# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0001752724-23-008683
**Filing Date:** 2023-1
**Character Count:** 491610
**Document Hash:** 25bdbe19608b5a17e942b17faa75d1e3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-008683.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-008683

**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:** 23543670

**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 ALABAMA TAX-FREE INCOME FUND (Series ID: S000006911)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018753 | CLASS A1      | FRALX           |
| C000018754 | CLASS C       | FALEX           |
| C000173665 | Advisor Class | FALZX           |
| C000194353 | Class R6      | FALRX           |
| C000205892 | Class A       | FALQX           |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

|  | Proposed | Unproposed |
| --- | --- | --- |
| 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, 124], "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

| Description | Amount |
| --- | --- |
| Income Tax Fund | $1,000,000 |
| Income Tax Fund | $1,000,000 |
| Income Tax Fund | $1,000,000 |
| Income Tax Fund | $1,000,000 |
| Income Tax Fund | $1,000,000 |
| Income Tax Fund | $1,000,000 |

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)[{"box_2d": [18, 65, 460, 122], "label": "table", "caption": "

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - Annualized | 1,000,000,000 | 1,000,000,000 |

<table><thead><tr><th>Fund</th><th>2023</th><th>2022</th></tr></thead><tr><td>Financial Investment (FDI) - Annualized</td><td>1,000,000,000</td><td

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)[{"box_2d": [35, 69, 461, 126], "label": "table", "caption": "

| 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 |
| 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 |

<table><thead><tr><th>

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)

| In addition to the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of the amount of |
| --- |

304

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

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 |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Tax Free Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |

| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |
| --- | --- |

| Description | Amount |
| --- | --- |
| Total Investment Funds (Other than Tax Free Funds, 2022, 2023) | 1,000,000 |

| Description | Amount |
| --- | --- |

<tr><td>Total Investment Funds (Other than Tax Free Funds, 2022, 2023)</td><td>1,000,000</td></tr></table>

| Description | Amount |
| --- | --- |

<tr><td>Total Investment Funds (Other than Tax Free Funds, 2022, 2023)</td><td>1,000,000</td></tr></table>

| Description | Amount |
| --- | --- |

<tr><td>Total Investment Funds (Other than Tax Free Funds, 2022, 2023)</td><td>1,000,000</td></tr></table>

| Description | Amount |
| --- | --- |

<tr><td>Total Investment Funds (Other than Tax Free Funds, 2022, 2023)</td><td>1,000,000</td></tr></table>

| Description | Amount |
| --- | --- |

<tr><td>Total Investment Funds (Other than Tax Free Funds, 2022, 2023)</td><td>1,000,000</td></tr></table>

| Description | Amount |
| --- | --- |

<tr><td>Total Investment Funds (Other than Tax Free Funds, 2022, 2023)</td><td>1,000,000</td></tr></table>

| Description | Amount |
| --- | --- |

<tr><td>Total Investment Funds (Other than Tax Free Funds, 2022, 2023)</td><td>1,000,000</td></tr></table>

| Description | Amount |
| --- | --- |

<tr><td>Total Investment Funds (Other than Tax Free Funds, 2022, 2023)</td><td>1,000,000</td></tr></table>

| Description | Amount |
| --- | --- |

<tr><td>Total Investment Funds (Other than Tax Free Funds, 2022, 2023)</td><td>1,000,000</td></tr></table>

| Description | Amount |
| --- | --- |

<tr><td>Total Investment Funds (Other than Tax Free Funds, 2022, 2023)</td><td>1,000,000</td></tr></table>

| Description | Amount |
| --- | --- |

<tr><td>Total Investment Funds (Other than Tax Free Funds, 2022, 2023)</td><td>1,000,000</td></tr></table>

| Description | Amount |
| --- | --- |

<tr><td>Total Investment Funds (Other than Tax Free Funds, 2022, 2023)</td><td>1,000,000</td></tr></table>

201

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201

201

201

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201

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201

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201

201[{"box_2d": [19, 443, 35, 451], "label": "header_footer", "caption": "201

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 |

| 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 |

| 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 |

| 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 |

| 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 |

| 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 |

| 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 |

| 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 |

| 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 |

| 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 |

| 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 |

| 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

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.

