The following portfolio data for the Franklin Templeton funds is made ...

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
The following portfolio data for the Franklin Templeton funds is made available to the public under our Portfolio
Holdings Release Policy and is "as of" the date indicated. This portfolio data should not be relied upon as a complete
listing of a fund's holdings (or of a fund's top holdings) as information on particular holdings may be withheld if it is in the
fund's interest to do so. Additionally, foreign currency forwards are not included in the portfolio data. Instead, the net
market value of all currency forward contracts is included in cash and other net assets of the fund. Further, portfolio
holdings data of over-the-counter derivative investments such as Credit Default Swaps, Interest Rate Swaps or other
Swap contracts list only the name of counterparty to the derivative contract, not the details of the derivative. Complete
portfolio data can be found in the semi- and annual financial statements of the fund.
Security
Identifier
010242AQ8
01030LCL7
01030LCR4
010604BS4
012722AP9
016398AQ2
01728RHS1
01728RHT9
022555UL8
02765UFN9
02765UFQ2
03254CEM8
03254CEL0
03469NAA5
037176AA2
040507MT9
04780MLM9
047849BF0
047870LD0
047870KK5
052409CS6
055032BK1
058024AW0
069687AB7
071810AL9
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
ALABAMA CAPITAL REGION SOLID W 7,500,000 $7,371,375 0.08% 5% 06/15/39
ALABAMA ST INCENTIVES FING AUT 5,000,000 $5,208,600 0.06% 5% 09/01/37
ALABAMA ST INCENTIVES FING AUT 18,500,000 $19,074,980 0.21% 5% 09/01/42
ALABAMA ST PORT AUTH DOCKS FAC 6,000,000 $6,985,500 0.08% 6% 10/01/40
ALBEMARLE N C HOSP AUTH HEALTH 4,500,000 $4,538,745 0.05% 5.25% 10/01/27
ALISO VIEJO CALIF CFD NO 05 -0 5,200,000 $5,212,740 0.06% 6% 09/01/38
ALLEGHENY CNTY PA HIGHER ED BL 1,215,000 $1,281,229 0.01% 6.75% 11/01/31
ALLEGHENY CNTY PA HIGHER ED BL 2,000,000 $2,107,940 0.02% 7% 11/01/40
ALVORD CALIF UNI SCH DIST 30,750,000 $6,398,152 0.07% N/A 08/01/41
AMERICAN MUN PWR OHIO INC 30,000,000 $30,908,700 0.33% 5% 02/15/37
AMERICAN MUN PWR OHIO INC 36,000,000 $36,833,040 0.40% 5% 02/15/42
ANAHEIM CALIF CITY SCH DIST 5,000,000 $1,913,150 0.02% N/A 08/01/30
ANAHEIM CALIF CITY SCH DIST 7,000,000 $2,875,110 0.03% N/A 08/01/29
ANGELINA & NECHES RIV AUTH TEX 1,750,000 $1,789,795 0.02% 6.95% 05/01/23
ANTIOCH VILLAGE IL SPL TAX - D 3,214,000 $2,687,900 0.03% 6.625% 03/01/33
ARIZONA HEALTH FACS AUTH REV 10,000,000 $10,336,800 0.11% 5.25% 03/01/39
ATLANTA GA ARPT REV 10,000,000 $10,462,200 0.11% 5% 01/01/40
ATLANTA GA TAX ALLOCATION 1,035,000 $1,065,563 0.01% 5.5% 01/01/31
ATLANTA GA WTR & WASTEWTR REV 30,000,000 $31,990,200 0.35% 5.25% 11/01/34
ATLANTA GA WTR & WASTEWTR REV 30,000,000 $34,940,700 0.38% 6.25% 11/01/34
AUSTIN TX CONVENTION HOTEL REV 15,750,000 $15,988,297 0.17% 5.75% 01/01/34
AZUSA CALIF SPL TAX CFD 05-1-A 4,675,000 $4,314,370 0.05% 5% 09/01/37
BALDWIN CNTY GA HOSP AUTH REV 1,470,000 $1,382,579 0.01% 5.375% 12/01/28
BARTRAM SPRINGS CMNTY DEV DIST 4,500,000 $4,276,890 0.05% 4.75% 05/01/34
BAXTER CNTY ARK INDL DEV REV 2,400,000 $2,421,072 0.03% 5.8% 10/01/13
Page 1 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
072024JL7
074406GX1
074427AF2
074614AC2
095175QZ1
097206AC0
097552RB1
102022BT6
102869AE4
105911BV2
10741LBX3
114420AC6
117657AK2
118217AR9
118217AV0
118217AQ1
121342MW6
121342MT3
121342ML0
123550GA7
13016NBX1
13033FRJ1
13033FRH5
13033FRK8
13033LBM8
13033LBP1
13033K8C6
13033WMN0
13033WMM2
13048TEK5
13055JAA3
13063BPX4
13063BWB4
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
BAY AREA TOLL AUTH CALIF TOLL 29,685,000 $31,497,862 0.34% 5.5% 04/01/43
BEAUMONT CA CFD 93-1 IMPROVE A 3,680,000 $3,542,662 0.04% 5.35% 09/01/36
BEAUMONT CALIF PUB FING AUTH R 3,535,000 $4,056,766 0.04% 6.9% 09/01/23
BEAUREGARD PARISH LA 13,990,000 $14,046,379 0.15% 6.8% 02/01/27
BLOUNT CNTY TENN PUB BLDG AUTH 17,865,000 $17,865,000 0.19% 0.05% 06/01/31
BOGGY CREEK FLA IMPT DIST 5,000,000 $4,560,950 0.05% 5.125% 05/01/43
BOLINGBROOK ILL GO 16,800,000 $4,998,504 0.05% N/A 01/01/35
BOURBONNAIS ILL INDL PROJ REV 3,570,000 $3,447,441 0.04% 5.5% 11/01/40
BOWLING GREEN OHIO STUDENT HSG 12,500,000 $12,941,750 0.14% 6% 06/01/45
BRAZOS CNTY TEX HEALTH FAC DEV 5,250,000 $5,339,250 0.06% 5.5% 01/01/38
BREVARD CNTY FLA HEALTH FACS A 6,500,000 $7,370,155 0.08% 7% 04/01/39
BROOKS OF BONITA SPRINGS CMNTY 1,185,000 $1,185,841 0.01% 6.85% 05/01/31
BRYANT ILL POLLUTN CTL REV 11,000,000 $11,034,870 0.12% 5.9% 08/01/23
BUCKEYE OHIO TOB SETTLEMENT FI 5,000,000 $4,083,150 0.04% 5.75% 06/01/34
BUCKEYE OHIO TOB SETTLEMENT FI 15,000,000 $12,928,650 0.14% 6.25% 06/01/37
BUCKEYE OHIO TOB SETTLEMENT FI 22,500,000 $19,084,050 0.21% 5.875% 06/01/30
BURKE CNTY GA DEV AUTH 15,400,000 $15,400,000 0.17% 0.06% 07/01/49
BURKE CNTY GA DEV AUTH POLLUTN 25,000,000 $29,255,500 0.32% 7% 01/01/23
BURKE CNTY GA DEV AUTH POLLUTN 55,000,000 $59,209,700 0.64% 5.7% 01/01/43
BUTLER CNTY OHIO HOSP FACS REV 10,000,000 $10,198,400 0.11% 5.5% 11/01/40
CALIFORNIA CNTY TOB STL - ALAM 3,700,000 $3,700,148 0.04% 5.875% 06/01/35
CALIFORNIA HEALTH FACS FING AU 2,220,000 $2,258,672 0.02% 5% 11/01/29
CALIFORNIA HEALTH FACS FING AU 2,295,000 $2,349,391 0.03% 5% 11/01/24
CALIFORNIA HEALTH FACS FING AU 3,130,000 $3,177,200 0.03% 5% 11/01/33
CALIFORNIA HEALTH FACS FING AU 5,000,000 $5,844,500 0.06% 6.5% 11/01/24
CALIFORNIA HEALTH FACS FING AU 8,000,000 $9,228,560 0.10% 6.5% 11/01/38
CALIFORNIA HSG FIN AGY REV 20,000,000 $19,198,600 0.21% 4.7% 08/01/31
CALIFORNIA INFRASTRUCTURE & EC 5,000,000 $5,108,500 0.06% 5% 12/01/35
CALIFORNIA INFRASTRUCTURE & EC 10,300,000 $10,658,852 0.12% 5% 12/01/30
CALIFORNIA MUN FIN AUTH REV 5,000,000 $5,903,100 0.06% 8.5% 11/01/39
CALIFORNIA POLLUTION CTL FING 6,000,000 $5,897,580 0.06% 5.25% 08/01/40
CALIFORNIA ST GO 10,000,000 $10,354,500 0.11% 5% 10/01/41
CALIFORNIA ST GO 20,000,000 $20,729,600 0.22% 5% 04/01/42
Page 2 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
13063A4Y7
13063BQ88
13063BKC5
13063BES7
13063BEQ1
130685ZC7
1306852W9
1306852F6
130685ZD5
130795T23
130795T31
130795QY6
13077EDD9
130795RL3
130795YB7
130911HQ6
1307955E3
130911U24
132661AB5
132661AA7
133303ZH3
134340AA6
139372PZ3
13972MAX6
14329NDK7
14329NDH4
145339KH9
147073AZ3
152339LX3
155498BH0
155498BG2
155498BF4
155498BD9
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
CALIFORNIA ST GO 28,725,000 $32,670,953 0.35% 6% 04/01/38
CALIFORNIA ST GO 35,000,000 $36,348,200 0.39% 5% 02/01/43
CALIFORNIA ST GO 47,000,000 $49,566,670 0.54% 5.25% 11/01/40
CALIFORNIA ST GO 60,000,000 $64,922,400 0.70% 5.5% 03/01/40
CALIFORNIA ST GO 70,000,000 $75,068,700 0.81% 5.25% 03/01/30
CALIFORNIA ST PUB WKS BRD LEAS 7,365,000 $8,555,773 0.09% 6% 11/01/29
CALIFORNIA ST PUB WKS BRD LEAS 12,500,000 $12,892,125 0.14% 5% 04/01/33
CALIFORNIA ST PUB WKS BRD LEAS 17,785,000 $18,551,533 0.20% 5% 04/01/30
CALIFORNIA ST PUB WKS BRD LEAS 17,560,000 $20,042,106 0.22% 6% 11/01/34
CALIFORNIA STATEWIDE CMNTYS DE 3,125,000 $3,356,375 0.04% 6% 10/01/29
CALIFORNIA STATEWIDE CMNTYS DE 5,000,000 $5,395,150 0.06% 6.25% 10/01/39
CALIFORNIA STATEWIDE CMNTYS DE 5,000,000 $5,425,550 0.06% 5.75% 07/01/47
CALIFORNIA STATEWIDE CMNTYS DE 10,000,000 $9,677,300 0.10% 6% 09/01/37
CALIFORNIA STATEWIDE CMNTYS DE 10,000,000 $10,368,300 0.11% 5.25% 07/01/47
CALIFORNIA STATEWIDE CMNTYS DE 11,730,000 $11,612,934 0.13% 7.25% 10/01/38
CALIFORNIA STATEWIDE CMNTYS DE 13,240,000 $14,787,226 0.16% 5.5% 07/01/31
CALIFORNIA STATEWIDE CMNTYS DE 20,000,000 $20,367,200 0.22% 5% 04/01/42
CALIFORNIA STATEWIDE CMNTYS DE 25,000,000 $25,683,250 0.28% 5% 11/15/43
CAMDEN ALA INDL DEV BRD EXEMPT 1,750,000 $1,792,385 0.02% 6.375% 12/01/24
CAMDEN ALA INDL DEV BRD EXEMPT 3,000,000 $3,072,750 0.03% 6.125% 12/01/24
CAMERON CNTY TEX 7,500,000 $7,814,025 0.08% 5% 02/15/38
CAMPBELL CNTY WY SOLID WASTE F 5,500,000 $5,944,015 0.06% 5.75% 07/15/39
CAPE CORAL FLA WTR & SWR REV 10,000,000 $10,502,200 0.11% 5% 10/01/42
CAPITAL AREA CULTURAL ED FACS 10,000,000 $10,660,000 0.12% 6.125% 04/01/45
CARMEL IN REDEV AUTH LEASE REN 7,220,000 $6,830,192 0.07% 4% 02/01/38
CARMEL IN REDEV AUTH LEASE REN 8,500,000 $8,327,195 0.09% 4% 08/01/33
CARROLLTON GA PAYROLL DEV AUTH 10,000,000 $10,515,300 0.11% 5% 06/15/40
CASA GRANDE ARIZ INDL DEV AUTH 14,500,000 $14,928,765 0.16% 7.25% 12/01/32
CENTINELA VALLEY CA USD GO 8,400,000 $2,100,756 0.02% N/A 08/01/37
CENTRAL TEX REGL MOBILITY AUTH 2,545,000 $519,612 0.01% N/A 01/01/39
CENTRAL TEX REGL MOBILITY AUTH 2,405,000 $523,857 0.01% N/A 01/01/38
CENTRAL TEX REGL MOBILITY AUTH 2,500,000 $582,150 0.01% N/A 01/01/37
CENTRAL TEX REGL MOBILITY AUTH 3,000,000 $799,140 0.01% N/A 01/01/35
Page 3 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
155498BQ0
155498BU1
155498BV9
15722TDV0
15722TEG2
15722TDU2
158708AA5
167505PC4
167505NY8
167505PL4
167486NF2
167486HH5
167593EF5
167592N83
1675923L6
167593EG3
16768TJJ4
16772PBC9
