Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Alabama

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

1

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.7%

Alabama

97.3%

Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

4

%

,

1/01/49

......................................

$

2,000,000

$

2,251,360

Alabama

Federal

Aid

Highway

Finance

Authority

,

Revenue

,

2017A

,

5

%

,

6/01/37

....

4,130,000

5,098,857

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

...................

3,000,000

3,471,300

Anniston

Public

Building

Authority

,

Revenue

,

2011

,

Pre-Refunded

,

AGM

Insured

,

5

%

,

3/01/43

.........................................................

4,120,000

4,267,578

Auburn

University

,

Revenue

,

2015A

,

Refunding

,

5

%

,

6/01/33

...................

2,500,000

2,936,850

Baldwin

County

Board

of

Education

,

Revenue,

2012,

Pre-Refunded,

5%,

6/01/24

..............................

2,605,000

2,853,022

Revenue,

2012,

Pre-Refunded,

5%,

6/01/26

..............................

2,870,000

3,143,253

Revenue,

2012,

Pre-Refunded,

5%,

6/01/27

..............................

3,015,000

3,302,058

Bessemer

Governmental

Utility

Services

Corp.

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

...............................................

6,000,000

7,249,920

Board

of

Water

&

Sewer

Commissioners

of

the

City

of

Mobile

,

Revenue

,

2014

,

Refunding

,

5

%

,

1/01/36

.............................................

10,000,000

11,019,400

Calhoun

County

Board

of

Education

,

Special

Tax

,

2016

,

BAM

Insured

,

5

%

,

2/01/46

..

6,000,000

6,877,800

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative,

Revenue,

2010

A,

Refunding,

AGC

Insured,

5%,

8/01/30

........................................................

5,250,000

5,287,012

PowerSouth

Energy

Cooperative,

Revenue,

2010

A,

Refunding,

AGC

Insured,

5%,

8/01/37

........................................................

5,000,000

5,031,400

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AGM

Insured

,

5

%

,

1/01/47

....

2,590,000

3,024,550

City

of

Birmingham

,

GO

,

2013-A

,

5

%

,

3/01/43

..............................

5,000,000

5,506,250

City

of

Homewood

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

9/01/42

....................

4,000,000

4,433,160

City

of

Huntsville

,

GO,

2018-B,

5%,

5/01/38

............................................

4,775,000

5,953,900

Water,

Revenue,

2015,

5%,

11/01/35

...................................

4,000,000

4,716,640

City

of

Madison

,

GO

,

2015A

,

Refunding

,

5

%

,

4/01/37

........................

2,590,000

3,067,130

City

of

Oxford

,

GO

,

2012

C

,

Pre-Refunded

,

5

%

,

10/01/29

.....................

1,435,000

1,594,357

City

of

Pelham

,

GO

,

2014

,

5

%

,

2/01/34

...................................

2,635,000

3,010,804

City

of

Phenix

City

,

GO,

2014A,

5%,

8/01/43

............................................

3,000,000

3,343,200

Water

&

Sewer,

Revenue,

2010

A,

AGM

Insured,

5%,

8/15/40

................

2,000,000

2,019,520

City

of

Trussville

,

GO,

2014B,

Pre-Refunded,

5%,

10/01/39

................................

1,105,000

1,276,175

GO,

2014B,

5%,

10/01/39

...........................................

1,895,000

2,140,706

GO,

2018A,

4%,

8/01/41

............................................

3,000,000

3,445,680

Cullman

Utilities

Board

Water

Division

,

Revenue

,

2011

,

AGM

Insured

,

5

%

,

9/01/41

..

3,000,000

3,029,130

DCH

Healthcare

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/36

..............

2,000,000

2,233,860

East

Alabama

Health

Care

Authority

(The)

,

Revenue

,

2018A

,

5

%

,

9/01/41

.........

3,000,000

3,346,110

Homewood

Educational

Building

Authority

,

Samford

University,

Revenue,

2013A,

Pre-Refunded,

AGM

Insured,

5%,

12/01/41

.

10,000,000

11,176,400

Samford

University,

Revenue,

2019

A,

Refunding,

4%,

12/01/49

...............

2,500,000

2,600,800

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Alabama

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

2

See

Abbreviations

on

page

140.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Alabama

(continued)

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Obligated

Group

,

Revenue

,

2016A

,

5

%

,

2/01/41

...........................

$

3,000,000

$

3,305,670

Jacksonville

State

University

,

Revenue

,

2017

,

Refunding

,

AGM

Insured

,

5

%

,

12/01/36

5,000,000

6,141,100

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015-B

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

12/01/43

..............................................

5,920,000

6,738,618

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

4

%

,

2/01/44

...............

3,000,000

3,488,550

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/41

.....

4,610,000

5,533,613

Marshall

County

Board

of

Education

,

Special

Tax

,

2016

,

AGM

Insured

,

4

%

,

3/01/41

..

1,000,000

1,090,910

Morgan

County

Board

of

Education

,

Revenue,

2012,

Pre-Refunded,

5%,

3/01/35

..............................

4,300,000

4,738,514

Revenue,

2012,

5%,

3/01/35

.........................................

2,720,000

2,953,947

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

4

%

,

6/01/41

................

2,000,000

2,254,120

Selma

Industrial

Development

Board

,

International

Paper

Co.,

Revenue,

2010A,

5.8%,

5/01/34

....................

3,000,000

3,009,270

International

Paper

Co.,

Revenue,

2011A,

5.375%,

12/01/35

.................

3,000,000

3,113,400

State

of

Alabama

,

Docks

Department

,

Revenue

,

2010

,

Pre-Refunded

,

6

%

,

10/01/40

.

3,000,000

3,057,450

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

11/01/39

........................................................

2,000,000

2,384,860

Troy

Public

Educational

Building

Authority

,

Troy

City

Schools,

Revenue,

2011,

Pre-Refunded,

AGM

Insured,

5.25%,

12/01/40

.

1,705,000

1,747,506

Troy

City

Schools,

Revenue,

2011,

AGM

Insured,

5.25%,

12/01/40

.............

295,000

300,814

Tuscaloosa

City

Board

of

Education

,

Revenue

,

2016

,

5

%

,

8/01/41

...............

4,000,000

4,746,880

Tuscaloosa

County

Board

of

Education

,

Special

Tax

,

2017

,

4

%

,

2/01/47

..........

5,000,000

5,491,900

UAB

Medicine

Finance

Authority

,

UAB

Medicine

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/29

.............................................

5,000,000

6,079,000

University

of

Alabama

(The)

,

Revenue,

2013-D2,

5%,

10/01/37

......................................

7,520,000

8,416,234

Revenue,

2018

B2,

5%,

9/01/48

.......................................

5,000,000

6,106,700

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

5

%

,

5/01/42

....

2,500,000

3,028,875

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

........

2,000,000

2,415,680

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue,

2013B,

Pre-Refunded,

5%,

1/01/43

.............................

3,745,000

4,205,373

Revenue,

2016

B,

Refunding,

5%,

1/01/43

...............................

10,000,000

11,869,900

Revenue,

Senior

Lien,

2016

A,

Refunding,

4%,

1/01/35

.....................

4,000,000

4,578,600

235,505,666

U.S.

Territories

0.4%

Guam

0.4%

a

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,000,000

1,107,700

Total

Municipal

Bonds

(Cost

$219,675,808)

.....................................

236,613,366

a

a

a

a

a

Total

Investments

(Cost

$219,675,808)

97.7%

...................................

$236,613,366

Other

Assets,

less

Liabilities

2.3%

.............................................

5,500,026

Net

Assets

100.0%

...........................................................

$242,113,392

a

Security

purchased

on

a

when-issued

basis.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Arizona

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.8%

Arizona

95.5%

Arizona

Board

of

Regents

,

University

of

Arizona

(The)

,

COP

,

2012C

,

Refunding

,

5

%

,

6/01/31

.........................................................

$

7,025,000

$

7,583,277

Arizona

Department

of

Transportation

State

Highway

Fund

,

Revenue,

2011A,

Pre-Refunded,

5%,

7/01/36

.............................

10,000,000

10,523,400

Revenue,

2015,

Refunding,

5%,

7/01/31

.................................

10,000,000

11,671,400

Revenue,

2016,

Refunding,

5%,

7/01/36

.................................

8,680,000

10,464,087

Arizona

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2011

B-2,

AGM

Insured,

5%,

3/01/41

........................................................

5,000,000

5,092,100

CommonSpirit

Health

Obligated

Group,

Revenue,

B-1,

5.25%,

3/01/39

..........

10,000,000

10,170,900

Phoenix

Children's

Hospital

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

2/01/42

........................................................

8,000,000

8,288,960

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2014A,

Refunding,

5%,

12/01/39

.......................................................

15,000,000

16,340,850

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2014A,

Refunding,

5%,

12/01/42

.......................................................

9,535,000

10,358,824

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017A,

5%,

7/01/42

...

2,045,000

2,332,977

Academies

of

Math

&

Science

Obligated

Group,

Revenue,

2017A,

5%,

7/01/51

...

1,080,000

1,221,523

Arizona

Agribusiness

and

Equine

Center,

Inc.,

Revenue,

2017

A,

5%,

3/01/48

....

1,555,000

1,779,185

BASIS

Schools,

Inc.

Obligated

Group,

Revenue,

2017

F,

Refunding,

5%,

7/01/47

..

3,350,000

3,795,617

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/38

.......................................................

1,630,000

1,954,957

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/39

.......................................................

1,000,000

1,196,570

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/44

.......................................................

6,645,000

7,835,651

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

4%,

11/01/49

.......................................................

5,115,000

5,381,440

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019A,

5%,

1/01/38

.....

1,175,000

1,158,738

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019A,

5%,

1/01/43

.....

575,000

552,414

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

2019A,

5%,

1/01/54

.....

2,625,000

2,447,576

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019B,

5%,

1/01/36

........................................................

1,105,000

1,078,093

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019B,

5%,

1/01/43

........................................................

1,000,000

930,860

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019B,

5%,

1/01/49

........................................................

1,500,000

1,356,585

Great

Lakes

Senior

Living

Communities

LLC,

Revenue,

Second

Tier,

2019B,

5.125%,

1/01/54

........................................................

1,000,000

910,200

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019A,

BAM

Insured,

5%,

6/01/49

3,095,000

3,569,587

Provident

Group-NCCU

Properties

LLC,

Revenue,

2019A,

BAM

Insured,

5%,

6/01/54

3,240,000

3,721,335

Arizona

Sports

&

Tourism

Authority

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

7/01/36

.....

3,160,000

3,389,890

Arizona

State

University

,

Revenue,

2014,

5%,

8/01/33

.........................................

2,200,000

2,528,152

Revenue,

2014,

5%,

8/01/34

.........................................

3,320,000

3,807,077

Revenue,

2014,

5%,

8/01/44

.........................................

4,145,000

4,680,451

Revenue,

2015

D,

5%,

7/01/41

........................................

5,000,000

5,801,250

Revenue,

2015

D,

5%,

7/01/46

........................................

5,000,000

5,768,300

Revenue,

2015B,

Refunding,

5%,

7/01/41

...............................

14,070,000

16,324,718

Revenue,

2016

B,

5%,

7/01/42

........................................

2,000,000

2,376,680

Revenue,

2016

C,

5%,

7/01/46

........................................

10,000,000

11,822,800

Revenue,

2017

B,

Refunding,

5%,

7/01/43

...............................

4,005,000

4,867,717

Revenue,

2019A,

5%,

7/01/43

........................................

2,100,000

2,658,264

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Central

Arizona

Water

Conservation

District

,

Revenue

,

2016

,

5

%

,

1/01/34

.........

$

1,000,000

$

1,215,610

City

of

El

Mirage

,

GO

,

2012

,

AGM

Insured

,

5

%

,

7/01/42

.......................

2,200,000

2,384,162

City

of

Goodyear

,

Water

&

Sewer,

Revenue,

Sub.

Lien,

2011,

Pre-Refunded,

AGM

Insured,

5.25%,

7/01/31

........................................................

1,000,000

1,054,480

Water

&

Sewer,

Revenue,

Sub.

Lien,

2011,

Pre-Refunded,

AGM

Insured,

5.5%,

7/01/41

........................................................

1,500,000

1,585,770

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

Refunding,

AGM

Insured,

4%,

7/01/39

.

600,000

691,290

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

AGM

Insured,

4%,

7/01/40

..........

650,000

756,073

Water

&

Sewer,

Revenue,

Sub.

Lien,

2020,

AGM

Insured,

4%,

7/01/45

..........

8,700,000

9,999,345

City

of

Lake

Havasu

City

,

Wastewater

System,

Revenue,

2015B,

Refunding,

AGM

Insured,

5%,

7/01/40

....

15,000,000

17,669,700

Wastewater

System,

Revenue,

2015B,

Refunding,

AGM

Insured,

5%,

7/01/43

....

9,155,000

10,740,097

City

of

Mesa

,

Utility

System,

Revenue,

2018,

5%,

7/01/32

..............................

1,000,000

1,290,050

Utility

System,

Revenue,

2018,

5%,

7/01/34

..............................

1,265,000

1,612,015

Utility

System,

Revenue,

2018,

4%,

7/01/38

..............................

1,425,000

1,664,528

Utility

System,

Revenue,

2018,

4%,

7/01/39

..............................

6,135,000

7,147,398

Utility

System,

Revenue,

2018,

5%,

7/01/42

..............................

15,000,000

18,602,400

Utility

System,

Revenue,

2019A,

5%,

7/01/43

.............................

10,000,000

12,648,800

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

2017

A,

5%,

7/01/42

..................................

15,090,000

17,142,391

Airport,

Revenue,

Junior

Lien,

2010A,

Pre-Refunded,

5%,

7/01/40

.............

10,000,000

10,038,800

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

4%,

7/01/40

...............

20,570,000

22,072,021

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/44

........................

8,500,000

9,823,535

Airport,

Revenue,

Senior

Lien,

2018,

5%,

7/01/48

..........................

5,000,000

5,699,650

City

of

Phoenix,

Revenue,

2019

A,

5%,

7/01/45

...........................

10,000,000

11,259,000

Excise

Tax,

Revenue,

2015A,

Refunding,

5%,

7/01/41

......................

10,000,000

11,801,300

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/27

........................................................

3,945,000

5,076,466

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/28

........................................................

2,000,000

2,640,160

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/29

........................................................

2,000,000

2,699,460

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/36

........................................................

5,000,000

7,465,900

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/37

........................................................

7,000,000

10,573,080

Wastewater,

Revenue,

Junior

Lien,

2018A,

5%,

7/01/37

.....................

1,000,000

1,263,940

Wastewater,

Revenue,

Junior

Lien,

2018A,

4%,

7/01/39

.....................

5,000,000

5,804,700

Water

System,

Revenue,

Junior

Lien,

2014A,

5%,

7/01/39

...................

10,000,000

11,549,400

Water

System,

Revenue,

Junior

Lien,

2016,

Refunding,

5%,

7/01/39

............

5,000,000

6,037,400

Water

System,

Revenue,

Junior

Lien,

2020

B,

5%,

7/01/44

...................

5,000,000

6,546,500

City

of

Tempe

,

Revenue

,

2011A

,

Pre-Refunded

,

5

%

,

7/01/31

...................

2,325,000

2,446,690

City

of

Tucson

,

Water

System

,

Revenue

,

2011

,

Pre-Refunded

,

5

%

,

7/01/32

........

5,000,000

5,261,700

County

of

Maricopa

,

Banner

Health

Obligated

Group

,

Revenue

,

2005

,

Pre-Refunded

,

5

%

,

4/01/35

......................................................

12,090,000

14,217,115

Glendale

Industrial

Development

Authority

,

Midwestern

University

,

Revenue

,

2007

,

Refunding

,

5

%

,

5/15/31

.............................................

3,455,000

3,602,183

Glendale

Municipal

Property

Corp.

,

Revenue,

Refunding,

5%,

7/01/38

.....................................

18,530,000

20,428,954

Industrial

Development

Authority

of

the

City

of

Phoenix

(The)

,

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/44

......

1,000,000

994,420

Downtown

Phoenix

Student

Housing

II

LLC,

Revenue,

2019

A,

5%,

7/01/49

......

3,325,000

3,274,726

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018A,

Refunding,

5%,

7/01/33

600,000

616,428

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Industrial

Development

Authority

of

the

City

of

Phoenix

(The),

(continued)

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018A,

Refunding,

5%,

7/01/37

$

2,000,000

$

2,030,460

Downtown

Phoenix

Student

Housing

LLC,

Revenue,

2018A,

Refunding,

5%,

7/01/42

7,800,000

7,900,542

GreatHearts

Arizona,

Revenue,

2016

A,

Refunding,

5%,

7/01/36

...............

4,065,000

4,338,575

GreatHearts

Arizona,

Revenue,

2016

A,

Refunding,

5%,

7/01/41

...............

1,225,000

1,295,523

GreatHearts

Arizona,

Revenue,

2016

A,

Refunding,

5%,

7/01/46

...............

1,335,000

1,403,966

JMF-

Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/34

.......................

1,355,000

1,491,042

JMF-

Higley

2012

LLC,

Revenue,

2012,

5%,

12/01/39

.......................

5,610,000

6,148,392

Vista

College

Preparatory

Obligated

Group,

Revenue,

2018A,

5%,

7/01/48

.......

1,000,000

1,158,560

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

Christian

Care

Tucson,

Inc.,

Revenue,

2017C,

5%,

12/15/47

.................

3,840,000

4,094,861

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017A,

Refunding,

5%,

12/15/32

1,765,000

1,919,596

Christian

Care

Tucson,

Inc.,

Revenue,

Senior

Lien,

2017A,

Refunding,

5%,

6/15/37

2,240,000

2,412,010

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

4,883,930

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/36

............................................

1,310,000

1,495,614

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/38

............................................

1,510,000

1,675,828

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

8/01/39

............................................

1,350,000

1,609,133

Yavapai

Community

Hospital

Association

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

8/01/43

............................................

3,000,000

3,262,650

Maricopa

County

High

School

District

No.

214

Tolleson

Union

High

School

,

GO

,

2018

A

,

5

%

,

7/01/37

....................................................

1,000,000

1,236,780

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

A,

4%,

1/01/41

...................

9,630,000

10,363,324

Banner

Health

Obligated

Group,

Revenue,

A,

5%,

1/01/41

...................

37,590,000

44,341,916

Christian

Care

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

1/01/36

......

5,000,000

5,578,100

Christian

Care

Obligated

Group,

Revenue,

2016C,

5%,

1/01/40

...............

9,840,000

10,915,414

Creighton

University,

Revenue,

2020,

5%,

7/01/47

.........................

13,000,000

14,759,550

Creighton

University,

Revenue,

2020,

4%,

7/01/50

.........................

1,695,000

1,758,359

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

7/01/37

..

1,000,000

1,170,000

GreatHearts

Arizona

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

7/01/52

..

1,000,000

1,145,480

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/37

................

1,000,000

1,211,440

Highland

Prep

Obligated

Group,

Revenue,

2019,

5%,

1/01/50

................

1,465,000

1,731,630

Legacy

Traditional

School

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/49

........................................................

3,920,000

4,559,156

Reid

Traditional

Schools

Painted

Rock

Academy,

Revenue,

2016,

5%,

7/01/36

....

1,120,000

1,218,918

Reid

Traditional

Schools

Painted

Rock

Academy,

Revenue,

2016,

5%,

7/01/47

....

3,325,000

3,555,090

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

9/01/37

........................................................

4,025,000

4,752,841

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

9/01/42

........................................................

4,000,000

4,650,800

Western

IB

Hunt

Groves

LP,

Revenue,

2001A-1,

AMBAC

Insured,

5.3%,

12/01/22

.

700,000

700,644

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.,

Revenue,

2009

B,

Refunding,

3.6%,

4/01/40

.............

13,500,000

14,085,090

El

Paso

Electric

Co.,

Revenue,

2012

A,

Refunding,

4.5%,

8/01/42

.............

10,000,000

10,284,900

Public

Service

Co.

of

New

Mexico,

Revenue,

2003A,

Refunding,

6.25%,

1/01/38

..

5,000,000

5,047,100

Southern

California

Edison

Co.,

Revenue,

2000

B,

Refunding,

5%,

6/01/35

......

14,745,000

14,781,273

Maricopa

County

School

District

No.

83-Cartwright

Elementary

,

GO

,

2011A

,

AGM

Insured

,

5.375

%

,

7/01/30

............................................

5,415,000

5,701,345

Maricopa

County

Unified

School

District

No.

11-Peoria

,

GO,

2013,

5%,

7/01/31

.............................................

5,100,000

5,766,978

GO,

2018,

BAM

Insured,

5%,

7/01/33

...................................

1,000,000

1,245,390

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Maricopa

County

Unified

School

District

No.

95

Queen

Creek

,

GO,

2018,

5%,

7/01/33

.............................................

$

500,000

$

602,680

GO,

2018,

5%,

7/01/37

.............................................

1,200,000

1,432,380

McAllister

Academic

Village

LLC

,

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/33

............

2,000,000

2,417,780

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/38

............

2,000,000

2,378,540

Arizona

State

University,

Revenue,

2016

A,

Refunding,

5%,

7/01/39

............

1,000,000

1,186,890

Mohave

County

Union

High

School

District

No.

2

Colorado

River

,

GO

,

2017

,

5

%

,

7/01/35

.........................................................

1,000,000

1,229,670

Northern

Arizona

University

,

Revenue,

2013,

5%,

8/01/26

.........................................

2,380,000

2,596,842

Revenue,

2014,

Pre-Refunded,

5%,

6/01/40

..............................

2,820,000

3,337,583

Revenue,

2014,

5%,

6/01/40

.........................................

4,545,000

4,989,228

Revenue,

2014,

Pre-Refunded,

5%,

6/01/44

..............................

8,005,000

9,456,787

Revenue,

2020

B,

Refunding,

BAM

Insured,

5%,

6/01/38

....................

4,000,000

5,100,800

Revenue,

2020

B,

Refunding,

BAM

Insured,

5%,

6/01/39

....................

1,355,000

1,722,435

Pima

County

Unified

School

District

No.

20

Vail

,

GO

,

2016

,

Refunding

,

BAM

Insured

,

5

%

,

7/01/36

......................................................

3,305,000

4,031,604

Pima

County

Unified

School

District

No.

30

Sahuarita

,

GO,

2017,

BAM

Insured,

5%,

7/01/33

...................................

2,665,000

3,298,684

GO,

2017,

BAM

Insured,

5%,

7/01/34

...................................

2,800,000

3,456,404

Pima

County

Unified

School

District

No.

6

Marana

,

GO,

2017C,

BAM

Insured,

5%,

7/01/36

.................................

2,385,000

2,940,061

GO,

2018-D,

AGM

Insured,

5%,

7/01/38

.................................

2,500,000

3,055,750

Pinal

County

Community

College

District

,

Revenue

,

2017

,

BAM

Insured

,

5

%

,

7/01/34

1,065,000

1,304,039

Pinal

County

Electric

District

No.

3

,

Revenue,

2011,

Pre-Refunded,

5.25%,

7/01/33

...........................

1,500,000

1,581,720

Revenue,

2011,

Pre-Refunded,

5.25%,

7/01/41

...........................

6,800,000

7,170,464

Revenue,

2016,

Refunding,

5%,

7/01/35

.................................

1,195,000

1,456,944

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue,

2012

A,

Refunding,

5%,

12/01/30

..............................

4,500,000

4,905,450

Revenue,

2016

A,

Refunding,

5%,

1/01/38

...............................

9,745,000

11,916,771

Revenue,

2017A,

Refunding,

5%,

1/01/37

...............................

10,000,000

12,544,700

Revenue,

2017A,

Refunding,

5%,

1/01/38

...............................

3,310,000

4,140,346

Revenue,

2017A,

Refunding,

5%,

1/01/39

...............................

5,605,000

6,992,686

Revenue,

2019

A,

5%,

1/01/47

........................................

5,000,000

6,431,100

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5%,

12/01/32

.......................................

10,000,000

12,629,100

Revenue,

2007-1,

5%,

12/01/37

.......................................

5,000,000

6,527,300

Scottsdale

Municipal

Property

Corp.

,

Revenue

,

2010

,

Pre-Refunded

,

5

%

,

7/01/33

...

10,660,000

10,701,361

Student

&

Academic

Services

LLC

,

Revenue,

2014,

BAM

Insured,

5%,

6/01/33

..............................

1,000,000

1,160,700

Revenue,

2014,

BAM

Insured,

5%,

6/01/39

..............................

1,400,000

1,612,464

Revenue,

2014,

BAM

Insured,

5%,

6/01/44

..............................

3,155,000

3,613,832

Town

of

Gilbert

,

Revenue,

Sub.

Lien

,

2015

,

5

%

,

7/01/45

......................

10,000,000

11,637,600

Town

of

Queen

Creek

,

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/42

...............................

2,500,000

3,127,175

Excise

Tax,

Revenue,

2018

A,

5%,

8/01/47

...............................

5,000,000

6,210,150

University

Medical

Center

Corp.

,

Banner-University

Medical

Center

Tucson

Campus

LLC,

Revenue,

2011,

Pre-

Refunded,

6%,

7/01/39

............................................

5,000,000

5,306,100

Banner-University

Medical

Center

Tucson

Campus

LLC,

Revenue,

2013,

Pre-

Refunded,

5.625%,

7/01/36

.........................................

5,000,000

5,804,050

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Arizona

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

7

See

Abbreviations

on

page

140.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

University

of

Arizona

(The)

,

Revenue,

2013,

Pre-Refunded,

5%,

8/01/38

..............................

$

4,360,000

$

5,001,792

Revenue,

2013,

5%,

8/01/38

.........................................

5,790,000

6,440,969

Revenue,

2016,

Refunding,

5%,

6/01/39

.................................

2,750,000

3,278,385

Revenue,

2018

A,

5%,

6/01/43

........................................

5,000,000

6,208,300

Revenue,

2019

A,

5%,

6/01/42

........................................

2,000,000

2,544,360

Revenue,

2020

A,

Refunding,

4%,

8/01/44

...............................

13,945,000

15,909,014

920,213,232

U.S.

Territories

1.3%

Guam

1.3%

Guam

Power

Authority

,

Revenue,

2014A,

AGM

Insured,

5%,

10/01/39

............................

6,490,000

7,039,833

Revenue,

2014A,

AGM

Insured,

5%,

10/01/44

............................

5,325,000

5,740,456

12,780,289

Total

U.S.

Territories

....................................................................

12,780,289

Total

Municipal

Bonds

(Cost

$874,535,867)

.....................................

932,993,521

a

a

a

a

Short

Term

Investments

1.7%

Municipal

Bonds

1.7%

Arizona

1.7%

a

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

1/01/46

...............

3,650,000

3,650,000

a

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

2/01/48

12,515,000

12,515,000

16,165,000

Total

Municipal

Bonds

(Cost

$16,165,000)

......................................

16,165,000

a

Total

Investments

(Cost

$890,700,867)

98.5%

...................................

$949,158,521

Other

Assets,

less

Liabilities

1.5%

.............................................

14,885,071

Net

Assets

100.0%

...........................................................

$964,043,592

a

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Colorado

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.3%

Colorado

96.1%

Adams

&

Weld

Counties

School

District

No.

27J

Brighton

,

GO

,

2015

,

5

%

,

12/01/40

..

$

7,500,000

$

9,022,725

Adams

12

Five

Star

Schools

,

GO

,

2016B

,

Refunding

,

5

%

,

12/15/36

..............

5,000,000

6,222,100

Adams

State

University

,

Revenue,

2012,

Pre-Refunded,

5%,

5/15/37

..............................

370,000

401,783

Revenue,

2012,

5%,

5/15/37

.........................................

630,000

673,269

Revenue,

2019

A,

Refunding,

4%,

5/15/42

...............................

1,515,000

1,730,160

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/35

3,000,000

3,600,240

Arapahoe

County

School

District

No.

1

Englewood

,

GO

,

2017

,

5

%

,

12/01/42

.......

7,000,000

8,565,130

Arapahoe

County

School

District

No.

6

Littleton

,

GO

,

2019A

,

5.5

%

,

12/01/43

.......

12,980,000

16,823,897

Arapahoe

County

Water

&

Wastewater

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/37

........................................................

1,000,000

1,217,110

Auraria

Higher

Education

Center

,

Revenue

,

2013A

,

AGM

Insured

,

5

%

,

4/01/34

.....

6,150,000

6,868,750

Board

of

Governors

of

Colorado

State

University

System

,

Revenue,

2013A,

Refunding,

5%,

3/01/43

...............................

5,000,000

7,284,850

Revenue,

Pre-Refunded,

5%,

3/01/44

..................................

5,135,000

5,802,956

Revenue,

2015A,

Pre-Refunded,

5%,

3/01/40

.............................

3,990,000

4,848,009

Revenue,

2015A,

5%,

3/01/40

........................................

3,010,000

3,378,665

Revenue,

2016B,

Refunding,

5%,

3/01/41

...............................

1,000,000

1,167,710

Revenue,

2017E,

Refunding,

4%,

3/01/43

...............................

4,500,000

5,124,870

Revenue,

2019A,

5%,

3/01/49

........................................

4,000,000

5,067,920

Revenue,

A,

Refunding,

4%,

3/01/40

...................................

5,000,000

5,742,850

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017A

,

5

%

,

9/15/47

.........................................................

10,000,000

12,367,400

Boulder

Valley

School

District

No.

Re-2

Boulder

,

GO

,

2015

,

5

%

,

12/01/41

.........

5,000,000

5,934,500

Centennial

Water

&

Sanitation

District

,

Revenue,

2019,

5%,

12/01/43

........................................

3,000,000

3,783,900

Revenue,

2019,

5.25%,

12/01/48

......................................

6,760,000

8,577,223

City

&

County

of

Denver

,

Revenue,

2016

A,

Refunding,

4%,

8/01/46

...............................

3,500,000

3,657,360

Revenue,

2018

A-1,

5%,

8/01/48

......................................

5,000,000

5,899,900

Airport

System,

Revenue,

2013B,

5%,

11/15/43

...........................

5,000,000

5,444,100

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/43

..................

5,000,000

5,936,300

Airport

System,

Revenue,

2018

B,

Refunding,

5%,

12/01/48

..................

4,440,000

5,243,684

Airport

System,

Revenue,

2019

C,

Refunding,

5%,

11/15/35

..................

3,000,000

3,703,620

City

of

Aurora

,

Children's

Hospital

Colorado

Obligated

Group,

Revenue,

2010A,

5%,

12/01/40

....

2,500,000

2,504,625

Water,

Revenue,

First

Lien,

2016,

Refunding,

5%,

8/01/41

...................

3,000,000

3,625,320

Water,

Revenue,

First

Lien,

2016,

Refunding,

5%,

8/01/46

...................

5,000,000

5,986,750

City

of

Colorado

Springs

,

Utilities

System,

Revenue,

2010D-1,

Pre-Refunded,

5.25%,

11/15/33

...........

5,000,000

5,114,700

Utilities

System,

Revenue,

2013B-1,

5%,

11/15/38

.........................

4,000,000

4,559,480

Utilities

System,

Revenue,

2014A-2,

5%,

11/15/44

.........................

5,000,000

5,854,400

Utilities

System,

Revenue,

2015A,

Refunding,

5%,

11/15/40

..................

3,000,000

3,587,700

Utilities

System,

Revenue,

2015A,

Refunding,

5%,

11/15/45

..................

2,665,000

3,163,888

Utilities

System,

Revenue,

2017A-2,

5%,

11/15/47

.........................

6,000,000

7,378,740

Utilities

System,

Revenue,

2018

A-4,

5%,

11/15/48

.........................

5,000,000

6,262,600

City

of

Commerce

City

,

Revenue

,

2016

,

AGM

Insured

,

5

%

,

8/01/41

..............

4,000,000

4,846,880

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018A

,

5

%

,

12/01/42

......

13,500,000

16,812,225

City

of

Grand

Junction

,

Revenue,

2020

B,

4%,

3/01/45

........................................

1,500,000

1,761,345

Revenue,

2020

B,

4%,

3/01/49

........................................

1,240,000

1,449,622

Colorado

Educational

&

Cultural

Facilities

Authority

,

Alexander

Dawson

School

LLC,

Revenue,

2010,

5%,

2/15/40

.................

5,280,000

5,296,368

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

9

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Colorado

Educational

&

Cultural

Facilities

Authority,

(continued)

Union

Colony

Schools,

Revenue,

2018,

Refunding,

5%,

4/01/48

...............

$

715,000

$

808,787

University

of

Denver,

Revenue,

2017,

5%,

3/01/47

.........................

3,950,000

4,534,600

West

Ridge

Academy

Charter

School,

Revenue,

2019A,

Refunding,

5%,

6/01/49

..

400,000

432,916

Colorado

Health

Facilities

Authority

,

Adventist

Health

System/Sunbelt

Obligated

Group,

Revenue,

2016A,

Refunding,

4%,

11/15/41

.......................................................

3,000,000

3,237,840

Adventist

Health

System/Sunbelt

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

11/15/37

.......................................................

5,000,000

6,026,500

Boulder

Community

Health,

Revenue,

2010-A,

6%,

10/01/35

.................

5,460,000

5,522,080

Boulder

Community

Health,

Revenue,

2010-A,

Pre-Refunded,

6%,

10/01/35

......

40,000

40,759

BSLC

Obligated

Group,

Revenue,

2018

A-1,

Refunding,

5%,

9/15/48

...........

3,000,000

3,096,300

Children's

Hospital

Colorado

Obligated

Group,

Revenue,

2016A,

5%,

12/01/44

....

5,000,000

5,648,900

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/37

3,000,000

3,428,310

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/39

2,000,000

2,270,480

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

5,000,000

5,091,350

Covenant

Retirement

Communities

Obligated

Group,

Revenue,

2013A,

5.75%,

12/01/36

.......................................................

5,000,000

5,269,600

Covenant

Retirement

Communities

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

12/01/35

...................................................

7,150,000

7,302,009

Covenant

Retirement

Communities

Obligated

Group,

Revenue,

2018

A,

5%,

12/01/48

.......................................................

5,000,000

5,017,150

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2012,

Pre-

Refunded,

5%,

12/01/33

...........................................

2,500,000

2,738,025

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2013,

Pre-

Refunded,

5.5%,

6/01/33

..........................................

1,000,000

1,157,650

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2013,

Pre-

Refunded,

5.625%,

6/01/43

.........................................

4,000,000

4,645,520

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015A,

Pre-

Refunded,

5%,

6/01/40

............................................

4,000,000

4,905,000

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015A,

Pre-

Refunded,

5%,

6/01/45

............................................

2,750,000

3,372,188

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2017,

Pre-

Refunded,

5%,

6/01/47

............................................

6,000,000

7,787,280

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2016,

5%,

9/01/46

.....

5,000,000

5,604,700

Sanford

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

11/01/44

...........

10,455,000

12,071,761

Sisters

of

Charity

of

Leavenworth

Health

System,

Inc.

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

1/01/38

.....................................

3,660,000

4,043,568

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/40

................

2,000,000

2,216,900

Valley

View

Hospital

Association,

Revenue,

2015,

5%,

5/15/45

................

1,000,000

1,098,340

Colorado

High

Performance

Transportation

Enterprise

,

Revenue

,

2017

,

5

%

,

12/31/47

2,555,000

2,539,747

Colorado

Housing

and

Finance

Authority

,

Revenue,

2019

B-1,

I,

3.15%,

10/01/44

.................................

