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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-04149

Franklin Tax-Free Trust

(Exact name of registrant as specified in charter)

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant’s telephone number, including area code: (650) 312-2000

Date of fiscal year end: February 28

Date of reporting period: February 28, 2026

ITEM 1. | REPORT TO STOCKHOLDERS

(a) The Report to Shareholders is filed herewith

Franklin Alabama Tax-Free Income Fund |
Class A [FALQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $92 | 0.90%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Alabama Tax-Free Income Fund returned 3.83%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in A rated bonds
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Alabama Tax-Free Income Fund | PAGE 1 | 1164-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 3.83 | 0.83 | 1.77
Class A (with sales charge) | -0.07 | 0.06 | 1.38
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $171,084,319
Total Number of Portfolio Holdings | 101
Total Management Fee Paid | $851,391
Portfolio Turnover Rate | 15.17%

Franklin Alabama Tax-Free Income Fund | PAGE 2 | 1164-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Alabama Tax-Free Income Fund | PAGE 3 | 1164-ATSR-0426

9625 9787 9857 10124 10942 10994 10997 10177 10730 11035 11457 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 30.2 16.7 15.1 13.9 10.3 8.1 1.9 1.8 1.3 0.7

Franklin Alabama Tax-Free Income Fund |
Class A1 [FRALX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $77 | 0.75%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Alabama Tax-Free Income Fund returned 4.09%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in A rated bonds
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Alabama Tax-Free Income Fund | PAGE 1 | 164-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 4.09 | 1.00 | 1.87
Class A1 (with sales charge) | 0.16 | 0.24 | 1.49
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $171,084,319
Total Number of Portfolio Holdings | 101
Total Management Fee Paid | $851,391
Portfolio Turnover Rate | 15.17%

Franklin Alabama Tax-Free Income Fund | PAGE 2 | 164-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Alabama Tax-Free Income Fund | PAGE 3 | 164-ATSR-0426

9625 9788 9859 10131 10957 11026 11045 10246 10819 11132 11587 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 30.2 16.7 15.1 13.9 10.3 8.1 1.9 1.8 1.3 0.7

Franklin Alabama Tax-Free Income Fund |
Class C [FALEX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $131 | 1.29%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Alabama Tax-Free Income Fund returned 3.46%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in A rated bonds
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Alabama Tax-Free Income Fund | PAGE 1 | 264-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 3.46 | 0.41 | 1.29
Class C (with sales charge) | 2.46 | 0.41 | 1.29
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $171,084,319
Total Number of Portfolio Holdings | 101
Total Management Fee Paid | $851,391
Portfolio Turnover Rate | 15.17%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Alabama Tax-Free Income Fund | PAGE 2 | 264-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Alabama Tax-Free Income Fund | PAGE 3 | 264-ATSR-0426

10000 10111 10127 10345 11139 11138 11096 10237 10732 10988 11369 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 30.2 16.7 15.1 13.9 10.3 8.1 1.9 1.8 1.3 0.7

Franklin Alabama Tax-Free Income Fund |
Class R6 [FALRX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class R6 | $63 | 0.62%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Alabama Tax-Free Income Fund returned 4.12%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in A rated bonds
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Alabama Tax-Free Income Fund | PAGE 1 | 8164-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.12 | 1.11 | 1.99
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $171,084,319
Total Number of Portfolio Holdings | 101
Total Management Fee Paid | $851,391
Portfolio Turnover Rate | 15.17%

Franklin Alabama Tax-Free Income Fund | PAGE 2 | 8164-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Alabama Tax-Free Income Fund | PAGE 3 | 8164-ATSR-0426

10000 10170 10260 10545 11430 11517 11542 10721 11335 11689 12171 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 30.2 16.7 15.1 13.9 10.3 8.1 1.9 1.8 1.3 0.7

Franklin Alabama Tax-Free Income Fund |
Advisor Class [FALZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $66 | 0.65%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Alabama Tax-Free Income Fund returned 4.19%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in A rated bonds
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Alabama Tax-Free Income Fund | PAGE 1 | 564-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.19 | 1.08 | 1.97
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Advisor Class shares on 9/15/2016. Returns for periods before 9/15/2016, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $171,084,319
Total Number of Portfolio Holdings | 101
Total Management Fee Paid | $851,391
Portfolio Turnover Rate | 15.17%

Franklin Alabama Tax-Free Income Fund | PAGE 2 | 564-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Alabama Tax-Free Income Fund | PAGE 3 | 564-ATSR-0426

10000 10174 10258 10551 11433 11516 11537 10713 11323 11663 12152 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 30.2 16.7 15.1 13.9 10.3 8.1 1.9 1.8 1.3 0.7

Franklin Arizona Tax-Free Income Fund |
Class A [FAZQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $85 | 0.83%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Arizona Tax-Free Income Fund returned 3.79%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Arizona Tax-Free Income Fund | PAGE 1 | 1126-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 3.79 | 0.97 | 1.90
Class A (with sales charge) | -0.11 | 0.20 | 1.51
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $609,841,154
Total Number of Portfolio Holdings | 158
Total Management Fee Paid | $3,146,546
Portfolio Turnover Rate | 17.42%

Franklin Arizona Tax-Free Income Fund | PAGE 2 | 1126-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Arizona Tax-Free Income Fund | PAGE 3 | 1126-ATSR-0426

9625 9698 9855 10160 10889 11051 11011 10213 10763 11175 11599 10000 10025 10276 10700 11596 11837 11759 11159 11764 12112 12713 20.1 17.7 16.9 12.1 11.1 10.7 5.8 4.0 0.8 0.5 0.3

Franklin Arizona Tax-Free Income Fund |
Class A1 [FTAZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $69 | 0.68%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Arizona Tax-Free Income Fund returned 3.95%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Arizona Tax-Free Income Fund | PAGE 1 | 126-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 3.95 | 1.13 | 2.00
Class A1 (with sales charge) | 0.09 | 0.36 | 1.61
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $609,841,154
Total Number of Portfolio Holdings | 158
Total Management Fee Paid | $3,146,546
Portfolio Turnover Rate | 17.42%

Franklin Arizona Tax-Free Income Fund | PAGE 2 | 126-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Arizona Tax-Free Income Fund | PAGE 3 | 126-ATSR-0426

9625 9699 9856 10169 11127 11095 11071 10294 10865 11288 11734 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 20.1 17.7 16.9 12.1 11.1 10.7 5.8 4.0 0.8 0.5 0.3

Franklin Arizona Tax-Free Income Fund |
Class C [FAZIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $124 | 1.22%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Arizona Tax-Free Income Fund returned 3.41%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Arizona Tax-Free Income Fund | PAGE 1 | 226-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 3.41 | 0.53 | 1.42
Class C (with sales charge) | 2.41 | 0.53 | 1.42
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $609,841,154
Total Number of Portfolio Holdings | 158
Total Management Fee Paid | $3,146,546
Portfolio Turnover Rate | 17.42%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Arizona Tax-Free Income Fund | PAGE 2 | 226-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Arizona Tax-Free Income Fund | PAGE 3 | 226-ATSR-0426

10000 10019 10122 10400 11305 11212 11127 10271 10783 11133 11512 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 20.1 17.7 16.9 12.1 11.1 10.7 5.8 4.0 0.8 0.5 0.3

Franklin Arizona Tax-Free Income Fund |
Class R6 [FAZRX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Class R6 | $56 | 0.55%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Arizona Tax-Free Income Fund returned 4.08%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Arizona Tax-Free Income Fund | PAGE 1 | 8126-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.08 | 1.24 | 2.12
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $609,841,154
Total Number of Portfolio Holdings | 158
Total Management Fee Paid | $3,146,546
Portfolio Turnover Rate | 17.42%

Franklin Arizona Tax-Free Income Fund | PAGE 2 | 8126-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Arizona Tax-Free Income Fund | PAGE 3 | 8126-ATSR-0426

10000 10077 10238 10593 11603 11586 11577 10770 11381 11837 12320 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 20.1 17.7 16.9 12.1 11.1 10.7 5.8 4.0 0.8 0.5 0.3

Franklin Arizona Tax-Free Income Fund |
Advisor Class [FAZZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $59 | 0.58%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Arizona Tax-Free Income Fund returned 4.04%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Arizona Tax-Free Income Fund | PAGE 1 | 656-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.04 | 1.20 | 2.10
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $609,841,154
Total Number of Portfolio Holdings | 158
Total Management Fee Paid | $3,146,546
Portfolio Turnover Rate | 17.42%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Arizona Tax-Free Income Fund | PAGE 2 | 656-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Arizona Tax-Free Income Fund | PAGE 3 | 656-ATSR-0426

10000 10086 10260 10604 11612 11590 11566 10767 11374 11827 12305 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 20.1 17.7 16.9 12.1 11.1 10.7 5.8 4.0 0.8 0.5 0.3

Franklin Colorado Tax-Free Income Fund |
Class A [FCOQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $89 | 0.87%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Colorado Tax-Free Income Fund returned 4.11%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Colorado Tax-Free Income Fund | PAGE 1 | 1127-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 4.11 | 0.95 | 1.82
Class A (with sales charge) | 0.21 | 0.18 | 1.43
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $496,980,852
Total Number of Portfolio Holdings | 184
Total Management Fee Paid | $2,433,149
Portfolio Turnover Rate | 11.43%

Franklin Colorado Tax-Free Income Fund | PAGE 2 | 1127-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Colorado Tax-Free Income Fund | PAGE 3 | 1127-ATSR-0426

9625 9751 9787 10099 10977 10984 10937 10102 10681 11062 11517 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.6 20.3 13.5 12.2 7.7 6.9 6.0 5.3 5.1 1.4

Franklin Colorado Tax-Free Income Fund |
Class A1 [FRCOX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $74 | 0.72%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Colorado Tax-Free Income Fund returned 4.27%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Colorado Tax-Free Income Fund | PAGE 1 | 127-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 4.27 | 1.10 | 1.93
Class A1 (with sales charge) | 0.38 | 0.33 | 1.54
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $496,980,852
Total Number of Portfolio Holdings | 184
Total Management Fee Paid | $2,433,149
Portfolio Turnover Rate | 11.43%

Franklin Colorado Tax-Free Income Fund | PAGE 2 | 127-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Colorado Tax-Free Income Fund | PAGE 3 | 127-ATSR-0426

9625 9751 9789 10110 11015 11029 11007 10183 10783 11174 11651 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.6 20.3 13.5 12.2 7.7 6.9 6.0 5.3 5.1 1.4

Franklin Colorado Tax-Free Income Fund |
Class C [FCOIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $128 | 1.26%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Colorado Tax-Free Income Fund returned 3.55%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Colorado Tax-Free Income Fund | PAGE 1 | 227-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 3.55 | 0.50 | 1.35
Class C (with sales charge) | 2.55 | 0.50 | 1.35
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $496,980,852
Total Number of Portfolio Holdings | 184
Total Management Fee Paid | $2,433,149
Portfolio Turnover Rate | 11.43%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Colorado Tax-Free Income Fund | PAGE 2 | 227-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Colorado Tax-Free Income Fund | PAGE 3 | 227-ATSR-0426

10000 10073 10063 10332 11196 11150 11058 10173 10706 11039 11431 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.6 20.3 13.5 12.2 7.7 6.9 6.0 5.3 5.1 1.4

Franklin Colorado Tax-Free Income Fund |
Class R6 [FKTLX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class R6 | $59 | 0.58%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Colorado Tax-Free Income Fund returned 4.42%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Colorado Tax-Free Income Fund | PAGE 1 | 8127-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.42 | 1.25 | 2.07
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $496,980,852
Total Number of Portfolio Holdings | 184
Total Management Fee Paid | $2,433,149
Portfolio Turnover Rate | 11.43%

Franklin Colorado Tax-Free Income Fund | PAGE 2 | 8127-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Colorado Tax-Free Income Fund | PAGE 3 | 8127-ATSR-0426

10000 10132 10187 10533 11491 11522 11407 10568 11206 11628 12276 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.6 20.3 13.5 12.2 7.7 6.9 6.0 5.3 5.1 1.4

Franklin Colorado Tax-Free Income Fund |
Advisor Class [FCOZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $63 | 0.62%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Colorado Tax-Free Income Fund returned 4.28%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Colorado Tax-Free Income Fund | PAGE 1 | 86-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.28 | 1.20 | 2.03
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $496,980,852
Total Number of Portfolio Holdings | 184
Total Management Fee Paid | $2,433,149
Portfolio Turnover Rate | 11.43%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Colorado Tax-Free Income Fund | PAGE 2 | 86-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Colorado Tax-Free Income Fund | PAGE 3 | 86-ATSR-0426

10000 10141 10190 10534 11488 11514 11503 10652 11291 11723 12225 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.6 20.3 13.5 12.2 7.7 6.9 6.0 5.3 5.1 1.4

Franklin Connecticut Tax-Free Income Fund |
Class A [FQCTX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $92 | 0.90%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Connecticut Tax-Free Income Fund returned 4.42%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Security selection in A rated bonds
↑ | Security selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Overweight to bond with 20 years to maturity
↓ | Overweight to BBB rated bonds

Franklin Connecticut Tax-Free Income Fund | PAGE 1 | 1166-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 4.42 | 0.73 | 1.42
Class A (with sales charge) | 0.50 | -0.04 | 1.03
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $161,019,582
Total Number of Portfolio Holdings | 97
Total Management Fee Paid | $715,105
Portfolio Turnover Rate | 10.75%

Franklin Connecticut Tax-Free Income Fund | PAGE 2 | 1166-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Connecticut Tax-Free Income Fund | PAGE 3 | 1166-ATSR-0426

9625 9704 9706 9980 10632 10676 10545 9718 10280 10602 11071 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 35.1 22.8 10.4 8.4 7.9 7.2 4.9 2.6 0.7

Franklin Connecticut Tax-Free Income Fund |
Class A1 [FXCTX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $77 | 0.75%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Connecticut Tax-Free Income Fund returned 4.58%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Security selection in A rated bonds
↑ | Security selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Overweight to bond with 20 years to maturity
↓ | Overweight to BBB rated bonds

Franklin Connecticut Tax-Free Income Fund | PAGE 1 | 166-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 4.58 | 0.88 | 1.52
Class A1 (with sales charge) | 0.62 | 0.11 | 1.13
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $161,019,582
Total Number of Portfolio Holdings | 97
Total Management Fee Paid | $715,105
Portfolio Turnover Rate | 10.75%

Franklin Connecticut Tax-Free Income Fund | PAGE 2 | 166-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Connecticut Tax-Free Income Fund | PAGE 3 | 166-ATSR-0426

9625 9704 9708 9985 10655 10715 10599 9782 10363 10705 11195 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 35.1 22.8 10.4 8.4 7.9 7.2 4.9 2.6 0.7

Franklin Connecticut Tax-Free Income Fund |
Class C [FCTIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $133 | 1.30%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Connecticut Tax-Free Income Fund returned 4.08%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Security selection in A rated bonds
↑ | Security selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Overweight to bond with 20 years to maturity
↓ | Overweight to BBB rated bonds

Franklin Connecticut Tax-Free Income Fund | PAGE 1 | 266-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 4.08 | 0.32 | 0.96
Class C (with sales charge) | 3.08 | 0.32 | 0.96
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $161,019,582
Total Number of Portfolio Holdings | 97
Total Management Fee Paid | $715,105
Portfolio Turnover Rate | 10.75%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Connecticut Tax-Free Income Fund | PAGE 2 | 266-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Connecticut Tax-Free Income Fund | PAGE 3 | 266-ATSR-0426

10000 10025 9973 10209 10820 10821 10647 9767 10286 10564 10996 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 35.1 22.8 10.4 8.4 7.9 7.2 4.9 2.6 0.7

Franklin Connecticut Tax-Free Income Fund |
Class R6 [FCTQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class R6 | $63 | 0.62%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Connecticut Tax-Free Income Fund returned 4.71%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Security selection in A rated bonds
↑ | Security selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Overweight to bond with 20 years to maturity
↓ | Overweight to BBB rated bonds

Franklin Connecticut Tax-Free Income Fund | PAGE 1 | 8166-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.71 | 1.02 | 1.67
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $161,019,582
Total Number of Portfolio Holdings | 97
Total Management Fee Paid | $715,105
Portfolio Turnover Rate | 10.75%

Franklin Connecticut Tax-Free Income Fund | PAGE 2 | 8166-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Connecticut Tax-Free Income Fund | PAGE 3 | 8166-ATSR-0426

10000 10074 10084 10385 11097 11174 11073 10233 10855 11228 11797 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 35.1 22.8 10.4 8.4 7.9 7.2 4.9 2.6 0.7

Franklin Connecticut Tax-Free Income Fund |
Advisor Class [FCNZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $67 | 0.65%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Connecticut Tax-Free Income Fund returned 4.80%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Security selection in A rated bonds
↑ | Security selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Overweight to bond with 20 years to maturity
↓ | Overweight to BBB rated bonds

Franklin Connecticut Tax-Free Income Fund | PAGE 1 | 69-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.80 | 1.00 | 1.64
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $161,019,582
Total Number of Portfolio Holdings | 97
Total Management Fee Paid | $715,105
Portfolio Turnover Rate | 10.75%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Connecticut Tax-Free Income Fund | PAGE 2 | 69-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Connecticut Tax-Free Income Fund | PAGE 3 | 69-ATSR-0426

10000 10101 10114 10414 11112 11186 11076 10232 10851 11221 11759 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 35.1 22.8 10.4 8.4 7.9 7.2 4.9 2.6 0.7

Franklin Federal Intermediate-Term Tax-Free Income Fund |
Class A [FKQTX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $73 | 0.71%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Federal Intermediate-Term Tax-Free Income Fund returned 5.46%. The Fund compares its performance to the  Bloomberg Municipal 1-15 Year Index, which returned 5.61% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 20 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to BBB rated bonds

Top detractors from performance:
↓ | Selection in AA rated bonds
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Overweight to bonds with 30 years to maturity

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 1 | 1174-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 5.46 | 1.52 | 1.76
Class A (with sales charge) | 3.09 | 1.06 | 1.53
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43
Bloomberg Municipal 1-15 Year Index | 5.61 | 1.74 | 2.34

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $2,068,083,503
Total Number of Portfolio Holdings | 576
Total Management Fee Paid | $6,949,299
Portfolio Turnover Rate | 27.20%

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 2 | 1174-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

HOW HAS THE FUND CHANGED?
Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 3 | 1174-ATSR-0426

9775 9706 9816 10105 10703 10780 10627 10127 10639 11025 11627 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 10000 10002 10178 10596 11407 11564 11434 11093 11605 11937 12607 17.7 16.3 14.2 12.9 8.2 8.1 7.5 6.9 3.9 3.0 1.0 0.3

Franklin Federal Intermediate-Term Tax-Free Income Fund |
Class A1 [FKITX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $58 | 0.56%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Federal Intermediate-Term Tax-Free Income Fund returned 5.53%. The Fund compares its performance to the  Bloomberg Municipal 1-15 Year Index, which returned 5.61% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 20 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to BBB rated bonds

Top detractors from performance:
↓ | Selection in AA rated bonds
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Overweight to bonds with 30 years to maturity

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 1 | 174-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 5.53 | 1.66 | 1.86
Class A1 (with sales charge) | 3.17 | 1.20 | 1.63
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43
Bloomberg Municipal 1-15 Year Index | 5.61 | 1.74 | 2.34

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $2,068,083,503
Total Number of Portfolio Holdings | 576
Total Management Fee Paid | $6,949,299
Portfolio Turnover Rate | 27.20%

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 2 | 174-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

HOW HAS THE FUND CHANGED?
Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 3 | 174-ATSR-0426

9775 9706 9817 10103 10726 10820 10682 10195 10727 11133 11749 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 10000 10002 10178 10596 11407 11564 11434 11093 11605 11937 12607 17.7 16.3 14.2 12.9 8.2 8.1 7.5 6.9 3.9 3.0 1.0 0.3

Franklin Federal Intermediate-Term Tax-Free Income Fund |
Class C [FCITX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $114 | 1.11%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Federal Intermediate-Term Tax-Free Income Fund returned 5.03%. The Fund compares its performance to the  Bloomberg Municipal 1-15 Year Index, which returned 5.61% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 20 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to BBB rated bonds

Top detractors from performance:
↓ | Selection in AA rated bonds
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Overweight to bonds with 30 years to maturity

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 1 | 274-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 5.03 | 1.11 | 1.30
Class C (with sales charge) | 4.03 | 1.11 | 1.30
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43
Bloomberg Municipal 1-15 Year Index | 5.61 | 1.74 | 2.34

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $2,068,083,503
Total Number of Portfolio Holdings | 576
Total Management Fee Paid | $6,949,299
Portfolio Turnover Rate | 27.20%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 2 | 274-ATSR-0426

HOW HAS THE FUND CHANGED?
Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 3 | 274-ATSR-0426

10000 9874 9940 10172 10740 10766 10579 10043 10498 10834 11379 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 10000 10002 10178 10596 11407 11564 11434 11093 11605 11937 12607 17.7 16.3 14.2 12.9 8.2 8.1 7.5 6.9 3.9 3.0 1.0 0.3

Franklin Federal Intermediate-Term Tax-Free Income Fund |
Class R6 [FITQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class R6 | $41 | 0.40%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Federal Intermediate-Term Tax-Free Income Fund returned 5.69%. The Fund compares its performance to the  Bloomberg Municipal 1-15 Year Index, which returned 5.61% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 20 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to BBB rated bonds

Top detractors from performance:
↓ | Selection in AA rated bonds
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Overweight to bonds with 30 years to maturity

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 1 | 8174-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 5.69 | 1.81 | 2.01
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43
Bloomberg Municipal 1-15 Year Index | 5.61 | 1.74 | 2.34

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $2,068,083,503
Total Number of Portfolio Holdings | 576
Total Management Fee Paid | $6,949,299
Portfolio Turnover Rate | 27.20%

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 2 | 8174-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

HOW HAS THE FUND CHANGED?
Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 3 | 8174-ATSR-0426

10000 9931 10053 10362 11017 11130 11005 10521 11085 11522 12177 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 10000 10002 10178 10596 11407 11564 11434 11093 11605 11937 12607 17.7 16.3 14.2 12.9 8.2 8.1 7.5 6.9 3.9 3.0 1.0 0.3

Franklin Federal Intermediate-Term Tax-Free Income Fund |
Advisor Class [FITZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $47 | 0.46%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Federal Intermediate-Term Tax-Free Income Fund returned 5.62%. The Fund compares its performance to the  Bloomberg Municipal 1-15 Year Index, which returned 5.61% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 20 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to BBB rated bonds

Top detractors from performance:
↓ | Selection in AA rated bonds
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Overweight to bonds with 30 years to maturity

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 1 | 672-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 5.62 | 1.76 | 1.96
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43
Bloomberg Municipal 1-15 Year Index | 5.61 | 1.74 | 2.34

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $2,068,083,503
Total Number of Portfolio Holdings | 576
Total Management Fee Paid | $6,949,299
Portfolio Turnover Rate | 27.20%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 2 | 672-ATSR-0426

HOW HAS THE FUND CHANGED?
Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Intermediate-Term Tax-Free Income Fund | PAGE 3 | 672-ATSR-0426

10000 9939 10070 10373 11023 11129 10999 10509 11057 11497 12143 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 10000 10002 10178 10596 11407 11564 11434 11093 11605 11937 12607 17.7 16.3 14.2 12.9 8.2 8.1 7.5 6.9 3.9 3.0 1.0 0.3

Franklin Federal Limited-Term Tax-Free Income Fund |
Class A [FFLQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Federal Limited-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $66 | 0.65%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Federal Limited-Term Tax-Free Income Fund returned 4.29%. The Fund compares its performance to the Bloomberg Municipal Short 1-5 Years Index, which returned 4.35% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Selection in A rated bonds
↓ | Overweight to bonds with 20 or more years to maturity

Franklin Federal Limited-Term Tax-Free Income Fund | PAGE 1 | 1154-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 4.29 | 1.81 | 1.56
Class A (with sales charge) | 1.95 | 1.35 | 1.33
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43
Bloomberg Municipal Short 1-5 Years Index | 4.35 | 1.67 | 1.71

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $885,797,276
Total Number of Portfolio Holdings | 360
Total Management Fee Paid | $2,383,342
Portfolio Turnover Rate | 33.07%

Franklin Federal Limited-Term Tax-Free Income Fund | PAGE 2 | 1154-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

HOW HAS THE FUND CHANGED?
Effective January 31, 2026, Garrett L. Hamilton was added as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Limited-Term Tax-Free Income Fund | PAGE 3 | 1154-ATSR-0426

9775 9778 9779 9967 10355 10432 10287 10107 10520 10941 11411 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 10000 10034 10090 10342 10735 10908 10769 10606 10991 11355 11849 29.3 11.2 10.1 9.2 8.8 8.0 7.5 7.1 4.3 3.5 0.9 0.1

Franklin Federal Limited-Term Tax-Free Income Fund |
Class A1 [FFTFX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Federal Limited-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $56 | 0.55%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Federal Limited-Term Tax-Free Income Fund returned 4.39%. The Fund compares its performance to the Bloomberg Municipal Short 1-5 Years Index, which returned 4.35% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Selection in A rated bonds
↓ | Overweight to bonds with 20 or more years to maturity

Franklin Federal Limited-Term Tax-Free Income Fund | PAGE 1 | 154-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 4.39 | 1.91 | 1.65
Class A1 (with sales charge) | 2.02 | 1.45 | 1.42
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43
Bloomberg Municipal Short 1-5 Years Index | 4.35 | 1.67 | 1.71

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $885,797,276
Total Number of Portfolio Holdings | 360
Total Management Fee Paid | $2,383,342
Portfolio Turnover Rate | 33.07%

Franklin Federal Limited-Term Tax-Free Income Fund | PAGE 2 | 154-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

HOW HAS THE FUND CHANGED?
Effective January 31, 2026, Garrett L. Hamilton was added as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Limited-Term Tax-Free Income Fund | PAGE 3 | 154-ATSR-0426

9775 9779 9780 9986 10384 10473 10337 10166 10592 11027 11511 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 10000 10034 10090 10342 10735 10908 10769 10606 10991 11355 11849 29.3 11.2 10.1 9.2 8.8 8.0 7.5 7.1 4.3 3.5 0.9 0.1

Franklin Federal Limited-Term Tax-Free Income Fund |
Class R6 [FFTRX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Federal Limited-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class R6 | $38 | 0.37%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Federal Limited-Term Tax-Free Income Fund returned 4.58%. The Fund compares its performance to the Bloomberg Municipal Short 1-5 Years Index, which returned 4.35% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Selection in A rated bonds
↓ | Overweight to bonds with 20 or more years to maturity

Franklin Federal Limited-Term Tax-Free Income Fund | PAGE 1 | 8154-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.58 | 2.09 | 1.83
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43
Bloomberg Municipal Short 1-5 Years Index | 4.35 | 1.67 | 1.71

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $885,797,276
Total Number of Portfolio Holdings | 360
Total Management Fee Paid | $2,383,342
Portfolio Turnover Rate | 33.07%

Franklin Federal Limited-Term Tax-Free Income Fund | PAGE 2 | 8154-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

HOW HAS THE FUND CHANGED?
Effective January 31, 2026, Garrett L. Hamilton was added as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Limited-Term Tax-Free Income Fund | PAGE 3 | 8154-ATSR-0426

10000 9995 10006 10236 10663 10773 10653 10495 10955 11426 11949 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 10000 10034 10090 10342 10735 10908 10769 10606 10991 11355 11849 29.3 11.2 10.1 9.2 8.8 8.0 7.5 7.1 4.3 3.5 0.9 0.1

Franklin Federal Limited-Term Tax-Free Income Fund |
Advisor Class [FTFZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Federal Limited-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $41 | 0.40%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Federal Limited-Term Tax-Free Income Fund returned 4.45%. The Fund compares its performance to the Bloomberg Municipal Short 1-5 Years Index, which returned 4.35% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 10 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Selection in A rated bonds
↓ | Overweight to bonds with 20 or more years to maturity

Franklin Federal Limited-Term Tax-Free Income Fund | PAGE 1 | 54-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.45 | 2.06 | 1.80
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43
Bloomberg Municipal Short 1-5 Years Index | 4.35 | 1.67 | 1.71

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $885,797,276
Total Number of Portfolio Holdings | 360
Total Management Fee Paid | $2,383,342
Portfolio Turnover Rate | 33.07%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Federal Limited-Term Tax-Free Income Fund | PAGE 2 | 54-ATSR-0426

HOW HAS THE FUND CHANGED?
Effective January 31, 2026, Garrett L. Hamilton was added as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Limited-Term Tax-Free Income Fund | PAGE 3 | 54-ATSR-0426

10000 10028 10044 10261 10686 10793 10680 10508 10965 11444 11953 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 10000 10034 10090 10342 10735 10908 10769 10606 10991 11355 11849 29.3 11.2 10.1 9.2 8.8 8.0 7.5 7.1 4.3 3.5 0.9 0.1

Franklin Georgia Tax-Free Income Fund |
Class A [FGAQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $92 | 0.90%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Georgia Tax-Free Income Fund returned 3.81%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in A rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Georgia Tax-Free Income Fund | PAGE 1 | 1128-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 3.81 | 0.66 | 1.53
Class A (with sales charge) | -0.08 | -0.11 | 1.15
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $269,687,009
Total Number of Portfolio Holdings | 103
Total Management Fee Paid | $1,432,185
Portfolio Turnover Rate | 10.73%

Franklin Georgia Tax-Free Income Fund | PAGE 2 | 1128-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Georgia Tax-Free Income Fund | PAGE 3 | 1128-ATSR-0426

9625 9691 9735 9991 10818 10833 10756 9927 10478 10783 11194 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 20.7 19.9 15.1 11.8 11.3 7.5 5.0 4.6 1.6 1.3 1.2

Franklin Georgia Tax-Free Income Fund |
Class A1 [FTGAX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $76 | 0.75%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Georgia Tax-Free Income Fund returned 3.97%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in A rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Georgia Tax-Free Income Fund | PAGE 1 | 128-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 3.97 | 0.81 | 1.65
Class A1 (with sales charge) | 0.04 | 0.05 | 1.26
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $269,687,009
Total Number of Portfolio Holdings | 103
Total Management Fee Paid | $1,432,185
Portfolio Turnover Rate | 10.73%

Franklin Georgia Tax-Free Income Fund | PAGE 2 | 128-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Georgia Tax-Free Income Fund | PAGE 3 | 128-ATSR-0426

9625 9692 9736 10011 10856 10887 10826 10006 10578 10902 11335 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 20.7 19.9 15.1 11.8 11.3 7.5 5.0 4.6 1.6 1.3 1.2

Franklin Georgia Tax-Free Income Fund |
Class C [FGAIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $131 | 1.29%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Georgia Tax-Free Income Fund returned 3.34%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in A rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Georgia Tax-Free Income Fund | PAGE 1 | 228-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 3.34 | 0.21 | 1.06
Class C (with sales charge) | 2.34 | 0.21 | 1.06
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $269,687,009
Total Number of Portfolio Holdings | 103
Total Management Fee Paid | $1,432,185
Portfolio Turnover Rate | 10.73%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Georgia Tax-Free Income Fund | PAGE 2 | 228-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Georgia Tax-Free Income Fund | PAGE 3 | 228-ATSR-0426

10000 10012 10010 10232 11034 10996 10875 9990 10504 10751 11110 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 20.7 19.9 15.1 11.8 11.3 7.5 5.0 4.6 1.6 1.3 1.2

Franklin Georgia Tax-Free Income Fund |
Class R6 [FGFQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class R6 | $63 | 0.62%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Georgia Tax-Free Income Fund returned 4.10%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in A rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Georgia Tax-Free Income Fund | PAGE 1 | 8128-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.10 | 0.95 | 1.78
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $269,687,009
Total Number of Portfolio Holdings | 103
Total Management Fee Paid | $1,432,185
Portfolio Turnover Rate | 10.73%

Franklin Georgia Tax-Free Income Fund | PAGE 2 | 8128-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Georgia Tax-Free Income Fund | PAGE 3 | 8128-ATSR-0426

10000 10070 10132 10423 11326 11365 11318 10475 11099 11444 11914 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 20.7 19.9 15.1 11.8 11.3 7.5 5.0 4.6 1.6 1.3 1.2

Franklin Georgia Tax-Free Income Fund |
Advisor Class [FGFZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $66 | 0.65%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Georgia Tax-Free Income Fund returned 4.07%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in A rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Georgia Tax-Free Income Fund | PAGE 1 | 284-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.07 | 0.91 | 1.74
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Advisor Class shares on 9/15/2016. Returns for periods before 9/15/2016, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $269,687,009
Total Number of Portfolio Holdings | 103
Total Management Fee Paid | $1,432,185
Portfolio Turnover Rate | 10.73%

Franklin Georgia Tax-Free Income Fund | PAGE 2 | 284-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Georgia Tax-Free Income Fund | PAGE 3 | 284-ATSR-0426

10000 10074 10139 10426 11326 11360 11308 10462 11081 11421 11886 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 20.7 19.9 15.1 11.8 11.3 7.5 5.0 4.6 1.6 1.3 1.2

Franklin High Yield Tax-Free Income Fund |
Class A [FHYQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Class A | $83 | 0.81%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin High Yield Tax-Free Income Fund returned 4.41%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Selection of BB rated bonds
↑ | Selection of BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with five years or less to maturity
↓ | Overweight to BB rated bonds
↓ | Overweight duration to bonds with 30 years to maturity

Franklin High Yield Tax-Free Income Fund | PAGE 1 | 1130-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 4.41 | 1.59 | 2.64
Class A (with sales charge) | 0.49 | 0.82 | 2.25
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $4,808,286,091
Total Number of Portfolio Holdings | 1,880
Total Management Fee Paid | $21,329,933
Portfolio Turnover Rate | 12.16%

Franklin High Yield Tax-Free Income Fund | PAGE 2 | 1130-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

HOW HAS THE FUND CHANGED?
Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin High Yield Tax-Free Income Fund | PAGE 3 | 1130-ATSR-0426

9625 9740 9867 10258 11256 11497 11620 10441 11129 11918 12492 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 31.2 15.3 13.2 10.0 7.9 6.9 4.3 3.7 2.8 1.4 1.4 1.0 0.9

Franklin High Yield Tax-Free Income Fund |
Class A1 [FRHIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Class A1 | $68 | 0.66%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin High Yield Tax-Free Income Fund returned 4.68%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Selection of BB rated bonds
↑ | Selection of BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with five years or less to maturity
↓ | Overweight to BB rated bonds
↓ | Overweight duration to bonds with 30 years to maturity

Franklin High Yield Tax-Free Income Fund | PAGE 1 | 130-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 4.68 | 1.77 | 2.76
Class A1 (with sales charge) | 0.78 | 1.00 | 2.37
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $4,808,286,091
Total Number of Portfolio Holdings | 1,880
Total Management Fee Paid | $21,329,933
Portfolio Turnover Rate | 12.16%

Franklin High Yield Tax-Free Income Fund | PAGE 2 | 130-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

HOW HAS THE FUND CHANGED?
Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin High Yield Tax-Free Income Fund | PAGE 3 | 130-ATSR-0426

9625 9741 9868 10295 11314 11574 11715 10542 11266 12070 12635 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 31.2 15.3 13.2 10.0 7.9 6.9 4.3 3.7 2.8 1.4 1.4 1.0 0.9

Franklin High Yield Tax-Free Income Fund |
Class C [FHYIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Class C | $122 | 1.20%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin High Yield Tax-Free Income Fund returned 3.90%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Selection of BB rated bonds
↑ | Selection of BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with five years or less to maturity
↓ | Overweight to BB rated bonds
↓ | Overweight duration to bonds with 30 years to maturity

Franklin High Yield Tax-Free Income Fund | PAGE 1 | 230-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 3.90 | 1.11 | 2.14
Class C (with sales charge) | 2.90 | 1.11 | 2.14
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $4,808,286,091
Total Number of Portfolio Holdings | 1,880
Total Management Fee Paid | $21,329,933
Portfolio Turnover Rate | 12.16%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin High Yield Tax-Free Income Fund | PAGE 2 | 230-ATSR-0426

HOW HAS THE FUND CHANGED?
Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin High Yield Tax-Free Income Fund | PAGE 3 | 230-ATSR-0426

10000 10062 10134 10516 11491 11687 11750 10514 11161 11887 12351 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 31.2 15.3 13.2 10.0 7.9 6.9 4.3 3.7 2.8 1.4 1.4 1.0 0.9

Franklin High Yield Tax-Free Income Fund |
Class R6 [FHYRX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Class R6 | $52 | 0.51%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin High Yield Tax-Free Income Fund returned 4.69%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Selection of BB rated bonds
↑ | Selection of BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with five years or less to maturity
↓ | Overweight to BB rated bonds
↓ | Overweight duration to bonds with 30 years to maturity

Franklin High Yield Tax-Free Income Fund | PAGE 1 | 8130-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.69 | 1.88 | 2.88
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $4,808,286,091
Total Number of Portfolio Holdings | 1,880
Total Management Fee Paid | $21,329,933
Portfolio Turnover Rate | 12.16%

Franklin High Yield Tax-Free Income Fund | PAGE 2 | 8130-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

HOW HAS THE FUND CHANGED?
Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin High Yield Tax-Free Income Fund | PAGE 3 | 8130-ATSR-0426

10000 10121 10251 10718 11791 12077 12241 11024 11795 12663 13258 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 31.2 15.3 13.2 10.0 7.9 6.9 4.3 3.7 2.8 1.4 1.4 1.0 0.9

Franklin High Yield Tax-Free Income Fund |
Advisor Class [FHYVX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Advisor Class | $57 | 0.56%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin High Yield Tax-Free Income Fund returned 4.76%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Selection of BB rated bonds
↑ | Selection of BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with five years or less to maturity
↓ | Overweight to BB rated bonds
↓ | Overweight duration to bonds with 30 years to maturity

Franklin High Yield Tax-Free Income Fund | PAGE 1 | 640-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.76 | 1.84 | 2.85
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $4,808,286,091
Total Number of Portfolio Holdings | 1,880
Total Management Fee Paid | $21,329,933
Portfolio Turnover Rate | 12.16%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin High Yield Tax-Free Income Fund | PAGE 2 | 640-ATSR-0426

HOW HAS THE FUND CHANGED?
Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.
This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund’s current prospectus and any applicable supplements and the Fund’s next prospectus, which we expect to be available by July 1, 2026,
at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or
prospectus.us.franklintempleton@fisglobal.com.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin High Yield Tax-Free Income Fund | PAGE 3 | 640-ATSR-0426

10000 10139 10270 10734 11805 12086 12234 11024 11790 12640 13241 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 31.2 15.3 13.2 10.0 7.9 6.9 4.3 3.7 2.8 1.4 1.4 1.0 0.9

Franklin Louisiana Tax-Free Income Fund |
Class A [FQLAX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $91 | 0.90%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Louisiana Tax-Free Income Fund returned 2.99%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight to:
↑ | A rated bonds
↑ | Bonds with no external credit rating
↑ | Bonds with 10 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in BBB rated bonds
↓ | Security selection in A rated bonds

Franklin Louisiana Tax-Free Income Fund | PAGE 1 | 1168-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 2.99 | 0.68 | 1.68
Class A (with sales charge) | -0.87 | -0.09 | 1.29
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $218,144,854
Total Number of Portfolio Holdings | 101
Total Management Fee Paid | $1,135,775
Portfolio Turnover Rate | 13.78%

Franklin Louisiana Tax-Free Income Fund | PAGE 2 | 1168-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Louisiana Tax-Free Income Fund | PAGE 3 | 1168-ATSR-0426

9625 9666 9766 10087 10962 10971 10953 10132 10673 11018 11347 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.9 13.1 12.8 12.7 11.9 11.5 7.2 4.1 2.2 1.2 0.7 0.7

Franklin Louisiana Tax-Free Income Fund |
Class A1 [FKLAX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $76 | 0.75%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Louisiana Tax-Free Income Fund returned 3.14%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight to:
↑ | A rated bonds
↑ | Bonds with no external credit rating
↑ | Bonds with 10 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in BBB rated bonds
↓ | Security selection in A rated bonds

Franklin Louisiana Tax-Free Income Fund | PAGE 1 | 168-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 3.14 | 0.83 | 1.80
Class A1 (with sales charge) | -0.73 | 0.06 | 1.41
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $218,144,854
Total Number of Portfolio Holdings | 101
Total Management Fee Paid | $1,135,775
Portfolio Turnover Rate | 13.78%

Franklin Louisiana Tax-Free Income Fund | PAGE 2 | 168-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Louisiana Tax-Free Income Fund | PAGE 3 | 168-ATSR-0426

9625 9667 9767 10104 11008 11034 11031 10210 10772 11148 11498 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.9 13.1 12.8 12.7 11.9 11.5 7.2 4.1 2.2 1.2 0.7 0.7

Franklin Louisiana Tax-Free Income Fund |
Class C [FLAIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $131 | 1.29%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Louisiana Tax-Free Income Fund returned 2.52%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight to:
↑ | A rated bonds
↑ | Bonds with no external credit rating
↑ | Bonds with 10 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in BBB rated bonds
↓ | Security selection in A rated bonds

Franklin Louisiana Tax-Free Income Fund | PAGE 1 | 268-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 2.52 | 0.24 | 1.21
Class C (with sales charge) | 1.53 | 0.24 | 1.21
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $218,144,854
Total Number of Portfolio Holdings | 101
Total Management Fee Paid | $1,135,775
Portfolio Turnover Rate | 13.78%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Louisiana Tax-Free Income Fund | PAGE 2 | 268-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Louisiana Tax-Free Income Fund | PAGE 3 | 268-ATSR-0426

10000 9986 10033 10326 11186 11142 11078 10201 10693 10999 11277 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.9 13.1 12.8 12.7 11.9 11.5 7.2 4.1 2.2 1.2 0.7 0.7

Franklin Louisiana Tax-Free Income Fund |
Class R6 [FLAQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class R6 | $63 | 0.62%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Louisiana Tax-Free Income Fund returned 3.28%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight to:
↑ | A rated bonds
↑ | Bonds with no external credit rating
↑ | Bonds with 10 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in BBB rated bonds
↓ | Security selection in A rated bonds

Franklin Louisiana Tax-Free Income Fund | PAGE 1 | 8168-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 3.28 | 0.96 | 1.92
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $218,144,854
Total Number of Portfolio Holdings | 101
Total Management Fee Paid | $1,135,775
Portfolio Turnover Rate | 13.78%

Franklin Louisiana Tax-Free Income Fund | PAGE 2 | 8168-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Louisiana Tax-Free Income Fund | PAGE 3 | 8168-ATSR-0426

10000 10044 10156 10528 11475 11517 11531 10698 11291 11700 12083 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.9 13.1 12.8 12.7 11.9 11.5 7.2 4.1 2.2 1.2 0.7 0.7

Franklin Louisiana Tax-Free Income Fund |
Advisor Class [FLTZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $66 | 0.65%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Louisiana Tax-Free Income Fund returned 3.24%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight to:
↑ | A rated bonds
↑ | Bonds with no external credit rating
↑ | Bonds with 10 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in BBB rated bonds
↓ | Security selection in A rated bonds

Franklin Louisiana Tax-Free Income Fund | PAGE 1 | 286-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 3.24 | 0.93 | 1.89
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Advisor Class shares on 9/15/2016. Returns for periods before 9/15/2016, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $218,144,854
Total Number of Portfolio Holdings | 101
Total Management Fee Paid | $1,135,775
Portfolio Turnover Rate | 13.78%

Franklin Louisiana Tax-Free Income Fund | PAGE 2 | 286-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Louisiana Tax-Free Income Fund | PAGE 3 | 286-ATSR-0426

10000 10048 10162 10533 11476 11514 11523 10686 11285 11679 12057 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.9 13.1 12.8 12.7 11.9 11.5 7.2 4.1 2.2 1.2 0.7 0.7

Franklin Maryland Tax-Free Income Fund |
Class A [FQMDX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $91 | 0.90%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Maryland Tax-Free Income Fund returned 3.17%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in BBB rated bonds
↓ | Security selection in AA rated bonds

Franklin Maryland Tax-Free Income Fund | PAGE 1 | 1169-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 3.17 | 0.81 | 1.60
Class A (with sales charge) | -0.70 | 0.05 | 1.21
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $317,483,248
Total Number of Portfolio Holdings | 104
Total Management Fee Paid | $1,635,104
Portfolio Turnover Rate | 20.14%

Franklin Maryland Tax-Free Income Fund | PAGE 2 | 1169-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Maryland Tax-Free Income Fund | PAGE 3 | 1169-ATSR-0426

9625 9751 9763 10078 10896 10803 10771 10064 10556 10905 11250 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.9 19.9 14.6 12.6 11.5 9.7 3.7 3.0 2.4 0.7

Franklin Maryland Tax-Free Income Fund |
Class A1 [FMDTX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $76 | 0.75%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Maryland Tax-Free Income Fund returned 3.32%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in BBB rated bonds
↓ | Security selection in AA rated bonds

Franklin Maryland Tax-Free Income Fund | PAGE 1 | 169-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 3.32 | 0.96 | 1.72
Class A1 (with sales charge) | -0.59 | 0.19 | 1.33
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $317,483,248
Total Number of Portfolio Holdings | 104
Total Management Fee Paid | $1,635,104
Portfolio Turnover Rate | 20.14%

Franklin Maryland Tax-Free Income Fund | PAGE 2 | 169-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Maryland Tax-Free Income Fund | PAGE 3 | 169-ATSR-0426

9625 9751 9764 10114 10950 10874 10857 10160 10673 11041 11408 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.9 19.9 14.6 12.6 11.5 9.7 3.7 3.0 2.4 0.7

Franklin Maryland Tax-Free Income Fund |
Class C [FMDIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $131 | 1.29%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Maryland Tax-Free Income Fund returned 2.58%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in BBB rated bonds
↓ | Security selection in AA rated bonds

Franklin Maryland Tax-Free Income Fund | PAGE 1 | 269-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 2.58 | 0.33 | 1.12
Class C (with sales charge) | 1.58 | 0.33 | 1.12
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $317,483,248
Total Number of Portfolio Holdings | 104
Total Management Fee Paid | $1,635,104
Portfolio Turnover Rate | 20.14%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Maryland Tax-Free Income Fund | PAGE 2 | 269-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Maryland Tax-Free Income Fund | PAGE 3 | 269-ATSR-0426

10000 10072 10038 10333 11134 10988 10912 10139 10592 10890 11171 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.9 19.9 14.6 12.6 11.5 9.7 3.7 3.0 2.4 0.7

Franklin Maryland Tax-Free Income Fund |
Class R6 [FMDQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Class R6 | $61 | 0.60%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Maryland Tax-Free Income Fund returned 3.47%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in BBB rated bonds
↓ | Security selection in AA rated bonds

Franklin Maryland Tax-Free Income Fund | PAGE 1 | 8169-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 3.47 | 1.11 | 1.87
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $317,483,248
Total Number of Portfolio Holdings | 104
Total Management Fee Paid | $1,635,104
Portfolio Turnover Rate | 20.14%

Franklin Maryland Tax-Free Income Fund | PAGE 2 | 8169-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Maryland Tax-Free Income Fund | PAGE 3 | 8169-ATSR-0426

10000 10132 10161 10538 11425 11362 11362 10649 11201 11605 12007 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.9 19.9 14.6 12.6 11.5 9.7 3.7 3.0 2.4 0.7

Franklin Maryland Tax-Free Income Fund |
Advisor Class [FMDZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $66 | 0.65%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Maryland Tax-Free Income Fund returned 3.42%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in BBB rated bonds
↓ | Security selection in AA rated bonds

Franklin Maryland Tax-Free Income Fund | PAGE 1 | 669-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 3.42 | 1.06 | 1.82
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $317,483,248
Total Number of Portfolio Holdings | 104
Total Management Fee Paid | $1,635,104
Portfolio Turnover Rate | 20.14%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Maryland Tax-Free Income Fund | PAGE 2 | 669-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Maryland Tax-Free Income Fund | PAGE 3 | 669-ATSR-0426

10000 10150 10173 10547 11440 11361 11366 10637 11185 11582 11978 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 21.9 19.9 14.6 12.6 11.5 9.7 3.7 3.0 2.4 0.7

Franklin Massachusetts Tax-Free Income Fund |
Class A [FMAQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $92 | 0.90%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Massachusetts Tax-Free Income Fund returned 3.61%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight allocation to:
↑ | Bonds with 20 years to maturity
↑ | Bonds with no external credit rating
↑ | A rated bonds

Top detractors from performance:
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Overweight duration to bonds with 30 years to maturity
↓ | Selection in A rated bonds

Franklin Massachusetts Tax-Free Income Fund | PAGE 1 | 1118-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 3.61 | 0.35 | 1.53
Class A (with sales charge) | -0.27 | -0.41 | 1.14
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $339,450,651
Total Number of Portfolio Holdings | 113
Total Management Fee Paid | $1,665,136
Portfolio Turnover Rate | 21.12%

Franklin Massachusetts Tax-Free Income Fund | PAGE 2 | 1118-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Massachusetts Tax-Free Income Fund | PAGE 3 | 1118-ATSR-0426

9625 9684 9844 10122 11062 10983 10847 10053 10544 10789 11178 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 27.6 21.6 12.6 9.8 8.7 8.2 4.6 4.0 1.6 0.5 0.5 0.3

Franklin Massachusetts Tax-Free Income Fund |
Class A1 [FMISX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $76 | 0.75%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Massachusetts Tax-Free Income Fund returned 3.77%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight allocation to:
↑ | Bonds with 20 years to maturity
↑ | Bonds with no external credit rating
↑ | A rated bonds

Top detractors from performance:
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Overweight duration to bonds with 30 years to maturity
↓ | Selection in A rated bonds

Franklin Massachusetts Tax-Free Income Fund | PAGE 1 | 118-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 3.77 | 0.50 | 1.63
Class A1 (with sales charge) | -0.10 | -0.26 | 1.24
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $339,450,651
Total Number of Portfolio Holdings | 113
Total Management Fee Paid | $1,665,136
Portfolio Turnover Rate | 21.12%

Franklin Massachusetts Tax-Free Income Fund | PAGE 2 | 118-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Massachusetts Tax-Free Income Fund | PAGE 3 | 118-ATSR-0426

9625 9685 9846 10139 11107 11035 10915 10140 10641 10904 11315 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 27.6 21.6 12.6 9.8 8.7 8.2 4.6 4.0 1.6 0.5 0.5 0.3

Franklin Massachusetts Tax-Free Income Fund |
Class C [FMAIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $131 | 1.29%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Massachusetts Tax-Free Income Fund returned 3.15%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight allocation to:
↑ | Bonds with 20 years to maturity
↑ | Bonds with no external credit rating
↑ | A rated bonds

Top detractors from performance:
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Overweight duration to bonds with 30 years to maturity
↓ | Selection in A rated bonds

Franklin Massachusetts Tax-Free Income Fund | PAGE 1 | 218-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 3.15 | -0.07 | 1.06
Class C (with sales charge) | 2.15 | -0.07 | 1.06
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $339,450,651
Total Number of Portfolio Holdings | 113
Total Management Fee Paid | $1,665,136
Portfolio Turnover Rate | 21.12%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Massachusetts Tax-Free Income Fund | PAGE 2 | 218-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Massachusetts Tax-Free Income Fund | PAGE 3 | 218-ATSR-0426

10000 10013 10122 10362 11289 11147 10975 10122 10568 10766 11105 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 27.6 21.6 12.6 9.8 8.7 8.2 4.6 4.0 1.6 0.5 0.5 0.3

Franklin Massachusetts Tax-Free Income Fund |
Class R6 [FKTMX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Class R6 | $61 | 0.60%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Massachusetts Tax-Free Income Fund returned 3.92%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight allocation to:
↑ | Bonds with 20 years to maturity
↑ | Bonds with no external credit rating
↑ | A rated bonds

Top detractors from performance:
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Overweight duration to bonds with 30 years to maturity
↓ | Selection in A rated bonds

Franklin Massachusetts Tax-Free Income Fund | PAGE 1 | 8118-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 3.92 | 0.66 | 1.77
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $339,450,651
Total Number of Portfolio Holdings | 113
Total Management Fee Paid | $1,665,136
Portfolio Turnover Rate | 21.12%

Franklin Massachusetts Tax-Free Income Fund | PAGE 2 | 8118-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Massachusetts Tax-Free Income Fund | PAGE 3 | 8118-ATSR-0426

10000 10063 10245 10554 11577 11518 11419 10624 11165 11456 11904 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 27.6 21.6 12.6 9.8 8.7 8.2 4.6 4.0 1.6 0.5 0.5 0.3

Franklin Massachusetts Tax-Free Income Fund |
Advisor Class [FMAHX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $66 | 0.65%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Massachusetts Tax-Free Income Fund returned 3.87%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight allocation to:
↑ | Bonds with 20 years to maturity
↑ | Bonds with no external credit rating
↑ | A rated bonds

Top detractors from performance:
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Overweight duration to bonds with 30 years to maturity
↓ | Selection in A rated bonds

Franklin Massachusetts Tax-Free Income Fund | PAGE 1 | 18-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 3.87 | 0.60 | 1.73
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $339,450,651
Total Number of Portfolio Holdings | 113
Total Management Fee Paid | $1,665,136
Portfolio Turnover Rate | 21.12%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Massachusetts Tax-Free Income Fund | PAGE 2 | 18-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Massachusetts Tax-Free Income Fund | PAGE 3 | 18-ATSR-0426

10000 10072 10257 10564 11584 11520 11406 10607 11142 11429 11872 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 27.6 21.6 12.6 9.8 8.7 8.2 4.6 4.0 1.6 0.5 0.5 0.3

Franklin Michigan Tax-Free Income Fund |
Class A [FMQTX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $86 | 0.84%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Michigan Tax-Free Income Fund returned 3.80%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Michigan Tax-Free Income Fund | PAGE 1 | 1119-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 3.80 | 0.56 | 1.81
Class A (with sales charge) | -0.09 | -0.21 | 1.42
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $664,251,965
Total Number of Portfolio Holdings | 225
Total Management Fee Paid | $3,236,749
Portfolio Turnover Rate | 14.13%

Franklin Michigan Tax-Free Income Fund | PAGE 2 | 1119-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Michigan Tax-Free Income Fund | PAGE 3 | 1119-ATSR-0426

9625 9744 9826 10171 11105 11188 11038 10218 10765 11082 11503 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 35.9 12.0 11.1 8.8 8.2 6.8 6.7 4.7 4.3 0.7 0.5 0.3

Franklin Michigan Tax-Free Income Fund |
Class A1 [FTTMX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $71 | 0.70%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Michigan Tax-Free Income Fund returned 3.96%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Michigan Tax-Free Income Fund | PAGE 1 | 119-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 3.96 | 0.73 | 1.92
Class A1 (with sales charge) | 0.06 | -0.04 | 1.53
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $664,251,965
Total Number of Portfolio Holdings | 225
Total Management Fee Paid | $3,236,749
Portfolio Turnover Rate | 14.13%

Franklin Michigan Tax-Free Income Fund | PAGE 2 | 119-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Michigan Tax-Free Income Fund | PAGE 3 | 119-ATSR-0426

9625 9745 9827 10179 11133 11223 11098 10289 10857 11194 11637 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 35.9 12.0 11.1 8.8 8.2 6.8 6.7 4.7 4.3 0.7 0.5 0.3

Franklin Michigan Tax-Free Income Fund |
Class C [FRMTX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $126 | 1.24%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Michigan Tax-Free Income Fund returned 3.33%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Michigan Tax-Free Income Fund | PAGE 1 | 219-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 3.33 | 0.11 | 1.33
Class C (with sales charge) | 2.33 | 0.11 | 1.33
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $664,251,965
Total Number of Portfolio Holdings | 225
Total Management Fee Paid | $3,236,749
Portfolio Turnover Rate | 14.13%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Michigan Tax-Free Income Fund | PAGE 2 | 219-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Michigan Tax-Free Income Fund | PAGE 3 | 219-ATSR-0426

10000 10066 10102 10401 11310 11349 11153 10277 10775 11042 11410 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 35.9 12.0 11.1 8.8 8.2 6.8 6.7 4.7 4.3 0.7 0.5 0.3

Franklin Michigan Tax-Free Income Fund |
Class R6 [FKTNX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class R6 | $56 | 0.55%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Michigan Tax-Free Income Fund returned 4.09%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Michigan Tax-Free Income Fund | PAGE 1 | 8119-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.09 | 0.84 | 2.05
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $664,251,965
Total Number of Portfolio Holdings | 225
Total Management Fee Paid | $3,236,749
Portfolio Turnover Rate | 14.13%

Franklin Michigan Tax-Free Income Fund | PAGE 2 | 8119-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Michigan Tax-Free Income Fund | PAGE 3 | 8119-ATSR-0426

10000 10125 10218 10605 11611 11721 11597 10770 11377 11743 12224 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 35.9 12.0 11.1 8.8 8.2 6.8 6.7 4.7 4.3 0.7 0.5 0.3

Franklin Michigan Tax-Free Income Fund |
Advisor Class [FMTFX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $60 | 0.59%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Michigan Tax-Free Income Fund returned 4.15%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Michigan Tax-Free Income Fund | PAGE 1 | 657-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.15 | 0.83 | 2.02
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $664,251,965
Total Number of Portfolio Holdings | 225
Total Management Fee Paid | $3,236,749
Portfolio Turnover Rate | 14.13%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Michigan Tax-Free Income Fund | PAGE 2 | 657-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Michigan Tax-Free Income Fund | PAGE 3 | 657-ATSR-0426

10000 10133 10237 10613 11616 11722 11603 10760 11364 11727 12214 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 35.9 12.0 11.1 8.8 8.2 6.8 6.7 4.7 4.3 0.7 0.5 0.3

Franklin Minnesota Tax-Free Income Fund |
Class A [FMNQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $87 | 0.85%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Minnesota Tax-Free Income Fund returned 4.67%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Security selection in AA rated bonds
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 10 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five years to maturity
↓ | Overweight to bonds with 20 years to maturity
↓ | Security selection in A rated bonds

Franklin Minnesota Tax-Free Income Fund | PAGE 1 | 1120-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 4.67 | 0.66 | 1.64
Class A (with sales charge) | 0.75 | -0.11 | 1.26
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $620,184,435
Total Number of Portfolio Holdings | 195
Total Management Fee Paid | $3,052,108
Portfolio Turnover Rate | 5.26%

Franklin Minnesota Tax-Free Income Fund | PAGE 2 | 1120-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Minnesota Tax-Free Income Fund | PAGE 3 | 1120-ATSR-0426

9625 9635 9753 10054 10915 10955 10782 9989 10470 10814 11320 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 34.4 23.1 13.4 8.2 7.0 5.8 3.2 2.0 1.9 0.8 0.2

Franklin Minnesota Tax-Free Income Fund |
Class A1 [FMINX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $72 | 0.70%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Minnesota Tax-Free Income Fund returned 4.74%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Security selection in AA rated bonds
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 10 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five years to maturity
↓ | Overweight to bonds with 20 years to maturity
↓ | Security selection in A rated bonds

Franklin Minnesota Tax-Free Income Fund | PAGE 1 | 120-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 4.74 | 0.81 | 1.75
Class A1 (with sales charge) | 0.80 | 0.04 | 1.37
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $620,184,435
Total Number of Portfolio Holdings | 195
Total Management Fee Paid | $3,052,108
Portfolio Turnover Rate | 5.26%

Franklin Minnesota Tax-Free Income Fund | PAGE 2 | 120-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Minnesota Tax-Free Income Fund | PAGE 3 | 120-ATSR-0426

9625 9635 9754 10062 10950 10998 10840 10058 10567 10931 11449 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 34.4 23.1 13.4 8.2 7.0 5.8 3.2 2.0 1.9 0.8 0.2

Franklin Minnesota Tax-Free Income Fund |
Class C [FMNIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $128 | 1.25%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Minnesota Tax-Free Income Fund returned 4.11%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Security selection in AA rated bonds
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 10 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five years to maturity
↓ | Overweight to bonds with 20 years to maturity
↓ | Security selection in A rated bonds

Franklin Minnesota Tax-Free Income Fund | PAGE 1 | 220-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 4.11 | 0.21 | 1.17
Class C (with sales charge) | 3.11 | 0.21 | 1.17
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $620,184,435
Total Number of Portfolio Holdings | 195
Total Management Fee Paid | $3,052,108
Portfolio Turnover Rate | 5.26%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Minnesota Tax-Free Income Fund | PAGE 2 | 220-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Minnesota Tax-Free Income Fund | PAGE 3 | 220-ATSR-0426

10000 9955 10028 10285 11131 11120 10892 10051 10495 10793 11237 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 34.4 23.1 13.4 8.2 7.0 5.8 3.2 2.0 1.9 0.8 0.2

Franklin Minnesota Tax-Free Income Fund |
Class R6 [FKTDX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Class R6 | $56 | 0.55%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Minnesota Tax-Free Income Fund returned 4.89%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Security selection in AA rated bonds
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 10 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five years to maturity
↓ | Overweight to bonds with 20 years to maturity
↓ | Security selection in A rated bonds

Franklin Minnesota Tax-Free Income Fund | PAGE 1 | 8120-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.89 | 0.96 | 1.90
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $620,184,435
Total Number of Portfolio Holdings | 195
Total Management Fee Paid | $3,052,108
Portfolio Turnover Rate | 5.26%

Franklin Minnesota Tax-Free Income Fund | PAGE 2 | 8120-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Minnesota Tax-Free Income Fund | PAGE 3 | 8120-ATSR-0426

10000 10012 10152 10487 11427 11495 11348 10547 11096 11494 12056 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 34.4 23.1 13.4 8.2 7.0 5.8 3.2 2.0 1.9 0.8 0.2

Franklin Minnesota Tax-Free Income Fund |
Advisor Class [FMNZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $61 | 0.60%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Minnesota Tax-Free Income Fund returned 4.93%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Security selection in AA rated bonds
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 10 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with five years to maturity
↓ | Overweight to bonds with 20 years to maturity
↓ | Security selection in A rated bonds

Franklin Minnesota Tax-Free Income Fund | PAGE 1 | 668-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.93 | 0.91 | 1.86
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $620,184,435
Total Number of Portfolio Holdings | 195
Total Management Fee Paid | $3,052,108
Portfolio Turnover Rate | 5.26%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Minnesota Tax-Free Income Fund | PAGE 2 | 668-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Minnesota Tax-Free Income Fund | PAGE 3 | 668-ATSR-0426

10000 10020 10162 10493 11419 11490 11336 10530 11064 11456 12021 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 34.4 23.1 13.4 8.2 7.0 5.8 3.2 2.0 1.9 0.8 0.2

Franklin Missouri Tax-Free Income Fund |
Class A [FMQOX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $86 | 0.84%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Missouri Tax-Free Income Fund returned 3.82%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Security selection in AA rated bonds
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Security selection in A rated bonds

Franklin Missouri Tax-Free Income Fund | PAGE 1 | 1160-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 3.82 | 0.67 | 1.68
Class A (with sales charge) | -0.07 | -0.09 | 1.29
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $633,628,377
Total Number of Portfolio Holdings | 162
Total Management Fee Paid | $3,061,022
Portfolio Turnover Rate | 12.36%

Franklin Missouri Tax-Free Income Fund | PAGE 2 | 1160-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Missouri Tax-Free Income Fund | PAGE 3 | 1160-ATSR-0426

9625 9715 9726 10088 10928 10972 10881 10019 10554 10929 11346 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 27.7 24.9 12.5 9.5 7.9 7.2 4.8 2.8 2.4 0.3

Franklin Missouri Tax-Free Income Fund |
Class A1 [FRMOX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $70 | 0.69%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Missouri Tax-Free Income Fund returned 3.98%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Security selection in AA rated bonds
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Security selection in A rated bonds

Franklin Missouri Tax-Free Income Fund | PAGE 1 | 160-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 3.98 | 0.84 | 1.80
Class A1 (with sales charge) | 0.07 | 0.08 | 1.41
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $633,628,377
Total Number of Portfolio Holdings | 162
Total Management Fee Paid | $3,061,022
Portfolio Turnover Rate | 12.36%

Franklin Missouri Tax-Free Income Fund | PAGE 2 | 160-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Missouri Tax-Free Income Fund | PAGE 3 | 160-ATSR-0426

9625 9716 9727 10107 10973 11025 10959 10106 10652 11058 11498 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 27.7 24.9 12.5 9.5 7.9 7.2 4.8 2.8 2.4 0.3

Franklin Missouri Tax-Free Income Fund |
Class C [FMOIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $125 | 1.23%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Missouri Tax-Free Income Fund returned 3.27%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Security selection in AA rated bonds
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Security selection in A rated bonds

Franklin Missouri Tax-Free Income Fund | PAGE 1 | 260-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 3.27 | 0.22 | 1.20
Class C (with sales charge) | 2.27 | 0.22 | 1.20
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $633,628,377
Total Number of Portfolio Holdings | 162
Total Management Fee Paid | $3,061,022
Portfolio Turnover Rate | 12.36%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Missouri Tax-Free Income Fund | PAGE 2 | 260-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Missouri Tax-Free Income Fund | PAGE 3 | 260-ATSR-0426

10000 10038 9985 10321 11139 11140 11003 10081 10571 10909 11265 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 27.7 24.9 12.5 9.5 7.9 7.2 4.8 2.8 2.4 0.3

Franklin Missouri Tax-Free Income Fund |
Class R6 [FMOQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Class R6 | $56 | 0.55%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Missouri Tax-Free Income Fund returned 4.11%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Security selection in AA rated bonds
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Security selection in A rated bonds

Franklin Missouri Tax-Free Income Fund | PAGE 1 | 8160-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.11 | 0.97 | 1.92
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $633,628,377
Total Number of Portfolio Holdings | 162
Total Management Fee Paid | $3,061,022
Portfolio Turnover Rate | 12.36%

Franklin Missouri Tax-Free Income Fund | PAGE 2 | 8160-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Missouri Tax-Free Income Fund | PAGE 3 | 8160-ATSR-0426

10000 10104 10114 10531 11448 11517 11463 10586 11172 11612 12090 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 27.7 24.9 12.5 9.5 7.9 7.2 4.8 2.8 2.4 0.3

Franklin Missouri Tax-Free Income Fund |
Advisor Class [FRMZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $60 | 0.59%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Missouri Tax-Free Income Fund returned 3.98%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Security selection in AA rated bonds
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Security selection in A rated bonds

Franklin Missouri Tax-Free Income Fund | PAGE 1 | 679-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 3.98 | 0.92 | 1.89
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $633,628,377
Total Number of Portfolio Holdings | 162
Total Management Fee Paid | $3,061,022
Portfolio Turnover Rate | 12.36%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Missouri Tax-Free Income Fund | PAGE 2 | 679-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Missouri Tax-Free Income Fund | PAGE 3 | 679-ATSR-0426

10000 10104 10117 10530 11435 11510 11452 10562 11154 11590 12051 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 27.7 24.9 12.5 9.5 7.9 7.2 4.8 2.8 2.4 0.3

Franklin New Jersey Tax-Free Income Fund |
Class A [FNJQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $87 | 0.85%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin New Jersey Tax-Free Income Fund returned 4.10%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight allocation to:
↑ | Bonds with 20 years to maturity
↑ | Bonds with no external credit rating
↑ | A rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Selection in A rated bonds

Franklin New Jersey Tax-Free Income Fund | PAGE 1 | 1171-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 4.10 | 0.98 | 1.90
Class A (with sales charge) | 0.19 | 0.21 | 1.51
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $837,047,147
Total Number of Portfolio Holdings | 211
Total Management Fee Paid | $3,851,345
Portfolio Turnover Rate | 18.26%

Franklin New Jersey Tax-Free Income Fund | PAGE 2 | 1171-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New Jersey Tax-Free Income Fund | PAGE 3 | 1171-ATSR-0426

9625 9763 9829 10180 11056 11035 11016 10231 10798 11133 11589 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 25.6 18.4 13.1 12.9 10.3 5.4 4.6 3.6 3.5 2.4 0.2

Franklin New Jersey Tax-Free Income Fund |
Class A1 [FRNJX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $71 | 0.70%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin New Jersey Tax-Free Income Fund returned 4.16%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight allocation to:
↑ | Bonds with 20 years to maturity
↑ | Bonds with no external credit rating
↑ | A rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Selection in A rated bonds

Franklin New Jersey Tax-Free Income Fund | PAGE 1 | 171-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 4.16 | 1.12 | 2.00
Class A1 (with sales charge) | 0.29 | 0.34 | 1.60
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $837,047,147
Total Number of Portfolio Holdings | 211
Total Management Fee Paid | $3,851,345
Portfolio Turnover Rate | 18.26%

Franklin New Jersey Tax-Free Income Fund | PAGE 2 | 171-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New Jersey Tax-Free Income Fund | PAGE 3 | 171-ATSR-0426

9625 9764 9830 10201 11097 11092 11080 10314 10903 11258 11727 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 25.6 18.4 13.1 12.9 10.3 5.4 4.6 3.6 3.5 2.4 0.2

Franklin New Jersey Tax-Free Income Fund |
Class C [FNIIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $126 | 1.24%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin New Jersey Tax-Free Income Fund returned 3.63%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight allocation to:
↑ | Bonds with 20 years to maturity
↑ | Bonds with no external credit rating
↑ | A rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Selection in A rated bonds

Franklin New Jersey Tax-Free Income Fund | PAGE 1 | 271-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 3.63 | 0.55 | 1.42
Class C (with sales charge) | 2.63 | 0.55 | 1.42
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $837,047,147
Total Number of Portfolio Holdings | 211
Total Management Fee Paid | $3,851,345
Portfolio Turnover Rate | 18.26%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin New Jersey Tax-Free Income Fund | PAGE 2 | 271-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New Jersey Tax-Free Income Fund | PAGE 3 | 271-ATSR-0426

10000 10095 10106 10425 11278 11203 11129 10293 10824 11110 11512 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 25.6 18.4 13.1 12.9 10.3 5.4 4.6 3.6 3.5 2.4 0.2

Franklin New Jersey Tax-Free Income Fund |
Class R6 [FNJRX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Class R6 | $54 | 0.53%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin New Jersey Tax-Free Income Fund returned 4.42%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight allocation to:
↑ | Bonds with 20 years to maturity
↑ | Bonds with no external credit rating
↑ | A rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Selection in A rated bonds

Franklin New Jersey Tax-Free Income Fund | PAGE 1 | 8171-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.42 | 1.29 | 2.14
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $837,047,147
Total Number of Portfolio Holdings | 211
Total Management Fee Paid | $3,851,345
Portfolio Turnover Rate | 18.26%

Franklin New Jersey Tax-Free Income Fund | PAGE 2 | 8171-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New Jersey Tax-Free Income Fund | PAGE 3 | 8171-ATSR-0426

10000 10145 10221 10621 11568 11579 11583 10799 11431 11820 12343 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 25.6 18.4 13.1 12.9 10.3 5.4 4.6 3.6 3.5 2.4 0.2

Franklin New Jersey Tax-Free Income Fund |
Advisor Class [FNJZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $61 | 0.60%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin New Jersey Tax-Free Income Fund returned 4.26%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
An overweight allocation to:
↑ | Bonds with 20 years to maturity
↑ | Bonds with no external credit rating
↑ | A rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Selection in A rated bonds

Franklin New Jersey Tax-Free Income Fund | PAGE 1 | 676-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.26 | 1.22 | 2.10
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $837,047,147
Total Number of Portfolio Holdings | 211
Total Management Fee Paid | $3,851,345
Portfolio Turnover Rate | 18.26%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin New Jersey Tax-Free Income Fund | PAGE 2 | 676-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New Jersey Tax-Free Income Fund | PAGE 3 | 676-ATSR-0426

10000 10154 10232 10629 11572 11579 11577 10789 11416 11799 12301 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 25.6 18.4 13.1 12.9 10.3 5.4 4.6 3.6 3.5 2.4 0.2

Franklin North Carolina Tax-Free Income Fund |
Class A [FQNCX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $88 | 0.86%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin North Carolina Tax-Free Income Fund returned 4.19%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years or more to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in A rated bonds

Franklin North Carolina Tax-Free Income Fund | PAGE 1 | 1170-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 4.19 | 0.75 | 1.54
Class A (with sales charge) | 0.28 | -0.01 | 1.15
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $585,863,903
Total Number of Portfolio Holdings | 204
Total Management Fee Paid | $2,828,219
Portfolio Turnover Rate | 16.41%

Franklin North Carolina Tax-Free Income Fund | PAGE 2 | 1170-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin North Carolina Tax-Free Income Fund | PAGE 3 | 1170-ATSR-0426

9625 9739 9694 9991 10741 10780 10685 9904 10419 10743 11193 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 24.6 14.3 13.6 12.4 12.4 9.5 6.4 3.5 2.7 0.5 0.1

Franklin North Carolina Tax-Free Income Fund |
Class A1 [FXNCX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $73 | 0.71%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin North Carolina Tax-Free Income Fund returned 4.35%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years or more to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in A rated bonds

Franklin North Carolina Tax-Free Income Fund | PAGE 1 | 170-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 4.35 | 0.92 | 1.66
Class A1 (with sales charge) | 0.44 | 0.16 | 1.27
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $585,863,903
Total Number of Portfolio Holdings | 204
Total Management Fee Paid | $2,828,219
Portfolio Turnover Rate | 16.41%

Franklin North Carolina Tax-Free Income Fund | PAGE 2 | 170-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin North Carolina Tax-Free Income Fund | PAGE 3 | 170-ATSR-0426

9625 9739 9696 10017 10785 10832 10761 9989 10516 10868 11341 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 24.6 14.3 13.6 12.4 12.4 9.5 6.4 3.5 2.7 0.5 0.1

Franklin North Carolina Tax-Free Income Fund |
Class C [FNCIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $127 | 1.25%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin North Carolina Tax-Free Income Fund returned 3.61%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years or more to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in A rated bonds

Franklin North Carolina Tax-Free Income Fund | PAGE 1 | 270-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 3.61 | 0.30 | 1.06
Class C (with sales charge) | 2.61 | 0.30 | 1.06
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $585,863,903
Total Number of Portfolio Holdings | 204
Total Management Fee Paid | $2,828,219
Portfolio Turnover Rate | 16.41%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin North Carolina Tax-Free Income Fund | PAGE 2 | 270-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin North Carolina Tax-Free Income Fund | PAGE 3 | 270-ATSR-0426

10000 10061 9960 10238 10962 10949 10800 9974 10442 10727 11114 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 24.6 14.3 13.6 12.4 12.4 9.5 6.4 3.5 2.7 0.5 0.1

Franklin North Carolina Tax-Free Income Fund |
Class R6 [FNCQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Class R6 | $57 | 0.56%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin North Carolina Tax-Free Income Fund returned 4.41%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years or more to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in A rated bonds

Franklin North Carolina Tax-Free Income Fund | PAGE 1 | 8170-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.41 | 1.05 | 1.78
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $585,863,903
Total Number of Portfolio Holdings | 204
Total Management Fee Paid | $2,828,219
Portfolio Turnover Rate | 16.41%

Franklin North Carolina Tax-Free Income Fund | PAGE 2 | 8170-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin North Carolina Tax-Free Income Fund | PAGE 3 | 8170-ATSR-0426

10000 10120 10072 10419 11242 11306 11238 10446 11022 11409 11912 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 24.6 14.3 13.6 12.4 12.4 9.5 6.4 3.5 2.7 0.5 0.1

Franklin North Carolina Tax-Free Income Fund |
Advisor Class [FNCZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $62 | 0.61%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin North Carolina Tax-Free Income Fund returned 4.45%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years or more to maturity
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in A rated bonds

Franklin North Carolina Tax-Free Income Fund | PAGE 1 | 71-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.45 | 1.01 | 1.76
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $585,863,903
Total Number of Portfolio Holdings | 204
Total Management Fee Paid | $2,828,219
Portfolio Turnover Rate | 16.41%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin North Carolina Tax-Free Income Fund | PAGE 2 | 71-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin North Carolina Tax-Free Income Fund | PAGE 3 | 71-ATSR-0426

10000 10129 10093 10438 11249 11318 11246 10450 11011 11392 11899 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 24.6 14.3 13.6 12.4 12.4 9.5 6.4 3.5 2.7 0.5 0.1

Franklin Ohio Tax-Free Income Fund |
Class A [FOHQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $84 | 0.82%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Ohio Tax-Free Income Fund returned 4.21%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in AA rated bonds
↑ | Security selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with five and 10 years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Security selection in A rated bonds

Franklin Ohio Tax-Free Income Fund | PAGE 1 | 1122-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 4.21 | 0.70 | 1.79
Class A (with sales charge) | 0.31 | -0.07 | 1.40
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $916,240,647
Total Number of Portfolio Holdings | 239
Total Management Fee Paid | $4,418,096
Portfolio Turnover Rate | 10.45%

Franklin Ohio Tax-Free Income Fund | PAGE 2 | 1122-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Ohio Tax-Free Income Fund | PAGE 3 | 1122-ATSR-0426

9625 9675 9893 10198 11075 11077 10977 10147 10650 11006 11470 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 28.9 14.4 13.7 12.6 11.0 7.9 3.3 2.9 1.8 1.5 1.3 0.7

Franklin Ohio Tax-Free Income Fund |
Class A1 [FTOIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $68 | 0.67%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Ohio Tax-Free Income Fund returned 4.37%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in AA rated bonds
↑ | Security selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with five and 10 years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Security selection in A rated bonds

Franklin Ohio Tax-Free Income Fund | PAGE 1 | 122-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 4.37 | 0.84 | 1.90
Class A1 (with sales charge) | 0.45 | 0.07 | 1.51
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $916,240,647
Total Number of Portfolio Holdings | 239
Total Management Fee Paid | $4,418,096
Portfolio Turnover Rate | 10.45%

Franklin Ohio Tax-Free Income Fund | PAGE 2 | 122-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Ohio Tax-Free Income Fund | PAGE 3 | 122-ATSR-0426

9625 9675 9894 10225 11121 11139 11056 10226 10750 11126 11612 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 28.9 14.4 13.7 12.6 11.0 7.9 3.3 2.9 1.8 1.5 1.3 0.7

Franklin Ohio Tax-Free Income Fund |
Class C [FOITX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $124 | 1.22%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Ohio Tax-Free Income Fund returned 3.74%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in AA rated bonds
↑ | Security selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with five and 10 years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Security selection in A rated bonds

Franklin Ohio Tax-Free Income Fund | PAGE 1 | 222-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 3.74 | 0.24 | 1.31
Class C (with sales charge) | 2.74 | 0.24 | 1.31
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $916,240,647
Total Number of Portfolio Holdings | 239
Total Management Fee Paid | $4,418,096
Portfolio Turnover Rate | 10.45%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Ohio Tax-Free Income Fund | PAGE 2 | 222-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Ohio Tax-Free Income Fund | PAGE 3 | 222-ATSR-0426

10000 9995 10170 10447 11300 11257 11104 10216 10673 10980 11390 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 28.9 14.4 13.7 12.6 11.0 7.9 3.3 2.9 1.8 1.5 1.3 0.7

Franklin Ohio Tax-Free Income Fund |
Class R6 [FKTOX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class R6 | $55 | 0.54%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Ohio Tax-Free Income Fund returned 4.42%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in AA rated bonds
↑ | Security selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with five and 10 years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Security selection in A rated bonds

Franklin Ohio Tax-Free Income Fund | PAGE 1 | 8122-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.42 | 0.97 | 2.03
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $916,240,647
Total Number of Portfolio Holdings | 239
Total Management Fee Paid | $4,418,096
Portfolio Turnover Rate | 10.45%

Franklin Ohio Tax-Free Income Fund | PAGE 2 | 8122-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Ohio Tax-Free Income Fund | PAGE 3 | 8122-ATSR-0426

10000 10053 10288 10645 11593 11628 11557 10715 11278 11688 12204 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 28.9 14.4 13.7 12.6 11.0 7.9 3.3 2.9 1.8 1.5 1.3 0.7

Franklin Ohio Tax-Free Income Fund |
Advisor Class [FROZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $58 | 0.57%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Ohio Tax-Free Income Fund returned 4.38%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in AA rated bonds
↑ | Security selection in AAA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with five and 10 years to maturity
↓ | Overweight to bonds with 30 years to maturity
↓ | Security selection in A rated bonds

Franklin Ohio Tax-Free Income Fund | PAGE 1 | 633-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.38 | 0.93 | 1.99
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $916,240,647
Total Number of Portfolio Holdings | 239
Total Management Fee Paid | $4,418,096
Portfolio Turnover Rate | 10.45%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Ohio Tax-Free Income Fund | PAGE 2 | 633-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Ohio Tax-Free Income Fund | PAGE 3 | 633-ATSR-0426

10000 10062 10299 10653 11597 11627 11552 10706 11265 11670 12181 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 28.9 14.4 13.7 12.6 11.0 7.9 3.3 2.9 1.8 1.5 1.3 0.7

Franklin Oregon Tax-Free Income Fund |
Class A [FOFQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $84 | 0.82%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Oregon Tax-Free Income Fund returned 4.08%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 20 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Oregon Tax-Free Income Fund | PAGE 1 | 1161-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 4.08 | 0.73 | 1.70
Class A (with sales charge) | 0.18 | -0.04 | 1.32
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $814,893,234
Total Number of Portfolio Holdings | 164
Total Management Fee Paid | $3,876,472
Portfolio Turnover Rate | 16.43%

Franklin Oregon Tax-Free Income Fund | PAGE 2 | 1161-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Oregon Tax-Free Income Fund | PAGE 3 | 1161-ATSR-0426

9625 9711 9836 10136 10987 10978 10926 10131 10617 10940 11386 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 25.5 24.9 13.2 10.8 9.6 4.1 3.8 3.2 1.9 1.7 1.1 0.2

Franklin Oregon Tax-Free Income Fund |
Class A1 [FRORX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $68 | 0.67%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Oregon Tax-Free Income Fund returned 4.14%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 20 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Oregon Tax-Free Income Fund | PAGE 1 | 161-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 4.14 | 0.88 | 1.81
Class A1 (with sales charge) | 0.24 | 0.11 | 1.43
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $814,893,234
Total Number of Portfolio Holdings | 164
Total Management Fee Paid | $3,876,472
Portfolio Turnover Rate | 16.43%

Franklin Oregon Tax-Free Income Fund | PAGE 2 | 161-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Oregon Tax-Free Income Fund | PAGE 3 | 161-ATSR-0426

9625 9712 9837 10145 11013 11021 10985 10201 10717 11059 11517 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 25.5 24.9 13.2 10.8 9.6 4.1 3.8 3.2 1.9 1.7 1.1 0.2

Franklin Oregon Tax-Free Income Fund |
Class C [FORIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $123 | 1.21%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Oregon Tax-Free Income Fund returned 3.60%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 20 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Oregon Tax-Free Income Fund | PAGE 1 | 261-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 3.60 | 0.29 | 1.23
Class C (with sales charge) | 2.60 | 0.29 | 1.23
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $814,893,234
Total Number of Portfolio Holdings | 164
Total Management Fee Paid | $3,876,472
Portfolio Turnover Rate | 16.43%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Oregon Tax-Free Income Fund | PAGE 2 | 261-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Oregon Tax-Free Income Fund | PAGE 3 | 261-ATSR-0426

10000 10032 10113 10366 11201 11130 11042 10181 10629 10902 11295 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 25.5 24.9 13.2 10.8 9.6 4.1 3.8 3.2 1.9 1.7 1.1 0.2

Franklin Oregon Tax-Free Income Fund |
Class R6 [FOFRX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Class R6 | $54 | 0.53%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Oregon Tax-Free Income Fund returned 4.38%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 20 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Oregon Tax-Free Income Fund | PAGE 1 | 8161-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.38 | 1.03 | 1.94
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $814,893,234
Total Number of Portfolio Holdings | 164
Total Management Fee Paid | $3,876,472
Portfolio Turnover Rate | 16.43%

Franklin Oregon Tax-Free Income Fund | PAGE 2 | 8161-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Oregon Tax-Free Income Fund | PAGE 3 | 8161-ATSR-0426

10000 10091 10228 10560 11478 11492 11478 10674 11217 11591 12098 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 25.5 24.9 13.2 10.8 9.6 4.1 3.8 3.2 1.9 1.7 1.1 0.2

Franklin Oregon Tax-Free Income Fund |
Advisor Class [FOFZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $58 | 0.57%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Oregon Tax-Free Income Fund returned 4.34%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with 20 years to maturity
↑ | Overweight to bonds with no external credit rating
↑ | Security selection in BBB rated bonds

Top detractors from performance:
↓ | Underweight to bonds with two, five and 10 years maturity
↓ | Security selection in AA rated bonds
↓ | Overweight to bonds with 30 years to maturity

Franklin Oregon Tax-Free Income Fund | PAGE 1 | 51-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.34 | 1.00 | 1.92
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $814,893,234
Total Number of Portfolio Holdings | 164
Total Management Fee Paid | $3,876,472
Portfolio Turnover Rate | 16.43%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Oregon Tax-Free Income Fund | PAGE 2 | 51-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Oregon Tax-Free Income Fund | PAGE 3 | 51-ATSR-0426

10000 10099 10239 10569 11494 11504 11487 10669 11220 11589 12092 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 25.5 24.9 13.2 10.8 9.6 4.1 3.8 3.2 1.9 1.7 1.1 0.2

Franklin Pennsylvania Tax-Free Income Fund |
Class A [FPAQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $87 | 0.85%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Pennsylvania Tax-Free Income Fund returned 3.94%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight on bonds with 10 and 20 years to maturity
↑ | Security selection in AAA rated bonds
↑ | Overweight to bonds with no external credit rating

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in A rated bonds
↓ | Security selection in AA rated bonds

Franklin Pennsylvania Tax-Free Income Fund | PAGE 1 | 1129-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 3.94 | 0.70 | 1.58
Class A (with sales charge) | 0.04 | -0.07 | 1.19
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $670,661,825
Total Number of Portfolio Holdings | 211
Total Management Fee Paid | $3,284,255
Portfolio Turnover Rate | 15.53%

Franklin Pennsylvania Tax-Free Income Fund | PAGE 2 | 1129-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Pennsylvania Tax-Free Income Fund | PAGE 3 | 1129-ATSR-0426

9625 9781 9811 10104 10825 10859 10798 9921 10467 10819 11245 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 26.9 23.6 15.7 8.1 7.8 6.6 4.0 3.5 2.6 0.8 0.4

Franklin Pennsylvania Tax-Free Income Fund |
Class A1 [FRPAX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $71 | 0.70%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Pennsylvania Tax-Free Income Fund returned 4.21%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight on bonds with 10 and 20 years to maturity
↑ | Security selection in AAA rated bonds
↑ | Overweight to bonds with no external credit rating

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in A rated bonds
↓ | Security selection in AA rated bonds

Franklin Pennsylvania Tax-Free Income Fund | PAGE 1 | 129-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 4.21 | 0.85 | 1.69
Class A1 (with sales charge) | 0.25 | 0.07 | 1.31
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $670,661,825
Total Number of Portfolio Holdings | 211
Total Management Fee Paid | $3,284,255
Portfolio Turnover Rate | 15.53%

Franklin Pennsylvania Tax-Free Income Fund | PAGE 2 | 129-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Pennsylvania Tax-Free Income Fund | PAGE 3 | 129-ATSR-0426

9625 9781 9812 10123 10861 10912 10867 9998 10565 10924 11384 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 26.9 23.6 15.7 8.1 7.8 6.6 4.0 3.5 2.6 0.8 0.4

Franklin Pennsylvania Tax-Free Income Fund |
Class C [FRPTX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $126 | 1.24%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Pennsylvania Tax-Free Income Fund returned 3.47%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight on bonds with 10 and 20 years to maturity
↑ | Security selection in AAA rated bonds
↑ | Overweight to bonds with no external credit rating

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in A rated bonds
↓ | Security selection in AA rated bonds

Franklin Pennsylvania Tax-Free Income Fund | PAGE 1 | 229-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 3.47 | 0.24 | 1.10
Class C (with sales charge) | 2.47 | 0.24 | 1.10
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $670,661,825
Total Number of Portfolio Holdings | 211
Total Management Fee Paid | $3,284,255
Portfolio Turnover Rate | 15.53%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Pennsylvania Tax-Free Income Fund | PAGE 2 | 229-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Pennsylvania Tax-Free Income Fund | PAGE 3 | 229-ATSR-0426

10000 10104 10089 10347 11034 11025 10919 9992 10492 10784 11158 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 26.9 23.6 15.7 8.1 7.8 6.6 4.0 3.5 2.6 0.8 0.4

Franklin Pennsylvania Tax-Free Income Fund |
Class R6 [FRPRX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class R6 | $56 | 0.55%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Pennsylvania Tax-Free Income Fund returned 4.25%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight on bonds with 10 and 20 years to maturity
↑ | Security selection in AAA rated bonds
↑ | Overweight to bonds with no external credit rating

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in A rated bonds
↓ | Security selection in AA rated bonds

Franklin Pennsylvania Tax-Free Income Fund | PAGE 1 | 8129-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 4.25 | 0.99 | 1.82
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $670,661,825
Total Number of Portfolio Holdings | 211
Total Management Fee Paid | $3,284,255
Portfolio Turnover Rate | 15.53%

Franklin Pennsylvania Tax-Free Income Fund | PAGE 2 | 8129-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Pennsylvania Tax-Free Income Fund | PAGE 3 | 8129-ATSR-0426

10000 10174 10223 10561 11333 11402 11382 10478 11085 11489 11977 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 26.9 23.6 15.7 8.1 7.8 6.6 4.0 3.5 2.6 0.8 0.4

Franklin Pennsylvania Tax-Free Income Fund |
Advisor Class [FPFZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $61 | 0.60%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Pennsylvania Tax-Free Income Fund returned 4.19%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight on bonds with 10 and 20 years to maturity
↑ | Security selection in AAA rated bonds
↑ | Overweight to bonds with no external credit rating

Top detractors from performance:
↓ | Underweight to bonds with two and five years to maturity
↓ | Security selection in A rated bonds
↓ | Security selection in AA rated bonds

Franklin Pennsylvania Tax-Free Income Fund | PAGE 1 | 677-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 4.19 | 0.95 | 1.79
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $670,661,825
Total Number of Portfolio Holdings | 211
Total Management Fee Paid | $3,284,255
Portfolio Turnover Rate | 15.53%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Pennsylvania Tax-Free Income Fund | PAGE 2 | 677-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Pennsylvania Tax-Free Income Fund | PAGE 3 | 677-ATSR-0426

10000 10172 10224 10558 11326 11390 11366 10459 11061 11461 11942 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 26.9 23.6 15.7 8.1 7.8 6.6 4.0 3.5 2.6 0.8 0.4

Franklin Virginia Tax-Free Income Fund |
Class A [FVAQX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A | $90 | 0.89%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A shares of Franklin Virginia Tax-Free Income Fund returned 2.98%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Underweight to AA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Virginia Tax-Free Income Fund | PAGE 1 | 1163-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A | 2.98 | 0.36 | 1.28
Class A (with sales charge) | -0.88 | -0.41 | 0.89
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund’s Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $448,134,596
Total Number of Portfolio Holdings | 147
Total Management Fee Paid | $2,255,697
Portfolio Turnover Rate | 15.57%

Franklin Virginia Tax-Free Income Fund | PAGE 2 | 1163-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Virginia Tax-Free Income Fund | PAGE 3 | 1163-ATSR-0426

9625 9769 9736 10033 10775 10712 10564 9734 10285 10590 10906 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 23.8 17.6 16.7 10.6 9.3 7.4 4.1 3.6 2.6 1.5 1.5 1.3

Franklin Virginia Tax-Free Income Fund |
Class A1 [FRVAX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class A1 | $75 | 0.74%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class A1 shares of Franklin Virginia Tax-Free Income Fund returned 3.14%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Underweight to AA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Virginia Tax-Free Income Fund | PAGE 1 | 163-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT ($9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –
Class A1 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class A1 | 3.14 | 0.53 | 1.39
Class A1 (with sales charge) | -0.73 | -0.23 | 1.00
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.
Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $448,134,596
Total Number of Portfolio Holdings | 147
Total Management Fee Paid | $2,255,697
Portfolio Turnover Rate | 15.57%

Franklin Virginia Tax-Free Income Fund | PAGE 2 | 163-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Virginia Tax-Free Income Fund | PAGE 3 | 163-ATSR-0426

9625 9770 9737 10050 10820 10762 10639 9819 10379 10713 11050 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 23.8 17.6 16.7 10.6 9.3 7.4 4.1 3.6 2.6 1.5 1.5 1.3

Franklin Virginia Tax-Free Income Fund |
Class C [FVAIX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Class C | $130 | 1.28%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class C shares of Franklin Virginia Tax-Free Income Fund returned 2.42%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Underweight to AA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Virginia Tax-Free Income Fund | PAGE 1 | 263-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class C 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class C | 2.42 | -0.09 | 0.80
Class C (with sales charge) | 1.42 | -0.09 | 0.80
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $448,134,596
Total Number of Portfolio Holdings | 147
Total Management Fee Paid | $2,255,697
Portfolio Turnover Rate | 15.57%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Virginia Tax-Free Income Fund | PAGE 2 | 263-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Virginia Tax-Free Income Fund | PAGE 3 | 263-ATSR-0426

10000 10092 10003 10271 10997 10881 10689 9805 10308 10575 10831 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 23.8 17.6 16.7 10.6 9.3 7.4 4.1 3.6 2.6 1.5 1.5 1.3

Franklin Virginia Tax-Free Income Fund |
Class R6 [FRVRX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment
Class R6 | $58 | 0.57%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Class R6 shares of Franklin Virginia Tax-Free Income Fund returned 3.21%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Underweight to AA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Virginia Tax-Free Income Fund | PAGE 1 | 8163-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Class R6 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Class R6 | 3.21 | 0.66 | 1.53
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund’s Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $448,134,596
Total Number of Portfolio Holdings | 147
Total Management Fee Paid | $2,255,697
Portfolio Turnover Rate | 15.57%

Franklin Virginia Tax-Free Income Fund | PAGE 2 | 8163-ATSR-0426

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Virginia Tax-Free Income Fund | PAGE 3 | 8163-ATSR-0426

10000 10152 10115 10464 11280 11236 11123 10271 10884 11252 11613 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 23.8 17.6 16.7 10.6 9.3 7.4 4.1 3.6 2.6 1.5 1.5 1.3

Franklin Virginia Tax-Free Income Fund |
Advisor Class [FRVZX]
Annual Shareholder Report | February 28, 2026

This annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR? (based on a hypothetical $10,000 investment)

Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment*
Advisor Class | $65 | 0.64%

* | Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Virginia Tax-Free Income Fund returned 3.24%. The Fund compares its performance to the  Bloomberg Municipal Bond Index, which returned 4.96% for the same period.
PERFORMANCE HIGHLIGHTS

Top contributors to performance:
↑ | Overweight to bonds with no external credit rating
↑ | Overweight to bonds with 20 years to maturity
↑ | Underweight to AA rated bonds

Top detractors from performance:
↓ | Underweight to bonds with 10 years or less to maturity
↓ | Security selection in AA rated bonds
↓ | Security selection in BBB rated bonds

Franklin Virginia Tax-Free Income Fund | PAGE 1 | 84-ATSR-0426

HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?
The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
VALUE OF A $10,000 INVESTMENT – Advisor Class 2/29/2016 — 2/28/2026
AVERAGE ANNUAL TOTAL RETURNS (%) Period Ended February 28, 2026

| 1 Year | 5 Year | 10 Year
Advisor Class | 3.24 | 0.63 | 1.50
Bloomberg Municipal Bond Index | 4.96 | 1.44 | 2.43

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.
For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit
https://www.franklintempleton.com/investments/options/mutual-funds.
Important data provider notices and terms available at www.franklintempletondatasources.com.
KEY FUND STATISTICS (as of February 28, 2026)

Total Net Assets | $448,134,596
Total Number of Portfolio Holdings | 147
Total Management Fee Paid | $2,255,697
Portfolio Turnover Rate | 15.57%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Portfolio Composition* (% of Total Investments)

* | Does not include derivatives, except purchased options, if any.

