# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0001752724-23-008687
**Filing Date:** 2023-1
**Character Count:** 688152
**Document Hash:** b0e3043b1f6afdd82aaf56d15e0b6351
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-008687.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-008687

**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:** 23543677

**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 CONNECTICUT TAX-FREE INCOME FUND (Series ID: S000006930)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018798 | CLASS A1      | FXCTX           |
| C000018799 | CLASS C       | FCTIX           |
| C000079644 | ADVISOR CLASS | FCNZX           |
| C000194371 | Class R6      | FCTQX           |
| C000205909 | Class A       | FQCTX           |

## 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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Georgia Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Georgia Tax-Free Income Fund (continued)

| Year | Principal |
| --- | --- |
| 1. 2014-2015 | 1,000,000 |
| 2. 2014-2015 | 1,000,000 |
| 3. 2014-2015 | 1,000,000 |
| 4. 2014-2015 | 1,000,000 |
| 5. 2014-2015 | 1,000,000 |
| 6. 2014-2015 | 1,000,000 |
| 7. 2014-2015 | 1,000,000 |
| 8. 2014-2015 | 1,000,000 |
| 9. 2014-2015 | 1,000,000 |
| 10. 2014-2015 | 1,000,000 |

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

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)[{"box_2d": [19, 69, 461, 126], "label": "table", "caption": "

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

| Fund | Principal | Total |
| --- | --- | --- |
| 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 |

| Fund | Principal | Total |
| --- | --- | --- |
| 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 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |
| Tax Free Income | 1,000,000 | 1,000,000 |

| Fund | Principal | Total |
| --- | --- | --- |

| Tax Free Income | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Fund | Principal | Total |

| Tax Free Income | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Fund | Principal | Total |

| Tax Free Income | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Fund | Principal | Total |

<table><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>

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 |

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 | 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)[{"box_2d": [21, 68, 461, 124], "label": "table", "caption": "

| Financial Statements and Supplementary Data (in US$) | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| In addition to the amount of the tax on the tax of the United States, the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

<table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Massachusetts Tax-Free Income Fund (continued)

| 1. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| 2. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |
| 3. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |
| 4. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |
| 5. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 125

FRANKLIN TAX-FREE TRUST

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

Franklin Michigan Tax-Free Income Fund

| Description | Amount |
| --- | --- |
| Tax Free Income (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) | 1,000,000.00 |
| Tax Free Income (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) | 1,000,000.00 |
| Tax Free Income (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) | 1,000,000.00 |
| Tax Free Income (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) | 1,000,000.00 |

200 Quarterly Schedule of Investments (See Notes to Schedule of Investments)

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Michigan Tax-Free Income Fund (continued)

| 1. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 3. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 4. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 5. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 6. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 7. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 8. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 9. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 10. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 127

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Michigan Tax-Free Income Fund (continued)

| Year | Percentage |
| --- | --- |
| 2010 | 2.0% |
| 2011 | 2.0% |
| 2012 | 2.0% |
| 2013 | 2.0% |
| 2014 | 2.0% |
| 2015 | 2.0% |
| 2016 | 2.0% |
| 2017 | 2.0% |
| 2018 | 2.0% |
| 2019 | 2.0% |
| 2020 | 2.0% |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Michigan Tax-Free Income Fund (continued)

| Franklin, Michigan, Texas, and the United States | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Franklin, Michigan, Texas, and the United States | 1,000,000 | 1,000,000 |
| Franklin, Michigan, Texas, and the United States | 1,000,000 | 1,000,000 |
| Franklin, Michigan, Texas, and the United States | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 128

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Michigan Tax-Free Income Fund (continued)

| Fund | Amount |
| --- | --- |
| 1.00 | $1,000,000.00 |
| 2.00 | $1,000,000.00 |
| 3.00 | $1,000,000.00 |
| 4.00 | $1,000,000.00 |
| 5.00 | $1,000,000.00 |
| 6.00 | $1,000,000.00 |
| 7.00 | $1,000,000.00 |
| 8.00 | $1,000,000.00 |
| 9.00 | $1,000,000.00 |
| 10.00 | $1,000,000.00 |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Michigan Tax-Free Income Fund (continued)

| GCF, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000 | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 1000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 1000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 1000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 1000,000.00 | 1,000,000.00 | 1,000,000.00 |

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Michigan Tax-Free Income Fund (continued)

| Year | Percentage |
| --- | --- |
| 1960 | 4.1% |
| 1961 | 1.0% |
| 1962 | 1.0% |
| 1963 | 1.0% |
| 1964 | 1.0% |
| 1965 | 1.0% |
| 1966 | 1.0% |
| 1967 | 1.0% |
| 1968 | 1.0% |
| 1969 | 1.0% |
| 1970 | 1.0% |
| 1971 | 1.0% |
| 1972 | 1.0% |
| 1973 | 1.0% |
| 1974 | 1.0% |
| 1975 | 1.0% |
| 1976 | 1.0% |
| 1977 | 1.0% |
| 1978 | 1.0% |
| 1979 | 1.0% |
| 1980 | 1.0% |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Michigan Tax-Free Income Fund (continued)

1. The Bank of America is a major investment fund for the development of 1,000,000 securities and 1,000,000 business concepts for a comprehensive, non-exclusive, and non-exclusive, investment fund. The Bank of America is a major investment fund for the development of 1,000,000 securities and 1,000,000 business concepts for a comprehensive, non-exclusive, and non-exclusive, investment fund. The Bank of America is a major investment fund for the development of 1,000,000 securities and 1,000,000 business concepts for a comprehensive, non-exclusive, and non-exclusive, investment fund.

---

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 102

FRANKLIN TAX-FREE TRUST

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

# Franklin Minnesota Tax-Free Income Fund

| 1. $1,000,000 | 1,000,000 | 347 |
| --- | --- | --- |
| 2. $1,000,000 | 1,000,000 | 348 |
| 3. $1,000,000 | 1,000,000 | 349 |
| 4. $1,000,000 | 1,000,000 | 350 |
| 5. $1,000,000 | 1,000,000 | 351 |
| 6. $1,000,000 | 1,000,000 | 352 |
| 7. $1,000,000 | 1,000,000 | 353 |
| 8. $1,000,000 | 1,000,000 | 354 |
| 9. $1,000,000 | 1,000,000 | 355 |
| 10. $1,000,000 | 1,000,000 | 356 |
| 11. $1,000,000 | 1,000,000 | 357 |
| 12. $1,000,000 | 1,000,000 | 358 |
| 13. $1,000,000 | 1,000,000 | 359 |
| 14. $1,000,000 | 1,000,000 | 360 |
| 15. $1,000,000 | 1,000,000 | 361 |
| 16. $1,000,000 | 1,000,000 | 362 |
| 17. $1,000,000 | 1,000,000 | 363 |
| 18. $1,000,000 | 1,000,000 | 364 |
| 19. $1,000,000 | 1,000,000 | 365 |
| 20. $1,000,000 | 1,000,000 | 366 |

288 Quarterly Schedule of Investments Free Notes to Schedule of Investments

FINANCIAL TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Minnesota Tax-Free Income Fund [continued]

| GO: 8161, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 |
| --- | --- |
| GO: 8161, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1, 1 |
| GO: 8161, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1 |
| GO: 8161, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 108

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Minnesota Tax-Free Income Fund (continued)

| Year Ended | Principal | Total |
| --- | --- | --- |
| 2010 | $1,000,000 | 1,000,000 |
| 2011 | 1,000,000 | 1,000,000 |
| 2012 | 1,000,000 | 1,000,000 |
| 2013 | 1,000,000 | 1,000,000 |
| 2014 | 1,000,000 | 1,000,000 |
| 2015 | 1,000,000 | 1,000,000 |
| 2016 | 1,000,000 | 1,000,000 |
| 2017 | 1,000,000 | 1,000,000 |
| 2018 | 1,000,000 | 1,000,000 |
| 2019 | 1,000,000 | 1,000,000 |
| 2020 | 1,000,000 | 1,000,000 |
| 2021 | 1,000,000 | 1,000,000 |
| 2022 | 1,000,000 | 1,000,000 |
| 2023 | 1,000,000 | 1,000,000 |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Minnesota Tax-Free Income Fund (continued)[{"box_2d": [34, 69, 461, 125], "label": "table", "caption": "

| COSTS & SALES | 10,000,000.00 | 10,000,000.00 |
| --- | --- | --- |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

| COSTS & SALES | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |

<table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>1,000,000.00</td></tr></tabletable><table><tr><td>COSTS &amp; SALES</td><td>1,000,000.00</td><td>