167727TU0
167727UK0
16876QBG3
16876QBF5
169511HJ4
171312EH0
171312HV6
176553GR0
176553EF8
177457DC9
181003HZ0
181003HY3
181004CM2
181003FR0
181003FS8
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
CENTRAL TEX REGL MOBILITY AUTH 2,350,000 $2,620,109 0.03% 5.75% 01/01/25
CENTRAL TEX REGL MOBILITY AUTH 7,925,000 $8,632,068 0.09% 6% 01/01/41
CENTRAL TEX REGL MOBILITY AUTH 24,340,000 $26,845,316 0.29% 6.25% 01/01/46
CHABOT-LAS POSITAS CALIF CMNTY 10,000,000 $3,002,700 0.03% N/A 08/01/34
CHABOT-LAS POSITAS CALIF CMNTY 34,035,000 $5,287,337 0.06% N/A 08/01/45
CHABOT-LAS POSITAS CALIF CMNTY 21,015,000 $7,125,556 0.08% N/A 08/01/33
CHAMPIONSGATE CMNTY DEV DIST F 1,550,000 $1,447,731 0.02% 6.25% 05/01/20
CHICAGO ILL BRD ED 6,500,000 $6,941,350 0.07% 5.5% 12/01/39
CHICAGO ILL BRD ED 12,500,000 $12,850,000 0.14% 5% 12/01/31
CHICAGO ILL BRD ED 40,200,000 $40,317,786 0.44% 5% 12/01/42
CHICAGO ILL GO 7,000,000 $7,281,190 0.08% 5.25% 01/01/35
CHICAGO ILL GO 34,105,000 $35,859,361 0.39% 5% 01/01/27
CHICAGO ILL O HARE INTL ARPT R 12,555,000 $13,135,292 0.14% 5% 01/01/35
CHICAGO ILL O HARE INTL ARPT R 15,000,000 $15,217,500 0.16% 5% 01/01/33
CHICAGO ILL O HARE INTL ARPT R 16,500,000 $16,651,800 0.18% 5% 01/01/38
CHICAGO ILL O HARE INTL ARPT R 20,430,000 $21,256,393 0.23% 5% 01/01/40
CHICAGO ILL SALES TAX REV 10,000,000 $10,421,400 0.11% 5% 01/01/41
CHICAGO ILL TRAN AUTH SALES TA 11,000,000 $11,603,460 0.13% 5.25% 12/01/36
CHICAGO ILL WASTEWATER TRANSMI 5,000,000 $4,405,150 0.05% 4% 01/01/42
CHICAGO ILL WASTEWATER TRANSMI 14,805,000 $15,439,542 0.17% 5% 01/01/42
CHILDRENS TR FD PR TOB SETTLEM 4,000,000 $3,992,280 0.04% 5.625% 05/15/43
CHILDRENS TR FD PR TOB SETTLEM 11,500,000 $11,546,575 0.12% 5.5% 05/15/39
CHINO CA CFD #2003-3 IMPROVE A 2,215,000 $1,987,984 0.02% 5% 09/01/36
CHULA VISTA CA CFD 07-1 - OTAY 2,855,000 $2,864,735 0.03% 5.875% 09/01/34
CHULA VISTA CA CFD 13-1-OTAY R 1,800,000 $1,592,928 0.02% 5.35% 09/01/36
CITIZENS PPTY INS CORP FLA 10,760,000 $11,890,660 0.13% 5% 06/01/22
CITIZENS PPTY INS CORP FLA 25,000,000 $28,541,000 0.31% 6% 06/01/17
CITRUS CNTY FLA HOSP BRD REV 10,550,000 $10,160,494 0.11% 6.375% 08/15/32
CLARK CNTY NEV IMPT DIST #128 1,035,000 $785,368 0.01% 5.05% 02/01/31
CLARK CNTY NEV IMPT DIST #128 1,320,000 $1,068,117 0.01% 5% 02/01/26
CLARK CNTY NEV INDL DEV REV 7,260,000 $7,266,679 0.08% 5.55% 12/01/38
CLARK CNTY NEV SID # 151(SUMME 740,000 $627,431 0.01% 5% 08/01/20
CLARK CNTY NEV SID # 151(SUMME 2,365,000 $1,811,187 0.02% 5% 08/01/25
Page 4 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
181003LG7
18610RBA1
18610RBB9
19648AGG4
199040AE6
199048AA7
199820K75
20774HXP4
20775BUC8
207758NZ2
213185DY4
213185EE7
220245SL9
220245TK0
222721AD4
230186AM0
235036H86
235036QS2
235036XL9
235036QR4
245834CA2
246018DQ5
246018DR3
249189CF6
249189CE9
249181JH2
249182GJ9
249182GK6
249182GR1
249182GG5
249271GU5
24918EBN9
251129ZY1
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
CLARK CNTY NV IMPT DIST 142 - 1,640,000 $1,701,713 0.02% 5% 08/01/21
CLEVELAND-CUYAHOGA CNTY OHIO P 5,000,000 $5,320,500 0.06% 5% 07/01/33
CLEVELAND-CUYAHOGA CNTY OHIO P 6,000,000 $6,301,740 0.07% 5% 07/01/37
COLORADO HEALTH FACS AUTH REV 20,000,000 $20,796,600 0.22% 5.25% 03/01/40
COLUMBUS CTY NC INDL FAC&POLL 1,300,000 $1,414,270 0.02% 6.25% 11/01/33
COLUMBUS CTY NC INDL FAC&POLL 4,000,000 $4,351,600 0.05% 6.25% 11/01/33
COMAL TEX INDPT SCH DIST 10,500,000 $10,609,305 0.11% 4% 02/01/31
CONNECTICUT ST HEALTH & EDL FA 5,650,000 $5,650,282 0.06% 5.5% 07/01/20
CONNECTICUT ST HSG FIN AUTH 1,300,000 $1,300,000 0.01% 0.05% 11/15/36
CONNECTICUT ST SPL TAX TRANSN 21,635,000 $23,796,769 0.26% 5% 01/01/29
COOK CNTY ILL 8,720,000 $9,243,461 0.10% 5.25% 11/15/33
COOK CNTY ILL 50,000,000 $53,226,500 0.58% 5% 11/15/28
CORPUS CHRISTI TEX UTIL SYS RE 5,000,000 $5,267,300 0.06% 5% 07/15/37
CORPUS CHRISTI TEX UTIL SYS RE 14,860,000 $15,395,108 0.17% 5% 07/15/42
COURTLAND ALA INDL DEV BRD ENV 2,500,000 $2,504,575 0.03% 6.25% 08/01/25
CULLMAN CNTY ALA HEALTH CARE A 7,500,000 $7,879,575 0.09% 7% 02/01/36
DALLAS-FORT WORTH TEX INTL ARP 11,385,000 $11,648,448 0.13% 5% 11/01/44
DALLAS-FORT WORTH TEX INTL ARP 12,000,000 $12,242,640 0.13% 5% 11/01/42
DALLAS-FORT WORTH TEX INTL ARP 14,000,000 $14,285,740 0.15% 5% 11/01/45
DALLAS-FORT WORTH TEX INTL ARP 50,000,000 $50,917,500 0.55% 5% 11/01/45
DELAWARE CNTY IND HOSP AUTH HO 5,000,000 $5,125,250 0.06% 5.25% 08/01/36
DELAWARE CNTY PA INDL DEV AUTH 7,875,000 $7,875,000 0.09% 6.1% 07/01/13
DELAWARE CNTY PA INDL DEV AUTH 17,525,000 $17,531,834 0.19% 6.2% 07/01/19
DENVER CO CONVENTION CENTER HO 15,000,000 $15,223,800 0.16% 5% 12/01/35
DENVER CO CONVENTION CENTER HO 15,000,000 $15,471,600 0.17% 5% 12/01/30
DENVER COLO CITY & CNTY ARPT R 95,000 $97,569 0.00% 7.75% 11/15/13
DENVER COLO CITY & CNTY ARPT R 10,250,000 $8,891,157 0.10% 4% 11/15/43
DENVER COLO CITY & CNTY ARPT R 15,775,000 $16,177,420 0.17% 5% 11/15/43
DENVER COLO CITY & CNTY ARPT R 16,435,000 $17,145,978 0.19% 5% 11/15/33
DENVER COLO CITY & CNTY ARPT R 18,000,000 $18,820,800 0.20% 5% 11/15/32
DENVER COLO CITY & CNTY SPL FA 9,000,000 $8,549,730 0.09% 5.25% 10/01/32
DENVER COLO HEALTH & HOSP AUTH 4,000,000 $4,331,880 0.05% 6.25% 12/01/33
DETROIT MICH CITY SCH DIST 15,900,000 $16,820,610 0.18% 6% 05/01/29
Page 5 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
251093S35
2512373P6
251237WV1
2512373R2
251250AR7
251237F99
251255Y82
2512553B9
25476WBE0
25483VAW4
254764HA4
25477GMW2
25477GLD5
25483VJS4
25483VJR6
2548396F5
25483VAT1
254839UA9
2548396G3
25483VEG5
25483VEH3
25483VFD1
254839P31
254842BC0
254842BB2
254842AJ6
254845HP8
258174AQ4
259561MJ4
26116PBD1
26822LKF0
26822LEV2
26822LGT5
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
DETROIT MICH GO 23,000,000 $23,025,990 0.25% 5.25% 11/01/35
DETROIT MICH SEW DISP SYS REV 3,000,000 $2,843,040 0.03% 5% 07/01/36
DETROIT MICH SEW DISP SYS REV 5,000,000 $4,906,200 0.05% 5.5% 07/01/29
DETROIT MICH SEW DISP SYS REV 10,000,000 $9,694,400 0.10% 5% 07/01/36
DETROIT MICH SEW DISP SYS REV 12,000,000 $11,507,640 0.12% 5.25% 07/01/39
DETROIT MICH SEW DISP SYS REV 25,750,000 $25,715,752 0.28% 5% 07/01/35
DETROIT MICH WTR SUPPLY SYS RE 11,000,000 $10,504,780 0.11% 5% 07/01/33
DETROIT MICH WTR SUPPLY SYS RE 20,430,000 $19,876,142 0.21% 5% 07/01/33
DISTRICT COLUMBIA BALLPARK REV 18,000,000 $17,905,140 0.19% 5% 02/01/35
DISTRICT COLUMBIA DEED TAX REV 13,000,000 $13,235,040 0.14% 5% 06/01/40
DISTRICT COLUMBIA HOSP REV 11,000,000 $11,218,790 0.12% 5.25% 07/15/38
DISTRICT COLUMBIA INCOME TAX R 3,740,000 $3,615,271 0.04% 4% 12/01/37
DISTRICT COLUMBIA INCOME TAX R 8,905,000 $8,608,018 0.09% 4% 12/01/37
DISTRICT COLUMBIA REV 1,500,000 $1,539,345 0.02% 5% 07/01/36
DISTRICT COLUMBIA REV 2,000,000 $2,040,660 0.02% 5% 07/01/42
DISTRICT COLUMBIA REV 2,525,000 $2,556,688 0.03% 7.375% 01/01/30
DISTRICT COLUMBIA REV 3,750,000 $3,870,037 0.04% 5% 10/01/34
DISTRICT COLUMBIA REV 4,750,000 $4,546,985 0.05% 6% 01/01/29
DISTRICT COLUMBIA REV 4,580,000 $4,635,784 0.05% 7.5% 01/01/39
DISTRICT COLUMBIA REV 5,200,000 $5,346,744 0.06% 6.375% 03/01/31
DISTRICT COLUMBIA REV 5,500,000 $5,636,895 0.06% 6.625% 03/01/41
DISTRICT COLUMBIA REV 12,425,000 $13,025,127 0.14% 5.25% 10/01/36
DISTRICT COLUMBIA REV 27,105,000 $20,957,314 0.23% N/A 04/01/36
DISTRICT COLUMBIA TOBACCO SETT 66,000,000 $2,055,900 0.02% N/A 06/15/46
DISTRICT COLUMBIA TOBACCO SETT 175,000,000 $13,366,500 0.14% N/A 06/15/46
DISTRICT COLUMBIA TOBACCO SETT 22,000,000 $24,132,900 0.26% 6.5% 05/15/33
DISTRICT COLUMBIA WTR & SWR AU 8,000,000 $8,256,480 0.09% 5% 10/01/37
DORCHESTER CNTY SC SCH DIST #2 16,500,000 $17,637,015 0.19% 5.25% 12/01/29
DOUGLAS CNTY WASH PUB UTIL DIS 7,685,000 $7,930,689 0.09% 5% 09/01/35
DOWNTOWN PHOENIX HOTEL CORP AR 12,000,000 $12,193,800 0.13% 5% 07/01/36
E-470 PUB HIGHWAY AUTH COLO 3,000,000 $3,184,170 0.03% 5.5% 09/01/24
E-470 PUB HIGHWAY AUTH COLO 10,000,000 $3,633,500 0.04% N/A 09/01/31
E-470 PUB HIGHWAY AUTH COLO 15,720,000 $3,894,001 0.04% N/A 09/01/37
Page 6 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
26822LET7
26822LLM4
26822LKS2
26822LEU4
26822LEN0
26822LJH8
269480AA7
273106AA2
279155BX2
28310NAP0
29610QAE3
30382LCF3
304286BD8
311450EZ9
311450FA3
311450FB1
341422XX6
34281PQH9
34281PPB3
343564AA8
345105EZ9
345105EX4
345105EU0
345105DS6
345105FM7
34660EAB5
34660EAC3
346832AM0
346832AP3
360058EV9
302716AT2
302716AU9
362896AN2
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
E-470 PUB HIGHWAY AUTH COLO 10,000,000 $4,111,500 0.04% N/A 09/01/29
E-470 PUB HIGHWAY AUTH COLO 5,000,000 $5,268,100 0.06% 5.375% 09/01/26
E-470 PUB HIGHWAY AUTH COLO 6,000,000 $6,368,340 0.07% 5.5% 09/01/24
E-470 PUB HIGHWAY AUTH COLO 17,300,000 $6,685,066 0.07% N/A 09/01/30
E-470 PUB HIGHWAY AUTH COLO 15,000,000 $6,736,800 0.07% N/A 09/01/28
E-470 PUB HIGHWAY AUTH COLO 10,000,000 $10,613,900 0.11% 5.5% 09/01/24
EAGLE CNTY COLO SPORTS FAC REV 41,200,000 $41,581,512 0.45% 6.95% 08/01/19