FRANKLIN TAX FREE TRUST

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

# Franklin Missouri Tax-Free Income Fund

| 1. $0.00 | 1,000,000.00 |
| --- | --- |
| 2. $0.00 | 1,000,000.00 |
| 3. $0.00 | 1,000,000.00 |
| 4. $0.00 | 1,000,000.00 |
| 5. $0.00 | 1,000,000.00 |
| 6. $0.00 | 1,000,000.00 |
| 7. $0.00 | 1,000,000.00 |
| 8. $0.00 | 1,000,000.00 |
| 9. $0.00 | 1,000,000.00 |
| 10. $0.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 141

FRANKLIN TEA-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

| Total Financial Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

<table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><tr><td>Total Investment Assets (in thousands)</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>Total Investment Assets (in thousands

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Missouri Tax-Free Income Fund (continued)

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

See Notes to Schedules of Investments

Quarterly Schedule of Investments

143

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Missouri Tax-Free Income Fund (continued)

| Line | 2018 | 2017 |
| --- | --- | --- |
| First | 1,000,000 | 1,000,000 |
| Second | 1,000,000 | 1,000,000 |
| Third | 1,000,000 | 1,000,000 |
| Fourth | 1,000,000 | 1,000,000 |
| Fifth | 1,000,000 | 1,000,000 |
| Sixth | 1,000,000 | 1,000,000 |
| Seventh | 1,000,000 | 1,000,000 |
| Eighth | 1,000,000 | 1,000,000 |
| Sixth | 1,000,000 | 1,000,000 |
| Eighth | 1,000,000 | 1,000,000 |
| Fourth | 1,000,000 | 1,000,000 |
| Fifth | 1,000,000 | 1,000,000 |
| Sixth | 1,000,000 | 1,000,000 |
| Eighth | 1,000,000 | 1,000,000 |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Missouri Tax-Free Income Fund (continued)

|  | Proposed | 2017 |
| --- | --- | --- |
| Franklin Missouri Tax Free Income Fund (continued) |  |  |
| Franklin Missouri Tax Free Income Fund (continued) | 17,000,000.00 | 19,000,000.00 |
| Franklin Missouri Tax Free Income Fund (continued) | 2,000,000.00 | 3,700,000.00 |
| Franklin Missouri Tax Free Income Fund (continued) | 2,000,000.00 | 2,000,000.00 |
| Franklin Missouri Tax Free Income Fund (continued) | 2,000,000.00 | 2,000,000.00 |
| Franklin Missouri Tax Free Income Fund (continued) | 2,000,000.00 | 2,000,000.00 |
| Franklin Missouri Tax Free Income Fund (continued) | 2,000,000.00 | 2,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 148

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Missouri Tax-Free Income Fund (continued)

The rate of investment in the financial statements is based on the amount of the tax rate. The rate is based on the amount of the tax rate. The rate is based on the amount of the tax rate. The rate is based on the amount of the tax rate.

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

FRANKLIN TAX FREE TRUST

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

# Franklin New Jersey Tax-Free Income Fund

| Line | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| 1. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 2. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 3. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 4. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 5. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 6. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 7. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 8. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 9. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 10. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 147

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin New Jersey Tax-Free Income Fund (continued)

| Amortized Assets (1) | Principal | Total |
| --- | --- | --- |
| 1. 2,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 2. 2,000,000.00 | 2,000,000.00 | 2,000,000.00 |
| 3. 2,000,000.00 | 3,000,000.00 | 3,000,000.00 |
| 4. 2,000,000.00 | 4,000,000.00 | 4,000,000.00 |
| 5. 2,000,000.00 | 5,000,000.00 | 5,000,000.00 |
| 6. 2,000,000.00 | 6,000,000.00 | 6,000,000.00 |
| 7. 2,000,000.00 | 7,000,000.00 | 7,000,000.00 |
| 8. 2,000,000.00 | 8,000,000.00 | 8,000,000.00 |
| 9. 2,000,000.00 | 9,000,000.00 | 9,000,000.00 |
| 10. 2,000,000.00 | 10,000,000.00 | 10,000,000.00 |
| 11. 2,000,000.00 | 11,000,000.00 | 11,000,000.00 |
| 12. 2,000,000.00 | 12,000,000.00 | 12,000,000.00 |
| 13. 2,000,000.00 | 13,000,000.00 | 13,000,000.00 |
| 14. 2,000,000.00 | 14,000,000.00 | 14,000,000.00 |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin New Jersey Tax-Free Income Fund (continued)