1,000,000

1,056,040

Revenue,

2019

B-1,

I,

3.25%,

10/01/49

.................................

1,000,000

1,054,130

Colorado

Mesa

University

,

Revenue,

2016,

5%,

5/15/45

.........................................

4,000,000

4,663,880

Revenue,

2019

B,

5%,

5/15/44

........................................

1,000,000

1,244,570

Revenue,

2019

B,

5%,

5/15/49

........................................

1,565,000

1,936,734

Colorado

School

of

Mines

,

Revenue,

2012

B,

5%,

12/01/32

.......................................

110,000

120,643

Revenue,

2017

A,

5%,

12/01/42

.......................................

2,450,000

2,865,446

Revenue,

2017

A,

5%,

12/01/47

.......................................

3,000,000

3,486,630

Colorado

Water

Resources

&

Power

Development

Authority

,

Revenue,

2011C,

5%,

9/01/36

........................................

1,900,000

2,005,963

Revenue,

2013A,

AGM

Insured,

5%,

9/01/38

.............................

1,210,000

1,321,005

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Commerce

City

,

Northern

Infrastructure

General

Improvement

District

,

GO

,

2013

,

Refunding

,

AGM

Insured

,

5

%

,

12/01/31

.................................

$

2,040,000

$

2,266,787

Consolidated

Bell

Mountain

Ranch

Metropolitan

District

,

GO

,

2010

,

Pre-Refunded

,

AGM

Insured

,

5

%

,

12/01/39

..........................................

3,160,000

3,234,070

County

of

Pueblo

,

COP

,

2012

,

AGM

Insured

,

5

%

,

9/15/42

.....................

10,000,000

10,889,600

Denver

City

&

County

School

District

No.

1

,

COP,

2013C,

5%,

12/15/30

..........................................

4,000,000

4,603,600

COP,

2020

A,

5%,

12/01/42

..........................................

2,000,000

2,599,640

GO,

2017,

5%,

12/01/41

.............................................

12,440,000

15,178,293

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

5

%

,

12/01/40

.....................................................

9,775,000

10,158,669

Denver

Health

&

Hospital

Authority

,

COP,

2018,

5%,

12/01/48

............................................

5,255,000

5,829,687

Revenue,

2010,

Pre-Refunded,

5.5%,

12/01/30

...........................

1,500,000

1,538,880

Revenue,

2010,

Pre-Refunded,

5.625%,

12/01/40

.........................

4,000,000

4,106,160

Revenue,

2014A,

5.25%,

12/01/45

.....................................

9,250,000

9,837,097

Revenue,

2019

A,

Refunding,

5%,

12/01/30

..............................

1,000,000

1,191,260

Revenue,

2019

A,

Refunding,

5%,

12/01/31

..............................

1,400,000

1,651,454

Revenue,

2019

A,

Refunding,

5%,

12/01/33

..............................

3,300,000

3,826,746

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019

A

,

4

%

,

12/01/48

........................................................

350,000

353,210

E-470

Public

Highway

Authority

,

Revenue,

2004

B,

NATL

Insured,

Zero

Cpn

.,

9/01/32

.......................

7,800,000

3,935,958

Revenue,

2004

B,

NATL

Insured,

Zero

Cpn

.,

9/01/33

.......................

3,000,000

1,430,610

Revenue,

2004

B,

NATL

Insured,

Zero

Cpn

.,

9/01/34

.......................

14,075,000

6,343,040

Revenue,

2010C,

5.25%,

9/01/25

......................................

2,500,000

2,518,450

Eagle

River

Water

and

Sanitation

District

,

GO,

2016,

5%,

12/01/45

.............................................

1,360,000

1,651,829

Revenue,

2012,

5%,

12/01/42

........................................

3,500,000

3,863,300

Ignacio

School

District

11JT

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

12/01/31

.............

1,215,000

1,302,140

Larimer

County

School

District

No.

R-1

Poudre

,

GO

,

2018

,

5

%

,

12/15/40

..........

5,000,000

6,354,650

Meridian

Metropolitan

District

,

GO

,

2011

A

,

Pre-Refunded

,

5

%

,

12/01/41

..........

5,000,000

5,346,900

Metropolitan

State

University

of

Denver

,

Revenue

,

2016

,

5

%

,

12/01/45

...........

4,000,000

4,648,200

Park

70

Metropolitan

District

,

GO,

2016,

5%,

12/01/36

.............................................

1,000,000

1,112,900

GO,

2016,

5%,

12/01/46

.............................................

1,500,000

1,658,895

Park

Creek

Metropolitan

District

,

Revenue,

2011A,

Pre-Refunded,

AGM

Insured,

6%,

12/01/38

.................

2,500,000

2,571,375

Revenue,

2011A,

Pre-Refunded,

AGM

Insured,

6.125%,

12/01/41

.............

2,500,000

2,572,950

Revenue,

2017A,

5%,

12/01/41

.......................................

3,000,000

3,472,200

Revenue,

2017A,

5%,

12/01/46

.......................................

2,500,000

2,878,025

Revenue,

Senior

Lien,

2015

A,

Refunding,

5%,

12/01/45

....................

7,000,000

8,058,470

Revenue,

Senior

Lien,

2018A,

5%,

12/01/46

..............................

2,875,000

3,460,609

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

5

%

,

11/01/42

................

6,475,000

8,016,957

Platte

River

Power

Authority

,

Revenue

,

II

,

5

%

,

6/01/37

........................

12,000,000

13,031,040

Poudre

Tech

Metropolitan

District

,

GO

,

2010A

,

Refunding

,

AGM

Insured

,

5

%

,

12/01/39

7,435,000

7,559,759

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

............

9,900,000

14,848,416

Pueblo

City

Schools

,

GO

,

2020

,

5

%

,

12/15/38

..............................

3,000,000

3,921,360

Pueblo

Urban

Renewal

Authority

,

Revenue,

2011-B,

Refunding,

5.25%,

12/01/28

............................

1,000,000

1,071,290

Revenue,

2011-B,

Refunding,

5.5%,

12/01/31

.............................

1,010,000

1,085,770

Revenue,

2011-B,

Refunding,

5.25%,

12/01/38

............................

3,615,000

3,869,315

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Regional

Transportation

District

Sales

Tax

,

Revenue,

2016

A,

5%,

11/01/41

.......................................

$

10,000,000

$

11,908,400

Revenue,

2016

A,

5%,

11/01/46

.......................................

11,000,000

12,997,050

Roaring

Fork

Transportation

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/44

....

1,000,000

1,165,110

South

Timnath

Metropolitan

District

No.

2

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/42

.....

5,690,000

6,391,122

State

of

Colorado

,

COP,

2011G,

Pre-Refunded,

5%,

3/15/32

................................

10,000,000

10,376,800

COP,

2013I,

Pre-Refunded,

5%,

3/15/36

.................................

3,000,000

3,509,370

COP,

2017

J,

5.25%,

3/15/42

.........................................

5,000,000

6,120,300

COP,

2019

O,

4%,

3/15/44

...........................................

5,000,000

5,589,650

a

COP,

2020

A,

4%,

12/15/39

..........................................

2,750,000

3,259,162

University

of

Colorado,

COP,

2013A,

Refunding,

5%,

11/01/29

................

3,105,000

3,535,912

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

5

%

,

12/01/39

.......

1,125,000

1,290,735

Thompson

Crossing

Metropolitan

District

No.

2

,

GO

,

2016B

,

AGM

Insured

,

5

%

,

12/01/46

........................................................

4,500,000

5,382,540

Town

of

Castle

Rock

,

Revenue,

2013,

5%,

6/01/31

.........................................

1,800,000

2,026,026

Revenue,

2013,

5%,

6/01/32

.........................................

1,845,000

2,074,334

Revenue,

2013,

5%,

6/01/35

.........................................

2,775,000

3,114,660

University

of

Colorado

,

Revenue,

2015A,

Pre-Refunded,

5%,

6/01/38

.............................

5,655,000

6,965,999

Revenue,

2018

B,

5%,

6/01/48

........................................

5,000,000

6,181,450

Revenue,

2019B,

Refunding,

5%,

6/01/44

...............................

3,385,000

4,295,903

Revenue,

2019B,

Refunding,

5%,

6/01/49

...............................

3,295,000

4,158,092

University

of

Northern

Colorado

,

Revenue

,

2011A

,

Pre-Refunded

,

5

%

,

6/01/30

.....

1,690,000

1,770,782

Vauxmont

Metropolitan

District

,

GO,

2019,

Refunding,

AGM

Insured,

5%,

12/15/27

.........................

380,000

448,901

GO,

2019,

Refunding,

AGM

Insured,

5%,

12/15/32

.........................

480,000

557,026

Weld

County

School

District

No.

6

Greeley

,

GO

,

2020

,

5

%

,

12/01/40

.............

8,750,000

11,369,575

Weld

County

School

District

No.

RE-4

,

GO

,

2016

,

5.25

%

,

12/01/41

..............

5,000,000

6,287,300

Winter

Farm

Metropolitan

District

No.

2

,

GO,

2019,

AGM

Insured,

5%,

12/01/39

..................................

630,000

778,176

GO,

2019,

AGM

Insured,

5%,

12/01/44

..................................

500,000

610,505

Woodmoor

Water

&

Sanitation

District

No.

1

,

Revenue

,

2011

,

5

%

,

12/01/36

........

5,000,000

5,332,400

683,305,766

U.S.

Territories

0.2%

Guam

0.2%

a

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,500,000

1,661,550

Total

Municipal

Bonds

(Cost

$638,672,756)

.....................................

684,967,316

a

a

a

a

Short

Term

Investments

2.9%

Municipal

Bonds

2.9%

Colorado

2.9%

b

City

&

County

of

Denver

,

COP,

2008A1,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.07%,

12/01/29

.................................................

7,655,000

7,655,000

COP,

2008A2,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.07%,

12/01/29

.................................................

700,000

700,000

COP,

2008A3,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.07%,

12/01/31

.................................................

10,825,000

10,825,000

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Colorado

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

12

See

Abbreviations

on

page

140

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

b

Colorado

Educational

&

Cultural

Facilities

Authority

,

Michael

Ann

Russell

Jewish

Community

Center,

Inc.

,

Revenue

,

2012-B-5

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.07

%

,

1/01/39

................................................

$

1,280,000

$

1,280,000

20,460,000

Total

Municipal

Bonds

(Cost

$20,460,000)

......................................

20,460,000

a

Total

Investments

(Cost

$659,132,756)

99.2%

...................................

$705,427,316

Other

Assets,

less

Liabilities

0.8%

.............................................

5,648,643

Net

Assets

100.0%

...........................................................

$711,075,959

a

Security

purchased

on

a

when-issued

basis.

b

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Connecticut

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.9%

Connecticut

97.9%

City

of

Bridgeport

,

GO,

Pre-Refunded,

5%,

2/15/32

.......................................

$

10,000,000

$

10,811,900

City

of

New

Britain

,

GO

,

2017

C

,

AGM

Insured

,

5

%

,

3/01/36

...................

1,000,000

1,205,150

City

of

New

Haven

,

GO

,

2002C

,

NATL

Insured

,

ETM,

5

%

,

11/01/22

..............

25,000

25,084

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility

,

Revenue

,

2013A

,

5.25

%

,

8/15/43

.........................................................

1,000,000

1,142,130

Connecticut

Housing

Finance

Authority

,

Revenue,

10,

5%,

6/15/28

...........................................

420,000

421,403

Revenue,

13,

5%,

6/15/40

...........................................

1,500,000

1,504,965

Revenue,

E-E1,

3.05%,

11/15/44

......................................

5,000,000

5,241,600

Revenue,

E-E1,

3.1%,

11/15/49

.......................................

2,000,000

2,085,220

Connecticut

Municipal

Electric

Energy

Cooperative

,

Revenue

,

2013A

,

5

%

,

1/01/38

..

3,000,000

3,301,770

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/34

345,000

427,307

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/35

310,000

380,919

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/36

480,000

586,829

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/37

300,000

365,319

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/38

315,000

382,857

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/39

380,000

459,994

Choate

Rosemary

Hall

Foundation,

Inc.

(The),

Revenue,

F,

Refunding,

4%,

7/01/42

860,000

1,034,245

Connecticut

College,

Revenue,

L-1,

Refunding,

4%,

7/01/46

..................

5,000,000

5,149,700

Connecticut

State

University

System,

Revenue,

N,

5%,

11/01/29

..............

5,060,000

5,722,050

Covenant

Retirement

Communities

Obligated

Group,

Revenue,

2018

B,

5%,

12/01/40

.......................................................

4,000,000

4,066,440

Fairfield

University,

Revenue,

2010

O,

Pre-Refunded,

5%,

7/01/35

.............

1,000,000

1,003,840

Fairfield

University,

Revenue,

2010

O,

Pre-Refunded,

5%,

7/01/40

.............

5,000,000

5,019,200

Fairfield

University,

Revenue,

Q-1,

5%,

7/01/46

...........................

9,000,000

9,888,750

Hartford

HealthCare

Obligated

Group,

Revenue,

2011A,

Pre-Refunded,

5%,

7/01/41

12,000,000

12,607,920

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/38

.....

1,000,000

1,045,790

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/41

.....

3,105,000

3,226,157

Quinnipiac

University,

Revenue,

L,

Refunding,

5%,

7/01/45

..................

8,250,000

8,933,760

Sacred

Heart

University,

Inc.,

Revenue,

2011G,

Pre-Refunded,

5.375%,

7/01/31

..

1,500,000

1,584,585

Sacred

Heart

University,

Inc.,

Revenue,

2011G,

Pre-Refunded,

5.625%,

7/01/41

..

5,500,000

5,824,995

Sacred

Heart

University,

Inc.,

Revenue,

2012H,

Pre-Refunded,

AGM

Insured,

5%,

7/01/28

........................................................

2,290,000

2,519,618

Sacred

Heart

University,

Inc.,

Revenue,

I-1,

Refunding,

5%,

7/01/42

............

4,375,000

4,872,131

Stamford

Hospital

Obligated

Group

(The),

Revenue,

2010-1,

5%,

7/01/30

........

5,000,000

5,061,900

Stamford

Hospital

Obligated

Group

(The),

Revenue,

J,

5%,

7/01/42

............

5,000,000

5,051,550

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016,

5%,

12/01/41

............

5,000,000

5,690,100

Western

Connecticut

Health

Obligated

Group,

Revenue,

2011

M,

Pre-Refunded,

5.375%,

7/01/41

.................................................

7,000,000

7,390,810

Yale-New

Haven

Health

Obligated

Group,

Revenue,

N,

5%,

7/01/48

............

5,000,000

5,387,750

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue

,

2009A

,

5.05

%

,

11/15/27

...................................................

490,000

491,460

Connecticut

Transmission

Municipal

Electric

Energy

Cooperative

,

Revenue

,

2012A

,

5

%

,

1/01/42

......................................................

5,000,000

5,308,800

Metropolitan

District

(The)

,

Revenue,

2013A,

5%,

4/01/36

........................................

5,000,000

5,308,450

Revenue,

2014A,

5%,

11/01/42

.......................................

5,000,000

5,599,850

South

Central

Connecticut

Regional

Water

Authority

,

Revenue,

A-THIRTIETH,

Pre-Refunded,

5%,

8/01/39

.......................

1,500,000

1,790,130

Revenue,

A-THIRTIETH,

Pre-Refunded,

5%,

8/01/44

.......................

1,615,000

1,927,373

Revenue,

Second

Series,

B-THIRTY

SECOND,

Refunding,

5%,

8/01/38

.........

1,720,000

2,061,678

State

of

Connecticut

,

GO,

2020

A,

4%,

1/15/36

............................................

5,000,000

5,622,250

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Connecticut

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

14

See

Abbreviations

on

page

140

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

(continued)

State

of

Connecticut,

(continued)

GO,

2020

A,

4%,

1/15/38

............................................

$

2,250,000

$

2,510,460

Special

Tax,

2013,

5%,

10/01/30

......................................

5,000,000

5,549,250

Special

Tax,

2016A,

5%,

9/01/33

......................................

1,000,000

1,174,750

Special

Tax,

2018

A,

5%,

1/01/36

......................................

1,000,000

1,195,940

Special

Tax,

2020

A,

4%,

5/01/39

......................................

1,000,000

1,134,600

Bradley

International

Airport

CFC,

Revenue,

2019

A,

5%,

7/01/49

..............

1,400,000

1,640,450

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015A,

5%,

3/01/34

.......

5,000,000

5,966,450

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2015A,

5%,

3/01/35

.......

1,000,000

1,191,750

Clean

Water

Fund

-

State

Revolving

Fund,

Revenue,

2017A,

5%,

5/01/37

.......

3,000,000

3,711,660

Town

of

Darien

,

GO

,

2020

A

,

Refunding

,

4

%

,

8/01/39

........................

350,000

410,277

Town

of

Stratford

,

GO

,

2017

,

AGM

Insured

,

5

%

,

7/01/33

......................

1,000,000

1,189,890

University

of

Connecticut

,

Revenue,

2013A,

5%,

8/15/28

........................................

6,590,000

7,420,933

Revenue,

2014

A,

5%,

2/15/31

........................................

2,000,000

2,222,000

Revenue,

2017

A,

5%,

1/15/37

........................................

4,000,000

4,647,360

197,499,499

Total

Municipal

Bonds

(Cost

$188,507,694)

.....................................

197,499,499

a

a

a

a

Short

Term

Investments

0.5%

Municipal

Bonds

0.5%

Connecticut

0.5%

a

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2001

V-2

,

Daily

VRDN

and

Put

,

0.02

%

,

7/01/36

...........................

1,000,000

1,000,000

Total

Municipal

Bonds

(Cost

$1,000,000)

.......................................

1,000,000

a

Total

Investments

(Cost

$189,507,694)

98.4%

...................................

$198,499,499

Other

Assets,

less

Liabilities

1.6%

.............................................

3,241,819

Net

Assets

100.0%

...........................................................

$201,741,318

a

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

15

m

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.4%

Alabama

2.4%

Alabama

Public

School

&

College

Authority

,

Revenue

,

2014-B

,

Refunding

,

5

%

,

1/01/27

$

25,000,000

$

29,266,500

Chatom

Industrial

Development

Board

,

PowerSouth

Energy

Cooperative,

Revenue,

2010

A,

Refunding,

AGC

Insured,

5%,

8/01/20

........................................................

3,535,000

3,561,229

PowerSouth

Energy

Cooperative,

Revenue,

2010

A,

Refunding,

AGC

Insured,

5%,

8/01/21

........................................................

3,535,000

3,561,937

PowerSouth

Energy

Cooperative,

Revenue,

2010

A,

Refunding,

AGC

Insured,

5%,

8/01/22

........................................................

3,535,000

3,562,078

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Obligated

Group,

Revenue,

2016A,

5%,

2/01/27

...........................

4,920,000

5,806,879

Obligated

Group,

Revenue,

2016A,

5%,

2/01/28

...........................

5,000,000

5,852,800

Madison

City

Board

of

Education

,

Special

Tax,

2019,

4%,

2/01/33

.......................................

2,855,000

3,488,239

Special

Tax,

2019,

4%,

2/01/34

.......................................

2,970,000

3,612,441

Special

Tax,

2019,

4%,

2/01/35

.......................................

3,095,000

3,747,828

Special

Tax,

2019,

4%,

2/01/37

.......................................

3,350,000

4,020,804

Shelby

County

Board

of

Education

,

Special

Tax,

2011,

5%,

2/01/22

........................................

5,250,000

5,418,158

Special

Tax,

2011,

5%,

2/01/23

........................................

5,520,000

5,693,825

Special

Tax,

2011,

5%,

2/01/24

........................................

5,055,000

5,212,109

Special

Tax,

2011,

5%,

2/01/25

........................................

5,920,000

6,101,981

88,906,808

Arizona

3.6%

Arizona

Department

of

Transportation

,

State

Highway

Fund,

Revenue,

2011A,

Pre-Refunded,

5%,

7/01/24

............

5,000,000

5,261,700

State

Highway

Fund,

Revenue,

2011A,

Pre-Refunded,

5%,

7/01/25

............

5,000,000

5,261,700

State

Highway

Fund,

Revenue,

2015,

Refunding,

5%,

7/01/29

................

10,920,000

12,802,826

Arizona

Health

Facilities

Authority

,

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2012

A

,

Refunding

,

5

%

,

2/01/27

...............................

6,000,000

6,318,000

Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/29

.......................................................

1,100,000

1,391,632

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/30

.......................................................

600,000

751,632

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/31

.......................................................

630,000

781,118

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/32

.......................................................

1,000,000

1,226,980

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/35

.......................................................

1,115,000

1,350,611

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/36

.......................................................

1,250,000

1,508,300

Equitable

School

Revolving

Fund

LLC

Obligated

Group,

Revenue,

2019

A,

5%,

11/01/37

.......................................................

1,050,000

1,262,961

City

of

Mesa

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/29

............

2,500,000

3,115,975

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

5%,

7/01/30

...............

10,000,000

11,952,300

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/35

........................

3,500,000

4,150,265

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/36

........................

10,225,000

12,070,919

Airport,

Revenue,

Junior

Lien,

A,

5%,

7/01/20

.............................

1,300,000

1,304,147

Airport,

Revenue,

Junior

Lien,

A,

Pre-Refunded,

5%,

7/01/21

.................

4,200,000

4,216,296

City

of

Phoenix,

Revenue,

2019

A,

5%,

7/01/35

...........................

9,720,000

11,245,846

City

of

Phoenix,

Revenue,

2019

A,

5%,

7/01/36

...........................

6,380,000

7,348,994

County

of

Pima

,

Sewer

System,

Revenue,

2011

B,

Pre-Refunded,

5%,

7/01/24

................

6,030,000

6,328,787

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

County

of

Pima,

(continued)

Sewer

System,

Revenue,

2011

B,

Pre-Refunded,

5%,

7/01/25

................

$

4,500,000

$

4,722,975

Glendale

Industrial

Development

Authority

,

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/30

......

525,000

673,874

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/31

......

425,000

541,582

Midwestern

University

Foundation,

Revenue,

2020,

Refunding,

5%,

5/15/32

......

525,000

666,067

Maricopa

County

Industrial

Development

Authority

,

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

9/01/30

........................................................

850,000

1,041,445

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

9/01/31

........................................................

1,000,000

1,213,140

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

9/01/32

........................................................

1,000,000

1,204,710

Scottsdale

Healthcare

Hospitals

Obligated

Group,

Revenue,

2019A,

Refunding,

5%,

9/01/33

........................................................

800,000

958,688

Pima

County

Regional

Transportation

Authority

,

Revenue,

2014,

5%,

6/01/24

.........................................

3,385,000

3,853,349

Revenue,

2014,

5%,

6/01/26

.........................................

7,180,000

8,161,865

Scottsdale

Municipal

Property

Corp.

,

Revenue,

2015,

Refunding,

5%,

7/01/26

.................................

2,580,000

3,164,293

Revenue,

2015,

Refunding,

5%,

7/01/27

.................................

2,000,000

2,446,180

Revenue,

2015,

Refunding,

5%,

7/01/28

.................................

3,325,000

4,059,293

132,358,450

Arkansas

0.6%

a

Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/32

........................................................

3,885,000

4,560,368

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/35

........................................................

4,630,000

5,352,373

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/36

........................................................

3,625,000

4,171,034

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/37

........................................................

1,250,000

1,432,925

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/38

........................................................

1,000,000

1,142,440

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2020

B-1,

Refunding,

5%,

9/01/39

........................................................

1,000,000

1,139,150

City

of

Fort

Smith

,

Sales

&

Use

Tax

,

Revenue

,

2012

,

Refunding

,

5

%

,

5/01/23

......

5,000,000

5,394,100

23,192,390

California

8.7%

Bay

Area

Toll

Authority

,

Revenue,

2017

S-7,

Refunding,

4%,

4/01/31

.............................

7,000,000

8,135,610

Revenue,

2017

S-7,

Refunding,

4%,

4/01/33

.............................

5,000,000

5,743,550

California

Health

Facilities

Financing

Authority

,

Sutter

Health

Obligated

Group,

Revenue,

2011B,

Pre-Refunded,

5%,

8/15/22

.....

4,000,000

4,039,400

Sutter

Health

Obligated

Group,

Revenue,

2011B,

Pre-Refunded,

5.25%,

8/15/23

..

13,000,000

13,134,550

California

State

Public

Works

Board

,

Revenue,

A,

5%,

10/01/20

...........................................

2,000,000

2,032,320

Revenue,

A,

5.25%,

10/01/22

.........................................

3,300,000

3,516,678

Revenue,

A,

5.25%,

10/01/23

.........................................

5,365,000

5,715,817

Revenue,

A,

5.25%,

10/01/24

.........................................

3,000,000

3,195,750

Revenue,

A,

5.25%,

10/01/25

.........................................

3,000,000

3,195,750

California

Statewide

Communities

Development

Authority

,

Enloe

Medical

Center,

Revenue,

2008A,

California

Mortgage

Insured,

5.375%,

8/15/20

........................................................

1,650,000

1,656,468

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

California

Statewide

Communities

Development

Authority,

(continued)

Sutter

Health

Obligated

Group,

Revenue,

2011A,

Pre-Refunded,

5.25%,

8/15/24

..

$

4,000,000

$

4,041,400

City

of

Riverside

,

Sewer,

Revenue,

2015A,

Refunding,

5%,

8/01/34

..........................

10,605,000

12,810,204

Sewer,

Revenue,

2015A,

Refunding,

5%,

8/01/35

..........................

11,000,000

13,274,910

Livermore-Amador

Valley

Water

Management

Agency

,

Revenue,

2011,

Refunding,

5%,

8/01/24

.................................

5,660,000

5,967,734

Revenue,

2011,

Refunding,

5%,

8/01/25

.................................

4,765,000

5,023,501

Los

Angeles

Department

of

Water

&

Power

,

Power

System,

Revenue,

2013A,

5%,

7/01/26

............................

11,025,000

12,335,101

Power

System,

Revenue,

2017B,

Refunding,

5%,

7/01/31

...................

8,220,000

10,329,005

Power

System,

Revenue,

2017C,

5%,

7/01/32

............................

4,615,000

5,848,636

Power

System,

Revenue,

2017C,

5%,

7/01/33

............................

3,960,000

4,992,728

Power

System,

Revenue,

2017C,

5%,

7/01/34

............................

4,080,000

5,130,070

Los

Angeles

Unified

School

District

,

GO,

2018

B-1,

5%,

7/01/32

..........................................

8,000,000

10,110,560

GO,

2020

RYQ,

5%,

7/01/35

.........................................

6,500,000

8,556,210

San

Diego

Community

College

District

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

8/01/25

.....

21,370,000

23,608,294

San

Diego

Public

Facilities

Financing

Authority

,

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/36

................

855,000

1,042,792

City

of

San

Diego

Water

Utility,

Revenue,

2020

A,

4%,

8/01/37

................

1,250,000

1,518,550

State

of

California

,

GO,

5.25%,

10/01/23

...............................................

25,050,000

26,684,513

GO,

5.25%,

10/01/24

...............................................

9,780,000

10,414,037

GO,

Refunding,

5.25%,

9/01/25

.......................................

15,000,000

15,906,450

GO,

Refunding,

5%,

10/01/25

.........................................

15,000,000

16,879,050

GO,

5.25%,

10/01/25

...............................................

5,000,000

5,322,800

GO,

5.25%,

3/01/30

................................................

10,000,000

10,036,000

GO,

Refunding,

5%,

8/01/30

.........................................

35,000,000

43,154,800

GO,

2007,

Refunding,

AGM

Insured,

5.25%,

8/01/32

.......................

10,000,000

14,160,800

317,514,038

Colorado

1.8%

City

&

County

of

Denver

,

Airport

System,

Revenue,

B,

5.25%,

11/15/26

.............................

5,000,000

5,652,300

Airport

System,

Revenue,

B,

5.25%,

11/15/27

.............................

4,250,000

4,795,275

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/33

2,000,000

2,322,300

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/36

8,500,000

9,747,035

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/37

2,250,000

2,342,767

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

4%,

8/01/39

1,250,000

1,290,775

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

2,000,000

2,345,100

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

3,000,000

3,483,450

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

5,500,000

6,364,380

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

4,500,000

5,182,740

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/37

2,000,000

2,285,540

Regional

Transportation

District

,

COP

,

2013A

,

Refunding

,

5

%

,

6/01/26

...........

14,000,000

15,673,840

a

State

of

Colorado

,

COP

,

2020

A

,

4

%

,

12/15/35

.............................

4,000,000

4,799,160

66,284,662

Connecticut

2.5%

City

of

Stamford

,

GO,

2019,

3%,

6/01/35

.............................................

3,025,000

3,261,434

GO,

2019,

3%,

6/01/36

.............................................

3,025,000

3,246,884

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/37

..........

2,500,000

2,694,500

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Connecticut

(continued)

Connecticut

State

Health

&

Educational

Facilities

Authority,

(continued)

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/32

.....

$

5,900,000

$

7,171,863

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

7/01/33

.....

5,000,000

6,039,700

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/35

.....

250,000

266,440

Nuvance

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

4%,

7/01/36

.....

4,750,000

5,043,265

State

of

Connecticut

,

GO,

2013

E,

5%,

8/15/25

............................................

11,295,000

12,613,691

GO,

2013

E,

5%,

8/15/26

............................................

18,585,000

20,632,509

Special

Tax,

2020

A,

5%,

5/01/35

......................................

4,500,000

5,625,540

Special

Tax,

2020

A,

4%,

5/01/36

......................................

3,500,000

4,014,185

Special

Tax,

A,

5%,

1/01/28

..........................................

10,000,000

10,914,800

University

of

Connecticut

,

Revenue,

2016

A,

5%,

3/15/30

........................................

3,075,000

3,613,309

Revenue,

2016

A,

5%,

3/15/31

........................................

5,025,000

5,877,944

91,016,064

Florida

7.8%

Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/31

.......................................................

5,000,000

6,004,100

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/32

.......................................................

1,600,000

1,907,008

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/33

.......................................................

3,445,000

4,085,425

Shands

Teaching

Hospital

&

Clinics

Obligated

Group,

Revenue,

B-1,

Refunding,

5%,

12/01/35

.......................................................

2,350,000

2,766,467

Broward

County

,

Water

&

Sewer

Utility,

Revenue,

B,

Refunding,

5%,

10/01/24

.................

6,000,000

6,650,940

Water

&

Sewer

Utility,

Revenue,

B,

Refunding,

5%,

10/01/25

.................

6,325,000

7,009,618

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/33

......

5,520,000

6,905,962

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

5

%

,

10/01/30

.............

1,500,000

1,917,180

City

of

Jacksonville

,

Revenue

,

2012A

,

Refunding

,

5

%

,

10/01/28

................

6,000,000

6,488,640

City

of

Port

St.

Lucie

,

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/30

.....................

1,500,000

1,731,435

Utility

System,

Revenue,

2016,

Refunding,

4%,

9/01/31

.....................

1,635,000

1,870,113

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/15/33

...................

6,000,000

6,598,500

County

of

Miami-Dade

,

Aviation,

Revenue,

2010

A-1,

5%,

10/01/21

..............................

5,000,000

5,073,350

Aviation,

Revenue,

2010

A-1,

5%,

10/01/22

..............................

5,890,000

5,968,278

Aviation,

Revenue,

2010

A-1,

5.25%,

10/01/23

............................

4,875,000

4,942,811

Transit

System,

Revenue,

2012,

5%,

7/01/24

.............................

2,250,000

2,464,830

Transit

System,

Revenue,

2012,

5%,

7/01/25

.............................

3,000,000

3,283,800

Transit

System,

Revenue,

2012,

5%,

7/01/26

.............................

4,000,000

4,376,640

Transit

System,

Revenue,

2012,

5%,

7/01/27

.............................

4,000,000

4,370,520

Transit

System,

Revenue,

2019,

Refunding,

4%,

7/01/35

....................

13,890,000

16,553,408

Water

&

Sewer

System,

Revenue,

2013B,

Pre-Refunded,

5%,

10/01/27

.........

15,000,000

17,377,950

County

of

Palm

Beach

,

Water

&

Sewer

,

Revenue

,

2013

,

Refunding

,

5

%

,

10/01/28

...

1,240,000

1,428,108

Greater

Orlando

Aviation

Authority

,

Revenue,

2019

A,

5%,

10/01/34

.......................................

15,560,000

18,947,256

Revenue,

2019

A,

4%,

10/01/35

.......................................

5,000,000

5,560,650

JEA

Water

&

Sewer

System

,

Revenue,

2014A,

Pre-Refunded,

5%,

10/01/26

............................

1,530,000

1,799,188

Revenue,

2014A,

5%,

10/01/26

.......................................

1,455,000

1,705,173

Revenue,

2014A,

Pre-Refunded,

5%,

10/01/27

............................

5,375,000

6,320,678

Revenue,

2014A,

5%,

10/01/27

.......................................

5,130,000

6,003,536

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

JEA

Water

&

Sewer

System,

(continued)

Revenue,

2014A,

Pre-Refunded,

5%,

10/01/29

............................

$

1,265,000

$

1,487,564

Revenue,

2014A,

5%,

10/01/29

.......................................

1,205,000

1,409,187

Revenue,

2017A,

Refunding,

5%,

10/01/31

..............................

17,435,000

22,081,079

Lee

Memorial

Health

System

,

Obligated

Group

,

Revenue

,

A-1

,

Refunding

,

4

%

,

4/01/37

5,000,000

5,331,000

Leon

County

School

District

,

Revenue

,

2014

,

5

%

,

9/01/25

.....................

6,040,000

6,911,572

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

10/01/28

.....

1,000,000

1,203,200

Orlando

Health

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

10/01/30

.....

2,875,000

3,427,172

Orlando

Utilities

Commission

,

Revenue,

2012A,

Refunding,

5%,

10/01/24

..............................

2,405,000

2,883,018

Revenue,

2012A,

Refunding,

5%,

10/01/25

..............................

2,000,000

2,475,900

Revenue,

2018

A,

5%,

10/01/33

.......................................

1,755,000

2,226,656

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2013B

,

Refunding

,

AGM

Insured

,

5

%

,

7/01/24

....................

14,650,000

16,563,583

Palm

Beach

County

School

District

,

COP

,

2014B

,

5

%

,

8/01/25

..................

4,000,000

4,915,800

Palm

Beach

County

Solid

Waste

Authority

,

Revenue

,

2011

,

Refunding

,

5

%

,

10/01/23

.

17,290,000

18,379,962

State

of

Florida

,

GO,

2015E,

Refunding,

4%,

6/01/33

....................................

11,855,000

13,398,758

GO,

2017

C,

Refunding,

4%,

6/01/32

...................................

12,855,000

15,252,072

GO,

2017

C,

Refunding,

4%,

6/01/33

...................................

5,000,000

5,900,100

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

4

%

,

10/01/32

..........

2,855,000

3,258,212

287,216,399

Georgia

1.7%

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014A,

Refunding,

5%,

1/01/27

........................................................

7,000,000

7,953,890

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014A,

Refunding,

5%,

1/01/28

........................................................

5,100,000

5,781,513

Water

&

Wastewater,

Revenue,

2015,

Refunding,

5%,

11/01/26

...............

5,165,000

6,240,818

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/33

..............

6,750,000

8,527,207

Water

&

Wastewater,

Revenue,

2018

C,

Refunding,

5%,

11/01/34

..............

3,000,000

3,777,510

Development

Authority

for

Fulton

County

,

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/28

...................

