# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0001752724-23-008701
**Filing Date:** 2023-1
**Character Count:** 810422
**Document Hash:** 31b34143abeae2a64b58c05db56f26cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-008701.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001752724-23-008701

**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:** 23543691

**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 INTERMEDIATE-TERM TAX-FREE INCOME FUND (Series ID: S000006932)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018802 | CLASS A1      | FKITX           |
| C000018803 | CLASS C       | FCITX           |
| C000074134 | ADVISOR CLASS | FITZX           |
| C000194372 | Class R6      | FITQX           |
| C000205910 | Class A       | FKQTX           |

## Nport-Ex

## Schedules of Investments (unaudited)

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

Schedule of Investments (unaudited), November 30, 2022

Net FDIC Incurred | May Lose Value | No Bank Guarantee

FST-12-2014

1

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

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

FRANKLIN TAX FREE TRUST

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

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

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

FRANKLIN TAX FREE TRUSTS

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

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

4

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Alabama Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

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

# Franklin Arizona Tax-Free Income Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Arizona Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Arizona Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Arizona Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Arizona Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Arizona Tax-Free Income Fund (continued)

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

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

Franklin TAX FREE TRUST

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

# Franklin Colorado Tax-Free Income Fund

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

32 Quarterly Schedule of Investments Free Notes to Schedule of Investments

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Colorado Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Colorado Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Colorado Tax-Free Income Fund (continued)

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

26

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Colorado Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST

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

# Franklin Connecticut Tax-Free Income Fund

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

30 Quarterly Schedule of Investments Free Notes to Schedule of Investments

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Connecticut Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Connecticut Tax-Free Income Fund (continued)

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

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

FINANCIAL TAX-FREE TRUST

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

# Franklin Federal Intermediate-Term Tax-Free Income Fund

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

The following table provides the information in English:

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TEE-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Federal Intermediate-Term Tax-Free Income Fund (continued)[{"box_2d": [18, 65, 461, 124], "label": "table", "caption": "

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

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

# Franklin Federal Limited-Term Tax-Free Income Fund

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

42 Quarterly Schedule of Investments Free Notes to Schedule of Investments

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNMUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNMUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

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

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

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

FRANKLIN TAX-FREE TRUST

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

Franklin Georgia Tax-Free Income Fund

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Georgia Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Georgia Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Georgia Tax-Free Income Fund (continued)

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

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

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Georgia Tax-Free Income Fund (continued)[{"box_2d": [19, 69, 461, 126], "label": "table", "caption": "

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<table><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>Total</td></tr></tabletabletable><thead><tr><td>Tax Free Income</td><td>1,000,000</td><td>1,000,000</td></tr></tabletabletable><thead><tr><td>Fund</td><td>Principal</td><td>

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin High Yield Tax-Free Income Fund

| 1. Franklin High Yield Tax Free Income Fund | 3,100,000,000 | 3,100,000,000 |
| --- | --- | --- |
| 2. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 3. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 4. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 5. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 6. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 7. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 8. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |
| 9. The Financial Statements and Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3,100,000,000 | 3,100,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 41

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| 1. The United States, 1.1.1, Revenues, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000 |
| --- |

92 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Amount |
| --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) | 4,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 4,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 42

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Year | Principal |
| --- | --- |
| 1 | $1,000,000.00 |
| 2 | $1,000,000.00 |
| 3 | $1,000,000.00 |
| 4 | $1,000,000.00 |
| 5 | $1,000,000.00 |
| 6 | $1,000,000.00 |
| 7 | $1,000,000.00 |
| 8 | $1,000,000.00 |
| 9 | $1,000,000.00 |
| 10 | $1,000,000.00 |

60

Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Proposed | 2016 |
| --- | --- | --- |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |
| Franklin High Yield Tax Free Income Fund (continued) |  |  |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 88

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| 1. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| 2. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 3. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 4. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 5. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 6. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 7. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 8. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 9. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 10. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 11. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 12. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 13. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 14. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 15. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 16. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 17. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 18. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 19. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 20. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |

98 Quarterly Schedule of Investment - See Notes to Schedule of Investments.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Financial Services, Inc. (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| Financial Services, Inc. (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) | 1,000,000.00 | 1,000,000.00 |
| Financial Services, Inc. (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) (FCA) | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 67

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Franklin High Yield Tax Free Income Fund (continued) | 2,000,000,000 | 2,000,000,000 |
| --- | --- | --- |
| Franklin High Yield Tax Free Income Fund (continued) | 2,000,000,000 | 2,000,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 2,000,000,000 | 2,000,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 2,000,000,000 | 2,000,000,000 |

88 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| 1. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度 | 4,000,000,000 | 4,000,000,000 |
| --- | --- | --- |
| 2. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 14,000,000,000 | 14,000,000,000 |
| 3. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 14,000,000,000 | 14,000,000,000 |
| 4. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 14,000,000,000 | 14,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments 48

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

|  | Proposed |  |
| --- | --- | --- |
| 1. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 2. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 3. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 4. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 5. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 6. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 7. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 8. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 9. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 10. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 11. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 12. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |
| 13. Financial Statements and Statements of Financial Statements | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 71

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Source of Income | Percentage | Total |
| --- | --- | --- |
| Financial Statements and Statements of Financial Statements | 100.00% | 100.00% |
| Financial Statements and Statements of Financial Statements | 100.00% | 100.00% |
| Financial Statements and Statements of Financial Statements | 100.00% | 100.00% |
| Financial Statements and Statements of Financial Statements | 100.00% | 100.00% |
| Financial Statements and Statements of Financial Statements | 100.00% | 100.00% |

70 Quarterly Schedule of Investment - See Notes to Schedule of Investments.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Proposed | 2023 |
| --- | --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| Bank of America, Inc. (1) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (2) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (3) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (4) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (5) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (6) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (7) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (8) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (9) 1,000,000 | 1,000,000 | 1,000,000 |
| Bank of America, Inc. (10) 1,000,000 | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 72

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| 1. ALLUMBERS, BROS. & CO., INC. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000,000 | 1,000,000,000 |
| --- | --- | --- |
| 2. ALLUMBERS, BROS. & CO., INC. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000,000 | 1,000,000,000 |
| 3. ALLUMBERS, BROS. & CO., INC. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000,000 | 1,000,000,000 |
| 4. ALLUMBERS, BROS. & CO., INC. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000,000 | 1,000,000,000 |

76 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| 1. 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000 |
| --- |

See Notes to Schedules of Investments Quarterly Schedule of Investments 75

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| 1. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 1. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements |
| --- | --- |
| 2. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 2. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements |
| 3. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 3. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements |

76 Quarterly Schedule of Investment - See Note to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| 1. ALL FINANCIAL TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 3. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 4. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 5. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 6. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 7. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 8. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 9. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 10. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 11. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 12. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 13. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 14. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 15. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 16. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 17. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 18. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 19. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |
| 20. TAXES AND EQUITY TAXES (IF ANY) | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 37

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Value |
| --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 |

76 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Bank of America, Inc. (1984) | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| Bank of America, Inc. (1985) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1986) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1987) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1988) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1989) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1990) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1991) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1992) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1993) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1994) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1995) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1996) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1997) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1998) | 1,000,000.00 | 1,000,000.00 |
| Bank of America, Inc. (1999) | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 70

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Description | Proposed 2018 | Proposed 2017 |
| --- | --- | --- |
| Financial Statements and Statements of Financial Statements, 2021, 3.3%, 5.6% | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Statements of Financial Statements, 2021, 2.7%, 5.6% | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Statements of Financial Statements, 2021, 3.3%, 5.6% | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Statements of Financial Statements, 2021, 3.3%, 5.6% | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Statements of Financial Statements, 2021, 3.3%, 5.6% | 1,000,000,000 | 1,000,000,000 |
| Financial Statements and Statements of Financial Statements, 2021, 3.3%, 5.6% | 1,000,000,000 | 1,000,000,000 |

88 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Funded |
| --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) | 2,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 2,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 2,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 2,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 61

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Fund | 2023 | 2022 |
| --- | --- | --- |
| Financial Investment (FDI) - 2023 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2022 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2021 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2020 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2019 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2018 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2017 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2016 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2015 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2014 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2013 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2012 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2011 | 1,000,000,000 | 1,000,000,000 |
| Financial Investment (FDI) - 2010 | 1,000,000,000 | 1,000,000,000 |

62 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Year | Proposed | 2013/14 |
| --- | --- | --- |
| 2013/14 | $1,000,000 | $1,000,000 |
| 2014/15 | $1,000,000 | $1,000,000 |
| 2015/16 | $1,000,000 | $1,000,000 |
| 2016/17 | $1,000,000 | $1,000,000 |
| 2017/18 | $1,000,000 | $1,000,000 |
| 2018/19 | $1,000,000 | $1,000,000 |
| 2019/20 | $1,000,000 | $1,000,000 |
| 2020/21 | $1,000,000 | $1,000,000 |
| 2021/22 | $1,000,000 | $1,000,000 |
| 2022/23 | $1,000,000 | $1,000,000 |
| 2023/24 | $1,000,000 | $1,000,000 |
| 2024/25 | $1,000,000 | $1,000,000 |
| 2025/26 | $1,000,000 | $1,000,000 |
| 2026/27 | $1,000,000 | $1,000,000 |
| 2027/28 | $1,000,000 | $1,000,000 |
| 2028/29 | $1,000,000 | $1,000,000 |
| 2029/30 | $1,000,000 | $1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 42

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Funding | Percentage |
| --- | --- |
| Financial Assets | 100.00% |
| Investments | 100.00% |
| Investments at the time of the year | 100.00% |
| Investments at the time of the year | 100.00% |
| Investments at the time of the year | 100.00% |
| Investments at the time of the year | 100.00% |
| Investments at the time of the year | 100.00% |

86 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| 1. Bank of America's First National Bank (1961, 1962, 1963) | 1,000,000,000 | 1,000,000,000 |
| --- | --- | --- |
| 2. Bank of America's First National Bank (1962, 1963, 1964) | 1,000,000,000 | 1,000,000,000 |
| 3. Bank of America's First National Bank (1963, 1964, 1965) | 1,000,000,000 | 1,000,000,000 |
| 4. Bank of America's First National Bank (1964, 1965, 1966) | 1,000,000,000 | 1,000,000,000 |
| 5. Bank of America's First National Bank (1965, 1966, 1967) | 1,000,000,000 | 1,000,000,000 |
| 6. Bank of America's First National Bank (1966, 1967, 1968) | 1,000,000,000 | 1,000,000,000 |
| 7. Bank of America's First National Bank (1967, 1968, 1969) | 1,000,000,000 | 1,000,000,000 |
| 8. Bank of America's First National Bank (1968, 1969, 1970) | 1,000,000,000 | 1,000,000,000 |
| 9. Bank of America's First National Bank (1969, 1970, 1971) | 1,000,000,000 | 1,000,000,000 |
| 10. Bank of America's First National Bank (1970, 1971, 1972) | 1,000,000,000 | 1,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 45

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Fund | 1996 | 1995 |
| --- | --- | --- |
| Franklin Financial Services Corporation | 1,000,000 | 1,000,000 |
| Franklin Financial Services Corporation | 1,000,000 | 1,000,000 |
| Franklin Financial Services Corporation | 1,000,000 | 1,000,000 |
| Franklin Financial Services Corporation | 1,000,000 | 1,000,000 |
| Franklin Financial Services Corporation | 1,000,000 | 1,000,000 |

98 | Quarterly Schedule of Investment | See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Funded Account | 2023 | 2022 |
| --- | --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 | $1,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 | $1,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 | $1,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | $1,000,000 | $1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 47

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| 1. Financial Assets (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| --- | --- | --- |
| 2. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 3. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 4. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 5. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 6. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 7. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 8. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 9. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |
| 10. Non-Shareholders' Equity (in thousands of dollars) | 1,000,000,000 | 1,000,000,000 |

38 Quarterly Schedule of Investment - See Notes to Schedule of Investments.

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 48

FRANKLIN TEA-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tea-Free Income Fund (continued)

| 1. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度 | 1,000,000,000 | 1,000,000,000 |
| --- | --- | --- |
| 2. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度 | 1,000,000,000 | 1,000,000,000 |

10

Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| 1. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| 2. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 3. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 4. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 5. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 6. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 7. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 8. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 9. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |
| 10. The Franklin Family Fund (Funds) is a member of the Franklin Family Fund (Funds) in the United States. | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 61

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| 1. The following table provides the information in a specific format: | 2018 | 2017 |
| --- | --- | --- |
| 2. The following table provides the information in a specific format: | 2018 | 2017 |
| 3. The following table provides the information in a specific format: | 2018 | 2017 |
| 4. The following table provides the information in a specific format: | 2018 | 2017 |
| 5. The following table provides the information in a specific format: | 2018 | 2017 |
| 6. The following table provides the information in a specific format: | 2018 | 2017 |
| 7. The following table provides the information in a specific format: | 2018 | 2017 |
| 8. The following table provides the information in a specific format: | 2018 | 2017 |
| 9. The following table provides the information in a specific format: | 2018 | 2017 |
| 10. The following table provides the information in a specific format: | 2018 | 2017 |
| 11. The following table provides the information in a specific format: | 2018 | 2017 |
| 12. The following table provides the information in a specific format: | 2018 | 2017 |
| 13. The following table provides the information in a specific format: | 2018 | 2017 |
| 14. The following table provides the information in a specific format: | 2018 | 2017 |
| 15. The following table provides the information in a specific format: | 2018 | 2017 |
| 16. The following table provides the information in a specific format: | 2018 | 2017 |
| 17. The following table provides the information in a specific format: | 2018 | 2017 |
| 18. The following table provides the information in a specific format: | 2018 | 2017 |
| 19. The following table provides the information in a specific format: | 2018 | 2017 |
| 20. The following table provides the information in a specific format: | 2018 | 2017 |

92 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)[{"box_2d": [35, 69, 461, 126], "label": "table", "caption": "

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: |  |  |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

| Description | Proposed | Total |
| --- | --- | --- |
| Total of the total amount of the financial assets, December 31, 2011, including: | 7,222,000,000 | 7,222,000,000 |

<table><thead><tr><th>

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| ISSUE | QUANTITY |
| --- | --- |
| 1. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 2. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 3. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 4. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 5. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 6. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 7. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 8. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 9. Financial Statements and Statements of Financial Statements | 1,000,000 |
| 10. Financial Statements and Statements of Financial Statements | 1,000,000 |

92 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Franklin Corporation's Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 2,000,000,000 | 2,000,000,000 |
| --- | --- | --- |
| Franklin Corporation's Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 2,000,000,000 | 2,000,000,000 |
| Franklin Corporation's Financial Services, Inc. (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) (Funds) | 2,000,000,000 | 2,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 85

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Year | Funded | Total |
| --- | --- | --- |
| 1. First National Income Tax Fund (1st National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 2. First National Income Tax Fund (2nd National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 3. First National Income Tax Fund (3rd National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 4. First National Income Tax Fund (4th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 5. First National Income Tax Fund (5th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 6. First National Income Tax Fund (6th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 7. First National Income Tax Fund (7th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 8. First National Income Tax Fund (8th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 9. First National Income Tax Fund (9th National Income Tax Fund) | 1,000,000 | 1,000,000 |
| 10. First National Income Tax Fund (10th National Income Tax Fund) | 1,000,000 | 1,000,000 |

96 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| 1. 2017年1月1日 | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. 2017年1月2日 | 1,000,000.00 | 1,000,000.00 |
| 3. 2017年1月3日 | 1,000,000.00 | 1,000,000.00 |
| 4. 2017年1月4日 | 1,000,000.00 | 1,000,000.00 |
| 5. 2017年1月5日 | 1,000,000.00 | 1,000,000.00 |
| 6. 2017年1月6日 | 1,000,000.00 | 1,000,000.00 |
| 7. 2017年1月7日 | 1,000,000.00 | 1,000,000.00 |
| 8. 2017年1月8日 | 1,000,000.00 | 1,000,000.00 |
| 9. 2017年1月9日 | 1,000,000.00 | 1,000,000.00 |
| 10. 2017年1月10日 | 1,000,000.00 | 1,000,000.00 |
| 11. 2017年1月11日 | 1,000,000.00 | 1,000,000.00 |
| 12. 2017年1月12日 | 1,000,000.00 | 1,000,000.00 |
| 13. 2017年1月13日 | 1,000,000.00 | 1,000,000.00 |
| 14. 2017年1月14日 | 1,000,000.00 | 1,000,000.00 |
| 15. 2017年1月15日 | 1,000,000.00 | 1,000,000.00 |
| 16. 2017年1月16日 | 1,000,000.00 | 1,000,000.00 |
| 17. 2017年1月17日 | 1,000,000.00 | 1,000,000.00 |
| 18. 2017年1月18日 | 1,000,000.00 | 1,000,000.00 |
| 19. 2017年1月19日 | 1,000,000.00 | 1,000,000.00 |
| 20. 2017年1月20日 | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 87

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| ISSUE | ACTUAL | ESTIMATED |
| --- | --- | --- |
| 1. Financial Statements (1st, 2nd, 3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 2. Financial Statements (2nd, 3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 3. Financial Statements (3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 4. Financial Statements (4th, 5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 5. Financial Statements (5th, 6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 6. Financial Statements (6th, 7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 7. Financial Statements (7th, 8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |
| 8. Financial Statements (8th, 9th, 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, 22nd, 23rd, 24th, 25th, 26th, 27th, 28th, 29th, 30th, 31st, 32nd, 33rd, 34th, 35th, 36th, 37th, 38th, 39th, 40th, 41st, 42nd, 43rd, 44th, 45th, 46th, 47th, 48th, 49th, 50th, 51st, 52nd, 53rd, 54th, 55th, 56th, 57th, 58th, 59th, 60th, 61st, 62nd, 63rd, 64th, 65th, 66th, 67th, 68th, 69th, 70th, 71st, 72nd, 73rd, 74th, 75th, 76th, 77th, 78th, 79th, 80th, 81st, 82nd, 83rd, 84th, 85th, 86th, 87th, 88th, 89th, 90th, 91st, 92nd, 93rd, 94th, 95th, 96th, 97th, 98th, 99th, 100th | 1,000,000.00 | 1,000,000.00 |

92 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNMUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Value |
| --- | --- |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 40

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Percentage | U.S. Tax |
| --- | --- | --- |
| 1. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 2. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 3. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 4. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 5. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 6. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 7. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 8. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 9. Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 10. Franklin High Yield Tax-Free Income Fund (continued) |  |  |

260 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Funded | Funded |
| --- | --- |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |
| 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 101

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Year | 1st Year | 2nd Year |
| --- | --- | --- |
| 1. Financial Assets | 1,000,000,000 | 1,000,000,000 |
| 2. Assets | 1,000,000,000 | 1,000,000,000 |
| 3. Assets | 1,000,000,000 | 1,000,000,000 |
| 4. Assets | 1,000,000,000 | 1,000,000,000 |
| 5. Assets | 1,000,000,000 | 1,000,000,000 |
| 6. Assets | 1,000,000,000 | 1,000,000,000 |
| 7. Assets | 1,000,000,000 | 1,000,000,000 |
| 8. Assets | 1,000,000,000 | 1,000,000,000 |
| 9. Assets | 1,000,000,000 | 1,000,000,000 |
| 10. Assets | 1,000,000,000 | 1,000,000,000 |

202 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Year | Funded | Total |
| --- | --- | --- |
| 1 | 1,000,000 | 1,000,000 |
| 2 | 1,000,000 | 1,000,000 |
| 3 | 1,000,000 | 1,000,000 |
| 4 | 1,000,000 | 1,000,000 |
| 5 | 1,000,000 | 1,000,000 |
| 6 | 1,000,000 | 1,000,000 |
| 7 | 1,000,000 | 1,000,000 |
| 8 | 1,000,000 | 1,000,000 |
| 9 | 1,000,000 | 1,000,000 |
| 10 | 1,000,000 | 1,000,000 |

202 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Proposed |
| --- | --- |
| 1. $1,000,000.00 | 1,000,000.00 |
| 2. $1,000,000.00 | 1,000,000.00 |
| 3. $1,000,000.00 | 1,000,000.00 |
| 4. $1,000,000.00 | 1,000,000.00 |
| 5. $1,000,000.00 | 1,000,000.00 |
| 6. $1,000,000.00 | 1,000,000.00 |
| 7. $1,000,000.00 | 1,000,000.00 |
| 8. $1,000,000.00 | 1,000,000.00 |
| 9. $1,000,000.00 | 1,000,000.00 |
| 10. $1,000,000.00 | 1,000,000.00 |
| 11. $1,000,000.00 | 1,000,000.00 |
| 12. $1,000,000.00 | 1,000,000.00 |
| 13. $1,000,000.00 | 1,000,000.00 |
| 14. $1,000,000.00 | 1,000,000.00 |
| 15. $1,000,000.00 | 1,000,000.00 |
| 16. $1,000,000.00 | 1,000,000.00 |
| 17. $1,000,000.00 | 1,000,000.00 |
| 18. $1,000,000.00 | 1,000,000.00 |
| 19. $1,000,000.00 | 1,000,000.00 |
| 20. $1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 145