EAST HOMESTEAD FL CDD 1,400,000 $1,335,236 0.01% 5.45% 05/01/36
ECORSE CITY MICH 5,215,000 $5,335,414 0.06% 6.5% 11/01/35
EL DORADO CNTY CALIF CFD#1 PRO 3,500,000 $3,503,990 0.04% 6.3% 09/01/31
ESCAMBIA CNTY FLA ENVIRONMENTA 7,975,000 $9,888,840 0.11% 9.5% 03/01/33
FAIRFAX CNTY VA ECONOMIC DEV A 16,980,000 $17,176,628 0.19% 4.5% 03/01/42
FAIRFIELD CNTY OHIO HOSP REV 10,000,000 $9,381,000 0.10% 5% 06/15/43
FARMINGTON N M POLLUTN CTL REV 18,435,000 $19,648,391 0.21% 5.9% 06/01/40
FARMINGTON N M POLLUTN CTL REV 53,520,000 $57,042,686 0.62% 5.9% 06/01/40
FARMINGTON N M POLLUTN CTL REV 58,000,000 $61,817,560 0.67% 5.9% 06/01/40
FLORIDA ST BOARD OF EDUCATION 5,000,000 $6,336,600 0.07% 6% 06/01/23
FLORIDA ST GOVERNMENTAL UTIL A 2,500,000 $2,466,850 0.03% 5% 10/01/40
FLORIDA ST GOVERNMENTAL UTIL A 5,260,000 $5,114,718 0.06% 5% 10/01/40
FLOYD CNTY GA DEV AUTH ENVIRON 1,575,000 $1,583,442 0.02% 5.7% 12/01/15
FOOTHILL/EASTERN CORRIDOR AGY 4,000,000 $1,035,720 0.01% N/A 01/15/36
FOOTHILL/EASTERN CORRIDOR AGY 4,500,000 $1,214,100 0.01% N/A 01/15/34
FOOTHILL/EASTERN CORRIDOR AGY 4,000,000 $1,405,360 0.02% N/A 01/15/31
FOOTHILL/EASTERN CORRIDOR AGY 49,115,000 $29,750,428 0.32% N/A 01/15/22
FOOTHILL/EASTERN CORRIDOR AGY 35,000,000 $35,615,300 0.38% 5.85% 01/15/23
FORSYTH CNTY GA HOSP AUTH REV 4,565,000 $5,132,201 0.06% 6.25% 10/01/18
FORSYTH CNTY GA HOSP AUTH REV 8,000,000 $9,945,440 0.11% 6.375% 10/01/28
FORT BEND TEX GRAND PKWY TOLL 5,000,000 $5,370,300 0.06% 5% 03/01/37
FORT BEND TEX GRAND PKWY TOLL 8,000,000 $7,070,080 0.08% 4% 03/01/46
FULTON CNTY GA RESIDNTIAL CARE 5,000,000 $4,711,600 0.05% 5% 07/01/27
FYI PROPERTIES WASH LEASE REV 11,935,000 $12,700,749 0.14% 5.5% 06/01/34
FYI PROPERTIES WASH LEASE REV 16,250,000 $17,240,275 0.19% 5.5% 06/01/39
GAINESVILLE GA REDEV AUTH EDL 6,500,000 $5,461,495 0.06% 5.125% 03/01/37
Page 7 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
365128AM9
365128AH0
378294FC1
38122NNZ1
38122NJA1
38122NGG1
383276BQ4
383276BR2
392397CC7
39483RAA2
40065BCB7
40065BCM3
40065BCN1
40065BCP6
40065BCC5
40065AAD7
40065AAC9
40065FAT1
40065FAH7
40065FAJ3
405815GF2
40727RAS7
40727RAR9
412516AA4
414152SR0
41524CAU8
419800HZ3
419791R26
419791Q76
4252004N9
4252004M1
4252004K5
4252004L3
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
GARDEN CITY MICH HOSP FIN AUTH 430,000 $430,395 0.00% 5.75% 09/01/17
GARDEN CITY MICH HOSP FIN AUTH 5,250,000 $4,458,667 0.05% 5% 08/15/38
GLENDALE ARIZ MUN PPTY CORP EX 15,500,000 $15,972,595 0.17% 5% 07/01/38
GOLDEN STATE TOBACCO SECURITIZ 9,960,000 $8,402,156 0.09% 5% 06/01/33
GOLDEN STATE TOBACCO SECURITIZ 13,250,000 $13,608,942 0.15% 5% 06/01/45
GOLDEN STATE TOBACCO SECURITIZ 15,750,000 $16,366,140 0.18% 5% 06/01/45
GOSHEN IND REV 3,000,000 $2,999,910 0.03% 5.75% 08/15/19
GOSHEN IND REV 5,000,000 $4,692,300 0.05% 5.75% 08/15/28
GREATER WENATCHEE REGL EVENTS 3,150,000 $3,060,666 0.03% 5.5% 09/01/42
GREENEWAY FLA IMPT DIST 35,750,000 $32,624,735 0.35% 5.125% 05/01/43
GUAM GOVT 7,270,000 $6,795,487 0.07% 5.125% 11/15/27
GUAM GOVT 8,000,000 $8,373,360 0.09% 6% 11/15/19
GUAM GOVT 10,000,000 $10,696,100 0.12% 6.75% 11/15/29
GUAM GOVT 15,000,000 $16,218,600 0.18% 7% 11/15/39
GUAM GOVT 37,000,000 $34,269,030 0.37% 5.25% 11/15/37
GUAM GOVT DEPT ED COPS 4,000,000 $4,153,400 0.04% 6.875% 12/01/40
GUAM GOVT DEPT ED COPS 5,065,000 $5,181,950 0.06% 6.625% 12/01/30
GUAM GOVT WTRWKS AUTH WTR & WA 4,000,000 $4,054,160 0.04% 5.625% 07/01/40
GUAM GOVT WTRWKS AUTH WTR & WA 4,000,000 $4,092,560 0.04% 6% 07/01/25
GUAM GOVT WTRWKS AUTH WTR & WA 8,000,000 $8,123,680 0.09% 5.875% 07/01/35
HALIFAX HOSP MED CTR FLA HOSP 18,000,000 $18,498,600 0.20% 5.375% 06/01/46
HAMILTON CNTY OHIO HEALTH CARE 2,500,000 $2,704,300 0.03% 6.625% 01/01/46
HAMILTON CNTY OHIO HEALTH CARE 4,970,000 $5,306,469 0.06% 6.5% 01/01/41
HARFORD CNTY MD SPL OBLIG 7,000,000 $7,325,710 0.08% 7.5% 07/01/40
HARRIS CNTY TEX HEALTH FACS DE 13,500,000 $17,470,890 0.19% 7.25% 12/01/35
HARRISON CNTY W VA CNTY COMMN 14,745,000 $15,110,528 0.16% 5.5% 10/15/37
HAWAII ST DEPT BUDGET & FIN SP 7,500,000 $8,418,450 0.09% 6.5% 07/01/39
HAWAII ST GO 10,000,000 $9,897,000 0.11% 4% 11/01/31
HAWAII ST GO 18,000,000 $20,254,140 0.22% 5% 11/01/28
HENDERSON NEV 5,230,000 $4,786,182 0.05% 4% 06/01/34
HENDERSON NEV 5,240,000 $4,825,778 0.05% 4% 06/01/33
HENDERSON NEV 5,685,000 $5,319,738 0.06% 4% 06/01/31
HENDERSON NEV 6,230,000 $5,771,783 0.06% 4% 06/01/32
Page 8 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
425203BM7
425208QA6
425208PZ2
425208PX7
425208QD0
425208QG3
425208JX4
425208HL2
425208QS7
425208QT5
425208QY4
426357FM6
43233ABY1
43233ACA2
432320DX4
43232VSF9
438670F97
438701TD6
438701TC8
442348P85
442348P69
443731BM5
451295TW9
45130CAB7
45203EAC3
45203EAD1
45200LG34
452152LR0
452152LT6
452152LS8
452152SZ5
452152SX0
452152TC5
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
HENDERSON NEV HEALTH CARE FAC 7,000,000 $7,243,670 0.08% 5.625% 07/01/24
HENDERSON NEV LOC IMPT DIST 955,000 $906,581 0.01% 5% 03/01/19
HENDERSON NEV LOC IMPT DIST 955,000 $915,463 0.01% 5% 03/01/18
HENDERSON NEV LOC IMPT DIST 1,350,000 $1,317,087 0.01% 4.9% 03/01/16
HENDERSON NEV LOC IMPT DIST 1,440,000 $1,321,358 0.01% 5.1% 03/01/22
HENDERSON NEV LOC IMPT DIST 1,525,000 $1,343,875 0.01% 5.125% 03/01/25
HENDERSON NEV LOC IMPT DIST 3,005,000 $3,012,242 0.03% 5.9% 11/01/18
HENDERSON NEV LOC IMPT DIST 22,435,000 $22,452,723 0.24% 7.375% 08/01/18
HENDERSON NV LID #T-17 MADEIRA 685,000 $696,453 0.01% 5% 09/01/15
HENDERSON NV LID #T-17 MADEIRA 710,000 $718,221 0.01% 5% 09/01/16
HENDERSON NV LID #T-17 MADEIRA 1,315,000 $1,248,211 0.01% 5% 09/01/25
HENRY CNTY GA HOSPITAL AUTH RE 15,000,000 $15,365,850 0.17% 5% 07/01/34
HILLSBOROUGH CNTY FLA INDL DEV 1,500,000 $1,518,465 0.02% 5.25% 10/01/28
HILLSBOROUGH CNTY FLA INDL DEV 7,250,000 $7,339,247 0.08% 5.25% 10/01/34
HILLSBOROUGH CNTY FLA INDL DEV 6,525,000 $7,477,193 0.08% 5.65% 05/15/18
HILLSBOROUGH CNTY FLA SCH BRD 15,715,000 $17,278,485 0.19% 5% 07/01/29
HONOLULU HAWAII CITY & CNTY 15,650,000 $17,009,985 0.18% 5% 11/01/33
HONOLULU HAWAII CITY & CNTY WA 3,500,000 $3,729,530 0.04% 5% 07/01/42
HONOLULU HAWAII CITY & CNTY WA 8,025,000 $8,613,714 0.09% 5% 07/01/37
HOUSTON TEX ARPT SYS REV 31,520,000 $31,517,793 0.34% 6.75% 07/01/29
HOUSTON TEX ARPT SYS REV 35,095,000 $35,234,327 0.38% 6.75% 07/01/21
HUDSON CNTY N J IMPT AUTH SOLI 5,000,000 $5,481,150 0.06% 5.75% 01/01/40
IDAHO HEALTH FACS AUTH REV 12,500,000 $14,012,875 0.15% 6.75% 11/01/37
IDAHO HSG & FIN ASSN ECONOMIC 13,305,000 $14,744,601 0.16% 7% 02/01/36
ILLINOIS FIN AUTH WTR FAC REV 9,200,000 $9,108,644 0.10% 5.25% 10/01/39
ILLINOIS FIN AUTH WTR FAC REV 10,415,000 $10,237,632 0.11% 5.25% 05/01/40
ILLINOIS HEALTH FACS AUTH REV 8,595,000 $8,608,580 0.09% 5.375% 08/15/28
ILLINOIS ST 1,000,000 $969,070 0.01% 5% 03/01/35
ILLINOIS ST 2,000,000 $1,929,940 0.02% 5% 03/01/37
ILLINOIS ST 2,000,000 $1,931,480 0.02% 5% 03/01/36
ILLINOIS ST 5,000,000 $5,073,800 0.05% 5.25% 07/01/31
ILLINOIS ST 5,000,000 $5,101,300 0.06% 5.25% 07/01/29
ILLINOIS ST 5,000,000 $5,119,650 0.06% 5.5% 07/01/38
Page 9 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
452152RV5
452152RU7
452152RW3
45200FZA0
45200FYX1
45200F6F1
45200FZN2
45200BE87
45202QBS1
45200FTZ2
45200FF38
45200FJF7
45202QCD3
45200FBB4
45450NAA7
45470CAA7
45479RCM7
454795AY1
4547977U9
4547977V7
454898QW0
455057L23
45506DDA0
455057P52
45506DGY5
45505MCK0
45505MCD6
45567RAA8
45567RAC4
46246SAE5
462460L87
46458RAA8
471373BX7
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
ILLINOIS ST 10,000,000 $9,656,600 0.10% 5% 04/01/36
ILLINOIS ST 10,000,000 $9,689,900 0.10% 5% 04/01/35
ILLINOIS ST 20,000,000 $19,203,200 0.21% 5% 04/01/38
ILLINOIS ST FIN AUTH REV 1,000,000 $1,060,210 0.01% 6.5% 02/01/23
ILLINOIS ST FIN AUTH REV 1,500,000 $1,590,540 0.02% 7.125% 02/01/34
ILLINOIS ST FIN AUTH REV 4,500,000 $4,584,375 0.05% 6.5% 10/15/40
ILLINOIS ST FIN AUTH REV 5,000,000 $5,447,650 0.06% 6.25% 11/15/35
ILLINOIS ST FIN AUTH REV 7,500,000 $7,130,100 0.08% 5.25% 02/01/37
ILLINOIS ST FIN AUTH REV 7,500,000 $8,190,975 0.09% 7% 04/01/43
ILLINOIS ST FIN AUTH REV 10,000,000 $11,850,300 0.13% 7.25% 11/01/38
ILLINOIS ST FIN AUTH REV 15,000,000 $16,026,900 0.17% 6.5% 04/01/39
ILLINOIS ST FIN AUTH REV 15,500,000 $16,195,020 0.17% 5.25% 05/15/29
ILLINOIS ST FIN AUTH REV 15,000,000 $16,644,450 0.18% 6.875% 10/01/43
ILLINOIS ST FIN AUTH REV 17,240,000 $18,170,442 0.20% 5.5% 08/01/37
INDIAN TRACE DEV DIST FLA SPL 2,560,000 $2,365,081 0.03% 5.5% 05/01/33
INDIANA FIN AUTH MIDWESTERN DI 10,000,000 $9,831,500 0.11% 5% 06/01/32
INDIANA HEALTH & EDL FAC FING 8,000,000 $8,421,200 0.09% 5.5% 03/01/37
INDIANA HEALTH & EDL FAC FING 12,000,000 $12,089,400 0.13% 5.25% 11/15/35
INDIANA HEALTH FAC FING AUTH H 5,900,000 $6,193,820 0.07% 6.25% 03/01/25
INDIANA HEALTH FAC FING AUTH H 12,000,000 $12,577,800 0.14% 6% 03/01/34
INDIANA MUN PWR AGY PWR SUPPLY 4,000,000 $4,485,280 0.05% 6% 01/01/39
