# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0001752724-23-008679
**Filing Date:** 2023-1
**Character Count:** 594848
**Document Hash:** dac4339ea61e89fcc406ddee9dddfa19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-008679.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-008679

**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:** 23543665

**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 FEDERAL LIMITED-TERM TAX-FREE INCOME FUND (Series ID: S000006933)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018804 | CLASS A1      | FFTFX           |
| C000096868 | Advisor Class | FTFZX           |
| C000194373 | Class R6      | FFTRX           |
| C000205911 | Class A       | FFLQX           |

## 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)

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Georgia Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Georgia Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

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

# Franklin High Yield Tax-Free Income Fund

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

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

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

60

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

See Notes to Schedules of Investments Quarterly Schedule of Investments 75

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)[{"box_2d": [18, 65, 460, 122], "label": "table", "caption": "

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TEA-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tea-Free Income Fund (continued)

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

10

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Table 1: The total of the total amount of the financial assets, December 31, 2011, including:

Table 2: The total of the total amount of the financial assets, December 31, 2011, including:

Table 3: The total of the total amount of the financial assets, December 31, 2011, including:[{"box_2d": [230, 440, 461,

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

| ISSUE | QUANTITY |
| --- | --- |
| 1. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 2. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 3. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 4. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 5. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 6. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 7. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 8. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 9. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 10. Financial Statements and Statements of Financial Statements | 1,000,000 |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Franklin Corporation's Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 2,000,000,000 | 2,000,000,000 |
| --- | --- | --- |
| Franklin Corporation's Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 2,000,000,000 | 2,000,000,000 |
| Franklin Corporation's Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 2,000,000,000 | 2,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 85

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

| Year | Funded | Total |
| --- | --- | --- |
| 1. First National Income Tax Fund (1st National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 2. First National Income Tax Fund (2nd National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 3. First National Income Tax Fund (3rd National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 4. First National Income Tax Fund (4th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 5. First National Income Tax Fund (5th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 6. First National Income Tax Fund (6th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 7. First National Income Tax Fund (7th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 8. First National Income Tax Fund (8th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 9. First National Income Tax Fund (9th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 10. First National Income Tax Fund (10th National Income Tax Fund) | 1,000,000 | 1,000,000 |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| 1. 2017年1月1日 | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. 2017年1月2日 | 1,000,000.00 | 1,000,000.00 |
| 3. 2017年1月3日 | 1,000,000.00 | 1,000,000.00 |
| 4. 2017年1月4日 | 1,000,000.00 | 1,000,000.00 |
| 5. 2017年1月5日 | 1,000,000.00 | 1,000,000.00 |
| 6. 2017年1月6日 | 1,000,000.00 | 1,000,000.00 |
| 7. 2017年1月7日 | 1,000,000.00 | 1,000,000.00 |
| 8. 2017年1月8日 | 1,000,000.00 | 1,000,000.00 |
| 9. 2017年1月9日 | 1,000,000.00 | 1,000,000.00 |
| 10. 2017年1月10日 | 1,000,000.00 | 1,000,000.00 |
| 11. 2017年1月11日 | 1,000,000.00 | 1,000,000.00 |
| 12. 2017年1月12日 | 1,000,000.00 | 1,000,000.00 |
| 13. 2017年1月13日 | 1,000,000.00 | 1,000,000.00 |
| 14. 2017年1月14日 | 1,000,000.00 | 1,000,000.00 |
| 15. 2017年1月15日 | 1,000,000.00 | 1,000,000.00 |
| 16. 2017年1月16日 | 1,000,000.00 | 1,000,000.00 |
| 17. 2017年1月17日 | 1,000,000.00 | 1,000,000.00 |
| 18. 2017年1月18日 | 1,000,000.00 | 1,000,000.00 |
| 19. 2017年1月19日 | 1,000,000.00 | 1,000,000.00 |
| 20. 2017年1月20日 | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 87

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNMUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Value |
| --- | --- |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 40

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

| Fund | Percentage | U.S. Tax |
| --- | --- | --- |
| 1. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 2. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 3. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 4. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 5. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 6. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 7. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 8. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 9. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 10. Franklin High Yield Tax-Free Income Fund (continued) |  |  |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Funded | Funded |
| --- | --- |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 101

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

| Year | 1st Year | 2nd Year |
| --- | --- | --- |
| 1. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 2. Assets | 1,000,000,000 | 1,000,000,000 |
| 3. Assets | 1,000,000,000 | 1,000,000,000 |
| 4. Assets | 1,000,000,000 | 1,000,000,000 |
| 5. Assets | 1,000,000,000 | 1,000,000,000 |
| 6. Assets | 1,000,000,000 | 1,000,000,000 |
| 7. Assets | 1,000,000,000 | 1,000,000,000 |
| 8. Assets | 1,000,000,000 | 1,000,000,000 |
| 9. Assets | 1,000,000,000 | 1,000,000,000 |
| 10. Assets | 1,000,000,000 | 1,000,000,000 |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Proposed |
| --- | --- |
| 1. $1,000,000.00 | 1,000,000.00 |
| 2. $1,000,000.00 | 1,000,000.00 |
| 3. $1,000,000.00 | 1,000,000.00 |
| 4. $1,000,000.00 | 1,000,000.00 |
| 5. $1,000,000.00 | 1,000,000.00 |
| 6. $1,000,000.00 | 1,000,000.00 |
| 7. $1,000,000.00 | 1,000,000.00 |
| 8. $1,000,000.00 | 1,000,000.00 |
| 9. $1,000,000.00 | 1,000,000.00 |
| 10. $1,000,000.00 | 1,000,000.00 |
| 11. $1,000,000.00 | 1,000,000.00 |
| 12. $1,000,000.00 | 1,000,000.00 |
| 13. $1,000,000.00 | 1,000,000.00 |
| 14. $1,000,000.00 | 1,000,000.00 |
| 15. $1,000,000.00 | 1,000,000.00 |
| 16. $1,000,000.00 | 1,000,000.00 |
| 17. $1,000,000.00 | 1,000,000.00 |
| 18. $1,000,000.00 | 1,000,000.00 |
| 19. $1,000,000.00 | 1,000,000.00 |
| 20. $1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 145

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

| Fund | 2016 | 2015 |
| --- | --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 1. The Bank of America, Inc. (1) is a member of the Bank of America, Inc. (2) is a member of the Bank of America, Inc. (3) is a member of the Bank of America, Inc. (4) is a member of the Bank of America, Inc. (5) is a member of the Bank of America, Inc. (6) is a member of the Bank of America, Inc. (7) is a member of the Bank of America, Inc. (8) is a member of the Bank of America, Inc. (9) is a member of the Bank of America, Inc. (10) is a member of the Bank of America, Inc. (11) is a member of the Bank of America, Inc. (12) is a member of the Bank of America, Inc. (13) is a member of the Bank of America, Inc. (14) is a member of the Bank of America, Inc. (15) is a member of the Bank of America, Inc. (16) is a member of the Bank of America, Inc. (17) is a member of the Bank of America, Inc. (18) is a member of the Bank of America, Inc. (19) is a member of the Bank of America, Inc. (20) is a member of the Bank of America, Inc. (21) is a member of the Bank of America, Inc. (22) is a member of the Bank of America, Inc. (23) is a member of the Bank of America, Inc. (24) is a member of the Bank of America, Inc. (25) is a member of the Bank of America, Inc. (26) is a member of the Bank of America, Inc. (27) is a member of the Bank of America, Inc. (28) is a member of the Bank of America, Inc. (29) is a member of the Bank of America, Inc. (30) is a member of the Bank of America, Inc. (31) is a member of the Bank of America, Inc. (32) is a member of the Bank of America, Inc. (33) is a member of the Bank of America, Inc. (34) is a member of the Bank of America, Inc. (35) is a member of the Bank of America, Inc. (36) is a member of the Bank of America, Inc. (37) is a member of the Bank of America, Inc. (38) is a member of the Bank of America, Inc. (39) is a member of the Bank of America, Inc. (40) is a member of the Bank of America, Inc. (41) is a member of the Bank of America, Inc. (42) is a member of the Bank of America, Inc. (43) is a member of the Bank of America, Inc. (44) is a member of the Bank of America, Inc. (45) is a member of the Bank of America, Inc. (46) is a member of the Bank of America, Inc. (47) is a member of the Bank of America, Inc. (48) is a member of the Bank of America, Inc. (49) is a member of the Bank of America, Inc. (50) is a member of the Bank of America, Inc. (51) is a member of the Bank of America, Inc. (52) is a member of the Bank of America, Inc. (53) is a member of the Bank of America, Inc. (54) is a member of the Bank of America, Inc. (55) is a member of the Bank of America, Inc. (56) is a member of the Bank of America, Inc. (57) is a member of the Bank of America, Inc. (58) is a member of the Bank of America, Inc. (59) is a member of the Bank of America, Inc. (60) is a member of the Bank of America, Inc. (61) is a member of the Bank of America, Inc. (62) is a member of the Bank of America, Inc. (63) is a member of the Bank of America, Inc. (64) is a member of the Bank of America, Inc. (65) is a member of the Bank of America, Inc. (66) is a member of the Bank of America, Inc. (67) is a member of the Bank of America, Inc. (68) is a member of the Bank of America, Inc. (69) is a member of the Bank of America, Inc. (70) is a member of the Bank of America, Inc. (71) is a member of the Bank of America, Inc. (72) is a member of the Bank of America, Inc. (73) is a member of the Bank of America, Inc. (74) is a member of the Bank of America, Inc. (75) is a member of the Bank of America, Inc. (76) is a member of the Bank of America, Inc. (77) is a member of the Bank of America, Inc. (78) is a member of the Bank of America, Inc. (79) is a member of the Bank of America, Inc. (80) is a member of the Bank of America, Inc. (81) is a member of the Bank of America, Inc. (82) is a member of the Bank of America, Inc. (83) is a member of the Bank of America, Inc. (84) is a member of the Bank of America, Inc. (85) is a member of the Bank of America, Inc. (86) is a member of the Bank of America, Inc. (87) is a member of the Bank of America, Inc. (88) is a member of the Bank of America, Inc. (89) is a member of the Bank of America, Inc. (90) is a member of the Bank of America, Inc. (91) is a member of the Bank of America, Inc. (92) is a member of the Bank of America, Inc. (93) is a member of the Bank of America, Inc. (94) is a member of the Bank of America, Inc. (95) is a member of the Bank of America, Inc. (96) is a member of the Bank of America, Inc. (97) is a member of the Bank of America, Inc. (98) is a member of the Bank of America, Inc. (99) is a member of the Bank of America, Inc. (100) |  |  |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNMUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Proposed |
| --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) | 14,000,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 107