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| Fund | 2016 | 2015 |
| --- | --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) |  |  |
| 1. The Bank of America, Inc. (1) is a member of the Bank of America, Inc. (2) is a member of the Bank of America, Inc. (3) is a member of the Bank of America, Inc. (4) is a member of the Bank of America, Inc. (5) is a member of the Bank of America, Inc. (6) is a member of the Bank of America, Inc. (7) is a member of the Bank of America, Inc. (8) is a member of the Bank of America, Inc. (9) is a member of the Bank of America, Inc. (10) is a member of the Bank of America, Inc. (11) is a member of the Bank of America, Inc. (12) is a member of the Bank of America, Inc. (13) is a member of the Bank of America, Inc. (14) is a member of the Bank of America, Inc. (15) is a member of the Bank of America, Inc. (16) is a member of the Bank of America, Inc. (17) is a member of the Bank of America, Inc. (18) is a member of the Bank of America, Inc. (19) is a member of the Bank of America, Inc. (20) is a member of the Bank of America, Inc. (21) is a member of the Bank of America, Inc. (22) is a member of the Bank of America, Inc. (23) is a member of the Bank of America, Inc. (24) is a member of the Bank of America, Inc. (25) is a member of the Bank of America, Inc. (26) is a member of the Bank of America, Inc. (27) is a member of the Bank of America, Inc. (28) is a member of the Bank of America, Inc. (29) is a member of the Bank of America, Inc. (30) is a member of the Bank of America, Inc. (31) is a member of the Bank of America, Inc. (32) is a member of the Bank of America, Inc. (33) is a member of the Bank of America, Inc. (34) is a member of the Bank of America, Inc. (35) is a member of the Bank of America, Inc. (36) is a member of the Bank of America, Inc. (37) is a member of the Bank of America, Inc. (38) is a member of the Bank of America, Inc. (39) is a member of the Bank of America, Inc. (40) is a member of the Bank of America, Inc. (41) is a member of the Bank of America, Inc. (42) is a member of the Bank of America, Inc. (43) is a member of the Bank of America, Inc. (44) is a member of the Bank of America, Inc. (45) is a member of the Bank of America, Inc. (46) is a member of the Bank of America, Inc. (47) is a member of the Bank of America, Inc. (48) is a member of the Bank of America, Inc. (49) is a member of the Bank of America, Inc. (50) is a member of the Bank of America, Inc. (51) is a member of the Bank of America, Inc. (52) is a member of the Bank of America, Inc. (53) is a member of the Bank of America, Inc. (54) is a member of the Bank of America, Inc. (55) is a member of the Bank of America, Inc. (56) is a member of the Bank of America, Inc. (57) is a member of the Bank of America, Inc. (58) is a member of the Bank of America, Inc. (59) is a member of the Bank of America, Inc. (60) is a member of the Bank of America, Inc. (61) is a member of the Bank of America, Inc. (62) is a member of the Bank of America, Inc. (63) is a member of the Bank of America, Inc. (64) is a member of the Bank of America, Inc. (65) is a member of the Bank of America, Inc. (66) is a member of the Bank of America, Inc. (67) is a member of the Bank of America, Inc. (68) is a member of the Bank of America, Inc. (69) is a member of the Bank of America, Inc. (70) is a member of the Bank of America, Inc. (71) is a member of the Bank of America, Inc. (72) is a member of the Bank of America, Inc. (73) is a member of the Bank of America, Inc. (74) is a member of the Bank of America, Inc. (75) is a member of the Bank of America, Inc. (76) is a member of the Bank of America, Inc. (77) is a member of the Bank of America, Inc. (78) is a member of the Bank of America, Inc. (79) is a member of the Bank of America, Inc. (80) is a member of the Bank of America, Inc. (81) is a member of the Bank of America, Inc. (82) is a member of the Bank of America, Inc. (83) is a member of the Bank of America, Inc. (84) is a member of the Bank of America, Inc. (85) is a member of the Bank of America, Inc. (86) is a member of the Bank of America, Inc. (87) is a member of the Bank of America, Inc. (88) is a member of the Bank of America, Inc. (89) is a member of the Bank of America, Inc. (90) is a member of the Bank of America, Inc. (91) is a member of the Bank of America, Inc. (92) is a member of the Bank of America, Inc. (93) is a member of the Bank of America, Inc. (94) is a member of the Bank of America, Inc. (95) is a member of the Bank of America, Inc. (96) is a member of the Bank of America, Inc. (97) is a member of the Bank of America, Inc. (98) is a member of the Bank of America, Inc. (99) is a member of the Bank of America, Inc. (100) |  |  |

200 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNMUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Proposed |
| --- | --- |
| Franklin High Yield Tax-Free Income Fund (continued) | 14,000,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000,000 |
| Franklin High Yield Tax-Free Income Fund (continued) | 1,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 107

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin High Yield Tax-Free Income Fund (continued)

| ISSUE | 2018 | 2017 |
| --- | --- | --- |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |
| Financial Statements and Financial Statements | $1,000,000 | $1,000,000 |

288 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNMUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Proposed | 2017-2018 |
| --- | --- | --- |
| Franklin High Yield Tax Free Income Fund (continued) | 4,000,000 | 3,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 7,000,000 | 6,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 7,000,000 | 6,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 7,000,000 | 6,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 11,000,000 | 11,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 1,000,000 | 1,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 1,000,000 | 1,000,000 |
| Franklin High Yield Tax Free Income Fund (continued) | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 108

FRANKLIN T2A-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Year Ended December 31, | 2018 | 2017 |
| --- | --- | --- |
| Net income | $1,000,000 | $1,000,000 |
| Taxes | (1,000,000) | (1,000,000) |
| Net income | $1,000,000 | $1,000,000 |
| Taxes | (1,000,000) | (1,000,000) |
| Net income | $1,000,000 | $1,000,000 |

108

Quarterly Schedule of Investment - See Notes to Schedules of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin High Yield Tax-Free Income Fund (continued)

| Fund | Value | Percentage |
| --- | --- | --- |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |
| Franklin High Yield Tax Free Income Fund | $1,000,000 | 100% |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 211

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Louisiana Tax-Free Income Fund

| 1. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 3. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 4. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 5. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 6. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 7. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 8. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 9. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |
| 10. The following items are not included in the following items: | 1,000,000.00 | 1,000,000.00 |

322 Quarterly Schedule of Investments Free Notes to Schedule of Investments

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Louisiana Tax-Free Income Fund (continued)

| Management Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Financial Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |
| Financial Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |
| Financial Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |
| Financial Services, Business, and Services of the United States | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 222

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Louisiana Tax-Free Income Fund (continued)

| Line | Value | Amount |
| --- | --- | --- |
| 1. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 2. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 3. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 4. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 5. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 6. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 7. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 8. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 9. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 10. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 11. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 12. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 13. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |
| 14. Financial and Financial Services (Funds, Securities, and Exchange) | $1,000,000 | $1,000,000 |

102 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Louisiana Tax-Free Income Fund (continued)

| 1. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 1,000,000.00 | 1,000,000.00 |
| 3. 2014年1月1日,公司以人民币1,000万元为基数,向中国银行股份有限公司上海分行申请的综合授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元,且该笔授信额度不超过人民币3,000万元 | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 225

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Louisiana Tax-Free Income Fund (continued)

| Description | Value | Percentage |
| --- | --- | --- |
| Amounts | $1,000,000 | 100% |
| Interest | 1,000,000 | 100% |
| Interest on the basis of tax | 1,000,000 | 100% |
| Interest on the basis of tax | 1,000,000 | 100% |
| Interest on the basis of tax | 1,000,000 | 100% |
| Interest on the basis of tax | 1,000,000 | 100% |

248 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Maryland Tax-Free Income Fund

| Description | Proposed | 2022 |
| --- | --- | --- |
| 1. The Franklin Maryland Tax Free Income Fund (FAA) is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 2. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 3. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 4. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 5. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 6. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 7. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 8. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 9. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |
| 10. The Franklin Maryland Tax Free Income Fund is a 1,000,000,000.00 US$1,000,000.00 | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 217

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Maryland Tax-Free Income Fund (continued)

| American American Financial Corporation, 2021 to ASAPC (Internal, Dth, 1/20/22) | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| American American Financial Corporation, 2021 to ASAPC (Internal, Dth, 1/20/22) | 1,000,000.00 | 1,000,000.00 |
| American American Financial Corporation, 2021 to ASAPC (Internal, Dth, 1/20/22) | 1,000,000.00 | 1,000,000.00 |
| American American Financial Corporation, 2021 to ASAPC (Internal, Dth, 1/20/22) | 1,000,000.00 | 1,000,000.00 |

128 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Maryland Tax-Free Income Fund (continued)

|  | Proposed |  |
| --- | --- | --- |
| 2014 | 0.1% | 0.1% |
| 2015 | 0.1% | 0.1% |
| 2016 | 0.1% | 0.1% |
| 2017 | 0.1% | 0.1% |
| 2018 | 0.1% | 0.1% |
| 2019 | 0.1% | 0.1% |
| 2020 | 0.1% | 0.1% |
| 2021 | 0.1% | 0.1% |
| 2022 | 0.1% | 0.1% |
| 2023 | 0.1% | 0.1% |
| 2024 | 0.1% | 0.1% |
| 2025 | 0.1% | 0.1% |
| 2026 | 0.1% | 0.1% |
| 2027 | 0.1% | 0.1% |
| 2028 | 0.1% | 0.1% |
| 2029 | 0.1% | 0.1% |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 229

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Maryland Tax-Free Income Fund (continued)

| Description | Value | Value |
| --- | --- | --- |
| Cash and cash equivalents at the beginning of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the end of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the end of the year | $1,000,000 | $1,000,000 |
| Cash and cash equivalents at the end of the year | $1,000,000 | $1,000,000 |

120

Quarterly Schedule of Investment - See Notes to Schedules of Investment.

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Massachusetts Tax-Free Income Fund

|  | Proposed | Unaudited |
| --- | --- | --- |
| 1. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 7,000,000,000 | 7,000,000,000 |
| 2. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 5,000,000,000 | 5,000,000,000 |
| 3. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 2,000,000,000 | 2,000,000,000 |
| 4. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 1,000,000,000 | 1,000,000,000 |
| 5. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 8,000,000,000 | 8,000,000,000 |
| 6. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 1,000,000,000 | 1,000,000,000 |
| 7. The Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements of the Financial Statements | 1,000,000,000 | 1,000,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 101

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Massachusetts Tax Free Income Fund (continued)

| Amount (In millions) | Proportion | 2023 |
| --- | --- | --- |
| Net Income (In millions) | 1.00% | 1.00% |
| Net Income (In millions) | 1.00% | 1.00% |
| Net Income (In millions) | 1.00% | 1.00% |
| Net Income (In millions) | 1.00% | 1.00% |
| Net Income (In millions) | 1.00% | 1.00% |

222 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Massachusetts Tax-Free Income Fund (continued)

| Description | Proposed | Total |
| --- | --- | --- |
| Total (in thousands of dollars) (in thousands of dollars) | 1,000,000 | 1,000,000 |
| Other (including: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000 | 1,000,000 |
| Total (in thousands of dollars) (in thousands of dollars) | 1,000,000 | 1,000,000 |
| Other (including: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000 | 1,000,000 |
| Total (in thousands of dollars) (in thousands of dollars) | 1,000,000 | 1,000,000 |
| Other (including: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) (47) (48) (49) (50) (51) (52) (53) (54) (55) (56) (57) (58) (59) (60) (61) (62) (63) (64) (65) (66) (67) (68) (69) (70) (71) (72) (73) (74) (75) (76) (77) (78) (79) (80) (81) (82) (83) (84) (85) (86) (87) (88) (89) (90) (91) (92) (93) (94) (95) (96) (97) (98) (99) (100) | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 123

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Massachusetts Tax-Free Income Fund (continued)[{"box_2d": [21, 68, 461, 124], "label": "table", "caption": "

| Financial Statements and Supplementary Data (in US$) | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| In addition to the amount of the tax on the tax of the United States, the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States. | 1,000,000 | 1,000,000 |
| --- | --- | --- |

<table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td>1,000,000</td></tr></tabletable><table><tr><td>In addition to the amount of the tax on the tax of the United States is not to be paid for any other tax or other tax of the United States.</td><td>1,000,000</td><td

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Massachusetts Tax-Free Income Fund (continued)

| 1. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| 2. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |
| 3. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |
| 4. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |
| 5. Bank of New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York, New York | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 125

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

Franklin Michigan Tax-Free Income Fund

| Description | Amount |
| --- | --- |
| Tax Free Income (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) | 1,000,000.00 |
| Tax Free Income (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) | 1,000,000.00 |
| Tax Free Income (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) | 1,000,000.00 |
| Tax Free Income (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) (Net) | 1,000,000.00 |

200 Quarterly Schedule of Investments (See Notes to Schedule of Investments)

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Michigan Tax-Free Income Fund (continued)

| 1. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 3. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 4. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 5. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 6. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 7. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 8. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 9. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 10. Financial Services, Inc. (Funds) 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 127

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Michigan Tax-Free Income Fund (continued)

| Year | Percentage |
| --- | --- |
| 2010 | 2.0% |
| 2011 | 2.0% |
| 2012 | 2.0% |
| 2013 | 2.0% |
| 2014 | 2.0% |
| 2015 | 2.0% |
| 2016 | 2.0% |
| 2017 | 2.0% |
| 2018 | 2.0% |
| 2019 | 2.0% |
| 2020 | 2.0% |

100 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Michigan Tax-Free Income Fund (continued)

| Franklin, Michigan, Texas, and the United States | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Franklin, Michigan, Texas, and the United States | 1,000,000 | 1,000,000 |
| Franklin, Michigan, Texas, and the United States | 1,000,000 | 1,000,000 |
| Franklin, Michigan, Texas, and the United States | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 128

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Michigan Tax-Free Income Fund (continued)

| Fund | Amount |
| --- | --- |
| 1.00 | $1,000,000.00 |
| 2.00 | $1,000,000.00 |
| 3.00 | $1,000,000.00 |
| 4.00 | $1,000,000.00 |
| 5.00 | $1,000,000.00 |
| 6.00 | $1,000,000.00 |
| 7.00 | $1,000,000.00 |
| 8.00 | $1,000,000.00 |
| 9.00 | $1,000,000.00 |
| 10.00 | $1,000,000.00 |

100 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Michigan Tax-Free Income Fund (continued)

| GCF, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000, 1000 | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 1000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 1000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 1000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 1000,000.00 | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 141

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Michigan Tax-Free Income Fund (continued)

| Year | Percentage |
| --- | --- |
| 1960 | 4.1% |
| 1961 | 1.0% |
| 1962 | 1.0% |
| 1963 | 1.0% |
| 1964 | 1.0% |
| 1965 | 1.0% |
| 1966 | 1.0% |
| 1967 | 1.0% |
| 1968 | 1.0% |
| 1969 | 1.0% |
| 1970 | 1.0% |
| 1971 | 1.0% |
| 1972 | 1.0% |
| 1973 | 1.0% |
| 1974 | 1.0% |
| 1975 | 1.0% |
| 1976 | 1.0% |
| 1977 | 1.0% |
| 1978 | 1.0% |
| 1979 | 1.0% |
| 1980 | 1.0% |

200 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Michigan Tax-Free Income Fund (continued)

1. The Bank of America is a major investment fund for the development of 1,000,000 securities and 1,000,000 business concepts for a comprehensive, non-exclusive, and non-exclusive, investment fund. The Bank of America is a major investment fund for the development of 1,000,000 securities and 1,000,000 business concepts for a comprehensive, non-exclusive, and non-exclusive, investment fund. The Bank of America is a major investment fund for the development of 1,000,000 securities and 1,000,000 business concepts for a comprehensive, non-exclusive, and non-exclusive, investment fund.

---

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 102

FRANKLIN TAX-FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Minnesota Tax-Free Income Fund

| 1. $1,000,000 | 1,000,000 | 347 |
| --- | --- | --- |
| 2. $1,000,000 | 1,000,000 | 348 |
| 3. $1,000,000 | 1,000,000 | 349 |
| 4. $1,000,000 | 1,000,000 | 350 |
| 5. $1,000,000 | 1,000,000 | 351 |
| 6. $1,000,000 | 1,000,000 | 352 |
| 7. $1,000,000 | 1,000,000 | 353 |
| 8. $1,000,000 | 1,000,000 | 354 |
| 9. $1,000,000 | 1,000,000 | 355 |
| 10. $1,000,000 | 1,000,000 | 356 |
| 11. $1,000,000 | 1,000,000 | 357 |
| 12. $1,000,000 | 1,000,000 | 358 |
| 13. $1,000,000 | 1,000,000 | 359 |
| 14. $1,000,000 | 1,000,000 | 360 |
| 15. $1,000,000 | 1,000,000 | 361 |
| 16. $1,000,000 | 1,000,000 | 362 |
| 17. $1,000,000 | 1,000,000 | 363 |
| 18. $1,000,000 | 1,000,000 | 364 |
| 19. $1,000,000 | 1,000,000 | 365 |
| 20. $1,000,000 | 1,000,000 | 366 |

288 Quarterly Schedule of Investments Free Notes to Schedule of Investments

FINANCIAL TAX-FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Minnesota Tax-Free Income Fund [continued]

| GO: 8161, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 |
| --- | --- |
| GO: 8161, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1, 1 |
| GO: 8161, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1, 1 |
| GO: 8161, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, 1 | 1, 1 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 108

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Minnesota Tax-Free Income Fund (continued)

| Year Ended | Principal | Total |
| --- | --- | --- |
| 2010 | $1,000,000 | 1,000,000 |
| 2011 | 1,000,000 | 1,000,000 |
| 2012 | 1,000,000 | 1,000,000 |
| 2013 | 1,000,000 | 1,000,000 |
| 2014 | 1,000,000 | 1,000,000 |
| 2015 | 1,000,000 | 1,000,000 |
| 2016 | 1,000,000 | 1,000,000 |
| 2017 | 1,000,000 | 1,000,000 |
| 2018 | 1,000,000 | 1,000,000 |
| 2019 | 1,000,000 | 1,000,000 |
| 2020 | 1,000,000 | 1,000,000 |
| 2021 | 1,000,000 | 1,000,000 |
| 2022 | 1,000,000 | 1,000,000 |
| 2023 | 1,000,000 | 1,000,000 |

288 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Minnesota Tax-Free Income Fund (continued)[{"box_2d": [35, 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 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

| Line of the Stock | 2018 | 2017 |
| --- | --- | --- |
| First National Bank of America | $1,000,000 | $1,000,000 |

<table><thead><tr><th>Line of the Stock</th><th>2018</th><th>2017</th></tr></thead><tr><td

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Minnesota Tax Free Income Fund (continued)

| Cash and cash equivalents, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2033, 2034, 2035, 2036, 2037, 2038, 2039, 2040, 2041, 2042, 2043, 2044, 2045, 2046, 2047, 2048, 2049, 2050, 2051, 2052, 2053, 2054, 2055, 2056, 2057, 2058, 2059, 2060, 2061, 2062, 2063, 2064, 2065, 2066, 2067, 2068, 2069, 2070, 2071, 2072, 2073, 2074, 2075, 2076, 2077, 2078, 2079, 2080, 2081, 2082, 2083, 2084, 2085, 2086, 2087, 2088, 2089, 2090, 2091, 2092, 2093, 2094, 2095, 2096, 2097, 2098, 2099, 2100, 2101, 2102, 2103, 2104, 2105, 2106, 2107, 2108, 2109, 2110, 2111, 2112, 2113, 2114, 2115, 2116, 2117, 2118, 2119, 2120, 2121, 2122, 2123, 2124, 2125, 2126, 2127, 2128, 2129, 2130, 2131, 2132, 2133, 2134, 2135, 2136, 2137, 2138, 2139, 2140, 2141, 2142, 2143, 2144, 2145, 2146, 2147, 2148, 2149, 2150, 2151, 2152, 2153, 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161, 2162, 2163, 2164, 2165, 2166, 2167, 2168, 2169, 2170, 2171, 2172, 2173, 2174, 2175, 2176, 2177, 2178, 2179, 2180, 2181, 2182, 2183, 2184, 2185, 2186, 2187, 2188, 2189, 2190, 2191, 2192, 2193, 2194, 2195, 2196, 2197, 2198, 2199, 2200, 2201, 2202, 2203, 2204, 2205, 2206, 2207, 2208, 2209, 2210, 2211, 2212, 2213, 2214, 2215, 2216, 2217, 2218, 2219, 2220, 2221, 2222, 2223, 2224, 2225, 2226, 2227, 2228, 2229, 2230, 2231, 2232, 2233, 2234, 2235, 2236, 2237, 2238, 2239, 2240, 2241, 2242, 2243, 2244, 2245, 2246, 2247, 2248, 2249, 2250, 2251, 2252, 2253, 2254, 2255, 2256, 2257, 2258, 2259, 2260, 2261, 2262, 2263, 2264, 2265, 2266, 2267, 2268, 2269, 2270, 2271, 2272, 2273, 2274, 2275, 2276, 2277, 2278, 2279, 2280, 2281, 2282, 2283, 2284, 2285, 2286, 2287, 2288, 2289, 2290, 2291, 2292, 2293, 2294, 2295, 2296, 2297, 2298, 2299, 2300, 2301, 2302, 2303, 2304, 2305, 2306, 2307, 2308, 2309, 2310, 2311, 2312, 2313, 2314, 2315, 2316, 2317, 2318, 2319, 2320, 2321, 2322, 2323, 2324, 2325, 2326, 2327, 2328, 2329, 2330, 2331, 2332, 2333, 2334, 2335, 2336, 2337, 2338, 2339, 2340, 2341, 2342, 2343, 2344, 2345, 2346, 2347, 2348, 2349, 2350, 2351, 2352, 2353, 2354, 2355, 2356, 2357, 2358, 2359, 2360, 2361, 2362, 2363, 2364, 2365, 2366, 2367, 2368, 2369, 2370, 2371, 2372, 2373, 2374, 2375, 2376, 2377, 2378, 2379, 2380, 2381, 2382, 2383, 2384, 2385, 2386, 2387, 2388, 2389, 2390, 2391, 2392, 2393, 2394, 2395, 2396, 2397, 2398, 2399, 2400, 2401, 2402, 2403, 2404, 2405, 2406, 2407, 2408, 2409, 2410, 2411, 2412, 2413, 2414, 2415, 2416, 2417, 2418, 2419, 2420, 2421, 2422, 2423, 2424, 2425, 2426, 2427, 2428, 2429, 2430, 2431, 2432, 2433, 2434, 2435, 2436, 2437, 2438, 2439, 2440, 2441, 2442, 2443, 2444, 2445, 2446, 2447, 2448, 2449, 2450, 2451, 2452, 2453, 2454, 2455, 2456, 2457, 2458, 2459, 2460, 2461, 2462, 2463, 2464, 2465, 2466, 2467, 2468, 2469, 2470, 2471, 2472, 2473, 2474, 2475, 2476, 2477, 2478, 2479, 2480, 2481, 2482, 2483, 2484, 2485, 2486, 2487, 2488, 2489, 2490, 2491, 2492, 2493, 2494, 2495, 2496, 2497, 2498, 2499, 2500, 2501, 2502, 2503, 2504, 2505, 2506, 2507, 2508, 2509, 2510, 2511, 2512, 2513, 2514, 2515, 2516, 2517, 2518, 2519, 2520, 2521, 2522, 2523, 2524, 2525, 2526, 2527, 2528, 2529, 2530, 2531, 2532, 2533, 2534, 2535, 2536, 2537, 2538, 2539, 2540, 2541, 2542, 2543, 2544, 2545, 2546, 2547, 2548, 2549, 2550, 2551, 2552, 2553, 2554, 2555, 2556, 2557, 2558, 2559, 2560, 2561, 2562, 2563, 2564, 2565, 2566, 2567, 2568, 2569, 2570, 2571, 2572, 2573, 2574, 2575, 2576, 2577, 2578, 2579, 2580, 2581, 2582, 2583, 2584, 2585, 2586, 2587, 2588, 2589, 2590, 2591, 2592, 2593, 2594, 2595, 2596, 2597, 2598, 2599, 2600, 2601, 2602, 2603, 2604, 2605, 2606, 2607, 2608, 2609, 2610, 2611, 2612, 2613, 2614, 2615, 2616, 2617, 2618, 2619, 2620, 2621, 2622, 2623, 2624, 2625, 2626, 2627, 2628, 2629, 2630, 2631, 2632, 2633, 2634, 2635, 2636, 2637, 2638, 2639, 2640, 2641, 2642, 2643, 2644, 2645, 2646, 2647, 2648, 2649, 2650, 2651, 2652, 2653, 2654, 2655, 2656, 2657, 2658, 2659, 2660, 2661, 2662, 2663, 2664, 2665, 2666, 2667, 2668, 2669, 2670, 2671, 2672, 2673, 2674, 2675, 2676, 2677, 2678, 2679, 2680, 2681, 2682, 2683, 2684, 2685, 2686, 2687, 2688, 2689, 2690, 2691, 2692, 2693, 2694, 2695, 2696, 2697, 2698, 2699, 2700, 2701, 2702, 2703, 2704, 2705, 2706, 2707, 2708, 2709, 2710, 2711, 2712, 2713, 2714, 2715, 2716, 2717, 2718, 2719, 2720, 2721, 2722, 2723, 2724, 2725, 2726, 2727, 2728, 2729, 2730, 2731, 2732, 2733, 2734, 2735, 2736, 2737, 2738, 2739, 2740, 2741, 2742, 2743, 2744, 2745, 2746, 2747, 2748, 2749, 2750, 2751, 2752, 2753, 2754, 2755, 2756, 2757, 2758, 2759, 2760, 2761, 2762, 2763, 2764, 2765, 2766, 2767, 2768, 2769, 2770, 2771, 2772, 2773, 2774, 2775, 2776, 2777, 2778, 2779, 2780, 2781, 2782, 2783, 2784, 2785, 2786, 2787, 2788, 2789, 2790, 2791, 2792, 2793, 2794, 2795, 2796, 2797, 2798, 2799, 2800, 2801, 2802, 2803, 2804, 2805, 2806, 2807, 2808, 2809, 2810, 2811, 2812, 2813, 2814, 2815, 2816, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2824, 2825, 2826, 2827, 2828, 2829, 2830, 2831, 2832, 2833, 2834, 2835, 2836, 2837, 2838, 2839, 2840, 2841, 2842, 2843, 2844, 2845, 2846, 2847, 2848, 2849, 2850, 2851, 2852, 2853, 2854, 2855, 2856, 2857, 2858, 2859, 2860, 2861, 2862, 2863, 2864, 2865, 2866, 2867, 2868, 2869, 2870, 2871, 2872, 2873, 2874, 2875, 2876, 2877, 2878, 2879, 2880, 2881, 2882, 2883, 2884, 2885, 2886, 2887, 2888, 2889, 2890, 2891, 2892, 2893, 2894, 2895, 2896, 2897, 2898, 2899, 2900, 2901, 2902, 2903, 2904, 2905, 2906, 2907, 2908, 2909, 2910, 2911, 2912, 2913, 2914, 2915, 2916, 2917, 2918, 2919, 2920, 2921, 2922, 2923, 2924, 2925, 2926, 2927, 2928, 2929, 2930, 2931, 2932, 2933, 2934, 2935, 2936, 2937, 2938, 2939, 2940, 2941, 2942, 2943, 2944, 2945, 2946, 2947, 2948, 2949, 2950, 2951, 2952, 2953, 2954, 2955, 2956, 2957, 2958, 2959, 2960, 2961, 2962, 2963, 2964, 2965, 2966, 2967, 2968, 2969, 2970, 2971, 2972, 2973, 2974, 2975, 2976, 2977, 2978, 2979, 2980, 2981, 2982, 2983, 2984, 2985, 2986, 2987, 2988, 2989, 2990, 2991, 2992, 2993, 2994, 2995, 2996, 2997, 2998, 2999, 3000 |
| --- |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 138