| Franklin New Jersey Tax Free Income Fund (continued) | 13,000,000.00 | 13,000,000.00 |
| --- | --- | --- |
| Franklin New Jersey Tax Free Income Fund (continued) | 10,000,000.00 | 10,000,000.00 |
| Franklin New Jersey Tax Free Income Fund (continued) | 5,000,000.00 | 5,000,000.00 |
| Franklin New Jersey Tax Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |
| Franklin New Jersey Tax Free Income Fund (continued) | 3,000,000.00 | 3,000,000.00 |
| Franklin New Jersey Tax Free Income Fund (continued) | 6,000,000.00 | 6,000,000.00 |
| Franklin New Jersey Tax Free Income Fund (continued) | 4,100,000.00 | 4,100,000.00 |
| Franklin New Jersey Tax Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 148

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin New Jersey Tax-Free Income Fund (continued)

| 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 |

360 Quarterly Schedule of Investment - See Note 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 Alabama Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006911

- **c. LEI of Series:** 54930054I1F62XK86784

**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:** $205289847.74

**Total Liabilities:** $695164.42

**Net Assets:** $204594683.32

**Cash Not Reported:** $4297257.28

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -834.08000000 | **5-Year:** -2311.37000000 | **10-Year:** -47027.80000000 | **30-Year:** -78086.91000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -58.73000000 | **5-Year:** -31.12000000 | **10-Year:** -4727.81000000 | **30-Year:** -8016.33000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018753 | -4.27%               | -0.94%               | 5.82%                |
| Class ID C000173665 | -4.26%               | -0.93%               | 5.83%                |
| Class ID C000205892 | -4.38%               | -0.95%               | 5.81%                |
| Class ID C000194353 | -4.36%               | -0.93%               | 5.84%                |
| Class ID C000018754 | -4.36%               | -0.97%               | 5.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-9799877.09                               |
| Month 2  | $40201.77                | $-2323394.12                               |
| Month 3  | $101942.27               | $10906051.92                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 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        |    500000 | PA      | $387772.20    | 0.19%             | 2036-12-01      | Fixed         | 3.65%                 | 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        |    800000 | PA      | $597272.00    | 0.29%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama State University                                                      | Alabama State University, Series 2022                                                        | CUSIP: 010632PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1635890.10   | 0.80%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tuscaloosa City Board of Education                                            | Tuscaloosa City Board of Education, Series 2016                                              | CUSIP: 90059RAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4306604.40   | 2.10%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Board of Water & Sewer Commissioners of the City of Mobile                    | Board of Water & Sewer Commissioners of the City of Mobile, Series 2014                      | CUSIP: 607142FY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10019823.00  | 4.90%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Series 2021 A | CUSIP: 45663NCD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2623320.00   | 1.28%             | 2046-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Decatur AL Water & Sewer Revenue                                      | City of Decatur, Series 2021 A                                                               | CUSIP: 243002BL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2857420.20   | 1.40%             | 2050-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lincoln AL                                                            | City of Lincoln, Series 2020                                                                 | CUSIP: 532843FC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2525077.25   | 1.23%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                  | Birmingham Airport Authority, Series 2020                                                    | CUSIP: 090888GR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $330386.04    | 0.16%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham-Jefferson Civic Center Authority                                   | Birmingham-Jefferson Civic Center Authority, Series 2018 A                                   | CUSIP: 091156MJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1719678.37   | 0.84%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                | Black Belt Energy Gas District, Series 2021 A                                                | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1964475.60   | 0.96%             | 2051-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Auburn University                                                             | Auburn University, Series 2015 A                                                             | CUSIP: 050589LV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2610791.00   | 1.28%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabaster Board of Education                                                  | Alabaster Board of Education, Series 2022                                                    | CUSIP: 010663DC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553100.30   | 0.76%             | 2052-09-01      | 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        |    600000 | PA      | $439932.96    | 0.22%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama (The)                                                   | University of Alabama (The), Series 2013 D-2                                                 | CUSIP: 914026QW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037107.40   | 1.00%             | 2037-10-01      | Fixed         | 5.00%                 | 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        |    500000 | PA      | $329283.40    | 0.16%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| Haven at Elgin LLC                                                            | Haven at Elgin LLC                                                                           | CUSIP: 41935HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | PA      | $400000.00    | 0.20%             | 2053-12-31      | Fixed         | 5.25%                 | No            |                  3 | On Loan: No      |
