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 4. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 5. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 6. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 7. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 8. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 9. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 10. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |

38 Quarterly Schedule of Investment - See Notes to Schedule of Investments.

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 48

FRANKLIN TEA-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tea-Free Income Fund (continued)

| 1. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度 | 1,000,000,000 | 1,000,000,000 |
| --- | --- | --- |
| 2. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度 | 1,000,000,000 | 1,000,000,000 |

10

Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| 1. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| 2. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 3. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 4. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 5. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 6. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 7. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 8. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 9. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 10. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 61

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| 1. The following table provides the information in a specific format: | 2018 | 2017 |
| --- | --- | --- |
| 2. The following table provides the information in a specific format: | 2018 | 2017 |
| 3. The following table provides the information in a specific format: | 2018 | 2017 |
| 4. The following table provides the information in a specific format: | 2018 | 2017 |
| 5. The following table provides the information in a specific format: | 2018 | 2017 |
| 6. The following table provides the information in a specific format: | 2018 | 2017 |
| 7. The following table provides the information in a specific format: | 2018 | 2017 |
| 8. The following table provides the information in a specific format: | 2018 | 2017 |
| 9. The following table provides the information in a specific format: | 2018 | 2017 |
| 10. The following table provides the information in a specific format: | 2018 | 2017 |
| 11. The following table provides the information in a specific format: | 2018 | 2017 |
| 12. The following table provides the information in a specific format: | 2018 | 2017 |
| 13. The following table provides the information in a specific format: | 2018 | 2017 |
| 14. The following table provides the information in a specific format: | 2018 | 2017 |
| 15. The following table provides the information in a specific format: | 2018 | 2017 |
| 16. The following table provides the information in a specific format: | 2018 | 2017 |
| 17. The following table provides the information in a specific format: | 2018 | 2017 |
| 18. The following table provides the information in a specific format: | 2018 | 2017 |
| 19. The following table provides the information in a specific format: | 2018 | 2017 |
| 20. The following table provides the information in a specific format: | 2018 | 2017 |

92 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: |  |  |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,220,000,000 | 7,220,000,000 |

Table 1: The total of the total amount of the financial assets, December 31, 2011, including:

Table 2: The total of the total amount of the financial assets, December 31, 2011, including:

Table 3: The total of the total amount of the financial assets, December 31, 2011, including:[{"box_2d": [230, 440, 461,

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| ISSUE | QUANTITY |
| --- | --- |
| 1. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 2. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 3. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 4. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 5. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 6. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 7. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 8. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 9. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 10. Financial Statements and Statements of Financial Statements | 1,000,000 |

92 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Franklin Corporation's Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 2,000,000,000 | 2,000,000,000 |
| --- | --- | --- |
| Franklin Corporation's Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 2,000,000,000 | 2,000,000,000 |
| Franklin Corporation's Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 2,000,000,000 | 2,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 85

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Year | Funded | Total |
| --- | --- | --- |
| 1. First National Income Tax Fund (1st National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 2. First National Income Tax Fund (2nd National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 3. First National Income Tax Fund (3rd National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 4. First National Income Tax Fund (4th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 5. First National Income Tax Fund (5th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 6. First National Income Tax Fund (6th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 7. First National Income Tax Fund (7th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 8. First National Income Tax Fund (8th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 9. First National Income Tax Fund (9th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 10. First National Income Tax Fund (10th National Income Tax Fund) | 1,000,000 | 1,000,000 |

96 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| 1. 2017年1月1日 | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. 2017年1月2日 | 1,000,000.00 | 1,000,000.00 |
| 3. 2017年1月3日 | 1,000,000.00 | 1,000,000.00 |
| 4. 2017年1月4日 | 1,000,000.00 | 1,000,000.00 |
| 5. 2017年1月5日 | 1,000,000.00 | 1,000,000.00 |
| 6. 2017年1月6日 | 1,000,000.00 | 1,000,000.00 |
| 7. 2017年1月7日 | 1,000,000.00 | 1,000,000.00 |
| 8. 2017年1月8日 | 1,000,000.00 | 1,000,000.00 |
| 9. 2017年1月9日 | 1,000,000.00 | 1,000,000.00 |
| 10. 2017年1月10日 | 1,000,000.00 | 1,000,000.00 |
| 11. 2017年1月11日 | 1,000,000.00 | 1,000,000.00 |
| 12. 2017年1月12日 | 1,000,000.00 | 1,000,000.00 |
| 13. 2017年1月13日 | 1,000,000.00 | 1,000,000.00 |
| 14. 2017年1月14日 | 1,000,000.00 | 1,000,000.00 |
| 15. 2017年1月15日 | 1,000,000.00 | 1,000,000.00 |
| 16. 2017年1月16日 | 1,000,000.00 | 1,000,000.00 |
| 17. 2017年1月17日 | 1,000,000.00 | 1,000,000.00 |
| 18. 2017年1月18日 | 1,000,000.00 | 1,000,000.00 |
| 19. 2017年1月19日 | 1,000,000.00 | 1,000,000.00 |
| 20. 2017年1月20日 | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 87

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| ISSUE | ACTUAL | ESTIMATED |
| --- | --- | --- |
| 1. Financial Statements (1st, 2nd, 3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 2. Financial Statements (2nd, 3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 3. Financial Statements (3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 4. Financial Statements (4th, 5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 5. Financial Statements (5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 6. Financial Statements (6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 7. Financial Statements (7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 8. Financial Statements (8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |

92 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNMUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Value |
| --- | --- |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 40

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Percentage | U.S. Tax |
| --- | --- | --- |
| 1. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 2. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 3. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 4. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 5. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 6. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 7. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 8. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 9. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 10. Franklin High Yield Tax-Free Income Fund (continued) |  |  |

260 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Funded | Funded |
| --- | --- |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 101

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Year | 1st Year | 2nd Year |
| --- | --- | --- |
| 1. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 2. Assets | 1,000,000,000 | 1,000,000,000 |
| 3. Assets | 1,000,000,000 | 1,000,000,000 |
| 4. Assets | 1,000,000,000 | 1,000,000,000 |
| 5. Assets | 1,000,000,000 | 1,000,000,000 |
| 6. Assets | 1,000,000,000 | 1,000,000,000 |
| 7. Assets | 1,000,000,000 | 1,000,000,000 |
| 8. Assets | 1,000,000,000 | 1,000,000,000 |
| 9. Assets | 1,000,000,000 | 1,000,000,000 |
| 10. Assets | 1,000,000,000 | 1,000,000,000 |

202 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Year | Funded | Total |
| --- | --- | --- |
| 1 | 1,000,000 | 1,000,000 |
| 2 | 1,000,000 | 1,000,000 |
| 3 | 1,000,000 | 1,000,000 |
| 4 | 1,000,000 | 1,000,000 |
| 5 | 1,000,000 | 1,000,000 |
| 6 | 1,000,000 | 1,000,000 |
| 7 | 1,000,000 | 1,000,000 |
| 8 | 1,000,000 | 1,000,000 |
| 9 | 1,000,000 | 1,000,000 |
| 10 | 1,000,000 | 1,000,000 |

202 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Proposed |
| --- | --- |
| 1. $1,000,000.00 | 1,000,000.00 |
| 2. $1,000,000.00 | 1,000,000.00 |
| 3. $1,000,000.00 | 1,000,000.00 |
| 4. $1,000,000.00 | 1,000,000.00 |
| 5. $1,000,000.00 | 1,000,000.00 |
| 6. $1,000,000.00 | 1,000,000.00 |
| 7. $1,000,000.00 | 1,000,000.00 |
| 8. $1,000,000.00 | 1,000,000.00 |
| 9. $1,000,000.00 | 1,000,000.00 |
| 10. $1,000,000.00 | 1,000,000.00 |
| 11. $1,000,000.00 | 1,000,000.00 |
| 12. $1,000,000.00 | 1,000,000.00 |
| 13. $1,000,000.00 | 1,000,000.00 |
| 14. $1,000,000.00 | 1,000,000.00 |
| 15. $1,000,000.00 | 1,000,000.00 |
| 16. $1,000,000.00 | 1,000,000.00 |
| 17. $1,000,000.00 | 1,000,000.00 |
| 18. $1,000,000.00 | 1,000,000.00 |
| 19. $1,000,000.00 | 1,000,000.00 |
| 20. $1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 145