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Minnesota Tax-Free Income Fund (continued)

| Year | Percentage |
| --- | --- |
| 1991 | 1.0% |
| 1992 | 1.0% |
| 1993 | 1.0% |
| 1994 | 1.0% |
| 1995 | 1.0% |
| 1996 | 1.0% |
| 1997 | 1.0% |
| 1998 | 1.0% |
| 1999 | 1.0% |
| 2000 | 1.0% |

360 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin Missouri Tax-Free Income Fund

| 1. $0.00 | 1,000,000.00 |
| --- | --- |
| 2. $0.00 | 1,000,000.00 |
| 3. $0.00 | 1,000,000.00 |
| 4. $0.00 | 1,000,000.00 |
| 5. $0.00 | 1,000,000.00 |
| 6. $0.00 | 1,000,000.00 |
| 7. $0.00 | 1,000,000.00 |
| 8. $0.00 | 1,000,000.00 |
| 9. $0.00 | 1,000,000.00 |
| 10. $0.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 141

FRANKLIN TEA-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Missouri Tea-Free Income Fund (continued)

| Total Financial Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |

| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |
| Total Investment Assets (in thousands) | 1,000,000 | 1,000,000 |

162

Quarterly Schedule of Investment - See Notes to Schedule of Investment.

1. 2017-2018

1. 2017-2018

1. 2017-2018

1. 2017-2018

1. 2017-2018

1. 2d

1. 2017-2018[{"

FRANKLIN TAX FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Missouri Tax-Free Income Fund (continued)

<table><tr><td></td><td>Proposed</td><td>Total Tax</td></tr><tr><td>1. 2017年1月1日, 2018年1月1日, 2019年1月1日, 2020年1月1日, 2021年1月1日, 2022年1月1日, 2023年1月1日, 2024年1月1日, 2025年1月1日, 2026年1月1日, 2027年1月1日, 2028年1月1日, 2029年1月1日, 2030年1月1日, 2031年1月1日, 2032年1月1日, 2033年1月1日, 2034年1月1日, 2035年1月1日, 2036年1月1日, 2037年1月1日, 2038年1月1日, 2039年1月1日, 2040年1月1日, 2041年1月1日, 2042年1月1日, 2043年1月1日, 2044年1月1日, 2045年1月1日, 2046年1月1日, 2047年1月1日, 2048年1月1日, 2049年1月1日, 2050年1月1日, 2051年1月1日, 2052年1月1日, 2053年1月1日, 2054年1月1日, 2055年1月1日, 2056年1月1日, 2057年1月1日, 2058年1月1日, 2059年1月1日, 2060年1月1日, 2061年1月1日, 2062年1月1日, 2063年1月1日, 2064年1月1日, 2065年1月1日, 2066年1月1日, 2067年1月1日, 2068年1月1日, 2069年1月1日, 2070年1月1日, 2071年1月1日, 2072年1月1日, 2073年1月1日, 2074年1月1日, 2075年1月1日, 2076年1月1日, 2077年1月1日, 2078年1月1日, 2079年1月1日, 2080年1月1日, 2081年1月1日, 2082年1月1日, 2083年1月1日, 2084年1月1日, 2085年1月1日, 2086年1月1日, 2087年1月1日, 2088年1月1日, 2089年1月1日, 2090年1月1日, 2091年1月1日, 2092年1月1日, 2093年1月1日, 2094年1月1日, 2095年1月1日, 2096年1月1日, 2097年1月1日, 2098年1月1日, 2099年1月1日, 2100年1月1日, 2101年1月1日, 2102年1月1日, 2103年1月1日, 2104年1月1日, 2105年1月1日, 2106年1月1日, 2107年1月1日, 2108年1月1日, 2109年1月1日, 2110年1月1日, 2111年1月1日, 2112年1月1日, 2113年1月1日, 2114年1月1日, 2115年1月1日, 2116年1月1日, 2117年1月1日, 2118年1月1日, 2119年1月1日, 2120年1月1日, 2121年1月1日, 2122年1月1日, 2123年1月1日, 2124年1月1日, 2125年1月1日, 2126年1月1日, 2127年1月1日, 2128年1月1日, 2129年1月1日, 2130年1月1日, 2131年1月1日, 2132年1月1日, 2133年1月1日, 2134年1月1日, 2135年1月1日, 2136年1月1日, 2137年1月1日, 2138年1月1日, 2139年1月1日, 2140年1月1日, 2141年1月1日, 2142年1月1日, 2143年1月1日, 2144年1月1日, 2145年1月1日, 2146年1月1日, 2147年1月1日, 2148年1月1日, 2149年1月1日, 2150年1月1日, 2151年1月1日, 2152年1月1日, 2153年1月1日, 2154年1月1日, 2155年1月1日, 2156年1月1日, 2157年1月1日, 2158年1月1日, 2159年1月1日, 2160年1月1日, 2161年1月1日, 2162年1月1日, 2163年1月1日, 2164年1月1日, 2165年1月1日, 2166年1月1日, 2167年1月1日, 2168年1月1日, 2169年1月1日, 2170年1月1日, 2171年1月1日, 2172年1月1日, 2173年1月1日, 2174年1月1日, 2175年1月1日, 2176年1月1日, 2177年1月1日, 2178年1月1日, 2179年1月1日, 2180年1月1日, 2181年1月1日, 2182年1月1日, 2183年1月1日, 2184年1月1日, 2185年1月1日, 2186年1月1日, 2187年1月1日, 2188年1月1日, 2189年1月1日, 2190年1月1日, 2191年1月1日, 2192年1月1日, 2193年1月1日, 2194年1月1日, 2195年1月1日, 2196年1月1日, 2197年1月1日, 2198年1月1日, 2199年1月1日, 2200年1月1日, 2201年1月1日, 2202年1月1日, 2203年1月1日, 2204年1月1日, 2205年1月1日, 2206年1月1日, 2207年1月1日, 2208年1月1日, 2209年1月1日, 2210年1月1日, 2211年1月1日, 2212年1月1日, 2213年1月1日, 2214年1月1日, 2215年1月1日, 2216年1月1日, 2217年1月1日, 2218年1月1日, 2219年1月1日, 2220年1月1日, 2221年1月1日, 2222年1月1日, 2223年1月1日, 2224年1月1日, 2225年1月1日, 2226年1月1日, 2227年1月1日, 2228年1月1日, 2229年1月1日, 2230年1月1日, 2231年1月1日, 2232年1月1日, 2233年1月1日, 2234年1月1日, 2235年1月1日, 2236年1月1日, 2237年1月1日, 2238年1月1日, 2239年1月1日, 2240年1月1日, 2241年1月1日, 2242年1月1日, 2243年1月1日, 2244年1月1日, 2245年1月1日, 2246年1月1日, 2247年1月1日, 2248年1月1日, 2249年1月1日, 2250年1月1日, 2251年1月1日, 2252年1月1日, 2253年1月1日, 2254年1月1日, 2255年1月1日, 2256年1月1日, 2257年1月1日, 2258年1月1日, 2259年1月1日, 2260年1月1日, 2261年1月1日, 2262年1月1日, 2263年1月1日, 2264年1月1日, 2265年1月1日, 2266年1月1日, 2267年1月1日, 2268年1月1日, 2269年1月1日, 2270年1月1日, 2271年1月1日, 2272年1月1日, 2273年1月1日, 2274年1月1日, 2275年1月1日, 2276年1月1日, 2277年1月1日, 2278年1月1日, 2279年1月1日, 2280年1月1日, 2281年1月1日, 2282年1月1日, 2283年1月1日, 2284年1月1日, 2285年1月1日, 2286年1月1日, 2287年1月1日, 2288年1月1日, 2289年1月1日, 2290年1月1日, 2291年1月1日, 2292年1月1日, 2293年1月1日, 2294年1月1日, 2295年1月1日, 2296年1月1日, 2297年1月1日, 2298年1月1日, 2299年1月1日, 2300年1月1日, 2301年1月1日, 2302年1月1日, 2303年1月1日, 2304年1月1日, 2305年1月1日, 2306年1月1日, 2307年1月1日, 2308年1月1日, 2309年1月1日, 2310年1月1日, 2311年1月1日, 2312年1月1日, 2313年1月1日, 2314年1月1日, 2315年1月1日, 2316年1月1日, 2317年1月1日, 2318年1月1日, 2319年1月1日, 2320年1月1日, 2321年1月1日, 2322年1月1日, 2323年1月1日, 2324年1月1日, 2325年1月1日, 2326年1月1日, 2327年1月1日, 2328年1月1日, 2329年1月1日, 2330年1月1日, 2331年1月1日, 2332年1月1日, 2333年1月1日, 2334年1月1日, 2335年1月1日, 2336年1月1日, 2337年1月1日, 2338年1月1日, 2339年1月1日, 2340年1月1日, 2341年1月1日, 2342年1月1日, 2343年1月1日, 2344年1月1日, 2345年1月1日, 2346年1月1日, 2347年1月1日, 2348年1月1日, 2349年1月1日, 2350年1月1日, 2351年1月1日, 2352年1月1日, 2353年1月1日, 2354年1月1日, 2355年1月1日, 2356年1月1日, 2357年1月1日, 2358年1月1日, 2359年1月1日, 2360年1月1日, 2361年1月1日, 2362年1月1日, 2363年1月1日, 2364年1月1日, 2365年1月1日, 2366年1月1日, 2367年1月1日, 2368年1月1日, 2369年1月1日, 2370年1月1日, 2371年1月1日, 2372年1月1日, 2373年1月1日, 2374年1月1日, 2375年1月1日, 2376年1月1日, 2377年1月1日, 2378年1月1日, 2379年1月1日, 2380年1月1日, 2381年1月1日, 2382年1月1日, 2383年1月1日, 2384年1月1日, 2385年1月1日, 2386年1月1日, 2387年1月1日, 2388年1月1日, 2389年1月1日, 2390年1月1日, 2391年1月1日, 2392年1月1日, 2393年1月1日, 2394年1月1日, 2395年1月1日, 2396年1月1日, 2397年1月1日, 2398年1月1日, 2399年1月1日, 2400年1月1日, 2401年1月1日, 2402年1月1日, 2403年1月1日, 2404年1月1日, 2405年1月1日, 2406年1月1日, 2407年1月1日, 2408年1月1日, 2409年1月1日, 2410年1月1日, 2411年1月1日, 2412年1月1日, 2413年1月1日, 2414年1月1日, 2415年1月1日, 2416年1月1日, 2417年1月1日, 2418年1月1日, 2419年1月1日, 2420年1月1日, 2421年1月1日, 2422年1月1日, 2423年1月1日, 2424年1月1日, 2425年1月1日, 2426年1月1日, 2427年1月1日, 2428年1月1日, 2429年1月1日, 2430年1月1日, 2431年1月1日, 2432年1月1日, 2433年1月1日, 2434年1月1日, 2435年1月1日, 2436年1月1日, 2437年1月1日, 2438年1月1日, 2439年1月1日, 2440年1月1日, 2441年1月1日, 2442年1月1日, 2443年1月1日, 2444年1月1日, 2445年1月1日, 2446年1月1日, 2447年1月1日, 2448年1月1日, 2449年1月1日, 2450年1月1日, 2451年1月1日, 2452年1月1日, 2453年1月1日, 2454年1月1日, 2455年1月1日, 2456年1月1日, 2457年1月1日, 2458年1月1日, 2459年1月1日, 2460年1月1日, 2461年1月1日, 2462年1月1日, 2463年1月1日, 2464年1月1日, 2465年1月1日, 2466年1月1日, 2467年1月1日, 2468年1月1日, 2469年1月1日, 2470年1月1日, 2471年1月1日, 2472年1月1日, 2473年1月1日, 2474年1月1日, 2475年1月1日, 2476年1月1日, 2477年1月1日, 2478年1月1日, 2479年1月1日, 2480年1月1日, 2481年1月1日, 2482年1月1日, 2483年1月1日, 2484年1月1日, 2485年1月1日, 2486年1月1日, 2487年1月1日, 2488年1月1日, 2489年1月1日, 2490年1月1日, 2491年1月1日, 2492年1月1日, 2493年1月1日, 2494年1月1日, 2495年1月1日, 2496年1月1日, 2497年1月1日, 2498年1月1日, 2499年1月1日, 2500年1月1日, 2501年1月1日, 2502年1月1日, 2503年1月1日, 2504年1月1日, 2505年1月1日, 2506年1月1日, 2507年1月1日, 2508年1月1日, 2509年1月1日, 2510年1月1日, 2511年1月1日, 2512年1月1日, 2513年1月1日, 2514年1月1日, 2515年1月1日, 2516年1月1日, 2517年1月1日, 2518年1月1日, 2519年1月1日, 2520年1月1日, 2521年1月1日, 2522年1月1日, 2523年1月1日, 2524年1月1日, 2525年1月1日, 2526年1月1日, 2527年1月1日, 2528年1月1日, 2529年1月1日, 2530年1月1日, 2531年1月1日, 2532年1月1日, 2533年1月1日, 2534年1月1日, 2535年1月1日, 2536年1月1日, 2537年1月1日, 2538年1月1日, 2539年1月1日, 2540年1月1日, 2541年1月1日, 2542年1月1日, 2543年1月1日, 2544年1月1日, 2545年1月1日, 2546年1月1日, 2547年1月1日, 2548年1月1日, 2549年1月1日, 2550年1月1日, 2551年1月1日, 2552年1月1日, 2553年1月1日, 2554年1月1日, 2555年1月1日, 2556年1月1日, 2557年1月1日, 2558年1月1日, 2559年1月1日, 2560年1月1日, 2561年1月1日, 2562年1月1日, 2563年1月1日, 2564年1月1日, 2565年1月1日, 2566年1月1日, 2567年1月1日, 2568年1月1日, 2569年1月1日, 2570年1月1日, 2571年1月1日, 2572年1月1日, 2573年1月1日, 2574年1月1日, 2575年1月1日, 2576年1月1日, 2577年1月1日, 2578年1月1日, 2579年1月1日, 2580年1月1日, 2581年1月1日, 2582年1月1日, 2583年1月1日, 2584年1月1日, 2585年1月1日, 2586年1月1日, 2587年1月1日, 2588年1月1日, 2589年1月1日, 2590年1月1日, 2591年1月1日, 2592年1月1日, 2593年1月1日, 2594年1月1日, 2595年1月1日, 2596年1月1日, 2597年1月1日, 2598年1月1日, 2599年1月1日, 2600年1月1日, 2601年1月1日, 2602年1月1日, 2603年1月1日, 2604年1月1日, 2605年1月1日, 2606年1月1日, 2607年1月1日, 2608年1月1日, 2609年1月1日, 2610年1月1日, 2611年1月1日, 2612年1月1日, 2613年1月1日, 2614年1月1日, 2615年1月1日, 2616年1月1日, 2617年1月1日, 2618年1月1日, 2619年1月1日, 2620年1月1日, 2621年1月1日, 2622年1月1日, 2623年1月1日, 2624年1月1日, 2625年1月1日, 2626年1月1日, 2627年1月1日, 2628年1月1日, 2629年1月1日, 2630年1月1日, 2631年1月1日, 2632年1月1日, 2633年1月1日, 2634年1月1日, 2635年1月1日, 2636年1月1日, 2637年1月1日, 2638年1月1日, 2639年1月1日, 2640年1月1日, 2641年1月1日, 2642年1月1日, 2643年1月1日, 2644年1月1日, 2645年1月1日, 2646年1月1日, 2647年1月1日, 2648年1月1日, 2649年1月1日, 2650年1月1日, 2651年1月1日, 2652年1月1日, 2653年1月1日, 2654年1月1日, 2655年1月1日, 2656年1月1日, 2657年1月1日, 2658年1月1日, 2659年1月1日, 2660年1月1日, 2661年1月1日, 2662年1月1日, 2663年1月1日, 2664年1月1日, 2665年1月1日, 2666年1月1日, 2667年1月1日, 2668年1月1日, 2669年1月1日, 2670年1月1日, 2671年1月1日, 2672年1月1日, 2673年1月1日, 2674年1月1日, 2675年1月1日, 2676年1月1日, 2677年1月1日, 2678年1月1日, 2679年1月1日, 2680年1月1日, 2681年1月1日, 2682年1月1日, 2683年1月1日, 2684年1月1日, 2685年1月1日, 2686年1月1日, 2687年1月1日, 2688年1月1日, 2689年1月1日, 2690年1月1日, 2691年1月1日, 2692年1月1日, 2693年1月1日, 2694年1月1日, 2695年1月1日, 2696年1月1日, 2697年1月1日, 2698年1月1日, 2699年1月1日, 2700年1月1日, 2701年1月1日, 2702年1月1日, 2703年1月1日, 2704年1月1日, 2705年1月1日, 2706年1月1日, 2707年1月1日, 2708年1月1日, 2709年1月1日, 2710年1月1日, 2711年1月1日, 2712年1月1日, 2713年1月1日, 2714年1月1日, 2715年1月1日, 2716年1月1日, 2717年1月1日, 2718年1月1日, 2719年1月1日, 2720年1月1日, 2721年1月1日, 2722年1月1日, 2723年1月1日, 2724年1月1日, 2725年1月1日, 2726年1月1日, 2727年1月1日, 2728年1月1日, 2729年1月1日, 2730年1月1日, 2731年1月1日, 2732年1月1日, 2733年1月1日, 2734年1月1日, 2735年1月1日, 2736年1月1日, 2737年1月1日, 2738年1月1日, 2739年1月1日, 2740年1月1日, 2741年1月1日, 2742年1月1日, 2743年1月1日, 2744年1月1日, 2745年1月1日, 2746年1月1日, 2747年1月1日, 2748年1月1日, 2749年1月1日, 2750年1月1日, 2751年1月1日, 2752年1月1日, 2753年1月1日, 2754年1月1日, 2755年1月1日, 2756年1月1日, 2757年1月1日, 2758年1月1日, 2759年1月1日, 2760年1月1日, 2761年1月1日, 2762年1月1日, 2763年1月1日, 2764年1月1日, 2765年1月1日, 2766年1月1日, 2767年1月1日, 2768年1月1日, 2769年1月1日, 2770年1月1日, 2771年1月1日, 2772年1月1日, 2773年1月1日, 2774年1月1日, 2775年1月1日, 2776年1月1日, 2777年1月1日, 2778年1月1日, 2779年1月1日, 2780年1月1日, 2781年1月1日, 2782年1月1日, 2783年1月1日, 2784年1月1日, 2785年1月1日, 2786年1月1日, 2787年1月1日, 2788年1月1日, 2789年1月1日, 2790年1月1日, 2791年1月1日, 2792年1月1日, 2793年1月1日, 2794年1月1日, 2795年1月1日, 2796年1月1日, 2797年1月1日, 2798年1月1日, 2799年1月1日, 2800年1月1日, 2801年1月1日, 2802年1月1日, 2803年1月1日, 2804年1月1日, 2805年1月1日, 2806年1月1日, 2807年1月1日, 2808年1月1日, 2809年1月1日, 2810年1月1日, 2811年1月1日, 2812年1月1日, 2813年1月1日, 2814年1月1日, 2815年1月1日, 2816年1月1日, 2817年1月1日, 2818年1月1日, 2819年1月1日, 2820年1月1日, 2821年1月1日, 2822年1月1日, 2823年1月1日, 2824年1月1日, 2825年1月1日, 2826年1月1日, 2827年1月1日, 2828年1月1日, 2829年1月1日, 2830年1月1日, 2831年1月1日, 2832年1月1日, 2833年1月1日, 2834年1月1日, 2835年1月1日, 2836年1月1日, 2837年1月1日, 2838年1月1日, 2839年1月1日, 2840年1月1日, 2841年1月1日, 2842年1月1日, 2843年1月1日, 2844年1月1日, 2845年1月1日, 2846年1月1日, 2847年1月1日, 2848年1月1日, 2849年1月1日, 2850年1月1日, 2851年1月1日, 2852年1月1日, 2853年1月1日, 2854年1月1日, 2855年1月1日, 2856年1月1日, 2857年1月1日, 2858年1月1日, 2859年1月1日, 2860年1月1日, 2861年1月1日, 2862年1月1日, 2863年1月1日, 2864年1月1日, 2865年1月1日, 2866年1月1日, 2867年1月1日, 2868年1月1日, 2869年1月1日, 2870年1月1日, 2871年1月1日, 2872年1月1日, 2873年1月1日, 2874年1月1日, 2875年1月1日, 2876年1月1日, 2877年1月1日, 2878年1月1日, 2879年1月1日, 2880年1月1日, 2881年1月1日, 2882年1月1日, 2883年1月1日, 2884年1月1日, 2885年1月1日, 2886年1月1日, 2887年1月1日, 2888年1月1日, 2889年1月1日, 2890年1月1日, 2891年1月1日, 2892年1月1日, 2893年1月1日, 2894年1月1日, 2895年1月1日, 2896年1月1日, 2897年1月1日, 2898年1月1日, 2899年1月1日, 2900年1月1日, 2901年1月1日, 2902年1月1日, 2903年1月1日, 2904年1月1日, 2905年1月1日, 2906年1月1日, 2907年1月1日, 2908年1月1日, 2909年1月1日, 2910年1月1日, 2911年1月1日, 2912年1月1日, 2913年1月1日, 2914年1月1日, 2915年1月1日, 2916年1月1日, 2917年1月1日, 2918年1月1日, 2919年1月1日, 2920年1月1日, 2921年1月1日, 2922年1月1日, 2923年1月1日, 2924年1月1日, 2925年1月1日, 2926年1月1日, 2927年1月1日, 2928年1月1日, 2929年1月1日, 2930年1月1日, 2931年1月1日, 2932年1月1日, 2933年1月1日, 2934年1月1日, 2935年1月1日, 2936年1月1日, 2937年1月1日, 2938年1月1日, 2939年1月1日, 2940年1月1日, 2941年1月1日, 2942年1月1日, 2943年1月1日, 2944年1月1日, 2945年1月1日, 2946年1月1日, 2947年1月1日, 2948年1月1日, 2949年1月1日, 2950年1月1日, 2951年1月1日, 2952年1月1日, 2953年1月1日, 2954年1月1日, 2955年1月1日, 2956年1月1日, 2957年1月1日, 2958年1月1日, 2959年1月1日, 2960年1月1日, 2961年1月1日, 2962年1月1日, 2963年1月1日, 2964年1月1日, 2965年1月1日, 2966年1月1日, 2967年1月1日, 2968年1月1日, 2969年1月1日, 2970年1月1日, 2971年1月1日, 2972年1月1日, 2973年1月1日, 2974年1月1日, 2975年1月1日, 2976年1月1日, 2977年1月1日, 2978年1月1日, 2979年1月1日, 2980年1月1日, 2981年1月1日, 2982年1月1日, 2983年1月1日, 2984年1月1日, 2985年1月1日, 2986年1月1日, 2987年1月1日, 2988年1月1日, 2989年1月1日, 2990年1月1日, 2991年1月1日, 2992年1月1日, 2993年1月1日, 2994年1月1日, 2995年1月1日, 2996年1月1日, 2997年1月1日, 2998年1月1日, 2999年1月1日, 3000年1月1日