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

| ISSUE | 2018 | 2017 |
| --- | --- | --- |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |

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

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNMUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Proposed | 2017-2018 |
| --- | --- | --- |
| Franklin High Yield Tax Free Income Fund (continued) | 4,000,000 | 3,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 7,000,000 | 6,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 7,000,000 | 6,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 7,000,000 | 6,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 11,000,000 | 11,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 1,000,000 | 1,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 1,000,000 | 1,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 1,000,000 | 1,000,000 |

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

FRANKLIN T2A-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

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

108

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Value | Percentage |
| --- | --- | --- |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 211

FRANKLIN TAX-FREE TRUST

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

# Franklin Louisiana Tax-Free Income Fund

| 1. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 3. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 4. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 5. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 6. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 7. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 8. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 9. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 10. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |

322 Quarterly Schedule of Investments Free Notes to Schedule of Investments

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Louisiana Tax-Free Income Fund (continued)

| Management Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Financial Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |
| Financial Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |
| Financial Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |
| Financial Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 222

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Louisiana Tax-Free Income Fund (continued)

| Line | Value | Amount |
| --- | --- | --- |
| 1. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 2. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 3. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 4. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 5. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 6. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 7. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 8. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 9. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 10. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 11. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 12. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 13. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 14. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Louisiana Tax-Free Income Fund (continued)

| 1. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 1,000,000.00 | 1,000,000.00 |
| 3. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 225

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Louisiana Tax-Free Income Fund (continued)

| Description | Value | Percentage |
| --- | --- | --- |
| Amounts | $1,000,000 | 100% |
| Interest | 1,000,000 | 100% |
| Interest on the basis of tax | 1,000,000 | 100% |
| Interest on the basis of tax | 1,000,000 | 100% |
| Interest on the basis of tax | 1,000,000 | 100% |
| Interest on the basis of tax | 1,000,000 | 100% |

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

FRANKLIN TAX-FREE TRUST

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

# Franklin Maryland Tax-Free Income Fund

| Description | Proposed | 2022 |
| --- | --- | --- |
| 1. The Franklin Maryland Tax Free Income Fund (FAA) is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 2. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 3. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 4. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 5. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 6. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 7. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 8. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 9. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 10. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 217

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Maryland Tax-Free Income Fund (continued)

| American American Financial Corporation, 2021 to ASAPC (Internal, Dth, 1/20/22) | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| American American Financial Corporation, 2021 to ASAPC (Internal, Dth, 1/20/22) | 1,000,000.00 | 1,000,000.00 |
| American American Financial Corporation, 2021 to ASAPC (Internal, Dth, 1/20/22) | 1,000,000.00 | 1,000,000.00 |
| American American Financial Corporation, 2021 to ASAPC (Internal, Dth, 1/20/22) | 1,000,000.00 | 1,000,000.00 |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Maryland Tax-Free Income Fund (continued)

|  | Proposed |  |
| --- | --- | --- |
| 2014 | 0.1% | 0.1% |
| 2015 | 0.1% | 0.1% |
| 2016 | 0.1% | 0.1% |
| 2017 | 0.1% | 0.1% |
| 2018 | 0.1% | 0.1% |
| 2019 | 0.1% | 0.1% |
| 2020 | 0.1% | 0.1% |
| 2021 | 0.1% | 0.1% |
| 2022 | 0.1% | 0.1% |
| 2023 | 0.1% | 0.1% |
| 2024 | 0.1% | 0.1% |
| 2025 | 0.1% | 0.1% |
| 2026 | 0.1% | 0.1% |
| 2027 | 0.1% | 0.1% |
| 2028 | 0.1% | 0.1% |
| 2029 | 0.1% | 0.1% |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 229

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Maryland Tax-Free Income Fund (continued)

| Description | Value | Value |
| --- | --- | --- |
| Cash and cash equivalents at the beginning of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the end of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the end of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the end of the year | $1,000,000 | $1,000,000 |

120

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

FRANKLIN TAX-FREE TRUST

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

# Franklin Massachusetts Tax-Free Income Fund

|  | Proposed | Unaudited |
| --- | --- | --- |
| 1. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 7,000,000,000 | 7,000,000,000 |
| 2. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 5,000,000,000 | 5,000,000,000 |
| 3. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 2,000,000,000 | 2,000,000,000 |
| 4. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 1,000,000,000 | 1,000,000,000 |
| 5. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 8,000,000,000 | 8,000,000,000 |
| 6. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 1,000,000,000 | 1,000,000,000 |
| 7. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 1,000,000,000 | 1,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 101

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Massachusetts Tax Free Income Fund (continued)

| Amount (In millions) | Proportion | 2023 |
| --- | --- | --- |
| Net Income (In millions) | 1.00% | 1.00% |
| Net Income (In millions) | 1.00% | 1.00% |
| Net Income (In millions) | 1.00% | 1.00% |
| Net Income (In millions) | 1.00% | 1.00% |
| Net Income (In millions) | 1.00% | 1.00% |

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Massachusetts Tax-Free Income Fund (continued)

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

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 123

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Massachusetts Tax-Free Income Fund (continued)

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

304

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Massachusetts Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

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

Franklin Michigan Tax-Free Income Fund

| Description | Amount |
| --- | --- |
| 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, 461, 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)[{"box_2d": [19, 68, 461, 125], "label": "table", "caption": "

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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, 3001年1月1日, 3002年1月1日, 3003年1月1日, 3004年1月1日, 3005年1月1日, 3006年1月1日, 3007年1月1日, 3008年1月1日, 3009年1月1日, 3010年1月1日, 3011年1月1日, 3012年1月1日, 3013年1月1日, 3014年1月1日, 3015年1月1日, 3016年1月1日, 3017年1月1日, 3018年1月1日, 3019年1月1日, 3020年1月1日, 3021年1月1日, 3022年1月1日, 3023年1月1日, 3024年1月1日, 3025年1月1日, 3026年1月1日, 3027年1月1日, 3028年1月1日, 3029年1月1日, 3030年1月1日, 3031年1月1日, 3032年1月1日, 3033年1月1日, 3034年1月1日, 3035年1月1日, 3036年1月1日, 3037年1月1日, 3038年1月1日, 3039年1月1日, 3040年1月1日, 3041年1月1日, 3042年1月1日, 3043年1月1日, 3044年1月1日, 3045年1月1日, 3046年1月1日, 3047年1月1日, 3048年1月1日, 3049年1月1日, 3050年1月1

See Notes to Schedules of Investments

Quarterly Schedule of Investments

143

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Missouri Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Missouri Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Missouri Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST

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

# Franklin New Jersey Tax-Free Income Fund

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin New Jersey Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

| 1. $ | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. $ | 1,000,000.00 | 1,000,000.00 |
| 3. $ | 1,000,000.00 | 1,000,000.00 |
| 4. $ | 1,000,000.00 | 1,000,000.00 |
| 5. $ | 1,000,000.00 | 1,000,000.00 |
| 6. $ | 1,000,000.00 | 1,000,000.00 |
| 7. $ | 1,000,000.00 | 1,000,000.00 |
| 8. $ | 1,000,000.00 | 1,000,000.00 |
| 9. $ | 1,000,000.00 | 1,000,000.00 |
| 10. $ | 1,000,000.00 | 1,000,000.00 |
| 11. $ | 1,000,000.00 | 1,000,000.00 |
| 12. $ | 1,000,000.00 | 1,000,000.00 |
| 13. $ | 1,000,000.00 | 1,000,000.00 |
| 14. $ | 1,000,000.00 | 1,000,000.00 |
| 15. $ | 1,000,000.00 | 1,000,000.00 |
| 16. $ | 1,000,000.00 | 1,000,000.00 |
| 17. $ | 1,000,000.00 | 1,000,000.00 |
| 18. $ | 1,000,000.00 | 1,000,000.00 |
| 19. $ | 1,000,000.00 | 1,000,000.00 |
| 20. $ | 1,000,000.00 | 1,000,000.00 |