INDIANA ST FIN AUTH REV 5,000,000 $5,267,500 0.06% 5.75% 11/15/41
INDIANA ST FIN AUTH REV 11,000,000 $11,006,930 0.12% 5% 03/01/41
INDIANA ST FIN AUTH REV 12,500,000 $12,806,875 0.14% 6.375% 09/15/41
INDIANA ST FIN AUTH REV 15,000,000 $14,652,450 0.16% 5% 07/01/40
INDIANA ST FIN AUTH WASTEWATER 5,000,000 $5,217,800 0.06% 5% 10/01/37
INDIANA ST FIN AUTH WASTEWATER 22,620,000 $20,118,228 0.22% 4% 10/01/42
INDIGO CDD FL CAP IMPT REV SER 800,000 $731,000 0.01% 7% 05/01/31
INDIGO CDD FL CAP IMPT REV SER 4,390,000 $2,195,000 0.02% 7% 05/01/30
IOWA FIN AUTH REV 2,500,000 $2,022,825 0.02% 4.75% 08/01/42
IOWA HIGHER ED LN AUTH REV 11,000,000 $11,393,360 0.12% 6% 09/01/39
ISLANDS AT DORAL FL CDD 1,350,000 $1,368,873 0.01% 6.125% 05/01/24
JASPER CNTY IND POLLUTN CTL RE 5,000,000 $5,595,300 0.06% 5.85% 04/01/19
Page 10 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
471373BU3
47770VAK6
478271EE5
478271ED7
478271EC9
478271EB1
48542ABX8
490728XB3
49126VEJ2
49127KBA7
49126VDL8
49126VDP9
49126VEF0
49126KGX3
499523UR7
499523UP1
49952MBU9
507507AA9
511727AJ8
511727AH2
511727AK5
514045ZA4
514045ZB2
514136AD2
5178405S9
523523JL3
523836AT1
531127AC2
537292JY1
538169BX0
542690N40
544435K41
544435T67
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
JASPER CNTY IND POLLUTN CTL RE 10,000,000 $10,893,300 0.12% 5.6% 11/01/16
JOBSOHIO BEVERAGE SYS REV OH 21,060,000 $21,816,896 0.24% 5% 01/01/38
JOHNSON CITY TN HLTH & ED 19,370,000 $7,403,795 0.08% N/A 07/01/30
JOHNSON CITY TN HLTH & ED 19,365,000 $8,005,103 0.09% N/A 07/01/29
JOHNSON CITY TN HLTH & ED 19,400,000 $8,599,632 0.09% N/A 07/01/28
JOHNSON CITY TN HLTH & ED 19,365,000 $9,224,711 0.10% N/A 07/01/27
KANSAS ST DEV FIN AUTH HOSP RE 6,250,000 $6,855,375 0.07% 5.75% 11/15/38
KENT ST UNIV OHIO UNIV REVS 11,000,000 $11,502,370 0.12% 5% 05/01/42
KENTUCKY ECONOMIC DEV FIN AUTH 3,995,000 $4,054,365 0.04% 6.15% 10/01/27
KENTUCKY ECONOMIC DEV FIN AUTH 5,000,000 $5,223,950 0.06% 6% 12/01/42
KENTUCKY ECONOMIC DEV FIN AUTH 5,325,000 $5,452,800 0.06% 6.1% 10/01/22
KENTUCKY ECONOMIC DEV FIN AUTH 6,005,000 $6,149,840 0.07% 6.15% 10/01/27
KENTUCKY ECONOMIC DEV FIN AUTH 10,650,000 $10,819,122 0.12% 6.1% 10/01/22
KENTUCKY ECONOMIC DEV FIN AUTH 18,330,000 $20,290,943 0.22% 6.5% 03/01/45
KNOX CNTY TENN HEALTH EDL & HS 13,755,000 $3,348,104 0.04% N/A 01/01/39
KNOX CNTY TENN HEALTH EDL & HS 12,760,000 $3,469,954 0.04% N/A 01/01/37
KNOX CNTY TENN HEALTH EDL & HS 23,475,000 $23,992,623 0.26% 5.25% 04/01/36
LAKE ASHTON FLA CMNTY DEV DIST 1,125,243 $1,075,057 0.01% 7.4% 05/01/32
LAKELAND FLA RETIREMENT CMNTY 1,230,000 $1,317,686 0.01% 6.25% 01/01/28
LAKELAND FLA RETIREMENT CMNTY 1,255,000 $1,370,685 0.01% 5.875% 01/01/19
LAKELAND FLA RETIREMENT CMNTY 2,250,000 $2,379,352 0.03% 6.375% 01/01/43
LANCASTER CNTY PA HOSP AUTH RE 1,000,000 $1,038,610 0.01% 6.375% 07/01/30
LANCASTER CNTY PA HOSP AUTH RE 3,000,000 $3,106,260 0.03% 6.5% 07/01/40
LANCASTER SC EDL ASSISTANCE PR 15,015,000 $16,007,941 0.17% 5% 12/01/26
LAS VEGAS VALLEY NEV WTR DIST 8,000,000 $8,428,800 0.09% 5% 06/01/37
LEE CNTY FLA TRANSN FACS REV 11,505,000 $11,957,146 0.13% 5% 10/01/30
LEE LAKE WTR DIST CALIF CFD NO 5,000,000 $5,033,700 0.05% 5.95% 09/01/34
LIBERTY N Y DEV CORP REV 65,000,000 $69,429,100 0.75% 5.25% 10/01/35
LITTLE MIAMI OHIO LOC SCH DIST 5,860,000 $6,270,082 0.07% 6.875% 12/01/34
LIVERMORE CA CFD # 06-1 SHEA P 6,595,000 $5,789,025 0.06% 5.4% 09/01/36
LONG ISLAND NY POWER AUTH ELEC 12,500,000 $14,183,250 0.15% 6% 05/01/33
LOS ANGELES CALIF DEPT ARPTS A 25,500,000 $25,957,980 0.28% 5% 05/15/40
LOS ANGELES CALIF DEPT ARPTS A 52,685,000 $53,631,222 0.58% 5% 05/15/40
Page 11 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
544582NN5
544582NL9
544582NP0
544646A51
53945CBW9
53945CBS8
546282HX5
546282CJ1
546279V64
546398L89
546398J82
546398VP0
546398VQ8
546395H72
546398L48
546398J90
546475LK8
54675RBG5
54675RBF7
546593AE4
54877EAA4
549802BY1
560224BD8
56036YDJ1
56036YDG7
56036YDK8
560427ML7
560427MR4
566816GY4
566854DU6
566854DY8
566854DT9
566854DL6
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
LOS ANGELES CALIF MULTIFAMILY 10,000 $10,020 0.00% 8.5% 01/01/24
LOS ANGELES CALIF MULTIFAMILY 25,000 $24,899 0.00% 7.125% 01/01/24
LOS ANGELES CALIF MULTIFAMILY 130,000 $128,407 0.00% 8.5% 01/01/24
LOS ANGELES CALIF UNI SCH DIST 36,625,000 $39,836,646 0.43% 5.25% 07/01/34
LOS ANGELES CALIF WASTEWTR SYS 1,305,000 $1,377,022 0.01% 5% 06/01/30
LOS ANGELES CALIF WASTEWTR SYS 6,225,000 $6,748,398 0.07% 5% 06/01/30
LOUISIANA LOC GOVT ENVIR FACS 8,000,000 $8,580,960 0.09% 6.5% 11/01/35
LOUISIANA LOC GOVT ENVIR FACS 9,000,000 $9,773,640 0.11% 6.5% 08/01/29
LOUISIANA LOC GOVT ENVIR FACS 41,250,000 $44,339,625 0.48% 6.75% 11/01/32
LOUISIANA PUB FACS AUTH REV 5,000,000 $5,763,350 0.06% 6.5% 05/15/37
LOUISIANA PUB FACS AUTH REV 8,500,000 $8,766,220 0.09% 5% 06/01/30
LOUISIANA PUB FACS AUTH REV 10,000,000 $10,284,300 0.11% 5.25% 05/15/38
LOUISIANA PUB FACS AUTH REV 10,000,000 $10,336,400 0.11% 5.5% 05/15/47
LOUISIANA PUB FACS AUTH REV 10,000,000 $11,293,800 0.12% 6.75% 07/01/39
LOUISIANA PUB FACS AUTH REV 15,500,000 $17,743,780 0.19% 6.75% 05/15/41
LOUISIANA PUB FACS AUTH REV 25,000,000 $25,767,500 0.28% 5% 09/01/28
LOUISIANA ST GAS & FUELS TAX R 26,340,000 $27,995,732 0.30% 5% 05/01/45
LOUISVILLE & JEFFERSON CNTY KY 5,000,000 $5,238,000 0.06% 6.125% 05/01/39
LOUISVILLE & JEFFERSON CNTY KY 5,555,000 $5,762,257 0.06% 5.625% 05/01/29
LOUISVILLE & JEFFERSON CNTY KY 11,500,000 $13,929,605 0.15% 6.125% 02/01/37
LOWNDES CNTY MISS SOLID WASTE 18,875,000 $21,438,602 0.23% 6.7% 04/01/22
LUFKIN TEX HEALTH FACS DEV COR 5,000,000 $5,267,450 0.06% 6.25% 02/15/37
MAHTOMEDI MINN SR HSG REV REF 5,000,000 $4,594,200 0.05% 5.75% 12/01/40
MAIN STREET NATURAL GAS INC GA 4,000,000 $4,501,360 0.05% 5.5% 09/15/27
MAIN STREET NATURAL GAS INC GA 5,000,000 $5,630,500 0.06% 5.5% 09/15/25
MAIN STREET NATURAL GAS INC GA 10,000,000 $11,256,600 0.12% 5.5% 09/15/28
MAINE HEALTH & HIGHER EDL FACS 4,250,000 $4,886,140 0.05% 6.75% 07/01/36
MAINE HEALTH & HIGHER EDL FACS 10,000,000 $11,597,600 0.13% 7% 07/01/41
MARICOPA CNTY ARIZ INDL DEV AU 7,500,000 $7,772,250 0.08% 5.5% 07/01/26
MARICOPA CNTY ARIZ POLLUTION C 6,025,000 $6,238,164 0.07% 5% 06/01/35
MARICOPA CNTY ARIZ POLLUTION C 13,200,000 $13,200,000 0.14% 0.04% 05/01/29
MARICOPA CNTY ARIZ POLLUTION C 15,000,000 $16,381,650 0.18% 6.25% 01/01/38
MARICOPA CNTY ARIZ POLLUTION C 20,000,000 $22,679,200 0.25% 7.25% 04/01/40
Page 12 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
573903EF4
57419JKR3
574205FM7
574205FN5
574205FK1
574205FL9
57421HAA1
57420NBE0
574217XV2
5742173U7
574217T21
575567UU4
575567UT7
575577MY4
57563RKY4
57583FEX5
57583FFC0
57583USD1
57583FEY3
57583USC3
57583RGK5
57583USE9
57583FFD8
57583HAN7
57583TBY6
57583UXQ6
57583UXP8
57583UXN3
575898CU3
576000NH2
576002BP3
576528DM2
57652TBD8
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
MARTIN CNTY FL HLTH FACS AUTH 3,800,000 $3,907,426 0.04% 5.5% 11/15/42
MARYLAND ST CDA SFMR DEPT HSNG 595,000 $595,464 0.01% 5.875% 07/01/16
MARYLAND ST ECONOMIC DEV CORP 400,000 $339,544 0.00% 5% 12/01/16
MARYLAND ST ECONOMIC DEV CORP 2,000,000 $1,281,460 0.01% 5.25% 12/01/31
MARYLAND ST ECONOMIC DEV CORP 2,500,000 $2,122,150 0.02% 5% 12/01/16
MARYLAND ST ECONOMIC DEV CORP 10,000,000 $6,394,800 0.07% 5% 12/01/31
MARYLAND ST ECONOMIC DEV CORP 8,600,000 $9,186,692 0.10% 5.75% 09/01/25
MARYLAND ST ECONOMIC DEV CORP 13,070,000 $14,184,871 0.15% 5.75% 06/01/35
MARYLAND ST HEALTH & HIGHER ED 1,200,000 $1,202,616 0.01% 5.4% 01/01/37
MARYLAND ST HEALTH & HIGHER ED 3,000,000 $3,539,100 0.04% 6.75% 07/01/39
MARYLAND ST HEALTH & HIGHER ED 6,000,000 $6,280,560 0.07% 6% 01/01/43
MASSACHUSETTS BAY TRANSN AUTH 775,000 $982,614 0.01% 7% 03/01/21
MASSACHUSETTS BAY TRANSN AUTH 930,000 $1,052,183 0.01% 7% 03/01/21
MASSACHUSETTS BAY TRANSN AUTH 15,000,000 $14,417,400 0.16% 4% 07/01/37
MASSACHUSETTS EDL FING AUTH ED 10,000,000 $9,840,600 0.11% 5.25% 07/01/29
MASSACHUSETTS ST DEV FIN AGY 780,000 $780,592 0.01% 5.6% 07/01/19
MASSACHUSETTS ST DEV FIN AGY 880,000 $880,800 0.01% 5.625% 07/01/15
MASSACHUSETTS ST DEV FIN AGY 1,450,000 $1,355,489 0.01% 5% 07/01/32
MASSACHUSETTS ST DEV FIN AGY 1,620,000 $1,620,291 0.02% 5.625% 07/01/29
MASSACHUSETTS ST DEV FIN AGY 1,720,000 $1,701,234 0.02% 5% 07/01/27
MASSACHUSETTS ST DEV FIN AGY 2,000,000 $1,918,700 0.02% 5% 03/01/36
MASSACHUSETTS ST DEV FIN AGY 2,400,000 $2,231,640 0.02% 5.25% 07/01/42
MASSACHUSETTS ST DEV FIN AGY 3,500,000 $3,504,550 0.04% 5.75% 07/01/23
MASSACHUSETTS ST DEV FIN AGY 3,700,000 $4,537,199 0.05% 5.75% 12/01/42
MASSACHUSETTS ST DEV FIN AGY 16,000,000 $14,978,560 0.16% 5.25% 11/01/42
MASSACHUSETTS ST DEV FIN AGY R 2,000,000 $1,954,820 0.02% 6.25% 11/15/33
MASSACHUSETTS ST DEV FIN AGY R 2,250,000 $2,221,402 0.02% 6.25% 11/15/28
MASSACHUSETTS ST DEV FIN AGY R 4,125,000 $4,028,516 0.04% 6.5% 11/15/43