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Minnesota Tax-Free Income Fund (continued)[{"box_2d": [19, 69, 460, 126], "label": "table", "caption": "

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

<table><thead><tr><th>Line of the Stock</th><th>2018</th><th>2017</th></tr></thead><tr><td>First National Bank of America</td><td>$1,000,000</td><td>$

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Minnesota Tax Free Income Fund (continued)

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

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 138

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Minnesota Tax-Free Income Fund (continued)

| Year | Percentage |
| --- | --- |
| 1991 | 1.0% |
| 1992 | 1.0% |
| 1993 | 1.0% |
| 1994 | 1.0% |
| 1995 | 1.0% |
| 1996 | 1.0% |
| 1997 | 1.0% |
| 1998 | 1.0% |
| 1999 | 1.0% |
| 2000 | 1.0% |

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

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)

| 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 |
| --- | --- | --- |

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

162

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

1. 2017-2018

1. 2017-2018

1. 2017-2018

1. 2017-2018

1. 2017-2018

1. 2d

1. 2017-2018[{"

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.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNADJUSTED)

Franklin New Jersey Tax-Free Income Fund (continued)

| Section | Amount | Amount |
| --- | --- | --- |
| 1. Financial Services, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 2. Financial Services, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 3. Financial Services, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 4. Financial Services, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 5. Financial Services, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 6. Financial Services, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 7. Financial Services, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 8. Financial Services, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 9. Financial Services, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 10. Financial Services, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 161

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

| Income Tax Fund | 2010 | 2009 |
| --- | --- | --- |
| American Bank of New Jersey, 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 | 1,000,000.00 | 1,000,000.00 |
| American Bank of New Jersey, 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 | 1,000,000.00 | 1,000,000.00 |
| American Bank of New Jersey, 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 | 1,000,000.00 | 1,000,000.00 |

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

FINANCIAL TAX-FREE TRUST

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

# Franklin North Carolina Tax-Free Income Fund

| Franklin North Carolina Tax-Free Income Fund | 12,548,000,000 | 12,548,000,000 |
| --- | --- | --- |
| Franklin North Carolina Tax-Free Income Fund | 12,548,000,000 | 12,548,000,000 |
| Franklin North Carolina Tax-Free Income Fund | 12,548,000,000 | 12,548,000,000 |
| Franklin North Carolina Tax-Free Income Fund | 12,548,000,000 | 12,548,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 143

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin North Carolina Tax-Free Income Fund (continued)

| Description | Value | Value |
| --- | --- | --- |
| Non-Employed (Non-Employed) (Non-Employed) (Non-Employed) (Non-Employed) (Non-Employed) (Non-Employed) (Non-Employed) (Non-Employed) (Non-Employed) (Non-Employed) (Non-Employed) (Non-Employed) (Non-Employed) (Non-Employed) (Non-Employed) (Non-Employed) | $1,000,000 | $1,000,000 |
| Employed (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) | $1,000,000 | $1,000,000 |
| Employed (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) | $1,000,000 | $1,000,000 |
| Employed (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) (Employed) | $1,000,000 | $1,000,000 |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin North Carolina Tax-Free Income Fund (continued)

| 1. The Bank of America, Inc. (Funds) and its subsidiaries, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. The Bank of America, Inc. (Funds) and its subsidiaries, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 3. The Bank of America, Inc. (Funds) and its subsidiaries, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 4. The Bank of America, Inc. (Funds) and its subsidiaries, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 5. The Bank of America, Inc. (Funds) and its subsidiaries, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 6. The Bank of America, Inc. (Funds) and its subsidiaries, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 7. The Bank of America, Inc. (Funds) and its subsidiaries, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 8. The Bank of America, Inc. (Funds) and its subsidiaries, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 9. The Bank of America, Inc. (Funds) and its subsidiaries, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 10. The Bank of America, Inc. (Funds) and its subsidiaries, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 11. The Bank of America, Inc. (Funds) and its subsidiaries, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 12. The Bank of America, Inc. (Funds) and its subsidiaries, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |
| 13. The Bank of America, Inc. (Funds) and its subsidiaries, Inc. (Funds) | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 146

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin North Carolina Tax-Free Income Fund (continued)

| 1. The following is a series of 2013, 2014, and 2015. The series is a series of 2014, 2015, and 2016. The series is a series of 2017, 2018, and 2019. The series is a series of 2020, 2021, and 2022. The series is a series of 2023, 2024, and 2025. The series is a series of 2026, 2027, and 2028. The series is a series of 2029, 2030, and 2031. The series is a series of 2032, 2033, and 2034. The series is a series of 2035, 2036, and 2037. The series is a series of 2038, 2039, and 2040. The series is a series of 2041, 2042, and 2043. The series is a series of 2044, 2045, and 2046. The series is a series of 2047, 2048, and 2049. The series is a series of 2050, 2051, and 2052. The series is a series of 2053, 2054, and 2055. The series is a series of 2056, 2057, and 2058. The series is a series of 2059, 2060, and 2061. The series is a series of 2062, 2063, and 2064. The series is a series of 2065, 2066, and 2067. The series is a series of 2068, 2069, and 2070. The series is a series of 2071, 2072, and 2073. The series is a series of 2074, 2075, and 2076. The series is a series of 2077, 2078, and 2079. The series is a series of 2080, 2081, and 2082. The series is a series of 2083, 2084, and 2085. The series is a series of 2086, 2087, and 2088. The series is a series of 2089, 2090, and 2091. The series is a series of 2092, 2093, and 2094. The series is a series of 2095, 2096, and 2097. The series is a series of 2098, 2099, and 2100. The series is a series of 2099, 2100, and 2101. The series is a series of 2099, 2100, and 2101. The series is a series of 2099, 2100, and 2101. The series is a series of 2099, 2100, and 2101. The series is a series of 2099, 2100, and 2101. |
| --- |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin North Carolina Tax-Free Income Fund (continued)

| 1. The Bank of America, Inc. (the Bank of America) is a member of the Bank of America, Inc. (the Bank of America) and its subsidiaries. The Bank of America is a member of the Bank of America, Inc. (the Bank of America) and its subsidiaries. The Bank of America is a member of the Bank of America, Inc. (the Bank of America) and its subsidiaries. The Bank of America is a member of the Bank of America, Inc. (the Bank of America) and its subsidiaries. The Bank of America is a member of the Bank of America, Inc. (the Bank of America) and its subsidiaries. | 3,100,000,000 | 3,100,000,000 |
| --- | --- | --- |
| 2. The Bank of America, Inc. (the Bank of America) is a member of the Bank of America, Inc. (the Bank of America) and its subsidiaries. The Bank of America is a member of the Bank of America, Inc. (the Bank of America) and its subsidiaries. The Bank of America is a member of the Bank of America, Inc. (the Bank of America) and its subsidiaries. The Bank of America is a member of the Bank of America, Inc. (the Bank of America) | 100,000,000 | 100,000,000 |
| 3. The Bank of America, Inc. (the Bank of America) is a member of the Bank of America, Inc. (the Bank of America) and its subsidiaries. The Bank of America is a member of the Bank of America, Inc. (the Bank of America) and its subsidiaries. The Bank of America is a member of the Bank of America, Inc. (the Bank of America) and its subsidiaries. The Bank of America is a member of the Bank of America, Inc. (the Bank of America) | 100,000,000 | 100,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 187