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Franklin Tax Free Trust

- **b. Investment Company Act file number:** 811-04149

- **c. CIK number of Registrant:** 0000757010

- **d. LEI of Registrant:** 549300C12HCE48FV1C70

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** One Franklin Parkway

  - **City:** San Mateo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94403-1906

  - **Telephone number:** 650-312-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Franklin Federal Limited-Term Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006933

- **c. LEI of Series:** 5493007EWSZA540FRT73

**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:** $1104354726.01

**Total Liabilities:** $10988957.31

**Net Assets:** $1093365768.70

**Delayed Delivery Securities:** $8575304.00

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1432.66000000 | **1-Year:** -39835.45000000 | **5-Year:** -99881.08000000 | **10-Year:** -40005.25000000 | **30-Year:** -48220.27000000

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

- **3-Month:** -296.36000000 | **1-Year:** -7143.85000000 | **5-Year:** -5045.32000000 | **10-Year:** -1388.77000000 | **30-Year:** -2873.10000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000205911 | -1.59%               | -0.29%               | 2.05%                |
| Class ID C000096868 | -1.66%               | -0.17%               | 1.97%                |
| Class ID C000018804 | -1.58%               | -0.29%               | 2.06%                |
| Class ID C000194373 | -1.56%               | -0.27%               | 2.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-26395.46               | $-21679452.16                              |
| Month 2  | $-3680141.12             | $-598124.83                                |
| Month 3  | $-1681683.86             | $22390026.36                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| County of Trimble KY                                                             | County of Trimble, Series 2001 A                                                                                       | CUSIP: 896224BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $2997038.48   | 0.27%             | 2026-09-01      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority, Series 2021 B-1                                                       | CUSIP: 13013JAG1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    470000 | PA      | $472993.81    | 0.04%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                                        | Newark Board of Education, Series 2021                                                                                 | CUSIP: 650370DD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413163.52    | 0.04%             | 2024-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Columbia Heights MN                                                      | City of Columbia Heights, Series 2022 A                                                                                | CUSIP: 19770RAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $988826.80    | 0.09%             | 2025-07-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                      | Atlanta Urban Residential Finance Authority, Series 2021 B                                                             | CUSIP: 04785VBH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2596512.36   | 0.24%             | 2025-01-01      | Variable      | 1.35%                 | No            |                  2 | On Loan: No      |
| Westmoreland County Industrial Development Authority                             | Westmoreland County Industrial Development Authority, Series 2020 A                                                    | CUSIP: 960875AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $376203.11    | 0.03%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Transportation Authority                                            | Jacksonville Transportation Authority, Series 2020                                                                     | CUSIP: 469494AY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1870402.73   | 0.17%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2022 A                                                                    | CUSIP: 19648FWD2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    900000 | PA      | $968468.04    | 0.09%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Special Care Facilities Financing Authority of the City of Pell City Alabama     | Special Care Facilities Financing Authority of the City of Pell City Alabama, Series 2021 A                            | CUSIP: 705888BU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1540456.20   | 0.14%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2018 A                                                                           | CUSIP: 56035DAK8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  10025000 | PA      | $10062986.73  | 0.92%             | 2048-04-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Laramie WY                                                             | County of Laramie, Series 2021                                                                                         | CUSIP: 516706CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $570555.26    | 0.05%             | 2027-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2022 A                                                                | CUSIP: 592250EF7<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2480048.50   | 0.23%             | 2024-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Power Agency                                                   | Florida Municipal Power Agency, Series 2017 A                                                                          | CUSIP: 342816N84<br>LEI: 549300M3I10QJUPNU131 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059732.10   | 0.10%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Valley Water Reclamation Facility                                          | South Valley Water Reclamation Facility, Series 2018                                                                   | CUSIP: 84059NBX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1231035.58   | 0.11%             | 2023-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-1, Class 1                                               | CUSIP: 118217CE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1704068.49   | 0.16%             | 2025-06-01      | Fixed         | 1.81%                 | No            |                  2 | On Loan: No      |
| Jacksonville Transportation Authority                                            | Jacksonville Transportation Authority, Series 2020                                                                     | CUSIP: 469494AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1720000 | PA      | $1746082.08   | 0.16%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017 D                                                                                       | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5025000 | PA      | $5248999.93   | 0.48%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                      | Eastern Kentucky University, Series 2021 A                                                                             | CUSIP: 276552GT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1244132.62   | 0.11%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina State Housing Finance & Development Authority                     | South Carolina State Housing Finance & Development Authority, Series 2021 B                                            | CUSIP: 83712EHP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1433495.25   | 0.13%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2022 C                                                                                    | CUSIP: 25477GVH5<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   9150000 | PA      | $10167490.07  | 0.93%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2016                                                                                | CUSIP: 59447TMC4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2128700.00   | 0.19%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFD5<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    100000 | PA      | $101080.49    | 0.01%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                     | Metropolitan Atlanta Rapid Transit Authority, Series 2018 A                                                            | CUSIP: 5917454E1<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11021694.20  | 1.01%             | 2023-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Michigan                                                           | University of Michigan, Series 2012 D-1                                                                                | CUSIP: 914455MB3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   6000000 | PA      | $6000000.00   | 0.55%             | 2024-12-01      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | City of Salt Lake City, Series 2021 A                                                                                  | CUSIP: 795576JJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $4086952.74   | 0.37%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TBG Hillcrest Senior II LP                                                       | TBG Hillcrest Senior II LP, Term Loan                                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   3965574 | PA      | $3965573.83   | 0.36%             | 2038-01-01      | Variable      | 4.58%                 | No            |                  3 | On Loan: No      |
| Las Vegas Valley Water District                                                  | Las Vegas Valley Water District, Series 2020 D                                                                         | CUSIP: 517845JE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2905100.83   | 0.27%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centennial Gardens LP                                                            | Centennial Gardens LP, Term Loan                                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  10901352 | PA      | $10901351.61  | 1.00%             | 2024-01-08      | Variable      | 4.58%                 | No            |                  3 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016                                                                                         | CUSIP: 452152G62<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10283678.00  | 0.94%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisville/Jefferson County Metropolitan Government                              | Louisville/Jefferson County Metropolitan Government, Series 2022 B                                                     | CUSIP: 546594AH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1950000 | PA      | $1886914.19   | 0.17%             | 2025-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Series 2022                                                                                       | CUSIP: 79625GFS7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4016695.60   | 0.37%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2023 A                                                                               | CUSIP: 45506EEG4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996707.80    | 0.09%             | 2023-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                                    | Central Texas Turnpike System, Series 2002 A                                                                           | CUSIP: 882762FG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3280000 | PA      | $2819941.62   | 0.26%             | 2027-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois                                                           | University of Illinois, Series 2021 A                                                                                  | CUSIP: 9143535K9<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |  11660000 | PA      | $11537655.12  | 1.06%             | 2025-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                                        | Newark Board of Education, Series 2021                                                                                 | CUSIP: 650370DC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304436.37    | 0.03%             | 2023-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2011 N                                                                | CUSIP: 57584YN47<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $898445.90    | 0.08%             | 2041-07-01      | Variable      | 0.45%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series 2021 C                                                                          | CUSIP: 63968A6M2<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2565884.00   | 0.23%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2022                                                               | CUSIP: 928104NF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1746335.85   | 0.16%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| THF Public Facility Corp.                                                        | THF Public Facility Corp., Series 2022                                                                                 | CUSIP: 883720AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3464225.45   | 0.32%             | 2040-03-01      | Variable      | 3.25%                 | No            |                  2 | On Loan: No      |
| Baytown Leased Housing Associates II Ltd.                                        | Baytown Leased Housing Associates II Ltd.                                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  25110000 | PA      | $25576101.86  | 2.34%             | 2040-08-01      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016                                                                                         | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    750000 | PA      | $777727.28    | 0.07%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2021 B                                                                               | CUSIP: 455059AL9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4107079.35   | 0.38%             | 2025-08-01      | Fixed         | 0.65%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2019                                                                                | CUSIP: 45204E2L1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   3695000 | PA      | $3677976.40   | 0.34%             | 2034-11-01      | Floating      | 3.87%                 | No            |                  2 | On Loan: No      |
| Kaufman County Fresh Water Supply District No. 1-D                               | Kaufman County Fresh Water Supply District No. 1-D, Series 2021                                                        | CUSIP: 48618TAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $134101.02    | 0.01%             | 2024-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018 A                                                                                       | CUSIP: 452152W64<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6317497.20   | 0.58%             | 2025-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Nebraska Public Power District                                                   | Nebraska Public Power District, Series 2021 C                                                                          | CUSIP: 63968A6L4<br>LEI: 5493001J0BLQRMOJKP23 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1503158.55   | 0.14%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series 2021 B                                                                 | CUSIP: 837151YA1<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.14%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dakota County Community Development Agency                                       | Dakota County Community Development Agency, Series 2020                                                                | CUSIP: 23409VET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5897141.40   | 0.54%             | 2024-06-01      | Variable      | 0.35%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                     | Development Authority of Monroe County (The), Series 2009                                                              | CUSIP: 610530FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1755412.60   | 0.16%             | 2049-07-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | Chicago Park District, Series 2020 F-2                                                                                 | CUSIP: 167615F32<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    500000 | PA      | $523406.40    | 0.05%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Series 2021 A                                                                                       | CUSIP: 452227RJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5035595.50   | 0.46%             | 2024-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Providence RI                                                            | City of Providence, Series 2021 A                                                                                      | CUSIP: 743787Z97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $528065.90    | 0.05%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Auburn School District No. 408 of King & Pierce Counties                         | Auburn School District No. 408 of King & Pierce Counties, Series 