3,785,000

4,389,654

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/29

...................

4,385,000

5,068,621

Spelman

College,

Revenue,

2015,

Refunding,

5%,

6/01/30

...................

4,805,000

5,532,045

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/27

........................................................

1,750,000

2,101,313

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/28

........................................................

2,100,000

2,512,314

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/29

........................................................

2,000,000

2,383,060

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

A,

Refunding,

5%,

2/15/30

........................................................

1,000,000

1,185,690

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

B,

5%,

1/01/29

........................................

500,000

578,690

Revenue,

2019

B,

5%,

1/01/30

........................................

480,000

552,446

Revenue,

2019

B,

5%,

1/01/31

........................................

700,000

799,757

Revenue,

2019

B,

5%,

1/01/32

........................................

750,000

851,220

Revenue,

2019

B,

5%,

1/01/33

........................................

1,045,000

1,178,478

Revenue,

2019

B,

5%,

1/01/34

........................................

700,000

786,170

Revenue,

2019A,

5%,

1/01/30

........................................

1,000,000

1,180,930

Revenue,

2019A,

5%,

1/01/31

........................................

600,000

704,304

Revenue,

2019A,

5%,

1/01/32

........................................

500,000

583,025

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

20

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Municipal

Electric

Authority

of

Georgia,

(continued)

Revenue,

2019A,

5%,

1/01/33

........................................

$

1,000,000

$

1,158,580

63,827,235

Hawaii

0.8%

State

of

Hawaii

,

GO

,

EO

,

5

%

,

8/01/28

....................................

25,000,000

29,490,000

Illinois

1.4%

Chicago

O'Hare

International

Airport

,

Revenue,

Third

Lien

,

2010-C

,

AGC

Insured

,

5.25

%

,

1/01/22

...................................................

5,215,000

5,233,879

Chicago

Transit

Authority

,

Revenue

,

2011

,

Refunding

,

AGM

Insured

,

5.25

%

,

6/01/25

.

6,125,000

6,358,301

County

of

Cook

,

GO

,

A

,

Refunding

,

MAC

Insured

,

5.25

%

,

11/15/22

..............

12,395,000

13,247,776

Illinois

Finance

Authority

,

Northwestern

University

,

Revenue

,

2015

,

5

%

,

12/01/28

....

1,675,000

2,243,210

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

B

,

Pre-Refunded

,

5

%

,

6/15/23

...

600,000

656,298

State

of

Illinois

,

GO,

2013

A,

AGM

Insured,

5%,

4/01/25

.................................

18,000,000

19,096,920

GO,

2014,

MAC

Insured,

5%,

2/01/26

...................................

5,650,000

6,086,406

52,922,790

Indiana

0.3%

Indiana

Finance

Authority

,

State

Revolving

Fund

,

Revenue

,

2018

A

,

5

%

,

2/01/35

....

9,795,000

12,549,746

Kansas

0.3%

State

of

Kansas

,

Department

of

Transportation

,

Revenue

,

2014A

,

5

%

,

9/01/28

.....

8,000,000

9,351,120

Kentucky

1.1%

Kentucky

Asset

Liability

Commission

,

Revenue,

First

Series

,

2010A

,

5

%

,

9/01/20

...

6,000,000

6,068,100

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019A-1

,

Refunding

,

5

%

,

8/01/34

........................

1,000,000

1,157,160

Kentucky

Municipal

Power

Agency

,

Revenue,

2019

A,

Refunding,

5%,

9/01/31

...............................

1,500,000

1,822,230

Revenue,

2019

A,

Refunding,

5%,

9/01/32

...............................

1,600,000

1,916,896

Revenue,

2019

A,

Refunding,

5%,

9/01/33

...............................

1,000,000

1,189,280

Kentucky

State

Property

&

Building

Commission

,

Revenue

,

BAM

Insured

,

5

%

,

5/01/32

2,000,000

2,380,080

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/26

.........

2,570,000

3,016,460

Kentucky

Transportation

Cabinet,

Revenue,

B,

Refunding,

5%,

7/01/28

.........

3,000,000

3,556,110

Louisville

and

Jefferson

County

,

Metropolitan

Sewer

District

,

Revenue

,

2011

A

,

5

%

,

5/15/24

.........................................................

7,000,000

7,480,270

Paducah

Electric

Plant

Board

,

Revenue,

2016

A,

Refunding,

AGM

Insured,

5%,

10/01/29

...................

5,500,000

6,854,045

Revenue,

2016

A,

Refunding,

AGM

Insured,

5%,

10/01/31

...................

5,500,000

6,780,675

42,221,306

Louisiana

1.5%

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2019

A,

Refunding,

4%,

2/01/35

...............................

1,310,000

1,581,655

Revenue,

2019

A,

Refunding,

4%,

2/01/36

...............................

2,000,000

2,400,040

Revenue,

2019

B,

Refunding,

5%,

2/01/32

...............................

2,000,000

2,767,740

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AGM

Insured

,

4

%

,

12/01/36

........

7,000,000

8,198,960

Lafayette

Consolidated

Government

,

Revenue,

2015,

Refunding,

AGM

Insured,

5%,

11/01/25

.....................

2,400,000

2,943,768

Revenue,

2015,

Refunding,

AGM

Insured,

5%,

11/01/27

.....................

3,500,000

4,264,260

Revenue,

2015,

Refunding,

AGM

Insured,

5%,

11/01/29

.....................

4,685,000

5,682,015

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/29

.........

10,000

12,542

Ochsner

Clinic

Foundation,

Revenue,

2016,

5%,

5/15/29

....................

1,240,000

1,430,712

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

21

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Louisiana

Public

Facilities

Authority,

(continued)

Ochsner

Clinic

Foundation,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/30

.........

$

5,000

$

6,271

Ochsner

Clinic

Foundation,

Revenue,

2016,

5%,

5/15/30

....................

995,000

1,141,564

Ochsner

Clinic

Foundation,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/32

.........

15,000

18,814

Ochsner

Clinic

Foundation,

Revenue,

2016,

5%,

5/15/32

....................

1,485,000

1,686,678

Ochsner

Clinic

Foundation,

Revenue,

2017,

Refunding,

5%,

5/15/28

...........

1,000,000

1,205,820

Ochsner

Clinic

Foundation,

Revenue,

2017,

Refunding,

5%,

5/15/29

...........

2,000,000

2,401,040

Ochsner

Clinic

Foundation,

Revenue,

2017,

Refunding,

5%,

5/15/30

...........

2,250,000

2,686,905

Ochsner

Clinic

Foundation,

Revenue,

2017,

Refunding,

5%,

5/15/31

...........

1,745,000

2,066,586

Ochsner

Clinic

Foundation,

Revenue,

2017,

Refunding,

5%,

5/15/32

...........

1,750,000

2,053,467

Ochsner

Clinic

Foundation,

Revenue,

2017,

Refunding,

5%,

5/15/33

...........

2,000,000

2,327,460

State

of

Louisiana

,

GO

,

2014-C

,

Refunding

,

5

%

,

8/01/25

......................

10,000,000

11,737,700

56,613,997

Maryland

2.3%

City

of

Baltimore

,

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

.....................

1,000,000

1,247,820

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

.....................

2,940,000

3,649,863

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

.....................

2,085,000

2,574,996

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

.....................

3,240,000

3,966,278

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/30

............

6,450,000

8,053,664

Wastewater

Utility

Fund,

Revenue,

2017

C,

Refunding,

5%,

7/01/32

............

5,905,000

7,270,413

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/28

......

2,790,000

3,300,514

Wastewater

Utility

Fund,

Revenue,

Senior

Lien,

D,

Refunding,

5%,

7/01/29

......

5,835,000

6,881,040

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/29

.........................

1,320,000

1,632,946

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/30

.........................

1,785,000

2,196,925

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/31

.........................

3,765,000

4,596,651

Water

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/32

.........................

4,000,000

4,840,720

County

of

Anne

Arundel

,

GO

,

2015

,

5

%

,

4/01/29

............................

7,495,000

9,000,371

Maryland

Community

Development

Administration

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

9/01/34

......................................................

5,000,000

5,347,500

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/30

............................................

8,520,000

10,289,433

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/31

............................................

7,415,000

8,905,786

83,754,920

Massachusetts

4.0%

Commonwealth

of

Massachusetts

,

GO,

A,

Refunding,

5%,

7/01/28

.......................................

7,500,000

9,122,775

GO,

A,

Refunding,

5%,

7/01/29

.......................................

6,000,000

7,289,760

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

17A,

5%,

2/01/24

..........................................

9,380,000

10,571,823

Revenue,

17A,

5%,

2/01/25

..........................................

9,750,000

10,991,565

Revenue,

2014,

Refunding,

5%,

8/01/26

.................................

10,650,000

13,457,659

Massachusetts

Port

Authority

,

Revenue,

2019

C,

5%,

7/01/32

........................................

4,220,000

5,172,243

Revenue,

2019

C,

5%,

7/01/33

........................................

4,430,000

5,395,519

Revenue,

2019

C,

5%,

7/01/34

........................................

9,280,000

11,265,085

Massachusetts

School

Building

Authority

,

Revenue,

2012B,

Pre-Refunded,

5%,

8/15/27

.............................

235,000

259,395

Revenue,

2012B,

5%,

8/15/27

........................................

5,765,000

6,333,199

Revenue,

Senior

Lien,

2012A,

Pre-Refunded,

5%,

8/15/25

...................

1,870,000

2,064,125

Revenue,

Senior

Lien,

2012A,

5%,

8/15/25

...............................

9,105,000

10,021,418

Revenue,

Senior

Lien,

2012A,

Pre-Refunded,

5%,

8/15/26

...................

495,000

546,386

Revenue,

Senior

Lien,

2012A,

5%,

8/15/26

...............................

6,505,000

7,152,182

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

22

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue,

Senior

Lien

,

2019

A

,

Refunding

,

5

%

,

1/01/35

.............................

$

7,000,000

$

8,869,210

Massachusetts

Water

Resources

Authority

,

Revenue

,

C

,

Refunding

,

5

%

,

8/01/32

....

13,920,000

17,675,059

University

of

Massachusetts

Building

Authority

,

University

of

Massachusetts,

Revenue,

2017-3,

Refunding,

5%,

11/01/31

........

10,035,000

12,771,946

University

of

Massachusetts,

Revenue,

2017-3,

Refunding,

5%,

11/01/32

........

5,000,000

6,324,000

145,283,349

Michigan

1.6%

Lansing

Board

of

Water

&

Light

,

Revenue

,

2019

A

,

5

%

,

7/01/36

.................

4,645,000

6,126,290

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/30

.............................................

1,860,000

2,304,465

GO,

2016

I,

5%,

5/01/31

.............................................

2,010,000

2,483,777

GO,

2016

I,

5%,

5/01/32

.............................................

2,310,000

2,847,006

Michigan

Finance

Authority

,

Clean

Water

Revolving

Fund,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/24

......

5,000,000

5,555,250

Clean

Water

Revolving

Fund,

Revenue,

2013,

Refunding,

5%,

10/01/24

.........

7,000,000

7,787,220

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Refunding,

5%,

12/01/34

8,200,000

9,481,250

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999B-3,

4%,

11/15/31

.............

5,100,000

5,807,982

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008C,

Refunding,

5%,

12/01/31

..

2,700,000

3,252,987

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2008C,

Refunding,

5%,

12/01/32

..

1,250,000

1,496,763

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2012MI,

Refunding,

5%,

12/01/24

.

8,000,000

8,643,680

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

3

%

,

10/01/39

..

3,500,000

3,678,465

59,465,135

Missouri

1.2%

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue,

2019,

Refunding,

4%,

10/01/34

................................

4,530,000

5,317,087

Revenue,

2019,

Refunding,

4%,

10/01/35

................................

6,800,000

7,929,480

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Mercy

Health

,

Revenue

,

2018A

,

Refunding

,

5

%

,

6/01/31

...............................

12,500,000

15,652,500

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Revenue,

2014A,

Refunding,

5%,

1/01/27

...............................

3,250,000

3,852,095

Revenue,

2014A,

Refunding,

5%,

1/01/28

...............................

4,500,000

5,325,570

Revenue,

2014A,

Refunding,

5%,

1/01/29

...............................

4,045,000

4,777,752

42,854,484

Nevada

0.2%

Washoe

County

School

District

,

GO

,

2012-A

,

Refunding

,

5

%

,

6/01/25

............

6,130,000

6,663,065

New

Hampshire

0.2%

City

of

Manchester

,

General

Airport

,

Revenue

,

2012

A

,

AGM

Insured

,

5

%

,

1/01/25

...

7,930,000

8,401,756

New

Jersey

4.6%

County

of

Hudson

,

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGM

Insured,

5.375%,

10/01/22

................................................

5,220,000

5,833,037

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGM

Insured,

5.375%,

10/01/23

................................................

5,375,000

6,262,842

Hudson

County

Improvement

Authority,

Revenue,

2010,

Refunding,

AGM

Insured,

5.375%,

10/01/24

................................................

2,050,000

2,481,587

New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2011

EE,

Refunding,

5.25%,

9/01/24

..................................................

12,210,000

12,582,161

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/34

....

5,000,000

5,224,100

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

23

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey,

Revenue,

2016

B,

5%,

9/01/36

.......................

$

5,000,000

$

5,175,450

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/32

...............

420,000

496,352

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/33

...............

680,000

796,865

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/34

...............

545,000

636,369

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/35

...............

565,000

657,417

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group,

Revenue,

2017A,

5%,

7/01/30

................

900,000

1,077,012

Inspira

Health

Obligated

Group,

Revenue,

2017A,

5%,

7/01/31

................

1,080,000

1,281,431

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2011A,

ETM,

5%,

7/01/20

.....

10,000,000

10,038,400

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2011A,

ETM,

5%,

7/01/21

.....

20,535,000

21,586,802

a

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

...................

4,300,000

4,321,543

Revenue,

Senior

Lien,

2020B,

3.5%,

12/01/39

............................

2,000,000

1,994,000

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

5.5%,

12/15/22

............................................

36,465,000

38,451,730

Revenue,

2012

AA,

AGM

Insured,

5%,

6/15/26

............................

26,650,000

27,709,604

Rutgers

The

State

University

of

New

Jersey

,

Revenue,

2013

J,

Pre-Refunded,

5%,

5/01/26

............................

5,000,000

5,693,800

Revenue,

2013

J,

Pre-Refunded,

5%,

5/01/27

............................

10,830,000

12,332,771

Revenue,

2013

L,

Pre-Refunded,

5%,

5/01/27

............................

5,270,000

6,001,265

170,634,538

New

York

9.9%

City

of

New

York

,

GO,

2013D,

5%,

8/01/27

............................................

10,000,000

11,058,800

GO,

2013I,

5%,

8/01/24

.............................................

10,200,000

11,502,438

GO,

2014G,

5%,

8/01/22

............................................

8,000,000

8,809,840

GO,

2014G,

5%,

8/01/23

............................................

6,860,000

7,830,759

GO,

2015C,

Refunding,

5%,

8/01/25

...................................

2,000,000

2,367,620

GO,

2015C,

Refunding,

5%,

8/01/26

...................................

10,000,000

11,813,000

GO,

2015C,

Refunding,

5%,

8/01/27

...................................

7,500,000

8,822,250

GO,

2019

E,

Refunding,

5%,

8/01/32

...................................

2,000,000

2,533,800

GO,

2019

E,

Refunding,

5%,

8/01/34

...................................

3,500,000

4,384,100

GO,

A-1

2017

A,

5%,

8/01/29

.........................................

10,000,000

12,156,700

Erie

County

Industrial

Development

Agency

(The)

,

Buffalo

City

School

District,

Revenue,

2012A,

5%,

5/01/23

...................

6,235,000

6,773,766

Buffalo

City

School

District,

Revenue,

2012A,

5%,

5/01/24

...................

8,000,000

8,686,480

Long

Island

Power

Authority

,

Revenue

,

B

,

5

%

,

9/01/26

.......................

5,000,000

5,447,000

Metropolitan

Transportation

Authority

,

Revenue,

2003

A,

AGM

Insured,

5.5%,

11/15/20

...........................

4,365,000

4,439,030

Revenue,

2012F,

Refunding,

5%,

11/15/25

...............................

25,000,000

25,778,500

Revenue,

2013A,

Pre-Refunded,

5%,

11/15/27

............................

3,500,000

3,994,340

b

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

..........................

7,000,000

7,611,940

Revenue,

2017

B,

Refunding,

5%,

11/15/26

..............................

2,140,000

2,298,360

Revenue,

2019

D-1,

5%,

9/01/22

......................................

10,000,000

10,272,900

Nassau

County

Local

Economic

Assistance

Corp.

,

Catholic

Health

Services

of

Long

Island

Obligated

Group

,

Revenue

,

2011

,

Refunding

,

5

%

,

7/01/21

..............

9,000,000

9,374,670

New

York

City

,

Transitional

Finance

Authority

Future

Tax

Secured,

Revenue,

2003

A-1,

Refunding,

5%,

11/01/23

...................................................

11,500,000

12,214,035

Transitional

Finance

Authority

Future

Tax

Secured,

Revenue,

2011C,

5%,

11/01/23

12,805,000

13,052,649

Transitional

Finance

Authority

Future

Tax

Secured,

Revenue,

2012

C,

Refunding,

5%,

11/01/24

...................................................

7,620,000

8,084,210

Transitional

Finance

Authority

Future

Tax

Secured,

Revenue,

2014D-1,

5%,

2/01/27

8,740,000

10,051,175

Transitional

Finance

Authority

Future

Tax

Secured,

Revenue,

2014D-1,

5%,

2/01/28

5,000,000

5,742,300

Transitional

Finance

Authority

Future

Tax

Secured,

Revenue,

2020C,

4%,

5/01/37

.

1,400,000

1,653,456

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

24

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

New

York

State

Dormitory

Authority

,

Revenue,

2009A,

AGC

Insured,

5%,

10/01/24

............................

$

350,000

$

351,211

City

University

of

New

York

(The),

Revenue,

2005

A,

NATL

Insured,

5.5%,

7/01/23

.

7,915,000

9,194,381

Northwell

Health

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

5/01/29

.....

10,000,000

11,445,800

State

of

New

York

Personal

Income

Tax,

Revenue,

2012A,

Refunding,

5%,

12/15/27

10,000,000

11,069,300

State

of

New

York

Personal

Income

Tax,

Revenue,

2014E,

Refunding,

5%,

2/15/30

5,000,000

5,887,650

State

of

New

York

Personal

Income

Tax,

Revenue,

2015A,

Refunding,

5%,

3/15/28

7,185,000

8,516,668

State

of

New

York

Personal

Income

Tax,

Revenue,

2018A,

Pre-Refunded,

5%,

3/15/32

........................................................

5,000

6,795

State

of

New

York

Personal

Income

Tax,

Revenue,

2018A,

5%,

3/15/32

.........

9,995,000

12,674,959

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

D,

Refunding,

4%,

2/15/36

10,900,000

12,793,766

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/32

........

10,000,000

12,725,900

State

University

Construction

Fund,

Revenue,

2012A,

5%,

5/15/24

.............

7,000,000

7,555,520

New

York

State

Thruway

Authority

,

Revenue

,

I

,

Pre-Refunded

,

5

%

,

1/01/26

........

10,000,000

10,765,400

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2013D

,

5

%

,

3/15/24

........................................

10,000,000

11,174,900

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

2014,

5%,

9/01/34

.........................................

2,500,000

3,041,075

Revenue,

2014,

5%,

9/01/35

.........................................

3,075,000

3,725,547

Revenue,

2018,

5%,

11/01/39

........................................

3,000,000

3,604,620

Suffolk

County

Economic

Development

Corp.

,

Catholic

Health

Services

of

Long

Island

Obligated

Group

,

Revenue

,

2011

,

5

%

,

7/01/22

............................

10,000,000

10,412,400

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

B

,

Refunding

,

5

%

,

11/15/30

.......

8,960,000

11,043,469

362,743,479

North

Carolina

0.8%

City

of

Charlotte

,

Water

&

Sewer

System

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/27

..

10,000,000

12,201,800

County

of

Buncombe

,

Revenue

,

A

,

5

%

,

6/01/28

.............................

5,000,000

5,909,400

North

Carolina

Eastern

Municipal

Power

Agency

,

Revenue

,

2010-A

,

ETM,

5

%

,

1/01/21

10,000,000

10,269,400

28,380,600

Ohio

7.5%

American

Municipal

Power,

Inc.

,

Revenue

,

2019

B

,

Refunding

,

5

%

,

2/15/35

........

31,270,000

40,341,740

City

of

Akron

,

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/24

........

5,265,000

5,757,067

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/25

........

6,645,000

7,264,646

Community

Learning

Center,

Revenue,

2012

A,

Refunding,

5%,

12/01/26

........

8,240,000

9,004,919

City

of

Cincinnati

,

GO,

2014A,

Pre-Refunded,

5%,

12/01/24

................................

1,270,000

1,389,570

GO,

2014A,

Pre-Refunded,

5%,

12/01/25

................................

2,000,000

2,188,300

GO,

2014A,

Pre-Refunded,

5%,

12/01/27

................................

2,000,000

2,188,300

GO,

2014A,

Pre-Refunded,

5%,

12/01/28

................................

2,350,000

2,571,253

City

of

Cleveland

,

Airport

System,

Revenue,

2012A,

Pre-Refunded,

AGM

Insured,

5%,

1/01/25

.....

5,000,000

5,381,000

Airport

System,

Revenue,

2012A,

Pre-Refunded,

AGM

Insured,

5%,

1/01/26

.....

5,000,000

5,381,000

City

of

Toledo

,

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/25

....................

4,000,000

4,516,560

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/26

....................

6,140,000

6,923,280

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/27

....................

6,450,000

7,274,890

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/28

....................

6,570,000

7,408,135

Cleveland

Department

of

Public

Utilities

,

Division

of

Water,

Revenue,

Junior

Lien,

2012A,

Pre-Refunded,

5%,

1/01/25

.....

2,500,000

2,690,500

Division

of

Water,

Revenue,

Junior

Lien,

2012A,

Pre-Refunded,

5%,

1/01/26

.....

2,000,000

2,152,400

County

of

Cuyahoga

,

Revenue,

2010F,

5%,

12/01/20

.......................................

7,000,000

7,168,350

Revenue,

2010F,

5%,

12/01/21

.......................................

7,300,000

7,464,761

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

25

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

County

of

Hamilton

,

Sewer

System,

Revenue,

2013A,

Refunding,

5%,

12/01/24

..................

$

2,500,000

$

2,902,650

Sewer

System,

Revenue,

2013A,

Refunding,

5%,

12/01/25

..................

2,400,000

2,781,984

Sewer

System,

Revenue,

2013A,

Refunding,

5%,

12/01/26

..................

4,000,000

4,629,080

Sewer

System,

Revenue,

2013A,

Refunding,

5%,

12/01/27

..................

5,000,000

5,782,550

Sewer

System,

Revenue,

2013A,

Refunding,

5%,

12/01/28

..................

3,000,000

3,467,280

Kent

State

University

,

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/23

............................

1,200,000

1,310,700

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/24

............................

1,500,000

1,638,375

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/25

............................

1,500,000

1,638,375

Revenue,

2012

A,

Pre-Refunded,

5%,

5/01/26

............................

1,600,000

1,747,600

Northeast

Ohio

Regional

Sewer

District

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/15/36

..

4,250,000

5,125,755

Ohio

State

Building

Authority

,

Revenue

,

2010-C

,

Pre-Refunded

,

5

%

,

10/01/22

......

5,780,000

5,873,000

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

1998

A

,

Refunding

,

NATL

Insured

,

5.5

%

,

2/15/24

..............................................

10,000,000

11,292,000

Ohio

Water

Development

Authority

,

Revenue,

2019,

5%,

12/01/35

........................................

3,000,000

3,989,880

Revenue,

2019,

5%,

12/01/36

........................................

5,650,000

7,482,465

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

,

Revenue,

2017

A,

5%,

12/01/31

.......................................

10,000,000

12,688,900

Revenue,

2019

B,

3%,

12/01/33

.......................................

4,000,000

4,483,600

Revenue,

2019

B,

3%,

12/01/34

.......................................

6,470,000

7,220,261

State

of

Ohio

,

GO,

2012A,

Pre-Refunded,

5%,

2/01/24

.................................

8,585,000

9,069,022

GO,

2012A,

Pre-Refunded,

5%,

2/01/25

.................................

7,000,000

7,394,660

GO,

R,

Pre-Refunded,

5%,

5/01/26

....................................

11,000,000

12,953,600

GO,

R,

Pre-Refunded,

5%,

5/01/27

....................................

5,000,000

5,888,000

GO,

R,

Pre-Refunded,

5%,

5/01/28

....................................

9,100,000

10,716,160

Toledo

City

School

District

,

GO,

2012B,

Refunding,

5%,

12/01/24

...................................

2,920,000

3,256,238

GO,

2012B,

Refunding,

5%,

12/01/25

...................................

4,125,000

4,594,507

GO,

2012B,

Refunding,

5%,

12/01/26

...................................

4,340,000

4,825,950

GO,

2012B,

Refunding,

5%,

12/01/27

...................................

4,565,000

5,073,724

274,892,987

Oregon

4.4%

City

of

Portland

,

Water

System

,

Revenue,

Second

Lien

,

2013

A

,

Refunding

,

5

%

,

10/01/25

........................................................

5,000,000

5,661,150

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO

,

B

,

5

%

,

6/15/32

....

3,725,000

4,701,397

Hillsboro

School

District

No.

1J

,

GO,

2020,

4%,

6/15/34

.............................................

1,295,000

1,603,041

GO,

2020,

4%,

6/15/35

.............................................

1,250,000

1,539,050

GO,

2020,

4%,

6/15/36

.............................................

2,605,000

3,177,553

GO,

2020,

4%,

6/15/37

.............................................

4,370,000

5,287,001

GO,

2020,

4%,

6/15/38

.............................................

4,575,000

5,491,830

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/33

.......

9,440,000

11,554,466

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/34

.......

3,780,000

4,611,524

Salem

Health

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/35

.......

9,010,000

10,941,113

State

of

Oregon

,

Department

of

Transportation,

Revenue,

Senior

Lien,

2012

A,

Pre-Refunded,

5%,

11/15/25

.......................................................

10,000,000

11,168,600

Department

of

Transportation,

Revenue,

Senior

Lien,

2014A,

Refunding,

5%,

11/15/27

.......................................................

3,000,000

3,574,620

Department

of

Transportation,

Revenue,

Senior

Lien,

2014A,

Refunding,

5%,

11/15/28

.......................................................

3,500,000

4,160,205

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019A,

Refunding,

5%,

11/15/35

17,980,000

23,666,715

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

26

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

State

of

Oregon,

(continued)

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019A,

Refunding,

5%,

11/15/36

$

15,805,000

$

20,715,297

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019A,

Refunding,

4%,

11/15/42

18,130,000

21,232,043

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

B,

5%,

6/15/27

................................................

5,000,000

5,895,250

GO,

B,

5%,

6/15/28

................................................

5,000,000

5,882,100

GO,

B,

5%,

6/15/29

................................................

7,500,000

8,816,625

159,679,580

Pennsylvania

2.7%

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/15/34

.......................................

5,000,000

5,999,850

City

of

Philadelphia

,

Water

&

Wastewater

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

11/01/31

5,750,000

7,179,278

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development,

Revenue,

2010C-1,

AGM

Insured,

5%,

6/01/22

...............

4,130,000

4,144,331

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development,

Revenue,

2010C-1,

AGM

Insured,

5%,

6/01/23

...............

4,345,000

4,360,077

Commonwealth

of

Pennsylvania

,

GO,

Second

Series

,

2013

,

5

%

,

10/15/26

.........

13,375,000

15,411,478

Lancaster

County

Solid

Waste

Management

Authority

,

Revenue,

2013

A,

5.25%,

12/15/25

....................................

5,345,000

6,247,236

Revenue,

2013

A,

5.25%,

12/15/26

....................................

5,835,000

6,815,455

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/33

.....................

2,100,000

2,550,576

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/34

.....................

1,750,000

2,117,360

UPMC

Obligated

Group,

Revenue,

2020

A,

5%,

4/15/35

.....................

1,450,000

1,745,843

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/38

.....................

3,245,000

3,525,952

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/39

.....................

3,685,000

3,991,187

Pennsylvania

Higher

Educational

Facilities

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2017

A

,

4

%

,

8/15/34

...............

5,895,000

6,730,675

Pennsylvania

State

University

(The)

,

Revenue

,

A

,

5

%

,

9/01/30

.................

4,000,000

5,073,880

Pennsylvania

Turnpike

Commission

,

Revenue,

2011,

Pre-Refunded,

5%,

12/01/24

.............................

5,000,000

5,354,700

Revenue,

2011,

Pre-Refunded,

5%,

12/01/25

.............................

10,000,000

10,709,400

Philadelphia

Gas

Works

Co.

,

Revenue,

15th,

Refunding,

5%,

8/01/30

.................................

2,000,000

2,399,520

Revenue,

15th,

Refunding,

5%,

8/01/31

.................................

4,030,000

4,807,830

99,164,628

Rhode

Island

0.2%

State

of

Rhode

Island

,

GO,

2019C,

5%,

1/15/32

............................................

4,500,000

5,843,655

GO,

2019C,

4%,

1/15/34

............................................

1,520,000

1,817,130

GO,

2019C,

4%,

1/15/35

............................................

600,000

714,330

8,375,115

South

Carolina

1.5%

City

of

Anderson

,

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGM

Insured,

5%,

7/01/22

.........

2,555,000

2,802,886

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGM

Insured,

5%,

7/01/23

.........

2,695,000

2,959,433

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGM

Insured,

5%,

7/01/24

.........

2,825,000

3,102,189

Water

&

Sewer,

Revenue,

2012,

Refunding,

AGM

Insured,

5%,

7/01/25

.........

2,965,000

3,255,274

County

of

Berkeley

,

Combined

Utility

System,

Revenue,

2013,

Refunding,

5%,

6/01/25

.............

3,665,000

4,181,545

Combined

Utility

System,

Revenue,

2013,

Refunding,

5%,

6/01/26

.............

1,700,000

1,939,598

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

27

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

(continued)

South

Carolina

Jobs-Economic

Development

Authority

,

Prisma

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

5/01/33

...............................

$

6,000,000

$

6,629,040

South

Carolina

Transportation

Infrastructure

Bank

,

Revenue,

2012

B,

Pre-Refunded,

AGM

Insured,

5%,

10/01/25

................

12,935,000

14,387,471

Revenue,

2012

B,

Pre-Refunded,

AGM

Insured,

5%,

10/01/26

................

13,440,000

14,949,178

54,206,614

Tennessee

1.2%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019A-1,

Refunding,

5%,

8/01/31

1,500,000

1,776,360

CommonSpirit

Health

Obligated

Group,

Revenue,

2019A-1,

Refunding,

5%,

8/01/34

1,000,000

1,157,160

CommonSpirit

Health

Obligated

Group,

Revenue,

2019A-1,

Refunding,

5%,

8/01/35

1,250,000

1,439,650

CommonSpirit

Health

Obligated

Group,

Revenue,

2019A-1,

Refunding,

4%,

8/01/36

1,000,000

1,046,520

City

of

Memphis

,

GO

,

2012A

,

Refunding

,

5

%

,

4/01/22

........................

15,805,000

17,184,302

Metropolitan

Government

of

Nashville

&

Davidson

County

,

GO,

2013A,

Pre-Refunded,

5%,

1/01/26

.................................

5,000,000

5,614,650

Water

&

Sewer,

Revenue,

2013,

5%,

7/01/26

.............................

1,675,000

1,917,272

Water

&

Sewer,

Revenue,

2013,

5%,

7/01/27

.............................

1,800,000

2,057,364

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015B

,

5

%

,

11/01/28

..........

8,180,000

10,067,535

42,260,813

Texas

11.5%

City

of

Austin

,

Water

&

Wastewater

System,

Revenue,

2012,

Refunding,

5%,

11/15/26

.........

4,835,000

5,384,739

Water

&

Wastewater

System,

Revenue,

2012,

Refunding,

5%,

11/15/27

.........

4,000,000

4,450,600

Water

&

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

11/15/28

.......

5,000,000

5,645,700

City

of

Dallas

,

Waterworks

&

Sewer

System,

Revenue,

2017,

5%,

10/01/30

.................

1,500,000

1,900,230

Waterworks

&

Sewer

System,

Revenue,

2017,

5%,

10/01/31

.................

2,500,000

3,152,200

Waterworks

&

Sewer

System,

Revenue,

2017,

5%,

10/01/32

.................

1,000,000

1,254,580

City

of

El

Paso

,

GO,

2020

A,

Refunding,

4%,

8/15/34

...................................

1,000,000

1,214,540

GO,

2020

A,

Refunding,

4%,

8/15/35

...................................

1,000,000

1,209,500

GO,

2020

A,

Refunding,

4%,

8/15/36

...................................

1,000,000

1,204,960

City

of

Fort

Worth

,

GO,

2012,

Refunding,

5%,

3/01/25

.....................................

6,000,000

6,470,760

GO,

2012,

Refunding,

5%,

3/01/26

.....................................

6,790,000

7,315,342

City

of

Houston

,

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/24

...

5,000,000

5,906,500

Combined

Utility

System,

Revenue,

First

Lien,

2014

C,

Refunding,

5%,

5/15/26

...

19,690,000

23,115,666

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/34

..

3,250,000

4,111,608

Combined

Utility

System,

Revenue,

First

Lien,

2017

B,

Refunding,

5%,

11/15/35

..

4,500,000

5,670,360

City

of

San

Antonio

,

Electric

&

Gas

Systems,

Revenue,

2012,

Refunding,

5.25%,

2/01/25

...........

27,000,000

32,890,320

Electric

&

Gas

Systems,

Revenue,

2015,

Refunding,

5%,

2/01/27

..............

10,415,000

12,902,414

Electric

&

Gas

Systems,

Revenue,

Junior

Lien,

2019,

Refunding,

5%,

2/01/35

....

4,400,000

5,829,428

Clear

Creek

Independent

School

District

,

GO,

2012B,

Refunding,

5%,

2/15/25

....................................

11,370,000

12,272,210

GO,

2012B,

Refunding,

5%,

2/15/26

....................................

12,060,000

13,014,790

County

of

Williamson

,

GO,

2012,

Refunding,

5%,

2/15/23

.....................................

6,235,000

6,740,908

GO,

2012,

Refunding,

5%,

2/15/25

.....................................

13,780,000

14,885,707

Dallas/Fort

Worth

International

Airport

,

Revenue,

2013D,

Refunding,

5.25%,

11/01/27

............................

5,000,000

5,618,900

Revenue,

2013D,

Refunding,

5.25%,

11/01/28

............................

2,100,000

2,355,465

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

28

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

El

Paso

Independent

School

District

,

GO,

2015,

Refunding,

PSF

Guaranty,

5%,

8/15/27

.........................

$

5,460,000

$

6,526,502

GO,

2015,

Refunding,

PSF

Guaranty,

5%,

8/15/28

.........................

2,500,000

2,986,025

Harris

County

Toll

Road

Authority

(The)

,

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/32

.....................

2,500,000

3,167,350

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

8/15/33

.....................

2,500,000

3,151,025

Lower

Colorado

River

Authority

,

LCRA

Transmission

Services

Corp.,

Revenue,

2011A,

Refunding,

5%,

5/15/24

....