Franklin Virginia Tax-Free Income Fund | PAGE 2 | 84-ATSR-0426

| WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information

HOUSEHOLDING
You will receive the Fund’s shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called “householding,” will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Virginia Tax-Free Income Fund | PAGE 3 | 84-ATSR-0426

10000 10160 10144 10481 11294 11245 11128 10281 10878 11239 11603 10000 10025 10276 10700 11713 11837 11759 11159 11764 12112 12713 23.8 17.6 16.7 10.6 9.3 7.4 4.1 3.6 2.6 1.5 1.5 1.3

(b) Not applicable

ITEM 2. | CODE OF ETHICS.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an “audit committee financial expert,” and has designated Mary C. Choksi as the Audit Committee’s financial expert. Mary C. Choksi is an “independent” Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES.

a) Audit Fees. The aggregate fees billed in the last two fiscal years ending February 28, 2025 and February 28, 2026 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $742,611 in February 28, 2025 and $836,756 in February 28, 2026.

b) Audit-Related Fees. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant’s financial statements were $0 in February 28, 2025 and $0 in February 28, 2026.

(c) Tax Fees. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $196,250 in February 28, 2025 and $196,250 in February 28, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (“Service Affiliates”) during the Reporting Periods that required pre-approval by the Audit Committee.

(d) All Other Fees. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in February 28, 2025 and $0 in February 28, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

(e) Audit Committee’s pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

(1) The Registrant’s Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

(i) pre-approval of all audit and audit related services;

(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $489,326 in February 28, 2025 and $1,690,011 in February 28, 2026.

(h) Yes. The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor’s independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

(i) Not applicable.

(j) Not applicable.

ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. | SCHEDULE OF INVESTMENTS.

| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

| (b) | Not applicable.

| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Franklin
Tax-Free
Trust
Financial
Statements
and
Other
Important
Information
Annual
|
February
28,
2026
Franklin
Alabama
Tax-Free
Income
Fund
Franklin
Arizona
Tax-Free
Income
Fund
Franklin
Colorado
Tax-Free
Income
Fund
Franklin
Connecticut
Tax-Free
Income
Fund
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Franklin
Georgia
Tax-Free
Income
Fund
Franklin
High
Yield
Tax-Free
Income
Fund
Franklin
Louisiana
Tax-Free
Income
Fund
Franklin
Maryland
Tax-Free
Income
Fund
Franklin
Massachusetts
Tax-Free
Income
Fund
Franklin
Michigan
Tax-Free
Income
Fund
Franklin
Minnesota
Tax-Free
Income
Fund
Franklin
Missouri
Tax-Free
Income
Fund
Franklin
New
Jersey
Tax-Free
Income
Fund
Franklin
North
Carolina
Tax-Free
Income
Fund
Franklin
Ohio
Tax-Free
Income
Fund
Franklin
Oregon
Tax-Free
Income
Fund
Franklin
Pennsylvania
Tax-Free
Income
Fund
Franklin
Virginia
Tax-Free
Income
Fund
If
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Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Annual
1
Financial
Highlights
and
Schedules
of
Investments
2
Financial
Statements
283
Notes
to
Financial
Statements
308
Report
of
Independent
Registered
Public
Accounting
Firm
349
Tax
Information
350
Changes
In
and
Disagreements
with
Accountants
351
Results
of
Meeting(s)
of
Shareholders
351
Remuneration
Paid
to
Directors,
Officers
and
Others
351
Board
Approval
of
Management
and
Subadvisory
Agreements
351
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Alabama
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.21
$10.20
$9.92
$10.97
$11.18
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.29
0.27
0.25
0.24
0.22
Net
realized
and
unrealized
gains
(losses)
...........
0.10
0.01
0.28
(1.06)
(0.21)
Total
from
investment
operations
....................
0.39
0.28
0.53
(0.82)
0.01
Less
distributions
from:
Net
investment
income
..........................
(0.29)
(0.27)
(0.25)
(0.23)
(0.22)
Net
asset
value,
end
of
year
.......................
$10.31
$10.21
$10.20
$9.92
$10.97
Total
return
d
...................................
3.83%
2.84%
5.43%
(7.45)%
0.02%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.97%
0.95%
0.93%
0.93%
0.91%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.90%
0.89%
e
0.90%
e
0.90%
e
0.91%
e
Net
investment
income
...........................
2.93%
2.60%
2.50%
2.34%
1.91%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$42,795
$47,227
$48,532
$42,244
$46,633
Portfolio
turnover
rate
............................
15.17%
14.27%
7.51%
19.06%
20.50%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
3
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.20
$10.19
$9.91
$10.95
$11.16
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.31
0.28
0.26
0.25
0.23
Net
realized
and
unrealized
gains
(losses)
...........
0.09
0.01
0.28
(1.04)
(0.20)
Total
from
investment
operations
....................
0.40
0.29
0.54
(0.79)
0.03
Less
distributions
from:
Net
investment
income
..........................
(0.30)
(0.28)
(0.26)
(0.25)
(0.24)
Net
asset
value,
end
of
year
.......................
$10.30
$10.20
$10.19
$9.91
$10.95
Total
return
d
...................................
4.09%
2.90%
5.59%
(7.24)%
0.17%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.82%
0.80%
0.78%
0.78%
0.76%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.75%
0.75%
e
0.75%
e
0.75%
e
0.76%
e
Net
investment
income
...........................
3.08%
2.75%
2.66%
2.49%
2.07%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$96,006
$103,724
$118,538
$125,644
$163,571
Portfolio
turnover
rate
............................
15.17%
14.27%
7.51%
19.06%
20.50%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.34
$10.32
$10.05
$11.10
$11.32
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.25
0.22
0.21
0.19
0.17
Net
realized
and
unrealized
gains
(losses)
...........
0.10
0.02
0.27
(1.05)
(0.22)
Total
from
investment
operations
....................
0.35
0.24
0.48
(0.86)
(0.05)
Less
distributions
from:
Net
investment
income
..........................
(0.25)
(0.22)
(0.21)
(0.19)
(0.17)
Net
asset
value,
end
of
year
.......................
$10.44
$10.34
$10.32
$10.05
$11.10
Total
return
d
...................................
3.46%
2.39%
4.83%
(7.74)%
(0.38)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.36%
1.33%
1.32%
1.32%
1.30%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.29%
1.29%
e
1.29%
e
1.29%
e
1.30%
e
Net
investment
income
...........................
2.48%
2.15%
2.06%
1.89%
1.51%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$2,308
$3,461
$6,046
$8,264
$13,416
Portfolio
turnover
rate
............................
15.17%
14.27%
7.51%
19.06%
20.50%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
5
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.21
$10.19
$9.91
$10.95
$11.17
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.32
0.29
0.28
0.26
0.25
Net
realized
and
unrealized
gains
(losses)
...........
0.09
0.02
0.28
(1.04)
(0.22)
Total
from
investment
operations
....................
0.41
0.31
0.56
(0.78)
0.03
Less
distributions
from:
Net
investment
income
..........................
(0.32)
(0.29)
(0.28)
(0.26)
(0.25)
Net
asset
value,
end
of
year
.......................
$10.30
$10.21
$10.19
$9.91
$10.95
Total
return
....................................
4.12%
3.13%
5.73%
(7.11)%
0.22%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.71%
0.68%
0.66%
0.66%
0.65%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.62%
0.62%
d
0.61%
d
0.62%
d
0.63%
d
Net
investment
income
...........................
3.21%
2.89%
2.78%
2.62%
2.19%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$3,399
$2,097
$1,279
$1,786
$2,308
Portfolio
turnover
rate
............................
15.17%
14.27%
7.51%
19.06%
20.50%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.20
$10.19
$9.91
$10.95
$11.17
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.32
0.29
0.27
0.26
0.25
Net
realized
and
unrealized
gains
(losses)
...........
0.09
0.01
0.28
(1.04)
(0.22)
Total
from
investment
operations
....................
0.41
0.30
0.55
(0.78)
0.03
Less
distributions
from:
Net
investment
income
..........................
(0.31)
(0.29)
(0.27)
(0.26)
(0.25)
Net
asset
value,
end
of
year
.......................
$10.30
$10.20
$10.19
$9.91
$10.95
Total
return
....................................
4.19%
3.00%
5.70%
(7.14)%
0.18%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.72%
0.70%
0.68%
0.68%
0.66%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.65%
0.65%
d
0.65%
d
0.65%
d
0.66%
d
Net
investment
income
...........................
3.19%
2.85%
2.76%
2.59%
2.16%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$26,577
$20,943
$19,911
$18,309
$19,796
Portfolio
turnover
rate
............................
15.17%
14.27%
7.51%
19.06%
20.50%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Alabama
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
500,000
$
529,166
Total
Corporate
Bonds
(Cost
$
500,000
)
........................................
529,166
Municipal
Bonds
96.2%
Alabama
86.9%
Alabama
Community
College
System
,
Bishop
State
Community
College
,
Revenue
,
2019
,
BAM
Insured
,
4
%
,
1/01/49
....
2,000,000
1,806,424
Shelton
State
Community
College
,
Revenue
,
2024
,
AG
Insured
,
5
%
,
8/01/49
.....
1,000,000
1,038,494
Alabama
Federal
Aid
Highway
Finance
Authority
,
Revenue
,
2025
A
,
5
%
,
3/01/45
....
750,000
820,612
Alabama
Highway
Authority
,
Revenue
,
2025
,
AG
Insured
,
5
%
,
9/01/45
............
500,000
549,256
Alabama
Housing
Finance
Authority
,
Revenue
,
2024
A
,
GNMA
Insured
,
4.7
%
,
10/01/54
.........................
970,000
967,414
Revenue
,
2024
D
,
GNMA
Insured
,
4.55
%
,
10/01/54
........................
990,000
977,971
Revenue
,
2025
B
,
GNMA
Insured
,
5.05
%
,
10/01/45
........................
1,000,000
1,035,147
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
,
Children's
Hospital
of
Alabama
Obligated
Group
(The)
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
6/01/50
...
1,000,000
1,065,841
Alabama
State
University
,
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/36
......................
1,500,000
1,650,192
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/40
......................
1,500,000
1,612,103
Revenue
,
2025
,
AG
Insured
,
5.75
%
,
9/01/50
.............................
500,000
548,143
Alabaster
Board
of
Education
,
Special
Tax
,
2022
,
BAM
Insured
,
5
%
,
9/01/47
.............................
1,500,000
1,567,978
Special
Tax
,
2022
,
BAM
Insured
,
5
%
,
9/01/52
.............................
1,500,000
1,543,600
Alexander
City
Board
of
Education
,
Special
Tax
,
2022
,
BAM
Insured
,
4
%
,
2/01/52
...
3,000,000
2,820,159
Auburn
University
,
Revenue
,
2025
A
,
5
%
,
6/01/55
...........................
2,670,000
2,794,957
Bessemer
Governmental
Utility
Services
Corp.
,
Water
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/39
...........................................
3,000,000
3,078,896
Birmingham
Airport
Authority
,
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/38
......................
400,000
412,046
Revenue
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
7/01/40
......................
705,000
720,758
Birmingham-Jefferson
Civic
Center
Authority
,
Special
Tax
,
2018
A
,
5
%
,
7/01/33
.....
1,605,000
1,690,110
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
1,000,000
1,027,309
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
3,000,000
3,286,317
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
2,000,000
2,171,524
c
Revenue
,
144A,
2025
C
,
Mandatory
Put
,
5.5
%
,
8/01/34
.....................
1,200,000
1,312,978
Revenue
,
2025
D
,
Refunding
,
Mandatory
Put
,
5
%
,
8/01/35
...................
1,000,000
1,111,106
City
of
Albertville
,
GO
,
2025
A
,
BAM
Insured
,
5.5
%
,
4/01/51
....................
1,000,000
1,087,022
City
of
Bessemer
,
Water
,
Revenue
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
1/01/47
.....
2,590,000
2,602,679
City
of
Huntsville
,
GO
,
2018
B
,
5
%
,
5/01/38
................................
4,775,000
4,948,206
City
of
Lincoln
,
GO
,
2020
,
BAM
Insured
,
4
%
,
6/01/50
........................
2,500,000
2,387,818
City
of
Trussville
,
GO
,
2018
A
,
4
%
,
8/01/41
................................
3,000,000
3,031,333
City
of
Tuscaloosa
,
GO
,
2020
A
,
4
%
,
10/01/50
...........................................
2,000,000
1,844,963
GO
,
2025
B
,
5.25
%
,
8/01/55
.........................................
1,250,000
1,336,275
b
Columbia
Industrial
Development
Board
,
Alabama
Power
Co.
,
Revenue
,
2014
D
,
Refunding
,
Mandatory
Put
,
3.81
%
,
6/01/28
...............................
2,000,000
2,048,192
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5.5
%
,
10/01/53
..........
4,500,000
4,774,438
County
of
Marshall
,
GO
,
2025
,
5
%
,
11/01/54
...............................
1,000,000
1,036,020
c
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
.......................
2,100,000
1,988,762
DCH
Healthcare
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/36
.................................
2,000,000
2,002,266
Revenue
,
2021
A
,
4
%
,
6/01/46
........................................
2,310,000
2,205,890
East
Alabama
Health
Care
Authority
(The)
,
Revenue
,
2018
A
,
5
%
,
9/01/41
........
3,000,000
3,078,877
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Alabama
(continued)
b
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
$
1,000,000
$
1,101,412
Revenue
,
2024
B
,
Mandatory
Put
,
5.25
%
,
6/01/32
.........................
2,000,000
2,209,744
Florence
City
Board
of
Education
,
Special
Tax
,
2022
,
4
%
,
3/01/46
...............
3,000,000
2,867,772
Florence
Public
Educational
Building
Authority
,
University
of
North
Alabama
,
Revenue
,
2024
,
AG
Insured
,
5.25
%
,
11/01/49
....................................
1,000,000
1,069,630
Health
Care
Authority
for
Baptist
Health
(The)
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
11/15/36
..............................
1,000,000
1,090,096
Revenue
,
2023
A
,
Refunding
,
5
%
,
11/15/37
..............................
875,000
948,701
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Health
Care
Authority
of
City
of
Huntsville
(The)
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
6/01/45
....................................................
2,000,000
1,910,019
Huntsville
Hospital
Health
System
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
6/01/35
3,000,000
3,522,454
Homewood
Educational
Building
Authority
,
CHF
-
Horizons
II
LLC
,
Revenue
,
2024
C
,
5.5
%
,
10/01/54
...................
1,000,000
1,024,521
Samford
University
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
12/01/49
...............
2,500,000
2,136,343
Samford
University
,
Revenue
,
2021
A
,
4
%
,
12/01/51
.......................
1,470,000
1,232,101
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
,
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/46
......
3,000,000
2,714,566
Jacksonville
State
University
,
Revenue
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
12/01/36
......................
2,500,000
2,567,781
Revenue
,
2020
,
Refunding
,
4
%
,
12/01/50
................................
5,000,000
4,278,029
Jefferson
County
Board
of
Education
,
Special
Tax
,
2024
,
5
%
,
2/01/46
............
1,000,000
1,062,927
Limestone
County
Water
&
Sewer
Authority
,
Revenue
,
2015
B
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/43
...................
230,000
230,153
Revenue
,
2024
,
5
%
,
12/01/44
........................................
500,000
542,740
Revenue
,
2024
,
4.25
%
,
12/01/54
......................................
2,000,000
1,875,280
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/44
...............
3,000,000
2,954,831
Madison
Water
&
Wastewater
Board
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/41
.....
4,610,000
4,672,832
Mobile
County
Board
of
School
Commissioners
,
Special
Tax
,
2022
B
,
BAM
Insured
,
4.25
%
,
3/01/52
...................................................
2,000,000
1,957,026
Mobile
County
Industrial
Development
Authority
,
AM/NS
Calvert
LLC
,
Revenue
,
2024
A
,
5
%
,
6/01/54
........................
1,000,000
992,689
AM/NS
Calvert
LLC
,
Revenue
,
2024
B
,
4.75
%
,
12/01/54
....................
1,250,000
1,197,921
Montgomery
Water
Works
&
Sanitary
Sewer
Board
,
Revenue
,
2025
,
5
%
,
9/01/46
...
1,000,000
1,081,517
Opelika
Utilities
Board
,
Revenue
,
2017
,
Refunding
,
4
%
,
6/01/41
................
2,000,000
2,006,341
Prattville
Waterworks
Board
,
Revenue
,
2023
,
5.125
%
,
8/01/53
.................
1,000,000
1,038,888
Selma
Industrial
Development
Board
,
International
Paper
Co.
,
Revenue
,
2020
A
,
Refunding
,
4.2
%
,
5/01/34
............................................
1,500,000
1,614,633
b
Southeast
Alabama
Gas
Supply
District
(The)
,
Revenue
,
2024
B
,
Refunding
,
Mandatory
Put
,
5
%
,
5/01/32
..........................................
1,000,000
1,093,187
Southeast
Energy
Authority
A
Cooperative
District
,
b
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
10/01/28
...........................
2,000,000
2,061,317
b
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
2,000,000
2,176,946
b
Revenue
,
2023
B
,
Mandatory
Put
,
5
%
,
6/01/30
............................
1,000,000
1,076,271
Revenue
,
2024
A
,
5
%
,
11/01/35
.......................................
1,000,000
1,076,346
b
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/35
............................
1,000,000
1,053,272
Special
Care
Facilities
Financing
Authority
of
the
City
of
Pell
City
Alabama
,
Noland
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/39
.................
4,000,000
4,064,526
Talladega
County
Board
of
Education
,
Special
Tax
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
11/01/39
........................................................
2,000,000
2,039,782
Town
of
Pike
Road
,
GO
,
2024
,
5
%
,
9/01/44
................................
1,000,000
1,087,247
Troy
Public
Educational
Building
Authority
,
Troy
City
Board
of
Education
,
Revenue
,
2011
,
AG
Insured
,
5.25
%
,
12/01/40
....................................
295,000
295,318
University
of
Alabama
(The)
,
Revenue
,
2018
B-2
,
5
%
,
9/01/48
..................
5,000,000
5,101,256
University
of
Montevallo
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
5/01/42
....
2,500,000
2,546,109
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Alabama
(continued)
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
.............................
$
2,000,000
$
2,043,205
Revenue
,
2024
A
,
Refunding
,
BAM
Insured
,
5.25
%
,
4/01/54
..................
1,000,000
1,052,646
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue,
Sub.
Lien
,
2016
B
,
Pre-
Refunded
,
5
%
,
1/01/43
.............................................
2,000,000
2,047,475
148,697,926
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
700,000
589,840
Florida
1.1%
c
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
500,000
355,200
c
,d
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
1,725,000
1,477,648
1,832,848
Georgia
0.4%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
185,000
197,955
d
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
925,000
463,640
661,595
South
Carolina
0.4%
c
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
750,000
691,798
Texas
0.4%
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
800,000
616,418
Washington
0.3%
c
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
500,000
445,809
Wisconsin
2.9%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
855,000
914,124
c
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
500,000
419,960
d
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
4,200,000
2,112,193
c,d
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
2,125,000
1,428,135
4,874,412
U.S.
Territories
3.5%
Guam
2.2%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
1,000,000
1,020,661
Guam
Waterworks
Authority
Water
And
Wastewater
System
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/45
............................................
1,000,000
1,042,339
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.25
%
,
7/01/50
.............
600,000
623,389
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.5
%
,
7/01/55
..............
1,100,000
1,156,237
3,842,626
Puerto
Rico
1.3%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
500,000
513,143
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
1,024,451
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Alabama
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
$
500,000
$
490,764
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
250,000
242,228
2,270,586
Total
U.S.
Territories
....................................................................
6,113,212
Total
Municipal
Bonds
(Cost
$
167,798,975
)
.....................................
164,523,858
Total
Long
Term
Investments
(Cost
$
168,298,975
)
...............................
165,053,024
a
a
a
a
a
a
Total
Investments
(Cost
$
168,298,975
)
96.5
%
...................................
$165,053,024
Other
Assets,
less
Liabilities
3.5
%
.............................................
6,031,295
Net
Assets
100.0%
...........................................................
$171,084,319
See
Abbreviations
on
page
348
.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$8,736,708,
representing
5.1%
of
net
assets.
d
The
rate
shown
represents
the
yield
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Arizona
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.88
$9.81
$9.60
$10.64
$10.92
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.31
0.30
0.30
0.27
0.25
Net
realized
and
unrealized
gains
(losses)
...........
0.05
0.07
0.21
(1.04)
(0.28)
Total
from
investment
operations
....................
0.36
0.37
0.51
(0.77)
(0.03)
Less
distributions
from:
Net
investment
income
..........................
(0.31)
(0.30)
(0.30)
(0.27)
(0.25)
Net
asset
value,
end
of
year
.......................
$9.93
$9.88
$9.81
$9.60
$10.64
Total
return
d
...................................
3.79%
3.83%
5.39%
(7.24)%
(0.37)%
Ratios
to
average
net
assets
Expenses
.....................................
0.83%
e
0.82%
f
0.82%
f
0.83%
f
0.81%
f
Net
investment
income
...........................
3.27%
3.06%
3.15%
2.79%
2.23%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$206,246
$230,162
$220,872
$212,662
$210,355
Portfolio
turnover
rate
............................
17.42%
10.60%
7.72%
27.77%
17.24%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.86
$9.80
$9.59
$10.62
$10.90
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.33
0.32
0.32
0.29
0.26
Net
realized
and
unrealized
gains
(losses)
...........
0.04
0.05
0.20
(1.04)
(0.28)
Total
from
investment
operations
....................
0.37
0.37
0.52
(0.75)
(0.02)
Less
distributions
from:
Net
investment
income
..........................
(0.32)
(0.31)
(0.31)
(0.28)
(0.26)
Net
asset
value,
end
of
year
.......................
$9.91
$9.86
$9.80
$9.59
$10.62
Total
return
d
...................................
3.95%
3.89%
5.55%
(7.02)%
(0.22)%
Ratios
to
average
net
assets
Expenses
.....................................
0.68%
e
0.67%
f
0.67%
f
0.68%
f
0.66%
f
Net
investment
income
...........................
3.42%
3.22%
3.30%
2.94%
2.39%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$254,936
$305,231
$349,407
$396,929
$526,131
Portfolio
turnover
rate
............................
17.42%
10.60%
7.72%
27.77%
17.24%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.03
$9.97
$9.75
$10.81
$11.09
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.28
0.26
0.26
0.23
0.20
Net
realized
and
unrealized
gains
(losses)
...........
0.05
0.06
0.22
(1.06)
(0.28)
Total
from
investment
operations
....................
0.33
0.32
0.48
(0.83)
(0.08)
Less
distributions
from:
Net
investment
income
..........................
(0.27)
(0.26)
(0.26)
(0.23)
(0.20)
Net
asset
value,
end
of
year
.......................
$10.09
$10.03
$9.97
$9.75
$10.81
Total
return
d
...................................
3.41%
3.24%
4.98%
(7.69)%
(0.76)%
Ratios
to
average
net
assets
Expenses
.....................................
1.22%
e
1.21%
f
1.21%
f
1.22%
f
1.20%
f
Net
investment
income
...........................
2.81%
2.61%
2.68%
2.33%
1.80%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$13,602
$17,424
$24,653
$32,466
$48,833
Portfolio
turnover
rate
............................
17.42%
10.60%
7.72%
27.77%
17.24%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.89
$9.83
$9.62
$10.66
$10.94
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.34
0.33
0.33
0.30
0.28
Net
realized
and
unrealized
gains
(losses)
...........
0.05
0.06
0.20
(1.04)
(0.28)
Total
from
investment
operations
....................
0.39
0.39
0.53
(0.74)
—
Less
distributions
from:
Net
investment
income
..........................
(0.34)
(0.33)
(0.32)
(0.30)
(0.28)
Net
asset
value,
end
of
year
.......................
$9.94
$9.89
$9.83
$9.62
$10.66
Total
return
....................................
4.08%
4.01%
5.67%
(6.96)%
(0.08)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.55%
0.54%
0.54%
0.55%
0.53%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.55%
0.54%
d
0.54%
d
0.54%
d
0.52%
d
Net
investment
income
...........................
3.55%
3.33%
3.43%
3.06%
2.51%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$23,802
$25,494
$25,018
$19,946
$28,123
Portfolio
turnover
rate
............................
17.42%
10.60%
7.72%
27.77%
17.24%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.89
$9.83
$9.62
$10.65
$10.94
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.34
0.33
0.33
0.30
0.27
Net
realized
and
unrealized
gains
(losses)
...........
0.04
0.05
0.20
(1.04)
(0.29)
Total
from
investment
operations
....................
0.38
0.38
0.53
(0.74)
(0.02)
Less
distributions
from:
Net
investment
income
..........................
(0.33)
(0.32)
(0.32)
(0.29)
(0.27)
Net
asset
value,
end
of
year
.......................
$9.94
$9.89
$9.83
$9.62
$10.65
Total
return
....................................
4.04%
3.98%
5.64%
(6.91)%
(0.21)%
Ratios
to
average
net
assets
Expenses
.....................................
0.58%
d
0.57%
e
0.56%
e
0.57%
e
0.56%
e
Net
investment
income
...........................
3.51%
3.31%
3.40%
3.02%
2.48%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$111,255
$122,601
$103,552
$114,323
$178,256
Portfolio
turnover
rate
............................
17.42%
10.60%
7.72%
27.77%
17.24%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Arizona
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.5%
Arizona
91.6%
Arizona
Board
of
Regents
,
Arizona
State
University
,
Revenue
,
2023
B
,
4
%
,
7/01/53
.....................
$
5,000,000
$
4,621,620
Arizona
State
University
,
Revenue
,
2024
A
,
5
%
,
7/01/50
.....................
6,225,000
6,581,730
Arizona
State
University
,
Revenue
,
2024
A
,
5
%
,
7/01/54
.....................
2,000,000
2,102,840
Arizona
State
University
SPEED
Fund
,
Revenue
,
2024
,
Refunding
,
5
%
,
8/01/46
...
2,115,000
2,270,716
Arizona
State
University
SPEED
Fund
,
Revenue
,
2026
A
,
5
%
,
8/01/56
..........
9,000,000
9,438,854
University
of
Arizona
(The)
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/39
...........
2,750,000
2,768,696
University
of
Arizona
(The)
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
6/01/42
..........
2,000,000
2,013,597
University
of
Arizona
(The)
,
Revenue
,
2018
A
,
5
%
,
6/01/43
...................
4,500,000
4,652,892
University
of
Arizona
(The)
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
6/01/55
..........
5,000,000
5,241,757
Arizona
Industrial
Development
Authority
,
Academies
of
Math
&
Science
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/42
........................................................
2,045,000
2,057,670
Academies
of
Math
&
Science
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/51
........................................................
1,080,000
1,057,113
Arizona
Agribusiness
and
Equine
Center,
Inc.
,
Revenue
,
2017
A
,
5
%
,
3/01/48
....
1,555,000
1,563,536
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
2.65
%
,
7/01/26
195,000
194,485
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/31
...
550,000
559,323
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/41
...
2,000,000
1,895,612
Ball
Charter
Schools
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/51
...
2,340,000
1,938,304
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
2017
F
,
Refunding
,
5
%
,
7/01/47
..
3,350,000
3,364,065
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/33
.......................................................
1,000,000
1,058,412
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/36
.......................................................
1,235,000
1,295,625
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/39
.......................................................
1,000,000
1,041,390
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/45
.......................................................
2,200,000
2,071,864
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/50
.......................................................
7,055,000
6,313,647
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
11/01/51
.......................................................
1,400,000
1,243,197
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/01/42
.......................................................
1,650,000
1,632,086
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/47
.......................................................
5,610,000
5,806,903
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4.25
%
,
11/01/52
.......................................................
3,500,000
3,217,216
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2023
A
,
5.25
%
,
11/01/53
.......................................................
5,540,000
5,727,726
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2026
A
,
5.5
%
,
11/01/56
.......................................................
1,000,000
1,065,455
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue
,
2025
A-2
,
5.125
%
,
1/01/59
2,425,000
2,287,317
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2025
B
,
5.125
%
,
1/01/59
.................................................
6,899,966
5,258,350
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
7/01/41
..........
5,000
4,734
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2025
A
,
5
%
,
7/01/45
..........
900,000
916,687
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2025
A
,
5
%
,
7/01/50
..........
1,300,000
1,286,256
GreatHearts
Arizona
Obligated
Group
,
Revenue
,
2025
A
,
5.25
%
,
7/01/55
........
1,750,000
1,762,757
KIPP
Nashville
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/47
..............
1,400,000
1,410,966
KIPP
Nashville
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/62
..............
2,400,000
2,371,872
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/32
.............
660,000
702,463
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/34
.............
660,000
661,396
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/36
.............
315,000
313,047
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
4
%
,
7/01/51
.............
8,000,000
6,705,663
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
C
,
3.25
%
,
7/01/31
..........
1,350,000
1,249,973
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
Leman
Academy
of
Excellence
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4.5
%
,
7/01/54
........................................................
$
3,000,000
$
2,520,755
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
2/01/50
.....
2,540,000
2,238,339
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
2/01/41
........................................................
885,000
788,757
Provident
Group-NCCU
Properties
LLC
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
6/01/58
........................................................
6,250,000
6,292,219
Arizona
State
University
,
Revenue
,
2019
A
,
5
%
,
7/01/40
......................
1,000,000
1,063,472
City
of
Bullhead
,
Excise
Taxes
,
Revenue
,
2022
,
4
%
,
7/01/47
...................
2,065,000
2,002,375
City
of
Glendale
,
Water
&
Sewer
,
Revenue,
Senior
Lien
,
2024
,
5
%
,
7/01/41
...................
1,000,000
1,133,210
Water
&
Sewer
,
Revenue,
Senior
Lien
,
2024
,
5
%
,
7/01/43
...................
1,000,000
1,111,754
City
of
Goodyear
,
Water
&
Sewer
,
Revenue,
Sub.
Lien,
Second
Series
,
2020
,
AG
Insured
,
4
%
,
7/01/45
...............................................
3,500,000
3,504,176
City
of
Kingman
,
Excise
Tax
,
Revenue
,
2025
,
4.5
%
,
7/15/44
...................
1,000,000
1,039,313
City
of
Lake
Havasu
City
,
Wastewater
System
,
GO,
Senior
Lien
,
2025
,
Refunding
,
4
%
,
7/01/43
.........................................................
2,000,000
2,059,937
City
of
Mesa
,
Utility
System
,
Revenue
,
2018
,
4
%
,
7/01/38
.....................
1,425,000
1,447,521
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/42
..................................
2,155,000
2,192,058
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..................................
12,935,000
13,040,812
Airport
,
Revenue,
Junior
Lien
,
2017
D
,
Refunding
,
4
%
,
7/01/40
...............
16,570,000
16,669,906
Airport
,
Revenue,
Junior
Lien
,
2019
A
,
4
%
,
7/01/44
........................
4,000,000
4,019,731
Airport
,
Revenue,
Junior
Lien
,
2019
A
,
5
%
,
7/01/44
........................
8,500,000
8,848,409
Airport
,
Revenue,
Senior
Lien
,
2018
,
5
%
,
7/01/48
..........................
5,000,000
5,048,223
Excise
Tax
,
Revenue
,
2022
,
5
%
,
7/01/46
................................
8,300,000
8,829,321
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/37
..................................................
1,500,000
1,593,524
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/38
..................................................
4,420,000
4,679,593
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/39
..................................................
4,090,000
4,318,365
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
4
%
,
7/01/45
..................................................
12,500,000
12,160,140
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/27
.....
3,945,000
4,117,832
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/28
.....
2,000,000
2,149,740
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/29
.....
2,000,000
2,211,620
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/36
.....
5,000,000
6,217,000
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/37
.....
7,000,000
8,736,277
Wastewater
,
Revenue,
Junior
Lien
,
2018
A
,
4
%
,
7/01/39
.....................
5,000,000
5,083,606
Water
System
,
Revenue,
Junior
Lien
,
2016
,
Refunding
,
5
%
,
7/01/38
............
5,000,000
5,037,773
Water
System
,
Revenue,
Junior
Lien
,
2020
B
,
5
%
,
7/01/44
...................
8,030,000
8,550,554
City
of
Scottsdale
,
GO
,
2023
,
4
%
,
7/01/39
.................................
1,500,000
1,573,121
City
of
Tempe
,
GO
,
2025
,
Refunding
,
5
%
,
7/01/40
...........................
6,930,000
8,008,243
Coconino
County
Jail
District
,
Excise
Tax
,
Revenue
,
2025
,
4.5
%
,
7/01/45
.........
1,000,000
1,036,515
County
of
Yuma
,
Pledged
,
Revenue
,
2022
,
BAM
Insured
,
4.25
%
,
7/15/42
.........
3,250,000
3,367,300
Gilbert
Water
Resource
Municipal
Property
Corp.
,
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/39
........................................................
10,000,000
10,423,267
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/42
........................................................
4,700,000
4,802,281
Town
of
Gilbert
Waterworks
&
Sewer
System
,
Revenue,
Senior
Lien
,
2022
,
4
%
,
7/15/47
........................................................
9,030,000
9,075,565
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
5/15/31
...........
400,000
397,785
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/41
...........
1,000,000
1,004,100
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Glendale
Industrial
Development
Authority,
(continued)
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
...........
$
4,500,000
$
3,937,128
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/44
......
2,000,000
2,013,915
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/49
......
3,120,000
3,086,377
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/54
......
2,665,000
2,588,229
Downtown
Phoenix
Student
Housing
II
LLC
,
Revenue
,
2019
A
,
5
%
,
7/01/59
......
2,000,000
1,921,394
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/27
425,000
434,142
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/30
700,000
724,352
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/32
250,000
257,861
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/33
600,000
617,539
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/37
3,950,000
4,028,605
Downtown
Phoenix
Student
Housing
LLC
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/42
12,800,000
12,885,779
Vista
College
Preparatory
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
7/01/48
......
1,000,000
1,005,909
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/40
....
1,040,000
1,043,694
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/41
....
1,360,000
1,343,651
TMC
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
4/01/51
....
12,000,000
8,628,939
Industrial
Development
Authority
of
the
County
of
Yavapai
(The)
,
Yavapai
Community
Hospital
Association
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
8/01/34
............................................
4,250,000
4,286,346
Yavapai
Community
Hospital
Association
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
8/01/36
............................................
1,310,000
1,319,947
La
Paz
County
Industrial
Development
Authority
,
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/38
....................
1,000,000
1,019,668
Harmony
Public
Schools
,
Revenue
,
2018
A
,
5
%
,
2/15/48
....................
1,000,000
980,871
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2019
F
,
3
%
,
1/01/49
...............
5,000,000
3,792,938
Banner
Health
Obligated
Group
,
Revenue
,
A
,
4
%
,
1/01/41
...................
9,630,000
9,635,310
Banner
Health
Obligated
Group
,
Revenue
,
A
,
5
%
,
1/01/41
...................
37,590,000
38,657,455
Creighton
University
,
Revenue
,
2020
,
4
%
,
7/01/50
.........................
8,450,000
7,588,871
Highland
Prep
Obligated
Group
,
Revenue
,
2019
,
5
%
,
1/01/43
................
2,275,000
2,336,242
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/36
.......
2,100,000
2,209,668
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/37
.......
3,175,000
3,329,647
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/42
.......
2,750,000
2,847,704
HonorHealth
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
9/01/51
................
5,600,000
4,021,577
Reid
Traditional
Schools
Obligated
Group
,
Revenue
,
2016
,
5
%
,
7/01/36
.........
1,120,000
1,121,819
Reid
Traditional
Schools
Obligated
Group
,
Revenue
,
2016
,
5
%
,
7/01/47
.........
3,325,000
3,147,094
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.
,
Revenue
,
2009
B
,
Refunding
,
3.6
%
,
4/01/40
.............
13,500,000
13,133,131
El
Paso
Electric
Co.
,
Revenue
,
2012
A
,
Refunding
,
4.5
%
,
8/01/42
.............
10,000,000
10,002,747
a
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
4,500,000
4,449,955
a
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
B
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
2,150,000
2,126,090
Maricopa
County
Unified
School
District
No.
60
Higley
,
COP
,
2023
,
Refunding
,
AG
Insured
,
5
%
,
6/01/53
...............................................
3,000,000
3,080,291
Maricopa
County
Unified
School
District
No.
69
Paradise
Valley
,
GO
,
2025
A
,
5
%
,
7/01/43
.........................................................
7,150,000
7,921,732
McAllister
Academic
Village
LLC
,
Arizona
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/37
............
2,095,000
2,108,168
Arizona
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/39
............
1,000,000
1,005,631
Mohave
County
Union
High
School
District
No.
2
Colorado
River
,
GO
,
2017
,
5
%
,
7/01/35
.........................................................
1,000,000
1,027,790
Pima
County
Unified
School
District
No.
30
Sahuarita
,
GO
,
2017
,
BAM
Insured
,
5
%
,
7/01/33
...................................
2,665,000
2,741,297
GO
,
2017
,
BAM
Insured
,
5
%
,
7/01/34
...................................
2,800,000
2,877,568
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
1/01/38
...............................
$
2,125,000
$
2,210,479
Revenue
,
2019
A
,
5
%
,
1/01/47
........................................
2,000,000
2,077,387
Revenue
,
2023
A
,
5
%
,
1/01/47
........................................
5,000,000
5,307,913
Revenue
,
2023
A
,
5
%
,
1/01/50
........................................
5,265,000
5,529,037
Revenue
,
2023
B
,
5.25
%
,
1/01/53
.....................................
2,780,000
2,967,233
Revenue
,
2024
A
,
5.25
%
,
1/01/54
.....................................
15,000,000
16,088,970
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5
%
,
12/01/32
.......................................
11,555,000
12,797,604
Revenue
,
2007-1
,
5
%
,
12/01/37
.......................................
5,000,000
5,574,369
Student
&
Academic
Services
LLC
,
Northern
Arizona
Capital
Facilities
Finance
Corp.
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/44
......................
1,030,000
1,113,870
Town
of
Marana
,
Pledged
Excise
,
Revenue
,
2024
,
4
%
,
7/01/44
.................
2,250,000
2,263,622
Town
of
Queen
Creek
,
Excise
Tax
,
Revenue
,
2018
A
,
5
%
,
8/01/42
...............................
5,000,000
5,222,930
Excise
Tax
,
Revenue
,
2018
A
,
5
%
,
8/01/47
...............................
5,000,000
5,126,504
Excise
Tax
,
Revenue
,
2022
,
5
%
,
8/01/47
................................
1,190,000
1,251,180
Excise
Tax
,
Revenue
,
2024
,
5
%
,
8/01/49
................................
4,425,000
4,667,522
Yuma
Industrial
Development
Authority
,
Yuma
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
4
%
,
8/01/49
..............................................
4,000,000
3,698,788
Yuma
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
4
%
,
8/01/54
..............................................
4,000,000
3,594,345
Yuma
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
8/01/54
..................................................
1,750,000
1,812,946
558,714,071
Florida
1.0%
b
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
800,000
568,320
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
6,465,000
5,537,968
6,106,288
Georgia
0.3%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
540,000
577,816
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
2,420,000
1,212,981
1,790,797
Oregon
0.2%
b
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
1,400,000
1,481,758
Texas
0.7%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,916,889
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,300,000
2,542,726
4,459,615
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,800,000
1,604,913
Wisconsin
2.6%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
2,530,000
2,704,953
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,900,000
1,595,846
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Arizona
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
See
Abbreviations
on
page
348
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
$
10,975,000
$
5,519,361
b
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
1,500,000
1,378,815
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
5,075,000
3,410,722
b
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,500,000
1,514,564
16,124,261
U.S.
Territories
1.8%
Guam
0.1%
Guam
Power
Authority
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/44
..............
450,000
475,925
Puerto
Rico
1.7%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
3,700,000
3,797,254
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
1,550,000
1,511,440
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
4,906,000
4,815,379
10,124,073
Total
U.S.
Territories
....................................................................
10,599,998
Total
Municipal
Bonds
(Cost
$
604,881,221
)
.....................................
600,881,701
a
a
a
a
Short
Term
Investments
0.3%
Municipal
Bonds
0.3%
Arizona
0.3%
d
Arizona
Health
Facilities
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2015
C
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
1.9
%
,
1/01/46
................
1,900,000
1,900,000
Total
Municipal
Bonds
(Cost
$
1,900,000
)
.......................................
1,900,000
Total
Short
Term
Investments
(Cost
$
1,900,000
)
.................................
1,900,000
a
Total
Investments
(Cost
$
606,781,221
)
98.8
%
...................................
$602,781,701
Other
Assets,
less
Liabilities
1.2
%
.............................................
7,059,453
Net
Assets
100.0%
...........................................................
$609,841,154
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$19,635,632,
representing
3.2%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Colorado
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.59
$10.54
$10.26
$11.40
$11.69
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.35
0.32
0.30
0.28
0.25
Net
realized
and
unrealized
gains
(losses)
...........
0.07
0.05
0.28
(1.15)
(0.29)
Total
from
investment
operations
....................
0.42
0.37
0.58
(0.87)
(0.04)
Less
distributions
from:
Net
investment
income
..........................
(0.33)
(0.32)
(0.30)
(0.27)
(0.25)
Net
asset
value,
end
of
year
.......................
$10.68
$10.59
$10.54
$10.26
$11.40
Total
return
d
...................................
4.11%
3.57%
5.74%
(7.63)%
(0.43)%
Ratios
to
average
net
assets
Expenses
.....................................
0.87%
e
0.85%
f
0.85%
f
0.85%
f
0.83%
f
Net
investment
income
...........................
3.33%
3.05%
2.90%
2.62%
2.08%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$121,401
$122,273
$121,792
$117,511
$142,935
Portfolio
turnover
rate
............................
11.43%
13.97%
15.33%
13.39%
14.21%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.58
$10.54
$10.26
$11.40
$11.68
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.36
0.34
0.31
0.29
0.26
Net
realized
and
unrealized
gains
(losses)
...........
0.08
0.04
0.28
(1.14)
(0.28)
Total
from
investment
operations
....................
0.44
0.38
0.59
(0.85)
(0.02)
Less
distributions
from:
Net
investment
income
..........................
(0.35)
(0.34)
(0.31)
(0.29)
(0.26)
Net
asset
value,
end
of
year
.......................
$10.67
$10.58
$10.54
$10.26
$11.40
Total
return
d
...................................
4.27%
3.63%
5.90%
(7.49)%
(0.19)%
Ratios
to
average
net
assets
Expenses
.....................................
0.72%
e
0.70%
f
0.70%
f
0.70%
f
0.68%
f
Net
investment
income
...........................
3.48%
3.20%
3.05%
2.77%
2.24%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$202,362
$227,023
$255,227
$287,013
$386,962
Portfolio
turnover
rate
............................
11.43%
13.97%
15.33%
13.39%
14.21%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
23
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.72
$10.67
$10.39
$11.54
$11.83
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.30
0.28
0.26
0.23
0.20
Net
realized
and
unrealized
gains
(losses)
...........
0.07
0.05
0.28
(1.15)
(0.29)
Total
from
investment
operations
....................
0.37
0.33
0.54
(0.92)
(0.09)
Less
distributions
from:
Net
investment
income
..........................
(0.29)
(0.28)
(0.26)
(0.23)
(0.20)
Net
asset
value,
end
of
year
.......................
$10.80
$10.72
$10.67
$10.39
$11.54
Total
return
d
...................................
3.55%
3.10%
5.24%
(8.00)%
(0.83)%
Ratios
to
average
net
assets
Expenses
.....................................
1.26%
e
1.25%
f
1.24%
f
1.24%
f
1.23%
f
Net
investment
income
...........................
2.88%
2.60%
2.44%
2.18%
1.66%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$8,066
$12,151
$16,388
$23,346
$36,062
Portfolio
turnover
rate
............................
11.43%
13.97%
15.33%
13.39%
14.21%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.59
$10.55
$10.27
$11.41
$11.69
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.38
0.35
0.33
0.31
0.28
Net
realized
and
unrealized
gains
(losses)
...........
0.07
0.04
0.28
(1.15)
(0.28)
Total
from
investment
operations
....................
0.45
0.39
0.61
(0.84)
—
Less
distributions
from:
Net
investment
income
..........................
(0.36)
(0.35)
(0.33)
(0.30)
(0.28)
Net
asset
value,
end
of
year
.......................
$10.68
$10.59
$10.55
$10.27
$11.41
Total
return
....................................
4.42%
3.77%
6.03%
(7.35)%
(0.05)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.58%
0.56%
0.56%
0.56%
0.55%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.58%
d
0.56%
e
0.56%
e
0.55%
e
0.54%
e
Net
investment
income
...........................
3.64%
3.34%
3.18%
2.91%
2.38%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$25,629
$16,355
$15,928
$15,147
$23,615
Portfolio
turnover
rate
............................
11.43%
13.97%
15.33%
13.39%
14.21%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
25
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.58
$10.54
$10.26
$11.40
$11.68
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.37
0.35
0.32
0.30
0.28
Net
realized
and
unrealized
gains
(losses)
...........
0.08
0.04
0.28
(1.14)
(0.28)
Total
from
investment
operations
....................
0.45
0.39
0.60
(0.84)
—
Less
distributions
from:
Net
investment
income
..........................
(0.36)
(0.35)
(0.32)
(0.30)
(0.28)
Net
asset
value,
end
of
year
.......................
$10.67
$10.58
$10.54
$10.26
$11.40
Total
return
....................................
4.28%
3.83%
6.00%
(7.40)%
(0.10)%
Ratios
to
average
net
assets
Expenses
.....................................
0.62%
d
0.60%
e
0.60%
e
0.60%
e
0.58%
e
Net
investment
income
...........................
3.58%
3.30%
3.15%
2.87%
2.33%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$139,523
$131,282
$97,040
$97,723
$137,797
Portfolio
turnover
rate
............................
11.43%
13.97%
15.33%
13.39%
14.21%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Colorado
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,400,000
$
1,481,665
Total
Corporate
Bonds
(Cost
$
1,400,000
)
.......................................
1,481,665
Municipal
Bonds
96.0%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,000,000
1,685,257
Colorado
89.2%
b
Access
25
Metropolitan
District
No.
2
,
GO
,
144A,
2023
,
6.75
%
,
12/01/53
..........
3,000,000
3,113,295
Adams
&
Arapahoe
Counties
Joint
School
District
28J
Aurora
,
COP
,
2025
,
BAM
Insured
,
5.5
%
,
12/01/50
.............................................
2,000,000
2,168,413
Adams
&
Arapahoe
Joint
School
District
28J
Aurora
,
GO
,
2025
,
5.5
%
,
12/01/47
.....
3,000,000
3,366,310
Adams
State
University
,
Revenue
,
2012
,
5
%
,
5/15/37
.........................................
630,000
630,117
Revenue
,
2019
A
,
Refunding
,
4
%
,
5/15/42
...............................
1,515,000
1,520,883
Anthem
West
Metropolitan
District
,
GO
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/35
1,950,000
1,953,067
Arapahoe
County
School
District
No.
5
Cherry
Creek
,
GO
,
2024
,
5.25
%
,
12/15/44
...
2,000,000
2,253,350
c
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO
,
2025
A-2
,
Refunding
,
0.41
%,
12/01/55
........................................................
4,250,000
3,836,484
Baseline
Metropolitan
District
No.
1
,
GO
,
2024
A
,
Refunding
,
AG
Insured
,
4
%
,
12/01/46
2,000,000
1,939,008
Board
of
Governors
of
Colorado
State
University
System
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
3/01/43
...............................
5,000,000
5,879,903
Revenue
,
2017
E
,
Refunding
,
4
%
,
3/01/43
...............................
4,500,000
4,508,453
Revenue
,
2024
A
,
Refunding
,
4
%
,
3/01/47
...............................
5,000,000
4,710,358
Revenue
,
A
,
Refunding
,
4
%
,
3/01/40
...................................
5,000,000
5,032,434
Board
of
Water
Commissioners
City
&
County
of
Denver
(The)
,
Revenue
,
2017
A
,
5
%
,
9/15/47
........................................
5,000,000
5,083,457
Revenue
,
2024
A
,
Refunding
,
5
%
,
9/15/54
...............................
1,500,000
1,576,278
b
Broadway
Park
North
Metropolitan
District
No.
2
,
GO
,
144A,
2020
,
Refunding
,
5
%
,
12/01/40
........................................................
1,325,000
1,338,980
Bromley
Park
Metropolitan
District
No.
2
,
GO
,
2023
,
Refunding
,
BAM
Insured
,
5.375
%
,
12/01/53
........................................................
2,500,000
2,657,690
b
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-1
,
Refunding
,
5
%
,
12/01/49
........................................................
4,227,000
3,967,227
Castle
Oaks
Metropolitan
District
No.
3
,
GO
,
2020
,
Refunding
,
AG
Insured
,
4
%
,
12/01/45
........................................................
1,140,000
1,118,263
CCP
Metropolitan
District
No.
3
,
GO
,
2024
,
Refunding
,
5
%
,
12/01/53
.............
1,175,000
1,164,166
Centennial
Water
&
Sanitation
District
,
Revenue
,
2019
,
5.25
%
,
12/01/48
..........
2,135,000
2,209,906
Cherokee
Metropolitan
District
,
Revenue
,
2020
,
BAM
Insured
,
4
%
,
8/01/45
..............................
2,250,000
2,237,793
Revenue
,
2020
,
BAM
Insured
,
4
%
,
8/01/50
..............................
1,400,000
1,336,470
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2022
A
,
5
%
,
11/15/37
...........................
4,250,000
4,704,030
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5
%
,
11/15/53
..................
5,000,000
5,101,868
Airport
System
,
Revenue
,
2023
B
,
Refunding
,
5.5
%
,
11/15/42
................
1,000,000
1,118,198
Airport
System
,
Revenue
,
2023
B
,
Refunding
,
5.5
%
,
11/15/43
................
1,000,000
1,107,635
Airport
System
,
Revenue,
Sub.
Lien
,
2018
A
,
Refunding
,
5.25
%
,
12/01/48
.......
5,000,000
5,088,260
Airport
System
,
Revenue,
Sub.
Lien
,
2018
B
,
Refunding
,
5
%
,
12/01/48
..........
4,440,000
4,523,326
Pledged
Excise
Tax
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
8/01/46
...............
3,500,000
3,452,910
Pledged
Excise
Tax
,
Revenue
,
2018
A-1
,
5
%
,
8/01/48
......................
5,000,000
5,024,286
City
of
Aurora
,
Water
,
Revenue,
First
Lien
,
2024
,
4
%
,
8/01/54
..................
2,250,000
2,102,600
City
of
Brighton
,
Water
Activity
,
Revenue
,
2025
,
4.25
%
,
6/01/55
.................
3,000,000
2,893,262
City
of
Colorado
Springs
,
Utilities
System
,
GO
,
2025
A
,
5.25
%
,
11/15/50
............................
5,000,000
5,424,635
Utilities
System
,
Revenue
,
2024
A
,
5
%
,
11/15/49
..........................
1,500,000
1,593,089
Utilities
System
,
Revenue
,
2024
A
,
5.25
%
,
11/15/54
........................
5,000,000
5,351,059
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
City
of
Fort
Collins
,
Electric
Utility
Enterprise
,
Revenue
,
2018
A
,
5
%
,
12/01/42
......
$
13,500,000
$
14,018,759
City
of
Grand
Junction
,
COP
,
2021
,
4
%
,
12/01/45
............................................
2,005,000
1,993,537
Sales
&
Use
Tax
,
Revenue
,
2020
B
,
4
%
,
3/01/49
..........................
3,775,000
3,526,413
Colorado
Bridge
&
Tunnel
Enterprise
,
Revenue
,
2024
A
,
AG
Insured
,
5.5
%
,
12/01/54
............................
1,000,000
1,081,630
Revenue
,
2024
B
,
Refunding
,
5
%
,
12/01/49
..............................
2,925,000
3,113,485
Revenue,
Senior
Lien
,
2025
A
,
AG
Insured
,
5.25
%
,
12/01/54
.................
3,490,000
3,720,177
Colorado
Educational
&
Cultural
Facilities
Authority
,
Addenbrooke
Classical
Academy,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/55
....................................................
750,000
767,330
Alexander
Dawson
School
LLC
(The)
,
Revenue
,
2010
,
5
%
,
2/15/40
............
5,280,000
5,288,075
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/36
....................
425,000
428,483
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/41
....................
150,000
142,231
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/51
....................
370,000
308,502
Aspen
View
Academy,
Inc.
,
Revenue
,
2021
,
4
%
,
5/01/61
....................
550,000
437,196
Denver
School
of
Science
&
Technology,
Inc.
,
Revenue
,
2021
,
3
%
,
8/01/41
......
1,460,000
1,213,549
Denver
School
of
Science
&
Technology,
Inc.
,
Revenue
,
2021
,
3
%
,
8/01/51
......
3,635,000
2,486,522
Eagle
Ridge
Academy
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
11/01/37
............
1,000,000
1,072,433
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/32
.......
280,000
285,469
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/52
.......
1,355,000
1,137,219
Golden
View
Classical
Academy
,
Revenue
,
2022
,
Refunding
,
4
%
,
1/01/62
.......
1,600,000
1,287,051
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/52
750,000
738,159
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/57
1,765,000
1,715,780
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/46
....................
320,000
274,292
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/56
....................
1,000,000
793,980
Lighthouse
Building
Corp.
,
Revenue
,
2021
,
4
%
,
10/01/61
....................
2,210,000
1,714,275
Pinnacle
Charter
School,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/50
.......
5,820,000
5,168,367
Roosevelt
Charter
Academy
,
Revenue
,
2025
A
,
BAM
Insured
,
5
%
,
7/01/55
.......
725,000
739,132
Union
Colony
Schools
,
Revenue
,
2018
,
Refunding
,
5
%
,
4/01/48
...............
715,000
717,543
University
of
Denver
,
Revenue
,
2017
A
,
5
%
,
3/01/47
.......................
3,950,000
3,987,592
West
Ridge
Academy
Charter
School
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
6/01/49
..
400,000
399,983
Westgate
Community
School
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/41
........
2,370,000
2,281,985
Windsor
Charter
Academy
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
2,400,000
2,085,909
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
11/15/41
......
3,000,000
3,001,229
AdventHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/15/39
......
5,005,000
5,328,771
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/35
.......................................................
1,575,000
1,603,277
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/37
.......................................................
850,000
855,894
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/38
.......................................................
705,000
706,814
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/39
.......................................................
835,000
837,780
Boulder
Community
Health
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/40
.......................................................
725,000
727,041
BSLC
II
Obligated
Group
,
Revenue
,
2018
A-1
,
Refunding
,
4.75
%
,
9/15/53
.......
1,500,000
1,395,745
BSLC
II
Obligated
Group
,
Revenue,
Second
Tier
,
2025
,
5.5
%
,
9/15/54
..........
2,000,000
2,020,313
BSLC
Obligated
Group
,
Revenue
,
2018
A-1
,
Refunding
,
5
%
,
9/15/48
...........
3,000,000
2,991,980
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
12/01/41
...
5,195,000
5,212,176
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/38
3,000,000
3,149,856
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/39
2,000,000
2,092,146
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
4
%
,
8/01/49
9,990,000
8,898,473
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5.25
%
,
11/01/52
......
3,000,000
3,123,268
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
12/01/54
.......................................................
4,000,000
4,157,714
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Health
Facilities
Authority,
(continued)
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
9/01/35
.
$
1,000,000
$
1,157,637
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
12/01/48
.......................................................
5,000,000
5,005,174
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/50
...........................................
5,700,000
4,869,753
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.125
%
,
12/01/45
.......................................
1,000,000
1,033,961
Craig
Hospital
Obligated
Group
,
Revenue
,
2025
A
,
5.25
%
,
12/01/50
............
3,000,000
3,146,295
Craig
Hospital
Obligated
Group
,
Revenue
,
2025
A
,
5.5
%
,
12/01/55
.............
3,535,000
3,740,351
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
5/15/48
........................................................
1,500,000
1,542,261
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
1/01/38
........................................................
3,660,000
3,727,055
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
5/15/54
........................................................
1,100,000
1,132,542
Sanford
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/01/44
..........
3,495,000
3,598,474
Sanford
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/01/49
..........
8,050,000
8,175,767
University
of
Colorado
Health
Obligated
Group
,
Revenue
,
2020
A
,
Pre-Refunded
,
4
%
,
9/01/50
....................................................
6,275,000
6,764,523
Valley
View
Hospital
Association
,
Revenue
,
2015
,
5
%
,
5/15/40
................
2,000,000
2,002,011
Valley
View
Hospital
Association
,
Revenue
,
2015
,
5
%
,
5/15/45
................
1,000,000
1,000,584
Colorado
High
Performance
Transportation
Enterprise
,
C-470
Express
Lanes
System
,
Revenue
,
2017
,
5
%
,
12/31/47
........................................
2,555,000
2,555,032
Colorado
Housing
and
Finance
Authority
,
Revenue
,
2019
B-1
,
I
,
3.15
%
,
10/01/44
.................................
1,000,000
872,457
Revenue
,
2019
B-1
,
I
,
3.25
%
,
10/01/49
.................................
1,000,000
831,242
Colorado
School
of
Mines
,
Revenue
,
2023
C
,
5.25
%
,
12/01/53
.................
3,000,000
3,169,358
Colorado
Science
and
Technology
Park
Metropolitan
District
No.
1
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
5
%
,
12/01/54
...................................
750,000
760,012
Colorado
Springs
School
District
No.
11
Facilities
Corp.
,
COP
,
2024
,
BAM
Insured
,
5.25
%
,
12/15/48
...................................................
1,000,000
1,064,927
Crystal
Valley
Metropolitan
District
No.
2
,
GO
,
2020
A
,
Refunding
,
AG
Insured
,
3
%
,
12/01/49
........................................................
3,000,000
2,219,928
Denver
City
&
County
Housing
Authority
,
4965
Washington
Street
LLLP
,
Revenue
,
2025
A
,
5
%
,
12/01/45
...............................................
3,500,000
3,620,679
Denver
City
&
County
School
District
No.
1
,
GO
,
2017
,
5
%
,
12/01/41
.............................................
5,000,000
5,071,936
GO
,
2025
C
,
5.5
%
,
12/01/49
.........................................
5,000,000
5,550,807
Denver
Convention
Center
Hotel
Authority
,
Revenue,
Senior
Lien
,
2016
,
Refunding
,
5
%
,
12/01/40
.....................................................
9,775,000
9,831,011
Denver
Health
&
Hospital
Authority
,
COP
,
2018
,
5
%
,
12/01/48
............................................
5,255,000
5,279,183
Revenue
,
2014
A
,
5.25
%
,
12/01/45
....................................
9,250,000
9,254,463
Revenue
,
2019
A
,
Refunding
,
5
%
,
12/01/30
..............................
1,000,000
1,074,679
Revenue
,
2019
A
,
Refunding
,
5
%
,
12/01/32
..............................
1,330,000
1,418,513
Revenue
,
2019
A
,
Refunding
,
4
%
,
12/01/37
..............................
3,540,000
3,517,076
Revenue
,
2025
A
,
5.125
%
,
12/01/50
...................................
1,015,000
1,028,440
Revenue
,
2025
A
,
6
%
,
12/01/55
.......................................
1,000,000
1,078,276
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
A
,
4
%
,
12/01/48
........................................................
350,000
304,519
Eagle
River
Water
&
Sanitation
District
,
GO
,
2016
,
5
%
,
12/01/45
................
1,360,000
1,370,813
East
Cherry
Creek
Valley
Water
and
Sanitation
District
,
Revenue
,
2019
A
,
4
%
,
11/15/38
.......................................
1,000,000
1,023,203
Revenue
,
2019
A
,
4
%
,
11/15/39
.......................................
1,200,000
1,226,827
Erie
Farm
Metropolitan
District
,
GO
,
2021
,
Refunding
,
AG
Insured
,
4
%
,
12/01/51
....
1,200,000
1,087,675
Evan's
Place
Metropolitan
District
,
GO
,
2020
A-3
,
5
%
,
12/01/40
.................
550,000
555,379
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
b
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5.55
%
,
12/01/47
$
3,500,000
$
3,572,839
Gunnison
County
Housing
Authority
,
Revenue
,
2025
,
BAM
Insured
,
5.125
%
,
6/01/55
.
1,350,000
1,397,958
Gunnison
Watershed
School
District
No.
Re
1J
,
GO
,
2023
,
5
%
,
12/01/47
..........
3,250,000
3,423,229
Johnstown
Plaza
Metropolitan
District
,
GO
,
2022
,
Refunding
,
4.25
%
,
12/01/46
.....
3,000,000
2,955,503
Lakes
at
Centerra
Metropolitan
District
No.
2
,
GO
,
2024
A
,
Refunding
,
AG
Insured
,
4.5
%
,
12/01/54
...................................................
2,500,000
2,408,069
Lambertson
Farms
Metropolitan
District
No.
1
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
4.25
%
,
12/15/54
............................................
1,000,000
937,194
Larimer
County
School
District
No.
R-1
Poudre
,
GO
,
2018
,
5
%
,
12/15/39
.............................................
2,660,000
2,803,832
GO
,
2018
,
5
%
,
12/15/40
.............................................
2,340,000
2,462,228
Meridian
Metropolitan
District
,
GO
,
2023
,
AG
Insured
,
4.375
%
,
12/01/53
..........
2,000,000
1,934,595
Mesa
County
Valley
School
District
No.
51
Grand
Junction
,
GO
,
2025
,
5.25
%
,
12/01/49
2,000,000
2,163,766
North
Pine
Vistas
Metropolitan
District
No.
2
,
GO
,
2022
,
Refunding
,
AG
Insured
,
5
%
,
12/01/52
........................................................
1,125,000
1,155,453
Park
70
Metropolitan
District
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/36
....................................
1,000,000
1,008,363
GO
,
2016
,
Refunding
,
5
%
,
12/01/46
....................................
1,500,000
1,501,283
Park
Creek
Metropolitan
District
,
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/01/46
.
2,875,000
2,932,161
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2024
A
,
AG
Insured
,
4.5
%
,
12/01/51
..................................................
1,500,000
1,480,261
Westerly
Creek
District
Service
Area
,
Tax
Allocation,
Senior
Lien
,
2024
A
,
AG
Insured
,
4.25
%
,
12/01/47
..........................................
1,000,000
977,464
Westerly
Creek
District
Service
Area
,
Tax
Allocation,
Senior
Lien
,
2025
,
Refunding
,
AG
Insured
,
5
%
,
12/01/41
..........................................
1,000,000
1,096,783
Parker
Water
&
Sanitation
District
,
Revenue
,
2018
,
5
%
,
11/01/42
................
6,475,000
6,661,195
Patriot
Park
Metropolitan
District
No.
2
,
GO
,
2021
,
4.3
%
,
12/01/50
...............
534,000
464,672
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
B
,
5.875
%
,
12/15/46
.........
1,000,000
1,060,596
Prairie
Center
Metropolitan
District
No.
7
,
GO
,
2020
,
4.125
%
,
12/15/36
.........................................
390,000
392,392
GO
,
2020
,
4.875
%
,
12/15/44
.........................................
725,000
726,805
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
9,900,000
12,263,429
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/34
........
550,000
568,465
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/35
........
1,750,000
1,800,759
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/38
........
700,000
708,575
Sales
Tax
,
Revenue
,
2016
A
,
5
%
,
11/01/41
...............................
10,000,000
10,127,990
Sales
Tax
,
Revenue
,
2016
A
,
5
%
,
11/01/46
...............................
6,000,000
6,048,746
Silver
Peaks
Metropolitan
District
No.
3
,
GO,
Senior
Lien
,
2020
A
,
5
%
,
12/01/50
....
1,000,000
969,285
South
Timnath
Metropolitan
District
No.
2
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/42
.....
5,690,000
5,710,215
State
of
Colorado
,
COP
,
2020
,
Refunding
,
4
%
,
6/15/40
....................................
1,315,000
1,346,466
COP
,
2020
A
,
4
%
,
12/15/38
..........................................
3,555,000
3,692,804
COP
,
2020
R
,
4
%
,
3/15/45
...........................................
5,000,000
4,971,272
COP
,
2024
A
,
4
%
,
11/01/53
..........................................
2,000,000
1,811,612
Sterling
Hills
West
Metropolitan
District
,
GO
,
2017
,
Refunding
,
5
%
,
12/01/39
.......
1,125,000
1,163,586
Thompson
Crossing
Metropolitan
District
No.
2
,
GO
,
2016
B
,
Refunding
,
AG
Insured
,
5
%
,
12/01/46
.....................................................
4,500,000
4,518,286
Town
of
Monument
,
COP
,
2020
,
AG
Insured
,
4
%
,
12/01/45
....................
2,000,000
1,930,427
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
A
,
Refunding
,
AG
Insured
,
4.25
%
,
12/01/54
...................................................
2,000,000
1,842,475
University
of
Colorado
,
Revenue
,
2025
A
,
4.25
%
,
6/01/55
.....................
4,055,000
3,930,044
Upper
Eagle
Regional
Water
Authority
,
Revenue
,
2024
,
BAM
Insured
,
4.25
%
,
12/01/53
2,000,000
1,932,146
Whispering
Pines
Metropolitan
District
No.
1
,
GO
,
2023
,
Refunding
,
AG
Insured
,
5
%
,
12/01/52
........................................................
900,000
928,550
Wildwing
Metropolitan
District
No.
5
,
GO
,
2024
,
Refunding
,
AG
Insured
,
4.5
%
,
12/01/53
750,000
723,259
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Windsor
Highlands
Metropolitan
District
No.
4
,
GO
,
2024
,
Refunding
,
BAM
Insured
,
4.5
%
,
12/01/53
...................................................
$
2,000,000
$
1,982,933
443,265,786
Florida
1.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
4,104,000
3,779,938
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
800,000
568,320
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
4,920,000
4,214,509
8,562,767
Georgia
0.4%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
550,000
588,516
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
2,735,000
1,370,870
1,959,386
South
Carolina
0.1%
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
695,000
641,066
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,400,000
1,849,255
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,400,000
1,248,265
Wisconsin
2.5%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
2,570,000
2,747,719
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,400,000
1,175,886
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
12,405,000
6,238,513
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
3,650,000
2,453,032
12,615,150
U.S.
Territories
1.1%
Guam
0.5%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/39
600,000
661,363
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
1,500,000
1,530,991
2,192,354
Puerto
Rico
0.6%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
1,200,000
1,231,542
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/34
....................
1,000,000
1,024,451
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
750,000
736,146
2,992,139
Total
U.S.
Territories
....................................................................
5,184,493
Total
Municipal
Bonds
(Cost
$
483,795,669
)
.....................................
477,011,425
Total
Long
Term
Investments
(Cost
$
485,195,669
)
...............................
478,493,090
a
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Colorado
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
31
Short
Term
Investments
2.6%
a
a
Principal
Amount
a
Value
Municipal
Bonds
2.6%
Colorado
2.6%
d
Colorado
Health
Facilities
Authority
,
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
1.9
%
,
12/01/52
..........................
$
2,600,000
$
2,600,000
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2024
D
,
Daily
VRDN
and
Put
,
1.9
%
,
5/15/64
...................................................
10,400,000
10,400,000
13,000,000
Total
Municipal
Bonds
(Cost
$
13,000,000
)
......................................
13,000,000
Total
Short
Term
Investments
(Cost
$
13,000,000
)
................................
13,000,000
a
Total
Investments
(Cost
$
498,195,669
)
98.9
%
...................................
$491,493,090
Other
Assets,
less
Liabilities
1.1
%
.............................................
5,487,762
Net
Assets
100.0%
...........................................................
$496,980,852
See
Abbreviations
on
page
348
.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$24,142,674,
representing
4.9%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Connecticut
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.15
$9.12
$8.86
$9.85
$10.17
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.26
0.24
0.24
0.22
0.20
Net
realized
and
unrealized
gains
(losses)
...........
0.14
0.03
0.26
(0.99)
(0.32)
Total
from
investment
operations
....................
0.40
0.27
0.50
(0.77)
(0.12)
Less
distributions
from:
Net
investment
income
..........................
(0.25)
(0.24)
(0.24)
(0.22)
(0.20)
Net
asset
value,
end
of
year
.......................
$9.30
$9.15
$9.12
$8.86
$9.85
Total
return
d
...................................
4.42%
3.14%
5.78%
(7.84)%
(1.23)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.01%
1.00%
0.98%
0.97%
0.98%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.90%
0.90%
e
0.90%
e
0.91%
e
0.98%
e
Net
investment
income
...........................
2.85%
2.66%
2.74%
2.44%
1.95%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$31,568
$31,359
$29,938
$27,698
$34,084
Portfolio
turnover
rate
............................
10.75%
12.35%
13.95%
14.70%
23.52%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
33
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.15
$9.11
$8.85
$9.84
$10.16
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.27
0.26
0.26
0.23
0.22
Net
realized
and
unrealized
gains
(losses)
...........
0.14
0.04
0.26
(0.99)
(0.32)
Total
from
investment
operations
....................
0.41
0.30
0.52
(0.76)
(0.10)
Less
distributions
from:
Net
investment
income
..........................
(0.27)
(0.26)
(0.26)
(0.23)
(0.22)
Net
asset
value,
end
of
year
.......................
$9.29
$9.15
$9.11
$8.85
$9.84
Total
return
d
...................................
4.58%
3.30%
5.94%
(7.71)%
(1.08)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.86%
0.85%
0.83%
0.83%
0.83%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.75%
0.75%
e
0.75%
e
0.76%
e
0.83%
e
Net
investment
income
...........................
3.00%
2.81%
2.89%
2.59%
2.12%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$73,197
$79,581
$89,034
$93,653
$119,599
Portfolio
turnover
rate
............................
10.75%
12.35%
13.95%
14.70%
23.52%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.22
$9.18
$8.92
$9.92
$10.24
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.22
0.21
0.21
0.18
0.16
Net
realized
and
unrealized
gains
(losses)
...........
0.15
0.03
0.26
(1.00)
(0.32)
Total
from
investment
operations
....................
0.37
0.24
0.47
(0.82)
(0.16)
Less
distributions
from:
Net
investment
income
..........................
(0.22)
(0.20)
(0.21)
(0.18)
(0.16)
Net
asset
value,
end
of
year
.......................
$9.37
$9.22
$9.18
$8.92
$9.92
Total
return
d
...................................
4.08%
2.70%
5.31%
(8.26)%
(1.62)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.41%
1.39%
1.37%
1.37%
1.38%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.30%
1.29%
e
1.29%
e
1.31%
e
1.38%
e
Net
investment
income
...........................
2.43%
2.23%
2.31%
2.01%
1.58%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$2,705
$2,762
$4,067
$4,828
$7,281
Portfolio
turnover
rate
............................
10.75%
12.35%
13.95%
14.70%
23.52%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
35
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.15
$9.11
$8.85
$9.84
$10.16
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.28
0.27
0.27
0.25
0.23
Net
realized
and
unrealized
gains
(losses)
...........
0.14
0.04
0.26
(1.00)
(0.32)
Total
from
investment
operations
....................
0.42
0.31
0.53
(0.75)
(0.09)
Less
distributions
from:
Net
investment
income
..........................
(0.28)
(0.27)
(0.27)
(0.24)
(0.23)
Net
asset
value,
end
of
year
.......................
$9.29
$9.15
$9.11
$8.85
$9.84
Total
return
....................................
4.71%
3.43%
6.08%
(7.58)%
(0.91)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.70%
0.71%
0.69%
0.69%
0.68%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.62%
0.62%
d
0.63%
d
0.63%
d
0.67%
d
Net
investment
income
...........................
3.14%
2.94%
3.03%
2.75%
2.27%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$11,871
$7,950
$6,947
$2,952
$1,815
Portfolio
turnover
rate
............................
10.75%
12.35%
13.95%
14.70%
23.52%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.14
$9.10
$8.84
$9.83
$10.15
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.28
0.26
0.27
0.24
0.23
Net
realized
and
unrealized
gains
(losses)
...........
0.14
0.04
0.25
(0.99)
(0.32)
Total
from
investment
operations
....................
0.42
0.30
0.52
(0.75)
(0.09)
Less
distributions
from:
Net
investment
income
..........................
(0.27)
(0.26)
(0.26)
(0.24)
(0.23)
Net
asset
value,
end
of
year
.......................
$9.29
$9.14
$9.10
$8.84
$9.83
Total
return
....................................
4.80%
3.40%
6.05%
(7.63)%
(0.98)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.77%
0.76%
0.73%
0.73%
0.73%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.65%
0.65%
d
0.65%
d
0.66%
d
0.73%
d
Net
investment
income
...........................
3.11%
2.91%
3.01%
2.69%
2.22%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$41,679
$30,246
$15,886
$14,477
$20,378
Portfolio
turnover
rate
............................
10.75%
12.35%
13.95%
14.70%
23.52%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Connecticut
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
37
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.3%
Connecticut
90.7%
City
of
Bridgeport
,
GO
,
2021
A
,
BAM
Insured
,
4
%
,
8/01/46
.................................
$
375,000
$
368,644
GO
,
2021
A
,
BAM
Insured
,
4
%
,
8/01/51
.................................
575,000
546,413
GO
,
2024
A
,
Refunding
,
BAM
Insured
,
5
%
,
7/01/44
........................
550,000
600,818
City
of
New
Britain
,
GO
,
2017
C
,
AG
Insured
,
5
%
,
3/01/36
.....................
1,000,000
1,021,269
City
of
New
Haven
,
GO
,
2021
A
,
Refunding
,
4
%
,
8/01/41
...................................
2,000,000
2,005,060
GO
,
2025
,
Refunding
,
AG
Insured
,
5
%
,
8/01/44
...........................
300,000
325,059
City
of
Stamford
,
Water
Pollution
Control
System
&
Facility
,
Revenue
,
2013
A
,
5.25
%
,
8/15/43
.........................................................
1,000,000
1,000,939
City
of
West
Haven
,
GO
,
2021
,
BAM
Insured
,
4
%
,
9/15/41
.....................
565,000
572,164
Connecticut
Housing
Finance
Authority
,
Revenue
,
2019
E-E1
,
3.05
%
,
11/15/44
..................................
5,000,000
4,339,855
Revenue
,
2019
E-E1
,
3.1
%
,
11/15/49
...................................
2,000,000
1,583,482
Revenue
,
2020
C-1
,
Refunding
,
2.05
%
,
5/15/37
...........................
1,000,000
841,111
Revenue
,
2020
C-2
,
Refunding
,
2.2
%
,
11/15/34
...........................
960,000
847,997
Connecticut
Municipal
Electric
Energy
Cooperative
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
1/01/37
.........................................................
135,000
150,362
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Area
Cooperative
Educational
Services
,
Revenue
,
C
,
Refunding
,
5
%
,
7/01/42
....
240,000
266,013
Area
Cooperative
Educational
Services
,
Revenue
,
C
,
Refunding
,
5
%
,
7/01/43
....
140,000
153,899
Area
Cooperative
Educational
Services
,
Revenue
,
C
,
Refunding
,
5
%
,
7/01/44
....
320,000
348,092
Area
Cooperative
Educational
Services
,
Revenue
,
C
,
Refunding
,
5
%
,
7/01/45
....
400,000
429,678
Avon
Old
Farms
School
Obligated
Group
,
Revenue
,
D-1
,
Refunding
,
4
%
,
7/01/46
..
1,000,000
943,067
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/38
315,000
323,372
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/39
380,000
388,569
Choate
Rosemary
Hall
Foundation,
Inc.
(The)
,
Revenue
,
F
,
Refunding
,
4
%
,
7/01/42
860,000
871,413
Connecticut
Children's
Medical
Center
Obligated
Group
,
Revenue
,
E
,
5.25
%
,
7/15/48
3,375,000
3,577,654
Connecticut
College
,
Revenue
,
L-1
,
Refunding
,
4
%
,
7/01/46
..................
5,000,000
4,865,783
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2018
B
,
5
%
,
12/01/40
.......................................................
4,000,000
4,080,241
Fairfield
University
,
Revenue
,
Q-1
,
5
%
,
7/01/46
...........................
9,000,000
9,024,978
Fairfield
University
,
Revenue
,
V
,
5.25
%
,
7/01/47
...........................
620,000
676,790
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
..........
4,500,000
4,243,801
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5.5
%
,
7/01/51
2,000,000
2,170,545
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5.5
%
,
7/01/55
1,300,000
1,397,733
Jerome
Home
,
Revenue
,
2021
E
,
Refunding
,
4
%
,
7/01/41
...................
735,000
700,258
Jerome
Home
,
Revenue
,
2021
E
,
Refunding
,
4
%
,
7/01/51
...................
1,250,000
1,014,297
Masonicare
Corp.
Obligated
Group
,
Revenue
,
F
,
Refunding
,
5
%
,
7/01/43
........
1,000,000
1,000,951
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/38
.....
1,000,000
1,007,780
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/41
.....
6,310,000
6,299,931
Quinnipiac
University
,
Revenue
,
L
,
Refunding
,
5
%
,
7/01/45
..................
8,250,000
8,254,766
Sacred
Heart
University,
Inc.
,
Revenue
,
I-1
,
Refunding
,
5
%
,
7/01/42
............
4,375,000
4,452,056
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
5
%
,
7/01/35
.....................
550,000
599,135
Sacred
Heart
University,
Inc.
,
Revenue
,
K
,
4
%
,
7/01/45
.....................
1,200,000
1,167,373
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
4
%
,
7/01/37
...
2,550,000
2,608,129
Taft
School
Corp.
(The)
,
Revenue
,
L
,
Refunding
,
3
%
,
7/01/46
.................
2,210,000
1,794,811
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
CT
,
5
%
,
12/01/45
.........
5,000,000
5,014,202
Trustees
of
Trinity
College
(The)
,
Revenue
,
R
,
Refunding
,
4
%
,
6/01/45
..........
2,500,000
2,419,229
Trustees
of
Trinity
College
(The)
,
Revenue
,
S
,
Refunding
,
4
%
,
6/01/51
..........
4,800,000
4,322,346
Trustees
of
Trinity
College
(The)
,
Revenue
,
T-1
,
Refunding
,
5
%
,
6/01/49
.........
400,000
425,260
University
of
Hartford
(The)
,
Revenue
,
2022
P
,
5.375
%
,
7/01/52
...............
2,000,000
1,882,309
Yale
University
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/35
...................
2,435,000
2,953,625
Yale
University
,
Revenue
,
X-2
,
5
%
,
7/01/37
..............................
3,000,000
3,512,315
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/44
520,000
567,268
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/45
500,000
540,124
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/46
500,000
536,782
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
(continued)
Connecticut
State
Health
&
Educational
Facilities
Authority,
(continued)
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/47
$
495,000
$
526,735
Yale-New
Haven
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/48
500,000
528,532
Connecticut
State
Higher
Education
Supplement
Loan
Authority
,
Revenue
,
2020
B
,
3.25
%
,
11/15/36
....................................
1,360,000
1,315,827
Revenue
,
2020
D
,
Pre-Refunded
,
3
%
,
11/15/35
...........................
1,145,000
1,151,518
Revenue
,
2021
B
,
2.25
%
,
11/15/37
....................................
2,355,000
2,004,823
Revenue
,
2025
B-1
,
5
%
,
11/15/40
.....................................
500,000
520,573
South
Central
Connecticut
Regional
Water
Authority
,
Revenue
,
38th
,
Refunding
,
5
%
,
8/01/38
.................................
1,000,000
1,175,875
Revenue
,
38th
,
Refunding
,
5
%
,
8/01/40
.................................
500,000
576,659
Revenue
,
38th
,
Refunding
,
5
%
,
8/01/41
.................................
300,000
341,920
Revenue
,
39th
A
,
5
%
,
8/01/54
........................................
1,000,000
1,056,135
Revenue,
Second
Series
,
32nd
B
,
Refunding
,
5
%
,
8/01/38
...................
1,720,000
1,735,498
State
of
Connecticut
,
GO
,
2020
A
,
4
%
,
1/15/38
............................................
7,250,000
7,483,449
GO
,
2020
C
,
4
%
,
6/01/39
............................................
600,000
618,035
GO
,
2024
G
,
5
%
,
11/15/41
...........................................
3,990,000
4,543,424
GO
,
2025
C
,
5
%
,
8/15/44
............................................
2,000,000
2,222,725
Special
Tax
,
2018
A
,
5
%
,
1/01/36
......................................
1,000,000
1,041,642
Special
Tax
,
2020
A
,
5
%
,
5/01/35
......................................
4,500,000
4,937,502
Special
Tax
,
2020
A
,
5
%
,
5/01/40
......................................
2,000,000
2,151,182
Special
Tax
,
2021
A
,
5
%
,
5/01/41
......................................
1,500,000
1,630,219
Special
Tax
,
2021
D
,
4
%
,
11/01/40
.....................................
2,075,000
2,138,898
Special
Tax
,
2024
A-2
,
5
%
,
7/01/45
....................................
1,250,000
1,373,669
Bradley
International
Airport
CFC
,
Revenue
,
2019
A
,
AG
Insured
,
5
%
,
7/01/49
....
1,400,000
1,416,641
Clean
Water
Fund
-
State
Revolving
Fund
,
Revenue
,
2015
A
,
5
%
,
3/01/34
.......
1,000,000
1,001,771
Clean
Water
Fund
-
State
Revolving
Fund
,
Revenue
,
2017
A
,
5
%
,
5/01/37
.......
1,000,000
1,027,129
a
Special
Tax
,
Special
Tax
,
2025
A
,
Refunding
,
5
%
,
7/01/45
...................
1,000,000
1,108,266
Town
of
Hamden
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
..............
500,000
509,495
Town
of
Stafford
,
GO
,
2021
,
Refunding
,
3
%
,
2/01/36
.....................................
250,000
248,920
GO
,
2021
,
Refunding
,
3
%
,
2/01/38
.....................................
310,000
304,264
GO
,
2021
,
Refunding
,
3
%
,
2/01/41
.....................................
300,000
274,150
Town
of
Stratford
,
GO
,
2017
,
AG
Insured
,
5
%
,
7/01/33
........................
1,000,000
1,002,032
University
of
Connecticut
,
Revenue
,
2017
A
,
5
%
,
1/15/37
.....................
1,000,000
1,020,373
146,025,629
Florida
0.9%
b
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
500,000
355,200
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
1,325,000
1,135,005
1,490,205
Georgia
0.3%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
185,000
197,955
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
420,000
210,518
408,473
Illinois
0.6%
State
of
Illinois
,
GO
,
2020
C
,
4
%
,
10/01/42
................................
1,000,000
965,825
Texas
0.3%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
615,000
473,872
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Connecticut
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
39
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
$
500,000
$
445,809
Wisconsin
1.7%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
855,000
914,124
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
400,000
335,967
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
1,910,000
960,545
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
800,000
537,651
2,748,287
U.S.
Territories
2.5%
Guam
1.6%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/36
365,000
410,519
Guam
Government
Waterworks
Authority
,
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.25
%
,
7/01/50
.............
600,000
623,389
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.5
%
,
7/01/55
..............
1,000,000
1,051,124
Territory
of
Guam
,
Revenue
,
2025
G
,
Refunding
,
5.25
%
,
1/01/39
................
500,000
561,307
2,646,339
Puerto
Rico
0.9%
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
1,500,000
1,472,293
Total
U.S.
Territories
....................................................................
4,118,632
Total
Municipal
Bonds
(Cost
$
159,774,421
)
.....................................
156,676,732
a
a
a
a
a
Total
Investments
(Cost
$
159,774,421
)
97.3
%
...................................
$156,676,732
Other
Assets,
less
Liabilities
2.7
%
.............................................
4,342,850
Net
Assets
100.0%
...........................................................
$161,019,582
See
A
bbreviations
on
page
348
.
a
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$3,283,504,
representing
2.0%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.35
$11.27
$11.02
$11.82
$12.22
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.37
0.32
0.30
0.26
0.23
Net
realized
and
unrealized
gains
(losses)
...........
0.23
0.08
0.25
(0.82)
(0.40)
Total
from
investment
operations
....................
0.60
0.40
0.55
(0.56)
(0.17)
Less
distributions
from:
Net
investment
income
..........................
(0.36)
(0.32)
(0.30)
(0.24)
(0.23)
Net
asset
value,
end
of
year
.......................
$11.59
$11.35
$11.27
$11.02
$11.82
Total
return
d
...................................
5.46%
3.63%
5.05%
(4.70)%
(1.42)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.83%
0.81%
0.81%
0.83%
0.80%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.71%
0.71%
e
0.70%
e
0.71%
e
0.70%
e
Net
investment
income
...........................
3.26%
2.87%
2.70%
2.31%
1.89%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$670,905
$655,106
$667,503
$707,816
$754,463
Portfolio
turnover
rate
............................
27.20%
18.10%
16.21%
24.76%
22.05%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
41
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.34
$11.26
$11.01
$11.81
$12.21
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.38
0.34
0.32
0.27
0.25
Net
realized
and
unrealized
gains
(losses)
...........
0.23
0.08
0.24
(0.81)
(0.40)
Total
from
investment
operations
....................
0.61
0.42
0.56
(0.54)
(0.15)
Less
distributions
from:
Net
investment
income
..........................
(0.38)
(0.34)
(0.31)
(0.26)
(0.25)
Net
asset
value,
end
of
year
.......................
$11.57
$11.34
$11.26
$11.01
$11.81
Total
return
d
...................................
5.53%
3.79%
5.22%
(4.56)%
(1.27)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.68%
0.66%
0.66%
0.68%
0.65%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.56%
0.56%
e
0.55%
e
0.56%
e
0.55%
e
Net
investment
income
...........................
3.41%
3.02%
2.85%
2.45%
2.05%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$539,132
$623,410
$730,605
$864,508
$1,265,052
Portfolio
turnover
rate
............................
27.20%
18.10%
16.21%
24.76%
22.05%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
42
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.37
$11.29
$11.05
$11.85
$12.24
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.32
0.28
0.25
0.21
0.18
Net
realized
and
unrealized
gains
(losses)
...........
0.24
0.08
0.24
(0.81)
(0.39)
Total
from
investment
operations
....................
0.56
0.36
0.49
(0.60)
(0.21)
Less
distributions
from:
Net
investment
income
..........................
(0.32)
(0.28)
(0.25)
(0.20)
(0.18)
Net
asset
value,
end
of
year
.......................
$11.61
$11.37
$11.29
$11.05
$11.85
Total
return
d
...................................
5.03%
3.21%
4.53%
(5.07)%
(1.73)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.23%
1.21%
1.21%
1.23%
1.20%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.11%
1.10%
e
1.10%
e
1.11%
e
1.10%
e
Net
investment
income
...........................
2.85%
2.45%
2.29%
1.88%
1.50%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$14,946
$20,682
$28,661
$42,983
$67,008
Portfolio
turnover
rate
............................
27.20%
18.10%
16.21%
24.76%
22.05%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
43
In
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.37
$11.29
$11.04
$11.84
$12.24
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.40
0.36
0.33
0.29
0.27
Net
realized
and
unrealized
gains
(losses)
...........
0.23
0.08
0.25
(0.81)
(0.40)
Total
from
investment
operations
....................
0.63
0.44
0.58
(0.52)
(0.13)
Less
distributions
from:
Net
investment
income
..........................
(0.40)
(0.36)
(0.33)
(0.28)
(0.27)
Net
asset
value,
end
of
year
.......................
$11.60
$11.37
$11.29
$11.04
$11.84
Total
return
....................................
5.69%
3.94%
5.36%
(4.40)%
(1.12)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.51%
0.51%
0.51%
0.53%
0.50%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.40%
0.40%
d
0.40%
d
0.40%
d
0.40%
d
Net
investment
income
...........................
3.57%
3.17%
3.00%
2.60%
2.19%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$124,276
$123,010
$127,665
$135,524
$257,641
Portfolio
turnover
rate
............................
27.20%
18.10%
16.21%
24.76%
22.05%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
44
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.37
$11.28
$11.04
$11.84
$12.24
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.40
0.35
0.33
0.28
0.26
Net
realized
and
unrealized
gains
(losses)
...........
0.22
0.09
0.24
(0.81)
(0.40)
Total
from
investment
operations
....................
0.62
0.44
0.57
(0.53)
(0.14)
Less
distributions
from:
Net
investment
income
..........................
(0.39)
(0.35)
(0.33)
(0.27)
(0.26)
Net
asset
value,
end
of
year
.......................
$11.60
$11.37
$11.28
$11.04
$11.84
Total
return
....................................
5.62%
3.98%
5.21%
(4.45)%
(1.17)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.58%
0.56%
0.56%
0.58%
0.55%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.46%
0.45%
d
0.45%
d
0.46%
0.45%
d
Net
investment
income
...........................
3.51%
3.12%
2.95%
2.53%
2.14%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$718,823
$689,045
$644,787
$633,982
$1,126,152
Portfolio
turnover
rate
............................
27.20%
18.10%
16.21%
24.76%
22.05%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
45
a
a
Shares
a
Value
a
Management
Investment
Companies
0.7%
Capital
Markets
0.7%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
620,000
$
15,059,800
Total
Management
Investment
Companies
(Cost
$
16,750,550
)
....................
15,059,800
Principal
Amount
a
a
a
a
Municipal
Bonds
95.9%
Alabama
5.1%
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2022
F
,
Mandatory
Put
,
5.5
%
,
12/01/28
.........................
$
6,970,000
7,436,791
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
14,000,000
15,336,147
Revenue
,
2024
C
,
Mandatory
Put
,
5
%
,
7/01/31
...........................
4,000,000
4,338,548
c
Revenue
,
144A,
2025
C
,
Mandatory
Put
,
5.5
%
,
8/01/34
.....................
8,715,000
9,535,503
b
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
8,570,000
9,439,096
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
6,000,000
6,769,903
Revenue
,
2024
B
,
Mandatory
Put
,
5.25
%
,
6/01/32
.........................
7,000,000
7,734,105
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Health
Care
Authority
of
City
of
Huntsville
(The)
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
6/01/39
..............
2,250,000
2,293,429
Infirmary
Health
System
Special
Care
Facilities
Financing
Authority
of
Mobile
,
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/27
.......
4,920,000
4,925,112
Infirmary
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/28
.......
5,000,000
5,005,673
Madison
City
Board
of
Education
,
Special
Tax
,
2019
,
4
%
,
2/01/33
...............
2,855,000
2,973,578
b
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
4,585,000
4,990,648
Revenue
,
2022
B-2
,
Mandatory
Put
,
4.249
%
,
8/01/28
.......................
15,000,000
15,235,877
Revenue
,
2025
B
,
Mandatory
Put
,
5.25
%
,
1/01/33
.........................
9,700,000
10,394,681
106,409,091
Alaska
0.1%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue
,
2020
,
Refunding
,
4
%
,
12/01/35
...
1,710,000
1,775,435
Arizona
3.1%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/30
.......................................................
600,000
638,597
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/31
.......................................................
630,000
669,557
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/32
.......................................................
1,000,000
1,060,639
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/35
.......................................................
1,115,000
1,173,309
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/36
.......................................................
1,250,000
1,311,361
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
11/01/37
.......................................................
1,050,000
1,098,392
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/37
.......................................................
1,105,000
1,117,610
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/38
.......................................................
600,000
604,311
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
11/01/41
.......................................................
6,000,000
5,997,209
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/27
.............
55,000
56,277
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/28
.............
60,000
62,123
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/29
.............
60,000
62,943
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/30
.............
65,000
68,905
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
A
,
5
%
,
7/01/31
.............
70,000
74,782
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/27
.............
160,000
160,928
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
46
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/28
.............
$
170,000
$
170,870
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/29
.............
160,000
160,807
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/30
.............
185,000
185,894
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/31
.............
195,000
195,885
Phoenix
Children's
Hospital
Obligated
Group
,
Revenue
,
2020
A
,
3
%
,
2/01/39
.....
1,200,000
1,110,687
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue,
Junior
Lien
,
2019
B
,
5
%
,
7/01/35
........................
7,500,000
7,990,385
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/35
..................................................
3,340,000
3,574,801
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/36
..................................................
6,380,000
6,804,183
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
5
%
,
7/01/39
..................................................
6,365,000
6,720,389
Maricopa
County
Industrial
Development
Authority
,
c
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
18,555,000
20,033,668
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/30
.......
850,000
904,962
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/31
.......
1,000,000
1,063,710
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/32
.......
1,000,000
1,062,700
HonorHealth
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/33
.......
800,000
848,640
64,984,524
Arkansas
0.6%
Arkansas
Development
Finance
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/35
........................................................
4,630,000
4,886,392
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/36
........................................................
3,625,000
3,807,185
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/37
........................................................
1,250,000
1,306,645
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/38
........................................................
1,000,000
1,041,051
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/39
........................................................
1,000,000
1,037,212
12,078,485
California
5.9%
b
California
Community
Choice
Financing
Authority
,
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
...................................................
11,000,000
11,827,472
c
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..........
2,085,000
2,003,467
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
6,485,000
5,689,785
California
Municipal
Finance
Authority
,
d
Revenue
,
FRN
,
2025-1
,
A-2
,
3.537
%
,
2/20/41
............................
13,389,603
12,031,903
Witmer
Manor
Community
Partners
LP
,
Revenue
,
2025
A
,
FNMA
Insured
,
4.875
%
,
11/01/43
.......................................................
3,100,000
3,307,547
California
Statewide
Communities
Development
Authority
,
Southern
California
Edison
Co.
,
Revenue
,
2010
A
,
Refunding
,
1.75
%
,
9/01/29
.........................
5,000,000
4,768,278
City
of
Los
Angeles
,
Department
of
Airports
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/38
14,960,000
17,134,681
c
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
9,710,000
9,154,030
c
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
4,800,000
4,525,164
c
CSCDA
Community
Improvement
Authority
,
Waterscape
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
9/01/46
...............................................
4,825,000
4,144,086
Golden
State
Tobacco
Securitization
Corp.
,
Revenue
,
2021
B-1
,
Refunding
,
3.85
%
,
6/01/50
.........................................................
2,960,000
2,753,166
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
47
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/31
...................
$
8,220,000
$
8,401,293
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/33
............................
3,960,000
4,091,932
Power
System
,
Revenue
,
2017
C
,
5
%
,
7/01/34
............................
4,080,000
4,211,732
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
5
%
,
5/01/44
........................................
6,760,000
6,964,866
Revenue,
Second
Series
,
2023
C
,
Refunding
,
5
%
,
5/01/33
...................
15,000,000
17,385,796
d
Southern
California
Public
Power
Authority
,
Revenue
,
FRN
,
2007
B
,
4.099
%
,
(
3-month
TSOF
+
1.645
%
),
11/01/38
...........................................
3,000,000
2,974,789
121,369,987
Colorado
3.4%
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5.75
%
,
11/15/41
........................................................
5,325,000
6,040,575
Colorado
Health
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/31
2,500,000
2,698,416
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/33
9,595,000
10,288,451
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/36
11,635,000
12,325,242
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/38
2,000,000
2,099,904
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/39
5,500,000
5,753,402
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
6,695,000
6,886,500
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/40
.........
3,000,000
3,241,093
Denver
City
&
County
School
District
No.
1
,
GO
,
2025
A
,
5.5
%
,
12/01/44
..........
10,000,000
11,526,366
Denver
Health
&
Hospital
Authority
,
Revenue
,
2025
A
,
6
%
,
12/01/55
.............
1,500,000
1,617,414
c
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5
%
,
12/01/32
..
975,000
1,017,327
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/35
.............................................
1,400,000
1,440,607
South
Maryland
Creek
Ranch
Metropolitan
District
,
GO
,
2023
,
Refunding
,
AG
Insured
,
5
%
,
12/01/43
.....................................................
1,000,000
1,060,541
c
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
,
GO
,
144A,
2025
A
,
5
%
,
4/01/35
................................................
4,100,000
4,596,495
70,592,333
Connecticut
0.9%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/38
..........
2,500,000
2,542,179
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/33
.....
5,000,000
5,274,294
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/35
.....
250,000
254,486
Nuvance
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/36
.....
4,750,000
4,817,360
University
of
Connecticut
,
Revenue
,
2016
A
,
5
%
,
3/15/31
.....................
5,025,000
5,034,020
17,922,339
Delaware
0.1%
b
Delaware
State
Economic
Development
Authority
,
NRG
Energy,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
Mandatory
Put
,
4
%
,
10/01/35
................................
2,500,000
2,581,754
Florida
7.6%
Alachua
County
Health
Facilities
Authority
,
Shands
Teaching
Hospital
&
Clinics
Obligated
Group
,
Revenue
,
B-1
,
Refunding
,
5
%
,
12/01/35
...................
2,350,000
2,502,806
Beach
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
Refunding
,
AG
Insured
,
5.25
%
,
5/01/44
.................................
1,395,000
1,476,539
Capital
Projects
Finance
Authority
,
Provident
Group
-
Continuum
Properties
LLC
,
Revenue,
Senior
Lien
,
2023
A-1
,
5
%
,
11/01/48
............................
2,500,000
2,409,140
c
Capital
Trust
Agency,
Inc.
,
Kingdom
Kensington
LLC
,
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..........
5,345,000
5,002,926
Kingdom
Kensington
LLC
,
Revenue
,
144A,
2021
A-2
,
5.1
%
,
12/01/31
...........
1,725,000
1,651,261
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
T
,
5.05
%
,
7/01/34
..........
855,000
771,343
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
48
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
c,e
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
$
17,200,000
$
14,733,651
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.........................................................
750,000
661,653
Centre
Lake
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/30
.........................................................
255,000
247,843
City
of
Jacksonville
,
Revenue
,
2023
A
,
Refunding
,
5.5
%
,
10/01/53
.............................
5,175,000
5,592,536
Genesis
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/39
..
1,650,000
1,652,292
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/40
........................................
2,500,000
2,474,717
City
of
Port
St.
Lucie
,
Utility
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
9/01/30
.....................
1,500,000
1,509,526
Utility
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
9/01/31
.....................
1,635,000
1,645,117
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Foundation,
Inc.
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/33
...................
6,000,000
6,087,605
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
7/01/38
..................................................
700,000
708,919
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
7/01/39
..................................................
500,000
504,451
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2020
B
,
5
%
,
7/01/40
..................................................
1,000,000
1,054,573
Cordoba
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/37
........................................
1,000,000
932,337
County
of
Pasco
,
Solid
Waste
Disposal
&
Resource
Recovery
System
,
Revenue
,
2026
B
,
5.5
%
,
10/01/51
.......................................................
1,125,000
1,166,878
Solid
Waste
Disposal
&
Resource
Recovery
System
,
Revenue
,
2026
B
,
5.5
%
,
10/01/56
.......................................................
1,625,000
1,680,077
Cross
Creek
North
Community
Development
District
,
Special
Assessment
,
2022
,
3.75
%
,
5/01/32
...................................................
460,000
471,834
East
Palm
Drive
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.1
%
,
6/15/44
.....................................
750,000
774,765
Everlands
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............................................
1,000,000
1,038,208
Florida
Development
Finance
Corp.
,
Brightline
Trains
Florida
LLC
,
Revenue
,
2024
,
Refunding
,
AG
Insured
,
5
%
,
7/01/44
....................................
20,000,000
19,857,674
c
Forest
Lake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
..................................
1,270,000
1,264,242
Greater
Orlando
Aviation
Authority
,
Revenue
,
2019
A
,
5
%
,
10/01/33
.......................................
10,500,000
11,290,837
Revenue
,
2019
A
,
4
%
,
10/01/37
.......................................
8,430,000
8,536,188
Harvest
Ridge
Community
Development
District
,
Special
Assessment
,
2024
,
4.375
%
,
5/01/31
.............................
240,000
246,036
Special
Assessment
,
2024
,
5.125
%
,
5/01/44
.............................
260,000
270,449
Special
Assessment
,
2024
,
5.375
%
,
5/01/54
.............................
650,000
659,742
Herons
Glen
Recreation
District
,
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/32
.............
185,000
186,988
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/33
.............
300,000
302,068
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/34
.............
245,000
245,710
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/35
.............
255,000
254,827
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
3
%
,
5/01/36
.............
260,000
258,313
Hillsborough
County
Housing
Finance
Authority
,
Tampa
47th
Street
Apartments
LLC
,
Revenue
,
2025
A
,
FNMA
Insured
,
5
%
,
12/01/42
...........................
3,075,000
3,354,629
Keys
Edge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.1
%
,
5/01/44
................................................
500,000
509,591
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
49
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
c
Knightsbridge
Community
Development
District
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
6/15/31
...................................................
$
190,000
$
195,337
Lakewood
Ranch
Stewardship
District
,
Special
Assessment
,
2025
,
5.7
%
,
5/01/45
...............................
1,100,000
1,158,222
Assessment
Southeast
,
Special
Assessment
,
2025
,
5.8
%
,
5/01/45
.............
2,000,000
2,114,399
Assessments
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
....................
485,000
504,928
Lee
County
Industrial
Development
Authority
,
Lee
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
4/01/37
........................................................
5,000,000
5,062,667
Lee
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
4/01/49
........................................................
12,000,000
10,775,030
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
5.45
%
,
5/01/32
...................................................
1,000,000
1,083,872
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/28
.....
1,000,000
1,014,759
Orlando
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/30
.....
2,875,000
2,916,714
Palm
Beach
County
Housing
Finance
Authority
,
SP
Field
LLC
,
Revenue
,
2026
A
,
FHLMC
Insured
,
4.55
%
,
2/01/44
......................................
5,000,000
5,046,475
c,f
PBR
Community
Development
District
,
Special
Assessment
,
144A,
2026
A-1
,
5
%
,
3/01/48
.........................................................
800,000
804,591
c
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
12/15/41
........................................................
1,000,000
928,460
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
4.2
%
,
5/01/33
...............................
800,000
835,690
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
2,000,000
2,082,929
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/31
.....................................
500,000
484,688
State
Board
of
Administration
Finance
Corp.
,
Florida
Hurricane
Catastrophe
Fund
,
Revenue
,
2024
A
,
5.526
%
,
7/01/34
....................................
6,600,000
7,115,199
State
of
Florida
,
GO
,
2017
C
,
Refunding
,
4
%
,
6/01/33
........................
5,000,000
5,091,742
c
Summerstone
Community
Development
District
,
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.15
%
,
5/01/41
...............................
725,000
675,695
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
4
%
,
10/01/32
..........
2,855,000
2,878,530
c
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
4
%
,
5/01/34
............................
1,000,000
1,033,561
Special
Assessment
,
144A,
2024
,
4.2
%
,
5/01/39
..........................
1,000,000
1,013,654
Phase
I
,
Special
Assessment
,
144A,
2023
,
4.85
%
,
5/01/38
...................
845,000
888,061
157,693,494
Georgia
3.9%
c
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
5
%
,
7/01/35
.............
625,000
666,448
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
5.25
%
,
7/01/40
...........
700,000
740,552
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/45
.............
975,000
1,038,915
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/36
1,400,000
1,442,320
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/33
250,000
261,667
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/34
275,000
286,730
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/35
275,000
285,517
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/36
275,000
283,313
DeKalb
County
Housing
Authority
,
HADC
Avenues
LLC
,
Revenue
,
2024
,
Refunding
,
4.125
%
,
12/01/34
............
2,500,000
2,554,077
HADC
Park
at
500
LLC
,
Revenue
,
2024
,
4
%
,
3/01/34
.......................
2,250,000
2,301,709
b
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
......................
2,375,000
2,353,930
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
5,050,000
5,403,649
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
50
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Development
Authority
of
Rockdale
County,
(continued)
e
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
$
1,260,000
$
631,552
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/28
........................................................
2,100,000
2,154,567
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/29
........................................................
2,000,000
2,050,324
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
2/15/30
........................................................
1,000,000
1,025,144
b
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2021
C
,
Mandatory
Put
,
4
%
,
12/01/28
...........................
5,000,000
5,149,476
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
10,000,000
10,355,379
Revenue
,
2022
B
,
Mandatory
Put
,
5
%
,
6/01/29
............................
10,200,000
10,814,736
c
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
12,000,000
12,103,568
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
11,495,000
12,506,083
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2019
A
,
5
%
,
1/01/33
........................................
1,000,000
1,055,282
Revenue
,
2019
B
,
5
%
,
1/01/34
........................................
700,000
729,931
PowerSouth
Energy
Cooperative
,
Revenue
,
2019
B
,
5
%
,
1/01/29
..............
500,000
524,238
PowerSouth
Energy
Cooperative
,
Revenue
,
2019
B
,
5
%
,
1/01/30
..............
480,000
503,165
PowerSouth
Energy
Cooperative
,
Revenue
,
2019
B
,
5
%
,
1/01/31
..............
700,000
733,095
PowerSouth
Energy
Cooperative
,
Revenue
,
2019
B
,
5
%
,
1/01/32
..............
750,000
784,633
PowerSouth
Energy
Cooperative
,
Revenue
,
2019
B
,
5
%
,
1/01/33
..............
1,045,000
1,091,413
Savannah
Georgia
Convention
Center
Authority
,
Revenue
,
2025
C
,
AG
Insured
,
5.5
%
,
6/01/50
.........................................................
1,000,000
1,080,810
80,912,223
Hawaii
0.5%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue,
Senior
Lien
,
2025
B
,
5.25
%
,
7/01/46
............
1,000,000
1,109,501
Wastewater
System
,
Revenue,
Senior
Lien
,
2025
B
,
5.25
%
,
7/01/47
............
1,750,000
1,930,924
Wastewater
System
,
Revenue,
Senior
Lien
,
2025
B
,
5.25
%
,
7/01/48
............
2,000,000
2,195,224
State
of
Hawaii
,
Airports
System
,
Revenue
,
2020
A
,
4
%
,
7/01/35
................
4,420,000
4,534,024
9,769,673
Idaho
0.1%
Boise
State
University
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
4/01/50
...............................
850,000
888,090
Revenue
,
2025
A
,
Refunding
,
5
%
,
4/01/54
...............................
825,000
857,634
1,745,724
Illinois
7.4%
Chicago
Board
of
Education
,
Dedicated
Capital
Improvement
Tax
,
Revenue
,
2023
,
5.25
%
,
4/01/40
...................................................
3,720,000
4,044,380
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2020
E
,
Refunding
,
4
%
,
1/01/34
.........................................................
5,345,000
5,548,156
Chicago
Park
District
,
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/32
..................................
1,500,000
1,637,991
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/33
..................................
3,000,000
3,265,351
GO
,
2020
F-2
,
Refunding
,
4
%
,
1/01/34
..................................
1,100,000
1,136,053
City
of
Berwyn
,
GO
,
2022
B
,
Refunding
,
AG
Insured
,
4
%
,
12/01/41
..............
6,000,000
6,184,933
City
of
Chicago
,
e
GO
,
1999
,
NATL
Insured
,
3.21
%,
1/01/31
................................
4,000,000
3,431,958
GO
,
2021
A
,
Refunding
,
5
%
,
1/01/33
...................................
9,335,000
9,867,323
GO
,
2021
A
,
Refunding
,
5
%
,
1/01/34
...................................
6,655,000
7,042,903
GO
,
2021
B
,
Refunding
,
4
%
,
1/01/35
...................................
4,295,000
4,312,944
GO
,
2021
B
,
Refunding
,
BAM
Insured
,
4
%
,
1/01/38
........................
5,150,000
5,185,237
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
51
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
City
of
Chicago,
(continued)
GO
,
2023
A
,
5
%
,
1/01/35
............................................
$
10,000,000
$
10,649,607
GO
,
2024
B
,
Refunding
,
5
%
,
1/01/35
...................................
5,575,000
6,095,215
Illinois
Finance
Authority
,
Carle
Foundation
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/15/40
12,645,000
12,710,583
b,c
Centerpoint
Joliet
Terminal
Railroad
LLC
,
Revenue
,
144A,
2012
,
Mandatory
Put
,
4.8
%
,
7/02/35
...................................................
5,000,000
5,252,553
g,h
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/28
.........
321,200
—
g,h
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/29
.........
331,756
—
g,h