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin North Carolina Tax-Free Income Fund (continued)

| ISSUE | PREVIOUS ISSUE | PREVIOUS ISSUE |
| --- | --- | --- |
| 1. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 2. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 3. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 4. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 5. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 6. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 7. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 8. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 9. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 10. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 11. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 12. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 13. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 14. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 15. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 16. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 17. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 18. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 19. Financial Assets | 1,000,000,000 | 1,000,000,000 |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin North Carolina Tax-Free Income Fund (continued)

| Franklin North Carolina Tax Free Income Fund (continued) | 5,000,000,000 | 5,000,000,000 |
| --- | --- | --- |
| Franklin North Carolina Tax Free Income Fund (continued) | 5,000,000,000 | 5,000,000,000 |
| Franklin North Carolina Tax Free Income Fund (continued) | 5,000,000,000 | 5,000,000,000 |
| Franklin North Carolina Tax Free Income Fund (continued) | 5,000,000,000 | 5,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 168

FRANKLIN TAX FREE TRUST

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

Franklin Ohio Tax-Free Income Fund

| Description | Amount |
| --- | --- |
| Cash and cash equivalents at end of year | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 |
| Cash and cash equivalents at end of year | $1,000,000 |

360 Quarterly Schedule of Investments Free Notes to Schedule of Investments

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Ohio Tax-Free Income Fund (continued)

| 1. The National Bank of America, Inc. (1984-1985) and the Bank of America, Inc. (1985-1986) | 1,000,000,000 | 1,000,000,000 |
| --- | --- | --- |
| 2. The National Bank of America, Inc. (1985-1986) and the Bank of America, Inc. (1985-1987) | 1,000,000,000 | 1,000,000,000 |
| 3. The National Bank of America, Inc. (1985-1986) and the Bank of America, Inc. (1985-1987) | 1,000,000,000 | 1,000,000,000 |
| 4. The National Bank of America, Inc. (1985-1986) and the Bank of America, Inc. (1985-1987) | 1,000,000,000 | 1,000,000,000 |
| 5. The National Bank of America, Inc. (1985-1986) and the Bank of America, Inc. (1985-1987) | 1,000,000,000 | 1,000,000,000 |
| 6. The National Bank of America, Inc. (1985-1986) and the Bank of America, Inc. (1985-1987) | 1,000,000,000 | 1,000,000,000 |
| 7. The National Bank of America, Inc. (1985-1986) and the Bank of America, Inc. (1985-1987) | 1,000,000,000 | 1,000,000,000 |
| 8. The National Bank of America, Inc. (1985-1986) and the Bank of America, Inc. (1985-1987) | 1,000,000,000 | 1,000,000,000 |
| 9. The National Bank of America, Inc. (1985-1986) and the Bank of America, Inc. (1985-1987) | 1,000,000,000 | 1,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 161

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Ohio Tax-Free Income Fund (continued)

| Financial Statements (Including Financial Statements) | Projected | On 1/31/04 |
| --- | --- | --- |
| Financial Statements (Including Financial Statements) | $1,000,000 | $1,000,000 |
| Financial Statements (Including Financial Statements) | $1,000,000 | $1,000,000 |
| Financial Statements (Including Financial Statements) | $1,000,000 | $1,000,000 |
| Financial Statements (Including Financial Statements) | $1,000,000 | $1,000,000 |

362

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

FRANKLIN TBA FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Ohio Tea-Free Income Fund (continued)

| Franklin Ohio Tea-Free Income Fund | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Franklin Ohio Tea-Free Income Fund | 1,000,000 | 1,000,000 |
| Franklin Ohio Tea-Free Income Fund | 1,000,000 | 1,000,000 |
| Franklin Ohio Tea-Free Income Fund | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 10

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Ohio Tax-Free Income Fund (continued)

| 1. 2017年1月1日,公司以自有资金进行现金管理,存放于银行间市场交易的银行理财产品。 | 1,000,000.00 |
| --- | --- |
| 2. 2017年1月2日,公司以自有资金进行现金管理,存放于银行间市场交易的银行理财产品。 | 1,000,000.00 |
| 3. 2017年1月3日,公司以自有资金进行现金管理,存放于银行间市场交易的银行理财产品。 | 1,000,000.00 |
| 4. 2017年1月4日,公司以自有资金进行现金管理,存放于银行间市场交易的银行理财产品。 | 1,000,000.00 |
| 5. 2017年1月5日,公司以自有资金进行现金管理,存放于银行间市场交易的银行理财产品。 | 1,000,000.00 |
| 6. 2017年1月6日,公司以自有资金进行现金管理,存放于银行间市场交易的银行理财产品。 | 1,000,000.00 |
| 7. 2017年1月7日,公司以自有资金进行现金管理,存放于银行间市场交易的银行理财产品。 | 1,000,000.00 |
| 8. 2017年1月8日,公司以自有资金进行现金管理,存放于银行间市场交易的银行理财产品。 | 1,000,000.00 |
| 9. 2017年1月9日,公司以自有资金进行现金管理,存放于银行间市场交易的银行理财产品。 | 1,000,000.00 |
| 10. 2017年1月10日,公司以自有资金进行现金管理,存放于银行间市场交易的银行理财产品。 | 1,000,000.00 |

202

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Ohio Tax-Free Income Fund (continued)

| ISSUE | 1,410,000 | 1,410,000 |
| --- | --- | --- |
| 1. Financial and Social Services, Corp. 2015, State tax paid, 6% 12/01/16 | 10,000,000 | 10,000,000 |
| 2. Financial and Social Services, Corp. 2015, State tax paid, 6% 12/01/16 | 10,000,000 | 10,000,000 |
| 3. Financial and Social Services, Corp. 2015, State tax paid, 6% 12/01/16 | 10,000,000 | 10,000,000 |
| 4. Financial and Social Services, Corp. 2015, State tax paid, 6% 12/01/16 | 10,000,000 | 10,000,000 |
| 5. Financial and Social Services, Corp. 2015, State tax paid, 6% 12/01/16 | 10,000,000 | 10,000,000 |
| 6. Financial and Social Services, Corp. 2015, State tax paid, 6% 12/01/16 | 10,000,000 | 10,000,000 |
| 7. Financial and Social Services, Corp. 2015, State tax paid, 6% 12/01/16 | 10,000,000 | 10,000,000 |
| 8. Financial and Social Services, Corp. 2015, State tax paid, 6% 12/01/16 | 10,000,000 | 10,000,000 |
| 9. Financial and Social Services, Corp. 2015, State tax paid, 6% 12/01/16 | 10,000,000 | 10,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 140

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Ohio Tax-Free Income Fund (continued)

| ISSUE | QUANTITY | PRICE |
| --- | --- | --- |
| 1. Financial Services and Services (Funds) and other financial services | 1,000,000 | 1.00 |
| 2. Financial Services and Services (Funds) and other financial services | 1,000,000 | 1.00 |
| 3. Financial Services and Services (Funds) and other financial services | 1,000,000 | 1.00 |
| 4. Financial Services and Services (Funds) and other financial services | 1,000,000 | 1.00 |
| 5. Financial Services and Services (Funds) and other financial services | 1,000,000 | 1.00 |
| 6. Financial Services and Services (Funds) and other financial services | 1,000,000 | 1.00 |
| 7. Financial Services and Services (Funds) and other financial services | 1,000,000 | 1.00 |
| 8. Financial Services and Services (Funds) and other financial services | 1,000,000 | 1.00 |
| 9. Financial Services and Services (Funds) and other financial services | 1,000,000 | 1.00 |
| 10. Financial Services and Services (Funds) and other financial services | 1,000,000 | 1.00 |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Ohio Tax-Free Income Fund (continued)