6,000,000

6,250,980

LCRA

Transmission

Services

Corp.,

Revenue,

2011B,

Refunding,

5%,

5/15/24

....

10,620,000

11,063,279

Metropolitan

Transit

Authority

of

Harris

County

,

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/26

...............

2,000,000

2,409,900

Sales

&

Use

Tax,

Revenue,

2014,

Pre-Refunded,

5%,

11/01/27

...............

2,000,000

2,409,900

Sales

&

Use

Tax,

Revenue,

2014,

5%,

11/01/28

...........................

2,000,000

2,398,520

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System,

Revenue,

First

Tier,

A,

Refunding,

4%,

1/01/33

.....

5,000,000

5,642,050

Special

Projects

System,

Revenue,

2011D,

Pre-Refunded,

5%,

9/01/24

.........

12,000,000

12,709,320

Northwest

Independent

School

District

,

GO,

2015A,

Refunding,

PSF

Guaranty,

5%,

2/15/28

........................

4,815,000

5,792,349

GO,

2015A,

Refunding,

PSF

Guaranty,

5%,

2/15/29

........................

7,015,000

8,424,454

Permanent

University

Fund

,

University

of

Texas

System

,

Revenue

,

2014

B

,

Refunding

,

5

%

,

7/01/27

......................................................

10,000,000

11,733,000

San

Angelo

Independent

School

District

,

GO

,

A

,

Refunding

,

PSF

Guaranty

,

5

%

,

2/15/28

.........................................................

5,220,000

6,064,648

San

Antonio

Water

System

,

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/24

......................

1,500,000

1,735,335

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/26

......................

2,200,000

2,539,416

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/28

......................

2,000,000

2,299,640

Revenue,

Junior

Lien,

2014

A,

Refunding,

5%,

5/15/29

......................

1,000,000

1,148,340

Texas

Transportation

Commission

,

State

Highway

Fund,

Revenue,

First

Tier,

2014-A,

Refunding,

5%,

4/01/23

.......

20,000,000

22,663,000

State

Highway

Fund,

Revenue,

First

Tier,

2014-A,

Refunding,

5%,

4/01/24

.......

20,000,000

23,530,600

State

Highway

Fund,

Revenue,

First

Tier,

2014-A,

Refunding,

5%,

4/01/25

.......

20,000,000

23,364,000

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2017

A,

5%,

10/15/31

.......................................................

12,585,000

16,207,592

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2018

A,

4%,

10/15/34

.......................................................

5,800,000

6,964,756

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2018

B,

4%,

10/15/36

.......................................................

10,000,000

12,025,500

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2019

A,

4%,

10/15/36

.......................................................

4,000,000

4,885,040

University

of

Houston

,

Revenue,

Pre-Refunded,

5%,

2/15/27

..................................

5,000,000

5,166,467

Revenue,

2020

A,

Refunding,

3%,

2/15/36

...............................

10,560,000

11,400,787

Revenue,

2020

A,

Refunding,

3%,

2/15/37

...............................

10,885,000

11,701,266

420,878,468

Utah

0.5%

Utah

State

Board

of

Regents

,

Revenue,

2010EE-2,

5%,

11/01/20

.....................................

9,000,000

9,151,650

Revenue,

2010EE-2,

5%,

11/01/21

.....................................

9,000,000

9,152,640

18,304,290

Virginia

4.0%

City

of

Norfolk

,

Water,

Revenue,

2012,

Pre-Refunded,

5%,

11/01/24

.......................

6,050,000

6,608,112

Water,

Revenue,

2012,

5%,

11/01/24

...................................

95,000

103,592

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

29

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

City

of

Norfolk,

(continued)

Water,

Revenue,

2012,

Pre-Refunded,

5%,

11/01/25

.......................

$

5,910,000

$

6,455,197

Water,

Revenue,

2012,

5%,

11/01/25

...................................

90,000

98,103

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/15/32

........

10,000,000

12,358,400

Virginia

Beach

Development

Authority

,

Revenue

,

2010

B

,

Refunding

,

5

%

,

8/01/20

...

13,450,000

13,558,004

Virginia

College

Building

Authority

,

Revenue,

2014

A,

Pre-Refunded,

5%,

2/01/25

............................

13,080,000

15,334,076

Revenue,

2015

D,

5%,

2/01/25

........................................

7,405,000

8,931,467

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2019

,

3

%

,

5/15/36

.......

9,460,000

10,301,562

Virginia

Public

Building

Authority

,

Revenue,

B,

Pre-Refunded,

4%,

8/01/29

................................

1,075,000

1,303,824

Revenue,

B,

4%,

8/01/29

............................................

12,060,000

14,221,514

Virginia

Public

School

Authority

,

Revenue,

2014C,

5%,

8/01/27

........................................

4,460,000

5,281,220

County

of

Prince

William,

Revenue,

2019

A,

3%,

10/01/37

...................

5,405,000

6,005,117

Virginia

Resources

Authority

,

Clean

Water

Revolving

Fund,

Revenue,

2014B,

Refunding,

5%,

10/01/26

........

26,155,000

31,253,917

Clean

Water

Revolving

Fund,

Revenue,

2015,

Refunding,

5%,

10/01/28

.........

11,950,000

14,708,538

146,522,643

Washington

4.3%

City

of

Seattle

,

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/24

..............

5,230,000

6,176,316

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/25

..............

5,500,000

6,492,805

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/26

..............

2,995,000

3,527,960

Drainage

&

Wastewater,

Revenue,

2014,

Refunding,

5%,

5/01/27

..............

3,150,000

3,705,156

Municipal

Light

&

Power,

Revenue,

2017

C,

Refunding,

4%,

9/01/34

............

5,300,000

6,203,279

County

of

King

,

Sewer,

Revenue,

2014B,

Refunding,

5%,

7/01/25

..........................

1,200,000

1,423,956

Sewer,

Revenue,

2014B,

Refunding,

5%,

7/01/26

..........................

1,200,000

1,421,808

Sewer,

Revenue,

2014B,

Refunding,

5%,

7/01/27

..........................

1,900,000

2,251,196

Sewer,

Revenue,

2014B,

Refunding,

5%,

7/01/28

..........................

3,050,000

3,609,675

Sewer,

Revenue,

2014B,

Refunding,

5%,

7/01/29

..........................

2,600,000

3,072,472

Energy

Northwest

,

Bonneville

Power

Administration,

Revenue,

2014-A,

Refunding,

5%,

7/01/22

.....

3,250,000

3,569,605

Bonneville

Power

Administration,

Revenue,

2019

A,

Refunding,

5%,

7/01/36

......

7,000,000

9,162,300

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/23

..........

3,500,000

4,001,585

Bonneville

Power

Administration,

Revenue,

A,

Refunding,

5%,

7/01/24

..........

1,250,000

1,482,725

State

of

Washington

,

GO,

2012D,

Pre-Refunded,

5%,

2/01/25

.................................

13,955,000

15,074,470

GO,

2017D,

5%,

2/01/31

............................................

5,480,000

6,906,609

GO,

2017D,

5%,

2/01/32

............................................

10,000,000

12,530,200

GO,

R-2015B,

Refunding,

5%,

7/01/25

..................................

29,370,000

34,851,323

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-1,

Refunding,

5%,

8/01/35

1,370,000

1,577,856

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/30

2,800,000

3,351,404

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/31

3,700,000

4,381,688

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/32

1,500,000

1,758,825

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/33

1,395,000

1,619,804

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/34

1,225,000

1,417,521

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/35

1,250,000

1,439,650

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/36

5,125,000

5,876,889

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/30

........................................................

1,000,000

1,209,550

Overlake

Hospital

Medical

Center

Obligated

Group,

Revenue,

B,

Refunding,

5%,

7/01/31

........................................................

1,925,000

2,307,382

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

30

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

(continued)

Washington

Health

Care

Facilities

Authority,

(continued)

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/31

........................................................

$

2,250,000

$

2,359,418

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/32

........................................................

1,605,000

1,675,813

Virginia

Mason

Medical

Center

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/35

........................................................

2,400,000

2,464,272

156,903,512

West

Virginia

0.3%

State

of

West

Virginia

,

GO

,

2019

A

,

5

%

,

12/01/36

...........................

9,700,000

12,575,856

Wisconsin

0.5%

Wisconsin

Department

of

Transportation

,

Revenue,

1,

Pre-Refunded,

5%,

7/01/24

.................................

3,440,000

3,781,145

Revenue,

1,

5%,

7/01/24

............................................

6,560,000

7,207,997

Revenue,

2017

2,

Refunding,

5%,

7/01/31

...............................

5,000,000

6,357,400

17,346,542

U.S.

Territories

0.5%

District

of

Columbia

0.5%

District

of

Columbia

,

Income

Tax

,

Revenue

,

2019A

,

5

%

,

3/01/33

................

3,000,000

4,010,910

Washington

Metropolitan

Area

Transit

Authority

,

Revenue,

2017B,

5%,

7/01/31

........................................

5,000,000

6,090,200

Revenue,

2017B,

5%,

7/01/32

........................................

5,750,000

6,946,863

17,047,973

Total

U.S.

Territories

....................................................................

17,047,973

Total

Municipal

Bonds

(Cost

$3,404,882,703)

...................................

3,609,805,352

a

a

a

a

Short

Term

Investments

1.2%

Municipal

Bonds

1.2%

Florida

0.3%

c

County

of

Martin

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.11

%

,

7/15/22

.............................................

11,000,000

11,000,000

Massachusetts

0.1%

c

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

0.02

%

,

11/01/49

...........

2,400,000

2,400,000

Minnesota

0.4%

c

City

of

Minneapolis/St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2009-B-1,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.05%,

11/15/35

.................................

7,875,000

7,875,000

Allina

Health

Obligated

Group,

Revenue,

B-2,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.05%,

11/15/35

.....................................

5,000,000

5,000,000

c

Minnesota

Higher

Education

Facilities

Authority

,

Concordia

University

St.

Paul

,

Revenue

,

6Q

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.08

%

,

4/01/37

.........

3,200,000

3,200,000

16,075,000

Missouri

0.0%

†

c

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The)

,

Revenue

,

2000

B

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

3/01/40

...................................................

1,600,000

1,600,000

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

31

See

Abbreviations

on

page

140

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

0.3%

c

New

York

City

,

Transitional

Finance

Authority

Future

Tax

Secured,

Revenue,

2003-A4,

SPA

TD

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

11/01/29

.............................

$

1,300,000

$

1,300,000

Transitional

Finance

Authority

Future

Tax

Secured,

Revenue,

2019

B-4,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.07%,

8/01/42

............

5,500,000

5,500,000

c

Syracuse

Industrial

Development

Agency

,

Syracuse

University

,

Revenue

,

2008A-2

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

12/01/37

.........

1,405,000

1,405,000

c

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

2001

C

,

Refunding

,

LOC

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

0.07

%

,

1/01/32

.....................

2,590,000

2,590,000

10,795,000

Tennessee

0.1%

c

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008A

,

AGM

Insured

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

6/01/42

...................................

2,600,000

2,600,000

Total

Municipal

Bonds

(Cost

$44,470,000)

......................................

44,470,000

a

Total

Investments

(Cost

$3,449,352,703)

99.6%

..................................

$3,654,275,352

Other

Assets,

less

Liabilities

0.4%

.............................................

15,139,631

Net

Assets

100.0%

...........................................................

$3,669,414,983

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

purchased

on

a

when-issued

basis.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

32

a

a

Shares

a

Value

a

Management

Investment

Companies

2.2%

Capital

Markets

2.2%

a

Franklin

Liberty

Municipal

Bond

ETF

.....................................

915,000

$

24,396,187

Total

Management

Investment

Companies

(Cost

$23,580,063)

....................

24,396,187

Principal

Amount

a

a

a

a

Municipal

Bonds

76.1%

Alabama

1.2%

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2016

A

,

Mandatory

Put

,

4

%

,

6/01/21

.....

$

5,000,000

5,141,650

b

Industrial

Development

Board

of

the

City

of

Mobile

Alabama

,

Alabama

Power

Co.

,

Revenue

,

2008

,

Mandatory

Put

,

2.9

%

,

12/12/23

...........................

7,550,000

7,932,105

13,073,755

Arizona

1.5%

b

Maricopa

County

Industrial

Development

Authority

,

Scottsdale

Healthcare

Hospitals

Obligated

Group

,

Revenue

,

2019

C

,

Mandatory

Put

,

0.94

%

,

9/01/24

............

17,000,000

16,785,800

Arkansas

1.0%

State

of

Arkansas

,

GO

,

2013

,

3.25

%

,

6/15/22

..............................

11,195,000

11,545,292

California

3.5%

b

California

Health

Facilities

Financing

Authority

,

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2013D,

Mandatory

Put,

5%,

10/15/20

...................................................

5,000,000

5,085,950

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2016

B-3,

Refunding,

Mandatory

Put,

2%,

10/01/25

.......................................

13,340,000

13,893,610

California

Statewide

Communities

Development

Authority

,

b

Southern

California

Edison

Co.,

Revenue,

D,

Refunding,

Mandatory

Put,

2.625%,

12/01/23

.......................................................

3,000,000

3,104,400

Viamonte

Senior

Living

1,

Inc.,

Revenue,

2018

B-3,

California

Mortgage

Insured,

3%,

7/01/27

........................................................

3,500,000

3,523,240

Mount

San

Antonio

Community

College

District

,

GO

,

2017

,

Zero

Cpn

.,

4/01/22

.....

10,000,000

9,969,500

b

Western

Municipal

Water

District

Facilities

Authority

,

Revenue

,

2016A

,

Refunding

,

Mandatory

Put

,

1.5

%

,

10/01/20

.......................................

3,250,000

3,252,892

38,829,592

Colorado

0.7%

Denver

City

&

County

School

District

No.

1

,

GO

,

2012B

,

4

%

,

12/01/27

...........

7,480,000

8,074,959

Connecticut

1.0%

b

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University,

Revenue,

2015A,

Refunding,

Mandatory

Put,

2.05%,

7/12/21

.....

7,500,000

7,650,525

Yale

University,

Revenue,

X-2,

Mandatory

Put,

1.8%,

2/09/21

.................

3,000,000

3,032,070

10,682,595

Florida

1.6%

County

of

Escambia

,

Gulf

Power

Co.

,

Revenue

,

2003

,

Refunding

,

2.6

%

,

6/01/23

....

5,000,000

5,308,150

County

of

Miami-Dade

,

Aviation

,

Revenue

,

2010

A-1

,

Pre-Refunded

,

5.5

%

,

10/01/30

.

4,345,000

4,422,080

Florida

Municipal

Power

Agency

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

10/01/25

......

1,000,000

1,212,100

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority

,

Revenue

,

2012

,

Refunding

,

AGM

Insured

,

5

%

,

7/01/24

......................

4,000,000

4,362,840

State

of

Florida

,

Department

of

Transportation

Turnpike

System

,

Revenue

,

2012

A

,

2.875

%

,

7/01/25

...................................................

3,000,000

3,147,150

18,452,320

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

33

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

3.6%

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

2.05

%

,

11/19/21

...................

$

3,250,000

$

3,279,088

b

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2018

A

,

Mandatory

Put

,

4

%

,

9/01/23

......

10,025,000

10,859,481

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2018A

,

Refunding

,

3

%

,

7/01/23

11,000,000

11,811,250

State

of

Georgia

,

GO

,

2016A

,

5

%

,

2/01/23

................................

12,375,000

13,957,886

39,907,705

Hawaii

1.0%

State

of

Hawaii

,

GO

,

EF

,

Refunding

,

5

%

,

11/01/23

...........................

10,000,000

11,127,400

Illinois

0.8%

b

Illinois

Finance

Authority

,

Field

Museum

of

Natural

History

,

Revenue

,

2019

,

Refunding

,

Mandatory

Put

,

0.752

%

,

9/01/22

......................................

8,610,000

8,498,242

Iowa

0.9%

Des

Moines

Independent

Community

School

District

,

Revenue

,

2018

,

AGM

Insured

,

3

%

,

6/01/29

......................................................

9,300,000

10,288,590

Kansas

0.2%

Reno

County

Unified

School

District

No.

308

Hutchinson

,

GO

,

2019

,

Refunding

,

5

%

,

9/01/27

.........................................................

1,575,000

2,025,340

Kentucky

1.9%

b

Kentucky

Public

Energy

Authority

,

Revenue,

2018A,

Mandatory

Put,

4%,

4/01/24

............................

10,000,000

10,733,800

Revenue,

2020

A,

Mandatory

Put,

4%,

6/01/26

............................

10,000,000

10,911,800

21,645,600

Louisiana

2.7%

State

of

Louisiana

,

GO,

2013-A,

4%,

5/15/31

............................................

15,225,000

16,479,388

GO,

2019-A,

5%,

3/01/31

............................................

10,870,000

14,116,869

30,596,257

Maryland

4.7%

City

of

Baltimore

,

GO

,

2017

B

,

Refunding

,

5

%

,

10/15/25

......................

5,000,000

6,178,850

State

of

Maryland

,

GO,

2017

B,

Refunding,

5%,

8/01/26

...................................

12,330,000

15,683,143

GO,

Second

Series,

2013A,

Pre-Refunded,

5%,

8/01/23

.....................

11,355,000

11,995,195

Washington

Suburban

Sanitary

Commission

,

Revenue,

2013,

Pre-Refunded,

4%,

6/01/28

..............................

5,500,000

6,120,730

Revenue,

2013,

Pre-Refunded,

4%,

6/01/30

..............................

5,500,000

6,120,730

Revenue,

2013,

Pre-Refunded,

4%,

6/01/31

..............................

5,500,000

6,120,730

52,219,378

Massachusetts

0.5%

b

Massachusetts

Development

Finance

Agency

,

Partners

Healthcare

System,

Inc.

,

Revenue

,

2017

S-4

,

Refunding

,

Mandatory

Put

,

5

%

,

1/25/24

.................

5,000,000

5,801,800

Michigan

0.3%

City

of

Grand

Rapids

,

Sanitary

Sewer

System

,

Revenue

,

1998

A

,

Refunding

,

BHAC,

AGM,

FGIC

Insured

,

5.5

%

,

1/01/22

....................................

2,145,000

2,269,946

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

A-1

,

1.5

%

,

10/01/22

.

1,000,000

1,001,350

3,271,296

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

34

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

2.2%

b

City

of

Brooklyn

Center

,

Brooklyn

Center

AH

I

LLLP

,

Revenue

,

2019

,

Mandatory

Put

,

1.35

%

,

7/01/22

...................................................

$

4,000,000

$

4,018,040

b

City

of

Minneapolis

,

Trinity

LP

,

Revenue

,

2020

,

Mandatory

Put

,

1

%

,

6/01/21

.......

5,000,000

5,015,400

Farmington

Independent

School

District

No.

192

,

GO

,

2015

C

,

Refunding

,

5

%

,

2/01/24

6,065,000

7,099,568

b

Hennepin

County

Housing

&

Redevelopment

Authority

,

Holmes

Housing

Partners

LP

,

Revenue

,

2019

A

,

Mandatory

Put

,

1.35

%

,

12/01/20

........................

1,250,000

1,250,850

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/26

.....................

1,000,000

1,192,230

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/27

.....................

1,000,000

1,215,130

Northern

Municipal

Power

Agency

,

Revenue

,

2017

,

Refunding

,

5

%

,

1/01/21

.......

5,000,000

5,140,350

24,931,568

Mississippi

0.4%

b

Mississippi

Business

Finance

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2004

,

Mandatory

Put

,

1.35

%

,

9/01/20

.......................................

5,000,000

5,005,000

Nevada

4.5%

Clark

County

School

District

,

GO

,

2016

D

,

Refunding

,

5

%

,

6/15/20

..............

20,000,000

20,033,400

County

of

Clark

,

Department

of

Aviation

,

Revenue,

Sub.

Lien

,

2018A

,

Refunding

,

5

%

,

7/01/21

.........................................................

17,080,000

17,825,542

Las

Vegas

Valley

Water

District

,

GO,

2020

D,

Refunding,

5%,

6/01/24

...................................

1,745,000

2,055,523

GO,

2020

D,

Refunding,

5%,

6/01/25

...................................

2,750,000

3,338,527

State

of

Nevada

,

Highway

Improvement

,

Revenue

,

2013

,

Refunding

,

5

%

,

12/01/20

..

7,000,000

7,170,800

50,423,792

New

Jersey

4.7%

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AGM

Insured

,

5.75

%

,

11/01/28

..

25,000,000

30,908,000

b

New

Jersey

Economic

Development

Authority

,

New

Jersey-American

Water

Co.,

Inc.

,

Revenue

,

2019

B

,

Refunding

,

Mandatory

Put

,

2.05

%

,

12/03/29

...............

7,500,000

7,814,625

b

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Garden

Spires

Urban

Renewal

LP

,

Revenue

,

2018A

,

Mandatory

Put

,

2.02

%

,

8/01/20

..........................

4,310,000

4,319,439

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue

,

2006C

,

BHAC

Insured

,

Zero

Cpn

.,

12/15/27

....................................................

11,110,000

9,706,696

52,748,760

New

York

5.1%

b

Chautauqua

County

Capital

Resource

Corp.

,

Jamestown

Center

City

Development

Corp.

,

Revenue

,

2013

,

Refunding

,

Mandatory

Put

,

2

%

,

11/01/21

..............

4,750,000

4,807,048

City

of

New

York

,

GO,

2014G,

5%,

8/01/20

............................................

7,000,000

7,055,580

GO,

2019A,

Refunding,

5%,

8/01/22

....................................

5,000,000

5,506,150

County

of

Suffolk

,

GO,

2017

D,

Refunding,

4%,

10/15/20

..................................

4,270,000

4,312,615

GO,

2018

B,

AGM

Insured,

4%,

10/15/28

................................

4,205,000

4,739,455

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2020A

,

Refunding

,

5

%

,

7/01/26

......................................................

5,000,000

6,330,250

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

3,386,820

b

Rochester

Gas

and

Electric

Corp.,

Revenue,

1997

A,

Refunding,

Mandatory

Put,

3%,

7/01/25

........................................................

10,000,000

10,891,200

New

York

State

Housing

Finance

Agency

,

Revenue

,

2017K

,

GNMA

Insured

,

1.5

%

,

5/01/21

.........................................................

10,000,000

10,090,100

57,119,218

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

35

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

1.2%

City

of

Charlotte

,

COP

,

2013B

,

3

%

,

6/01/22

................................

$

7,500,000

$

7,514,100

North

Carolina

State

University

at

Raleigh

,

Revenue,

2018,

Refunding,

5%,

10/01/26

................................

3,000,000

3,787,740

Revenue,

2018,

Refunding,

5%,

10/01/27

................................

1,500,000

1,945,410

13,247,250

North

Dakota

0.4%

City

of

West

Fargo

,

GO

,

2018

,

Refunding

,

2.15

%

,

5/01/21

.....................

4,075,000

4,078,260

Ohio

3.1%

County

of

Lucas

,

Promedica

Healthcare

Obligated

Group

,

Revenue

,

2011A

,

Pre-

Refunded

,

6.5

%

,

11/15/37

...........................................

10,000,000

10,895,000

Ohio

Water

Development

Authority

,

Revenue,

2018,

5%,

6/01/28

.........................................

7,000,000

9,231,320

Water

Pollution

Control

Loan

Fund,

Revenue,

2019A,

5%,

6/01/29

.............

8,500,000

11,510,105

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/23

.............

2,560,000

2,871,066

34,507,491

Oklahoma

0.7%

Oklahoma

County

Finance

Authority

,

Oklahoma

County

Independent

School

District

No.

52

Midwest

City-Del

City,

Revenue,

2018,

5%,

10/01/20

.......................................

1,350,000

1,370,439

Oklahoma

County

Independent

School

District

No.

52

Midwest

City-Del

City,

Revenue,

2018,

5%,

10/01/22

.......................................

1,000,000

1,107,010

Tulsa

County

Industrial

Authority

,

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/21

........................................................

2,010,000

2,123,866

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/22

........................................................

1,500,000

1,650,000

Tulsa

County

Independent

School

District

No.

11

Owasso,

Revenue,

2018,

5%,

9/01/23

........................................................

1,170,000

1,338,422

7,589,737

Oregon

1.0%

Salem-Keizer

School

District

No.

24J

,

GO

,

2018

,

5

%

,

6/15/25

..................

2,000,000

2,451,860

State

of

Oregon

,

GO,

2015B,

Refunding,

5%,

8/01/27

....................................

2,785,000

3,417,836

Department

of

Transportation,

Revenue,

Senior

Lien,

2012

A,

Refunding,

5%,

11/15/22

.......................................................

5,000,000

5,581,550

11,451,246

Pennsylvania

2.1%

b

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

A

,

Refunding

,

Mandatory

Put

,

1.8

%

,

9/01/22

.........................

10,000,000

10,025,800

c

University

of

Pittsburgh-of

the

Commonwealth

System

of

Higher

Education

,

Revenue

,

FRN

,

2018

,

0.38

%

,

(

SIFMA

Municipal

Swap

Index

+

0.24

%

),

9/15/21

...........

5,000,000

4,958,900

Westmoreland

County

Municipal

Authority

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

8/15/37

7,895,000

9,085,013

24,069,713

Tennessee

2.4%

City

of

Memphis

,

GO,

2018,

5%,

6/01/24

.............................................

6,915,000

8,160,599

GO,

2018,

5%,

6/01/25

.............................................

7,260,000

8,853,715

GO,

2018,

5%,

6/01/26

.............................................

7,625,000

9,537,808

26,552,122

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

36

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

11.6%

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002-A

,

BHAC,

AMBAC

Insured

,

Zero

Cpn

.,

8/15/27

.................................................

$

3,280,000

$

2,907,425

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2015A

,

Refunding

,

5

%

,

10/01/26

........................................................

5,000,000

6,103,700

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

5

%

,

11/15/26

........................................................

1,000,000

1,271,140

City

of

Lubbock

,

GO

,

2018

,

Refunding

,

5

%

,

2/15/25

.........................

5,150,000

6,195,347

Clifton

Higher

Education

Finance

Corp.

,

IDEA

Public

Schools,

Revenue,

2017,

Refunding,

PSF

Guaranty,

3%,

8/15/20

....

2,400,000

2,413,752

IDEA

Public

Schools,

Revenue,

2017,

Refunding,

PSF

Guaranty,

4%,

8/15/21

....

2,000,000

2,091,260

IDEA

Public

Schools,

Revenue,

2017,

Refunding,

PSF

Guaranty,

4%,

8/15/22

....

3,200,000

3,461,568

Comal

Independent

School

District

,

GO,

2017,

PSF

Guaranty,

5%,

2/01/21

..................................

2,280,000

2,353,803

GO,

2017,

PSF

Guaranty,

5%,

2/01/22

..................................

2,250,000

2,431,665

Cypress-Fairbanks

Independent

School

District

,

GO,

2013,

PSF

Guaranty,

5%,

2/15/22

..................................

7,320,000

7,932,684

b

GO,

2017A-1,

PSF

Guaranty,

Mandatory

Put,

2.125%,

8/16/21

................

5,730,000

5,831,306

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

Pre-Refunded

,

5.25

%

,

10/01/51

........................................................

27,930,000

32,538,450

Northside

Independent

School

District

,

GO

,

2017

,

Refunding

,

PSF

Guaranty

,

4

%

,

8/15/20

.........................................................

5,940,000

5,986,926

San

Antonio

Independent

School

District

,

GO

,

2015

,

Refunding

,

PSF

Guaranty

,

5

%

,

2/15/21

.........................................................

14,880,000

15,389,938

State

of

Texas

,

GO,

2018

B-3,

Refunding,

5%,

8/01/24

..................................

4,750,000

5,665,800

GO,

2018

B-3,

Refunding,

5%,

8/01/25

..................................

2,000,000

2,462,500

GO,

2018

B-3,

Refunding,

5%,

8/01/26

..................................

2,000,000

2,527,260

b

Texas

Transportation

Commission

,

State

Highway

Fund

,

Revenue,

First

Tier

,

2016-B

,

Refunding

,

Mandatory

Put

,

4

%

,

10/01/21

................................

3,000,000

3,118,620

Texas

Water

Development

Board

,

State

Revolving

Fund

,

Revenue

,

2018

,

5

%

,

8/01/27

4,200,000

5,480,622

Travis

County

Housing

Finance

Corp.

,

AMTEX

McKinney

Fund

LP

,

Revenue

,

2018

,

2.75

%

,

4/01/21

...................................................

10,000,000

10,011,400

University

of

Texas

System

(The)

,

Revenue

,

2016

J

,

5

%

,

8/15/21

...............

4,000,000

4,234,040

130,409,206

Utah

0.1%

South

Valley

Water

Reclamation

Facility

,

Revenue

,

2018

,

AGM

Insured

,

5

%

,

2/15/23

.

1,225,000

1,372,551

Virginia

2.5%

Virginia

College

Building

Authority

,

Revenue,

2012

A,

Pre-Refunded,

4%,

2/01/29

............................

15,375,000

16,353,004

College

of

William

&

Mary

Foundation

(The),

Revenue,

B,

Refunding,

5%,

9/01/20

.

11,760,000

11,902,061

28,255,065

Washington

6.1%

Auburn

School

District

No.

408

of

King

&

Pierce

Counties

,

GO,

2018,

5%,

12/01/27

.............................................

1,700,000

2,223,243

GO,

2018,

5%,

12/01/28

.............................................

3,300,000

4,294,653

Energy

Northwest

,

Bonneville

Power

Administration

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/23

.........................................................

5,000,000

5,716,550

King

County

School

District

No.

410

Snoqualmie

Valley

,

GO,

2017,

Refunding,

5%,

12/01/20

....................................

4,880,000

4,998,828

GO,

2017,

Refunding,

5%,

12/01/21

....................................

2,455,000

2,633,380

King

County

School

District

No.

414

Lake

Washington

,

GO,

2020,

4%,

12/01/20

.............................................

1,405,000

1,431,372

GO,

2020,

4%,

12/01/21

.............................................

1,415,000

1,495,131

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

37

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

(continued)

Pierce

County

School

District

No.

320

Sumner

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/20

.

$

7,250,000

$

7,389,418

Spokane

County

School

District

No.

354

Mead

,

GO,

2018,

4%,

12/01/32

.............................................

1,150,000

1,361,531

GO,

2018,

5%,

12/01/33

.............................................

1,500,000

1,898,760

Spokane

County

School

District

No.

356

Central

Valley

,

GO

,

2018

,

4

%

,

12/01/31

....

8,295,000

9,883,410

State

of

Washington

,

GO,

2012D,

Pre-Refunded,

5%,

2/01/34

.................................

6,545,000

7,070,040

GO,

R-2012D,

Refunding,

5%,

7/01/23

..................................

4,085,000

4,487,617

GO,

R-2013B,

Refunding,

5%,

7/01/23

..................................

3,255,000

3,575,813

GO,

R-2015D,

Refunding,

5%,

7/01/28

..................................

3,985,000

4,787,539

b

University

of

Washington

,

Revenue

,

2019A

,

Mandatory

Put

,

5

%

,

5/01/22

..........

5,000,000

5,331,300

68,578,585

Wisconsin

0.9%

City

of

Fond

Du

Lac

,

GO

,

2017

B

,

Refunding

,

2

%

,

4/01/22

.....................

1,000,000

1,028,970

State

of

Wisconsin

,

GO

,

2012B

,

3

%

,

5/01/33

...............................

9,000,000

9,155,610

10,184,580

Total

Municipal

Bonds

(Cost

$820,689,915)

.....................................

853,350,065

Total

Long

Term

Investments

(Cost

$844,269,978)

...............................

877,746,252

a

a

a

a

a

Short

Term

Investments

20.5%

Municipal

Bonds

20.5%

Arizona

0.5%

d

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

2/01/48

5,000,000

5,000,000

Colorado

1.2%

d

City

&

County

of

Denver

,

COP

,

2008A2

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.07

%

,

12/01/29

..................................

11,510,000

11,510,000

d

Colorado

Educational

&

Cultural

Facilities

Authority

,

Daughters

of

Israel,

Inc.

,

Revenue

,

B-4

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.07

%

,

12/01/35

................

2,560,000

2,560,000

14,070,000

Florida

1.7%

d

County

of

St.

Lucie

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.11

%

,

9/01/28

.......................................

19,400,000

19,400,000

Georgia

0.0%

†

d

Athens-Clarke

County

Unified

Government

Development

Authority

,

University

of

Georgia

Athletic

Association,

Inc.

,

Revenue

,

2005

B

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.07

%

,

7/01/35

...................................

100,000

100,000

Kentucky

0.3%

d

City

of

Berea

,

Berea

College

,

Revenue

,

2003B

,

Daily

VRDN

and

Put

,

0.13

%

,

6/01/29

300,000

300,000

d

Louisville/Jefferson

County

Metropolitan

Government

,

Norton

Healthcare

Obligated

Group

,

Revenue

,

2011B

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

0.07

%

,

10/01/39

3,600,000

3,600,000

3,900,000

Maryland

0.4%

d

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2008D

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

7/01/41

.............................................

4,540,000

4,540,000

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

38

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

0.1%

d

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

0.02

%

,

11/01/49

...........

$

1,335,000

$

1,335,000

Minnesota

2.1%

d

City

of

Minneapolis/St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2009-B-1,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.05%,

11/15/35

.................................

2,250,000

2,250,000

Allina

Health

Obligated

Group,

Revenue,

B-2,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.05%,

11/15/35

.....................................

18,700,000

18,700,000

Children's

Health

Care

Obligated

Group,

Revenue,

2007A-2,

AGM

Insured,

SPA

US

Bank

NA,

Daily

VRDN

and

Put,

0.05%,

8/15/37

..........................

1,950,000

1,950,000

22,900,000

Missouri

0.3%

d

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The)

,

Revenue

,

2000

B

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

3/01/40

...................................................

3,500,000

3,500,000

New

Jersey

0.8%

d

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009B

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

7/01/43

.........................................................

8,350,000

8,350,000

New

York

6.2%

d

City

of

New

York

,

GO

,

2006

I

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

0.07

%

,

4/01/36

...................................................

4,600,000

4,600,000

d

Metropolitan

Transportation

Authority

,

Revenue

,

2008A-1

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

11/01/31

...............................

7,755,000

7,755,000

d

New

York

City

,

Transitional

Finance

Authority

Future

Tax

Secured,

Revenue,

2003-A4,

SPA

TD

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

11/01/29

.............................

16,600,000

16,600,000

Transitional

Finance

Authority

Future

Tax

Secured,

Revenue,

2016

E-4,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.07%,

2/01/45

............

2,800,000

2,800,000

Transitional

Finance

Authority

Future

Tax

Secured,

Revenue,

2019

B-4,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.07%,

8/01/42

............

8,900,000

8,900,000

Water

&

Sewer

System,

Revenue,

BB

1B,

SPA

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.08%,

6/15/49

......................................

7,200,000

7,200,000

Water

&

Sewer

System,

Revenue,

CC-2,

SPA

Bank

of

Montreal,

Daily

VRDN

and

Put,

0.06%,

6/15/38

..............................................

11,875,000

11,875,000

d

Triborough

Bridge

&

Tunnel

Authority

,

Revenue,

2001

C,

Refunding,

LOC

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.07%,

1/01/32

..............................................

3,100,000

3,100,000

Revenue,

2005

B-2,

Refunding,

LOC

Citibank

NA,

Daily

VRDN

and

Put,

0.07%,

1/01/32

........................................................