2018                                                  | CUSIP: 494619EJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3652289.85   | 0.33%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2021                                                               | CUSIP: 928103AN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $220364.40    | 0.02%             | 2025-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2021 C                                                                           | CUSIP: 56035DCS9<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.05%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                      | Eastern Kentucky University, Series 2021 A                                                                             | CUSIP: 276552GS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1156998.96   | 0.11%             | 2025-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                 | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNV7<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |    850000 | PA      | $891597.22    | 0.08%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | Allentown Neighborhood Improvement Zone Development Authority, Series 2022                                             | CUSIP: 018444BP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $616130.69    | 0.06%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., Series Sixteenth A                                                                         | CUSIP: 71783MBH7<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    600000 | PA      | $642529.44    | 0.06%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                          | Louisiana Stadium & Exposition District, Series 2022 A                                                                 | CUSIP: 546410CG4<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2939526.90   | 0.27%             | 2023-07-03      | Fixed         | 1.87%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                          | County of Montgomery, Series 2017 E                                                                                    | CUSIP: 6133408D3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | STIV             | MUN               | US        |   5100000 | PA      | $5100000.00   | 0.47%             | 2037-11-01      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health & Educational Facilities Authority, Series M                                                  | CUSIP: 20775DNT5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    175000 | PA      | $176658.67    | 0.02%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New York Mortgage Agency                                                | State of New York Mortgage Agency, Series 212                                                                          | CUSIP: 6498834M4<br>LEI: 549300ZQWNLLIG564027 | Long             | DBT              | MUN               | US        |    895000 | PA      | $885297.04    | 0.08%             | 2025-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2021 A                                                   | CUSIP: 708692BT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5775413.40   | 0.53%             | 2041-06-01      | Floating      | 2.30%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | Michigan Strategic Fund, Series 2001                                                                                   | CUSIP: 59468PAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3101344.95   | 0.28%             | 2027-08-01      | Variable      | 0.58%                 | No            |                  2 | On Loan: No      |
| Jacksonville Transportation Authority                                            | Jacksonville Transportation Authority, Series 2020                                                                     | CUSIP: 469494AZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1901612.16   | 0.17%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Hawaii                                                             | University of Hawaii, Series 2020 D                                                                                    | CUSIP: 91428LNV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $624555.72    | 0.06%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta Urban Residential Finance Authority                                      | Atlanta Urban Residential Finance Authority, Series 2021 A                                                             | CUSIP: 04785VBG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1246871.25   | 0.11%             | 2025-01-01      | Variable      | 0.24%                 | No            |                  2 | On Loan: No      |
| Deschutes & Jefferson Counties School District No. 2J Redmond                    | Deschutes & Jefferson Counties School District No. 2J Redmond, Series 2021                                             | CUSIP: 250343KG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $857204.01    | 0.08%             | 2025-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2021                                                               | CUSIP: 928103AP5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    235000 | PA      | $221741.16    | 0.02%             | 2026-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                      | Eastern Kentucky University, Series 2021 A                                                                             | CUSIP: 276552GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1303914.00   | 0.12%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Allen OH Hospital Facilities Revenue                                   | County of Allen Hospital Facilities, Series 2010 C                                                                     | CUSIP: 01757LDW3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1900000 | PA      | $1900000.00   | 0.17%             | 2034-06-01      | Variable      | 1.02%                 | No            |                  2 | On Loan: No      |
| University of Hawaii                                                             | University of Hawaii, Series 2020 B                                                                                    | CUSIP: 91428LNC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3440000 | PA      | $3580786.13   | 0.33%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2020 A                                                                | CUSIP: 04052FBC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008979.30   | 0.09%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                               | City of Memphis, Series 2018                                                                                           | CUSIP: 586145R71<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |   6915000 | PA      | $7159447.32   | 0.65%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon, Series 2015 B                                                                                         | CUSIP: 68608U3M6<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   2785000 | PA      | $2953266.64   | 0.27%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2020 B-1                                                                            | CUSIP: 45204FEG6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1282279.38   | 0.12%             | 2050-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority, Series 2021 B-1                                                       | CUSIP: 13013JAE6<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    400000 | PA      | $403386.64    | 0.04%             | 2027-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Youngstown State University                                                      | Youngstown State University, Series 2021                                                                               | CUSIP: 987720EX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $886563.94    | 0.08%             | 2026-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2020 A                                                                      | CUSIP: 64990GA93<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5423467.50   | 0.50%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017 C                                                                                       | CUSIP: 452152P21<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2085123.00   | 0.19%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Moline IL                                                                | City of Moline, Series 2021 C                                                                                          | CUSIP: 608557A95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1129114.02   | 0.10%             | 2023-12-01      | Fixed         | 0.70%                 | No            |                  2 | On Loan: No      |
| City of Moline IL                                                                | City of Moline, Series 2021 C                                                                                          | CUSIP: 608557B29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $540356.30    | 0.05%             | 2024-12-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| Garden State Preservation Trust                                                  | Garden State Preservation Trust, Series 2005 A                                                                         | CUSIP: 365418BX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $27474900.00  | 2.51%             | 2028-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Delaware State Economic Development Authority                                    | Delaware State Economic Development Authority, Series 2020 A                                                           | CUSIP: 246387SV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4523081.50   | 0.41%             | 2045-10-01      | Variable      | 1.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2020 C                                                               | CUSIP: 650116EE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2306963.56   | 0.21%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                           | South Dakota Health & Educational Facilities Authority, Series 2021                                                    | CUSIP: 83755VQ23<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    710000 | PA      | $682400.10    | 0.06%             | 2023-11-01      | Fixed         | 0.74%                 | No            |                  2 | On Loan: No      |
| Westside 211 Special Improvement District                                        | Westside 211 Special Improvement District, Series 2021                                                                 | CUSIP: 96145JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $253349.43    | 0.02%             | 2027-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Providence RI                                                            | City of Providence, Series 2021 A                                                                                      | CUSIP: 743787Z71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $510509.85    | 0.05%             | 2024-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                   | American Municipal Power, Inc., Series 2009 B                                                                          | CUSIP: 02765UCL6<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   4465000 | PA      | $4476349.14   | 0.41%             | 2024-02-15      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| Spokane County School District No. 354 Mead                                      | Spokane County School District No. 354 Mead, Series 2018                                                               | CUSIP: 848780SV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1205950.84   | 0.11%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cass County Joint Water Resource District                                        | Cass County Joint Water Resource District, Series 2021 A                                                               | CUSIP: 14805PAZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4757198.00   | 0.44%             | 2024-05-01      | Fixed         | 0.48%                 | No            |                  2 | On Loan: No      |
| Kaufman County Fresh Water Supply District No. 1-D                               | Kaufman County Fresh Water Supply District No. 1-D, Series 2021                                                        | CUSIP: 48618TAS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $136897.05    | 0.01%             | 2027-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Sewerage Service Revenue                                  | City of New Orleans, Series 2020 B                                                                                     | CUSIP: 647719PE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $648352.26    | 0.06%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2021                                                       | CUSIP: 97712JDV2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    160000 | PA      | $158695.65    | 0.01%             | 2024-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Series 2021 A                                                                                       | CUSIP: 452227RM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1520710.35   | 0.14%             | 2027-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Spokane County School District No. 354 Mead                                      | Spokane County School District No. 354 Mead, Series 2018                                                               | CUSIP: 848780SW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1627249.20   | 0.15%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Economic Development Corp.                                              | Maryland Economic Development Corp., Series 2022 A                                                                     | CUSIP: 57422JBH0<br>LEI: 549300JJ16DDBSZWSN94 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10480967.00  | 0.96%             | 2028-11-12      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                   | Minnesota Municipal Gas Agency, Series 2022 A                                                                          | CUSIP: 60406UAM9<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   8785000 | PA      | $8802562.09   | 0.81%             | 2052-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | City of Grand Forks, Series 2021                                                                                       | CUSIP: 38546WCY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1195289.89   | 0.11%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022 B                                                                                       | CUSIP: 452153DD8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2547051.50   | 0.23%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority of Monroe County (The)                                     | Development Authority of Monroe County (The), Series 2002                                                              | CUSIP: 610530FT9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    600000 | PA      | $600000.00    | 0.05%             | 2037-09-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Series 2018 B-3                                                                                        | CUSIP: 882724GE1<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2162730.80   | 0.20%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2020 A                                                               | CUSIP: 650116DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516940.30    | 0.05%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                               | Missouri Development Finance Board, Series 2021                                                                        | CUSIP: 60636SHM9<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    660000 | PA      | $683263.94    | 0.06%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Series 2006 C                                                          | CUSIP: 646136EP2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $8592404.00   | 0.79%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Youngstown State University                                                      | Youngstown State University, Series 2021                                                                               | CUSIP: 987720EV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $660707.75    | 0.06%             | 2024-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Series 2021 A                                                             | CUSIP: 64971PKT1<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041245.40   | 0.10%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2020 A-1                                                                 | CUSIP: 59261AE78<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   8250000 | PA      | $8273481.98   | 0.76%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO                                                       | City & County of Denver, Series 2008 A-3                                                                               | CUSIP: 249183UF9<br>LEI: MMTY7HA2MSCBUO4F7J71 | Long             | STIV             | MUN               | US        |    600000 | PA      | $600000.00    | 0.05%             | 2031-12-01      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | City of Atlanta, Series 