See Notes to Schedules of Investments

Quarterly Schedule of Investments

143

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Missouri Tax-Free Income Fund (continued)

| Line | 2018 | 2017 |
| --- | --- | --- |
| First | 1,000,000 | 1,000,000 |
| Second | 1,000,000 | 1,000,000 |
| Third | 1,000,000 | 1,000,000 |
| Fourth | 1,000,000 | 1,000,000 |
| Fifth | 1,000,000 | 1,000,000 |
| Sixth | 1,000,000 | 1,000,000 |
| Seventh | 1,000,000 | 1,000,000 |
| Eighth | 1,000,000 | 1,000,000 |
| Sixth | 1,000,000 | 1,000,000 |
| Eighth | 1,000,000 | 1,000,000 |
| Fourth | 1,000,000 | 1,000,000 |
| Fifth | 1,000,000 | 1,000,000 |
| Sixth | 1,000,000 | 1,000,000 |
| Eighth | 1,000,000 | 1,000,000 |

264 Quarterly Schedule of Investment - See Notes to Schedule of Investments.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin Missouri Tax-Free Income Fund (continued)

|  | Proposed | 2017 |
| --- | --- | --- |
| Franklin Missouri Tax Free Income Fund (continued) |  |  |
| Franklin Missouri Tax Free Income Fund (continued) | 17,000,000.00 | 19,000,000.00 |
| Franklin Missouri Tax Free Income Fund (continued) | 2,000,000.00 | 3,700,000.00 |
| Franklin Missouri Tax Free Income Fund (continued) | 2,000,000.00 | 2,000,000.00 |
| Franklin Missouri Tax Free Income Fund (continued) | 2,000,000.00 | 2,000,000.00 |
| Franklin Missouri Tax Free Income Fund (continued) | 2,000,000.00 | 2,000,000.00 |
| Franklin Missouri Tax Free Income Fund (continued) | 2,000,000.00 | 2,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 148

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin Missouri Tax-Free Income Fund (continued)

The rate of investment in the financial statements is based on the amount of the tax rate. The rate is based on the amount of the tax rate. The rate is based on the amount of the tax rate. The rate is based on the amount of the tax rate.

100 Quarterly Schedule of Investment - See Notes to Schedule of Investments.

FRANKLIN TAX FREE TRUST

# Schedule of Investments (unaudited), November 30, 2022

# Franklin New Jersey Tax-Free Income Fund

| Line | 1,000,000 | 1,000,000 |
| --- | --- | --- |
| 1. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 2. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 3. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 4. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 5. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 6. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 7. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 8. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 9. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |
| 10. The New Jersey Tax Free Income Fund | 1,000,000 | 1,000,000 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 147

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin New Jersey Tax-Free Income Fund (continued)

| Amortized Assets (1) | Principal | Total |
| --- | --- | --- |
| 1. 2,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 2. 2,000,000.00 | 2,000,000.00 | 2,000,000.00 |
| 3. 2,000,000.00 | 3,000,000.00 | 3,000,000.00 |
| 4. 2,000,000.00 | 4,000,000.00 | 4,000,000.00 |
| 5. 2,000,000.00 | 5,000,000.00 | 5,000,000.00 |
| 6. 2,000,000.00 | 6,000,000.00 | 6,000,000.00 |
| 7. 2,000,000.00 | 7,000,000.00 | 7,000,000.00 |
| 8. 2,000,000.00 | 8,000,000.00 | 8,000,000.00 |
| 9. 2,000,000.00 | 9,000,000.00 | 9,000,000.00 |
| 10. 2,000,000.00 | 10,000,000.00 | 10,000,000.00 |
| 11. 2,000,000.00 | 11,000,000.00 | 11,000,000.00 |
| 12. 2,000,000.00 | 12,000,000.00 | 12,000,000.00 |
| 13. 2,000,000.00 | 13,000,000.00 | 13,000,000.00 |
| 14. 2,000,000.00 | 14,000,000.00 | 14,000,000.00 |

100 Quarterly Schedule of Investment - See Notes to Schedule of Investment.

FRANKLIN TAX FREE TRUST
SCHEDULE OF INVESTMENTS (UNAUDITED)

Franklin New Jersey Tax-Free Income Fund (continued)

| Franklin New Jersey Tax Free Income Fund (continued) | 13,000,000.00 | 13,000,000.00 |
| --- | --- | --- |
| Franklin New Jersey Tax Free Income Fund (continued) | 10,000,000.00 | 10,000,000.00 |
| Franklin New Jersey Tax Free Income Fund (continued) | 5,000,000.00 | 5,000,000.00 |
| Franklin New Jersey Tax Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |
| Franklin New Jersey Tax Free Income Fund (continued) | 3,000,000.00 | 3,000,000.00 |
| Franklin New Jersey Tax Free Income Fund (continued) | 6,000,000.00 | 6,000,000.00 |
| Franklin New Jersey Tax Free Income Fund (continued) | 4,100,000.00 | 4,100,000.00 |
| Franklin New Jersey Tax Free Income Fund (continued) | 1,000,000.00 | 1,000,000.00 |

See Notes to Schedules of Investments | Quarterly Schedule of Investments | 148

FRANKLIN TAX-FREE TRUST

SCHEDULE OF INVESTMENTS (UNAUDITED)

# Franklin New Jersey Tax-Free Income Fund (continued)

| 1. $ | 1,000,000.00 | 1,000,000.00 |
| --- | --- | --- |
| 2. $ | 1,000,000.00 | 1,000,000.00 |
| 3. $ | 1,000,000.00 | 1,000,000.00 |
| 4. $ | 1,000,000.00 | 1,000,000.00 |
| 5. $ | 1,000,000.00 | 1,000,000.00 |
| 6. $ | 1,000,000.00 | 1,000,000.00 |
| 7. $ | 1,000,000.00 | 1,000,000.00 |
| 8. $ | 1,000,000.00 | 1,000,000.00 |
| 9. $ | 1,000,000.00 | 1,000,000.00 |
| 10. $ | 1,000,000.00 | 1,000,000.00 |
| 11. $ | 1,000,000.00 | 1,000,000.00 |
| 12. $ | 1,000,000.00 | 1,000,000.00 |
| 13. $ | 1,000,000.00 | 1,000,000.00 |
| 14. $ | 1,000,000.00 | 1,000,000.00 |
| 15. $ | 1,000,000.00 | 1,000,000.00 |
| 16. $ | 1,000,000.00 | 1,000,000.00 |
| 17. $ | 1,000,000.00 | 1,000,000.00 |
| 18. $ | 1,000,000.00 | 1,000,000.00 |
| 19. $ | 1,000,000.00 | 1,000,000.00 |
| 20. $ | 1,000,000.00 | 1,000,000.00 |