5,700,000

5,700,000

Revenue,

2005B-3,

Refunding,

LOC

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

0.08%,

1/01/32

..............................................

1,300,000

1,300,000

69,830,000

North

Carolina

1.6%

d

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2007B,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

1/15/38

..........................

2,900,000

2,900,000

Atrium

Health

Obligated

Group,

Revenue,

2007C,

Refunding,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

1/15/37

..........................

4,000,000

4,000,000

Atrium

Health

Obligated

Group,

Revenue,

2018

G,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

1/15/48

.................................

3,000,000

3,000,000

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

39

See

Abbreviations

on

page

140

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

d

Charlotte-Mecklenburg

Hospital

Authority

(The),

(continued)

Atrium

Health

Obligated

Group,

Revenue,

2018

H,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

1/15/48

.................................

$

8,335,000

$

8,335,000

18,235,000

Ohio

1.3%

d

Ohio

Higher

Educational

Facility

Commission

,

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2013B-1

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

1/01/39

................................................

14,405,000

14,405,000

Oregon

1.2%

d

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

8/01/34

............

13,100,000

13,100,000

Tennessee

1.3%

d

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008A

,

AGM

Insured

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

6/01/42

...................................

14,130,000

14,130,000

Utah

0.9%

d

County

of

Weber

,

IHC

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2000C

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

0.06

%

,

2/15/35

..........

10,100,000

10,100,000

Virginia

0.6%

d

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

10/01/48

........................................................

6,875,000

6,875,000

Total

Municipal

Bonds

(Cost

$229,770,000)

.....................................

229,770,000

a

Total

Investments

(Cost

$1,074,039,978)

98.8%

..................................

$1,107,516,252

Other

Assets,

less

Liabilities

1.2%

.............................................

13,150,635

Net

Assets

100.0%

...........................................................

$1,120,666,887

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

The

coupon

rate

shown

represents

the

rate

at

period

end.

d

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Florida

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

40

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

95.5%

Florida

94.8%

Brevard

County

Health

Facilities

Authority

,

Health

First,

Inc.

Obligated

Group

,

Revenue

,

2014

,

Refunding

,

5

%

,

4/01/39

........................................

$

5,000,000

$

5,431,200

Central

Florida

Expressway

Authority

,

Revenue,

Senior

Lien,

2016

B,

Refunding,

4%,

7/01/39

.....................

5,000,000

5,436,250

Revenue,

Senior

Lien,

2016

B,

Refunding,

4%,

7/01/40

.....................

5,825,000

6,324,028

Revenue,

Senior

Lien,

2019

B,

5%,

7/01/49

..............................

5,000,000

5,911,450

Citizens

Property

Insurance

Corp.

,

Revenue

,

2012A-1

,

5

%

,

6/01/22

.............

5,000,000

5,419,150

City

of

Atlantic

Beach

,

Naval

Continuing

Care

Retirement

Foundation

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

11/15/38

.......................................

1,105,000

1,091,862

City

of

Fort

Myers

,

Utility

System

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

10/01/44

......

7,000,000

7,947,520

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2019

A

,

5

%

,

10/01/47

.............

5,000,000

6,328,500

City

of

Jacksonville

,

Revenue

,

2012

,

Refunding

,

5

%

,

10/01/30

..................

2,000,000

2,154,740

City

of

Lakeland

,

Lakeland

Regional

Health

Systems

Obligated

Group

,

Revenue

,

2015

,

5

%

,

11/15/45

.....................................................

12,300,000

13,047,840

City

of

Melbourne

,

Water

&

Sewer,

Revenue,

2000A,

FGIC

Insured,

ETM,

Zero

Cpn

.,

10/01/26

......

1,500,000

1,433,280

Water

&

Sewer,

Revenue,

2002

B,

NATL

Insured,

Zero

Cpn

.,

10/01/22

..........

1,785,000

1,763,384

Water

&

Sewer,

Revenue,

2002

B,

NATL

Insured,

Zero

Cpn

.,

10/01/26

..........

4,500,000

4,159,800

City

of

Miami

,

Revenue

,

2010-A

,

Pre-Refunded

,

AGM

Insured

,

5.25

%

,

7/01/35

.....

5,000,000

5,020,600

City

of

Miami

Beach

,

Stormwater

,

Revenue

,

2015

,

5

%

,

9/01/41

.................

10,000,000

11,902,300

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

8/15/42

........................................................

5,000,000

5,366,100

Baptist

Health

South

Florida

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/42

........................................................

6,500,000

7,459,920

City

of

Sunrise

,

Utility

System

,

Revenue

,

1998

,

Pre-Refunded

,

AMBAC

Insured

,

5.2

%

,

10/01/22

........................................................

520,000

528,533

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

7/01/37

...............................

5,000,000

5,561,650

Collier

County

Educational

Facilities

Authority

,

Hodges

University,

Inc.

,

Revenue

,

2013

,

5.625

%

,

11/01/28

..................................................

2,860,000

2,945,314

Collier

County

Industrial

Development

Authority

,

NCH

Healthcare

System,

Inc.

Obligated

Group

,

Revenue

,

2011

,

6.25

%

,

10/01/39

.........................

5,000,000

5,157,850

County

of

Broward

,

Port

Facilities

,

Revenue,

Senior

Lien

,

2019

B

,

4

%

,

9/01/44

.....

5,000,000

5,281,000

County

of

Miami-Dade

,

Aviation,

Revenue,

Pre-Refunded,

5.375%,

10/01/35

.......................

7,500,000

7,627,962

Aviation,

Revenue,

2014B,

Refunding,

5%,

10/01/37

.......................

10,000,000

11,120,000

Aviation,

Revenue,

2017B,

Refunding,

5%,

10/01/40

.......................

5,000,000

5,705,000

Seaport

Department,

Revenue,

2013A,

6%,

10/01/38

.......................

10,000,000

11,275,700

Transit

System,

Revenue,

2012,

5%,

7/01/42

.............................

15,000,000

16,149,000

Transit

System,

Revenue,

2018,

5%,

7/01/43

.............................

10,000,000

11,611,000

Transit

System,

Revenue,

2018,

4%,

7/01/47

.............................

5,000,000

5,417,050

Water

&

Sewer

System,

Revenue,

2013A,

Pre-Refunded,

5%,

10/01/42

.........

10,000,000

11,122,900

Water

&

Sewer

System,

Revenue,

2019,

5%,

10/01/43

......................

5,000,000

6,214,800

County

of

Polk

,

Utility

System

,

Revenue

,

2020

,

Refunding

,

4

%

,

10/01/43

..........

4,600,000

5,492,400

Escambia

County

Health

Facilities

Authority

,

Baptist

Health

Care

Corp.

Obligated

Group,

Revenue,

2010A,

5.75%,

8/15/29

....

7,195,000

7,253,783

Baptist

Health

Care

Corp.

Obligated

Group,

Revenue,

2010A,

6%,

8/15/36

.......

11,000,000

11,082,280

Florida

Governmental

Utility

Authority

,

Revenue

,

2010

,

Pre-Refunded

,

5.25

%

,

10/01/40

5,000,000

5,331,850

Florida

Higher

Educational

Facilities

Financial

Authority

,

Nova

Southeastern

University,

Inc.,

Revenue,

2011,

Refunding,

6.375%,

4/01/31

..

2,750,000

2,847,047

Rollins

College,

Revenue,

2010,

Pre-Refunded,

5%,

12/01/37

................

10,000,000

10,236,900

University

of

Tampa,

Inc.

(The),

Revenue,

2012A,

Refunding,

5.25%,

4/01/42

.....

2,000,000

2,167,620

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Florida

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

41

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Florida

Municipal

Loan

Council

,

Revenue

,

2011D

,

AGM

Insured

,

5.5

%

,

10/01/41

....

$

3,750,000

$

3,987,900

Fort

Pierce

Utilities

Authority

,

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

10/01/20

....................

3,090,000

3,084,191

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

10/01/21

....................

2,585,000

2,563,415

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

10/01/22

....................

3,090,000

3,038,428

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

10/01/23

....................

3,060,000

2,974,840

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn

.,

10/01/24

....................

2,560,000

2,455,040

Greater

Orlando

Aviation

Authority

,

Revenue,

2010A,

5%,

10/01/39

.......................................

5,000,000

5,061,400

Revenue,

2019

A,

4%,

10/01/49

.......................................

5,000,000

5,381,050

Halifax

Hospital

Medical

Center

,

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/46

...................

4,250,000

4,668,837

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

6/01/36

...................

2,500,000

2,846,600

Hillsborough

County

Aviation

Authority

,

Revenue,

2015A,

5%,

10/01/44

.......................................

5,000,000

5,325,800

Revenue,

2018E,

5%,

10/01/43

.......................................

5,000,000

5,653,200

Lee

County

Industrial

Development

Authority

,

Shell

Point/Alliance

Obligated

Group

,

Revenue

,

2019

,

5

%

,

11/15/44

........................................

5,000,000

5,086,550

Martin

County

Health

Facilities

Authority

,

Martin

Memorial

Medical

Center

Obligated

Group

,

Revenue

,

2012

,

Pre-Refunded

,

5.5

%

,

11/15/42

......................

2,100,000

2,259,768

Miami

Beach

Redevelopment

Agency

,

Tax

Allocation

,

2015A

,

Refunding

,

AGM

Insured

,

5

%

,

2/01/40

......................................................

5,000,000

5,752,100

Miami-Dade

County

Expressway

Authority

,

Revenue

,

A

,

5

%

,

7/01/40

.............

18,770,000

18,819,553

Miami-Dade

County

Health

Facilities

Authority

,

Revenue,

A,

Pre-Refunded,

6.125%,

8/01/42

.............................

2,945,000

2,972,830

Nicklaus

Children's

Hospital

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/01/42

........................................................

3,000,000

3,430,620

Nicklaus

Children's

Hospital

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

8/01/47

........................................................

3,500,000

3,728,970

Nicklaus

Children's

Hospital

Obligated

Group,

Revenue,

A,

6.125%,

8/01/42

......

1,055,000

1,061,109

Mid-Bay

Bridge

Authority

,

Revenue,

2015A,

Refunding,

5%,

10/01/40

..............................

5,000,000

5,253,250

Revenue,

A,

ETM,

6.875%,

10/01/22

...................................

3,905,000

4,224,117

Revenue,

D,

ETM,

6.1%,

10/01/22

.....................................

3,545,000

3,891,949

North

Sumter

County

Utility

Dependent

District

,

Revenue,

2010,

5.75%,

10/01/43

......................................

5,000,000

5,090,800

Revenue,

Senior

Lien,

2019,

BAM

Insured,

5%,

10/01/44

....................

4,000,000

4,943,160

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2012A,

5%,

10/01/42

..............

10,000,000

10,466,200

Orlando

Health

Obligated

Group,

Revenue,

2019

A,

5%,

10/01/47

.............

5,000,000

5,820,500

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/41

............................................

5,000,000

5,135,700

Orlando-Orange

County

Expressway

Authority

,

Central

Florida

Expressway

Authority,

Revenue,

2010

C,

Pre-Refunded,

5%,

7/01/40

2,755,000

2,765,689

Central

Florida

Expressway

Authority,

Revenue,

Pre-Refunded,

5%,

7/01/40

......

5,000,000

5,019,326

Central

Florida

Expressway

Authority,

Revenue,

2013A,

Refunding,

5%,

7/01/35

..

8,330,000

9,148,589

Palm

Beach

County

Health

Facilities

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

B

,

5

%

,

5/15/41

..................................

5,000,000

4,823,700

Sarasota

County

Health

Facilities

Authority

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017A,

5%,

1/01/37

........................................................

2,350,000

2,218,259

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017A,

5%,

1/01/42

........................................................

1,600,000

1,465,568

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017A,

5%,

1/01/47

........................................................

2,450,000

2,207,278

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Florida

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

42

See

Abbreviations

on

page

140

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Sarasota

County

Health

Facilities

Authority,

(continued)

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

..............

$

600,000

$

612,612

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

..............

1,025,000

1,035,691

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

..............

1,850,000

1,822,546

Sarasota

County

Public

Hospital

District

,

Obligated

Group

,

Revenue

,

2018

,

4

%

,

7/01/48

.........................................................

10,000,000

10,866,800

School

Board

of

Miami-Dade

County

(The)

,

GO

,

2013

,

5

%

,

3/15/43

..............

2,465,000

2,728,607

State

of

Florida

,

GO,

1999

D,

Refunding,

6%,

6/01/23

...................................

15,000,000

17,586,150

GO,

2007

H,

5%,

6/01/40

............................................

7,295,000

7,295,000

GO,

2016

C,

Refunding,

4%,

6/01/35

...................................

5,340,000

6,134,058

GO,

2016

F,

Refunding,

4%,

6/01/37

...................................

8,000,000

9,136,400

Tampa

Bay

Water

,

Revenue

,

2013

,

5

%

,

10/01/38

...........................

10,000,000

11,434,700

Tampa

Sports

Authority

,

Revenue,

1995,

NATL

Insured,

6.05%,

10/01/20

...........................

190,000

193,168

Revenue,

1995,

NATL

Insured,

6.1%,

10/01/26

............................

2,695,000

3,172,392

Tampa-Hillsborough

County

Expressway

Authority

,

Revenue

,

2017

,

5

%

,

7/01/47

....

5,000,000

5,772,300

Town

of

Palm

Beach

,

GO

,

2018

,

4

%

,

7/01/43

..............................

5,000,000

5,778,300

University

of

North

Florida

Financing

Corp.

(The)

,

Revenue

,

2016

,

Refunding

,

AGM

Insured

,

5

%

,

11/01/35

..............................................

5,000,000

5,768,050

Volusia

County

Educational

Facility

Authority

,

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/15/42

1,500,000

1,664,340

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/15/47

3,500,000

3,861,690

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2020A,

Refunding,

5%,

10/15/49

.......................................................

3,000,000

3,375,780

507,192,433

U.S.

Territories

0.7%

Puerto

Rico

0.7%

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000A

,

6.625

%

,

6/01/26

.....

3,900,000

4,036,500

Total

Municipal

Bonds

(Cost

$484,479,474)

.....................................

511,228,933

a

a

a

a

Short

Term

Investments

3.7%

Municipal

Bonds

3.7%

Florida

3.7%

a

County

of

Martin

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.11

%

,

7/15/22

.............................................

1,800,000

1,800,000

a

County

of

St.

Lucie

,

Florida

Power

&

Light

Co.

,

Revenue

,

2000

,

Refunding

,

Daily

VRDN

and

Put

,

0.11

%

,

9/01/28

.......................................

17,800,000

17,800,000

19,600,000

Total

Municipal

Bonds

(Cost

$19,600,000)

......................................

19,600,000

a

Total

Investments

(Cost

$504,079,474)

99.2%

...................................

$530,828,933

Other

Assets,

less

Liabilities

0.8%

.............................................

4,254,543

Net

Assets

100.0%

...........................................................

$535,083,476

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Florida

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

43

a

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Georgia

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

44

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.4%

Georgia

97.7%

Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

5%,

6/15/36

........................................................

$

2,390,000

$

2,815,731

UGAREF

East

Campus

Housing

Phase

II

LLC,

Revenue,

2017,

Refunding,

4%,

6/15/40

........................................................

5,000,000

5,514,450

Athens-Clarke

County

Unified

Government

,

GO,

2020,

4%,

12/01/29

.............................................

1,220,000

1,552,804

GO,

2020,

4%,

12/01/30

.............................................

2,350,000

3,015,003

Atlanta

&

Fulton

County

Recreation

Authority

,

City

of

Atlanta

Park

Tax

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

12/01/35

..........................................

3,530,000

4,150,327

Atlanta

Development

Authority

(The)

,

Revenue,

2015A-1,

5.25%,

7/01/40

....................................

7,750,000

8,289,090

Revenue,

2015A-1,

5.25%,

7/01/44

....................................

3,000,000

3,204,060

Piedmont

Ellis

LLC,

Revenue,

2013,

Pre-Refunded,

5%,

9/01/32

..............

2,000,000

2,302,120

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/26

..

2,555,000

2,999,672

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AGM

Insured

,

4

%

,

3/01/43

......................................................

4,000,000

4,583,200

a

Baldwin

County

Hospital

Authority

,

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

1998,

5.25%,

12/01/22

2,500,000

25

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

1998,

5.375%,

12/01/28

.......................................................

2,000,000

20

Bartow-Cartersville

Joint

Development

Authority

,

GHC

Student

Center

LLC

,

Revenue

,

2011

,

AGM

Insured

,

5

%

,

6/15/36

......................................

4,155,000

4,312,184

Bibb

County

Development

Authority

,

Macon

State

College

Foundation

Real

Estate

LLC

,

Revenue

,

2012

,

AGM

Insured

,

5

%

,

7/01/40

..............................

5,000,000

5,288,000

Bleckley

County

School

District

,

GO

,

2020

,

5

%

,

10/01/42

.....................

2,055,000

2,652,039

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

........................................

6,000,000

6,680,280

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center,

Inc.,

Revenue,

2010,

Pre-Refunded,

5%,

7/01/40

........

3,000,000

3,011,400

Tanner

Medical

Center,

Inc.,

Revenue,

2015,

5%,

7/01/41

...................

2,000,000

2,283,840

Carrollton

Payroll

Development

Authority

,

UWG

Athletic

Complex

LLC

,

Revenue

,

2014

,

Refunding

,

AGM

Insured

,

5

%

,

6/15/37

..................................

3,140,000

3,617,594

City

of

Atlanta

,

Tax

Allocation,

2016B,

Refunding,

5%,

1/01/31

............................

1,780,000

2,122,152

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014A,

Refunding,

5%,

1/01/33

........................................................

4,005,000

4,471,422

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2014A,

Refunding,

5%,

1/01/34

........................................................

3,250,000

3,621,280

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2019

D,

4%,

7/01/36

.....

4,500,000

5,006,385

Department

of

Aviation,

Revenue,

2010C,

Refunding,

6%,

1/01/30

.............

6,000,000

6,171,720

Department

of

Aviation,

Revenue,

2012B,

5%,

1/01/42

......................

2,000,000

2,096,400

Water

&

Wastewater,

Revenue,

2001A,

AGM,

NATL-RE

Insured,

5.5%,

11/01/27

..

5,000,000

6,278,350

Water

&

Wastewater,

Revenue,

2015,

Refunding,

5%,

11/01/43

...............

10,000,000

11,593,600

Water

&

Wastewater,

Revenue,

2018

B,

5%,

11/01/47

......................

5,000,000

6,124,050

Water

&

Wastewater,

Revenue,

2019,

Refunding,

4%,

11/01/38

...............

1,450,000

1,749,874

City

of

Buford

,

GO

,

2017

C

,

Refunding

,

4

%

,

1/01/43

.........................

5,000,000

5,594,850

City

of

Cartersville

,

Revenue

,

2018

,

Refunding

,

5

%

,

6/01/48

...................

4,000,000

4,931,760

City

of

Columbus

,

Water

&

Sewerage

,

Revenue

,

2014A

,

Pre-Refunded

,

5

%

,

5/01/33

.

1,030,000

1,217,336

City

of

Dalton

,

GO

,

2018

,

5

%

,

2/01/48

....................................

3,000,000

3,668,190

City

of

Fairburn

,

GO

,

2011

,

Pre-Refunded

,

AGM

Insured

,

5.75

%

,

12/01/31

.........

2,000,000

2,167,440

Clayton

County

Development

Authority

,

CSU

Foundation

Real

Estate

II

LLC,

Revenue,

2011,

AGM

Insured,

5%,

7/01/36

..

3,000,000

3,095,670

TUFF

Archives

LLC,

Revenue,

2012,

Refunding,

5%,

7/01/33

.................

5,000,000

5,422,900

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

45

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Clayton

County

Hospital

Authority

,

Southern

Regional

Health

System,

Inc.

,

Revenue

,

2010A

,

Pre-Refunded

,

5.25

%

,

8/01/35

..................................

$

1,000,000

$

1,007,970

County

of

DeKalb

,

Water

&

Sewerage,

Revenue,

2006

B,

Refunding,

AGM

Insured,

5%,

10/01/35

....

10,655,000

12,916,098

Water

&

Sewerage,

Revenue,

Junior

Lien,

2011A,

5.25%,

10/01/41

............

11,425,000

12,042,978

County

of

Fulton

,

GO

,

2017

,

4

%

,

7/01/40

.................................

5,000,000

5,684,150

Coweta

County

Development

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2010

,

5

%

,

6/15/40

.........................................

5,000,000

5,008,600

Coweta

County

Water

&

Sewage

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

6/01/39

.

1,500,000

1,766,895

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

4

%

,

8/15/41

............................

3,000,000

3,324,930

Decatur

Urban

Redevelopment

Agency

,

Revenue

,

2013A

,

5

%

,

1/01/38

...........

6,195,000

6,806,508

DeKalb

Newton

&

Gwinnett

Counties

Joint

Development

Authority

,

GGCF

Athletic

Fields

LLC

,

Revenue

,

2012A

,

AGM

Insured

,

5

%

,

7/01/39

....................

5,000,000

5,422,900

Development

Authority

for

Fulton

County

,

AMC

Campus

Project

I

LLC,

Revenue,

2011,

AGM

Insured,

5%,

6/15/37

........

3,075,000

3,197,170

Georgia

Tech

Facilities,

Inc.,

Revenue,

2010A,

5%,

6/01/41

..................

3,500,000

3,509,695

Georgia

Tech

Facilities,

Inc.,

Revenue,

2018,

4%,

3/01/43

...................

2,000,000

2,230,640

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2014A,

Refunding,

5%,

7/01/44

........................................................

10,000,000

10,908,800

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2019

A,

4%,

7/01/49

......

5,000,000

5,365,750

WellStar

Health

System

Obligated

Group,

Revenue,

2017,

5%,

4/01/47

.........

1,000,000

1,109,310

Development

Authority

of

Bulloch

County

,

Georgia

Southern

University

Housing

Foundation

Five

LLC

,

Revenue

,

2011

,

AGM

Insured

,

5

%

,

7/01/36

..............

2,055,000

2,109,375

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

,

Refunding

,

4.125

%

,

11/01/45

....................................

6,000,000

6,087,600

Development

Authority

of

Cobb

County

(The)

,

Georgia

Tech

Cobb

Research

Campus

LLC,

Revenue,

2017

A,

4%,

6/01/42

......

1,600,000

1,754,096

Kennesaw

State

University

Real

Estate

Obligated

Group

2015

ABC,

Revenue,

Senior

Lien,

2015A,

5%,

7/15/38

..........................................

2,000,000

2,224,500

KSU

SRAC

Real

Estate

Foundation

LLC,

Revenue,

2013,

5%,

7/15/35

..........

2,500,000

2,723,525

KSU

SRAC

Real

Estate

Foundation

LLC,

Revenue,

2013,

5%,

7/15/38

..........

2,500,000

2,716,875

Development

Authority

of

Gwinnett

County

,

Gwinnett

County

School

District,

COP,

2006,

NATL

Insured,

5.25%,

1/01/22

......

3,000,000

3,241,950

Gwinnett

County

School

District,

COP,

2006,

NATL

Insured,

5.25%,

1/01/24

......

2,000,000

2,350,940

Etowah

Water

&

Sewer

Authority

,

Revenue,

2019,

Refunding,

BAM

Insured,

4%,

3/01/36

......................

1,450,000

1,678,926

Revenue,

2019,

Refunding,

BAM

Insured,

3%,

3/01/44

......................

1,250,000

1,294,313

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

7/01/43

......................................................

7,735,000

8,476,322

Forsyth

County

School

District

,

GO

,

2018

,

5

%

,

2/01/38

.......................

2,650,000

3,349,362

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

6,000,000

6,002,880

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

2/15/42

....................................................

7,000,000

7,974,820

Northeast

Georgia

Health

System

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

2/15/45

....................................................

5,000,000

5,254,250

Georgia

Higher

Education

Facilities

Authority

,

USG

Real

Estate

Foundation

III

LLC

,

Revenue

,

2020

,

Refunding

,

4

%

,

6/15/41

.................................

2,305,000

2,596,398

Georgia

Housing

&

Finance

Authority

,

Revenue,

2013A,

3.8%,

12/01/37

......................................

5,000,000

5,182,900

Revenue,

2018

A,

3.85%,

12/01/38

....................................

5,705,000

6,263,748

Revenue,

2018

A,

3.95%,

12/01/43

....................................

3,000,000

3,270,360

Revenue,

2018B,

4.05%,

12/01/38

.....................................

1,260,000

1,354,941

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

46

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

Georgia

Housing

&

Finance

Authority,

(continued)

Revenue,

2019A,

Refunding,

3.7%,

6/01/49

..............................

$

5,000,000

$

5,402,600

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

............................

5,000,000

5,528,500

Gwinnett

County

School

District

,

GO

,

2019

,

5

%

,

2/01/41

......................

3,000,000

3,861,840

Henry

County

School

District

,

GO

,

2016

,

4

%

,

8/01/33

........................

5,000,000

5,746,850

Hogansville

Ga

Combined

Public

Utility

System

,

Revenue

,

1993

,

Refunding

,

AGM

Insured

,

6

%

,

10/01/23

..............................................

1,845,000

1,996,751

Lawrenceville

Building

Authority

,

City

of

Lawrenceville

,

Revenue

,

2015

,

5

%

,

4/01/35

.

2,270,000

2,689,360

Macon

Water

Authority

,

Revenue

,

2015

,

4

%

,

10/01/35

........................

2,810,000

3,231,584

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007A,

5.5%,

9/15/27

.......................................

5,000,000

6,232,400

Revenue,

2019

A,

5%,

5/15/38

........................................

2,500,000

3,055,350

Medical

Center

Hospital

Authority

,

Columbus

Regional

Healthcare

Obligated

Group

,

Revenue

,

2010

,

Pre-Refunded

,

AGM

Insured

,

5

%

,

8/01/41

...................

5,000,000

5,039,050

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2015B

,

5

%

,

7/01/45

........

5,000,000

5,908,700

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

5

%

,

12/01/43

...................

4,815,000

5,889,660

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019A,

AGM

Insured,

4%,

1/01/44

.............................

5,000,000

5,293,950

Revenue,

GG,

Refunding,

5%,

1/01/39

..................................

7,000,000

7,364,840

Municipal

Gas

Authority

of

Georgia

,

Revenue,

S,

Refunding,

5%,

10/01/25

..................................

2,500,000

2,773,075

Revenue,

S,

Refunding,

5%,

10/01/26

..................................

2,500,000

2,770,000

Paulding

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2012A

,

5

%

,

4/01/42

........................................

3,500,000

3,676,925

Pierce

County

School

District

,

GO

,

2017

,

4

%

,

1/01/43

........................

3,725,000

4,199,491

Private

Colleges

&

Universities

Authority

,

Emory

University,

Revenue,

2011A,

Pre-Refunded,

5%,

9/01/41

...............

8,695,000

9,214,613

Emory

University,

Revenue,

2013A,

5%,

10/01/43

.........................

5,000,000

5,595,900

Emory

University,

Revenue,

2019B,

Refunding,

5%,

9/01/48

..................

5,000,000

6,271,650

Richmond

County

Hospital

Authority

,

University

Health

Services

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

4

%

,

1/01/35

.................................

8,000,000

8,715,520

Sandy

Springs

Public

Facilities

Authority

,

City

of

Sandy

Springs

,

Revenue

,

2015

,

5

%

,

5/01/41

.........................................................

3,000,000

3,599,820

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019A

,

Refunding

,

4

%

,

7/01/43

...............................

10,000,000

10,511,700

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AGM

Insured

,

5

%

,

4/01/48

.....

2,000,000

2,499,980

State

of

Georgia

,

GO,

2017

A,

4%,

2/01/36

............................................

5,000,000

5,825,550

GO,

2018A,

4%,

7/01/36

............................................

5,000,000

5,981,300

Thomasville

Hospital

Authority

,

John

D

Archbold

Memorial

Hospital,

Inc.,

Revenue,

2010,

Pre-Refunded,

5.25%,

11/01/35

.......................................................

1,000,000

1,021,110

John

D

Archbold

Memorial

Hospital,

Inc.,

Revenue,

2010,

Pre-Refunded,

5.375%,

11/01/40

.......................................................

5,000,000

5,108,150

Tift

County

Hospital

Authority

,

Southwell

Obligated

Group

,

Revenue

,

2013

,

5

%

,

12/01/38

........................................................

2,000,000

2,147,700

Valdosta

&

Lowndes

County

Hospital

Authority

,

Revenue

,

2011B

,

Pre-Refunded

,

5

%

,

10/01/41

........................................................

3,000,000

3,189,150

Worth

County

School

District

,

GO

,

2017

,

5

%

,

12/01/42

.......................

5,000,000

6,078,600

454,237,362

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Georgia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

47

See

Abbreviations

on

page

140.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

0.7%

Puerto

Rico

0.7%

a

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

XX-RSA-1

,

5.25

%

,

7/01/40

........

$

5,000,000

$

3,100,000

Total

Municipal

Bonds

(Cost

$436,944,803)

.....................................

457,337,362

a

a

a

a

Short

Term

Investments

0.2%

Municipal

Bonds

0.2%

Georgia

0.2%

b

Athens-Clarke

County

Unified

Government

Development

Authority

,

University

of

Georgia

Athletic

Association,

Inc.

,

Revenue

,

2005

B

,

LOC

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.07

%

,

7/01/35

...................................

785,000

785,000

Total

Municipal

Bonds

(Cost

$785,000)

.........................................

785,000

a

Total

Investments

(Cost

$437,729,803)

98.6%

...................................

$458,122,362

Other

Assets,

less

Liabilities

1.4%

.............................................

6,557,874

Net

Assets

100.0%

...........................................................

$464,680,236

a

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

b

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

High

Yield

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

48

a

a

Shares

a

Value

a

Management

Investment

Companies

0.5%

Capital

Markets

0.5%

a

Franklin

Liberty

Intermediate

Municipal

Opportunities

ETF

.....................

100,000

$

2,494,500

iShares

National

Muni

Bond

ETF

........................................

272,095

31,342,623

33,837,123

Total

Management

Investment

Companies

(Cost

$33,134,334)

....................

33,837,123

Principal

Amount

a

a

a

a

Corporate

Bonds

0.0%

†

Diversified

Financial

Services

0.0%

†

b

Coalview

Centralia

LLC

,

15

%

,

2/28/21

....................................

$

1,900,000

1,900,000

Total

Corporate

Bonds

(Cost

$1,900,000)

.......................................

1,900,000

Municipal

Bonds

97.3%

Alabama

2.9%

County

of

Jefferson

,

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn

.,

10/01/28

....................

7,350,000

5,026,150

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn

.,

10/01/29

....................

13,465,000

8,474,332

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn

.,

10/01/30

....................

19,050,000

11,013,186

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn

.,

10/01/31

....................

24,845,000

13,162,136

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn

.,

10/01/32

....................

30,825,000

14,968,312

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn

.,

10/01/33

....................

35,700,000

15,942,549

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn

.,

10/01/34

....................

28,020,000

11,505,292

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn

.,

10/01/35

....................

15,000,000

5,656,350

Sewer,

Revenue,

Sub.

Lien,

2013-E,

Zero

Cpn

.,

10/01/36

....................

12,425,000

4,277,928

Sewer,

Revenue,

Sub.

Lien,

2013-F,

Zero

Cpn

.,

10/01/39

....................

75,000,000

71,612,250

Cullman

County

Health

Care

Authority

,

Revenue

,

2009A

,

7

%

,

2/01/36

............

5,000

5,009

Selma

Industrial

Development

Board

,

International

Paper

Co.,

Revenue,

2010A,

5.8%,

5/01/34

....................

3,000,000

3,009,270

International

Paper

Co.,

Revenue,

2011A,

5.375%,

12/01/35

.................

3,250,000

3,372,850

State

of

Alabama

,

Docks

Department

,

Revenue

,

2010

,

Pre-Refunded

,

6

%

,

10/01/40

.

6,000,000

6,114,900

174,140,514

Arizona

1.9%

Arizona

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

B-1

,

5.25

%

,

3/01/39

................................................

10,000,000

10,170,900

Industrial

Development

Authority

of

the

City

of

Phoenix

(The)

,

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

5

%

,

7/01/54

.....................

1,335,000

1,302,933

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

c

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2017,

5%,

6/15/47

........

5,450,000

4,940,916

c

American

Leadership

Academy,

Inc.,

Revenue,

144A,

2019,

Refunding,

5%,

6/15/49

1,235,000

1,112,957

Tucson

Electric

Power

Co.,

Revenue,

2010

A,

5.25%,

10/01/40

...............

15,405,000

15,516,378

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/38

....................

1,000,000

1,083,340

Harmony

Public

Schools,

Revenue,

2018

A,

5%,

2/15/48

....................

1,000,000

1,065,820

c

Maricopa

County

Industrial

Development

Authority

,

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018A,

6%,

7/01/38

........................................................

5,000,000

5,383,850

Benjamin

Franklin

Charter

School

Obligated

Group,

Revenue,

144A,

2018A,

6%,

7/01/52

........................................................

10,000,000

10,562,300

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

49

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

(continued)

Maricopa

County

Pollution

Control

Corp.

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2003A

,

Refunding

,

6.25

%

,

1/01/38

.....................................

$

15,000,000

$

15,141,300

Northern

Arizona

University

,

Revenue

,

2020

B

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/39

1,300,000

1,652,521

Salt

Verde

Financial

Corp.

,

Revenue,

2007-1,

5.25%,

12/01/25

....................................

6,000,000

7,125,360

Revenue,

2007-1,

5.5%,

12/01/29

.....................................

11,105,000

14,346,883

Tempe

Industrial

Development

Authority

,

c

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017A,

6%,

10/01/37

.................

1,200,000

1,172,112

c

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017A,

6.125%,

10/01/47

.............

1,400,000

1,353,954

c

Mirabella

at

ASU,

Inc.,

Revenue,

144A,

2017A,

6.125%,

10/01/52

.............

1,400,000

1,342,026

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/50

........

4,300,000

3,458,318

Tempe

Life

Care

Village

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

........

6,000,000

4,754,160

Yuma

County

Industrial

Development

Authority

,

Far

West

Water

&

Sewer,

Inc.

,

Revenue

,

2007A

,

Refunding

,

6.375

%

,

12/01/37

...........................

14,660,000

13,452,162

114,938,190

Arkansas

0.2%

Arkansas

Development

Finance

Authority

,

Baptist

Health

Obligated

Group,

Revenue,

2019,

5%,

12/01/47

................

3,000,000

3,524,010

c

Big

River

Steel

LLC,

Revenue,

144A,

2019,

4.5%,

9/01/49

...................

10,000,000

8,648,900

12,172,910

California

21.0%

Alvord

Unified

School

District

,

GO

,

2011B

,

AGM

Insured

,

Zero

Cpn

.,

8/01/41

.......

30,750,000

16,236,000

c

California

Community

Housing

Agency

,

Revenue

,

144A,

2019

A

,

5

%

,

4/01/49

......

10,800,000

11,237,184

California

County

Tobacco

Securitization

Agency

,

Alameda

County

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

2002

,

5.875

%

,

6/01/35

......................

3,700,000

3,701,369

c

California

Municipal

Finance

Authority

,

California

Baptist

University,

Revenue,

144A,

2015A,

5.5%,

11/01/45

...........

17,400,000

17,948,796

California

Baptist

University,

Revenue,

144A,

2016

A,

5%,

11/01/46

............

6,800,000

6,825,636

c

California

Pollution

Control

Financing

Authority

,

American

Water

Capital

Corp.,

Revenue,

144A,

2010,

5.25%,

8/01/40

..........