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Fund | 2016 | 2015 |
| --- | --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 1. The Bank of America, Inc. (1) is a member of the Bank of America, Inc. (2) is a member of the Bank of America, Inc. (3) is a member of the Bank of America, Inc. (4) is a member of the Bank of America, Inc. (5) is a member of the Bank of America, Inc. (6) is a member of the Bank of America, Inc. (7) is a member of the Bank of America, Inc. (8) is a member of the Bank of America, Inc. (9) is a member of the Bank of America, Inc. (10) is a member of the Bank of America, Inc. (11) is a member of the Bank of America, Inc. (12) is a member of the Bank of America, Inc. (13) is a member of the Bank of America, Inc. (14) is a member of the Bank of America, Inc. (15) is a member of the Bank of America, Inc. (16) is a member of the Bank of America, Inc. (17) is a member of the Bank of America, Inc. (18) is a member of the Bank of America, Inc. (19) is a member of the Bank of America, Inc. (20) is a member of the Bank of America, Inc. (21) is a member of the Bank of America, Inc. (22) is a member of the Bank of America, Inc. (23) is a member of the Bank of America, Inc. (24) is a member of the Bank of America, Inc. (25) is a member of the Bank of America, Inc. (26) is a member of the Bank of America, Inc. (27) is a member of the Bank of America, Inc. (28) is a member of the Bank of America, Inc. (29) is a member of the Bank of America, Inc. (30) is a member of the Bank of America, Inc. (31) is a member of the Bank of America, Inc. (32) is a member of the Bank of America, Inc. (33) is a member of the Bank of America, Inc. (34) is a member of the Bank of America, Inc. (35) is a member of the Bank of America, Inc. (36) is a member of the Bank of America, Inc. (37) is a member of the Bank of America, Inc. (38) is a member of the Bank of America, Inc. (39) is a member of the Bank of America, Inc. (40) is a member of the Bank of America, Inc. (41) is a member of the Bank of America, Inc. (42) is a member of the Bank of America, Inc. (43) is a member of the Bank of America, Inc. (44) is a member of the Bank of America, Inc. (45) is a member of the Bank of America, Inc. (46) is a member of the Bank of America, Inc. (47) is a member of the Bank of America, Inc. (48) is a member of the Bank of America, Inc. (49) is a member of the Bank of America, Inc. (50) is a member of the Bank of America, Inc. (51) is a member of the Bank of America, Inc. (52) is a member of the Bank of America, Inc. (53) is a member of the Bank of America, Inc. (54) is a member of the Bank of America, Inc. (55) is a member of the Bank of America, Inc. (56) is a member of the Bank of America, Inc. (57) is a member of the Bank of America, Inc. (58) is a member of the Bank of America, Inc. (59) is a member of the Bank of America, Inc. (60) is a member of the Bank of America, Inc. (61) is a member of the Bank of America, Inc. (62) is a member of the Bank of America, Inc. (63) is a member of the Bank of America, Inc. (64) is a member of the Bank of America, Inc. (65) is a member of the Bank of America, Inc. (66) is a member of the Bank of America, Inc. (67) is a member of the Bank of America, Inc. (68) is a member of the Bank of America, Inc. (69) is a member of the Bank of America, Inc. (70) is a member of the Bank of America, Inc. (71) is a member of the Bank of America, Inc. (72) is a member of the Bank of America, Inc. (73) is a member of the Bank of America, Inc. (74) is a member of the Bank of America, Inc. (75) is a member of the Bank of America, Inc. (76) is a member of the Bank of America, Inc. (77) is a member of the Bank of America, Inc. (78) is a member of the Bank of America, Inc. (79) is a member of the Bank of America, Inc. (80) is a member of the Bank of America, Inc. (81) is a member of the Bank of America, Inc. (82) is a member of the Bank of America, Inc. (83) is a member of the Bank of America, Inc. (84) is a member of the Bank of America, Inc. (85) is a member of the Bank of America, Inc. (86) is a member of the Bank of America, Inc. (87) is a member of the Bank of America, Inc. (88) is a member of the Bank of America, Inc. (89) is a member of the Bank of America, Inc. (90) is a member of the Bank of America, Inc. (91) is a member of the Bank of America, Inc. (92) is a member of the Bank of America, Inc. (93) is a member of the Bank of America, Inc. (94) is a member of the Bank of America, Inc. (95) is a member of the Bank of America, Inc. (96) is a member of the Bank of America, Inc. (97) is a member of the Bank of America, Inc. (98) is a member of the Bank of America, Inc. (99) is a member of the Bank of America, Inc. (100) |  |  |

200 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNMUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Proposed |
| --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) | 14,000,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 107

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| ISSUE | 2018 | 2017 |
| --- | --- | --- |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |

288 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNMUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Proposed | 2017-2018 |
| --- | --- | --- |
| Franklin High Yield Tax Free Income Fund (continued) | 4,000,000 | 3,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 7,000,000 | 6,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 7,000,000 | 6,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 7,000,000 | 6,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 11,000,000 | 11,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 1,000,000 | 1,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 1,000,000 | 1,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 108

FRANKLIN T2A-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Year Ended December 31, | 2018 | 2017 |
| --- | --- | --- |
| Net income | $1,000,000 | $1,000,000 |
| Taxes | (1,000,000) | (1,000,000) |
| Net income | $1,000,000 | $1,000,000 |
| Taxes | (1,000,000) | (1,000,000) |
| Net income | $1,000,000 | $1,000,000 |

108

Quarterly Schedule of Investment - See Notes to Schedules of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Value | Percentage |
| --- | --- | --- |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 211

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Louisiana Tax-Free Income Fund

| 1. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 3. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 4. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 5. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 6. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 7. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 8. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 9. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 10. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |

322 Quarterly Schedule of Investments Free Notes to Schedule of Investments

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Louisiana Tax-Free Income Fund (continued)

| Management Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Financial Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |
| Financial Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |
| Financial Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |
| Financial Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 222

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Louisiana Tax-Free Income Fund (continued)

| Line | Value | Amount |
| --- | --- | --- |
| 1. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 2. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 3. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 4. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 5. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 6. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 7. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 8. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 9. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 10. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 11. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 12. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 13. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 14. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |

102 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Louisiana Tax-Free Income Fund (continued)

| 1. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 1,000,000.00 | 1,000,000.00 |
| 3. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 225

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Louisiana Tax-Free Income Fund (continued)

| Description | Value | Percentage |
| --- | --- | --- |
| Amounts | $1,000,000 | 100% |
| Interest | 1,000,000 | 100% |
| Interest on the basis of tax | 1,000,000 | 100% |
| Interest on the basis of tax | 1,000,000 | 100% |
| Interest on the basis of tax | 1,000,000 | 100% |
| Interest on the basis of tax | 1,000,000 | 100% |

248 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Maryland Tax-Free Income Fund

| Description | Proposed | 2022 |
| --- | --- | --- |
| 1. The Franklin Maryland Tax Free Income Fund (FAA) is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 2. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 3. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 4. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 5. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 6. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 7. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 8. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 9. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 10. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 217

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Maryland Tax-Free Income Fund (continued)

| American American Financial Corporation, 2021 to ASAPC (Internal, Dth, 1/20/22) | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| American American Financial Corporation, 2021 to ASAPC (Internal, Dth, 1/20/22) | 1,000,000.00 | 1,000,000.00 |
| American American Financial Corporation, 2021 to ASAPC (Internal, Dth, 1/20/22) | 1,000,000.00 | 1,000,000.00 |
| American American Financial Corporation, 2021 to ASAPC (Internal, Dth, 1/20/22) | 1,000,000.00 | 1,000,000.00 |

128 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Maryland Tax-Free Income Fund (continued)

|  | Proposed |  |
| --- | --- | --- |
| 2014 | 0.1% | 0.1% |
| 2015 | 0.1% | 0.1% |
| 2016 | 0.1% | 0.1% |
| 2017 | 0.1% | 0.1% |
| 2018 | 0.1% | 0.1% |
| 2019 | 0.1% | 0.1% |
| 2020 | 0.1% | 0.1% |
| 2021 | 0.1% | 0.1% |
| 2022 | 0.1% | 0.1% |
| 2023 | 0.1% | 0.1% |
| 2024 | 0.1% | 0.1% |
| 2025 | 0.1% | 0.1% |
| 2026 | 0.1% | 0.1% |
| 2027 | 0.1% | 0.1% |
| 2028 | 0.1% | 0.1% |
| 2029 | 0.1% | 0.1% |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 229

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Maryland Tax-Free Income Fund (continued)

| Description | Value | Value |
| --- | --- | --- |
| Cash and cash equivalents at the beginning of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the end of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the end of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the end of the year | $1,000,000 | $1,000,000 |

120

Quarterly Schedule of Investment - See Notes to Schedules of Investment.

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Massachusetts Tax-Free Income Fund

|  | Proposed | Unaudited |
| --- | --- | --- |
| 1. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 7,000,000,000 | 7,000,000,000 |
| 2. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 5,000,000,000 | 5,000,000,000 |
| 3. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 2,000,000,000 | 2,000,000,000 |
| 4. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 1,000,000,000 | 1,000,000,000 |
| 5. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 8,000,000,000 | 8,000,000,000 |
| 6. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 1,000,000,000 | 1,000,000,000 |
| 7. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 1,000,000,000 | 1,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 101

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Massachusetts Tax Free Income Fund (continued)

| Amount (In millions) | Proportion | 2023 |
| --- | --- | --- |
| Net Income (In millions) | 1.00% | 1.00% |
| Net Income (In millions) | 1.00% | 1.00% |
| Net Income (In millions) | 1.00% | 1.00% |
| Net Income (In millions) | 1.00% | 1.00% |
| Net Income (In millions) | 1.00% | 1.00% |

222 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Massachusetts Tax-Free Income Fund (continued)

| Description | Proposed | Total |
| --- | --- | --- |
| Total (in thousands of dollars) (in thousands of dollars) | 1,000,000 | 1,000,000 |
| Other (including: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000 | 1,000,000 |
| Total (in thousands of dollars) (in thousands of dollars) | 1,000,000 | 1,000,000 |
| Other (including: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000 | 1,000,000 |
| Total (in thousands of dollars) (in thousands of dollars) | 1,000,000 | 1,000,000 |
| Other (including: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 123

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Massachusetts Tax-Free Income Fund (continued)[{"box_2d": [21, 68, 461, 124], "label": "table", "caption": "

| Financial Statements and Supplementary Data (in US$) | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| In addition to the amount of the tax on the tax of the United States, the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

<table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Massachusetts Tax-Free Income Fund (continued)

| 1. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| 2. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |
| 3. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |
| 4. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |
| 5. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 125

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

Franklin Michigan Tax-Free Income Fund

| Description | Amount |
| --- | --- |
| Tax Free Income (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) | 1,000,000.00 |
| Tax Free Income (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) | 1,000,000.00 |
| Tax Free Income (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) | 1,000,000.00 |
| Tax Free Income (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) | 1,000,000.00 |