2020 A                                                                                         | CUSIP: 04780MWW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2591430.75   | 0.24%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Grand Prairie Independent School District                                        | Grand Prairie Independent School District, Series 2016 B                                                               | CUSIP: 386155FL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10505000 | PA      | $10817074.14  | 0.99%             | 2031-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                        | Private Colleges & Universities Authority, Series 2021                                                                 | CUSIP: 74265LV96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305143.62    | 0.03%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Illinois River Valley Development Authority                                | Upper Illinois River Valley Development Authority, Series 2020 B                                                       | CUSIP: 91588LAN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $144699.62    | 0.01%             | 2023-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Atlantic NJ                                                            | County of Atlantic, Series 2020                                                                                        | CUSIP: 048483K75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1730000 | PA      | $1705663.74   | 0.16%             | 2023-06-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| River Hall Community Development District                                        | River Hall Community Development District, Series 2021 A-1                                                             | CUSIP: 768247AK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $224324.27    | 0.02%             | 2024-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                                  | California County Tobacco Securitization Agency, Series 2020 A                                                         | CUSIP: 13016NEF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401959.00    | 0.04%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                 | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNT2<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1233490.80   | 0.11%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Alabama Gas Supply District (The)                                      | Southeast Alabama Gas Supply District (The), Series 2018 A                                                             | CUSIP: 84131TAQ5<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |  10895000 | PA      | $10877697.65  | 0.99%             | 2049-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                  | Minnesota Higher Education Facilities Authority, Series 2019                                                           | CUSIP: 60416JBQ2<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068126.80   | 0.10%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | City of Dallas, Series 2015 A                                                                                          | CUSIP: 2354166M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5321135.50   | 0.49%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                               | City of Memphis, Series 2018                                                                                           | CUSIP: 586145R89<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |   7260000 | PA      | $7682101.48   | 0.70%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston, Series 2018 D                                                                                         | CUSIP: 44244CSL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084390.90   | 0.10%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | Ohio Water Development Authority, Series 2018                                                                          | CUSIP: 67765QFY7<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7811491.80   | 0.71%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2021                                                               | CUSIP: 93978HXY6<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    280000 | PA      | $302866.87    | 0.03%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Las Vegas Valley Water District                                                  | Las Vegas Valley Water District, Series 2020 D                                                                         | CUSIP: 517845JD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1806686.27   | 0.17%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                                | CUSIP: 74441XGU7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    512757 | PA      | $484437.84    | 0.04%             | 2025-12-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                                        | City of Atlanta, Series 2020 A                                                                                         | CUSIP: 04780MWX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1582988.55   | 0.14%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Cumberland MD                                                            | City of Cumberland, Series 2021                                                                                        | CUSIP: 230723NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $478970.67    | 0.04%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Local Government Environmental Facilities & Community Development Auth | Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2020 A                   | CUSIP: 546276CY0<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |    731000 | PA      | $690627.54    | 0.06%             | 2025-12-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                                | State of Maryland, Series 2017 B                                                                                       | CUSIP: 574193PE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12330000 | PA      | $13364659.62  | 1.22%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Series 2019 A-1                                                                        | CUSIP: 09182RAR2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  11675000 | PA      | $11632485.49  | 1.06%             | 2049-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Goshen IN                                                                | City of Goshen, Series 2021 B                                                                                          | CUSIP: 38327MAB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1476290.56   | 0.14%             | 2024-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2021                                                       | CUSIP: 97712JDU4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    250000 | PA      | $249847.83    | 0.02%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series 2019 B                                                               | CUSIP: 645780FM4<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $6680705.25   | 0.61%             | 2039-10-01      | Variable      | 2.05%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                               | Tennessee Energy Acquisition Corp., Series 2021 A                                                                      | CUSIP: 88044TAC3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254807.43    | 0.02%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Carson Family Housing LLC                                                   | Fort Carson Family Housing LLC, Series 1999                                                                            | CUSIP: 347075AB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13710000 | PA      | $15118565.40  | 1.38%             | 2029-11-15      | Fixed         | 7.86%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2021                                                               | CUSIP: 928103AM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $213926.64    | 0.02%             | 2024-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Series 2018 B-3                                                                                        | CUSIP: 882724GD3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2121898.40   | 0.19%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2020 A                                                                                         | CUSIP: 167486G29<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3167949.21   | 0.29%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westside 211 Special Improvement District                                        | Westside 211 Special Improvement District, Series 2021                                                                 | CUSIP: 96145JAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $252320.92    | 0.02%             | 2023-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Oregon                                                                  | State of Oregon                                                                                                        | CUSIP: 68609TXF0<br>LEI: 549300R5SUGZRD8KP359 | Long             | STIV             | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.12%             | 2039-06-01      | Variable      | 1.06%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                               | Missouri Development Finance Board, Series 2021                                                                        | CUSIP: 60636SHJ6<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    300000 | PA      | $306508.50    | 0.03%             | 2024-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                       | North Carolina State University at Raleigh, Series 2018                                                                | CUSIP: 658289G23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3243832.20   | 0.30%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021 A                                                                                       | CUSIP: 452153AD1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5300000 | PA      | $5453659.72   | 0.50%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                      | Eastern Kentucky University, Series 2021 A                                                                             | CUSIP: 276552GR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1129175.49   | 0.10%             | 2024-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | Kentucky Public Energy Authority, Series 2020 A                                                                        | CUSIP: 74440DCZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9930846.00   | 0.91%             | 2050-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Hawaii                                                             | University of Hawaii, Series 2020 D                                                                                    | CUSIP: 91428LNW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1725000 | PA      | $1831425.26   | 0.17%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority, Series 2021 B-1                                                       | CUSIP: 13013JAB2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    850000 | PA      | $857298.53    | 0.08%             | 2026-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2021 B                                                   | CUSIP: 708692BU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3513916.00   | 0.32%             | 2031-06-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | Allentown Neighborhood Improvement Zone Development Authority, Series 2022                                             | CUSIP: 018444BN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519411.90    | 0.05%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                           | South Dakota Health & Educational Facilities Authority, Series 2021                                                    | CUSIP: 83755VQ31<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |    450000 | PA      | $418171.23    | 0.04%             | 2024-11-01      | Fixed         | 1.23%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | Southeast Energy Authority A Cooperative District, Series 2021 A                                                       | CUSIP: 84136FAC1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    725000 | PA      | $724820.42    | 0.07%             | 2024-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Pittsburgh-of the Commonwealth System of Higher Education          | University of Pittsburgh-of the Commonwealth System of Higher Education, Series 2019                                   | CUSIP: 91335VKV7<br>LEI: 5493002C83QSGL8ETT42 | Long             | DBT              | MUN               | US        |   7750000 | PA      | $7748224.48   | 0.71%             | 2024-02-15      | Floating      | 2.26%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2020 B                                                                   | CUSIP: 546399KT2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7781799.75   | 0.71%             | 2050-05-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Bethlehem Area School District Authority                                         | Bethlehem Area School District Authority, Series 2021 A                                                                | CUSIP: 087368AL0<br>LEI: 549300TFB2HAL26FJP41 | Long             | DBT              | MUN               | US        |   1995000 | PA      | $1929528.09   | 0.18%             | 2030-01-01      | Floating      | 2.90%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | Chicago Park District, Series 2020 F-2                                                                                 | CUSIP: 167615F24<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    350000 | PA      | $360787.81    | 0.03%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                      | Eastern Kentucky University, Series 2021 A                                                                             | CUSIP: 276552GV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1359679.89   | 0.12%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Centre Lake Community Development District                                       | Centre Lake Community Development District, Series 2021                                                                | CUSIP: 156309AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $209095.91    | 0.02%             | 2024-05-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                        | Private Colleges & Universities Authority, Series 2021                                                                 | CUSIP: 74265LW38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $446948.62    | 0.04%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                           | Town of Chestertown, Series 2021 A                                                                                     | CUSIP: 166630AE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1035000 | PA      | $1088999.99   | 0.10%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                               | Missouri Development Finance Board, Series 2021                                                                        | CUSIP: 60636SHL1<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    405000 | PA      | $417056.32    | 0.04%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Series 2021 C-1                                                                        | CUSIP: 09182TAM9<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9903360.00   | 0.91%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Borough of Matanuska-Susitna AK                                                  | Borough of Matanuska-Susitna, Series 2015                                                                              | CUSIP: 576553BS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10573129.00  | 0.97%             | 2029-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| River Hall Community Development District                                        | River Hall Community Development District, Series 2021 A-1                                                             | CUSIP: 768247AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $173823.51    | 0.02%             | 2023-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Charlotte-Mecklenburg Hospital Authority (The)                                   | Charlotte-Mecklenburg Hospital Authority (The), Series 2018 H                                                          | CUSIP: 160853UN5<br>LEI: 549300XOH4JU704GMZ32 | Long             | STIV             | MUN               | US        |   7400000 | PA      | $7400000.00   | 0.68%             | 2048-01-15      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| County of Escambia FL                                                            | County of Escambia, Series 2003                                                                                        | CUSIP: 296130CG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4996851.00   | 0.46%             | 2023-06-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| Nassau County Industrial Development Agency                                      | Nassau County Industrial Development Agency                                                                            | CUSIP: 631657KW2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   