6,000,000

6,044,340

CalPlant

I

LLC,

Revenue,

144A,

2017,

7.5%,

7/01/32

.......................

24,500,000

13,230,000

CalPlant

I

LLC,

Revenue,

144A,

2017,

8%,

7/01/39

........................

10,000,000

5,400,000

California

State

Public

Works

Board

,

Revenue

,

2012

A

,

5

%

,

4/01/30

.............

17,785,000

19,191,438

California

Statewide

Communities

Development

Authority

,

c

Lancer

Educational

Housing

LLC,

Revenue,

144A,

2016

A,

Refunding,

5%,

6/01/36

7,210,000

7,217,354

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

2014A,

5.25%,

12/01/44

.......................................................

20,555,000

21,137,940

c

Loma

Linda

University

Medical

Center

Obligated

Group,

Revenue,

144A,

2016

A,

5.25%,

12/01/56

.................................................

3,000,000

3,048,480

Centinela

Valley

Union

High

School

District

,

GO

,

2012

B

,

Refunding

,

AGM

Insured

,

Zero

Cpn

.,

8/01/37

.................................................

8,400,000

3,468,444

City

of

Los

Angeles

,

Department

of

Airports

,

Revenue

,

2010D

,

5

%

,

5/15/40

........

20,620,000

20,877,750

City

of

San

Buenaventura

,

Community

Memorial

Health

System,

Revenue,

2011,

8%,

12/01/31

............

10,000,000

10,363,300

Community

Memorial

Health

System,

Revenue,

2011,

7.5%,

12/01/41

..........

15,000,000

15,260,400

City

of

San

Jose

,

Hotel

Tax

,

Special

Tax

,

2011

,

6.5

%

,

5/01/42

..................

10,000,000

10,132,800

Compton

Community

College

District

,

GO,

2013D,

Refunding,

BAM

Insured,

Zero

Cpn

.,

8/01/30

...................

3,425,000

2,170,833

GO,

2013D,

Refunding,

BAM

Insured,

Zero

Cpn

.,

8/01/32

...................

4,000,000

2,204,600

GO,

2013D,

Refunding,

BAM

Insured,

Zero

Cpn

.,

8/01/34

...................

4,560,000

2,172,612

GO,

2013D,

Refunding,

BAM

Insured,

Zero

Cpn

.,

8/01/36

...................

5,250,000

2,167,148

GO,

2013D,

Refunding,

BAM

Insured,

Zero

Cpn

.,

8/01/37

...................

3,065,000

1,177,542

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

50

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Compton

Community

College

District,

(continued)

GO,

2013D,

Refunding,

BAM

Insured,

Zero

Cpn

.,

8/01/38

...................

$

6,000,000

$

2,146,920

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AGM

Insured,

Zero

Cpn

.,

1/15/30

...............

10,000,000

11,498,800

Revenue,

2013

A,

Refunding,

AGM

Insured,

Zero

Cpn

.,

1/15/31

...............

7,295,000

8,588,404

Revenue,

Junior

Lien,

C,

Refunding,

6.25%,

1/15/33

.......................

17,580,000

19,874,014

Revenue,

Junior

Lien,

C,

Refunding,

6.5%,

1/15/43

........................

28,790,000

32,515,714

Golden

State

Tobacco

Securitization

Corp.

,

Revenue,

2007B,

Zero

Cpn

.,

6/01/47

...................................

50,000,000

9,873,000

Revenue,

2018

A2,

Refunding,

5%,

6/01/47

..............................

20,000,000

20,016,200

Los

Angeles

Unified

School

District

,

GO

,

2010

KRY

,

5.25

%

,

7/01/34

.............

36,625,000

36,757,949

M-S-R

Energy

Authority

,

Revenue,

2009B,

6.125%,

11/01/29

....................................

30,275,000

37,860,098

Revenue,

2009B,

7%,

11/01/34

.......................................

20,000,000

29,338,000

Revenue,

2009C,

6.5%,

11/01/39

......................................

20,000,000

29,994,800

Novato

Redevelopment

Agency

Successor

Agency

,

Tax

Allocation

,

2011

,

Pre-

Refunded

,

6.75

%

,

9/01/40

...........................................

3,750,000

4,054,312

Palmdale

Elementary

School

District

,

Special

Tax,

2012

A,

AGM

Insured,

Zero

Cpn

.,

8/01/28

......................

1,500,000

1,331,145

Special

Tax,

2012

A,

AGM

Insured,

Zero

Cpn

.,

8/01/30

......................

1,250,000

1,049,925

Special

Tax,

2012

A,

AGM

Insured,

Zero

Cpn

.,

8/01/31

......................

1,250,000

1,019,400

Special

Tax,

2012

A,

AGM

Insured,

Zero

Cpn

.,

8/01/34

......................

2,500,000

2,634,750

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien,

2013A,

5.75%,

6/01/44

............................

6,065,000

6,496,464

Revenue,

Senior

Lien,

2013B,

Zero

Cpn

.,

6/01/32

.........................

4,000,000

2,661,840

Revenue,

Senior

Lien,

2013B,

Zero

Cpn

.,

6/01/33

.........................

5,500,000

3,520,935

Revenue,

Senior

Lien,

2013B,

Zero

Cpn

.,

6/01/41

.........................

5,000,000

2,251,450

Revenue,

Senior

Lien,

2013B,

Zero

Cpn

.,

6/01/42

.........................

7,000,000

3,008,320

San

Diego

Unified

School

District

,

GO,

2012

E,

Zero

Cpn

.,

7/01/42

.......................................

44,565,000

40,888,388

GO,

2012

E,

Zero

Cpn

.,

7/01/47

.......................................

33,305,000

31,175,145

GO,

2014

G,

Pre-Refunded,

Zero

Cpn

.,

7/01/34

...........................

5,000,000

2,805,900

GO,

2014

G,

Pre-Refunded,

Zero

Cpn

.,

7/01/35

...........................

10,000,000

5,285,000

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue,

1997

A,

Refunding,

Zero

Cpn

.,

1/15/41

..........................

35,256,000

41,836,885

Revenue,

1997

A,

Refunding,

Zero

Cpn

.,

1/15/42

..........................

35,256,000

41,931,018

Revenue,

Junior

Lien,

ETM,

Zero

Cpn

.,

1/01/24

...........................

52,700,000

51,839,936

Revenue,

Junior

Lien,

ETM,

Zero

Cpn

.,

1/01/25

...........................

45,200,000

44,157,688

Revenue,

Junior

Lien,

ETM,

Zero

Cpn

.,

1/01/26

...........................

131,900,000

127,279,543

Revenue,

Junior

Lien,

ETM,

Zero

Cpn

.,

1/01/27

...........................

139,100,000

131,980,862

Revenue,

Junior

Lien,

2014B,

Refunding,

5.25%,

1/15/44

....................

20,000,000

21,339,400

Revenue,

Junior

Lien,

2014B,

Refunding,

5.25%,

1/15/49

....................

25,000,000

26,597,750

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn

.,

8/01/42

...............

40,000,000

43,925,200

San

Mateo

Union

High

School

District

,

GO

,

2011A

,

Zero

Cpn

.,

9/01/41

...........

20,000,000

22,413,200

San

Ysidro

School

District

,

GO,

2015,

Refunding,

AGM

Insured,

Zero

Cpn

.,

8/01/42

.....................

10,000,000

3,681,300

GO,

2015,

Refunding,

AGM

Insured,

Zero

Cpn

.,

8/01/43

.....................

12,500,000

4,352,750

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue,

2007A,

Zero

Cpn

.,

6/01/36

...................................

15,000,000

6,176,100

Revenue,

2007C,

Zero

Cpn

.,

6/01/56

...................................

60,000,000

5,978,400

Southern

California

Public

Power

Authority

,

Revenue

,

2007A

,

5.25

%

,

11/01/27

.....

9,855,000

12,041,825

State

of

California

,

GO,

5.25%,

3/01/30

................................................

80,000,000

80,288,000

GO,

5%,

10/01/41

.................................................

10,000,000

10,571,000

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

51

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

State

of

California,

(continued)

GO,

2010,

5.25%,

11/01/40

..........................................

$

47,000,000

$

47,868,090

Tobacco

Securitization

Authority

of

Southern

California

,

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2006B,

Zero

Cpn

.,

6/01/46

........................................................

50,000,000

9,340,500

San

Diego

County

Tobacco

Asset

Securitization

Corp.,

Revenue,

2019

B-2,

Refunding,

Zero

Cpn

.,

6/01/54

......................................

18,000,000

2,858,220

1,284,318,506

Colorado

5.6%

9th

Avenue

Metropolitan

District

No.

2

,

GO

,

2018

,

5

%

,

12/01/48

................

7,420,000

7,355,372

Aerotropolis

Regional

Transportation

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,500,000

5,105,980

Banning

Lewis

Ranch

Regional

Metropolitan

District

,

GO

,

2018

A

,

5.375

%

,

12/01/48

.

2,245,000

2,154,998

Bradburn

Metropolitan

District

No.

2

,

GO,

2018A,

Refunding,

5%,

12/01/38

...................................

600,000

616,254

GO,

2018A,

Refunding,

5%,

12/01/47

...................................

2,400,000

2,430,504

Brighton

Crossing

Metropolitan

District

No.

4

,

GO,

2017

A,

5%,

12/01/37

...........................................

525,000

528,255

GO,

2017

A,

5%,

12/01/47

...........................................

2,440,000

2,379,488

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

12/01/48

24,120,000

27,908,770

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

2,000,000

2,240,400

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

11,990,000

12,209,057

Evangelical

Lutheran

Good

Samaritan

Obligated

Group,

Revenue,

2015A,

Pre-

Refunded,

5%,

6/01/45

............................................

14,000,000

17,167,500

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/47

........................................................

6,500,000

5,941,260

Frasier

Meadows

Manor,

Inc.

Obligated

Group,

Revenue,

2017B,

5%,

5/15/48

....

12,255,000

10,677,904

Copperleaf

Metropolitan

District

No.

2

,

GO

,

2015

,

Refunding

,

5.75

%

,

12/01/45

.....

2,000,000

2,014,440

Copperleaf

Metropolitan

District

No.

6

,

GO

,

2018

A

,

5.25

%

,

12/01/48

.............

3,850,000

3,696,231

Cornerstar

Metropolitan

District

,

GO,

A,

Refunding,

5.125%,

12/01/37

...................................

2,000,000

1,943,740

GO,

A,

Refunding,

5.25%,

12/01/47

....................................

5,200,000

4,973,540

Cottonwood

Highlands

Metropolitan

District

No.

1

,

GO

,

2019A

,

5

%

,

12/01/49

.......

900,000

835,929

c

Denver

Health

&

Hospital

Authority

,

Revenue,

144A,

2017

A,

Refunding,

4%,

12/01/35

.........................

5,000,000

5,259,200

Revenue,

144A,

2017

A,

Refunding,

4%,

12/01/36

.........................

5,000,000

5,241,000

Denver

International

Business

Center

Metropolitan

District

No.

1

,

GO

,

2019B

,

6

%

,

12/01/48

........................................................

4,290,000

4,196,135

c

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

5

%

,

12/01/49

....................

2,000,000

1,849,400

E-470

Public

Highway

Authority

,

Revenue,

2004

A,

NATL

Insured,

Zero

Cpn

.,

9/01/28

.......................

15,000,000

11,986,650

Revenue,

2004

B,

NATL

Insured,

Zero

Cpn

.,

9/01/29

.......................

10,000,000

5,991,700

Revenue,

2004

B,

NATL

Insured,

Zero

Cpn

.,

9/01/30

.......................

17,300,000

9,786,956

Revenue,

2004

B,

NATL

Insured,

Zero

Cpn

.,

9/01/31

.......................

10,000,000

5,340,600

Revenue,

2010C,

5.375%,

9/01/26

.....................................

5,000,000

5,037,050

First

Creek

Village

Metropolitan

District

,

GO,

2019A,

5%,

12/01/39

...........................................

595,000

617,907

GO,

2019A,

5%,

8/01/49

............................................

540,000

551,475

Hunters

Overlook

Metropolitan

District

No.

5

,

GO,

2019

A,

5%,

12/01/39

...........................................

750,000

733,552

GO,

2019

A,

5%,

12/01/49

...........................................

1,000,000

926,060

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

52

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Leyden

Rock

Metropolitan

District

No.

10

,

GO

,

2016

A

,

5

%

,

12/01/45

............

$

3,020,000

$

3,016,285

Palisade

Park

West

Metropolitan

District

,

GO

,

2019A

,

5.125

%

,

12/01/49

..........

1,500,000

1,324,185

c

Plaza

Metropolitan

District

No.

1

,

Tax

Allocation

,

144A,

2013

,

Refunding

,

5

%

,

12/01/40

3,000,000

3,000,060

Public

Authority

for

Colorado

Energy

,

Revenue,

2008,

6.125%,

11/15/23

.....................................

2,060,000

2,239,550

Revenue,

2008,

6.25%,

11/15/28

......................................

12,500,000

15,616,000

Revenue,

2008,

6.5%,

11/15/38

.......................................

80,100,000

120,137,184

Regional

Transportation

District

,

COP

,

2010-A

,

Pre-Refunded

,

5

%

,

6/01/25

........

1,115,000

1,115,000

Ritoro

Metropolitan

District

,

GO

,

2019A

,

5

%

,

12/01/49

........................

2,000,000

1,771,020

Severance

Shores

Metropolitan

District

No.

4

,

GO

,

2020

A

,

5

%

,

12/01/49

.........

2,900,000

2,905,307

Sierra

Ridge

Metropolitan

District

No.

2

,

GO,

Senior

Lien

,

2016

A

,

5.5

%

,

12/01/46

...

1,500,000

1,504,410

South

Aurora

Regional

Improvement

Authority

,

Revenue

,

2018

,

6.25

%

,

12/01/57

....

2,815,000

2,704,061

Southglenn

Metropolitan

District

,

GO,

2016,

Refunding,

5%,

12/01/30

....................................

3,470,000

3,480,896

GO,

2016,

Refunding,

5%,

12/01/36

....................................

810,000

787,134

GO,

2016,

Refunding,

5%,

12/01/46

....................................

4,200,000

3,901,842

STC

Metropolitan

District

No.

2

,

GO,

2019A,

Refunding,

5%,

12/01/38

...................................

2,000,000

1,915,620

GO,

2019A,

Refunding,

5%,

12/01/49

...................................

1,000,000

914,640

Timberleaf

Metropolitan

District

,

GO

,

2020

A

,

5.75

%

,

12/01/50

..................

1,730,000

1,739,896

Village

at

Dry

Creek

Metropolitan

District

No.

2

(The)

,

GO

,

2019

,

4.375

%

,

12/01/44

..

1,370,000

1,144,114

Villages

at

Castle

Rock

Metropolitan

District

No.

4

,

1989

,

6/01/31

...............

3,000,000

2,400,000

Wild

Plum

Metropolitan

District

,

GO

,

2019

A

,

5

%

,

12/01/49

....................

595,000

607,846

Willow

Bend

Metropolitan

District

,

GO,

Senior

Lien

,

2019A

,

5

%

,

12/01/49

.........

1,000,000

912,530

340,834,887

Connecticut

0.4%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

c

Church

Home

of

Hartford

Obligated

Group,

Revenue,

144A,

A,

5%,

9/01/53

......

6,350,000

5,681,345

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/37

........

5,500,000

5,202,670

Masonicare

Corp.

Obligated

Group,

Revenue,

F,

Refunding,

5%,

7/01/43

........

13,000,000

11,870,300

State

of

Connecticut

,

GO

,

2020

A

,

3

%

,

1/15/39

.............................

1,700,000

1,702,771

24,457,086

Delaware

0.0%

†

Delaware

State

Health

Facilities

Authority

,

Christiana

Care

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

10/01/49

........................

1,000,000

1,118,410

Florida

6.0%

Brooks

of

Bonita

Springs

Community

Development

District

,

Special

Assessment

,

6.85

%

,

5/01/31

...................................................

790,000

790,956

c

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

6

%

,

7/01/45

........................................

5,250,000

4,177,320

c

Capital

Trust

Agency,

Inc.

,

Odyssey

Charter

School,

Inc.,

Revenue,

144A,

2019,

5%,

7/01/49

.............

1,280,000

1,196,378

Odyssey

Charter

School,

Inc.,

Revenue,

144A,

2019,

5%,

7/01/54

.............

2,390,000

2,206,806

PCPT

Hamlin

Obligated

Group,

Revenue,

144A,

2018A,

7.5%,

6/01/48

.........

10,000,000

8,936,800

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

7/01/46

............................................

3,250,000

2,835,658

University

Bridge

LLC,

Revenue,

144A,

2018A,

5.25%,

12/01/43

..............

31,755,000

29,338,127

Collier

County

Educational

Facilities

Authority

,

Ave

Maria

University,

Inc.,

Revenue,

2013A,

Refunding,

6%,

6/01/33

...........

5,500,000

5,713,290

Ave

Maria

University,

Inc.,

Revenue,

2013A,

Refunding,

6%,

6/01/38

...........

12,000,000

12,392,160

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

53

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Collier

County

Educational

Facilities

Authority,

(continued)

Hodges

University,

Inc.,

Revenue,

2013,

6.125%,

11/01/43

...................

$

10,035,000

$

10,296,211

County

of

Broward

,

Port

Facilities

,

Revenue,

Senior

Lien

,

2019

B

,

4

%

,

9/01/49

.....

5,000,000

5,251,000

County

of

Miami-Dade

,

Aviation,

Revenue,

2010

A-1,

Pre-Refunded,

5.5%,

10/01/41

.................

20,850,000

21,219,879

Aviation,

Revenue,

2019A,

5%,

10/01/44

................................

8,500,000

9,888,135

c

Downtown

Doral

South

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2018

,

5

%

,

12/15/48

.................................

5,310,000

5,522,719

Escambia

County

Health

Facilities

Authority

,

Baptist

Health

Care

Corp.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/45

........................................................

1,500,000

1,551,240

Baptist

Health

Care

Corp.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/50

........................................................

1,500,000

1,541,565

Greater

Orlando

Aviation

Authority

,

Revenue

,

2019

A

,

5

%

,

10/01/44

..............

14,200,000

16,772,614

c

Greeneway

Improvement

District

,

Special

Assessment

,

144A,

2013

,

5.125

%

,

5/01/43

35,910,000

36,257,250

Hillsborough

County

Aviation

Authority

,

Revenue

,

2015A

,

5

%

,

10/01/44

...........

4,940,000

5,261,890

d

Holly

Hill

Road

East

Community

Development

District

,

Special

Assessment,

2020,

4.5%,

11/01/31

...............................

165,000

164,992

Special

Assessment,

2020,

5%,

11/01/41

................................

350,000

348,841

Special

Assessment,

2020,

5%,

11/01/50

................................

520,000

508,056

Indian

Trace

Development

District

,

Special

Assessment

,

2003

,

5.5

%

,

5/01/33

......

2,000,000

2,004,040

Indigo

Community

Development

District

,

Special

Assessment,

1999

A,

7%,

5/01/31

...............................

595,000

595,458

Special

Assessment,

1999C,

7%,

5/01/30

................................

4,123,752

2,886,626

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015A-1

,

Refunding

,

5

%

,

5/01/32

.............................................

2,330,000

2,395,589

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015A

,

Refunding

,

5

%

,

5/01/32

.............................................

1,890,000

1,922,262

Martin

County

Health

Facilities

Authority

,

Martin

Memorial

Medical

Center

Obligated

Group,

Revenue,

2012,

Pre-Refunded,

5.5%,

11/15/42

..................................................

3,800,000

4,089,104

Martin

Memorial

Medical

Center

Obligated

Group,

Revenue,

2015,

Pre-Refunded,

5%,

11/15/45

...................................................

7,500,000

8,977,050

Miami-Dade

County

Educational

Facilities

Authority

,

University

of

Miami

,

Revenue

,

B

,

Refunding

,

AMBAC

Insured

,

5.25

%

,

4/01/27

..............................

10,995,000

13,175,528

Miami-Dade

County

Expressway

Authority

,

Revenue

,

A

,

5

%

,

7/01/40

.............

44,360,000

44,477,110

North

Sumter

County

Utility

Dependent

District

,

Revenue,

2010,

6%,

10/01/30

........................................

3,780,000

3,850,724

Revenue,

2010,

6.25%,

10/01/43

......................................

6,865,000

6,999,142

Northern

Palm

Beach

County

,

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5%,

8/01/34

........................................................

2,700,000

2,840,130

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2014,

5.2%,

8/01/46

........................................................

6,000,000

6,265,140

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/37

........................................................

750,000

799,905

Improvement

District

Unit

of

Development

No.

2C,

Special

Assessment,

2017,

5%,

8/01/46

........................................................

3,000,000

3,159,840

Orange

County

Health

Facilities

Authority

,

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/41

............................................

3,800,000

3,903,132

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/47

............................................

4,285,000

4,368,900

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

54

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/32

...............

$

1,500,000

$

1,581,915

Pelican

Marsh

Community

Development

District

,

Special

Assessment,

2012,

Refunding,

4.875%,

5/01/22

.....................

330,000

337,125

Special

Assessment,

2012,

Refunding,

5.375%,

5/01/31

.....................

1,260,000

1,298,102

Pinellas

County

Industrial

Development

Authority

,

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2017,

5%,

7/01/39

................................................

2,000,000

1,964,220

Drs

Kiran

&

Pallavi

Patel

2017

Foundation

for

Global

Understanding,

Inc.,

Revenue,

2019,

5%,

7/01/29

................................................

1,000,000

1,034,380

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment,

2001

A,

7.625%,

5/01/21

............................

600,000

462,162

Special

Assessment,

2001

A,

7.625%,

5/01/30

............................

1,590,000

1,225,954

School

Board

of

Miami-Dade

County

(The)

,

COP

,

2013A

,

5

%

,

5/01/31

............

7,985,000

8,949,029

Somerset

Community

Development

District

,

Special

Assessment

,

2005

,

5.3

%

,

5/01/37

5,900,000

5,899,941

State

of

Florida

,

GO

,

1999

D

,

Refunding

,

6

%

,

6/01/23

........................

5,000,000

5,862,050

Village

Community

Development

District

No.

10

,

Special

Assessment,

2012,

5%,

5/01/32

.................................

5,085,000

5,312,300

Special

Assessment,

2012,

5.125%,

5/01/43

.............................

8,100,000

8,490,015

Special

Assessment,

2014,

5.75%,

5/01/31

..............................

1,800,000

1,947,564

Special

Assessment,

2014,

6%,

5/01/44

.................................

7,400,000

8,073,918

Village

Community

Development

District

No.

6

,

Special

Assessment

,

2013

,

Refunding

,

4

%

,

5/01/35

......................................................

3,485,000

3,583,974

Village

Community

Development

District

No.

9

,

Special

Assessment,

1,

6.75%,

5/01/31

.................................

6,445,000

6,680,049

Special

Assessment,

1,

7%,

5/01/41

....................................

5,715,000

5,973,432

Special

Assessment,

2012,

Refunding,

5%,

5/01/22

........................

390,000

398,405

Special

Assessment,

2012,

Refunding,

5.25%,

5/01/31

......................

1,810,000

1,871,359

Special

Assessment,

2012,

Refunding,

5.5%,

5/01/42

.......................

1,815,000

1,878,507

367,705,968

Georgia

1.3%

e

Baldwin

County

Hospital

Authority

,

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

1998,

5.375%,

12/01/28

.......................................................

1,470,000

15

Oconee

Regional

Medical

Center

Obligated

Group,

Revenue,

2016,

6.5%,

3/31/17

.

775,108

209,279

c

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/39

1,825,000

1,657,812

Presbyterian

Village

Austell,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

12/01/49

10,760,000

9,240,688

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375

%

,

10/01/28

...........................

7,400,000

9,192,798

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

2/15/39

.................

8,300,000

8,933,456

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007A,

5.5%,

9/15/25

.......................................

5,000,000

5,954,100

Revenue,

2007A,

5.5%,

9/15/27

.......................................

4,000,000

4,985,920

Revenue,

2007A,

5.5%,

9/15/28

.......................................

10,000,000

12,741,100

Revenue,

2019

A,

5%,

5/15/49

........................................

11,500,000

14,589,475

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

B,

5%,

1/01/48

........................................

4,595,000

4,963,565

Revenue,

2019A,

5%,

1/01/56

........................................

5,000,000

5,532,850

78,001,058

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

55

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Idaho

0.2%

Idaho

Housing

&

Finance

Association

,

Revenue

,

2010A

,

7

%

,

2/01/36

............

$

13,305,000

$

13,611,015

Illinois

4.3%

Bureau

County

Township

High

School

District

No.

502

,

GO

,

2013A

,

Pre-Refunded

,

BAM

Insured

,

6.625

%

,

10/01/43

.......................................

5,250,000

6,394,080

Chicago

O'Hare

International

Airport

,

Passenger

Facility

Charge,

Revenue,

2010

B,

5%,

1/01/35

...................

12,555,000

12,595,678

Passenger

Facility

Charge,

Revenue,

2010

B,

5%,

1/01/40

...................

20,430,000

20,497,011

Chicago

Transit

Authority

,

Revenue

,

2011

,

5.25

%

,

12/01/36

....................

11,000,000

11,462,220

County

of

Cook

,

GO

,

2012C

,

Refunding

,

5

%

,

11/15/29

.......................

34,555,000

35,499,734

Illinois

Finance

Authority

,

e

2017

IAVF

Windy

City

Obligated

Group,

Revenue,

2017

A-1,

4.375%,

12/01/42

...

2,815,000

1,463,800

e

2018

Blue

Island

LLC,

Revenue,

2018A-1,

5%,

12/01/43

....................

3,000,000

1,800,000

e

2018

Blue

Island

LLC,

Revenue,

2018A-1,

5%,

12/01/53

....................

3,075,000

1,845,000

American

Water

Capital

Corp.,

Revenue,

2010,

5.25%,

5/01/40

...............

10,415,000

10,447,391

e

BHF

Chicago

Housing

Group

C

LLC,

Revenue,

2018

A-1,

5.1%,

12/01/43

.......

1,600,000

440,000

e

BHF

Chicago

Housing

Group

C

LLC,

Revenue,

2018

A-1,

5.25%,

12/01/53

......

2,600,000

715,000

CHF-

Dekalb

II

LLC,

Revenue,

2011,

6.875%,

10/01/43

......................

15,000,000

15,375,600

CHF-Normal

LLC,

Revenue,

2011,

Pre-Refunded,

7%,

4/01/43

................

7,500,000

7,902,825

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/25

......

2,750,000

2,962,602

Noble

Network

of

Charter

Schools,

Revenue,

2015,

Refunding,

5%,

9/01/32

......

3,750,000

3,984,563

OSF

Healthcare

System

Obligated

Group,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

.......................................................

15,750,000

17,564,400

Plymouth

Place

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

5/15/37

.......

2,500,000

2,308,750

Plymouth

Place

Obligated

Group,

Revenue,

2015,

Refunding,

5.25%,

5/15/45

....

1,100,000

993,916

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

A,

Refunding,

5%,

8/01/47

........................................................

1,525,000

1,565,641

Rosalind

Franklin

University

of

Medicine

and

Science,

Revenue,

C,

5%,

8/01/46

...

1,900,000

1,951,642

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018A,

Refunding,

5%,

5/01/48

4,030,000

3,415,143

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018A,

Refunding,

5.25%,

5/01/48

........................................................

10,000,000

8,927,600

Westminster

Village,

Inc.

Obligated

Group,

Revenue,

2018A,

Refunding,

5.5%,

5/01/53

........................................................

8,310,000

7,550,798

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

1996,

ETM,

7%,

7/01/26

.....................................

6,205,000

7,464,925

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn

.,

6/15/35

.......................

10,000,000

5,252,500

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn

.,

12/15/37

......................

13,650,000

6,248,015

Revenue,

2010-B-1,

Refunding,

AGM

Insured,

Zero

Cpn

.,

6/15/45

.............

18,100,000

6,166,308

Railsplitter

Tobacco

Settlement

Authority

,

Revenue

,

2010

,

Pre-Refunded

,

6

%

,

6/01/28

24,650,000

26,068,361

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group,

Revenue,

2018A-1,

5%,

12/01/54

.......................................................

11,000,000

9,335,150

c

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group,

Revenue,

144A,

2018B,

6%,

12/01/54

...................................................

5,500,000

4,755,905

Village

of

Bolingbrook

,

GO

,

2013A

,

Refunding

,

Zero

Cpn

.,

1/01/35

..............

19,800,000

10,444,698

Village

of

Bourbonnais

,

Olivet

Nazarene

University

,

Revenue

,

2010

,

Pre-Refunded

,

5.5

%

,

11/01/40

....................................................

3,570,000

3,647,790

Village

of

Hillside

,

Mannheim

Redevelopment

Project

Area

,

Tax

Allocation

,

2018

,

Refunding

,

5

%

,

1/01/30

.............................................

2,690,000

2,637,760

259,684,806

Indiana

1.0%

Indiana

Finance

Authority

,

BHI

Senior

Living

Obligated

Group,

Revenue,

2011,

5.75%,

11/15/41

...........

5,000,000

5,096,000

Greencroft

Goshen

Obligated

Group,

Revenue,

2013A,

7%,

11/15/43

...........

5,000,000

5,263,200

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

56

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Indiana

(continued)

Indiana

Finance

Authority,

(continued)

Marian

University,

Inc.,

Revenue,

2011,

Pre-Refunded,

6.375%,

9/15/41

.........

$

12,500,000

$

13,496,000

Ohio

Valley

Electric

Corp.,

Revenue,

2012A,

5%,

6/01/32

....................

10,000,000

10,201,200

WVB

East

End

Partners

LLC,

Revenue,

2013A,

5%,

7/01/40

.................

12,500,000

13,094,875

WVB

East

End

Partners

LLC,

Revenue,

2013A,

5.25%,

1/01/51

...............

12,500,000

13,092,250

Indiana

University

,

Revenue

,

2020A

,

Refunding

,

4

%

,

6/01/45

..................

1,000,000

1,164,930

61,408,455

Iowa

0.9%

Iowa

Finance

Authority

,

Northcrest

Obligated

Group

,

Revenue

,

2018A

,

5

%

,

3/01/48

..

7,500,000

6,859,500

Iowa

Higher

Education

Loan

Authority

,

Upper

Iowa

University

,

Revenue

,

2010

,

Pre-

Refunded

,

6

%

,

9/01/39

.............................................

11,000,000

11,157,520

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2005B

,

5.6

%

,

6/01/34

.............

35,850,000

36,323,220

54,340,240

Kansas

0.0%

†

Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5

%

,

6/01/40

.

1,900,000

1,724,858

Kentucky

1.0%

County

of

Ohio

,

Big

Rivers

Electric

Corp.

,

Revenue

,

2010A

,

Refunding

,

6

%

,

7/15/31

.

10,500,000

10,522,365

County

of

Owen

,

American

Water/Kentucky-American

Water

Co.

Obligated

Group

,

Revenue

,

2010A

,

5.375

%

,

6/01/40

.....................................

10,000,000

10,036,200

Kentucky

Economic

Development

Finance

Authority

,

Owensboro

Health,

Inc.

Obligated

Group,

Revenue,

2010A,

Pre-Refunded,

6.5%,

3/01/45

........................................................

18,330,000

18,330,000

Owensboro

Health,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

6/01/41

........................................................

10,000,000

10,654,600

Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier,

2013C,

Zero

Cpn

.,

7/01/39

...........................

10,000,000

9,553,800

Revenue,

First

Tier,

2013C,

Zero

Cpn

.,

7/01/43

...........................

5,000,000

4,761,950

63,858,915

Louisiana

1.4%

Calcasieu

Parish

Memorial

Hospital

Service

District

,

Southwest

Louisiana

Healthcare

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/39

............

2,055,000

2,235,141

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

c

Parish

of

Jefferson,

Revenue,

144A,

2019,

4%,

11/01/44

....................

2,655,000

2,046,448

c

Parish

of

Lafourche,

Revenue,

144A,

2019,

3.95%,

11/01/43

.................

4,475,000

3,440,693

c

Parish

of

St.

Martin,

Revenue,

144A,

2019,

4.4%,

11/01/44

...................

3,250,000

2,658,565

c

Parish

of

Tangipahoa

GOMESA,

Revenue,

144A,

2018,

5.375%,

11/01/38

.......

2,575,000

2,363,361

c

Parish

of

Vermilion,

Revenue,

144A,

2019,

4.625%,

11/01/38

.................

2,080,000

1,855,339

c

Provident

Group

-

ULM

Properties

LLC,

Revenue,

144A,

2019

A,

5%,

7/01/54

....

4,000,000

3,583,680

c

Terrebonne

Parish

Consolidated

Government,

Revenue,

144A,

2018,

5.5%,

11/01/39

1,985,000

1,847,241

Westlake

Chemical

Corp.,

Revenue,

2009A,

6.5%,

8/01/29

..................

9,000,000

9,009,720

Westlake

Chemical

Corp.,

Revenue,

2010A-2,

6.5%,

11/01/35

................

8,000,000

8,007,600

Louisiana

Public

Facilities

Authority

,

Lafayette

General

Health

System,

Inc.

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

11/01/41

...........................................

2,000,000

2,151,400

Lafayette

General

Health

System,

Inc.

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

11/01/45

...........................................

7,405,000

7,924,831

Ochsner

Clinic

Foundation,

Revenue,

2011,

Pre-Refunded,

6.5%,

5/15/37

.......

5,000,000

5,296,200

Ochsner

Clinic

Foundation,

Revenue,

2011,

Pre-Refunded,

6.75%,

5/15/41

......

15,500,000

16,455,110

Ochsner

Clinic

Foundation,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

.........

60,000

75,256

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

57

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8

%

,

2/01/27

...

$

13,990,000

$

13,794,839

St.

Tammany

Parish

Finance

Authority

,

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/29

.......

1,200,000

1,211,340

Christwood

Obligated

Group,

Revenue,

2014,

Refunding,

5.25%,

11/15/37

.......

1,650,000

1,631,388

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2013A

,

Refunding

,

5.25

%

,

5/15/35

..

1,000,000

1,065,090

86,653,242

Maine

0.4%

Maine

Governmental

Facilities

Authority

,

Revenue

,

2020

A

,

3

%

,

10/01/39

.........

1,800,000

1,944,036

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineGeneral

Health

Obligated

Group,

Revenue,

2011,

6.75%,

7/01/36

.........

4,250,000

4,378,562

MaineGeneral

Health

Obligated

Group,

Revenue,

2011,

7%,

7/01/41

...........

10,000,000

10,324,000

Town

of

Rumford

,

OfficeMax,

Inc.

,

Revenue

,

Refunding

,

6.625

%

,

7/01/20

.........

4,800,000

4,799,328

21,445,926

Maryland

0.7%

City

of

Baltimore

,

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5%,

6/01/36

.....

1,250,000

1,202,063

Harbor

Point

Special

Taxing

District,

Revenue,

2016,

Refunding,

5.125%,

6/01/43

.

2,500,000

2,403,700

County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.25%,

7/01/29

........................................................

750,000

694,770

Oakdale-Lake

Linganore

Development

District,

Special

Tax,

2019,

Refunding,

3.75%,

7/01/39

........................................................

1,410,000

1,201,038

County

of

Harford

,

Tax

Allocation

,

2011

,

7.5

%

,

7/01/40

.......................