MASSACHUSETTS ST PORT AUTH REV 10,340,000 $10,890,501 0.12% 5.125% 07/01/41
MASSACHUSETTS ST SCH BLDG AUTH 15,000,000 $16,460,250 0.18% 5% 08/15/30
MASSACHUSETTS ST SPL OBLIG DED 40,000,000 $43,958,000 0.47% 5.5% 01/01/34
MATAGORDA CNTY TEX NAV DIST NO 10,000,000 $11,190,700 0.12% 6.3% 11/01/29
MATAGORDA CNTY TEX NAV DIST NO 12,000,000 $12,224,400 0.13% 5.6% 03/01/27
Page 13 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
580387AA6
586111KW5
586111KV7
592249AC0
592248AW8
59259RB45
59259YEQ8
59259YPH6
59259YHN2
592643BM1
593328EV5
59333PYK8
59333NUP6
59333NUR2
59333NUM3
59333NUF8
59333NUG6
59333NUH4
59333AGQ8
59334KHK7
59334KHM3
59334KHL5
59334KFW3
59333MH65
59333MVF9
59334PEL7
5946142K4
594614G45
5946147X1
594614ZN2
594614VX4
59447PGF2
59465EYY3
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
MC DUFFIE CNTY GA DEV AUTH WAS 5,120,000 $5,254,297 0.06% 6.95% 12/01/23
MEMPHIS-SHELBY CNTY TENN ARPT 3,500,000 $3,947,825 0.04% 5.75% 07/01/24
MEMPHIS-SHELBY CNTY TENN ARPT 5,000,000 $5,682,650 0.06% 5.75% 07/01/23
METROPOLITAN PIER & EXPOSITION 7,500,000 $10,082,625 0.11% 7% 07/01/26
METROPOLITAN PIER & EXPOSITION 10,475,000 $11,106,747 0.12% 5.5% 06/15/2050
METROPOLITAN TRANSN AUTH TRANS 7,000,000 $7,427,770 0.08% 5% 11/15/30
METROPOLITAN TRANSN AUTH TRANS 10,000,000 $10,344,800 0.11% 5.25% 11/15/40
METROPOLITAN TRANSN AUTH TRANS 14,000,000 $14,303,800 0.15% 5% 11/15/41
METROPOLITAN TRANSN AUTH TRANS 15,500,000 $15,807,055 0.17% 5% 11/15/41
METROPOLITAN WASHINGTON D C AR 60,145,000 $55,969,132 0.60% N/A 10/01/41
MIAMI CNTY OHIO HOSP FACS REV 2,750,000 $2,827,082 0.03% 5.25% 05/15/26
MIAMI-DADE CNTY FL AVIATION RE 20,850,000 $22,378,305 0.24% 5.5% 10/01/41
MIAMI-DADE CNTY FL SPL OBLIG 3,250,000 $3,285,717 0.04% 5% 10/01/35
MIAMI-DADE CNTY FL SPL OBLIG 4,500,000 $4,668,345 0.05% 5% 10/01/32
MIAMI-DADE CNTY FL SPL OBLIG 5,000,000 $5,190,850 0.06% 5% 10/01/31
MIAMI-DADE CNTY FL SPL OBLIG 8,365,000 $8,919,013 0.10% 5% 10/01/28
MIAMI-DADE CNTY FL SPL OBLIG 10,000,000 $10,575,600 0.11% 5% 10/01/29
MIAMI-DADE CNTY FL SPL OBLIG 11,925,000 $12,435,270 0.13% 5% 10/01/30
MIAMI-DADE CNTY FLA ED FAC AUT 10,995,000 $11,950,465 0.13% 5.25% 04/01/27
MIAMI-DADE CNTY FLA EXPWY AUTH 5,385,000 $5,738,148 0.06% 5% 07/01/29
MIAMI-DADE CNTY FLA EXPWY AUTH 5,900,000 $6,200,900 0.07% 5% 07/01/31
MIAMI-DADE CNTY FLA EXPWY AUTH 6,000,000 $6,333,480 0.07% 5% 07/01/30
MIAMI-DADE CNTY FLA EXPWY AUTH 30,270,000 $31,060,047 0.34% 5% 07/01/40
MIAMI-DADE CNTY FLA SCH BRD CO 10,000,000 $10,425,300 0.11% 5% 05/01/32
MIAMI-DADE CNTY FLA SCH BRD CO 14,310,000 $14,887,265 0.16% 5% 05/01/33
MIAMI-DADE CNTY FLA TRANSIT SY 31,855,000 $32,408,958 0.35% 5% 07/01/42
MICHIGAN ST BLDG AUTH REV 6,000,000 $6,650,280 0.07% 6% 10/15/38
MICHIGAN ST BLDG AUTH REV 9,500,000 $10,144,670 0.11% 5% 10/15/31
MICHIGAN ST BLDG AUTH REV 10,000,000 $10,340,100 0.11% 5.375% 10/15/41
MICHIGAN ST BLDG AUTH REV 13,495,000 $14,365,697 0.16% 5% 10/15/33
MICHIGAN ST BLDG AUTH REV 16,585,000 $16,748,030 0.18% 5% 10/15/29
MICHIGAN ST FIN AUTH REV 10,000,000 $11,386,100 0.12% 5.5% 06/01/21
MICHIGAN ST HOSP FIN AUTH REV 635,000 $635,889 0.01% 5.75% 11/15/15
Page 14 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
59465HGA8
59465HLD6
59465HBA3
594698JB9
594698JD5
594751AF6
594751AG4
597495BC3
59807PAC9
59807PAB1
603908MD3
60374VCU5
60374VCT8
604920V88
604146AR1
604335AB5
606092ED2
55374SAJ9
55374SAE0
55374SAD2
639096BA3
644614T25
644618Q60
64468KBX3
6459053B4
645918YV9
645916S65
645916S73
64577FBG9
64578CAG6
64578CAE1
64578CAH4
64579FJG9
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
MICHIGAN ST HOSP FIN AUTH REV 3,680,000 $3,689,236 0.04% 5% 07/15/37
MICHIGAN ST HOSP FIN AUTH REV 4,065,000 $4,511,052 0.05% 6.125% 06/01/34
MICHIGAN ST HOSP FIN AUTH REV 6,000,000 $6,495,120 0.07% 5% 05/15/34
MICHIGAN ST STRATEGIC FD LTD O 2,800,000 $2,922,388 0.03% 6.75% 12/01/28
MICHIGAN ST STRATEGIC FD LTD O 20,050,000 $20,880,270 0.23% 6.25% 06/01/14
MICHIGAN TOB SETTLEMENT FIN AU 2,500,000 $2,207,475 0.02% 6% 06/01/34
MICHIGAN TOB SETTLEMENT FIN AU 10,000,000 $8,342,500 0.09% 6% 06/01/48
MIDLAND CNTY TEX FRESH WTR SPL 5,000,000 $5,321,950 0.06% 5% 09/15/40
MIDTOWN MIAMI FL CDD SPECIAL A 3,785,000 $3,802,146 0.04% 6.5% 05/01/37
MIDTOWN MIAMI FL CDD SPECIAL A 7,500,000 $7,620,825 0.08% 6.25% 05/01/37
MINNEAPOLIS MINN HEALTH CARE F 5,075,000 $4,878,445 0.05% 5.875% 06/01/35
MINNEAPOLIS MINN HEALTH CARE S 6,250,000 $7,098,187 0.08% 6.75% 11/15/32
MINNEAPOLIS MINN HEALTH CARE S 11,000,000 $12,598,520 0.14% 6.625% 11/15/28
MINNESOTA AGRIC & ECONOMIC DEV 175,000 $175,593 0.00% 6.375% 11/15/29
MINNESOTA ST GEN FUND REV 8,000,000 $8,832,960 0.10% 5% 03/01/28
MINOOKA IL SPL TAX - PRAIRIE R 2,854,000 $2,649,082 0.03% 6.875% 03/01/33
MISSOURI JT MUN ELEC UTIL COMM 11,000,000 $11,707,300 0.13% 6% 01/01/39
M-S-R ENERGY AUTH CALIF 20,000,000 $23,704,000 0.26% 6.5% 11/01/39
M-S-R ENERGY AUTH CALIF 20,000,000 $24,903,600 0.27% 7% 11/01/34
M-S-R ENERGY AUTH CALIF 30,505,000 $34,668,932 0.37% 6.125% 11/01/29
NAVAJO CNTY ARIZ POLLUTN CTL C 10,750,000 $12,062,790 0.13% 5.75% 06/01/34
NEW HAMPSHIRE HEALTH & ED FACS 7,500,000 $7,245,900 0.08% 5% 01/01/42
NEW HAMPSHIRE HIGHER EDL & HEA 12,750,000 $12,753,442 0.14% 7.5% 07/01/24
NEW HAMPSHIRE ST BUSINESS FIN 5,000,000 $5,381,300 0.06% 6.125% 10/01/39
NEW JERSEY ECONOMIC DEV AUTH R 1,525,000 $1,431,243 0.02% 5.75% 01/01/24
NEW JERSEY ECONOMIC DEV AUTH R 5,000,000 $5,279,650 0.06% 5.875% 06/01/42
NEW JERSEY ECONOMIC DEV AUTH R 6,500,000 $6,827,405 0.07% 5.5% 06/15/31
NEW JERSEY ECONOMIC DEV AUTH R 10,000,000 $10,527,500 0.11% 5.75% 06/15/34
NEW JERSEY ECONOMIC DEV AUTH S 9,965,000 $10,010,241 0.11% 6% 06/01/32
NEW JERSEY ECONOMIC DEV AUTH S 19,800,000 $19,194,516 0.21% 5.125% 09/15/23
NEW JERSEY ECONOMIC DEV AUTH S 22,500,000 $21,975,300 0.24% 4.875% 09/15/19
NEW JERSEY ECONOMIC DEV AUTH S 37,900,000 $35,574,456 0.38% 5.25% 09/15/29
NEW JERSEY HEALTH CARE FACS FI 6,000,000 $6,034,740 0.07% 5% 07/01/46
Page 15 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
64579FKT9
64579FKS1
64579FXC2
646136E23
646136ZA2
646136J85
646136J51
646136ZB0
646136J69
647370DH5
647370DF9
64763FPF0
64763FPR4
64763FPE3
64763FLJ6
64763FMH9
64971CG81
64971SBF5
64971SCE7
64971SCC1
64971QL27
64971QRM7
649519CL7
649519CK9
649519CH6
649519CF0
649519CG8
649519AF2
64966BZ48
649664H77
64966C5H0
649665WX0
64966J2F2
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
NEW JERSEY HEALTH CARE FACS FI 52,330,000 $15,563,988 0.17% N/A 07/01/34
NEW JERSEY HEALTH CARE FACS FI 57,680,000 $18,317,437 0.20% N/A 07/01/33
NEW JERSEY HEALTH CARE FACS FI 25,000,000 $26,947,500 0.29% 6.625% 07/01/38
NEW JERSEY ST TRANSN TR FD AUT 10,000,000 $10,759,200 0.12% 5.25% 06/15/36
NEW JERSEY ST TRANSN TR FD AUT 19,295,000 $23,810,994 0.26% 6% 12/15/38
NEW JERSEY ST TRANSN TR FD AUT 24,910,000 $25,670,502 0.28% 5% 06/15/42
NEW JERSEY ST TRANSN TR FD AUT 37,500,000 $38,980,125 0.42% 5% 06/15/38
NEW JERSEY ST TRANSN TR FD AUT 35,705,000 $40,744,403 0.44% 6% 12/15/38
NEW JERSEY ST TRANSN TR FD AUT 40,000,000 $41,698,800 0.45% 5% 06/15/33
NEW MEXICO ST HOSP EQUIP LN CO 3,470,000 $3,761,410 0.04% 5% 07/01/35
NEW MEXICO ST HOSP EQUIP LN CO 4,360,000 $4,747,691 0.05% 5.25% 07/01/30
NEW ORLEANS LA GO 2,535,000 $2,730,042 0.03% 5% 12/01/25
NEW ORLEANS LA GO 2,840,000 $3,114,514 0.03% 5% 12/01/23
NEW ORLEANS LA GO 4,500,000 $4,890,330 0.05% 5% 12/01/24
NEW ORLEANS LA GO 5,000,000 $5,202,000 0.06% 5% 03/01/21
NEW ORLEANS LA GO 13,480,000 $13,874,424 0.15% 5.25% 12/01/36
NEW YORK CITY IDA CIVIC FAC RE 5,000,000 $5,059,100 0.05% 6.8% 06/01/28
NEW YORK CITY IDA SPL FAC REV 15,550,000 $15,805,797 0.17% 7.625% 12/01/32
NEW YORK CITY IDA SPL FAC REV 15,000,000 $16,899,750 0.18% 7.75% 08/01/31
NEW YORK CITY IDA SPL FAC REV 31,860,000 $35,777,187 0.39% 7.625% 08/01/25
NEW YORK CITY TRANSITIONAL FIN 12,455,000 $14,035,913 0.15% 5% 11/01/27
NEW YORK CITY TRANSITIONAL FIN 41,310,000 $43,758,856 0.47% 5% 11/01/38
NEW YORK LIBERTY DEV CORP LIBE 5,000,000 $5,130,900 0.06% 5% 09/15/43
NEW YORK LIBERTY DEV CORP LIBE 5,000,000 $5,348,850 0.06% 5% 09/15/40
NEW YORK LIBERTY DEV CORP LIBE 11,000,000 $11,842,820 0.13% 5% 09/15/32
NEW YORK LIBERTY DEV CORP LIBE 19,475,000 $21,146,344 0.23% 5% 09/15/30
NEW YORK LIBERTY DEV CORP LIBE 20,000,000 $21,624,200 0.23% 5% 09/15/31
NEW YORK LIBERTY DEV CORP SECO 18,500,000 $20,632,495 0.22% 6.375% 07/15/49
NEW YORK N Y 5,000 $5,016 0.00% 6.125% 08/01/25
NEW YORK N Y 10,000 $10,044 0.00% 7.5% 02/01/22
NEW YORK N Y 20,000 $20,084 0.00% 6.25% 08/01/15
NEW YORK N Y 85,000 $85,386 0.00% 7.5% 02/01/21
NEW YORK N Y 4,250,000 $4,538,235 0.05% 5% 10/01/34
Page 16 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
64966J3E4
64966J2E5
64966JSD9
64971CTF1
6499027D9
64990EDH7
649903ZZ7
649903A27
64990EFG7
650035XD5
650035XE3
650035XF0
653337AC9
65820YEV4
65820YEW2
657902Z88
657902Z70
657902Z62
6579022A9
6591543A4
66272RAL6
66272RAM4
66285WAU0
66285WHD1