3800000 | PA      | $3800000.00   | 0.35%             | 2034-01-01      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| Railsplitter Tobacco Settlement Authority                                        | Railsplitter Tobacco Settlement Authority, Series 2017                                                                 | CUSIP: 75076PAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2128529.80   | 0.19%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Morris NJ                                                              | County of Morris, Series 2021                                                                                          | CUSIP: 618024BP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4215000 | PA      | $4051588.24   | 0.37%             | 2026-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Series 2020 A                                                                        | CUSIP: 759151AU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $408230.32    | 0.04%             | 2024-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2020 A                                                                | CUSIP: 04052FBB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014806.70   | 0.09%             | 2024-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake Charles Harbor & Terminal District                                          | Lake Charles Harbor & Terminal District, Series 2021                                                                   | CUSIP: 507739BB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9406098.00   | 0.86%             | 2051-12-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Sycamore Community City School District                                          | Sycamore Community City School District, Series 2020                                                                   | CUSIP: 87122NFP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2560000 | PA      | $2596139.01   | 0.24%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Cumberland MD                                                            | City of Cumberland, Series 2021                                                                                        | CUSIP: 230723NY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $408668.42    | 0.04%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2022 C                                                                           | CUSIP: 56035DDP4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14274240.00  | 1.31%             | 2052-08-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Clark County School District No. 37 Vancouver                                    | Clark County School District No. 37 Vancouver, Series 2021                                                             | CUSIP: 181144UQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3575000 | PA      | $3575000.00   | 0.33%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | Michigan Strategic Fund, Series 2005                                                                                   | CUSIP: 594698EH1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4350000 | PA      | $3955459.79   | 0.36%             | 2035-04-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2017 S-4                                                              | CUSIP: 57584X7D7<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5107009.00   | 0.47%             | 2038-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series 2021 B                                                                 | CUSIP: 837151YB9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1815687.48   | 0.17%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Private Colleges & Universities Authority                                        | Private Colleges & Universities Authority, Series 2021                                                                 | CUSIP: 74265LW20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $414335.48    | 0.04%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2022                                                               | CUSIP: 928104NE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $179712.09    | 0.02%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 C                                                                | CUSIP: 04052BQZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $421207.74    | 0.04%             | 2024-07-01      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2017 A                                                   | CUSIP: 70870JAN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1230000 | PA      | $1322412.36   | 0.12%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority, Series 2021 B-1                                                       | CUSIP: 13013JAA4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    535000 | PA      | $539622.35    | 0.05%             | 2025-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Series 2021                                                                                | CUSIP: 917467BN1<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    475000 | PA      | $470146.12    | 0.04%             | 2023-10-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Municipal Gas Agency                                                   | Minnesota Municipal Gas Agency, Series 2022 B                                                                          | CUSIP: 60406UAN7<br>LEI: 549300SISI6N1C6S3136 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $7599236.00   | 0.70%             | 2052-12-01      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series R-2015 D                                                                                   | CUSIP: 93974DKF4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3985000 | PA      | $4172394.23   | 0.38%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Union NJ                                                               | County of Union, Series 2020                                                                                           | CUSIP: 90634PPU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5215000 | PA      | $5180541.89   | 0.47%             | 2023-03-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | Allentown Neighborhood Improvement Zone Development Authority, Series 2022                                             | CUSIP: 018444BM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515692.90    | 0.05%             | 2025-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2015 C                                                                                         | CUSIP: 167486WX3<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1926435.08   | 0.18%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Atlantic NJ                                                            | County of Atlantic, Series 2020                                                                                        | CUSIP: 048483K91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1655117.64   | 0.15%             | 2025-06-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 B                                                                                | CUSIP: 74441XHA0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1834000 | PA      | $1751407.83   | 0.16%             | 2025-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                 | California Health Facilities Financing Authority, Series 2016 B-3                                                      | CUSIP: 13032UGP7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |  13340000 | PA      | $13044468.31  | 1.19%             | 2036-10-01      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Memphis TN                                                               | City of Memphis, Series 2018                                                                                           | CUSIP: 586145R97<br>LEI: 254900N4APYJWTAF5J46 | Long             | DBT              | MUN               | US        |   7625000 | PA      | $8222726.80   | 0.75%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Capital Facilities Finance Agency                                 | North Carolina Capital Facilities Finance Agency, Series 2021 A                                                        | CUSIP: 65818PNU9<br>LEI: 549300PWNPSB7G58A235 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037328.20   | 0.09%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series 2013 I                                                               | CUSIP: 645918W58<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  12170000 | PA      | $12175614.02  | 1.11%             | 2028-03-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                   | Tennergy Corp.                                                                                                         | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |   5400000 | PA      | $5643476.82   | 0.52%             | 2053-10-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, Series 2018                                                                             | CUSIP: 882854D25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4634224.56   | 0.42%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2021                                                               | CUSIP: 928103AK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240000.00    | 0.02%             | 2022-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Westside 211 Special Improvement District                                        | Westside 211 Special Improvement District, Series 2021                                                                 | CUSIP: 96145JAD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $250982.98    | 0.02%             | 2025-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2019 B                                                                                       | CUSIP: 4521525K3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    375000 | PA      | $396353.63    | 0.04%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                           | Town of Chestertown, Series 2021 A                                                                                     | CUSIP: 166630AF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1291417.79   | 0.12%             | 2027-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018 B                                                                                       | CUSIP: 4521523D1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    625000 | PA      | $653779.75    | 0.06%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                   | State of Texas, Series 2018 B-3                                                                                        | CUSIP: 882724GC5<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4939451.38   | 0.45%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | Chicago Transit Authority Capital Grant Receipts, Series 2021                                                          | CUSIP: 167723HB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1466890.30   | 0.13%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | California Statewide Communities Development Authority, Series D                                                       | CUSIP: 13078HAX0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2968500.30   | 0.27%             | 2033-11-01      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| River Hall Community Development District                                        | River Hall Community Development District, Series 2021 A-1                                                             | CUSIP: 768247AM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $207188.74    | 0.02%             | 2026-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                              | Geisinger Authority, Series 2014 B                                                                                     | CUSIP: 368497HH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10050457.00  | 0.92%             | 2028-06-01      | Floating      | 3.77%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Series 2021 A                                                                          | CUSIP: 09182NAX8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400792.60    | 0.04%             | 2023-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Leon County Housing Finance Authority                                            | Leon County Housing Finance Authority, Series 2022 A-2                                                                 | CUSIP: 52643TAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3375000 | PA      | $3259762.99   | 0.30%             | 2057-05-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Series 2021 A                                                                          | CUSIP: 09182NAW0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    490000 | PA      | $490000.00    | 0.04%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                               | Missouri Development Finance Board, Series 2021                                                                        | CUSIP: 60636SHH0<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    280000 | PA      | $281413.30    | 0.03%             | 2023-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2021                                                       | CUSIP: 97712JDY6<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    360000 | PA      | $347104.37    | 0.03%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2021                                                                     | CUSIP: 546399LA2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258310.75    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey, Series 2020 A                                                                                     | CUSIP: 646039YP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5270644.50   | 0.48%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                           | New York State Energy Research & Development Authority, Series 1994 D                                                  | CUSIP: 649845HD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2953392.60   | 0.27%             | 2029-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2020                                                                                         | CUSIP: 4521526K2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1867182.52   | 0.17%             | 2030-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFF0<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    195000 | PA      | $202479.19    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2021 A                                                                           | CUSIP: 56035DDH2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3257442.18   | 0.30%             | 2052-07-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN/St Paul Housing & Redevelopment Authority                 | City of Minneapolis St. Paul Housing & Redevelopment Authority, Series B-2                                             | CUSIP: 603695FV4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  10300000 | PA      | $10300000.00  | 0.94%             | 2035-11-15      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2021 A                                                                              | CUSIP: 45204FMW2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2810000 | PA      | $2643337.21   | 0.24%             | 2027-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2021                                                       | CUSIP: 97712JDX8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    345000 | PA      | $336401.91    | 0.03%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Suffolk NY                                                             | County of Suffolk, Series 2018 B                                                                                       | CUSIP: 86476PYE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4205000 | PA      | $4349104.09   | 0.40%             | 2028-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health & Educational Facilities Authority, Series M                                                  | CUSIP: 20775DNV0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    170000 | PA      | $176222.20    | 0.02%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Spartanburg Housing Authority                                                    | Spartanburg Housing Authority, Series 2022                                                                             | CUSIP: 847121AD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1973185.00   | 0.18%             | 2025-08-01      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health & Higher Educational Facilities Authority, Series 2020 B-2                                             | CUSIP: 57421CAU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5110000 | PA      | $5428016.76   | 0.50%             | 2045-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFH6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    450000 | PA      | $478354.73    | 0.04%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                           | California Municipal Finance Authority, Series 2022 A                                                                  | CUSIP: 130483FH8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |  13060000 | PA      | $13074338.57  | 1.20%             | 2052-09-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                               | Tennessee Energy Acquisition Corp., Series 2021 A                                                                      | CUSIP: 88044TAB5<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    250000 | PA      | $252547.55    | 0.02%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Moline IL                                                                | City of Moline, Series 2021 C                                                                                          | CUSIP: 608557B37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $838639.69    | 0.08%             | 2025-12-01      | Fixed         | 1.44%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp.                                               | Mississippi Business Finance Corp., Series 2004                                                                        | CUSIP: 60527MAQ2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2174147.25   | 0.20%             | 2029-03-01      | Variable      | 0.70%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                | City of Newark, Series 2020 A                                                                                          | CUSIP: 650367PL3<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037288.90   | 0.09%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                         | New Hampshire Business Finance Authority, Series 2018 A                                                                | CUSIP: 63608RAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4799802.50   | 0.44%             | 2033-10-01      | Floating      | 2.28%                 | No            |                  2 | On Loan: No      |