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/30
.........
395,091
—
g,h
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/31
.........
330,248
—
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/15/35
........................................................
500,000
500,306
Northwestern
University
,
Revenue
,
2015
,
5
%
,
12/01/28
.....................
1,675,000
1,797,714
c
Rosalind
Franklin
University
of
Medicine
and
Science
,
Revenue
,
144A,
2025
,
5.25
%
,
8/01/35
........................................................
5,000,000
5,364,497
e
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
2002
A
,
BAM,
NATL
RE
Insured
,
3.48
%,
12/15/37
...................................................
13,045,000
8,712,964
Northern
Illinois
University
,
Revenue
,
2021
,
BAM
Insured
,
4
%
,
10/01/41
.............................
400,000
400,376
Revenue
,
2021
,
BAM
Insured
,
4
%
,
10/01/43
.............................
2,075,000
2,025,538
State
of
Illinois
,
GO
,
2019
B
,
4
%
,
11/01/38
...........................................
4,680,000
4,697,596
GO
,
2020
C
,
4
%
,
10/01/37
...........................................
8,170,000
8,288,616
GO
,
2021
A
,
5
%
,
3/01/46
............................................
2,000,000
2,050,757
GO
,
2022
A
,
5
%
,
3/01/29
............................................
6,385,000
6,867,661
GO
,
2022
B
,
5
%
,
10/01/30
...........................................
10,000,000
11,083,085
GO
,
2022
C
,
5.5
%
,
10/01/40
.........................................
3,700,000
4,118,300
GO
,
2024
C
,
4
%
,
10/01/39
...........................................
2,500,000
2,515,690
c
Upper
Illinois
River
Valley
Development
Authority
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
................
5,000,000
5,143,768
Village
of
Bellwood
,
Tax
Allocation
,
2024
,
5
%
,
12/01/50
.......................
2,750,000
2,775,827
152,707,882
Indiana
1.3%
Indiana
Finance
Authority
,
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/32
.....................
650,000
711,020
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/33
.....................
830,000
912,301
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/38
.....................
1,600,000
1,714,242
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/26
..
1,065,000
1,070,063
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/27
..
1,150,000
1,164,046
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/28
..
1,235,000
1,256,794
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/29
..
1,330,000
1,359,578
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/30
..
1,425,000
1,458,601
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
4.3
%
,
5/01/29
...
750,000
769,915
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5.25
%
,
5/01/45
..
1,000,000
1,028,291
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue
,
2021
A
,
Refunding
,
AG
Insured
,
4
%
,
6/01/37
...............................................
14,000,000
14,584,969
26,029,820
Iowa
1.1%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/32
....
680,000
682,051
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/36
....
650,000
651,443
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/41
....
350,000
350,363
b
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
3.119
%
,
5/15/26
.....................................
3,250,000
3,227,329
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
52
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Iowa
(continued)
Iowa
Finance
Authority,
(continued)
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
$
2,500,000
$
2,902,094
Iowa
Higher
Education
Loan
Authority
,
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/31
.
1,800,000
1,946,401
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/32
.
1,920,000
2,067,816
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/33
.
2,030,000
2,176,880
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/34
.
2,135,000
2,280,833
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/35
.
1,250,000
1,329,598
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/36
.
2,470,000
2,615,307
Des
Moines
University
Osteopathic
Medical
Center
,
Revenue
,
2020
,
5
%
,
10/01/37
.
2,595,000
2,736,873
22,966,988
Kentucky
2.5%
County
of
Warren
,
Bowling
Green-Warren
County
Community
Hospital
Corp.
,
Revenue
,
2024
,
5.25
%
,
4/01/49
...............................................
3,250,000
3,426,251
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/35
1,000,000
1,064,192
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/36
1,000,000
1,059,324
Kentucky
Municipal
Energy
Agency
,
Revenue
,
2025
,
AG
Insured
,
5
%
,
1/01/55
......
14,000,000
14,342,306
Kentucky
Municipal
Power
Agency
,
Revenue
,
2016
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/34
....................
6,500,000
6,555,269
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/31
...............................
1,500,000
1,576,165
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/32
...............................
1,600,000
1,677,296
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/33
...............................
1,000,000
1,046,196
Kentucky
Public
Energy
Authority
,
Revenue
,
2025
B
,
5
%
,
12/01/33
..............
15,000,000
15,994,708
Paducah
Electric
Plant
Board
,
Revenue
,
2016
A
,
Refunding
,
AG
Insured
,
5
%
,
10/01/31
5,500,000
5,571,567
52,313,274
Louisiana
2.4%
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/35
1,310,000
1,352,759
Jefferson
Sales
Tax
District
,
Revenue
,
2019
B
,
AG
Insured
,
4
%
,
12/01/36
.........
6,000,000
6,173,107
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
c
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
8,600,000
7,997,039
Louisiana
Utilities
Restoration
Corp.
ELL
System
Restoration
,
Revenue
,
2022
A
,
3.615
%
,
2/01/29
.................................................
2,815,305
2,814,238
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
6,295,000
6,476,005
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
5,650,000
5,884,672
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/29
........................................................
10,000
10,057
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/30
........................................................
5,000
5,028
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/32
........................................................
15,000
15,085
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/28
1,000,000
1,029,421
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/29
2,000,000
2,059,091
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/30
2,250,000
2,314,859
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/31
1,745,000
1,793,153
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/32
1,750,000
1,796,292
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/33
2,000,000
2,050,044
Port
New
Orleans
Board
of
Commissioners
,
Revenue
,
2020
E
,
5
%
,
4/01/35
........................................
1,000,000
1,060,654
Revenue
,
2020
E
,
5
%
,
4/01/36
........................................
1,495,000
1,578,824
Revenue
,
2020
E
,
5
%
,
4/01/37
........................................
1,065,000
1,119,599
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
53
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Port
New
Orleans
Board
of
Commissioners,
(continued)
Revenue
,
2020
E
,
5
%
,
4/01/38
........................................
$
1,000,000
$
1,049,000
Revenue
,
2020
E
,
5
%
,
4/01/39
........................................
2,750,000
2,878,001
49,456,928
Maine
0.1%
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineHealth
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/36
........................................
1,000,000
1,034,246
Maryland
3.0%
City
of
Baltimore
,
Wastewater
Utility
Fund
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
7/01/32
............
5,905,000
6,030,830
Wastewater
Utility
Fund
,
Revenue,
Senior
Lien
,
D
,
Refunding
,
5
%
,
7/01/28
......
2,790,000
2,795,841
Wastewater
Utility
Fund
,
Revenue,
Senior
Lien
,
D
,
Refunding
,
5
%
,
7/01/29
......
5,835,000
5,847,209
Wastewater
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/29
.............
1,000,000
1,021,658
Wastewater
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/30
.............
2,940,000
3,003,079
Wastewater
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/31
.............
2,085,000
2,127,339
Wastewater
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/32
.............
3,240,000
3,302,844
Water
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/29
.................
1,320,000
1,348,589
Water
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/30
.................
1,785,000
1,823,298
Water
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/31
.................
3,765,000
3,844,273
Water
Utility
Fund
,
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
7/01/32
.................
4,000,000
4,082,240
Maryland
Community
Development
Administration
,
Residential
,
Revenue
,
2019
B
,
Refunding
,
3
%
,
9/01/34
.............................................
5,000,000
4,940,802
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
3.25
%
,
7/01/39
500,000
441,148
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/40
..
300,000
298,396
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/30
............................................
8,520,000
8,802,955
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/31
............................................
7,415,000
7,645,969
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/28
...............
1,000,000
1,019,644
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/29
...............
1,340,000
1,377,739
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/31
...............
1,480,000
1,538,685
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/32
...............
1,550,000
1,605,929
62,898,467
Massachusetts
0.9%
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2025
B
,
5
%
,
7/01/46
...............................
7,630,000
8,317,121
Sales
Tax
,
Revenue
,
2025
B
,
5.25
%
,
7/01/47
.............................
6,780,000
7,453,128
Massachusetts
Development
Finance
Agency
,
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/38
...........................
845,000
970,387
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/40
...........................
1,100,000
1,239,098
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/43
...........................
1,000,000
1,086,257
19,065,991
Michigan
1.8%
Detroit
Downtown
Development
Authority
,
Catalyst
Development
Area
,
Tax
Allocation
,
2024
,
Refunding
,
5
%
,
7/01/48
........................................
4,445,000
4,642,866
Michigan
Finance
Authority
,
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
4
%
,
11/15/46
.......................................................
4,000,000
3,673,988
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.5
%
,
2/28/49
............
5,375,000
5,695,608
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2017
MI
,
Refunding
,
4
%
,
12/01/46
4,750,000
4,457,163
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
54
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group
,
Revenue
,
1999
B-3
,
Pre-Refunded
,
4
%
,
11/15/33
.
$
5,100,000
$
5,297,710
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2008
C
,
Refunding
,
5
%
,
12/01/31
.
2,700,000
2,822,732
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2008
C
,
Pre-Refunded
,
5
%
,
12/01/32
135,000
141,468
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
3
%
,
10/01/39
..
3,500,000
3,299,448
b
Michigan
Strategic
Fund
,
Consumers
Energy
Co.
,
Revenue
,
2005
,
Mandatory
Put
,
0.875
%
,
10/08/26
..................................................
5,000,000
4,915,508
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue,
Junior
Lien
,
2017
B
,
Refunding
,
5
%
,
12/01/29
............................
1,980,000
2,053,948
37,000,439
Mississippi
0.5%
County
of
Warren
,
International
Paper
Co.
,
Revenue
,
2018
,
Refunding
,
4
%
,
9/01/32
.
3,250,000
3,436,975
c
Mississippi
Development
Bank
,
County
of
Hancock
,
Revenue
,
144A,
2019
,
4.55
%
,
11/01/39
........................................................
1,545,000
1,578,836
c
Mississippi
Home
Corp.
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
...................................
5,000,000
5,143,768
10,159,579
Missouri
1.1%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
2/01/48
........................................................
2,500,000
2,548,317
Mercy
Health
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
6/01/31
....................
12,500,000
13,295,521
Southeast
Missouri
State
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/33
.................................
2,745,000
2,851,592
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/34
.................................
2,180,000
2,258,517
Revenue
,
2020
,
Refunding
,
4
%
,
4/01/35
.................................
1,575,000
1,626,659
22,580,606
Nebraska
0.3%
b
Central
Plains
Energy
Project
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
10/01/29
.....
5,000,000
5,322,527
Nevada
0.0%
†
City
of
Las
Vegas
,
Special
Improvement
District
No.
819
,
Special
Assessment
,
2025
,
5
%
,
6/01/40
....
325,000
338,352
Special
Improvement
District
No.
819
,
Special
Assessment
,
2025
,
5.25
%
,
6/01/45
.
325,000
334,452
672,804
New
Hampshire
0.5%
New
Hampshire
Business
Finance
Authority
,
d
Revenue
,
FRN
,
2024-3
,
A
,
4.162
%
,
10/20/41
.............................
1,485,224
1,532,541
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2024
D
,
6.129
%
,
7/01/38
4,080,000
4,261,122
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
5.125
%
,
8/01/40
..
2,600,000
2,683,457
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
5.75
%
,
8/01/45
...
1,750,000
1,793,730
10,270,850
New
Jersey
1.7%
New
Jersey
Economic
Development
Authority
,
State
of
New
Jersey
,
Revenue
,
2022
A
,
5
%
,
11/01/39
.....................................................
16,000,000
17,732,571
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
5,000,000
5,049,968
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/30
...............
900,000
928,811
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/31
...............
1,080,000
1,113,928
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
3.5
%
,
12/01/39
...................
2,090,000
2,084,308
Revenue,
Senior
Lien
,
2020
B
,
3.5
%
,
12/01/39
............................
970,000
962,104
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
55
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/36
...........................................
$
6,200,000
$
6,494,117
34,365,807
New
Mexico
0.7%
Aspire
Public
Improvement
District
,
Special
Tax
,
2024
,
5.05
%
,
10/01/44
....................................
525,000
525,725
Special
Tax
,
2024
,
5.3
%
,
10/01/53
.....................................
800,000
775,236
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
A
,
Refunding
,
2.15
%
,
4/01/33
...................................................
13,500,000
12,119,877
13,420,838
New
York
5.9%
Build
NYC
Resource
Corp.
,
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/43
......................
1,230,000
1,360,342
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/45
......................
400,000
434,080
TrIPs
Obligated
Group
,
Revenue
,
2025
,
5.5
%
,
7/01/55
......................
500,000
524,192
City
of
New
York
,
GO
,
2021
C
,
4
%
,
8/01/37
............................................
5,000,000
5,160,693
GO
,
2022
D-1
,
5.5
%
,
5/01/44
.........................................
2,500,000
2,734,412
GO
,
2022
D-1
,
5.5
%
,
5/01/46
.........................................
2,600,000
2,799,017
Metropolitan
Transportation
Authority
,
b
Revenue
,
2015
A-2
,
Mandatory
Put
,
5
%
,
5/15/30
..........................
7,000,000
7,586,919
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/34
..............................
3,265,000
3,312,250
Revenue
,
2017
B
,
Refunding
,
5
%
,
11/15/26
..............................
2,140,000
2,182,330
Revenue
,
2017
C-1
,
Refunding
,
5
%
,
11/15/31
............................
1,870,000
1,970,435
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
11/15/47
.............................
5,000,000
5,412,206
New
York
City
Housing
Development
Corp.
,
Revenue
,
2019
A-1
,
Refunding
,
4.15
%
,
11/01/38
........................................................
1,825,000
1,828,116
New
York
City
Industrial
Development
Agency
,
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
3
%
,
3/01/36
....................................
2,500,000
2,454,983
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2024
CC-1
,
5.25
%
,
6/15/54
..........................................
15,090,000
15,994,244
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2022
B-1
,
4
%
,
8/01/45
......................
5,000,000
4,877,959
Future
Tax
Secured
,
Revenue
,
2022
F-1
,
5
%
,
2/01/42
......................
12,000,000
13,020,242
Future
Tax
Secured
,
Revenue
,
2026
A-1
,
5.25
%
,
5/01/46
....................
7,500,000
8,250,140
b
New
York
Energy
Finance
Development
Corp.
,
Revenue
,
2025
,
Mandatory
Put
,
5
%
,
12/01/33
........................................................
6,990,000
7,505,612
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
2,340,000
2,239,050
New
York
State
Dormitory
Authority
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2018
A
,
Pre-Refunded
,
5
%
,
3/15/32
........................................................
5,000
5,347
State
of
New
York
Sales
Tax
,
Revenue
,
2024
A
,
5
%
,
3/15/46
.................
10,000,000
10,712,083
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
6
%
,
4/01/35
..........................
4,275,000
4,772,576
JFK
NTO
LLC
,
Revenue
,
2023
,
6
%
,
6/30/54
..............................
2,000,000
2,099,533
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/42
..............................
1,625,000
1,859,336
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/44
..............................
1,000,000
1,120,890
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
234
,
Refunding
,
5.25
%
,
8/01/42
.
2,500,000
2,709,216
Troy
Capital
Resource
Corp.
,
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/30
......
2,900,000
3,201,391
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/34
......
4,425,000
4,819,017
120,946,611
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
56
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
0.1%
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/27
..............................
$
450,000
$
461,526
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/28
..............................
500,000
519,603
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/29
..............................
350,000
371,082
1,352,211
North
Dakota
0.3%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/29
..
1,600,000
1,697,814
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/30
..
1,600,000
1,718,392
City
of
Horace
,
GO
,
2024
C
,
Refunding
,
4.75
%
,
5/01/44
......................
1,100,000
1,120,163
North
Dakota
Housing
Finance
Agency
,
Revenue
,
2024
C
,
5
%
,
7/01/42
...........
2,240,000
2,463,740
7,000,109
Ohio
2.1%
Columbus
Metropolitan
Housing
Authority
,
Revenue
,
2024
,
4
%
,
12/01/34
........................................
5,500,000
5,602,102
Revenue
,
2025
C
,
4
%
,
11/01/35
.......................................
5,000,000
5,045,475
Revenue
,
2025
F
,
4
%
,
12/01/35
.......................................
5,300,000
5,360,590
County
of
Franklin
,
Ohio
Living
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5
%
,
7/01/31
.........................................................
5,000,000
5,158,305
County
of
Hamilton
,
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
1/01/36
........................................................
400,000
442,571
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
1/01/37
........................................................
500,000
550,044
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.5
%
,
1/01/38
........................................................
350,000
388,544
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.5
%
,
1/01/39
........................................................
575,000
635,238
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.5
%
,
1/01/40
........................................................
440,000
483,640
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
1/01/41
........................................................
525,000
565,114
c
Ohio
Housing
Finance
Agency
,
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
B
,
6.25
%
,
3/01/26
...................................................
6,850,000
6,850,000
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue
,
2024
B
,
Refunding
,
AG
Insured
,
4.375
%
,
12/01/58
...........................................
12,535,000
12,120,109
State
of
Ohio
,
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/36
.....................................................
905,000
914,613
44,116,345
Oregon
0.9%
Clackamas
County
School
District
No.
12
North
Clackamas
,
GO
,
B
,
5
%
,
6/15/32
....
3,725,000
3,859,301
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
...
5,240,000
5,467,593
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/36
.......................................
1,300,000
1,398,141
Oregon
State
Facilities
Authority
,
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/26
.......................................................
150,000
151,520
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/28
.......................................................
325,000
340,316
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/29
.......................................................
600,000
637,491
Samaritan
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/35
.......................................................
275,000
292,033
Willamette
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
.............
1,000,000
805,837
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
57
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
(continued)
Salem
Hospital
Facility
Authority
,
Salem
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/34
.............................................
$
3,780,000
$
4,030,534
c
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
2,405,000
2,545,448
19,528,214
Pennsylvania
2.4%
Allegheny
County
Airport
Authority
,
Revenue
,
2023
A
,
AG
Insured
,
5.5
%
,
1/01/41
.............................
1,000,000
1,117,071
Revenue
,
2023
A
,
AG
Insured
,
5.5
%
,
1/01/42
.............................
1,000,000
1,108,342
Allegheny
County
Hospital
Development
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/15/33
............
4,000,000
4,288,703
UPMC
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/15/34
............
1,000,000
1,068,579
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/28
.................................
600,000
625,508
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/29
.................................
600,000
636,942
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/30
.................................
700,000
754,982
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/31
.................................
675,000
737,571
City
of
Philadelphia
,
Water
&
Wastewater
,
Revenue
,
2023
B
,
Refunding
,
AG
Insured
,
5.5
%
,
9/01/53
....................................................
3,000,000
3,236,933
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
4/15/34
.....................
1,750,000
1,905,165
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/40
............
2,525,000
2,541,779
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/41
............
2,375,000
2,379,454
UPMC
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/15/42
............
2,815,000
2,796,207
b
Waste
Management
Obligated
Group
,
Revenue
,
2009
,
Mandatory
Put
,
0.95
%
,
12/01/26
.......................................................
3,000,000
2,954,770
b
Waste
Management,
Inc.
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
1.1
%
,
11/02/26
.......................................................
6,750,000
6,660,611
Pennsylvania
Higher
Educational
Facilities
Authority
,
Drexel
University
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
5
%
,
5/01/39
........
6,950,000
7,404,268
University
of
Pennsylvania
Health
System
Obligated
Group
(The)
,
Revenue
,
2017
A
,
4
%
,
8/15/34
....................................................
5,895,000
5,992,038
Philadelphia
Authority
for
Industrial
Development
,
MaST
Community
Charter
School
II
,
Revenue
,
2020
A
,
5
%
,
8/01/40
........................................
300,000
308,003
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2021
A
,
BAM
Insured
,
2.799
%
,
9/01/33
.................................
2,425,000
2,229,298
48,746,224
Rhode
Island
0.2%
Rhode
Island
Health
and
Educational
Building
Corp.
,
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
7/01/55
..........
3,000,000
3,017,981
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
7/01/60
..........
2,000,000
2,004,224
5,022,205
South
Carolina
2.9%
c
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.625
%
,
11/01/31
...............................
1,000,000
929,138
b
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
27,500,000
30,240,235
South
Carolina
Jobs-Economic
Development
Authority
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/44
.....
4,315,000
4,064,923
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
11/01/43
...
4,500,000
5,037,023
Novant
Health
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
11/01/45
.............
5,715,000
6,296,234
Novant
Health
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
11/01/50
.............
4,000,000
4,278,320
Prisma
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
5/01/33
......
6,000,000
6,319,372
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
58
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
f
South
Carolina
Public
Service
Authority
,
Revenue
,
2025
A
,
5
%
,
12/01/55
..........
$
1,750,000
$
1,817,057
58,982,302
South
Dakota
0.6%
County
of
Turner
,
GO
,
2025
,
4.35
%
,
12/01/44
..........................................
3,330,000
3,424,302
GO
,
2025
,
4.5
%
,
12/01/49
...........................................
4,520,000
4,523,569
Huron
School
District
No.
2-2
,
GO
,
2024
,
5
%
,
8/01/39
.............................................
1,940,000
2,158,518
GO
,
2024
,
4
%
,
8/01/44
.............................................
1,700,000
1,711,191
South
Dakota
Health
&
Educational
Facilities
Authority
,
Presbyterian
Retirement
Village
of
Rapid
City,
Inc.
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/41
..................
1,150,000
999,502
12,817,082
Tennessee
1.7%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/35
................
2,550,000
2,713,689
b
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
21,895,000
23,864,961
Tennessee
State
School
Bond
Authority
,
Revenue
,
2015
B
,
5
%
,
11/01/28
.........
8,180,000
8,194,944
34,773,594
Texas
11.6%
Arlington
Higher
Education
Finance
Corp.
,
Leadership
Prep
School
,
Revenue
,
2024
,
PSF
Guaranty
,
4
%
,
6/15/49
..........
250,000
229,356
Leadership
Prep
School
,
Revenue
,
2024
,
PSF
Guaranty
,
4.125
%
,
6/15/54
.......
475,000
436,734
Leadership
Prep
School
,
Revenue
,
2024
,
PSF
Guaranty
,
4.25
%
,
6/15/59
........
1,000,000
934,066
Bexar
Management
And
Development
Corp.
,
Oso
Apartments
Ltd.
,
Revenue
,
2024
,
FNMA
Insured
,
4.61
%
,
7/01/44
........................................
8,250,000
8,569,839
c
City
of
Celina
,
Mosaic
Public
Improvement
District
Phase
No.
1B
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
.........................................
360,000
369,900
City
of
Dallas
Housing
Finance
Corp.
,
TX
Illinois
2024
Ltd.
,
Revenue
,
2025
A
,
FNMA
Insured
,
5
%
,
3/01/44
...............................................
2,850,000
3,083,325
c
City
of
Kyle
,
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3B
,
Special
Assessment
,
144A,
2025
,
4.375
%
,
9/01/35
...............................
621,000
637,062
c
City
of
Lavon
,
Trails
of
Lavon
Public
Improvement
District
Projects
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/54
..................................
1,304,000
1,350,069
City
of
Lubbock
,
GO
,
2024
,
5
%
,
2/15/42
.............................................
4,130,000
4,585,712
GO
,
2024
,
5
%
,
2/15/43
.............................................
4,350,000
4,798,482
GO
,
2024
,
5
%
,
2/15/44
.............................................
2,205,000
2,414,989
Clifton
Higher
Education
Finance
Corp.
,
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
5
%
,
2/15/41
....................................................
3,850,000
4,233,603
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
4.375
%
,
2/15/42
.................................................
3,275,000
3,372,140
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
5.25
%
,
2/15/44
..................................................
4,450,000
4,833,619
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
5.25
%
,
2/15/49
..................................................
2,250,000
2,365,141
Southwestern
University
,
Revenue
,
2022
,
4
%
,
8/15/42
......................
10,535,000
10,408,673
c
County
of
Hays
,
La
Cima
Public
Improvement
District
Neighborhood
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2025
,
5.125
%
,
9/15/45
...................
1,616,000
1,639,969
Dallas
Convention
Center
Hotel
Development
Corp.
,
Revenue
,
2009
B
,
7.088
%
,
1/01/42
.........................................................
8,535,000
9,699,431
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
11/01/43
..........................
14,250,000
15,718,510
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
11/01/44
..........................
5,000,000
5,453,770
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
59
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Dallas
Fort
Worth
International
Airport,
(continued)
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
11/01/45
..........................
$
8,000,000
$
8,636,260
Revenue
,
2025
A-1
,
Refunding
,
5.25
%
,
11/01/46
..........................
12,500,000
13,358,361
Ector
County
Hospital
District
,
GO
,
2020
,
Refunding
,
5
%
,
9/15/29
.....................................
800,000
842,758
GO
,
2020
,
Refunding
,
5
%
,
9/15/30
.....................................
745,000
794,432
GO
,
2020
,
Refunding
,
5
%
,
9/15/31
.....................................
450,000
477,867
GO
,
2020
,
Refunding
,
5
%
,
9/15/32
.....................................
600,000
635,578
GO
,
2020
,
Refunding
,
5
%
,
9/15/33
.....................................
650,000
686,436
GO
,
2020
,
Refunding
,
4
%
,
9/15/34
.....................................
650,000
652,160
GO
,
2020
,
Refunding
,
4
%
,
9/15/35
.....................................
700,000
699,776
EP
Cimarron
Ventanas
PFC
,
Revenue
,
2024
,
Refunding
,
4.125
%
,
12/01/39
........
4,020,000
4,101,020
EP
Royal
Estates
PFC
,
Revenue
,
2024
,
4.25
%
,
10/01/39
.....................
1,000,000
1,031,104
Harris
County
Municipal
Utility
District
No.
490
,
GO
,
2025
,
BAM
Insured
,
4.25
%
,
3/01/40
................................
1,400,000
1,437,593
GO
,
2025
,
BAM
Insured
,
4.5
%
,
3/01/43
.................................
1,610,000
1,645,834
Houston
Higher
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2025
,
5.125
%
,
10/01/51
..................................................
725,000
706,298
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2
%
,
9/01/28
.............................................
155,000
146,964
GO
,
2021
,
2
%
,
9/01/29
.............................................
155,000
144,252
GO
,
2024
,
AG
Insured
,
4
%
,
9/01/39
....................................
935,000
953,311
GO
,
2024
,
AG
Insured
,
4.25
%
,
9/01/43
..................................
715,000
721,498
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/34
200,000
186,814
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/35
225,000
227,286
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/36
250,000
251,049
Lake
View
Management
and
Development
District
,
GO
,
2024
,
BAM
Insured
,
4
%
,
2/15/44
...................................
1,000,000
983,161
GO
,
2024
,
BAM
Insured
,
4.125
%
,
2/15/49
...............................
1,725,000
1,612,298
c
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
3,729,212
2,996,027
Lower
Colorado
River
Authority
,
Revenue
,
2022
,
Refunding
,
AG
Insured
,
4
%
,
5/15/40
.......................
5,000,000
5,131,535
Revenue
,
2024
,
Refunding
,
5
%
,
5/15/41
.................................
3,025,000
3,336,312
North
Texas
Tollway
Authority
,
Revenue,
First
Tier
,
A
,
Refunding
,
4
%
,
1/01/33
......
5,000,000
5,048,801
c
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-1
,
4.5
%
,
12/01/37
...........
11,900,000
10,824,510
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/37
......
635,000
616,913
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/39
......
2,435,000
2,306,726
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/40
......
2,000,000
1,872,487
Tarrant
Regional
Water
District
,
City
of
Dallas
Waterworks
&
Sewer
System
,
Revenue
,
2025
,
4.25
%
,
9/01/55
...............................................
13,865,000
13,212,394
Terrell
Independent
School
District
,
GO
,
2025
,
PSF
Guaranty
,
5.25
%
,
8/01/43
...............................
2,600,000
2,924,480
GO
,
2025
,
PSF
Guaranty
,
5.25
%
,
8/01/44
...............................
3,000,000
3,336,589
GO
,
2025
,
PSF
Guaranty
,
5.25
%
,
8/01/45
...............................
2,250,000
2,476,712
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/30
........................................................
10,000,000
10,836,816
b
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
A
,
Mandatory
Put
,
5.5
%
,
1/01/30
....................................................
19,500,000
20,985,333
f
Texas
Transportation
Finance
Corp.
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
10/01/55
..
20,790,000
22,730,620
c
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
9/01/31
.........................
281,000
263,048
Town
of
Trophy
Club
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
9/01/30
........................................................
264,000
282,111
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
60
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Town
of
Trophy
Club,
(continued)
Public
Improvement
District
No.
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
9/01/32
........................................................
$
252,000
$
274,780
Travis
County
Development
Authority
,
Special
Assessment
,
2025
,
5
%
,
9/01/44
.....
500,000
508,035
Westpointe
Special
Improvement
District
,
GO
,
2024
,
BAM
Insured
,
5
%
,
8/15/37
...................................
450,000
497,248
GO
,
2024
,
BAM
Insured
,
5
%
,
8/15/45
...................................
1,000,000
1,047,187
GO
,
2024
,
BAM
Insured
,
5
%
,
8/15/49
...................................
1,095,000
1,129,507
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
2
%
,
8/15/29
.....................................
290,000
276,929
GO,
Sub.
Lien
,
2021
,
2.25
%
,
8/15/31
...................................
300,000
281,038
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/33
.....................................
315,000
302,693
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/35
.....................................
335,000
315,443
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/37
.....................................
355,000
320,448
240,201,222
Utah
0.3%
City
of
Lehi
,
Franchise
&
Sales
Tax
,
Revenue
,
2021
,
AG
Insured
,
4
%
,
2/01/48
......
3,000,000
2,786,626
Downtown
Revitalization
Public
Infrastructure
District
,
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
First
Lien
,
2025
A
,
AG
Insured
,
5
%
,
6/01/39
..............................................
1,300,000
1,394,142
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5.25
%
,
6/01/43
...........................................
1,000,000
1,124,224
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5.5
%
,
6/01/50
............................................
1,000,000
1,097,523
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
4
%
,
10/15/35
.....................
400,000
403,597
6,806,112
Virginia
0.8%
Virginia
Public
Building
Authority
,
Commonwealth
of
Virginia
,
Revenue
,
B
,
4
%
,
8/01/29
9,605,000
9,673,739
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/32
........................................................
2,500,000
2,605,011
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
7/01/32
........................................................
2,000,000
2,079,077
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
1/01/35
....................................................
3,000,000
3,165,298
17,523,125
Washington
3.2%
City
of
Seattle
,
Municipal
Light
&
Power
,
Revenue
,
2017
C
,
Refunding
,
4
%
,
9/01/35
.
5,000,000
5,059,551
Everett
Housing
Authority
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/37
..............
9,420,000
9,504,126
King
County
Housing
Authority
,
Revenue
,
2025
,
Refunding
,
5
%
,
7/01/40
.................................
500,000
535,373
Revenue
,
2025
,
Refunding
,
5.375
%
,
7/01/45
.............................
2,000,000
2,125,552
State
of
Washington
,
GO
,
2024
A
,
5
%
,
8/01/43
.............................
10,000,000
11,000,536
Vancouver
Housing
Authority
,
2200
Norris
LLLP
,
Revenue
,
2025
,
Refunding
,
4.125
%
,
12/01/39
..............
1,975,000
2,002,977
Cascara
Vancouver
LLLP
,
Revenue
,
2024
A
,
5
%
,
12/01/42
...................
2,500,000
2,811,552
Esther
Cougar
Rehab
LLLP
,
Revenue
,
2024
B
,
4.5
%
,
10/01/42
...............
2,000,000
2,090,132
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/31
..
2,250,000
2,327,584
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/32
..
1,605,000
1,658,983
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/35
..
2,400,000
2,470,195
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
8/01/36
1,200,000
1,271,190
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/35
1,665,000
1,771,879
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/36
3,250,000
3,442,805
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
61
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
Washington
Health
Care
Facilities
Authority,
(continued)
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/38
........................................................
$
1,000,000
$
1,074,679
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/39
........................................................
1,000,000
1,070,914
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
9/01/40
........................................................
1,000,000
1,066,507
c
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
3
%
,
12/01/35
.......................................................
440,000
433,194
Overlake
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
B
,
Refunding
,
5
%
,
7/01/30
........................................................
1,000,000
1,036,015
Overlake
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
B
,
Refunding
,
5
%
,
7/01/31
........................................................
1,925,000
1,992,655
Washington
State
Housing
Finance
Commission
,
Revenue
,
2021-1
,
A
,
3.5
%
,
12/20/35
...................................
6,404,608
6,361,252
c
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
B
,
5.3
%
,
1/01/30
.
940,000
928,060
c
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5
%
,
7/01/45
........................................................
2,250,000
2,345,780
c
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
5.625
%
,
7/01/38
........................................................
2,000,000
2,195,510
66,577,001
Wisconsin
5.8%
City
of
Milwaukee
,
Sewerage
System
,
Revenue
,
2021
S-2
,
Refunding
,
3
%
,
6/01/46
..
4,600,000
3,644,560
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
23,650,000
25,285,426
e
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
5,725,000
2,879,120
BlueHub
Loan
Fund,
Inc.
,
Revenue
,
2024
B
,
5.25
%
,
7/01/44
.................
8,200,000
8,789,711
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/29
..........
285,000
290,353
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/30
..........
200,000
203,414
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/31
..........
200,000
202,985
c
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
3,500,000
3,649,765
EMU
Campus
Living
LLC
,
Revenue
,
2022
A-1
,
BAM
Insured
,
5.375
%
,
7/01/47
....
7,000,000
7,446,306
c
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
5,330,000
5,608,268
c
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
A
,
3.8
%
,
12/01/37
5,600,000
5,112,164
c
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
B
,
5.75
%
,
12/01/27
.......................................................
1,240,000
1,234,565
KSU
Bixby
Real
Estate
Foundation
LLC
,
Revenue,
Senior
Lien
,
2025
A
,
5.25
%
,
6/15/50
........................................................
1,000,000
1,019,380
f
Maniilaq
Association
Obligated
Group
,
Revenue
,
2026
,
5.25
%
,
12/01/41
........
2,300,000
2,534,702
f
Maniilaq
Association
Obligated
Group
,
Revenue
,
2026
,
5.25
%
,
12/01/44
........
1,750,000
1,868,570
North
East
Carolina
Preparatory
School,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
6/15/44
........................................................
800,000
809,426
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
24,350,000
25,062,783
PRG
-
Oxford
Properties
LLC
,
Revenue
,
2025
A
,
BAM
Insured
,
5
%
,
7/01/45
......
1,000,000
1,044,456
Renown
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/35
....................................................
2,100,000
2,152,732
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
.......
1,100,000
902,802
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/27
...........................................
195,000
198,321
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/28
...........................................
250,000
257,007
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/29
...........................................
320,000
332,368
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
62
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/30
...........................................
$
265,000
$
277,626
Wisconsin
Health
&
Educational
Facilities
Authority
,
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/28
....................................................
375,000
379,611
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/29
....................................................
390,000
397,028
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/30
....................................................
405,000
414,169
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/37
....................................................
1,460,000
1,462,273
Sanford
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
4
%
,
2/15/34
.
600,000
624,688
Sanford
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
4
%
,
2/15/35
.
1,000,000
1,040,010
Sanford
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
4
%
,
2/15/36
.
600,000
621,619
Sanford
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
2/15/54
..................
11,500,000
12,116,140
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/41
......
1,790,000
1,726,483
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
8/15/44
.....
1,000,000
1,065,068
120,653,899
U.S.
Territories
0.5%
District
of
Columbia
0.4%
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
4.375
%
,
7/15/56
.................
505,000
484,845
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/56
.....................
7,060,000
7,298,321
7,783,166
Puerto
Rico
0.1%
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/27
..
450,000
460,863
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/30
..
550,000
592,208
1,053,071
Total
U.S.
Territories
....................................................................
8,836,237
Total
Municipal
Bonds
(Cost
$
1,937,570,852
)
...................................
1,981,984,601
Total
Long
Term
Investments
(Cost
$
1,954,321,402
)
.............................
1,997,044,401
a
a
a
a
a
Short
Term
Investments
2.7%
Municipal
Bonds
2.7%
California
0.8%
i
University
of
California
,
Revenue
,
2013
AL-1
,
Daily
VRDN
and
Put
,
1.2
%
,
5/15/48
...................
2,000,000
2,000,000
Revenue
,
2013
AL-4
,
Refunding
,
Daily
VRDN
and
Put
,
1.35
%
,
5/15/48
..........
15,000,000
15,000,000
17,000,000
Maryland
0.0%
†
i
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2025
C-1
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
1.95
%
,
7/01/55
.............................................
1,000,000
1,000,000
Minnesota
0.2%
i
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2025
D
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
1.25
%
,
11/15/64
............................................
3,900,000
3,900,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
63
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
New
York
0.5%
i
City
of
New
York
,
GO
,
2014
I-3
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
1.95
%
,
3/01/44
.........................................................
$
7,300,000
$
7,300,000
i
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2014
D-3
,
SPA
Mizuho
Bank
Ltd.
,
Daily
VRDN
and
Put
,
1.9
%
,
2/01/44
..........
2,400,000
2,400,000
9,700,000
Oregon
0.5%
i
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
1.9
%
,
8/01/34
.............
10,700,000
10,700,000
Pennsylvania
0.7%
i
Philadelphia
Authority
for
Industrial
Development
,
Children's
Hospital
of
Philadelphia
Obligated
Group
,
Revenue
,
2024
B-1
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
1.85
%
,
7/01/54
.............................................
14,000,000
14,000,000
Virginia
0.0%
†
i
Albemarle
County
Economic
Development
Authority
,
Sentara
Healthcare
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
1.9
%
,
10/01/48
........................................................
200,000
200,000
Total
Municipal
Bonds
(Cost
$
56,500,000
)
......................................
56,500,000
Total
Short
Term
Investments
(Cost
$
56,500,000
)
................................
56,500,000
a
Total
Investments
(Cost
$
2,010,821,402
)
99.3
%
..................................
$2,053,544,401
Other
Assets,
less
Liabilities
0.7
%
.............................................
14,539,102
Net
Assets
100.0%
...........................................................
$2,068,083,503
See
Abbreviations
on
page
348
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$216,143,516,
representing
10.5%
of
net
assets.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
The
rate
shown
represents
the
yield
at
period
end.
f
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
g
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7.
i
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
64
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.33
$10.20
$10.03
$10.34
$10.56
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.28
0.27
0.24
0.15
0.07
Net
realized
and
unrealized
gains
(losses)
...........
0.16
0.13
0.17
(0.33)
(0.22)
Total
from
investment
operations
....................
0.44
0.40
0.41
(0.18)
(0.15)
Less
distributions
from:
Net
investment
income
..........................
(0.28)
(0.27)
(0.24)
(0.13)
(0.07)
Net
asset
value,
end
of
year
.......................
$10.49
$10.33
$10.20
$10.03
$10.34
Total
return
d
...................................
4.29%
4.00%
4.09%
(1.75)%
(1.39)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.86%
0.84%
0.82%
0.86%
0.80%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.65%
0.65%
e
0.65%
e
0.65%
e
0.65%
e
Net
investment
income
...........................
2.69%
2.65%
2.34%
1.51%
0.70%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$335,845
$332,695
$331,917
$385,372
$345,670
Portfolio
turnover
rate
............................
33.07%
20.89%
24.84%
29.88%
33.22%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
65
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.34
$10.21
$10.04
$10.35
$10.57
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.29
0.28
0.25
0.16
0.09
Net
realized
and
unrealized
gains
(losses)
...........
0.16
0.13
0.17
(0.33)
(0.22)
Total
from
investment
operations
....................
0.45
0.41
0.42
(0.17)
(0.13)
Less
distributions
from:
Net
investment
income
..........................
(0.29)
(0.28)
(0.25)
(0.14)
(0.09)
Net
asset
value,
end
of
year
.......................
$10.50
$10.34
$10.21
$10.04
$10.35
Total
return
d
...................................
4.39%
4.10%
4.19%
(1.65)%
(1.29)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.76%
0.74%
0.72%
0.75%
0.70%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.55%
0.55%
e
0.55%
e
0.55%
e
0.55%
e
Net
investment
income
...........................
2.79%
2.75%
2.44%
1.55%
0.81%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$196,734
$221,207
$252,596
$305,208
$413,869
Portfolio
turnover
rate
............................
33.07%
20.89%
24.84%
29.88%
33.22%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
66
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.33
$10.20
$10.03
$10.34
$10.56
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.31
0.30
0.26
0.18
0.10
Net
realized
and
unrealized
gains
(losses)
...........
0.16
0.13
0.17
(0.33)
(0.22)
Total
from
investment
operations
....................
0.47
0.43
0.43
(0.15)
(0.12)
Less
distributions
from:
Net
investment
income
..........................
(0.31)
(0.30)
(0.26)
(0.16)
(0.10)
Net
asset
value,
end
of
year
.......................
$10.49
$10.33
$10.20
$10.03
$10.34
Total
return
....................................
4.58%
4.30%
4.38%
(1.48)%
(1.12)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.54%
0.54%
0.54%
0.58%
0.53%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.37%
0.37%
d
0.37%
d
0.37%
d
0.37%
d
Net
investment
income
...........................
2.97%
2.93%
2.62%
1.74%
0.98%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$56,822
$57,065
$56,991
$68,248
$86,417
Portfolio
turnover
rate
............................
33.07%
20.89%
24.84%
29.88%
33.22%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
67
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.34
$10.20
$10.03
$10.35
$10.57
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.30
0.30
0.26
0.16
0.10
Net
realized
and
unrealized
gains
(losses)
...........
0.15
0.14
0.17
(0.33)
(0.22)
Total
from
investment
operations
....................
0.45
0.44
0.43
(0.17)
(0.12)
Less
distributions
from:
Net
investment
income
..........................
(0.30)
(0.30)
(0.26)
(0.15)
(0.10)
Net
asset
value,
end
of
year
.......................
$10.49
$10.34
$10.20
$10.03
$10.35
Total
return
....................................
4.45%
4.36%
4.35%
(1.60)%
(1.05)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.61%
0.59%
0.57%
0.59%
0.55%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.40%
0.40%
d
0.40%
d
0.40%
d
0.40%
d
Net
investment
income
...........................
2.94%
2.90%
2.60%
1.63%
0.95%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$296,396
$269,894
$265,437
$220,088
$542,557
Portfolio
turnover
rate
............................
33.07%
20.89%
24.84%
29.88%
33.22%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
68
a
a
Shares
a
Value
a
Management
Investment
Companies
1.8%
Capital
Markets
1.8%
a
Franklin
Municipal
Green
Bond
ETF
.....................................
660,000
$
16,031,400
Total
Management
Investment
Companies
(Cost
$
16,388,450
)
....................
16,031,400
Principal
Amount
a
a
a
a
Municipal
Bonds
91.5%
Alabama
6.0%
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/26
...........................
$
5,000,000
5,046,136
Revenue
,
2022
E
,
Mandatory
Put
,
5
%
,
6/01/28
............................
4,000,000
4,190,698
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
10,000,000
10,954,391
Revenue
,
2023
D-3
,
Refunding
,
Mandatory
Put
,
4.309
%
,
2/01/29
..............
5,000,000
5,097,866
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
2,000,000
2,171,524
Revenue
,
2024
C
,
Mandatory
Put
,
5
%
,
7/01/31
...........................
10,000,000
10,846,370
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5
%
,
10/01/33
............
2,500,000
2,887,851
b
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
4,285,000
4,719,548
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
3,500,000
3,949,110
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2024
C
,
5
%
,
11/01/26
.......................................
400,000
406,088
Revenue
,
2024
C
,
5
%
,
11/01/27
.......................................
330,000
341,717
b
Revenue
,
2025
B
,
Mandatory
Put
,
5.25
%
,
1/01/33
.........................
1,575,000
1,687,796
Special
Care
Facilities
Financing
Authority
of
the
City
of
Pell
City
Alabama
,
Noland
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
12/01/26
.................
1,030,000
1,047,270
53,346,365
Arizona
1.5%
b
Arizona
Industrial
Development
Authority
,
TWG
Glendale
LP
,
Revenue
,
2024
,
Mandatory
Put
,
5
%
,
9/01/26
..........................................
800,000
803,194
c
Maricopa
County
Industrial
Development
Authority
,
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
..........................
11,630,000
12,556,807
13,360,001
Arkansas
0.4%
Arkansas
Development
Finance
Authority
,
b
Revenue
,
2025
,
Mandatory
Put
,
3.875
%
,
10/15/32
.........................
2,000,000
2,013,922
Washington
Regional
Medical
Center
,
Revenue
,
2024
,
5
%
,
2/01/27
............
735,000
747,503
Washington
Regional
Medical
Center
,
Revenue
,
2024
,
5
%
,
2/01/28
............
800,000
827,447
3,588,872
California
4.6%
California
Community
Choice
Financing
Authority
,
Revenue
,
2021
B-1
,
4
%
,
8/01/26
......................................
325,000
326,760
Revenue
,
2021
B-1
,
4
%
,
8/01/27
......................................
400,000
407,216
Revenue
,
2021
B-1
,
4
%
,
2/01/28
......................................
375,000
383,409
Revenue
,
2021
B-1
,
4
%
,
8/01/28
......................................
470,000
483,226
b
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
4,245,000
4,564,329
c
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..............................................
2,795,000
2,685,703
c
California
Housing
Finance
Agency
,
Found
Middle
LP
,
Revenue
,
144A,
2024
L
,
5.2
%
,
12/01/27
........................................................
1,000,000
1,019,086
b
California
Infrastructure
&
Economic
Development
Bank
,
c
DesertXpress
Enterprises
LLC
,
Revenue
,
144A,
2025
C
,
Mandatory
Put
,
3.5
%
,
11/02/26
.......................................................
4,000,000
4,001,380
Museum
Associates
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
2.58
%
,
6/01/26
800,000
799,009
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
69
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
California
Municipal
Finance
Authority
,
Republic
Services,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
3.45
%
,
4/01/26
........................................................
$
1,500,000
$
1,500,419
Waste
Management,
Inc.
,
Revenue
,
2020
,
Mandatory
Put
,
3.45
%
,
6/01/26
.......
2,000,000
2,000,000
Waste
Management,
Inc.
,
Revenue
,
2024
B
,
Mandatory
Put
,
3.375
%
,
9/01/28
....
1,000,000
1,003,158
b
California
State
University
,
Revenue
,
2016
B-2
,
Refunding
,
Mandatory
Put
,
0.55
%
,
11/01/26
........................................................
800,000
789,186
d
City
of
Los
Angeles
,
Revenue
,
2025
,
5
%
,
6/25/26
...........................
7,500,000
7,565,409
c
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
875,000
824,900
e
Long
Beach
Bond
Finance
Authority
,
Revenue
,
FRN
,
2007
B
,
4.072
%
,
(
3-month
TSOF
+
1.45
%
),
11/15/27
.................................................
6,125,000
6,204,019
d
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
7/01/28
.............................................
4,000,000
4,196,366
f
Oxnard
School
District
,
GO
,
2026
,
2.77
%,
2/01/31
...........................
1,500,000
1,310,962
Sierra
View
Local
Health
Care
District
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/26
....
240,000
240,950
University
of
California
,
College
of
the
Law
San
Francisco
,
Revenue
,
2026
,
BAM
Insured
,
4.216
%
,
8/01/28
............................................
125,000
125,701
40,431,188
Colorado
1.8%
Colorado
Health
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
11/01/29
.........
900,000
974,615
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/26
........................................................
250,000
250,945
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/27
........................................................
255,000
260,751
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/28
........................................................
340,000
353,805
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/29
........................................................
560,000
592,719
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/30
........................................................
395,000
424,628
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
5/15/33
........................................................
670,000
741,972
Denver
City
&
County
School
District
No.
1
,
GO
,
2025
A
,
5
%
,
12/01/34
...........................................
5,000,000
6,036,539
GO
,
2025
A
,
5.5
%
,
12/01/44
..........................................
3,000,000
3,457,910
c
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
,
GO
,
144A,
2025
A
,
5
%
,
4/01/35
................................................
2,750,000
3,083,015
16,176,899
Connecticut
0.6%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2026
A
,
5
%
,
7/01/31
..........
4,000,000
4,483,956
b
Yale
University
,
Revenue
,
2016
A-2
,
Refunding
,
Mandatory
Put
,
2
%
,
7/01/26
.....
840,000
839,309
5,323,265
Delaware
0.6%
b
Delaware
State
Economic
Development
Authority
,
NRG
Energy,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
Mandatory
Put
,
4
%
,
10/01/35
................................
5,000,000
5,163,507
Florida
4.8%
Alachua
County
Health
Facilities
Authority
,
Oak
Hammock
at
the
University
of
Florida
Obligated
Group
,
Revenue
,
2025
B-3
,
3.625
%
,
10/01/30
....................
1,140,000
1,144,234
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
3A
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
.......................................
515,000
511,811
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
70
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
2.75
%
,
5/01/31
.........................................................
$
240,000
$
234,270
County
of
Miami-Dade
,
Aviation
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/27
.......
4,650,000
4,826,831
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
.........................................................
325,000
320,798
East
Palm
Drive
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.375
%
,
6/15/31
...................................
325,000
332,754
Eden
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
...............................................
110,000
110,709
c
Entrada
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
5/01/31
..............................................
370,000
360,188
b
Florida
Development
Finance
Corp.
,
Florida
Health
Sciences
Center,
Inc.
Obligated
Group
,
Revenue
,
2026
B
,
Mandatory
Put
,
5
%
,
10/01/31
.....................
1,000,000
1,111,067
Halifax
Hospital
Medical
Center
,
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/27
.........................................................
2,890,000
2,906,511
Hillsborough
County
Aviation
Authority
,
Revenue
,
2024
B
,
5
%
,
10/01/32
..........
10,085,000
11,448,703
Ibis
Landing
Community
Development
District
,
Special
Assessment
,
2025
,
4.7
%
,
6/15/35
.........................................................
465,000
493,481
Jacksonville
Transportation
Authority
,
Revenue,
Senior
Lien
,
2020
,
5
%
,
8/01/26
.....
1,940,000
1,961,736
Keys
Edge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.375
%
,
5/01/31
..............................................
405,000
412,223
Kindred
Community
Development
District
II
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
235,000
230,590
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2021
,
3.125
%
,
6/15/31
.........................................................
250,000
251,269
Lakes
by
the
Bay
South
Community
Development
District
,
Special
Assessment
,
2024
,
Refunding
,
5
%
,
5/01/26
.............................................
710,000
711,878
Lakewood
Ranch
Stewardship
District
,
Assessment
Calusa
,
Special
Assessment
,
2025
,
4.6
%
,
5/01/35
...............
440,000
460,525
Assessment
Southeast
,
Special
Assessment
,
2025
,
5
%
,
5/01/30
..............
1,435,000
1,517,140
Assessments
,
Special
Assessment
,
2024
,
4.625
%
,
5/01/31
..................
130,000
133,675
b,c
Lee
County
Housing
Finance
Authority
,
Fort
Myers
Leased
Housing
Associates
I
LLLP
,
Revenue
,
144A,
2023
B
,
Mandatory
Put
,
5.5
%
,
7/01/26
.....................
4,000,000
4,004,545
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
B-3
,
4.125
%
,
11/15/29
..........................................
3,000,000
3,022,244
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
....................................
105,000
103,828
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
5.2
%
,
5/01/27
....................................................
200,000
202,275
c
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
3
%
,
12/15/31
........................................................
230,000
230,511
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
4
%
,
5/01/28
300,000
302,831
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.......................................
350,000
350,572
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3
%
,
5/01/32
.......................................
195,000
194,152
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/26
.....................................
220,000
219,804
Shingle
Creek
at
Bronson
Community
Development
District
,
Special
Assessment
,
2021
,
3.1
%
,
6/15/31
................................................
500,000
500,240
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.875
%
,
6/15/31
...................................
175,000
172,719
b,c
St.
Johns
County
Housing
Finance
Authority
,
Ponte
Vedra
Beach
Leased
Housing
Associates
I
LLLP
,
Revenue
,
144A,
2023
B
,
Mandatory
Put
,
5.5
%
,
12/01/26
......
1,000,000
1,002,356
c
Storey
Park
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
6/15/31
...............................
170,000
169,425
Summerstone
Community
Development
District
,
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
....................................
165,000
166,095
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
71
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
c
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
3.75
%
,
5/01/29
...................................................
$
735,000
$
743,658
Villamar
Community
Development
District
,
Special
Assessment
,
2020
,
3.2
%
,
5/01/30
240,000
240,819
Volusia
County
Educational
Facility
Authority
,
Embry-Riddle
Aeronautical
University,
Inc.
,
Revenue
,
2025
,
5
%
,
10/15/28
........
625,000
666,907
Embry-Riddle
Aeronautical
University,
Inc.
,
Revenue
,
2025
,
5
%
,
10/15/29
........
800,000
873,099
42,646,473
Georgia
5.4%
c
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
B
,
8.125
%
,
7/01/30
............................................
1,715,000
1,699,895
City
of
Atlanta
,
Department
of
Aviation
,
Revenue
,
2024
A-1
,
5
%
,
7/01/26
....................
300,000
302,795
Department
of
Aviation
,
Revenue
,
2024
A-1
,
5
%
,
7/01/28
....................
215,000
229,073
Cobb-Marietta
Coliseum
&
Exhibit
Hall
Authority
,
County
of
Cobb
,
Revenue
,
2025
,
5
%
,
10/01/27
...........................
300,000
313,264
County
of
Cobb
,
Revenue
,
2025
,
5
%
,
10/01/28
...........................
400,000
428,618
b
Development
Authority
of
Burke
County
(The)
,
Georgia
Power
Co.
,
Revenue
,
4th
1995
,
Mandatory
Put
,
3.8
%
,
5/21/26
.........
3,000,000
3,008,214
Georgia
Power
Co.
,
Revenue
,
5th
1994
,
Mandatory
Put
,
3.7
%
,
6/13/28
.........
1,750,000
1,792,068
Georgia
Power
Co.
,
Revenue,
First
Series
,
2013-1
,
Refunding
,
Mandatory
Put
,
3.375
%
,
3/12/27
.................................................
2,000,000
2,015,780
b
Development
Authority
of
Monroe
County
(The)
,
Georgia
Power
Co.
,
Revenue,
First
Series
,
2009
,
Refunding
,
Mandatory
Put
,
1
%
,
8/21/26
........................................................
2,000,000
1,982,257
Georgia
Power
Co.
,
Revenue,
Second
Series
,
2006
,
Refunding
,
Mandatory
Put
,
3.875
%
,
3/06/26
.................................................
3,500,000
3,500,466
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
........................................................
460,000
492,213
b
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
9/01/27
............................
8,050,000
8,211,833
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
4,500,000
4,659,921
c
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
15,000,000
15,129,460
Revenue
,
2023
D
,
Mandatory
Put
,
5
%
,
12/01/30
...........................
4,000,000
4,295,529
48,061,386
Hawaii
0.8%
University
of
Hawaii
,
Revenue
,
2020
B
,
Refunding
,
5
%
,
10/01/26
..............................
2,865,000
2,909,986
Revenue
,
2020
D
,
Refunding
,
5
%
,
10/01/26
..............................
4,360,000
4,428,460
7,338,446
Illinois
4.3%
Chicago
Park
District
,
GO
,
2020
F-2
,
Refunding
,
5
%
,
1/01/27
..................
550,000
562,366
City
of
Chicago
,
GO
,
2020
A
,
5
%
,
1/01/28
............................................
2,110,000
2,166,298
GO
,
2020
A
,
ETM,
5
%
,
1/01/28
.......................................
990,000
1,038,746
GO
,
2024
B
,
Refunding
,
5
%
,
1/01/29
...................................
1,000,000
1,042,063
GO
,
2024
B
,
Refunding
,
5
%
,
1/01/31
...................................
3,220,000
3,437,029
County
of
Cook
,
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/15/29
......................
845,000
925,763
Sales
Tax
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/27
.......................
500,000
522,926
Sales
Tax
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/28
.......................
1,000,000
1,070,748
Sales
Tax
,
Revenue
,
2024
,
Refunding
,
5
%
,
11/15/29
.......................
1,000,000
1,095,577
Illinois
Finance
Authority
,
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/26
...........
340,000
340,589
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/27
...........
400,000
409,115
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
72
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Illinois
Finance
Authority,
(continued)
Chicago
School
-
California,
Inc.
(The)
,
Revenue
,
2024
,
5
%
,
4/01/28
...........
$
400,000
$
415,789
g,h
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/27
.........
847,485
—
b
Field
Museum
of
Natural
History
,
Revenue
,
2019
,
Refunding
,
Mandatory
Put
,
3.719
%
,
9/01/28
.................................................
1,450,000
1,454,745
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/15/27
........................................................
590,000
590,448
d
Lake
County
Consolidated
High
School
District
No.
120
Mundelein
,
GO
,
2026
,
5
%
,
12/01/27
.............................................
500,000
522,252
GO
,
2026
,
5
%
,
12/01/28
.............................................
500,000
534,388
GO
,
2026
,
5
%
,
12/01/34
.............................................
750,000
877,647
Sangamon
County
School
District
No.
186
Springfield
,
GO
,
2020
C
,
AG
Insured
,
5
%
,
6/01/36
.........................................................
1,485,000
1,606,045
State
of
Illinois
,
GO
,
2016
,
Refunding
,
5
%
,
2/01/29
.....................................
750,000
767,440
GO
,
2017
C
,
5
%
,
11/01/29
...........................................
2,000,000
2,082,422
GO
,
2017
D
,
5
%
,
11/01/27
...........................................
5,025,000
5,242,896
GO
,
2018
A
,
Refunding
,
5
%
,
10/01/29
..................................
375,000
399,240
GO
,
2018
B
,
Refunding
,
5
%
,
10/01/31
..................................
625,000
662,252
GO
,
2019
B
,
5
%
,
11/01/30
...........................................
375,000
407,724
GO
,
2025
A
,
4.1
%
,
9/01/26
...........................................
8,200,000
8,209,851
Sales
Tax
,
Revenue
,
2021
A
,
4
%
,
6/15/27
...............................
1,500,000
1,528,918
37,913,277
Indiana
1.9%
b
City
of
Whiting
,
BP
Products
North
America,
Inc.
,
Revenue
,
2019
A
,
Refunding
,
Mandatory
Put
,
5
%
,
6/05/26
..........................................
5,900,000
5,937,566
Indiana
Finance
Authority
,
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/30
....
785,000
834,627
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/31
....
875,000
940,516
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/32
....
920,000
997,065
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/33
....
965,000
1,053,579
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/34
....
1,015,000
1,113,086
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5
%
,
5/01/35
....
535,000
587,894
b
Southern
Indiana
Gas
&
Electric
Co.
,
Revenue
,
2013
E
,
Refunding
,
Mandatory
Put
,
3.55
%
,
8/01/28
..................................................
5,000,000
5,066,326
16,530,659
Iowa
1.9%
Crawford
County
Memorial
Hospital,
Inc.
,
Revenue
,
2024
,
5
%
,
6/15/27
...........
2,000,000
2,018,450
Des
Moines
Independent
Community
School
District
,
Sales
Services
&
Use
Tax
,
Revenue
,
2018
,
AG
Insured
,
3
%
,
6/01/29
................................
9,300,000
9,308,346
Iowa
Finance
Authority
,
b
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
3.119
%
,
5/15/26
.....................................
1,500,000
1,489,536
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.6
%
,
5/15/28
........................................................
640,000
666,619
Iowa
Higher
Education
Loan
Authority
,
University
of
Dubuque
,
Revenue
,
2025
,
5
%
,
10/01/30
.......................
1,370,000
1,467,384
University
of
Dubuque
,
Revenue
,
2025
,
5
%
,
10/01/35
.......................
2,050,000
2,262,709
17,213,044
Kansas
0.2%
Reno
County
Unified
School
District
No.
308
Hutchinson
,
GO
,
2019
,
Refunding
,
5
%
,
9/01/27
.........................................................
1,575,000
1,635,119
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
73
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kentucky
4.8%
County
of
Trimble
,
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2001
A
,
Refunding
,
0.625
%
,
9/01/26
...
$
3,375,000
$
3,336,502
b
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2023
A
,
Mandatory
Put
,
4.7
%
,
6/01/27
..
2,500,000
2,542,627
Eastern
Kentucky
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/26
..............................
1,205,000
1,214,713
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/27
..............................
1,255,000
1,282,425
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/28
..............................
1,305,000
1,349,137
Kentucky
Municipal
Energy
Agency
,
Revenue
,
2025
,
5
%
,
1/01/34
.........................................
2,875,000
3,322,867
Revenue
,
2025
,
5
%
,
1/01/35
.........................................
3,020,000
3,521,109
Kentucky
Public
Energy
Authority
,
b
Revenue
,
2022
A-2
,
Mandatory
Put
,
3.659
%
,
8/01/30
.......................
14,125,000
14,206,243
Revenue
,
2025
B
,
5
%
,
12/01/33
.......................................
5,000,000
5,331,569
Kentucky
State
Property
&
Building
Commission
,
Commonwealth
of
Kentucky
,
Revenue
,
A
,
5
%
,
4/01/33
............................................
5,715,000
6,673,177
42,780,369
Louisiana
1.6%
City
of
New
Orleans
,
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/26
.........................
450,000
452,710
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/27
.........................
600,000
618,430
Sewerage
Service
,
Revenue
,
2020
B
,
5
%
,
6/01/28
.........................
550,000
579,150
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Louisiana
Utilities
Restoration
Corp.
ELL
System
Restoration
,
Revenue
,
2023
,
A-1
,
5.081
%
,
6/01/31
..........................................
1,167,397
1,193,005
Louisiana
Offshore
Terminal
Authority
,
Loop
LLC
,
Revenue
,
2007
A
,
Refunding
,
4.15
%
,
9/01/27
.........................................................
1,500,000
1,528,396
Louisiana
Public
Facilities
Authority
,
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2025
B
,
Refunding
,
5
%
,
5/15/30
...............................
4,000,000
4,380,378
b
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
C
,
Refunding
,
Mandatory
Put
,
3.3
%
,
7/03/28
........................................
5,000,000
5,088,180
13,840,249
Maine
0.1%
Maine
Governmental
Facilities
Authority
,
State
of
Maine
,
Revenue
,
2025
A
,
5
%
,
10/01/26
...........................
700,000
711,277
State
of
Maine
,
Revenue
,
2025
A
,
5
%
,
10/01/27
...........................
600,000
625,669
1,336,946
Maryland
2.0%
Maryland
Economic
Development
Corp.
,
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
A
,
5
%
,
11/12/28
...............................................
10,000,000
10,056,432
b
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2020
B-2
,
Refunding
,
Mandatory
Put
,
5
%
,
7/01/27
......................................................
5,110,000
5,202,374
State
of
Maryland
,
GO
,
2017
B
,
Refunding
,
5
%
,
8/01/26
......................
30,000
30,366
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/26
...............
1,035,000
1,035,000
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/27
...............
1,215,000
1,235,438
17,559,610
Massachusetts
1.3%
City
of
Quincy
,
GO
,
2025
,
5
%
,
7/24/26
....................................
4,000,000
4,041,226
City
of
Worcester
,
GO
,
4
%
,
3/19/26
......................................
700,000
700,566
f
Massachusetts
Department
of
Transportation
,
Revenue,
Senior
Lien
,
1997
A
,
NATL
Insured
,
2.41
%,
1/01/29
.............................................
2,000,000
1,869,189
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
74
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2022
C-3
,
FHA
Insured
,
4
%
,
6/01/26
.........................................................
$
4,580,000
$
4,584,046
11,195,027
Michigan
2.0%
City
of
Detroit
,
GO
,
2018
,
5
%
,
4/01/33
.............................................
950,000
989,374
GO
,
2018
,
5
%
,
4/01/37
.............................................
2,280,000
2,359,263
GO
,
2018
,
5
%
,
4/01/38
.............................................
1,110,000
1,146,584
Michigan
Finance
Authority
,
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/27
.......................................
2,000,000
2,032,454
b
Michigan
Strategic
Fund
,
Consumers
Energy
Co.
,
Revenue
,
2005
,
Mandatory
Put
,
0.875
%
,
10/08/26
..................................................
5,915,000
5,815,047
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2017
E
,
Refunding
,
4
%
,
12/01/26
......................................
5,000,000
5,055,309
17,398,031
Minnesota
1.8%
b
City
of
Mounds
View
,
OAHS
Sibley
TC
LLLP
,
Revenue
,
2024
,
Mandatory
Put
,
3.375
%
,
3/01/28
.........................................................
5,500,000
5,542,871
Minnesota
Health
&
Education
Facilities
Authority
,
University
of
St.
Thomas
,
Revenue
,
2019
,
5
%
,
10/01/26
................................................
1,000,000
1,014,538
Minnesota
Higher
Education
Facilities
Authority
,
University
of
St.
Thomas
,
Revenue
,
2019
,
5
%
,
10/01/27
................................................
1,000,000
1,040,084
b
Minnesota
Municipal
Gas
Agency
,
Revenue
,
2022
B
,
Mandatory
Put
,
3.459
%
,
(
SOFR
+
1
%
),
12/01/27
....................................................
8,000,000
7,997,203
15,594,696
Mississippi
0.3%
b
Mississippi
Business
Finance
Corp.
,
Waste
Management,
Inc.
,
Revenue
,
2004
,
Mandatory
Put
,
0.7
%
,
9/01/26
........................................
2,500,000
2,470,446
Missouri
0.7%
Citizens
Memorial
Hospital
District
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
12/01/26
.....
5,000,000
5,023,081
Missouri
Development
Finance
Board
,
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/26
...............
405,000
405,000
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/27
...............
660,000
670,127
6,098,208
Montana
0.1%
b
Montana
Board
of
Housing
,
Aspen
Village
Housing
Partners
LP
,
Revenue
,
2025
,
Mandatory
Put
,
2.9
%
,
12/01/26
.......................................
1,000,000
1,001,192
Nevada
0.4%
b
County
of
Washoe
,
Sierra
Pacific
Power
Co.
,
Revenue
,
2016
F
,
Refunding
,
Mandatory
Put
,
4.125
%
,
10/01/29
..............................................
3,575,000
3,695,522
New
Hampshire
0.3%
e
New
Hampshire
Business
Finance
Authority
,
Revenue
,
FRN
,
2024-3
,
A
,
4.162
%
,
10/20/41
........................................................
990,149
1,021,694
New
Hampshire
Municipal
Bond
Bank
,
Revenue
,
2025
B
,
5
%
,
8/15/27
...........
1,500,000
1,562,573
2,584,267
New
Jersey
7.4%
b
Camden
County
Improvement
Authority
(The)
,
Revenue
,
2024
,
Mandatory
Put
,
5
%
,
3/01/26
.........................................................
3,200,000
3,200,000
City
of
Newark
,
GO
,
2025
B
,
4.5
%
,
5/07/26
................................
4,000,000
4,011,771
Garden
State
Preservation
Trust
,
Revenue
,
2005
A
,
AG
Insured
,
5.75
%
,
11/01/28
...
15,855,000
16,794,241
Jersey
City
Municipal
Utilities
Authority
,
Water
Fund
,
Revenue
,
2025
A
,
5
%
,
5/01/26
.
1,000,000
1,004,317
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
75
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority
,
b
New
Jersey-American
Water
Co.,
Inc.
,
Revenue
,
2019
B
,
Refunding
,
Mandatory
Put
,
2.05
%
,
12/03/29
.................................................
$
7,500,000
$
7,193,704
c
State
of
New
Jersey
,
Revenue
,
144A,
2019
,
Refunding
,
5.25
%
,
9/01/27
.........
6,000,000
6,271,752
New
Jersey
Transportation
Trust
Fund
Authority
,
f
State
of
New
Jersey
,
Revenue
,
2006
C
,
AMBAC
Insured
,
2.32
%,
12/15/26
.......
10,000,000
9,818,744
f
State
of
New
Jersey
,
Revenue
,
2006
C
,
BHAC
Insured
,
2.23
%,
12/15/27
........
11,110,000
10,678,893
State
of
New
Jersey
,
Revenue
,
2023
AA
,
Refunding
,
5
%
,
6/15/34
..............
3,500,000
4,067,726
State
of
New
Jersey
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
6/15/36
...............
2,500,000
2,931,711
65,972,859
New
Mexico
2.6%
b
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
A
,
Refunding
,
Mandatory
Put
,
0.875
%
,
10/01/26
................................................
4,250,000
4,202,977
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
C
,
Refunding
,
Mandatory
Put
,
3.875
%
,
6/01/29
.................................................
11,000,000
11,317,118
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2010
D
,
Refunding
,
Mandatory
Put
,
3.9
%
,
6/01/28
...................................................
4,000,000
4,087,483
b
County
of
Santa
Fe
,
Cresta
Ranch
Apartments
LLP
,
Revenue
,
2024
,
Mandatory
Put
,
3.29
%
,
6/01/28
...................................................
3,700,000
3,734,147
23,341,725
New
York
4.9%
Cortland
Enlarged
City
School
District
,
GO
,
2026
,
4.125
%
,
4/30/26
..............
1,000,000
1,002,053
County
of
Suffolk
,
GO
,
2018
B
,
AG
Insured
,
4
%
,
10/15/28
.....................
4,205,000
4,250,705
Metropolitan
Transportation
Authority
,
Revenue
,
2025
B
,
Refunding
,
5
%
,
11/15/26
...
3,000,000
3,059,342
New
York
City
Industrial
Development
Agency
,
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
3
%
,
3/01/36
....................................
5,000,000
4,909,966
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2025
F-1
,
Refunding
,
5
%
,
11/01/33
.............
2,000,000
2,351,132
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2025
D
,
5
%
,
5/01/26
...............
270,000
271,290
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
0.95
%
,
11/15/27
780,000
746,350
New
York
State
Energy
Research
&
Development
Authority
,
New
York
State
Electric
&
Gas
Corp.
,
Revenue
,
1994
D
,
Refunding
,
3.5
%
,
10/01/29
....................
3,000,000
3,064,221
b
New
York
State
Housing
Finance
Agency
,
Revenue
,
2022
A-2
,
Mandatory
Put
,
2.5
%
,
5/01/27
.........................
1,885,000
1,883,873
Revenue
,
2025
A-2
,
Mandatory
Put
,
3.4
%
,
5/01/29
.........................
4,000,000
4,041,518
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/36
..........................
7,195,000
7,401,729
JFK
NTO
LLC
,
Revenue
,
2025
,
5.5
%
,
6/30/37
............................
2,000,000
2,284,601
JFK
NTO
LLC
,
Revenue
,
2025
,
AG
Insured
,
5.5
%
,
6/30/38
...................
1,600,000
1,834,581
JFK
NTO
LLC
,
Revenue
,
2025
,
5.5
%
,
6/30/39
............................
2,100,000
2,360,555
Triborough
Bridge
&
Tunnel
Authority
,
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue
,
2025
B-1
,
5
%
,
3/15/27
............................
3,500,000
3,607,425
Troy
Capital
Resource
Corp.
,
Rensselaer
Polytechnic
Institute
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
9/01/28
.............................................
750,000
796,142
43,865,483
North
Carolina
1.0%
b
Cumberland
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
,
American
Titanium
Metal
LLC
,
Revenue
,
2024
,
Mandatory
Put
,
3.125
%
,
12/01/26
.
2,000,000
2,001,553
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/26
......................................
850,000
858,959
North
Carolina
Medical
Care
Commission
,
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2025
B-3
,
3.4
%
,
10/01/29
..................
1,135,000
1,144,455
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
76
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
State
University
at
Raleigh
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/26
................................
$
3,000,000
$
3,049,731
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/27
................................
1,500,000
1,567,514
8,622,212
North
Dakota
0.8%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/27
..
2,325,000
2,396,721
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/28
..
1,680,000
1,759,098
City
of
Horace
,
GO
,
2024
B
,
Refunding
,
4.85
%
,
8/01/26
.................................
1,750,000
1,750,971
GO
,
2024
C
,
Refunding
,
5
%
,
5/01/26
...................................
385,000
386,358
GO
,
2024
C
,
Refunding
,
5
%
,
5/01/27
...................................
400,000
409,994
GO
,
2024
C
,
Refunding
,
5
%
,
5/01/28
...................................
475,000
495,397
7,198,539
Ohio
2.6%
American
Municipal
Power,
Inc.
,
City
of
Wapakoneta
,
Revenue
,
2025
,
4
%
,
6/17/26
..
1,555,000
1,560,810
Cleveland
Department
of
Public
Utilities
,
Division
of
Public
Power
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
5
%
,
11/15/27
...................................
1,580,000
1,651,095
Columbus
Metropolitan
Housing
Authority
,
Revenue
,
2024
,
4
%
,
6/01/34
.........................................
1,500,000
1,535,433
Cobblestone
Manor
LLC
,
Revenue
,
2024
,
5
%
,
8/01/27
......................
2,000,000
2,016,213
Ohio
Air
Quality
Development
Authority
,
American
Electric
Power
Co.,
Inc.
,
Revenue
,
2014
D
,
Refunding
,
3.2
%
,
5/01/26
...
3,500,000
3,500,833
b
Duke
Energy
Corp.
,
Revenue
,
2022
A
,
Refunding
,
Mandatory
Put
,
4.25
%
,
6/01/27
.
7,500,000
7,623,737
Ohio
Housing
Finance
Agency
,
b
At
Main
LLC
,
Revenue
,
2025
,
Mandatory
Put
,
3.7
%
,
5/01/28
.................
1,200,000
1,215,661
c
Middletown
Phase
Two
LP
,
Revenue
,
144A,
2023
B
,
6.25
%
,
3/01/26
...........
3,000,000
3,000,000
Youngstown
State
University
,
Revenue
,
2021
,
Refunding
,
AG
Insured
,
4
%
,
12/15/26
.
850,000
862,234
22,966,016
Oklahoma
0.3%
d
Lawton
Industrial
Development
Authority
,
City
of
Lawton
Sales
Tax
,
Revenue
,
2026
A
,
5
%
,
7/01/36
....................
150,000
171,862
City
of
Lawton
Sales
Tax
,
Revenue
,
2026
A
,
5
%
,
7/01/37
....................
200,000
227,417
City
of
Lawton
Sales
Tax
,
Revenue
,
2026
A
,
5
%
,
7/01/38
....................
150,000
169,222
City
of
Lawton
Sales
Tax
,
Revenue
,
2026
B
,
4.75
%
,
7/01/35
..................
500,000
502,595
City
of
Lawton
Sales
Tax
,
Revenue
,
2026
B
,
4.85
%
,
7/01/36
..................
500,000
501,362
City
of
Lawton
Sales
Tax
,
Revenue
,
2026
B
,
4.95
%
,
7/01/37
..................
750,000
752,283
2,324,741
Oregon
0.6%
b
State
of
Oregon
Housing
&
Community
Services
Department
,
Hollywood
Hub
LP
,
Revenue
,
2024
R
,
Mandatory
Put
,
4
%
,
1/01/29
...........................
5,000,000
5,120,577
Pennsylvania
3.9%
Adams
County
General
Authority
,
Brethren
Home
Community
Obligated
Group
(The)
,
Revenue
,
2024
B-2
,
Refunding
,
3.6
%
,
6/01/29
............................
1,500,000
1,518,673
Allegheny
County
Airport
Authority
,
Revenue
,
2023
A
,
AG
Insured
,
5.25
%
,
1/01/36
...
1,000,000
1,129,267
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/26
.................................
500,000
501,215
Revenue
,
2022
,
Refunding
,
5
%
,
5/01/27
.................................
590,000
603,716
Chester
County
Industrial
Development
Authority
,
Avon
Grove
Charter
School
,
Revenue
,
2024
,
5
%
,
3/01/27
.........................................
3,250,000
3,275,552
Lehigh
County
Industrial
Development
Authority
,
PPL
Electric
Utilities
Corp.
,
Revenue
,
2016
B
,
Refunding
,
2.625
%
,
2/15/27
...................................
5,000,000
5,019,281
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
77
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
b
Montgomery
County
Industrial
Development
Authority
,
Constellation
Energy
Generation
LLC
,
Revenue
,
2023
A
,
Refunding
,
Mandatory
Put
,
4.1
%
,
4/03/28
.............
$
5,000,000
$
5,129,408
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
11/15/29
...........
1,230,000
1,280,922
b
UPMC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
Mandatory
Put
,
5
%
,
3/15/32
8,200,000
9,026,101
b
Waste
Management
Obligated
Group
,
Revenue
,
2013
,
Mandatory
Put
,
3
%
,
5/01/26
1,500,000
1,500,305
b
Waste
Management,
Inc.
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
1.1
%
,
11/02/26
.......................................................
4,000,000
3,947,029
Pennsylvania
Housing
Finance
Agency
,
Revenue
,
2025-149
A
,
5
%
,
4/01/27
....................................
300,000
308,293
Revenue
,
2025-149
A
,
Refunding
,
5
%
,
10/01/27
...........................
300,000
311,409
Philadelphia
Gas
Works
Co.
,
Revenue
,
16th
A
,
AG
Insured
,
5
%
,
8/01/26
..........
600,000
606,947
34,158,118
Rhode
Island
0.3%
Rhode
Island
Health
and
Educational
Building
Corp.
,
Lifespan
Corp.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
ETM,
5
%
,
5/15/26
...
465,000
467,587
Lifespan
Corp.
Obligated
Group
,
Revenue
,
2026
B
,
Refunding
,
5
%
,
5/15/31
......
2,000,000
2,217,105
2,684,692
South
Carolina
1.3%
c
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3
%
,
11/01/26
...................................
210,000
207,703
b
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
3,535,000
3,887,245
South
Carolina
Public
Service
Authority
,
Revenue
,
2024
A
,
5
%
,
12/01/26
.......................................
675,000
689,099
Revenue
,
2024
A
,
5
%
,
12/01/27
.......................................
525,000
550,522
Revenue
,
2024
A
,
5
%
,
12/01/28
.......................................
500,000
537,463
Revenue
,
2024
A
,
5
%
,
12/01/29
.......................................
550,000
603,784
Revenue
,
2024
A
,
5
%
,
12/01/30
.......................................
675,000
756,109
Revenue
,
2024
A
,
5.5
%
,
12/01/54
.....................................
3,000,000
3,227,123
d
Revenue
,
2025
B
,
Refunding
,
5
%
,
12/01/28
..............................
750,000
804,739
11,263,787
South
Dakota
0.7%
South
Dakota
Health
&
Educational
Facilities
Authority
,
Presbyterian
Retirement
Village
of
Rapid
City,
Inc.
,
Revenue
,
2025
B-2
,
3.25
%
,
9/01/30
.....................
6,500,000
6,508,735
Tennessee
3.6%
State
of
Tennessee
,
GO
,
2023
A
,
5
%
,
5/01/31
..............................
6,670,000
7,611,042
b
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
8,010,000
8,730,684
b
Tennessee
Energy
Acquisition
Corp.
,
Revenue
,
2023
A-1
,
Refunding
,
Mandatory
Put
,
5
%
,
5/01/28
......................................................
14,560,000
15,210,483
31,552,209
Texas
5.0%
b
Austin
Housing
Finance
Corp.
,
Austin
Leased
Housing
Associates
V
LP
,
Revenue
,
2024
,
Mandatory
Put
,
3.4
%
,
11/01/27
...................................
10,000,000
10,144,137
f
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2002
A
,
BHAC,
AMBAC
Insured
,
2.47
%,
8/15/27
...................................................
3,280,000
3,165,102
City
of
Austin
,
Airport
System
,
Revenue
,
2025
,
Refunding
,
5
%
,
11/15/26
..........
900,000
915,326
c
City
of
Celina
,
Mosaic
Public
Improvement
District
Phase
No.
1B
,
Special
Assessment
,
144A,
2024
,
4.375
%
,
9/01/31
.........................................
132,000
135,166
City
of
Houston
,
Combined
Utility
System
,
Revenue,
First
Lien
,
2018
D
,
Refunding
,
5
%
,
11/15/26
........................................................
1,000,000
1,019,922
c
City
of
Lavon
,
Special
Assessment
,
144A,
2025
,
4.25
%
,
9/15/32
................
600,000
614,512
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
78
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Lowry
Crossing
,
Simpson
Road
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
4.75
%
,
9/15/35
...............................
$
295,000
$
312,143
c
City
of
Manor
,
Special
Assessment
,
144A,
2025
,
4
%
,
9/15/30
..................
180,000
181,894
City
of
Pflugerville
,
GO
,
2025
,
5
%
,
8/01/26
................................
1,685,000
1,703,808
County
of
Hidalgo
,
GO
,
2025
,
Refunding
,
5
%
,
8/15/26
.....................................
1,150,000
1,163,752
GO
,
2025
,
Refunding
,
5
%
,
8/15/27
.....................................
400,000
415,108
Forney
Independent
School
District
,
GO
,
2025
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/26
.........................
600,000
607,584
GO
,
2025
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/27
.........................
1,600,000
1,662,767
FW
Ramble
Public
Facility
Corp.
,
Revenue
,
2025
,
5
%
,
10/01/32
................
2,115,000
2,283,973
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2
%
,
9/01/26
.............................................
150,000
148,411
GO
,
2021
,
2
%
,
9/01/27
.............................................
155,000
150,169
GO
,
2024
,
AG
Insured
,
5
%
,
9/01/29
....................................
385,000
403,772
GO
,
2024
,
AG
Insured
,
5
%
,
9/01/33
....................................
470,000
521,892
b
Prosper
Independent
School
District
,
GO
,
2019
B
,
PSF
Guaranty
,
Mandatory
Put
,
4
%
,
8/15/26
.........................................................
1,600,000
1,612,188
San
Antonio
Independent
School
District
,
GO
,
2025
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/26
.........................................................
2,875,000
2,912,518
b
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Texas
Health
Resources
Obligated
Group
,
Revenue
,
2025
B
,
Refunding
,
Mandatory
Put
,
5
%
,
11/15/29
....
7,250,000
7,846,861
b
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
A
,
Mandatory
Put
,
5.5
%
,
1/01/30
....................................................
5,000,000
5,380,854
c
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
9/01/26
.........................
117,000
116,343
Town
of
Trophy
Club
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
2025
,
Refunding
,
5
%
,
9/01/28
.............................................
590,000
606,054
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
2
%
,
8/15/27
.....
280,000
272,669
44,296,925
Utah
1.0%
City
of
Salt
Lake
City
,
Airport
,
Revenue
,
2023
A
,
5
%
,
7/01/27
...................
760,000
784,382
Davis
School
District
,
GO
,
2016
,
2.5
%
,
6/01/28
.............................
2,975,000
2,971,955
Downtown
Revitalization
Public
Infrastructure
District
,
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
First
Lien
,
2025
A
,
AG
Insured
,
5
%
,
6/01/26
..............................................
575,000
578,722
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
First
Lien
,
2025
A
,
AG
Insured
,
5
%
,
6/01/28
..............................................
1,130,000
1,195,484
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5
%
,
6/01/26
..............................................
1,330,000
1,338,309
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5
%
,
6/01/27
..............................................
350,000
361,144
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5
%
,
6/01/28
..............................................
470,000
496,707
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5
%
,
6/01/29
..............................................
545,000
589,231
Utah
Infrastructure
Agency
,
Revenue
,
2022
,
5
%
,
10/15/27
.....................
300,000
309,451
8,625,385
Virginia
0.2%
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/29
........................................................
180,000
184,528
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
7/01/29
........................................................
1,750,000
1,800,113
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
79
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
Small
Business
Financing
Authority,
(continued)
LifeSpire
of
Virginia
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
12/01/26
...
$
235,000
$
234,834
2,219,475
Washington
1.7%
Auburn
School
District
No.
408
of
King
&
Pierce
Counties
,
GO
,
2018
,
5
%
,
12/01/27
..
1,700,000
1,785,639
Port
of
Seattle
,
Revenue
,
2018
B
,
5
%
,
5/01/27
.............................
880,000
904,736
Spokane
County
School
District
No.
354
Mead
,
GO
,
2018
,
4
%
,
12/01/32
.............................................
1,150,000
1,177,758
GO
,
2018
,
5
%
,
12/01/33
.............................................
1,500,000
1,570,281
Vancouver
Housing
Authority
,
Battle
Ground
Portfolio
LLLP
,
Revenue
,
2026
A
,
5
%
,
8/01/29
.................
800,000
844,927
Cascara
Vancouver
LLLP
,
Revenue
,
2024
A
,
5
%
,
12/01/26
...................
1,655,000
1,656,697
Esther
Cougar
Rehab
LLLP
,
Revenue
,
2024
A
,
5
%
,
10/01/27
.................
1,460,000
1,479,444
Esther
Cougar
Rehab
LLLP
,
Revenue
,
2024
B
,
5
%
,
10/01/27
.................
1,055,000
1,068,683
Washington
Health
Care
Facilities
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/26
..
1,500,000
1,517,323
c
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/31
.......................................................
280,000
310,809
c
Washington
State
Housing
Finance
Commission
,
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5
%
,
7/01/31
........................................................
500,000
551,756
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5
%
,
7/01/32
........................................................
750,000
837,271
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5
%
,
7/01/33
........................................................
1,000,000
1,129,470
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
5
%
,
7/01/28
410,000
423,975
15,258,769
Wisconsin
1.7%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
2,145,000
2,293,329
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/26
..........
150,000
150,049
c
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
2,270,000
2,388,512
d
Lindenwood
Education
System
Obligated
Group
,
Revenue
,
2026
,
Refunding
,
5
%
,
6/01/30
........................................................
820,000
870,728
d
Maniilaq
Association
Obligated
Group
,
Revenue
,
2026
,
5
%
,
12/01/29
...........
1,555,000
1,670,934
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/26
...........................................
300,000
301,882
Wisconsin
Health
&
Educational
Facilities
Authority
,
Hospital
Sisters
Services
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
8/15/28
........................................................
1,000,000
1,060,444
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/27
....................................................
360,000
362,128
Sanford
Obligated
Group
,
Revenue
,
2024
A
,
5
%
,
2/15/29
....................
5,000,000
5,332,476
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2024
B-2
,
4.2
%
,
8/15/28
...
455,000
455,163
14,885,645
Wyoming
0.1%
County
of
Laramie
,
Cheyenne
Regional
Medical
Center
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/27
......................................................
550,000
558,560
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
80
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
1.6%
District
of
Columbia
1.3%
b
District
of
Columbia
,
Georgetown
University
(The)
,
Revenue
,
2025
A
,
Refunding
,
Mandatory
Put
,
5
%
,
4/03/35
..........................................
$
3,250,000
$
3,759,965
b
District
of
Columbia
Housing
Finance
Agency
,
Florida
Avenue
Apartments
LLC
,
Revenue
,
2024
A-2
,
Mandatory
Put
,
4.1
%
,
9/01/30
.........................
6,335,000
6,688,985
Metropolitan
Washington
Airports
Authority
,
Aviation
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
10/01/26
........................................................
1,145,000
1,162,778
11,611,728
Guam
0.1%
Guam
Government
Waterworks
Authority
,
Guam
Waterworks
Authority
Water
And
Wastewater
System
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/26
............................................
600,000
604,551
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5
%
,
7/01/32
...............
640,000
719,838
1,324,389
Puerto
Rico
0.0%
†
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/27
.............................................
450,000
460,863
Virgin
Islands
0.2%
Virgin
Islands
Transportation
&
Infrastructure
Corp.
,
Revenue
,
2025
,
Refunding
,
5
%
,
9/01/26
.................................
800,000
808,974
Revenue
,
2025
,
Refunding
,
5
%
,
9/01/27
.................................
640,000
660,605
1,469,579
Total
U.S.
Territories
....................................................................
14,866,559
Total
Municipal
Bonds
(Cost
$
796,252,459
)
.....................................
810,574,075
Total
Long
Term
Investments
(Cost
$
812,640,909
)
...............................
826,605,475
a
a
a
a
a
Short
Term
Investments
6.5%
Municipal
Bonds
6.5%
Arizona
0.4%
i
Arizona
Health
Facilities
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2015
C
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
1.9
%
,
1/01/46
................
3,200,000
3,200,000
Georgia
0.0%
†
i
Roswell
Development
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2025
A
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
1.9
%
,
4/01/47
................
100,000
100,000
Minnesota
2.3%
i
City
of
Minneapolis
,
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
C
,
Refunding
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.05
%
,
11/15/48
.....
4,200,000
4,200,000
i
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2025
D
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
1.25
%
,
11/15/64
............................................
16,000,000
16,000,000
20,200,000
Missouri
0.1%
i
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Washington
University
(The)
,
Revenue
,
2000
C
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
1.9
%
,
3/01/40
..
1,300,000
1,300,000
New
York
3.7%
i
City
of
New
York
,
GO
,
2014
I-3
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
1.95
%
,
3/01/44
..........
12,000,000
12,000,000
GO
,
2020
B-3
,
Daily
VRDN
and
Put
,
2
%
,
10/01/46
.........................
5,000,000
5,000,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
81
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
New
York
(continued)
i
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2017
BB-1B
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
2
%
,
6/15/49
....................................
$
12,000,000
$
12,000,000
Water
&
Sewer
System
,
Revenue,
Sub.
Lien
,
2022
DD
,
Refunding
,
Daily
VRDN
and
Put
,
2
%
,
6/15/33
.................................................
3,900,000
3,900,000
32,900,000
Total
Municipal
Bonds
(Cost
$
57,700,000
)
......................................
57,700,000
Total
Short
Term
Investments
(Cost
$
57,700,000
)
................................
57,700,000
a
Total
Investments
(Cost
$
870,340,909
)
99.8
%
...................................
$884,305,475
Other
Assets,
less
Liabilities
0.2
%
.............................................
1,491,801
Net
Assets
100.0%
...........................................................
$885,797,276
See
Abbreviations
on
page
348
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$63,992,235,
representing
7.2%
of
net
assets.
d
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
e
The
coupon
rate
shown
represents
the
rate
at
period
end.
f
The
rate
shown
represents
the
yield
at
period
end.
g
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7.
i
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Georgia
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
82
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.69
$10.68
$10.40
$11.57
$11.91
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.32
0.30
0.29
0.28
0.26
Net
realized
and
unrealized
gains
(losses)
...........
0.07
0.01
0.28
(1.17)
(0.34)
Total
from
investment
operations
....................
0.39
0.31
0.57
(0.89)
(0.08)
Less
distributions
from:
Net
investment
income
..........................
(0.31)
(0.30)
(0.29)
(0.28)
(0.26)
Net
asset
value,
end
of
year
.......................
$10.77
$10.69
$10.68
$10.40
$11.57
Total
return
d
...................................
3.81%
2.91%
5.55%
(7.71)%
(0.71)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.92%
0.90%
0.89%
0.88%
0.86%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.90%
0.90%
e,f
0.89%
e
0.88%
e
0.86%
e
Net
investment
income
...........................
3.05%
2.76%
2.76%
2.65%
2.20%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$67,993
$74,081
$76,014
$76,312
$92,129
Portfolio
turnover
rate
............................
10.73%
14.81%
9.84%
15.85%
22.60%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
83
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.69
$10.68
$10.40
$11.57
$11.91
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.33
0.31
0.30
0.30
0.28
Net
realized
and
unrealized
gains
(losses)
...........
0.08
0.01
0.28
(1.18)
(0.34)
Total
from
investment
operations
....................
0.41
0.32
0.58
(0.88)
(0.06)
Less
distributions
from:
Net
investment
income
..........................
(0.33)
(0.31)
(0.30)
(0.29)
(0.28)
Net
asset
value,
end
of
year
.......................
$10.77
$10.69
$10.68
$10.40
$11.57
Total
return
d
...................................
3.97%
3.07%
5.71%
(7.57)%
(0.56)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.77%
0.75%
0.74%
0.73%
0.71%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.75%
0.75%
e,f
0.74%
e
0.73%
e
0.71%
e
Net
investment
income
...........................
3.20%
2.91%
2.91%
2.79%
2.36%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$132,960
$152,912
$172,564
$189,496
$249,763
Portfolio
turnover
rate
............................
10.73%
14.81%
9.84%
15.85%
22.60%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
84
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.85
$10.85
$10.56
$11.75
$12.09
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.28
0.25
0.24
0.24
0.22
Net
realized
and
unrealized
gains
(losses)
...........
0.07
(—)
d
0.29
(1.20)
(0.35)
Total
from
investment
operations
....................
0.35
0.25
0.53
(0.96)
(0.13)
Less
distributions
from:
Net
investment
income
..........................
(0.27)
(0.25)
(0.24)
(0.23)
(0.21)
Net
asset
value,
end
of
year
.......................
$10.93
$10.85
$10.85
$10.56
$11.75
Total
return
e
...................................
3.34%
2.36%
5.14%
(8.14)%
(1.10)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.31%
1.29%
1.28%
1.27%
1.25%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.29%
1.29%
f,g
1.28%
f
1.27%
f
1.25%
f
Net
investment
income
...........................
2.60%
2.31%
2.30%
2.19%
1.79%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$7,087
$9,589
$14,486
$19,610
$28,904
Portfolio
turnover
rate
............................
10.73%
14.81%
9.84%
15.85%
22.60%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Amount
rounds
to
less
than
$0.01
per
share.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
85
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.69
$10.69
$10.40
$11.57
$11.91
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.35
0.33
0.32
0.31
0.30
Net
realized
and
unrealized
gains
(losses)
...........
0.07
(—)
d
0.29
(1.17)
(0.34)
Total
from
investment
operations
....................
0.42
0.33
0.61
(0.86)
(0.04)
Less
distributions
from:
Net
investment
income
..........................
(0.34)
(0.33)
(0.32)
(0.31)
(0.30)
Net
asset
value,
end
of
year
.......................
$10.77
$10.69
$10.69
$10.40
$11.57
Total
return
....................................
4.10%
3.11%
5.95%
(7.44)%
(0.42)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.62%
0.61%
0.61%
0.59%
0.57%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.62%
e
0.61%
e,f
0.61%
e
0.59%
e,f
0.57%
e,f
Net
investment
income
...........................
3.34%
3.05%
3.04%
2.92%
2.49%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$15,491
$12,203
$11,082
$10,366
$17,047
Portfolio
turnover
rate
............................
10.73%
14.81%
9.84%
15.85%
22.60%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Amount
rounds
to
less
than
$0.01
per
share.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
86
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.69
$10.69
$10.40
$11.57
$11.92
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.35
0.32
0.31
0.31
0.29
Net
realized
and
unrealized
gains
(losses)
...........
0.07
(—)
d
0.29
(1.18)
(0.35)
Total
from
investment
operations
....................
0.42
0.32
0.60
(0.87)
(0.06)
Less
distributions
from:
Net
investment
income
..........................
(0.34)
(0.32)
(0.31)
(0.30)
(0.29)
Net
asset
value,
end
of
year
.......................
$10.77
$10.69
$10.69
$10.40
$11.57
Total
return
....................................
4.07%
3.07%
5.91%
(7.48)%
(0.46)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.67%
0.65%
0.64%
0.63%
0.61%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.65%
0.65%
e
0.64%
e
0.63%
e
0.61%
e
Net
investment
income
...........................
3.30%
3.01%
3.01%
2.88%
2.46%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$46,156
$48,251
$46,388
$48,473
$72,069
Portfolio
turnover
rate
............................
10.73%
14.81%
9.84%
15.85%
22.60%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Amount
rounds
to
less
than
$0.01
per
share.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Georgia
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
87
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
900,000
$
952,499
Total
Corporate
Bonds
(Cost
$
900,000
)
........................................
952,499
Municipal
Bonds
97.4%
California
0.4%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,300,000
1,095,417
Florida
2.0%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
2,592,000
2,387,329
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
750,000
532,800
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
2,950,000
2,526,992
5,447,121
Georgia
90.5%
Athens
Housing
Authority
,
UGAREF
Lumpkin
Street
Housing
Phase
I
LLC
,
Revenue
,
2024
,
4
%
,
6/15/49
.....
2,000,000
1,924,442
UGAREF
Lumpkin
Street
Housing
Phase
I
LLC
,
Revenue
,
2024
,
4.125
%
,
6/15/56
.
3,500,000
3,356,283
Atlanta
&
Fulton
County
Recreation
Authority
,
City
of
Atlanta
,
Revenue
,
2024
,
Refunding
,
5
%
,
12/01/35
............................................
300,000
362,991
b
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/55
................................................
1,000,000
1,041,025
Augusta
,
Water
&
Sewer
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
4
%
,
10/01/50
...
1,500,000
1,437,436
Bainbridge
Public
Facilities
Authority
,
County
of
Decatur
,
Revenue
,
2018
,
AG
Insured
,
4
%
,
3/01/43
......................................................
3,000,000
3,014,890
Bleckley
County
School
District
,
GO
,
2020
,
5
%
,
10/01/42
.....................
2,055,000
2,205,034
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
3,000,000
2,818,381
Carroll
City-County
Hospital
Authority
,
Tanner
Medical
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/50
.
1,450,000
1,384,560
Tanner
Medical
Center
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5
%
,
7/01/50
.
5,000,000
5,232,847
City
of
Atlanta
,
d
Airport
Passenger
Facility
Charge
,
Revenue
,
2025
B
,
Refunding
,
5.5
%
,
7/01/50
...
3,000,000
3,272,745
Airport
Passenger
Facility
Charge
,
Revenue,
Sub.
Lien
,
2023
E
,
5.25
%
,
7/01/43
...
3,000,000
3,277,949
Department
of
Aviation
,
Revenue
,
2021
C
,
Refunding
,
5
%
,
7/01/37
.............
1,500,000
1,633,326
Department
of
Aviation
,
Revenue
,
2024
B
,
5.25
%
,
7/01/54
...................
7,000,000
7,338,699
Department
of
Aviation
,
Revenue
,
2025
B-1
,
5.5
%
,
7/01/55
..................
1,000,000
1,061,758
Water
&
Wastewater
,
Revenue
,
2001
A
,
AG,
NATL
RE
Insured
,
5.5
%
,
11/01/27
....
2,140,000
2,223,346
City
of
Baldwin
,
Water
&
Sewerage
,
Revenue
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
6/01/46
.........................................................
1,835,000
1,502,836
City
of
Buford
,
GO
,
2017
C
,
Pre-Refunded
,
4
%
,
1/01/43
......................
5,000,000
5,069,467
City
of
Griffin
,
Public
Utility
,
Revenue
,
2025
,
BAM
Insured
,
5
%
,
1/01/51
...........
2,000,000
2,101,302
City
of
Springfield
,
Water
and
Sewer
Fund
,
Revenue
,
2025
,
AG
Insured
,
5
%
,
9/01/50
1,000,000
1,052,064
City
of
Valdosta
,
Water
&
Sewer
,
Revenue
,
2024
,
AG
Insured
,
4
%
,
10/01/51
.......
3,000,000
2,834,298
Clayton
County
Development
Authority
,
USG
Real
Estate
Foundation
XIII
LLC
,
Revenue
,
2022
A
,
5
%
,
6/15/32
..........
1,295,000
1,480,092
USG
Real
Estate
Foundation
XIII
LLC
,
Revenue
,
2022
A
,
5
%
,
6/15/33
..........
1,210,000
1,399,449
Cobb-Marietta
Coliseum
&
Exhibit
Hall
Authority
,
County
of
Cobb
,
Revenue
,
2025
,
5.5
%
,
10/01/50
...................................................
1,000,000
1,101,582
Columbia
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
5.125
%
,
4/01/48
....................................
3,000,000
3,147,681
County
of
Columbia
,
Water
&
Sewerage
,
Revenue
,
2024
,
5
%
,
6/01/49
............
610,000
648,980
County
of
DeKalb
,
Water
&
Sewerage
,
Revenue
,
2006
B
,
Refunding
,
AG
Insured
,
5
%
,
10/01/35
........................................................
4,000,000
4,057,122
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
88
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
County
of
Fulton
,
Water
&
Sewerage
,
Revenue
,
2020
A
,
3
%
,
1/01/45
.............
$
5,000,000
$
4,118,492
Coweta
County
Water
&
Sewage
Authority
,
Revenue
,
2021
B
,
3
%
,
6/01/43
........................................
820,000
727,187
Revenue
,
2021
B
,
3
%
,
6/01/46
........................................
1,000,000
810,996
Revenue
,
2024
,
5
%
,
6/01/54
.........................................
2,000,000
2,102,619
Dalton
Whitfield
County
Joint
Development
Authority
,
Hamilton
Health
Care
System
Obligated
Group
,
Revenue
,
2017
,
4
%
,
8/15/41
.....
3,000,000
3,003,701
Hamilton
Health
Care
System
Obligated
Group
,
Revenue
,
2024
B
,
Refunding
,
5
%
,
8/15/37
........................................................
3,075,000
3,523,271
DeKalb
County
Development
Authority
,
GLOBE
Academy,
Inc.
(The)
,
Revenue
,
2024
A
,
5
%
,
6/01/45
.................
350,000
351,565
GLOBE
Academy,
Inc.
(The)
,
Revenue
,
2024
A
,
5
%
,
6/01/50
.................
550,000
537,440
Development
Authority
for
Fulton
County
,
Georgia
Tech
Facilities,
Inc.
,
Revenue
,
2018
,
4
%
,
3/01/43
...................
2,000,000
2,008,779
Georgia
Tech
Facilities,
Inc.
,
Revenue
,
2024
,
5
%
,
6/15/49
...................
1,750,000
1,844,127
Georgia
Tech
Facilities,
Inc.
,
Revenue
,
2024
,
5
%
,
6/15/56
...................
2,000,000
2,088,018
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
........................................................
5,840,000
5,855,690
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
......
5,000,000
4,608,229
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
4/01/50
........
3,000,000
2,664,554
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.
,
Revenue
,
2017
D
,
Refunding
,
4.125
%
,
11/01/45
..................................
6,000,000
5,834,037
Development
Authority
of
Cobb
County
(The)
,
KSU
2020
Housing
Real
Estate
Foundation
LLC
,
Revenue
,
2020
,
4
%
,
7/15/52
....
5,720,000
5,248,168
University
System
of
Georgia
,
Revenue
,
2020
C
,
4
%
,
7/15/52
................
2,000,000
1,835,024
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
2,085,000
2,231,011
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
8,155,000
4,087,547
Etowah
Water
&
Sewer
Authority
,
Revenue
,
2019
,
Refunding
,
BAM
Insured
,
3
%
,
3/01/44
.........................................................
1,250,000
1,047,506
Floyd
County
Hospital
Authority
,
Floyd
Obligated
Group
,
Revenue
,
2016
,
Pre-
Refunded
,
4
%
,
7/01/43
.............................................
3,000,000
3,015,055
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
6,000,000
6,012,481
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/42
....................................................
7,000,000
7,085,832
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
2/15/51
5,000,000
4,489,009
Georgia
Housing
&
Finance
Authority
,
Revenue
,
2013
A
,
3.8
%
,
12/01/37
.....................................
1,655,000
1,655,246
Revenue
,
2018
A
,
3.85
%
,
12/01/38
....................................
1,170,000
1,171,933
Revenue
,
2018
A
,
3.95
%
,
12/01/43
....................................
1,210,000
1,211,349
Revenue
,
2019
A
,
Refunding
,
3.7
%
,
6/01/49
..............................
4,370,000
3,930,509
Georgia
Ports
Authority
,
Revenue
,
2021
,
4
%
,
7/01/51
.........................................
1,145,000
1,088,824
Revenue
,
2022
,
5.25
%
,
7/01/52
.......................................
2,000,000
2,116,765
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
2,000,000
2,000,025
Henry
County
School
District
,
GO
,
2016
,
Pre-Refunded
,
4
%
,
8/01/33
.............
5,000,000
5,039,704
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2007
A
,
5.5
%
,
9/15/27
......................................
5,000,000
5,190,872
Revenue
,
2019
A
,
5
%
,
5/15/37
........................................
1,975,000
2,216,414
Revenue
,
2019
A
,
5
%
,
5/15/38
........................................
1,000,000
1,118,728
b,e
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
6,000,000
6,051,784
e
Revenue
,
2023
A
,
Mandatory
Put
,
5
%
,
6/01/30
............................
5,000,000
5,353,245
e
Revenue
,
2023
D
,
Mandatory
Put
,
5
%
,
12/01/30
...........................
2,000,000
2,147,764
e
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
2,000,000
2,175,917
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
89
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Main
Street
Natural
Gas,
Inc.,
(continued)
e
Revenue
,
2024
E
,
Mandatory
Put
,
5
%
,
12/01/32
...........................
$
2,000,000
$
2,188,238
e
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/32
............................
2,505,000
2,751,781
Moultrie-Colquitt
Counties
Development
Authority
,
Philadelphia
College
of
Osteopathic
Medicine
Obligated
Group
,
Revenue
,
2018
,
5
%
,
12/01/43
...................
4,815,000
4,976,653
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2019
A
,
AG
Insured
,
4
%
,
1/01/44
..............................
5,000,000
4,981,186
Revenue
,
2020
A
,
Refunding
,
5
%
,
1/01/50
...............................