66285WHF6
66285WJX5
66285WBQ8
66285WFG6
66285WET9
66285WHG4
66285WDX1
66285WEF9
66285WAW6
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
NEW YORK N Y 6,270,000 $6,802,824 0.07% 5% 08/01/30
NEW YORK N Y 9,000,000 $9,631,800 0.10% 5% 10/01/33
NEW YORK N Y 9,550,000 $10,138,662 0.11% 5% 10/01/34
NEW YORK N Y CITY INDL DEV AGY 4,680,000 $4,531,222 0.05% 6.75% 06/01/20
NEW YORK ST DORM AUTH REV 5,000,000 $5,272,500 0.06% 5% 08/15/38
NEW YORK ST DORM AUTH REV 12,500,000 $13,536,750 0.15% 5% 06/15/31
NEW YORK ST DORM AUTH REV 16,000,000 $17,116,800 0.18% 6.125% 12/01/29
NEW YORK ST DORM AUTH REV 30,000,000 $31,830,000 0.34% 6.25% 12/01/37
NEW YORK ST DORM AUTH REV 33,385,000 $35,815,761 0.39% 5% 03/15/32
NEW YORK ST URBAN DEV CORP REV 11,920,000 $12,653,914 0.14% 5% 03/15/34
NEW YORK ST URBAN DEV CORP REV 12,515,000 $13,251,507 0.14% 5% 03/15/35
NEW YORK ST URBAN DEV CORP REV 13,140,000 $13,877,811 0.15% 5% 03/15/36
NEZ PERCE CNTY IDAHO POLLUTION 22,500,000 $22,579,650 0.24% 6% 10/01/24
NORTH CAROLINA MED CARE COMMN 920,000 $930,782 0.01% 5.25% 10/01/24
NORTH CAROLINA MED CARE COMMN 1,600,000 $1,611,248 0.02% 5.5% 10/01/32
NORTH CAROLINA MED CARE COMMN 2,000,000 $1,894,880 0.02% 5.65% 10/01/25
NORTH CAROLINA MED CARE COMMN 2,500,000 $2,501,275 0.03% 6% 10/01/23
NORTH CAROLINA MED CARE COMMN 3,625,000 $3,564,136 0.04% 5.75% 10/01/23
NORTH CAROLINA MED CARE COMMN 21,750,000 $20,240,550 0.22% 6.125% 10/01/35
NORTH EAST INDPT SCH DIST 7,635,000 $8,966,544 0.10% 5.25% 02/01/30
NORTH SUMTER CNTY UTILITY REV 3,780,000 $4,083,269 0.04% 6% 10/01/30
NORTH SUMTER CNTY UTILITY REV 6,865,000 $7,303,330 0.08% 6.25% 10/01/43
NORTH TEX TWY AUTH REV 1,000,000 $1,088,530 0.01% 5.625% 01/01/33
NORTH TEX TWY AUTH REV 7,500,000 $1,943,475 0.02% N/A 09/01/37
NORTH TEX TWY AUTH REV 10,000,000 $6,627,500 0.07% N/A 09/01/43
NORTH TEX TWY AUTH REV 10,000,000 $10,347,200 0.11% 5% 01/01/38
NORTH TEX TWY AUTH REV 11,680,000 $12,743,814 0.14% 5.75% 01/01/40
NORTH TEX TWY AUTH REV 12,500,000 $13,907,500 0.15% 6.25% 01/01/39
NORTH TEX TWY AUTH REV 15,000,000 $16,489,950 0.18% 6% 01/01/38
NORTH TEX TWY AUTH REV 25,000,000 $18,696,250 0.20% N/A 09/01/45
NORTH TEX TWY AUTH REV 20,000,000 $21,426,800 0.23% 5.75% 01/01/38
NORTH TEX TWY AUTH REV 25,000,000 $26,810,250 0.29% N/A 01/01/43
NORTH TEX TWY AUTH REV 30,000,000 $32,293,500 0.35% 5.75% 01/01/48
Page 17 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
66353RAJ3
66537RAP8
665588NG0
66988TDB6
62619RCS0
62619RCR2
67501KAK4
677288AG7
677525US4
67884WAV1
6817938E8
685869CP2
68608FFX2
686543SG5
689585AQ0
690384BC5
69069AAA8
69069AAC4
696638AA3
69671TCY3
69671TCX5
69671TCV9
69671TDA4
70583PAT9
70583PAU6
707162AZ6
708692BC1
70869RAQ6
708686CT5
709223XA4
7092234U2
7092234Q1
709223WZ0
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
NORTHAMPTON CNTY PA GEN PURP A 15,000,000 $15,381,600 0.17% 5.5% 08/15/40
NORTHERN MARIANA ISLANDS COMWL 6,520,000 $6,226,600 0.07% 6.6% 03/15/28
NORTHERN PALM BEACH CNTY IMPT 800,000 $788,528 0.01% 5.35% 08/01/41
NOVATO CALIF REDEV AGY TAX ALL 3,750,000 $4,129,612 0.04% 6.75% 09/01/40
NY MUNICIPAL ASSISTANCE CORP F 428,010 $339,895 0.00% N/A 07/15/21
NY MUNICIPAL ASSISTANCE CORP F 649,658 $503,887 0.01% N/A 01/15/22
OCEAN SHORES WASH LOC IMPT DIS 15,535,000 $18,242,750 0.20% 7.25% 02/01/31
OHIO CNTY KY POLLUTION CTL REV 10,500,000 $10,111,710 0.11% 6% 07/15/31
OHIO ST AIR QUALITY DEV AUTH R 15,000,000 $15,880,650 0.17% 6% 12/01/40
OKLAHOMA DEV FIN AUTH REV 5,000,000 $4,777,000 0.05% 5.75% 01/01/37
OMAHA PUB PWR DIST NEB ELEC RE 3,250,000 $3,474,185 0.04% 5% 02/01/37
OREGON HEALTH SCIENCES UNIV RE 5,000,000 $5,535,200 0.06% 5.75% 07/01/39
OREGON ST HEALTH HSG EDL & CUL 900,000 $900,000 0.01% 0.03% 12/01/15
ORLANDO-ORANGE CNTY EXPWY AUTH 15,000,000 $15,628,500 0.17% 5% 07/01/40
OTTER CREEK WTR RECLAMATION DS 4,500,000 $4,509,990 0.05% 5% 01/01/39
OVERTON PWR DIST NO 5 NEV SPL 7,500,000 $8,403,900 0.09% 8% 12/01/38
OWEN CNTY KY WTRWKS SYS REV 8,000,000 $8,372,640 0.09% 6.25% 06/01/39
OWEN CNTY KY WTRWKS SYS REV 10,000,000 $10,002,300 0.11% 5.375% 06/01/40
PALM GLADES FL CDD SER 06 A 1,100,000 $1,028,148 0.01% 5.3% 05/01/36
PALMDALE CALIF ELEM SCH DIST S 1,250,000 $447,012 0.00% N/A 08/01/31
PALMDALE CALIF ELEM SCH DIST S 1,250,000 $477,912 0.01% N/A 08/01/30
PALMDALE CALIF ELEM SCH DIST S 1,500,000 $661,920 0.01% N/A 08/01/28
PALMDALE CALIF ELEM SCH DIST S 2,500,000 $1,194,850 0.01% N/A 08/01/34
PELICAN MARSH CMNTY DEV DIST F 1,380,000 $1,339,924 0.01% 4.875% 05/01/22
PELICAN MARSH CMNTY DEV DIST F 1,500,000 $1,450,635 0.02% 5.375% 05/01/31
PENINSULA PORTS AUTH VA COAL T 9,500,000 $9,568,400 0.10% 6% 04/01/33
PENNSYLVANIA ECONOMIC DEV FING 3,000,000 $3,014,130 0.03% 1.75% 12/01/33
PENNSYLVANIA ECONOMIC DEV FING 7,500,000 $7,800,900 0.08% 5% 12/01/43
PENNSYLVANIA ECONOMIC DEV FING 60,000,000 $68,802,000 0.74% 7% 07/15/39
PENNSYLVANIA ST TPK COMMN TPK 5,000,000 $4,969,600 0.05% N/A 06/01/33
PENNSYLVANIA ST TPK COMMN TPK 5,000,000 $5,162,750 0.06% 5% 12/01/37
PENNSYLVANIA ST TPK COMMN TPK 11,500,000 $11,785,890 0.13% 5% 12/01/42
PENNSYLVANIA ST TPK COMMN TPK 20,000,000 $21,531,200 0.23% 5.75% 06/01/39
Page 18 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
709427EH7
71440PAU7
71440PAW3
71440PAX1
717903J25
717903D54
71883MEB6
71883MHE7
722021BG6
727140AA3
72818QAX1
728896CF6
73358EAA2
73358WFX7
73358WGB4
735389PB8
735352JG2
736892AA8
738855QW8
740032AD9
744387AB7
744387AC5
744387AD3
745160QA2
745160QB0
745160RS2
74514LYW1
74514LA98
74514LB71
74514LB30
745190ZT8
745181E45
745220FR9
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
PENSACOLA FLA ARPT REV 7,000,000 $7,799,470 0.08% 6% 10/01/28
PERRIS UNION HIGH SCHOOL DIST 1,690,000 $1,732,976 0.02% 5.75% 09/01/30
PERRIS UNION HIGH SCHOOL DIST 2,570,000 $2,647,896 0.03% 6% 09/01/33
PERRIS UNION HIGH SCHOOL DIST 5,500,000 $5,646,740 0.06% 6.125% 09/01/41
PHILADELPHIA PA HOSPS & HIGHER 10,000,000 $9,660,600 0.10% 5.625% 07/01/42
PHILADELPHIA PA HOSPS & HIGHER 10,000,000 $10,354,500 0.11% 5.5% 07/01/26
PHOENIX ARIZ ARPT REV 15,000,000 $16,122,450 0.17% 5% 07/01/38
PHOENIX ARIZ ARPT REV 24,000,000 $24,568,560 0.27% 5% 07/01/40
PINAL CNTY AZ ELEC DIST #3 10,000,000 $10,322,600 0.11% 5.25% 07/01/41
PLANO IL SSA #2 - LAKEWOOD SPR 7,575,000 $7,602,573 0.08% 6.375% 03/01/34
PLAZA CO MET DIST #1 REVENUE 3,000,000 $2,866,350 0.03% 5% 12/01/40
PLEASANTS CNTY W VA PCR 16,250,000 $16,808,350 0.18% 5.25% 10/15/37
PORT AUTH N Y & N J SPL OBLIG 14,140,000 $14,215,931 0.15% 9.125% 12/01/15
PORT AUTH NY & NJ CONS 15,000,000 $14,536,800 0.16% 4% 07/15/33
PORT AUTH NY & NJ CONS 31,560,000 $30,286,869 0.33% 4% 07/15/37
PORT SEATTLE WASH REV 17,000,000 $17,714,680 0.19% 5% 06/01/40
PORT ST LUCIE FLA UTIL REV 11,025,000 $11,695,099 0.13% 5% 09/01/29
PORTOFINO LANDINGS CDD 2,705,000 $946,750 0.01% 5.4% 05/01/38
POWAY CALIF USD CFD NO. 14 - D 7,465,000 $7,193,274 0.08% 5.25% 09/01/36
PRATTVILLE ALA INDL DEV BRD EN 5,500,000 $6,752,130 0.07% 9.25% 03/01/33
PUBLIC AUTH FOR COLO ENERGY NA 2,465,000 $2,759,074 0.03% 6.125% 11/15/23
PUBLIC AUTH FOR COLO ENERGY NA 12,500,000 $14,175,375 0.15% 6.25% 11/15/28
PUBLIC AUTH FOR COLO ENERGY NA 90,100,000 $104,941,272 1.13% 6.5% 11/15/38
PUERTO RICO COMWLTH AQUEDUCT & 9,755,000 $9,448,595 0.10% 6% 07/01/38
PUERTO RICO COMWLTH AQUEDUCT & 12,420,000 $11,706,222 0.13% 6% 07/01/44
PUERTO RICO COMWLTH AQUEDUCT & 18,765,000 $17,236,403 0.19% 5.75% 07/01/37
PUERTO RICO COMWLTH GO 15,000,000 $13,995,450 0.15% 5.75% 07/01/41
PUERTO RICO COMWLTH GO 24,450,000 $23,347,060 0.25% 5.5% 07/01/26
PUERTO RICO COMWLTH GO 33,000,000 $30,360,660 0.33% 5.5% 07/01/39
PUERTO RICO COMWLTH GO 32,125,000 $31,712,515 0.34% 5.75% 07/01/28
PUERTO RICO COMWLTH HWY & TRAN 7,500,000 $6,700,875 0.07% 5.25% 07/01/39
PUERTO RICO COMWLTH HWY & TRAN 10,000,000 $9,869,500 0.11% 5.5% 07/01/28
PUERTO RICO COMWLTH INFRASTRUC 4,950,000 $4,806,945 0.05% 5.5% 07/01/26
Page 19 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
74526QZZ8
74526QVE9
74526QPQ9
74526QWE8
74526QKW1
74526QA28
74526QVX7
74527JAC1
745235P70
745235R37
745291UY8
74529JKR5
74529JKS3
74529JLP8
74529JLR4
74529JLQ6
74529JNX9
74529JKQ7
74529JLX1
74529JLL7
74529JKV6
74529JHU2
74529JKM6
75076PAR6
75076PAT2
75687RAF9
75687RAG7
75687RAD4
75913TGE8
762243TH6
762243K28
764588AG4
76912DAR9
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
PUERTO RICO ELEC PWR AUTH PWR 4,250,000 $3,822,535 0.04% 5% 07/01/29
PUERTO RICO ELEC PWR AUTH PWR 5,125,000 $4,858,756 0.05% 5.5% 07/01/38
PUERTO RICO ELEC PWR AUTH PWR 8,500,000 $7,791,695 0.08% 5.25% 07/01/32
PUERTO RICO ELEC PWR AUTH PWR 8,620,000 $8,522,507 0.09% 5.75% 07/01/36
PUERTO RICO ELEC PWR AUTH PWR 18,220,000 $16,653,080 0.18% 5% 07/01/32
PUERTO RICO ELEC PWR AUTH PWR 26,990,000 $23,401,139 0.25% 5% 07/01/42
PUERTO RICO ELEC PWR AUTH PWR 48,125,000 $44,908,325 0.49% 5.25% 07/01/40
PUERTO RICO INDL TOURIST EDL M 11,865,000 $11,421,723 0.12% 6.625% 06/01/26