| Homewood Educational Building Authority                                       | Homewood Educational Building Authority, Series 2021 A                                       | CUSIP: 437887HG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1287301.49   | 0.63%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Health Care Authority of the City of Huntsville (The)                         | Health Care Authority of the City of Huntsville (The), Series 2020 B                         | CUSIP: 44706HDU8<br>LEI: 254900QP8DQFH746YJ31 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9529119.00   | 4.66%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                         | Metropolitan Transportation Authority, Series 2021 A-1                                       | CUSIP: 59261AK48<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    275000 | PA      | $232991.94    | 0.11%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Birmingham AL                                                         | City of Birmingham, Series 2021 A                                                            | CUSIP: 09088RP83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2381772.50   | 1.16%             | 2050-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                  | Birmingham Airport Authority, Series 2020                                                    | CUSIP: 090888GV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $499576.85    | 0.24%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                           | County of Mobile, Series 2020                                                                | CUSIP: 607341AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $1801469.76   | 0.88%             | 2045-11-01      | 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        |    500000 | PA      | $388171.60    | 0.19%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                  | Birmingham Airport Authority, Series 2020                                                    | CUSIP: 090888GZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $684139.47    | 0.33%             | 2040-07-01      | 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        |    750000 | PA      | $568984.88    | 0.28%             | 2039-12-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| University of South Alabama                                                   | University of South Alabama, Series 2019 A                                                   | CUSIP: 914845RV6<br>LEI: 549300U394SOV3NGG049 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2068867.00   | 1.01%             | 2049-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                             | Southeast Energy Authority A Cooperative District                                            | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2126731.20   | 1.04%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                  | Birmingham Airport Authority, Series 2020                                                    | CUSIP: 090888GS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $356621.33    | 0.17%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Special Care Facilities Financing Authority-Birmingham AL             | Alabama Special Care Facilities Financing Authority-Birmingham, Series 2016 B                | CUSIP: 010399CR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3057208.80   | 1.49%             | 2046-11-15      | Fixed         | 5.00%                 | 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        |   1500000 | PA      | $958777.95    | 0.47%             | 2052-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Oxford City Board of Education                                                | Oxford City Board of Education, Series 2020 A                                                | CUSIP: 691397CH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2381889.00   | 1.16%             | 2050-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madison City Board of Education                                               | Madison City Board of Education, Series 2019                                                 | CUSIP: 55658FAV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2928657.60   | 1.43%             | 2044-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florence City Board of Education                                              | Florence City Board of Education, Series 2022                                                | CUSIP: 340001AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2899256.70   | 1.42%             | 2046-03-01      | 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        |    500000 | PA      | $387728.40    | 0.19%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                  | Birmingham Airport Authority, Series 2020                                                    | CUSIP: 090888GU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $351431.57    | 0.17%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bessemer Governmental Utility Services Corp.                                  | Bessemer Governmental Utility Services Corp., Series 2017                                    | CUSIP: 086377DT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6405803.40   | 3.13%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabaster Board of Education                                                  | Alabaster Board of Education, Series 2022                                                    | CUSIP: 010663DB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1565984.25   | 0.77%             | 2047-09-01      | Fixed         | 5.00%                 | 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    | 0.49%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                      | Public Finance Authority, Series 2021                                                        | CUSIP: 74441XHB8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.64%             | 2023-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Boaz AL Water & Sewer Revenue                                         | City of Boaz, Series 2021                                                                    | CUSIP: 096743GU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $963091.30    | 0.47%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Talladega County Board of Education                                           | Talladega County Board of Education, Series 2017                                             | CUSIP: 874402EB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2108050.60   | 1.03%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Board of School Commissioners                                   | Mobile County Board of School Commissioners, Series 2022 B                                   | CUSIP: 607298BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1984816.20   | 0.97%             | 2052-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| University