3,500,000
3,555,917
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
1/01/49
.............................
500,000
524,189
Revenue
,
2024
A
,
Refunding
,
BAM
Insured
,
5.25
%
,
1/01/54
..................
500,000
523,987
PowerSouth
Energy
Cooperative
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/46
.....
330,000
307,596
PowerSouth
Energy
Cooperative
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/51
.....
425,000
379,349
PowerSouth
Energy
Cooperative
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
1/01/56
.....
750,000
751,489
PowerSouth
Energy
Cooperative
,
Revenue
,
2023
A
,
5.5
%
,
7/01/64
............
2,000,000
2,074,618
Municipal
Gas
Authority
of
Georgia
,
Revenue
,
2025
,
BAM
Insured
,
5
%
,
9/01/55
.....
2,000,000
2,038,136
Private
Colleges
&
Universities
Authority
,
Emory
University
,
Revenue
,
2013
A
,
5
%
,
10/01/43
.........................
5,000,000
5,002,780
Emory
University
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
9/01/45
...............
2,000,000
2,224,829
Mercer
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/50
.................
5,400,000
4,724,524
Mercer
University
,
Revenue
,
2022
,
Refunding
,
5.25
%
,
10/01/51
...............
5,500,000
5,730,086
Savannah
Georgia
Convention
Center
Authority
,
Revenue
,
2025
A
,
5.125
%
,
6/01/50
.
1,750,000
1,757,579
Savannah
Hospital
Authority
,
St.
Joseph's/Candler
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/43
...............................
10,000,000
9,645,951
Upper
Oconee
Basin
Water
Authority
,
Revenue
,
2024
,
5
%
,
7/01/49
.........................................
3,000,000
3,193,357
Revenue
,
2024
,
5
%
,
7/01/55
.........................................
2,835,000
2,978,997
243,891,244
Illinois
1.1%
State
of
Illinois
,
GO
,
2024
C
,
4
%
,
10/01/38
................................
3,000,000
3,041,543
New
Jersey
0.5%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/35
..........................................
1,200,000
1,274,694
New
York
0.0%
†
Metropolitan
Transportation
Authority
,
Revenue
,
2020
A-1
,
4
%
,
11/15/53
..........
100,000
87,270
South
Carolina
0.2%
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
500,000
461,199
Texas
0.4%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,500,000
1,155,784
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
900,000
802,456
Wisconsin
0.9%
b
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
900,000
755,927
c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
2,300,000
1,545,746
2,301,673
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Georgia
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
90
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
1.1%
Puerto
Rico
1.1%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
$
560,000
$
574,719
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
2,000,000
1,963,057
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
480,000
465,078
3,002,854
Total
U.S.
Territories
....................................................................
3,002,854
Total
Municipal
Bonds
(Cost
$
269,218,201
)
.....................................
262,561,255
Total
Long
Term
Investments
(Cost
$
270,118,201
)
...............................
263,513,754
a
a
a
a
a
Short
Term
Investments
1.4%
Municipal
Bonds
1.4%
Georgia
1.4%
f
Roswell
Development
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2025
A
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
1.9
%
,
4/01/47
................
3,800,000
3,800,000
Total
Municipal
Bonds
(Cost
$
3,800,000
)
.......................................
3,800,000
Total
Short
Term
Investments
(Cost
$
3,800,000
)
.................................
3,800,000
a
Total
Investments
(Cost
$
273,918,201
)
99.1
%
...................................
$267,313,754
Other
Assets,
less
Liabilities
0.9
%
.............................................
2,373,255
Net
Assets
100.0%
...........................................................
$269,687,009
See
Abbreviations
on
page
348
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$14,873,713,
representing
5.5%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
e
The
maturity
date
shown
represents
the
mandatory
put
date.
f
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
High
Yield
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
91
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.06
$8.84
$8.68
$10.05
$10.29
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.41
0.40
0.40
0.38
0.36
Net
realized
and
unrealized
gains
(losses)
...........
(0.03)
0.21
0.15
(1.40)
(0.24)
Total
from
investment
operations
....................
0.38
0.61
0.55
(1.02)
0.12
Less
distributions
from:
Net
investment
income
..........................
(0.40)
(0.39)
(0.39)
(0.35)
(0.36)
Net
asset
value,
end
of
year
.......................
$9.04
$9.06
$8.84
$8.68
$10.05
Total
return
d
...................................
4.41%
7.09%
6.59%
(10.15)%
1.07%
Ratios
to
average
net
assets
Expenses
.....................................
0.81%
0.79%
e,f
0.83%
e,f
0.91%
e
0.80%
e,f
Net
investment
income
...........................
4.64%
4.49%
4.62%
4.20%
3.49%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$1,657,791
$1,600,757
$1,452,358
$1,390,633
$1,559,216
Portfolio
turnover
rate
............................
12.16%
14.31%
14.74%
23.04%
18.70%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
92
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.05
$8.84
$8.67
$10.04
$10.28
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.42
0.42
0.41
0.39
0.38
Net
realized
and
unrealized
gains
(losses)
...........
(0.02)
0.20
0.17
(1.39)
(0.24)
Total
from
investment
operations
....................
0.40
0.62
0.58
(1.00)
0.14
Less
distributions
from:
Net
investment
income
..........................
(0.41)
(0.41)
(0.41)
(0.37)
(0.38)
Net
asset
value,
end
of
year
.......................
$9.04
$9.05
$8.84
$8.67
$10.04
Total
return
d
...................................
4.68%
7.13%
6.88%
(10.02)%
1.22%
Ratios
to
average
net
assets
Expenses
.....................................
0.66%
0.64%
e,f
0.68%
e,f
0.75%
e
0.65%
e,f
Net
investment
income
...........................
4.79%
4.64%
4.77%
4.35%
3.65%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$1,980,022
$2,191,612
$2,349,443
$2,577,670
$3,518,033
Portfolio
turnover
rate
............................
12.16%
14.31%
14.74%
23.04%
18.70%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
93
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.24
$9.02
$8.84
$10.24
$10.49
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.37
0.36
0.36
0.34
0.32
Net
realized
and
unrealized
gains
(losses)
...........
(0.03)
0.22
0.18
(1.42)
(0.25)
Total
from
investment
operations
....................
0.34
0.58
0.54
(1.08)
0.07
Less
distributions
from:
Net
investment
income
..........................
(0.36)
(0.36)
(0.36)
(0.32)
(0.32)
Net
asset
value,
end
of
year
.......................
$9.22
$9.24
$9.02
$8.84
$10.24
Total
return
d
...................................
3.90%
6.51%
6.15%
(10.52)%
0.54%
Ratios
to
average
net
assets
Expenses
.....................................
1.20%
1.18%
e,f
1.21%
e,f
1.29%
e
1.19%
e,f
Net
investment
income
...........................
4.15%
3.99%
4.12%
3.71%
3.03%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$95,945
$116,587
$137,544
$175,131
$262,313
Portfolio
turnover
rate
............................
12.16%
14.31%
14.74%
23.04%
18.70%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
94
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.10
$8.88
$8.71
$10.09
$10.33
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.43
0.43
0.42
0.40
0.40
Net
realized
and
unrealized
gains
(losses)
...........
(0.03)
0.21
0.17
(1.40)
(0.25)
Total
from
investment
operations
....................
0.40
0.64
0.59
(1.00)
0.15
Less
distributions
from:
Net
investment
income
..........................
(0.42)
(0.42)
(0.42)
(0.38)
(0.39)
Net
asset
value,
end
of
year
.......................
$9.08
$9.10
$8.88
$8.71
$10.09
Total
return
....................................
4.69%
7.37%
6.99%
(9.94)%
1.36%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.51%
0.50%
0.53%
0.62%
0.51%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.51%
0.50%
d,e
0.53%
d,e
0.61%
d
0.51%
d,e
Net
investment
income
...........................
4.91%
4.76%
4.88%
4.48%
3.77%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$233,975
$205,197
$174,493
$181,286
$228,725
Portfolio
turnover
rate
............................
12.16%
14.31%
14.74%
23.04%
18.70%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
95
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.09
$8.88
$8.71
$10.08
$10.33
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.43
0.42
0.42
0.40
0.39
Net
realized
and
unrealized
gains
(losses)
...........
(0.02)
0.21
0.16
(1.39)
(0.25)
Total
from
investment
operations
....................
0.41
0.63
0.58
(0.99)
0.14
Less
distributions
from:
Net
investment
income
..........................
(0.42)
(0.42)
(0.41)
(0.38)
(0.39)
Net
asset
value,
end
of
year
.......................
$9.08
$9.09
$8.88
$8.71
$10.08
Total
return
....................................
4.76%
7.21%
6.95%
(9.89)%
1.22%
Ratios
to
average
net
assets
Expenses
.....................................
0.56%
0.54%
d,e
0.57%
d,e
0.65%
d
0.55%
d,e
Net
investment
income
...........................
4.87%
4.72%
4.85%
4.42%
3.73%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$840,553
$828,084
$780,675
$846,496
$1,284,270
Portfolio
turnover
rate
............................
12.16%
14.31%
14.74%
23.04%
18.70%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
High
Yield
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
96
a
a
Shares
a
Value
a
Common
Stocks
0.0%
Financial
Services
0.0%
a,b
Brightline
Train
Holdings
West
LLC
......................................
141,600
$
—
b
Independent
Power
and
Renewable
Electricity
Producers
0.0%
a,b
AES
Guayama
Holdings
BV
...........................................
231,664
—
b
Total
Common
Stocks
(Cost
$
–
)
...............................................
—
a
Management
Investment
Companies
3.7%
Capital
Markets
3.7%
iShares
National
Muni
Bond
ETF
........................................
325,000
35,399,000
Vanguard
Tax-Exempt
Bond
Index
ETF
...................................
2,750,000
140,662,500
176,061,500
Total
Management
Investment
Companies
(Cost
$
172,880,790
)
...................
176,061,500
Principal
Amount
a
a
a
a
Corporate
Bonds
1.2%
Commercial
Services
&
Supplies
0.5%
a
,c
CalPlant
I
LLC
,
Senior
Secured
Note
,
144A,
15
%
,
2/28/27
...............................
$
5,795,000
5,795,000
d
21
A
,
Senior
Secured
Note
,
144A,
9.5
%
,
9/30/23
..........................
1,920,000
249,600
d
21
B
,
Senior
Secured
Note
,
144A,
9.5
%
,
9/30/23
..........................
7,205,000
936,650
d
22
A
,
Senior
Secured
Note
,
144A,
9.5
%
,
9/30/23
..........................
3,975,000
516,750
d
22
B
,
Senior
Secured
Note
,
144A,
9.5
%
,
9/30/23
..........................
345,000
44,850
d
22
C
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
2,610,000
2,610,000
d
22
X
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
3,910,000
3,910,000
d
23
A
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
1,380,000
1,380,000
d
23
B
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
1,225,000
1,225,000
d
23
C
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
1,955,000
1,955,000
d
23
D
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
1,700,000
1,700,000
d
23
E
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/31/23
..........................
1,915,000
1,915,000
22,237,850
Diversified
Consumer
Services
0.4%
Grand
Canyon
University
,
Secured
Note
,
5.125
%
,
10/01/28
....................
19,410,000
19,518,353
Electric
Utilities
0.3%
c
Mission
Rock
Utilities,
Inc.
,
144A,
7
%
,
7/01/27
..............................
14,300,000
14,471,320
Total
Corporate
Bonds
(Cost
$
67,578,459
)
......................................
56,227,523
Municipal
Bonds
93.0%
Alabama
0.5%
Black
Belt
Energy
Gas
District
,
e
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
1,000,000
1,085,762
Revenue
,
2025
G
,
5
%
,
10/01/35
.......................................
1,500,000
1,640,254
Homewood
Educational
Building
Authority
,
CHF
-
Horizons
II
LLC
,
Revenue
,
2024
C
,
5
%
,
10/01/56
.....................................................
8,000,000
7,791,219
MidCity
Improvement
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3.875
%
,
11/01/27
..............
200,000
197,874
Assessment
Area
,
Special
Assessment
,
2022
,
4.25
%
,
11/01/32
...............
600,000
592,313
Assessment
Area
,
Special
Assessment
,
2022
,
4.5
%
,
11/01/42
................
2,090,000
1,975,299
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
11/01/49
...............
1,150,000
1,036,450
c
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
6.5
%
,
11/01/44
...........
250,000
250,927
c
Assessment
Area
,
Special
Assessment
,
144A,
2024
,
6.75
%
,
11/01/53
..........
540,000
525,410
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
97
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Alabama
(continued)
e
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2025
B
,
Mandatory
Put
,
5.25
%
,
1/01/33
...................................................
$
10,000,000
$
10,716,166
25,811,674
Arizona
2.1%
Arizona
Industrial
Development
Authority
,
Great
Lakes
Senior
Living
Communities
LLC
,
Revenue,
Second
Tier
,
2025
B
,
5.125
%
,
1/01/59
..........................
3,141,519
2,394,100
c
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
6/15/57
8,500,000
6,311,713
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
A
,
7
%
,
11/15/57
.......................................................
5,000,000
5,358,004
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
B-1
,
6.625
%
,
5/15/31
........................................................
4,000,000
4,003,668
c
Maricopa
County
Industrial
Development
Authority
,
Benjamin
Franklin
Charter
School
Obligated
Group
,
Revenue
,
144A,
2018
A
,
6
%
,
7/01/38
........................................................
5,000,000
5,164,774
Benjamin
Franklin
Charter
School
Obligated
Group
,
Revenue
,
144A,
2018
A
,
6
%
,
7/01/52
........................................................
10,000,000
10,073,720
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
8,800,000
9,501,282
Salt
Verde
Financial
Corp.
,
Revenue
,
2007-1
,
5.5
%
,
12/01/29
..................
11,105,000
12,059,958
c
Sierra
Vista
Industrial
Development
Authority
,
American
Leadership
Academy,
Inc.
,
Revenue
,
144A,
2023
,
5.75
%
,
6/15/58
......
5,000,000
4,884,411
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2021
A
,
5.375
%
,
10/01/56
.......................................................
18,880,000
15,811,666
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2021
B
,
6.25
%
,
10/01/36
.......................................................
3,945,000
3,513,289
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2022
A
,
7
%
,
10/01/56
.......................................................
2,327,000
2,363,419
Georgetown
Community
Development
Authority
,
Revenue
,
144A,
2022
B
,
9
%
,
10/01/37
.......................................................
250,000
251,110
Tempe
Industrial
Development
Authority
,
c
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6
%
,
10/01/37
................
1,900,000
1,675,144
c
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6.125
%
,
10/01/47
.............
4,850,000
3,943,240
c
Mirabella
at
ASU,
Inc.
,
Revenue
,
144A,
2017
A
,
6.125
%
,
10/01/52
.............
2,800,000
2,225,002
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/50
........
4,550,000
4,453,554
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/54
........
8,000,000
7,733,042
Tempe
Life
Care
Village
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
12/01/56
.......
2,130,000
1,725,647
103,446,743
Arkansas
0.4%
Arkansas
Development
Finance
Authority
,
c
Hybar
LLC
,
Revenue
,
144A,
2023
B
,
7.375
%
,
7/01/48
......................
12,500,000
13,592,978
United
States
Steel
Corp.
,
Revenue
,
2022
,
5.45
%
,
9/01/52
...................
3,000,000
3,025,468
United
States
Steel
Corp.
,
Revenue
,
2023
,
5.7
%
,
5/01/53
....................
4,575,000
4,678,322
f
Fayetteville
Public
Facilities
Board
,
Butterfield
Trail
Village,
Inc.
,
Revenue
,
2026
,
5.5
%
,
12/01/60
........................................................
700,000
713,527
22,010,295
California
17.3%
g
Alvord
Unified
School
District
,
GO
,
2011
B
,
AG
Insured
,
3.94
%,
8/01/41
...........
30,750,000
16,941,150
c
California
Community
College
Financing
Authority
,
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
A
,
4.25
%
,
7/01/32
.....
500,000
427,316
NCCD-Napa
Valley
Properties
LLC
,
Revenue
,
144A,
2022
A
,
5.75
%
,
7/01/60
.....
17,500,000
12,117,663
NCCD-Napa
Valley
Properties
LLC
,
Revenue,
Sub.
Lien
,
144A,
2022
C
,
6.75
%
,
7/01/60
........................................................
7,000,000
5,040,087
c
California
Community
Housing
Agency
,
Annadel
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/49
..................
5,800,000
4,707,756
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
98
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
c
California
Community
Housing
Agency,
(continued)
Arbors
Apartments
,
Revenue
,
144A,
2020
A
,
5
%
,
8/01/50
....................
$
16,485,000
$
15,810,381
Aster
Apartments
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
2/01/43
..........
10,415,000
10,007,726
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue,
Sub.
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
....................................................
16,500,000
13,325,395
Fountains
at
Emerald
Park
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/46
...
18,890,000
16,573,636
K
Street
Flats
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/50
......................
17,730,000
14,260,126
Mira
Vista
Hills
Apartments
,
Revenue
,
144A,
2021
A
,
4
%
,
2/01/56
.............
33,000,000
16,279,039
Twin
Creek
Apartments
,
Revenue,
Junior
Lien
,
144A,
2022
B
,
5.5
%
,
2/01/40
.....
4,400,000
3,966,204
Verdant
at
Green
Valley
Apartments
,
Revenue
,
144A,
2019
A
,
5
%
,
8/01/49
.......
20,000,000
18,819,412
c,e
California
Infrastructure
&
Economic
Development
Bank
,
Desertxpress
Enterprises
LLC
,
Revenue
,
144A,
2025
B
,
Refunding
,
Mandatory
Put
,
12
%
,
11/02/26
........
6,075,000
3,280,500
c
California
Municipal
Finance
Authority
,
California
Baptist
University
,
Revenue
,
144A,
2015
A
,
5.5
%
,
11/01/45
...........
17,400,000
17,403,863
Capital
Christian
Center
,
Revenue
,
144A,
2021
A
,
5
%
,
10/01/51
...............
8,425,000
7,053,379
a
,c
,d
California
Pollution
Control
Financing
Authority
,
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
7.5
%
,
7/01/32
.......................
24,500,000
245
CalPlant
I
LLC
,
Revenue
,
144A,
2017
,
8
%
,
7/01/39
........................
10,000,000
100
CalPlant
I
LLC
,
Revenue
,
144A,
2020
,
7.5
%
,
7/01/32
.......................
10,000,000
100
c
California
Public
Finance
Authority
,
Crossroads
Christian
Schools
Obligated
Group
,
Revenue
,
144A,
2020
,
5
%
,
1/01/56
....................................
4,015,000
3,572,601
c
California
Statewide
Communities
Development
Authority
,
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/39
.............
1,275,000
1,312,767
NCCD-Hooper
Street
LLC
,
Revenue
,
144A,
2019
,
5.25
%
,
7/01/49
.............
3,725,000
3,741,080
c
City
&
County
of
San
Francisco
,
District
No.
2020-1
Development
,
Special
Tax
,
144A,
2021
B
,
5.25
%
,
9/01/49
.............................................
2,500,000
2,280,665
City
of
San
Francisco
,
5.25
%
,
9/01/49
....................................
10,000,000
9,122,658
c
CMFA
Special
Finance
Agency
,
Solana
at
Grand
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/45
...........
30,500,000
27,949,471
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
1,700,000
1,493,298
c
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Junior
Lien
,
144A,
2022
A-2
,
4.5
%
,
8/01/51
.........................................................
38,000,000
26,952,841
c
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-2
,
4
%
,
8/01/47
..............................................
24,255,000
22,866,219
c
CMFA
Special
Finance
Agency
VIII
,
Elan
Huntington
Beach
,
Revenue,
Junior
Lien
,
144A,
2021
A-2
,
4
%
,
8/01/47
.........................................
10,205,000
9,620,687
c
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue
,
144A,
2022
A-2
,
4.375
%
,
8/01/49
...................................................
21,215,000
18,346,588
c
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
3/01/57
............
15,000,000
11,326,559
Crescent
(The)
,
Revenue
,
144A,
2022
B
,
5.5
%
,
7/01/59
.....................
15,935,000
13,036,291
Dublin
,
Revenue
,
144A,
2021
B
,
4
%
,
2/01/57
.............................
7,500,000
5,817,651
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
10,000,000
7,217,011
Park
Crossing
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
12/01/48
.............
14,235,000
11,499,736
Renaissance
at
City
Center
,
Revenue
,
144A,
2020
A
,
5
%
,
7/01/51
.............
18,325,000
17,710,125
Waterscape
Apartments
,
Revenue
,
144A,
2021
B
,
4
%
,
9/01/46
................
5,970,000
5,127,500
Wood
Creek
Apartments
,
Revenue,
Sub.
Lien
,
144A,
2021
B
,
4
%
,
12/01/59
......
19,800,000
11,578,668
c
Golden
State
Connect
Authority
,
Revenue
,
144A,
2025
,
6.5
%
,
12/01/60
...........
8,350,000
8,444,678
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.125
%
,
11/01/29
...................................
20,125,000
21,406,695
Revenue
,
2009
B
,
7
%
,
11/01/34
.......................................
20,000,000
24,852,820
Revenue
,
2009
C
,
6.5
%
,
11/01/39
.....................................
20,000,000
25,053,912
Palmdale
Elementary
School
District
,
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AG
Insured
,
5.625
%
,
8/01/34
........................................................
2,500,000
2,824,267
g
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AG
Insured
,
2.57
%,
8/01/28
........................................................
1,500,000
1,410,751
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
99
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Palmdale
Elementary
School
District,
(continued)
g
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AG
Insured
,
2.62
%,
8/01/30
........................................................
$
1,250,000
$
1,114,779
g
Community
Facilities
District
No.
90-1
,
Special
Tax
,
2012
A
,
AG
Insured
,
2.69
%,
8/01/31
........................................................
1,250,000
1,082,166
g
Riverside
County
Transportation
Commission
,
Revenue,
Senior
Lien
,
2013
B
,
3.03
%,
6/01/32
............................
4,000,000
3,318,434
Revenue,
Senior
Lien
,
2013
B
,
3.11
%,
6/01/33
............................
5,500,000
4,403,546
Revenue,
Senior
Lien
,
2013
B
,
3.98
%,
6/01/41
............................
5,000,000
2,756,585
Revenue,
Senior
Lien
,
2013
B
,
4.13
%,
6/01/42
............................
7,000,000
3,625,828
g
San
Diego
Unified
School
District
,
GO
,
2012
E
,
5.191
%,
7/01/42
.........................................
44,565,000
39,474,550
GO
,
2012
E
,
5.512
%,
7/01/47
.........................................
33,305,000
27,700,291
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/45
...............................
35,834,000
46,455,269
Revenue
,
1997
A
,
Refunding
,
6
%
,
1/15/46
...............................
35,834,000
46,335,749
g
Revenue,
Junior
Lien
,
ETM,
1.97
%,
1/01/27
..............................
114,100,000
112,240,238
g
San
Mateo
Foster
City
School
District
,
GO
,
A
,
5.497
%,
8/01/42
.................
40,000,000
45,700,220
g
San
Mateo
Union
High
School
District
,
GO
,
2011
A
,
6.444
%,
9/01/41
.............
20,000,000
22,436,756
g
Silicon
Valley
Tobacco
Securitization
Authority
,
Revenue
,
2007
C
,
7.83
%,
6/01/56
...
60,000,000
6,140,256
833,364,284
Colorado
5.1%
3rd
and
Havana
Metropolitan
District
,
GO
,
2020
A
,
5.25
%
,
12/01/49
.............
3,775,000
3,267,016
9th
Avenue
Metropolitan
District
No.
2
,
GO
,
2018
,
5
%
,
12/01/48
................
7,411,000
7,412,653
Allison
Valley
Metropolitan
District
No.
1
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/47
......
5,134,000
5,001,166
Allison
Valley
Metropolitan
District
No.
2
,
GO
,
2020
,
Refunding
,
4.7
%
,
12/01/47
.....
4,670,000
4,414,497
g
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO
,
2025
A-1
,
Refunding
,
0.396
%,
12/01/55
........................................................
4,760,000
4,318,195
Banning
Lewis
Ranch
Regional
Metropolitan
District
No.
1
,
GO
,
2018
A
,
5.375
%
,
12/01/48
........................................................
1,935,000
1,913,879
Baseline
Metropolitan
District
No.
1
,
GO
,
2024
B
,
6.75
%
,
12/15/54
..............
2,500,000
2,524,833
Bradburn
Metropolitan
District
No.
2
,
GO
,
2018
A
,
Refunding
,
5
%
,
12/01/47
........
2,400,000
2,263,346
c
Broomfield
Village
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-2
,
Refunding
,
5
%
,
12/01/49
........................................................
708,000
673,523
Clear
Creek
Transit
Metropolitan
District
No.
2
,
GO
,
2021
A
,
5
%
,
12/01/41
...........................................
578,000
487,080
GO
,
2021
A
,
5
%
,
12/01/50
...........................................
1,000,000
754,670
Colliers
Hill
Metropolitan
District
No.
2
,
GO,
Sub.
Lien
,
2022
B-1
,
Refunding
,
5.75
%
,
12/15/47
........................................................
2,824,000
2,812,112
Colorado
Health
Facilities
Authority
,
Aberdeen
Ridge,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
5
%
,
5/15/49
..........
2,235,000
1,738,508
Aberdeen
Ridge,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
5
%
,
5/15/58
..........
4,750,000
3,478,915
BSLC
II
Obligated
Group
,
Revenue,
Second
Tier
,
2025
,
5.25
%
,
9/15/45
.........
3,600,000
3,704,118
Frasier
Meadows
Manor,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/47
........................................................
6,500,000
6,533,970
Conestoga
Metropolitan
District
No.
2
,
GO
,
2021
A-3
,
Refunding
,
5.25
%
,
12/01/51
..
1,625,000
1,478,023
Copperleaf
Metropolitan
District
No.
5
,
GO,
Senior
Lien
,
2025
A
,
Refunding
,
6.5
%
,
12/01/55
........................................................
1,300,000
1,327,972
Copperleaf
Metropolitan
District
No.
6
,
GO
,
2022
B
,
6
%
,
12/15/41
...............
1,225,000
1,257,071
Cornerstar
Metropolitan
District
,
GO
,
A
,
Refunding
,
5.125
%
,
12/01/37
...................................
2,000,000
2,000,617
GO
,
A
,
Refunding
,
5.25
%
,
12/01/47
....................................
5,200,000
5,153,358
Creekwalk
Marketplace
Business
Improvement
District
,
Revenue
,
2024
A
,
Refunding
,
6
%
,
12/01/54
.....................................................
7,500,000
7,550,786
Denver
International
Business
Center
Metropolitan
District
No.
1
,
GO
,
2019
B
,
6
%
,
12/01/48
........................................................
6,570,000
6,596,597
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
100
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Eagle
Brook
Meadows
Metropolitan
District
No.
3
,
GO
,
2021-3
,
5
%
,
12/01/51
......
$
1,600,000
$
1,515,402
Greenways
Metropolitan
District
No.
1
,
GO
,
2021
A-3
,
4.625
%
,
12/01/51
..........
1,580,000
1,259,696
c
Hidden
Creek
Metropolitan
District
,
GO
,
144A,
2021
A-3
,
4.625
%
,
12/01/45
........
1,140,000
1,001,897
c
Horizon
Metropolitan
District
No.
2
,
GO
,
144A,
2021
A-3
,
4.5
%
,
12/01/51
..........
1,675,000
1,335,917
Jay
Grove
Metropolitan
District
,
GO
,
2021
,
4.25
%
,
12/01/51
...................
1,225,000
961,456
Jefferson
Center
Metropolitan
District
No.
1
,
Revenue
,
2020
A-2
,
4.125
%
,
12/01/40
..................................
575,000
563,811
Revenue
,
2020
A-2
,
4.375
%
,
12/01/47
..................................
1,125,000
1,053,689
Johnstown
Farms
East
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
............
1,500,000
1,299,687
Johnstown
Plaza
Metropolitan
District
,
GO
,
2022
,
Refunding
,
4.25
%
,
12/01/46
.....
5,500,000
5,418,422
Liberty
Ranch
Metropolitan
District
,
GO
,
2021
A
,
Refunding
,
5.25
%
,
12/01/51
......
6,590,000
5,954,117
Morgan
Hill
Metropolitan
District
No.
3
,
GO
,
2021
B
,
Refunding
,
6.375
%
,
12/15/51
...
1,465,000
1,470,363
Murphy
Creek
Metropolitan
District
No.
4
,
GO
,
2021
,
5
%
,
12/01/51
..............
8,000,000
7,209,243
Nexus
North
at
DIA
Metropolitan
District
,
GO
,
2021
,
5
%
,
12/01/51
...............
565,000
541,105
c
Platte
River
Metropolitan
District
,
GO,
Senior
Lien
,
144A,
2023
A
,
Refunding
,
6.5
%
,
8/01/53
.........................................................
1,175,000
1,203,482
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
A
,
Refunding
,
5.875
%
,
12/15/46
.
750,000
795,447
Prairie
Center
Metropolitan
District
No.
7
,
GO
,
2021
,
6.375
%
,
6/15/46
............
1,330,000
1,329,958
Ptarmigan
West
Metropolitan
District
No.
2
,
GO
,
2021-3
,
4.125
%
,
12/01/51
........
1,475,000
1,075,847
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.25
%
,
11/15/28
......................................
8,165,000
8,641,790
Revenue
,
2008
,
6.5
%
,
11/15/38
.......................................
60,100,000
74,447,685
Raindance
Metropolitan
District
No.
1
,
Non-Potable
Water
System
,
Revenue
,
2020
,
5.25
%
,
12/01/50
...................................................
4,250,000
4,190,584
Reunion
Metropolitan
District
,
Water
Activity
Enterprise
,
Revenue
,
2021
A
,
3.625
%
,
12/01/44
........................................................
5,700,619
4,381,854
RRC
Metropolitan
District
No.
2
,
GO
,
2021
,
5.25
%
,
12/01/51
...................
5,625,000
5,082,231
Southglenn
Metropolitan
District
,
GO
,
2016
,
Refunding
,
5
%
,
12/01/30
....................................
3,470,000
3,473,825
GO
,
2016
,
Refunding
,
5
%
,
12/01/36
....................................
810,000
810,727
GO
,
2016
,
Refunding
,
5
%
,
12/01/46
....................................
3,700,000
3,604,916
c
STC
Metropolitan
District
No.
2
,
GO,
Second
Lien
,
144A,
2025
A-2
,
Refunding
,
6.25
%
,
12/01/55
........................................................
3,500,000
3,540,674
Trails
at
Crowfoot
Metropolitan
District
No.
3
,
GO
,
2024
B
,
Refunding
,
6.875
%
,
12/15/52
..................................................
1,215,000
1,222,150
Village
Metropolitan
District
(The)
,
GO
,
2025
A
,
5.75
%
,
12/01/55
................
1,955,000
1,983,788
Villages
at
Castle
Rock
Metropolitan
District
No.
4
,
1989
,
11.12
%
,
6/01/31
.........
3,000,000
3,000,000
Waterfront
at
Foster
Lake
Metropolitan
District
No.
2
,
GO
,
2022
A3-1
,
5
%
,
12/01/42
.........................................
3,705,000
3,389,201
GO
,
2022
A3-1
,
5
%
,
12/01/51
.........................................
4,085,000
3,305,093
g
GO
,
2022
A3-2
,
1.094
%,
12/01/51
.....................................
5,130,000
3,829,160
Water
Tap
Fee
,
Revenue
,
2022
,
4.625
%
,
12/01/28
.........................
6,000,000
5,571,012
c
West
Meadow
Metropolitan
District
,
GO,
Senior
Lien
,
144A,
2023
A
,
Refunding
,
6.5
%
,
12/01/50
........................................................
2,750,000
2,841,015
243,968,149
Connecticut
0.5%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
c
Church
Home
of
Hartford
Obligated
Group
,
Revenue
,
144A,
2016
A
,
5
%
,
9/01/46
..
1,000,000
991,162
c
Church
Home
of
Hartford
Obligated
Group
,
Revenue
,
144A,
A
,
5
%
,
9/01/53
......
7,850,000
7,458,443
Masonicare
Corp.
Obligated
Group
,
Revenue
,
F
,
Refunding
,
5
%
,
7/01/43
........
6,500,000
6,506,185
c
McLean
Affiliates
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/45
........
1,000,000
923,803
c
McLean
Affiliates
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/55
........
5,695,000
4,831,447
Stamford
Housing
Authority
,
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.375
%
,
10/01/45
.......................................................
1,415,000
1,483,618
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
101
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
(continued)
Stamford
Housing
Authority,
(continued)
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.5
%
,
10/01/55
.......................................................
$
1,765,000
$
1,816,787
TJH
Senior
Living
LLC
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6.25
%
,
10/01/60
.......................................................
1,280,000
1,292,556
25,304,001
Florida
19.3%
Abbott
Square
Community
Development
District
,
Special
Assessment
,
2022
,
5.375
%
,
6/15/42
.............................
1,075,000
1,132,637
Special
Assessment
,
2022
,
5.5
%
,
6/15/52
...............................
1,695,000
1,719,730
Anabelle
Island
Community
Development
District
,
Special
Assessment
,
2022
,
2.7
%
,
5/01/27
...............................
275,000
272,784
Special
Assessment
,
2022
,
3.1
%
,
5/01/32
...............................
750,000
730,321
Special
Assessment
,
2022
,
3.5
%
,
5/01/42
...............................
1,945,000
1,740,093
Antillia
Community
Development
District
,
Special
Assessment
,
2024
,
5.6
%
,
5/01/44
.
570,000
593,526
Arbors
Community
Development
District
,
2023
Project
Area
,
Special
Assessment
,
2023
,
4.5
%
,
5/01/30
.................
540,000
554,213
2023
Project
Area
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
.................
1,705,000
1,807,626
2023
Project
Area
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
...............
2,235,000
2,318,898
c
2024
Project
Area
,
Special
Assessment
,
144A,
2024
,
5.15
%
,
5/01/44
...........
630,000
650,967
c
2024
Project
Area
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
5/01/55
............
815,000
826,120
Artisan
Lakes
East
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021-1
,
2.75
%
,
5/01/31
.............
250,000
241,257
Assessment
Area
2
,
Special
Assessment
,
2021-1
,
3.125
%
,
5/01/41
............
470,000
406,002
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021-2
,
2.75
%
,
5/01/31
........
275,000
265,383
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021-2
,
3.125
%
,
5/01/41
.......
515,000
444,875
Astonia
Community
Development
District
,
c
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
......................
540,000
545,202
c
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
......................
1,370,000
1,228,272
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
5/01/26
...........
50,000
49,872
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
............
500,000
486,066
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
3.2
%
,
5/01/41
...........
750,000
659,414
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
410,000
428,302
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
740,000
756,004
c
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
5/01/26
..
50,000
49,913
c
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
....
320,000
313,299
c
North
Parcel
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.2
%
,
5/01/41
..
750,000
667,922
Aurora
Oaks
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.35
%
,
5/01/44
...............
665,000
676,130
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/55
..............
1,030,000
1,016,049
Avalon
Groves
Community
Development
District
,
Special
Assessment,
Sub.
Lien
,
2021
,
3.125
%
,
5/01/41
.....................
360,000
321,340
Special
Assessment,
Sub.
Lien
,
2021
,
4
%
,
5/01/51
.........................
500,000
444,891
Assessment
Area
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/32
.................
200,000
197,558
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
495,000
457,838
Avalon
Park
West
Community
Development
District
,
c
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.25
%
,
5/01/30
..
215,000
214,337
c
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.75
%
,
5/01/40
..
580,000
562,461
c
2020
Project
Area
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/51
.....
880,000
741,900
2022
Project
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
.................
500,000
532,475
2022
Project
Area
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/52
...............
875,000
901,693
c
Ave
Maria
Stewardship
Community
District
,
BAN
Assessment
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
5/01/53
...........................................
2,790,000
2,822,026
Avenir
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
3,030,000
3,112,197
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/54
..............
5,115,000
5,149,836
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
102
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Avenir
Community
Development
District,
(continued)
Parcel
A-18
,
Special
Assessment
,
2024
A
,
4.875
%
,
5/01/31
..................
$
270,000
$
277,042
Parcel
A-18
,
Special
Assessment
,
2024
A
,
5.75
%
,
5/01/44
...................
1,005,000
1,042,836
Parcel
A-18
,
Special
Assessment
,
2024
A
,
6
%
,
5/01/55
.....................
1,625,000
1,650,981
Aviary
at
Rutland
Ranch
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.1
%
,
11/01/31
...............
170,000
168,402
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.4
%
,
11/01/41
...............
410,000
377,659
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/31
..............
465,000
449,538
Assessment
Area
2C
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
................
250,000
249,516
Assessment
Area
2C
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
775,000
777,770
Assessment
Area
2C
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
................
1,550,000
1,342,286
Assessment
Area
3A
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
................
250,000
248,452
Assessment
Area
3B
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
385,000
386,376
Balm
Grove
Community
Development
District
,
Special
Assessment
,
2022
,
3.25
%
,
11/01/27
........................................................
435,000
434,411
Bannon
Lakes
Community
Development
District
,
c
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
...................
700,000
653,535
Phase
3
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/32
........................
365,000
342,995
Phase
3
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
..........................
1,370,000
1,227,905
Bella
Tara
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.125
%
,
5/01/56
..............
1,600,000
1,663,039
Master
Infrastructure
Project
,
Special
Assessment
,
2025
,
6.5
%
,
5/01/56
.........
4,000,000
4,153,410
Bellehaven
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.8
%
,
5/01/45
................
1,335,000
1,408,339
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.05
%
,
5/01/55
...............
1,215,000
1,258,902
Belmond
Reserve
Community
Development
District
,
2020
Project
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
......................
1,745,000
1,768,195
2020
Project
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
......................
2,000,000
1,763,505
Belmont
II
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
12/15/30
.............................
325,000
325,142
Special
Assessment
,
2020
,
3.625
%
,
12/15/40
.............................
1,390,000
1,379,861
Berry
Bay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.625
%
,
5/01/26
..............
55,000
54,910
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
400,000
388,248
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
1,250,000
1,116,488
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
985,000
1,037,297
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,675,000
1,722,930
Berry
Bay
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.45
%
,
5/01/31
...............
120,000
122,448
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
145,000
148,057
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/54
...............
115,000
114,217
Big
Cypress
Stewardship
District
,
Assessment
Area
1
,
Special
Assessment
,
2026
,
5.75
%
,
5/01/55
...................................................
1,850,000
1,862,516
Black
Creek
Community
Development
District
,
Special
Assessment
,
2022
,
5.125
%
,
6/15/32
.............................
150,000
162,066
Special
Assessment
,
2022
,
5.625
%
,
6/15/52
.............................
2,000,000
2,065,124
Blackwell
Community
Development
District
,
Special
Assessment
,
2026
,
5.75
%
,
5/01/56
575,000
578,885
Boggy
Branch
Community
Development
District
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
...............................
30,000
29,941
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
450,000
437,874
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
...............................
1,165,000
1,040,098
Bradbury
Community
Development
District
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
2,245,000
2,278,786
Bridgewalk
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.25
%
,
12/15/43
..............
760,000
822,835
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.5
%
,
12/15/53
...............
700,000
742,767
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
103
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Bridgewater
North
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
3.125
%
,
5/01/27
..................
$
85,000
$
84,618
Assessments
,
Special
Assessment
,
2022
,
3.5
%
,
5/01/32
....................
350,000
347,351
Bridle
Creek
Community
Development
District
,
Special
Assessment
,
2025
,
6.375
%
,
5/01/56
.........................................................
3,525,000
3,656,890
f
Brightshore
Community
Development
District
,
Assessments
,
Special
Assessment
,
2026
,
5.7
%
,
5/01/57
................................................
2,965,000
2,971,436
Brightwater
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.85
%
,
5/01/31
...............
280,000
276,542
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.35
%
,
5/01/44
..........
405,000
423,900
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/55
.........
540,000
553,139
Brookstone
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
...............
325,000
339,127
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
................
1,000,000
1,050,032
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/52
..............
1,750,000
1,783,894
Buckhead
Trails
Community
Development
District
,
Special
Assessment
,
2022
,
5.25
%
,
5/01/32
..............................
400,000
423,632
Special
Assessment
,
2022
,
5.625
%
,
5/01/42
.............................
1,000,000
1,090,608
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
..............................
1,410,000
1,450,669
Special
Assessment
,
2024
,
4.7
%
,
5/01/31
...............................
290,000
296,981
Special
Assessment
,
2024
,
5.6
%
,
5/01/44
...............................
395,000
413,191
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
.............................
885,000
910,781
Buckhead
Trails
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2026
,
5.8
%
,
5/01/56
.....................................
1,045,000
1,056,057
Buena
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
.....................................
1,135,000
1,181,877
Caldera
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/54
................................................
385,000
377,318
c
Cape
Coral
Health
Facilities
Authority
,
Gulf
Care,
Inc.
Obligated
Group
,
Revenue,
Senior
Lien
,
144A,
2015
,
Refunding
,
6
%
,
7/01/45
..........................
5,250,000
3,462,079
c
Capital
Projects
Finance
Authority
,
PRG
-
UnionWest
Properties
LLC
,
Revenue,
Senior
Lien
,
144A,
2024
A-1
,
5
%
,
6/01/58
.....................................
1,250,000
1,134,990
c
Capital
Trust
Agency,
Inc.
,
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
3
%
,
7/01/31
..........
100,000
95,671
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/41
..........
450,000
412,252
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/51
..........
540,000
423,137
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A
,
4
%
,
7/01/56
..........
445,000
341,082
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/41
.........
750,000
687,086
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/51
.........
975,000
763,997
AcadeMir
Charter
School
West
,
Revenue
,
144A,
2021
A-2
,
4
%
,
7/01/56
.........
750,000
576,650
g
Educational
Growth
Fund
LLC
,
Revenue,
Sub.
Lien
,
144A,
2021
B
,
5.67
%,
7/01/31
7,825,000
5,830,371
Sarasota-Manatee
Jewish
Housing
Council
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
7/01/46
............................................
3,250,000
2,476,982
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-2
,
4.43
%
,
1/01/57
...........
10,245,000
7,509,862
South
Tech
Schools
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/55
......
3,805,000
3,517,994
University
Bridge
LLC
,
Revenue
,
144A,
2018
A
,
5.25
%
,
12/01/43
..............
27,380,000
27,622,143
WFCS
Holdings
II
LLC
,
Revenue
,
144A,
2021
A-1
,
3.3
%
,
1/01/31
..............
585,000
564,624
WFCS
Holdings
LLC
,
Revenue
,
144A,
2020
A-1
,
5
%
,
1/01/55
.................
3,500,000
3,058,649
c
Capital
Trust
Authority
,
g
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
........................................................
17,000,000
14,562,329
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.25
%
,
7/01/55
........................................................
275,000
268,844
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.375
%
,
7/01/65
........................................................
2,650,000
2,592,304
Caymas
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
................
800,000
826,840
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
104
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Caymas
Community
Development
District,
(continued)
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/54
..............
$
690,000
$
695,679
Celebration
Community
Development
District
,
Special
Assessment
,
2021
,
2.25
%
,
5/01/26
..............................
75,000
74,877
Special
Assessment
,
2021
,
2.75
%
,
5/01/31
..............................
240,000
234,270
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.............................
590,000
520,500
d
Celebration
Pointe
Community
Development
District
No.
1
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
...................................................
885,000
708,000
Center
Lake
Ranch
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
1,360,000
1,450,113
Assessment
Area
1
,
Special
Assessment
,
2023
,
6
%
,
5/01/54
.................
2,320,000
2,415,815
Central
Parc
Community
Development
District
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/44
...............................
500,000
516,841
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................................
750,000
762,146
Chaparral
Palm
Bay
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
1,000,000
1,026,514
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/55
................
2,190,000
2,202,283
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/40
...................
1,220,000
1,226,837
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/50
...................
1,985,000
1,769,187
Chapel
Creek
Community
Development
District
,
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
..............
165,000
162,225
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
5/01/41
..........
540,000
500,281
Assessment
Area
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
.................
535,000
557,171
Assessment
Area
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
................
995,000
1,010,627
c
Chapel
Crossings
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2020
,
3.2
%
,
5/01/30
...............
645,000
634,860
Assessments
,
Special
Assessment
,
144A,
2020
,
3.7
%
,
5/01/40
...............
1,695,000
1,592,700
Charlotte
County
Industrial
Development
Authority
,
c
MSKP
Town
&
Country
Utility
LLC
,
Revenue
,
144A,
2021
B
,
5
%
,
10/01/36
.......
2,300,000
2,161,807
MSKP
Town
&
Country
Utility
LLC
,
Revenue
,
2025
,
6.125
%
,
10/01/55
..........
3,175,000
3,311,361
Coddington
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/42
...................
610,000
655,069
Assessments
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
...................
1,090,000
1,131,561
Connerton
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
...............
1,435,000
1,514,710
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
2,245,000
2,283,960
Copes
Landing
Community
Development
District
,
2023
Project
Area
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
................
285,000
309,910
2023
Project
Area
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
...............
1,825,000
1,929,075
Coral
Creek
Community
Development
District
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
..............................
2,020,000
2,106,649
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
..............................
1,580,000
1,607,932
Coral
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
11/01/44
...............
780,000
819,051
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
11/01/53
..............
1,000,000
1,025,927
Cordoba
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/31
.............
835,000
832,384
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/37
.............
825,000
769,178
Cordova
Palms
Community
Development
District
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
...............................
25,000
24,954
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
...............................
330,000
317,870
Special
Assessment
,
2021
,
3
%
,
5/01/41
.................................
995,000
854,820
Special
Assessment
,
2022-1
,
5.7
%
,
5/01/42
..............................
275,000
299,505
Special
Assessment
,
2022-1
,
5.8
%
,
5/01/53
..............................
410,000
432,185
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
4.5
%
,
5/01/27
..............
115,000
115,863
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.1
%
,
5/01/32
..............
335,000
354,625
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
105
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Cordova
Palms
Community
Development
District,
(continued)
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.4
%
,
5/01/42
..............
$
1,005,000
$
1,065,441
Assessment
Area
1
,
Special
Assessment
,
2022-2
,
5.6
%
,
5/01/53
..............
1,980,000
2,051,338
c
County
of
Okaloosa
,
AIR
Force
Enlisted
Village,
Inc.
Obligated
Group
,
Revenue
,
144A,
2025
,
5.75
%
,
5/15/60
...............................................
1,500,000
1,537,489
Creekview
Community
Development
District
,
Phase
1
,
Special
Assessment
,
2022
,
4.25
%
,
5/01/32
.......................
505,000
514,654
Phase
2
,
Special
Assessment
,
2024
,
4.6
%
,
5/01/31
........................
860,000
877,941
Phase
2
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/44
......................
1,995,000
2,047,298
Phase
2
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/55
......................
2,260,000
2,266,658
Cresswind
DeLand
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
....................................
730,000
737,165
c
Crestview
II
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/31
...................
250,000
258,970
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/37
...................
475,000
486,634
Cross
Creek
North
Community
Development
District
,
Special
Assessment
,
2022
,
4.25
%
,
5/01/42
..............................
1,340,000
1,343,649
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
.............................
990,000
1,033,024
Special
Assessment
,
2023
,
5.375
%
,
5/01/53
.............................
1,250,000
1,275,282
Crossings
Community
Development
District
,
Area
2
,
Special
Assessment
,
2024
,
5.35
%
,
5/01/44
........................
515,000
531,626
Area
2
,
Special
Assessment
,
2024
,
5.6
%
,
5/01/54
.........................
465,000
469,177
Crosswinds
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
1,220,000
1,272,227
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
1,500,000
1,529,484
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
................
180,000
183,466
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/54
...............
300,000
299,666
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
...............................
200,000
197,414
Special
Assessment
,
2021
,
3.05
%
,
5/01/41
..............................
850,000
792,633
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................................
1,000,000
905,322
c
Curiosity
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.4
%
,
5/01/44
...........
900,000
924,522
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.7
%
,
5/01/55
...........
1,475,000
1,482,839
Curiosity
Creek
Community
Development
District
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/56
.............................
2,550,000
2,571,992
c
Currents
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2020
A
,
4
%
,
5/01/40
................................................
3,100,000
3,040,033
Cypress
Bay
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/43
...............
1,370,000
1,429,694
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
................
1,200,000
1,223,800
c
Cypress
Bluff
Community
Development
District
,
Special
Assessment
,
144A,
2020
A
,
3.125
%
,
5/01/30
.......................
250,000
250,184
Special
Assessment
,
144A,
2020
A
,
3.625
%
,
5/01/40
.......................
800,000
777,735
Special
Assessment
,
144A,
2020
A
,
3.8
%
,
5/01/50
.........................
1,165,000
977,062
Cypress
Creek
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/45
...............
525,000
554,732
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/56
.................
1,355,000
1,405,091
Cypress
Park
Estates
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
4.375
%
,
5/01/27
...............
55,000
55,261
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
................
350,000
364,503
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
295,000
293,069
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
5/01/40
.........
1,170,000
1,148,423
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
............
1,210,000
1,025,819
c
Cypress
Reserve
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.8
%
,
5/01/56
...........................................
1,645,000
1,664,196
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
106
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Cypress
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
$
1,245,000
$
1,311,962
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
..............
1,060,000
1,091,781
Darby
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
A-1
,
5.625
%
,
5/01/44
...............
1,290,000
1,355,983
Assessments
,
Special
Assessment
,
2024
A-1
,
6
%
,
5/01/54
...................
1,610,000
1,660,395
Assessments
,
Special
Assessment
,
2024
A-2
,
5.875
%
,
5/01/35
...............
300,000
323,744
Deerbrook
Community
Development
District
,
Special
Assessment
,
2023
,
4.375
%
,
5/01/30
.............................
105,000
107,394
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
...............................
1,250,000
1,277,043
Deering
Park
Stewardship
District
,
DPSD
JV1
No.
1
Assessment
Area
,
Special
Assessment
,
2025
,
6
%
,
5/01/45
.....
3,000,000
3,177,268
DPSD
JV1
No.
1
Assessment
Area
,
Special
Assessment
,
2025
,
6.25
%
,
5/01/55
...
2,300,000
2,396,184
Del
Webb
Oak
Creek
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
1,425,000
1,479,638
Special
Assessment
,
2023
,
5.25
%
,
5/01/53
..............................
1,985,000
2,003,253
DG
Farms
Community
Development
District
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
..............................
200,000
199,383
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
255,000
245,952
Dowden
West
Community
Development
District
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
..............................
495,000
511,641
Special
Assessment
,
2024
,
5.55
%
,
5/01/54
..............................
855,000
863,464
DW
Bayview
Community
Development
District
,
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
5/01/26
..........
85,000
84,874
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/32
..............
430,000
430,025
c
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
5/01/41
..........
1,160,000
1,102,056
Assessment
Area
,
Special
Assessment
,
2022
,
4.5
%
,
5/01/32
.................
185,000
194,432
Assessment
Area
,
Special
Assessment
,
2022
,
5.125
%
,
5/01/42
...............
1,115,000
1,169,911
East
547
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
20,000
19,969
Assessment
Area
1
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
90,000
88,700
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.3
%
,
5/01/41
................
375,000
343,439
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.25
%
,
5/01/43
...............
270,000
294,454
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.5
%
,
5/01/54
................
515,000
550,651
East
Bonita
Beach
Road
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/32
.................
255,000
254,601
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
...............
750,000
681,570
East
Nassau
Stewardship
District
,
Special
Assessment
,
2025
,
6.25
%
,
5/01/56
..............................
7,130,000
7,426,635
Assessments
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
......................
500,000
491,597
Assessments
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
....................
1,185,000
1,102,734
Wildlight
Village
Phase
3
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
...........
1,500,000
1,540,209
Eden
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
................
110,000
110,710
Assessment
Area
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
...................
300,000
302,601
Assessment
Area
,
Special
Assessment
,
2022
,
3.25
%
,
5/01/27
................
190,000
190,286
Assessment
Area
,
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
...............
610,000
618,060
Edgewater
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
110,000
109,822
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.1
%
,
5/01/31
................
700,000
686,677
Assessment
Area
2
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
.................
3,975,000
3,770,849
Edgewater
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
................
900,000
915,434
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.25
%
,
5/01/44
...............
2,000,000
2,030,808
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/54
................
2,750,000
2,708,262
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
107
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
c
Enbrook
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
............................
$
500,000
$
476,423
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
............................
1,150,000
960,957
Entrada
Community
Development
District
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/43
...............................
500,000
536,497
c
Assessments
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
5/01/31
.............
370,000
360,188
c
Assessments
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
5/01/41
.............
935,000
856,492
Assessments
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/55
....................
310,000
309,501
Epperson
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
45,000
44,923
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
235,000
228,884
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
................
1,200,000
1,094,884
Assessment
Area
3
,
Special
Assessment
,
2021
A
,
2.45
%
,
11/01/26
............
125,000
124,194
Assessment
Area
3
,
Special
Assessment
,
2021
A
,
3.1
%
,
11/01/31
.............
400,000
389,034
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/44
................
465,000
478,055
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.6
%
,
5/01/55
................
500,000
502,670
Epperson
Ranch
II
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
3.625
%
,
5/01/30
...................................
425,000
424,916
c
Everlands
Community
Development
District
,
Assessment
Area
2
Phase
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
6/15/54
................................
2,350,000
2,359,713
Everlands
II
Community
Development
District
,
Special
Assessment
,
2024
,
5.2
%
,
6/15/44
...............................
500,000
518,622
Special
Assessment
,
2024
,
5.45
%
,
6/15/54
..............................
485,000
490,053
Fallschase
Community
Development
District
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.........................................................
1,000,000
897,541
Feed
Mill
Community
Development
District
,
Parcel
1
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.875
%
,
5/01/56
...................................
4,570,000
4,632,406
c
Florida
Development
Finance
Corp.
,
e
Brightline
Florida
Holdings
LLC
,
Revenue
,
144A,
2025
B
,
Mandatory
Put
,
10
%
,
6/15/26
........................................................
3,275,000
2,259,750
Glenridge
on
Palmer
Ranch
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
6/01/31
........................................................
450,000
476,109
Glenridge
on
Palmer
Ranch
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
6/01/51
........................................................
5,500,000
5,142,373
Mayflower
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5.25
%
,
6/01/50
........................................................
7,000,000
6,830,639
Mayflower
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
6/01/55
............................................
3,900,000
2,925,563
c
Florida
Local
Government
Finance
Commission
,
BridgePrep
Academy,
Inc.
Obligated
Group
,
Revenue
,
144A,
2025
A
,
6.125
%
,
6/15/65
........................................................
12,400,000
12,627,803
Ponte
Vedra
Pine
Co.
LLC
Obligated
Group
,
Revenue
,
144A,
2025
A
,
6.75
%
,
11/15/55
.......................................................
2,650,000
2,790,877
c
Forest
Lake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
350,000
350,745
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
5/01/27
..........
20,000
20,159
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5
%
,
5/01/32
............
75,000
79,094
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
5/01/42
.........
310,000
327,540
Assessment
Area
2
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
5/01/52
...........
275,000
281,588
c
Gas
Worx
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5
%
,
5/01/36
............................
525,000
560,082
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/45
.........................
800,000
835,948
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/57
............................
1,980,000
2,039,727
Grand
Oaks
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
4.25
%
,
5/01/40
...............
1,095,000
1,099,387
Assessment
Area
2
,
Special
Assessment
,
2020
,
4.5
%
,
5/01/52
................
3,500,000
3,211,723
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.2
%
,
11/01/31
...............
215,000
211,275
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
108
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Grand
Oaks
Community
Development
District,
(continued)
Assessment
Area
3
,
Special
Assessment
,
2021
,
4
%
,
11/01/51
................
$
1,205,000
$
1,037,402
Grande
Pines
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.75
%
,
5/01/41
...............
710,000
659,185
Assessment
Area
1
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
.................
750,000
634,180
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
................
1,010,000
1,025,830
Greenbriar
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.65
%
,
5/01/45
...............
1,000,000
1,030,721
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.875
%
,
5/01/54
..............
1,200,000
1,216,668
Grove
Resort
Community
Development
District
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/32
...............................
170,000
165,384
Special
Assessment
,
2022
,
3.55
%
,
5/01/42
..............................
435,000
382,907
Hamilton
Bluff
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
1,000,000
1,034,633
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
................
1,250,000
1,263,872
Hammock
Oaks
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
155,000
159,356
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
635,000
671,524
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
985,000
1,007,877
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.85
%
,
5/01/44
...............
670,000
696,925
Assessment
Area
2
,
Special
Assessment
,
2024
,
6.15
%
,
5/01/54
...............
655,000
670,225
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2025
,
5.55
%
,
5/01/45
..........
1,040,000
1,076,709
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/55
..........
1,455,000
1,478,650
Hammock
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
.................
860,000
723,965
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
200,000
197,538
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
520,000
485,248
Assessment
Area
3
,
Special
Assessment
,
2022
,
4.4
%
,
5/01/32
................
445,000
462,864
Harmony
on
Lake
Eloise
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.45
%
,
11/01/45
..............
500,000
511,724
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.65
%
,
11/01/54
..............
1,250,000
1,263,797
Harmony
West
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................
360,000
372,907
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.3
%
,
5/01/53
................
305,000
310,174
Harvest
Hills
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
4.5
%
,
5/01/35
................
375,000
383,686
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.45
%
,
5/01/45
...............
1,375,000
1,403,644
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
...............
1,700,000
1,706,272
Hawkstone
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2021
,
2.6
%
,
5/01/26
................
45,000
44,931
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/31
................
440,000
433,892
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.45
%
,
5/01/41
...............
1,120,000
1,025,089
Assessment
Area
4
,
Special
Assessment
,
2023
,
4.375
%
,
5/01/30
..............
215,000
219,627
Hawthorne
Mill
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
1,000,000
1,024,632
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/54
................
1,400,000
1,403,977
Hickory
Tree
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.15
%
,
5/01/44
...............
890,000
910,070
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/55
...............
365,000
363,364
Highland
Trails
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.85
%
,
5/01/56
...............
1,385,000
1,395,369
Assessments
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
....................
780,000
814,460
Assessments
,
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
...................
785,000
807,109
Hills
of
Minneola
Community
Development
District
,
North
Parcel
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.55
%
,
5/01/44
.....
545,000
582,647
North
Parcel
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
....
760,000
799,532
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
109
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Hills
of
Minneola
Community
Development
District,
(continued)
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
2.375
%
,
5/01/26
........................................................
$
25,000
$
24,958
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
250,000
241,728
South
Parcel
Assessment
Area
Phase
2
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/41
500,000
440,634
Hilltop
Point
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022-1
,
5.375
%
,
5/01/52
............
700,000
707,014
Assessment
Area
2
,
Special
Assessment
,
2022-2
,
5.6
%
,
5/01/53
..............
745,000
757,974
Hobe-St.
Lucie
Conservancy
District
,
Unit
of
Development
No.
1A
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/55
...................................
3,000,000
3,080,794
Holly
Hill
Road
East
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2020
,
4.5
%
,
11/01/31
...............
165,000
179,417
Assessment
Area
3
,
Special
Assessment
,
2020
,
5
%
,
11/01/41
................
350,000
386,896
Assessment
Area
3
,
Special
Assessment
,
2020
,
5
%
,
11/01/50
................
520,000
540,111
Hyde
Park
Community
Development
District
No.
1
,
Assessments
,
Special
Assessment
,
2024
A
,
5.35
%
,
5/01/44
..................
420,000
431,212
Assessments
,
Special
Assessment
,
2024
A
,
5.625
%
,
5/01/55
.................
280,000
281,698
Indigo
Community
Development
District
,
Special
Assessment
,
1999
A
,
7
%
,
5/01/31
...............................
340,000
340,829
Special
Assessment
,
1999
C
,
7
%
,
5/01/30
...............................
4,123,752
2,309,301
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
2.2
%
,
5/01/26
.........
65,000
64,858
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
.........
240,000
233,036
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.......
855,000
746,382
Phase
A1
Assessment
Area
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
...........
1,375,000
1,184,173
Island
Lake
Estates
Community
Development
District
,
Special
Assessment
,
2023
,
5.75
%
,
12/15/43
.............................
1,240,000
1,329,347
Special
Assessment
,
2023
,
6
%
,
12/15/53
................................
1,430,000
1,495,626
Juniper
Cove
Community
Development
District
,
Assessments
,
Special
Assessment
,
2025
,
5.45
%
,
5/01/45
...................
515,000
532,110
Assessments
,
Special
Assessment
,
2025
,
5.7
%
,
5/01/55
....................
1,070,000
1,085,122
c
K-Bar
Ranch
III
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/45
.........................
1,765,000
1,881,696
Special
Assessment
,
144A,
2025
,
6.125
%
,
5/01/55
.........................
1,940,000
2,032,684
Kelly
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
6
%
,
11/01/43
................
640,000
681,758
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.25
%
,
11/01/53
..............
860,000
893,793
Assessment
Area
2
,
Special
Assessment
,
2025
,
4.375
%
,
5/01/32
..............
150,000
154,101
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/55
................
750,000
753,131
Kindred
Community
Development
District
II
,
Special
Assessment
,
2020
,
3.5
%
,
5/01/40
...............................
395,000
384,553
Special
Assessment
,
2020
,
3.75
%
,
5/01/50
..............................
570,000
491,382
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
...............................
235,000
230,590
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.............................
500,000
459,642
Special
Assessment
,
2023
,
5.875
%
,
5/01/54
.............................
1,100,000
1,141,369
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
6/15/30
.............................
375,000
376,731
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................................
775,000
786,333
Special
Assessment
,
2020
,
4
%
,
6/15/50
.................................
2,270,000
2,066,912
Special
Assessment
,
2021
,
2.5
%
,
6/15/26
...............................
20,000
19,975
Special
Assessment
,
2021
,
3.125
%
,
6/15/31
.............................
250,000
251,269
Special
Assessment
,
2021
,
3.6
%
,
6/15/41
...............................
750,000
729,215
Kings
Creek
I
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/45
...............
775,000
810,425
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
.................
1,300,000
1,335,318
Kingston
One
Community
Development
District
,
Assessment
Area
1
-
2025
Project
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/45
....
2,600,000
2,728,946
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
110
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Kingston
One
Community
Development
District,
(continued)
Assessment
Area
1
-
2025
Project
,
Special
Assessment
,
2025
,
6
%
,
5/01/57
......
$
6,000,000
$
6,190,033
Kissimmee
Park
Community
Development
District
,
Offsite
Master
Infrastructure
Project
,
Special
Assessment
,
2025
,
6.5
%
,
5/01/56
...............................
6,200,000
6,437,786
Lake
Ashton
Community
Development
District
,
Special
Assessment
,
2015
A-1
,
Refunding
,
5
%
,
5/01/32
.............................................
1,760,000
1,762,132
Lake
Deer
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
5
%
,
5/01/32
...................
220,000
228,214
Assessment
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/42
.................
740,000
787,707
Assessment
Area
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/53
...............
1,325,000
1,348,090
c
Lake
Emma
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
5/01/43
..........
1,230,000
1,288,960
Assessment
Area
2
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
5/01/53
...........
805,000
828,245
Lake
Flores
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2026
,
5.75
%
,
5/01/56
...............................................
1,250,000
1,262,295
Lake
Harris
Community
Development
District
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
.............................
580,000
611,842
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
.............................
570,000
587,245
Lake
Hideaway
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.75
%
,
5/01/31
...............
475,000
487,941
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.65
%
,
5/01/44
...............
1,425,000
1,477,901
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.9
%
,
5/01/54
................
2,345,000
2,373,961
Lake
Mattie
Preserve
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
...............................
1,005,000
1,035,727
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
..............................
1,750,000
1,770,518
Phase
2
,
Special
Assessment
,
2025
,
5.45
%
,
5/01/45
.......................
975,000
990,188
Phase
2
,
Special
Assessment
,
2025
,
5.65
%
,
5/01/55
.......................
1,075,000
1,068,760
Lakefront
Estates
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/56
.......................................
3,150,000
3,185,398
Lakes
at
Bella
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023-1
,
5.75
%
,
5/01/43
.............
805,000
851,344
Assessment
Area
1
,
Special
Assessment
,
2023-1
,
6
%
,
5/01/53
................
1,895,000
1,962,331
Assessment
Area
2
,
Special
Assessment
,
2023-2
,
5.75
%
,
5/01/43
.............
1,000,000
1,057,571
Assessment
Area
2
,
Special
Assessment
,
2023-2
,
6
%
,
5/01/54
................
2,395,000
2,478,192
Lakes
of
Sarasota
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
A-1
,
3.4
%
,
5/01/31
.............
135,000
134,517
Assessment
Area
1
,
Special
Assessment
,
2021
A-1
,
3.9
%
,
5/01/41
.............
285,000
273,876
Assessment
Area
1
,
Special
Assessment
,
2021
A-2
,
3.875
%
,
5/01/31
...........
100,000
102,536
Assessment
Area
2
,
Special
Assessment
,
2021
B-1
,
3.625
%
,
5/01/31
...........
125,000
126,211
Assessment
Area
2
,
Special
Assessment
,
2021
B-1
,
4.125
%
,
5/01/41
...........
200,000
196,307
Assessments
,
Special
Assessment
,
2024
A
,
5.6
%
,
5/01/55
...................
280,000
280,696
Lakes
of
Sarasota
Community
Development
District
2
,
Assessments
,
Special
Assessment
,
2025
A
,
5.7
%
,
5/01/55
....................................
760,000
765,844
c
Lakeside
at
Satilla
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
...............................
1,500,000
1,521,601
Lakeside
Preserve
Community
Development
District
,
Special
Assessment
,
2023
,
6
%
,
5/01/43
.................................
655,000
706,154
Special
Assessment
,
2023
,
6.375
%
,
5/01/54
.............................
1,110,000
1,171,057
Lakewood
Park
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.2
%
,
5/01/31
................
125,000
124,254
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
325,000
306,775
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
910,000
942,626
Lakewood
Ranch
Stewardship
District
,
c
Assessment
Lorraine
Lakes
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
..
250,000
248,697
c
Assessment
Northeast
Sector
Project
Phase
2B
,
Special
Assessment
,
144A,
2020
,
Refunding
,
3.2
%
,
5/01/30
..........................................
440,000
437,117
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
111
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Lakewood
Ranch
Stewardship
District,
(continued)
Assessment
Northeast
Sector
Project
Phase
2C
,
Special
Assessment
,
2020
,
3
%
,
5/01/30
........................................................
$
470,000
$
461,505
Assessment
Northeast
Sector
Project
Phase
2C
,
Special
Assessment
,
2020
,
3.5
%
,
5/01/40
........................................................
750,000
694,202
Assessment
Star
Farms
Phase
1/2
,
Special
Assessment
,
2021
,
2.3
%
,
5/01/26
....
50,000
49,911
Assessment
Star
Farms
Phase
1/2
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
....
100,000
96,360
Assessments
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/43
..................
1,500,000
1,633,395
Assessments
,
Special
Assessment
,
2023
,
6.3
%
,
5/01/54
....................
5,000,000
5,283,040
Assessments
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/55
....................
765,000
772,933
Langley
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.125
%
,
5/01/44
..............
1,250,000
1,282,788
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.4
%
,
5/01/55
................
2,605,000
2,615,932
Laurel
Road
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
A-1
,
3
%
,
5/01/31
...................
350,000
338,160
Assessments
,
Special
Assessment
,
2021
A-1
,
4
%
,
5/01/52
...................
1,445,000
1,192,831
Lawson
Dunes
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
4.375
%
,
5/01/27
...............
85,000
85,479
Assessment
Area
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
................
510,000
532,769
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2024
C
,
5
%
,
11/15/54
...............................................
1,600,000
1,570,112
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
................
55,000
54,899
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
310,000
305,814
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
100,000
98,884
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
795,000
727,165
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
265,000
243,516
Assessment
Area
1
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
.................
530,000
439,484
Live
Oak
Lake
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
,
4.4
%
,
5/01/40
................................................
1,600,000
1,537,550
Longleaf
Community
Development
District
,
c
Neighborhood
4
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.4
%
,
5/01/44
........................................................
720,000
753,924
c
Neighborhood
4
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
5/01/54
........................................................
935,000
958,330
Neighborhood
4
Assessment
Area
2
,
Special
Assessment
,
2024
A
,
5.45
%
,
5/01/55
.
820,000
804,620
c
Lowery
Hills
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.85
%
,
5/01/55
...............................
1,000,000
1,009,053
LT
Ranch
Community
Development
District
,
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.3
%
,
5/01/32
.........
120,000
128,124
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.75
%
,
5/01/42
........
380,000
408,076
Phase
I
Assessment
Area
,
Special
Assessment
,
2022-1
,
5.9
%
,
5/01/53
.........
500,000
516,249
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5
%
,
5/01/32
.........
1,245,000
1,319,492
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5.5
%
,
5/01/42
........
2,620,000
2,759,713
Phase
IIA
Assessment
Area
,
Special
Assessment
,
2022-2
,
5.7
%
,
5/01/53
........
5,790,000
5,948,540
LTC
Ranch
West
Residential
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
A
,
3.125
%
,
5/01/31
............
700,000
683,613
Assessment
Area
2
,
Special
Assessment
,
2024
AA-2
,
5.7
%
,
5/01/44
...........
300,000
310,710
Assessment
Area
2
,
Special
Assessment
,
2024
AA-2
,
6
%
,
5/01/54
.............
305,000
309,939
Assessment
Area
3
,
Special
Assessment
,
2024
AA-3
,
5.75
%
,
5/01/44
...........
990,000
1,028,607
Assessment
Area
3
,
Special
Assessment
,
2024
AA-3
,
6.05
%
,
5/01/54
...........
1,090,000
1,111,164
Magnolia
Island
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/45
...............
500,000
512,855
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/55
...............
1,000,000
1,009,096
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
A
,
5.45
%
,
5/01/45
........
600,000
612,024
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
A
,
5.75
%
,
5/01/56
........
1,000,000
1,002,925
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
112
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
c
Magnolia
Park
Community
Development
District
,
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/31
...................
$
250,000
$
258,655
Special
Assessment
,
144A,
2020
,
Refunding
,
4
%
,
5/01/39
...................
688,000
699,620
Malabar
Springs
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.5
%
,
5/01/31
................
385,000
393,045
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/44
................
455,000
463,949
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/54
................
925,000
920,041
c
Mandarin
Grove
Community
Development
District
,
Special
Assessment
,
144A,
2022
,
6.625
%
,
5/01/53
...................................................
1,000,000
1,165,961
Mangrove
Point
&
Mangrove
Manor
,
Community
Development
District
,
Special
Assessment
,
2022
,
4
%
,
5/01/32
.......................................
345,000
333,846
Marion
Ranch
Community
Development
District
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/44
.........................................................
655,000
682,370
Marshall
Creek
Community
Development
District
,
Special
Assessment
,
2015
A
,
Refunding
,
5
%
,
5/01/32
.............................................
1,290,000
1,291,440
Meadow
View
at
Twin
Creeks
Community
Development
District
,
Phase
3B
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
........................
205,000
199,287
Phase
3B
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
......................
785,000
685,728
Phase
3B
,
Special
Assessment
,
2021
,
3.75
%
,
5/01/52
......................
625,000
493,048
Phase
4
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
..........................
225,000
218,833
Phase
4
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
.......................
1,155,000
1,020,700
Merrick
Square
Community
Development
District
,
Special
Assessment
,
2023
,
4.5
%
,
5/01/30
...............................
175,000
179,612
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
...............................
725,000
767,725
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
.............................
1,000,000
1,036,320
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
6.2
%
,
5/01/53
....................................................
3,115,000
3,260,110
Mirada
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/32
...............................................
120,000
117,579
Mirada
II
Community
Development
District
,
2021
Project
Area
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
.................
105,000
104,449
2021
Project
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
...............
645,000
608,625
2021
Project
Area
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
.................
2,070,000
1,829,210
2022
Project
Area
,
Special
Assessment
,
2022
,
5.125
%
,
5/01/32
...............
185,000
196,149
2022
Project
Area
,
Special
Assessment
,
2022
,
5.6
%
,
5/01/42
.................
580,000
615,302
2022
Project
Area
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/53
................
1,065,000
1,095,244
New
Port
Tampa
Bay
Community
Development
District
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/26
.............................
95,000
94,862
Special
Assessment
,
2021
,
3.5
%
,
5/01/31
...............................
500,000
495,193
Special
Assessment
,
2021
,
3.875
%
,
5/01/41
.............................
1,250,000
1,159,345
Newport
Isles
Community
Development
District
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
.........................................................
2,000,000
2,043,017
c
Normandy
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.55
%
,
5/01/54
..........................................
1,365,000
1,331,254
North
AR-1
Pasco
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.625
%
,
5/01/26
..............
35,000
34,947
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
275,000
268,943
Assessment
Area
2
,
Special
Assessment
,
2021
A
,
3.25
%
,
5/01/31
.............
160,000
158,516
Assessment
Area
2
,
Special
Assessment
,
2021
A
,
3.55
%
,
5/01/41
.............
390,000
366,894
Assessment
Area
3
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
410,000
432,587
Assessment
Area
3
,
Special
Assessment
,
2023
,
6
%
,
5/01/54
.................
600,000
618,686
Assessment
Area
4
,
Special
Assessment
,
2024
,
4.625
%
,
5/01/31
..............
165,000
169,160
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
760,000
787,408
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
800,000
808,897
Assessment
Area
5
,
Special
Assessment
,
2024
A
,
4.875
%
,
5/01/31
............
315,000
323,867
Assessment
Area
5
,
Special
Assessment
,
2024
A
,
5.75
%
,
5/01/44
.............
870,000
911,602
Assessment
Area
5
,
Special
Assessment
,
2024
A
,
6
%
,
5/01/54
................
925,000
950,895
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
113
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
North
Loop
Community
Development
District
,
Special
Assessment
,
2023
,
6.375
%
,
5/01/43
.............................
$
525,000
$
577,664
Special
Assessment
,
2023
,
6.625
%
,
5/01/54
.............................
1,000,000
1,076,012
North
Park
Isle
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.45
%
,
11/01/26
..............
55,000
54,638
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
................
500,000
486,003
North
Powerline
Road
Community
Development
District
,
Special
Assessment
,
2020
,
3.125
%
,
5/01/30
.............................
490,000
484,998
Special
Assessment
,
2020
,
3.625
%
,
5/01/40
.............................
1,000,000
950,140
c
Special
Assessment
,
144A,
2022
,
5.25
%
,
5/01/32
.........................
200,000
210,847
c
Special
Assessment
,
144A,
2022
,
5.625
%
,
5/01/52
.........................
1,395,000
1,440,539
North
River
Ranch
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A-1
,
3.5
%
,
5/01/30
.................
855,000
855,348
Assessments
,
Special
Assessment
,
2020
A-1
,
4
%
,
5/01/40
...................
1,150,000
1,144,786
North
River
Ranch
Improvement
Stewardship
District
,
Assessments
,
Special
Assessment
,
2023
A
,
6.7
%
,
5/01/55
...................
1,400,000
1,498,682
Assessments
,
Special
Assessment
,
2023
A-1
,
6
%
,
5/01/54
...................
4,920,000
5,038,108
Northlake
Stewardship
District
,
Rye
Ranch
Pod
C1
-
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/45
.
875,000
924,661
Rye
Ranch
Pod
C1
-
Assessment
Area
1
,
Special
Assessment
,
2025
,
6.2
%
,
5/01/56
2,570,000
2,669,937
c
Northridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
5/01/45
..........
1,500,000
1,567,403
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/55
............
2,000,000
2,055,836
Orange
Blossom
Groves
Community
Development
District
,
Special
Assessment
,
2023
,
4.25
%
,
6/15/30
..............................
365,000
374,902
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
..............................
1,100,000
1,164,623
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
.............................
1,375,000
1,411,489
c
Osceola
Village
Center
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
5/01/31
.........................
180,000
176,236
Special
Assessment
,
144A,
2021
,
3.3
%
,
5/01/41
..........................
370,000
337,967
Palermo
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
6/15/43
.................................
1,945,000
2,022,960
Special
Assessment
,
2023
,
5.25
%
,
6/15/53
..............................
1,500,000
1,522,947
Palm
Beach
County
Health
Facilities
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.5
%
,
5/15/53
........................................................
2,035,000
2,261,552
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.625
%
,
5/15/58
.................................................
1,620,000
1,804,250
c
Palm
Coast
145
Community
Development
District
,
Special
Assessment
,
144A,
2025
A
,
6.75
%
,
5/01/57
...................................................
2,315,000
2,409,220
Palm
Coast
Park
Community
Development
District
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
...............................
1,000,000
1,018,566
Sawmill
Branch
-
Phase
7
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
............
1,000,000
1,014,834
Sawmill
Branch
-
Phase
7
,
Special
Assessment
,
2024
,
5.3
%
,
5/01/55
...........
670,000
664,013
Spring
Lake
-
Tracts
2
&
3
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
...........
350,000
335,537
Spring
Lake
-
Tracts
2
&
3
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
.........
730,000
625,476
Palm
Gate
Community
Development
District
,
Special
Assessment
,
2025
,
5.55
%
,
6/15/55
.........................................................
630,000
630,760
Park
East
Community
Development
District
,
Special
Assessment
,
2021
,
3.15
%
,
11/01/41
........................................................
595,000
510,839
Parker
Pointe
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
.........................................................
570,000
586,658
Parkland
Community
Development
District
,
Phase
1
,
Special
Assessment
,
2023
A-1
,
6.45
%
,
5/01/54
...................................................
2,445,000
2,529,731
Parkview
at
Long
Lake
Ranch
Community
Development
District
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
...............................................
955,000
889,854
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
114
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Parrish
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/53
................
$
980,000
$
991,292
Assessment
Area
2
,
Special
Assessment
,
2023
A
,
5.375
%
,
5/01/43
............
1,080,000
1,125,843
Assessment
Area
2
,
Special
Assessment
,
2023
A
,
5.625
%
,
5/01/53
............
1,535,000
1,567,597
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
1,365,000
1,411,691
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
................
595,000
602,735
Parrish
Lakes
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.125
%
,
5/01/44
..............
2,500,000
2,543,136
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/54
...............
5,220,000
5,184,470
Parrish
Plantation
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
70,000
69,897
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
235,000
231,458
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
................
790,000
719,973
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.75
%
,
5/01/32
...............
115,000
120,273
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.375
%
,
5/01/42
..............
425,000
447,402
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
................
680,000
695,928
Assessment
Area
3
,
Special
Assessment
,
2024
,
4.875
%
,
5/01/31
..............
250,000
257,487
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/44
................
480,000
505,857
Assessment
Area
3
,
Special
Assessment
,
2024
,
6.05
%
,
5/01/54
...............
1,305,000
1,350,956
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
250,000
261,929
Assessment
Area
4
,
Special
Assessment
,
2024
,
5.875
%
,
5/01/54
..............
375,000
385,675
Pasadena
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.05
%
,
5/01/44
...............
750,000
763,863
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.7
%
,
5/01/55
................
1,500,000
1,504,244
Peace
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
1,450,000
1,515,647
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
1,615,000
1,647,953
Peace
Creek
Village
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
...............................
1,115,000
1,160,445
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
..............................
910,000
922,501
c
Special
Assessment
,
144A,
2025
,
5.85
%
,
5/01/55
.........................
1,685,000
1,703,847
Peace
Crossing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5
%
,
5/01/31
.................
435,000
443,245
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/44
................
2,825,000
2,890,574
Assessment
Area
1
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................
4,000,000
3,974,204
c
Pine
Isle
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
12/15/26
........................
20,000
19,899
Special
Assessment
,
144A,
2021
,
3
%
,
12/15/31
...........................
225,000
225,500
Special
Assessment
,
144A,
2021
,
3.25
%
,
12/15/41
.........................
1,000,000
928,460
Special
Assessment
,
144A,
2021
,
4
%
,
12/15/51
...........................
1,200,000
1,081,192
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment,
Sub.
Lien
,
2020
A-2
,
Refunding
,
3.75
%
,
5/01/37
...............................
700,000
705,163
Pinery
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2026
,
5.875
%
,
5/01/56
..............................................
1,750,000
1,761,079
Preserve
at
Savannah
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
135,000
140,791
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
1,000,000
1,017,679
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
..........................
150,000
150,245
Phase
3
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
........................
750,000
733,412
Prosperity
Lakes
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
12/15/43
.............
355,000
385,868
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.125
%
,
12/15/53
.............
985,000
1,054,200
Quail
Roost
Community
Development
District
,
Expansion
Area
,
Special
Assessment
,
2021
,
2.2
%
,
12/15/26
.................
40,000
39,697
Expansion
Area
,
Special
Assessment
,
2021
,
2.7
%
,
12/15/31
.................
200,000
194,155
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
115
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Quail
Roost
Community
Development
District,
(continued)
Expansion
Area
,
Special
Assessment
,
2021
,
3.125
%
,
12/15/41
................
$
965,000
$
839,106
Expansion
Area
,
Special
Assessment
,
2021
,
4
%
,
12/15/51
...................
2,335,000
2,046,567
c
Radiance
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
5/01/45
...........
1,000,000
1,053,929
Assessment
Area
1
,
Special
Assessment
,
144A,
2025
,
6.4
%
,
5/01/56
...........
2,100,000
2,176,210
Ranches
at
Lake
Mcleod
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
6/15/53
...............................
730,000
745,048
Reserve
at
Van
Oaks
Community
Development
District
,
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
.............................
285,000
298,813
Special
Assessment
,
2023
,
5.375
%
,
5/01/53
.............................
965,000
988,598
Reunion
East
Community
Development
District
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
...............................
110,000
109,835
Special
Assessment
,
2021
,
2.85
%
,
5/01/31
..............................
400,000
390,649
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
2.6
%
,
5/01/27
.................
55,000
54,712
Assessment
Area
,
Special
Assessment
,
2022
,
3
%
,
5/01/32
...................
190,000
189,173
Assessment
Area
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/42
.................
490,000
440,296
Ridge
at
Apopka
Community
Development
District
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
...............................
2,145,000
2,152,428
Parcel
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
........................
310,000
323,768
Parcel
2
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
.......................
545,000
553,771
River
Glen
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
350,000
343,585
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
..............
1,000,000
924,758
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-2
,
Refunding
,
3
%
,
5/01/31
.......
825,000
799,735
Assessment
Area
,
Special
Assessment
,
2021
A-2
,
Refunding
,
3
%
,
5/01/36
.......
825,000
759,589
Assessment
Area
3
,
Special
Assessment
,
2020
A
,
3.625
%
,
5/01/40
............
1,030,000
959,690
Assessment
Area
4
,
Special
Assessment
,
2023
A
,
6.25
%
,
5/01/43
.............
500,000
545,988
Assessment
Area
4
,
Special
Assessment
,
2023
A
,
6.5
%
,
5/01/54
..............
1,300,000
1,383,824
c
Assessment
Area
5
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/55
.........
335,000
336,444
River
Landing
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
A
,
3.6
%
,
5/01/30
...................
475,000
474,452
Assessments
,
Special
Assessment
,
2020
A
,
4.125
%
,
5/01/40
.................
850,000
843,032
Assessments
,
Special
Assessment
,
2020
A
,
4.35
%
,
5/01/51
..................
1,100,000
990,146
Assessments
,
Special
Assessment
,
2023
A
,
5.5
%
,
5/01/43
...................
750,000
798,758
Assessments
,
Special
Assessment
,
2023
A
,
5.75
%
,
5/01/53
..................
1,000,000
1,043,153
River
Place
on
the
St.
Lucie
Community
Development
District
,
Special
Assessment
,
2001
A
,
7.625
%
,
5/01/30
............................
690,000
678,443
d
Special
Assessment
,
2001
B
,
7.25
%
,
5/01/10
.............................
35,000
1,750
Rivers
Edge
II
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................................
200,000
196,576
Rivers
Edge
III
Community
Development
District
,
c
Assessments
,
Special
Assessment
,
144A,
2021
,
3
%
,
5/01/31
.................
295,000
290,926
c
Assessments
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
...............
775,000
721,228
Assessments
,
Special
Assessment
,
2024
,
5.95
%
,
5/01/55
...................
1,920,000
1,954,521
Rivington
Community
Development
District
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
1,680,000
1,592,606
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
.............................
430,000
429,689
Rolling
Hills
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
A-2
,
Refunding
,
3.65
%
,
5/01/32
...................................
700,000
684,177
c
Rolling
Oaks
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
5/01/53
...........................................
1,500,000
1,579,171
Rookery
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
4.25
%
,
5/01/31
...............
300,000
304,993
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
116
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Rookery
Community
Development
District,
(continued)
Assessment
Area
1
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
.................
$
775,000
$
783,779
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.35
%
,
5/01/55
...............
495,000
487,032
Rye
Crossing
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.2
%
,
5/01/31
................
270,000
274,799
Assessment
Area
2
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
.................
630,000
642,050
Rye
Ranch
Community
Development
District
,
Pod
A
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.5
%
,
5/01/43
...........
1,000,000
1,109,360
Pod
A
Assessment
Area
1
,
Special
Assessment
,
2023
,
6.625
%
,
5/01/54
.........
1,600,000
1,716,174
c
Pod
B
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
11/01/43
....
710,000
748,365
c
Pod
B
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
11/01/53
......
215,000
222,982
Saddle
Creek
Preserve
of
Polk
County
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
3
%
,
6/15/30
.................
250,000
248,709
Assessment
Area
1
,
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................
610,000
611,463
Assessment
Area
2
,
Special
Assessment
,
2022
,
3.1
%
,
12/15/32
...............
300,000
296,461
Assessment
Area
2
,
Special
Assessment
,
2022
,
3.35
%
,
12/15/41
..............
485,000
437,279
Saltleaf
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
4.75
%
,
5/01/31
...................
450,000
463,152
Assessments
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..................
1,565,000
1,625,808
Assessments
,
Special
Assessment
,
2024
,
6
%
,
5/01/56
......................
3,000,000
3,067,543
Sanctuary
Cove
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
,
2.625
%
,
5/01/31
...............
190,000
185,050
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
...............
400,000
356,625
Assessment
Area
,
Special
Assessment
,
2021
,
4
%
,
5/01/52
...................
770,000
681,707
Sandmine
Road
Community
Development
District
,
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
.........
300,000
301,378
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/40
.........
1,040,000
1,044,496
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
5/01/50
..........
2,020,000
1,762,526
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.3
%
,
11/01/26
...............
50,000
49,749
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
................
450,000
450,471
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.3
%
,
11/01/41
...............
1,180,000
1,102,865
Sandridge
Community
Development
District
,
Special
Assessment
,
2021
A-1
,
2.875
%
,
5/01/26
..........................
35,000
34,976
Special
Assessment
,
2021
A-1
,
3.4
%
,
5/01/31
............................
750,000
757,175
Special
Assessment
,
2021
A-1
,
3.875
%
,
5/01/41
..........................
730,000
715,480
Special
Assessment
,
2021
A-1
,
4
%
,
5/01/51
..............................
735,000
644,194
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
...............................
1,000,000
1,020,275
Sarasota
National
Community
Development
District
,
Assessments
,
Special
Assessment
,
2020
,
Refunding
,
3.5
%
,
5/01/31
...........
1,490,000
1,509,372
Assessments
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
5/01/39
.............
2,210,000
2,229,545
Savanna
Lakes
Community
Development
District
,
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
6/15/43
.........
395,000
413,384
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
6/15/53
.........
1,065,000
1,087,382
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............
495,000
510,164
Sawgrass
Village
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
440,000
451,305
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
1,500,000
1,573,113
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,595,000
1,628,242
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.125
%
,
11/01/43
.............
1,000,000
1,076,432
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.375
%
,
11/01/53
.............
1,000,000
1,052,714
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2024
,
4.7
%
,
5/01/31
...........
315,000
323,259
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2024
,
5.55
%
,
5/01/44
..........
700,000
724,668
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
5/01/54
.........
1,180,000
1,197,281
Scenic
Highway
Community
Development
District
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
..............................
470,000
471,303
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
1,230,000
1,201,899
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
117
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Scenic
Terrace
North
Community
Development
District
,
2023
Assessment
Area
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/43
...........
$
1,490,000
$
1,574,014
2023
Assessment
Area
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/54
...........
1,300,000
1,349,232
Scenic
Terrace
South
Community
Development
District
,
Special
Assessment
,
2022
,
3.75
%
,
5/01/27
..............................
200,000
200,310
Special
Assessment
,
2022
,
4.125
%
,
5/01/32
.............................
585,000
596,571
c
Seaton
Creek
Reserve
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
6/15/53
................................
980,000
1,004,986
Sebastian
Isles
Community
Development
District
,
Assessments
,
Special
Assessment
,
2024
,
4.25
%
,
5/01/31
...................
220,000
224,294
Assessments
,
Special
Assessment
,
2024
,
5
%
,
5/01/44
......................
500,000
511,706
Sedona
Point
Community
Development
District
,
Special
Assessment
,
2023
,
4.125
%
,
6/15/30
.............................
55,000
56,224
Special
Assessment
,
2023
,
5
%
,
6/15/43
.................................
705,000
737,740
c
Seminole
County
Industrial
Development
Authority
,
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/36
.....
310,000
301,529
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/41
.....
425,000
386,680
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/51
.....
830,000
654,404
Galileo
School
Foundation,
Inc.
(The)
,
Revenue
,
144A,
2021
A
,
4
%
,
6/15/56
.....
705,000
537,946
Seminole
Palms
Community
Development
District
,
Special
Assessment
,
2023
,
4.75
%
,
5/01/30
..............................
195,000
199,660
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
...............................
815,000
854,725
Special
Assessment
,
2023
,
5.7
%
,
5/01/53
...............................
830,000
846,341
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.2
%
,
5/01/44
...........
1,185,000
1,194,166
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
5/01/55
...........
1,660,000
1,636,046
Sherwood
Manor
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/43
................
1,695,000
1,794,528
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
1,570,000
1,616,552
Shingle
Creek
at
Bronson
Community
Development
District
,
Special
Assessment
,
2021
,
3.1
%
,
6/15/31
...............................
375,000
375,180
Special
Assessment
,
2021
,
3.5
%
,
6/15/41
...............................
1,000,000
950,784
Silver
Oaks
Community
Development
District
,
Special
Assessment
,
2024
,
5.55
%
,
5/01/44
..............................
985,000
1,025,065
Special
Assessment
,
2024
,
5.85
%
,
5/01/54
..............................
1,475,000
1,501,937
Silver
Palms
West
Community
Development
District
,
Special
Assessment
,
2022
,
2.6
%
,
6/15/27
...............................
170,000
168,055
Special
Assessment
,
2022
,
3.25
%
,
6/15/42
..............................
1,750,000
1,606,108
Silverlake
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
245,000
258,450
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
................
985,000
1,014,638
Six
Mile
Creek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
3.625
%
,
11/01/31
....
495,000
503,463
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
4.125
%
,
11/01/40
....
1,370,000
1,382,166
Assessment
Area
2
,
Special
Assessment
,
2020
,
Refunding
,
4.25
%
,
11/01/50
.....
2,275,000
2,070,882
Assessment
Area
2
,
Special
Assessment
,
2021
,
Refunding
,
2.5
%
,
5/01/26
.......
65,000
64,881
Assessment
Area
2
,
Special
Assessment
,
2021
,
Refunding
,
3.1
%
,
5/01/31
.......
250,000
244,779
Assessment
Area
3
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
75,000
74,895
Assessment
Area
3
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
520,000
507,426
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
................
805,000
723,077
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
4.75
%
,
5/01/30
...........
420,000
431,172
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
5.5
%
,
5/01/43
...........
1,200,000
1,268,959
Assessments
,
Special
Assessment
,
2023
,
Refunding
,
5.7
%
,
5/01/54
...........
1,500,000
1,545,416
Project
Area
,
Special
Assessment
,
2024
,
4.3
%
,
5/01/31
.....................
225,000
228,749
Solaeris
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.2
%
,
5/01/31
................
175,000
185,072
Assessment
Area
1
,
Special
Assessment
,
2024
,
6
%
,
5/01/44
.................
1,000,000
1,096,792
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
118
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Solaeris
Community
Development
District,
(continued)
Assessment
Area
1
,
Special
Assessment
,
2024
,
6.25
%
,
5/01/55
...............
$
2,535,000
$
2,711,114
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/45
............
1,325,000
1,391,998
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
6.3
%
,
5/01/56
...........
2,300,000
2,380,414
c
Somerset
Bay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
5/01/44
.........
935,000
950,673
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.9
%
,
5/01/54
...........
1,075,000
1,080,618
Somerset
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
Refunding
,
4
%
,
5/01/32
.............
750,000
761,757
Assessments
,
Special
Assessment
,
2022
,
Refunding
,
4.2
%
,
5/01/37
...........
1,000,000
1,006,603
Sorrento
Pines
Community
Development
District
,
Assessment
Area
1
,
Revenue
,
2023
,
5.25
%
,
5/01/43
.......................
445,000
468,282
Assessment
Area
1
,
Revenue
,
2023
,
5.5
%
,
5/01/53
........................
500,000
515,044
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.875
%
,
6/15/31
..............
175,000
172,719
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
6/15/41
...............
500,000
447,265
Southern
Groves
Community
Development
District
No.
5
,
Assessment
Area
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
.................
105,000
104,838
Assessment
Area
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
.................
400,000
394,201
Assessment
Area
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
...............
1,100,000
999,353
Assessment
Area
,
Special
Assessment
,
2022-1
,
6
%
,
5/01/49
.................
1,210,000
1,276,877
Assessment
Area
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
................
900,000
953,563
Assessment
Area
,
Special
Assessment
,
2024
,
5.7
%
,
5/01/50
.................
1,025,000
1,071,012
Stellar
North
Community
Development
District
,
Special
Assessment
,
2021
,
2.45
%
,
5/01/26
..............................
35,000
34,937
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
215,000
209,404
c
Stillwater
Community
Development
District
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
6/15/26
.........................
75,000
74,654
Special
Assessment
,
144A,
2021
,
3
%
,
6/15/31
............................
325,000
312,281
Stonegate
Preserve
Community
Development
District
,
Special
Assessment
,
2023
,
5.875
%
,
12/15/43
.............................
700,000
761,824
Special
Assessment
,
2023
,
6.125
%
,
12/15/53
.............................
1,250,000
1,339,481
c
Stonewater
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2021
,
3
%
,
11/01/32
................
250,000
240,262
Assessments
,
Special
Assessment
,
144A,
2021
,
3.3
%
,
11/01/41
..............
635,000
560,496
Stoneybrook
North
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
Refunding
,
6.375
%
,
11/01/52
..........................
1,200,000
1,315,199
Stoneybrook
South
at
Championsgate
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
4.5
%
,
6/15/30
.................
80,000
82,827
Assessment
Area
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/43
...............
395,000
425,617
Assessment
Area
,
Special
Assessment
,
2023
,
5.5
%
,
6/15/53
.................
390,000
408,159
c
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3
%
,
12/15/30
....
500,000
501,375
c
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
12/15/40
...
1,000,000
983,041
c
Fox
South
Assessment
Area
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
12/15/50
..
1,500,000
1,307,839
Storey
Creek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
5
%
,
6/15/32
.................
240,000
257,774
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.2
%
,
6/15/42
................
650,000
674,683
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.375
%
,
6/15/52
..............
1,000,000
1,007,967
Assessment
Area
3
,
Special
Assessment
,
2024
,
4.45
%
,
6/15/31
...............
230,000
236,673
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
...............
650,000
674,835
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.5
%
,
6/15/54
................
810,000
828,370
Storey
Drive
Community
Development
District
,
Special
Assessment
,
2022
,
2.55
%
,
6/15/27
..............................
80,000
79,134
Special
Assessment
,
2022
,
3
%
,
6/15/32
.................................
375,000
362,861
Special
Assessment
,
2022
,
3.25
%
,
6/15/42
..............................
900,000
804,905
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
119
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
c
Storey
Park
Community
Development
District
,
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
6/15/31
.........
$
230,000
$
229,223
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
3.3
%
,
6/15/41
...........
620,000
594,654
Summer
Woods
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
150,000
149,176
Assessment
Area
2
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
................
395,000
365,195
Assessment
Area
3
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
50,000
49,912
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.15
%
,
5/01/31
...............
200,000
196,198
Assessment
Area
3
,
Special
Assessment
,
2021
,
3.45
%
,
5/01/41
...............
725,000
663,201
Summerstone
Community
Development
District
,
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.25
%
,
5/01/30
.............
165,000
166,095
Assessment
Phase
1
,
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
.............
700,000
698,299
Assessment
Phase
1
,
Special
Assessment
,
2020
,
4
%
,
5/01/51
................
910,000
820,833
c
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
5/01/31
........
175,000
173,783
c
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.15
%
,
5/01/41
........
700,000
652,395
c
Assessment
Phase
2
,
Special
Assessment
,
144A,
2021
,
4
%
,
5/01/51
...........
1,750,000
1,578,524
Summit
View
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
945,000
986,862
Assessment
Area
2
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................
1,205,000
1,236,349
Sunbridge
Stewardship
District
,
Assessment
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5
%
,
5/01/32
........................................................
350,000
371,512
Assessment
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5.4
%
,
5/01/42
...................................................
920,000
970,232
Assessment
Del
Webb
Phase
1/2
Assessment
Area
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/52
...................................................
1,720,000
1,763,034
Assessment
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
4.2
%
,
5/01/27
........................................................
235,000
236,517
Assessment
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
4.6
%
,
5/01/32
........................................................
460,000
479,128
Assessment
Weslyn
Park
Assessment
Area
,
Special
Assessment
,
2022
,
5.2
%
,
5/01/42
........................................................
1,000,000
1,041,158
c
Sunrise
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/55
.........................................................
2,250,000
2,235,682
Tamarindo