PUERTO RICO PUB BLDGS AUTH REV 15,000,000 $14,681,550 0.16% 6% 07/01/41
PUERTO RICO PUB BLDGS AUTH REV 22,500,000 $19,569,600 0.21% 5.25% 07/01/42
PUERTO RICO PUB FIN CORP 93,125,000 $86,889,350 0.94% 5.5% 08/01/31
PUERTO RICO SALES TAX FING COR 4,000,000 $1,129,560 0.01% N/A 08/01/34
PUERTO RICO SALES TAX FING COR 4,930,000 $1,297,132 0.01% N/A 08/01/35
PUERTO RICO SALES TAX FING COR 15,000,000 $3,448,350 0.04% N/A 08/01/37
PUERTO RICO SALES TAX FING COR 18,130,000 $3,642,498 0.04% N/A 08/01/39
PUERTO RICO SALES TAX FING COR 30,000,000 $6,441,000 0.07% N/A 08/01/38
PUERTO RICO SALES TAX FING COR 7,150,000 $7,295,860 0.08% 5.25% 08/01/40
PUERTO RICO SALES TAX FING COR 29,950,000 $9,032,920 0.10% N/A 08/01/33
PUERTO RICO SALES TAX FING COR 10,000,000 $9,507,700 0.10% 5% 08/01/43
PUERTO RICO SALES TAX FING COR 25,000,000 $25,158,750 0.27% 5.5% 08/01/40
PUERTO RICO SALES TAX FING COR 36,500,000 $27,819,935 0.30% N/A 08/01/33
PUERTO RICO SALES TAX FING COR 53,000,000 $52,553,210 0.57% N/A 08/01/32
PUERTO RICO SALES TAX FING COR 61,560,000 $61,826,554 0.67% 5.5% 08/01/42
RAILSPLITTER TOBACCO SETTLEMEN 6,000,000 $6,578,160 0.07% 6.25% 06/01/24
RAILSPLITTER TOBACCO SETTLEMEN 24,650,000 $27,468,974 0.30% 6% 06/01/28
RED RIVER TX HLTH FACS DEV COR 1,500,000 $1,469,325 0.02% 5.5% 01/01/32
RED RIVER TX HLTH FACS DEV COR 2,000,000 $1,820,660 0.02% 5.125% 01/01/41
RED RIVER TX HLTH FACS DEV COR 11,000,000 $11,020,020 0.12% 7.25% 12/15/42
REGIONAL TRANSN DIST COLO COPS 13,500,000 $14,578,245 0.16% 5% 06/01/25
RHODE ISLAND ST HEALTH & EDUCA 405,000 $405,368 0.00% 5.75% 05/15/23
RHODE ISLAND ST HEALTH & EDUCA 8,200,000 $9,116,678 0.10% 7% 05/15/39
RICHMOND CNTY GA DEV AUTH ENVI 7,000,000 $7,615,300 0.08% 6.25% 11/01/33
RIVERSIDE CNTY CA COMMN TOLL R 5,000,000 $713,300 0.01% N/A 06/01/41
Page 20 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
76912DAS7
76912DAN8
76912DAP3
773747CZ1
776192FN1
776192FM3
776192GD2
777870NS1
780486FJ0
780486FV3
781432AF6
794458DG1
794458DJ5
794458DH9
794458DK2
794458DL0
79575EAL2
79575EAQ1
796334AR1
796334AP5
796334AS9
797049AH6
797049AJ2
797355R48
797355R30
79765VBR0
79765VBQ2
79765DVX5
798111DR8
798111DQ0
798111DJ6
798111DH0
798111BY5
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
RIVERSIDE CNTY CA COMMN TOLL R 7,000,000 $928,690 0.01% N/A 06/01/42
RIVERSIDE CNTY CA COMMN TOLL R 4,000,000 $1,125,320 0.01% N/A 06/01/32
RIVERSIDE CNTY CA COMMN TOLL R 5,500,000 $1,433,080 0.02% N/A 06/01/33
ROCKLIN CA CFD # 10 WHITNEY RA 7,030,000 $6,497,758 0.07% 5% 09/01/35
ROMOLAND SCH DIST CALIF CFD #1 6,175,000 $6,086,203 0.07% 5.4% 09/01/36
ROMOLAND SCH DIST CALIF CFD #1 7,015,000 $7,034,291 0.08% 5.35% 09/01/28
ROMOLAND SCH DIST CALIF CFD #1 7,900,000 $7,179,836 0.08% 5.35% 09/01/38
ROSEVILLE CA CFD #1-WESTPARK 1,550,000 $1,525,277 0.02% 5.25% 09/01/25
ROYAL OAK MICH HOSP FIN AUTH H 20,000,000 $24,523,000 0.26% 8.25% 09/01/39
ROYAL OAK MICH HOSP FIN AUTH H 33,120,000 $35,444,030 0.38% 6% 08/01/39
RUMFORD ME POLLUTN CTL REV 4,800,000 $4,819,344 0.05% 6.625% 07/01/20
SALEM ORE HOSP FAC AUTH REV 1,000,000 $997,110 0.01% 5% 05/15/22
SALEM ORE HOSP FAC AUTH REV 1,000,000 $1,000,960 0.01% 5.625% 05/15/32
SALEM ORE HOSP FAC AUTH REV 1,000,000 $1,020,800 0.01% 5.75% 05/15/27
SALEM ORE HOSP FAC AUTH REV 1,600,000 $1,628,464 0.02% 6% 05/15/42
SALEM ORE HOSP FAC AUTH REV 2,000,000 $2,030,020 0.02% 6% 05/15/47
SALT VERDE FINL CORP SR GAS RE 6,000,000 $6,647,220 0.07% 5.25% 12/01/25
SALT VERDE FINL CORP SR GAS RE 11,105,000 $12,247,149 0.13% 5.5% 12/01/29
SAN ANTONIO TEX PUB FACS CORP 4,365,000 $3,949,932 0.04% 4% 09/15/35
SAN ANTONIO TEX PUB FACS CORP 13,910,000 $12,780,368 0.14% 4% 09/15/33
SAN ANTONIO TEX PUB FACS CORP 41,000,000 $35,730,270 0.39% 4% 09/15/42
SAN BUENAVENTURA CALIF REV 10,000,000 $11,872,400 0.13% 8% 12/01/31
SAN BUENAVENTURA CALIF REV 15,000,000 $16,975,950 0.18% 7.5% 12/01/41
SAN DIEGO CALIF UNI SCH DIST 23,000,000 $8,290,580 0.09% N/A 07/01/47
SAN DIEGO CALIF UNI SCH DIST 51,165,000 $18,625,083 0.20% N/A 07/01/42
SAN FRANCISCO CALIF CITY & CNT 2,250,000 $2,225,362 0.02% N/A 07/01/14
SAN FRANCISCO CALIF CITY & CNT 4,250,000 $4,250,000 0.05% N/A 07/01/13
SAN FRANCISCO CALIF CITY & CNT 10,000,000 $10,306,100 0.11% 5% 04/01/29
SAN JOAQUIN HILLS CALIF TRANSN 35,256,000 $16,862,592 0.18% N/A 01/15/42
SAN JOAQUIN HILLS CALIF TRANSN 35,256,000 $16,932,046 0.18% N/A 01/15/41
SAN JOAQUIN HILLS CALIF TRANSN 20,000,000 $20,593,800 0.22% 5.65% 01/15/17
SAN JOAQUIN HILLS CALIF TRANSN 22,500,000 $23,197,500 0.25% 5.6% 01/15/16
SAN JOAQUIN HILLS CALIF TRANSN 45,200,000 $31,344,844 0.34% N/A 01/01/25
Page 21 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
798111BX7
798111BJ8
798111CA6
798111BZ2
798180AQ8
799017GU6
799055LS5
804230AV2
80483CKC4
80585MAV8
80585QAN7
808878FZ0
812032AR1
81647PAC7
830227CJ1
830227CT9
833096GZ7
834629AB3
83646AAL7
836753HN6
836753JE4
83704LCT3
838810BV0
837536AD3
841895AJ4
842471AV6
85232SAB5
79020FAM8
791524BR1
791638ZJ1
791638ZH5
768343AU9
768343BD6
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
SAN JOAQUIN HILLS CALIF TRANSN 52,700,000 $38,476,797 0.42% N/A 01/01/24
SAN JOAQUIN HILLS CALIF TRANSN 44,970,000 $43,079,011 0.47% 5% 01/01/33
SAN JOAQUIN HILLS CALIF TRANSN 139,100,000 $86,517,418 0.93% N/A 01/01/27
SAN JOAQUIN HILLS CALIF TRANSN 131,900,000 $86,556,737 0.94% N/A 01/01/26
SAN JOSE CALIF SPL HOTEL TAX R 10,000,000 $11,285,400 0.12% 6.5% 05/01/42
SAN MATEO CALIF UNIFIED HIGH S 20,000,000 $10,097,200 0.11% N/A 09/01/41
SAN MATEO FOSTER CITY CALIF SC 40,000,000 $19,640,800 0.21% N/A 08/01/42
SAUGUS CALIF UN SCH DIST 3,150,000 $3,179,106 0.03% 6% 09/01/33
SAVANNAH GA ECONOMIC DEV AUTH 4,865,000 $5,292,633 0.06% 6.25% 11/01/33
SCAGO EDL FACS CORP FOR CALHOU 7,540,000 $7,674,362 0.08% 5% 12/01/26
SCAGO EDL FACS CORP FOR WILLIA 2,000,000 $2,015,500 0.02% 5% 12/01/31
SCIOTO CNTY OHIO HOSP FACS REV 17,000,000 $17,746,470 0.19% 5.75% 02/15/38
SEAL BEACH CFD # 5- PACIFIC GA 2,000,000 $1,875,700 0.02% 5.3% 09/01/36
SELMA ALA INDL DEV BRD REV GUL 3,000,000 $3,219,570 0.03% 5.8% 05/01/34
SKAGIT CNTY WASH PUB HOSP DIST 2,000,000 $2,057,020 0.02% 5.75% 12/01/32
SKAGIT CNTY WASH PUB HOSP DIST 5,355,000 $5,550,618 0.06% 5.75% 12/01/35
SNOHOMISH CNTY WASH PUB HOSP D 10,000,000 $10,181,600 0.11% 5% 12/01/31
SOMERSET FL CDD - ALYSBEACH 7,000,000 $4,817,120 0.05% 5.3% 05/01/37
SOUTH BAYSIDE WASTE MGMT AUTH 7,740,000 $8,012,757 0.09% 6% 09/01/36
SOUTH BROWARD HOSP DIST FLA RE 11,235,000 $11,284,995 0.12% 4.75% 05/01/32
SOUTH BROWARD HOSP DIST FLA RE 12,500,000 $13,189,125 0.14% 5% 05/01/36
SOUTH CAROLINA JOBS ECONOMIC D 10,000,000 $11,071,800 0.12% 6.5% 04/01/42
SOUTH MIAMI FLA HEALTH FACS AU 15,000,000 $15,357,450 0.17% 5% 08/15/32
SOUTH-DADE FL CDD - VENTURE 1,990,000 $2,044,943 0.02% 6% 05/01/24
SOUTHEASTERN OHIO PORT AUTH HO 8,000,000 $8,320,160 0.09% 6% 12/01/42
SOUTHERN CALIF PUB PWR AUTH NA 9,855,000 $10,134,684 0.11% 5.25% 11/01/27
ST CHARLES PARISH LA GULF OPP 5,000,000 $4,973,900 0.05% 4% 12/01/40
ST JOHN BAPTIST PARISH LA 76,075,000 $76,459,178 0.83% 5.125% 06/01/37
ST LOUIS CNTY MO INDL DEV AUTH 7,000,000 $6,153,980 0.07% 5% 09/01/42
ST LOUIS MO ARPT REV 3,000,000 $3,360,090 0.04% 6.625% 07/01/34
ST LOUIS MO ARPT REV 7,000,000 $7,769,160 0.08% 6.25% 07/01/29
ST LUCIE CMNTY DEV DIST - RIVE 750,000 $749,910 0.01% 7.625% 05/01/21
ST LUCIE CMNTY DEV DIST - RIVE 1,590,000 $1,539,803 0.02% 7.625% 05/01/30
Page 22 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
792888JS9
861346T20
861394DB7
861394DA9
861816AA4
864809BE7
864809BD9
86820RAU1
875301EU3
875301EW9
87638TEE9
882555XX8
88256HAU2
88256HAT5
882762BG1
88283KAB4
882854MZ2
888805AH1
88880NAX7
88880NAF6
888809AJ9
889247AT9
899676KV1
901047CK4
902261GP5
902261HJ8
914353D38
914446BD0
914446BE8
914446BF5
914446AV1
917765BC2
917765BD0
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
ST PAUL MINN HSG & REDEV AUTH 10,000,000 $10,419,200 0.11% 6% 11/15/35
STOCKTON CALIF IMPT BD ACT 191 6,000,000 $6,013,440 0.06% 6.3% 09/02/33
STOCKTON CALIF PUB FING AUTH L 12,175,000 $6,087,500 0.07% 7% 09/01/38
STOCKTON CALIF PUB FING AUTH L 15,905,000 $7,952,500 0.09% 6.75% 09/01/29
STONEGATE FL CDD 1,635,000 $1,728,718 0.02% 6% 05/01/24
SUFFOLK NY TOBACCO ASSET SECUR 700,000 $716,982 0.01% 5.25% 06/01/37
SUFFOLK NY TOBACCO ASSET SECUR 1,675,000 $1,711,163 0.02% 5% 06/01/32
SUPERIOR MET DIST NO 1 COLO SP 7,640,000 $7,699,974 0.08% 5% 12/01/28
TAMPA-HILLSBOROUGH CO FL EXPRE 7,500,000 $7,752,450 0.08% 5% 07/01/37
TAMPA-HILLSBOROUGH CO FL EXPRE 15,000,000 $15,415,650 0.17% 5% 07/01/42
TARRANT CNTY TEX CULTURAL ED F 15,225,000 $16,068,160 0.17% 5% 11/15/40
TEXAS MUN PWR AGY REV 15,250,000 $15,806,015 0.17% 5% 09/01/40
TEXAS MUNI GAS ACQUISITION & S 25,150,000 $24,994,573 0.27% 5% 12/15/32
TEXAS MUNI GAS ACQUISITION & S 50,060,000 $49,938,854 0.54% 5% 12/15/31
TEXAS ST TPK AUTH REV 51,000,000 $16,448,520 0.18% N/A 08/15/32