360 Quarterly Schedule of Investment - See Note to Schedule of Investment.

## 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 Intermediate-Term Tax-Free Income Fund

- **b. EDGAR series identifier (if any):** S000006932

- **c. LEI of Series:** 549300EKU3ZFFWEI1I28

**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:** $2574619470.99

**Total Liabilities:** $27247404.24

**Net Assets:** $2547372066.75

**Delayed Delivery Securities:** $18367368.05

**Cash Not Reported:** $1554852.01

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -709.40000000 | **1-Year:** -22318.52000000 | **5-Year:** -178413.57000000 | **10-Year:** -748440.43000000 | **30-Year:** -260785.16000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -1823.73000000 | **5-Year:** -5485.87000000 | **10-Year:** -60476.58000000 | **30-Year:** -43842.03000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194372 | -3.21%               | -0.73%               | 4.09%                |
| Class ID C000018803 | -3.36%               | -0.69%               | 4.03%                |
| Class ID C000018802 | -3.24%               | -0.65%               | 3.99%                |
| Class ID C000074134 | -3.31%               | -0.64%               | 4.08%                |
| Class ID C000205910 | -3.25%               | -0.66%               | 4.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4563786.54             | $-91300245.84                              |
| Month 2  | $-5054000.26             | $-17470710.22                              |
| Month 3  | $-7210206.48             | $103392039.48                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Kentucky State Property & Building Commission                                    | Kentucky State Property & Building Commission                                                                          | CUSIP: 49151FZC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2182573.00   | 0.09%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2019 B                                                                 | CUSIP: 6262072E3<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $536936.15    | 0.02%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | Oregon State Facilities Authority, Series 2020 A                                                                       | CUSIP: 68608JYF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $644069.70    | 0.03%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 A                                                                | CUSIP: 04052BPZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $72428.93     | 0.00%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2022 A                                                                | CUSIP: 04052FDP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5604058.80   | 0.22%             | 2041-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Series 2019                                                                                       | CUSIP: 79625GBM4<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4833381.96   | 0.19%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2021 A-1                                                    | CUSIP: 837031C84<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   7400000 | PA      | $5739028.56   | 0.23%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series B                                                                  | CUSIP: 93978HUK9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060760.60   | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series 2020 A                                                                 | CUSIP: 837151WT2<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2355000 | PA      | $2571075.96   | 0.10%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Series 2017 C                                                                                       | CUSIP: 059231L73<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6450000 | PA      | $6981202.65   | 0.27%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2020 A                                                                | CUSIP: 04052EAT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $636535.38    | 0.02%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                              | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    560000 | PA      | $513333.52    | 0.02%             | 2039-06-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series A                                                                                | CUSIP: 57582REK8<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7942159.50   | 0.31%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Stamford CT                                                              | City of Stamford, Series 2019                                                                                          | CUSIP: 852634QF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3025000 | PA      | $2772759.47   | 0.11%             | 2035-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | Michigan State Hospital Finance Authority, Series 2008 C                                                               | CUSIP: 59465HUS3<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2935031.76   | 0.12%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2019 A                                                                | CUSIP: 04052FAT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1095073.98   | 0.04%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                | Salem Hospital Facility Authority, Series 2019 A                                                                       | CUSIP: 794458FP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3780000 | PA      | $4054110.48   | 0.16%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ector County Hospital District                                                   | Ector County Hospital District, Series 2020                                                                            | CUSIP: 279251AN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $678471.37    | 0.03%             | 2033-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                              | Hudson County Improvement Authority, Series 2010                                                                       | CUSIP: 44372BEE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2149412.29   | 0.08%             | 2024-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                             | Lake Houston Redevelopment Authority, Series 2021                                                                      | CUSIP: 51001QAM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $212309.57    | 0.01%             | 2035-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                                | CUSIP: 74444VBK5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    320000 | PA      | $309749.76    | 0.01%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Series 2015                                                                                       | CUSIP: 7962534A7<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |  10415000 | PA      | $11121598.38  | 0.44%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Herons Glen Recreation District                                                  | Herons Glen Recreation District, Series 2020                                                                           | CUSIP: 427747BN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $177893.13    | 0.01%             | 2032-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of San Antonio TX Electric & Gas Systems Revenue                            | City of San Antonio, Series 2021 A                                                                                     | CUSIP: 79625GDV2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7922361.75   | 0.31%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2012 F                                                                   | CUSIP: 59259YTU3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  25000000 | PA      | $25025920.00  | 0.98%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2020 C                                                                                       | CUSIP: 4521527B1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   8170000 | PA      | $7570322.00   | 0.30%             | 2037-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tohopekaliga Water Authority                                                     | Tohopekaliga Water Authority, Series 2016                                                                              | CUSIP: 88906REX4<br>LEI: 549300IZ325ZGEHGR946 | Long             | DBT              | MUN               | US        |   2855000 | PA      | $2995675.84   | 0.12%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | City of Philadelphia, Series 2017 B                                                                                    | CUSIP: 717893E98<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5750000 | PA      | $6265551.90   | 0.25%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health & Higher Educational Facilities Authority, Series 2020                                                 | CUSIP: 57421CAA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $400484.35    | 0.02%             | 2039-07-01      | Fixed         | 3.25%                 | 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        |   3300000 | PA      | $3153689.55   | 0.12%             | 2024-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clackamas County School District No. 12 North Clackamas                          | Clackamas County School District No. 12 North Clackamas, Series B                                                      | CUSIP: 179093JG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3725000 | PA      | $4058810.29   | 0.16%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison City Board of Education                                                  | Madison City Board of Education, Series 2019                                                                           | CUSIP: 55658FAQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3095000 | PA      | $3171993.70   | 0.12%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King, Series 2014 B                                                                                          | CUSIP: 495289Q29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3050000 | PA      | $3160103.17   | 0.12%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2019 B                                                                 | CUSIP: 6262072F0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    480000 | PA      | $512625.36    | 0.02%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, Series 2021                                                                            | CUSIP: 54811BWF4<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2168354.20   | 0.09%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Public Facilities Financing Authority                                  | San Diego Public Facilities Financing Authority, Series 2020 A                                                         | CUSIP: 79730CKK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1277973.38   | 0.05%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Portland OR Airport Revenue                                              | Port of Portland, Series Twenty-Seven A                                                                                | CUSIP: 735240W90<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9110000 | PA      | $9750270.84   | 0.38%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | Orlando Utilities Commission, Series 2012 A                                                                            | CUSIP: 686507FL3<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2128454.20   | 0.08%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2020 A                                                                   | CUSIP: 546399JQ0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2122921.60   | 0.08%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Series 2020                                                                                             | CUSIP: 67756CEW4<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049192.30   | 0.04%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta, Series 2015                                                                                           | CUSIP: 047870MU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5165000 | PA      | $5445468.80   | 0.21%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2021 A                                                                               | CUSIP: 455059AK1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2547435.90   | 0.10%             | 2029-08-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | City of Grand Forks, Series 2021                                                                                       | CUSIP: 38546WDB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1735777.28   | 0.07%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2019 B                                                                                       | CUSIP: 4521525T4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1030000 | PA      | $945070.84    | 0.04%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health & Educational Facilities Authority, Series M                                                  | CUSIP: 20775DNX6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264342.30    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | New Jersey Educational Facilities Authority, Series 2020 A                                                             | CUSIP: 6460666B1<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    545000 | PA      | $578895.73    | 0.02%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Herons Glen Recreation District                                                  | Herons Glen Recreation District, Series 2020                                                                           | CUSIP: 427747BR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $232416.38    | 0.01%             | 2035-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                            | State of Rhode Island, Series 2019 C                                                                                   | CUSIP: 76222RZJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $612543.30    | 0.02%             | 2035-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | Arkansas Development Finance Authority, Series 2020 B-1                                                                | CUSIP: 04084RBW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013364.20   | 0.04%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2015 A-2                                                                 | CUSIP: 59261AG68<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7410311.30   | 0.29%             | 2045-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2021 A                                                                              | CUSIP: 45204FNA9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $960050.45    | 0.04%             | 2031-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta, Series 2018 C                                                                                         | CUSIP: 047870RE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6750000 | PA      | $7378819.20   | 0.29%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Local Government Corp.                                                    | Conroe Local Government Corp., Series 2021 C                                                                           | CUSIP: 20841CAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $112526.19    | 0.00%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | Orlando Utilities Commission, Series 2012 A                                                                            | CUSIP: 686507FK5<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2506059.54   | 0.10%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., Series 15th                                                                                | CUSIP: 71783MAR6<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   4030000 | PA      | $4312739.56   | 0.17%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                                | CUSIP: 74442EGS3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $189153.58    | 0.01%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | Michigan State Hospital Finance Authority, Series 1999 B-3                                                             | CUSIP: 59465HUY0<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5207212.20   | 0.20%             | 2033-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2017                                                                     | CUSIP: 546399CD6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2385520.88   | 0.09%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Richland SC                                                            | County of Richland, Series 2014 A                                                                                      | CUSIP: 76363PAE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10001607.00  | 0.39%             | 2023-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2020 C                                                                | CUSIP: 57584YB65<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    150000 | PA      | $167467.20    | 0.01%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health & Higher Educational Facilities Authority, Series 2017 B                                               | CUSIP: 574218V26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7415000 | PA      | $7821557.04   | 0.31%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Capital Grant Receipts Revenue                         | Chicago Transit Authority Capital Grant Receipts, Series 2021                                                          | CUSIP: 167723HD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1878418.33   | 0.07%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022 A                                                                                       | CUSIP: 452153CQ0<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6385000 | PA      | $6724935.48   | 0.26%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2018 A                                                                      | CUSIP: 64990FNQ3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5607.97      | 0.00%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | City of Philadelphia, Series 2020 A                                                                                    | CUSIP: 717893P70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103920.40   | 0.04%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Series 2017 A                                                   | CUSIP: 645790LF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $952072.02    | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2020                                                               | CUSIP: 93978HXG5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040945.80   | 0.04%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series 2017 D                                                                                     | CUSIP: 93974DF37<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10852372.00  | 0.43%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Drainage & Wastewater Revenue                                 | City of Seattle, Series 2014                                                                                           | CUSIP: 812631KZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2995000 | PA      | $3093899.09   | 0.12%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                     | Gainesville & Hall County Hospital Authority, Series A                                                                 | CUSIP: 362762LL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2109708.00   | 0.08%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                     | Industrial Development Authority of the County of Pima (The), Series 2022 B-3                                          | CUSIP: 72178AAM4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3005048.40   | 0.12%             | 2029-11-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series 2017 B                                                          | CUSIP: 938782FM6<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $6238980.58   | 0.24%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Department of Transportation State Highway Fund Revenue                  | Arizona Department of Transportation, Series 2015                                                                      | CUSIP: 040654WP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10920000 | PA      | $11310765.65  | 0.44%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Local Government Corp.                                                    | Conroe Local Government Corp., Series 2021 C                                                                           | CUSIP: 20841CAD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $67861.36     | 0.00%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Little Elm TX                                                            | Town of Little Elm, Series 2021                                                                                        | CUSIP: 537098BP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    281000 | PA      | $228872.42    | 0.01%             | 2031-09-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2020 A                                                     | CUSIP: 97712D6S0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000591.70   | 0.04%             | 2035-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2018 A                                                                               | CUSIP: 45506DS22<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   9795000 | PA      | $10692737.22  | 0.42%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Series B                                                                                  | CUSIP: 491552R23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3262773.30   | 0.13%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                            | City of Farmington, Series 2016 A                                                                                      | CUSIP: 311450FV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13500000 | PA      | $10903185.90  | 0.43%             | 2033-04-01      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| Lancaster County Solid Waste Management Authority                                | Lancaster County Solid Waste Management Authority, Series 2013 A                                                       | CUSIP: 514061AV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5835000 | PA      | $5992777.82   | 0.24%             | 2026-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                           | San Antonio Education Facilities Corp., Series 2021 A                                                                  | CUSIP: 796247DG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1746595.60   | 0.07%             | 2040-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Kansas Department of Transportation                                     | State of Kansas, Series 2014 A                                                                                         | CUSIP: 485424PR0<br>LEI: 5493001635XK841MIO47 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8316067.20   | 0.33%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust (The)                                            | Massachusetts Clean Water Trust (The), Series 17 A                                                                     | CUSIP: 57605AEG7<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |   9380000 | PA      | $9417412.13   | 0.37%             | 2024-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                   | University of Massachusetts Building Authority, Series 2017-3                                                          | CUSIP: 914437TA6<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |  10035000 | PA      | $10968313.20  | 0.43%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Series 2017 C                                                                                       | CUSIP: 059231L99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5905000 | PA      | $6350897.77   | 0.25%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | Chicago Park District, Series 2020 F-2                                                                                 | CUSIP: 167615G23<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3242698.20   | 0.13%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                 | City of Tampa, Series 2020 B                                                                                           | CUSIP: 875161CZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $687206.87    | 0.03%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016                                                                                         | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2333181.83   | 0.09%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin, Series 2013 A                                                                                          | CUSIP: 052476C55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5056231.00   | 0.20%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                | Salem Hospital Facility Authority, Series 2019 A                                                                       | CUSIP: 794458FN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9440000 | PA      | $10145931.70  | 0.40%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redevelopment Authority of the City of Philadelphia                              | Redevelopment Authority of the City of Philadelphia, Series 2021 A                                                     | CUSIP: 717868HD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2425000 | PA      | $1997008.36   | 0.08%             | 2033-09-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | Michigan State Hospital Finance Authority, Series 2008 C                                                               | CUSIP: 59465HWA0<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1203539.70   | 0.05%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madison City Board of Education                                                  | Madison City Board of Education, Series 2019                                                                           | CUSIP: 55658FAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3350000 | PA      | $3392394.59   | 0.13%             | 2037-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | New Jersey Educational Facilities Authority, Series 2020 A                                                             | CUSIP: 6460666C9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    565000 | PA      | $596821.42    | 0.02%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, Series 2021                                                                            | CUSIP: 54811BWG2<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2419849.30   | 0.09%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Series 2017 A                                                                                       | CUSIP: 05922KYK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1426658.24   | 0.06%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                           | San Antonio Education Facilities Corp., Series 2021 A                                                                  | CUSIP: 796247DF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2154674.52   | 0.08%             | 2039-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                        | Glendale Industrial Development Authority, Series 2020                                                                 | CUSIP: 378286KP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $587076.26    | 0.02%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2019 A                                                                | CUSIP: 04052FAK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1184345.80   | 0.05%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                               | Tennessee Energy Acquisition Corp., Series 2018                                                                        | CUSIP: 880443JE7<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |  25935000 | PA      | $25821199.81  | 1.01%             | 2049-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2020 A                                                                | CUSIP: 04052EAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $802269.45    | 0.03%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | Oregon State Facilities Authority, Series 2020 A                                                                       | CUSIP: 68608JYE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $346861.94    | 0.01%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Richmond VA Public Utility Revenue                                       | City of Richmond, Series 2016 A                                                                                        | CUSIP: 765433KK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10662605.00  | 0.42%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | City of Grand Forks, Series 2021                                                                                       | CUSIP: 38546WDC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1417330.72   | 0.06%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                             | District of Columbia, Series 2019 A                                                                                    | CUSIP: 25477GPD1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3410526.30   | 0.13%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series 2022 A                                                               | CUSIP: 64577XDZ6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |  16000000 | PA      | $16839625.60  | 0.66%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | California Statewide Communities Development Authority, Series 2020 A                                                  | CUSIP: 13080SYT5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    700000 | PA      | $687770.44    | 0.03%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Series 2015 E                                                                                        | CUSIP: 34153QAZ9<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |  11855000 | PA      | $12083776.60  | 0.47%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2020 A                                                               | CUSIP: 650116DQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $406407.88    | 0.02%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                            | State of Rhode Island, Series 2019 C                                                                                   | CUSIP: 76222RZH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1520000 | PA      | $1575930.07   | 0.06%             | 2034-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Baton Rouge Sewerage Commission                                             | East Baton Rouge Sewerage Commission, Series 2019 A                                                                    | CUSIP: 270618FK2<br>LEI: 5493006BC84VNIRSCG97 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2036210.20   | 0.08%             | 2036-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2019 A-2                                                           | CUSIP: 93978HWB7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1593052.05   | 0.06%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | Bay Area Toll Authority, Series 2017 S-7                                                                               | CUSIP: 072024VE9<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7369021.80   | 0.29%             | 2031-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series AAA                                                                  | CUSIP: 64577BTH7<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5225473.00   | 0.21%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2017                                                                     | CUSIP: 546399CE4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1745000 | PA      | $1848207.85   | 0.07%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2019 A                                                                 | CUSIP: 626207Y40<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073280.80   | 0.04%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2018 A                                                                      | CUSIP: 64990FNR1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   9995000 | PA      | $11146285.07  | 0.44%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2019 A-2                                                           | CUSIP: 93978HWC5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1476532.45   | 0.06%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | City of Philadelphia, Series 2022 C                                                                                    | CUSIP: 717893Z38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $2039275.36   | 0.08%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2019 A-2                                                                  | CUSIP: 19648FKR4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5674872.50   | 0.22%             | 2039-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2019 A-2                                                           | CUSIP: 93978HVZ5<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2992955.56   | 0.12%             | 2030-08-01      | Fixed         | 5.00%                 | 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        |   2375000 | PA      | $2084552.46   | 0.08%             | 2049-07-01      | Variable      | 1.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Series 2021 C                                                                                       | CUSIP: 452227SC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5317044.00   | 0.21%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2019 A                                                        | CUSIP: 56678PAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $846671.68    | 0.03%             | 2033-09-01      | 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: 48618TAU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $130294.29    | 0.01%             | 2029-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | Oregon State Facilities Authority, Series 2020 A                                                                       | CUSIP: 68608JYC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $158385.21    | 0.01%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2023 A                                                                               | CUSIP: 45506EEP4<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1250989.55   | 0.05%             | 2030-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series B                                                                                      | CUSIP: 249182JB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4340641.45   | 0.17%             | 2027-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                             | Lake Houston Redevelopment Authority, Series 2021                                                                      | CUSIP: 51001QAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $169775.70    | 0.01%             | 2034-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Centre Lake Community Development District                                       | Centre Lake Community Development District, Series 2021                                                                | CUSIP: 156309AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $216177.53    | 0.01%             | 2030-05-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2020 A                                                                | CUSIP: 04052FBR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $577359.12    | 0.02%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madison City Board of Education                                                  | Madison City Board of Education, Series 2019                                                                           | CUSIP: 55658FAP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2970000 | PA      | $3071192.06   | 0.12%             | 2034-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2019 A                                                        | CUSIP: 56678PAJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065906.60   | 0.04%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ector County Hospital District                                                   | Ector County Hospital District, Series 2020                                                                            | CUSIP: 279251AQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $656918.22    | 0.03%             | 2035-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Jefferson Sales Tax District                                                     | Jefferson Sales Tax District                                                                                           | CUSIP: 474176LF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6062126.40   | 0.24%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Gainesville FL Utilities System Revenue                                  | City of Gainesville, Series 2017 A                                                                                     | CUSIP: 362848UC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1633229.70   | 0.06%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2021 C                                                                           | CUSIP: 56035DCV2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996274.40    | 0.04%             | 2025-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Buncombe NC                                                            | County of Buncombe, Series A                                                                                           | CUSIP: 120525DQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5178246.00   | 0.20%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Series 2020 A                                                             | CUSIP: 64971PKD6<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2193740.25   | 0.09%             | 2036-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fiddlers Business Improvement District                                           | Fiddlers Business Improvement District, Series 2022                                                                    | CUSIP: 315730AW1<br>LEI: 549300WOAV7DR3N7QL76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004092.20   | 0.04%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2019 A                                                                 | CUSIP: 626207X90<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086376.70   | 0.04%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2015 A                                                                      | CUSIP: 64990EYH4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   7185000 | PA      | $7531456.39   | 0.30%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | Orange County Health Facilities Authority, Series 2016 A                                                               | CUSIP: 68450LEE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2875000 | PA      | $3022973.09   | 0.12%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2019 A                                                                | CUSIP: 04052FAL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $644021.58    | 0.03%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                              | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $378900.76    | 0.01%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                 | City of Tampa, Series 2020 B                                                                                           | CUSIP: 875161DA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $488568.65    | 0.02%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Seattle WA                                                               | Port of Seattle, Series 2018 A                                                                                         | CUSIP: 735389D96<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5141749.00   | 0.20%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                        | Glendale Industrial Development Authority, Series 2020                                                                 | CUSIP: 378286KN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $477106.74    | 0.02%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima County Regional Transportation Authority                                    | Pima County Regional Transportation Authority, Series 2014                                                             | CUSIP: 72178RBL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7180000 | PA      | $7264790.06   | 0.29%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                          | Massachusetts Water Resources Authority, Series C                                                                      | CUSIP: 576051SG2<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |  13920000 | PA      | $15203962.70  | 0.60%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2021                                                       | CUSIP: 97712JEA7<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    390000 | PA      | $364694.66    | 0.01%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port New Orleans Board of Commissioners                                          | Port New Orleans Board of Commissioners, Series 2020 E                                                                 | CUSIP: 734782DR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2820637.05   | 0.11%             | 2039-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                    | Texas Water Development Board, Series 2017 A                                                                           | CUSIP: 882854A51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12585000 | PA      | $13860673.49  | 0.54%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2009                                                     | CUSIP: 708692BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2612324.70   | 0.10%             | 2033-12-01      | Variable      | 0.95%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                        | Cobb County Kennestone Hospital Authority, Series 2020 A                                                               | CUSIP: 190813RU1<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    450000 | PA      | $455650.34    | 0.02%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Series 2017 A                                                                                       | CUSIP: 05922KYM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3765000 | PA      | $4055485.94   | 0.16%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                    | Main Street Natural Gas, Inc., Series 2021 C                                                                           | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4889001.00   | 0.19%             | 2052-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health & Educational Facilities Authority, Series M                                                  | CUSIP: 20775DNW8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    200000 | PA      | $209518.74    | 0.01%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | City of Philadelphia, Series 2020 A                                                                                    | CUSIP: 717893P88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1648584.00   | 0.06%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Series 2020 A                                                                        | CUSIP: 759151BR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1334454.94   | 0.05%             | 2035-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp.                                                      | Troy Capital Resource Corp., Series 2020 A                                                                             | CUSIP: 897579BS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4175000 | PA      | $4465709.43   | 0.18%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Highway & Transportation Authority                                   | Puerto Rico Highway & Transportation Authority, Series CC                                                              | CUSIP: 745181F77<br>LEI: 549300J6QBXVWJXB7Y41 | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $1025375.60   | 0.04%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                        | Cobb County Kennestone Hospital Authority, Series 2020 B                                                               | CUSIP: 190813SQ9<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    250000 | PA      | $253671.38    | 0.01%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series B                                                                                      | CUSIP: 249182JA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5111801.50   | 0.20%             | 2026-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2021 A                                                                                         | CUSIP: 167486M22<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $9559666.65   | 0.38%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2019 A                                                                | CUSIP: 04052FAR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1170123.93   | 0.05%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile    | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Series 2016 A                           | CUSIP: 45663NBQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5205100.50   | 0.20%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2020 A                                                             | CUSIP: 928104MV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3192309.30   | 0.13%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Series 2013 A                                                                        | CUSIP: 75913TGW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  14000000 | PA      | $14159072.20  | 0.56%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022 C                                                                                       | CUSIP: 452153EL9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3938363.62   | 0.15%             | 2040-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Alachua County Health Facilities Authority                                       | Alachua County Health Facilities Authority, Series B-1                                                                 | CUSIP: 010685KY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3445000 | PA      | $3667522.89   | 0.14%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2021 A-1                                                    | CUSIP: 837031D26<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   6600000 | PA      | $5123865.12   | 0.20%             | 2036-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Southeast Missouri State University                                              | Southeast Missouri State University, Series 2020                                                                       | CUSIP: 841438MG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1931499.00   | 0.08%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Escambia County Health Facilities Authority                                      | Escambia County Health Facilities Authority, Series 2020 A                                                             | CUSIP: 296110FW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040865.60   | 0.04%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | Massachusetts Port Authority, Series 2019 C                                                                            | CUSIP: 575896UZ6<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   4430000 | PA      | $4772710.56   | 0.19%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Paducah Electric Plant Board                                                     | Paducah Electric Plant Board, Series 2016 A                                                                            | CUSIP: 695317DR5<br>LEI: 549300XTPDPORT8VIQ62 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5959531.05   | 0.23%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | Greater Orlando Aviation Authority, Series 2019 A                                                                      | CUSIP: 392274Z74<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |  10500000 | PA      | $11255685.00  | 0.44%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2019 B                                                                 | CUSIP: 6262072G8<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    700000 | PA      | $743485.12    | 0.03%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2017                                                                     | CUSIP: 546399CG9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106065.60   | 0.08%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Herons Glen Recreation District                                                  | Herons Glen Recreation District, Series 2020                                                                           | CUSIP: 427747BP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $282015.12    | 0.01%             | 2033-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| University of Massachusetts Building Authority                                   | University of Massachusetts Building Authority, Series 2017-3                                                          | CUSIP: 914437TB4<br>LEI: 6ILE2573NPR1XO2TR556 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5441311.50   | 0.21%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | Arkansas Development Finance Authority, Series 2020 B-1                                                                | CUSIP: 04084RBV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1272996.00   | 0.05%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Conroe Local Government Corp.                                                    | Conroe Local Government Corp., Series 2021 A                                                                           | CUSIP: 208419AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $416761.40    | 0.02%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Hillsboro School District No. 1J                                                 | Hillsboro School District No. 1J, Series 2020                                                                          | CUSIP: 939307KJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4575000 | PA      | $4655347.98   | 0.18%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2021                                                               | CUSIP: 93978HYC3<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |    440000 | PA      | $381170.06    | 0.01%             | 2035-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2021 B                                                                                    | CUSIP: 20772KNA3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   8620000 | PA      | $7579484.97   | 0.30%             | 2037-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri               | Health & Educational Facilities Authority of the State of Missouri, Series 2018 A                                      | CUSIP: 60637AND0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |  12500000 | PA      | $13645077.50  | 0.54%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | Missouri Joint Municipal Electric Utility Commission, Series 2014 A                                                    | CUSIP: 606092GU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3372707.65   | 0.13%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2016 B                                                                   | CUSIP: 59261AFW2<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3265000 | PA      | $3326031.99   | 0.13%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Infirmary Health System Special Care Facilities Financing Authority of Mobile    | Infirmary Health System Special Care Facilities Financing Authority of Mobile, Series 2016 A                           | CUSIP: 45663NBP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4920000 | PA      | $5126207.04   | 0.20%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2019 A-2                                                                  | CUSIP: 19648FKK9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3175338.60   | 0.12%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | Southeast Energy Authority A Cooperative District                                                                      | CUSIP: 84136FBL0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   4585000 | PA      | $4875531.28   | 0.19%             | 2053-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                                | Iowa Tobacco Settlement Authority, Series 2021 B-1, Class 2                                                            | CUSIP: 888805CH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1407211.42   | 0.06%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                          | Chattanooga Health Educational & Housing Facility Board, Series 2019 A-1                                               | CUSIP: 162410EH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $942267.60    | 0.04%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King, Series 2014 B                                                                                          | CUSIP: 495289P95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1968888.30   | 0.08%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series 2020 A                                                                 | CUSIP: 837151XD6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |  20280000 | PA      | $20882111.17  | 0.82%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2020 A                                                                | CUSIP: 04052EAV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $995043.72    | 0.04%             | 2039-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                          | Chattanooga Health Educational & Housing Facility Board, Series 2019 A-1                                               | CUSIP: 162410EG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1309552.50   | 0.05%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Series 2013 I                                                                                        | CUSIP: 64966KXR9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  10200000 | PA      | $10364156.76  | 0.41%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Turnpike Authority                                                      | Kentucky Turnpike Authority, Series B                                                                                  | CUSIP: 491552G25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2570000 | PA      | $2753024.86   | 0.11%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upper Illinois River Valley Development Authority                                | Upper Illinois River Valley Development Authority, Series 2020 A                                                       | CUSIP: 91588LAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6400000 | PA      | $5444202.88   | 0.21%             | 2032-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | Virginia Public Building Authority, Series B                                                                           | CUSIP: 928172X34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12060000 | PA      | $12612883.46  | 0.50%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, Series 2022 A                                                                    | CUSIP: 167593Y30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10046340.00  | 0.39%             | 2055-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A-1                                                                              | CUSIP: 74441XGY9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   9700000 | PA      | $7736248.58   | 0.30%             | 2050-12-01      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2022 A-1                                                                              | CUSIP: 74444UAV4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7339763.90   | 0.29%             | 2047-07-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Series 2021 C                                                                                       | CUSIP: 452227SA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2610286.75   | 0.10%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue      | Massachusetts Transportation Trust Fund, Series 2019 A                                                                 | CUSIP: 57563CES7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7725995.20   | 0.30%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2020                                                                      | CUSIP: 19648FRH9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    650000 | PA      | $704255.11    | 0.03%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, Series 2017 A                                                    | CUSIP: 70917SS20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5895000 | PA      | $5969826.41   | 0.23%             | 2034-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                             | City of Atlanta, Series 2014 A                                                                                         | CUSIP: 04780TCS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5213922.27   | 0.20%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                              | County of Nassau, Series 2021 A                                                                                        | CUSIP: 63165TZ32<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |   7140000 | PA      | $6956072.17   | 0.27%             | 2048-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                           | South Dakota Health & Educational Facilities Authority, Series 2021                                                    | CUSIP: 83755VP81<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $877752.22    | 0.03%             | 2041-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Tampa FL                                                                 | City of Tampa, Series 2020 B                                                                                           | CUSIP: 875161DB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034359.50   | 0.04%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                           | Town of Chestertown, Series 2021 A                                                                                     | CUSIP: 166630AL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1691364.19   | 0.07%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2017 A                                                   | CUSIP: 708692BJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5168908.25   | 0.20%             | 2037-08-01      | Variable      | 0.58%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                        | Cobb County Kennestone Hospital Authority, Series 2020 B                                                               | CUSIP: 190813SP1<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    250000 | PA      | $254463.35    | 0.01%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, Series 2020 E                                                                    | CUSIP: 167593U91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1559895.01   | 0.06%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Series 2017 D                                                                 | CUSIP: 71883MMP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10828717.00  | 0.43%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Everett Housing Authority/WA                                                     | Everett Housing Authority, Series 2022                                                                                 | CUSIP: 30002GAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9420000 | PA      | $8985442.21   | 0.35%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chatom Industrial Development Board                                              | Chatom Industrial Development Board, Series 2020                                                                       | CUSIP: 16229PAX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $540471.97    | 0.02%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                                | CUSIP: 74444KBX1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $919415.64    | 0.04%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Stamford CT                                                              | City of Stamford, Series 2019                                                                                          | CUSIP: 852634QG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3025000 | PA      | $2717243.46   | 0.11%             | 2036-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Series 2017 A                                                                                       | CUSIP: 05922KYL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1785000 | PA      | $1924864.21   | 0.08%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                        | Cobb County Kennestone Hospital Authority, Series 2020 A                                                               | CUSIP: 190813RW7<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1403067.82   | 0.06%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | Oregon State Facilities Authority, Series 2020 A                                                                       | CUSIP: 68608JYH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $288511.00    | 0.01%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water & Power, Series 2017 C                                                                 | CUSIP: 5444953K8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   4080000 | PA      | $4465320.50   | 0.18%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Series 2019 A                                                                 | CUSIP: 718846BA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6365000 | PA      | $6755402.37   | 0.27%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2019 A-2                                                           | CUSIP: 93978HWA9<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $3940859.27   | 0.15%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington & Multnomah Counties School District No. 48J Beaverton                | Washington & Multnomah Counties School District No. 48J Beaverton, Series B                                            | CUSIP: 938429K55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5182737.50   | 0.20%             | 2028-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Berwyn IL                                                                | City of Berwyn, Series 2022 B                                                                                          | CUSIP: 086257PY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $5885142.60   | 0.23%             | 2041-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Utah Infrastructure Agency                                                       | Utah Infrastructure Agency, Series 2021                                                                                | CUSIP: 917467CA8<br>LEI: 549300WD2FDRNXU16V82 | Long             | DBT              | MUN               | US        |    400000 | PA      | $361725.64    | 0.01%             | 2035-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Series 2019 B                                                                 | CUSIP: 71883MPU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6225000 | PA      | $6538511.54   | 0.26%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Yamhill OR                                                             | County of Yamhill, Series 2020 A                                                                                       | CUSIP: 98464TAG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5240000 | PA      | $5551142.82   | 0.22%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2014 E                                                                      | CUSIP: 64990EUY1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5228418.50   | 0.21%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Herons Glen Recreation District                                                  | Herons Glen Recreation District, Series 2020                                                                           | CUSIP: 427747BQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $227350.40    | 0.01%             | 2034-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                                        | Newark Board of Education, Series 2021                                                                                 | CUSIP: 650370DG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $356650.40    | 0.01%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                              | State of Washington, Series 2017 D                                                                                     | CUSIP: 93974DF29<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   5480000 | PA      | $5967349.00   | 0.23%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2021 B                                                                                         | CUSIP: 167486K32<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   4295000 | PA      | $3919092.58   | 0.15%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                        | Golden State Tobacco Securitization Corp., Series 2021 B-1                                                             | CUSIP: 38122ND82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4516236.00   | 0.18%             | 2050-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York & New Jersey, Series 234                                                                    | CUSIP: 73358XGL0<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2692347.00   | 0.11%             | 2042-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series EO                                                                                             | CUSIP: 419792H25<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3305000 | PA      | $3429682.78   | 0.13%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California                                                                                                    | CUSIP: 13063B4L3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15127362.00  | 0.59%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health & Educational Facilities Authority, Series K                                                  | CUSIP: 20775DJK9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    625000 | PA      | $682767.63    | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Water Trust (The)                                            | Massachusetts Clean Water Trust (The), Series 17 A                                                                     | CUSIP: 57605AEH5<br>LEI: 549300SYPEROLSQU0261 | Long             | DBT              | MUN               | US        |   9750000 | PA      | $9788423.78   | 0.38%             | 2025-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2020 A, Class 1                                                                     | CUSIP: 59447TK93<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $943449.20    | 0.04%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2016                                                                     | CUSIP: 546399CZ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     15000 | PA      | $16039.79     | 0.00%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Abilene Convention Center Hotel Development Corp.                                | Abilene Convention Center Hotel Development Corp., Series 2021 A                                                       | CUSIP: 00344PAA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $924090.43    | 0.04%             | 2031-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2017                                                                     | CUSIP: 546399CF1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1850405.20   | 0.07%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2020 A                                                     | CUSIP: 97712D6R2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    600000 | PA      | $604906.20    | 0.02%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                                        | Newark Board of Education, Series 2021                                                                                 | CUSIP: 650370DM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $482032.19    | 0.02%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series 2021 A                                                                 | CUSIP: 837151XU8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    750000 | PA      | $797844.60    | 0.03%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Rhode Island                                                            | State of Rhode Island, Series 2019 C                                                                                   | CUSIP: 76222RZF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $5010050.70   | 0.20%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greater Orlando Aviation Authority                                               | Greater Orlando Aviation Authority, Series 2019 A                                                                      | CUSIP: 392274Z90<br>LEI: 549300CP6PUG5S184F61 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4908762.00   | 0.19%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                     | Gainesville & Hall County Hospital Authority, Series A                                                                 | CUSIP: 362762LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053953.90   | 0.04%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Cook IL Sales Tax Revenue                                              | County of Cook, Series 2021 A                                                                                          | CUSIP: 213248CN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5206073.78   | 0.20%             | 2040-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Series 2023 A-1                                                                                      | CUSIP: 64966QG79<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4790788.00   | 0.19%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Turnpike Authority                                                    | New Jersey Turnpike Authority, Series 2021 A                                                                           | CUSIP: 646140DJ9<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1780728.48   | 0.07%             | 2042-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2020 A-1                                                                 | CUSIP: 59261AC88<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   5545000 | PA      | $5225439.43   | 0.21%             | 2041-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2020 C                                                                | CUSIP: 57584YB73<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    475000 | PA      | $522095.82    | 0.02%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021 B                                                                                       | CUSIP: 452153CD9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2267978.50   | 0.09%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2020 A                                                   | CUSIP: 70870JCF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3245000 | PA      | $3157457.69   | 0.12%             | 2038-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Series 2017 C                                                                                        | CUSIP: 34153QLP9<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |   7855000 | PA      | $8161237.39   | 0.32%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2017                                                               | CUSIP: 93978HSL0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1674253.02   | 0.07%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2020 A                                                               | CUSIP: 650116DR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202497.14    | 0.01%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2020                                                                      | CUSIP: 19648FRM8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077535.10   | 0.04%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Water & Wastewater Revenue                                    | City of Atlanta, Series 2018 C                                                                                         | CUSIP: 047870RF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3264242.40   | 0.13%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                          | Chattanooga Health Educational & Housing Facility Board, Series 2019 A-1                                               | CUSIP: 162410EC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1597645.65   | 0.06%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                        | New York Transportation Development Corp., Series 2020 A                                                               | CUSIP: 650116DP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $459984.65    | 0.02%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                                        | Central Texas Regional Mobility Authority, Series 2021 B                                                               | CUSIP: 155498LW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3649136.05   | 0.14%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2022                                                               | CUSIP: 928104NM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1979765.00   | 0.08%             | 2032-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 A                                                                | CUSIP: 04052BPV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56586.68     | 0.00%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health & Higher Educational Facilities Authority, Series 2020                                                 | CUSIP: 57421CAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $279472.47    | 0.01%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster County Solid Waste Management Authority                                | Lancaster County Solid Waste Management Authority, Series 2013 A                                                       | CUSIP: 514061AW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5345000 | PA      | $5489528.27   | 0.22%             | 2025-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 A                                                                | CUSIP: 04052BPW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $61907.50     | 0.00%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ector County Hospital District                                                   | Ector County Hospital District, Series 2020                                                                            | CUSIP: 279251AM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $628850.94    | 0.02%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CSCDA Community Improvement Authority                                            | CSCDA Community Improvement Authority, Series 2021 B                                                                   | CUSIP: 126292AZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4690000 | PA      | $3564878.38   | 0.14%             | 2046-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2021 A                                                     | CUSIP: 97712D7R1<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1425591.26   | 0.06%             | 2041-08-15      | Fixed         | 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   | 0.06%             | 2024-08-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | Arkansas Development Finance Authority, Series 2020 B-1                                                                | CUSIP: 04084RBU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3728639.48   | 0.15%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                        | Cobb County Kennestone Hospital Authority, Series 2020 A                                                               | CUSIP: 190813RT4<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    565000 | PA      | $573297.31    | 0.02%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2016 A-2                                                                 | CUSIP: 59261ADJ3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  21090000 | PA      | $21791839.35  | 0.86%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Parish of St John the Baptist LA                                                 | Parish of St. John the Baptist, Series 2017 B-2                                                                        | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2308883.75   | 0.09%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| Virginia Public School Authority                                                 | Virginia Public School Authority, Series 2014 C                                                                        | CUSIP: 92818HAN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4460000 | PA      | $4630475.47   | 0.18%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2021 A                                                                              | CUSIP: 45204FMY8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1000181.16   | 0.04%             | 2029-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                                | City & County of Denver, Series 2022 D                                                                                 | CUSIP: 249182TK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5325000 | PA      | $5934410.04   | 0.23%             | 2041-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2015                                                                                | CUSIP: 45203H2A9<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1880255.84   | 0.07%             | 2028-12-01      | 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        |  31965000 | PA      | $35249084.10  | 1.38%             | 2029-11-15      | Fixed         | 7.86%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Series A-1 2017 A                                                                                    | CUSIP: 64966MFP9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10716015.00  | 0.42%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021                                                                                  | CUSIP: 74441XHB8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |  13400000 | PA      | $13400000.00  | 0.53%             | 2023-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2023 A                                                                               | CUSIP: 45506EEL3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1072605.69   | 0.04%             | 2027-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority                                               | Capital Projects Finance Authority, Series 2020 A-1                                                                    | CUSIP: 140427BL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018744.00   | 0.04%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2020                                                                      | CUSIP: 19648FRN6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1179670.69   | 0.05%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois Sales Tax Revenue                                              | State of Illinois, Series 2021 C                                                                                       | CUSIP: 452227SB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6331472.40   | 0.25%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2021 B                                                             | CUSIP: 939783H66<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1137979.05   | 0.04%             | 2030-01-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Series 2014 D-1                                                          | CUSIP: 64971WEB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8740000 | PA      | $8957937.14   | 0.35%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                       | Capital Trust Agency, Inc., Series 2021 A-1                                                                            | CUSIP: 14052TDW1<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   5345000 | PA      | $4571471.60   | 0.18%             | 2036-12-01      | Fixed         | 3.65%                 | 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        |   6750000 | PA      | $5929733.25   | 0.23%             | 2031-06-01      | Variable      | 1.10%                 | No            |                  2 | On Loan: No      |
| San Antonio Education Facilities Corp.                                           | San Antonio Education Facilities Corp., Series 2021 A                                                                  | CUSIP: 796247DD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $573409.00    | 0.02%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lee Memorial Health System                                                       | Lee Memorial Health System, Series A-1                                                                                 | CUSIP: 52385LDK2<br>LEI: 54930018FIX4OVLGH070 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4939229.50   | 0.19%             | 2037-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | Iowa Higher Education Loan Authority, Series 2020                                                                      | CUSIP: 4624607F7<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1312263.00   | 0.05%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| River Hall Community Development District                                        | River Hall Community Development District, Series 2021 A-1                                                             | CUSIP: 768247AN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $426450.90    | 0.02%             | 2031-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health & Educational Facilities Authority, Series 2019 A                                             | CUSIP: 20775DCL4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5208560.00   | 0.20%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2021 A                                                                                    | CUSIP: 20772KLX5<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3322354.70   | 0.13%             | 2033-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | Arkansas Development Finance Authority, Series 2020 B-1                                                                | CUSIP: 04084RBT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4630000 | PA      | $4795402.58   | 0.19%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Series 2014 A                                                                                | CUSIP: 79642BE25<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2249259.76   | 0.09%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2019 A                                                                 | CUSIP: 626207Y24<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    600000 | PA      | $651422.04    | 0.03%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2019 A-2                                                           | CUSIP: 93978HWF8<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   5125000 | PA      | $5339003.09   | 0.21%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                                        | County of Anne Arundel, Series 2015                                                                                    | CUSIP: 03588HKK1<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   7495000 | PA      | $7910680.20   | 0.31%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water & Power, Series 2017 C                                                                 | CUSIP: 5444953H5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   4615000 | PA      | $5086394.10   | 0.20%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                       | Capital Trust Agency, Inc., Series 2021 A-2                                                                            | CUSIP: 14052TDX9<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1570039.50   | 0.06%             | 2031-12-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | New Jersey Higher Education Student Assistance Authority, Series 2020 A                                                | CUSIP: 646080UX7<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   3630000 | PA      | $3420384.56   | 0.13%             | 2039-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| State of California                                                              | State of California                                                                                                    | CUSIP: 13063CUX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10616661.00  | 0.42%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2020 A                                                     | CUSIP: 97712D6U5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    600000 | PA      | $590216.16    | 0.02%             | 2037-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                 | JEA Water & Sewer System, Series 2017 A                                                                                | CUSIP: 46613P3L8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  17435000 | PA      | $19066610.89  | 0.75%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2019 B                                                                 | CUSIP: 6262072H6<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    750000 | PA      | $792952.80    | 0.03%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health Care Authority of the City of Huntsville (The)                            | Health Care Authority of the City of Huntsville (The), Series 2020 B                                                   | CUSIP: 44706HDS3<br>LEI: 254900QP8DQFH746YJ31 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2198799.45   | 0.09%             | 2039-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Turnpike & Infrastructure Commission                                        | Ohio Turnpike & Infrastructure Commission, Series 1998 A                                                               | CUSIP: 67760HCG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6845000 | PA      | $6986429.34   | 0.27%             | 2024-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water & Power, Series 2017 C                                                                 | CUSIP: 5444953J1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3960000 | PA      | $4357820.81   | 0.17%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pima County Regional Transportation Authority                                    | Pima County Regional Transportation Authority, Series 2014                                                             | CUSIP: 72178RBJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3385000 | PA      | $3426254.69   | 0.13%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsboro School District No. 1J                                                 | Hillsboro School District No. 1J, Series 2020                                                                          | CUSIP: 939307KH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4370000 | PA      | $4460483.47   | 0.18%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                               | City of Seattle, Series 2017 C                                                                                         | CUSIP: 812643PZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5300000 | PA      | $5428472.53   | 0.21%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2019 A-1                                                                  | CUSIP: 19648FJW5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $8854931.95   | 0.35%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                            | New Jersey Health Care Facilities Financing Authority, Series 2017 A                                                   | CUSIP: 645790LG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1139681.23   | 0.04%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | California Statewide Communities Development Authority, Series 2020 A                                                  | CUSIP: 13080SYU2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1318102.34   | 0.05%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Salem Hospital Facility Authority                                                | Salem Hospital Facility Authority, Series 2019 A                                                                       | CUSIP: 794458FQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9010000 | PA      | $9614112.39   | 0.38%             | 2035-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                        | Cobb County Kennestone Hospital Authority, Series 2020 B                                                               | CUSIP: 190813SR7<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    275000 | PA      | $278452.98    | 0.01%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                           | Town of Chestertown, Series 2021 A                                                                                     | CUSIP: 166630AJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2810000 | PA      | $3058080.85   | 0.12%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of New Jersey                                                              | State of New Jersey                                                                                                    | CUSIP: 646039YS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7410692.80   | 0.29%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                       | Michigan Finance Authority, Series 2016 MI                                                                             | CUSIP: 59447TGX5<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   8200000 | PA      | $8639026.36   | 0.34%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2016                                                                     | CUSIP: 546399DN3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1037333.37   | 0.04%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | City of Dallas, Series 2017                                                                                            | CUSIP: 23542JFN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1097847.40   | 0.04%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                         | City of Pompano Beach, Series 2021 B-1                                                                                 | CUSIP: 732203BK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4300000 | PA      | $3630685.65   | 0.14%             | 2029-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Port New Orleans Board of Commissioners                                          | Port New Orleans Board of Commissioners, Series 2020 E                                                                 | CUSIP: 734782DP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1097022.63   | 0.04%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Municipal Power Agency                                                  | Kentucky Municipal Power Agency, Series 2019 A                                                                         | CUSIP: 491501FA5<br>LEI: 2549001MTI3IE05Z7959 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080814.40   | 0.04%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Scottsdale Municipal Property Corp.                                              | Scottsdale Municipal Property Corp., Series 2015                                                                       | CUSIP: 810489RQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3522600.76   | 0.14%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medford Hospital Facilities Authority                                            | Medford Hospital Facilities Authority, Series 2020 A                                                                   | CUSIP: 584283GV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1396567.25   | 0.05%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                        | New Jersey Economic Development Authority, Series 2019 LLL                                                             | CUSIP: 64577B7P3<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039481.30   | 0.04%             | 2039-06-15      | Fixed         | 5.00%                 | 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        |   3500000 | PA      | $3724927.15   | 0.15%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Series 2014 A                                                                                | CUSIP: 79642BD83<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1533698.55   | 0.06%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2016                                                                     | CUSIP: 546399CX2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |      5000 | PA      | $5346.60      | 0.00%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund               | Ohio Water Development Authority, Series 2017 A                                                                        | CUSIP: 67766WXX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10959941.00  | 0.43%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                     | Gainesville & Hall County Hospital Authority, Series A                                                                 | CUSIP: 362762LK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2216519.97   | 0.09%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Series 2017 A                                                                                       | CUSIP: 05922KZK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3240000 | PA      | $3471789.92   | 0.14%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                                | Iowa Tobacco Settlement Authority, Series 2021 A-2, Class 1                                                            | CUSIP: 888805CF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $7171194.15   | 0.28%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | Allentown Neighborhood Improvement Zone Development Authority, Series 2022                                             | CUSIP: 018444BQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $628667.82    | 0.02%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                                   | Buckeye Tobacco Settlement Financing Authority, Series 2020 A-2, Class 1                                               | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11765000 | PA      | $10250790.38  | 0.40%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2020                                                               | CUSIP: 93978HXE0<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049654.60   | 0.04%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii Airports System Revenue                                          | State of Hawaii, Series 2020 A                                                                                         | CUSIP: 419794C75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4420000 | PA      | $4339822.08   | 0.17%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port New Orleans Board of Commissioners                                          | Port New Orleans Board of Commissioners, Series 2020 E                                                                 | CUSIP: 734782DQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027701.50   | 0.04%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2021 A                                                                                       | CUSIP: 452153AW9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2007278.80   | 0.08%             | 2046-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                              | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $479445.80    | 0.02%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2014                                                                                         | CUSIP: 452152VX6<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5650000 | PA      | $5744273.08   | 0.23%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series B                                                                  | CUSIP: 93978HUL7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2039209.29   | 0.08%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Port St Lucie FL Utility System Revenue                                  | City of Port St. Lucie, Series 2016                                                                                    | CUSIP: 735352QF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1703698.94   | 0.07%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alachua County Health Facilities Authority                                       | Alachua County Health Facilities Authority, Series B-1                                                                 | CUSIP: 010685LA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2469239.94   | 0.10%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2020 A                                                                | CUSIP: 04052EAU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051501.80   | 0.04%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                          | Michigan Strategic Fund, Series 2005                                                                                   | CUSIP: 594698EH1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   5000000 | PA      | $4546505.50   | 0.18%             | 2035-04-01      | Variable      | 0.88%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                                           | Mississippi Home Corp., Series 2021 D-8                                                                                | CUSIP: 60535NCV7<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    101412 | PA      | $83023.75     | 0.00%             | 2033-06-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | Oregon State Facilities Authority, Series 2020 A                                                                       | CUSIP: 68608JYB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $443192.51    | 0.02%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Portland OR Water System Revenue                                         | City of Portland, Series 2013 A                                                                                        | CUSIP: 736754LQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5041120.00   | 0.20%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | Missouri Joint Municipal Electric Utility Commission, Series 2014 A                                                    | CUSIP: 606092GW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4045000 | PA      | $4177900.50   | 0.16%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2017 C-1                                                                 | CUSIP: 59261AQL4<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2284034.75   | 0.09%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Port St Lucie FL Utility System Revenue                                  | City of Port St. Lucie, Series 2016                                                                                    | CUSIP: 735352QE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1567373.25   | 0.06%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                                | CUSIP: 74444VBH2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    195000 | PA      | $191462.90    | 0.01%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2020 A                                                                   | CUSIP: 546399JR8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3298025.95   | 0.13%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District                                                                                         | CUSIP: 09182TBT3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   6970000 | PA      | $7314633.74   | 0.29%             | 2053-11-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                      | Eastern Kentucky University, Series 2021 A                                                                             | CUSIP: 276552GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1480868.43   | 0.06%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Series 2022 A                                                          | CUSIP: 64613CAD0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7017714.75   | 0.28%             | 2041-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                                           | Mississippi Home Corp., Series 2021 D-8                                                                                | CUSIP: 60535NCW5<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |    400000 | PA      | $285773.08    | 0.01%             | 2046-06-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2022 A-1                                                    | CUSIP: 837031D67<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |  11000000 | PA      | $7064636.70   | 0.28%             | 2037-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Series 2021 A                                                             | CUSIP: 64971PLK9<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $7466415.00   | 0.29%             | 2046-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2021                                                       | CUSIP: 97712JEC3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1460000 | PA      | $1220604.97   | 0.05%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indianapolis Local Public Improvement Bond Bank                                  | Indianapolis Local Public Improvement Bond Bank, Series 2021 A                                                         | CUSIP: 45528UT35<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $15143988.00  | 0.59%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | New Jersey Educational Facilities Authority, Series 2020 A                                                             | CUSIP: 6460666A3<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    680000 | PA      | $726557.42    | 0.03%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut, Series 2020 A                                                                                    | CUSIP: 207758ZZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3582774.30   | 0.14%             | 2036-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                     | Gainesville & Hall County Hospital Authority, Series A                                                                 | CUSIP: 362762LJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1847778.45   | 0.07%             | 2027-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2020 A                                                   | CUSIP: 70870JCB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1890101.85   | 0.07%             | 2034-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                              | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537208.10    | 0.02%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                                | CUSIP: 74446CAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    600000 | PA      | $534996.66    | 0.02%             | 2037-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Leon County School District                                                      | Leon County School District, Series 2014                                                                               | CUSIP: 526442BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6040000 | PA      | $6151173.45   | 0.24%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp.                                                      | Troy Capital Resource Corp., Series 2020 A                                                                             | CUSIP: 897579BM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1403169.04   | 0.06%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Trust Agency, Inc.                                                       | Capital Trust Agency, Inc., Series 2021 A-1 T                                                                          | CUSIP: 14052TDZ4<br>LEI: 549300F49UWS7X0OGQ59 | Long             | DBT              | MUN               | US        |    855000 | PA      | $737689.98    | 0.03%             | 2034-07-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Series 2019 B                                                                 | CUSIP: 71883MPT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7904786.25   | 0.31%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Virginia Commonwealth Transportation Board                                       | Virginia Commonwealth Transportation Board, Series 2019                                                                | CUSIP: 927793K65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9460000 | PA      | $8452512.84   | 0.33%             | 2036-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                                    | Central Plains Energy Project, Series 2022-1                                                                           | CUSIP: 154871CU9<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5128897.50   | 0.20%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Missouri State University                                              | Southeast Missouri State University, Series 2020                                                                       | CUSIP: 841438MF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3205000 | PA      | $3125676.25   | 0.12%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                           | County of Miami-Dade, Series 2019                                                                                      | CUSIP: 59334PHH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13890000 | PA      | $14284863.53  | 0.56%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maryland Community Development Administration                                    | Maryland Community Development Administration, Series 2019 B                                                           | CUSIP: 57419R7V1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4606995.50   | 0.18%             | 2034-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Galesburg IL                                                             | City of Galesburg, Series 2021 A                                                                                       | CUSIP: 363433AZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1089898.20   | 0.04%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2023 A                                                                               | CUSIP: 45506EEK5<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $1013189.45   | 0.04%             | 2026-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Galesburg IL                                                             | City of Galesburg, Series 2021 A                                                                                       | CUSIP: 363433BA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1365541.43   | 0.05%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lower Colorado River Authority                                                   | Lower Colorado River Authority, Series 2021                                                                            | CUSIP: 54811BWH0<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2231264.60   | 0.09%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | City of Dallas, Series 2017                                                                                            | CUSIP: 23542JFM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2749342.00   | 0.11%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lafayette Consolidated Government                                                | Lafayette Consolidated Government, Series 2015                                                                         | CUSIP: 50646PCG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2543154.96   | 0.10%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                                    | North Texas Tollway Authority, Series A                                                                                | CUSIP: 66285WWG7<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5135191.50   | 0.20%             | 2033-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Series 2017 A                                                                                       | CUSIP: 05922KZJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2085000 | PA      | $2245866.72   | 0.09%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakeside Place PFC                                                               | Lakeside Place PFC, Series 2021                                                                                        | CUSIP: 512179AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3975000 | PA      | $2946303.39   | 0.12%             | 2039-12-15      | Fixed         | 3.48%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2016                                                                                         | CUSIP: 452152G70<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033746.50   | 0.04%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | Allentown Neighborhood Improvement Zone Development Authority, Series 2022                                             | CUSIP: 018444BR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $629341.02    | 0.02%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2018 A                                                      | CUSIP: 83703FLF7<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6341909.40   | 0.25%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Series A                                                                                             | CUSIP: 29270CZW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1296701.25   | 0.05%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2017 D                                                                                       | CUSIP: 452152Q53<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    750000 | PA      | $732939.08    | 0.03%             | 2026-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Alachua County Health Facilities Authority                                       | Alachua County Health Facilities Authority, Series B-1                                                                 | CUSIP: 010685KX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1720573.28   | 0.07%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2019 A-2                                                           | CUSIP: 93978HWD3<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1289530.67   | 0.05%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                                        | Orange County Health Facilities Authority, Series 2016 A                                                               | CUSIP: 68450LEC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054186.30   | 0.04%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennergy Corp.                                                                   | Tennergy Corp.                                                                                                         | CUSIP: 880397CF9<br>LEI: 5493008K3JJFBSC4C235 | Long             | DBT              | MUN               | US        |  11645000 | PA      | $12170053.25  | 0.48%             | 2053-10-01      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| Medford Hospital Facilities Authority                                            | Medford Hospital Facilities Authority, Series 2020 A                                                                   | CUSIP: 584283GT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $862677.76    | 0.03%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Herons Glen Recreation District                                                  | Herons Glen Recreation District, Series 2020                                                                           | CUSIP: 427747BS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | PA      | $233664.60    | 0.01%             | 2036-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Airport Passenger Facility Charge                             | City of Atlanta, Series 2014 A                                                                                         | CUSIP: 04780TCR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7159269.60   | 0.28%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hudson County Improvement Authority                                              | Hudson County Improvement Authority, Series 2010                                                                       | CUSIP: 44372BED1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5375000 | PA      | $5490706.55   | 0.22%             | 2023-10-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2023 A                                                                               | CUSIP: 45506EEN9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1190486.99   | 0.05%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Richland SC                                                            | County of Richland, Series 2021                                                                                        | CUSIP: 76363RAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $830486.50    | 0.03%             | 2031-11-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                                           | Mississippi Home Corp., Series 2021 A-5                                                                                | CUSIP: 60535NCQ8<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   8143623 | PA      | $5671501.64   | 0.22%             | 2046-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health & Educational Facilities Authority, Series 2019 A                                             | CUSIP: 20775DCN0<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    250000 | PA      | $235485.23    | 0.01%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Series 2020 C                                                            | CUSIP: 64971XQG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1407266.14   | 0.06%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2019 B                                                                                       | CUSIP: 4521525K3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1189060.88   | 0.05%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chatom Industrial Development Board                                              | Chatom Industrial Development Board, Series 2020                                                                       | CUSIP: 16229PAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $549721.00    | 0.02%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Paducah Electric Plant Board                                                     | Paducah Electric Plant Board, Series 2016 A                                                                            | CUSIP: 695317DT1<br>LEI: 549300XTPDPORT8VIQ62 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5938706.40   | 0.23%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue          | New York City Transitional Finance Authority, Series 2014 D-1                                                          | CUSIP: 64971WEC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5118887.50   | 0.20%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | City of Philadelphia, Series 2020 A                                                                                    | CUSIP: 717893P96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2181155.80   | 0.09%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas/Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2013 D                                                                 | CUSIP: 235036L24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5102300.00   | 0.20%             | 2027-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Pier & Exposition Authority                                         | Metropolitan Pier & Exposition Authority, Series 2022 A                                                                | CUSIP: 592250EG5<br>LEI: 254900I3VDCQ58UGBR15 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986011.60    | 0.04%             | 2025-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2020 A                                                     | CUSIP: 97712D6T8<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    600000 | PA      | $595835.94    | 0.02%             | 2036-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                      | Eastern Kentucky University, Series 2021 A                                                                             | CUSIP: 276552GW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1416691.39   | 0.06%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Series 2019 E                                                                                        | CUSIP: 64966MR50<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3835803.30   | 0.15%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Series 2021 A                                                             | CUSIP: 64971PKV6<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073284.40   | 0.04%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ector County Hospital District                                                   | Ector County Hospital District, Series 2020                                                                            | CUSIP: 279251AP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $617670.95    | 0.02%             | 2034-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2019 A                                                                | CUSIP: 04052FAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063997.10   | 0.04%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 A                                                                | CUSIP: 04052BPX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $62014.36     | 0.00%             | 2029-07-01      | 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        |   1500000 | PA      | $1569071.40   | 0.06%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | Maine Health & Higher Educational Facilities Authority, Series 2020 A                                                  | CUSIP: 56042RYD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1127209.53   | 0.04%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | California Statewide Communities Development Authority, Series 2020 A                                                  | CUSIP: 13080SYR9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1393038.14   | 0.05%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMFA Special Finance Agency VIII                                                 | CMFA Special Finance Agency VIII, Series 2021 A-2                                                                      | CUSIP: 12574VAB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $4185742.55   | 0.16%             | 2047-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2020 A                                                             | CUSIP: 928104MW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2852462.40   | 0.11%             | 2036-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2021                                                       | CUSIP: 97712JDZ3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    375000 | PA      | $355440.86    | 0.01%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lansing School District                                                          | Lansing School District, Series 2016 I                                                                                 | CUSIP: 516444RE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1860000 | PA      | $1987532.76   | 0.08%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | Chicago Park District, Series 2020 F-2                                                                                 | CUSIP: 167615G31<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1088892.64   | 0.04%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                        | Michigan State Hospital Finance Authority, Series 2008 C                                                               | CUSIP: 59465HVZ6<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |    135000 | PA      | $149013.27    | 0.01%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                           | Town of Chestertown, Series 2021 A                                                                                     | CUSIP: 166630AG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072473.10   | 0.04%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Series 2019 A                                                                                        | CUSIP: 29270C2R5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7739244.80   | 0.30%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Municipal Power Agency                                                  | Kentucky Municipal Power Agency, Series 2019 A                                                                         | CUSIP: 491501EY4<br>LEI: 2549001MTI3IE05Z7959 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1629582.00   | 0.06%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2017                                                                     | CUSIP: 546399CC8<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2121448.80   | 0.08%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2019 A                                                                | CUSIP: 04052FAS4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1307460.88   | 0.05%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Industrial Development Agency                                      | New York City Industrial Development Agency, Series 2021 A                                                             | CUSIP: 64971PKW4<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088004.60   | 0.04%             | 2028-01-01      | 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: 546276CZ7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1667287.13   | 0.07%             | 2032-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Ector County Hospital District                                                   | Ector County Hospital District, Series 2020                                                                            | CUSIP: 279251AL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $472857.26    | 0.02%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pecan Public Facility Corp.                                                      | Pecan Public Facility Corp., Series 2022 A-1                                                                           | CUSIP: 705125AA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12000000 | PA      | $9682747.20   | 0.38%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Series 2014 A                                                                                | CUSIP: 79642BE41<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2044020.40   | 0.08%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing School District                                                          | Lansing School District, Series 2016 I                                                                                 | CUSIP: 516444RG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2310000 | PA      | $2467611.30   | 0.10%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                          | Development Authority for Fulton County, Series 2015                                                                   | CUSIP: 3599006U6<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   4805000 | PA      | $5023826.91   | 0.20%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Series 2015 C                                                                                        | CUSIP: 64966LZY0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7845009.00   | 0.31%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2020 C                                                                | CUSIP: 57584YC23<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $483220.49    | 0.02%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2013 A                                                                                       | CUSIP: 452152RJ2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  18000000 | PA      | $18097219.80  | 0.71%             | 2025-04-01      | 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: 118217CG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1279245.82   | 0.05%             | 2027-06-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2020 A                                                   | CUSIP: 70870JCG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3685000 | PA      | $3542261.89   | 0.14%             | 2039-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                 | Ohio Water Development Authority, Series 2019                                                                          | CUSIP: 67765QHJ8<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   5650000 | PA      | $6305545.77   | 0.25%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westside 211 Special Improvement District                                        | Westside 211 Special Improvement District, Series 2021                                                                 | CUSIP: 96145JAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $252906.63    | 0.01%             | 2031-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                        | Cobb County Kennestone Hospital Authority, Series 2020 B                                                               | CUSIP: 190813SS5<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    275000 | PA      | $276752.30    | 0.01%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2020                                                                                         | CUSIP: 4521526K2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6550000 | PA      | $7152073.38   | 0.28%             | 2030-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2022 B                                                                                | CUSIP: 74441XHF9<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $1826976.19   | 0.07%             | 2027-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Nassau NY                                                              | County of Nassau, Series 2021 A                                                                                        | CUSIP: 63165TZ40<br>LEI: 549300ICRCGQYCPS7T40 | Long             | DBT              | MUN               | US        |   7960000 | PA      | $7692857.62   | 0.30%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2022 A                                                                    | CUSIP: 19648FWQ3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3099328.50   | 0.12%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                 | JEA Water & Sewer System, Series 2014 A                                                                                | CUSIP: 46615SBC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5130000 | PA      | $5282254.81   | 0.21%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Missouri State University                                              | Southeast Missouri State University, Series 2020                                                                       | CUSIP: 841438ME1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1575000 | PA      | $1563034.25   | 0.06%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Series 2021 C                                                                                        | CUSIP: 64966QPZ7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5025433.00   | 0.20%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health & Educational Facilities Authority, Series 2021 A                                             | CUSIP: 20775DQC9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2398831.75   | 0.09%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westside 211 Special Improvement District                                        | Westside 211 Special Improvement District, Series 2021                                                                 | CUSIP: 96145JAP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $281672.02    | 0.01%             | 2035-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2016                                                                     | CUSIP: 546399CW4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10693.20     | 0.00%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                        | University of Connecticut, Series 2016 A                                                                               | CUSIP: 914233F55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3278640.03   | 0.13%             | 2030-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Connecticut                                                        | University of Connecticut, Series 2016 A                                                                               | CUSIP: 914233F63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5025000 | PA      | $5346402.02   | 0.21%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                        | Cobb County Kennestone Hospital Authority, Series 2020 A                                                               | CUSIP: 190813RV9<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    865000 | PA      | $870511.78    | 0.03%             | 2035-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2017                                                                     | CUSIP: 546399CB0<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063481.00   | 0.04%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | Iowa Higher Education Loan Authority, Series 2020                                                                      | CUSIP: 4624607C4<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   1920000 | PA      | $2054773.63   | 0.08%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                        | Maryland Health & Higher Educational Facilities Authority, Series 2017 B                                               | CUSIP: 574218U92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8520000 | PA      | $9001893.76   | 0.35%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Seattle Housing Authority                                                        | Seattle Housing Authority, Series 2021                                                                                 | CUSIP: 812636NA2<br>LEI: 5493003LM6XXXMFX5M88 | Long             | DBT              | MUN               | US        |   7225000 | PA      | $6869623.20   | 0.27%             | 2025-06-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                 | JEA Water & Sewer System, Series 2014 A                                                                                | CUSIP: 46615SBB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1455000 | PA      | $1499148.77   | 0.06%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2022 B                                                                                       | CUSIP: 452153EA3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10634242.00  | 0.42%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                     | Northern Illinois University, Series 2021                                                                              | CUSIP: 665245ZN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $1930642.25   | 0.08%             | 2043-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Series D                                                                                            | CUSIP: 059231ZP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5835000 | PA      | $6094242.63   | 0.24%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                                        | Newark Board of Education, Series 2021                                                                                 | CUSIP: 650370DH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $354646.44    | 0.01%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Municipal Power Agency                                                  | Kentucky Municipal Power Agency, Series 2019 A                                                                         | CUSIP: 491501EZ1<br>LEI: 2549001MTI3IE05Z7959 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1734711.68   | 0.07%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                              | Wisconsin Health & Educational Facilities Authority, Series 2021                                                       | CUSIP: 97712JEB5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    405000 | PA      | $374011.22    | 0.01%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFH6<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    450000 | PA      | $478354.73    | 0.02%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                             | Alaska Municipal Bond Bank Authority, Series 2020                                                                      | CUSIP: 01179RF81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1320001.11   | 0.05%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Series 2017 A                                                                                       | CUSIP: 05922KZH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2940000 | PA      | $3170364.58   | 0.12%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                                | CUSIP: 74441XGV5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1195172.66   | 0.05%             | 2032-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                           | Arkansas Development Finance Authority, Series 2020 B-1                                                                | CUSIP: 04084RBX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010645.20   | 0.04%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                                   | Black Belt Energy Gas District, Series 2022 A                                                                          | CUSIP: 09182TAW7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $6704417.30   | 0.26%             | 2052-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                        | Cobb County Kennestone Hospital Authority, Series 2020 A                                                               | CUSIP: 190813RS6<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    900000 | PA      | $916068.06    | 0.04%             | 2032-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Florida                                                                 | State of Florida, Series 2017 C                                                                                        | CUSIP: 34153QLQ7<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5176943.00   | 0.20%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2019 B                                                                 | CUSIP: 6262072K9<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    700000 | PA      | $732394.88    | 0.03%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | Maine Health & Higher Educational Facilities Authority, Series 2020 A                                                  | CUSIP: 56042RYB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075863.70   | 0.04%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lansing School District                                                          | Lansing School District, Series 2016 I                                                                                 | CUSIP: 516444RF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2147817.66   | 0.08%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | Iowa Higher Education Loan Authority, Series 2020                                                                      | CUSIP: 4624607D2<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2160552.55   | 0.08%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ector County Hospital District                                                   | Ector County Hospital District, Series 2020                                                                            | CUSIP: 279251AK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    745000 | PA      | $789299.49    | 0.03%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Series 2017 A                                                                                       | CUSIP: 05922KYN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4286160.40   | 0.17%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsboro School District No. 1J                                                 | Hillsboro School District No. 1J, Series 2020                                                                          | CUSIP: 939307KF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1290768.13   | 0.05%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Public Building Authority                                               | Virginia Public Building Authority, Series B                                                                           | CUSIP: 928172X26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1121353.25   | 0.04%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2017 B                                                                   | CUSIP: 59261ANH6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2140000 | PA      | $2248478.53   | 0.09%             | 2026-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2019 A-2                                                                  | CUSIP: 19648FKM5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4714389.00   | 0.19%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | Chicago Park District, Series 2020 F-2                                                                                 | CUSIP: 167615F99<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1625390.70   | 0.06%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                | Oregon State Facilities Authority, Series 2021 A                                                                       | CUSIP: 68608JYY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1685588.00   | 0.07%             | 2051-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 B                                                                | CUSIP: 04052BQK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $173613.01    | 0.01%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2021 A                                                                              | CUSIP: 45204FMZ5<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1171113.01   | 0.05%             | 2030-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | Allentown Neighborhood Improvement Zone Development Authority, Series 2022                                             | CUSIP: 018444BS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $733714.03    | 0.03%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Energy Authority A Cooperative District                                | Southeast Energy Authority A Cooperative District, Series 2022 B-2                                                     | CUSIP: 84136FBC0<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $14580066.00  | 0.57%             | 2053-05-01      | Floating      | 4.34%                 | No            |                  2 | On Loan: No      |
| Regional Transportation District                                                 | Regional Transportation District, Series 2020 A                                                                        | CUSIP: 759151BP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $974723.70    | 0.04%             | 2033-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lafayette Consolidated Government                                                | Lafayette Consolidated Government, Series 2015                                                                         | CUSIP: 50646PCJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3692697.05   | 0.14%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Clearwater FL Water & Sewer Revenue                                      | City of Clearwater, Series 2017                                                                                        | CUSIP: 185328KK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5520000 | PA      | $5932095.05   | 0.23%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port New Orleans Board of Commissioners                                          | Port New Orleans Board of Commissioners, Series 2020 E                                                                 | CUSIP: 734782DN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1495000 | PA      | $1543542.05   | 0.06%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2021 B                                                                                         | CUSIP: 167486K65<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   5150000 | PA      | $4548664.89   | 0.18%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Riverside CA Sewer Revenue                                               | City of Riverside, Series 2015 A                                                                                       | CUSIP: 769047HW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11000000 | PA      | $11526333.50  | 0.45%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Dallas TX Waterworks & Sewer System Revenue                              | City of Dallas, Series 2017                                                                                            | CUSIP: 23542JFL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1654515.90   | 0.06%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Series 2014 G                                                                                        | CUSIP: 64966LDW8<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   6860000 | PA      | $6972686.48   | 0.27%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2018 E                                                                      | CUSIP: 64990AMH5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11129276.00  | 0.44%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Clean Energy Cooperative Corp.                                     | Massachusetts Clean Energy Cooperative Corp., Series 2021                                                              | CUSIP: 575625BB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6420000 | PA      | $5312480.66   | 0.21%             | 2030-07-01      | Fixed         | 2.23%                 | No            |                  2 | On Loan: No      |