Community
Development
District
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................................
185,000
179,674
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.............................
820,000
733,442
Tern
Bay
Community
Development
District
,
Special
Assessment
,
2022
,
4
%
,
6/15/42
.
2,000,000
1,870,283
Terra
Lago
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/45
..............
450,000
465,664
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.8
%
,
5/01/55
................
1,170,000
1,189,814
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
...............
2,500,000
2,510,285
Terreno
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2025
,
5.65
%
,
5/01/55
...............................................
540,000
548,428
Three
Rivers
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
Refunding
,
5.75
%
,
5/01/53
......................................
2,000,000
2,040,492
Timber
Creek
Southwest
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.35
%
,
12/15/26
..............
85,000
84,350
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
12/15/31
................
750,000
728,656
Tohoqua
Community
Development
District
,
Phase
2
,
Special
Assessment
,
2021
,
2.875
%
,
5/01/31
......................
215,000
212,748
Phase
2
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
......................
805,000
741,139
Tolomato
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022-1
,
3.3
%
,
5/01/32
..............
515,000
509,386
Assessment
Area
2
,
Special
Assessment
,
2022-2
,
3.3
%
,
5/01/32
..............
185,000
182,882
c
Towne
Park
Community
Development
District
,
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
5/01/30
........
410,000
407,705
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
120
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
c
Towne
Park
Community
Development
District,
(continued)
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/40
........
$
1,075,000
$
1,029,221
Assessment
Area
3D
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/51
...........
1,000,000
880,424
c
Towns
at
Woodsdale
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
11/01/43
.............
285,000
307,538
Assessments
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
11/01/53
.............
1,005,000
1,063,121
Tradition
Community
Development
District
No.
9
,
Assessments
,
Special
Assessment
,
2021
,
2.3
%
,
5/01/26
....................
100,000
99,810
Assessments
,
Special
Assessment
,
2021
,
2.7
%
,
5/01/31
....................
445,000
425,750
c
Trevesta
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/30
..........
235,000
230,864
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
5/01/40
..........
880,000
812,955
Triple
Creek
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
,
3
%
,
11/01/31
..................
250,000
242,626
Assessment
Area
,
Special
Assessment
,
2021
,
3.5
%
,
11/01/41
................
740,000
666,738
c
Villages
Q
&
R
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.375
%
,
11/01/26
.......................................................
40,000
39,666
c
Villages
Q
&
R
Assessment
Area
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
11/01/31
.......................................................
450,000
431,632
Tuckers
Pointe
Community
Development
District
,
Phase
1
Project
,
Special
Assessment
,
2022
,
3
%
,
5/01/27
....................
130,000
129,320
Phase
1
Project
,
Special
Assessment
,
2022
,
3.375
%
,
5/01/32
................
565,000
555,629
Twisted
Oaks
Pointe
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
500,000
510,618
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/43
..............
500,000
530,670
Assessment
Area
2
,
Special
Assessment
,
2023
,
6.125
%
,
5/01/54
..............
500,000
519,535
Assessment
Area
3
,
Special
Assessment
,
2024
,
4.8
%
,
5/01/31
................
330,000
338,356
Assessment
Area
3
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
965,000
1,001,841
Assessment
Area
3
,
Special
Assessment
,
2024
,
6
%
,
5/01/55
.................
1,350,000
1,375,104
Two
Rivers
East
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/30
..............
175,000
179,534
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/43
...............
2,000,000
2,117,627
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.875
%
,
5/01/53
..............
3,465,000
3,554,391
Two
Rivers
North
Community
Development
District
,
Special
Assessment
,
2022
,
4.625
%
,
5/01/27
.............................
45,000
45,265
Special
Assessment
,
2022
,
4.875
%
,
5/01/32
.............................
380,000
397,164
Two
Rivers
West
Community
Development
District
,
Special
Assessment
,
2022
,
6
%
,
5/01/43
.................................
1,190,000
1,277,859
Special
Assessment
,
2022
,
6.25
%
,
5/01/53
..............................
1,465,000
1,537,687
Special
Assessment
,
2023
,
6
%
,
11/01/43
................................
1,555,000
1,666,693
Special
Assessment
,
2023
,
6.125
%
,
11/01/53
.............................
2,145,000
2,242,646
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
.............................
420,000
439,179
c
Union
Park
East
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
144A,
2021
,
2.95
%
,
5/01/31
..........
60,000
58,326
Assessment
Area
3
,
Special
Assessment
,
144A,
2021
,
3.35
%
,
5/01/41
..........
160,000
147,212
Varrea
South
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2023
,
5.125
%
,
5/01/43
...............
1,075,000
1,123,061
Assessment
Area
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/53
.................
1,320,000
1,349,458
V-Dana
Community
Development
District
,
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
5/01/31
...........
375,000
376,408
c
Assessment
Area
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
5/01/40
............
1,775,000
1,720,344
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
..............
400,000
395,988
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.625
%
,
5/01/41
..............
1,250,000
1,175,639
Assessment
Area
2
,
Special
Assessment
,
2023
,
4.3
%
,
5/01/30
................
570,000
582,622
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/43
...............
1,435,000
1,500,205
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/54
................
1,895,000
1,932,214
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
121
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
V-Dana
Community
Development
District,
(continued)
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.375
%
,
5/01/45
..............
$
495,000
$
508,376
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.55
%
,
5/01/55
...............
1,090,000
1,099,225
Veranda
Community
Development
District
II
,
Assessment
Area
3
,
Special
Assessment
,
2024
,
Refunding
,
5.125
%
,
5/01/44
.....
1,675,000
1,741,415
Assessment
Area
3
,
Special
Assessment
,
2024
,
Refunding
,
5.375
%
,
5/01/54
.....
3,470,000
3,531,141
c
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
Refunding
,
2.5
%
,
5/01/26
..
50,000
49,924
c
Assessment
Area
4
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.1
%
,
5/01/31
..
260,000
256,412
c
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
2.5
%
,
5/01/26
..
25,000
24,962
c
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.1
%
,
5/01/31
..
65,000
64,102
c
Assessment
Area
5
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.6
%
,
5/01/41
..
275,000
258,532
Assessment
Area
5
Phase
2
,
Special
Assessment
,
2024
,
Refunding
,
5.375
%
,
5/01/44
........................................................
580,000
604,357
Assessment
Area
5
Phase
2
,
Special
Assessment
,
2024
,
Refunding
,
5.625
%
,
5/01/54
........................................................
260,000
263,848
Verano
No.
2
Community
Development
District
,
Pod
D
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
..........................
815,000
845,440
Pod
D
,
Special
Assessment
,
2024
,
5.8
%
,
5/01/54
..........................
1,910,000
1,938,685
Pod
D
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/55
........................
195,000
195,840
Verano
No.
3
Community
Development
District
,
Phase
1
Assessment
Area
,
Special
Assessment
,
2021
,
3.375
%
,
5/01/41
.........
750,000
671,001
Phase
2
Assessment
Area
,
Special
Assessment
,
2022
,
6.45
%
,
11/01/42
.........
1,000,000
1,088,421
Phase
2
Assessment
Area
,
Special
Assessment
,
2022
,
6.625
%
,
11/01/52
........
1,475,000
1,569,127
Verano
No.
4
Community
Development
District
,
Astor
Creek
Phase
1
Assessment
Area
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
1,020,000
1,077,278
Astor
Creek
Phase
1
Assessment
Area
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
250,000
258,472
Viera
Stewardship
District
,
Assessments
,
Special
Assessment
,
2021
,
2.3
%
,
5/01/26
....................
200,000
199,577
Assessments
,
Special
Assessment
,
2021
,
2.8
%
,
5/01/31
....................
800,000
765,850
Assessments
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/41
..................
1,750,000
1,517,012
Assessments
,
Special
Assessment
,
2023
,
5.5
%
,
5/01/54
....................
2,500,000
2,529,698
Village
Community
Development
District
No.
14
,
Phase
I
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/53
....................................................
11,265,000
11,497,301
Villages
of
Glen
Creek
Community
Development
District
,
Assessment
Area
3
,
Special
Assessment
,
2022
,
Refunding
,
3.15
%
,
5/01/32
......
200,000
196,278
Assessment
Area
3
,
Special
Assessment
,
2022
,
Refunding
,
4
%
,
5/01/52
........
1,170,000
989,404
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
4.625
%
,
5/01/27
............
100,000
100,680
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
4.875
%
,
5/01/32
............
250,000
262,477
Assessment
Area
4
,
Special
Assessment
,
2022
A
,
5.125
%
,
5/01/42
............
710,000
740,657
Villamar
Community
Development
District
,
Special
Assessment
,
2020
,
3.2
%
,
5/01/30
...............................
240,000
240,819
Special
Assessment
,
2020
,
3.75
%
,
5/01/40
..............................
655,000
633,817
Assessment
Area
5
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/43
..............
395,000
419,448
Assessment
Area
5
,
Special
Assessment
,
2023
,
5.75
%
,
5/01/53
...............
1,195,000
1,224,897
Assessment
Area
6
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/44
................
670,000
702,363
Assessment
Area
6
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
495,000
505,711
Phase
4
Project
,
Special
Assessment
,
2022
,
3.25
%
,
5/01/27
.................
75,000
74,845
Phase
4
Project
,
Special
Assessment
,
2022
,
3.625
%
,
5/01/32
................
250,000
248,999
Phase
4
Project
,
Special
Assessment
,
2022
,
4
%
,
5/01/42
....................
670,000
638,565
Vivid
Shores
Community
Development
District
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/56
.........................................................
1,400,000
1,413,315
Waterford
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
315,000
332,293
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
................
610,000
630,876
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.375
%
,
5/01/31
..............
160,000
163,030
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/54
...............
600,000
596,767
c
Assessment
Area
3
,
Special
Assessment
,
144A,
2025
,
6.25
%
,
5/01/56
..........
1,590,000
1,655,280
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
122
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Waterset
South
Community
Development
District
,
Assessments
,
Special
Assessment
,
2022
,
6.1
%
,
5/01/53
....................
$
715,000
$
751,134
Assessments
,
Special
Assessment
,
2024
,
5.65
%
,
5/01/54
...................
1,680,000
1,702,333
Wellness
Ridge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.125
%
,
6/15/43
..............
1,405,000
1,467,718
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
6/15/53
..............
1,340,000
1,364,888
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
6/15/31
..........
235,000
239,284
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2024
,
5
%
,
6/15/44
............
500,000
510,041
West
Hillcrest
Community
Development
District
,
Special
Assessment
,
2023
,
5.25
%
,
6/15/43
.........................................................
825,000
870,299
West
Port
Community
Development
District
,
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
..
55,000
54,896
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
...
570,000
553,591
Assessment
Area
1
2021
Project
Area
,
Special
Assessment
,
2021
,
3.4
%
,
5/01/41
..
1,470,000
1,309,813
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
5/01/31
..........
410,000
402,416
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
5/01/41
.........
1,085,000
992,456
West
Villages
Improvement
District
,
Unit
of
Development
No.
10
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/44
........................................................
945,000
978,217
Unit
of
Development
No.
10
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/54
........................................................
995,000
1,003,841
Unit
of
Development
No.
12
Assessment
Area
1
,
Special
Assessment
,
2025
,
5
%
,
5/01/35
........................................................
855,000
909,456
Unit
of
Development
No.
12
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/45
........................................................
500,000
532,072
Unit
of
Development
No.
12
Assessment
Area
1
,
Special
Assessment
,
2025
,
6
%
,
5/01/55
........................................................
1,570,000
1,647,622
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
..........
55,000
54,881
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
........
200,000
192,303
Unit
of
Development
No.
7
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
..........
800,000
698,155
Unit
of
Development
No.
7
,
Special
Assessment
,
2023
,
6
%
,
5/01/43
............
320,000
349,502
Unit
of
Development
No.
7
,
Special
Assessment
,
2023
,
6.25
%
,
5/01/54
.........
585,000
622,699
Unit
of
Development
No.
8
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
..........
40,000
39,911
Unit
of
Development
No.
8
,
Special
Assessment
,
2021
,
3.125
%
,
5/01/31
........
525,000
505,034
Unit
of
Development
No.
8
,
Special
Assessment
,
2022
,
5.5
%
,
5/01/53
..........
1,905,000
1,941,640
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
4.625
%
,
5/01/30
........
205,000
210,280
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
........
1,495,000
1,578,013
Unit
of
Development
No.
9
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
........
2,005,000
2,066,873
Westside
Haines
City
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
65,000
64,909
Assessment
Area
1
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
350,000
342,833
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
5/01/41
...............
1,000,000
894,490
Assessment
Area
2
,
Special
Assessment
,
2024
,
4.875
%
,
5/01/31
..............
395,000
407,406
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/44
...............
1,515,000
1,588,478
Assessment
Area
2
,
Special
Assessment
,
2024
,
6
%
,
5/01/54
.................
2,140,000
2,204,150
Westview
North
Community
Development
District
,
Special
Assessment
,
2022
,
5.75
%
,
6/15/42
..............................
1,000,000
1,072,316
Special
Assessment
,
2022
,
6
%
,
6/15/52
.................................
1,250,000
1,308,848
Westview
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2023
,
4.875
%
,
5/01/28
..............
260,000
263,211
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
1,465,000
1,529,906
Assessment
Area
1
,
Special
Assessment
,
2023
,
5.6
%
,
5/01/53
................
2,555,000
2,588,758
c
Assessment
Area
1
2025
Project
Area
,
Special
Assessment
,
144A,
2025
,
6
%
,
5/01/45
........................................................
2,455,000
2,605,808
c
Assessment
Area
1
2025
Project
Area
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
5/01/55
........................................................
2,225,000
2,323,320
Assessment
Area
2
,
Special
Assessment
,
2023
,
4.75
%
,
5/01/28
...............
140,000
141,480
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
123
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Westview
South
Community
Development
District,
(continued)
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
$
1,240,000
$
1,279,681
Westwood
of
Pasco
Community
Development
District
,
Assessments
,
Special
Assessment
,
2023
,
5.4
%
,
5/01/43
....................
500,000
525,394
Assessments
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..................
145,000
148,775
Whispering
Pines
Community
Development
District
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
.............................
500,000
529,965
Special
Assessment
,
2023
,
5.5
%
,
5/01/53
...............................
930,000
957,983
Willowbrook
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.625
%
,
5/01/44
..............
555,000
572,816
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.9
%
,
5/01/55
................
725,000
732,862
c
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/56
.........
1,100,000
1,118,097
Willows
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2022
,
4.7
%
,
5/01/29
................
235,000
240,349
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.625
%
,
5/01/42
..............
1,440,000
1,535,958
Assessment
Area
2
,
Special
Assessment
,
2022
,
5.75
%
,
5/01/52
...............
1,200,000
1,245,112
Wind
Meadows
South
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.4
%
,
5/01/26
................
60,000
59,883
Assessment
Area
1
,
Special
Assessment
,
2021
,
2.95
%
,
5/01/31
...............
250,000
241,417
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
...............
940,000
852,590
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.375
%
,
5/01/43
..............
920,000
965,906
Assessment
Area
2
,
Special
Assessment
,
2023
,
5.625
%
,
5/01/53
..............
980,000
1,005,514
Winding
Oaks
Community
Development
District
,
Special
Assessment
,
2024
,
5.4
%
,
5/01/44
...............................
310,000
318,886
Special
Assessment
,
2024
,
5.7
%
,
5/01/55
...............................
1,105,000
1,112,378
Windsor
Cay
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.45
%
,
5/01/44
...............
1,000,000
1,058,118
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.75
%
,
5/01/54
...............
765,000
797,432
Windward
Community
Development
District
,
Special
Assessment
,
2020
A-1
,
3.65
%
,
5/01/30
.........................................................
130,000
130,275
Wiregrass
II
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2020
,
3.125
%
,
5/01/30
..............
645,000
633,006
Assessment
Area
1
,
Special
Assessment
,
2020
,
3.7
%
,
5/01/40
................
1,675,000
1,579,019
c
Woodland
Crossing
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
5/01/45
.........................
830,000
868,960
Special
Assessment
,
144A,
2025
,
6.125
%
,
5/01/56
.........................
1,760,000
1,813,857
Woodland
Ranch
Estates
Community
Development
District
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/55
...................................................
715,000
722,524
Zephyr
Lakes
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2021
,
2.5
%
,
5/01/26
................
45,000
44,893
Assessment
Area
2
,
Special
Assessment
,
2021
,
3
%
,
5/01/31
.................
135,000
132,135
927,209,088
Georgia
1.0%
c
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/50
.............
1,000,000
1,048,102
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/55
.............
885,000
921,307
c
Development
Authority
of
Cobb
County
(The)
,
Presbyterian
Village
Austell,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
12/01/39
1,825,000
1,695,010
Presbyterian
Village
Austell,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
12/01/49
10,760,000
8,530,420
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
1,835,000
1,963,504
g
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
16,820,000
8,430,722
Forsyth
County
Hospital
Authority
,
Georgia
Baptist
Healthcare
System
Obligated
Group
,
Revenue
,
1998
,
ETM,
6.375
%
,
10/01/28
...........................
2,935,000
3,124,335
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
124
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
c
George
L
Smith
II
Congress
Center
Authority
,
Signia
Hotel
Management
LLC
,
Revenue
,
144A,
2021
B
,
5
%
,
1/01/54
...........................................
$
6,500,000
$
6,269,818
Georgia
Housing
&
Finance
Authority
,
Revenue
,
2025
C
,
5.125
%
,
12/01/50
........
5,000,000
5,137,546
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2007
A
,
5.5
%
,
9/15/27
......................................
4,000,000
4,152,698
Revenue
,
2007
A
,
5.5
%
,
9/15/28
......................................
5,000,000
5,311,166
46,584,628
Idaho
0.3%
Idaho
Housing
&
Finance
Association
,
Revenue
,
2010
A
,
7
%
,
2/01/36
............
13,305,000
13,334,282
Illinois
2.9%
Chicago
Board
of
Education
,
GO
,
2023
A
,
6
%
,
12/01/49
...........................................
5,000,000
5,182,761
GO
,
2025
A
,
5.75
%
,
12/01/50
.........................................
7,040,000
7,212,406
GO
,
2025
B
,
Refunding
,
6
%
,
12/01/43
..................................
3,000,000
3,248,489
GO
,
2025
B
,
Refunding
,
6
%
,
12/01/44
..................................
2,000,000
2,143,167
GO
,
2025
C
,
Refunding
,
6
%
,
12/01/43
..................................
5,000,000
5,414,149
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2025
E
,
BAM
Insured
,
5
%
,
1/01/60
.........................................................
3,000,000
3,044,778
City
of
Chicago
,
GO
,
2025
A
,
6
%
,
1/01/50
............................................
7,500,000
7,896,871
GO
,
2025
F
,
6
%
,
1/01/44
............................................
1,660,000
1,824,065
Illinois
Finance
Authority
,
c
DePaul
College
Prep
,
Revenue
,
144A,
2023
A
,
Refunding
,
5.625
%
,
8/01/53
......
2,055,000
2,118,603
c
McKinley
Foundation
at
University
of
Illinois
(The)
,
Revenue
,
144A,
2021
A
,
Refunding
,
5.125
%
,
11/01/55
.......................................
13,560,000
11,436,920
c
McKinley
Foundation
at
University
of
Illinois
(The)
,
Revenue
,
144A,
2021
B
,
7
%
,
11/01/37
.......................................................
2,835,000
2,869,705
Plymouth
Place
Obligated
Group
,
Revenue
,
2022
A
,
6.75
%
,
5/15/58
...........
3,000,000
3,162,797
Westminster
Village,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
5/01/48
........................................................
10,000,000
9,185,131
Westminster
Village,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.5
%
,
5/01/53
........................................................
10,810,000
9,988,589
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
1996
,
ETM,
7
%
,
7/01/26
.....................................
1,075,000
1,091,070
g
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2010
B-1
,
Refunding
,
AG
Insured
,
4.39
%,
6/15/45
................................
18,100,000
7,897,266
State
of
Illinois
,
GO
,
2022
C
,
5.5
%
,
10/01/44
...............................
4,645,000
5,007,526
c
,g
Upper
Illinois
River
Valley
Development
Authority
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
62,345,000
41,899,799
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
B
,
Refunding
,
5.38
%,
12/01/35
.......................................................
12,135,000
7,280,814
Village
of
Villa
Park
,
Garden
Station
Redevelopment
Area
,
Tax
Allocation
,
2021
,
4.5
%
,
12/31/38
........................................................
1,815,000
1,730,801
139,635,707
Indiana
0.6%
c
City
of
Anderson
,
Sweet
Galilee
at
the
Wigwam
LLC
,
Revenue
,
144A,
2020
A
,
5.375
%
,
1/01/40
.........................................................
2,740,000
2,584,192
c
City
of
Goshen
,
Green
Oaks
of
Goshen
LLC
,
Revenue
,
144A,
2021
A
,
5
%
,
8/01/41
..
5,345,000
4,826,692
c
City
of
Jeffersonville
,
Vivera
Senior
Living
of
Columbus
LLC
,
Revenue
,
144A,
2020
A
,
5.25
%
,
11/01/40
...................................................
4,500,000
3,955,958
c
City
of
Valparaiso
,
Green
Oaks
of
Valparaiso
LLC
,
Revenue
,
144A,
2021
,
5.375
%
,
12/01/41
........................................................
4,650,000
4,427,602
Indiana
Finance
Authority
,
SFP-PUFW
I
LLC
,
Revenue
,
2024
C
,
5.75
%
,
7/01/64
.......................
1,730,000
1,645,265
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
125
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Indiana
(continued)
Indiana
Finance
Authority,
(continued)
University
of
Evansville
,
Revenue
,
2022
B
,
7
%
,
9/01/32
.....................
$
3,515,000
$
3,487,701
Westminster
Village
Greenwood,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
5.75
%
,
5/15/60
........................................................
3,585,000
3,664,165
c
Indiana
Housing
&
Community
Development
Authority
,
Vita
of
Marion
LLC
,
Revenue
,
144A,
2021
A
,
5.25
%
,
4/01/41
........................................
4,750,000
4,351,616
28,943,191
Iowa
0.3%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
5/15/48
....
2,090,000
2,009,745
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
1,000,000
1,160,838
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.25
%
,
5/15/38
........................................................
1,500,000
1,737,673
Northcrest
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
3/01/48
..................
7,500,000
7,269,708
Presbyterian
Homes
Mill
Pond
Apartment,
Inc.
,
Revenue
,
2025
,
5.875
%
,
10/01/65
.
2,000,000
2,046,461
14,224,425
Kansas
0.0%
†
City
of
Manhattan
,
Lowry
Trails
Public
Improvement
District
Improvement
Area
No.
1
,
Revenue
,
2025
A
,
5.5
%
,
6/01/60
......................................
1,000,000
1,009,250
Kentucky
0.4%
Kentucky
Public
Transportation
Infrastructure
Authority
,
Revenue,
First
Tier
,
2013
C
,
6.6
%
,
7/01/39
...............................
10,000,000
11,600,018
Revenue,
First
Tier
,
2013
C
,
6.75
%
,
7/01/43
..............................
5,000,000
5,702,841
17,302,859
Louisiana
1.5%
Lakeshore
Villages
Master
Community
Development
District
,
Special
Assessment
,
2021
,
2.375
%
,
6/01/26
.............................
95,000
94,620
Special
Assessment
,
2021
,
2.875
%
,
6/01/31
.............................
695,000
653,538
Special
Assessment
,
2021
,
3.2
%
,
6/01/41
...............................
2,730,000
2,283,836
Special
Assessment
,
2021
,
4
%
,
6/01/51
.................................
2,035,000
1,650,034
Special
Assessment
,
2022
,
5.5
%
,
6/01/52
...............................
1,425,000
1,456,963
c
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
GOMESA
,
Revenue
,
144A,
2018
,
5.375
%
,
11/01/38
........................
1,225,000
1,280,140
Parish
of
Lafourche
,
Revenue
,
144A,
2019
,
3.95
%
,
11/01/43
.................
1,547,668
1,506,327
Parish
of
St.
Martin
,
Revenue
,
144A,
2019
,
4.4
%
,
11/01/44
...................
2,630,000
2,636,006
Parish
of
Vermilion
,
Revenue
,
144A,
2019
,
4.625
%
,
11/01/38
.................
1,270,000
1,303,180
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
5,000,000
5,143,769
g
Patriot
Services
Group
Obligated
Group
,
Revenue,
Sub.
Lien
,
144A,
2024
B
,
Refunding
,
5.38
%,
12/01/35
........................................
12,800,000
7,679,804
Terrebonne
Parish
Consolidated
Government
,
Revenue
,
144A,
2018
,
5.5
%
,
11/01/39
895,000
935,981
Louisiana
Public
Facilities
Authority
,
c
Acadiana
Renaissance
Charter
Academy
,
Revenue
,
144A,
2025
,
6
%
,
6/15/59
....
2,435,000
2,466,347
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.5
%
,
9/01/59
......
6,500,000
6,681,754
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
7,425,000
7,733,397
c
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.375
%
,
1/01/40
5,000,000
4,090,752
c
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
4,500,000
3,462,223
c
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-2
,
7
%
,
1/01/57
...
10,000,000
7,914,809
Parish
of
Beauregard
,
OfficeMax,
Inc.
,
Revenue
,
2002
,
Refunding
,
6.8
%
,
2/01/27
...
13,990,000
14,024,204
72,997,684
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
126
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
0.2%
County
of
Frederick
,
Urbana
Community
Development
Authority
,
Special
Tax,
Sub.
Lien
,
2020
B
,
Refunding
,
4
%
,
7/01/40
...................................
$
295,000
$
296,356
c
Town
of
La
Plata
,
Heritage
Green
Special
Taxing
District
,
Special
Tax
,
144A,
2023
A
,
6.5
%
,
2/15/53
....................................................
8,500,000
8,635,863
8,932,219
Massachusetts
0.0%
†
c
Massachusetts
Development
Finance
Agency
,
CHF
Merrimack,
Inc.
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/54
..................
1,200,000
1,180,366
CHF
Merrimack,
Inc.
,
Revenue
,
144A,
2024
A
,
5
%
,
7/01/60
..................
1,100,000
1,068,216
2,248,582
Michigan
0.4%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2006
B
,
NATL
Insured
,
5
%
,
7/01/36
..........................
15,000
15,034
Grand
Rapids
Economic
Development
Corp.
,
Michigan
Christian
Home
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
6
%
,
11/01/50
........................
2,500,000
2,521,810
Kalamazoo
Economic
Development
Corp.
,
c
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/31
....................................................
700,000
732,050
c
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/51
....................................................
3,015,000
2,587,673
Heritage
Community
of
Kalamazoo
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/55
8,860,000
8,242,179
c
Michigan
Strategic
Fund
,
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/31
....................................................
570,000
596,097
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/41
....................................................
895,000
889,561
Friendship
Village
of
Kalamazoo
Obligated
Group
,
Revenue
,
144A,
2021
,
Refunding
,
5
%
,
8/15/51
....................................................
1,380,000
1,184,408
g
Michigan
Tobacco
Settlement
Finance
Authority
,
Michigan
Finance
Authority
Tobacco
Settlement
,
Revenue,
Sub.
Lien
,
2007
B
,
8.15
%,
6/01/52
....................
26,990,000
3,452,342
20,221,154
Minnesota
0.2%
City
of
Apple
Valley
,
PHS
Apple
Valley
Senior
Housing,
Inc.
,
Revenue
,
2025
A
,
5.375
%
,
9/01/45
.........................................................
475,000
490,477
City
of
Minneapolis
,
Ecumen
Mill
City
Quarter
LLC
,
Revenue
,
2015
,
5.25
%
,
11/01/45
..............
2,900,000
2,831,996
Ecumen
Mill
City
Quarter
LLC
,
Revenue
,
2015
,
5.375
%
,
11/01/50
..............
1,000,000
943,393
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
5,535,000
5,636,443
c
Scott
County
Community
Development
Agency
,
Spero
BP
Senior
LLC
,
Revenue,
Sub.
Lien
,
144A,
2022
B
,
6.25
%
,
8/01/37
....................................
590,000
608,705
10,511,014
Mississippi
0.4%
c
Mississippi
Development
Bank
,
Magnolia
Regional
Health
Center
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/34
900,000
862,828
Magnolia
Regional
Health
Center
,
Revenue
,
144A,
2021
,
Refunding
,
4
%
,
10/01/36
850,000
791,069
c
,g
Mississippi
Home
Corp.
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024-2
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
14,500,000
9,744,921
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024-2
B
,
Refunding
,
5.39
%,
12/01/35
.................................................
12,850,000
7,702,486
19,101,304
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
127
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
0.3%
Cape
Girardeau
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2016
A
,
Refunding
,
6
%
,
3/01/33
.......................................
$
3,250,000
$
3,255,364
City
of
Maryland
Heights
,
Westport
Plaza
Redevelopment
Area
,
Tax
Allocation
,
2020
,
4.125
%
,
11/01/38
..................................................
2,175,000
2,046,627
Kirkwood
Industrial
Development
Authority
,
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/42
...................................
1,000,000
1,001,476
Ashfield
Active
Living
&
Wellness
Communities,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5.25
%
,
5/15/50
...................................
3,500,000
3,258,192
Stoddard
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2016
B
,
Refunding
,
6
%
,
3/01/37
.............................................
3,290,000
3,297,552
12,859,211
Nevada
0.6%
City
of
Las
Vegas
,
Special
Improvement
District
No.
610
,
Special
Assessment
,
2018
,
5
%
,
6/01/48
....
6,910,000
6,921,485
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/33
....
175,000
170,961
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/34
....
175,000
170,078
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/35
....
175,000
169,371
Special
Improvement
District
No.
611
,
Special
Assessment
,
2020
,
4
%
,
6/01/40
....
420,000
398,393
Special
Improvement
District
No.
612
Skye
Hills
,
Special
Assessment
,
2020
,
3.5
%
,
6/01/35
........................................................
190,000
180,629
Special
Improvement
District
No.
612
Skye
Hills
,
Special
Assessment
,
2020
,
4
%
,
6/01/50
........................................................
910,000
810,528
Special
Improvement
District
No.
812
,
Special
Assessment
,
2015
,
5
%
,
12/01/30
...
1,380,000
1,381,215
Special
Improvement
District
No.
812
,
Special
Assessment
,
2015
,
5
%
,
12/01/35
...
870,000
870,613
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/39
....
410,000
403,522
Special
Improvement
District
No.
814
,
Special
Assessment
,
2019
,
4
%
,
6/01/44
....
670,000
617,518
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
2.75
%
,
6/01/33
.
510,000
463,165
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
2.75
%
,
6/01/36
.
805,000
699,036
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3
%
,
6/01/41
....
625,000
515,370
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3.125
%
,
6/01/51
1,390,000
999,794
c
City
of
North
Las
Vegas
,
Special
Improvement
District
No.
66
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
6/01/47
........................................................
1,555,000
1,595,463
Special
Improvement
District
No.
66
,
Special
Assessment
,
144A,
2022
,
6
%
,
6/01/52
1,750,000
1,802,770
Special
Improvement
District
No.
67
Apex
Moonwater
West
,
Special
Assessment
,
144A,
2025
,
6.75
%
,
6/01/55
........................................
4,850,000
4,965,981
c,g
City
of
Reno
,
Sales
Tax
,
Revenue,
Sub.
Lien
,
144A,
2018
C
,
Refunding
,
5.84
%,
7/01/58
.........................................................
11,000,000
1,754,872
County
of
Clark
,
Special
Improvement
District
No.
128
,
Special
Assessment
,
2001-2007
,
5.05
%
,
2/01/31
........................................................
980,000
987,278
Special
Improvement
District
No.
159
,
Special
Assessment
,
2015
,
5
%
,
8/01/35
....
1,855,000
1,857,189
Henderson
Local
Improvement
Districts
,
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
3
%
,
9/01/36
...............................
300,000
272,090
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
3.5
%
,
9/01/45
..............................
725,000
584,997
City
of
Henderson
Local
Improvement
District
No.
T-21
Black
Mountain
Ranch
,
Special
Assessment
,
2022
,
4
%
,
9/01/51
...............................
480,000
403,021
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5
%
,
3/01/38
.....
765,000
804,291
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5.25
%
,
3/01/48
..
980,000
993,927
Local
Improvement
District
No.
T-22
,
Special
Assessment
,
2023
,
5.25
%
,
3/01/53
..
295,000
296,512
c
,d
State
of
Nevada
Department
of
Business
&
Industry
,
Fulcrum
Sierra
Biofuels
LLC
,
Revenue
,
144A,
2017
,
5.875
%
,
12/15/27
..........
6,386,895
64
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
128
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Nevada
(continued)
c,d
State
of
Nevada
Department
of
Business
&
Industry,
(continued)
Fulcrum
Sierra
Biofuels
LLC
,
Revenue
,
144A,
2017
,
6.25
%
,
12/15/37
...........
$
7,028,570
$
70
31,090,203
New
Hampshire
0.5%
New
Hampshire
Business
Finance
Authority
,
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
3.75
%
,
8/15/30
...............
100,000
100,249
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.125
%
,
8/15/40
..............
2,545,000
2,416,318
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.25
%
,
8/15/46
...............
2,860,000
2,534,878
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.5
%
,
8/15/55
................
5,940,000
5,037,150
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
6
%
,
8/01/65
.....
11,875,000
11,941,647
22,030,242
New
Jersey
1.1%
New
Jersey
Economic
Development
Authority
,
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..........
2,200,000
2,129,741
United
Airlines,
Inc.
,
Revenue
,
2003
,
5.5
%
,
6/01/33
........................
8,480,000
8,505,261
c
White
Horse
HMT
Urban
Renewal
LLC
,
Revenue
,
144A,
2020
,
5
%
,
1/01/40
......
2,921,853
2,076,360
g
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2008
A
,
3.56
%,
12/15/38
................................................
46,750,000
29,882,801
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
6/01/46
.............................
7,000,000
7,050,983
Revenue,
Sub.
Lien
,
2018
B
,
Refunding
,
5
%
,
6/01/46
.......................
2,415,000
2,392,843
52,037,989
New
Mexico
0.0%
†
Lower
Petroglyphs
Public
Improvement
District
,
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/33
..............................
500,000
503,671
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/38
..............................
450,000
453,397
Special
Tax
,
2018
,
Refunding
,
5
%
,
10/01/48
..............................
1,205,000
1,195,033
2,152,101
New
York
3.3%
Metropolitan
Transportation
Authority
,
Revenue
,
2016
A-1
,
5.25
%
,
11/15/56
...................................
4,765,000
4,768,098
Revenue
,
2020
C-1
,
4.75
%
,
11/15/45
...................................
13,220,000
13,381,275
Revenue
,
2020
C-1
,
5
%
,
11/15/50
.....................................
10,000,000
10,202,043
Revenue
,
2020
C-1
,
5.25
%
,
11/15/55
...................................
25,000,000
25,672,187
New
York
Liberty
Development
Corp.
,
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2005
,
Refunding
,
5.25
%
,
10/01/35
.....................................
21,500,000
25,792,550
New
York
Transportation
Development
Corp.
,
American
Airlines,
Inc.
,
Revenue
,
2020
,
Refunding
,
5.375
%
,
8/01/36
...........
5,000,000
5,273,405
JFK
NTO
LLC
,
Revenue
,
2023
,
5.375
%
,
6/30/60
..........................
21,935,000
22,028,441
JFK
NTO
LLC
,
Revenue
,
2024
,
5.5
%
,
6/30/60
............................
5,995,000
6,128,417
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/59
..............................
9,990,000
10,662,520
Laguardia
Gateway
Partners
LLC
,
Revenue
,
2016
A
,
5
%
,
7/01/46
.............
5,000,000
5,001,985
c,g
Rockland
Tobacco
Asset
Securitization
Corp.
,
Revenue,
Sub.
Lien
,
144A,
2005
A
,
6.52
%,
8/15/45
...................................................
55,000,000
16,088,270
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
6
%
,
12/01/53
............
7,175,000
7,343,437
Suffolk
Regional
Off-Track
Betting
Corp.
,
Revenue
,
2024
,
5.75
%
,
12/01/44
........
5,000,000
5,165,209
157,507,837
North
Dakota
0.1%
County
of
Burleigh
,
University
of
Mary
,
Revenue
,
2016
,
5.1
%
,
4/15/36
.........................
1,750,000
1,751,429
University
of
Mary
,
Revenue
,
2016
,
5.2
%
,
4/15/46
.........................
3,130,000
3,066,900
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
129
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Dakota
(continued)
a
,c
,d
County
of
Grand
Forks
,
Red
River
Biorefinery
LLC
,
Revenue
,
144A,
2021
A
,
6.625
%
,
12/15/31
..........
$
2,875,000
$
—
Red
River
Biorefinery
LLC
,
Revenue
,
144A,
2021
A
,
7
%
,
12/15/43
.............
14,000,000
—
4,818,329
Ohio
2.7%
City
of
Centerville
,
Graceworks
Lutheran
Services
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/01/50
..........................................
5,000,000
4,793,512
c
Cleveland-Cuyahoga
County
Port
Authority
,
Flats
East
Bank
TIF
District
,
Tax
Allocation,
Senior
Lien
,
144A,
2021
A
,
Refunding
,
4
%
,
12/01/55
...................................................
1,050,000
818,337
Flats
East
Bank
TIF
District
,
Tax
Allocation,
Sub.
Lien
,
144A,
2021
B
,
Refunding
,
4.5
%
,
12/01/55
..................................................
1,500,000
1,221,856
County
of
Fairfield
,
Fairfield
Medical
Center
Obligated
Group
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/15/43
.............................................
10,000,000
9,113,121
County
of
Franklin
,
Wesley
Communities
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5.25
%
,
11/15/40
2,910,000
2,991,575
Wesley
Communities
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5.25
%
,
11/15/55
8,800,000
8,286,777
County
of
Washington
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.625
%
,
12/01/42
................................................
10,000,000
10,818,832
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
6.75
%
,
12/01/52
.......................................................
17,000,000
17,659,267
Ohio
Higher
Educational
Facility
Commission
,
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/42
...........
1,360,000
1,383,936
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/45
...........
1,205,000
1,203,834
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/50
...........
2,570,000
2,456,697
Ohio
Housing
Finance
Agency
,
Revenue,
Sub.
Lien
,
2023
C
,
8
%
,
8/01/34
...............................
1,000,000
1,065,762
c
Middletown
Phase
Two
LP
,
Revenue,
Sub.
Lien
,
144A,
2023
C
,
8
%
,
9/01/39
......
1,400,000
1,543,557
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
5.75
%
,
2/15/35
.........................................................
35,000,000
40,159,413
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/35
.......................................................
1,000,000
1,000,024
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
12/01/43
.......................................................
1,000,000
942,663
c
State
of
Ohio
,
Aultman
Health
Foundation
Obligated
Group
,
Revenue
,
144A,
2018
,
Refunding
,
5
%
,
12/01/38
.......................................................
5,000,000
5,022,892
Aultman
Health
Foundation
Obligated
Group
,
Revenue
,
144A,
2018
,
Refunding
,
5
%
,
12/01/48
.......................................................
15,195,000
13,728,581
g
West
Central
Ohio
Port
Authority
,
DR
Horton-Indiana
LLC
,
Revenue
,
2025
,
1.426
%,
12/01/58
........................................................
5,825,000
4,019,802
128,230,438
Oklahoma
0.2%
Tulsa
County
Industrial
Authority
,
Montereau
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/15/37
.......
1,000,000
1,018,797
Montereau
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
11/15/45
.......
4,000,000
4,019,633
Tulsa
Municipal
Airport
Trust
Trustees
,
American
Airlines,
Inc.
,
Revenue
,
2025
,
Refunding
,
6.25
%
,
12/01/35
...........
1,735,000
2,041,281
American
Airlines,
Inc.
,
Revenue
,
2025
,
Refunding
,
6.25
%
,
12/01/40
...........
1,390,000
1,583,056
8,662,767
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
130
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
0.3%
Clackamas
County
Hospital
Facility
Authority
,
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.125
%
,
11/15/40
.
$
500,000
$
507,254
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.25
%
,
11/15/50
..
1,250,000
1,251,096
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.375
%
,
11/15/55
.
1,500,000
1,501,511
Polk
County
Hospital
Facility
Authority
,
Dallas
Mennonite
Retirement
Community
Obligated
Group
,
Revenue
,
2020
A
,
5.125
%
,
7/01/55
.......................
3,500,000
3,274,748
Yamhill
County
Hospital
Authority
,
Friendsview
Manor
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/15/51
..
4,325,000
3,827,877
Friendsview
Manor
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/15/56
..
6,115,000
5,291,406
15,653,892
Pennsylvania
2.8%
c
Allentown
Commercial
and
Industrial
Development
Authority
,
Executive
Education
Academy
Charter
School
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/59
........
1,800,000
1,670,670
c
Allentown
Neighborhood
Improvement
Zone
Development
Authority
,
Center
City
Investment
Corp.
,
Revenue
,
144A,
2018
,
5.375
%
,
5/01/42
..........
5,000,000
5,070,542
Center
City
Investment
Corp.
,
Revenue,
Sub.
Lien
,
144A,
2022
,
5.25
%
,
5/01/42
...
5,765,000
6,001,899
Berks
County
Municipal
Authority
(The)
,
Tower
Health
Obligated
Group
,
Revenue
,
2024
A-1
,
8
%
,
6/30/34
..............
2,083,000
2,171,626
Tower
Health
Obligated
Group
,
Revenue
,
2024
A-2
,
6
%
,
6/30/34
..............
1,045,000
1,127,685
Tower
Health
Obligated
Group
,
Revenue
,
2024
A-3
,
5
%
,
6/30/39
..............
13,996,000
13,397,696
g
Tower
Health
Obligated
Group
,
Revenue
,
2024
B-1
,
1.361
%,
6/30/44
...........
6,993,000
5,197,959
c
Chester
County
Industrial
Development
Authority
,
Borough
of
Phoenixville
Steelpointe
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4.75
%
,
3/01/50
..............................
4,185,000
3,807,864
Woodlands
at
Greystone
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2018
,
5
%
,
3/01/38
...........................................
225,000
227,611
Woodlands
at
Greystone
Neighborhood
Improvement
District
,
Special
Assessment
,
144A,
2018
,
5.125
%
,
3/01/48
.......................................
700,000
701,028
Dallas
Area
Municipal
Authority
,
Misericordia
University
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
......................................................
4,000,000
3,618,933
c
Erie
County
Industrial
Development
Authority
,
CFC
-
Erie
I
LLC
,
Revenue
,
144A,
2024
B
,
7.25
%
,
3/01/50
.................................................
4,495,000
4,157,427
Franklin
County
Industrial
Development
Authority
,
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/38
...
1,000,000
1,011,821
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/43
...
1,200,000
1,198,663
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/48
...
4,600,000
4,286,963
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
12/01/53
...
3,050,000
2,726,033
Menno-Haven,
Inc.
Obligated
Group
,
Revenue
,
2019
,
5
%
,
12/01/54
............
1,000,000
890,550
Lancaster
County
Hospital
Authority
,
Brethren
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.125
%
,
7/01/37
...
1,105,000
1,111,668
Brethren
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5.25
%
,
7/01/41
....
2,705,000
2,713,835
Lehigh
County
Industrial
Development
Authority
,
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/31
............
580,000
578,220
Seven
Generations
Charter
School
,
Revenue
,
2021
A
,
4
%
,
5/01/51
............
2,385,000
1,877,136
Montgomery
County
Higher
Education
and
Health
Authority
,
Thomas
Jefferson
University
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
5/01/57
.........
20,000,000
20,145,746
g
Pennsylvania
Turnpike
Commission
,
Revenue
,
B-2
,
5.623
%,
12/01/37
......................................
20,000,000
21,424,160
Revenue
,
B-2
,
5.728
%,
12/01/40
......................................
25,075,000
25,916,665
Philadelphia
Authority
for
Industrial
Development
,
Evangelical
Services
for
the
Aging
Obligated
Group
,
Revenue
,
A
,
Refunding
,
5
%
,
7/01/49
......................
3,000,000
2,779,833
133,812,233
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
131
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Rhode
Island
0.0%
†
Rhode
Island
Health
and
Educational
Building
Corp.
,
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
7/01/55
..............................
$
1,425,000
$
1,433,541
South
Carolina
0.9%
County
of
Dorchester
,
Summers
Corner
Improvement
District
,
Special
Assessment
,
2023
,
5.5
%
,
10/01/51
...............................................
2,110,000
2,096,267
c
County
of
Lancaster
,
Roselyn
Residential
Improvement
District
,
Special
Assessment
,
144A,
2025
,
6
%
,
6/01/45
........................................................
1,295,000
1,361,698
Roselyn
Residential
Improvement
District
,
Special
Assessment
,
144A,
2025
,
6.2
%
,
6/01/55
........................................................
1,000,000
1,035,271
c
Greenville
Housing
Authority
,
Victor
Verdae
Apartments
Project
,
Revenue
,
144A,
2023
B
,
8.375
%
,
5/01/47
................................................
10,600,000
10,521,913
South
Carolina
Jobs-Economic
Development
Authority
,
Beaufort
Memorial
Hospital
Obligated
Group
,
Revenue
,
2024
,
5.75
%
,
11/15/54
...
2,000,000
2,050,030
c
FAH
Pelham
LLC
,
Revenue
,
144A,
2023
B
,
II
,
7.5
%
,
8/01/47
.................
9,565,000
9,653,146
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2017
,
5
%
,
4/01/52
........................................................
1,750,000
1,652,462
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
4/01/48
............................................
3,500,000
3,386,139
South
Carolina
Episcopal
Home
at
Still
Hopes
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
4/01/53
.........................................
11,000,000
10,731,169
42,488,095
South
Dakota
0.2%
City
of
Sioux
Falls
,
Dow
Rummel
Village
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/01/46
...............
7,110,000
6,537,547
Dow
Rummel
Village
,
Revenue
,
2017
,
5
%
,
11/01/42
........................
2,000,000
1,962,562
8,500,109
Tennessee
1.5%
c
Cleveland
Housing
Authority
,
Cleveland
Forward
Phase
One
LLC
,
Revenue,
Sub.
Lien
,
144A,
2022
B
,
6.25
%
,
4/01/41
........................................................
1,000,000
1,033,895
Cleveland
Forward
Phase
Two
LLC
,
Revenue,
Sub.
Lien
,
144A,
2022
B
,
6.25
%
,
4/01/41
........................................................
1,000,000
1,033,894
g
Johnson
City
Health
&
Educational
Facilities
Board
,
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
3.17
%,
7/01/27
........................................................
19,365,000
18,573,732
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
3.22
%,
7/01/28
........................................................
19,400,000
18,014,008
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
3.28
%,
7/01/29
........................................................
19,365,000
17,389,164
Ballad
Health
Obligated
Group
,
Revenue
,
2000
A
,
Refunding
,
NATL
Insured
,
3.35
%,
7/01/30
........................................................
19,370,000
16,787,338
72,832,031
Texas
12.4%
c
Arlington
Higher
Education
Finance
Corp.
,
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2024
,
4.875
%
,
6/15/59
......
1,000,000
913,387
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2025
,
Refunding
,
5.875
%
,
6/15/65
........................................................
7,600,000
7,745,405
Cedar
Bayou
Navigation
District
,
Special
Assessment
,
2020
,
6
%
,
9/15/51
.........
7,500,000
6,371,743
g
Central
Texas
Regional
Mobility
Authority
,
Revenue
,
2010
,
3.19
%,
1/01/35
.......................................
3,000,000
2,272,522
Revenue
,
2010
,
3.53
%,
1/01/37
.......................................
2,500,000
1,715,750
Revenue
,
2010
,
3.7
%,
1/01/38
........................................
2,405,000
1,564,358
Revenue
,
2010
,
3.85
%,
1/01/39
.......................................
2,545,000
1,567,147
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
132
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Anna
,
c
Hurricane
Creek
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/01/42
..............................
$
972,000
$
1,042,524
c
Hurricane
Creek
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/01/52
................................
1,907,000
1,948,520
c
Meadow
Vista
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/15/44
...............................
850,000
874,548
c,f
Sherley
Farms
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2026
,
5.7
%
,
9/15/56
...............................
2,000,000
2,007,751
c
Sherley
Tract
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/31
..............................
300,000
302,607
c
Sherley
Tract
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/41
................................
867,000
824,485
c
Sherley
Tract
Public
Improvement
District
No.
2
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/15/31
...............................
100,000
101,190
c
Sherley
Tract
Public
Improvement
District
No.
2
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5
%
,
9/15/51
................................
503,000
474,201
c
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Area
1
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/15/43
.............................
751,000
788,847
c
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Area
1
,
Special
Assessment
,
144A,
2023
,
5.875
%
,
9/15/53
.............................
1,075,000
1,112,682
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Improvement
Area
No.
2-3
,
Special
Assessment
,
2025
,
5.5
%
,
9/15/55
..........................
1,180,000
1,189,740
c
City
of
Aubrey
,
Aubrey
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2023
,
5.875
%
,
9/01/43
........................................................
1,075,000
1,110,010
Aubrey
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
........................................................
1,600,000
1,623,253
Duck
Point
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
12/31/45
.......................................................
1,100,000
1,112,960
Duck
Point
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
12/31/55
.......................................................
1,890,000
1,897,821
Jackson
Ridge
Public
Improvement
District
Phase
No.
3B
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/32
........................................
700,000
736,459
Jackson
Ridge
Public
Improvement
District
Phase
No.
3B
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/01/45
...........................................
1,803,000
1,912,124
c
City
of
Boyd
,
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/15/53
................................
1,408,000
1,420,725
City
of
Celina
,
c
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/44
..........................
470,000
484,213
c
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/54
.........................
1,300,000
1,325,247
c
Chalk
Hill
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/43
..................................................
767,000
790,029
c
Chalk
Hill
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
........................................................
1,764,000
1,775,594
c
Creeks
of
Legacy
Public
Improvement
District
Phase
No.
3
,
Special
Assessment
,
144A,
2020
,
4.25
%
,
9/01/40
........................................
230,000
223,610
c
Cross
Creek
Meadows
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
5
%
,
9/01/30
..........................
350,000
357,856
c
Cross
Creek
Meadows
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/53
.......................
1,549,000
1,574,706
c
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/01/31
..................................................
155,000
156,663
c
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/01/41
..................................................
370,000
376,645
c
Edgewood
Creek
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
5.5
%
,
9/01/50
...................................................
500,000
500,625
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
133
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Celina,
(continued)
c
Edgewood
Creek
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
4.25
%
,
9/01/41
........................................
$
500,000
$
482,714
c
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
2.75
%
,
9/01/27
........................................................
122,000
119,398
c
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.125
%
,
9/01/32
.................................................
231,000
220,067
c
Hillside
Village
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/42
.................................................
866,000
707,320
c
Lakes
at
Mustang
Ranch
Public
Improvement
District
Phases
8-9
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
9/01/55
.............................
600,000
600,984
c
Mosaic
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/01/44
.................................................
1,495,000
1,532,743
c
Mosaic
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...................................................
2,500,000
2,562,810
c
Mosaic
Public
Improvement
District
Phase
1
,
Special
Assessment
,
144A,
2023
,
4.375
%
,
9/01/30
.................................................
321,000
327,837
c
Mosaic
Public
Improvement
District
Phase
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
...................................................
1,851,000
1,886,448
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
4.375
%
,
9/01/30
............................................
328,000
332,941
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
5.375
%
,
9/01/43
............................................
812,000
840,257
North
Sky
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2023
,
5.625
%
,
9/01/52
............................................
1,005,000
1,016,589
c
North
Sky
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
4.875
%
,
9/01/30
.......................................
228,000
234,192
c
North
Sky
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/52
.......................................
999,000
1,016,350
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
(The)
Initial
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/26
..........
78,000
77,699
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
(The)
Initial
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/31
...........
473,000
464,572
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/26
..............................
66,000
65,683
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
..............................
150,000
143,652
c
Parks
at
Wilson
Creek
(The)
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/41
...............................
1,205,000
1,081,112
c
Pravin
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
6.5
%
,
9/01/43
1,500,000
1,544,162
c
Pravin
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
6.75
%
,
9/01/53
2,000,000
2,018,879
c
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/27
........................................
227,000
223,628
c
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
3.625
%
,
9/01/32
.......................................
336,000
316,009
c
Sutton
Fields
East
Public
Improvement
District
Phase
No.
1
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/01/51
.......................................
1,033,000
863,678
c
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/01/50
.......................
1,785,000
1,504,904
c
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
2.875
%
,
9/01/27
.......................
43,000
42,160
c
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/32
........................
250,000
238,975
c
Sutton
Fields
II
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/42
.........................
1,175,000
993,701
c
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/30
..............................
394,000
402,798
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
134
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Celina,
(continued)
c
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/42
...............................
$
1,169,000
$
1,231,164
c
Ten
Mile
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/52
..............................
1,494,000
1,529,062
c
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/30
...............................
231,000
235,937
c
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.25
%
,
9/01/42
..............................
801,000
830,949
c
Ten
Mile
Creek
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2023
,
6.5
%
,
9/01/52
...............................
1,300,000
1,316,455
c
Wells
North
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
........................................................
425,000
398,525
c
Wells
North
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
498,000
406,030
c
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
........................................................
150,000
144,615
c
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/40
........................................................
350,000
327,847
c
Wells
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
965,000
786,785
c
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
..........................
158,000
147,979
c
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
.......................
379,000
321,039
c
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/01/42
.........................
490,000
513,078
c
Wells
South
Public
Improvement
District
Neighborhood
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/01/52
.......................
1,314,000
1,332,486
City
of
Corpus
Christi
,
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
5.375
%
,
9/15/31
..................................
244,000
255,240
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
6.125
%
,
9/15/44
..................................
1,150,000
1,174,342
Whitecap
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
6.5
%
,
9/15/54
....................................
2,000,000
2,015,250
c
City
of
Crandall
,
Cartwright
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/31
................................
409,000
413,645
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/15/31
..............................
161,000
163,940
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5
%
,
9/15/41
................................
1,144,000
1,146,160
Cartwright
Ranch
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/15/51
..............................
750,000
719,821
River
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/32
...............................
528,000
558,668
River
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.............................
5,000,000
5,192,787
River
Ridge
Public
Improvement
District
Single-family
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/32
.......................
207,000
220,292
River
Ridge
Public
Improvement
District
Single-family
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.75
%
,
9/15/52
........................
1,750,000
1,838,726
c,g
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue
,
144A,
2022
B
,
7.42
%,
12/01/62
........................................................
173,330,000
12,476,051
c
City
of
Dayton
,
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Junior
Lien
,
144A,
2022
B
,
5.75
%
,
9/01/52
...................
1,402,000
1,410,551
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
135
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Dayton,
(continued)
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2022
A
,
4.875
%
,
9/01/32
..................
$
269,000
$
282,464
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2022
A
,
5.125
%
,
9/01/42
..................
764,000
791,004
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Junior
Lien
,
144A,
2024
B
,
6.25
%
,
9/01/54
...................
1,225,000
1,223,106
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.375
%
,
9/01/44
..................
608,000
634,747
Westpointe
Villages
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.75
%
,
9/01/54
...................
866,000
876,923
c
City
of
Decatur
,
Paloma
Trails
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/45
...............................
700,000
720,015
Paloma
Trails
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
9/15/55
..............................
1,400,000
1,418,929
Paloma
Trails
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/15/35
.............................
172,000
177,112
Paloma
Trails
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
6.375
%
,
9/15/55
.............................
865,000
866,806
Vista
Park
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.875
%
,
9/15/54
.............................
2,160,000
2,212,456
c
City
of
DeSoto
,
Danieldale
Homestead
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/15/50
.....................
1,430,000
1,449,945
c
City
of
Dorchester
,
Cottonwood
Public
improvement
District
Major
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/15/44
................................
1,000,000
1,004,835
Cottonwood
Public
improvement
District
Major
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
6.25
%
,
9/15/54
..............................
1,500,000
1,458,710
c
City
of
Dripping
Springs
,
Heritage
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.5
%
,
9/01/30
.........................................
269,000
274,080
Heritage
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
.........................................
1,219,000
1,230,009
Heritage
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/54
........................................
565,000
565,255
c
City
of
Elmendorf
,
Hickory
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/31
.............................
398,000
373,482
Hickory
Ridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/01/41
..............................
1,205,000
1,046,998
Ridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
9/01/55
.......................................
2,350,000
2,375,348
c
City
of
Fate
,
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
8/15/26
........................................
100,000
99,648
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
8/15/31
.......................................
711,000
681,153
Monterra
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
8/15/41
........................................
1,871,000
1,724,381
Monterra
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
8/15/44
.......................................
800,000
815,855
Monterra
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
8/15/54
........................................
1,350,000
1,366,061
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
8/15/30
.............................
125,000
121,235
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
136
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Fate,
(continued)
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
8/15/40
.............................
$
691,000
$
661,211
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
8/15/50
.............................
994,000
838,323
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.875
%
,
8/15/42
.............................
1,617,000
1,670,339
Williamsburg
East
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
8/15/52
................................
2,500,000
2,554,110
Williamsburg
East
Public
Improvement
District
Major
Improvement
Area
,
Revenue
,
144A,
2020
,
4.125
%
,
8/15/30
.......................................
436,000
433,420
Williamsburg
East
Public
Improvement
District
Major
Improvement
Area
,
Revenue
,
144A,
2020
,
4.625
%
,
8/15/40
.......................................
505,000
496,997
Williamsburg
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.25
%
,
8/15/42
..................................................
1,204,000
1,193,449
Williamsburg
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
8/15/52
.................................................
1,100,000
991,492
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
4.25
%
,
8/15/30
........................................
250,000
255,957
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
8/15/43
.......................................
1,000,000
1,034,338
Williamsburg
Public
Improvement
District
No.
1
Phase
3B
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
8/15/53
.......................................
1,287,000
1,303,761
c
City
of
Ferris
,
Woodstone
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/32
.............................
675,000
645,911
Woodstone
Public
Improvement
District
No.
2
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/42
..............................
1,259,000
1,137,345
c
City
of
Fort
Worth
,
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/01/27
................................................
575,000
574,713
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/01/32
................................................
1,270,000
1,261,787
Public
Improvement
District
No.
17
Major
Improvement
,
Special
Assessment
,
144A,
2017
,
5.125
%
,
9/01/37
............................................
1,650,000
1,648,303
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/27
...........................................
505,000
512,453
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/32
...........................................
1,530,000
1,541,655
Public
Improvement
District
No.
17
Roadway
Improvement
,
Special
Assessment
,
144A,
2018
,
5
%
,
9/01/37
...........................................
1,975,000
1,980,725
c
City
of
Georgetown
,
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/15/32
.................................................
409,000
414,563
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/15/42
.................................................
1,060,000
1,051,502
Parks
at
Westhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.25
%
,
9/15/47
..................................................
716,000
661,789
c
City
of
Gunter
,
Bridges
Phase
2A
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
9/15/55
..........................................
1,676,000
1,698,660
c
City
of
Haslet
,
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/01/26
.......................................
87,000
86,618
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
........................................
150,000
139,791
Public
Improvement
District
No.
5
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/01/41
.......................................
1,271,000
1,112,392
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
137
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Horseshoe
Bay
,
Escondido
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3
%
,
10/01/30
.......................................................
$
490,000
$
466,077
Escondido
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
10/01/33
.................................................
425,000
394,789
City
of
Houston
Airport
System
,
United
Airlines,
Inc.
,
Revenue
,
2024
B
,
5.5
%
,
7/15/39
4,750,000
5,207,270
c
City
of
Huntsville
,
Reserves
of
Huntsville
Public
Improvement
District
(The)
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/44
............................................
775,000
795,946
Reserves
of
Huntsville
Public
Improvement
District
(The)
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/15/54
............................................
742,000
745,310
c
City
of
Hutto
,
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/31
.............................
260,000
249,766
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/41
...............................
1,038,000
911,018
Cottonwood
Creek
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/01/55
.............................
584,000
583,184
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/31
........................................................
392,000
378,316
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.875
%
,
9/01/41
.................................................
1,000,000
937,861
Durango
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/56
........................................................
3,479,000
2,798,527
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/31
..............................
206,000
196,696
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/01/41
.............................
519,000
462,635
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/56
................................
1,146,000
904,453
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
..............................
859,000
885,997
Emory
Crossing
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/58
.............................
2,000,000
2,030,597
c
City
of
Justin
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
9/01/55
.........................
1,000,000
1,040,916
Timberbrook
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
................................
475,000
452,940
Timberbrook
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
.............................
2,709,000
2,294,710
Timberbrook
Public
Improvement
District
No.
1
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
9/01/45
.............................
460,000
484,061
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
4.5
%
,
9/01/31
.........................................
200,000
205,390
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/44
.........................................
580,000
606,411
Timberbrook
Public
Improvement
District
No.
2
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/53
........................................
755,000
773,935
Timberbrook
Public
Improvement
District
No.
2
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
9/01/45
..............................
406,000
416,116
Timberbrook
Public
Improvement
District
No.
2
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/01/55
................................
503,000
508,638
c
City
of
Kaufman
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
........................................................
230,000
213,465
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/41
........................................................
570,000
507,602
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
138
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Kyle
,
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.5
%
,
9/01/44
.........................................
$
1,380,000
$
1,119,050
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
.......................................
400,000
373,874
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/31
.......................................
530,000
516,656
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/01/41
........................................
1,428,000
1,319,410
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
........................................
2,250,000
2,365,663
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/47
.........................................
1,396,000
1,446,094
c
6
Creeks
Public
Improvement
District
Improvement
Area
No.
5
,
Special
Assessment
,
144A,
2025
,
5.375
%
,
9/01/50
.......................................
500,000
504,346
Kyle
57
Public
Improvement
District
,
Special
Assessment
,
2022
,
4.75
%
,
9/01/32
..
400,000
418,280
c
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/33
..............................
176,000
181,499
c
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/53
..............................
1,250,000
1,282,224
c
Limestone
Creek
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.75
%
,
9/01/53
..............................
1,113,000
1,132,751
c
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/01/32
.............................
500,000
502,189
c
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/01/41
.............................
1,185,000
1,154,694
c
Plum
Creek
North
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/54
.............................
805,000
815,262
c
Plum
Creek
North
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
4.625
%
,
9/01/41
.............................
1,092,000
1,095,136
c
Porter
Country
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/43
..............................
1,229,000
1,263,886
c
Porter
Country
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/01/53
................................
3,000,000
3,023,668
c
Southwest
Kyle
Public
Improvement
District
No.
1
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
6.75
%
,
9/01/48
..............................
700,000
737,015
City
of
Lago
Vista
,
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2020
,
Refunding
,
3.125
%
,
9/01/30
.........................
300,000
289,110
c
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/01/43
.............................
563,000
584,888
c
Tessera
on
Lake
Travis
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/01/54
................................
2,113,000
2,163,552
c
Tessera
on
Lake
Travis
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
A
,
Refunding
,
5.125
%
,
9/01/35
...................
2,070,000
1,864,710
c
Tessera
on
Lake
Travis
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
A
,
Refunding
,
5.5
%
,
9/01/40
.....................
2,715,000
2,359,661
City
of
Lavon
,
c
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/15/27
.........................................
200,000
198,209
c
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/15/32
.......................................
1,000,000
992,743
c
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/15/42
...........................................
2,259,000
2,121,092
c
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
9/15/31
........................................
146,000
147,323
c
Elevon
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/52
.......................................
500,000
502,691
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
139
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Lavon,
(continued)
c
Elevon
Public
Improvement
District
Improvement
Area
No.
2A-2B
,
Special
Assessment
,
144A,
2024
,
4.375
%
,
9/15/31
.............................
$
200,000
$
202,550
c
Elevon
Public
Improvement
District
Improvement
Area
No.
2A-2B
,
Special
Assessment
,
144A,
2024
,
5.125
%
,
9/15/44
.............................
615,000
632,808
c
Elevon
Public
Improvement
District
Improvement
Area
No.
2A-2B
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/15/54
...............................
800,000
807,745
Elevon
Public
Improvement
District
Improvement
Area
No.
3-5
,
Special
Assessment
,
2025
,
5.75
%
,
9/15/55
.............................................
1,600,000
1,612,215
c
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/15/27
........................................
119,000
118,355
c
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
4.125
%
,
9/15/32
.......................................
455,000
458,276
c
Elevon
Public
Improvement
District
Zone
1
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/15/42
.......................................
1,000,000
982,270
Elevon
Public
Improvement
District
Zone
2
Remainder
Area
,
Special
Assessment
,
2025
,
6.375
%
,
9/15/55
............................................
1,897,000
1,902,305
c
Lakepointe
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
........................................................
1,625,000
1,700,382
City
of
Leander
,
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/32
...........................................
530,000
506,626
c
City
of
Lewisville
,
Lakeside
Crossing
Public
Improvement
District
,
Special
Assessment
,
144A,
2023
,
8
%
,
9/01/53
............................................
1,625,000
1,697,552
f
City
of
Liberty
,
Liberty
Ranch
Public
Improvement
District
,
Special
Assessment
,
2026
,
5.5
%
,
9/01/46
500,000
502,377
Liberty
Ranch
Public
Improvement
District
,
Special
Assessment
,
2026
,
5.875
%
,
9/01/56
........................................................
1,600,000
1,610,503
c
City
of
Liberty
Hill
,
Butler
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
2.625
%
,
9/01/27
........................................................
164,000
160,673
Butler
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.375
%
,
9/01/42
........................................................
1,771,000
1,507,071
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/27
...............................
136,000
134,662
Butler
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
3.875
%
,
9/01/32
.............................
275,000
268,920
Summerlyn
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.125
%
,
9/01/30
.................................................
250,000
240,327
Summerlyn
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/40
........................................................
845,000
795,788
c
City
of
Lowry
Crossing
,
Lowry
Trails
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/55
.........................
1,020,000
1,024,030
c
City
of
Manor
,
Manor
Heights
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
4.5
%
,
9/15/30
..............................................
161,000
163,546
Manor
Heights
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/15/43
.............................................
328,000
337,607
Manor
Heights
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/15/44
............................................
298,000
307,231
Manor
Heights
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/15/54
............................................
584,000
591,711
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.............................
250,000
233,422
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/31
..............................
310,000
290,729
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/15/41
...............................
700,000
605,997
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
140
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Manor,
(continued)
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/41
.............................
$
830,000
$
772,563
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
................................
1,000,000
802,929
Manor
Heights
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/15/51
.............................
1,225,000
1,022,938
Newhaven
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/55
........................................................
825,000
852,490
c
City
of
Marble
Falls
,
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.875
%
,
9/01/31
.............................
350,000
343,657
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/01/41
.............................
1,000,000
937,880
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/01/51
.............................
1,470,000
1,296,916
Thunder
Rock
Public
Improvement
District
Improvement
Area
No.
2A
,
Special
Assessment
,
144A,
2024
,
6.625
%
,
9/01/54
.............................
1,200,000
1,176,417
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.625
%
,
9/01/31
.............................
150,000
149,116
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.875
%
,
9/01/41
.............................
450,000
440,959
Thunder
Rock
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.125
%
,
9/01/51
.............................
620,000
566,549
Thunder
Rock
Public
Improvement
District
Remainder
Area
,
Special
Assessment
,
144A,
2024
,
7.375
%
,
9/01/44
.......................................
1,000,000
1,021,149
Thunder
Rock
Public
Improvement
District
Remainder
Area
,
Special
Assessment
,
144A,
2024
,
7.625
%
,
9/01/54
.......................................
1,750,000
1,757,934
c
City
of
Mclendon-Chisholm
,
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/15/26
.......................................
55,000
54,740
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.625
%
,
9/15/41
.......................................
620,000
552,129
Sonoma
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
...........................................
865,000
699,648
Sonoma
Public
Improvement
District
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/15/32
.......................................
250,000
267,565
City
of
Mesquite
,
Solterra
Public
Improvement
District
Improvement
Area
A-2-A-4
,
Special
Assessment
,
2025
,
5.75
%
,
9/01/55
.............................................
1,500,000
1,506,040
Solterra
Public
Improvement
District
Improvement
Area
C-4
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
............................................
1,625,000
1,629,970
c
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
4.75
%
,
9/01/30
........................................
549,000
563,306
c
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/43
.........................................
1,500,000
1,576,398
c
Solterra
Public
Improvement
District
Improvement
Area
No.
A-1
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/01/53
........................................
4,965,000
5,105,342
c
Solterra
Public
Improvement
District
Improvement
Area
No.
C-1
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
9/01/43
.............................
750,000
781,367
c
Solterra
Public
Improvement
District
Improvement
Area
No.
C-1
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/53
.............................
1,210,000
1,234,940
c
Solterra
Public
Improvement
District
Improvement
Area
No.
C-2
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/01/53
.............................
1,017,000
1,037,962
c
Solterra
Public
Improvement
District
Improvement
Area
No.
C-3
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
9/01/31
..............................
231,000
234,315
c
Solterra
Public
Improvement
District
Improvement
Area
No.
C-3
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/53
..............................
200,000
199,469
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
141
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Midlothian
,
Redden
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/15/31
........................................................
$
410,000
$
396,718
Redden
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/51
.................................................
1,635,000
1,360,542
Redden
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/15/31
.............................
220,000
216,407
Redden
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/15/41
...............................
420,000
412,615
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/32
...............................
309,000
317,474
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/42
................................
750,000
780,414
Westside
Preserve
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.............................
1,410,000
1,437,959
c
City
of
Mustang
Ridge
,
Durango
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.125
%
,
9/01/43
.......................................
515,000
546,444
Durango
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/01/53
.......................................
498,000
517,514
c
City
of
New
Braunfels
,
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.25
%
,
9/01/31
..............................
320,000
316,631
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/01/41
...............................
882,000
854,840
Solms
Landing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.75
%
,
9/01/51
..............................
1,454,000
1,324,876
c
City
of
Oak
Point
,
Chaparral
Park
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.1
%
,
9/15/44
...............................
1,295,000
1,307,775
Oak
Point
720
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
4.7
%
,
9/15/31
..............................................
243,000
247,201
Oak
Point
720
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.35
%
,
9/15/44
.............................................
170,000
172,460
Oak
Point
720
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/15/54
............................................
160,000
160,453
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/01/30
..................................................
300,000
288,606
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
..................................................
1,170,000
1,080,451
Oak
Point
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
1,060,000
874,295
Wildridge
Public
Improvement
District
No.
1
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
2.75
%
,
9/01/31
..............................
160,000
149,104
Wildridge
Public
Improvement
District
No.
1
Improvement
Area
No.
4
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/41
.............................
628,000
514,914
City
of
Pilot
Point
,
c
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.25
%
,
9/15/35
..............................
500,000
532,857
c
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
9/15/45
.............................
927,000
976,060
c
Bryson
Ranch
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.375
%
,
9/15/55
.............................
1,790,000
1,855,904
c
Bryson
Ranch
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/35
................................
301,000
317,407
c
Bryson
Ranch
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2025
,
7.125
%
,
9/15/55
.............................
1,004,000
1,040,469
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
142
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
City
of
Pilot
Point,
(continued)
c
Bryson
Ranch
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.25
%
,
9/15/35
..............................
$
250,000
$
266,088
c
Bryson
Ranch
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
9/15/45
.............................
650,000
684,400
c
Bryson
Ranch
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6.375
%
,
9/15/55
.............................
1,390,000
1,441,177
c
Bryson
Ranch
Public
Improvement
District
Zone
B
Remainder
Area
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/35
................................
251,000
264,382
c
Bryson
Ranch
Public
Improvement
District
Zone
B
Remainder
Area
,
Special
Assessment
,
144A,
2025
,
7.125
%
,
9/15/55
.............................
1,070,000
1,108,867
c
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/32
..............................
200,000
209,776
c
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/42
...............................
800,000
826,627
c
Creekview
Public
Improvement
District
Zone
A
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/15/52
.............................
1,000,000
1,005,880
c
Creekview
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/15/32
........................................
200,000
209,936
c
Creekview
Public
Improvement
District
Zone
A
Remainder
Area
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/15/52
.......................................
2,078,000
2,127,148
c
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/32
..............................
300,000
314,664
c
Creekview
Public
Improvement
District
Zone
B
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/42
...............................
750,000
774,963
f
Maverick
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
2026
,
6.75
%
,
9/15/46
...................................
1,207,000
1,220,208
f
Maverick
Farms
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
2026
,
7
%
,
9/15/56
.....................................
907,000
910,282
f
Maverick
Farms
Public
Improvement
District
Major
Improvement
Area
No.
1
,
Special
Assessment
,
2026
,
6.25
%
,
9/15/56
...................................
2,350,000
2,358,833
c
Mobberly
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/15/32
.......................................
500,000
517,201
c
Mobberly
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/15/48
.........................................
4,026,000
4,049,976
c
Mobberly
Public
Improvement
District
Improvement
Area
No.
1B
,
Special
Assessment
,
144A,
2023
,
5.625
%
,
9/15/48
.............................
926,000
936,122
c
Mobberly
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.625
%
,
9/15/32
.......................................
810,000
862,400
c
Mobberly
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/52
...........................................
4,001,000
4,068,645
c
Mobberly
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
9/15/52
.........................................
1,600,000
1,670,215
c
City
of
Plano
,
Collin
Creek
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4.375
%
,
9/15/51
.................................................
7,342,000
6,087,551
Collin
Creek
West
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/15/51
....................................................
2,192,000
1,788,712
Haggard
Farm
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7.5
%
,
9/15/53
...............................
1,000,000
1,054,005
Haggard
Farm
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
8.25
%
,
9/15/43
..............................
1,250,000
1,339,984
Haggard
Farm
Public
Improvement
District
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2023
,
8.5
%
,
9/15/53
...............................
2,193,000
2,307,255
c
City
of
Princeton
,
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/01/30
.................................................
180,000
176,753
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
143
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Princeton,
(continued)
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
9/01/40
.................................................
$
650,000
$
622,244
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/01/50
.................................................
930,000
802,427
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/27
........................................................
86,000
86,080
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/01/32
........................................................
280,000
281,854
Arcadia
Farms
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/01/52
.................................................
1,117,000
988,824
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
........................................................
126,000
120,389
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/01/41
........................................................
325,000
275,297
Brookside
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
........................................................
431,000
355,487
Eastridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
........................................
380,000
399,665
Eastridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
9/01/43
........................................
1,155,000
1,183,973
Eastridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
.........................................
1,220,000
1,221,235
Eastridge
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
4.25
%
,
9/01/31
........................................
256,000
262,253
Eastridge
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5
%
,
9/01/44
...........................................
713,000
722,069
Eastridge
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/54
........................................
491,000
489,438
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7
%
,
9/01/43
................................
1,000,000
1,052,498
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7
%
,
9/01/53
................................
2,000,000
2,049,276
Sicily
Public
Improvement
District
Major
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
7.875
%
,
9/01/53
.............................
1,000,000
1,033,425
Southbridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/44
..............................
500,000
509,067
Southbridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...............................
1,100,000
1,100,427
Southridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.25
%
,
9/01/43
..............................
1,355,000
1,453,917
Southridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/01/53
.............................
1,380,000
1,438,051
Whitewing
Trails
Public
Improvement
District
No.
2
Phase
2
,
Special
Assessment
,
144A,
2023
,
4.25
%
,
9/01/30
........................................
164,000
165,772
Whitewing
Trails
Public
Improvement
District
No.
2
Phase
2
,
Special
Assessment
,
144A,
2023
,
5.375
%
,
9/01/53
.......................................
2,041,000
2,051,823
Winchester
Crossing
Public
Improvement
District
No.
3
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/54
............................................
225,000
223,162
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/01/30
........................................................
200,000
193,360
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/01/40
........................................................
470,000
443,630
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/01/50
........................................................
675,000
562,431
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
2.875
%
,
9/01/31
........................................................
110,000
102,973
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
144
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Princeton,
(continued)
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.25
%
,
9/01/41
........................................................
$
518,000
$
431,752
Winchester
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/51
........................................................
616,000
497,699
Winchester
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
..................................................
461,000
476,094
Winchester
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/52
..................................................
2,220,000
2,241,601
Windmore
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
...............................
565,000
568,316
c
City
of
Red
Oak
,
Red
Oak
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
2.625
%
,
9/15/26
.............................
130,000
129,386
Red
Oak
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.............................
354,000
328,060
Red
Oak
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/15/41
.............................
500,000
423,078
c
City
of
Rowlett
,
Trails
at
Cottonwood
Creek
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
..............
175,000
166,282
Trails
at
Cottonwood
Creek
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.75
%
,
9/15/41
...............
820,000
757,828
c
City
of
Royse
City
,
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.625
%
,
9/15/30
.............................
225,000
220,810
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/15/40
.............................
590,000
569,117
Creekshaw
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.375
%
,
9/15/50
.............................
715,000
627,914
Creekshaw
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
5.875
%
,
9/15/42
.............................
589,000
619,151
Creekshaw
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/52
................................
1,267,000
1,298,831
Creekshaw
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
4.375
%
,
9/15/30
.............................
210,000
210,695
Creekshaw
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.125
%
,
9/15/50
.............................
575,000
554,781
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/15/30
.......................................
450,000
438,278
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.875
%
,
9/15/40
.......................................
1,190,000
1,138,430
Creekside
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4.125
%
,
9/15/50
.......................................
1,780,000
1,485,100
Liberty
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2023
,
6.375
%
,
9/15/53
.............................
1,182,000
1,218,323
Waterscape
Public
Improvement
District
Area
No.
4
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
9/15/54
............................................
1,000,000
1,016,370
Waterscape
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2019
,
4.75
%
,
9/15/49
..............................
1,495,000
1,416,923
c
City
of
Sachse
,
Sachse
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
7
%
,
9/15/52
........................................................
750,000
822,408
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/15/30
..............................
405,000
389,602
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/15/40
..............................
1,070,000
1,009,264
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
145
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Sachse,
(continued)
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
4
%
,
9/15/50
................................
$
1,485,000
$
1,229,696
Sachse
Public
Improvement
District
No.
1
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
6
%
,
9/15/50
................................
200,000
210,407
Sachse
Public
Improvement
District
No.
1
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.375
%
,
9/15/40
.............................
1,600,000
1,670,284
Sachse
Public
Improvement
District
No.
1
Major
Improvement
Area
,
Special
Assessment
,
144A,
2020
,
5.625
%
,
9/15/50
.............................
2,235,000
2,284,224
City
of
San
Marcos
,
c
Trace
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
6
%
,
9/01/48
.
1,295,000
1,302,327
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
4.875
%
,
9/01/30
.
305,000
309,814
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
5.375
%
,
9/01/40
.
1,300,000
1,343,006
Whisper
Public
Improvement
District
,
Special
Assessment
,
2020
,
5.625
%
,
9/01/50
.
1,300,000
1,311,884
c
Whisper
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/27
..................................................
100,000
99,561
c
Whisper
South
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
4
%
,
9/01/32
........................................................
425,000
421,922
c
City
of
Sinton
,
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.375
%
,
9/01/27
.................................................
175,000
175,513
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
..................................................
660,000
662,993
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
9/01/42
.................................................
1,000,000
1,016,188
Somerset
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/51
..................................................
1,250,000
1,247,362
c
City
of
Terrell
,
Arboretum
Estates
Public
Improvement
District
No.
6
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2025
,
6.25
%
,
9/15/55
..................
2,625,000
2,717,319
Arboretum
Estates
Public
Improvement
District
No.
6
Major
Improvement
Area
Project
,
Special
Assessment
,
144A,
2025
,
7
%
,
9/15/55
....................
2,625,000
2,695,540
c
City
of
Tomball
,
Raburn
Reserve
Public
Improvement
District
Area
No.
2
,
Special
Assessment
,
144A,
2023
,
5.75
%
,
9/15/52
.............................................
1,000,000
1,026,810
Raburn
Reserve
Public
Improvement
District
Area
No.
3
,
Special
Assessment
,
144A,
2023
,
6
%
,
9/15/53
................................................
1,307,000
1,360,001
Raburn
Reserve
Public
Improvement
District
improvement
Area
No.
1
,
Special
Assessment
,
144A,
2020
,
3.375
%
,
9/15/30
.............................
185,000
180,781
c
City
of
Uhland
,
Anderson
Park
Public
Improvement
District
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/55
..............................................
950,000
946,630
Watermill
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
6.625
%
,
9/01/52
........................................................
3,000,000
3,124,891
c
City
of
Venus
,
Brahman
Ranch
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
6.25
%
,
9/15/42
..................................................
1,000,000
1,033,026
Brahman
Ranch
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
6.5
%
,
9/15/52
...................................................
1,009,000
1,025,241
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/15/31
.................................................
166,000
156,550
Patriot
Estates
Public
Improvement
District
,
Special
Assessment
,
144A,
2021
,
3.375
%
,
9/15/41
.................................................
994,000
841,080
c
City
of
Waxahachie
,
North
Grove
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
5.125
%
,
8/15/32
........................................................
302,000
317,612
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
146
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
City
of
Waxahachie,
(continued)
North
Grove
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
8/15/52
........................................................
$
2,395,000
$
2,411,054
c
City
of
Wharton
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/55
.................
1,100,000
1,130,460
c
Club
Municipal
Management
District
No.
1
,
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
2.5
%
,
9/01/26
.......
56,000
55,720
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2021
,
3
%
,
9/01/31
........
267,000
250,940
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2024
,
5.1
%
,
9/01/44
.......
500,000
509,125
c
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel
,
Revenue,
Second
Lien
,
144A,
2021
B
,
3.5
%
,
10/01/31
....................................
450,000
413,263
c
County
of
Bastrop
,
Double
Eagle
Ranch
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2024
,
5.5
%
,
9/01/54
.....................
775,000
791,031
c
County
of
Denton
,
Green
Meadows
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
12/31/55
............................
2,260,000
2,326,233
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
5.875
%
,
12/31/45
............................
3,100,000
3,218,263
Green
Meadows
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2025
,
6.125
%
,
12/31/55
............................
4,550,000
4,714,812
Tabor
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.25
%
,
12/31/44
..................
1,750,000
1,782,766
Tabor
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment,
Senior
Lien
,
144A,
2024
A
,
5.625
%
,
12/31/54
.................
3,100,000
3,127,488
c
County
of
Hays
,
La
Cima
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.25
%
,
9/15/30
........................................................
100,000
95,600
La
Cima
Public
Improvement
District
,
Special
Assessment
,
144A,
2020
,
3.75
%
,
9/15/40
........................................................
800,000
760,422
La
Cima
Public
Improvement
District
,
Special
Assessment
,
144A,
2025
,
Refunding
,
5.625
%
,
9/15/45
.................................................
1,513,000
1,541,801
La
Cima
Public
Improvement
District
Neighborhood
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2022
,
5.75
%
,
9/15/52
..............................
3,375,000
3,445,967
c
County
of
Medina
,
Haby
Farms
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.875
%
,
9/01/54
.............................
1,135,000
1,149,625
f
Viera
Public
Improvement
District
1
Improvement
Area
No.
1
Project
,
Special
Assessment
,
144A,
2026
,
5.75
%
,
9/01/56
..............................
1,000,000
1,003,026
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
4.875
%
,
9/01/31
.............................
640,000
641,379
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.25
%
,
9/01/41
..............................
780,000
785,783
Woodlands
Public
Improvement
District
Major
Improvement
Area
,
Special
Assessment
,
144A,
2021
,
5.5
%
,
9/01/50
...............................
1,160,000
1,144,134
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
9/01/26
.........................
100,000
99,989
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.125
%
,
9/01/31
.......................
400,000
397,608
Woodlands
Public
Improvement
District
Neighborhood
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2021
,
4.5
%
,
9/01/41
.........................
1,085,000
1,063,219
County
of
Montgomery
,
Crockett
Meadows
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2025
,
5.25
%
,
9/15/45
...................................
1,125,000
1,139,847
Crockett
Meadows
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2025
,
5.5
%
,
9/15/54
....................................
1,750,000
1,760,435
Meadow
Park
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
2025
,
5.375
%
,
9/15/54
..................................
814,000
816,118
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
147
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
c
East
Waller
County
Management
District
,
Sofi
Lakes
Sections
1
&
2
Assessments
,
Special
Assessment
,
144A,
2025
,
5
%
,
9/15/35
........................................................
$
885,000
$
923,104
Sofi
Lakes
Sections
1
&
2
Assessments
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/45
........................................................
1,965,000
2,050,882
Sofi
Lakes
Sections
1
&
2
Assessments
,
Special
Assessment
,
144A,
2025
,
6.25
%
,
9/15/55
........................................................
2,295,000
2,365,530
FW
Texas
Street
Public
Facility
Corp.
,
Revenue
,
2025
,
5
%
,
5/01/38
..............
10,000,000
10,852,974
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2013
B
,
5.8
%
,
10/01/45
..........
10,000,000
10,588,543
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/48
...................
5,000,000
4,950,315
c
Joshua
Farms
Municipal
Management
District
No.
1
,
Special
Assessment
,
144A,
2023
,
4.375
%
,
9/01/30
.........................
320,000
325,156
Special
Assessment
,
144A,
2023
,
5.5
%
,
9/01/53
..........................
3,393,000
3,407,607
Karis
Municipal
Management
District
of
Tarrant
County
,
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
5
%
,
12/01/44
............
746,000
745,782
Improvement
Area
No.
1
,
Special
Assessment
,
2024
,
5.25
%
,
12/01/53
..........
828,000
805,335
d
Mesquite
Health
Facilities
Development
Corp.
,
Christian
Care
Centers,
Inc.
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5
%
,
2/15/36
........................................................
1,000,000
3,384
Christian
Care
Centers,
Inc.
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5.125
%
,
2/15/42
........................................................
3,750,000
12,690
Christian
Care
Centers,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
2/15/35
........................................................
5,175,000
17,512
c
Mission
Economic
Development
Corp.
,
Permian
Basin
Water
Resources
LLC
,
Revenue
,
144A,
2025
A
,
7
%
,
8/15/60
...................................
8,000,000
8,307,149
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
d
Cardinal
Bay,
Inc.
,
Revenue
,
D
,
6
%
,
7/01/26
.............................
110,000
22,000
d
Cardinal
Bay,
Inc.
,
Revenue
,
D
,
7
%
,
7/01/51
.............................
5,110,000
1,022,000
CHF-Collegiate
Housing
College
Station
I
LLC
,
Revenue
,
2014
A
,
5
%
,
4/01/46
....
1,500,000
1,499,922
Longhorn
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/42
......
5,000,000
5,017,994
Longhorn
Village
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
1/01/47
......
4,595,000
4,597,970
Morningside
Ministries
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
1/01/55
.........
4,100,000
3,512,677
NCCD-College
Station
Properties
LLC
,
Revenue
,
A
,
5
%
,
7/01/47
..............
25,500,000
24,622,180
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/39
.......................................................
2,750,000
2,769,772
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2018
,
Refunding
,
5.25
%
,
10/01/49
.......................................................
12,600,000
12,143,032
Presbyterian
Village
North
Obligated
Group
,
Revenue
,
2020
A
,
5.25
%
,
10/01/55
...
2,495,000
2,346,940
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/39
.......................................................
425,000
431,258
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/49
.......................................................
1,180,000
1,095,643
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue,
Second
Tier,
Sub.
Lien
,
2019
B
,
5.5
%
,
12/01/54
.......................................
15,715,000
14,879,356
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue,
Sub.
Lien,
Third
Tier
,
2019
C
,
6
%
,
12/01/54
.........................................
5,465,000
5,258,372
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2014
,
5.5
%
,
1/01/43
............
3,225,000
3,227,328
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2014
,
5.5
%
,
1/01/49
............
1,015,000
1,015,188
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/50
.....
865,000
833,635
Wesleyan
Homes
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
1/01/55
.....
3,220,000
3,043,285
North
Texas
Tollway
Authority
,
g
Special
Projects
System
,
Revenue
,
2011
B
,
Pre-Refunded
,
5.31
%,
9/01/37
......
7,500,000
4,133,526
Special
Projects
System
,
Revenue
,
2011
C
,
Pre-Refunded
,
7
%
,
9/01/43
.........
10,000,000
12,138,735
c
Northwood
Municipal
Utility
District
No.
1
,
GO
,
144A,
2020
,
Refunding
,
4
%
,
8/01/31
.
1,070,000
1,070,416
c
Pecan
Public
Facility
Corp.
,
Revenue,
Sub.
Lien
,
144A,
2022
B
,
6
%
,
12/01/52
......
5,075,000
4,012,624
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
148
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
d
Red
River
Health
Facilities
Development
Corp.
,
Eden
Home,
Inc.
Obligated
Group
,
Revenue
,
2012
,
7.25
%
,
12/15/42
......................................
$
11,000,000
$
6,270,000
South
Manvel
Development
Authority
,
City
of
Manvel
Tax
Increment
Reinvestment
Zone
No.
3
,
Tax
Allocation
,
2023
,
5
%
,
4/01/38
............................
500,000
519,609
c
Town
of
Flower
Mound
,
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
2.625
%
,
9/01/26
........................................
200,000
199,122
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.25
%
,
9/01/31
.........................................
750,000
729,414
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.5
%
,
9/01/36
..........................................
800,000
752,885
River
Walk
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2021
,
Refunding
,
4
%
,
9/01/43
............................................
2,450,000
2,242,453
c
Town
of
Lakewood
Village
,
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/15/32
445,000
462,939
Public
Improvement
District
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/15/42
1,400,000
1,451,774
c
Town
of
Little
Elm
,
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.25
%
,
9/01/27
........................................................
71,000
70,228
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.5
%
,
9/01/32
........................................................
205,000
196,934
Spiritas
East
Public
Improvement
District
,
Special
Assessment
,
144A,
2022
,
3.75
%
,
9/01/42
........................................................
529,000
472,227
Valencia
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
6.125
%
,
9/01/32
.................................................
712,000
767,755
Valencia
Public
Improvement
District
No.
2
,
Special
Assessment
,
144A,
2022
,
6.875
%
,
9/01/52
.................................................
2,700,000
2,821,794
c
Town
of
Providence
Village
,
Foree
Ranch
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2024
,
5.25
%
,
9/01/54
................
297,000
294,325
c
Travis
County
Development
Authority
,
Bella
Fortuna
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/44
........................................................
843,000
871,683
Bella
Fortuna
Public
Improvement
District
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
9/01/51
........................................................
750,000
766,343
County
of
Travis
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
4.75
%
,
9/01/32
...................
302,000
315,529
County
of
Travis
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.375
%
,
9/01/42
..................
868,000
913,787
County
of
Travis
Turner's
Crossing