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

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 187

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Ohio Tax-Free Income Fund (continued)

| 1. 2017年1月1日 | 2. 2018年1月1日 | 3. 2019年1月1日 |
| --- | --- | --- |
| 2. 2018年1月1日 | 2. 2019年1月1日 | 3. 2020年1月1日 |
| 3. 2019年1月1日 | 2. 2020年1月1日 | 3. 2021年1月1日 |
| 4. 2020年1月1日 | 2. 2021年1月1日 | 3. 2022年1月1日 |
| 5. 2021年1月1日 | 2. 2022年1月1日 | 3. 2023年1月1日 |
| 6. 2022年1月1日 | 2. 2023年1月1日 | 3. 2024年1月1日 |
| 7. 2023年1月1日 | 2. 2024年1月1日 | 3. 2025年1月1日 |
| 8. 2024年1月1日 | 2. 2025年1月1日 | 3. 2026年1月1日 |
| 9. 2025年1月1日 | 2. 2026年1月1日 | 3. 2027年1月1日 |
| 10. 2026年1月1日 | 2. 2027年1月1日 | 3. 2028年1月1日 |
| 11. 2027年1月1日 | 2. 2028年1月1日 | 3. 2029年1月1日 |
| 12. 2028年1月1日 | 2. 2029年1月1日 | 3. 2030年1月1日 |
| 13. 2029年1月1日 | 2. 2030年1月1日 | 3. 2031年1月1日 |
| 14. 2030年1月1日 | 2. 2031年1月1日 | 3. 2032年1月1日 |
| 15. 2031年1月1日 | 2. 2032年1月1日 | 3. 2033年1月1日 |
| 16. 2032年1月1日 | 2. 2033年1月1日 | 3. 2034年1月1日 |
| 17. 2033年1月1日 | 2. 2034年1月1日 | 3. 2035年1月1日 |
| 18. 2034年1月1日 | 2. 2035年1月1日 | 3. 2036年1月1日 |
| 19. 2035年1月1日 | 2. 2036年1月1日 | 3. 2037年1月1日 |
| 20. 2036年1月1日 | 2. 2037年1月1日 | 3. 2038年1月1日 |
| 21. 2037年1月1日 | 2. 2038年1月1日 | 3. 2039年1月1日 |
| 22. 2038年1月1日 | 2. 2039年1月1日 | 3. 2040年1月1日 |
| 23. 2039年1月1日 | 2. 2040年1月1日 | 3. 2041年1月1日 |
| 24. 2040年1月1日 | 2. 2041年1月1日 | 3. 2042年1月1日 |
| 25. 2041年1月1日 | 2. 2042年1月1日 | 3. 2043年1月1日 |
| 26. 2042年1月1日 | 2. 2043年1月1日 | 3. 2044年1月1日 |
| 27. 2043年1月1日 | 2. 2044年1月1日 | 3. 2045年1月1日 |
| 28. 2044年1月1日 | 2. 2045年1月1日 | 3. 2046年1月1日 |
| 29. 2045年1月1日 | 2. 2046年1月1日 | 3. 2047年1月1日 |
| 30. 2046年1月1日 | 2. 2047年1月1日 | 3. 2048年1月1日 |
| 31. 2047年1月1日 | 2. 2048年1月1日 | 3. 2049年1月1日 |
| 32. 2048年1月1日 | 2. 2049年1月1日 | 3. 2050年1月1日 |
| 33. 2049年1月1日 | 2. 2050年1月1日 | 3. 2051年1月1日 |
| 34. 2050年1月1日 | 2. 2051年1月1日 | 3. 2052年1月1日 |
| 35. 2051年1月1日 | 2. 2052年1月1日 | 3. 2053年1月1日 |
| 36. 2052年1月1日 | 2. 2053年1月1日 | 3. 2054年1月1日 |
| 37. 2053年1月1日 | 2. 2054年1月1日 | 3. 2055年1月1日 |
| 38. 2054年1月1日 | 2. 2055年1月1日 | 3. 2056年1月1日 |
| 39. 2055年1月1日 | 2. 2056年1月1日 | 3. 2057年1月1日 |
| 40. 2056年1月1日 | 2. 2057年1月1日 | 3. 2058年1月1日 |
| 41. 2057年1月1日 | 2. 2058年1月1日 | 3. 2059年1月1日 |
| 42. 2058年1月1日 | 2. 2059年1月1日 | 3. 2060年1月1日 |
| 43. 2059年1月1日 | 2. 2060年1月1日 | 3. 2061年1月1日 |
| 44. 2060年1月1日 | 2. 2061年1月1日 | 3. 2062年1月1日 |
| 45. 2061年1月1日 | 2. 2062年1月1日 | 3. 2063年1月1日 |
| 46. 2062年1月1日 | 2. 2063年1月1日 | 3. 2064年1月1日 |
| 47. 2063年1月1日 | 2. 2064年1月1日 | 3. 2065年1月1日 |
| 48. 2064年1月1日 | 2. 2065年1月1日 | 3. 2066年1月1日 |
| 49. 2065年1月1日 | 2. 2066年1月1日 | 3. 2067年1月1日 |
| 50. 2066年1月1日 | 2. 2067年1月1日 | 3. 2068年1月1日 |
| 51. 2067年1月1日 | 2. 2068年1月1日 | 3. 2069年1月1日 |
| 52. 2068年1月1日 | 2. 2069年1月1日 | 3. 2070年1月1日 |
| 53. 2069年1月1日 | 2. 2070年1月1日 | 3. 2071年1月1日 |
| 54. 2070年1月1日 | 2. 2071年1月1日 | 3. 2072年1月1日 |
| 55. 2071年1月1日 | 2. 2072年1月1日 | 3. 2073年1月1日 |
| 56. 2072年1月1日 | 2. 2073年1月1日 | 3. 2074年1月1日 |
| 57. 2073年1月1日 | 2. 2074年1月1日 | 3. 2075年1月1日 |
| 58. 2074年1月1日 | 2. 2075年1月1日 | 3. 2076年1月1日 |
| 59. 2075年1月1日 | 2. 2076年1月1日 | 3. 2077年1月1日 |
| 60. 2076年1月1日 | 2. 2077年1月1日 | 3. 2078年1月1日 |
| 61. 2077年1月1日 | 2. 2078年1月1日 | 3. 2079年1月1日 |
| 62. 2078年1月1日 | 2. 2079年1月1日 | 3. 2080年1月1日 |
| 63. 2079年1月1日 | 2. 2080年1月1日 | 3. 2081年1月1日 |
| 64. 2080年1月1日 | 2. 2081年1月1日 | 3. 2082年1月1日 |
| 65. 2081年1月1日 | 2. 2082年1月1日 | 3. 2083年1月1日 |
| 66. 2082年1月1日 | 2. 2083年1月1日 | 3. 2084年1月1日 |
| 67. 2083年1月1日 | 2. 2084年1月1日 | 3. 2085年1月1日 |
| 68. 2084年1月1日 | 2. 2085年1月1日 | 3. 2086年1月1日 |
| 69. 2085年1月1日 | 2. 2086年1月1日 | 3. 2087年1月1日 |
| 70. 2086年1月1日 | 2. 2087年1月1日 | 3. 2088年1月1日 |
| 71. 2087年1月1日 | 2. 2088年1月1日 | 3. 2089年1月1日 |
| 72. 2088年1月1日 | 2. 2089年1月1日 | 3. 2090年1月1日 |
| 73. 2089年1月1日 | 2. 2090年1月1日 | 3. 2091年1月1日 |
| 74. 2090年1月1日 | 2. 2091年1月1日 | 3. 2092年1月1日 |
| 75. 2091年1月1日 | 2. 2092年1月1日 | 3. 2093年1月1日 |
| 76. 2092年1月1日 | 2. 2093年1月1日 | 3. 2094年1月1日 |
| 77. 2093年1月1日 | 2. 2094年1月1日 | 3. 2095年1月1日 |
| 78. 2094年1月1日 | 2. 2095年1月1日 | 3. 2096年1月1日 |
| 79. 2095年1月1日 | 2. 2096年1月1日 | 3. 2097年1月1日 |
| 80. 2096年1月1日 | 2. 2097年1月1日 | 3. 2098年1月1日 |
| 81. 2097年1月1日 | 2. 2098年1月1日 | 3. 2099年1月1日 |
| 82. 2098年1月1日 | 2. 2099年1月1日 | 3. 2100年1月1日 |

200

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Ohio Tax-Free Income Fund (continued)

| 1. The Bank of America is a member of the Bank of America, which is a member of the Bank of America, which is a member of the Bank of America, which is a member of the Bank of America, which is a member of the Bank of America, which is a member of the Bank of America, which is a member of the Bank of America, which is a member of the Bank of America, which is a member of the Bank of America, which is a member of the Bank of America, which is a member of the Bank of America, which |
| --- |