200 Quarterly Schedule of Investments (See Notes to Schedule of Investments)

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Michigan Tax-Free Income Fund (continued)

| 1. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 3. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 4. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 5. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 6. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 7. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 8. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 9. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 10. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 127

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Michigan Tax-Free Income Fund (continued)

| Year | Percentage |
| --- | --- |
| 2010 | 2.0% |
| 2011 | 2.0% |
| 2012 | 2.0% |
| 2013 | 2.0% |
| 2014 | 2.0% |
| 2015 | 2.0% |
| 2016 | 2.0% |
| 2017 | 2.0% |
| 2018 | 2.0% |
| 2019 | 2.0% |
| 2020 | 2.0% |

100 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Michigan Tax-Free Income Fund (continued)

| Franklin, Michigan, Texas, and the United States | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Franklin, Michigan, Texas, and the United States | 1,000,000 | 1,000,000 |
| Franklin, Michigan, Texas, and the United States | 1,000,000 | 1,000,000 |
| Franklin, Michigan, Texas, and the United States | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 128

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Michigan Tax-Free Income Fund (continued)

| Fund | Amount |
| --- | --- |
| 1.00 | $1,000,000.00 |
| 2.00 | $1,000,000.00 |
| 3.00 | $1,000,000.00 |
| 4.00 | $1,000,000.00 |
| 5.00 | $1,000,000.00 |
| 6.00 | $1,000,000.00 |
| 7.00 | $1,000,000.00 |
| 8.00 | $1,000,000.00 |
| 9.00 | $1,000,000.00 |
| 10.00 | $1,000,000.00 |

100 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Michigan Tax-Free Income Fund (continued)

| GCF, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000 | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 1000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 1000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 1000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 1000,000.00 | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 141

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Michigan Tax-Free Income Fund (continued)

| Year | Percentage |
| --- | --- |
| 1960 | 4.1% |
| 1961 | 1.0% |
| 1962 | 1.0% |
| 1963 | 1.0% |
| 1964 | 1.0% |
| 1965 | 1.0% |
| 1966 | 1.0% |
| 1967 | 1.0% |
| 1968 | 1.0% |
| 1969 | 1.0% |
| 1970 | 1.0% |
| 1971 | 1.0% |
| 1972 | 1.0% |
| 1973 | 1.0% |
| 1974 | 1.0% |
| 1975 | 1.0% |
| 1976 | 1.0% |
| 1977 | 1.0% |
| 1978 | 1.0% |
| 1979 | 1.0% |
| 1980 | 1.0% |

200 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Michigan Tax-Free Income Fund (continued)

1. The Bank of America is a major investment fund for the development of 1,000,000 securities and 1,000,000 business concepts for a comprehensive, non-exclusive, and non-exclusive, investment fund. The Bank of America is a major investment fund for the development of 1,000,000 securities and 1,000,000 business concepts for a comprehensive, non-exclusive, and non-exclusive, investment fund. The Bank of America is a major investment fund for the development of 1,000,000 securities and 1,000,000 business concepts for a comprehensive, non-exclusive, and non-exclusive, investment fund.

---

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 102

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Minnesota Tax-Free Income Fund

| 1. $1,000,000 | 1,000,000 | 347 |
| --- | --- | --- |
| 2. $1,000,000 | 1,000,000 | 348 |
| 3. $1,000,000 | 1,000,000 | 349 |
| 4. $1,000,000 | 1,000,000 | 350 |
| 5. $1,000,000 | 1,000,000 | 351 |
| 6. $1,000,000 | 1,000,000 | 352 |
| 7. $1,000,000 | 1,000,000 | 353 |
| 8. $1,000,000 | 1,000,000 | 354 |
| 9. $1,000,000 | 1,000,000 | 355 |
| 10. $1,000,000 | 1,000,000 | 356 |
| 11. $1,000,000 | 1,000,000 | 357 |
| 12. $1,000,000 | 1,000,000 | 358 |
| 13. $1,000,000 | 1,000,000 | 359 |
| 14. $1,000,000 | 1,000,000 | 360 |
| 15. $1,000,000 | 1,000,000 | 361 |
| 16. $1,000,000 | 1,000,000 | 362 |
| 17. $1,000,000 | 1,000,000 | 363 |
| 18. $1,000,000 | 1,000,000 | 364 |
| 19. $1,000,000 | 1,000,000 | 365 |
| 20. $1,000,000 | 1,000,000 | 366 |

288 Quarterly Schedule of Investments Free Notes to Schedule of Investments

FINANCIAL TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Minnesota Tax-Free Income Fund [continued]

| GO: 8161, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 |
| --- | --- |
| GO: 8161, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1, 1 |
| GO: 8161, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1 |
| GO: 8161, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 108

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Minnesota Tax-Free Income Fund (continued)

| Year Ended | Principal | Total |
| --- | --- | --- |
| 2010 | $1,000,000 | 1,000,000 |
| 2011 | 1,000,000 | 1,000,000 |
| 2012 | 1,000,000 | 1,000,000 |
| 2013 | 1,000,000 | 1,000,000 |
| 2014 | 1,000,000 | 1,000,000 |
| 2015 | 1,000,000 | 1,000,000 |
| 2016 | 1,000,000 | 1,000,000 |
| 2017 | 1,000,000 | 1,000,000 |
| 2018 | 1,000,000 | 1,000,000 |
| 2019 | 1,000,000 | 1,000,000 |
| 2020 | 1,000,000 | 1,000,000 |
| 2021 | 1,000,000 | 1,000,000 |
| 2022 | 1,000,000 | 1,000,000 |
| 2023 | 1,000,000 | 1,000,000 |

288 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Minnesota Tax-Free Income Fund (continued)[{"box_2d": [34, 69, 461, 125], "label": "table", "caption": "

| COSTS & SALES | 10,000,000.00 | 10,000,000.00 |
| --- | --- | --- |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

<table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Minnesota Tax-Free Income Fund (continued)[{"box_2d": [19, 69, 460, 126], "label": "table", "caption": "

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

<table><thead><tr><th>Line of the Stock</th><th>2018</th><th>2017</th></tr></thead><tr><td>First National Bank of America</td><td>$1,000,000</td><td>$

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Minnesota Tax Free Income Fund (continued)

| Cash and cash equivalents, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000 |
| --- |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 138

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Minnesota Tax-Free Income Fund (continued)

| Year | Percentage |
| --- | --- |
| 1991 | 1.0% |
| 1992 | 1.0% |
| 1993 | 1.0% |
| 1994 | 1.0% |
| 1995 | 1.0% |
| 1996 | 1.0% |
| 1997 | 1.0% |
| 1998 | 1.0% |
| 1999 | 1.0% |
| 2000 | 1.0% |

360 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Franklin Tax Free Trust

- **b. Investment Company Act file number:** 811-04149

- **c. CIK number of Registrant:** 0000757010

- **d. LEI of Registrant:** 549300C12HCE48FV1C70

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin Ohio Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006925

- **c. LEI of Series:** 549300WYLHHD0O42HL20

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-02-28

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1252298059.30

**Total Liabilities:** $7671604.48

**Net Assets:** $1244626454.82

**Delayed Delivery Securities:** $3065280.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -202.89000000 | **1-Year:** -3314.70000000 | **5-Year:** -33224.26000000 | **10-Year:** -321163.73000000 | **30-Year:** -442824.58000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -370.44000000 | **5-Year:** -62.24000000 | **10-Year:** -21223.78000000 | **30-Year:** -36097.62000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018788 | -4.29%               | -1.16%               | 5.42%                |
| Class ID C000194366 | -4.20%               | -1.03%               | 5.36%                |
| Class ID C000068552 | -4.20%               | -1.03%               | 5.36%                |
| Class ID C000018786 | -4.21%               | -1.13%               | 5.45%                |
| Class ID C000205904 | -4.23%               | -1.05%               | 5.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-562076.37              | $-58420791.34                              |
| Month 2  | $-4056826.68             | $-12145711.11                              |
| Month 3  | $-2538027.30             | $64493497.39                               |