of Montevallo                                                      | University of Montevallo, Series 2017                                                        | CUSIP: 914513FG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2660565.00   | 1.30%             | 2042-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                  | Birmingham Airport Authority, Series 2020                                                    | CUSIP: 090888GW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $541255.25    | 0.26%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DCH Healthcare Authority                                                      | DCH Healthcare Authority, Series 2015                                                        | CUSIP: 233091FX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041672.00   | 1.00%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville State University                                                 | Jacksonville State University, Series 2017                                                   | CUSIP: 469205KK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5388629.00   | 2.63%             | 2036-12-01      | Fixed         | 5.00%                 | 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        |   1485000 | PA      | $953725.95    | 0.47%             | 2037-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Madison AL                                                            | City of Madison, Series 2015 A                                                               | CUSIP: 556583UU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2729786.96   | 1.33%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Homewood Educational Building Authority                                       | Homewood Educational Building Authority, Series 2019 A                                       | CUSIP: 437887GP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2208044.00   | 1.08%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama State University                                                      | Alabama State University, Series 2022                                                        | CUSIP: 010632PY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1613676.45   | 0.79%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Calhoun County Board of Education                                             | Calhoun County Board of Education, Series 2016                                               | CUSIP: 12961PAX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3210759.00   | 1.57%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leon County Housing Finance Authority                                         | Leon County Housing Finance Authority, Series 2022 A                                         | CUSIP: 52643TAE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $937250.00    | 0.46%             | 2057-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Madison Water & Wastewater Board                                              | Madison Water & Wastewater Board, Series 2017                                                | CUSIP: 556589HC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4610000 | PA      | $4853094.06   | 2.37%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UAB Medicine Finance Authority                                                | UAB Medicine Finance Authority, Series 2016 B                                                | CUSIP: 902562AN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5357521.50   | 2.62%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alexander City Board of Education                                             | Alexander City Board of Education, Series 2022                                               | CUSIP: 014519CW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2862843.30   | 1.40%             | 2052-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Water Works Board of the City of Birmingham (The)                             | Water Works Board of the City of Birmingham (The), Series 2016 B                             | CUSIP: 091096LS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5440480.50   | 2.66%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Government Waterworks Authority                                          | Guam Government Waterworks Authority, Series 2020 A                                          | CUSIP: 40065FDF8<br>LEI: N/A                  | Long             | DBT              | MUN               | GU        |   1000000 | PA      | $1004674.30   | 0.49%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Boaz AL Water & Sewer Revenue                                         | City of Boaz, Series 2021                                                                    | CUSIP: 096743GV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1435687.20   | 0.70%             | 2050-09-01      | 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        |    500000 | PA      | $393435.55    | 0.19%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Troy Public Educational Building Authority                                    | Troy Public Educational Building Authority, Series 2011                                      | CUSIP: 89732TCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $295369.69    | 0.14%             | 2040-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                  | Birmingham Airport Authority, Series 2020                                                    | CUSIP: 090888GY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2484901.30   | 1.21%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Highway & Transportation Authority                                | Puerto Rico Highway & Transportation Authority, Series L                                     | CUSIP: 745190UP1<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | PR        |    530000 | PA      | $525549.91    | 0.26%             | 2035-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                         | Metropolitan Transportation Authority, Series 2021 A-2                                       | CUSIP: 59261AL21<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2352249.72   | 1.15%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Alabama Health Care Authority (The)                                      | East Alabama Health Care Authority (The), Series 2018 A                                      | CUSIP: 270416FA3<br>LEI: 254900WODAI3WFO1QH51 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023789.70   | 0.50%             | 2030-09-01      | Fixed         | 4.00%                 | 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        |    700000 | PA      | $579351.92    | 0.28%             | 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        |    500000 | PA      | $499492.65    | 0.24%             | 2032-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| East