| Des Moines Independent Community School District                                 | Des Moines Independent Community School District, Series 2018                                                          | CUSIP: 250111DF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9300000 | PA      | $9203559.93   | 0.84%             | 2029-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Series 2018 A                                                                                        | CUSIP: 29270CX42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5072279.50   | 0.46%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Series 2021 C                                                                                       | CUSIP: 452227RZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063315.80   | 0.19%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Air Quality Development Authority                                           | Ohio Air Quality Development Authority, Series 2022 A                                                                  | CUSIP: 677525WV5<br>LEI: 549300DZUU80AYOR6M80 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7470289.50   | 0.68%             | 2039-11-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                                | CUSIP: 74444VBF6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    285000 | PA      | $283330.21    | 0.03%             | 2025-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Housing Finance Agency                                            | New York State Housing Finance Agency, Series 2020 F                                                                   | CUSIP: 64987D2Y9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   2860000 | PA      | $2605884.42   | 0.24%             | 2026-11-01      | Fixed         | 1.10%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | City of Grand Forks, Series 2021                                                                                       | CUSIP: 38546WCZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1680000 | PA      | $1797593.78   | 0.16%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health & Educational Facilities Authority, Series M                                                  | CUSIP: 20775DNU2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    175000 | PA      | $179102.16    | 0.02%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Stadium & Exposition District                                          | Louisiana Stadium & Exposition District, Series 2020                                                                   | CUSIP: 546410CE9<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   4650000 | PA      | $4657677.15   | 0.43%             | 2023-07-03      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | City of Farmington, Series 2010 A                                                                                      | CUSIP: 311450FX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $3756264.75   | 0.34%             | 2040-06-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2021 C                                                                           | CUSIP: 56035DCT7<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    725000 | PA      | $725229.83    | 0.07%             | 2023-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Housing Authority of Clayton County Facilities Holding Co. LLC  (The)            | Housing Authority of Clayton County Facilities Holding Co. LLC (The), Series 2021 B                                    | CUSIP: 184160LH0<br>LEI: 549300PHMTYD286BV442 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1987909.00   | 0.18%             | 2025-04-01      | Variable      | 1.40%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                       | Industrial Development Board of the City of Mobile Alabama, Series 2007 A                                              | CUSIP: 607167DZ3<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   4000000 | PA      | $3788317.20   | 0.35%             | 2034-06-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                                 | Parish of St. John the Baptist, Series 2017 B-1                                                                        | CUSIP: 79020FAZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17100000 | PA      | $16547367.33  | 1.51%             | 2037-06-01      | Variable      | 2.12%                 | No            |                  2 | On Loan: No      |
| Denver City & County School District No. 1                                       | Denver City & County School District No. 1, Series 2012 B                                                              | CUSIP: 249174SG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7480000 | PA      | $7480000.00   | 0.68%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2019 C                                                        | CUSIP: 56678PAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17000000 | PA      | $16952240.20  | 1.55%             | 2048-09-01      | Floating      | 2.70%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | Southeast Energy Authority A Cooperative District, Series 2021 A                                                       | CUSIP: 84136FAB3<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450487.31    | 0.04%             | 2023-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Series 2006 C                                                          | CUSIP: 646136TM3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |  11110000 | PA      | $9453201.25   | 0.86%             | 2027-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                | City of Horace, Series 2021 B                                                                                          | CUSIP: 440365GY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1554880.00   | 0.14%             | 2023-10-01      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018 A                                                                                       | CUSIP: 4521522M2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    375000 | PA      | $393623.89    | 0.04%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Moline IL                                                                | City of Moline, Series 2021 C                                                                                          | CUSIP: 608557A87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.05%             | 2022-12-01      | Fixed         | 0.54%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | Chicago Park District, Series 2020 F-2                                                                                 | CUSIP: 167615F40<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    550000 | PA      | $582936.15    | 0.05%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Series 2021 C                                                                                       | CUSIP: 452227RX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3024466.20   | 0.28%             | 2023-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series 2019                                                                 | CUSIP: 64577B6L3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6548521.20   | 0.60%             | 2027-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series 2022 A                                                               | CUSIP: 64577XDK9<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054770.10   | 0.10%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Providence RI                                                            | City of Providence, Series 2021 A                                                                                      | CUSIP: 743787Z89<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $520353.75    | 0.05%             | 2025-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Union NJ                                                               | County of Union, Series 2020                                                                                           | CUSIP: 90634PPV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5290000 | PA      | $5108459.90   | 0.47%             | 2024-03-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                       | Chicago Board of Education, Series 2018 A                                                                              | CUSIP: 167505TY2<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019433.40   | 0.09%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Series 2020 A                                                                        | CUSIP: 759151AX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $412004.88    | 0.04%             | 2025-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kaufman County Fresh Water Supply District No. 1-D                               | Kaufman County Fresh Water Supply District No. 1-D, Series 2021                                                        | CUSIP: 48618TAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $135367.56    | 0.01%             | 2025-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of Horace ND                                                                | City of Horace, Series 2022 A                                                                                          | CUSIP: 440365GZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2986219.80   | 0.27%             | 2024-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                              | County of Cook, Series 2021 A                                                                                          | CUSIP: 213248CD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    845000 | PA      | $936292.19    | 0.09%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2008 C                                                                                         | CUSIP: 167486DB2<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2492866.75   | 0.23%             | 2023-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Franklin Liberty Federal Tax-Free Bond ETF                                       | Franklin Municipal Green Bond ETF                                                                                      | CUSIP: 35473P850<br>LEI: 549300D0VIUWD9JJ6J30 | Long             |  | RF                | US        |   1550000 | NS      | $36285500.00  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| New York State Housing Finance Agency                                            | New York State Housing Finance Agency, Series 2022 A-2                                                                 | CUSIP: 64987JSF9<br>LEI: 5493000LS7KCDB02O506 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2859621.30   | 0.26%             | 2060-11-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| County of Laramie WY                                                             | County of Laramie, Series 2021                                                                                         | CUSIP: 516706CV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $804218.48    | 0.07%             | 2023-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                                           | Mississippi Home Corp., Series 2021 A-5                                                                                | CUSIP: 60535NCN5<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    288007 | PA      | $263908.85    | 0.02%             | 2026-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2021 B                                                                               | CUSIP: 45506EEF6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    195000 | PA      | $188351.01    | 0.02%             | 2023-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority, Series 2021 B-1                                                       | CUSIP: 13013JAC0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    325000 | PA      | $327812.71    | 0.03%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2022 A-3                                                    | CUSIP: 837031D83<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1775000 | PA      | $1755919.82   | 0.16%             | 2023-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | Kentucky Economic Development Finance Authority, Series 2010 B                                                         | CUSIP: 49126RAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.27%             | 2031-04-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| Minnesota Higher Education Facilities Authority                                  | Minnesota Higher Education Facilities Authority, Series 2019                                                           | CUSIP: 60416JBR0<br>LEI: 549300DI4V4CIPMX7K35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081765.60   | 0.10%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2021 C                                                                           | CUSIP: 56035DCU4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    735000 | PA      | $734182.61    | 0.07%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                         | City of Pompano Beach, Series 2021 B-2                                                                                 | CUSIP: 732203BL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1752987.20   | 0.16%             | 2027-01-01      | Fixed         | 1.45%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | Southeast Energy Authority A Cooperative District, Series 2022 B-1                                                     | CUSIP: 84136FBB2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  14560000 | PA      | $14951186.43  | 1.37%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                           | New York State Energy Research & Development Authority, Series 1997 A                                                  | CUSIP: 649845HE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $9989251.00   | 0.91%             | 2032-08-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Kaufman County Fresh Water Supply District No. 1-D                               | Kaufman County Fresh Water Supply District No. 1-D, Series 2021                                                        | CUSIP: 48618TAR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $136042.95    | 0.01%             | 2026-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                                           | Mississippi Home Corp., Series 2021 D-8                                                                                | CUSIP: 60535NCU9<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |     72598 | PA      | $66870.03     | 0.01%             | 2026-06-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Series 2021 C                                                                                       | CUSIP: 452227RY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $3372911.19   | 0.31%             | 2024-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lehigh County Industrial Development Authority                                   | Lehigh County Industrial Development Authority, Series 2016 B                                                          | CUSIP: 524808BZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8208313.15   | 0.75%             | 2027-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| River Hall Community Development District                                        | River Hall Community Development District, Series 2021 A-1                                                             | CUSIP: 768247AL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $172468.53    | 0.02%             | 2025-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California Community Housing Agency                                              | California Community Housing Agency, Series 2021 A-2                                                                   | CUSIP: 13013FAS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3090000 | PA      | $2471609.73   | 0.23%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2017 A-2                                                                 | CUSIP: 59261AMG9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3980000 | PA      | $4142937.22   | 0.38%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                      | Shelby County Health Educational & Housing Facilities Board, Series 2008 A                                             | CUSIP: 821697K99<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |  15600000 | PA      | $15600000.00  | 1.43%             | 2042-06-01      | Variable      | 1.03%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                               | Tennessee Energy Acquisition Corp., Series 2021 A                                                                      | CUSIP: 88044TAD1<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    350000 | PA      | $359318.19    | 0.03%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                       | Middleton Community Development District A, Series 2022                                                                | CUSIP: 596681AA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502728.35    | 0.05%             | 2027-05-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                      | Eastern Kentucky University, Series 2021 A                                                                             | CUSIP: 276552GQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1083308.04   | 0.10%             | 2023-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Providence RI                                                            | City of Providence, Series 2021 A                                                                                      | CUSIP: 743787Z63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $476157.67    | 0.04%             | 2023-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                                             | Massachusetts Housing Finance Agency, Series 2022 C-3                                                                  | CUSIP: 57587GRC1<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10193256.00  | 0.93%             | 2026-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana Gasoline & Fuels Tax Revenue                                  | State of Louisiana, Series 2022 A                                                                                      | CUSIP: 546475VU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2975000 | PA      | $2888166.00   | 0.26%             | 2043-05-01      | Floating      | 3.17%                 | No            |                  2 | On Loan: No      |
| University of Hawaii                                                             | University of Hawaii, Series 2020 D                                                                                    | CUSIP: 91428LNX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4360000 | PA      | $4714369.46   | 0.43%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Hawaii                                                             | University of Hawaii, Series 2020 B                                                                                    | CUSIP: 91428LNE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2865000 | PA      | $3097859.75   | 0.28%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2010-4                                                                                       | CUSIP: 452152GC9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    750000 | PA      | $772506.90    | 0.07%             | 2025-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Sewerage Service Revenue                                  | City of New Orleans, Series 2020 B                                                                                     | CUSIP: 647719PF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $601860.82    | 0.06%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reno County Unified School District No. 308 Hutchinson                           | Reno County Unified School District No. 308 Hutchinson, Series 2019                                                    | CUSIP: 759804GB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1722104.06   | 0.16%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Series 2021 A                                                                          | CUSIP: 09182NAZ3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    400000 | PA      | $401512.80    | 0.04%             | 2024-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hillsdale Local School District                                                  | Hillsdale Local School District, Series 2020                                                                           | CUSIP: 432580AC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1200000.00   | 0.11%             | 2022-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Columbia Housing Authority                                                       | Columbia Housing Authority, Series 2022                                                                                | CUSIP: 198409AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8741866.50   | 0.80%             | 2043-10-01      | Variable      | 2.25%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Series 2020 A                                                                        | CUSIP: 759151AV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $304773.27    | 0.03%             | 2024-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Special Care Facilities Financing Authority of the City of Pell City Alabama     | Special Care Facilities Financing Authority of the City of Pell City Alabama, Series 2021 A                            | CUSIP: 705888BW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1080346.19   | 0.10%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | Allentown Neighborhood Improvement Zone Development Authority, Series 2022                                             | CUSIP: 018444BL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $153167.99    | 0.01%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | California Statewide Communities Development Authority, Series 2018 B-3                                                | CUSIP: 13080SVE1<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3503209.50   | 0.32%             | 2027-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Jacksonville Transportation Authority                                            | Jacksonville Transportation Authority, Series 2020                                                                     | CUSIP: 469494BA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1940000 | PA      | $2086599.20   | 0.19%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                                | CUSIP: 74444VBG4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    300000 | PA      | $296629.68    | 0.03%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem-Keizer School District No. 24J                                             | Salem-Keizer School District No. 24J, Series 2018                                                                      | CUSIP: 569203MW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2113922.20   | 0.19%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Richland SC                                                            | County of Richland, Series 2021                                                                                        | CUSIP: 76363RAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $645011.85    | 0.06%             | 2026-11-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Airport Revenue                                        | City of Salt Lake City, Series 2021 A                                                                                  | CUSIP: 795576JG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027014.10   | 0.09%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2021                                                               | CUSIP: 928103AL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $295916.76    | 0.03%             | 2023-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| County of Atlantic NJ                                                            | County of Atlantic, Series 2020                                                                                        | CUSIP: 048483K83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1687585.51   | 0.15%             | 2024-06-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Missouri Development Finance Board                                               | Missouri Development Finance Board, Series 2021                                                                        | CUSIP: 60636SHK3<br>LEI: 549300JD8BCNBV9D3830 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511860.00    | 0.05%             | 2025-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma State University                                                        | Oklahoma State University, Series 2021 A                                                                               | CUSIP: 679191JX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    705000 | PA      | $717238.10    | 0.07%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey                                                                                                    | CUSIP: 646039UG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1997060.60   | 0.18%             | 2025-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Series 2017 B                                                                                       | CUSIP: 059189VL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5328124.50   | 0.49%             | 2025-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Youngstown State University                                                      | Youngstown State University, Series 2021                                                                               | CUSIP: 987720EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $600023.92    | 0.05%             | 2025-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., Series Sixteenth A                                                                         | CUSIP: 71783MBG9<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |    500000 | PA      | $527171.30    | 0.05%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2023 A                                                                               | CUSIP: 45506EEH2<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983182.30    | 0.09%             | 2024-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| St Charles County Industrial Development Authority                               | St. Charles County Industrial Development Authority, Series 2021                                                       | CUSIP: 78764HBB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3411828.35   | 0.31%             | 2025-08-01      | Variable      | 0.27%                 | No            |                  2 | On Loan: No      |
| City of New Orleans LA Sewerage Service Revenue                                  | City of New Orleans, Series 2020 B                                                                                     | CUSIP: 647719PD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $479073.06    | 0.04%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State University at Raleigh                                       | North Carolina State University at Raleigh, Series 2018                                                                | CUSIP: 658289G31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1650172.50   | 0.15%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                                | CUSIP: 74442EGM6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    150000 | PA      | $147485.85    | 0.01%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Special Care Facilities Financing Authority of the City of Pell City Alabama     | Special Care Facilities Financing Authority of the City of Pell City Alabama, Series 2021 A                            | CUSIP: 705888BS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1445000 | PA      | $1445000.00   | 0.13%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Little Elm TX                                                            | Town of Little Elm, Series 2021                                                                                        | CUSIP: 537098BN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $124856.45    | 0.01%             | 2026-09-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Series 2020 A                                                                        | CUSIP: 759151AW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $333112.49    | 0.03%             | 2025-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Farmington Independent School District No. 192                                   | Farmington Independent School District No. 192, Series 2015 C                                                          | CUSIP: 311315VF9<br>LEI: 5493007G614S7UP0F263 | Long             | DBT              | MUN               | US        |   6065000 | PA      | $6229611.98   | 0.57%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Liberty Development Corp.                                               | New York Liberty Development Corp., Series 2021 A                                                                      | CUSIP: 649519DJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $657652.24    | 0.06%             | 2027-11-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| City of Lubbock TX                                                               | City of Lubbock, Series 2018                                                                                           | CUSIP: 549188M31<br>LEI: 549300I1QTL3QZV4BX74 | Long             | DBT              | MUN               | US        |   5150000 | PA      | $5406681.15   | 0.49%             | 2025-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                 | Kentucky Public Energy Authority, Series 2022 A-2                                                                      | CUSIP: 74440DDT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9375000 | PA      | $8609492.81   | 0.79%             | 2052-08-01      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| University of Hawaii                                                             | University of Hawaii, Series 2020 B                                                                                    | CUSIP: 91428LND4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3440000 | PA      | $3652233.55   | 0.33%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Newark NJ                                                                | City of Newark, Series 2020 A                                                                                          | CUSIP: 650367PK5<br>LEI: 5493008RBPM01QHRYX34 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017559.30   | 0.09%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Series 2022 E                                                                          | CUSIP: 09182TBL0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4172480.00   | 0.38%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Tulsa County Industrial Authority                                                | Tulsa County Industrial Authority, Series 2018                                                                         | CUSIP: 89952PEY7<br>LEI: 549300WEYXBXLGN1E271 | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1189523.44   | 0.11%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Board of the City of Mobile Alabama                       | Industrial Development Board of the City of Mobile Alabama, Series 2008                                                | CUSIP: 607167DX8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   7550000 | PA      | $7516021.23   | 0.69%             | 2034-07-15      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                                     | West Virginia Economic Development Authority, Series 2010 A                                                            | CUSIP: 95648VBH1<br>LEI: 549300WW88TKKF5H1220 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $893413.00    | 0.08%             | 2038-12-01      | Variable      | 0.62%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2023 A                                                                               | CUSIP: 45506EEJ8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $968458.30    | 0.09%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Series 2021 A                                                             | CUSIP: 64971PKS3<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021292.10   | 0.09%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority, Series 2021 B-1                                                       | CUSIP: 13013JAF3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    375000 | PA      | $378040.05    | 0.03%             | 2028-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Auburn School District No. 408 of King & Pierce Counties                         | Auburn School District No. 408 of King & Pierce Counties, Series 2018                                                  | CUSIP: 494619EH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1883159.36   | 0.17%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

**Name of Applicant:** Franklin Tax Free Trust

**Signature:** Jeffrey W. White

**Name of Signer:** Jeffrey W. White

**Title:** Assistant Treasurer