### Schedule of Portfolio Investments

| Name                                                                            | Title                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| State of Ohio                                                                   | State of Ohio, Series 2021 A                                                                                           | CUSIP: 67759HNZ3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1224280.16   | 0.10%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                              | South Carolina Jobs-Economic Development Authority, Series 2021 A-1                                                    | CUSIP: 837031C84<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2481742.08   | 0.20%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                    | Butler County Port Authority, Series 2021 A                                                                            | CUSIP: 12355RAL0<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    225000 | PA      | $220147.76    | 0.02%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | New Jersey Transportation Trust Fund Authority, Series 2020 AA                                                         | CUSIP: 6461366X4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1484862.15   | 0.12%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DYC4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    550000 | PA      | $601893.66    | 0.05%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Municipal School District                                             | Cleveland Municipal School District, Series 2013                                                                       | CUSIP: 186392DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3600000.00   | 0.29%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio                                                                                                          | CUSIP: 6775225K6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2566056.41   | 0.21%             | 2038-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toledo-Lucas County Port Authority                                              | Toledo-Lucas County Port Authority, Series 2021 A                                                                      | CUSIP: 889251HM9<br>LEI: 549300H1LURZO4MT2Q75 | Long             | DBT              | MUN               | US        |   1160000 | PA      | $784546.28    | 0.06%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Toledo-Lucas County Port Authority                                              | Toledo-Lucas County Port Authority, Series 2021 A                                                                      | CUSIP: 889251HK3<br>LEI: 549300H1LURZO4MT2Q75 | Long             | DBT              | MUN               | US        |    430000 | PA      | $358836.12    | 0.03%             | 2031-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| County of Butler OH                                                             | County of Butler, Series 2016 X                                                                                        | CUSIP: 123550GV1<br>LEI: 54930064OLVQO8IVR655 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $7568349.75   | 0.61%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami University                                                                | Miami University, Series 2014                                                                                          | CUSIP: 593791GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3604359.50   | 0.29%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                             | City of Columbus, Series 2016-3                                                                                        | CUSIP: 199492SQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5471386.00   | 0.44%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Akron (The)                                                       | University of Akron (The), Series 2016 A                                                                               | CUSIP: 914023LL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6195841.20   | 0.50%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                  | American Municipal Power, Inc., Series 2017 A                                                                          | CUSIP: 02765UNG5<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3919677.88   | 0.31%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                           | County of Franklin, Series 2017                                                                                        | CUSIP: 353202FM1<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   3515000 | PA      | $3568972.47   | 0.29%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pecan Public Facility Corp.                                                     | Pecan Public Facility Corp., Series 2022 A-2                                                                           | CUSIP: 705125AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $4479540.00   | 0.36%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022                                                               | CUSIP: 67756DZV1<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4218348.00   | 0.34%             | 2052-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                          | Ohio Air Quality Development Authority, Series 2009 C                                                                  | CUSIP: 677525WR4<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1843502.80   | 0.15%             | 2026-02-01      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                             | City of Columbus                                                                                                       | CUSIP: 199492J75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2092240.86   | 0.17%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Delaware City School District                                                   | Delaware City School District, Series 2013                                                                             | CUSIP: 246199GG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6097434.00   | 0.49%             | 2049-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                       | Ohio Turnpike & Infrastructure Commission, Series 2013 A-2                                                             | CUSIP: 67760HKE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10485000 | PA      | $4140027.41   | 0.33%             | 2043-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Three Rivers Local School District                                              | Three Rivers Local School District, Series 2014                                                                        | CUSIP: 885715DH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5885000 | PA      | $6089699.72   | 0.49%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madeira City School District                                                    | Madeira City School District                                                                                           | CUSIP: 556377FM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9605000 | PA      | $11124268.95  | 0.89%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Springboro Community City School District                                       | Springboro Community City School District, Series 2007                                                                 | CUSIP: 85022KEB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2236199.00   | 0.18%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Dublin City School District                                                     | Dublin City School District, Series 2019 A                                                                             | CUSIP: 26371GUB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9971088.00   | 0.80%             | 2044-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Princeton City School District                                                  | Princeton City School District, Series 2014                                                                            | CUSIP: 742327ED7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $2890108.80   | 0.23%             | 2040-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022                                                               | CUSIP: 67756DJ98<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5260052.79   | 0.42%             | 2052-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Highway & Transportation Authority                                  | Puerto Rico Highway & Transportation Authority, Series L                                                               | CUSIP: 745190R75<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | PR        |    940000 | PA      | $930500.74    | 0.07%             | 2041-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Mount Vernon OH                                                         | City of Mount Vernon, Series 2022                                                                                      | CUSIP: 623644AF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1418011.45   | 0.11%             | 2052-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Norwood City School District                                                    | Norwood City School District, Series 2017 A                                                                            | CUSIP: 669674BV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7645000 | PA      | $8282722.20   | 0.67%             | 2051-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022 A                                                             | CUSIP: 67756DB39<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1117415.23   | 0.09%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                  | American Municipal Power, Inc., Series 2016 A                                                                          | CUSIP: 02765UMJ0<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7641586.50   | 0.61%             | 2046-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020 A                                                             | CUSIP: 67756DXK7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1271862.62   | 0.10%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                           | County of Cuyahoga, Series 2020 A                                                                                      | CUSIP: 23223PGC5<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $964183.33    | 0.08%             | 2036-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                               | Northeast Ohio Medical University, Series 2021 A                                                                       | CUSIP: 66433RAY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106294.98    | 0.01%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2021 B                                                             | CUSIP: 677510BK4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1006932.84   | 0.08%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hilliard School District                                                        | Hilliard School District, Series 2017                                                                                  | CUSIP: 431621TB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9806319.00   | 0.79%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                               | Northeast Ohio Medical University, Series 2021 A                                                                       | CUSIP: 66433RAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $74950.85     | 0.01%             | 2023-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Hillsdale Local School District                                                 | Hillsdale Local School District, Series 2020                                                                           | CUSIP: 432580AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1435000 | PA      | $1402441.29   | 0.11%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cincinnati City School District                                                 | Cincinnati City School District, Series 2006                                                                           | CUSIP: 172252A81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14900000 | PA      | $16693271.62  | 1.34%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Miami OH                                                              | County of Miami, Series 2019                                                                                           | CUSIP: 593328FP7<br>LEI: 549300YAYSF4ZQH3JU54 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5123564.00   | 0.41%             | 2045-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dayton-Montgomery County Port Authority                                         | Dayton-Montgomery County Port Authority, Series 2021 C                                                                 | CUSIP: 23981MAW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $356160.49    | 0.03%             | 2031-11-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Miami University                                                                | Miami University, Series 2017                                                                                          | CUSIP: 593791HX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5277836.50   | 0.42%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren County Port Authority                                                    | Warren County Port Authority, Series 2021 H                                                                            | CUSIP: 935163BM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $488522.09    | 0.04%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Princeton City School District                                                  | Princeton City School District, Series 2014                                                                            | CUSIP: 742327EE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $2763628.20   | 0.22%             | 2041-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sylvania City School District                                                   | Sylvania City School District, Series 2015                                                                             | CUSIP: 871463SX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9700000 | PA      | $10110890.06  | 0.81%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Licking Heights Local School District                                           | Licking Heights Local School District, Series 2022                                                                     | CUSIP: 531677QQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1822413.06   | 0.15%             | 2051-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bethel Local School District                                                    | Bethel Local School District, Series 2020                                                                              | CUSIP: 086854AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4095000 | PA      | $3210452.15   | 0.26%             | 2045-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DXH4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $966232.63    | 0.08%             | 2045-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westerville City School District                                                | Westerville City School District, Series 2006                                                                          | CUSIP: 960028MZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3820000 | PA      | $4163349.24   | 0.33%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village of Bluffton OH                                                          | Village of Bluffton, Series 2017                                                                                       | CUSIP: 096391AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1904748.29   | 0.15%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Little Miami Local School District                                              | Little Miami Local School District, Series 2018                                                                        | CUSIP: 537292LR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2549469.46   | 0.20%             | 2048-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                | Ohio Water Development Authority                                                                                       | CUSIP: 67765QHN9<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   5650000 | PA      | $6128191.71   | 0.49%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Brooklyn City School District                                                   | Brooklyn City School District, Series 2017                                                                             | CUSIP: 114205FD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $2036209.16   | 0.16%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| EP Cimarron Ventanas PFC                                                        | EP Cimarron Ventanas PFC, Series 2021 A                                                                                | CUSIP: 26879QAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $3152852.88   | 0.25%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hudson City School District                                                     | Hudson City School District, Series 2018                                                                               | CUSIP: 444089CC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  18870000 | PA      | $18591780.72  | 1.49%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Willoughby-Eastlake City School District                                        | Willoughby-Eastlake City School District, Series 2016                                                                  | CUSIP: 971039QW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10668829.00  | 0.86%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fairborn City School District                                                   | Fairborn City School District, Series 2021 A                                                                           | CUSIP: 303603LB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8065000 | PA      | $5976615.03   | 0.48%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH                                                            | City of Cleveland, Series 2012                                                                                         | CUSIP: 186343X53<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35063.05     | 0.00%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren County Port Authority                                                    | Warren County Port Authority, Series 2021 C                                                                            | CUSIP: 93516RAG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2737604.80   | 0.22%             | 2055-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                      | Capital Trust Agency, Inc., Series 2021 A-1                                                                            | CUSIP: 14052TDY7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1448846.96   | 0.12%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                    | Butler County Port Authority, Series 2021 A                                                                            | CUSIP: 12355RAM8<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    240000 | PA      | $233224.66    | 0.02%             | 2040-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Butler OH                                                             | County of Butler, Series 2017                                                                                          | CUSIP: 123550HW8<br>LEI: 54930064OLVQO8IVR655 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1473014.55   | 0.12%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series V                                                                                                | CUSIP: 677522C77<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4407308.40   | 0.35%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren County Port Authority                                                    | Warren County Port Authority, Series 2021 D                                                                            | CUSIP: 935163BG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3895000 | PA      | $3213896.54   | 0.26%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                        | Cleveland-Cuyahoga County Port Authority, Series 2021                                                                  | CUSIP: 18610PBQ0<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    500000 | PA      | $450860.15    | 0.04%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAVEN AT ELGIN LLC                                                              | Haven at Elgin LLC                                                                                                     | CUSIP: 41935HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2250000.00   | 0.18%             | 2053-12-31      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| Fremont City School District                                                    | Fremont City School District, Series 2017 A                                                                            | CUSIP: 357568GG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13970000 | PA      | $14438566.37  | 1.16%             | 2049-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                           | County of Cuyahoga, Series 2020 A                                                                                      | CUSIP: 23223PGA9<br>LEI: 549300GHDK9DGLUNJU89 | Long             | DBT              | MUN               | US        |    750000 | PA      | $785754.68    | 0.06%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                      | Columbus-Franklin County Finance Authority, Series 2021 C                                                              | CUSIP: 199097HV1<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |   2180000 | PA      | $1529206.34   | 0.12%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Akron (The)                                                       | University of Akron (The), Series 2016 A                                                                               | CUSIP: 914023LQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13225000 | PA      | $13576737.39  | 1.09%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lucas OH                                                              | County of Lucas, Series 2022                                                                                           | CUSIP: 54930LUH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3095562.30   | 0.25%             | 2052-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ohio Center Local Government Capital Asset Financing Program                    | Ohio Center Local Government Capital Asset Financing Program, Series 2003                                              | CUSIP: 677249AU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $235548.40    | 0.02%             | 2023-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Warrensville Heights City School District                                       | Warrensville Heights City School District, Series 2019 A                                                               | CUSIP: 936121KF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $195642.35    | 0.02%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFR4<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    235000 | PA      | $251097.12    | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grandview Heights City School District                                          | Grandview Heights City School District, Series 2019                                                                    | CUSIP: 386694EJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1980000 | PA      | $1910900.18   | 0.15%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022 A                                                             | CUSIP: 67756DA89<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $983078.46    | 0.08%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Warren County Port Authority                                                    | Warren County Port Authority, Series 2020 D-1                                                                          | CUSIP: 935163BB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $469275.92    | 0.04%             | 2030-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                       | Ohio Turnpike & Infrastructure Commission, Series 2013 A-1                                                             | CUSIP: 67760HJV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4223899.68   | 0.34%             | 2033-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | Metropolitan Transportation Authority, Series 2021 A-1                                                                 | CUSIP: 59261AK63<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    750000 | PA      | $628929.23    | 0.05%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Miami University                                                                | Miami University, Series 2021 A                                                                                        | CUSIP: 593791KJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1169612.62   | 0.09%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Toledo OH Water System Revenue                                          | City of Toledo, Series 2013                                                                                            | CUSIP: 889396QR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9395000 | PA      | $9502790.71   | 0.76%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | New Jersey Transportation Trust Fund Authority, Series 2022 A                                                          | CUSIP: 64613CAA6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1932413.80   | 0.16%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DYE0<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    130000 | PA      | $141511.85    | 0.01%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Big Walnut Local School District                                                | Big Walnut Local School District, Series 2019                                                                          | CUSIP: 089707TB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9155000 | PA      | $9777084.08   | 0.79%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DYA8<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    415000 | PA      | $453301.47    | 0.04%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                    | Butler County Port Authority, Series 2021 A                                                                            | CUSIP: 12355RAK2<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    220000 | PA      | $216745.12    | 0.02%             | 2038-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lakota Local School District                                                    | Lakota Local School District, Series 2005                                                                              | CUSIP: 512804RE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2191701.80   | 0.18%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Green Local School District/Summit County                                       | Green Local School District, Series 2022                                                                               | CUSIP: 393192AQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2075937.40   | 0.17%             | 2052-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022 A                                                             | CUSIP: 67756DB47<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1157306.28   | 0.09%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                  | County of Allen Hospital Facilities, Series 2010 C                                                                     | CUSIP: 01757LDW3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2800000 | PA      | $2800000.00   | 0.22%             | 2034-06-01      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DYP5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    325000 | PA      | $241025.98    | 0.02%             | 2042-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Winton Woods City School District                                               | Winton Woods City School District, Series 2017                                                                         | CUSIP: 97650EDR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6920847.50   | 0.56%             | 2043-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                              | South Carolina Jobs-Economic Development Authority, Series 2021 A-1                                                    | CUSIP: 837031D26<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2484298.24   | 0.20%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DXJ0<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2984042.25   | 0.24%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Marysville OH Wastewater Treatment System Revenue                       | City of Marysville, Series 2016                                                                                        | CUSIP: 57448RGV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9370000 | PA      | $9117253.62   | 0.73%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                    | South Carolina State Housing Finance & Development Authority, Series 2021 A                                            | CUSIP: 83712EHN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2427668.80   | 0.20%             | 2039-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series 2021 B                                                                                           | CUSIP: 677561LW0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   4850000 | PA      | $5422694.31   | 0.44%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Regional Sewer District                                          | Northeast Ohio Regional Sewer District, Series 2014                                                                    | CUSIP: 663903FE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5768451.15   | 0.46%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Arlington City School District                                            | Upper Arlington City School District, Series 2018 A                                                                    | CUSIP: 915506MS5<br>LEI: 549300SQZ13W1SD1QR36 | Long             | DBT              | MUN               | US        |  13000000 | PA      | $14413469.20  | 1.16%             | 2048-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Albany Community Authority                                                  | New Albany Community Authority, Series 2012 C                                                                          | CUSIP: 641846BE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1102263.14   | 0.09%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Berkshire Local School District                                                 | Berkshire Local School District, Series 2021                                                                           | CUSIP: 084698CJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $511416.01    | 0.04%             | 2056-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Dayton-Montgomery County Port Authority                                         | Dayton-Montgomery County Port Authority, Series 2021 C                                                                 | CUSIP: 23981MAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $684968.20    | 0.06%             | 2051-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                        | Cleveland-Cuyahoga County Port Authority, Series 2021                                                                  | CUSIP: 18610PBL1<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100409.20    | 0.01%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH Sewerage Revenue                                            | City of Columbus, Series 2015                                                                                          | CUSIP: 199561GS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5336733.00   | 0.43%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund              | Ohio Water Development Authority, Series 2020 A                                                                        | CUSIP: 67766WZB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5563122.50   | 0.45%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chillicothe City School District                                                | Chillicothe City School District, Series 2006                                                                          | CUSIP: 169196HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1846955.41   | 0.15%             | 2023-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | State of Illinois, Series 2017 C                                                                                       | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1563842.25   | 0.13%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022                                                               | CUSIP: 67756DK39<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   5970000 | PA      | $6331281.71   | 0.51%             | 2052-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                             | City of Columbus, Series 2019 A                                                                                        | CUSIP: 199492YY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3251587.50   | 0.26%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dayton-Montgomery County Port Authority                                         | Dayton-Montgomery County Port Authority, Series 2021 C                                                                 | CUSIP: 23981MAX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1161910.62   | 0.09%             | 2041-11-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series 2021 A                                                                                           | CUSIP: 67759HNX8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112856.80   | 0.09%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022                                                               | CUSIP: 67756DE36<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3159914.32   | 0.25%             | 2052-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                             | Louisville/Jefferson County Metropolitan Government                                                                    | CUSIP: 546594AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15210000 | PA      | $9722008.41   | 0.78%             | 2052-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lakota Local School District                                                    | Lakota Local School District, Series 2014 C                                                                            | CUSIP: 51280UAY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4035000 | PA      | $4224017.15   | 0.34%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series 2018 A                                                                                           | CUSIP: 677522ZL1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10536853.00  | 0.85%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Highway & Transportation Authority                                  | Puerto Rico Highway & Transportation Authority, Series CC                                                              | CUSIP: 745181D46<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | PR        |   1870000 | PA      | $1905754.96   | 0.15%             | 2031-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DYJ9<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1090944.65   | 0.09%             | 2037-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2021                                                               | CUSIP: 67756DZG4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $2952210.65   | 0.24%             | 2050-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                       | Ohio Turnpike & Infrastructure Commission, Series 2018 A                                                               | CUSIP: 67760HME8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17025000 | PA      | $18151728.12  | 1.46%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022                                                               | CUSIP: 67756DJ80<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072617.60   | 0.17%             | 2047-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| University of Akron (The)                                                       | University of Akron (The), Series 2018 A                                                                               | CUSIP: 914023LY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5725000 | PA      | $5901923.68   | 0.47%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami University                                                                | Miami University, Series 2014                                                                                          | CUSIP: 593791GS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2320000 | PA      | $2394370.38   | 0.19%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren County Port Authority                                                    | Warren County Port Authority, Series 2022 A                                                                            | CUSIP: 935163BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3210000 | PA      | $3145020.61   | 0.25%             | 2050-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                    | Butler County Port Authority, Series 2021 A                                                                            | CUSIP: 12355RAH9<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    205000 | PA      | $204338.34    | 0.02%             | 2036-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                               | Northeast Ohio Medical University, Series 2021 A                                                                       | CUSIP: 66433RBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $399068.24    | 0.03%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Sycamore Community City School District                                         | Sycamore Community City School District, Series 2020                                                                   | CUSIP: 87122NGH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5911536.00   | 0.47%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Norwood City School District                                                    | Norwood City School District, Series 2017 A                                                                            | CUSIP: 669674BU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5376566.50   | 0.43%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2018 A                                                             | CUSIP: 67756DQB5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |  11885000 | PA      | $11311584.41  | 0.91%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Apollo Joint Vocational School District                                         | Apollo Joint Vocational School District, Series 2017                                                                   | CUSIP: 03764YBT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6530000 | PA      | $6562859.61   | 0.53%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                     | Washington State Housing Finance Commission, Series 2021 A                                                             | CUSIP: 939783H58<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $2481461.76   | 0.20%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022 A                                                             | CUSIP: 67756DB21<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1017278.69   | 0.08%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Mahoning OH Sewer System Revenue                                      | County of Mahoning                                                                                                     | CUSIP: 560072DN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3137319.60   | 0.25%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                  | New Jersey Transportation Trust Fund Authority                                                                         | CUSIP: 6461364D0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3510000 | PA      | $3784749.81   | 0.30%             | 2032-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DYF7<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $543398.45    | 0.04%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren County Port Authority                                                    | Warren County Port Authority, Series 2021 C                                                                            | CUSIP: 93516RAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $1773900.90   | 0.14%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                           | County of Franklin, Series 2015                                                                                        | CUSIP: 353187CM7<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   6290000 | PA      | $6532803.44   | 0.52%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                    | Butler County Port Authority, Series 2021 A                                                                            | CUSIP: 12355RAN6<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    245000 | PA      | $236225.72    | 0.02%             | 2041-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Village of Bluffton OH                                                          | Village of Bluffton, Series 2017                                                                                       | CUSIP: 096391AN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1659839.22   | 0.13%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                        | Cleveland-Cuyahoga County Port Authority, Series 2021                                                                  | CUSIP: 18610PBR8<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1764195.60   | 0.14%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                                     | Ohio Housing Finance Agency, Series 2020 B                                                                             | CUSIP: 67756QG43<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    505000 | PA      | $409067.93    | 0.03%             | 2035-09-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Indian Creek Local School District                                              | Indian Creek Local School District, Series 2018 B                                                                      | CUSIP: 454146EM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3910000 | PA      | $4140263.81   | 0.33%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                               | Northeast Ohio Medical University, Series 2021 A                                                                       | CUSIP: 66433RAW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130351.20    | 0.01%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin County Convention Facilities Authority                                 | Franklin County Convention Facilities Authority, Series 2014                                                           | CUSIP: 353174GR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $20936888.00  | 1.68%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2016                                                               | CUSIP: 67756DJZ0<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   5320000 | PA      | $5488634.96   | 0.44%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                           | County of Franklin, Series 2016 C                                                                                      | CUSIP: 353187DK0<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2748840.64   | 0.22%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                       | Ohio Turnpike & Infrastructure Commission, Series 2013 A-2                                                             | CUSIP: 67760HKU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3665000 | PA      | $1948140.65   | 0.16%             | 2038-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority, Series VV                                                                        | CUSIP: 74526QPS5<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $993958.80    | 0.08%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH Sewerage Revenue                                            | City of Columbus, Series 2014                                                                                          | CUSIP: 199561GM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15340320.00  | 1.23%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Princeton City School District                                                  | Princeton City School District, Series 2014                                                                            | CUSIP: 742327EC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $12562132.80  | 1.01%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Ross OH                                                               | County of Ross, Series 2019                                                                                            | CUSIP: 778260FM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4705000 | PA      | $4805238.61   | 0.39%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2016                                                               | CUSIP: 67756DJY3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6318364.80   | 0.51%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Department of Public Utilities Division of Water                      | Cleveland Department of Public Utilities Division of Water, Series 2020 FF                                             | CUSIP: 186427GK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130168.10   | 0.09%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH Water Pollution Control                                    | City of Cleveland, Series 2016                                                                                         | CUSIP: 186423AW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2057254.60   | 0.17%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bloom-Carroll Local School District                                             | Bloom-Carroll Local School District, Series 2018 A                                                                     | CUSIP: 093707HB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7025000 | PA      | $7534616.68   | 0.61%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority, Series 2021                                                                                  | CUSIP: 74441XHB8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   8200000 | PA      | $8200000.00   | 0.66%             | 2023-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Olentangy Local School District                                                 | Olentangy Local School District, Series 2016                                                                           | CUSIP: 680616G60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15235000 | PA      | $15054326.61  | 1.21%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Riverside Local School District                                                 | Riverside Local School District, Series 2017 A                                                                         | CUSIP: 769229BK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5155698.50   | 0.41%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Toledo-Lucas County Port Authority                                              | Toledo-Lucas County Port Authority, Series 2021                                                                        | CUSIP: 889259AL1<br>LEI: 549300H1LURZO4MT2Q75 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $4450839.00   | 0.36%             | 2057-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                    | Butler County Port Authority, Series 2021 A                                                                            | CUSIP: 12355RAF3<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    185000 | PA      | $185986.77    | 0.01%             | 2034-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                    | Butler County Port Authority, Series 2021 A                                                                            | CUSIP: 12355RAP1<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    900000 | PA      | $849164.85    | 0.07%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                       | Ohio Turnpike & Infrastructure Commission, Series 2022 A                                                               | CUSIP: 67760HNX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5646621.00   | 0.45%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Marysville OH Wastewater Treatment System Revenue                       | City of Marysville, Series 2015                                                                                        | CUSIP: 57448REN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3015000 | PA      | $3020125.20   | 0.24%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Toledo-Lucas County Port Authority                                              | Toledo-Lucas County Port Authority, Series 2021                                                                        | CUSIP: 889259AJ6<br>LEI: 549300H1LURZO4MT2Q75 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1295791.90   | 0.10%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Canal Winchester Local School District                                          | Canal Winchester Local School District, Series 2005                                                                    | CUSIP: 137087KA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3955000 | PA      | $2772547.15   | 0.22%             | 2032-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022 A                                                             | CUSIP: 67756DA97<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $978178.07    | 0.08%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                     | Ohio State University (The), Series 2021 A                                                                             | CUSIP: 677632N72<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |  10020000 | PA      | $9680150.66   | 0.78%             | 2048-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Miami Valley Career Technology Center                                           | Miami Valley Career Technology Center, Series 2018                                                                     | CUSIP: 593842CQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  20000000 | PA      | $21262236.00  | 1.71%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DXZ4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    150000 | PA      | $162271.65    | 0.01%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Great Oaks Career Campuses Board of Education                                   | Great Oaks Career Campuses Board of Education, Series 2021                                                             | CUSIP: 39114TCA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1177598.14   | 0.09%             | 2044-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ohio University                                                                 | Ohio University, Series 2017 A                                                                                         | CUSIP: 677704D47<br>LEI: 549300P1K3IH2L5SFY61 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7380390.50   | 0.59%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Local School District                                              | Northeastern Local School District, Series 2018                                                                        | CUSIP: 664482GS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5420000 | PA      | $5910855.25   | 0.47%             | 2045-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Grandview Heights City School District                                          | Grandview Heights City School District, Series 2019                                                                    | CUSIP: 386694EK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2319704.23   | 0.19%             | 2053-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Deer Park Community City School District                                        | Deer Park Community City School District, Series 2017 A                                                                | CUSIP: 244091FH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3131733.00   | 0.25%             | 2053-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022                                                               | CUSIP: 67756DD94<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    300000 | PA      | $316547.43    | 0.03%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Butler OH                                                             | County of Butler, Series 2016                                                                                          | CUSIP: 123550GT6<br>LEI: 54930064OLVQO8IVR655 | Long             | DBT              | MUN               | US        |  20270000 | PA      | $20428669.51  | 1.64%             | 2045-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022                                                               | CUSIP: 677510CY3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2324478.38   | 0.19%             | 2052-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                               | Northeast Ohio Medical University, Series 2021 A                                                                       | CUSIP: 66433RBA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $118452.49    | 0.01%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Municipal School District                                             | Cleveland Municipal School District, Series 2013                                                                       | CUSIP: 186392DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.08%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus-Franklin County Finance Authority                                      | Columbus-Franklin County Finance Authority, Series 2021 C                                                              | CUSIP: 199097HU3<br>LEI: 549300NX3ODQN2ETOO82 | Long             | DBT              | MUN               | US        |    900000 | PA      | $658331.64    | 0.05%             | 2041-11-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| City of Chillicothe OH                                                          | City of Chillicothe, Series 2017                                                                                       | CUSIP: 169203AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2890000 | PA      | $2975822.60   | 0.24%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                  | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-2, Class 1                                               | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3245000 | PA      | $2827353.57   | 0.23%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                            | Lake Houston Redevelopment Authority, Series 2021                                                                      | CUSIP: 51001QAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $699091.90    | 0.06%             | 2047-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH                                                            | City of Cleveland, Series 2020 A                                                                                       | CUSIP: 186343Z51<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027433.80   | 0.08%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                          | Ohio Air Quality Development Authority, Series 2009 B                                                                  | CUSIP: 677525WQ6<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   1875000 | PA      | $1774418.06   | 0.14%             | 2026-02-01      | Variable      | 1.38%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                  | American Municipal Power, Inc., Series 2015 A                                                                          | CUSIP: 02765UGB4<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5125663.00   | 0.41%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Union OH                                                              | County of Union, Series 2018                                                                                           | CUSIP: 906412RT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5273828.50   | 0.42%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                  | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-2, Class 1                                               | CUSIP: 118217CW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  33215000 | PA      | $23820572.37  | 1.91%             | 2048-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Toledo-Lucas County Port Authority                                              | Toledo-Lucas County Port Authority, Series 2021                                                                        | CUSIP: 889259AK3<br>LEI: 549300H1LURZO4MT2Q75 | Long             | DBT              | MUN               | US        |   2840000 | PA      | $2161426.87   | 0.17%             | 2051-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DYN0<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $239911.10    | 0.02%             | 2041-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                              | South Carolina Jobs-Economic Development Authority, Series 2022 A-1                                                    | CUSIP: 837031D67<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $3371758.43   | 0.27%             | 2037-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                    | Butler County Port Authority, Series 2021 A                                                                            | CUSIP: 12355RAG1<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    195000 | PA      | $195309.02    | 0.02%             | 2035-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Cuyahoga OH                                                           | County of Cuyahoga, Series 2015                                                                                        | CUSIP: 23227EAK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512050.20    | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Albany Community Authority                                                  | New Albany Community Authority, Series 2012 C                                                                          | CUSIP: 641846BF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1252529.88   | 0.10%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series 2020 A                                                                                           | CUSIP: 67756CEF1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3720378.50   | 0.30%             | 2045-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                               | Northeast Ohio Medical University, Series 2021 A                                                                       | CUSIP: 66433RBD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $390285.15    | 0.03%             | 2040-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series 2017 A                                                                                           | CUSIP: 677561KM3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9451411.00   | 0.76%             | 2035-01-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Warrensville Heights City School District                                       | Warrensville Heights City School District, Series 2019 A                                                               | CUSIP: 936121JL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1740000 | PA      | $1828187.38   | 0.15%             | 2055-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022                                                               | CUSIP: 677510CX5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3116592.30   | 0.25%             | 2047-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                               | State of Illinois, Series 2021 A                                                                                       | CUSIP: 452153AT6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    500000 | PA      | $454921.90    | 0.04%             | 2039-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DYH3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    900000 | PA      | $900200.61    | 0.07%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Warren County Port Authority                                                    | Warren County Port Authority, Series 2022 B                                                                            | CUSIP: 935163BQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1093600.53   | 0.09%             | 2034-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series 2021 A                                                                                           | CUSIP: 67759HNY6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110396.80   | 0.09%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Little Miami Local School District                                              | Little Miami Local School District, Series 2018                                                                        | CUSIP: 537292LQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040299.70   | 0.08%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wright State University                                                         | Wright State University                                                                                                | CUSIP: 982354FJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1401489.88   | 0.11%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                      | Capital Trust Agency, Inc., Series 2021 A-1                                                                            | CUSIP: 14052TDU5<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   9144000 | PA      | $7828909.92   | 0.63%             | 2036-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                           | County of Franklin, Series 2022                                                                                        | CUSIP: 353180LS9<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   2640000 | PA      | $2361130.99   | 0.19%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Department of Public Utilities Division of Public Power               | Cleveland Department of Public Utilities Division of Public Power, Series 2020 A                                       | CUSIP: 186398MD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $594687.24    | 0.05%             | 2038-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                           | County of Franklin, Series 2016 C                                                                                      | CUSIP: 353187DN4<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4887016.00   | 0.39%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                    | Butler County Port Authority, Series 2021 A                                                                            | CUSIP: 12355RAD8<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    100000 | PA      | $101261.79    | 0.01%             | 2032-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2016                                                               | CUSIP: 67756DJG2<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   5180000 | PA      | $4730923.53   | 0.38%             | 2044-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022                                                               | CUSIP: 67756DE28<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   3390000 | PA      | $3447241.85   | 0.28%             | 2042-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| West Carrollton City School District                                            | West Carrollton City School District, Series 2020 A                                                                    | CUSIP: 951801HJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1645000 | PA      | $1232115.53   | 0.10%             | 2049-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bethel Local School District                                                    | Bethel Local School District, Series 2020                                                                              | CUSIP: 086854AU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2944022.80   | 0.24%             | 2049-12-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                  | American Municipal Power, Inc., Series 2016 A                                                                          | CUSIP: 02765UMF8<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001888.50   | 0.08%             | 2035-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                        | Cleveland-Cuyahoga County Port Authority, Series 2021                                                                  | CUSIP: 18610PBN7<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98107.44     | 0.01%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                           | County of Franklin, Series 2022                                                                                        | CUSIP: 353180LP5<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   5270000 | PA      | $4857636.73   | 0.39%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Highway & Transportation Authority                                  | Puerto Rico Highway & Transportation Authority, Series CC                                                              | CUSIP: 745181C70<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | PR        |    800000 | PA      | $794109.20    | 0.06%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series 2021 A                                                                                           | CUSIP: 67759HPA6<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    750000 | PA      | $826513.88    | 0.07%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DYM2<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $382930.55    | 0.03%             | 2040-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                           | County of Franklin, Series 2022                                                                                        | CUSIP: 353180LT7<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2223563.43   | 0.18%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020 A                                                             | CUSIP: 67756DXL5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2663127.71   | 0.21%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Highway & Transportation Authority                                  | Puerto Rico Highway & Transportation Authority, Series 2007 N                                                          | CUSIP: 745190Z43<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | PR        |    540000 | PA      | $534906.29    | 0.04%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Westlake City School District                                                   | Westlake City School District, Series 2021 A                                                                           | CUSIP: 960470NS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3965000 | PA      | $3849902.79   | 0.31%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                    | Butler County Port Authority, Series 2021 A                                                                            | CUSIP: 12355RAE6<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    135000 | PA      | $136186.34    | 0.01%             | 2033-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                        | Public Finance Authority, Series 2022, Class B-1                                                                       | CUSIP: 74442PVW2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $2439300.41   | 0.20%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DYB6<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    400000 | PA      | $440552.16    | 0.04%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cincinnati OH                                                           | City of Cincinnati, Series 2015 A                                                                                      | CUSIP: 172217VG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6905617.55   | 0.55%             | 2040-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Springboro Community City School District                                       | Springboro Community City School District, Series 2007                                                                 | CUSIP: 85022KEA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5175000 | PA      | $5701053.76   | 0.46%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Warren County Port Authority                                                    | Warren County Port Authority, Series 2020 D-1                                                                          | CUSIP: 935163BD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1930000 | PA      | $1527091.08   | 0.12%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Butler OH                                                             | County of Butler, Series 2017                                                                                          | CUSIP: 123550HV0<br>LEI: 54930064OLVQO8IVR655 | Long             | DBT              | MUN               | US        |   4140000 | PA      | $4088536.49   | 0.33%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of St Bernard OH                                                           | City of St. Bernard, Series 2013                                                                                       | CUSIP: 85233CAW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3760000 | PA      | $3808263.36   | 0.31%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund              | Ohio Water Development Authority                                                                                       | CUSIP: 67766WZD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2689950.00   | 0.22%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                        | Cleveland-Cuyahoga County Port Authority, Series 2021                                                                  | CUSIP: 18610PBH0<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    600000 | PA      | $668233.68    | 0.05%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                          | California Municipal Finance Authority, Series 2022 A-1                                                                | CUSIP: 130483EV8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2317407.68   | 0.19%             | 2037-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Electric Power Authority                                            | Puerto Rico Electric Power Authority, Series VV                                                                        | CUSIP: 74526QPQ9<br>LEI: 5493003BRB67HF8ST418 | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $998985.30    | 0.08%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Miami University                                                                | Miami University, Series 2021 A                                                                                        | CUSIP: 593791KH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1196484.57   | 0.10%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020 A                                                             | CUSIP: 67756DXM3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1540000 | PA      | $1463421.04   | 0.12%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022 A                                                             | CUSIP: 67756DB54<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1975000 | PA      | $1738990.86   | 0.14%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Mount Vernon OH                                                         | City of Mount Vernon, Series 2022                                                                                      | CUSIP: 623644AD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    995000 | PA      | $927152.34    | 0.07%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Highway & Transportation Authority                                  | Puerto Rico Highway & Transportation Authority, Series 2007 N                                                          | CUSIP: 745190ZS0<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | PR        |    800000 | PA      | $793375.36    | 0.06%             | 2036-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bowling Green State University                                                  | Bowling Green State University, Series 2017 B                                                                          | CUSIP: 102885JS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3425048.90   | 0.28%             | 2042-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH Sales Tax Revenue                                         | County of Franklin, Series 2018                                                                                        | CUSIP: 353204AX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6395227.80   | 0.51%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warrensville Heights City School District                                       | Warrensville Heights City School District, Series 2019 A                                                               | CUSIP: 936121KE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    460000 | PA      | $481090.54    | 0.04%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Westerville OH                                                          | City of Westerville, Series 2014                                                                                       | CUSIP: 96005PAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2765000 | PA      | $2852028.93   | 0.23%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                        | Cleveland-Cuyahoga County Port Authority, Series 2022 A                                                                | CUSIP: 186103LS4<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9657950.40   | 0.78%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                | Ohio Water Development Authority, Series 2019                                                                          | CUSIP: 67765QHM1<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5529705.00   | 0.44%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DYL4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    480000 | PA      | $465368.74    | 0.04%             | 2039-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brooklyn City School District                                                   | Brooklyn City School District, Series 2017                                                                             | CUSIP: 114205FF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9462402.90   | 0.76%             | 2049-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reading Community City School District                                          | Reading Community City School District, Series 2016 A                                                                  | CUSIP: 755516BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2054072.60   | 0.17%             | 2046-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Local School District                                              | Northeastern Local School District, Series 2018                                                                        | CUSIP: 664482GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4725116.00   | 0.38%             | 2055-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Summit County Development Finance Authority                                     | Summit County Development Finance Authority, Series 2022                                                               | CUSIP: 86607DCL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5585000 | PA      | $5238383.17   | 0.42%             | 2046-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Department of Public Utilities Division of Water                      | Cleveland Department of Public Utilities Division of Water, Series 2020 FF                                             | CUSIP: 186427GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1127336.90   | 0.09%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DYG5<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080029.90   | 0.09%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                        | Cleveland-Cuyahoga County Port Authority, Series 2021                                                                  | CUSIP: 18610PBK3<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    700000 | PA      | $705759.11    | 0.06%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Regional Sewer District                                          | Northeast Ohio Regional Sewer District, Series 2019                                                                    | CUSIP: 663903HS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4097463.75   | 0.33%             | 2035-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sewer System Revenue                                      | County of Hamilton, Series 2019 A                                                                                      | CUSIP: 407288C23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6965000 | PA      | $7882948.69   | 0.63%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami University                                                                | Miami University, Series 2021 A                                                                                        | CUSIP: 593791KG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1220699.98   | 0.10%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Carrollton City School District                                            | West Carrollton City School District, Series 2020 A                                                                    | CUSIP: 951801HH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2009035.10   | 0.16%             | 2044-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                           | County of Franklin                                                                                                     | CUSIP: 353202FP4<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |  11800000 | PA      | $11977919.22  | 0.96%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2017                                                               | CUSIP: 67756DPC4<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1299723.38   | 0.10%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio                                                                                                          | CUSIP: 677522J96<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $7132669.70   | 0.57%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Olentangy Local School District                                                 | Olentangy Local School District, Series 2020 A                                                                         | CUSIP: 680616Q36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $439062.05    | 0.04%             | 2038-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Columbus OH                                                             | City of Columbus, Series 2018 A                                                                                        | CUSIP: 199492WE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7766627.40   | 0.62%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Akron Bath Copley Joint Township Hospital District                              | Akron Bath Copley Joint Township Hospital District, Series 2020                                                        | CUSIP: 009730PW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5400000 | PA      | $3994644.06   | 0.32%             | 2040-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Mahoning OH                                                           | County of Mahoning, Series 1995                                                                                        | CUSIP: 560060ET8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1782132.10   | 0.14%             | 2025-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                        | Cleveland-Cuyahoga County Port Authority, Series 2021                                                                  | CUSIP: 18610PBP2<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    800000 | PA      | $783693.60    | 0.06%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                              | Tennessee Energy Acquisition Corp., Series 2021 A                                                                      | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1547232.30   | 0.12%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Xenia Community School District                                                 | Xenia Community School District, Series 2014                                                                           | CUSIP: 984071BR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7285000 | PA      | $7611767.95   | 0.61%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chillicothe OH                                                          | City of Chillicothe, Series 2017                                                                                       | CUSIP: 169203AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2110000 | PA      | $2138060.89   | 0.17%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Anthony Wayne Local School District                                             | Anthony Wayne Local School District, Series 2017 A                                                                     | CUSIP: 037015LU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3004293.30   | 0.24%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chillicothe City School District                                                | Chillicothe City School District, Series 2006                                                                          | CUSIP: 169196HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1787313.48   | 0.14%             | 2024-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                         | Puerto Rico Sales Tax Financing Corp., Series A-1                                                                      | CUSIP: 74529JPX7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   1100000 | PA      | $1043691.77   | 0.08%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elyria City School District                                                     | Elyria City School District, Series 2017 A                                                                             | CUSIP: 290659KW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5793929.90   | 0.47%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dayton City School District                                                     | Dayton City School District, Series 2014                                                                               | CUSIP: 239847HR0<br>LEI: 549300TTX7U8C4ZEA712 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5699502.00   | 0.46%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                         | County of Montgomery, Series 2019 A                                                                                    | CUSIP: 613520MH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4598155.50   | 0.37%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                | Ohio Water Development Authority, Series 2021                                                                          | CUSIP: 67765QLE4<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |  10555000 | PA      | $11615694.12  | 0.93%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cleveland Department of Public Utilities Division of Public Power               | Cleveland Department of Public Utilities Division of Public Power, Series B-2                                          | CUSIP: 186398HU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $4987892.00   | 0.40%             | 2038-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                  | American Municipal Power, Inc., Series 2016 A                                                                          | CUSIP: 02765UKK9<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5122933.50   | 0.41%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2017                                                               | CUSIP: 67756DPD2<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3550227.20   | 0.29%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Winton Woods City School District                                               | Winton Woods City School District, Series 2022                                                                         | CUSIP: 97650EEC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1889297.40   | 0.15%             | 2053-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cincinnati City School District                                                 | Cincinnati City School District, Series 2006                                                                           | CUSIP: 172252A99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8180000 | PA      | $9338352.62   | 0.75%             | 2028-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Warren County Port Authority                                                    | Warren County Port Authority, Series 2020 D-1                                                                          | CUSIP: 935163BC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1199461.72   | 0.10%             | 2040-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFP8<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    440000 | PA      | $476807.67    | 0.04%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                    | Butler County Port Authority, Series 2021 A                                                                            | CUSIP: 12355RAJ5<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |    210000 | PA      | $208115.23    | 0.02%             | 2037-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sewer System Revenue                                      | County of Hamilton, Series 2020 A                                                                                      | CUSIP: 407288E21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2276926.00   | 0.18%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Warren County Port Authority                                                    | Warren County Port Authority, Series 2021 H                                                                            | CUSIP: 935163BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1375000 | PA      | $1084189.01   | 0.09%             | 2053-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Franklin City School District                                                   | Franklin City School District, Series 2021 A                                                                           | CUSIP: 354172JQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $5724405.60   | 0.46%             | 2057-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Cincinnati                                                        | University of Cincinnati, Series 2018 A                                                                                | CUSIP: 914119P55<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9600678.00   | 0.77%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                       | Ohio Turnpike & Infrastructure Commission, Series 2018 A                                                               | CUSIP: 67760HLZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16325000 | PA      | $17373512.31  | 1.40%             | 2043-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series V                                                                                                | CUSIP: 677522C69<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1106391.80   | 0.09%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cleveland OH                                                            | City of Cleveland, Series 2020 A                                                                                       | CUSIP: 186343Z69<br>LEI: 549300IQSLQPCVVMKJ96 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $926117.10    | 0.07%             | 2036-12-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Cleveland-Cuyahoga County Port Authority                                        | Cleveland-Cuyahoga County Port Authority, Series 2021                                                                  | CUSIP: 18610PBM9<br>LEI: 549300KI3FXFLUKF3A98 | Long             | DBT              | MUN               | US        |    700000 | PA      | $700404.11    | 0.06%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series 2021 A                                                                                           | CUSIP: 67756CFD5<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  18795000 | PA      | $16816138.35  | 1.35%             | 2046-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chillicothe City School District                                                | Chillicothe City School District, Series 2006                                                                          | CUSIP: 169196HS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1905000 | PA      | $1905000.00   | 0.15%             | 2022-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Canal Winchester Local School District                                          | Canal Winchester Local School District, Series 2005                                                                    | CUSIP: 137087KB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1338558.20   | 0.11%             | 2033-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                  | American Municipal Power, Inc., Series 2017 A                                                                          | CUSIP: 02765UNH3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3691262.05   | 0.30%             | 2038-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022                                                               | CUSIP: 67756DZU3<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |  11360000 | PA      | $9843764.90   | 0.79%             | 2047-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH Sewer System Revenue                                      | County of Hamilton, Series 2020 A                                                                                      | CUSIP: 407288D71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2448806.85   | 0.20%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio State University (The)                                                     | Ohio State University (The), Series 2014 A                                                                             | CUSIP: 677632D40<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |   4325000 | PA      | $4396342.61   | 0.35%             | 2030-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series 2017 A                                                                                           | CUSIP: 677522PC2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5121879.50   | 0.41%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triway Local School District                                                    | Triway Local School District, Series 2021                                                                              | CUSIP: 896863AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2200206.14   | 0.18%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indian Creek Local School District                                              | Indian Creek Local School District, Series 2018 A                                                                      | CUSIP: 454146DT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3120358.50   | 0.25%             | 2055-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2020                                                               | CUSIP: 67756DYD2<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    340000 | PA      | $371099.02    | 0.03%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                               | Northeast Ohio Medical University, Series 2022                                                                         | CUSIP: 66433RCZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049521.70   | 0.08%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series 2020                                                                                             | CUSIP: 67756CEY0<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928180.90    | 0.07%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Butler County Port Authority                                                    | Butler County Port Authority, Series 2021 A                                                                            | CUSIP: 12355RAQ9<br>LEI: 549300LIKUQ3LQUKO260 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $929365.20    | 0.07%             | 2051-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                           | County of Franklin, Series 2022                                                                                        | CUSIP: 353180LR1<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   2900000 | PA      | $2617753.73   | 0.21%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Higher Educational Facility Commission                                     | Ohio Higher Educational Facility Commission, Series 2022                                                               | CUSIP: 67756DJ72<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |   4900000 | PA      | $5128066.58   | 0.41%             | 2042-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| University of Cincinnati                                                        | University of Cincinnati, Series 2013 C                                                                                | CUSIP: 914119YN6<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |   6255000 | PA      | $6405748.00   | 0.51%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund              | Ohio Water Development Authority                                                                                       | CUSIP: 67766WYJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10846357.00  | 0.87%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                           | Metropolitan Transportation Authority, Series 2020 A-1                                                                 | CUSIP: 59261AC70<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   6750000 | PA      | $5989923.00   | 0.48%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Marysville OH Wastewater Treatment System Revenue                       | City of Marysville, Series 2015                                                                                        | CUSIP: 57448REP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5035000 | PA      | $5174714.70   | 0.42%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                           | County of Hamilton, Series 2017 A                                                                                      | CUSIP: 407272V34<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5104735.00   | 0.41%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                           | County of Franklin, Series 2022                                                                                        | CUSIP: 353180LQ3<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   2240000 | PA      | $2041835.71   | 0.16%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Franklin OH                                                           | County of Franklin, Series 2019 A                                                                                      | CUSIP: 353202FZ2<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |   6030000 | PA      | $5668912.75   | 0.46%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Akron (The)                                                       | University of Akron (The), Series 2015 A                                                                               | CUSIP: 914023KM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4365000 | PA      | $4508414.26   | 0.36%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                  | American Municipal Power, Inc., Series 2019 A                                                                          | CUSIP: 02765MAW2<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   3345000 | PA      | $3485896.08   | 0.28%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                            | Lake Houston Redevelopment Authority, Series 2021                                                                      | CUSIP: 51001QAQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $235953.30    | 0.02%             | 2038-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                         | County of Montgomery, Series 2021                                                                                      | CUSIP: 613520NF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967638.60    | 0.08%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Akron (The)                                                       | University of Akron (The), Series 2016 A                                                                               | CUSIP: 914023LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11065000 | PA      | $11392667.85  | 0.92%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                   | State of Ohio, Series 2020                                                                                             | CUSIP: 67756CFA1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    875000 | PA      | $798925.75    | 0.06%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cuyahoga Falls City School District                                             | Cuyahoga Falls City School District, Series 2021                                                                       | CUSIP: 232309JR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1352515.28   | 0.11%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

**Name of Applicant:** Franklin Tax Free Trust

**Signature:** Jeffrey W. White

**Name of Signer:** Jeffrey W. White

**Title:** Assistant Treasurer