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.5
%
,
9/01/52
....................
1,244,000
1,259,183
Viridian
Municipal
Management
District
,
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
2.875
%
,
12/01/30
.
258,000
244,110
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.125
%
,
12/01/35
.
415,000
370,347
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.375
%
,
12/01/40
.
486,000
423,965
Viridian
Public
Improvement
District
,
Special
Assessment
,
2020
,
3.5
%
,
12/01/47
..
835,000
622,940
598,971,974
Utah
0.5%
c
MIDA
Cormont
Public
Infrastructure
District
,
GO
,
144A,
2025
A-1
,
6.25
%
,
6/01/55
...................................
2,225,000
2,345,937
g
GO
,
144A,
2025
A-2
,
0.868
%,
6/01/55
..................................
2,250,000
1,945,473
c
MIDA
Mountain
Village
Public
Infrastructure
District
,
Military
Recreation
Facility
Project
Area
,
Tax
Allocation
,
144A,
2024-1
,
5.125
%
,
6/15/54
........................................................
2,000,000
2,002,788
Military
Recreation
Facility
Project
Area
,
Tax
Allocation
,
144A,
2024-2
,
6
%
,
6/15/54
5,000,000
5,159,036
Military
Installation
Development
Authority
,
Military
Recreation
Facility
Project
Area
,
Revenue
,
2021
A-1
,
4
%
,
6/01/52
.......
3,000,000
2,512,868
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
149
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Utah
(continued)
Military
Installation
Development
Authority,
(continued)
Military
Recreation
Facility
Project
Area
,
Revenue
,
2021
A-2
,
4
%
,
6/01/52
.......
$
2,745,000
$
2,285,428
Point
Phase
1
Public
Infrastructure
District
No.
1
,
Revenue
,
2025
A-1
,
6.125
%
,
3/01/55
7,950,000
8,305,290
c
Utah
Charter
School
Finance
Authority
,
Mountain
West
Montessori
Academy,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/39
..
475,000
475,846
Mountain
West
Montessori
Academy,
Inc.
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/49
..
825,000
751,591
25,784,257
Virginia
0.4%
Henrico
County
Economic
Development
Authority
,
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
6/01/44
........................................................
3,550,000
3,571,409
Virginia
United
Methodist
Homes,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
6/01/49
........................................................
4,065,000
3,960,509
c
Virginia
Small
Business
Financing
Authority
,
P3
VB
Holdings
LLC
,
Revenue,
Senior
Lien
,
144A,
2023
A
,
8.5
%
,
12/01/52
....................................
11,000,000
10,727,537
18,259,455
Washington
1.4%
Jefferson
County
Public
Hospital
District
No.
2
,
Revenue
,
2023
A
,
Refunding
,
6.875
%
,
12/01/53
........................................................
10,000,000
10,451,747
e
Washington
Economic
Development
Finance
Authority
,
Propeller
Airports
Paine
Field
LLC
,
Revenue
,
A
,
Mandatory
Put
,
8.5
%
,
3/01/27
..........................
22,750,000
22,713,966
c
Washington
State
Housing
Finance
Commission
,
eliseo
Obligated
Group
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
1/01/51
........
15,070,000
10,578,730
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
2019
A
,
5
%
,
1/01/55
..............................................
4,700,000
4,300,940
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
A
,
Refunding
,
5
%
,
1/01/46
.........................................
2,250,000
2,186,648
Presbyterian
Retirement
Communities
Northwest
Obligated
Group
,
Revenue
,
144A,
A
,
Refunding
,
5
%
,
1/01/51
.........................................
1,700,000
1,580,110
Spokane
United
Methodist
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
5
%
,
1/01/55
........................................................
9,020,000
8,088,419
Spokane
United
Methodist
Homes
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5
%
,
1/01/51
........................................................
6,000,000
5,463,844
65,364,404
West
Virginia
0.1%
c
County
of
Monongalia
,
Monongalia
County
Building
Commission
Development
District
No.
4
,
Tax
Allocation
,
144A,
2023
A
,
Refunding
,
5.75
%
,
6/01/43
..............................
880,000
948,781
Monongalia
County
Building
Commission
Development
District
No.
4
,
Tax
Allocation
,
144A,
2023
A
,
Refunding
,
6
%
,
6/01/53
................................
1,755,000
1,852,249
2,801,030
Wisconsin
3.9%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
8,575,000
9,167,972
g
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
76,350,000
38,396,652
A&T
Real
Estate
Foundation
LLC
,
Revenue
,
2019
B
,
5
%
,
6/01/49
.............
2,675,000
2,607,023
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2017
A
,
5
%
,
7/01/53
..........
4,345,000
4,138,586
c
Coral
Academy
of
Science
Reno
,
Revenue
,
144A,
2022
A
,
6
%
,
6/01/62
.........
1,565,000
1,553,266
c
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
5,500,000
5,735,344
c
Eno
River
Academy
,
Revenue
,
144A,
2020
A
,
5
%
,
6/15/54
...................
1,380,000
1,291,048
c
Estancia
Valley
Classical
Academy
,
Revenue
,
144A,
2021
A
,
Refunding
,
4
%
,
7/01/41
1,000,000
831,521
c
Estancia
Valley
Classical
Academy
,
Revenue
,
144A,
2021
A
,
Refunding
,
4.25
%
,
7/01/51
........................................................
5,345,000
3,907,630
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
150
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
c
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
B
,
6.625
%
,
2/01/46
..............
$
11,095,000
$
9,363,220
c
Foundation
Academy
Charter
School
A
NJ
Nonprofit
Corp.
,
Revenue
,
144A,
2024
,
5
%
,
7/01/60
....................................................
1,000,000
913,038
c
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/49
..
6,600,000
6,472,332
c
Friends
Homes
Obligated
Group
,
Revenue
,
144A,
2019
,
Refunding
,
5
%
,
9/01/54
..
2,920,000
2,816,179
c
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
5,670,000
5,966,018
c
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/36
....
300,000
286,628
c
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/51
....
1,000,000
782,337
c
High
Desert
Montessori
Charter
School
,
Revenue
,
144A,
2021
A
,
5
%
,
6/01/61
....
1,275,000
957,176
c
Hope
Housing
Foundation
Obligated
Group
,
Revenue,
Sub.
Lien
,
144A,
2022
C
,
4.6
%
,
12/01/37
..................................................
5,460,000
5,004,334
c
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
,
Revenue
,
144A,
2017
,
Refunding
,
5
%
,
3/01/52
............................................
4,100,000
3,657,591
c
Masonic
&
Eastern
Star
Home
of
NC,
Inc.
Obligated
Group
,
Revenue
,
144A,
2020
A
,
5.25
%
,
3/01/55
..................................................
12,975,000
11,913,899
c
Ocean
Academy
Charter
School
,
Revenue
,
144A,
2021
,
5
%
,
10/15/41
..........
570,000
559,491
c
Ocean
Academy
Charter
School
,
Revenue
,
144A,
2021
,
5
%
,
10/15/51
..........
1,130,000
1,004,760
c,g
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
B
,
Refunding
,
5.39
%,
12/01/35
.......................................................
39,830,000
23,874,711
c,g
Pine
Forest
2022
Obligated
Group
,
Revenue,
Sub.
Lien
,
144A,
2022
,
2.279
%,
12/01/45
.......................................................
11,680,000
9,155,777
c
Signature
Preparatory,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
6/15/51
.............
2,250,000
2,007,367
c
Signature
Preparatory,
Inc.
,
Revenue
,
144A,
2021
A
,
5
%
,
6/15/56
.............
2,465,000
2,143,897
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
5.75
%
,
12/31/65
......
8,000,000
8,375,186
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
6.5
%
,
12/31/65
.......
5,000,000
5,564,873
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
6/15/65
..
2,250,000
2,088,217
c
UHF
RISE
Student
Housing
LLC
,
Revenue
,
144A,
2021
A-2
,
5.35
%
,
7/01/40
.....
3,000,000
2,532,075
c
UHF
RISE
Student
Housing
LLC
,
Revenue
,
144A,
2021
B
,
5.25
%
,
7/01/61
.......
2,000,000
1,606,785
c
UMA
Education,
Inc.
,
Revenue
,
144A,
2019
A
,
Refunding
,
5
%
,
10/01/39
.........
2,000,000
2,060,033
Wisconsin
Health
&
Educational
Facilities
Authority
,
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
6
%
,
7/01/28
...................
90,000
89,465
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
6.5
%
,
7/01/33
..................
300,000
299,950
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
7
%
,
7/01/43
...................
1,000,000
944,581
Chiara
Communities,
Inc.
,
Revenue
,
2018
C
,
7.5
%
,
7/01/53
..................
6,620,000
6,092,347
HOPE
Christian
Schools
Obligated
Group
,
Revenue
,
2021
,
4
%
,
12/01/41
........
850,000
703,949
PHW
Menomonee
Falls,
Inc.
,
Revenue
,
2024
,
6.125
%
,
10/01/59
..............
1,000,000
1,044,987
185,910,245
U.S.
Territories
6.4%
District
of
Columbia
0.9%
District
of
Columbia
,
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2006
A
,
7.26
%,
6/15/46
.........................................................
175,000,000
42,165,935
Pacific
Islands
0.1%
Northern
Mariana
Island
Ports
Authority
,
Revenue
,
1998
A
,
6.6
%
,
3/15/28
.........
4,350,000
4,426,969
Puerto
Rico
5.4%
Children's
Trust
Fund
,
Revenue
,
2002
,
5.625
%
,
5/15/43
......................
2,500,000
2,538,342
Commonwealth
of
Puerto
Rico
,
h
GO
,
FRN
,
Zero
Cpn.,
11/01/43
........................................
1
1
GO
,
2022
A-1
,
5.75
%
,
7/01/31
........................................
666,031
740,112
GO
,
2022
A-1
,
4
%
,
7/01/35
..........................................
13,786,998
14,023,648
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
27,512,915
27,569,765
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
18,434,144
17,891,690
GO
,
2022
A-1
,
4
%
,
7/01/46
..........................................
49,278
44,490
g
GO
,
2022
A-1
,
4.18
%,
7/01/33
........................................
2,011,366
1,489,300
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
151
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
GDB
Debt
Recovery
Authority
of
Puerto
Rico
,
7.5
%
,
8/20/40
...................
$
19,729,608
$
19,404,904
HTA
CL
6
Trust
,
Revenue
,
L-2028
,
5.25
%
,
7/01/38
..........................
1,239,120
1,239,393
c
Puerto
Rico
Commonwealth
Aqueduct
&
Sewer
Authority
,
Revenue
,
144A,
2021
B
,
Refunding
,
4
%
,
7/01/42
..........................
2,500,000
2,428,231
Revenue,
Senior
Lien
,
144A,
2020
A
,
Refunding
,
5
%
,
7/01/47
................
16,750,000
16,787,559
d
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
1
,
10
%
,
1/01/21
...........................................
6,000,000
4,005,000
Revenue
,
2
,
10
%
,
7/01/21
...........................................
6,000,000
4,005,000
Revenue
,
2013
A
,
10
%
,
7/01/19
.......................................
5,500,000
3,671,250
Revenue
,
2013
A
,
7.25
%
,
7/01/30
.....................................
1,675,000
1,118,062
Revenue
,
2016
B-1
,
10
%
,
7/01/19
.....................................
5,500,000
3,671,250
Revenue
,
3
,
10
%
,
1/01/22
...........................................
1,989,500
1,327,991
Revenue
,
4
,
10
%
,
7/01/22
...........................................
1,989,499
1,327,991
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
A
,
6.625
%
,
1/01/27
....................................
1,381,057
1,380,742
Revenue
,
2000
A
,
6.625
%
,
1/01/28
....................................
10,533,091
10,552,406
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
45,065,000
44,232,582
g
Sales
Tax
,
Revenue
,
A-1
,
5.16
%,
7/01/46
................................
25,400,000
9,136,649
g
Sales
Tax
,
Revenue
,
A-1
,
5.41
%,
7/01/51
................................
206,837,000
54,420,345
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
12,000,000
12,024,821
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
6,000,000
5,813,474
260,844,998
Total
U.S.
Territories
....................................................................
307,437,902
Total
Municipal
Bonds
(Cost
$
4,469,630,573
)
...................................
4,474,798,818
Total
Long
Term
Investments
(Cost
$
4,710,089,822
)
.............................
4,707,087,841
a
a
a
a
a
Short
Term
Investments
1.2%
Municipal
Bonds
1.2%
Colorado
0.1%
i
Colorado
Health
Facilities
Authority
,
Children's
Hospital
Colorado
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
1.9
%
,
12/01/52
........................................................
3,000,000
3,000,000
Georgia
0.3%
i
Roswell
Development
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2025
A
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
1.9
%
,
4/01/47
................
16,200,000
16,200,000
Minnesota
0.2%
i
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2025
D
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
1.25
%
,
11/15/64
............................................
7,200,000
7,200,000
New
Jersey
0.0%
†
i
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009
C
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.3
%
,
7/01/43
.........................................................
1,000,000
1,000,000
New
York
0.4%
i
City
of
New
York
,
GO
,
2014
I-3
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
1.95
%
,
3/01/44
.........................................................
21,090,000
21,090,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
High
Yield
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
152
See
Abbreviations
on
page
348
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
New
York
(continued)
i
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
BB-1
A
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
2
%
,
6/15/49
....
$
2,090,000
$
2,090,000
23,180,000
Oregon
0.1%
i
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
1.9
%
,
8/01/34
.............
6,500,000
6,500,000
Pennsylvania
0.1%
i
Philadelphia
Authority
for
Industrial
Development
,
Children's
Hospital
of
Philadelphia
Obligated
Group
,
Revenue
,
2024
B-1
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
1.85
%
,
7/01/54
.............................................
2,000,000
2,000,000
Total
Municipal
Bonds
(Cost
$
59,080,000
)
......................................
59,080,000
Total
Short
Term
Investments
(Cost
$
59,080,000
)
................................
59,080,000
a
Total
Investments
(Cost
$
4,769,169,822
)
99.1
%
..................................
$4,766,167,841
Other
Assets,
less
Liabilities
0.9
%
.............................................
42,118,250
Net
Assets
100.0%
...........................................................
$4,808,286,091
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
b
Non-income
producing.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$1,631,574,117,
representing
33.9%
of
net
assets.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7.
e
The
maturity
date
shown
represents
the
mandatory
put
date.
f
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
g
The
rate
shown
represents
the
yield
at
period
end.
h
The
coupon
rate
shown
represents
the
rate
at
period
end.
i
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Louisiana
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
153
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.25
$10.21
$9.96
$11.03
$11.28
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.30
0.28
0.27
0.25
0.24
Net
realized
and
unrealized
gains
(losses)
...........
(0.01)
0.04
0.25
(1.08)
(0.25)
Total
from
investment
operations
....................
0.29
0.32
0.52
(0.83)
(0.01)
Less
distributions
from:
Net
investment
income
..........................
(0.30)
(0.28)
(0.27)
(0.24)
(0.24)
Net
asset
value,
end
of
year
.......................
$10.24
$10.25
$10.21
$9.96
$11.03
Total
return
d
...................................
2.99%
3.23%
5.34%
(7.49)%
(0.17)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.95%
0.93%
0.90%
0.89%
0.87%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.90%
0.90%
e
0.90%
e,f
0.89%
e
0.87%
e
Net
investment
income
...........................
3.02%
2.78%
2.75%
2.42%
2.07%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$53,346
$57,889
$62,108
$60,153
$69,773
Portfolio
turnover
rate
............................
13.78%
17.30%
8.52%
11.69%
16.61%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
154
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.25
$10.20
$9.95
$11.03
$11.28
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.32
0.30
0.29
0.26
0.25
Net
realized
and
unrealized
gains
(losses)
...........
(0.01)
0.05
0.25
(1.08)
(0.25)
Total
from
investment
operations
....................
0.31
0.35
0.54
(0.82)
—
Less
distributions
from:
Net
investment
income
..........................
(0.32)
(0.30)
(0.29)
(0.26)
(0.25)
Net
asset
value,
end
of
year
.......................
$10.24
$10.25
$10.20
$9.95
$11.03
Total
return
d
...................................
3.14%
3.49%
5.50%
(7.45)%
(0.02)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.80%
0.78%
0.75%
0.74%
0.72%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.75%
0.75%
e
0.75%
e,f
0.74%
e
0.72%
e
Net
investment
income
...........................
3.17%
2.93%
2.90%
2.57%
2.22%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$119,008
$137,040
$158,862
$175,906
$234,499
Portfolio
turnover
rate
............................
13.78%
17.30%
8.52%
11.69%
16.61%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
155
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.42
$10.37
$10.12
$11.21
$11.46
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.26
0.24
0.23
0.20
0.19
Net
realized
and
unrealized
gains
(losses)
...........
(0.01)
0.05
0.25
(1.09)
(0.25)
Total
from
investment
operations
....................
0.25
0.29
0.48
(0.89)
(0.06)
Less
distributions
from:
Net
investment
income
..........................
(0.26)
(0.24)
(0.23)
(0.20)
(0.19)
Net
asset
value,
end
of
year
.......................
$10.41
$10.42
$10.37
$10.12
$11.21
Total
return
d
...................................
2.52%
2.86%
4.83%
(7.92)%
(0.57)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.34%
1.32%
1.29%
1.28%
1.26%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.29%
1.29%
e
1.29%
e,f
1.28%
e
1.26%
e
Net
investment
income
...........................
2.56%
2.33%
2.29%
1.97%
1.64%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$4,217
$7,186
$8,767
$12,724
$19,991
Portfolio
turnover
rate
............................
13.78%
17.30%
8.52%
11.69%
16.61%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
156
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.25
$10.20
$9.96
$11.03
$11.28
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.33
0.31
0.30
0.28
0.27
Net
realized
and
unrealized
gains
(losses)
...........
(0.01)
0.05
0.24
(1.08)
(0.25)
Total
from
investment
operations
....................
0.32
0.36
0.54
(0.80)
0.02
Less
distributions
from:
Net
investment
income
..........................
(0.33)
(0.31)
(0.30)
(0.27)
(0.27)
Net
asset
value,
end
of
year
.......................
$10.24
$10.25
$10.20
$9.96
$11.03
Total
return
....................................
3.28%
3.62%
5.54%
(7.22)%
0.12%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.66%
0.63%
0.62%
0.61%
0.59%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.62%
0.62%
d
0.62%
d,e
0.60%
d
0.58%
d
Net
investment
income
...........................
3.30%
3.06%
3.04%
2.72%
2.36%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$6,524
$8,465
$7,967
$6,306
$8,031
Portfolio
turnover
rate
............................
13.78%
17.30%
8.52%
11.69%
16.61%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
157
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.25
$10.21
$9.96
$11.03
$11.28
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.33
0.31
0.30
0.27
0.26
Net
realized
and
unrealized
gains
(losses)
...........
(0.01)
0.04
0.25
(1.07)
(0.24)
Total
from
investment
operations
....................
0.32
0.35
0.55
(0.80)
0.02
Less
distributions
from:
Net
investment
income
..........................
(0.33)
(0.31)
(0.30)
(0.27)
(0.27)
Net
asset
value,
end
of
year
.......................
$10.24
$10.25
$10.21
$9.96
$11.03
Total
return
....................................
3.24%
3.49%
5.60%
(7.26)%
0.08%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.70%
0.68%
0.65%
0.65%
0.62%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.65%
0.65%
d
0.65%
d,e
0.65%
d
0.62%
d
Net
investment
income
...........................
3.27%
3.04%
3.00%
2.67%
2.32%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$35,050
$36,560
$31,551
$36,351
$42,264
Portfolio
turnover
rate
............................
13.78%
17.30%
8.52%
11.69%
16.61%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Louisiana
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
158
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.0%
Florida
1.1%
a
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
$
500,000
$
355,200
a
,b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
2,300,000
1,970,197
2,325,397
Georgia
0.2%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
185,000
197,956
b
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
505,000
253,122
451,078
Louisiana
92.0%
Caddo
Parish
Parishwide
School
District
,
GO
,
2021
,
AG
Insured
,
3
%
,
3/01/36
......
505,000
503,615
City
of
Lafayette
,
Sales
&
Use
Tax
,
Revenue
,
2019
A
,
5
%
,
5/01/44
..............
2,350,000
2,457,778
City
of
Natchitoches
,
Utilities
,
Revenue
,
2023
,
AG
Insured
,
5.5
%
,
6/01/53
.........
750,000
810,079
City
of
New
Orleans
,
GO
,
2021
A
,
5
%
,
12/01/39
...........................................
6,000,000
6,412,940
Sewerage
Service
,
Revenue
,
2020
B
,
4
%
,
6/01/50
.........................
1,300,000
1,162,076
City
of
Shreveport
,
GO
,
2024
,
AG
Insured
,
5
%
,
3/01/54
....................................
4,950,000
5,092,754
Water
&
Sewer
,
Revenue
,
2016
B
,
5
%
,
12/01/41
..........................
3,850,000
3,881,178
Water
&
Sewer
,
Revenue
,
2020
B
,
Refunding
,
3
%
,
12/01/50
..................
5,070,000
3,670,670
Water
&
Sewer
,
Revenue
,
2025
,
Refunding
,
AG
Insured
,
5
%
,
12/01/40
..........
1,000,000
1,130,019
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/45
3,000,000
3,003,366
East
Ouachita
Parish
School
District
,
GO
,
2025
,
5.25
%
,
3/01/45
................
1,500,000
1,627,876
Greater
New
Orleans
Expressway
Commission
,
Revenue,
Sub.
Lien
,
2025
,
Refunding
,
AG
Insured
,
5
%
,
11/01/46
...........................................
1,050,000
1,109,968
Greater
Ouachita
Water
Co.
,
Revenue
,
2024
,
BAM
Insured
,
4.5
%
,
9/01/53
........
1,000,000
960,121
Jefferson
Parish
Consolidated
Waterworks
District
No.
2
,
Revenue
,
2022
,
Refunding
,
BAM
Insured
,
4
%
,
2/01/40
...........................................
5,000,000
5,134,154
Jefferson
Sales
Tax
District
,
Revenue
,
2017
B
,
AG
Insured
,
5
%
,
12/01/42
.........
2,250,000
2,300,686
Juban
Crossing
Economic
Development
District
,
Revenue
,
2024
C
,
Refunding
,
5
%
,
9/15/54
.........................................................
1,500,000
1,510,868
Lafayette
Parish
School
Board
,
Sale
Tax
,
Revenue
,
2025
,
5.75
%
,
4/01/55
...............................
1,500,000
1,651,575
Sale
Tax
,
Revenue
,
2025
A
,
5
%
,
4/01/50
................................
1,500,000
1,574,093
Sales
Tax
,
Revenue
,
2023
,
4
%
,
4/01/53
.................................
2,500,000
2,312,051
Livingston
Parish
School
District
No.
1
,
GO
,
2021
,
BAM
Insured
,
4
%
,
5/01/38
......
1,050,000
1,078,447
Louisiana
Correctional
Facilities
Corp.
,
State
of
Louisiana
,
Revenue
,
2021
,
4
%
,
10/01/39
........................................................
1,490,000
1,510,569
Louisiana
Housing
Corp.
,
Revenue
,
2021
B
,
GNMA
Insured
,
2.05
%
,
6/01/36
.........................
615,000
530,730
Revenue
,
2021
B
,
GNMA
Insured
,
2.2
%
,
6/01/41
..........................
1,965,000
1,544,772
Revenue
,
2024
A
,
GNMA
Insured
,
4.4
%
,
12/01/44
.........................
990,000
997,636
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
Calcasieu
Parish
School
Board
,
Revenue
,
2024
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/39
.......................................................
500,000
557,329
a
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
1,800,000
1,673,799
City
of
Pineville
,
Revenue
,
2024
,
AG
Insured
,
5
%
,
9/01/39
...................
2,505,000
2,825,083
Entergy
Louisiana
LLC
,
Revenue
,
2021
A
,
Refunding
,
2
%
,
6/01/30
.............
1,500,000
1,429,839
Entergy
Louisiana
LLC
,
Revenue
,
2021
B
,
Refunding
,
2.5
%
,
4/01/36
...........
3,000,000
2,691,503
a
Parish
of
Assumption
,
Revenue
,
144A,
2021
,
3.875
%
,
11/01/45
...............
735,000
680,410
a
Parish
of
St.
Bernard
,
Revenue
,
144A,
2021
,
4
%
,
11/01/45
...................
910,000
857,221
a
Parish
of
St.
Charles
,
Revenue
,
144A,
2022
,
4.5
%
,
11/01/47
.................
1,760,000
1,732,709
a
Parish
of
St.
Tammany
LA
GOMESA
,
Revenue
,
144A,
2020
,
3.875
%
,
11/01/45
....
2,450,000
2,268,032
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
159
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority,
(continued)
a
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
$
1,250,000
$
1,285,942
a,b
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.14
%,
12/01/44
.................................................
6,500,000
4,368,413
University
of
Louisiana
at
Lafayette
,
Revenue
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
10/01/39
.......................................................
1,000,000
1,019,699
University
of
Louisiana
at
Lafayette
,
Revenue
,
2018
,
AG
Insured
,
5
%
,
10/01/48
...
3,500,000
3,527,013
University
of
Louisiana
System
,
Revenue
,
2019
,
Refunding
,
AG
Insured
,
4
%
,
8/01/34
1,000,000
1,025,650
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/30
....................................................
1,020,000
1,063,521
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/31
....................................................
1,065,000
1,115,460
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/32
....................................................
1,100,000
1,143,894
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2022
,
Refunding
,
4
%
,
5/01/33
....................................................
1,155,000
1,192,187
University
of
Louisiana
System
Board
of
Supervisors
,
Revenue
,
2023
A
,
AG
Insured
,
5
%
,
10/01/43
...................................................
600,000
646,211
Woman's
Hospital
Foundation
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
10/01/41
......
5,230,000
5,341,461
Louisiana
Offshore
Terminal
Authority
,
Loop
LLC
,
Revenue
,
2007
A
,
Refunding
,
4.15
%
,
9/01/27
.........................................................
1,500,000
1,528,396
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
5,000,000
5,207,674
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/48
...
5,000,000
5,089,259
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group
,
Revenue
,
2015
A
,
5
%
,
7/01/35
..............................................
4,965,000
4,970,143
Louisiana
Children's
Medical
Center
Obligated
Group
,
Revenue
,
2015
A-1
,
5
%
,
6/01/45
........................................................
7,800,000
7,947,946
Louisiana
Children's
Medical
Center
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
6/01/50
5,000,000
4,340,027
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2017
,
5
%
,
7/01/52
................................................
2,310,000
2,312,213
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/37
.......
2,020,000
1,997,614
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/39
.......
3,460,000
3,366,707
Loyola
University
New
Orleans
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/41
.......
2,850,000
2,702,689
Loyola
University
New
Orleans
,
Revenue
,
2023
A
,
5
%
,
10/01/38
..............
500,000
526,407
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/34
........................................................
30,000
30,170
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
5/15/47
........................................................
20,000
20,113
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/42
5,695,000
5,766,207
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/46
2,000,000
2,012,327
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
5/15/55
........................................................
3,000,000
3,144,553
a
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
2,000,000
1,538,766
c
Roman
Catholic
Church
of
the
Archdiocese
of
New
Orleans
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/37
............................................
3,750,000
1,556,250
South
Quad
L3C
,
Revenue
,
2025
,
AG
Insured
,
5.25
%
,
7/01/55
................
2,250,000
2,362,851
Tulane
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
12/15/41
................
3,000,000
3,038,335
Tulane
University
,
Revenue
,
2017
A
,
Pre-Refunded
,
4
%
,
12/15/50
.............
60,000
61,786
Tulane
University
,
Revenue
,
2024
A
,
5
%
,
4/15/38
..........................
1,000,000
1,140,066
Louisiana
Stadium
&
Exposition
District
,
Revenue,
Senior
Lien
,
2023
A
,
Refunding
,
5.25
%
,
7/01/53
...................................................
1,750,000
1,830,386
Louisiana
State
University
&
Agricultural
&
Mechanical
College
,
Auxiliary
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
7/01/40
....................................
4,500,000
4,541,031
Natchitoches
Parish
School
District
No.
9
,
GO
,
2018
,
AG
Insured
,
5
%
,
3/01/38
.....
1,440,000
1,525,076
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
160
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
New
Orleans
Aviation
Board
,
Revenue
,
2024
B
,
Refunding
,
5.25
%
,
1/01/45
.............................
$
2,500,000
$
2,651,721
Revenue
,
2024
C-1
,
5
%
,
1/01/54
......................................
1,000,000
1,030,975
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
A
,
5
%
,
1/01/48
.
5,000,000
5,024,866
Parish
of
Terrebonne
,
Sales
&
Use
Tax
,
Revenue
,
2020
A
,
4
%
,
3/01/41
...........
2,660,000
2,696,801
Port
New
Orleans
Board
of
Commissioners
,
Revenue
,
2020
D
,
5
%
,
4/01/50
........................................
2,000,000
2,042,139
Revenue
,
2025
A
,
5.25
%
,
4/01/55
.....................................
3,000,000
3,118,854
Rapides
Parish
Consolidated
School
District
No.
62
,
GO
,
2022
,
AG
Insured
,
5
%
,
3/01/42
.........................................................
1,100,000
1,172,511
Rapides
Parish
School
District
No.
11
Rigolette
,
GO
,
2023
,
AG
Insured
,
4
%
,
3/01/41
.
1,000,000
1,020,487
St.
John
the
Baptist
,
Parish
School
District
No.
1
,
GO
,
2023
,
5.25
%
,
3/01/43
.......
3,300,000
3,610,330
St.
Tammany
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
7/01/48
.........................................................
3,000,000
3,027,304
State
of
Louisiana
,
GO
,
2016
A
,
5
%
,
9/01/35
............................................
2,575,000
2,603,903
Gasoline
&
Fuels
Tax
,
Revenue
,
2025
B
,
Refunding
,
5
%
,
5/01/35
..............
1,500,000
1,795,240
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2024
A
,
Refunding
,
4
%
,
5/01/44
...
6,000,000
6,012,422
Tangipahoa
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2021
,
Refunding
,
4
%
,
2/01/35
.................................
2,250,000
2,324,370
Revenue
,
2021
,
Refunding
,
4
%
,
2/01/38
.................................
2,000,000
2,034,991
Terrebonne
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2026
,
Refunding
,
5.5
%
,
4/01/51
.........................................................
750,000
809,397
West
Feliciana
Parish
Parishwide
Consolidated
School
District
No.
1
,
GO
,
2020
,
4
%
,
3/01/50
.........................................................
3,000,000
2,707,358
200,654,058
Texas
0.6%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
450,000
431,300
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,250,000
963,154
1,394,454
Washington
0.3%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
700,000
624,133
Wisconsin
1.5%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
855,000
914,124
a
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
671,935
b
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
2,290,000
1,151,648
a
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
500,000
504,855
3,242,562
U.S.
Territories
2.3%
Puerto
Rico
2.3%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
500,000
513,142
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
3,500,000
3,412,930
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
1,196,000
1,173,908
5,099,980
Total
U.S.
Territories
....................................................................
5,099,980
Total
Municipal
Bonds
(Cost
$
220,282,296
)
.....................................
213,791,662
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Louisiana
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
161
Short
Term
Investments
0.1%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.1%
Louisiana
0.1%
d
State
of
Louisiana
,
Gasoline
&
Fuels
Tax
,
Revenue,
Second
Lien
,
2023
A-2
,
Refunding
,
LOC
Toronto
Dominion
Bank
(The)
,
Daily
VRDN
and
Put
,
1.9
%
,
5/01/43
$
300,000
$
300,000
Total
Municipal
Bonds
(Cost
$
300,000
)
.........................................
300,000
Total
Short
Term
Investments
(Cost
$
300,000
)
..................................
300,000
a
Total
Investments
(Cost
$
220,582,296
)
98.1
%
...................................
$214,091,662
Other
Assets,
less
Liabilities
1.9
%
.............................................
4,053,192
Net
Assets
100.0%
...........................................................
$218,144,854
See
Abbreviations
on
page
348
.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$19,494,766,
representing
8.9%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7
.
d
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Maryland
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
162
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.92
$9.91
$9.75
$10.71
$10.97
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.33
0.31
0.31
0.26
0.23
Net
realized
and
unrealized
gains
(losses)
...........
(0.03)
0.01
0.16
(0.96)
(0.26)
Total
from
investment
operations
....................
0.30
0.32
0.47
(0.70)
(0.03)
Less
distributions
from:
Net
investment
income
..........................
(0.32)
(0.31)
(0.31)
(0.26)
(0.23)
Net
asset
value,
end
of
year
.......................
$9.90
$9.92
$9.91
$9.75
$10.71
Total
return
d
...................................
3.17%
3.30%
4.89%
(6.56)%
(0.30)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.92%
0.90%
0.90%
0.89%
0.87%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.90%
0.90%
e,f
0.90%
e
0.89%
e
0.87%
e
Net
investment
income
...........................
3.41%
3.15%
3.17%
2.62%
2.10%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$88,412
$96,495
$87,309
$80,313
$90,950
Portfolio
turnover
rate
............................
20.14%
8.30%
12.33%
37.44%
15.00%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
163
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.92
$9.91
$9.75
$10.71
$10.97
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.34
0.33
0.32
0.27
0.25
Net
realized
and
unrealized
gains
(losses)
...........
(0.02)
0.01
0.16
(0.96)
(0.26)
Total
from
investment
operations
....................
0.32
0.34
0.48
(0.69)
(0.01)
Less
distributions
from:
Net
investment
income
..........................
(0.34)
(0.33)
(0.32)
(0.27)
(0.25)
Net
asset
value,
end
of
year
.......................
$9.90
$9.92
$9.91
$9.75
$10.71
Total
return
d
...................................
3.32%
3.46%
5.05%
(6.42)%
(0.15)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.77%
0.75%
0.75%
0.74%
0.72%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.75%
0.75%
e,f
0.75%
e
0.74%
e
0.72%
e
Net
investment
income
...........................
3.56%
3.30%
3.30%
2.76%
2.25%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$114,971
$135,301
$147,337
$162,447
$214,264
Portfolio
turnover
rate
............................
20.14%
8.30%
12.33%
37.44%
15.00%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
164
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.13
$10.12
$9.95
$10.94
$11.20
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.29
0.27
0.27
0.22
0.19
Net
realized
and
unrealized
gains
(losses)
...........
(0.04)
0.01
0.17
(0.99)
(0.26)
Total
from
investment
operations
....................
0.25
0.28
0.44
(0.77)
(0.07)
Less
distributions
from:
Net
investment
income
..........................
(0.28)
(0.27)
(0.27)
(0.22)
(0.19)
Net
asset
value,
end
of
year
.......................
$10.10
$10.13
$10.12
$9.95
$10.94
Total
return
d
...................................
2.58%
2.81%
4.47%
(7.08)%
(0.70)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.31%
1.29%
1.29%
1.28%
1.26%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.29%
1.29%
e,f
1.29%
e
1.28%
e
1.26%
e
Net
investment
income
...........................
2.93%
2.68%
2.67%
2.15%
1.65%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$7,882
$9,278
$13,708
$17,531
$24,227
Portfolio
turnover
rate
............................
20.14%
8.30%
12.33%
37.44%
15.00%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
165
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.94
$9.93
$9.77
$10.73
$10.99
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.36
0.34
0.34
0.29
0.26
Net
realized
and
unrealized
gains
(losses)
...........
(0.03)
0.01
0.16
(0.96)
(0.25)
Total
from
investment
operations
....................
0.33
0.35
0.50
(0.67)
0.01
Less
distributions
from:
Net
investment
income
..........................
(0.35)
(0.34)
(0.34)
(0.29)
(0.27)
Net
asset
value,
end
of
year
.......................
$9.92
$9.94
$9.93
$9.77
$10.73
Total
return
....................................
3.47%
3.60%
5.19%
(6.27)%
(—)%
d
Ratios
to
average
net
assets
Expenses
.....................................
0.60%
0.61%
e,f
0.60%
f
0.60%
f
0.57%
e,f
Net
investment
income
...........................
3.70%
3.45%
3.46%
2.91%
2.39%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$27,537
$16,411
$10,818
$11,709
$13,771
Portfolio
turnover
rate
............................
20.14%
8.30%
12.33%
37.44%
15.00%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Rounds
to
less
than
0.01%.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
166
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$9.93
$9.92
$9.76
$10.73
$10.98
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.35
0.34
0.33
0.28
0.26
Net
realized
and
unrealized
gains
(losses)
...........
(0.02)
0.01
0.16
(0.97)
(0.25)
Total
from
investment
operations
....................
0.33
0.35
0.49
(0.69)
0.01
Less
distributions
from:
Net
investment
income
..........................
(0.35)
(0.34)
(0.33)
(0.28)
(0.26)
Net
asset
value,
end
of
year
.......................
$9.91
$9.93
$9.92
$9.76
$10.73
Total
return
....................................
3.42%
3.56%
5.14%
(6.41)%
0.04%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.67%
0.65%
0.65%
0.64%
0.62%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.65%
0.65%
d
0.65%
d
0.64%
d
0.62%
d
Net
investment
income
...........................
3.65%
3.40%
3.40%
2.87%
2.35%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$78,681
$77,427
$48,094
$45,667
$55,284
Portfolio
turnover
rate
............................
20.14%
8.30%
12.33%
37.44%
15.00%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Maryland
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
167
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
95.8%
Florida
0.7%
a
,b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
$
2,650,000
$
2,270,010
Georgia
0.2%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
205,000
219,356
b
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
945,000
473,664
693,020
Maryland
85.4%
City
of
Baltimore
,
Harbor
Point
Special
Taxing
District
,
Revenue
,
2016
,
Refunding
,
5.125
%
,
6/01/43
...................................................
3,000,000
3,004,797
City
of
Gaithersburg
,
Asbury
Maryland
Obligated
Group
,
Revenue
,
2022
,
4.5
%
,
1/01/42
1,500,000
1,511,688
c
County
of
Anne
Arundel
,
Glenview
Housing
LP
,
Revenue
,
2009
,
Mandatory
Put
,
5
%
,
1/01/27
.........................................................
1,710,000
1,713,197
County
of
Frederick
,
GO
,
2025
A
,
4
%
,
4/01/43
............................................
5,000,000
5,149,827
a
Urbana
Community
Development
Authority
,
Special
Tax,
Sub.
Lien
,
144A,
2020
C
,
4
%
,
7/01/50
....................................................
3,860,000
3,477,008
County
of
Harford
,
GO
,
2025
,
4
%
,
10/01/41
.............................................
1,610,000
1,679,670
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/31
........................................................
150,000
157,351
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/36
........................................................
750,000
769,668
Beechtree
Estates
Development
District
,
Tax
Allocation
,
2021
,
Refunding
,
4
%
,
7/01/40
........................................................
675,000
683,031
County
of
Howard
,
Annapolis
Junction
Town
Center
Development
District
,
Tax
Allocation
,
2024
,
Refunding
,
5
%
,
2/15/44
................................
665,000
704,613
Howard
County
Housing
Commission
,
Revenue
,
2013
,
5
%
,
10/01/28
........................................
9,980,000
9,998,397
Revenue
,
2016
,
4
%
,
6/01/46
.........................................
2,000,000
1,934,816
Revenue
,
2017
,
5
%
,
12/01/46
........................................
5,000,000
5,055,178
Maryland
Community
Development
Administration
,
Housing
,
Revenue
,
2019
D
,
3
%
,
7/01/39
................................
1,500,000
1,420,214
Housing
,
Revenue
,
2019
D
,
3.2
%
,
7/01/44
...............................
1,000,000
881,787
Maryland
Community
Development
Administration
Local
Government
Infrastructure
,
Revenue
,
2017
A-1
,
4
%
,
6/01/47
......................................
2,300,000
2,196,417
Revenue
,
2018
A-1
,
5
%
,
6/01/48
......................................
1,310,000
1,333,398
Revenue,
Senior
Lien
,
2019
B-1
,
4
%
,
6/01/49
.............................
3,000,000
2,814,269
Maryland
Department
of
Housing
&
Community
Development
,
Revenue
,
2025
C
,
5.1
%
,
7/01/50
.........................................................
3,300,000
3,397,845
Maryland
Economic
Development
Corp.
,
Annapolis
Parking
System
,
Revenue,
Senior
Lien
,
2022
A
,
5.25
%
,
12/31/47
......
5,000,000
5,177,503
City
of
Baltimore
,
Revenue
,
2024
,
5
%
,
7/01/49
............................
5,120,000
5,173,221
Frostburg
State
University
Project
,
Revenue,
Senior
Lien
,
2013
,
Refunding
,
5
%
,
10/01/33
.......................................................
5,000,000
5,002,951
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
4
%
,
7/01/40
.
1,000,000
977,622
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
5
%
,
7/01/50
.
1,250,000
1,240,236
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2022
A
,
6
%
,
7/01/58
4,620,000
4,900,986
Ports
America
Chesapeake
LLC
,
Revenue
,
2019
A
,
5
%
,
6/01/49
..............
3,500,000
3,528,005
PRG-Towson
Place
Properties
LLC
,
Revenue,
Senior
Lien
,
2024
A-1
,
Refunding
,
5
%
,
6/01/38
........................................................
1,000,000
1,080,531
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/47
...........
5,000,000
5,075,986
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/55
...........
5,000,000
5,010,761
University
of
Maryland
College
Park
,
Revenue
,
2016
,
Refunding
,
AG
Insured
,
5
%
,
6/01/43
........................................................
3,305,000
3,314,163
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
168
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Maryland
Economic
Development
Corp.,
(continued)
University
of
Maryland
Leonardtown
Project
,
Revenue
,
2024
,
AG
Insured
,
5
%
,
7/01/54
........................................................
$
7,000,000
$
7,142,257
University
Park
Phase
I
&
II
at
Salisbury
University
,
Revenue
,
2013
,
Refunding
,
5
%
,
6/01/34
........................................................
2,040,000
2,041,372
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2016
A
,
5.5
%
,
1/01/46
.........
9,750,000
9,837,337
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
1/01/38
...
865,000
870,689
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2021
B
,
BAM
Insured
,
4
%
,
1/01/51
2,000,000
1,848,407
Charlestown
Community,
Inc.
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/45
........
4,170,000
4,179,746
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
7/01/50
..
1,715,000
1,502,299
Frederick
Health,
Inc.
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.25
%
,
7/01/53
3,500,000
3,595,775
Greater
Baltimore
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/37
1,750,000
1,772,284
Johns
Hopkins
Medical
Institutions
Parking
System
,
Revenue
,
2001
,
AMBAC
Insured
,
5
%
,
7/01/27
..............................................
345,000
347,720
Johns
Hopkins
Medical
Institutions
Parking
System
,
Revenue
,
2004
,
AMBAC
Insured
,
5
%
,
7/01/34
..............................................
5,000,000
5,039,943
LifeBridge
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/47
.....
4,000,000
4,008,473
LifeBridge
Health
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
7/01/54
............
1,000,000
1,055,401
Loyola
University
Maryland,
Inc.
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/49
.....
2,000,000
2,022,329
Loyola
University
Maryland,
Inc.
,
Revenue
,
2025
,
Refunding
,
5
%
,
10/01/54
......
5,000,000
5,104,125
Maryland
Institute
College
of
Art
,
Revenue
,
2016
,
Refunding
,
4
%
,
6/01/42
.......
5,325,000
4,780,925
Maryland
Institute
College
of
Art
,
Revenue
,
2024
,
Refunding
,
5.5
%
,
6/01/47
......
1,250,000
1,262,605
MedStar
Health
Obligated
Group
,
Revenue
,
1997
,
AMBAC
Insured
,
ETM,
5
%
,
7/01/27
........................................................
3,115,000
3,171,742
MedStar
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
5/15/45
..............
5,000,000
5,047,966
MedStar
Health
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5.25
%
,
8/15/51
...
2,000,000
2,116,946
Meritus
Medical
Center
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
7/01/50
6,000,000
6,284,636
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/28
..........
630,000
655,535
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/30
..........
1,225,000
1,312,971
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/01/32
..........
800,000
863,289
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/34
..........
350,000
356,337
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/36
..........
1,125,000
1,136,459
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/40
..........
1,850,000
1,804,788
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/46
..........
1,000,000
915,060
Stevenson
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/01/55
..........
3,250,000
2,794,052
TidalHealth
Obligated
Group
,
Revenue
,
2025
C
,
Refunding
,
AG
Insured
,
5.5
%
,
7/01/55
........................................................
5,000,000
5,388,106
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
7/01/39
............................................
10,000,000
10,208,941
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2017
D
,
4
%
,
7/01/48
........................................................
5,000,000
4,581,153
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
7/01/52
.........................................
3,000,000
3,161,849
Maryland
Industrial
Development
Financing
Authority
,
McDonogh
School,
Inc.
,
Revenue
,
2019
,
Refunding
,
4
%
,
9/01/43
..............
1,100,000
1,103,091
McDonogh
School,
Inc.
,
Revenue
,
2019
,
Refunding
,
4
%
,
9/01/48
..............
610,000
568,253
Maryland
Stadium
Authority
,
Baltimore
City
Public
School
Construction
Financing
Fund
,
Revenue
,
2016
,
Pre-
Refunded
,
5
%
,
5/01/46
............................................
4,085,000
4,104,171
Baltimore
City
Public
School
Construction
Financing
Fund
,
Revenue
,
2020
A
,
AG
Insured
,
5
%
,
5/01/50
..............................................
11,225,000
12,227,922
State
of
Maryland
Built
to
Learn
,
Revenue
,
2021
,
4
%
,
6/01/35
................
1,590,000
1,681,311
State
of
Maryland
Built
to
Learn
,
Revenue
,
2024
,
4
%
,
6/01/49
................
2,445,000
2,286,882
State
of
Maryland
Built
to
Learn
,
Revenue
,
2024
,
5
%
,
6/01/54
................
3,525,000
3,673,481
Montgomery
County
Housing
Opportunities
Commission
,
Revenue
,
2023
C
,
5.125
%
,
1/01/53
.........................................................
915,000
960,358
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
169
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
State
of
Maryland
,
GO
,
2022
A
,
5
%
,
6/01/37
...............................
$
8,000,000
$
9,034,102
State
of
Maryland
Department
of
Transportation
,
Maryland
Aviation
Administration
,
Revenue
,
2021
B
,
4
%
,
8/01/51
..............
3,500,000
3,124,265
Maryland
Aviation
Administration
,
Revenue
,
2024
A
,
AG
Insured
,
5
%
,
8/01/39
.....
2,150,000
2,386,825
Maryland
Aviation
Administration
,
Revenue
,
2024
A
,
AG
Insured
,
5.25
%
,
8/01/54
..
5,050,000
5,289,289
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/34
...............
3,420,000
3,314,128
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/36
...............
2,700,000
2,552,276
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/37
...............
3,095,000
2,878,616
University
System
of
Maryland
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/51
........
5,260,000
5,018,291
Washington
Suburban
Sanitary
Commission
,
Revenue
,
2023
,
4
%
,
6/01/49
.........................................
9,500,000
9,359,626
Revenue
,
2025
,
4
%
,
6/01/49
.........................................
5,000,000
4,926,119
Revenue,
Second
Series
,
2016
,
4
%
,
6/01/43
.............................
2,000,000
2,001,585
271,067,244
New
Jersey
0.8%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/39
...................................................
2,500,000
2,566,083
Texas
0.5%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
550,000
527,144
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,300,000
1,001,680
1,528,824
Washington
0.2%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
700,000
624,133
Wisconsin
1.4%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
965,000
1,031,731
a
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
671,935
b
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
4,295,000
2,159,969
a
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
500,000
504,854
4,368,489
U.S.
Territories
6.6%
District
of
Columbia
4.3%
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2020
A
,
5
%
,
7/15/45
...............................
2,500,000
2,601,582
Dedicated
,
Revenue
,
2021
A
,
5
%
,
7/15/46
...............................
3,000,000
3,127,638
Dedicated
,
Revenue
,
2023
A
,
4.125
%
,
7/15/47
............................
2,500,000
2,416,989
Dedicated
,
Revenue,
Second
Lien
,
2023
A
,
5
%
,
7/15/48
.....................
1,100,000
1,146,541
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/49
.....................
1,250,000
1,308,315
Dedicated
,
Revenue,
Second
Lien
,
2025
A
,
5
%
,
7/15/60
.....................
3,000,000
3,106,407
13,707,472
Puerto
Rico
2.3%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
2,000,000
2,052,570
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
3,600,000
3,510,442
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Maryland
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
170
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
$
1,900,000
$
1,864,904
7,427,916
Total
U.S.
Territories
....................................................................
21,135,388
Total
Municipal
Bonds
(Cost
$
305,808,728
)
.....................................
304,253,191
a
a
a
a
Short
Term
Investments
2.6%
Municipal
Bonds
2.6%
Maryland
2.6%
d
County
of
Montgomery
,
GO
,
2017
E
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
1.6
%
,
11/01/37
........................................................
5,000,000
5,000,000
d
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
University
of
Maryland
Medical
System
Obligated
Group
,
Revenue
,
2025
C-1
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
1.95
%
,
7/01/55
.............................................
3,300,000
3,300,000
8,300,000
Total
Municipal
Bonds
(Cost
$
8,300,000
)
.......................................
8,300,000
Total
Short
Term
Investments
(Cost
$
8,300,000
)
.................................
8,300,000
a
Total
Investments
(Cost
$
314,108,728
)
98.4
%
...................................
$312,553,191
Other
Assets,
less
Liabilities
1.6
%
.............................................
4,930,057
Net
Assets
100.0%
...........................................................
$317,483,248
See
Abbreviations
on
page
348
.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$8,549,620,
representing
2.7%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Massachusetts
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
171
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.59
$10.64
$10.41
$11.48
$11.84
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.31
0.29
0.27
0.23
0.22
Net
realized
and
unrealized
gains
(losses)
...........
0.06
(0.05)
0.23
(1.07)
(0.36)
Total
from
investment
operations
....................
0.37
0.24
0.50
(0.84)
(0.14)
Less
distributions
from:
Net
investment
income
..........................
(0.31)
(0.29)
(0.27)
(0.23)
(0.22)
Net
asset
value,
end
of
year
.......................
$10.65
$10.59
$10.64
$10.41
$11.48
Total
return
d
...................................
3.61%
2.32%
4.88%
(7.32)%
(1.24)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.94%
0.93%
0.89%
0.89%
0.88%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.90%
0.90%
e
0.89%
e
0.89%
e
0.88%
e
Net
investment
income
...........................
3.02%
2.75%
2.60%
2.20%
1.83%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$44,624
$44,060
$49,501
$54,360
$64,555
Portfolio
turnover
rate
............................
21.12%
25.42%
10.76%
11.16%
21.84%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
172
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.58
$10.63
$10.41
$11.47
$11.83
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.33
0.31
0.29
0.25
0.24
Net
realized
and
unrealized
gains
(losses)
...........
0.06
(0.05)
0.22
(1.06)
(0.36)
Total
from
investment
operations
....................
0.39
0.26
0.51
(0.81)
(0.12)
Less
distributions
from:
Net
investment
income
..........................
(0.33)
(0.31)
(0.29)
(0.25)
(0.24)
Net
asset
value,
end
of
year
.......................
$10.64
$10.58
$10.63
$10.41
$11.47
Total
return
d
...................................
3.77%
2.47%
4.94%
(7.10)%
(1.09)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.78%
0.78%
0.74%
0.74%
0.73%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.75%
0.75%
e
0.74%
e
0.74%
e
0.73%
e
Net
investment
income
...........................
3.17%
2.90%
2.74%
2.35%
2.00%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$113,896
$128,711
$146,609
$166,958
$218,895
Portfolio
turnover
rate
............................
21.12%
25.42%
10.76%
11.16%
21.84%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
173
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.71
$10.76
$10.53
$11.62
$11.98
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.27
0.25
0.23
0.19
0.17
Net
realized
and
unrealized
gains
(losses)
...........
0.06
(0.05)
0.23
(1.09)
(0.36)
Total
from
investment
operations
....................
0.33
0.20
0.46
(0.90)
(0.19)
Less
distributions
from:
Net
investment
income
..........................
(0.27)
(0.25)
(0.23)
(0.19)
(0.17)
Net
asset
value,
end
of
year
.......................
$10.77
$10.71
$10.76
$10.53
$11.62
Total
return
d
...................................
3.15%
1.87%
4.41%
(7.78)%
(1.54)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.32%
1.32%
1.28%
1.28%
1.27%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.29%
1.29%
e
1.28%
e
1.28%
e
1.27%
e
Net
investment
income
...........................
2.57%
2.31%
2.14%
1.76%
1.44%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$3,594
$5,392
$7,725
$11,612
$17,988
Portfolio
turnover
rate
............................
21.12%
25.42%
10.76%
11.16%
21.84%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
174
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.59
$10.64
$10.42
$11.48
$11.84
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.34
0.32
0.30
0.26
0.25
Net
realized
and
unrealized
gains
(losses)
...........
0.06
(0.05)
0.22
(1.06)
(0.35)
Total
from
investment
operations
....................
0.40
0.27
0.52
(0.80)
(0.10)
Less
distributions
from:
Net
investment
income
..........................
(0.34)
(0.32)
(0.30)
(0.26)
(0.26)
Net
asset
value,
end
of
year
.......................
$10.65
$10.59
$10.64
$10.42
$11.48
Total
return
....................................
3.92%
2.60%
5.09%
(6.96)%
(0.86)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.60%
0.63%
0.59%
0.61%
0.59%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.60%
0.62%
d
0.59%
d
0.60%
d
0.58%
d
Net
investment
income
...........................
3.33%
3.02%
2.87%
2.49%
2.13%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$31,199
$14,056
$18,635
$23,528
$20,888
Portfolio
turnover
rate
............................
21.12%
25.42%
10.76%
11.16%
21.84%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
175
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.58
$10.63
$10.41
$11.47
$11.83
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.34
0.32
0.30
0.26
0.25
Net
realized
and
unrealized
gains
(losses)
...........
0.06
(0.05)
0.22
(1.06)
(0.36)
Total
from
investment
operations
....................
0.40
0.27
0.52
(0.80)
(0.11)
Less
distributions
from:
Net
investment
income
..........................
(0.34)
(0.32)
(0.30)
(0.26)
(0.25)
Net
asset
value,
end
of
year
.......................
$10.64
$10.58
$10.63
$10.41
$11.47
Total
return
....................................
3.87%
2.57%
5.05%
(7.01)%
(0.99)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.69%
0.68%
0.64%
0.64%
0.63%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.65%
0.65%
d
0.64%
d
0.64%
d
0.63%
d
Net
investment
income
...........................
3.27%
3.00%
2.84%
2.45%
2.10%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$146,137
$134,572
$84,294
$107,830
$109,947
Portfolio
turnover
rate
............................
21.12%
25.42%
10.76%
11.16%
21.84%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Massachusetts
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
176
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
900,000
$
952,499
Total
Corporate
Bonds
(Cost
$
900,000
)
........................................
952,499
Municipal
Bonds
94.0%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,200,000
1,011,154
Florida
0.9%
b
Capital
Trust
Agency,
Inc.
,
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
.........................................................
750,000
532,800
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
2,800,000
2,398,501
2,931,301
Georgia
0.2%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
125,000
133,754
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
1,115,000
558,873
692,627
Massachusetts
88.4%
City
of
Worcester
,
GO
,
2020
A
,
3
%
,
2/01/42
................................
1,685,000
1,500,646
Commonwealth
of
Massachusetts
,
GO
,
2017
F
,
5
%
,
11/01/46
...........................................
5,000,000
5,110,066
GO
,
2022
E
,
5
%
,
11/01/49
...........................................
3,000,000
3,148,953
GO
,
2024
A
,
5
%
,
1/01/49
............................................
10,000,000
10,570,408
GO
,
2025
C
,
5
%
,
6/01/53
............................................
3,500,000
3,690,111
GO
,
A
,
5.25
%
,
4/01/42
..............................................
5,000,000
5,117,526
Revenue
,
2005
,
Refunding
,
AG,
NATL
Insured
,
5.5
%
,
1/01/34
................
11,900,000
14,138,771
Transportation
Fund
,
Revenue
,
2016
B
,
4
%
,
6/01/45
.......................
5,000,000
5,000,036
Transportation
Fund
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/43
...............
4,805,000
4,963,049
Transportation
Fund
,
Revenue
,
2018
A
,
5
%
,
6/01/48
.......................
15,000,000
15,313,151
Transportation
Fund
,
Revenue
,
2023
A
,
5
%
,
6/01/53
.......................
5,000,000
5,221,452
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2025
B
,
5.25
%
,
7/01/55
.............................
5,000,000
5,374,267
Sales
Tax
,
Revenue
,
A-1
,
Refunding
,
5.25
%
,
7/01/30
.......................
4,000,000
4,543,384
Sales
Tax
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
5
%
,
7/01/48
.............
3,395,000
3,619,400
Massachusetts
Development
Finance
Agency
,
Bentley
University
,
Revenue
,
2025
,
5
%
,
7/01/55
...........................
2,375,000
2,447,638
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2018
J-2
,
5
%
,
7/01/30
......
3,270,000
3,462,099
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
2023
M
,
5
%
,
7/01/34
.......
3,375,000
3,911,320
Beth
Israel
Lahey
Health
Obligated
Group
,
Revenue
,
N
,
Refunding
,
5.25
%
,
7/01/45
8,830,000
9,633,925
Boston
Medical
Center
Corp.
Obligated
Group
,
Revenue
,
2023
G
,
Refunding
,
5.25
%
,
7/01/48
........................................................
4,315,000
4,399,783
Boston
Medical
Center
Corp.
Obligated
Group
,
Revenue
,
2023
G
,
Refunding
,
5.25
%
,
7/01/52
........................................................
1,270,000
1,268,213
Brandeis
University
,
Revenue
,
2019
S-1
,
Refunding
,
5
%
,
10/01/39
.............
2,660,000
2,810,754
Broad
Institute,
Inc.
(The)
,
Revenue
,
2017
,
Refunding
,
4
%
,
4/01/41
............
5,000,000
5,013,886
Dana-Farber
Cancer
Institute
Obligated
Group
,
Revenue
,
2016
N
,
5
%
,
12/01/46
..
6,890,000
6,928,508
Emerson
College
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
1/01/45
................
1,200,000
1,237,800
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
C
,
4
%
,
11/01/46
.......................................................
1,250,000
1,175,779
Lasell
Village,
Inc.
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
7/01/50
...............
1,250,000
1,278,831
Lasell
Village,
Inc.
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
7/01/55
...............
1,500,000
1,525,071
Lifespan
Corp.
Obligated
Group
,
Revenue
,
2025
A
,
5.5
%
,
8/15/50
.............
6,000,000
6,327,359
Loomis
Obligated
Group
,
Revenue
,
2021
,
4
%
,
1/01/41
......................
435,000
435,373
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
177
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
(continued)
Loomis
Obligated
Group
,
Revenue
,
2021
,
4
%
,
1/01/51
......................
$
300,000
$
263,213
b
Loomis
Obligated
Group
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
1/01/41
........
485,000
485,416
b
Loomis
Obligated
Group
,
Revenue
,
144A,
2022
,
Refunding
,
4
%
,
1/01/51
........
520,000
456,236
Mass
General
Brigham,
Inc.
,
Revenue
,
2017
S-1
,
Refunding
,
4
%
,
7/01/41
.......
4,000,000
4,001,418
Mass
General
Brigham,
Inc.
,
Revenue
,
2024
D
,
Refunding
,
5
%
,
7/01/54
.........
1,500,000
1,554,010
Mass
General
Brigham,
Inc.
,
Revenue
,
2026
F
,
5
%
,
7/01/46
..................
1,000,000
1,079,580
Merrimack
College
,
Revenue
,
2021
B
,
4
%
,
7/01/50
........................
3,650,000
3,011,473
Merrimack
College
,
Revenue
,
2022
,
5
%
,
7/01/52
..........................
1,000,000
972,903
b
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5
%
,
11/15/38
.......................................................
3,000,000
3,092,944
b
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
144A,
2018
,
5.125
%
,
11/15/46
.......................................................
5,000,000
5,078,136
Northeastern
University
,
Revenue
,
2022
,
Refunding
,
5
%
,
10/01/44
.............
2,375,000
2,564,282
President
&
Trustees
of
Williams
College
,
Revenue
,
2017
S
,
4
%
,
7/01/46
........
3,000,000
2,943,629
President
and
Fellows
of
Harvard
College
,
Revenue
,
2024
B
,
5
%
,
2/15/34
.......
3,000,000
3,582,776
d,e
President
and
Fellows
of
Harvard
College
,
Revenue
,
2025
A-2
,
Mandatory
Put
,
5
%
,
11/15/35
.......................................................
3,000,000
3,640,271
PRG
Medford
Properties,
Inc.
,
Revenue
,
2025
,
5.25
%
,
6/01/55
...............
1,000,000
1,047,807
Provident
Commonwealth
Education
Resources,
Inc.
,
Revenue
,
2016
,
5
%
,
10/01/41
1,000,000
1,002,587
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/39
.
750,000
758,087
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/41
.
500,000
499,219
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/48
.
1,750,000
1,556,892
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
6
%
,
9/01/50
.
250,000
272,800
Seven
Hills
Foundation
Obligated
Group
,
Revenue
,
2025
,
Refunding
,
6
%
,
9/01/55
.
500,000
542,376
Simmons
University
,
Revenue
,
2023
N
,
Refunding
,
5
%
,
10/01/43
..............
1,750,000
1,578,902
Southcoast
Health
System
Obligated
Group
,
Revenue
,
2021
G
,
Refunding
,
4
%
,
7/01/46
........................................................
3,000,000
2,622,558
Southcoast
Health
System
Obligated
Group
,
Revenue
,
2021
G
,
Refunding
,
5
%
,
7/01/50
........................................................
4,040,000
4,051,779
Springfield
College
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
6/01/50
................
1,195,000
945,015
Suffolk
University
,
Revenue
,
2021
,
4
%
,
7/01/46
...........................
2,000,000
1,762,376
Suffolk
University
,
Revenue
,
2021
,
AG
Insured
,
4
%
,
7/01/51
..................
5,000,000
4,443,757
d,e
Trustees
of
Amherst
College
,
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
11/01/35
....
1,250,000
1,512,320
Trustees
of
Boston
College
,
Revenue
,
2017
T
,
Refunding
,
5
%
,
7/01/42
..........
3,750,000
3,823,228
Trustees
of
Boston
College
,
Revenue
,
2025
W
,
Refunding
,
5
%
,
7/01/55
.........
3,000,000
3,141,451
Trustees
of
Boston
University
,
Revenue
,
2025
B-2
,
Refunding
,
5
%
,
10/01/48
.....
5,000,000
5,327,912
Trustees
of
Boston
University
,
Revenue
,
BB-1
,
4
%
,
10/01/46
.................
5,000,000
4,929,635
UMass
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2025
N-1
,
Refunding
,
5.25
%
,
7/01/50
..................................................
6,500,000
6,714,681
Wellesley
College
,
Revenue
,
2018
L
,
Refunding
,
4
%
,
7/01/44
.................
4,000,000
4,005,704
WGBH
Educational
Foundation
,
Revenue
,
2002
A
,
AMBAC
Insured
,
5.75
%
,
1/01/42
5,100,000
6,151,449
Wheaton
College
,
Revenue
,
2021
I
,
5
%
,
1/01/53
..........................
3,000,000
2,858,662
Woods
Hole
Oceanographic
Institution
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/35
..
1,200,000
1,261,769
Woods
Hole
Oceanographic
Institution
,
Revenue
,
2018
,
Refunding
,
5
%
,
6/01/36
..
1,000,000
1,049,041
Worcester
Polytechnic
Institute
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/42
........
1,090,000
1,109,634
Massachusetts
Educational
Financing
Authority
,
Revenue
,
2021
C
,
3
%
,
7/01/51
........................................
3,000,000
2,062,129
Revenue
,
2025
B
,
5.5
%
,
7/01/55
......................................
1,500,000
1,560,479
Revenue,
Sub.
Lien
,
2017
B
,
Refunding
,
4.25
%
,
7/01/46
....................
2,295,000
2,106,508
Revenue,
Sub.
Lien
,
2023
C
,
5
%
,
7/01/53
...............................
4,375,000
4,322,257
Massachusetts
Health
&
Educational
Facilities
Authority
,
Trustees
of
Boston
College
,
Revenue
,
M-2
,
5.5
%
,
6/01/35
.........................................
8,600,000
10,341,601
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2012
F
,
3.15
%
,
12/01/32
.....................................
105,000
105,016
Revenue
,
2012
F
,
3.45
%
,
12/01/37
.....................................
45,000
44,968
Revenue
,
2024
A-1
,
4.95
%
,
12/01/64
...................................
1,000,000
1,008,377
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
178
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Housing
Finance
Agency,
(continued)
Revenue
,
214
,
GNMA
Insured
,
2.55
%
,
12/01/34
...........................
$
1,000,000
$
925,900
Revenue
,
214
,
GNMA
Insured
,
2.8
%
,
12/01/39
............................
2,860,000
2,565,015
Revenue
,
A
,
3.5
%
,
12/01/31
..........................................
5,805,000
5,806,679
Massachusetts
Port
Authority
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/39
...............................
610,000
640,250
Revenue
,
2019
C
,
5
%
,
7/01/33
........................................
4,430,000
4,738,072
Revenue
,
2019
C
,
5
%
,
7/01/44
........................................
1,205,000
1,241,045
Revenue
,
2021
B
,
Refunding
,
5
%
,
7/01/39
...............................
1,175,000
1,265,856
Bosfuel
Corp.
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/35
....................
835,000
887,412
Bosfuel
Corp.
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/36
....................
800,000
847,101
Massachusetts
School
Building
Authority
,
Revenue
,
2025
B
,
Refunding
,
5
%
,
2/15/38
.
500,000
591,673
Massachusetts
Transportation
Trust
Fund
,
Metropolitan
Highway
System
,
Revenue
,
2019
B-1
,
Refunding
,
5
%
,
1/01/37
.....................................
1,015,000
1,085,154
Massachusetts
Water
Resources
Authority
,
Revenue
,
2016
C
,
Pre-Refunded
,
5
%
,
8/01/40
............................
5,000,000
5,062,065
Revenue
,
2018
B
,
5
%
,
8/01/43
........................................
2,525,000
2,637,500
Revenue
,
2024
B
,
5
%
,
8/01/49
........................................
4,000,000
4,248,348
Revenue
,
B
,
Refunding
,
AG
Insured
,
5.25
%
,
8/01/28
.......................
5,490,000
5,917,013
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien
,
2017-1
,
5.25
%
,
11/01/42
........................................................
5,000,000
5,144,773
300,018,678
New
Jersey
0.3%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/32
..........................................
1,000,000
1,070,395
South
Carolina
0.3%
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
922,397
Texas
0.3%
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
1,400,000
1,078,732
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
800,000
713,295
Wisconsin
1.7%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
580,000
620,108
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
800,000
671,935
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
5,060,000
2,544,690
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
1,200,000
806,476
b
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,000,000
1,009,709
5,652,918
U.S.
Territories
1.4%
Guam
0.2%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/39
600,000
661,363
Puerto
Rico
1.2%
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/31
..
440,000
479,189
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/39
..
200,000
194,332
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Massachusetts
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
179
See
Abbreviations
on
page
348
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
$
3,660,000
$
3,592,395
4,265,916
Total
U.S.
Territories
....................................................................
4,927,279
Total
Municipal
Bonds
(Cost
$
318,956,697
)
.....................................
319,018,776
Total
Long
Term
Investments
(Cost
$
319,856,697
)
...............................
319,971,275
a
a
a
a
a
Short
Term
Investments
3.3%
Municipal
Bonds
3.3%
Massachusetts
3.3%
f
Massachusetts
Development
Finance
Agency
,
Children's
Hospital
Corp.
Obligated
Group
(The)
,
Revenue
,
2024
U-1
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
1.9
%
,
3/01/48
.................................................
4,000,000
4,000,000
f
Massachusetts
Health
&
Educational
Facilities
Authority
,
Massachusetts
Institute
of
Technology
,
Revenue
,
2001
J-2
,
Daily
VRDN
and
Put
,
1.45
%
,
7/01/31
..........
7,300,000
7,300,000
11,300,000
Total
Municipal
Bonds
(Cost
$
11,300,000
)
......................................
11,300,000
Total
Short
Term
Investments
(Cost
$
11,300,000
)
................................
11,300,000
a
Total
Investments
(Cost
$
331,156,697
)
97.6
%
...................................
$331,271,275
Other
Assets,
less
Liabilities
2.4
%
.............................................
8,179,376
Net
Assets
100.0%
...........................................................
$339,450,651
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$17,246,577,
representing
5.1%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
e
The
maturity
date
shown
represents
the
mandatory
put
date.
f
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Michigan
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
180
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.52
$10.53
$10.30
$11.43
$11.84
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.34
0.31
0.31
0.29
0.26
Net
realized
and
unrealized
gains
(losses)
...........
0.05
(0.01)
0.23
(1.14)
(0.41)
Total
from
investment
operations
....................
0.39
0.30
0.54
(0.85)
(0.15)
Less
distributions
from:
Net
investment
income
..........................
(0.33)
(0.31)
(0.31)
(0.28)
(0.26)
Net
asset
value,
end
of
year
.......................
$10.58
$10.52
$10.53
$10.30
$11.43
Total
return
d
...................................
3.80%
2.94%
5.35%
(7.43)%
(1.35)%
Ratios
to
average
net
assets
Expenses
.....................................
0.84%
e
0.83%
f
0.83%
f
0.83%
f
0.83%
f
Net
investment
income
...........................
3.25%
2.99%
3.05%
2.71%
2.16%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$121,156
$128,058
$125,673
$120,384
$134,390
Portfolio
turnover
rate
............................
14.13%
12.42%
8.99%
27.70%
22.05%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
181
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.51
$10.52
$10.29
$11.42
$11.82
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.35
0.33
0.33
0.30
0.28
Net
realized
and
unrealized
gains
(losses)
...........
0.05
(0.01)
0.23
(1.13)
(0.40)
Total
from
investment
operations
....................
0.40
0.32
0.56
(0.83)
(0.12)
Less
distributions
from:
Net
investment
income
..........................
(0.34)
(0.33)
(0.33)
(0.30)
(0.28)
Net
asset
value,
end
of
year
.......................
$10.57
$10.51
$10.52
$10.29
$11.42
Total
return
d
...................................
3.96%
3.10%
5.52%
(7.29)%
(1.12)%
Ratios
to
average
net
assets
Expenses
.....................................
0.70%
e
0.68%
f
0.68%
f
0.68%
f
0.68%
f
Net
investment
income
...........................
3.40%
3.14%
3.19%
2.85%
2.32%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$380,464
$420,060
$461,520
$497,643
$628,769
Portfolio
turnover
rate
............................
14.13%
12.42%
8.99%
27.70%
22.05%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
182
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.68
$10.69
$10.46
$11.61
$12.02
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.29
0.27
0.27
0.24
0.21
Net
realized
and
unrealized
gains
(losses)
...........
0.05
(0.01)
0.23
(1.15)
(0.41)
Total
from
investment
operations
....................
0.34
0.26
0.50
(0.91)
(0.20)
Less
distributions
from:
Net
investment
income
..........................
(0.28)
(0.27)
(0.27)
(0.24)
(0.21)
Net
asset
value,
end
of
year
.......................
$10.74
$10.68
$10.69
$10.46
$11.61
Total
return
d
...................................
3.33%
2.48%
4.85%
(7.86)%
(1.73)%
Ratios
to
average
net
assets
Expenses
.....................................
1.24%
e
1.22%
f
1.22%
f
1.22%
f
1.22%
f
Net
investment
income
...........................
2.79%
2.54%
2.56%
2.25%
1.73%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$12,718
$15,568
$21,272
$30,730
$43,148
Portfolio
turnover
rate
............................
14.13%
12.42%
8.99%
27.70%
22.05%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
183
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.55
$10.56
$10.33
$11.46
$11.87
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.37
0.34
0.34
0.32
0.29
Net
realized
and
unrealized
gains
(losses)
...........
0.05
(0.01)
0.23
(1.14)
(0.41)
Total
from
investment
operations
....................
0.42
0.33
0.57
(0.82)
(0.12)
Less
distributions
from:
Net
investment
income
..........................
(0.36)
(0.34)
(0.34)
(0.31)
(0.29)
Net
asset
value,
end
of
year
.......................
$10.61
$10.55
$10.56
$10.33
$11.46
Total
return
....................................
4.09%
3.22%
5.64%
(7.14)%
(1.06)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.55%
0.55%
0.55%
0.55%
0.55%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.55%
d
0.55%
e
0.55%
e
0.54%
e
0.54%
e
Net
investment
income
...........................
3.55%
3.26%
3.33%
2.99%
2.44%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$22,918
$11,617
$14,947
$9,690
$11,255
Portfolio
turnover
rate
............................
14.13%
12.42%
8.99%
27.70%
22.05%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
184
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.54
$10.55
$10.32
$11.46
$11.86
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.36
0.34
0.34
0.31
0.29
Net
realized
and
unrealized
gains
(losses)
...........
0.06
(0.01)
0.23
(1.14)
(0.40)
Total
from
investment
operations
....................
0.42
0.33
0.57
(0.83)
(0.11)
Less
distributions
from:
Net
investment
income
..........................
(0.35)
(0.34)
(0.34)
(0.31)
(0.29)
Net
asset
value,
end
of
year
.......................
$10.61
$10.54
$10.55
$10.32
$11.46
Total
return
....................................
4.15%
3.20%
5.61%
(7.26)%
(1.01)%
Ratios
to
average
net
assets
Expenses
.....................................
0.59%
d
0.58%
e
0.58%
e
0.58%
e
0.58%
e
Net
investment
income
...........................
3.50%
3.24%
3.27%
2.95%
2.41%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$126,997
$114,791
$67,780
$80,068
$107,625
Portfolio
turnover
rate
............................
14.13%
12.42%
8.99%
27.70%
22.05%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Michigan
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
185
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,800,000
$
1,904,997
Total
Corporate
Bonds
(Cost
$
1,800,000
)
.......................................
1,904,997
Municipal
Bonds
97.3%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,650,000
2,232,965
Florida
1.6%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
5,256,000
4,840,973
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
900,000
639,360
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
5,920,000
5,071,117
10,551,450
Georgia
0.4%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
280,000
299,608
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
4,415,000
2,212,939
2,512,547
Illinois
0.3%
State
of
Illinois
,
GO
,
2024
C
,
4
%
,
10/01/39
................................
1,860,000
1,871,673
Michigan
86.7%
Allegan
Public
School
District
,
GO
,
2025
III
,
5
%
,
5/01/50
......................
5,310,000
5,578,236
Alma
Public
Schools
,
GO
,
2025
I
,
5.25
%
,
5/01/55
...........................
2,000,000
2,122,578
Bangor
Township
School
District
,
GO
,
2023
,
5
%
,
5/01/53
......................
2,000,000
2,092,676
Battle
Creek
School
District
,
GO
,
2022
,
4
%
,
5/01/45
.........................
3,000,000
3,001,622
Belding
Area
Schools
,
GO
,
2022
,
4.25
%
,
5/01/52
...........................
7,330,000
7,113,645
Byron
Center
Public
Schools
,
GO
,
2017
I
,
5
%
,
5/01/34
.............................................
1,000,000
1,028,473
GO
,
2017
I
,
5
%
,
5/01/35
.............................................
1,920,000
1,972,584
GO
,
2017
I
,
5
%
,
5/01/36
.............................................
650,000
667,048
GO
,
2017
I
,
5
%
,
5/01/37
.............................................
1,480,000
1,515,888
GO
,
2017
I
,
5
%
,
5/01/38
.............................................
1,330,000
1,361,650
GO
,
2017
I
,
5
%
,
5/01/47
.............................................
6,730,000
6,797,011
Caledonia
Community
Schools
,
GO
,
2023
I
,
5
%
,
5/01/53
.............................................
2,000,000
2,077,645
GO
,
2025
II
,
5
%
,
5/01/50
............................................
1,605,000
1,686,077
GO
,
2025
II
,
5
%
,
5/01/53
............................................
1,000,000
1,044,666
GO
,
2025
II
,
5
%
,
5/01/55
............................................
1,215,000
1,266,793
Central
Michigan
University
,
Revenue
,
2021
,
Refunding
,
3
%
,
10/01/46
...........
1,325,000
1,059,230
Charter
Township
of
Bloomfield
,
GO
,
2016
,
Refunding
,
5
%
,
5/01/32
..............
1,000,000
1,004,242
Charter
Township
of
White
Lake
,
GO
,
2025
,
5
%
,
3/01/45
.............................................
700,000
759,781
GO
,
2025
,
4.5
%
,
3/01/49
............................................
2,850,000
2,850,175
GO
,
2025
,
4.625
%
,
3/01/54
..........................................
2,750,000
2,766,119
City
of
Albion
,
Water
Supply
System
,
Revenue
,
2025
,
BAM
Insured
,
5
%
,
4/01/55
....
1,750,000
1,831,929
City
of
Battle
Creek
,
Water
&
Wastewater
System
,
Revenue
,
2016
A
,
5
%
,
6/01/36
...
1,300,000
1,304,860
City
of
Detroit
,
Great
Lakes
Water
Authority
Water
Supply
System
,
Revenue,
Second
Lien
,
2003
B
,
NATL
Insured
,
5
%
,
7/01/34
.........................................
25,000
25,057
Great
Lakes
Water
Authority
Water
Supply
System
,
Revenue,
Senior
Lien
,
06
A
,
AG
Insured
,
5
%
,
7/01/34
..............................................
30,000
30,041
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
186
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
City
of
Grand
Rapids
,
GO
,
2024
,
5
%
,
10/01/44
.............................................
$
1,645,000
$
1,798,772
GO
,
2024
,
5
%
,
10/01/49
.............................................
1,150,000
1,216,803
GO
,
2024
,
5
%
,
10/01/54
.............................................
1,700,000
1,773,073
GO
,
2025
,
5
%
,
4/01/55
.............................................
3,000,000
3,129,285
Sanitary
Sewer
System
,
Revenue
,
2018
,
5
%
,
1/01/37
.......................
1,040,000
1,080,964
Sanitary
Sewer
System
,
Revenue
,
2018
,
5
%
,
1/01/43
.......................
1,000,000
1,025,495
Sanitary
Sewer
System
,
Revenue
,
2020
,
Refunding
,
5
%
,
1/01/45
..............
2,000,000
2,088,034
Water
Supply
System
,
Revenue
,
2018
,
Refunding
,
5
%
,
1/01/43
...............
1,500,000
1,538,243
Water
Supply
System
,
Revenue
,
2020
,
5
%
,
1/01/40
........................
2,400,000
2,558,409
Water
Supply
System
,
Revenue
,
2020
,
5
%
,
1/01/50
........................
3,000,000
3,095,896
City
of
Lansing
,
GO
,
2023
,
AG
Insured
,
4.25
%
,
6/01/53
..................................
2,225,000
2,154,174
GO
,
2023
B
,
Refunding
,
AG
Insured
,
5
%
,
6/01/48
..........................
9,980,000
10,469,096
Comstock
Park
Public
Schools
,
GO
,
2025
II
,
5
%
,
11/01/53
....................
5,395,000
5,631,837
Comstock
Public
Schools
,
GO
,
2022
I
,
4
%
,
5/01/52
..........................
3,000,000
2,791,708
County
of
Genesee
,
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AG
Insured
,
5
%
,
11/01/37
.........
835,000
970,057
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AG
Insured
,
5
%
,
11/01/38
.........
700,000
805,737
Water
Supply
System
,
GO
,
2024
,
Refunding
,
AG
Insured
,
5
%
,
11/01/39
.........
1,150,000
1,313,201
County
of
Kent
,
GO
,
2016
,
5
%
,
6/01/32
.............................................
1,305,000
1,313,628
GO
,
2016
,
5
%
,
6/01/33
.............................................
1,275,000
1,282,983
County
of
Muskegon
,
GO
,
2015
,
Refunding
,
5
%
,
11/01/33
.....................
1,360,000
1,361,547
Crestwood
School
District
,
GO
,
2025
I
,
5
%
,
5/01/55
.........................
3,000,000
3,118,712
Detroit
City
School
District
,
GO
,
2001
A
,
AG
Insured
,
6
%
,
5/01/29
...............
6,590,000
7,043,727
DeWitt
Public
Schools
,
GO
,
2017
,
5
%
,
5/01/30
.............................................
500,000
516,197
GO
,
2017
,
5
%
,
5/01/34
.............................................
1,000,000
1,027,193
GO
,
2017
,
5
%
,
5/01/35
.............................................
1,000,000
1,026,690
GO
,
2017
,
5
%
,
5/01/36
.............................................
1,000,000
1,025,531
Dexter
Community
Schools
,
GO
,
2025
,
4.5
%
,
5/01/55
........................
3,000,000
2,971,617
Downriver
Utility
Wastewater
Authority
,
Revenue
,
2018
,
Refunding
,
AG
Insured
,
5
%
,
4/01/34
.......................
510,000
537,477
Revenue
,
2018
,
Refunding
,
AG
Insured
,
5
%
,
4/01/36
.......................
1,600,000
1,681,493
Revenue
,
2018
,
Refunding
,
AG
Insured
,
5
%
,
4/01/38
.......................
1,500,000
1,570,103
Revenue
,
2018
,
Refunding
,
AG
Insured
,
5
%
,
4/01/43
.......................
3,000,000
3,085,460
East
Grand
Rapids
Public
School
District
,
GO
,
2024
I
,
5
%
,
5/01/53
..............
700,000
732,307
East
Lansing
School
District
,
GO
,
2017
I
,
5
%
,
5/01/35
.............................................
1,500,000
1,537,772
GO
,
2017
I
,
5
%
,
5/01/37
.............................................
1,100,000
1,124,638
GO
,
2017
I
,
5
%
,
5/01/42
.............................................
2,500,000
2,541,808
Eastern
Michigan
University
,
Revenue
,
2025
,
Refunding
,
BAM
Insured
,
5.25
%
,
3/01/50
2,000,000
2,118,692
Farmington
Public
School
District
,
GO
,
2018
,
BAM
Insured
,
4.5
%
,
5/01/38
.........
7,225,000
7,415,359
Ferris
State
University
,
Revenue
,
2025
A
,
Refunding
,
AG
Insured
,
5
%
,
10/01/49
....
1,800,000
1,906,492
Fitzgerald
Public
School
District
,
GO
,
2026
,
5
%
,
5/01/50
......................
1,000,000
1,058,303
Flat
Rock
Community
School
District
,
GO
,
2022
I
,
4.5
%
,
5/01/52
................
2,100,000
2,107,564
Four
Lakes
Special
Assessment
District
,
Special
Assessment
,
2025
,
AG
Insured
,
5
%
,
6/01/55
.........................................................
1,500,000
1,545,708
Gerald
R
Ford
International
Airport
Authority
,
Revenue
,
2021
,
5
%
,
1/01/46
.........
2,000,000
2,068,100
Grand
Traverse
County
Hospital
Finance
Authority
,
Munson
Healthcare
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
7/01/44
...........
1,110,000
1,134,065
Munson
Healthcare
Obligated
Group
,
Revenue
,
2019
B
,
5
%
,
7/01/39
...........
1,625,000
1,684,148
Munson
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
7/01/51
....
10,000,000
7,263,410
Grand
Valley
State
University
,
Revenue
,
2018
,
5
%
,
12/01/38
........................................
900,000
940,134
Revenue
,
2018
,
5
%
,
12/01/43
........................................
1,800,000
1,855,679
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
187
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Great
Lakes
Water
Authority
,
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2022
B
,
5.5
%
,
7/01/52
.......
$
1,500,000
$
1,592,749
Water
Supply
System
,
Revenue,
Second
Lien
,
2022
B
,
5.5
%
,
7/01/52
..........
5,000,000
5,309,163
Water
Supply
System
,
Revenue,
Senior
Lien
,
2025
C
,
Refunding
,
5.25
%
,
7/01/55
.
1,000,000
1,059,894
Grosse
Ile
Township
School
District
,
GO
,
2025
II
,
Refunding
,
5
%
,
5/01/52
.........
2,000,000
2,091,209
Gull
Lake
Community
School
District
,
GO
,
2018
I
,
5
%
,
5/01/45
.............................................
4,000,000
4,089,721
GO
,
2018
I
,
5
%
,
5/01/48
.............................................
1,000,000
1,017,283
Hemlock
Public
School
District
,
GO
,
2024
III
,
5
%
,
5/01/53
.....................
1,100,000
1,151,539
Holly
Area
School
District
,
GO
,
2025
II
,
5
%
,
5/01/48
............................................
625,000
660,906
GO
,
2025
II
,
5
%
,
5/01/52
............................................
1,000,000
1,045,605
Howell
Public
Schools
,
GO
,
2025
II
,
5
%
,
5/01/45
............................
500,000
540,928
Hudsonville
Public
Schools
,
GO
,
2017
,
Refunding
,
5
%
,
5/01/41
.................
2,500,000
2,552,454
Ingham
County
Building
Authority
,
Community
Mental
Health
Authority
of
Clinton
Eaton
&
Ingham
Counties
,
GO
,
2024
,
BAM
Insured
,
5
%
,
8/01/49
...................
2,540,000
2,660,875
Jenison
Public
Schools
,
GO
,
2024
I
,
5
%
,
5/01/49
...........................
550,000
578,671
Kent
Hospital
Finance
Authority
,
Mary
Free
Bed
Rehabilitation
Hospital
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
4/01/51
..................................
6,010,000
4,391,074
Kentwood
Economic
Development
Corp.
,
Holland
Home
Obligated
Group
,
Revenue
,
2021
,
4
%
,
11/15/45
................
1,655,000
1,463,990
Holland
Home
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
11/15/31
.......
1,725,000
1,775,268
Holland
Home
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
11/15/43
.......
8,820,000
8,161,352
Kentwood
Public
Schools
,
GO
,
2016
,
5
%
,
5/01/44
...........................
2,920,000
2,933,119
L'Anse
Creuse
Public
Schools
,
GO
,
2025
I
,
5
%
,
5/01/49
......................
2,250,000
2,370,068
Lansing
Board
of
Water
&
Light
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
7/01/54
........
9,500,000
9,853,487
Lansing
School
District
,
GO
,
2016
I
,
Refunding
,
5
%
,
5/01/39
....................................
2,125,000
2,134,548
GO
,
2016
I
,
Refunding
,
5
%
,
5/01/40
....................................
2,200,000
2,209,884
Lowell
Area
Schools
,
GO
,
2024
I
,
4.125
%
,
5/01/54
..........................
2,155,000
2,047,904
Ludington
Area
School
District
,
GO
,
2022
II
,
BAM
Insured
,
4
%
,
5/01/51
...........
7,820,000
7,340,385
Macomb
Interceptor
Drain
Drainage
District
,
Special
Assessment
,
2017
A
,
Refunding
,
5
%
,
5/01/42
......................................................
4,000,000
4,073,316
Mattawan
Consolidated
School
District
,
GO
,
2024
I
,
5
%
,
5/01/54
................
1,700,000
1,775,482
Melvindale
Northern
Allen
Park
Public
Schools
,
GO
,
2022
,
AG
Insured
,
4.375
%
,
5/01/47
.................................
1,500,000
1,521,658
GO
,
2024
,
AG
Insured
,
5
%
,
5/01/45
....................................
1,300,000
1,407,339
Michigan
Finance
Authority
,
Albion
College
,
Revenue
,
2022
,
Refunding
,
5
%
,
12/01/36
....................
1,925,000
1,385,081
Albion
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
12/01/46
....................
4,800,000
2,924,165
Albion
College
,
Revenue
,
2022
,
Refunding
,
4
%
,
12/01/51
....................
3,050,000
1,750,494
Bronson
Health
Care
Group
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/54
........................................................
11,000,000
11,058,927
Calvin
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/50
......
895,000
638,981
Calvin
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/50
......
1,600,000
1,359,599
City
of
Inkster
,
Revenue
,
2024
B
,
5
%
,
11/01/42
...........................
1,420,000
1,554,786
City
of
Inkster
,
Revenue
,
2024
B
,
5
%
,
11/01/45
...........................
1,660,000
1,765,652
City
of
Inkster
,
Revenue
,
2024
B
,
5
%
,
11/01/49
...........................
2,635,000
2,751,469
City
of
Inkster
,
Revenue
,
2024
B
,
5
%
,
11/01/54
...........................
3,820,000
3,962,802
Clean
Water
Revolving
Fund
,
Revenue
,
2016
B
,
Refunding
,
4
%
,
10/01/30
.......
2,750,000
2,774,478
Clean
Water
Revolving
Fund
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
10/01/38
.......
8,055,000
8,492,721
Corewell
Health
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
11/01/44
.............
12,000,000
12,008,204
County
of
Wayne
,
GO,
Second
Lien
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
11/01/55
4,000,000
3,674,173
Detroit
Public
Lighting
Authority
Utility
Users
Tax
,
Revenue
,
2025
A
,
Refunding
,
BAM
Insured
,
5
%
,
7/01/44
..............................................
500,000
542,635
Henry
Ford
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/41
.......................................................
7,000,000
7,072,300
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
188
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Finance
Authority,
(continued)
Kalamazoo
College
,
Revenue
,
2018
,
Refunding
,
4
%
,
12/01/47
................
$
2,610,000
$
2,370,244
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/35
.................
400,000
381,148
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/36
.................
565,000
531,202
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/37
.................
640,000
596,400
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/38
.................
675,000
618,795
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/39
.................
645,000
585,733
Kettering
University
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/45
.................
2,780,000
2,261,729
Lawrence
Technological
University
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
2/01/42
........................................................
745,000
666,132
Michigan
Finance
Authority
Clean
Water
Revolving
Fund
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
10/01/39
...........................................
6,000,000
6,317,201
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.5
%
,
2/28/49
............
1,500,000
1,589,472
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
4.375
%
,
2/28/54
..........
1,895,000
1,795,421
Provident
Group
-
HFH
Energy
LLC
,
Revenue
,
2024
,
5.5
%
,
2/28/57
............
1,750,000
1,823,352
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A-2
,
Refunding
,
5
%
,
6/01/40
....
1,000,000
1,041,093
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/49
...
4,170,000
3,647,139
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2016
MI
,
Pre-Refunded
,
5
%
,
12/01/45
.......................................................
290,000
291,899
Trinity
Health
Credit
Group
,
Revenue
,
2016
MI
,
Pre-Refunded
,
5
%
,
12/01/45
.....
110,000
110,720
Trinity
Health
Credit
Group
,
Revenue
,
2016
MI
,
Refunding
,
5
%
,
12/01/45
........
2,100,000
2,105,965
University
of
Detroit
Mercy
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.5
%
,
11/01/48
.......................................................
2,000,000
2,040,384
University
of
Detroit
Mercy
Obligated
Group
,
Revenue
,
2023
,
Refunding
,
5.625
%
,
11/01/52
.......................................................
2,280,000
2,321,769
Michigan
State
Building
Authority
,
State
of
Michigan
,
Revenue
,
2016
I
,
Refunding
,
5
%
,
4/15/41
.................
12,000,000
12,138,138
State
of
Michigan
,
Revenue
,
2016
I
,
Refunding
,
5
%
,
10/15/46
................
9,910,000
9,972,974
State
of
Michigan
,
Revenue
,
2016
I
,
Refunding
,
5
%
,
10/15/51
................
1,000,000
1,004,498
State
of
Michigan
,
Revenue
,
2019
I
,
Refunding
,
4
%
,
4/15/54
.................
2,000,000
1,860,800
State
of
Michigan
,
Revenue
,
2022
I
,
4
%
,
10/15/52
.........................
4,250,000
3,940,215
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group
,
Revenue
,
1999
B-3
,
Pre-Refunded
,
4
%
,
11/15/33
.
5,370,000
5,578,177
Ascension
Health
Credit
Group
,
Revenue
,
2010
F-7
,
Pre-Refunded
,
5
%
,
11/15/47
.
10,000,000
10,193,420
Ascension
Health
Credit
Group
,
Revenue
,
2010
F-8
,
Pre-Refunded
,
5
%
,
11/15/46
.
2,550,000
2,599,322
Corewell
Health
Obligated
Group
,
Revenue
,
2025
A
,
5
%
,
8/15/46
..............
1,000,000
1,059,798
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
B
,
3.1
%
,
12/01/44
.....................................
10,500,000
9,232,585
Revenue
,
2020
A
,
2.8
%
,
12/01/45
.....................................
4,350,000
3,496,612
Revenue
,
2020
A
,
2.85
%
,
6/01/50
.....................................
4,150,000
3,157,911
Revenue
,
2021
A
,
2.7
%
,
10/01/56
.....................................
4,000,000
2,594,442
Revenue
,
2021
A
,
2.73
%
,
10/01/59
....................................
5,000,000
3,174,979
Revenue
,
2022
A
,
4.1
%
,
6/01/43
......................................
5,000,000
5,053,671
Revenue
,
2025
A
,
5
%
,
12/01/55
.......................................
5,000,000
5,074,179
Revenue
,
2025
C
,
5.1
%
,
6/01/56
......................................
3,000,000
3,047,632
Michigan
State
University
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
2/15/55
............
5,000,000
5,266,148
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation
,
Revenue
,
2018
,
5
%
,
6/30/33
....
2,200,000
2,296,611
State
of
Michigan
Department
of
Transportation
,
Revenue
,
2018
,
5
%
,
6/30/48
....
7,000,000
7,005,680
Michigan
Technological
University
,
Revenue
,
2015
A
,
5
%
,
10/01/45
.......................................
2,400,000
2,401,869
Revenue
,
2023
A
,
AG
Insured
,
5
%
,
10/01/47
.............................
3,515,000
3,636,928
Revenue
,
2023
A
,
AG
Insured
,
5.25
%
,
10/01/52
...........................
1,000,000
1,039,780
Revenue
,
2023
C
,
AG
Insured
,
5.25
%
,
10/01/53
...........................
2,000,000
2,105,934
Monroe
Public
Schools
,
GO
,
2020
I
,
5
%
,
5/01/45
............................
2,465,000
2,570,609
Oakland
University
,
Revenue
,
2016
,
5
%
,
3/01/41
.........................................
5,000,000
5,001,444
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
189
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Oakland
University,
(continued)
Revenue
,
2019
,
5
%
,
3/01/50
.........................................
$
2,230,000
$
2,269,941
Okemos
Public
Schools
,
GO
,
2024
II
,
5
%
,
5/01/54
...........................
2,335,000
2,427,282
Plainwell
Community
Schools
,
GO
,
2022
II
,
4
%
,
5/01/52
......................
7,000,000
6,607,041
Portage
Public
Schools
,
GO
,
2025
,
BAM
Insured
,
4.25
%
,
11/01/47
..............
2,000,000
1,974,788
Rochester
Community
School
District
,
GO
,
2016
I
,
5
%
,
5/01/36
.................
2,800,000
2,812,580
Saginaw
Valley
State
University
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/31
...............................
2,170,000
2,188,142
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/33
...............................
1,240,000
1,250,115
Saline
Area
Schools
,
GO
,
2016
,
5
%
,
5/01/36
...............................
2,950,000
2,957,066
South
Redford
School
District
,
GO
,
2024
,
5
%
,
5/01/48
.............................................
500,000
528,304
GO
,
2024
,
5
%
,
5/01/51
.............................................
300,000
314,236
Southfield
Public
Schools
,
GO
,
2025
,
5.25
%
,
5/01/50
...........................................
3,235,000
3,459,062
GO
,
2025
,
5.25
%
,
5/01/55
...........................................
7,250,000
7,694,345
Sparta
Area
Schools
,
GO
,
2019
II
,
5
%
,
5/01/48
.............................
5,750,000
5,856,538
Spring
Lake
Public
Schools
,
GO
,
2025
II
,
5
%
,
5/01/45
........................
750,000
811,393
State
of
Michigan
,
Trunk
Line
,
Revenue
,
2023
,
5.25
%
,
11/15/49
................
2,000,000
2,141,948
Swartz
Creek
Community
Schools
,
GO
,
2025
I
,
5
%
,
5/01/49
...................
3,000,000
3,162,417
Trenton
Public
Schools
School
District
,
GO
,
2018
,
5
%
,
5/01/42
.............................................
4,920,000
5,093,236
GO
,
2018
,
5
%
,
5/01/45
.............................................
11,480,000
11,739,895
Universal
Academy
,
Revenue
,
2021
,
Refunding
,
2
%
,
12/01/26
................................
105,000
103,844
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/31
................................
1,035,000
1,050,627
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/40
................................
1,100,000
1,054,407
University
of
Michigan
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
4/01/46
..............................
2,000,000
2,004,485
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/37
............................
2,700,000
2,781,964
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/42
............................
5,635,000
5,806,061
Revenue
,
2017
A
,
Pre-Refunded
,
5
%
,
4/01/47
............................
5,000,000
5,151,784
Walled
Lake
Consolidated
School
District
,
GO
,
2024
,
5
%
,
5/01/54
...............
1,800,000
1,881,181
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2018
A
,
5
%
,
12/01/43
......
7,750,000
8,047,497
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
A
,
5
%
,
12/01/40
......
3,330,000
3,622,811
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
A
,
5
%
,
12/01/46
......
3,670,000
3,833,222
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2021
B
,
5
%
,
12/01/39
......
1,675,000
1,801,225
Wayne
State
University
,
Revenue
,
2018
A
,
5
%
,
11/15/43
.......................................
4,500,000
4,668,655
Revenue
,
2018
A
,
4
%
,
11/15/48
.......................................
10,000,000
9,343,727
Wayne-Westland
Community
Schools
,
GO
,
2022
,
3
%
,
11/01/44
.................
2,830,000
2,311,140
Western
Michigan
University
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
11/15/44
.........
2,315,000
2,403,850
Western
School
District
,
GO
,
2022
,
5.25
%
,
5/01/52
..........................
2,000,000
2,103,840
Williamston
Community
Schools
School
District
,
GO
,
2024
,
5
%
,
5/01/54
..........
2,000,000
2,105,660
Woodhaven-Brownstown
School
District
,
GO
,
2025
III
,
5
%
,
11/01/51
...........................................
525,000
547,451
GO
,
2025
III
,
5
%
,
5/01/55
............................................
5,500,000
5,738,493
Zeeland
Public
Schools
,
GO
,
2025
III
,
Refunding
,
AG
Insured
,
5
%
,
5/01/45
........
310,000
332,274
576,104,366
New
Jersey
0.1%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2019
BB
,
4
%
,
6/15/50
......................
500,000
465,872
State
of
New
Jersey
,
Revenue
,
2020
AA
,
3
%
,
6/15/50
......................
600,000
458,768
924,640
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
190
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
1.3%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/48
..........
$
9,300,000
$
8,357,563
South
Carolina
0.1%
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
1,000,000
922,397
Texas
0.5%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/39
325,000
281,597
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
3
%
,
9/01/40
300,000
254,812
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,500,000
2,696,831
3,233,240
Washington
0.2%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,800,000
1,604,913
Wisconsin
3.2%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
1,305,000
1,395,242
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,800,000
1,511,854
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
20,050,000
10,083,207
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
12,000,000
8,064,762
21,055,065
U.S.
Territories
2.6%
Guam
0.7%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
1,750,000
1,786,157
Guam
Waterworks
Authority
Water
And
Wastewater
System
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
1/01/46
............................................
1,770,000
1,833,397
Water
and
Wastewater
System
,
Revenue
,
2025
A
,
5.5
%
,
7/01/45
..............
1,000,000
1,084,417
4,703,971
Puerto
Rico
1.9%
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
.....
12,900,000
12,661,718
Total
U.S.
Territories
....................................................................
17,365,689
Total
Municipal
Bonds
(Cost
$
664,233,109
)
.....................................
646,736,508
Total
Long
Term
Investments
(Cost
$
666,033,109
)
...............................
648,641,505
a
a
a
a
a
Short
Term
Investments
1.1%
Municipal
Bonds
1.1%
Michigan
1.1%
d
Grand
Traverse
County
Hospital
Finance
Authority
,
Munson
Healthcare
Obligated
Group
,
Revenue
,
2019
C
,
Refunding
,
LOC
PNC
Bank
NA
,
Daily
VRDN
and
Put
,
1.95
%
,
7/01/41
...................................................
300,000
300,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Michigan
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
191
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Michigan
(continued)
d
Green
Lake
Township
Economic
Development
Corp.
,
Interlochen
Center
for
the
Arts
,
Revenue
,
2004
,
Refunding
,
LOC
PNC
Bank
NA
,
Daily
VRDN
and
Put
,
1.9
%
,
6/01/34
$
6,700,000
$
6,700,000
7,000,000
Total
Municipal
Bonds
(Cost
$
7,000,000
)
.......................................
7,000,000
Total
Short
Term
Investments
(Cost
$
7,000,000
)
.................................
7,000,000
a
Total
Investments
(Cost
$
673,033,109
)
98.7
%
...................................
$655,641,505
Other
Assets,
less
Liabilities
1.3
%
.............................................
8,610,460
Net
Assets
100.0%
...........................................................
$664,251,965
See
Abbreviations
on
page
348
.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$20,511,234,
representing
3.1%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Minnesota
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
192
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.27
$11.24
$11.03
$12.20
$12.62
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.34
0.34
0.32
0.28
0.23
Net
realized
and
unrealized
gains
(losses)
...........
0.17
0.02
0.20
(1.18)
(0.42)
Total
from
investment
operations
....................
0.51
0.36
0.52
(0.90)
(0.19)
Less
distributions
from:
Net
investment
income
..........................
(0.34)
(0.33)
(0.31)
(0.27)
(0.23)
Net
asset
value,
end
of
year
.......................
$11.44
$11.27
$11.24
$11.03
$12.20
Total
return
d
...................................
4.67%
3.29%
4.81%
(7.35)%
(1.59)%
Ratios
to
average
net
assets
Expenses
e
....................................
0.85%
f
0.83%
0.84%
0.84%
0.83%
Net
investment
income
...........................
3.11%
3.00%
2.88%
2.48%
1.79%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$177,539
$179,854
$174,047
$173,008
$193,021
Portfolio
turnover
rate
............................
5.26%
4.25%
20.83%
19.82%
19.81%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
193
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.27
$11.24
$11.02
$12.19
$12.61
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.36
0.35
0.33
0.29
0.25
Net
realized
and
unrealized
gains
(losses)
...........
0.16
0.03
0.22
(1.17)
(0.42)
Total
from
investment
operations
....................
0.52
0.38
0.55
(0.88)
(0.17)
Less
distributions
from:
Net
investment
income
..........................
(0.36)
(0.35)
(0.33)
(0.29)
(0.25)
Net
asset
value,
end
of
year
.......................
$11.43
$11.27
$11.24
$11.02
$12.19
Total
return
d
...................................
4.74%
3.45%
5.06%
(7.21)%
(1.44)%
Ratios
to
average
net
assets
Expenses
e
....................................
0.70%
f
0.68%
0.69%
0.69%
0.69%
Net
investment
income
...........................
3.27%
3.15%
3.03%
2.62%
1.94%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$240,873
$290,503
$328,953
$376,659
$506,601
Portfolio
turnover
rate
............................
5.26%
4.25%
20.83%
19.82%
19.81%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
194
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.40
$11.37
$11.15
$12.33
$12.76
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.30
0.29
0.27
0.23
0.17
Net
realized
and
unrealized
gains
(losses)
...........
0.17
0.03
0.21
(1.18)
(0.43)
Total
from
investment
operations
....................
0.47
0.32
0.48
(0.95)
(0.26)
Less
distributions
from:
Net
investment
income
..........................
(0.30)
(0.29)
(0.26)
(0.23)
(0.17)
Net
asset
value,
end
of
year
.......................
$11.57
$11.40
$11.37
$11.15
$12.33
Total
return
d
...................................
4.11%
2.84%
4.42%
(7.73)%
(2.05)%
Ratios
to
average
net
assets
Expenses
e
....................................
1.25%
f
1.23%
1.23%
1.23%
1.23%
Net
investment
income
...........................
2.68%
2.55%
2.43%
2.03%
1.36%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$21,348
$26,961
$38,418
$52,613
$81,058
Portfolio
turnover
rate
............................
5.26%
4.25%
20.83%
19.82%
19.81%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
195
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.29
$11.26
$11.04
$12.21
$12.64
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.38
0.37
0.35
0.31
0.27
Net
realized
and
unrealized
gains
(losses)
...........
0.15
0.03
0.21
(1.17)
(0.43)
Total
from
investment
operations
....................
0.53
0.40
0.56
(0.86)
(0.16)
Less
distributions
from:
Net
investment
income
..........................
(0.37)
(0.37)
(0.34)
(0.31)
(0.27)
Net
asset
value,
end
of
year
.......................
$11.45
$11.29
$11.26
$11.04
$12.21
Total
return
....................................
4.89%
3.59%
5.20%
(7.06)%
(1.28)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.55%
0.54%
0.54%
0.54%
0.54%
Expenses
net
of
waiver
and
payments
by
affiliates
d
......
0.55%
0.54%
0.54%
0.53%
0.53%
Net
investment
income
...........................
3.41%
3.29%
3.18%
2.77%
2.10%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$21,019
$23,165
$18,009
$11,973
$16,571
Portfolio
turnover
rate
............................
5.26%
4.25%
20.83%
19.82%
19.81%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
196
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.28
$11.25
$11.04
$12.21
$12.63
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.37
0.36
0.34
0.31
0.26
Net
realized
and
unrealized
gains
(losses)
...........
0.17
0.03
0.21
(1.18)
(0.42)
Total
from
investment
operations
....................
0.54
0.39
0.55
(0.87)
(0.16)
Less
distributions
from:
Net
investment
income
..........................
(0.37)
(0.36)
(0.34)
(0.30)
(0.26)
Net
asset
value,
end
of
year
.......................
$11.45
$11.28
$11.25
$11.04
$12.21
Total
return
....................................
4.93%
3.55%
5.07%
(7.11)%
(1.34)%
Ratios
to
average
net
assets
Expenses
d
....................................
0.60%
e
0.58%
0.59%
0.59%
0.58%
Net
investment
income
...........................
3.36%
3.24%
3.12%
2.71%
2.04%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$159,406
$139,196
$148,704
$197,029
$266,255
Portfolio
turnover
rate
............................
5.26%
4.25%
20.83%
19.82%
19.81%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Minnesota
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
197
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
98.9%
Florida
1.2%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
$
6,192,000
$
5,703,064
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,100,000
1,491,839
7,194,903
Minnesota
96.1%
Alexandria
Independent
School
District
No.
206
,
GO
,
2017
A
,
Refunding
,
3
%
,
2/01/37
29,905,000
29,888,481
Anoka-Hennepin
Independent
School
District
No.
11
,
GO
,
2018
A
,
3.25
%
,
2/01/37
..........................................
5,355,000
5,351,713
GO
,
2018
A
,
4
%
,
2/01/39
............................................
8,905,000
8,989,152
GO
,
2018
A
,
3.375
%
,
2/01/43
.........................................
4,020,000
3,753,826
b
Becker
Independent
School
District
No.
726
,
GO
,
2022
A
,
4.17
%,
2/01/41
.........
1,000,000
543,241
Belle
Plaine
Independent
School
District
No.
716
,
GO
,
2025
A
,
5
%
,
2/01/48
............................................
525,000
554,111
GO
,
2025
A
,
5
%
,
2/01/50
............................................
500,000
524,618
GO
,
2025
A
,
5
%
,
2/01/52
............................................
500,000
522,631
Big
Lake
Economic
Development
Authority
,
City
of
Big
Lake
,
Revenue
,
2026
A
,
5
%
,
2/01/52
.........................................................
2,500,000
2,561,823
Brainerd
Independent
School
District
No.
181
,
GO
,
2018
A
,
4
%
,
2/01/43
..........
1,900,000
1,906,391
Breckenridge
Independent
School
District
No.
846
,
GO
,
2026
A
,
Refunding
,
4
%
,
2/01/42
...................................
1,390,000
1,415,156
GO
,
2026
A
,
Refunding
,
4.25
%
,
2/01/50
.................................
1,000,000
991,995
City
of
Center
City
,
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2019
,
Refunding
,
4
%
,
11/01/41
......
1,000,000
1,002,673
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2025
,
Refunding
,
5
%
,
11/01/44
......
1,160,000
1,223,623
Hazelden
Betty
Ford
Foundation
,
Revenue
,
2025
,
Refunding
,
5
%
,
11/01/47
......
1,000,000
1,033,054
City
of
Cold
Spring
,
GO
,
2024
A
,
BAM
Insured
,
4
%
,
2/01/54
...................
1,050,000
972,670
City
of
Coon
Rapids
,
Mississippi
View
Housing
Partners
LP
,
Revenue
,
2023
,
FNMA
Insured
,
5.6
%
,
12/01/39
.............................................
3,713,082
4,301,049
City
of
Corcoran
,
GO
,
2023
A
,
BAM
Insured
,
4
%
,
2/01/53
.....................
3,605,000
3,454,816
City
of
Fridley
,
GO
,
2022
A
,
4
%
,
2/01/36
............................................
350,000
365,735
GO
,
2022
A
,
4
%
,
2/01/37
............................................
735,000
764,456
GO
,
2022
A
,
4
%
,
2/01/38
............................................
800,000
830,881
Fridley
Leased
Housing
Associates
I
LLLP
,
Revenue
,
2018
,
FNMA
Insured
,
3.75
%
,
11/01/34
.......................................................
9,087,095
9,394,418
a
Roers
Fridley
Apartments
Owner
II
LLC
,
Revenue
,
144A,
2023
A
,
5.75
%
,
6/01/41
..
16,000,000
17,005,824
City
of
Minneapolis
,
GO
,
2018
,
4
%
,
12/01/46
.............................................
3,500,000
3,500,447
GO
,
2019
,
3
%
,
12/01/40
.............................................
2,000,000
1,880,322
14th
and
Central
LLLP
,
Revenue
,
2020
,
FNMA
Insured
,
2.35
%
,
2/01/38
.........
7,211,075
6,049,614
Allina
Health
Obligated
Group
,
Revenue
,
2021
,
4
%
,
11/15/40
.................
6,750,000
6,791,134
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/44
.......................................................
11,325,000
11,329,002
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/49
.......................................................
4,535,000
4,516,664
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
AG
Insured
,
5
%
,
11/15/49
...................................................
6,000,000
6,071,717
c
City
of
Mounds
View
,
OAHS
Sibley
TC
LLLP
,
Revenue
,
2024
,
Mandatory
Put
,
3.375
%
,
3/01/28
.........................................................
4,500,000
4,535,076
City
of
Rochester
,
Electric
Utility
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/42
...................
1,395,000
1,414,966
Electric
Utility
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
12/01/47
...................
3,815,000
3,847,861
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/33
....................
9,425,000
11,106,897
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/34
....................
5,235,000
6,235,310
Mayo
Clinic
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/36
....................
8,400,000
10,115,341
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
198
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
City
of
Rochester,
(continued)
Mayo
Clinic
,
Revenue
,
2018
,
4
%
,
11/15/48
...............................
$
4,000,000
$
3,906,543
Mayo
Clinic
,
Revenue
,
2022
,
Refunding
,
3.25
%
,
11/15/41
...................
4,000,000
3,771,109
Mayo
Clinic
,
Revenue
,
2022
,
Refunding
,
5
%
,
11/15/57
......................
1,000,000
1,036,759
Mayo
Clinic
,
Revenue
,
2025
A
,
4.25
%
,
11/15/50
...........................
3,000,000
2,989,230
Mayo
Clinic
,
Revenue
,
2025
A
,
4.375
%
,
11/15/53
..........................
1,750,000
1,750,039
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
5/01/37
........................................................
7,310,000
7,311,349
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
........................................................
10,000,000
10,197,370
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
5
%
,
5/01/54
........................................................
1,000,000
1,032,030
City
of
St.
Paul
,
Water
,
Revenue
,
2023
A
,
4
%
,
12/01/46
.......................
13,340,000
13,258,649
City
of
Virginia
,
GO
,
2024
A
,
4.375
%
,
2/01/34
.........................................
1,000,000
1,042,750
GO
,
2024
A
,
4.5
%
,
2/01/37
...........................................
1,605,000
1,660,145
GO
,
2024
A
,
5
%
,
2/01/41
............................................
825,000
871,420
GO
,
2025
A
,
5.625
%
,
2/01/44
.........................................
1,035,000
1,071,276
GO
,
2025
A
,
5.75
%
,
2/01/47
..........................................
1,225,000
1,251,839
City
of
Wadena
,
Astera
Health
,
Revenue
,
2024
A
,
5
%
,
12/01/45
.................
1,900,000
1,993,133
County
of
Norman
,
GO
,
2022
A
,
3.25
%
,
2/01/52
............................
3,115,000
2,422,760
County
of
Rice
,
GO
,
2022
A
,
4
%
,
2/01/48
.................................
5,200,000
5,116,357
Dakota
County
Community
Development
Agency
,
Revenue
,
2011
A
,
GNMA
Insured
,
4.875
%
,
12/01/33
.......................
330,000
330,129
Roers
Burnsville
Affordable
Apartments
Owner
LLC
,
Revenue
,
2024
,
FNMA
Insured
,
4.2