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

FRANKLIN TAX FREE TRUST

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

# Franklin Oregon Tax-Free Income Fund

| Year | December 31, 2022 | December 30, 2021 |
| --- | --- | --- |
| 2022 | $1,000,000 | $1,000,000 |
| 2023 | $1,000,000 | $1,000,000 |
| 2024 | $1,000,000 | $1,000,000 |
| 2025 | $1,000,000 | $1,000,000 |
| 2026 | $1,000,000 | $1,000,000 |
| 2027 | $1,000,000 | $1,000,000 |
| 2028 | $1,000,000 | $1,000,000 |
| 2029 | $1,000,000 | $1,000,000 |
| 2030 | $1,000,000 | $1,000,000 |
| 2031 | $1,000,000 | $1,000,000 |
| 2032 | $1,000,000 | $1,000,000 |
| 2033 | $1,000,000 | $1,000,000 |
| 2034 | $1,000,000 | $1,000,000 |
| 2035 | $1,000,000 | $1,000,000 |
| 2036 | $1,000,000 | $1,000,000 |
| 2037 | $1,000,000 | $1,000,000 |
| 2038 | $1,000,000 | $1,000,000 |
| 2039 | $1,000,000 | $1,000,000 |
| 2040 | $1,000,000 | $1,000,000 |
| 2041 | $1,000,000 | $1,000,000 |
| 2042 | $1,000,000 | $1,000,000 |
| 2043 | $1,000,000 | $1,000,000 |
| 2044 | $1,000,000 | $1,000,000 |
| 2045 | $1,000,000 | $1,000,000 |
| 2046 | $1,000,000 | $1,000,000 |
| 2047 | $1,000,000 | $1,000,000 |
| 2048 | $1,000,000 | $1,000,000 |
| 2049 | $1,000,000 | $1,000,000 |
| 2050 | $1,000,000 | $1,000,000 |

170 Quarterly Schedule of Investments (see Notes to Schedule of Investments)

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Oregon Tax-Free Income Fund (continued)

| FRANKLIN TAX FREE TRUST | 2,000,000.00 | 2,000,000.00 |
| --- | --- | --- |
| FRANKLIN TAX FREE TRUST | 2,000,000.00 | 2,000,000.00 |
| FRANKLIN TAX FREE TRUST | 2,000,000.00 | 2,000,000.00 |
| FRANKLIN TAX FREE TRUST | 2,000,000.00 | 2,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 171

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Oregon Tax-Free Income Fund (continued)

| 1. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| --- | --- | --- |
| 2. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 3. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 4. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 5. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 6. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 7. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 8. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 9. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 10. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 11. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 12. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 13. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 14. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 15. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 16. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 17. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 18. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |
| 19. SUSTAINABLE INVESTMENT AND CASH FLOW | FY 2018 | FY 2019 |

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

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Oregon Tax-Free Income Fund (continued)[{"box_2d": [36, 70, 461, 124], "label": "table", "caption": "

| Foreign Income Tax (FCA 1000) | 4,167,000.00 | 4,167,000.00 |
| --- | --- | --- |
| Foreign Income Tax (FCA 1000) | 4,167,000.00 | 4,167,000.00 |
| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |
| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |
| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Foreign Income Tax (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

| Total Foreign Income (FCA 1000) | 1,213,000.00 | 1,213,000.00 |
| --- | --- | --- |

<table><tr><td>Foreign Income Tax (FCA 1000)</td><td>1,213,000.00</td><td>1,213,000.00</td></tr></tabletable><table><tr><td>Total Foreign Income (FCA 1000)</td><td>1,213,000.00</td><td>1,213,000.00</td></tr></tabletable><table><tr><td>Foreign Income Tax (FCA 1000)</td><td>1,213,000.00</td><td>1,213,000.00</td></tr></tabletable><table><tr><td>Total Foreign Income (FCA 1000)</td><td>1,213,000.00</td><td>1,213,000.00</td></tr></tabletable><table><tr><td>Foreign Income Tax (FCA 1000)</td><td>1,213,000.00</td><td>1,213,000.00</td></tr></tabletable><table><tr><td>Total Foreign Income (FCA 1000)</td><td>1,213,000.00</td><td>1,213,

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Oregon Tax-Free Income Fund (continued)[{"box_2d": [19, 69, 461, 125], "label": "table", "caption": "

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | $1,341,000.00 |  |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

| Description | Principal | Amount |
| --- | --- | --- |
| Interest | 5,000,000.00 | 5,000,000.00 |

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

<tr><td>Interest</td><td>5,000,000.00</td><td>5,000,000.00</td></tr></table>

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

<tr><td>Interest</td><td>5,000,000.00</td><td>5,000,000.00</td></tr></table>

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

<tr><td>Interest</td><td>5,000,000.00</td><td>5,000,000.00</td></tr></table>

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

<tr><td>Interest</td><td>5,000,000.00</td><td>5,000,000.00</td></tr></table>

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

<tr><td>Interest</td><td>5,000,000.00</td><td>5,000,000.00</td></tr></table>

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

<tr><td>Interest</td><td>5,000,000.00</td><td>5,000,000.00</td></tr></table>

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

<tr><td>Interest</td><td>5,000,000.00</td><td>5,000,000.00</td></tr></table>

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

<tr><td>Interest</td><td>5,000,000.00</td><td>5,000,000.00</td></tr></table>

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

<tr><td>Interest</td><td>5,000,000.00</td><td>5,000,000.00</td></tr></table>

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

<tr><td>Interest</td><td>5,000,000.00</td><td>5,000,000.00</td></tr></table>

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

<tr><td>Interest</td><td>5,000,000.00</td><td>5,000,000.00</td></tr></table>

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

<tr><td>Interest</td><td>5,000,000.00</td><td>5,000,000.00</td></tr></table>

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

<tr><td>Interest</td><td>5,000,000.00</td><td>5,000,000.00</td></tr></table><table><thead><tr><th>Description

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Oregon Tax-Free Income Fund (continued)

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |
| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

</table>

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

</table>

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

</table>

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

</table>

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

</table>

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

</table>

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

</table>

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

</table>

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

</table>

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

</table>

| FRANKLIN, Oregon, 1,000,000 | 2,000,000 | 2,000,000 |
| --- | --- | --- |

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See Notes to Schedule of Investments: Quarterly Schedule of Investments 178

178

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Oregon Tax-Free Income Fund (continued)

This document is a series of documents that are not to be construed as a separate, non-judgment, or a separate, non-exclusive, or a separate, non-exclusive, or a separate, non-exclusive, or a separate, non-exclusive, or a separate, non-exclusive, or a separate, non-exclusive, or a separate, non-exclusive, or a separate, non-exclusive, or a separate, non-exclusive, or a separate, non-exclusive, or a separate, non-exclusive, or a separate, non-exclusive, or a separate, non-exclusive, or a separate

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

FRANKLIN TAX FREE TRUST

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

# Franklin Pennsylvania Tax-Free Income Fund

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Cashflows | 1,000,000 | 1,000,000 |
| Cashflows | 1,000,000 | 1,000,000 |
| Cashflows | 1,000,000 | 1,000,000 |
| Cashflows | 1,000,000 | 1,000,000 |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Cashflows | 1,000,000 | 1,000,000 |
| Cashflows | 1,000,000 | 1,000,000 |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Cashflows | 1,000,000 | 1,000,000 |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Cashflows | 1,000,000 | 1,000,000 |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table></table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table></table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table></table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table></table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table></table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table></table>

| Cashflows | 1,000,000 | 1,000,000 |
| --- | --- | --- |

</table></table></table></table>[{"box_2d": [230, 441, 332, 451], "label": "text", "[{"box_2d": [335, 441, 423, 451], "label":caption", "caption":": "See Notes to Schedules of Investments"}]