| Harris County Toll Road Authority (The)                                          | Harris County Toll Road Authority (The), Series 2018 A                                                                 | CUSIP: 41423PAQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2732240.00   | 0.11%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Series 2015 C                                                                                        | CUSIP: 64966LZW4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2093721.00   | 0.08%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                           | Town of Chestertown, Series 2021 A                                                                                     | CUSIP: 166630AK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1621931.56   | 0.06%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ector County Hospital District                                                   | Ector County Hospital District, Series 2020                                                                            | CUSIP: 279251AJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $842767.60    | 0.03%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Port Authority                                                     | Massachusetts Port Authority, Series 2019 C                                                                            | CUSIP: 575896UY9<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   4220000 | PA      | $4561096.69   | 0.18%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                            | City of South Miami Health Facilities Authority, Inc., Series 2017                                                     | CUSIP: 838810DX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6060153.60   | 0.24%             | 2033-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lake Houston Redevelopment Authority                                             | Lake Houston Redevelopment Authority, Series 2021                                                                      | CUSIP: 51001QAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $233693.88    | 0.01%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2019 A                                                                | CUSIP: 04052FAM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $673049.60    | 0.03%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Southeast Missouri State University                                              | Southeast Missouri State University, Series 2020                                                                       | CUSIP: 841438MC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2745000 | PA      | $2788832.71   | 0.11%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                              | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130142.40    | 0.01%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York & New Jersey, Series 2018                                                                   | CUSIP: 73358W3Y8<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3111173.70   | 0.12%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tennessee Energy Acquisition Corp.                                               | Tennessee Energy Acquisition Corp., Series 2021 A                                                                      | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4125952.80   | 0.16%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority, Series 2021 A                                                                              | CUSIP: 45204FMX0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1065000 | PA      | $984903.69    | 0.04%             | 2028-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                             | Chicago O'Hare International Airport, Series 2020 C                                                                    | CUSIP: 167593R87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3999730.80   | 0.16%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                          | Los Angeles Department of Water & Power, Series 2017 B                                                                 | CUSIP: 5444952G8<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   8220000 | PA      | $8986481.30   | 0.35%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp.                                                                                | CUSIP: 718846AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6380000 | PA      | $6834186.46   | 0.27%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                        | Golden State Tobacco Securitization Corp., Series 2021 B-1                                                             | CUSIP: 38122ND74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $713583.43    | 0.03%             | 2031-06-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| City of Austin TX Water & Wastewater System Revenue                              | City of Austin                                                                                                         | CUSIP: 052477UG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2405000 | PA      | $2409807.11   | 0.09%             | 2027-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Energy Northwest                                                                 | Energy Northwest, Series A                                                                                             | CUSIP: 29270CZV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3550595.65   | 0.14%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Lincoln SD                                                             | County of Lincoln, Series 2021 A                                                                                       | CUSIP: 53340EAB3<br>LEI: 549300USXDZ5FGJLUV88 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1191863.40   | 0.05%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018 A                                                                                       | CUSIP: 4521522M2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1180871.66   | 0.05%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                           | California Statewide Communities Development Authority, Series 2010 A                                                  | CUSIP: 13078HAY8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $5854430.40   | 0.23%             | 2029-09-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Kentucky Economic Development Finance Authority                                  | Kentucky Economic Development Finance Authority, Series 2019 A-1                                                       | CUSIP: 49126PFY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052678.10   | 0.04%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Salt Lake City UT Public Utilities Revenue                               | City of Salt Lake City, Series 2022                                                                                    | CUSIP: 795604CR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13000000 | PA      | $13096567.90  | 0.51%             | 2052-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                          | Development Authority for Fulton County, Series 2015                                                                   | CUSIP: 3599006T9<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   4385000 | PA      | $4585775.12   | 0.18%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Drainage & Wastewater Revenue                                 | City of Seattle, Series 2014                                                                                           | CUSIP: 812631KX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5230000 | PA      | $5408611.30   | 0.21%             | 2024-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Series D                                                                                            | CUSIP: 059231ZN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2790000 | PA      | $2914798.65   | 0.11%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 B                                                                | CUSIP: 04052BQL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $163110.22    | 0.01%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Development Authority for Fulton County                                          | Development Authority for Fulton County, Series 2015                                                                   | CUSIP: 3599006S1<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   3785000 | PA      | $3962018.77   | 0.16%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Medford Hospital Facilities Authority                                            | Medford Hospital Facilities Authority, Series 2020 A                                                                   | CUSIP: 584283GS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1192539.92   | 0.05%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 A                                                                | CUSIP: 04052BPY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67288.21     | 0.00%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2020 A                                                                | CUSIP: 04052FBQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1105000 | PA      | $1070800.91   | 0.04%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                         | San Antonio Water System, Series 2014 A                                                                                | CUSIP: 79642BE58<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021629.90   | 0.04%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Philadelphia PA Water & Wastewater Revenue                               | City of Philadelphia, Series 2022 C                                                                                    | CUSIP: 717893Z46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3260000 | PA      | $3561221.07   | 0.14%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2020 C                                                                | CUSIP: 57584YB99<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    525000 | PA      | $567549.83    | 0.02%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. III                               | Texas Municipal Gas Acquisition & Supply Corp. III, Series 2021                                                        | CUSIP: 88256HBC1<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033091.20   | 0.04%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2020 A                                                       | CUSIP: 71780CAJ9<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    300000 | PA      | $302445.48    | 0.01%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Home Corp.                                                           | Mississippi Home Corp., Series 2021 E-8                                                                                | CUSIP: 60535NCY1<br>LEI: 549300FFY35B829JR607 | Long             | DBT              | MUN               | US        |   2540000 | PA      | $2106995.28   | 0.08%             | 2036-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | Iowa Higher Education Loan Authority, Series 2020                                                                      | CUSIP: 4624607B6<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   1800000 | PA      | $1935113.58   | 0.08%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                                | State of Illinois, Series 2018 B                                                                                       | CUSIP: 4521523E9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1169132.38   | 0.05%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Milwaukee WI Sewerage System Revenue                                     | City of Milwaukee, Series 2021 S-2                                                                                     | CUSIP: 60242MFB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4600000 | PA      | $3516667.34   | 0.14%             | 2046-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| City of Mesa AZ Utility System Revenue                                           | City of Mesa, Series 2016                                                                                              | CUSIP: 590545WA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2686858.00   | 0.11%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2019 B                                                                 | CUSIP: 6262072J2<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1099936.59   | 0.04%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 B                                                                | CUSIP: 04052BQM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $188343.58    | 0.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                                | CUSIP: 74444VBL3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    265000 | PA      | $252950.24    | 0.01%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| East Baton Rouge Sewerage Commission                                             | East Baton Rouge Sewerage Commission, Series 2019 A                                                                    | CUSIP: 270618FJ5<br>LEI: 5493006BC84VNIRSCG97 | Long             | DBT              | MUN               | US        |   1310000 | PA      | $1340013.41   | 0.05%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chatom Industrial Development Board                                              | Chatom Industrial Development Board, Series 2020                                                                       | CUSIP: 16229PAY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $478207.45    | 0.02%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2019 A-2                                                           | CUSIP: 93978HWE1<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1309552.50   | 0.05%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2020                                                                      | CUSIP: 19648FRJ5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    700000 | PA      | $764339.94    | 0.03%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Municipal Power Agency                                                  | Kentucky Municipal Power Agency, Series 2016 A                                                                         | CUSIP: 491501EN8<br>LEI: 2549001MTI3IE05Z7959 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1608464.55   | 0.06%             | 2034-09-01      | Fixed         | 5.00%                 | 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        |   2115000 | NS      | $49512150.00  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 B                                                                | CUSIP: 04052BQN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $198136.56    | 0.01%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alachua County Health Facilities Authority                                       | Alachua County Health Facilities Authority, Series B-1                                                                 | CUSIP: 010685KW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5389220.50   | 0.21%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2019 A-1                                                                  | CUSIP: 19648FJT2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2116892.40   | 0.08%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westside 211 Special Improvement District                                        | Westside 211 Special Improvement District, Series 2021                                                                 | CUSIP: 96145JAH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $251189.47    | 0.01%             | 2029-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX                                                               | City of El Paso, Series 2020 A                                                                                         | CUSIP: 283734S51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023000.00   | 0.04%             | 2035-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alaska Municipal Bond Bank Authority                                             | Alaska Municipal Bond Bank Authority, Series 2020                                                                      | CUSIP: 01179RF65<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1710000 | PA      | $1752750.17   | 0.07%             | 2035-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Westside 211 Special Improvement District                                        | Westside 211 Special Improvement District, Series 2021                                                                 | CUSIP: 96145JAR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    355000 | PA      | $286605.03    | 0.01%             | 2037-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health & Educational Facilities Authority, Series K                                                  | CUSIP: 20775DJL7<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    725000 | PA      | $787342.03    | 0.03%             | 2034-07-01      | 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 2021                     | CUSIP: 54628CUF7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   9900000 | PA      | $7202373.75   | 0.28%             | 2046-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston, Series 2014 C                                                                                         | CUSIP: 4424354N0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5175295.00   | 0.20%             | 2024-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2019 A-1                                                                  | CUSIP: 19648FJX3<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2099598.53   | 0.08%             | 2037-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2017                                                               | CUSIP: 93978HSP1<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2472173.28   | 0.10%             | 2035-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Leon County Housing Finance Authority                                            | Leon County Housing Finance Authority, Series 2022 A-1                                                                 | CUSIP: 52643TAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6965000 | PA      | $5780950.00   | 0.23%             | 2057-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Educational Facilities Authority                                      | New Jersey Educational Facilities Authority, Series 2016 B                                                             | CUSIP: 646066F54<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5158604.50   | 0.20%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2015 A                                                                      | CUSIP: 64990BNB5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10343118.00  | 0.41%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee Memorial Health System                                                       | Lee Memorial Health System, Series 2019 A-1                                                                            | CUSIP: 52385LDQ9<br>LEI: 54930018FIX4OVLGH070 | Long             | DBT              | MUN               | US        |  12000000 | PA      | $10702528.80  | 0.42%             | 2049-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2016                                                                     | CUSIP: 546399DM5<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1240000 | PA      | $1297330.78   | 0.05%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2019 A                                                        | CUSIP: 56678PAH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $907648.87    | 0.04%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 1999                                                                                           | CUSIP: 167484QW7<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $2855452.40   | 0.11%             | 2031-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Pompano Beach FL                                                         | City of Pompano Beach, Series 2020                                                                                     | CUSIP: 732203BC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2134123.25   | 0.08%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southeast Missouri State University                                              | Southeast Missouri State University, Series 2020                                                                       | CUSIP: 841438MD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2196255.82   | 0.09%             | 2034-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2020 A                                                                   | CUSIP: 546399JP2<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $5066199.90   | 0.20%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                             | State of Connecticut, Series 2020 C                                                                                    | CUSIP: 20772KKX6<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558143.15   | 0.06%             | 2034-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northwest Independent School District                                            | Northwest Independent School District, Series 2015 A                                                                   | CUSIP: 667825K69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4815000 | PA      | $5056157.83   | 0.20%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | Iowa Higher Education Loan Authority, Series 2020                                                                      | CUSIP: 4624607E0<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   2135000 | PA      | $2260093.28   | 0.09%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority                                        | Cobb County Kennestone Hospital Authority, Series 2020 B                                                               | CUSIP: 190813ST3<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    275000 | PA      | $275602.61    | 0.01%             | 2036-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Riverside CA Sewer Revenue                                               | City of Riverside, Series 2015 A                                                                                       | CUSIP: 769047HV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10605000 | PA      | $11149839.30  | 0.44%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Baton Rouge Sewerage Commission                                             | East Baton Rouge Sewerage Commission, Series 2019 B                                                                    | CUSIP: 270618GD7<br>LEI: 5493006BC84VNIRSCG97 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2323139.80   | 0.09%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2020 A                                                                                         | CUSIP: 167486G37<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2555799.75   | 0.10%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westside 211 Special Improvement District                                        | Westside 211 Special Improvement District, Series 2021                                                                 | CUSIP: 96145JAM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $276347.23    | 0.01%             | 2033-08-15      | 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        |   6900000 | PA      | $5519128.53   | 0.22%             | 2043-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Gas Works Co.                                                       | Philadelphia Gas Works Co., Series 15th                                                                                | CUSIP: 71783MAQ8<br>LEI: 549300H8UJ7V5WU5IA90 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2143262.80   | 0.08%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                                | CUSIP: 74442EGR5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $190939.56    | 0.01%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | Maine Health & Higher Educational Facilities Authority, Series 2020 A                                                  | CUSIP: 56042RYC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992943.00    | 0.04%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2021 B                                                                | CUSIP: 04052BQJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $163682.24    | 0.01%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port New Orleans Board of Commissioners                                          | Port New Orleans Board of Commissioners, Series 2020 E                                                                 | CUSIP: 734782DM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035378.90   | 0.04%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health & Educational Facilities Authority, Series 2019 A                                             | CUSIP: 20775DCP5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   4750000 | PA      | $4426888.85   | 0.17%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Madison City Board of Education                                                  | Madison City Board of Education, Series 2019                                                                           | CUSIP: 55658FAN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2855000 | PA      | $2965508.20   | 0.12%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                                | CUSIP: 74444VBJ8<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $243389.23    | 0.01%             | 2028-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Missouri Joint Municipal Electric Utility Commission                             | Missouri Joint Municipal Electric Utility Commission, Series 2014 A                                                    | CUSIP: 606092GV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4649682.60   | 0.18%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                     | Michigan State Housing Development Authority, Series 2019 A-1                                                          | CUSIP: 59465M6K6<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2869443.50   | 0.11%             | 2039-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2020                                                                      | CUSIP: 19648FRL0<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    750000 | PA      | $812628.60    | 0.03%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2019 A-1                                                                  | CUSIP: 19648FJZ8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1141154.13   | 0.04%             | 2039-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                         | Arizona Industrial Development Authority, Series 2020 A                                                                | CUSIP: 04052EAR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $537086.10    | 0.02%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                                   | New Jersey Transportation Trust Fund Authority, Series 2021 A                                                          | CUSIP: 6461368A2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6200000 | PA      | $6081875.74   | 0.24%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2021 A                                                                                | CUSIP: 74442EGQ7<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    285000 | PA      | $274184.25    | 0.01%             | 2029-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2019 A-2                                                                  | CUSIP: 19648FKQ6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2070840.80   | 0.08%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsboro School District No. 1J                                                 | Hillsboro School District No. 1J, Series 2020                                                                          | CUSIP: 939307KG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2605000 | PA      | $2670500.12   | 0.10%             | 2036-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2022 A                                                                                | CUSIP: 74441XHE2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   5600000 | PA      | $4502709.68   | 0.18%             | 2037-12-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                            | Louisiana Public Facilities Authority, Series 2016                                                                     | CUSIP: 546399DQ6<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1485000 | PA      | $1542435.20   | 0.06%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Hospital Development Authority                                  | Allegheny County Hospital Development Authority, Series 2019 A                                                         | CUSIP: 01728A4V5<br>LEI: 54930046B973R604OG22 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5371268.50   | 0.21%             | 2034-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Department of Transportation                                           | Wisconsin Department of Transportation, Series 2017-2                                                                  | CUSIP: 977123U63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5486078.00   | 0.22%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2017                                                               | CUSIP: 93978HSK2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2354012.78   | 0.09%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2020 A                                                   | CUSIP: 70870JCA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2280080.67   | 0.09%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sterling Ranch Community Authority Board                                         | Sterling Ranch Community Authority Board, Series 2020 A                                                                | CUSIP: 85950NAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $434056.30    | 0.02%             | 2030-12-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                             | Colorado Health Facilities Authority, Series 2019 A-2                                                                  | CUSIP: 19648FKJ2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2124069.40   | 0.08%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                                        | Newark Board of Education, Series 2021                                                                                 | CUSIP: 650370DL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $450026.44    | 0.02%             | 2031-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Drainage & Wastewater Revenue                                 | City of Seattle, Series 2014                                                                                           | CUSIP: 812631LA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3256241.31   | 0.13%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                                    | Commonwealth of Massachusetts, Series A                                                                                | CUSIP: 57582RDW3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6351475.20   | 0.25%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Hawaii                                                                  | State of Hawaii, Series EO                                                                                             | CUSIP: 419792H66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  21695000 | PA      | $22517051.75  | 0.88%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority                      | Connecticut State Health & Educational Facilities Authority, Series K                                                  | CUSIP: 20775DJJ2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    700000 | PA      | $770900.76    | 0.03%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                      | Washington State Housing Finance Commission, Series 2021-1, Class A                                                    | CUSIP: 93978TS59<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   6848940 | PA      | $6143779.02   | 0.24%             | 2035-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Northern Illinois University                                                     | Northern Illinois University, Series 2021                                                                              | CUSIP: 665245ZL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $375201.52    | 0.01%             | 2041-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lansing Board of Water & Light                                                   | Lansing Board of Water & Light, Series 2019 A                                                                          | CUSIP: 516391CY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4645000 | PA      | $5046154.28   | 0.20%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                            | California Infrastructure & Economic Development Bank, Series 2018 B                                                   | CUSIP: 13034AQ52<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1970627.60   | 0.08%             | 2047-08-01      | Floating      | 2.25%                 | No            |                  2 | On Loan: No      |
| Eastern Kentucky University                                                      | Eastern Kentucky University, Series 2021 A                                                                             | CUSIP: 276552GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1470000 | PA      | $1551268.36   | 0.06%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Phoenix Civic Improvement Corp.                                          | City of Phoenix Civic Improvement Corp., Series 2019 A                                                                 | CUSIP: 718846AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3340000 | PA      | $3592124.24   | 0.14%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                                        | Newark Board of Education, Series 2021                                                                                 | CUSIP: 650370DF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $293795.40    | 0.01%             | 2026-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King, Series 2014 B                                                                                          | CUSIP: 495289Q37<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2600000 | PA      | $2697548.88   | 0.11%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                               | City of Chicago, Series 2003 B                                                                                         | CUSIP: 167486VA4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1795000 | PA      | $1819927.52   | 0.07%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX                                                               | City of El Paso, Series 2020 A                                                                                         | CUSIP: 283734S69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016357.90   | 0.04%             | 2036-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Authority                                                          | Bay Area Toll Authority, Series 2017 S-7                                                                               | CUSIP: 072024VH2<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5215708.50   | 0.20%             | 2033-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Combined Utility System Revenue                               | City of Houston, Series 2016 B                                                                                         | CUSIP: 44244CGU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7800000 | PA      | $8297068.26   | 0.33%             | 2036-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                            | Pennsylvania Economic Development Financing Authority, Series 2020 A                                                   | CUSIP: 70870JCC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1556855.72   | 0.06%             | 2035-04-15      | 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 2021 A                   | CUSIP: 546276DC7<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   4592712 | PA      | $3554173.52   | 0.14%             | 2038-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Scottsdale Municipal Property Corp.                                              | Scottsdale Municipal Property Corp., Series 2015                                                                       | CUSIP: 810489RN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2580000 | PA      | $2728027.24   | 0.11%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Newark Board of Education                                                        | Newark Board of Education, Series 2021                                                                                 | CUSIP: 650370DJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $352967.97    | 0.01%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King, Series 2014 B                                                                                          | CUSIP: 495289P87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1243886.76   | 0.05%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                               | South Carolina Jobs-Economic Development Authority, Series 2021 A-2                                                    | CUSIP: 837031D34<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $1556682.90   | 0.06%             | 2029-12-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Chattanooga Health Educational & Housing Facility Board                          | Chattanooga Health Educational & Housing Facility Board, Series 2019 A-1                                               | CUSIP: 162410EF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052678.10   | 0.04%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of King WA Sewer Revenue                                                  | County of King, Series 2014 B                                                                                          | CUSIP: 495289P79<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1244265.24   | 0.05%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Troy Capital Resource Corp.                                                      | Troy Capital Resource Corp., Series 2020 A                                                                             | CUSIP: 897579BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2900000 | PA      | $3190961.93   | 0.13%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Toll Road Authority (The)                                          | Harris County Toll Road Authority (The), Series 2018 A                                                                 | CUSIP: 41423PAP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2739921.50   | 0.11%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                                         | State of Connecticut, Series A                                                                                         | CUSIP: 207758NY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10020646.00  | 0.39%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Glendale Industrial Development Authority                                        | Glendale Industrial Development Authority, Series 2020                                                                 | CUSIP: 378286KM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $592927.70    | 0.02%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                | Philadelphia Authority for Industrial Development, Series 2020 A                                                       | CUSIP: 71780CAH3<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |    100000 | PA      | $103288.16    | 0.00%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial Tourist Educational Medical & Envirml Ctl Facs Fing Auth  | Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, Series 2021 | CUSIP: 74527EFL7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |    550000 | PA      | $600013.15    | 0.02%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Park District                                                            | Chicago Park District, Series 2020 F-2                                                                                 | CUSIP: 167615G49<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |   2375000 | PA      | $2539689.39   | 0.10%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                                     | Commonwealth of Pennsylvania, Series 2013                                                                              | CUSIP: 70914PUW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  13375000 | PA      | $13641153.14  | 0.54%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Louisiana                                                               | State of Louisiana, Series 2014 C                                                                                      | CUSIP: 546415T83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10383891.00  | 0.41%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of North Carolina                                                          | State of North Carolina, Series 2014 C                                                                                 | CUSIP: 65829QCG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10327143.00  | 0.41%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | Iowa Higher Education Loan Authority, Series 2020                                                                      | CUSIP: 4624607G5<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   2470000 | PA      | $2573571.05   | 0.10%             | 2036-10-01      | 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 2021 B                   | CUSIP: 546276DH6<br>LEI: 5493004WIZ1HV87IVF85 | Long             | DBT              | MUN               | US        |   5350000 | PA      | $4570017.62   | 0.18%             | 2032-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                        | Indiana Finance Authority, Series 2023 A                                                                               | CUSIP: 45506EEM1<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1127246.99   | 0.04%             | 2028-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Series 2019 E                                                                                        | CUSIP: 64966MR35<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2219715.20   | 0.09%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                                     | Orlando Utilities Commission, Series 2018 A                                                                            | CUSIP: 686507HZ0<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   1755000 | PA      | $1916366.81   | 0.08%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                 | Maricopa County Industrial Development Authority, Series 2019 A                                                        | CUSIP: 56678PAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1063230.30   | 0.04%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown Neighborhood Improvement Zone Development Authority                    | Allentown Neighborhood Improvement Zone Development Authority, Series 2022                                             | CUSIP: 018444BT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $707070.20    | 0.03%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Jacksonville FL                                                          | City of Jacksonville, Series 2020                                                                                      | CUSIP: 469400EJ0<br>LEI: 549300XQE0JVN9WV0J40 | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1569037.14   | 0.06%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                      | Virginia Small Business Financing Authority, Series 2022                                                               | CUSIP: 928104NL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2479426.75   | 0.10%             | 2032-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Lehi UT Sales Tax Revenue                                                | City of Lehi, Series 2021                                                                                              | CUSIP: 52469SAV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2902638.60   | 0.11%             | 2048-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lafayette Consolidated Government                                                | Lafayette Consolidated Government, Series 2015                                                                         | CUSIP: 50646PCL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4685000 | PA      | $4928215.22   | 0.19%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                       | Middleton Community Development District A, Series 2022                                                                | CUSIP: 596681AB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1015388.80   | 0.04%             | 2032-05-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| City of Grand Forks ND                                                           | City of Grand Forks, Series 2021                                                                                       | CUSIP: 38546WDA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1721925.12   | 0.07%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Clifton Higher Education Finance Corp.                                           | Clifton Higher Education Finance Corp., Series 2022                                                                    | CUSIP: 187155BP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10535000 | PA      | $9535108.40   | 0.37%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                            | Metropolitan Transportation Authority, Series 2017 C-1                                                                 | CUSIP: 59261AQB6<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1930790.90   | 0.08%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina State Education Assistance Authority                              | North Carolina State Education Assistance Authority, Series 2020 A                                                     | CUSIP: 658262GK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $316119.45    | 0.01%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port Authority of New York & New Jersey                                          | Port Authority of New York & New Jersey, Series 221                                                                    | CUSIP: 73358W5M2<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   2180000 | PA      | $2155091.97   | 0.08%             | 2036-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                              | City of New York, Series 2013 D                                                                                        | CUSIP: 64966KEA7<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10036242.00  | 0.39%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2019 A-1                                                           | CUSIP: 93978HVN2<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1435269.54   | 0.06%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. III                               | Texas Municipal Gas Acquisition & Supply Corp. III                                                                     | CUSIP: 88256HBF4<br>LEI: 0UDITKOYW0YKG3BBP242 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10455187.00  | 0.41%             | 2030-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Town of Chestertown MD                                                           | Town of Chestertown, Series 2021 A                                                                                     | CUSIP: 166630AH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1448590.52   | 0.06%             | 2029-03-01      | 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: 48618TAT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    155000 | PA      | $133089.65    | 0.01%             | 2028-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                         | Public Finance Authority, Series 2020 A                                                                                | CUSIP: 74442CCV4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2097821.88   | 0.08%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Higher Educational Facilities Authority                             | Pennsylvania Higher Educational Facilities Authority, Series 2020 A                                                    | CUSIP: 70917TAN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6950000 | PA      | $7526103.57   | 0.30%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                               | New York State Dormitory Authority, Series 2009 A                                                                      | CUSIP: 64990CX30<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    155000 | PA      | $155299.69    | 0.01%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Higher Education Student Assistance Authority                         | New Jersey Higher Education Student Assistance Authority, Series 2020 B                                                | CUSIP: 646080VF5<br>LEI: 5493007OOYUHTF8GSL63 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1936791.20   | 0.08%             | 2039-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| City of Baltimore MD                                                             | City of Baltimore, Series 2017 A                                                                                       | CUSIP: 05922KZG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080801.70   | 0.04%             | 2029-07-01      | 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        |   2340000 | PA      | $1972956.73   | 0.08%             | 2027-11-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| Tennessee State School Bond Authority                                            | Tennessee State School Bond Authority, Series 2015 B                                                                   | CUSIP: 880558HM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8180000 | PA      | $8679698.20   | 0.34%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Unified School District                                              | Los Angeles Unified School District, Series 2018 B-1                                                                   | CUSIP: 5446466P2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8868471.20   | 0.35%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County School District                                                | Palm Beach County School District, Series 2014 B                                                                       | CUSIP: 696550YP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4217370.40   | 0.17%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                         | Massachusetts Development Finance Agency, Series 2020 C                                                                | CUSIP: 57584YB81<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    450000 | PA      | $490125.42    | 0.02%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                                      | Washington Health Care Facilities Authority, Series 2020                                                               | CUSIP: 93978HXF7<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045477.70   | 0.04%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                       | Illinois Finance Authority                                                                                             | CUSIP: 45204FJP1<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |  12645000 | PA      | $12238178.74  | 0.48%             | 2040-08-15      | Fixed         | 4.00%                 | 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        |   7000000 | PA      | $7301840.00   | 0.29%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas/Fort Worth International Airport                                          | Dallas Fort Worth International Airport, Series 2013 D                                                                 | CUSIP: 235036L32<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2142664.86   | 0.08%             | 2028-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                                          | South Carolina Public Service Authority, Series 2021 A                                                                 | CUSIP: 837151XT1<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050662.70   | 0.04%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEA Water & Sewer System Revenue                                                 | JEA Water & Sewer System, Series 2014 A                                                                                | CUSIP: 46615SBE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1205000 | PA      | $1239805.22   | 0.05%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia                                          | Municipal Electric Authority of Georgia, Series 2019 A                                                                 | CUSIP: 626207Y32<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541684.50    | 0.02%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania State University (The)                                              | Pennsylvania State University (The), Series A                                                                          | CUSIP: 709235YQ2<br>LEI: 549300QDK4O4XCJ47X56 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4379362.00   | 0.17%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Health & Higher Educational Facilities Authority                           | Maine Health & Higher Educational Facilities Authority, Series 2020 A                                                  | CUSIP: 56042RYE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2690000 | PA      | $2604818.19   | 0.10%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                  | California Community Choice Financing Authority, Series 2021 A                                                         | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2010309.20   | 0.08%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority                                   | Washington Metropolitan Area Transit Authority, Series 2017 B                                                          | CUSIP: 938782FL8<br>LEI: 549300ADKOK76HQMJS30 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5454554.50   | 0.21%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Higher Education Loan Authority                                             | Iowa Higher Education Loan Authority, Series 2020                                                                      | CUSIP: 4624607H3<br>LEI: 549300DWVTM3KRNR0M36 | Long             | DBT              | MUN               | US        |   2595000 | PA      | $2693092.04   | 0.11%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                    | State of Ohio, Series 2020                                                                                             | CUSIP: 67756CEX2<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    905000 | PA      | $847050.32    | 0.03%             | 2036-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-30

**Name of Applicant:** Franklin Tax Free Trust

**Signature:** Jeffrey W. White

**Name of Signer:** Jeffrey W. White

**Title:** Assistant Treasurer