%
,
5/01/43
...................................................
1,000,000
1,009,315
Dawson-Boyd
Independent
School
District
No.
378
,
GO
,
2019
A
,
3.125
%
,
2/01/40
...
2,965,000
2,854,896
Duluth
Economic
Development
Authority
,
Essentia
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
2/15/53
.....
15,830,000
15,910,999
Essentia
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
2/15/53
...
13,105,000
13,220,319
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/38
........................................................
150,000
155,048
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
6/15/39
........................................................
155,000
159,232
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
6/15/44
........................................................
850,000
740,357
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/30
........................................................
425,000
470,653
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/32
........................................................
500,000
571,152
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/15/33
........................................................
600,000
684,839
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/34
........................................................
520,000
555,009
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/35
........................................................
425,000
450,887
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/36
........................................................
400,000
421,867
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/37
........................................................
375,000
392,928
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/38
........................................................
400,000
415,668
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/39
........................................................
250,000
259,032
St.
Luke's
Hospital
of
Duluth
Obligated
Group
,
Revenue
,
2022
B
,
5.25
%
,
6/15/52
..
8,000,000
8,301,239
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
199
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
b
Duluth
Independent
School
District
No.
709
,
GO
,
2021
C
,
3.12
%,
2/01/30
.........................................
$
1,275,000
$
1,130,178
GO
,
2021
C
,
3.2
%,
2/01/31
..........................................
1,325,000
1,134,713
GO
,
2021
C
,
3.28
%,
2/01/32
.........................................
1,080,000
892,127
GO
,
2021
C
,
3.39
%,
2/01/33
.........................................
1,075,000
853,380
Forest
Lake
Independent
School
District
No.
831
,
GO
,
2023
A
,
4
%
,
2/01/37
........
2,000,000
2,101,579
Gibbon
Independent
School
District
No.
2365
,
GO
,
2023
A
,
5
%
,
2/01/48
............................................
1,850,000
1,928,338
GO
,
2023
A
,
4.125
%
,
2/01/52
.........................................
2,250,000
2,238,220
b
Hastings
Independent
School
District
No.
200
,
GO
,
2018
A
,
3.87
%,
2/01/38
..........................................
4,685,000
2,979,876
GO
,
2018
A
,
3.91
%,
2/01/39
..........................................
4,685,000
2,854,653
GO
,
2018
A
,
3.94
%,
2/01/40
..........................................
4,685,000
2,734,138
Hennepin
County
Regional
Railroad
Authority
,
County
of
Hennepin
,
GO
,
2019
A
,
5
%
,
12/01/37
...........................
1,000,000
1,060,483
County
of
Hennepin
,
GO
,
2019
A
,
5
%
,
12/01/38
...........................
3,965,000
4,194,250
Hopkins
Independent
School
District
No.
270
,
GO
,
2019
A
,
3
%
,
2/01/34
..........
2,450,000
2,451,814
Jordan
Independent
School
District
No.
717
,
GO
,
2023
A
,
4
%
,
2/01/42
...........
1,300,000
1,324,900
Mankato
Independent
School
District
No.
77
,
COP
,
2022
A
,
3
%
,
2/01/42
..........
2,730,000
2,428,094
Metropolitan
Council
,
GO
,
2020
B
,
2.125
%
,
3/01/36
.........................................
3,500,000
3,123,011
GO
,
2020
B
,
2.125
%
,
3/01/38
.........................................
4,000,000
3,408,834
GO
,
2022
C
,
4
%
,
3/01/40
............................................
3,275,000
3,409,455
GO
,
2022
C
,
4
%
,
3/01/41
............................................
3,410,000
3,528,574
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
,
Revenue
,
2022
A
,
Refunding
,
4.25
%
,
1/01/52
.............................
2,990,000
2,889,928
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/35
..............................
4,025,000
4,104,728
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/41
..............................
20,730,000
21,026,775
Revenue,
Senior
Lien
,
2016
C
,
5
%
,
1/01/46
..............................
14,475,000
14,588,734
Minnesota
Agricultural
&
Economic
Development
Board
,
HealthPartners
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
1/01/54
.................................
6,000,000
6,244,499
Minnesota
Health
&
Education
Facilities
Authority
,
Macalester
College
,
Revenue
,
2017
,
Refunding
,
3
%
,
3/01/33
.................
1,510,000
1,506,745
Macalester
College
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/36
.................
125,000
131,221
Macalester
College
,
Revenue
,
2026
,
Refunding
,
5.25
%
,
3/01/56
...............
1,000,000
1,063,120
St.
Catherine
University
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
10/01/45
...........
2,075,000
2,073,101
St.
Catherine
University
,
Revenue
,
2023
,
5
%
,
10/01/43
.....................
600,000
607,157
St.
Catherine
University
,
Revenue
,
2023
,
5.125
%
,
10/01/48
..................
750,000
742,913
St.
Catherine
University
,
Revenue
,
2023
,
5
%
,
10/01/52
.....................
3,000,000
2,860,260
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/32
...............
255,000
267,194
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/33
...............
240,000
250,689
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/34
...............
355,000
369,447
St.
John's
University
,
Revenue
,
2021
,
Refunding
,
3
%
,
10/01/38
...............
250,000
237,147
St.
Olaf
College
,
Revenue
,
2021
,
3
%
,
10/01/41
...........................
1,000,000
911,518
University
of
St.
Thomas
,
Revenue
,
2017
A
,
Refunding
,
4
%
,
10/01/36
..........
750,000
760,657
University
of
St.
Thomas
,
Revenue
,
2022
A
,
5
%
,
10/01/52
...................
10,000,000
10,179,373
Minnesota
Higher
Education
Facilities
Authority
,
University
of
St.
Thomas
,
Revenue
,
2024
A
,
5
%
,
10/01/49
...............................................
4,000,000
4,126,302
Minnesota
Housing
Finance
Agency
,
Revenue
,
2020
E
,
GNMA
Insured
,
2.5
%
,
7/01/40
..........................
1,840,000
1,530,391
Revenue
,
2021
B
,
GNMA
Insured
,
2.1
%
,
7/01/36
..........................
950,000
818,571
Revenue
,
2021
H
,
GNMA
Insured
,
2.55
%
,
1/01/46
.........................
3,950,000
3,001,175
Revenue
,
2022
A
,
GNMA
Insured
,
2.75
%
,
7/01/42
.........................
2,660,000
2,254,086
Revenue
,
2023
D
,
GNMA
Insured
,
4.5
%
,
7/01/43
..........................
930,000
943,187
Revenue
,
2023
D
,
GNMA
Insured
,
4.6
%
,
7/01/45
..........................
930,000
943,724
d
Revenue
,
2026
A
,
GNMA
Insured
,
4.6
%
,
1/01/47
..........................
2,000,000
2,027,076
State
of
Minnesota
,
Revenue
,
2009
,
4
%
,
8/01/29
..........................
1,365,000
1,366,343
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
200
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
Minnesota
Housing
Finance
Agency,
(continued)
State
of
Minnesota
,
Revenue
,
2011
,
5
%
,
8/01/31
..........................
$
2,225,000
$
2,230,019
State
of
Minnesota
,
Revenue
,
2020
D
,
4
%
,
8/01/42
........................
1,815,000
1,844,668
c
Minnesota
Municipal
Gas
Agency
,
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/27
..
11,550,000
11,810,278
Minnesota
Office
of
Higher
Education
,
Revenue,
Senior
Lien
,
2023
,
Refunding
,
4
%
,
11/01/42
........................................................
2,250,000
2,230,462
b
Minnetonka
Independent
School
District
No.
276
,
GO
,
2026
A
,
4.81
%,
2/01/52
..........................................
4,750,000
1,405,918
GO
,
2026
A
,
4.82
%,
2/01/53
..........................................
6,310,000
1,774,936
Moorhead
Independent
School
District
No.
152
,
GO
,
2020
A
,
2.5
%
,
2/01/37
.......
3,795,000
3,451,895
Nashwauk
Keewatin
Independent
School
District
No.
319
,
GO
,
2022
A
,
Refunding
,
4
%
,
2/01/48
.........................................................
4,000,000
3,981,450
b
Nicollet
Independent
School
District
No.
507
,
GO
,
2026
A
,
4.91
%,
2/01/45
..........................................
250,000
100,902
GO
,
2026
A
,
5.16
%,
2/01/47
..........................................
175,000
61,051
North
St.
Paul-Maplewood-Oakdale
Independent
School
District
No.
622
,
GO
,
2019
A
,
3
%
,
2/01/42
............................................
4,975,000
4,456,737
GO
,
2019
A
,
3
%
,
2/01/46
............................................
22,965,000
18,751,021
Osseo
Independent
School
District
No.
279
,
GO
,
2024
A
,
4
%
,
2/01/43
............
4,920,000
5,015,886
b
Prior
Lake-Savage
Independent
School
District
No.
719
,
GO
,
2018
B
,
2.81
%,
2/01/27
.........................................
3,545,000
3,454,969
GO
,
2018
B
,
2.83
%,
2/01/28
.........................................
10,055,000
9,528,935
GO
,
2018
B
,
2.87
%,
2/01/30
.........................................
9,010,000
8,063,966
GO
,
2018
B
,
2.96
%,
2/01/31
.........................................
5,310,000
4,598,318
Red
Rock
Central
Independent
School
District
No.
2884
,
GO
,
2022
A
,
2.375
%
,
2/01/47
3,000,000
2,057,967
Redwood
Area
Schools
Independent
School
District
No.
2897
,
GO
,
2024
A
,
4
%
,
2/01/44
.........................................................
2,000,000
2,037,649
Robbinsdale
Independent
School
District
No.
281
,
GO
,
2024
A
,
4
%
,
2/01/43
............................................
500,000
513,686
GO
,
2024
A
,
4
%
,
2/01/44
............................................
450,000
459,022
GO
,
2024
A
,
4
%
,
2/01/45
............................................
415,000
419,833
Rosemount-Apple
Valley-Eagan
Independent
School
District
No.
196
,
GO
,
2023
A
,
4
%
,
2/01/44
.........................................................
2,000,000
2,013,717
Roseville
Independent
School
District
No.
623
,
GO
,
2018
A
,
4
%
,
2/01/35
............................................
4,900,000
4,961,269
GO
,
2018
A
,
4
%
,
2/01/37
............................................
5,000,000
5,048,566
b
Sartell-St.
Stephen
Independent
School
District
No.
748
,
GO
,
2016
B
,
3.96
%,
2/01/36
.........................................
3,000,000
2,041,214
GO
,
2016
B
,
4.08
%,
2/01/37
.........................................
2,820,000
1,821,230
GO
,
2016
B
,
4.2
%,
2/01/38
..........................................
5,220,000
3,197,060
GO
,
2016
B
,
4.29
%,
2/01/39
.........................................
3,020,000
1,753,846
Sauk
Centre
Public
Utilities
Commission
,
Electric
,
Revenue
,
2024
A
,
AG
Insured
,
4.25
%
,
12/01/44
....................
395,000
400,337
Electric
,
Revenue
,
2024
A
,
AG
Insured
,
4.5
%
,
12/01/53
.....................
335,000
333,187
a
Scott
County
Community
Development
Agency
,
Spero
BP
Senior
LLC
,
Revenue,
Senior
Lien
,
144A,
2022
A
,
5.25
%
,
8/01/37
...............................
8,000,000
8,246,716
d
South
Washington
County
Independent
School
District
No.
833/MN
,
GO
,
2026
A
,
Refunding
,
4
%
,
2/01/44
...................................
2,000,000
1,992,683
GO
,
2026
A
,
Refunding
,
4
%
,
2/01/46
...................................
2,000,000
1,966,842
Southern
Minnesota
Municipal
Power
Agency
,
b
Revenue
,
1994
A
,
NATL
Insured
,
3.03
%,
1/01/27
..........................
6,600,000
6,436,221
Revenue
,
2017
A
,
5
%
,
1/01/47
........................................
1,315,000
1,339,054
Revenue
,
2025
A
,
Refunding
,
5
%
,
1/01/45
...............................
400,000
438,908
Revenue
,
2025
A
,
Refunding
,
5
%
,
1/01/46
...............................
500,000
541,587
St.
Francis
Independent
School
District
No.
15
,
GO
,
2018
A
,
3.5
%
,
2/01/41
........
3,350,000
3,294,254
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
201
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
(continued)
St.
Paul
Port
Authority
,
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2021-1
,
Refunding
,
3
%
,
10/01/34
$
300,000
$
299,521
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2023-3
,
4.75
%
,
10/01/43
.....
1,000,000
1,037,952
District
Energy
St.
Paul
Obligated
Group
,
Revenue
,
2023-4
,
5.25
%
,
10/01/42
.....
1,000,000
1,058,152
State
of
Minnesota
,
GO
,
2023
B
,
4
%
,
8/01/43
............................................
4,745,000
4,807,602
Department
of
Iron
Range
Resources
&
Rehabilitation
,
Revenue
,
2025
A
,
5
%
,
10/01/45
.......................................................
1,000,000
1,075,027
Stearns
County
Housing
&
Redevelopment
Authority
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
2/01/61
......................................................
1,105,000
767,871
University
of
Minnesota
,
Revenue
,
2017
A
,
5
%
,
9/01/40
........................................
1,240,000
1,272,502
Revenue
,
2017
A
,
5
%
,
9/01/41
........................................
3,000,000
3,077,078
Revenue
,
2019
A
,
5
%
,
4/01/39
........................................
3,055,000
3,233,608
Revenue
,
2019
A
,
5
%
,
4/01/40
........................................
2,110,000
2,228,038
Revenue
,
2019
A
,
5
%
,
4/01/41
........................................
6,045,000
6,366,069
Revenue
,
2019
A
,
5
%
,
4/01/44
........................................
2,000,000
2,084,255
Revenue
,
2020
A
,
5
%
,
11/01/39
.......................................
2,000,000
2,160,355
Revenue
,
2020
A
,
5
%
,
11/01/42
.......................................
1,230,000
1,309,884
Virginia
Housing
&
Redevelopment
Authority
,
County
of
St.
Louis
,
Revenue
,
2025
A
,
5
%
,
4/01/50
........................
670,000
688,400
County
of
St.
Louis
,
Revenue
,
2025
A
,
5
%
,
4/01/55
........................
885,000
897,986
County
of
St.
Louis
,
Revenue
,
2025
A
,
5
%
,
4/01/60
........................
1,130,000
1,133,184
Waconia
Independent
School
District
No.
110
,
GO
,
2025
A
,
Refunding
,
4
%
,
2/01/41
.
1,270,000
1,321,643
b
Watertown-Mayer
Independent
School
District
No.
111
,
GO
,
2020
A
,
3.72
%,
2/01/33
..........................................
470,000
364,834
GO
,
2020
A
,
3.83
%,
2/01/34
..........................................
2,470,000
1,833,875
GO
,
2020
A
,
4.19
%,
2/01/37
..........................................
2,470,000
1,576,535
West
St.
Paul-Mendota
Heights-Eagan
Independent
School
District
No.
197
,
GO
,
2018
A
,
4
%
,
2/01/34
....................................................
2,655,000
2,692,011
Western
Minnesota
Municipal
Power
Agency
,
Revenue
,
2018
A
,
5
%
,
1/01/49
.......
5,000,000
5,077,399
Zumbro
Education
District
,
COP
,
2021
A
,
4
%
,
2/01/32
...........................................
200,000
202,329
COP
,
2021
A
,
4
%
,
2/01/33
...........................................
150,000
151,214
COP
,
2021
A
,
4
%
,
2/01/34
...........................................
125,000
125,615
COP
,
2021
A
,
2.125
%
,
2/01/35
........................................
325,000
272,735
COP
,
2021
A
,
4
%
,
2/01/38
...........................................
390,000
380,317
COP
,
2021
A
,
4
%
,
2/01/41
...........................................
635,000
582,989
596,090,932
South
Carolina
0.5%
a
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
3,500,000
3,228,390
Texas
0.5%
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
4,000,000
3,082,092
Washington
0.3%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
2,100,000
1,872,398
Wisconsin
0.3%
a
Public
Finance
Authority
,
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
..............
2,100,000
1,763,829
Total
Municipal
Bonds
(Cost
$
621,484,589
)
.....................................
613,232,544
a
a
a
a
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Minnesota
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
202
s
Short
Term
Investments
1.5%
a
a
Principal
Amount
a
Value
Municipal
Bonds
1.5%
Minnesota
1.5%
e
City
of
Minneapolis
,
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
C
,
Refunding
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.05
%
,
11/15/48
.....
$
400,000
$
400,000
e
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2025
D
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
1.25
%
,
11/15/64
............................................
8,600,000
8,600,000
9,000,000
Total
Municipal
Bonds
(Cost
$
9,000,000
)
.......................................
9,000,000
Total
Short
Term
Investments
(Cost
$
9,000,000
)
.................................
9,000,000
a
Total
Investments
(Cost
$
630,484,589
)
100.4
%
..................................
$622,232,544
Other
Assets,
less
Liabilities
(
0.4
)
%
...........................................
(2,048,109)
Net
Assets
100.0%
...........................................................
$620,184,435
See
Abbreviations
on
page
348
.
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$36,691,088,
representing
5.9%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
e
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Missouri
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
203
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.49
$10.47
$10.27
$11.48
$11.85
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.36
0.35
0.34
0.31
0.28
Net
realized
and
unrealized
gains
(losses)
...........
0.02
0.02
0.20
(1.22)
(0.37)
Total
from
investment
operations
....................
0.38
0.37
0.54
(0.91)
(0.09)
Less
distributions
from:
Net
investment
income
..........................
(0.35)
(0.35)
(0.34)
(0.30)
(0.28)
Net
asset
value,
end
of
year
.......................
$10.52
$10.49
$10.47
$10.27
$11.48
Total
return
d
...................................
3.82%
3.55%
5.34%
(7.92)%
(0.84)%
Ratios
to
average
net
assets
Expenses
.....................................
0.84%
e
0.82%
f
0.83%
f
0.82%
f
0.81%
f
Net
investment
income
...........................
3.53%
3.31%
3.30%
2.90%
2.33%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$196,841
$186,969
$180,411
$166,355
$208,059
Portfolio
turnover
rate
............................
12.36%
7.70%
15.60%
26.78%
21.64%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
204
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.49
$10.46
$10.27
$11.48
$11.84
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.38
0.36
0.35
0.32
0.30
Net
realized
and
unrealized
gains
(losses)
...........
0.02
0.03
0.19
(1.21)
(0.36)
Total
from
investment
operations
....................
0.40
0.39
0.54
(0.89)
(0.06)
Less
distributions
from:
Net
investment
income
..........................
(0.37)
(0.36)
(0.35)
(0.32)
(0.30)
Net
asset
value,
end
of
year
.......................
$10.52
$10.49
$10.46
$10.27
$11.48
Total
return
d
...................................
3.98%
3.81%
5.40%
(7.78)%
(0.60)%
Ratios
to
average
net
assets
Expenses
.....................................
0.69%
e
0.67%
f
0.68%
f
0.67%
f
0.66%
f
Net
investment
income
...........................
3.68%
3.46%
3.44%
3.05%
2.49%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$305,135
$353,894
$399,059
$439,718
$588,698
Portfolio
turnover
rate
............................
12.36%
7.70%
15.60%
26.78%
21.64%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
205
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.60
$10.57
$10.37
$11.60
$11.97
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.32
0.30
0.29
0.26
0.23
Net
realized
and
unrealized
gains
(losses)
...........
0.01
0.03
0.20
(1.23)
(0.37)
Total
from
investment
operations
....................
0.33
0.33
0.49
(0.97)
(0.14)
Less
distributions
from:
Net
investment
income
..........................
(0.31)
(0.30)
(0.29)
(0.26)
(0.23)
Net
asset
value,
end
of
year
.......................
$10.62
$10.60
$10.57
$10.37
$11.60
Total
return
d
...................................
3.27%
3.19%
4.87%
(8.38)%
(1.23)%
Ratios
to
average
net
assets
Expenses
.....................................
1.23%
e
1.22%
f
1.23%
f
1.22%
f
1.20%
f
Net
investment
income
...........................
3.09%
2.86%
2.83%
2.45%
1.91%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$10,555
$15,414
$23,851
$33,334
$52,654
Portfolio
turnover
rate
............................
12.36%
7.70%
15.60%
26.78%
21.64%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
206
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.50
$10.47
$10.28
$11.49
$11.85
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.39
0.38
0.37
0.34
0.31
Net
realized
and
unrealized
gains
(losses)
...........
0.02
0.02
0.19
(1.22)
(0.36)
Total
from
investment
operations
....................
0.41
0.40
0.56
(0.88)
(0.05)
Less
distributions
from:
Net
investment
income
..........................
(0.38)
(0.37)
(0.37)
(0.33)
(0.31)
Net
asset
value,
end
of
year
.......................
$10.53
$10.50
$10.47
$10.28
$11.49
Total
return
....................................
4.11%
3.94%
5.53%
(7.65)%
(0.47)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.55%
0.55%
0.55%
0.54%
0.53%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.55%
0.55%
d
0.55%
d,e
0.54%
d,e
0.52%
d
Net
investment
income
...........................
3.82%
3.59%
3.57%
3.17%
2.61%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$39,614
$31,167
$22,474
$20,620
$33,747
Portfolio
turnover
rate
............................
12.36%
7.70%
15.60%
26.78%
21.64%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
207
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.50
$10.47
$10.27
$11.49
$11.85
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.39
0.37
0.36
0.33
0.31
Net
realized
and
unrealized
gains
(losses)
...........
0.01
0.03
0.20
(1.22)
(0.36)
Total
from
investment
operations
....................
0.40
0.40
0.56
(0.89)
(0.05)
Less
distributions
from:
Net
investment
income
..........................
(0.38)
(0.37)
(0.36)
(0.33)
(0.31)
Net
asset
value,
end
of
year
.......................
$10.52
$10.50
$10.47
$10.27
$11.49
Total
return
....................................
3.98%
3.91%
5.61%
(7.77)%
(0.50)%
Ratios
to
average
net
assets
Expenses
.....................................
0.59%
d
0.57%
e
0.58%
e
0.57%
e
0.56%
e
Net
investment
income
...........................
3.78%
3.56%
3.54%
3.15%
2.59%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$81,483
$79,685
$67,832
$70,684
$86,643
Portfolio
turnover
rate
............................
12.36%
7.70%
15.60%
26.78%
21.64%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Missouri
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
208
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
97.9%
Florida
1.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
$
5,544,000
$
5,106,232
a
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
850,000
603,839
a
,b
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
6,200,000
5,310,967
11,021,038
Georgia
0.3%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
540,000
577,816
b
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
2,355,000
1,180,401
1,758,217
Missouri
89.8%
Affton
School
District
No.
101
,
GO
,
2017
A
,
5
%
,
3/01/36
............................................
300,000
306,708
GO
,
2017
A
,
Pre-Refunded
,
5
%
,
3/01/36
................................
1,620,000
1,663,823
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
10/01/44
......................................
4,500,000
4,511,624
Cape
Girardeau
County
Industrial
Development
Authority
,
Mercy
Health
,
Revenue
,
2021
,
4
%
,
3/01/41
..............................
3,010,000
3,044,646
Mercy
Health
,
Revenue
,
2021
,
3
%
,
3/01/46
..............................
3,000,000
2,420,116
Mercy
Health
,
Revenue
,
2021
,
4
%
,
3/01/46
..............................
3,500,000
3,349,882
Procter
&
Gamble
Co.
(The)
,
Revenue
,
1998
,
5.3
%
,
5/15/28
..................
6,875,000
6,892,863
St.
Francis
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/39
..........
7,110,000
7,135,528
City
of
Harrisonville
,
COP
,
2023
A
,
Refunding
,
4.375
%
,
3/01/43
...............................
1,000,000
1,010,744
COP
,
2023
A
,
Refunding
,
4.5
%
,
3/01/48
.................................
2,000,000
2,004,672
COP
,
2023
A
,
Refunding
,
4.625
%
,
3/01/53
...............................
2,000,000
2,001,634
City
of
Kansas
City
,
GO
,
2024
A
,
4
%
,
2/01/44
............................................
1,700,000
1,715,055
Sanitary
Sewer
System
,
Revenue
,
2023
A
,
4
%
,
1/01/48
.....................
5,000,000
4,796,674
Sanitary
Sewer
System
,
Revenue
,
2024
A
,
4
%
,
1/01/49
.....................
3,500,000
3,316,206
Sanitary
Sewer
System
,
Revenue,
Sub.
Lien
,
2018
A
,
4
%
,
1/01/35
.............
1,500,000
1,533,377
Water
,
Revenue
,
2023
A
,
4
%
,
12/01/47
.................................
2,120,000
2,049,773
City
of
Kirkwood
,
COP
,
2024
A
,
4.25
%
,
4/01/50
.........................................
535,000
521,744
COP
,
2024
A
,
4.25
%
,
4/01/54
.........................................
1,700,000
1,646,775
City
of
Marshfield
,
Waterworks
&
Sewer
System
,
Revenue
,
2020
B
,
AG
Insured
,
5
%
,
2/01/47
.........................................................
1,775,000
1,804,462
City
of
Republic
,
Revenue
,
2022
,
3
%
,
5/01/47
.........................................
5,000,000
4,019,289
Revenue
,
2023
,
4.5
%
,
5/01/41
........................................
1,000,000
1,027,314
Revenue
,
2023
,
4.5
%
,
5/01/44
........................................
1,000,000
1,009,105
City
of
Springfield
,
Revenue
,
2023
,
4.375
%
,
11/01/42
.....................................
500,000
521,362
Public
Utility
,
COP
,
2025
,
4
%
,
11/01/47
..................................
20,000,000
19,104,506
City
of
St.
Charles
,
COP
,
2020
B
,
Refunding
,
3
%
,
2/01/39
.....................
1,000,000
948,515
City
of
St.
Louis
,
Airport
,
Revenue
,
2005
,
Refunding
,
NATL
Insured
,
5.5
%
,
7/01/29
..............
13,070,000
14,430,766
Airport
,
Revenue
,
2017
D
,
Refunding
,
AG
Insured
,
5
%
,
7/01/35
...............
1,000,000
1,024,747
Airport
,
Revenue
,
2017
D
,
Refunding
,
AG
Insured
,
5
%
,
7/01/36
...............
2,125,000
2,174,245
Airport
,
Revenue
,
2019
C
,
Refunding
,
5
%
,
7/01/27
.........................
1,705,000
1,763,333
Airport
,
Revenue
,
2024
A
,
AG
Insured
,
5.25
%
,
7/01/49
......................
7,730,000
8,256,540
Airport
,
Revenue
,
2024
A
,
AG
Insured
,
5.25
%
,
7/01/54
......................
2,000,000
2,115,248
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
209
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
City
of
University
City
,
COP
,
2024
,
5
%
,
4/01/49
.............................
$
1,205,000
$
1,260,076
Clay
County
Reorganized
School
District
No.
R-1
,
GO
,
2017
,
3
%
,
3/01/36
.............................................
1,540,000
1,537,094
GO
,
2017
,
3.125
%
,
3/01/37
..........................................
1,855,000
1,854,675
Community
College
District
of
Central
Southwest
Missouri
,
COP
,
2021
,
3
%
,
3/01/40
.............................................
575,000
538,486
COP
,
2021
,
3
%
,
3/01/41
.............................................
400,000
368,804
County
of
Jackson
,
Revenue
,
2023
A
,
4.25
%
,
12/01/53
....................................
2,660,000
2,573,868
Revenue
,
2023
A
,
5.25
%
,
12/01/58
....................................
2,500,000
2,626,243
County
of
Phelps
,
Phelps
County
Regional
Medical
Center
,
Revenue
,
2025
,
5.375
%
,
12/01/50
......
2,500,000
2,562,574
Phelps
County
Regional
Medical
Center
,
Revenue
,
2025
,
6
%
,
12/01/55
.........
2,500,000
2,679,195
Ferguson
Reorganized
School
District
No.
R-2
,
GO
,
2018
,
4
%
,
5/01/32
.............................................
1,000,000
1,014,159
GO
,
2018
,
5
%
,
5/01/38
.............................................
2,250,000
2,300,942
Hannibal
Board
of
Public
Works
,
COP
,
2022
,
3.625
%
,
4/01/44
.........................................
1,000,000
926,564
COP
,
2022
,
3.75
%
,
4/01/47
..........................................
1,000,000
895,105
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Bethesda
Health
Group,
Inc.
Obligated
Group
,
Revenue
,
2015
,
5
%
,
8/01/40
......
1,650,000
1,650,606
Bethesda
Health
Group,
Inc.
Obligated
Group
,
Revenue
,
2015
,
5
%
,
8/01/45
......
1,300,000
1,299,926
BJC
Healthcare
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/34
......
4,030,000
4,050,060
BJC
Healthcare
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/15/43
....
2,000,000
2,063,317
BJC
Healthcare
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
7/01/51
.....
13,000,000
9,890,101
BJC
Healthcare
Obligated
Group
,
Revenue
,
2025
A
,
4.25
%
,
4/01/55
...........
5,000,000
4,691,483
CoxHealth
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/15/44
.................
5,000,000
4,781,005
Kansas
City
University
,
Revenue
,
2017
A
,
5
%
,
6/01/42
......................
2,800,000
2,848,385
Kansas
City
University
,
Revenue
,
2017
A
,
5
%
,
6/01/47
......................
4,875,000
4,918,828
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/40
........................................................
2,060,000
1,733,703
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/41
........................................................
2,120,000
1,741,409
Lake
Regional
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
2/15/46
........................................................
5,590,000
4,059,180
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
2/01/46
.......
4,000,000
4,000,207
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
2/01/46
........................................................
11,575,000
11,575,598
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
2/01/34
.......
2,000,000
2,042,404
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
2/01/42
.......
1,750,000
1,785,853
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2019
C
,
Refunding
,
4
%
,
2/01/33
........................................................
1,730,000
1,760,134
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2021
,
4
%
,
2/01/30
........
2,035,000
2,095,903
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2021
,
4
%
,
2/01/42
........
4,900,000
4,672,472
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
2/01/44
........................................................
1,050,000
1,102,106
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
2/01/54
........................................................
1,750,000
1,762,996
Maryville
University
of
St.
Louis
,
Revenue
,
2015
,
5
%
,
6/15/44
.................
5,000,000
5,000,028
Maryville
University
of
St.
Louis
,
Revenue
,
2019
A
,
5
%
,
6/15/45
...............
4,000,000
4,001,031
Maryville
University
of
St.
Louis
,
Revenue
,
2022
A
,
Refunding
,
3.125
%
,
6/15/38
...
2,300,000
2,049,327
Maryville
University
of
St.
Louis
,
Revenue
,
2022
A
,
Refunding
,
3.375
%
,
6/15/45
...
1,000,000
785,903
Maryville
University
of
St.
Louis
,
Revenue
,
2025
A
,
5.25
%
,
6/15/35
.............
2,610,000
2,936,429
Maryville
University
of
St.
Louis
,
Revenue
,
2025
A
,
5
%
,
6/15/40
...............
1,935,000
2,043,086
Maryville
University
of
St.
Louis
,
Revenue
,
2025
A
,
5.5
%
,
6/15/47
..............
3,000,000
3,070,732
Mercy
Health
,
Revenue
,
2012
,
4
%
,
11/15/42
.............................
8,000,000
7,803,127
Mercy
Health
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
11/15/42
...................
9,720,000
9,937,355
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
210
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri,
(continued)
Mercy
Health
,
Revenue
,
2017
C
,
Refunding
,
4
%
,
11/15/47
...................
$
10,000,000
$
8,984,372
Mercy
Health
,
Revenue
,
2020
,
4
%
,
6/01/53
..............................
2,000,000
1,757,405
Mercy
Health
,
Revenue
,
2023
,
5
%
,
12/01/52
.............................
18,000,000
18,690,908
Mosaic
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/15/54
4,000,000
3,490,965
SSM
Health
Care
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
6/01/48
............
13,500,000
13,677,139
SSM
Health
Care
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
6/01/52
............
5,000,000
5,265,540
St.
Louis
University
,
Revenue
,
2017
A
,
5
%
,
10/01/42
.......................
9,200,000
9,337,084
St.
Louis
University
,
Revenue
,
2017
A
,
5
%
,
10/01/47
.......................
11,490,000
11,593,751
Howard
Bend
Levee
District
,
Special
Tax
,
2021
,
2.75
%
,
3/01/31
.....................................
400,000
370,948
Special
Tax
,
2021
,
3
%
,
3/01/36
.......................................
500,000
429,844
Special
Tax
,
2021
,
3.125
%
,
3/01/41
....................................
1,000,000
806,979
Special
Tax
,
2022
,
3.375
%
,
3/01/32
....................................
75,000
70,902
Special
Tax
,
2022
,
3.5
%
,
3/01/37
......................................
175,000
155,503
Special
Tax
,
2022
,
3.625
%
,
3/01/42
....................................
200,000
165,269
Jefferson
County
School
District
No.
R-VI
,
Festus
,
COP
,
2021
B
,
3
%
,
4/01/42
.....................................
500,000
448,795
Festus
,
COP
,
2021
B
,
3
%
,
4/01/44
.....................................
1,500,000
1,272,248
Festus
,
COP
,
2021
B
,
2.375
%
,
4/01/46
..................................
2,000,000
1,352,940
Joplin
Industrial
Development
Authority
,
Freeman
Health
System
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
4
%
,
2/15/43
510,000
494,928
Freeman
Health
System
Obligated
Group
,
Revenue
,
2024
,
Refunding
,
4
%
,
2/15/44
380,000
363,281
Kansas
City
Industrial
Development
Authority
,
Revenue
,
2011
A
,
Refunding
,
5.5
%
,
9/01/29
..............................
5,000,000
5,021,063
Revenue
,
2011
A
,
Refunding
,
5.5
%
,
9/01/30
..............................
12,000,000
12,050,550
Revenue
,
2011
A
,
Refunding
,
5
%
,
9/01/32
...............................
3,000,000
3,011,471
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/46
...................
30,680,000
31,121,316
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
AG
Insured
,
5
%
,
3/01/49
.........
8,000,000
8,075,518
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/54
...................
5,090,000
5,108,964
Lebanon
Reorganized
School
District
No.
R-3
,
GO
,
2024
,
4
%
,
3/01/44
...........
4,000,000
4,051,670
Maplewood-Richmond
Heights
School
District
,
GO
,
2025
,
5
%
,
3/01/45
...........
1,390,000
1,480,561
Metropolitan
St.
Louis
Sewer
District
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
5/01/46
...............................
24,700,000
24,794,507
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/01/47
...............................
10,000,000
10,115,475
Missouri
Development
Finance
Board
,
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
5
%
,
3/01/30
...............
930,000
978,926
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
3
%
,
3/01/46
...............
2,640,000
1,874,553
City
of
Independence
,
Revenue
,
2021
,
Refunding
,
4
%
,
3/01/51
...............
9,445,000
7,698,254
City
of
Independence
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
12/01/54
............
1,225,000
1,270,691
Procter
&
Gamble
Co.
(The)
,
Revenue
,
1999
,
5.2
%
,
3/15/29
..................
3,000,000
3,205,963
Zoological
Subdistrict
of
the
Metropolitan
Zoo
Park
&
Museum
District
of
St.
Louis
,
Revenue
,
2022
,
5.25
%
,
5/01/55
.....................................
2,500,000
2,614,800
Missouri
Housing
Development
Commission
,
Revenue
,
2018
B
,
GNMA
Insured
,
4
%
,
11/01/38
...........................
785,000
792,532
Revenue
,
2020
C
,
GNMA
Insured
,
2.4
%
,
11/01/45
.........................
2,010,000
1,513,495
Revenue
,
2020
D
,
GNMA
Insured
,
2.55
%
,
11/01/50
........................
2,715,000
1,941,681
Revenue
,
2021
B
,
GNMA
Insured
,
2.3
%
,
11/01/51
.........................
7,220,000
4,821,849
Revenue
,
2022
A
,
GNMA
Insured
,
3.125
%
,
11/01/42
.......................
3,425,000
3,150,034
Revenue
,
2022
C
,
GNMA
Insured
,
4.3
%
,
11/01/47
.........................
1,900,000
1,890,152
Revenue
,
2022
C
,
GNMA
Insured
,
4.35
%
,
11/01/52
........................
2,370,000
2,283,722
Revenue
,
2024
G
,
GNMA
Insured
,
4.5
%
,
11/01/54
.........................
3,725,000
3,650,028
c
Revenue
,
2026
A
,
GNMA
Insured
,
4.7
%
,
11/01/56
.........................
2,900,000
2,911,413
Missouri
Joint
Municipal
Electric
Utility
Commission
,
MoPEP
1
Pool
Fund
,
Revenue
,
2018
,
5
%
,
12/01/43
................................................
2,000,000
2,029,063
Move
Rolla
Transportation
Development
District
,
Revenue
,
2017
,
4.75
%
,
6/01/47
...
5,050,000
4,953,040
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
211
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Missouri
(continued)
Poplar
Bluff
Regional
Transportation
Development
District
,
Sales
Tax
,
Revenue
,
2023
B
,
Refunding
,
3.375
%
,
12/01/31
..................
$
950,000
$
957,662
Sales
Tax
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
12/01/37
......................
2,600,000
2,622,344
Republic
School
District
No.
R-3
,
GO
,
2023
,
4
%
,
3/01/43
......................
1,470,000
1,493,193
Riverside-Quindaro
Bend
Levee
District
of
Platte
County
,
Special
Assessment
,
2017
,
Refunding
,
5
%
,
3/01/29
.............................................
2,585,000
2,605,044
Springfield
School
District
No.
R-12
,
GO
,
2023
,
4
%
,
3/01/43
...................
2,000,000
2,038,329
St.
Charles
County
Public
Water
Supply
District
No.
2
,
COP
,
2022
,
4
%
,
12/01/44
............................................
5,000,000
5,005,803
COP
,
2024
,
5.25
%
,
12/01/46
.........................................
5,000,000
5,411,368
St.
Charles
County
School
District
No.
R-IV
Wentzville
,
GO
,
2018
,
Refunding
,
4
%
,
3/01/38
.........................................................
15,400,000
15,673,211
St.
Louis
County
Industrial
Development
Authority
,
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2013
A
,
5.875
%
,
9/01/43
..
7,000,000
7,007,764
Friendship
Village
St.
Louis
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/48
........................................................
7,095,000
7,096,201
St.
Louis
Land
Clearance
for
Redevelopment
Authority
,
Revenue
,
2021
,
2.25
%
,
7/15/41
.......................................
3,845,000
3,082,018
Revenue
,
2021
A
,
Refunding
,
2.125
%
,
4/01/39
............................
5,635,000
4,623,445
City
of
St.
Louis
,
Revenue
,
2022
C
,
5
%
,
6/01/36
...........................
2,025,000
2,107,819
City
of
St.
Louis
,
Revenue
,
2022
C
,
5
%
,
6/01/41
...........................
2,000,000
2,033,983
City
of
St.
Louis
,
Revenue
,
2022
C
,
5.125
%
,
6/01/46
.......................
2,600,000
2,601,094
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis
,
Revenue
,
2020
,
AG
Insured
,
5
%
,
10/01/45
..................
5,685,000
5,870,830
City
of
St.
Louis
,
Revenue
,
2020
,
AG
Insured
,
5
%
,
10/01/49
..................
2,175,000
2,225,206
St.
Louis
Municipal
Library
District
,
COP
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
3/15/48
2,800,000
2,689,831
St.
Louis
School
District
,
GO
,
2023
,
AG
Insured
,
4
%
,
4/01/43
..................
7,000,000
7,142,369
Strafford
Reorganized
School
District
No.
R-VI
,
GO
,
2023
,
4
%
,
3/01/43
...........
4,000,000
4,032,773
Waynesville
R-VI
School
District
,
COP
,
2025
,
4.625
%
,
4/15/50
.................
10,000,000
10,057,396
568,929,530
Oregon
0.2%
a
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
1,400,000
1,481,758
Texas
0.8%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,916,889
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
2.5
%
,
9/01/41
...............................
525,000
399,674
a
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
3,200,000
2,465,674
4,782,237
Washington
0.3%
a
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,900,000
1,694,074
Wisconsin
2.5%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
2,530,000
2,704,953
a
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,900,000
1,595,846
b
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
10,690,000
5,376,034
a
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
1,500,000
1,378,815
a,b
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
4,825,000
3,242,706
a
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
1,500,000
1,514,564
15,812,918
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Missouri
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
212
See
Abbreviations
on
page
348
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
2.3%
Guam
0.9%
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
.........
$
5,790,000
$
5,909,628
Puerto
Rico
1.4%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,750,000
1,795,999
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
4.75
%
,
7/01/53
................................
1,404,000
1,369,072
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
6,000,000
5,889,171
9,054,242
Total
U.S.
Territories
....................................................................
14,963,870
Total
Municipal
Bonds
(Cost
$
631,993,215
)
.....................................
620,443,642
a
a
a
a
Short
Term
Investments
1.2%
Municipal
Bonds
1.2%
Missouri
1.2%
d
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
SSM
Health
Care
Obligated
Group
,
Revenue
,
2014
F
,
Daily
VRDN
and
Put
,
1.9
%
,
6/01/44
.........
7,450,000
7,450,000
Total
Municipal
Bonds
(Cost
$
7,450,000
)
.......................................
7,450,000
Total
Short
Term
Investments
(Cost
$
7,450,000
)
.................................
7,450,000
a
Total
Investments
(Cost
$
639,443,215
)
99.1
%
...................................
$627,893,642
Other
Assets,
less
Liabilities
0.9
%
.............................................
5,734,735
Net
Assets
100.0%
...........................................................
$633,628,377
a
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$19,288,243,
representing
3.0%
of
net
assets.
b
The
rate
shown
represents
the
yield
at
period
end.
c
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).
d
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
New
Jersey
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
213
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.37
$10.36
$10.11
$11.18
$11.46
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.31
0.31
0.30
0.28
0.27
Net
realized
and
unrealized
gains
(losses)
...........
0.10
0.01
0.25
(1.08)
(0.28)
Total
from
investment
operations
....................
0.41
0.32
0.55
(0.80)
(0.01)
Less
distributions
from:
Net
investment
income
..........................
(0.31)
(0.31)
(0.30)
(0.27)
(0.27)
Net
asset
value,
end
of
year
.......................
$10.47
$10.37
$10.36
$10.11
$11.18
Total
return
d
...................................
4.10%
3.10%
5.55%
(7.13)%
(0.18)%
Ratios
to
average
net
assets
Expenses
.....................................
0.85%
e
0.83%
f
0.83%
f
0.83%
f
0.82%
f
Net
investment
income
...........................
3.10%
2.95%
2.97%
2.68%
2.30%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$252,147
$139,583
$131,477
$120,101
$141,419
Portfolio
turnover
rate
............................
18.26%
13.53%
10.78%
12.46%
7.69%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
214
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.36
$10.35
$10.10
$11.16
$11.45
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.33
0.32
0.32
0.29
0.28
Net
realized
and
unrealized
gains
(losses)
...........
0.09
0.01
0.25
(1.06)
(0.29)
Total
from
investment
operations
....................
0.42
0.33
0.57
(0.77)
(0.01)
Less
distributions
from:
Net
investment
income
..........................
(0.33)
(0.32)
(0.32)
(0.29)
(0.28)
Net
asset
value,
end
of
year
.......................
$10.45
$10.36
$10.35
$10.10
$11.16
Total
return
d
...................................
4.16%
3.26%
5.71%
(6.91)%
(0.11)%
Ratios
to
average
net
assets
Expenses
.....................................
0.70%
e
0.68%
f
0.68%
f
0.68%
f
0.67%
f
Net
investment
income
...........................
3.25%
3.10%
3.12%
2.83%
2.45%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$271,483
$304,010
$340,681
$372,268
$464,256
Portfolio
turnover
rate
............................
18.26%
13.53%
10.78%
12.46%
7.69%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
215
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.50
$10.49
$10.23
$11.31
$11.60
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.27
0.26
0.26
0.23
0.22
Net
realized
and
unrealized
gains
(losses)
...........
0.10
0.01
0.26
(1.08)
(0.29)
Total
from
investment
operations
....................
0.37
0.27
0.52
(0.85)
(0.07)
Less
distributions
from:
Net
investment
income
..........................
(0.27)
(0.26)
(0.26)
(0.23)
(0.22)
Net
asset
value,
end
of
year
.......................
$10.60
$10.50
$10.49
$10.23
$11.31
Total
return
d
...................................
3.63%
2.64%
5.15%
(7.51)%
(0.66)%
Ratios
to
average
net
assets
Expenses
.....................................
1.24%
e
1.22%
f
1.23%
f
1.23%
f
1.22%
f
Net
investment
income
...........................
2.65%
2.51%
2.52%
2.23%
1.87%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$13,675
$19,978
$30,725
$40,433
$58,632
Portfolio
turnover
rate
............................
18.26%
13.53%
10.78%
12.46%
7.69%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
216
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.37
$10.36
$10.11
$11.17
$11.46
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.35
0.34
0.33
0.31
0.30
Net
realized
and
unrealized
gains
(losses)
...........
0.09
0.01
0.25
(1.07)
(0.29)
Total
from
investment
operations
....................
0.44
0.35
0.58
(0.76)
0.01
Less
distributions
from:
Net
investment
income
..........................
(0.34)
(0.34)
(0.33)
(0.30)
(0.30)
Net
asset
value,
end
of
year
.......................
$10.47
$10.37
$10.36
$10.11
$11.17
Total
return
....................................
4.42%
3.40%
5.86%
(6.77)%
0.03%
Ratios
to
average
net
assets
Expenses
.....................................
0.53%
0.54%
d
0.54%
d
0.54%
d
0.53%
d
Net
investment
income
...........................
3.41%
3.24%
3.27%
2.98%
2.59%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$52,585
$51,712
$41,529
$37,543
$35,920
Portfolio
turnover
rate
............................
18.26%
13.53%
10.78%
12.46%
7.69%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
217
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.37
$10.36
$10.11
$11.17
$11.46
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.34
0.33
0.33
0.30
0.30
Net
realized
and
unrealized
gains
(losses)
...........
0.09
0.01
0.25
(1.06)
(0.29)
Total
from
investment
operations
....................
0.43
0.34
0.58
(0.76)
0.01
Less
distributions
from:
Net
investment
income
..........................
(0.34)
(0.33)
(0.33)
(0.30)
(0.30)
Net
asset
value,
end
of
year
.......................
$10.46
$10.37
$10.36
$10.11
$11.17
Total
return
....................................
4.26%
3.36%
5.81%
(6.81)%
(0.01)%
Ratios
to
average
net
assets
Expenses
.....................................
0.60%
d
0.58%
e
0.58%
e
0.59%
e
0.57%
e
Net
investment
income
...........................
3.34%
3.20%
3.22%
2.97%
2.55%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$247,158
$245,037
$195,406
$191,534
$103,449
Portfolio
turnover
rate
............................
18.26%
13.53%
10.78%
12.46%
7.69%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
New
Jersey
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
218
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.2%
Software
0.2%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,600,000
$
1,693,331
Total
Corporate
Bonds
(Cost
$
1,600,000
)
.......................................
1,693,331
Municipal
Bonds
95.7%
California
0.1%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
1,300,000
1,095,417
Delaware
1.9%
Delaware
River
&
Bay
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/44
.................................
12,500,000
12,539,556
Revenue
,
2021
,
4
%
,
1/01/46
.........................................
1,750,000
1,709,152
Revenue
,
2024
A
,
5
%
,
1/01/49
........................................
1,335,000
1,424,640
15,673,348
Florida
1.1%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
4,536,000
4,177,826
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
850,000
603,840
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
5,350,000
4,582,850
9,364,516
Georgia
0.2%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
430,000
460,113
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
2,525,000
1,265,611
1,725,724
New
Jersey
77.6%
Atlantic
County
Improvement
Authority
(The)
,
Stockton
University
,
Revenue
,
2021
A
,
AG
Insured
,
4
%
,
7/01/47
............................................
1,500,000
1,422,794
Camden
County
Improvement
Authority
(The)
,
b
Camden
Prep,
Inc.
,
Revenue
,
144A,
2022
,
5
%
,
7/15/32
.....................
250,000
266,913
b
Camden
Prep,
Inc.
,
Revenue
,
144A,
2022
,
5
%
,
7/15/42
.....................
1,770,000
1,806,761
b
Camden
Prep,
Inc.
,
Revenue
,
144A,
2022
,
5
%
,
7/15/52
.....................
3,000,000
2,948,302
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/47
..........
1,700,000
1,781,297
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/52
..........
2,100,000
2,182,846
Casino
Reinvestment
Development
Authority,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
4
%
,
11/01/44
.....................
1,350,000
1,325,624
Revenue
,
2024
B
,
AG
Insured
,
5
%
,
11/01/42
.............................
1,200,000
1,303,708
Revenue
,
2024
B
,
AG
Insured
,
5
%
,
11/01/43
.............................
825,000
886,865
Revenue
,
2024
B
,
AG
Insured
,
5
%
,
11/01/44
.............................
950,000
1,011,806
City
of
Newark
,
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AG
Insured
,
5
%
,
11/15/42
...........
1,000,000
1,099,855
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AG
Insured
,
5.375
%
,
11/15/52
........
1,500,000
1,613,896
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AG
Insured
,
6
%
,
11/15/62
...........
1,000,000
1,109,650
County
of
Monmouth
,
GO
,
2025
ABCE
,
5
%
,
3/01/37
........................................
6,780,000
8,073,856
GO
,
2025
ABCE
,
5
%
,
3/01/38
........................................
3,580,000
4,216,075
Cumberland
County
Improvement
Authority
(The)
,
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/36
............
955,000
993,008
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/37
............
1,000,000
1,037,334
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/38
............
1,020,000
1,056,140
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/39
............
1,070,000
1,105,846
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
219
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
Cumberland
County
Improvement
Authority
(The),
(continued)
County
of
Cumberland
,
Revenue
,
2019
,
BAM
Insured
,
5
%
,
1/15/44
............
$
5,725,000
$
5,866,220
Essex
County
Improvement
Authority
,
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/38
........................................................
1,645,000
1,662,583
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/51
........................................................
2,700,000
2,371,011
Friends
of
TEAM
Academy
Charter
School
Obligated
Group
,
Revenue
,
2021
,
4
%
,
6/15/56
........................................................
4,925,000
4,228,561
b
North
Star
Academy
Charter
School
of
Newark,
Inc.
,
Revenue
,
144A,
2024
A
,
Refunding
,
5
%
,
7/15/40
............................................
375,000
392,797
b
North
Star
Academy
Charter
School
of
Newark,
Inc.
,
Revenue
,
144A,
2024
A
,
Refunding
,
5
%
,
7/15/54
............................................
500,000
497,354
Gloucester
County
Improvement
Authority
(The)
,
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/37
...........................
750,000
779,694
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/38
...........................
700,000
725,203
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/39
...........................
600,000
619,619
Rowan
University
,
Revenue
,
2019
,
5
%
,
7/01/44
...........................
4,925,000
5,144,029
Rowan
University
,
Revenue
,
2019
,
4
%
,
7/01/48
...........................
5,250,000
5,167,806
Rowan
University
,
Revenue
,
2024
,
BAM
Insured
,
5
%
,
7/01/54
................
5,000,000
5,186,492
Rowan
University
,
Revenue
,
2025
,
Refunding
,
5
%
,
7/01/43
..................
1,200,000
1,333,273
Rowan
University
,
Revenue
,
2025
,
Refunding
,
5
%
,
7/01/44
..................
1,400,000
1,536,606
Hudson
County
Improvement
Authority
,
Revenue
,
2019
,
Refunding
,
4
%
,
1/01/40
.................................
1,000,000
1,018,073
County
of
Hudson
,
Revenue
,
2016
,
5.25
%
,
5/01/51
........................
6,000,000
6,008,880
Jersey
City
Municipal
Utilities
Authority
,
Sewer
Fund
,
Revenue
,
2025
E
,
BAM
Insured
,
5.75
%
,
10/15/55
...............
1,350,000
1,510,922
Water
Fund
,
Revenue
,
2024
C
,
AG
Insured
,
5.25
%
,
10/15/54
.................
1,500,000
1,596,841
Middlesex
County
Improvement
Authority
,
Rutgers
The
State
University
of
New
Jersey
,
Revenue
,
2023
A
,
5
%
,
8/15/53
........................................
1,050,000
1,103,726
Monmouth
County
Improvement
Authority
(The)
,
Little
Silver
School
District
,
Revenue
,
2022
C
,
5
%
,
8/15/39
...............................................
1,045,000
1,178,405
New
Brunswick
Parking
Authority
,
Revenue
,
2016
A
,
Refunding
,
BAM
Insured
,
5
%
,
9/01/39
.........................................................
5,000,000
5,049,454
New
Jersey
Economic
Development
Authority
,
Advanced
Schools,
Inc.
,
Revenue
,
2025
,
5
%
,
11/01/35
......................
500,000
547,894
Advanced
Schools,
Inc.
,
Revenue
,
2025
,
5
%
,
11/01/45
......................
675,000
692,760
Advanced
Schools,
Inc.
,
Revenue
,
2025
,
5.125
%
,
11/01/55
..................
900,000
902,858
Middlesex
Water
Co.
,
Revenue
,
2019
,
4
%
,
8/01/59
........................
6,200,000
5,443,394
Middlesex
Water
Co.
,
Revenue
,
2019
,
5
%
,
8/01/59
........................
7,245,000
7,360,350
Port
Newark
Container
Terminal
LLC
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/37
...
250,000
254,988
Port
Newark
Container
Terminal
LLC
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/47
...
19,175,000
19,206,595
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/32
..........
640,000
645,336
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/37
..........
600,000
602,299
Provident
Group-Kean
Properties
LLC
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..........
1,500,000
1,452,096
Provident
Group-Montclair
Properties
LLC
,
Revenue
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
6/01/42
....................................................
6,000,000
6,096,073
Provident
Group-Rowan
Properties
LLC
,
Revenue
,
A
,
5
%
,
1/01/48
.............
7,000,000
6,967,030
State
of
New
Jersey
,
Revenue
,
2005
N-1
,
Refunding
,
NATL
Insured
,
5.5
%
,
9/01/27
8,660,000
9,083,956
State
of
New
Jersey
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/39
.....................
2,500,000
2,547,831
State
of
New
Jersey
,
Revenue
,
2021
QQQ
,
4
%
,
6/15/46
.....................
1,250,000
1,204,497
State
of
New
Jersey
,
Revenue
,
2022
A
,
5
%
,
11/01/52
.......................
5,000,000
5,184,651
New
Jersey
Educational
Facilities
Authority
,
Kean
University
,
Revenue
,
2015
H
,
Refunding
,
AG
Insured
,
5
%
,
7/01/34
........
2,205,000
2,208,976
Kean
University
,
Revenue
,
2015
H
,
Refunding
,
AG
Insured
,
5
%
,
7/01/35
........
5,000,000
5,008,808
Kean
University
,
Revenue
,
2017
D
,
Refunding
,
BAM
Insured
,
4
%
,
9/01/38
.......
1,150,000
1,161,097
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
220
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Educational
Facilities
Authority,
(continued)
Montclair
State
University,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
5
%
,
7/01/40
........................................................
$
1,000,000
$
1,137,253
Montclair
State
University,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
5
%
,
7/01/43
........................................................
1,000,000
1,097,064
Ramapo
College
of
New
Jersey
,
Revenue
,
2017
A
,
Refunding
,
AG
Insured
,
5
%
,
7/01/35
........................................................
3,955,000
4,071,873
Seton
Hall
University
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
7/01/34
..............
400,000
400,416
Seton
Hall
University
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
7/01/37
..............
1,300,000
1,301,002
Seton
Hall
University
,
Revenue
,
2017
D
,
Refunding
,
5
%
,
7/01/42
..............
3,945,000
3,979,594
Seton
Hall
University
,
Revenue
,
2020
C
,
AG
Insured
,
3.25
%
,
7/01/49
...........
1,150,000
956,895
Seton
Hall
University
,
Revenue
,
2020
C
,
AG
Insured
,
4
%
,
7/01/50
.............
1,850,000
1,782,745
State
of
New
Jersey
,
Revenue
,
2023
A
,
4.625
%
,
9/01/48
....................
2,000,000
2,044,631
State
of
New
Jersey
,
Revenue
,
2023
A
,
5.25
%
,
9/01/53
.....................
2,000,000
2,115,202
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
1998-1
,
ETM,
5
%
,
7/01/28
........................................................
250,000
258,510
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/36
........................................................
1,600,000
1,637,920
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/42
........................................................
9,430,000
9,550,480
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/47
........................................................
4,085,000
4,105,816
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2020
A
,
5
%
,
7/01/45
.
4,000,000
4,098,678
Stevens
Institute
of
Technology
International,
Inc.
,
Revenue
,
2020
A
,
4
%
,
7/01/50
.
11,640,000
10,287,267
Trustees
of
Princeton
University
(The)
,
Revenue
,
2024
A-2
,
5
%
,
3/01/40
........
2,160,000
2,489,814
Trustees
of
Princeton
University
(The)
,
Revenue
,
2024
B
,
4
%
,
3/01/53
..........
5,000,000
4,917,489
Trustees
of
Princeton
University
(The)
,
Revenue
,
2024
B
,
5.25
%
,
3/01/54
........
8,500,000
9,272,727
New
Jersey
Health
Care
Facilities
Financing
Authority
,
AHS
Hospital
Corp.
,
Revenue
,
2008
A
,
5
%
,
7/01/27
........................
85,000
85,175
AHS
Hospital
Corp.
,
Revenue
,
2016
,
Refunding
,
4
%
,
7/01/41
.................
10,000,000
10,020,601
AtlantiCare
Health
System
Obligated
Group
,
Revenue
,
2021
,
4
%
,
7/01/37
.......
750,000
782,013
AtlantiCare
Health
System
Obligated
Group
,
Revenue
,
2021
,
3
%
,
7/01/46
.......
1,000,000
808,372
Hackensack
Meridian
Health
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
7/01/39
........................................................
11,000,000
11,288,661
Inspira
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
......
18,500,000
18,537,322
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/42
...............
7,000,000
7,129,686
Inspira
Health
Obligated
Group
,
Revenue
,
2017
A
,
4
%
,
7/01/47
...............
8,700,000
8,084,731
Inspira
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
7/01/54
....
6,000,000
6,388,283
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/43
10,000,000
10,059,378
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
7/01/54
........................................................
5,115,000
5,448,426
St.
Joseph's
Healthcare
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/41
........................................................
5,850,000
5,861,618
State
of
New
Jersey
,
Revenue
,
2024
,
Refunding
,
5
%
,
9/15/27
................
2,000,000
2,085,373
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/35
...........
1,000,000
1,029,485
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/37
...........
3,950,000
4,027,199
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/38
...........
2,200,000
2,232,967
Valley
Health
System
Obligated
Group
,
Revenue
,
2019
,
4
%
,
7/01/44
...........
12,000,000
11,443,481
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue
,
2019
B
,
Refunding
,
3.25
%
,
12/01/39
............................
1,780,000
1,755,420
Revenue
,
2020
C
,
Refunding
,
4.25
%
,
12/01/50
...........................
1,750,000
1,536,361
Revenue
,
2021
B
,
Refunding
,
5
%
,
12/01/29
..............................
2,830,000
3,053,829
Revenue
,
2023
C
,
5
%
,
12/01/53
.......................................
3,125,000
3,050,698
Revenue
,
2024
C
,
5.25
%
,
12/01/54
....................................
2,000,000
2,045,966
Revenue
,
2025
1-C
,
Refunding
,
5.5
%
,
12/01/55
...........................
3,000,000
3,127,852
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
3.5
%
,
12/01/39
...................
3,405,000
3,395,727
Revenue,
Senior
Lien
,
2025
1-A
,
Refunding
,
5
%
,
12/01/35
...................
1,500,000
1,655,344
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
221
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Housing
&
Mortgage
Finance
Agency
,
Revenue
,
2018
A
,
Refunding
,
3.95
%
,
11/01/43
............................
$
1,100,000
$
1,099,788
Revenue
,
2019
A
,
Refunding
,
3
%
,
11/01/44
..............................
510,000
438,866
Revenue
,
2019
C
,
Refunding
,
3.95
%
,
10/01/44
...........................
3,955,000
3,959,182
Revenue
,
2020
E
,
Refunding
,
2.05
%
,
10/01/35
............................
4,005,000
3,494,950
Revenue
,
2020
E
,
Refunding
,
2.25
%
,
10/01/40
............................
8,020,000
6,541,151
Revenue
,
2020
E
,
Refunding
,
2.4
%
,
10/01/45
.............................
3,205,000
2,415,088
Revenue
,
2020
E
,
Refunding
,
2.45
%
,
10/01/50
............................
2,400,000
1,675,441
Revenue
,
2024
D-1
,
GNMA
Insured
,
5.1
%
,
11/01/45
........................
3,000,000
3,133,532
Revenue
,
2025
M
,
5.05
%
,
10/01/45
....................................
2,500,000
2,590,604
Montgomery
Gateway
Preservation
LP
,
Revenue
,
2025
A
,
FNMA
Insured
,
4.55
%
,
5/01/41
........................................................
4,225,000
4,515,380
New
Jersey
Infrastructure
Bank
,
Revenue
,
2022
A-2
,
5
%
,
9/01/52
......................................
6,070,000
6,376,846
Revenue
,
2024
A-W1
,
5
%
,
9/01/49
.....................................
2,000,000
2,139,491
New
Jersey
Institute
of
Technology
,
Revenue
,
2025
A
,
Refunding
,
BAM
Insured
,
5
%
,
7/01/44
....................
5,300,000
5,839,085
Revenue
,
2025
A
,
Refunding
,
BAM
Insured
,
5.25
%
,
7/01/55
..................
1,750,000
1,888,790
New
Jersey
Transportation
Trust
Fund
Authority
,
c
State
of
New
Jersey
,
Revenue
,
2006
C
,
AG
Insured
,
2.78
%,
12/15/33
...........
10,000,000
8,078,375
c
State
of
New
Jersey
,
Revenue
,
2009
A
,
2.77
%,
12/15/32
....................
10,000,000
8,304,319
c
State
of
New
Jersey
,
Revenue
,
2009
A
,
3.26
%,
12/15/36
....................
500,000
353,492
c
State
of
New
Jersey
,
Revenue
,
2009
A
,
BAM
Insured
,
3.58
%,
12/15/39
.........
10,000,000
6,154,593
c
State
of
New
Jersey
,
Revenue
,
2010
A
,
2.51
%,
12/15/29
....................
5,000,000
4,550,613
c
State
of
New
Jersey
,
Revenue
,
2010
A
,
3.77
%,
12/15/40
....................
4,750,000
2,745,863
State
of
New
Jersey
,
Revenue
,
2019
BB
,
4
%
,
6/15/44
......................
6,000,000
5,970,628
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/45
......................
8,435,000
8,825,759
State
of
New
Jersey
,
Revenue
,
2020
AA
,
4
%
,
6/15/50
......................
3,670,000
3,419,505
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/41
........................
2,000,000
2,039,323
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/42
......................
2,400,000
2,425,376
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/46
......................
7,325,000
7,116,509
State
of
New
Jersey
,
Revenue
,
2022
CC
,
Pre-Refunded
,
5.5
%
,
6/15/50
.........
1,250,000
1,510,983
State
of
New
Jersey
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
6/15/38
...............
4,000,000
4,508,131
State
of
New
Jersey
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
6/15/41
............
2,500,000
2,805,328
State
of
New
Jersey
,
Revenue
,
2023
BB
,
5.25
%
,
6/15/50
....................
2,000,000
2,122,717
State
of
New
Jersey
,
Revenue
,
2024
CC
,
4.125
%
,
6/15/50
...................
1,250,000
1,205,684
State
of
New
Jersey
,
Revenue
,
2024
CC
,
5.25
%
,
6/15/50
....................
9,555,000
10,174,723
New
Jersey
Turnpike
Authority
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
1/01/40
...............................
1,345,000
1,392,076
Revenue
,
2017
G
,
Refunding
,
4
%
,
1/01/43
...............................
5,000,000
5,018,231
Revenue
,
2019
A
,
5
%
,
1/01/48
........................................
15,500,000
15,896,000
Revenue
,
2021
A
,
4
%
,
1/01/51
........................................
4,010,000
3,896,039
Revenue
,
2022
B
,
4.5
%
,
1/01/48
......................................
5,000,000
5,088,489
Revenue
,
2024
B
,
4.125
%
,
1/01/54
....................................
1,500,000
1,466,059
Revenue
,
2024
B
,
5.25
%
,
1/01/54
.....................................
2,000,000
2,134,064
Revenue
,
2024
C
,
Refunding
,
5
%
,
1/01/42
...............................
13,900,000
15,481,992
Revenue
,
2024
C
,
Refunding
,
5
%
,
1/01/43
...............................
7,360,000
8,123,416
Revenue
,
2025
A
,
5.25
%
,
1/01/55
.....................................
10,000,000
10,750,190
Newark
Board
of
Education
,
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/39
..........................
700,000
645,171
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/40
..........................
750,000
682,989
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/41
..........................
750,000
675,825
GO
,
2021
,
Refunding
,
BAM
Insured
,
3
%
,
7/15/42
..........................
700,000
623,104
Newark
Housing
Authority
,
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
2017
,
Refunding
,
4
%
,
1/01/37
.............................................
19,245,000
19,413,288
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
4.25
%
,
7/01/33
........
175,000
181,202
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
222
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
Passaic
County
Improvement
Authority
(The),
(continued)
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.25
%
,
7/01/43
........
$
670,000
$
696,121
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.375
%
,
7/01/53
.......
1,000,000
1,018,145
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.5
%
,
7/01/58
.........
1,000,000
1,021,170
Paterson
Charter
School
for
Science
and
Technology,
Inc.
,
Revenue
,
2025
,
4.125
%
,
7/01/33
........................................................
715,000
738,852
Paterson
Charter
School
for
Science
and
Technology,
Inc.
,
Revenue
,
2025
,
4.5
%
,
7/01/40
........................................................
1,000,000
1,025,749
Paterson
Charter
School
for
Science
and
Technology,
Inc.
,
Revenue
,
2025
,
5
%
,
7/01/44
........................................................
625,000
639,609
South
Jersey
Port
Corp.
,
Revenue,
Sub.
Lien
,
2017
B
,
5
%
,
1/01/34
...............................
625,000
646,277
Revenue,
Sub.
Lien
,
2017
B
,
5
%
,
1/01/35
...............................
1,760,000
1,817,677
Revenue,
Sub.
Lien
,
2017
B
,
5
%
,
1/01/48
...............................
4,625,000
4,646,278
South
Jersey
Transportation
Authority
,
Revenue
,
2020
A
,
5
%
,
11/01/45
.......................................
5,750,000
5,984,184
Revenue
,
2022
A
,
4.625
%
,
11/01/47
....................................
6,000,000
6,098,755
Revenue
,
2022
A
,
5.25
%
,
11/01/52
.....................................
5,540,000
5,758,962
Revenue
,
2025
A
,
Refunding
,
BAM
Insured
,
5
%
,
11/01/39
...................
2,120,000
2,426,847
State
of
New
Jersey
,
GO
,
2020
A
,
4
%
,
6/01/31
............................................
4,500,000
4,904,828
GO
,
2020
A
,
3
%
,
6/01/32
............................................
3,400,000
3,507,114
GO
,
2020
A
,
4
%
,
6/01/32
............................................
10,000,000
11,012,717
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
6/01/46
..
17,000,000
17,123,816
Union
County
Improvement
Authority
,
Revenue
,
2024
,
4.125
%
,
4/15/54
...........
5,500,000
5,399,414
649,585,723
New
York
2.9%
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
242
,
Refunding
,
5
%
,
12/01/53
.................................
6,250,000
6,357,289
Revenue
,
244
,
Refunding
,
5
%
,
7/15/54
.................................
7,500,000
7,886,925
Revenue
,
250
,
Refunding
,
5
%
,
10/15/47
.................................
2,500,000
2,709,148
Revenue
,
250
,
Refunding
,
5.25
%
,
10/15/51
..............................
6,400,000
6,937,430
23,890,792
Oregon
0.3%
b
State
of
Oregon
Housing
&
Community
Services
Department
,
Union
at
Pacific
Highway
LP
,
Revenue
,
144A,
2022
II-1
,
5.5
%
,
12/01/39
............................
2,000,000
2,116,797
Pennsylvania
5.9%
Delaware
River
Joint
Toll
Bridge
Commission
,
Revenue
,
2017
,
5
%
,
7/01/42
........
19,500,000
19,919,981
Delaware
River
Port
Authority
,
Revenue
,
2018
A
,
5
%
,
1/01/38
........................................
7,010,000
7,421,008
Revenue
,
2018
A
,
5
%
,
1/01/39
........................................
3,650,000
3,866,412
Revenue
,
2018
A
,
5
%
,
1/01/40
........................................
9,565,000
10,113,558
Revenue
,
2025
,
Refunding
,
5
%
,
1/01/39
.................................
2,000,000
2,302,609
Revenue
,
2025
,
Refunding
,
5
%
,
1/01/40
.................................
5,000,000
5,706,220
49,329,788
South
Carolina
0.1%
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
950,000
876,277
Texas
0.5%
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
2,000,000
1,916,889
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
223
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
$
2,700,000
$
2,080,412
3,997,301
Washington
0.1%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,400,000
1,248,266
Wisconsin
1.6%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
2,015,000
2,154,340
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,500,000
1,259,878
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
11,450,000
5,758,240
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
3,225,000
2,167,405
b
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
2,000,000
2,019,419
13,359,282
U.S.
Territories
3.4%
Guam
2.0%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
10/01/43
1,000,000
1,061,590
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
850,000
867,562
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.25
%
,
7/01/50
.............
5,700,000
5,922,199
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.5
%
,
7/01/55
..............
6,300,000
6,622,082
Guam
Power
Authority
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
10/01/39
..............
500,000
551,294
Territory
of
Guam
,
Revenue
,
2025
G
,
Refunding
,
5.25
%
,
1/01/39
............................
500,000
561,307
Revenue
,
2025
G
,
Refunding
,
5.25
%
,
1/01/40
............................
1,000,000
1,115,334
16,701,368
Puerto
Rico
1.4%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,200,000
1,231,542
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
10,000,000
9,815,285
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
850,000
823,575
11,870,402
Total
U.S.
Territories
....................................................................
28,571,770
Total
Municipal
Bonds
(Cost
$
798,466,326
)
.....................................
800,835,001
Total
Long
Term
Investments
(Cost
$
800,066,326
)
...............................
802,528,332
a
a
a
a
a
Short
Term
Investments
2.4%
Municipal
Bonds
2.4%
New
Jersey
2.4%
d
New
Jersey
Health
Care
Facilities
Financing
Authority
,
Virtua
Health
Obligated
Group
,
Revenue
,
2009
B
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.5
%
,
7/01/43
..................................
4,285,000
4,285,000
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
New
Jersey
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
224
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
New
Jersey
(continued)
d
New
Jersey
Health
Care
Facilities
Financing
Authority,
(continued)
Virtua
Health
Obligated
Group
,
Revenue
,
2009
C
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.3
%
,
7/01/43
..................................
$
15,885,000
$
15,885,000
20,170,000
Total
Municipal
Bonds
(Cost
$
20,170,000
)
......................................
20,170,000
Total
Short
Term
Investments
(Cost
$
20,170,000
)
................................
20,170,000
a
Total
Investments
(Cost
$
820,236,326
)
98.3
%
...................................
$822,698,332
Other
Assets,
less
Liabilities
1.7
%
.............................................
14,348,815
Net
Assets
100.0%
...........................................................
$837,047,147
See
Abbreviations
on
page
348
.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$22,867,271,
representing
2.7%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
North
Carolina
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
225
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.55
$10.51
$10.25
$11.31
$11.62
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.30
0.28
0.27
0.24
0.21
Net
realized
and
unrealized
gains
(losses)
...........
0.13
0.04
0.25
(1.07)
(0.31)
Total
from
investment
operations
....................
0.43
0.32
0.52
(0.83)
(0.10)
Less
distributions
from:
Net
investment
income
..........................
(0.30)
(0.28)
(0.26)
(0.23)
(0.21)
Net
asset
value,
end
of
year
.......................
$10.68
$10.55
$10.51
$10.25
$11.31
Total
return
d
...................................
4.19%
3.10%
5.21%
(7.31)%
(0.89)%
Ratios
to
average
net
assets
Expenses
.....................................
0.86%
e
0.85%
f
0.85%
f
0.84%
f
0.82%
f
Net
investment
income
...........................
2.93%
2.68%
2.61%
2.26%
1.81%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$131,799
$130,712
$134,364
$133,789
$167,474
Portfolio
turnover
rate
............................
16.41%
10.28%
14.73%
16.87%
23.40%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
226
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.55
$10.50
$10.25
$11.31
$11.62
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.32
0.30
0.28
0.25
0.23
Net
realized
and
unrealized
gains
(losses)
...........
0.12
0.05
0.25
(1.06)
(0.31)
Total
from
investment
operations
....................
0.44
0.35
0.53
(0.81)
(0.08)
Less
distributions
from:
Net
investment
income
..........................
(0.31)
(0.30)
(0.28)
(0.25)
(0.23)
Net
asset
value,
end
of
year
.......................
$10.68
$10.55
$10.50
$10.25
$11.31
Total
return
d
...................................
4.35%
3.36%
5.27%
(7.17)%
(0.65)%
Ratios
to
average
net
assets
Expenses
.....................................
0.71%
e
0.70%
f
0.70%
f
0.69%
f
0.67%
f
Net
investment
income
...........................
3.07%
2.82%
2.75%
2.41%
1.97%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$224,913
$260,291
$293,654
$339,756
$462,916
Portfolio
turnover
rate
............................
16.41%
10.28%
14.73%
16.87%
23.40%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
227
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.73
$10.68
$10.42
$11.49
$11.81
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.26
0.24
0.22
0.19
0.17
Net
realized
and
unrealized
gains
(losses)
...........
0.12
0.05
0.26
(1.07)
(0.33)
Total
from
investment
operations
....................
0.38
0.29
0.48
(0.88)
(0.16)
Less
distributions
from:
Net
investment
income
..........................
(0.26)
(0.24)
(0.22)
(0.19)
(0.16)
Net
asset
value,
end
of
year
.......................
$10.85
$10.73
$10.68
$10.42
$11.49
Total
return
d
...................................
3.61%
2.73%
4.70%
(7.66)%
(1.36)%
Ratios
to
average
net
assets
Expenses
.....................................
1.25%
e
1.24%
f
1.24%
f
1.23%
f
1.21%
f
Net
investment
income
...........................
2.47%
2.22%
2.15%
1.81%
1.40%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$13,192
$15,741
$21,453
$27,303
$42,794
Portfolio
turnover
rate
............................
16.41%
10.28%
14.73%
16.87%
23.40%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
228
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.55
$10.50
$10.24
$11.30
$11.61
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.33
0.31
0.30
0.27
0.25
Net
realized
and
unrealized
gains
(losses)
...........
0.12
0.05
0.25
(1.07)
(0.31)
Total
from
investment
operations
....................
0.45
0.36
0.55
(0.80)
(0.06)
Less
distributions
from:
Net
investment
income
..........................
(0.33)
(0.31)
(0.29)
(0.26)
(0.25)
Net
asset
value,
end
of
year
.......................
$10.67
$10.55
$10.50
$10.24
$11.30
Total
return
....................................
4.41%
3.51%
5.52%
(7.05)%
(0.60)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.56%
0.56%
0.56%
0.56%
0.54%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.56%
0.56%
d
0.56%
d,e
0.55%
d
0.53%
d
Net
investment
income
...........................
3.24%
2.99%
2.89%
2.56%
2.10%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$51,445
$50,507
$28,442
$20,233
$23,000
Portfolio
turnover
rate
............................
16.41%
10.28%
14.73%
16.87%
23.40%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
229
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$10.55
$10.50
$10.25
$11.31
$11.62
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.33
0.31
0.29
0.26
0.24
Net
realized
and
unrealized
gains
(losses)
...........
0.12
0.05
0.25
(1.06)
(0.31)
Total
from
investment
operations
....................
0.45
0.36
0.54
(0.80)
(0.07)
Less
distributions
from:
Net
investment
income
..........................
(0.32)
(0.31)
(0.29)
(0.26)
(0.24)
Net
asset
value,
end
of
year
.......................
$10.68
$10.55
$10.50
$10.25
$11.31
Total
return
....................................
4.45%
3.46%
5.37%
(7.08)%
(0.64)%
Ratios
to
average
net
assets
Expenses
.....................................
0.61%
d
0.60%
e
0.60%
e
0.59%
e
0.57%
e
Net
investment
income
...........................
3.18%
2.93%
2.86%
2.52%
2.06%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$164,515
$153,971
$112,197
$115,439
$132,919
Portfolio
turnover
rate
............................
16.41%
10.28%
14.73%
16.87%
23.40%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
North
Carolina
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
230
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.3%
Software
0.3%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
1,600,000
$
1,693,331
Total
Corporate
Bonds
(Cost
$
1,600,000
)
.......................................
1,693,331
Municipal
Bonds
96.1%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,300,000
1,938,045
Florida
1.7%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
4,680,000
4,310,456
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
1,500,000
1,065,599
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
5,300,000
4,540,020
9,916,075
Georgia
0.2%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
250,000
267,508
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
2,100,000
1,052,587
1,320,095
Illinois
0.1%
Metropolitan
Pier
&
Exposition
Authority
,
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
....................
500,000
501,739
New
Jersey
0.8%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2019
BB
,
5
%
,
6/15/44
......................
2,900,000
2,995,844
State
of
New
Jersey
,
Revenue
,
2020
AA
,
3
%
,
6/15/50
......................
500,000
382,306
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/50
......................
1,010,000
1,036,146
State
of
New
Jersey
,
Revenue
,
2020
AA
,
Pre-Refunded
,
5
%
,
6/15/50
...........
280,000
317,438
4,731,734
New
York
1.6%
Metropolitan
Transportation
Authority
,
Revenue
,
2020
E
,
Refunding
,
4
%
,
11/15/45
..............................
1,595,000
1,498,281
Revenue
,
2021
A-1
,
4
%
,
11/15/48
.....................................
5,325,000
4,785,379
Revenue
,
2021
A-2
,
4
%
,
11/15/41
.....................................
3,000,000
3,002,142
9,285,802
North
Carolina
83.2%
Cape
Fear
Public
Utility
Authority
,
Revenue
,
2025
,
Refunding
,
5
%
,
4/01/37
.................................
275,000
325,241
Revenue
,
2025
,
Refunding
,
5
%
,
4/01/38
.................................
275,000
322,376
Revenue
,
2025
,
Refunding
,
5
%
,
4/01/39
.................................
325,000
378,061
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/15/40
.......
14,000,000
14,018,392
Atrium
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/15/36
.......
5,000,000
5,332,864
Atrium
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
1/15/43
.......
2,000,000
2,023,444
City
of
Charlotte
,
COP
,
2019
A
,
Refunding
,
5
%
,
6/01/44
..................................
8,250,000
8,605,824
GO
,
2023
B
,
Refunding
,
5
%
,
7/01/42
...................................
2,925,000
3,272,536
GO
,
2023
B
,
Refunding
,
5
%
,
7/01/43
...................................
2,300,000
2,549,533
GO
,
2025
B
,
Refunding
,
5
%
,
7/01/42
...................................
1,690,000
1,938,026
Airport
,
Revenue
,
2019
B
,
4
%
,
7/01/44
..................................
5,515,000
5,381,993
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
231
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
City
of
Charlotte,
(continued)
Airport
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/40
.........................
$
9,030,000
$
9,234,624
Airport
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
7/01/41
.........................
2,410,000
2,458,202
Airport
,
Revenue
,
2023
A
,
5
%
,
7/01/48
..................................
4,500,000
4,743,384
Airport
,
Revenue
,
2023
A
,
5
%
,
7/01/53
..................................
6,155,000
6,410,668
Airport
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
7/01/55
.......................
3,000,000
3,222,170
Water
&
Sewer
System
,
Revenue
,
2018
,
Refunding
,
4
%
,
7/01/38
..............
4,150,000
4,236,214
Water
&
Sewer
System
,
Revenue
,
2020
,
Refunding
,
2
%
,
7/01/41
..............
500,000
387,311
City
of
Durham
,
Water
&
Sewer
Utility
System
,
Revenue
,
2024
,
4
%
,
8/01/49
..................
3,960,000
3,913,080
Water
&
Sewer
Utility
System
,
Revenue
,
2024
,
4
%
,
8/01/53
..................
3,400,000
3,294,321
City
of
Fayetteville
,
Public
Works
Commission
,
Revenue
,
2018
,
Refunding
,
4
%
,
3/01/41
............
4,015,000
4,059,303
Public
Works
Commission
,
Revenue
,
2023
,
5
%
,
3/01/53
....................
2,200,000
2,290,641
City
of
Greensboro
,
Combined
Water
&
Sewer
System
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/45
....
4,500,000
4,537,061
Combined
Water
&
Sewer
System
,
Revenue
,
2024
B
,
5
%
,
6/01/49
.............
1,500,000
1,596,934
Combined
Water
&
Sewer
System
,
Revenue
,
2024
B
,
5
%
,
6/01/54
.............
3,500,000
3,692,041
City
of
Raleigh
,
GO
,
2023
A
,
Refunding
,
5
%
,
4/01/41
...................................
1,775,000
1,995,849
Combined
Enterprise
System
,
Revenue
,
2023
,
Refunding
,
4
%
,
9/01/53
.........
3,000,000
2,930,648
City
of
Winston-Salem
,
Water
&
Sewer
System
,
Revenue
,
2017
,
4
%
,
6/01/47
......
10,000,000
10,000,008
Columbus
County
Industrial
Facilities
&
Pollution
Control
Financing
Authority
,
International
Paper
Co.
,
Revenue
,
2020
A
,
Refunding
,
4.2
%
,
5/01/34
...........
2,500,000
2,691,054
County
of
Brunswick
,
GO
,
2022
,
4
%
,
8/01/39
..............................
1,550,000
1,625,183
County
of
Catawba
,
Revenue
,
2023
,
4
%
,
4/01/43
...........................
400,000
405,668
County
of
Dare
,
Revenue
,
2021
A
,
3
%
,
6/01/38
........................................
375,000
365,201
Revenue
,
2021
A
,
3
%
,
6/01/39
........................................
585,000
556,640
Revenue
,
2021
A
,
3
%
,
6/01/40
........................................
250,000
232,626
Revenue
,
2021
A
,
3
%
,
6/01/41
........................................
450,000
413,981
County
of
Guilford
,
GO
,
2024
,
4
%
,
3/01/43
.............................................
5,000,000
5,141,511
GO
,
2025
,
5
%
,
3/01/38
.............................................
4,085,000
4,817,931
GO
,
2025
,
5
%
,
3/01/39
.............................................
3,000,000
3,513,752
GO
,
2025
,
4
%
,
3/01/43
.............................................
3,000,000
3,093,924
GO
,
2025
,
4
%
,
3/01/45
.............................................
5,000,000
5,092,010
County
of
Henderson
,
Revenue
,
2025
,
Refunding
,
5
%
,
10/01/40
................................
625,000
718,431
Revenue
,
2025
,
Refunding
,
5
%
,
10/01/41
................................
575,000
658,088
County
of
Iredell
,
GO
,
2025
,
4
%
,
4/01/45
..................................
4,195,000
4,246,889
County
of
Johnston
,
GO
,
2025
,
5
%
,
2/01/39
.............................................
5,000,000
5,852,501
Water
&
Sewer
System
,
Revenue
,
2023
,
4
%
,
4/01/53
.......................
1,150,000
1,114,492
County
of
Lincoln
,
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
3
%
,
8/01/38
..................
400,000
388,813
Enterprise
System
,
Revenue
,
2020
,
Refunding
,
3
%
,
8/01/41
..................
480,000
441,330
County
of
Mecklenburg
,
GO
,
2025
B
,
4
%
,
2/01/45
...........................
5,000,000
5,079,784
County
of
New
Hanover
,
Revenue
,
2021
,
Refunding
,
5
%
,
8/01/30
.................................
3,375,000
3,780,043
New
Hanover
Regional
Medical
Center
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
10/01/47
.......................................................
13,565,000
14,164,751
NHW
Healthcare,
Inc.
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
10/01/42
...........
5,000,000
5,221,065
County
of
Wake
,
GO
,
2019
A
,
5
%
,
3/01/32
............................................
5,000,000
5,427,860
Revenue
,
2021
,
3
%
,
3/01/35
.........................................
5,535,000
5,551,549
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
232
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
County
of
Wake,
(continued)
Revenue
,
2021
,
3
%
,
3/01/36
.........................................
$
6,000,000
$
6,013,316
Greater
Asheville
Regional
Airport
Authority
,
Revenue
,
2023
,
AG
Insured
,
5.25
%
,
7/01/53
.........................................................
7,500,000
7,723,915
Greenville
Utilities
Commission
,
Revenue
,
2025
,
5
%
,
9/01/49
..................
2,460,000
2,626,961
Nash
Health
Care
Systems
,
Revenue
,
2025
,
5.75
%
,
2/01/50
.......................................
1,250,000
1,354,507
Revenue
,
2025
,
5.25
%
,
2/01/55
.......................................
5,500,000
5,670,215
North
Carolina
Agricultural
&
Technical
State
University
,
Revenue
,
2023
,
5
%
,
10/01/43
1,000,000
1,089,729
North
Carolina
Capital
Facilities
Finance
Agency
,
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/27
..........
400,000
411,443
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/28
..........
500,000
522,678
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/29
..........
550,000
583,409
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/30
..........
1,860,000
1,996,304
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/31
..........
1,855,000
2,009,382
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/32
..........
1,000,000
1,078,047
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
10/01/33
..........
1,670,000
1,789,382
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/34
..........
740,000
748,577
Campbell
University,
Inc.
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/35
..........
360,000
362,621
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/40
.................
2,500,000
2,529,489
Duke
University
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
10/01/44
.................
7,000,000
7,063,177
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/32
................
2,000,000
2,120,934
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/33
................
3,210,000
3,388,260
High
Point
University
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/34
................
2,270,000
2,385,586
Wake
Forest
University
,
Revenue
,
2018
,
5
%
,
1/01/48
.......................
13,500,000
13,705,763
North
Carolina
Central
University
,
Revenue
,
2019
,
AG
Insured
,
5
%
,
4/01/44
................................
1,575,000
1,632,963
Revenue
,
2019
,
4
%
,
4/01/49
.........................................
1,000,000
894,295
North
Carolina
Housing
Finance
Agency
,
Revenue
,
41
,
GNMA
Insured
,
3.55
%
,
7/01/44
.............................
4,175,000
3,917,907
Revenue
,
41
,
GNMA
Insured
,
3.625
%
,
7/01/49
............................
6,325,000
5,653,926
Revenue
,
42
,
GNMA
Insured
,
2.45
%
,
7/01/34
.............................
750,000
691,699
Revenue
,
42
,
GNMA
Insured
,
2.625
%
,
7/01/39
............................
3,035,000
2,747,063
Revenue
,
42
,
GNMA
Insured
,
2.85
%
,
1/01/43
.............................
2,660,000
2,230,658
Revenue
,
43
,
GNMA
Insured
,
2.8
%
,
1/01/40
..............................
4,715,000
4,186,416
Revenue
,
43
,
GNMA
Insured
,
2.95
%
,
7/01/43
.............................
2,170,000
1,838,193
Revenue
,
44
,
3
%
,
7/01/46
...........................................
2,740,000
2,229,007
Revenue
,
45
,
Refunding
,
GNMA
Insured
,
2.2
%
,
7/01/40
.....................
1,795,000
1,461,115
Revenue
,
46
A
,
GNMA
Insured
,
1.55
%
,
1/01/30
...........................
2,100,000
1,999,921
Revenue
,
46
A
,
GNMA
Insured
,
1.75
%
,
1/01/31
...........................
975,000
906,660
North
Carolina
Medical
Care
Commission
,
Atrium
Health
Wake
Forest
Baptist
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
12/01/33
1,000,000
1,061,165
Carolina
Meadows,
Inc.
Obligated
Group
,
Revenue
,
2024
,
4
%
,
12/01/39
........
10,765,000
10,950,767
Carolina
Meadows,
Inc.
Obligated
Group
,
Revenue
,
2024
,
5.25
%
,
12/01/44
......
340,000
361,041
Chapel
Hill
Residential
Center,
Inc.
Obligated
Group
,
Revenue
,
2025
,
5.25
%
,
12/01/55
.......................................................
3,000,000
3,099,736
Deerfield
Episcopal
Retirement
Community
Obligated
Group
,
Revenue
,
2026
A
,
5.25
%
,
11/01/50
.................................................
4,000,000
4,106,348
Duke
University
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2016
D
,
Refunding
,
4
%
,
6/01/42
....................................................
7,000,000
7,004,955
Duke
University
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5
%
,
6/01/42
....................................................
1,000,000
1,102,605
EveryAge
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
9/01/47
..........
2,935,000
2,658,220
EveryAge
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
9/01/51
..........
960,000
839,406
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/33
............
355,000
366,421
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/34
............
185,000
190,290
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/41
............
920,000
895,754
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
233
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Medical
Care
Commission,
(continued)
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/46
............
$
1,665,000
$
1,474,569
Forest
at
Duke,
Inc.
Obligated
Group
,
Revenue
,
2021
,
4
%
,
9/01/51
............
1,670,000
1,404,270
Friends
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
9/01/50
..............
3,000,000
2,517,967
Lutheran
Retirement
Ministries
of
Alamance
County
Obligated
Group
,
Revenue
,
2025
A
,
5.25
%
,
1/01/55
................................................
4,000,000
4,054,394
Novant
Health
Obligated
Group
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
11/01/46
.....
20,000,000
20,011,734
Novant
Health
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/01/49
..............
2,115,000
1,948,261
Novant
Health
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
11/01/52
..............
6,640,000
6,011,374
Pines
at
Davidson,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
1/01/34
........
2,050,000
2,093,718
Pines
at
Davidson,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
1/01/49
........
5,000,000
5,017,671
Plantation
Village,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/41
1,020,000
1,000,430
Plantation
Village,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/52
3,510,000
2,947,868
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
10/01/31
5,000,000
5,052,906
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/40
.........
1,800,000
1,871,731
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
10/01/45
.........
1,000,000
907,776
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/45
.........
2,420,000
2,446,825
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
10/01/50
.........
1,350,000
1,150,686
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/50
.........
1,400,000
1,389,047
Rex
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
7/01/49
............
4,000,000
3,917,677
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/44
...................................................
750,000
779,051
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/49
...................................................
750,000
763,974
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2025
A
,
5.125
%
,
10/01/56
................................................
3,000,000
3,092,539
North
Carolina
State
Education
Assistance
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/26
..............................
300,000
301,574
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/27
..............................
450,000
461,526
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/28
..............................
500,000
519,603
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
6/01/29
..............................
350,000
371,082
Revenue,
Senior
Lien
,
2025
A
,
Refunding
,
5
%
,
6/01/35
.....................
1,250,000
1,354,365
North
Carolina
Turnpike
Authority
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/47
...............................
4,510,000
4,516,698
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/54
...............................
2,560,000
2,562,379
Revenue,
Senior
Lien
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
1/01/31
.............
1,000,000
1,019,259
Revenue,
Senior
Lien
,
2019
,
AG
Insured
,
5
%
,
1/01/49
......................
2,000,000
2,037,604
Revenue,
Senior
Lien
,
2019
,
4
%
,
1/01/55
................................
5,000,000
4,473,250
Revenue,
Senior
Lien
,
2024
A
,
AG
Insured
,
5
%
,
1/01/58
.....................
11,980,000
12,259,310
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/36
..............
1,750,000
1,955,563
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/37
..............
1,770,000
1,966,751
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/38
..............
1,250,000
1,381,467
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/39
..............
1,500,000
1,648,206
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/40
..............
1,270,000
1,388,380
State
of
North
Carolina
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/41
..............
2,000,000
2,176,727
State
of
North
Carolina
Highway
Trust
Fund
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
1/01/39
........................................................
3,000,000
3,038,766
Raleigh
Durham
Airport
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/01/30
...............................
550,000
551,187
Revenue
,
2020
A
,
Refunding
,
5
%
,
5/01/36
...............................
2,580,000
2,769,718
State
of
North
Carolina
,
Revenue
,
2025
,
Refunding
,
5
%
,
3/01/40
................
1,500,000
1,725,933
Town
of
Cary
,
Combined
Utility
Systems
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
12/01/42
5,000,000
5,046,865
Town
of
Fuquay-Varina
,
Combined
Utilities
,
Revenue
,
2024
C
,
5
%
,
6/01/41
........
2,320,000
2,614,465
Town
of
Holly
Springs
,
Enterprise
System
,
Revenue
,
2024
,
4
%
,
11/01/49
..........
2,500,000
2,470,150
University
of
North
Carolina
at
Chapel
Hill
,
Revenue
,
2021
B
,
Refunding
,
5
%
,
12/01/37
..............................
2,180,000
2,451,730
Revenue
,
2025
A
,
5
%
,
12/01/50
.......................................
5,000,000
5,351,782
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
234
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
University
of
North
Carolina
at
Chapel
Hill,
(continued)
Revenue
,
2025
A
,
5
%
,
12/01/55
.......................................
$
4,500,000
$
4,778,499
Hospitals
at
Chapel
Hill
,
Revenue
,
2019
,
5
%
,
2/01/49
.......................
6,920,000
7,829,597
University
of
North
Carolina
at
Charlotte
(The)
,
Revenue
,
2017
,
5
%
,
10/01/47
......
5,000,000
5,090,765
University
of
North
Carolina
at
Wilmington
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/37
.
3,000,000
3,006,571
University
of
North
Carolina
System
,
Appalachian
State
University
,
Revenue
,
2008
A
,
AG
Insured
,
5
%
,
10/01/33
...........................................
160,000
160,134
Water
and
Sewer
Authority
of
Cabarrus
County
,
Revenue
,
2024
,
4
%
,
6/01/49
......
2,685,000
2,653,264
Western
Carolina
University
,
Revenue
,
2020
B
,
3
%
,
4/01/36
........................................
1,000,000
987,689
Revenue
,
2020
B
,
4
%
,
4/01/50
........................................
5,000,000
4,785,635
487,507,014
South
Carolina
0.4%
b
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Garden
Oaks
LP
,
Revenue
,
144A,
2021
A
,
4.2
%
,
12/01/39
................................
2,500,000
2,305,993
Texas
0.4%
Lake
Houston
Redevelopment
Authority
,
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/32
200,000
204,629
City
of
Houston
Reinvestment
Zone
No.
10
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/33
200,000
203,866
b
Pecan
Public
Facility
Corp.
,
Revenue
,
144A,
2022
A-2
,
5
%
,
12/01/52
............
2,800,000
2,157,464
2,565,959
Washington
0.3%
b
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
............................
1,600,000
1,426,589
Wisconsin
2.2%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
1,160,000
1,240,215
b
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
1,600,000
1,343,870
c
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
9,545,000
4,800,210
b,c
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
7,965,000
5,352,986
12,737,281
U.S.
Territories
4.9%
Guam
2.0%
Antonio
B
Won
Pat
International
Airport
Authority
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/30
............................
750,000
812,950
Revenue
,
2023
A
,
Refunding
,
5.125
%
,
10/01/34
...........................
390,000
434,249
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/35
............................
265,000
296,213
Revenue
,
2024
A
,
5.25
%
,
10/01/35
....................................
625,000
706,972
Guam
Government
Waterworks
Authority
,
Revenue
,
2020
A
,
5
%
,
1/01/50
........................................
3,205,000
3,271,219
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.25
%
,
7/01/50
.............
2,500,000
2,597,456
Water
And
Wastewater
System
,
Revenue
,
2025
A
,
5.5
%
,
7/01/55
..............
3,200,000
3,363,597
11,482,656
Puerto
Rico
2.9%
Commonwealth
of
Puerto
Rico
,
c,d
GO
,
FRN
,
2.567
%,
11/01/43
..........................................
89,769
61,380
GO
,
2022
A-1
,
5.625
%
,
7/01/27
.......................................
25,850
26,456
GO
,
2022
A-1
,
5.625
%
,
7/01/29
.......................................
25,431
27,174
GO
,
2022
A-1
,
5.75
%
,
7/01/31
........................................
24,701
27,449
GO
,
2022
A-1
,
4
%
,
7/01/33
..........................................
23,423
23,989
GO
,
2022
A-1
,
4
%
,
7/01/35
..........................................
21,054
21,415
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
235
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Commonwealth
of
Puerto
Rico,
(continued)
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
$
18,070
$
18,107
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
24,568
23,845
GO
,
2022
A-1
,
4
%
,
7/01/46
..........................................
25,551
23,069
c
GO
,
2022
A-1
,
4.18
%,
7/01/33
........................................
30,143
22,319
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
1,500,000
1,539,427
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
7/01/33
..
440,000
474,764
Hospital
Auxilio
Mutuo
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/41
..
220,000
205,729
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
11,700,000
11,483,883
Sales
Tax
,
Revenue
,
A-2
,
4.329
%
,
7/01/40
...............................
2,000,000
2,004,137
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
1,190,000
1,153,006
17,136,149
Total
U.S.
Territories
....................................................................
28,618,805
Total
Municipal
Bonds
(Cost
$
569,606,878
)
.....................................
562,855,131
Total
Long
Term
Investments
(Cost
$
571,206,878
)
...............................
564,548,462
a
a
a
a
a
Short
Term
Investments
1.7%
Municipal
Bonds
1.7%
North
Carolina
1.7%
e
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2007
C
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
1.9
%
,
1/15/37
...........................
2,900,000
2,900,000
Atrium
Health
Obligated
Group
,
Revenue
,
2018
G
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
1.9
%
,
1/15/48
..................................
5,600,000
5,600,000
Atrium
Health
Obligated
Group
,
Revenue
,
2018
H
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
1.9
%
,
1/15/48
..................................
1,650,000
1,650,000
10,150,000
Total
Municipal
Bonds
(Cost
$
10,150,000
)
......................................
10,150,000
Total
Short
Term
Investments
(Cost
$
10,150,000
)
................................
10,150,000
a
Total
Investments
(Cost
$
581,356,878
)
98.1
%
...................................
$574,698,462
Other
Assets,
less
Liabilities
1.9
%
.............................................
11,165,441
Net
Assets
100.0%
...........................................................
$585,863,903
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
North
Carolina
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
236
See
Abbreviations
on
page
348
.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
10
regarding
fair
value
measurements.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
February
28,
2026,
the
aggregate
value
of
these
securities
was
$18,192,521,
representing
3.1%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Ohio
Tax-Free
Income
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
237
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.52
$11.50
$11.29
$12.54
$12.90
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.38
0.36
0.34
0.31
0.25
Net
realized
and
unrealized
gains
(losses)
...........
0.09
0.02
0.21
(1.26)
(0.36)
Total
from
investment
operations
....................
0.47
0.38
0.55
(0.95)
(0.11)
Less
distributions
from:
Net
investment
income
..........................
(0.38)
(0.36)
(0.34)
(0.30)
(0.25)
Net
asset
value,
end
of
year
.......................
$11.61
$11.52
$11.50
$11.29
$12.54
Total
return
d
...................................
4.21%
3.34%
4.96%
(7.57)%
(0.90)%
Ratios
to
average
net
assets
Expenses
.....................................
0.82%
e
0.81%
f
0.81%
f
0.81%
f
0.81%
f
Net
investment
income
...........................
3.38%
3.10%
3.01%
2.66%
1.94%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$255,039
$259,588
$261,839
$269,364
$315,516
Portfolio
turnover
rate
............................
10.45%
13.17%
9.53%
26.92%
24.59%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
238
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.51
$11.49
$11.28
$12.54
$12.90
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.40
0.37
0.36
0.32
0.27
Net
realized
and
unrealized
gains
(losses)
...........
0.09
0.03
0.21
(1.26)
(0.36)
Total
from
investment
operations
....................
0.49
0.40
0.57
(0.94)
(0.09)
Less
distributions
from:
Net
investment
income
..........................
(0.40)
(0.38)
(0.36)
(0.32)
(0.27)
Net
asset
value,
end
of
year
.......................
$11.60
$11.51
$11.49
$11.28
$12.54
Total
return
d
...................................
4.37%
3.50%
5.12%
(7.51)%
(0.75)%
Ratios
to
average
net
assets
Expenses
.....................................
0.67%
e
0.66%
f
0.66%
f
0.66%
f
0.66%
f
Net
investment
income
...........................
3.53%
3.25%
3.16%
2.80%
2.10%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$437,233
$492,750
$559,066
$628,747
$850,932
Portfolio
turnover
rate
............................
10.45%
13.17%
9.53%
26.92%
24.59%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
239
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.67
$11.65
$11.44
$12.71
$13.08
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.33
0.31
0.29
0.26
0.20
Net
realized
and
unrealized
gains
(losses)
...........
0.09
0.02
0.21
(1.28)
(0.37)
Total
from
investment
operations
....................
0.42
0.33
0.50
(1.02)
(0.17)
Less
distributions
from:
Net
investment
income
..........................
(0.33)
(0.31)
(0.29)
(0.25)
(0.20)
Net
asset
value,
end
of
year
.......................
$11.76
$11.67
$11.65
$11.44
$12.71
Total
return
d
...................................
3.74%
2.88%
4.47%
(8.00)%
(1.36)%
Ratios
to
average
net
assets
Expenses
.....................................
1.22%
e
1.20%
f
1.20%
f
1.20%
f
1.20%
f
Net
investment
income
...........................
2.93%
2.65%
2.55%
2.20%
1.52%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$22,943
$34,844
$54,356
$78,486
$125,479
Portfolio
turnover
rate
............................
10.45%
13.17%
9.53%
26.92%
24.59%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable.
e
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
240
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.53
$11.51
$11.30
$12.55
$12.91
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.41
0.39
0.37
0.34
0.29
Net
realized
and
unrealized
gains
(losses)
...........
0.08
0.02
0.21
(1.25)
(0.36)
Total
from
investment
operations
....................
0.49
0.41
0.58
(0.91)
(0.07)
Less
distributions
from:
Net
investment
income
..........................
(0.41)
(0.39)
(0.37)
(0.34)
(0.29)
Net
asset
value,
end
of
year
.......................
$11.61
$11.53
$11.51
$11.30
$12.55
Total
return
....................................
4.42%
3.63%
5.26%
(7.29)%
(0.61)%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
0.54%
0.53%
0.53%
0.54%
0.53%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
0.54%
d
0.53%
e
0.53%
d,e
0.52%
e
0.52%
e
Net
investment
income
...........................
3.67%
3.39%
3.31%
2.94%
2.23%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$21,784
$22,877
$20,781
$14,734
$21,433
Portfolio
turnover
rate
............................
10.45%
13.17%
9.53%
26.92%
24.59%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Financial
Highlights
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
241
a
Year
Ended
February
28,
2026
2025
2024
a
2023
2022
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$11.53
$11.50
$11.30
$12.55
$12.91
Income
from
investment
operations
b
:
Net
investment
income
c
.........................
0.41
0.39
0.37
0.33
0.29
Net
realized
and
unrealized
gains
(losses)
...........
0.08
0.03
0.20
(1.25)
(0.37)
Total
from
investment
operations
....................
0.49
0.42
0.57
(0.92)
(0.08)
Less
distributions
from:
Net
investment
income
..........................
(0.41)
(0.39)
(0.37)
(0.33)
(0.28)
Net
asset
value,
end
of
year
.......................
$11.61
$11.53
$11.50
$11.30
$12.55
Total
return
....................................
4.38%
3.60%
5.22%
(7.33)%
(0.65)%
Ratios
to
average
net
assets
Expenses
.....................................
0.57%
d
0.56%
e
0.56%
e
0.56%
e
0.56%
e
Net
investment
income
...........................
3.63%
3.35%
3.25%
2.89%
2.20%
Supplemental
data
Net
assets
,
end
of
year
(000’s)
.....................
$179,242
$181,308
$182,390
$209,487
$299,002
Portfolio
turnover
rate
............................
10.45%
13.17%
9.53%
26.92%
24.59%
a
For
the
year
ended
February
29.
b
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
c
Based
on
average
daily
shares
outstanding.
d
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Tax-Free
Trust
Schedule
of
Investments,
February
28,
2026
Franklin
Ohio
Tax-Free
Income
Fund
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
242
a
a
Principal
Amount
a
Value
a
a
a
a
a
Corporate
Bonds
0.4%
Software
0.4%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
3,200,000
$
3,386,662
Total
Corporate
Bonds
(Cost
$
3,200,000
)
.......................................
3,386,662
Municipal
Bonds
98.0%
California
0.3%
California
Municipal
Finance
Authority
,
Integrity
Housing
Obligated
Group
,
Revenue
,
2022
A-1
,
4.25
%
,
12/01/37
...........................................
2,800,000
2,359,360
Florida
2.1%
Capital
Trust
Agency,
Inc.
,
Kingdom
Development
West
Palm
Beach
Portfolio
Obligated
Group
,
Revenue
,
2021
A-1
,
3.75
%
,
12/01/36
.............................................
9,144,000
8,421,967
b
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,200,000
1,562,879
b
,c
Capital
Trust
Authority
,
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.29
%,
3/01/29
...........................................
10,600,000
9,080,040
19,064,886
Georgia
0.2%
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
920,000
984,427
c
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.56
%,
12/01/45
..................
2,100,000
1,052,587
2,037,014
New
Jersey
0.2%
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2022
A
,
4
%
,
6/15/38
....................................................
2,000,000
2,070,503
New
York
0.1%
Metropolitan
Transportation
Authority
,
Revenue
,
2021
A-1
,
4
%
,
11/15/48
..........
750,000
673,997
Ohio
90.4%
Akron
City
School
District
,
COP
,
2023
,
AG
Insured
,
5
%
,
8/01/53
................
3,000,000
3,099,456
American
Municipal
Power,
Inc.
,
Combined
Hydroelectric
,
Revenue
,
2024
A
,
Refunding
,
5
%
,
2/15/48
............
1,325,000
1,382,902
Prairie
State
Energy
Campus
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/37
........
3,700,000
3,841,635
Prairie
State
Energy
Campus
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/38
........
3,500,000
3,624,537
Solar
Electricity
Prepayment
,
Revenue
,
2019
A
,
5
%
,
2/15/44
.................
3,345,000
3,448,063
Anthony
Wayne
Local
School
District
,
GO
,
2017
A
,
4
%
,
12/01/39
................
2,445,000
2,445,791
Apollo
Joint
Vocational
School
District
,
GO
,
2017
,
Refunding
,
4
%
,
12/01/39
........
6,530,000
6,598,304
Beachwood
City
School
District
,
GO
,
2023
,
4
%
,
12/01/53
.....................
7,575,000
7,191,848
Bedford
City
School
District
,
GO
,
2025
,
BAM
Insured
,
5.5
%
,
12/01/58
............
2,000,000
2,117,708
d
Big
Walnut
Local
School
District
,
GO
,
2026
B
,
5
%
,
12/01/55
...................
1,000,000
1,044,638
Bowling
Green
State
University
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
6/01/42
........
1,045,000
1,062,802
Brooklyn
City
School
District
,
GO
,
2017
,
Refunding
,
AG
Insured
,
5
%
,
12/01/49
.....
9,000,000
9,057,651
Butler
County
Port
Authority
,
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/34
........................................................
185,000
189,930
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/35
........................................................
195,000
199,392
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/36
........................................................
205,000
208,461
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/37
........................................................
210,000
212,335
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/38
........................................................
220,000
221,240
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/39
........................................................
225,000
225,393
Franklin
Tax-Free
Trust
Schedule
of
Investments
Franklin
Ohio
Tax-Free
Income
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
243
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Butler
County
Port
Authority,
(continued)
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/40
........................................................
$
240,000
$
238,268
Community
First
Solutions
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/41
........................................................
245,000
240,393
c
Canal
Winchester
Local
School
District
,
GO
,
2005
,
NATL
Insured
,
3.01
%,
12/01/32
...............................
3,955,000
3,236,499
GO
,
2005
,
NATL
Insured
,
3.14
%,
12/01/33
...............................
2,000,000
1,573,888
Cincinnati
City
School
District
,
GO
,
2006
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/27
......................
14,900,000
15,716,831
GO
,
2006
,
Refunding
,
NATL
Insured
,
5.25
%
,
12/01/28
......................
8,180,000
8,844,846
City
of
Chillicothe
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/37
.
2,890,000
2,948,564
Adena
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
12/01/47
.
2,110,000
2,114,487
City
of
Cleveland
,
GO
,
2012
,
5
%
,
12/01/30
.............................................
35,000
35,064
GO
,
2020
A
,
2
%
,
12/01/36
...........................................
1,215,000
1,053,771
Water
Pollution
Control
,
Revenue
,
2024
,
5
%
,
11/15/54
......................
1,350,000
1,411,382
City
of
Columbus
,
GO
,
2018
A
,
5
%
,
4/01/34
............................................
7,000,000
7,474,202
GO
,
2019
A
,
5
%
,
4/01/40
............................................
3,000,000
3,175,159
GO
,
2021
A
,
5
%
,
4/01/40
............................................
1,900,000
2,055,477
Sewerage
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/30
........................
5,000,000
5,033,058
City
of
Hilliard
,
Income
Tax
,
Revenue
,
2022
,
5
%
,
12/01/47
.....................
5,000,000
5,209,978
City
of
Marysville
,
Wastewater
Treatment
System
,
Revenue
,
2015
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/40
.......................................................
3,015,000
3,016,093
Wastewater
Treatment
System
,
Revenue
,
2015
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/47
.......................................................
2,035,000
2,036,345
Wastewater
Treatment
System
,
Revenue
,
2016
,
Refunding
,
BAM
Insured
,
4
%
,
12/01/46
.......................................................
9,370,000
9,129,772
Cleveland
Department
of
Public
Utilities
,
Division
of
Public
Power
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
4
%
,
11/15/37
.
1,000,000
1,026,408
c
Division
of
Public
Power
,
Revenue
,
B-2
,
NATL
Insured
,
4.25
%,
11/15/38
.........
10,000,000
5,890,476
Cleveland-Cuyahoga
County
Port
Authority
,
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/38
.......
100,000
102,958
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/39
.......
700,000
716,716
Cleveland
Museum
of
Natural
History
(The)
,
Revenue
,
2021
,
4
%
,
7/01/40
.......
100,000
101,665
Euclid
Avenue
Development
Corp.
,
Revenue
,
2022
A
,
5.5
%
,
8/01/52
...........
9,000,000
9,359,274
Port
of
Cleveland
Bond
Fund
,
Revenue
,
2024
C
,
5
%
,
11/15/54
................
1,175,000
1,197,200
Columbus
Regional
Airport
Authority
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
1/01/50
...
5,000,000
5,332,316
Columbus-Franklin
County
Finance
Authority
,
Revenue
,
2021
C
,
2.5
%
,
11/15/41
.....................................
900,000
693,839
Revenue
,
2021
C
,
3
%
,
5/15/51
........................................
2,180,000
1,531,619
Central
Ohio
Regional
Bond
Fund
,
Revenue
,
2024
A
,
5
%
,
11/15/54
............
980,000
992,886
Central
Ohio
Regional
Bond
Fund
,
Revenue
,
2025
A
,
5.25
%
,
5/15/45
...........
660,000
700,566
ECG
Westerville
LP
,
Revenue
,
2024
A
,
FNMA
Insured
,
4.375
%
,
6/01/43
.........
5,000,000
5,126,713
County
of
Butler
,
UC
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/45
..........
5,020,000
5,027,288
UC
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
11/15/36
..........
2,140,000
2,140,231
County
of
Cuyahoga
,
GO
,
2020
A
,
Refunding
,
4
%
,
12/01/34
...................
750,000
790,926
County
of
Fayette
,
Adena
Health
System
Obligated
Group
,
Revenue
,
2025
,
AG
Insured
,
5.25
%
,
12/01/54
............................................
5,000,000
5,281,292
County
of
Franklin
,
Nationwide
Children's
Hospital,
Inc.
,
Revenue
,
2016
C