Quarterly Schedule of Investments

177

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Pennsylvania Tax-Free Income Fund (continued)

| Description | 1st Year | 2nd Year |
| --- | --- | --- |
| Cash and cash equivalents at the rate of 1st year of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the rate of 2nd year of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the rate of 3rd year of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the rate of 4th year of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the rate of 5th year of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the rate of 6th year of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the rate of 7th year of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the rate of 8th year of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the rate of 9th year of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the rate of 10th year of the year | $1,000,000 | $1,000,000 |

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

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Pennsylvania Tax-Free Income Fund (continued)

| Franklin, PA 15, 1961 | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Franklin, PA 15, 1961 | 1,000,000 | 1,000,000 |
| Franklin, PA 15, 1961 | 1,000,000 | 1,000,000 |
| Franklin, PA 15, 1961 | 1,000,000 | 1,000,000 |
| Franklin, PA 15, 1961 | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 178

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Pennsylvania Tax-Free Income Fund (continued)

| Statement | Percentage |
| --- | --- |
| 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. (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) |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Pennsylvania Tax-Free Income Fund (continued)

| Fund | Projected | Amount |
| --- | --- | --- |
| Franklin Pennsylvania Tax Free Income Fund (continued) | 1,000,000 | 1,000,000.00 |
| Franklin Pennsylvania Tax Free Income Fund (continued) | 1,000,000 | 1,000,000.00 |
| Franklin Pennsylvania Tax Free Income Fund (continued) | 1,000,000 | 1,000,000.00 |
| Franklin Pennsylvania Tax Free Income Fund (continued) | 1,000,000 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 101

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Pennsylvania Tax-Free Income Fund (continued)

| ISSUE | Percentage |
| --- | --- |
| 1. Financial Assets | 1.0% |
| 2. Financial Assets | 1.0% |
| 3. Financial Assets | 1.0% |
| 4. Financial Assets | 1.0% |
| 5. Financial Assets | 1.0% |
| 6. Financial Assets | 1.0% |
| 7. Financial Assets | 1.0% |
| 8. Financial Assets | 1.0% |
| 9. Financial Assets | 1.0% |
| 10. Financial Assets | 1.0% |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Pennsylvania Tax-Free Income Fund (continued)

| 1. The Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania | 5,000,000.00 | 5,000,000.00 |
| --- | --- | --- |
| 2. The Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania | 5,000,000.00 | 5,000,000.00 |
| 3. The Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania | 5,000,000.00 | 5,000,000.00 |
| 4. The Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania, the Bank of Pennsylvania | 5,000,000.00 | 5,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 102

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Pennsylvania Tax-Free Income Fund (continued)

| Franklin Pennsylvania Tax-Free Income Fund (continued) |  |  |
| --- | --- | --- |
| Franklin Pennsylvania Tax-Free Income Fund (continued) | 4,500,000 | 5,100,000 |
| Franklin Pennsylvania Tax-Free Income Fund (continued) | 14,000,000 | 13,000,000 |
| Franklin Pennsylvania Tax-Free Income Fund (continued) | 1,000,000 | 1,100,000 |
| Franklin Pennsylvania Tax-Free Income Fund (continued) | 1,000,000 | 1,100,000 |
| Franklin Pennsylvania Tax-Free Income Fund (continued) | 1,000,000 | 1,100,000 |
| Franklin Pennsylvania Tax-Free Income Fund (continued) | 1,000,000 | 1,100,000 |

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

FRANKLIN TAX FREE TRUST

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

# Franklin Virginia Tax-Free Income Fund

| Description | Amount |
| --- | --- |
| Foreign exchange contracts | 1,000,000 |
| Foreign exchange contracts | 1,000,000 |
| Foreign exchange contracts | 1,000,000 |
| Foreign exchange contracts | 1,000,000 |
| Foreign exchange contracts | 1,000,000 |
| Foreign exchange contracts | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 145

FRANKLIN TEE-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Virginia Tee-Free Income Fund (continued)

| Virginia Tee-Free Income Fund | 2,011,000,000 | 2,011,000,000 |
| --- | --- | --- |
| 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 | $1,000,000 |
| Net Income | $1,000,000 | $1,000,000 |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Virginia Tax-Free Income Fund (continued)

| an effective tax rate for the 1993-94 fiscal year ended December 31, 2013, as compared to an estimated that represents a 1% increase in the aggregate value of $1,000,000. | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Note: The tax rate is based on the 1993-94 fiscal year ended December 31, 2013, as compared to an estimated that represents a 1% increase in the aggregate value of $1,000,000. | 1,000,000 | 1,000,000 |
| These figures are based on the 1993-94 fiscal year ended December 31, 2013, as compared to an estimated that represents a 1% increase in the aggregate value of $1,000,000. | 1,000,000 | 1,000,000 |
| Thereafter, the tax rate is based on the 1993-94 fiscal year ended December 31, 2013, as compared to an estimated that represents a 1% increase in the aggregate value of $1,000,000. | 1,000,000 | 1,000,000 |
| Maximum of the tax rate is based on the 1993-94 fiscal year ended December 31, 2013, as compared to an estimated that represents a 1% increase in the aggregate value of $1,000,000. | 1,000,000 | 1,000,000 |
| Average of the tax rate is based on the 1993-94 fiscal year ended December 31, 2013, as compared to an estimated that represents a 1% increase in the aggregate value of $1,000,000. | 1,000,000 | 1,000,000 |
| Total of the tax rate is based on the 1993-94 fiscal year ended December 31, 2013, as compared to an estimated that represents a 1% increase in the aggregate value of $1,000,000. | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 187

FRANKLIN TEA-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Virginia Tea-Free Income Fund (continued)

|  | Price/Unit | 2013 |
| --- | --- | --- |
| 1. The following is a result of the following: (1) 2013, 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 |  |  |

260

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Virginia Tax-Free Income Fund (continued)

|  | Proposed | Total |
| --- | --- | --- |
| Franklin, Virginia, 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 |
| Franklin, Virginia, 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 |
| Franklin, Virginia, 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 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 140

FRANKLIN T2A FREE TRUST

# Notes to Schedules of Investments (unaudited)

| 1. Organization, Tech Foundation, Inc., Reaiman, 2013 A, 4N, 6/01/30 | 3,700,000 | 3,700,000 |
| --- | --- | --- |
| 2. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 3. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 4. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 5. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 6. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 7. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 8. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 9. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 10. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 11. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 12. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 13. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 14. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 15. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 16. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 17. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 18. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 19. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |
| 20. International Financial Services (IFRS) | 5,100,000 | 5,100,000 |

260 Quarterly Schedules of Investments

FRANKLIN TAX FREE TRUST

NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED)

# 3. Restricted Securities

The Funds may be subject to a different federal, state, and local laws. The Funds may be subject to a different federal, state, and local laws. The Funds may be subject to a different federal, state, and local laws. The Funds may be subject to a different federal, state, and local laws.

Quarterly Schedules of Instruments

(A)

FRANKLIN TZA-FREE TRUST

NOTES TO SCHEDULES OF INVESTMENTS (UNADJUTED)

4. Investimento in Affiliated Management Investment Companies

Investimento in Affiliated Management Investment Companies, Inc. is a member of the American Stock Exchange (AAT) and is a member of the American Stock Exchange (AAC) (the American Stock Exchange) and a member of the American Stock Exchange (AAC) (the American Stock Exchange).

Investimento in Affiliated Management Investment Companies, Inc. is a member of the American Stock Exchange (AAC) and is a member of the American Stock Exchange (AAC) (the American Stock Exchange).

Investimento in Affiliated Management Investment Companies, Inc. is a member of the American Stock Exchange (AAC) and is a member of the American Stock Exchange (AAC) (the American Stock Exchange).

Investimento in Affiliated Management Investment Companies, Inc. is a member of the American Stock Exchange (AAC) and is a member of the American Stock Exchange (AAC) (the American Stock Exchange).

Investimento in Affiliated Management Investment Companies, Inc. is a member of the American Stock Exchange (AAC) and is a member of the American Stock Exchange (AAC) (the American Stock Exchange).

Investimento in Affiliated Management Investment Companies, Inc. is a member of the American Stock Exchange (AAC) and is a member of the American Stock Exchange (AAC) (the American Stock Exchange).