6,845,000

6,590,845

Maryland

Community

Development

Administration

,

Revenue,

2019

B,

Refunding,

3.2%,

9/01/39

.............................

10,000,000

10,788,700

Residential,

Revenue,

2019

C,

3%,

9/01/39

..............................

7,500,000

7,900,950

Maryland

Economic

Development

Corp.

,

Ports

America

Chesapeake

LLC

,

Revenue

,

A

,

Pre-Refunded

,

5.75

%

,

6/01/35

........................................

13,070,000

13,070,000

43,852,066

Massachusetts

1.3%

Commonwealth

of

Massachusetts

,

Revenue

,

2005

,

Refunding

,

NATL

Insured

,

5.5

%

,

1/01/34

.........................................................

35,000,000

47,725,300

Massachusetts

Bay

Transportation

Authority

,

Revenue

,

1991-A

,

7

%

,

3/01/21

.......

260,000

273,335

c

Massachusetts

Development

Finance

Agency

,

Linden

Ponds

Obligated

Group,

Revenue,

144A,

2018,

5%,

11/15/38

...........

3,000,000

2,665,500

Linden

Ponds

Obligated

Group,

Revenue,

144A,

2018,

5.125%,

11/15/46

........

5,000,000

4,334,350

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013A,

Pre-

Refunded,

6.25%,

11/15/28

.........................................

1,868,000

2,155,934

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013A,

Pre-

Refunded,

6.25%,

11/15/33

.........................................

2,000,000

2,411,520

North

Hill

Communities,

Inc.

Obligated

Group,

Revenue,

144A,

2013A,

Pre-

Refunded,

6.5%,

11/15/43

..........................................

4,125,000

5,002,841

Massachusetts

Educational

Financing

Authority

,

Revenue

,

2013K

,

5.25

%

,

7/01/29

...

4,575,000

4,858,376

Massachusetts

Port

Authority

,

Revenue

,

2011A

,

5.125

%

,

7/01/41

...............

10,340,000

10,704,485

80,131,641

Michigan

4.7%

City

of

Detroit

,

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2001B,

NATL

Insured,

5.5%,

7/01/29

..................................

5,000,000

6,683,150

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

58

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

City

of

Detroit,

(continued)

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2006B,

NATL

Insured,

5%,

7/01/36

...................................

$

15,000

$

15,050

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2012A,

Refunding,

5.25%,

7/01/39

...................................

12,000,000

12,908,520

City

of

Ecorse

,

GO

,

2011

,

6.5

%

,

11/01/35

.................................

3,815,000

4,105,245

Detroit

City

School

District

,

GO

,

2001A

,

AGM

Insured

,

6

%

,

5/01/29

..............

15,900,000

20,290,467

Michigan

Finance

Authority

,

Bronson

Healthcare

Group

Obligated

Group,

Revenue,

2019

A,

5%,

5/15/54

.....

30,000,000

32,206,800

Detroit

Public

Lighting

Authority

Utility

Users

Tax,

Revenue,

2014B,

5%,

7/01/39

...

5,600,000

5,917,408

Detroit

Public

Lighting

Authority

Utility

Users

Tax,

Revenue,

2014B,

5%,

7/01/44

...

5,000,000

5,244,750

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014C-1,

5%,

7/01/44

.............................................

10,000,000

10,456,300

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014C-3,

AGM

Insured,

5%,

7/01/32

..................................

10,000,000

11,377,700

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014C-3,

AGM

Insured,

5%,

7/01/33

..................................

3,000,000

3,403,140

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2014C-6,

Refunding,

5%,

7/01/33

....................................

10,000,000

11,209,000

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-1,

Refunding,

AGM

Insured,

5%,

7/01/37

..............................................

5,000,000

5,627,550

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/29

........................................................

11,000,000

12,487,420

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/30

........................................................

9,000,000

10,182,690

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

D-4,

Refunding,

5%,

7/01/34

........................................................

10,000,000

11,188,200

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2019A,

5%,

11/15/48

.....

10,000,000

11,514,500

c

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6%,

7/01/24

...

3,000,000

3,057,750

c

Thomas

M

Cooley

Law

School,

Revenue,

144A,

2014,

Refunding,

6.75%,

7/01/44

.

5,505,000

5,529,828

Trinity

Health

Corp.

Obligated

Group,

Revenue,

Pre-Refunded,

5%,

12/01/39

.....

27,600,000

29,557,944

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2013MI-4,

Refunding,

5%,

12/01/39

2,000,000

2,404,020

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2013MI-5,

4%,

12/01/40

........

3,000,000

3,298,110

Trinity

Health

Corp.

Obligated

Group,

Revenue,

MI

2019

A,

Refunding,

5%,

12/01/41

7,500,000

8,966,550

Michigan

State

Building

Authority

,

Revenue

,

2011

II-A

,

Refunding

,

5.375

%

,

10/15/41

.

10,000,000

10,704,200

Michigan

State

Hospital

Finance

Authority

,

Trinity

Health

Corp.

Obligated

Group,

Revenue,

Pre-Refunded,

5%,

12/01/34

.....

28,860,000

31,544,713

Michigan

Tobacco

Settlement

Finance

Authority

,

Revenue,

2007A,

6%,

6/01/48

........................................

5,000,000

5,000,100

Revenue,

2007B,

Zero

Cpn

.,

6/01/52

...................................

150,000,000

10,396,500

Michigan

Finance

Authority

Tobacco

Settlement,

Revenue,

2007A,

6%,

6/01/34

...

2,500,000

2,500,075

287,777,680

Minnesota

0.1%

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.25%,

11/01/45

..............

2,800,000

2,551,472

Ecumen

Mill

City

Quarter

LLC,

Revenue,

2015,

5.375%,

11/01/50

..............

1,000,000

928,800

Minnesota

Higher

Education

Facilities

Authority

,

College

of

St.

Scholastica

,

Inc.

,

Revenue

,

2019

,

Refunding

,

4

%

,

12/01/40

................................

1,000,000

959,260

4,439,532

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

59

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Mississippi

1.0%

County

of

Lowndes

,

International

Paper

Co.

,

Revenue

,

1992-B

,

Refunding

,

6.7

%

,

4/01/22

.........................................................

$

18,875,000

$

20,375,751

County

of

Warren

,

International

Paper

Co.

,

Revenue

,

2010A

,

5.8

%

,

5/01/34

.......

7,000,000

7,021,630

c

Mississippi

Development

Bank

,

County

of

Hancock

,

Revenue

,

144A,

2019

,

4.55

%

,

11/01/39

........................................................

2,250,000

1,892,385

Mississippi

Hospital

Equipment

&

Facilities

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

A

,

5

%

,

9/01/41

...............................

30,000,000

32,964,000

62,253,766

Missouri

1.1%

Cape

Girardeau

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

6

%

,

3/01/33

.........................

4,685,000

5,242,328

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Mosaic

Health

System

Obligated

Group

,

Revenue

,

2019A

,

Refunding

,

4

%

,

2/15/49

..................

1,000,000

1,091,720

Kansas

City

Industrial

Development

Authority

,

Airport,

Revenue,

2019

B,

5%,

3/01/46

..................................

28,000,000

32,241,720

Airport,

Revenue,

2019

B,

5%,

3/01/54

..................................

12,950,000

14,808,066

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/42

...................................

1,000,000

920,540

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group,

Revenue,

2017

A,

Refunding,

5.25%,

5/15/50

...................................

3,500,000

3,110,310

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

of

West

County

,

Revenue

,

2012

,

Pre-Refunded

,

5

%

,

9/01/42

..............................

7,000,000

7,732,900

Stoddard

County

Industrial

Development

Authority

,

SoutheastHEALTH

Obligated

Group

,

Revenue

,

2016B

,

Refunding

,

6

%

,

3/01/37

..........................

4,000,000

4,409,720

69,557,304

Montana

0.1%

Montana

Facility

Finance

Authority

,

Kalispell

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

5

%

,

7/01/48

...............................

5,765,000

6,435,931

Nevada

0.8%

City

of

Henderson

,

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.1%,

3/01/22

...

980,000

935,371

Local

Improvement

District

No.

T-16,

Special

Assessment,

2005,

5.125%,

3/01/25

.

1,030,000

913,939

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/32

........................................................

1,750,000

1,668,695

Local

Improvement

District

No.

T-18,

Special

Assessment,

2016,

Refunding,

4%,

9/01/35

........................................................

2,500,000

2,305,100

City

of

Las

Vegas

,

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/39

....

450,000

416,583

Special

Improvement

District

No.

814,

Special

Assessment,

2019,

4%,

6/01/44

....

750,000

668,978

c

City

of

Reno

,

County

of

Washoe

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

Zero

Cpn

.,

7/01/58

.....................................................

19,500,000

2,113,020

County

of

Clark

,

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5%,

2/01/26

1,295,000

1,297,227

Special

Improvement

District

No.

128,

Special

Assessment,

2001-2007,

5.05%,

2/01/31

........................................................

1,010,000

1,011,172

Special

Improvement

District

No.

142,

Special

Assessment,

2012,

Refunding,

5%,

8/01/21

........................................................

1,065,000

1,114,916

Special

Improvement

District

No.

159,

Special

Assessment,

2015,

5%,

8/01/35

....

2,340,000

2,384,741

Las

Vegas

Special

Improvement

District

No.

610

,

Special

Assessment

,

2018

,

5

%

,

6/01/48

.........................................................

8,185,000

8,213,484

Las

Vegas

Special

Improvement

District

No.

812

,

Special

Assessment,

2015,

5%,

12/01/27

................................

1,480,000

1,561,356

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

60

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Nevada

(continued)

Las

Vegas

Special

Improvement

District

No.

812,

(continued)

Special

Assessment,

2015,

5%,

12/01/30

................................

$

1,715,000

$

1,783,651

Special

Assessment,

2015,

5%,

12/01/35

................................

1,085,000

1,109,684

c

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

5.875%,

12/15/27

..........

11,885,000

11,509,196

Fulcrum

Sierra

Biofuels

LLC,

Revenue,

144A,

2017,

6.25%,

12/15/37

...........

9,000,000

8,264,520

Somerset

Academy

of

Las

Vegas,

Revenue,

144A,

2018A,

5%,

12/15/38

........

1,000,000

961,420

Somerset

Academy

of

Las

Vegas,

Revenue,

144A,

2018A,

5%,

12/15/48

........

1,500,000

1,382,490

49,615,543

New

Jersey

3.3%

New

Jersey

Economic

Development

Authority

,

Provident

Group-Montclair

Properties

LLC,

Revenue,

2010A,

Pre-Refunded,

5.875%,

6/01/42

........................................................

5,000,000

5,000,000

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/35

....

3,450,000

3,587,966

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/41

....

4,550,000

4,681,086

United

Airlines,

Inc.,

Revenue,

1999,

5.125%,

9/15/23

......................

19,800,000

19,752,876

United

Airlines,

Inc.,

Revenue,

1999,

5.25%,

9/15/29

.......................

25,000,000

24,744,750

United

Airlines,

Inc.,

Revenue,

2003,

5.5%,

6/01/33

........................

16,480,000

16,257,190

c

White

Horse

HMT

Urban

Renewal

LLC,

Revenue,

144A,

2020,

5%,

1/01/40

......

3,000,000

2,336,220

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue

,

2019

B

,

Refunding

,

3

%

,

12/01/32

............................................

8,000,000

7,978,160

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2008

A,

Zero

Cpn

.,

12/15/38

..................................

46,750,000

18,965,540

Revenue,

2011B,

5.25%,

6/15/36

......................................

17,500,000

17,659,075

Revenue,

2014AA,

5%,

6/15/38

.......................................

4,810,000

4,913,704

Revenue,

2014AA,

5%,

6/15/44

.......................................

9,335,000

9,485,573

Revenue,

2015AA,

5.25%,

6/15/41

.....................................

2,500,000

2,585,175

Revenue,

2019

A,

Refunding,

4%,

12/15/39

..............................

1,500,000

1,396,485

Revenue,

2019

AA,

5%,

6/15/46

.......................................

2,500,000

2,571,375

Revenue,

2019

BB,

5%,

6/15/50

.......................................

670,000

686,482

Tobacco

Settlement

Financing

Corp.

,

Revenue,

2018

A,

Refunding,

5%,

6/01/46

...............................

9,500,000

10,437,840

Revenue,

2018

A,

Refunding,

5.25%,

6/01/46

.............................

18,000,000

20,114,280

Revenue,

2018B,

Refunding,

5%,

6/01/46

...............................

25,000,000

26,242,750

199,396,527

New

Mexico

2.3%

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico,

Revenue,

2010C,

Refunding,

5.9%,

6/01/40

...

18,435,000

18,453,804

Public

Service

Co.

of

New

Mexico,

Revenue,

2010D,

Refunding,

5.9%,

6/01/40

...

53,520,000

53,574,590

Public

Service

Co.

of

New

Mexico,

Revenue,

2010E,

Refunding,

5.9%,

6/01/40

...

58,000,000

58,059,160

Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax,

2018,

Refunding,

5%,

10/01/33

..............................

500,000

508,250

Special

Tax,

2018,

Refunding,

5%,

10/01/38

..............................

450,000

452,093

Special

Tax,

2018,

Refunding,

5%,

10/01/48

..............................

1,205,000

1,200,252

New

Mexico

Hospital

Equipment

Loan

Council

,

Haverland

Carter

Lifestyle

Obligated

Group

,

Revenue

,

2012

,

5

%

,

7/01/42

....................................

5,000,000

4,749,800

New

Mexico

Mortgage

Finance

Authority

,

Revenue

,

2019

D

,

I

,

GNMA

Insured

,

3

%

,

7/01/39

.........................................................

1,980,000

2,106,938

139,104,887

New

York

5.6%

City

of

New

York

,

GO,

1992-F,

7.5%,

2/01/21

...........................................

5,000

5,028

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

61

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

City

of

New

York,

(continued)

GO,

1992G,

7.5%,

2/01/22

...........................................

$

5,000

$

5,027

GO,

2020

C-1,

Refunding,

5%,

8/01/30

.................................

1,000,000

1,335,070

Metropolitan

Transportation

Authority

,

Revenue,

2010D,

Pre-Refunded,

5.25%,

11/15/40

.........................

10,000,000

10,232,600

Revenue,

Pre-Refunded,

5%,

11/15/41

..................................

15,500,000

16,595,230

Revenue,

2013

D,

5%,

11/15/38

.......................................

14,040,000

14,397,177

Revenue,

2013E,

5%,

11/15/33

.......................................

10,000,000

10,355,200

f

Revenue,

2015

A-2,

Mandatory

Put,

5%,

5/15/30

..........................

1,000,000

1,087,420

Revenue,

2020

A-1,

5%,

11/15/47

.....................................

24,300,000

26,326,377

Revenue,

2020

A-1,

5%,

11/15/48

.....................................

18,000,000

19,434,960

Revenue,

2020

C-1,

5%,

11/15/50

.....................................

21,945,000

23,713,109

Municipal

Assistance

Corp.

for

the

City

of

Troy

,

Revenue,

1996-C,

NATL

Insured,

Zero

Cpn

.,

7/15/21

.......................

428,010

426,700

Revenue,

1996-C,

NATL

Insured,

Zero

Cpn

.,

1/15/22

.......................

649,658

646,196

New

York

City

,

Transitional

Finance

Authority

Future

Tax

Secured,

Revenue,

2020

B-1,

3%,

11/01/47

1,700,000

1,719,091

Water

&

Sewer

System,

Revenue,

2020

DD-1,

5%,

6/15/30

..................

1,000,000

1,388,840

Water

&

Sewer

System,

Revenue,

2020

DD-1,

4%,

6/15/50

..................

11,000,000

12,843,380

New

York

City

Housing

Development

Corp.

,

FC

8

Spruce

Street

Residential

LLC

,

Revenue

,

F

,

Refunding

,

4.5

%

,

2/15/48

..................................

7,500,000

7,581,150

New

York

Liberty

Development

Corp.

,

c

3

World

Trade

Center

LLC,

Revenue,

144A,

2014,

2,

Refunding,

5.375%,

11/15/40

.

15,000,000

15,114,600

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

65,000,000

85,441,850

New

York

State

Dormitory

Authority

,

Montefiore

Obligated

Group,

Revenue,

2020A,

Refunding,

4%,

9/01/45

.........

500,000

513,805

Montefiore

Obligated

Group,

Revenue,

2020A,

Refunding,

4%,

9/01/50

.........

500,000

513,065

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020A,

4%,

7/01/50

........

500,000

542,015

NYU

Langone

Hospitals

Obligated

Group,

Revenue,

2020A,

4%,

7/01/53

........

1,000,000

1,076,820

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

D,

Refunding,

5%,

2/15/30

1,500,000

2,015,835

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

D,

Refunding,

5%,

2/15/31

1,300,000

1,722,929

State

of

New

York

Personal

Income

Tax,

Revenue,

2019

D,

Refunding,

3%,

2/15/49

2,000,000

2,053,560

New

York

State

Thruway

Authority

,

Revenue,

2019

B,

4%,

1/01/45

........................................

10,000,000

10,838,000

Revenue,

2019

B,

4%,

1/01/50

........................................

10,000,000

10,716,200

New

York

Transportation

Development

Corp.

,

Laguardia

Gateway

Partners

LLC

,

Revenue

,

2016

A

,

5

%

,

7/01/46

........................................

41,785,000

43,647,357

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2014

,

4

%

,

9/01/43

...........

5,500,000

5,979,270

c

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

Zero

Cpn

.,

8/15/45

.........................................................

61,000,000

13,221,140

341,489,001

North

Carolina

0.6%

North

Carolina

Medical

Care

Commission

,

Duke

University

Health

System,

Inc.,

Revenue,

2012

A,

Pre-Refunded,

5%,

6/01/42

15,000,000

16,412,250

Galloway

Ridge

Obligated

Group,

Revenue,

2014A,

Refunding,

5.25%,

1/01/41

...

2,720,000

2,719,837

Maryfield

,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/30

.......

2,790,000

2,666,124

Maryfield

,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

10/01/35

.......

1,000,000

892,280

Rex

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/49

............

1,000,000

1,092,240

United

Church

Homes

&

Services

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

9/01/37

....................................................

2,100,000

2,010,876

United

Church

Homes

&

Services

Obligated

Group,

Revenue,

2017C,

Refunding,

5%,

9/01/41

....................................................

2,120,000

1,977,875

United

Church

Homes

&

Services

Obligated

Group,

Revenue,

2017C,

Refunding,

5%,

9/01/46

....................................................

6,325,000

5,757,331

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

62

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

Raleigh

Durham

Airport

Authority

,

Revenue

,

2020B

,

Refunding

,

5

%

,

5/01/31

.......

$

250,000

$

325,485

33,854,298

North

Dakota

0.2%

County

of

Burleigh

,

University

of

Mary,

Revenue,

2016,

5.1%,

4/15/36

.........................

2,800,000

2,645,440

University

of

Mary,

Revenue,

2016,

5.2%,

4/15/46

.........................

5,430,000

4,941,897

North

Dakota

Housing

Finance

Agency

,

Revenue

,

2019

C

,

3.2

%

,

7/01/39

.........

4,000,000

4,311,000

11,898,337

Ohio

2.5%

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien,

2020A-2,

1,

Refunding,

4%,

6/01/48

..................

1,000,000

1,058,320

Revenue,

Senior

Lien,

2020

B-2,

2,

Refunding,

5%,

6/01/55

..................

5,700,000

5,760,819

City

of

Bowling

Green

,

CFP

I

LLC

,

Revenue

,

2010

,

Pre-Refunded

,

6

%

,

6/01/45

.....

12,500,000

12,500,000

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/01/50

..........................................

5,000,000

4,649,250

Cleveland-Cuyahoga

County

Port

Authority

,

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.25%,

12/01/38

.....

700,000

701,904

Playhouse

Square

Foundation,

Revenue,

2018,

Refunding,

5.5%,

12/01/43

......

700,000

704,718

County

of

Butler

,

Revenue,

2010,

Pre-Refunded,

5.5%,

11/01/40

...........................

10,000,000

10,217,900

County

of

Fairfield

,

Fairfield

Medical

Center

,

Revenue

,

2013

,

Refunding

,

5

%

,

6/15/43

10,000,000

10,445,900

County

of

Hamilton

,

Life

Enriching

Communities

Obligated

Group,

Revenue,

2011A,

Pre-Refunded,

6.5%,

1/01/41

........................................................

4,970,000

5,150,958

Life

Enriching

Communities

Obligated

Group,

Revenue,

2011A,

Pre-Refunded,

6.625%,

1/01/46

.................................................

2,500,000

2,592,850

County

of

Lake

,

Lake

Hospital

System,

Inc.

,

Revenue

,

2015

,

Refunding

,

5

%

,

8/15/45

6,000,000

6,616,500

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2019

,

5

%

,

12/01/51

......

5,000,000

4,578,650

Little

Miami

Local

School

District

,

GO,

2011,

Pre-Refunded,

6.875%,

12/01/34

..............................

5,100,000

5,432,571

GO,

2011,

6.875%,

12/01/34

.........................................

200,000

205,092

Ohio

Air

Quality

Development

Authority

,

Buckeye

Power,

Inc.

,

Revenue

,

2010

,

6

%

,

12/01/40

........................................................

15,000,000

15,418,350

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

A-4

,

Zero

Cpn

.,

2/15/35

.....................................................

35,000,000

42,171,850

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

12/01/42

.......................................................

14,000,000

14,482,440

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/35

.......................................................

1,000,000

1,027,270

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

12/01/43

.......................................................

1,000,000

1,003,340

Marietta

Area

Health

Care,

Inc.

Obligated

Group,

Revenue,

2015,

Refunding,

5.5%,

12/01/43

.......................................................

1,300,000

1,338,194

State

of

Ohio

,

University

Hospitals

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2016A

,

Refunding

,

5

%

,

1/15/46

.......................................

6,000,000

6,650,640

152,707,516

Oklahoma

0.1%

Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25

%

,

11/15/45

..........................................

6,500,000

6,472,700

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

63

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

0.3%

Clackamas

&

Washington

Counties

School

District

No.

3

,

GO

,

2020

A

,

Zero

Cpn

.,

6/15/49

.........................................................

$

1,750,000

$

755,773

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Mirabella

at

South

Waterfront,

Revenue,

2014A,

Refunding,

5.4%,

10/01/44

......

3,000,000

2,999,730

Mirabella

at

South

Waterfront,

Revenue,

2014A,

Refunding,

5.5%,

10/01/49

......

5,500,000

5,505,830

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5%,

5/15/22

....

425,000

436,424

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5.75%,

5/15/27

..

1,000,000

1,052,930

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

5.625%,

5/15/32

.

1,000,000

1,042,250

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

5/15/42

....

3,100,000

3,220,001

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2012,

Refunding,

6%,

5/15/47

....

2,000,000

2,073,240

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group

,

Revenue

,

2016A

,

Refunding

,

5

%

,

11/15/51

......................................

4,325,000

3,694,761

20,780,939

Pennsylvania

2.4%

Allegheny

County

Higher

Education

Building

Authority

,

Carlow

University,

Revenue,

2011,

Pre-Refunded,

6.75%,

11/01/31

............

1,215,000

1,325,115

Carlow

University,

Revenue,

2011,

Pre-Refunded,

7%,

11/01/40

...............

2,000,000

2,187,120

c

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue,

144A,

2017,

5%,

5/01/32

....................................

11,975,000

12,114,030

Revenue,

144A,

2018,

5%,

5/01/42

....................................

3,245,000

3,249,056

Revenue,

144A,

2018,

5.375%,

5/01/42

.................................

5,000,000

5,011,050

Chester

County

Health

and

Education

Facilities

Authority

,

Main

Line

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2020A

,

4

%

,

9/01/50

.......................

1,000,000

1,131,160

Chester

County

Industrial

Development

Authority

,

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/34

..........

1,500,000

1,578,915

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/39

..........

1,725,000

1,797,536

Renaissance

Academy

Charter

School,

Revenue,

2014,

5%,

10/01/44

..........

1,160,000

1,201,830

c

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5%,

3/01/38

...........................................

525,000

492,618

c

Woodlands

at

Greystone

Neighborhood

Improvement

District,

Special

Assessment,

144A,

2018,

5.125%,

3/01/48

.......................................

1,000,000

909,900

County

of

Lehigh

,

Lehigh

Valley

Health

Network

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/49

.............................................

10,000,000

10,417,000

Dallas

Area

Municipal

Authority

,

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/39

..............

1,100,000

1,122,726

Misericordia

University,

Revenue,

2019,

Refunding,

5%,

5/01/48

..............

4,000,000

4,022,040

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/38

...

1,000,000

912,090

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/43

...

1,200,000

1,062,240

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/48

...

4,600,000

3,981,162

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

12/01/53

...

3,050,000

2,596,373

Menno-Haven,

Inc.

Obligated

Group,

Revenue,

2019,

5%,

12/01/54

............

1,000,000

848,650

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.125%,

7/01/37

...

1,000,000

940,820

Brethren

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5.25%,

7/01/41

....

2,500,000

2,325,225

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/36

....

6,710,000

6,956,794

f

Pennsylvania

Economic

Development

Financing

Authority

,

Talen

Energy

Supply

LLC

,

Revenue

,

B

,

Refunding

,

Mandatory

Put

,

5

%

,

9/01/20

.......................

25,000,000

24,874,750

Pennsylvania

Housing

Finance

Agency

,

Revenue

,

2019-129

,

3.15

%

,

10/01/39

......

3,000,000

3,222,180

Pennsylvania

State

University

(The)

,

Revenue

,

2020A

,

4

%

,

9/01/50

.............

1,000,000

1,152,560

Pennsylvania

Turnpike

Commission

,

Revenue,

2009C,

AGM

Insured,

6.25%,

6/01/33

...........................

5,000,000

6,447,250

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

64

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

Turnpike

Commission,

(continued)

Revenue,

B-2,

Zero

Cpn

.,

12/01/37

....................................

$

20,000,000

$

20,022,400

Revenue,

B-2,

Zero

Cpn

.,

12/01/40

....................................

25,075,000

24,886,938

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group

,

Revenue

,

A

,

Refunding

,

5

%

,

7/01/49

......................

3,000,000

2,549,520

149,339,048

Rhode

Island

0.1%

Rhode

Island

Health

and

Educational

Building

Corp.

,

Care

New

England

Health

System

Obligated

Group

,

Revenue

,

2013A

,

Pre-Refunded

,

6

%

,

9/01/33

.........

7,320,000

8,664,611

South

Carolina

1.2%

South

Carolina

Jobs-Economic

Development

Authority

,

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2017,

5%,

4/01/52

........................................................

1,750,000

1,561,490

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

4/01/48

............................................

3,500,000

3,159,835

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

4/01/53

.........................................

11,000,000

10,191,280

South

Carolina

Public

Service

Authority

,

Revenue

,

2013

B

,

Refunding

,

5.125

%

,

12/01/43

........................................................

52,890,000

56,168,122

71,080,727

South

Dakota

0.2%

City

of

Sioux

Falls

,

Dow

Rummel

Village,

Revenue,

2016,

Refunding,

5%,

11/01/46

...............

11,110,000

9,659,478

Dow

Rummel

Village,

Revenue,

2017,

5%,

11/01/42

........................

3,000,000

2,852,430

12,511,908

Tennessee

1.4%

Johnson

City

Health

&

Educational

Facilities

Board

,

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn

.,

7/01/27

....................................

19,365,000

17,196,895

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn

.,

7/01/28

....................................

19,400,000

16,781,970

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn

.,

7/01/29

....................................

19,365,000

16,284,028

Mountain

States

Health

Alliance

Obligated

Group,

Revenue,

2000

A,

Refunding,

NATL

Insured,

Zero

Cpn

.,

7/01/30

....................................

19,370,000

15,776,478

Memphis-Shelby

County

Airport

Authority

,

Revenue,

2010B,

Refunding,

5.75%,

7/01/23

.............................

5,000,000

5,018,300

Revenue,

2010B,

Refunding,

5.75%,

7/01/24

.............................

3,500,000

3,512,635

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

,

Vanderbilt

University

Medical

Center

Obligated

Group

,

Revenue

,

2016

A

,

5

%

,

7/01/40

.........................................................

10,000,000

11,279,500

c

Nashville

Metropolitan

Development

&

Housing

Agency

,

Tax

Allocation

,

144A,

2018

,

5.125

%

,

6/01/36

...................................................

900,000

904,491

86,754,297

Texas

8.4%

Brazoria

County

Industrial

Development

Corp.

,

Gladieux

Metals

Recycling

LLC

,

Revenue

,

2019

B

,

7

%

,

3/01/39

........................................

11,400,000

11,177,130

Central

Texas

Regional

Mobility

Authority

,

Revenue,

2010,

Zero

Cpn

.,

1/01/35

....................................

3,000,000

1,709,010

Revenue,

2010,

Zero

Cpn

.,

1/01/37

....................................

2,500,000

1,295,000

Revenue,

2010,

Zero

Cpn

.,

1/01/38

....................................

2,405,000

1,188,768

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

65

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Central

Texas

Regional

Mobility

Authority,

(continued)

Revenue,

2010,

Zero

Cpn

.,

1/01/39

....................................

$

2,545,000

$

1,200,146

Revenue,

Senior

Lien,

2011,

Pre-Refunded,

5.75%,

1/01/31

..................

2,500,000

2,579,725

Revenue,

Senior

Lien,

2011,

Pre-Refunded,

6%,

1/01/41

....................

7,925,000

8,188,189

Revenue,

Senior

Lien,

2011,

Pre-Refunded,

6.25%,

1/01/46

..................

24,340,000

25,183,624

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2012-A

,

Pre-Refunded

,

5

%

,

8/15/41

.........................................................

5,000,000

5,530,750

c

City

of

Fort

Worth

,

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/27

................................

1,965,000

1,981,074

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5%,

9/01/32

................................

1,270,000

1,239,241

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2017,

5.125%,

9/01/37

.............................

1,650,000

1,559,712

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/27

................................

1,605,000

1,613,635

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/32

................................

1,550,000

1,503,701

Fort

Worth

Public

Improvement

District

No.

17

Rock

Creek

Ranch,

Special

Assessment,

144A,

2018,

5%,

9/01/37

................................

2,000,000

1,863,180

Clifton

Higher

Education

Finance

Corp.

,

Uplift

Education

,

Revenue

,

A

,

5

%

,

12/01/45

.

3,855,000

3,988,653

Dallas/Fort

Worth

International

Airport

,

Revenue,

2010A,

Pre-Refunded,

5%,

11/01/45

............................

50,000,000

51,007,000

Revenue,

2013B,

5%,

11/01/44

.......................................

11,385,000

12,127,871

El

Paso

Downtown

Development

Corp.

,

Revenue

,

2013

A

,

7.25

%

,

8/15/38

........

15,000,000

18,019,200

Grand

Parkway

Transportation

Corp.

,

Revenue,

2013

B,

Zero

Cpn

.,

10/01/45

..................................

10,000,000

11,266,000

Revenue,

First

Tier,

2013

A,

5.125%,

10/01/43

............................

2,850,000

2,937,837

Revenue,

First

Tier,

2020

C,

Refunding,

4%,

10/01/45

......................

6,000,000

6,869,400

Revenue,

First

Tier,

2020

C,

Refunding,

4%,

10/01/49

......................

1,500,000

1,709,775

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2013

B,

Pre-Refunded,

7%,

1/01/43

........................................................

3,000,000

3,496,800

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2013

B,

Pre-Refunded,

7%,

1/01/48

........................................................

5,250,000

6,119,400

Brazos

Presbyterian

Homes

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

1/01/48

........................................................

5,000,000

4,574,300

Mesquite

Health

Facilities

Development

Corp.

,

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

2/15/36

........................................................

1,000,000

800,590

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5.125%,

2/15/42

........................................................

3,750,000

2,851,388

Christian

Care

Centers,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

2/15/35

........................................................

5,175,000

4,196,666

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

Cardinal

Bay,

Inc.,

Revenue,

D,

6%,

7/01/26

.............................

145,000

132,605

Cardinal

Bay,

Inc.,

Revenue,

D,

7%,

7/01/51

.............................

5,110,000

4,209,516

CHF-Collegiate

Housing

Island

Campus

LLC,

Revenue,

2017A,

5%,

4/01/42

.....

3,500,000

3,046,155

CHF-Collegiate

Housing

Stephenville

III

LLC,

Revenue,

A,

5%,

4/01/47

.........

6,420,000

6,354,067

CHF-Stephenville

LLC,

Revenue,

2013

A,

6%,

4/01/45

......................

3,000,000

3,092,400

c

Cityscape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/39

................

500,000

498,740

c

Cityscape

Schools,

Inc.,

Revenue,

144A,

2019

A,

5%,

8/15/51

................

1,570,000

1,516,965

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/42

......

5,000,000

4,460,100

Longhorn

Village

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

1/01/47

......

1,645,000

1,441,513

Morningside

Ministries

Obligated

Group,

Revenue,

2013,

6.5%,

1/01/43

.........

4,350,000

4,511,254

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

66

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

New

Hope

Cultural

Education

Facilities

Finance

Corp.,

(continued)

Morningside

Ministries

Obligated

Group,

Revenue,

2020A,

5%,

1/01/55

.........

$

4,100,000

$

3,607,098

MRC

Crestview

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/36

......

1,020,000

978,007

MRC

Crestview

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/46

......

4,100,000

3,762,529

NCCD-College

Station

Properties

LLC,

Revenue,

A,

5%,

7/01/47

..............

30,000,000

24,170,700

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

10/01/39

.......................................................

2,750,000

2,257,503

Presbyterian

Village

North

Obligated

Group,

Revenue,

2018,

Refunding,

5.25%,

10/01/49

.......................................................

12,600,000

9,997,722

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Second

Tier,

2019

B,

5.5%,

12/01/54

................................................

15,000,000

11,243,100

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

Third

Tier,

2019

C,

6%,

12/01/54

...................................................

7,490,000

5,475,190

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/43

............

3,200,000

2,837,440

Wesleyan

Homes

Obligated

Group,

Revenue,

2014,

5.5%,

1/01/49

............

1,000,000

859,330

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/50

.....

1,180,000

934,501

Wesleyan

Homes

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

1/01/55

.....

4,400,000

3,436,268

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System,

Revenue,

First

Tier,

2011B,

Refunding,

5%,

1/01/38

..

10,000,000

10,198,500

North

Texas

Tollway

System,

Revenue,

First

Tier,

I,

Refunding,

6.5%,

1/01/43

.....

25,000,000

29,957,750

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

Zero

Cpn

.,

9/01/37

....

7,500,000

4,105,050

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

Zero

Cpn

.,

9/01/43

....

10,000,000

13,581,000

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

Zero

Cpn

.,

9/01/45

....

25,000,000

36,761,000

Port

Freeport

,

Revenue,

Senior

Lien,

2019

A,

4%,

6/01/44

..............................

3,180,000

3,470,048

Revenue,

Senior

Lien,

2019

A,

5%,

6/01/49

..............................

4,015,000

4,741,514

Red

River

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2017

,

Refunding

,

5.5

%

,

10/01/46

...........................................

4,250,000

4,570,875

Red

River

Health

Facilities

Development

Corp.

,

e

Eden

Home,

Inc.

Obligated

Group,

Revenue,

2012,

7.25%,

12/15/42

...........

11,000,000

7,287,500

Wichita

Falls

Retirement

Foundation

Obligated

Group,

Revenue,

2012,

5.5%,

1/01/32

........................................................