Alabama Health Care Authority (The)                                      | East Alabama Health Care Authority (The), Series 2018 A                                      | CUSIP: 270416FH8<br>LEI: 254900WODAI3WFO1QH51 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3068843.10   | 1.50%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                | Black Belt Energy Gas District, Series 2022 A                                                | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $957773.90    | 0.47%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                              | Lower Alabama Gas District (The), Series 2020                                                | CUSIP: 547804AM6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1993590.40   | 0.97%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Marshall County Board of Education                                            | Marshall County Board of Education, Series 2016                                              | CUSIP: 572024AU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966877.60    | 0.47%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Tuscaloosa AL                                                         | City of Tuscaloosa, Series 2020 A                                                            | CUSIP: 900577L70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4580000 | PA      | $4448815.52   | 2.17%             | 2050-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Trussville AL                                                         | City of Trussville, Series 2018 A                                                            | CUSIP: 898242MA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3011564.10   | 1.47%             | 2041-08-01      | Fixed         | 4.00%                 | 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        |    750000 | PA      | $711608.03    | 0.35%             | 2058-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Opelika Utilities Board                                                       | Opelika Utilities Board, Series 2017                                                         | CUSIP: 683548CY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1981260.40   | 0.97%             | 2041-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                             | Southeast Energy Authority A Cooperative District, Series 2021 A                             | CUSIP: 84136FAH0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4887950.50   | 2.39%             | 2051-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| DCH Healthcare Authority                                                      | DCH Healthcare Authority, Series 2021 A                                                      | CUSIP: 23366AAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2153266.50   | 1.05%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                  | Birmingham Airport Authority, Series 2020                                                    | CUSIP: 090888GX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $394495.36    | 0.19%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                      | Metropolitan Pier & Exposition Authority, Series 2022 A                                      | CUSIP: 592250EW0<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $900497.40    | 0.44%             | 2042-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Alabama (The)                                                   | University of Alabama (The), Series 2018 B2                                                  | CUSIP: 914025GM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5342550.00   | 2.61%             | 2048-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Huntsville AL                                                         | City of Huntsville, Series 2018 B                                                            | CUSIP: 447025L88<br>LEI: 549300FQXH802SS93031 | Long             | DBT              | MUN               | US        |   4775000 | PA      | $5155985.79   | 2.52%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bessemer AL Water Revenue                                             | City of Bessemer, Series 2017                                                                | CUSIP: 086419EQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2716535.49   | 1.33%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Series 2016 A | CUSIP: 45663NBV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3037187.70   | 1.48%             | 2041-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florence Public Building Authority                                            | Florence Public Building Authority, Series 2021                                              | CUSIP: 340082AP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501855.80    | 0.25%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Birmingham Airport Authority                                                  | Birmingham Airport Authority, Series 2020                                                    | CUSIP: 090888GT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $436329.32    | 0.21%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Special Care Facilities Financing Authority of the City of Pell City Alabama  | Special Care Facilities Financing Authority of the City of Pell City Alabama, Series 2021 A  | CUSIP: 705888CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3859864.40   | 1.89%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Mobile AL                                                           | County of Mobile, Series 2020 A                                                              | CUSIP: 6072675W7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021810.30   | 0.50%             | 2038-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alabama Community College System                                              | Alabama Community College System, Series 2019                                                | CUSIP: 01025PEA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1909958.20   | 0.93%             | 2049-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Limestone County Water & Sewer Authority                                      | Limestone County Water & Sewer Authority, Series 2015 B                                      | CUSIP: 532647HL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5920000 | PA      | $6067669.07   | 2.97%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville State University                                                 | Jacksonville State University, Series 2020                                                   | CUSIP: 469205LF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4451923.00   | 2.18%             | 2050-12-01      | 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