Investimento in Affiliated Management Investment Companies, Inc. is a member of the American Stock Exchange (AAC) and is a member of the American Stock Exchange (AAC) (the American Stock Exchange).

Investimento in Affiliated Management Investment Companies, Inc. is a member of the American Stock Exchange (AAC) and is a member of the American Stock Exchange (AAC) (the American Stock Exchange).

Investimento in Affiliated Management Investment Companies, Inc. is a member of the American Stock Exchange (AAC) and is a member of the American Stock Exchange (AAC) (the American Stock Exchange).

Investimento in Affiliated Management Investment Companies, Inc. is a member of the American Stock Exchange (AAC) and is a member of the American Stock Exchange (AAC) (the American Stock Exchange).

Investimento in Affiliated Management Investment Companies, Inc. is a member of the American Stock Exchange (AAC) and is a member of the American Stock Exchange (AAC) (the American Stock Exchange).

Investimento in Affiliated Management Investment Companies, Inc. is a member of the American Stock Exchange (AAC) and is a member of the American Stock Exchange (AAC) (the American Stock Exchange).

262 Quarterly Schedule of Investments

FRANKLIN TEAK PRESS TRUST

NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED)

6. Executive Measurement
1,135,000,000
1,135,000,000

Debt securities
1,135,000,000

Debt securities
1,135,000,000

Debt securities
1,135,000,000

Debt securities
1,135,000,000

Debt securities
1,135,000,000

Quarterly Schedules of Investments

141

FRANKLIN TAX FREE TRUST

NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED)

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

5. Fair Value Measurements

---

202 | Quarterly Schedule of Investments

FINANCIAL TAX FREE TRUST

NOTES TO SCHEDULES OF INVESTMENTS (UNADJUTED)

# 5. Fair Value Measurements

The following table provides the information in a specific format:

Quarterly Schedules of Investments

145

FRANKLIN TAX FREE TRUST

NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED)

# **Abbreviations**

| First Year Term Investments | 2015 | 2016 | 2017 |
| --- | --- | --- | --- |
| First Year Term Investments | 2015 | 2016 | 2017 |
| First Year Term Investments | 2015 | 2016 | 2017 |
| First Year Term Investments | 2015 | 2016 | 2017 |
| First Year Term Investments | 2015 | 2016 | 2017 |

For additional information on the Funds' significant accounting policies, please refer to the Funds' most recent semiannual or annual shareholder report.

200 Quarterly Schedule of Investments

The following is a list of the 100,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

| Final/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/Established/ | 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 |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

[{"box_2d": [19, 73, 461, 129], "label": "table", "caption": "

| Year Ended December 31, | 2018 | 2017 | 2016 |
| --- | --- | --- | --- |
| Shares outstanding at December 31, 2017 |  |  |  |
| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |
| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |
| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |
| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |
| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

| Shares outstanding at December 31, 2017 | $ - | $ - | $ - |
| --- | --- | --- | --- |

<table><tr><td>Shares outstanding at December 31, 2017</td><td>$ -</td><td>$ -</td><td>$ -</td></tr></tabletable

| Total Investments in Securities | $- | $1,230,208,214 | $2,250,006 | $1,232,400,214 |
| --- | --- | --- | --- | --- |
| Franklin Oregon Tax-Free Income Fund Assets |  |  |  |  |
| Investments in Securities |  |  |  |  |
| Corporate Bonds | - | - | 2,500,000 | 2,500,000 |
| Principal Bonds | - | $82,001,413 | - | $82,001,413 |
| Short Term Investments | - | 600,000 | - | 600,000 |
| Total Investments in Securities | $- | $883,001,413 | $2,500,006 | $886,101,413 |

## 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 Connecticut Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006930

- **c. LEI of Series:** 549300Q26QWL1VWSV188

**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:** $150440470.01

**Total Liabilities:** $503108.49

**Net Assets:** $149937361.52

**Cash Not Reported:** $254815.89

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -638.32000000 | **10-Year:** -52195.90000000 | **30-Year:** -48255.19000000

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

- **3-Month:** 0.00000000 | **1-Year:** -45.18000000 | **5-Year:** 0.00000000 | **10-Year:** -1911.33000000 | **30-Year:** -2074.49000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018799 | -4.49%               | -0.76%               | 5.60%                |
| Class ID C000194371 | -4.47%               | -0.71%               | 5.58%                |
| Class ID C000205909 | -4.48%               | -0.73%               | 5.55%                |
| Class ID C000018798 | -4.48%               | -0.72%               | 5.57%                |
| Class ID C000079644 | -4.36%               | -0.83%               | 5.70%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-220285.12              | $-6909383.81                               |
| Month 2  | $14471.84                | $-1474759.46                               |
| Month 3  | $-289216.86              | $8021114.74                                |