TEXAS ST TRANSN COMMN 10,000,000 $10,035,800 0.11% 5% 08/15/41
TEXAS WTR DEV BRD REV 1,000,000 $1,000,000 0.01% 0.04% 07/15/19
TOBACCO SETTLEMENT AUTH IOWA T 35,850,000 $32,111,562 0.35% 5.6% 06/01/34
TOBACCO SETTLEMENT FIN CORP VA 50,000,000 $1,223,500 0.01% N/A 06/01/47
TOBACCO SETTLEMENT FIN CORP VA 1,690,000 $1,803,956 0.02% 5.5% 06/01/26
TOBACCO SETTLEMENT FING CORP R 90,000,000 $1,453,500 0.02% N/A 06/01/2052
TOLEDO LUCAS CNTY OHIO PORT AU 800,000 $806,528 0.01% 6.25% 11/01/13
TULSA OKLA TULSA INDL AUTH REV 5,325,000 $5,718,251 0.06% 5% 10/01/31
TUSTIN CFD # 06-01 19,840,000 $20,151,289 0.22% 6% 09/01/36
TYLER TEX HEALTH FACS DEV CORP 2,500,000 $2,559,000 0.03% 5% 07/01/37
TYLER TEX HEALTH FACS DEV CORP 8,000,000 $8,171,040 0.09% 5.375% 11/01/37
UNIVERSITY ILL UNIV REVS 3,770,000 $3,987,453 0.04% 5% 04/01/32
UNIVERSITY MED CTR CORP ARIZ H 250,000 $281,375 0.00% 6% 07/01/24
UNIVERSITY MED CTR CORP ARIZ H 1,000,000 $1,111,000 0.01% 6.25% 07/01/29
UNIVERSITY MED CTR CORP ARIZ H 1,500,000 $1,662,735 0.02% 6.5% 07/01/39
UNIVERSITY MED CTR CORP ARIZ H 10,175,000 $10,242,053 0.11% 5% 07/01/35
UTICA N Y INDL DEV AGY CIVIC F 1,160,000 $1,167,853 0.01% 6.75% 12/01/21
UTICA NY IDA CIVIC FAC REV 2,000,000 $2,016,860 0.02% 6.85% 12/01/31
Page 23 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
92336FAA6
92707CAB2
92707CAC0
92707UAQ9
92707XAA8
92708AAB5
92708AAC3
92708AAD1
92708AAF6
92708AAE9
92706NBC6
92706NBD4
147044AJ0
92714BBA6
927676PE0
927676PT7
927676RD0
927676RK4
927676QD1
927676QE9
927676NR3
927781L51
927781L44
928104LK2
928104LJ5
935031AB0
935031AA2
935018JQ5
93878LAA5
93974CZ52
93974C3B4
93974CA83
93974CL73
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
VERANDAH EAST FL CDD SER A 1,825,000 $1,106,515 0.01% 5.4% 05/01/37
VILLAGE CMNTY DEV DIST NO 10 F 6,000,000 $5,710,620 0.06% 5% 05/01/32
VILLAGE CMNTY DEV DIST NO 10 F 9,000,000 $8,560,350 0.09% 5.125% 05/01/43
VILLAGE CMNTY DEV DIST NO 6 SP 6,555,000 $6,323,280 0.07% 4% 05/01/29
VILLAGE CMNTY DEV DIST NO 8 FL 8,100,000 $9,407,502 0.10% 6.375% 05/01/38
VILLAGE CMNTY DEV DIST NO 9 FL 7,545,000 $8,616,842 0.09% 7% 05/01/41
VILLAGE CMNTY DEV DIST NO 9 FL 8,490,000 $9,624,094 0.10% 6.75% 05/01/31
VILLAGE CMNTY DEV DIST NO 9 PH 1,860,000 $1,920,171 0.02% 5% 05/01/22
VILLAGE CMNTY DEV DIST NO 9 PH 2,260,000 $2,315,980 0.03% 5.25% 05/01/31
VILLAGE CMNTY DEV DIST NO 9 PH 2,245,000 $2,319,309 0.03% 5.5% 05/01/42
VILLAGE CTR CMNTY DEV DIST FLA 900,000 $903,375 0.01% 8.25% 01/01/17
VILLAGE CTR CMNTY DEV DIST FLA 1,565,000 $1,569,741 0.02% 7.375% 01/01/19
VILLAGE OF CARY SSA NO 2 FOXFO 3,025,000 $2,836,028 0.03% 5% 03/01/30
VILLAGES CASTLE ROCK MET DIST 3,000,000 $2,692,740 0.03% 8.5% 06/01/31
VIRGIN ISLANDS PUB FIN AUTH RE 555,000 $596,791 0.01% 5% 10/01/24
VIRGIN ISLANDS PUB FIN AUTH RE 1,500,000 $1,606,020 0.02% 5% 10/01/25
VIRGIN ISLANDS PUB FIN AUTH RE 5,750,000 $6,145,600 0.07% 5.25% 10/01/29
VIRGIN ISLANDS PUB FIN AUTH RE 7,000,000 $7,342,860 0.08% 5% 10/01/32
VIRGIN ISLANDS PUB FIN AUTH RE 9,145,000 $10,107,785 0.11% 5% 10/01/19
VIRGIN ISLANDS PUB FIN AUTH RE 10,000,000 $10,747,200 0.12% 5% 10/01/22
VIRGIN ISLANDS PUB FIN AUTH RE 18,380,000 $20,128,121 0.22% 6.625% 10/01/29
VIRGINIA COLLEGE BLDG AUTH VA 10,000,000 $10,196,400 0.11% 4% 02/01/28
VIRGINIA COLLEGE BLDG AUTH VA 20,355,000 $21,026,715 0.23% 4% 02/01/27
VIRGINIA SMALL BUSINESS FING A 18,485,000 $17,617,498 0.19% 5.5% 01/01/42
VIRGINIA SMALL BUSINESS FING A 20,000,000 $20,333,200 0.22% 6% 01/01/37
WARREN CNTY MISS GULF OPP 7,000,000 $7,512,330 0.08% 5.8% 05/01/34
WARREN CNTY MISS GULF OPP 10,000,000 $11,051,700 0.12% 6.5% 09/01/32
WARREN CNTY MISS GULF OPP 20,000,000 $20,536,200 0.22% 5.5% 09/01/31
WASHINGTON D C CONVENTION & SP 10,000,000 $9,940,300 0.11% 5% 10/01/40
WASHINGTON ST GO 6,000,000 $5,923,740 0.06% 4% 08/01/31
WASHINGTON ST GO 9,040,000 $8,607,164 0.09% 4% 08/01/36
WASHINGTON ST GO 13,375,000 $14,166,933 0.15% 5% 08/01/40
WASHINGTON ST GO 15,575,000 $15,774,827 0.17% 4% 07/01/28
Page 24 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
93974C3D0
93974C2A7
93978EF31
93978HGZ2
93978ED25
93978E6G2
93978E4M1
93978EH70
939781G53
94184RAA9
942816AB5
942816AA7
955187BH1
957358AE4
975795AA3
97689P3S5
976831AJ6
977100BY1
97712DBW5
97710VTS7
97710BHY1
97710VZH4
978324AA9
982674HT3
98322VAJ5
98322VAK2
983366DK8
983366CR4
983366CS2
983366CU7
983366CT0
987361AA0
987361AD4
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
WASHINGTON ST GO 19,530,000 $17,975,216 0.19% 4% 08/01/42
WASHINGTON ST GO 19,290,000 $18,366,394 0.20% 4% 08/01/36
WASHINGTON ST HEALTH CARE FACS 305,000 $343,115 0.00% 5% 10/01/36
WASHINGTON ST HEALTH CARE FACS 3,000,000 $2,701,980 0.03% 5% 12/01/42
WASHINGTON ST HEALTH CARE FACS 4,000,000 $4,027,240 0.04% 5% 12/01/30
WASHINGTON ST HEALTH CARE FACS 7,500,000 $8,048,700 0.09% 6% 01/01/33
WASHINGTON ST HEALTH CARE FACS 8,500,000 $9,412,900 0.10% 7% 07/01/39
WASHINGTON ST HEALTH CARE FACS 30,000,000 $31,660,500 0.34% 6% 08/15/37
WASHINGTON ST HIGHER ED FACS A 5,235,000 $5,377,130 0.06% 5.625% 10/01/40
WATERS EDGE CMNTY DEV DIST FLA 1,500,000 $1,363,335 0.01% 5.3% 05/01/36
WAUCONDA IL SPL TAX - LIBERTY 4,313,000 $4,365,316 0.05% 6% 03/01/33
WAUCONDA IL SPL TAX - LIBERTY 5,104,000 $5,205,620 0.06% 6.625% 03/01/33
WEST PARK HOSP DIST WYO REV 5,500,000 $6,362,840 0.07% 7% 06/01/40
WESTCHASE EAST CMNTY DEV DIST 850,000 $850,357 0.01% 7.1% 05/01/21
WINTER GARDEN FL CDD - VLG AT 1,820,000 $1,854,543 0.02% 5.65% 05/01/37
WISCONSIN HSG & ECONOMIC DEV A 8,915,000 $8,987,389 0.10% 4.9% 09/01/37
WISCONSIN PUB FIN AUTH REV 6,755,000 $7,080,996 0.08% 5.5% 12/01/40
WISCONSIN ST GENERAL FUND REV 15,000,000 $17,406,300 0.19% 6% 05/01/33
WISCONSIN ST HEALTH & EDL FACS 5,000,000 $4,615,850 0.05% 5.25% 08/15/34
WISCONSIN ST HEALTH & EDL FACS 5,000,000 $5,145,450 0.06% 5.75% 05/01/24
WISCONSIN ST HEALTH & EDL FACS 5,000,000 $5,300,050 0.06% 5.5% 12/15/38
WISCONSIN ST HEALTH & EDL FACS 9,530,000 $9,723,363 0.11% 5% 12/15/30
WOOD CNTY TEX CENTRAL HOSP DIS 9,350,000 $10,152,136 0.11% 6% 11/01/41
WYANDOTTE CNTY KANS CITY KANS 10,000,000 $10,594,800 0.11% 5% 09/01/32
WYOMING CMNTY DEV AUTH STUDENT 600,000 $619,788 0.01% 6.25% 07/01/31
WYOMING CMNTY DEV AUTH STUDENT 1,600,000 $1,652,256 0.02% 6.5% 07/01/43
WYOMING MUN PWR AGY PWR SUPPLY 1,000,000 $1,006,200 0.01% 5% 01/01/42
WYOMING MUN PWR AGY PWR SUPPLY 1,350,000 $1,456,731 0.02% 5.5% 01/01/28
WYOMING MUN PWR AGY PWR SUPPLY 2,360,000 $2,536,433 0.03% 5.5% 01/01/33
WYOMING MUN PWR AGY PWR SUPPLY 2,750,000 $2,925,065 0.03% 5.375% 01/01/42
WYOMING MUN PWR AGY PWR SUPPLY 2,810,000 $3,011,645 0.03% 5.5% 01/01/38
YORKVILLE IL SPL TAX - WINDETT 3,317,000 $1,938,985 0.02% 6.875% 03/01/33
YORKVILLE IL SSA - 4-104 GRAND 4,093,000 $3,213,823 0.03% 6.375% 03/01/34
Page 25 of 26

Portfolio Holdings for Franklin High Yield Tax-Free Income Fund as of June 30, 2013
Security
Identifier
987361AG7
988607AB3
Security Name
Shares/
Positions Held Market Value
% of
TNA
Coupon
Rate
Maturity
Date
YORKVILLE IL SSA#2005-108 AUTU 4,245,000 $3,774,399 0.04% 6% 03/01/36
YUMA CNTY ARIZ INDL DEV AUTH W 15,500,000 $12,210,280 0.13% 6.375% 12/01/37
Important Legal Information
•
•
•
•
•
Portfolio holdings are subject to change without notice and may not represent current or future portfolio
composition. The portfolio data is “as of” the date indicated and we disclaim any responsibility to update the
information.
The net market value of all currency forward contracts is included in cash and other net assets, reflected in the base
currency of the fund. The net market value of any Credit Default, Interest Rate and/or other Swap contract positions
are displayed as exposure to the issuing counterparty (i.e. "Citibank").
Unlike the fund’s regulatory filings, the portfolio data and its presentation in this document are not required to
conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC)
presentation requirements. Therefore, it differs from that in the complete statement of investments in the annual and
semiannual report to shareholders filed with the SEC on Form N-CSR, and the complete statement of investments
provided in the first and third quarter SEC Form N-Q filings for each fiscal year.
The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security
or fund, nor should it be taken as a solicitation or a recommendation to buy or sell securities or other
investments.
Investors should carefully consider a fund's investment goals, risks, charges and expenses before
investing. To obtain a prospectus, which contains this and other information, talk to your financial advisor,
call us at 1-800/DIAL BEN (1-800/342-5236) or visit our website at franklintempleton.com. Please read the
prospectus carefully before investing. Franklin Templeton Distributors Inc., One Franklin Parkway, San
Mateo, CA 94403.
Copyright. 2011-2012. Franklin Templeton Investments ©. All rights reserved.
Page 26 of 26