### 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    | 0.26%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series F        | CUSIP: 20775DGB2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    310000 | PA      | $321361.93    | 0.21%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series N        | CUSIP: 20774YND5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5031592.50   | 3.36%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pecan Public Facility Corp.                                           | Pecan Public Facility Corp., Series 2022 A-2                                 | CUSIP: 705125AB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $459152.85    | 0.31%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                             | University of Connecticut, Series 2017 A                                     | CUSIP: 914233L82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059693.60   | 0.71%             | 2037-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                 | Connecticut Housing Finance Authority, Series 2019 E-E1                      | CUSIP: 20775C3Q5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1493722.80   | 1.00%             | 2049-11-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series 2021 E   | CUSIP: 20775DQU9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    735000 | PA      | $624911.04    | 0.42%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                             | New Jersey Economic Development Authority, Series 2021 QQQ                   | CUSIP: 64577XCM6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    100000 | PA      | $98094.77     | 0.07%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series F        | CUSIP: 20775DGE6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    315000 | PA      | $321756.34    | 0.21%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series 2021 E   | CUSIP: 20775DQV7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $982103.38    | 0.66%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Hamden CT                                                     | Town of Hamden, Series 2021                                                  | CUSIP: 406793AT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $493394.55    | 0.33%             | 2041-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New Haven CT                                                  | City of New Haven, Series 2021 A                                             | CUSIP: 645021BT2<br>LEI: 549300U4OHEAZ124LQ06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1882997.20   | 1.26%             | 2040-08-01      | Fixed         | 4.00%                 | 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        |    500000 | PA      | $366610.80    | 0.24%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series F        | CUSIP: 20775DGC0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    480000 | PA      | $494583.98    | 0.33%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                            | Capital Trust Agency, Inc., Series 2021 A-1                                  | CUSIP: 14052TDY7<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $329283.40    | 0.22%             | 2057-01-01      | Fixed         | 3.68%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series R        | CUSIP: 20775DHF2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2313689.50   | 1.54%             | 2045-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                              | State of Connecticut, Series 2021 A                                          | CUSIP: 207758D42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1092453.56   | 0.73%             | 2040-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Stratford CT                                                  | Town of Stratford, Series 2017                                               | CUSIP: 8628115P7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049901.70   | 0.70%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                              | State of Connecticut, Series 2018 A                                          | CUSIP: 207758XQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084188.00   | 0.72%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series Q-1      | CUSIP: 20774YYR2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9270543.60   | 6.18%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Rockdale County                              | Development Authority of Rockdale County, Series 2021 A-1                    | CUSIP: 77300QAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $483422.31    | 0.32%             | 2036-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Bridgeport CT                                                 | City of Bridgeport, Series 2021 A                                            | CUSIP: 108152KA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    765000 | PA      | $736616.66    | 0.49%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority          | Connecticut State Higher Education Supplement Loan Authority, Series 2021 B  | CUSIP: 207743WJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $1943081.75   | 1.30%             | 2037-11-15      | Fixed         | 2.25%                 | 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    | 0.26%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Town of Stafford CT                                                   | Town of Stafford, Series 2021                                                | CUSIP: 852410ML0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $223298.58    | 0.15%             | 2036-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Clean Water Fund - State Revolving Fund          | State of Connecticut, Series 2015 A                                          | CUSIP: 20775YCR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042778.40   | 0.70%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Stratford CT                                                  | Town of Stratford, Series 2020 A                                             | CUSIP: 8628117M2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $294274.38    | 0.20%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                              | State of Connecticut, Series 2020 A                                          | CUSIP: 207758A45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000440.80   | 0.67%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hartford County Metropolitan District Clean Water Project Revenue     | Hartford County Metropolitan District, Series 2014 A                         | CUSIP: 416498BY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2612451.50   | 1.74%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                     | State of Illinois, Series 2020 C                                             | CUSIP: 4521527G0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $880201.70    | 0.59%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series F        | CUSIP: 20775DGG1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    860000 | PA      | $854415.07    | 0.57%             | 2042-07-01      | 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    | 0.26%             | 2037-01-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                              | State of Connecticut                                                         | CUSIP: 207758A60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2199806.20   | 1.47%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Central Connecticut Regional Water Authority                    | South Central Connecticut Regional Water Authority, Series B-Thirty Second   | CUSIP: 8372274F1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1808501.57   | 1.21%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                              | Public Finance Authority, Series 2021                                        | CUSIP: 74441XHB8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.67%             | 2023-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                             | New Jersey Economic Development Authority, Series 2021 QQQ                   | CUSIP: 64577XCL8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |    300000 | PA      | $296972.43    | 0.20%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                              | State of Connecticut, Series 2021 A                                          | CUSIP: 207758D59<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1654369.65   | 1.10%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                  | State of Connecticut, Series 2020 C                                          | CUSIP: 20772KLD9<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    600000 | PA      | $604178.16    | 0.40%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Clean Water Fund - State Revolving Fund          | State of Connecticut, Series 2015 A                                          | CUSIP: 20775YCF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5222766.00   | 3.48%             | 2034-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                  | Lake Houston Redevelopment Authority, Series 2021                            | CUSIP: 51001QAV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $545291.68    | 0.36%             | 2047-09-01      | Fixed         | 3.00%                 | 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        |    750000 | PA      | $481679.78    | 0.32%             | 2037-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                 | Connecticut Housing Finance Authority, Series 2020 C-1                       | CUSIP: 20775HAX1<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $770420.60    | 0.51%             | 2037-05-15      | Fixed         | 2.05%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                              | State of Connecticut, Series 2016 A                                          | CUSIP: 207758VV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072641.00   | 0.72%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series L        | CUSIP: 20775DKV3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2210000 | PA      | $1644815.93   | 1.10%             | 2046-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Highway & Transportation Authority                        | Puerto Rico Highway & Transportation Authority, Series CC                    | CUSIP: 745181F85<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | PR        |   1480000 | PA      | $1508298.04   | 1.01%             | 2031-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Town of Stratford CT                                                  | Town of Stratford, Series 2020 A                                             | CUSIP: 8628117H3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302943.21    | 0.20%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series S        | CUSIP: 20775DMS8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3672499.60   | 2.45%             | 2051-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                 | Connecticut Housing Finance Authority, Series 2019 E-E1                      | CUSIP: 20775C3P7<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $3895077.50   | 2.60%             | 2044-11-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| City of Ansonia CT                                                    | City of Ansonia, Series 2021 A                                               | CUSIP: 036519RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $438326.95    | 0.29%             | 2037-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Highway & Transportation Authority                        | Puerto Rico Highway & Transportation Authority, Series CC                    | CUSIP: 745181C70<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | PR        |   2010000 | PA      | $1995199.37   | 1.33%             | 2034-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                              | State of Connecticut, Series 2020 A                                          | CUSIP: 207758ZY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $5048208.90   | 3.37%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series 2001 V-2 | CUSIP: 20774LRU1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | STIV             | MUN               | US        |   1500000 | PA      | $1500000.00   | 1.00%             | 2036-07-01      | Variable      | 0.70%                 | 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        |    400000 | PA      | $314748.44    | 0.21%             | 2044-12-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of West Haven CT                                                 | City of West Haven, Series 2021                                              | CUSIP: 953140V31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $541422.55    | 0.36%             | 2041-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Clean Water Fund - State Revolving Fund          | State of Connecticut, Series 2017 A                                          | CUSIP: 20775YDT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3227897.40   | 2.15%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series 2019 A   | CUSIP: 20775DCR1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $912453.90    | 0.61%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority          | Connecticut State Higher Education Supplement Loan Authority, Series 2020 D  | CUSIP: 207743VZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1157723.70   | 0.77%             | 2035-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                             | University of Connecticut, Series 2013 A                                     | CUSIP: 914233XR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3041208.30   | 2.03%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series F        | CUSIP: 20775DGA4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    345000 | PA      | $359871.54    | 0.24%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                        | New Jersey Transportation Trust Fund Authority, Series 2020 AA               | CUSIP: 6461367N5<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |    230000 | PA      | $166777.12    | 0.11%             | 2050-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of New Britain CT                                                | City of New Britain, Series 2017 C                                           | CUSIP: 6427138A2<br>LEI: 549300MERJSUOPGAV271 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055834.00   | 0.70%             | 2036-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Bradley International Airport CFC Revenue        | State of Connecticut, Series 2019 A                                          | CUSIP: 20773CAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1393743.82   | 0.93%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series D-1      | CUSIP: 20775DRK0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $918426.80    | 0.61%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series 2019 A   | CUSIP: 20775DCT7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   6310000 | PA      | $5603594.24   | 3.74%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series L        | CUSIP: 20774YXG7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   8250000 | PA      | $8389422.53   | 5.60%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Higher Education Supplement Loan Authority          | Connecticut State Higher Education Supplement Loan Authority, Series 2020 B  | CUSIP: 207743VJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1640000 | PA      | $1418777.45   | 0.95%             | 2036-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Town of Stratford CT                                                  | Town of Stratford, Series 2020 A                                             | CUSIP: 8628117K6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $299547.06    | 0.20%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series F        | CUSIP: 20775DGD8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    600000 | PA      | $614818.20    | 0.41%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series K        | CUSIP: 20775DJM5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    550000 | PA      | $593978.17    | 0.40%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bridgeport CT                                                 | City of Bridgeport, Series 2021 A                                            | CUSIP: 108152KD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $508817.39    | 0.34%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series 2016     | CUSIP: 20774YYM3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5123515.50   | 3.42%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                  | State of Connecticut, Series 2020 A                                          | CUSIP: 20772KJB6<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   7250000 | PA      | $7332415.10   | 4.89%             | 2038-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series 2018 B   | CUSIP: 20774Y7F8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4055770.40   | 2.70%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Stafford CT                                                   | Town of Stafford, Series 2021                                                | CUSIP: 852410MR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $247055.58    | 0.16%             | 2041-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series F        | CUSIP: 20775DGF3<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    380000 | PA      | $386425.50    | 0.26%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series I-1      | CUSIP: 20774Y2C0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   4375000 | PA      | $4510263.19   | 3.01%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series 2022 P   | CUSIP: 20775DTX0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1990949.40   | 1.33%             | 2052-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series K        | CUSIP: 20775DJT0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1104904.56   | 0.74%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Bridgeport CT                                                 | City of Bridgeport, Series 2021 A                                            | CUSIP: 108152KC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $339643.50    | 0.23%             | 2046-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Stafford CT                                                   | Town of Stafford, Series 2021                                                | CUSIP: 852410MN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $265909.85    | 0.18%             | 2038-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series 2021 A   | CUSIP: 20775DQG0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5502861.60   | 3.67%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series M        | CUSIP: 20775DPH9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2395756.37   | 1.60%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority           | Connecticut State Health & Educational Facilities Authority, Series L-1      | CUSIP: 20774YQ67<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4582281.00   | 3.06%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                             | University of Connecticut, Series 2014 A                                     | CUSIP: 914233ZB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048591.00   | 1.37%             | 2031-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Stamford CT Water Pollution Control System & Facility Revenue | City of Stamford, Series 2013 A                                              | CUSIP: 852660CL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012871.40   | 0.68%             | 2043-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut Housing Finance Authority                                 | Connecticut Housing Finance Authority, Series 2020 C-2                       | CUSIP: 20775HBU6<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    960000 | PA      | $812709.98    | 0.54%             | 2034-11-15      | Fixed         | 2.20%                 | 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