1,500,000

1,512,105

Wichita

Falls

Retirement

Foundation

Obligated

Group,

Revenue,

2012,

5.125%,

1/01/41

........................................................

2,000,000

1,963,740

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Cook

Children's

Medical

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

12/01/45

.......................................................

1,000,000

1,115,090

Cumberland

Rest,

Inc.

(The),

Revenue,

A-1,

Refunding,

5%,

10/01/49

..........

5,125,000

5,109,010

Texas

Health

Resources

Obligated

Group,

Revenue,

2010,

Pre-Refunded,

5%,

11/15/40

.......................................................

15,225,000

15,549,901

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue,

2012,

5%,

12/15/30

........................................

25,000,000

26,383,250

Revenue,

2012,

5%,

12/15/31

........................................

24,500,000

25,795,560

Revenue,

2012,

5%,

12/15/32

........................................

10,000,000

10,492,300

Texas

Transportation

Commission

,

Revenue,

First

Tier,

2019A,

Zero

Cpn

.,

8/01/46

...........................

3,000,000

877,500

Revenue,

First

Tier,

2019A,

Zero

Cpn

.,

8/01/47

...........................

5,750,000

1,594,360

Revenue,

First

Tier,

2019A,

Zero

Cpn

.,

8/01/51

...........................

3,500,000

779,100

Revenue,

First

Tier,

2019A,

Zero

Cpn

.,

8/01/52

...........................

4,000,000

840,920

Revenue,

First

Tier,

2019A,

Zero

Cpn

.,

8/01/53

...........................

400,000

79,544

Wood

County

Central

Hospital

District

,

East

Texas

Medical

Center

Quitman

,

Revenue

,

2011

,

Pre-Refunded

,

6

%

,

11/01/41

.....................................

9,350,000

10,091,642

513,457,727

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

67

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Utah

0.1%

Salt

Lake

City

Corp.

Airport

,

Revenue

,

2018A

,

5.25

%

,

7/01/48

..................

$

5,600,000

$

6,457,248

c

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020A,

5%,

6/15/39

...

475,000

469,818

Mountain

West

Montessori

Academy,

Inc.,

Revenue,

144A,

2020A,

5%,

6/15/49

...

825,000

788,510

7,715,576

Virginia

1.4%

Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019A,

5%,

6/01/44

........................................................

3,550,000

3,231,494

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group,

Revenue,

2019A,

5%,

6/01/49

........................................................

4,065,000

3,642,484

Norfolk

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2012

B

,

Refunding

,

5

%

,

11/01/43

..............................

17,575,000

18,741,101

c

Peninsula

Town

Center

Community

Development

Authority

,

Special

Assessment

,

144A,

2018

,

Refunding

,

5

%

,

9/01/45

........................................

2,300,000

2,292,962

Roanoke

Economic

Development

Authority

,

Carilion

Clinic

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

7/01/47

.......

1,000,000

1,534,670

Carilion

Clinic

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/51

.......

1,000,000

1,095,870

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2017,

5%,

1/01/40

.............

8,000,000

8,159,200

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2012,

6%,

1/01/37

...

6,485,000

6,779,873

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2012,

5.5%,

1/01/42

.

35,790,000

36,891,974

82,369,628

Washington

1.7%

Greater

Wenatchee

Regional

Events

Center

Public

Facilities

District

,

Revenue

,

A

,

5.5

%

,

9/01/42

....................................................

10,000,000

9,530,800

Ocean

Shores

Local

Improvement

District

,

Special

Assessment

,

2011

,

7.25

%

,

2/01/31

3,040,000

3,748,867

Skagit

County

Public

Hospital

District

No.

1

,

Revenue

,

2010

,

Pre-Refunded

,

5.75

%

,

12/01/35

........................................................

5,355,000

5,501,834

Washington

Economic

Development

Finance

Authority

,

b,e

Coalview

Centralia

LLC,

Revenue,

2013,

8.25%,

8/01/25

....................

3,800,000

2,090,000

b,e

Coalview

Centralia

LLC,

Revenue,

2013,

9.5%,

8/01/25

.....................

12,855,000

7,070,250

f

Propeller

Airports

Paine

Field

LLC,

Revenue,

A,

Mandatory

Put,

6.5%,

3/01/24

....

24,750,000

25,500,668

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

15,500,000

17,363,100

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2012A,

5%,

10/01/42

...

19,725,000

20,591,914

c

Washington

State

Housing

Finance

Commission

,

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019A,

5%,

1/01/49

..............................................

1,500,000

1,297,905

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

2019A,

5%,

1/01/55

..............................................

1,800,000

1,527,282

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/46

.........................................

2,250,000

1,970,820

Presbyterian

Retirement

Communities

Northwest

Obligated

Group,

Revenue,

144A,

A,

Refunding,

5%,

1/01/51

.........................................

1,700,000

1,460,946

Spokane

United

Methodist

Homes

Obligated

Group,

Revenue,

144A,

2019,

5%,

1/01/55

........................................................

9,020,000

7,259,296

104,913,682

West

Virginia

0.1%

County

of

Kanawha

,

West

Virginia

State

University

Foundation,

Inc.

,

Revenue

,

2013

,

6.75

%

,

7/01/45

...................................................

6,650,000

6,804,812

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

68

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

1.1%

Public

Finance

Authority

,

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/39

.............

$

1,595,000

$

1,628,527

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/44

.............

1,900,000

1,919,228

A&T

Real

Estate

Foundation

LLC,

Revenue,

2019

B,

5%,

6/01/49

.............

3,975,000

3,994,517

Adams-Columbia

Electric

Cooperative,

Revenue,

2010A,

5.5%,

12/01/40

........

6,755,000

6,925,293

Celanese

US

Holdings

LLC,

Revenue,

2016C,

Refunding,

4.3%,

11/01/30

.......

4,000,000

4,028,960

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/45

..........

2,805,000

3,010,691

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2017

A,

5%,

7/01/53

..........

4,345,000

4,647,412

c

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/39

..

1,230,000

1,157,430

c

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/49

..

6,600,000

5,928,252

c

Friends

Homes

Obligated

Group,

Revenue,

144A,

2019,

Refunding,

5%,

9/01/54

..

1,920,000

1,692,384

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/37

............................................

625,000

582,606

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group,

Revenue,

144A,

2017,

Refunding,

5%,

3/01/52

............................................

4,100,000

3,536,373

c

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/34

.........

5,220,000

5,293,498

c

UMA

Education,

Inc.,

Revenue,

144A,

2019

A,

Refunding,

5%,

10/01/39

.........

5,250,000

5,304,285

Wisconsin

Health

&

Educational

Facilities

Authority

,

Beaver

Dam

Community

Hospitals,

Inc.,

Revenue,

2013

A,

Pre-Refunded,

5.25%,

8/15/34

........................................................

5,000,000

5,776,100

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7%,

7/01/43

...................

1,000,000

829,310

Chiara

Communities,

Inc.,

Revenue,

2018

C,

7.5%,

7/01/53

..................

2,750,000

2,308,845

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2015B,

Refunding,

5%,

9/15/45

........................................................

3,500,000

3,239,670

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

5%,

9/15/45

....

3,500,000

3,239,740

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

5%,

9/15/50

....

500,000

456,445

Wisconsin

Housing

&

Economic

Development

Authority

,

Revenue

,

2019

C

,

FNMA

Insured

,

2.75

%

,

9/01/39

.............................................

3,000,000

3,123,570

68,623,136

Wyoming

0.1%

West

Park

Hospital

District

,

Revenue

,

2011A

,

7

%

,

6/01/40

.....................

5,500,000

5,746,730

Wyoming

Community

Development

Authority

,

CHF-Wyoming

LLC,

Revenue,

2011,

6.25%,

7/01/31

.......................

600,000

612,996

CHF-Wyoming

LLC,

Revenue,

2011,

6.5%,

7/01/43

........................

1,600,000

1,627,936

7,987,662

U.S.

Territories

5.9%

District

of

Columbia

3.0%

District

of

Columbia

,

Revenue,

2010-A,

5%,

6/01/40

........................................

13,000,000

13,040,170

American

Society

of

Hematology,

Inc.

(The),

Revenue,

2009,

5%,

7/01/42

.......

9,515,000

10,299,226

American

Society

of

Hematology,

Inc.

(The),

Revenue,

2009,

5%,

7/01/36

.......

1,500,000

1,630,440

Association

of

American

Medical

Colleges,

Revenue,

2011

B,

Pre-Refunded,

5%,

10/01/41

.......................................................

5,010,000

5,329,387

Association

of

American

Medical

Colleges,

Revenue,

2011

B,

Pre-Refunded,

5.25%,

10/01/36

.......................................................

12,425,000

13,258,345

Center

for

Strategic

International

Studies,

Inc.,

Revenue,

2011,

Pre-Refunded,

6.375%,

3/01/31

.................................................

4,440,000

4,645,616

Center

for

Strategic

International

Studies,

Inc.,

Revenue,

2011,

Pre-Refunded,

6.625%,

3/01/41

.................................................

5,500,000

5,762,845

Methodist

Home

of

the

District

of

Columbia

Obligated

Group,

Revenue,

2009A,

Refunding,

5.125%,

1/01/35

........................................

1,565,000

1,322,253

Methodist

Home

of

the

District

of

Columbia

Obligated

Group,

Revenue,

2009A,

Refunding,

5.25%,

1/01/39

.........................................

1,015,000

839,182

Tobacco

Settlement

Financing

Corp.,

Revenue,

2001,

6.5%,

5/15/33

...........

10,520,000

11,203,590

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

69

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

District

of

Columbia

(continued)

District

of

Columbia,

(continued)

Tobacco

Settlement

Financing

Corp.,

Revenue,

2002,

Zero

Cpn

.,

6/15/46

........

$

175,000,000

$

31,879,750

Metropolitan

Washington

Airports

Authority

,

Dulles

Toll

Road

,

Revenue,

Second

Lien

,

2009C

,

AGC

Insured

,

6.5

%

,

10/01/41

...................................

60,145,000

74,244,191

Washington

Convention

&

Sports

Authority

,

Tax

Allocation,

Senior

Lien

,

2010-A

,

5

%

,

10/01/40

........................................................

10,000,000

10,019,200

183,474,195

Guam

0.5%

Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue,

2013B,

AGM

Insured,

5.5%,

10/01/33

...........................

2,000,000

2,158,960

Revenue,

2013B,

AGM

Insured,

5.75%,

10/01/43

..........................

3,000,000

3,230,820

Guam

Government

Waterworks

Authority

,

Revenue

,

2010

,

Pre-Refunded

,

5.625

%

,

7/01/40

.........................................................

4,000,000

4,017,360

Guam

Power

Authority

,

Revenue

,

2010A

,

Pre-Refunded

,

5.5

%

,

10/01/40

..........

10,000,000

10,174,000

Territory

of

Guam

,

Revenue

,

2011A

,

6.5

%

,

11/01/40

.........................

10,380,000

10,423,181

30,004,321

Pacific

Islands

0.2%

Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998A

,

6.6

%

,

3/15/28

.........

10,025,000

9,639,639

Puerto

Rico

2.2%

Children's

Trust

Fund

,

Revenue,

5.5%,

5/15/39

.............................................

9,500,000

9,549,400

Revenue,

2002,

5.625%,

5/15/43

......................................

2,500,000

2,510,500

e

Puerto

Rico

Electric

Power

Authority

,

Revenue,

2013A-RSA-1,

6.75%,

7/01/36

................................

29,750,000

18,668,125

Revenue,

2013A-RSA-1,

7%,

7/01/43

...................................

5,000,000

3,143,750

Revenue,

2013A-RSA-1,

7.25%,

7/01/30

................................

25,000,000

15,781,250

Revenue,

A-4-RSA-1

2016

A-4,

10%,

7/01/19

.............................

5,500,000

3,795,000

Revenue,

B-2-RSA-1

2016

B-4,

10%,

7/01/19

............................

5,500,000

3,795,000

Revenue,

E-1-RSA-1,

10%,

1/01/21

....................................

6,000,000

4,215,000

Revenue,

E-2-RSA-1,

10%,

7/01/21

....................................

6,000,000

4,215,000

Revenue,

E-3-RSA-1,

10%,

1/01/22

....................................

1,989,500

1,397,624

Revenue,

E-4-RSA-1,

10%,

7/01/22

....................................

1,989,499

1,397,623

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

16,355,000

10,180,987

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

35,000,000

21,700,000

Revenue,

XX-RSA-1,

5.75%,

7/01/36

...................................

23,620,000

14,762,500

Puerto

Rico

Housing

Finance

Authority

,

Revenue

,

2008

,

5.125

%

,

12/01/27

........

3,000,000

3,184,080

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000A

,

6.625

%

,

6/01/26

.....

16,835,000

17,424,225

135,720,064

Total

U.S.

Territories

....................................................................

358,838,219

Total

Municipal

Bonds

(Cost

$5,447,031,931)

...................................

5,949,243,687

Total

Long

Term

Investments

(Cost

$5,482,066,265)

.............................

5,984,980,810

a

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

70

See

Abbreviations

on

page

140

.

Short

Term

Investments

1.3%

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

1.3%

Connecticut

0.2%

g

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2001

V-2

,

Daily

VRDN

and

Put

,

0.02

%

,

7/01/36

...........................

$

12,700,000

$

12,700,000

Kentucky

0.0%

†

g

Louisville/Jefferson

County

Metropolitan

Government

,

Norton

Healthcare

Obligated

Group

,

Revenue

,

2011B

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

0.07

%

,

10/01/39

1,400,000

1,400,000

New

Mexico

0.2%

g

New

Mexico

Hospital

Equipment

Loan

Council

,

Presbyterian

Healthcare

Services

Obligated

Group

,

Revenue

,

2008C

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

8/01/34

...................................................

14,325,000

14,325,000

New

York

0.1%

g

New

York

City

,

Transitional

Finance

Authority

Future

Tax

Secured,

Revenue,

2003-A4,

SPA

TD

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

11/01/29

.............................

2,700,000

2,700,000

Water

&

Sewer

System,

Revenue,

2014

AA-1,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.07%,

6/15/50

......................................

1,300,000

1,300,000

4,000,000

North

Carolina

0.1%

g

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2018

H

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

1/15/48

.........................................................

8,530,000

8,530,000

Oregon

0.1%

g

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

8/01/34

............

2,600,000

2,600,000

Tennessee

0.2%

g

Public

Building

Authority

of

Blount

County

Tennessee

(The)

,

County

of

Blount

,

Revenue

,

D-3-A

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

6/01/34

..

1,500,000

1,500,000

g

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2008A

,

AGM

Insured

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

6/01/42

...................................

13,275,000

13,275,000

14,775,000

Utah

0.2%

g

County

of

Utah

,

IHC

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2018C

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

5/15/58

...........................

10,340,000

10,340,000

Virginia

0.0%

†

g

Virginia

College

Building

Authority

,

University

of

Richmond

,

Revenue

,

2006

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.07

%

,

11/01/36

......................

2,100,000

2,100,000

Washington

0.2%

g

County

of

King

,

GO

,

2019

A

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

1/01/46

...................................................

9,975,000

9,975,000

Total

Municipal

Bonds

(Cost

$80,745,000)

......................................

80,745,000

a

Total

Investments

(Cost

$5,562,811,265)

99.1%

..................................

$6,065,725,810

Other

Assets,

less

Liabilities

0.9%

.............................................

51,724,158

Net

Assets

100.0%

...........................................................

$6,117,449,968

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

71

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

5

regarding

investments

in

affiliated

management

investment

companies.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

6

regarding

fair

value

measurements.

c

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

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.

At

May

31,

2020,

the

aggregate

value

of

these

securities

was

$407,393,074,

representing

6.7%

of

net

assets.

d

Security

purchased

on

a

when-issued

basis.

e

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

f

The

maturity

date

shown

represents

the

mandatory

put

date.

g

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Kentucky

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

72

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.0%

Kentucky

98.0%

Campbell

Kenton

&

Boone

Counties

Sanitation

District

No.

1

,

Revenue

,

2019

,

Refunding

,

4

%

,

8/01/34

.............................................

$

5,310,000

$

6,152,431

City

of

Glasgow

,

TJ

Samson

Community

Hospital

Obligated

Group

,

Revenue

,

2011

,

6.45

%

,

2/01/41

...................................................

2,000,000

2,087,680

City

of

Murray

,

Murray-Calloway

County

Public

Hospital

Corp.

,

Revenue

,

2010

,

Pre-

Refunded

,

6.375

%

,

8/01/40

..........................................

2,500,000

2,524,650

City

of

Owensboro

,

Electric

Light

&

Power

System,

Revenue,

2017,

Refunding,

4%,

1/01/27

.........

1,250,000

1,458,250

Water,

Revenue,

2018,

Refunding,

BAM

Insured,

4%,

9/15/45

................

5,000,000

5,591,800

City

of

Pikeville

,

Pikeville

Medical

Center,

Inc.

,

Revenue

,

2011

,

Refunding

,

6.5

%

,

3/01/41

.........................................................

2,875,000

2,959,870

City

of

Russell

,

Bon

Secours

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2013

,

Pre-Refunded

,

5

%

,

11/01/26

.........................................

4,000,000

4,439,520

County

of

Boyle

,

Centre

College

of

Kentucky

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/37

2,000,000

2,184,340

a

County

of

Carroll

,

Kentucky

Utilities

Co.

,

Revenue

,

2016

A

,

Refunding

,

Mandatory

Put

,

1.55

%

,

9/01/26

...................................................

2,000,000

1,928,080

County

of

Owen

,

American

Water/Kentucky-American

Water

Co.

Obligated

Group

,

Revenue

,

2010A

,

5.375

%

,

6/01/40

.....................................

2,000,000

2,007,240

County

of

Warren

,

Bowling

Green-Warren

County

Community

Hospital

Corp.

,

Revenue

,

2012A

,

5

%

,

10/01/33

...............................................

1,000,000

1,065,730

Eastern

Kentucky

University

,

Revenue

,

2018

A

,

4

%

,

10/01/37

..................

1,540,000

1,653,467

Fayette

County

School

District

Finance

Corp.

,

Fayette

County

School

District,

Revenue,

2015D,

5%,

8/01/34

................

1,985,000

2,344,841

Fayette

County

School

District,

Revenue,

2018

A,

4%,

5/01/38

................

1,000,000

1,117,980

Greater

Kentucky

Housing

Assistance

Corp.

,

Revenue

,

1997

A

,

Refunding

,

NATL

Insured

,

6.1

%

,

1/01/24

..............................................

135,000

135,428

Jefferson

County

School

District

Finance

Corp.

,

Kentucky

School

Facilities

Construction

Commission

,

Revenue

,

2015B

,

Refunding

,

4

%

,

12/01/26

..........

3,500,000

4,159,155

Kentucky

Bond

Development

Corp.

,

Revenue,

2018

A,

5%,

9/01/48

........................................

2,500,000

2,776,575

Transylvania

University,

Revenue,

2019B,

4%,

3/01/49

......................

2,500,000

2,586,650

Kentucky

Economic

Development

Finance

Authority

,

Baptist

Healthcare

System

Obligated

Group,

Revenue,

2011,

5.25%,

8/15/46

.....

5,000,000

5,105,450

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

5%,

8/01/44

4,000,000

4,480,800

Kentucky

Housing

Corp.

,

Revenue,

2010,

GNMA

Insured,

5%,

4/20/40

.............................

2,280,000

2,282,576

Revenue,

2010,

GNMA

Insured,

5.25%,

4/20/45

...........................

1,850,000

1,852,054

Kentucky

Infrastructure

Authority

,

Revenue,

2012A,

Pre-Refunded,

5%,

2/01/28

.............................

2,000,000

2,160,440

Revenue,

2012A,

Pre-Refunded,

5%,

2/01/31

.............................

4,190,000

4,526,122

Kentucky

Municipal

Power

Agency

,

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/36

....................

3,000,000

3,414,780

Revenue,

2019

A,

Refunding,

4%,

9/01/45

...............................

2,000,000

2,149,620

Kentucky

Rural

Water

Finance

Corp.

,

Revenue,

2001A,

5%,

2/01/26

........................................

485,000

486,780

Revenue,

2004

I,

5%,

2/01/34

........................................

1,010,000

1,012,919

Kentucky

State

Property

&

Building

Commission

,

Revenue,

5%,

4/01/38

..............................................

2,500,000

2,843,225

Revenue,

A,

5%,

8/01/34

............................................

3,500,000

3,895,605

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet,

Revenue,

2011

A,

5%,

7/01/30

..............

2,500,000

2,597,175

Kentucky

Transportation

Cabinet,

Revenue,

2013A,

5%,

7/01/32

..............

2,000,000

2,136,900

Kentucky

Transportation

Cabinet,

Revenue,

2015

A,

5%,

7/01/33

..............

3,000,000

3,317,400

Kentucky

Transportation

Cabinet,

Revenue,

2017

A,

5%,

7/01/36

..............

550,000

622,672

Kentucky

Transportation

Cabinet,

Revenue,

2017

A,

5%,

7/01/37

..............

700,000

790,272

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Kentucky

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

73

See

Abbreviations

on

page

140

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Kentucky

(continued)

Lexington

Fayette

Urban

County

Government

Public

Facilities

Corp.

,

Revenue

,

2011A

,

5.25

%

,

6/01/32

...................................................

$

3,000,000

$

3,096,030

Lexington-Fayette

Urban

County

Airport

Board

Corp.

,

Lexington-Fayette

Urban

County

Government

,

Revenue

,

2012B

,

Pre-Refunded

,

5

%

,

7/01/29

..................

1,185,000

1,288,249

Louisville

and

Jefferson

County

,

Metropolitan

Sewer

District,

Revenue,

2017

A,

4%,

5/15/48

..................

2,750,000

3,052,885

Metropolitan

Sewer

District,

Revenue,

2018

A,

Refunding,

4%,

5/15/38

..........

5,000,000

5,793,950

Louisville/Jefferson

County

Metropolitan

Government

,

Bellarmine

University,

Inc.,

Revenue,

2015,

Refunding,

5%,

5/01/31

............

2,000,000

2,115,780

Bellarmine

University,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

5/01/36

..........

2,715,000

2,860,470

Norton

Healthcare

Obligated

Group,

Revenue,

2020A,

4%,

10/01/39

...........

2,500,000

2,663,675

Morehead

State

University

,

Revenue

,

2014A

,

Refunding

,

5

%

,

10/01/28

...........

1,910,000

2,206,489

Paducah

Electric

Plant

Board

,

Revenue

,

2016

A

,

Refunding

,

AGM

Insured

,

5

%

,

10/01/34

........................................................

5,700,000

6,914,385

Scott

County

School

District

Finance

Corp.

,

Scott

County

Board

of

Education

,

Revenue

,

2018

,

4

%

,

6/01/38

.........................................

1,615,000

1,800,951

Shelby

County

School

District

Finance

Corp.

,

Shelby

County

Public

School

District

,

Revenue

,

2018

,

4

%

,

8/01/38

.........................................

3,465,000

3,872,934

University

of

Kentucky

,

Revenue,

2014A,

4%,

4/01/44

........................................

2,250,000

2,402,393

Revenue,

2018

A,

4%,

10/01/32

.......................................

4,000,000

4,522,400

University

of

Louisville

,

Revenue,

2011

A,

5%,

9/01/28

........................................

2,220,000

2,297,811

Revenue,

2016

D,

5%,

3/01/30

........................................

4,140,000

4,872,118

Western

Kentucky

University

,

Revenue

,

2012A

,

5

%

,

5/01/32

...................

1,625,000

1,693,802

142,302,799

Total

Municipal

Bonds

(Cost

$135,468,127)

.....................................

142,302,799

a

a

a

a

Short

Term

Investments

1.0%

Municipal

Bonds

1.0%

Kentucky

1.0%

b

City

of

Berea

,

Berea

College,

Revenue,

2002A,

Daily

VRDN

and

Put,

0.13%,

6/01/32

.........

335,000

335,000

Berea

College,

Revenue,

2003B,

Daily

VRDN

and

Put,

0.13%,

6/01/29

.........

1,100,000

1,100,000

1,435,000

Total

Municipal

Bonds

(Cost

$1,435,000)

.......................................

1,435,000

a

Total

Investments

(Cost

$136,903,127)

99.0%

...................................

$143,737,799

Other

Assets,

less

Liabilities

1.0%

.............................................

1,404,429

Net

Assets

100.0%

...........................................................

$145,142,228

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Louisiana

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

74

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.2%

Louisiana

96.2%

Calcasieu

Parish

Public

Trust

Authority

,

Cowboy

Facilities,

Inc.

,

Revenue

,

2011

,

Refunding

,

AGM

Insured

,

5

%

,

5/01/29

..................................

$

2,050,000

$

2,208,957

Calcasieu

Parish

School

District

No.

23

,

GO,

2012A,

Pre-Refunded,

5%,

2/15/29

.................................

1,380,000

1,492,042

GO,

2019,

BAM

Insured,

4%,

9/01/36

...................................

670,000

792,014

GO,

2019,

BAM

Insured,

4%,

9/01/37

...................................

600,000

706,158

GO,

2019,

BAM

Insured,

4%,

9/01/39

...................................

2,060,000

2,406,039

Calcasieu

Parish

School

District

No.

31

,

GO,

2018,

BAM

Insured,

5%,

3/01/36

...................................

1,000,000

1,256,610

GO,

2018,

BAM

Insured,

5%,

3/01/38

...................................

1,000,000

1,250,480

GO,

2019,

BAM

Insured,

4%,

3/01/37

...................................

1,000,000

1,202,240

GO,

2019,

BAM

Insured,

4%,

3/01/39

...................................

750,000

896,708

Capital

Area

Finance

Authority

,

Revenue,

2009A-2,

GNMA

Insured,

5.1%,

10/01/40

........................

155,000

155,367

Revenue,

2009A-3,

Refunding,

GNMA

Insured,

5%,

10/01/28

.................

250,000

250,720

City

of

Alexandria

,

Utilities

,

Revenue

,

2013A

,

5

%

,

5/01/38

.....................

10,000,000

10,903,600

City

of

Bossier

City

,

Revenue,

2017,

5%,

12/01/36

........................................

1,405,000

1,713,215

Utilities,

Revenue,

2014,

Refunding,

5%,

10/01/37

.........................

5,280,000

6,076,488

City

of

Kenner

,

Revenue

,

2013A

,

Refunding

,

5

%

,

6/01/33

.....................

8,605,000

9,605,245

City

of

Lafayette

,

Public

Improvement

1961

Sales

Tax

Trust,

Revenue,

2011,

Pre-Refunded,

5%,

3/01/36

........................................................

1,865,000

1,932,513

Sales

&

Use

Tax,

Revenue,

2019

A,

5%,

5/01/44

..........................

4,350,000

5,414,184

Utilities,

Revenue,

2010,

Pre-Refunded,

5%,

11/01/33

......................

5,000,000

5,100,700

City

of

Ruston

,

Revenue

,

2016

,

AGM

Insured

,

5

%

,

6/01/35

....................

1,085,000

1,294,069

City

of

Shreveport

,

GO,

2011,

Pre-Refunded,

5%,

8/01/29

..................................

4,790,000

5,057,138

Revenue,

2016,

Refunding,

BAM

Insured,

5%,

3/01/27

......................

1,500,000

1,883,220

Water

&

Sewer,

Revenue,

2016

B,

5%,

12/01/41

..........................

4,000,000

4,744,640

East

Baton

Rouge

Sewerage

Commission

,

Revenue,

2014B,

Refunding,

5%,

2/01/33

...............................

1,000,000

1,177,760

Revenue,

2014B,

Refunding,

5%,

2/01/39

...............................

5,000,000

5,831,550

Revenue,

2019

A,

Refunding,

4%,

2/01/45

...............................

5,000,000

5,857,050

Greater

New

Orleans

Expressway

Commission

,

Revenue

,

2017

,

AGM

Insured

,

5

%

,

11/01/47

........................................................

4,000,000

4,681,520

Jefferson

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2011A

,

Pre-Refunded

,

6

%

,

1/01/39

.........................................................

3,105,000

3,208,117

Jefferson

Sales

Tax

District

,

Revenue,

2017

B,

AGM

Insured,

5%,

12/01/42

............................

2,250,000

2,682,360

Revenue,

2019

B,

AGM

Insured,

4%,

12/01/42

............................

5,000,000

5,765,200

Kenner

Consolidated

Sewerage

District

,

Revenue

,

2011

,

Pre-Refunded

,

AGM

Insured

,

5

%

,

11/01/36

.....................................................

4,000,000

4,268,000

Lafayette

Consolidated

Government

,

Revenue,

2015,

Refunding,

AGM

Insured,

5%,

11/01/28

.....................

1,345,000

1,636,004

Revenue,

2015,

Refunding,

AGM

Insured,

5%,

11/01/31

.....................

2,400,000

2,890,440

Lafayette

Parish

School

Board

,

Revenue

,

2018

,

5

%

,

4/01/48

...................

6,000,000

7,181,880

Lafayette

Public

Trust

Financing

Authority

,

Ragin

Cajun

Facilities,

Inc.

,

Revenue

,

2010

,

Pre-Refunded

,

AGM

Insured

,

5.25

%

,

10/01/30

............................

4,000,000

4,066,960

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Cowboy

Facilities,

Inc.,

Revenue,

2011,

AGM

Insured,

5%,

3/01/36

............

1,800,000

1,918,476

East

Ascension

Parish

Gravity

Drainage

District

No.

1,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/40

........................................

2,925,000

3,469,869

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

75

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)

East

Baton

Rouge

Sewerage

Commission,

Revenue,

Sub.

Lien,

2013A,

5%,

2/01/43

$

3,000,000

$

3,273,150

East

Baton

Rouge

Sewerage

Commission,

Revenue,

Sub.

Lien,

2014-A,

5%,

2/01/34

2,550,000

2,892,516

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGM

Insured,

4%,

10/01/33

..

800,000

855,592

Innovative

Student

Facilities,

Inc.,

Revenue,

2016

A,

AGM

Insured,

4%,

10/01/34

..

620,000

661,249

LCTCS

Facilities

Corp.,

Revenue,

2014,

5%,

10/01/32

......................

3,000,000

3,260,700

LCTCS

Facilities

Corp.,

Revenue,

2014,

5%,

10/01/33

......................

5,000,000

5,419,100

Ragin

Cajun

Facilities,

Inc.,

Revenue,

2017,

Refunding,

AGM

Insured,

5%,

10/01/39

2,680,000

3,233,098

University

of

Louisiana

at

Lafayette,

Revenue,

2018,

AGM

Insured,

5%,

10/01/48

..

3,500,000

3,896,970

University

of

Louisiana

System,

Revenue,

2019,

Refunding,

AGM

Insured,

4%,

8/01/34

........................................................

1,000,000

1,089,060

Woman's

Hospital

Foundation,

Revenue,

2017

A,

Refunding,

5%,

10/01/44

......

5,000,000

5,698,800

Louisiana

Public

Facilities

Authority

,

CHRISTUS

Health

Obligated

Group,

Revenue,

2018

E,

5%,

7/01/48

...........

5,000,000

5,693,050

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015A,

Pre-Refunded,

5%,

7/01/35

...................................

35,000

43,049

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2015A,

5%,

7/01/35

..............................................

4,965,000

5,543,373

Lafayette

General

Health

System,

Inc.

Obligated

Group,

Revenue,

2010,

Refunding,

5.25%,

11/01/30

.................................................

5,000,000

5,044,800

Lafayette

General

Health

System,

Inc.

Obligated

Group,

Revenue,

2010,

Refunding,

5.5%,

11/01/40

..................................................

5,000,000

5,010,350

Louisiana

Children's

Medical

Center

Obligated

Group,

Revenue,

2015

A1,

5%,

6/01/45

........................................................

10,000,000

11,678,000

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/46

..............................................

6,500,000

7,012,980

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2017,

5%,

7/01/52

................................................

2,310,000

2,506,766

Loyola

University

New

Orleans,

Revenue,

2011,

5%,

10/01/41

................

5,000,000

5,057,950

Ochsner

Clinic

Foundation,

Revenue,

2002B,

ETM,

5.75%,

5/15/23

............

2,500,000

2,894,625

Ochsner

Clinic

Foundation,

Revenue,

2011,

Pre-Refunded,

6.75%,

5/15/41

......

5,000,000

5,308,100

Ochsner

Clinic

Foundation,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/34

.........

30,000

37,628

Ochsner

Clinic

Foundation,

Revenue,

2016,

Pre-Refunded,

5%,

5/15/47

.........

20,000

25,085

Ochsner

Clinic

Foundation,

Revenue,

2017,

Refunding,

5%,

5/15/46

...........

10,000,000

11,115,000

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans,

Revenue,

2017,

Refunding,

5%,

7/01/37

............................................

3,750,000

2,343,750

Tulane

University,

Revenue,

2013B,

5%,

10/01/37

.........................

5,540,000

5,863,425

Tulane

University,

Revenue,

2016

A,

Refunding,

5%,

12/15/41

................

3,000,000

3,340,860

Tulane

University,

Revenue,

2017A,

Refunding,

4%,

12/15/50

................

2,000,000

2,064,260

Louisiana

State

Transportation

Authority

,

Revenue

,

2013A

,

Refunding

,

5

%

,

8/15/38

..

4,500,000

5,054,670

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Revenue,

2013,

Pre-Refunded,

5%,

7/01/37

..............................

4,000,000

4,580,040

Revenue,

2014,

Refunding,

5%,

7/01/29

.................................

1,000,000

1,102,630

Revenue,

2014,

Refunding,

5%,

7/01/30

.................................

1,040,000

1,142,960

Revenue,

2014,

Refunding,

5%,

7/01/34

.................................

1,000,000

1,085,950

Revenue,

2016

A,

Refunding,

5%,

7/01/40

...............................

4,500,000

4,980,015

Natchitoches

Parish

School

District

No.

9

,

GO

,

2018

,

AGM

Insured

,

5

%

,

3/01/38

....

1,440,000

1,801,397

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017A

,

5

%

,

1/01/48

........................................

10,000,000

11,367,900

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

Revenue,

2019,

4%,

8/01/44

.........................................

1,500,000

1,777,920

Revenue,

2019,

5%,

8/01/48

.........................................

2,500,000

3,164,450

Parish

of

St.

Tammany

,

Utilities,

Revenue,

2010,

Pre-Refunded,

5.5%,

8/01/35

......................

2,650,000

2,673,320

Utilities,

Revenue,

2010,

Pre-Refunded,

5%,

8/01/44

.......................

3,290,000

3,316,254

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Louisiana

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

76

See

Abbreviations

on

page

140

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

Port

New

Orleans

Board

of

Commissioners

,

Revenue

,

2018

A

,

AGM

Insured

,

5

%

,

4/01/48

.........................................................

$

2,750,000

$

3,331,872

St.Charles

Parish

School

Board

,

Revenue

,

2019

,

4

%

,

8/01/38

..................

805,000

955,302

St.Tammany

Parish

Hospital

Service

District

No.

1

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

7/01/48

.........................................................

5,000,000

5,832,150

State

of

Louisiana

,

GO,

2014-C,

Refunding,

5%,

8/01/27

...................................

7,200,000

8,381,664

GO,

2016

A,

5%,

9/01/36

............................................

5,000,000

6,053,650

GO,

2019-A,

5%,

3/01/37

............................................

3,000,000

3,817,740

Revenue,

2013,

5%,

9/01/33

.........................................

5,860,000

6,479,871

Revenue,

2013A,

5%,

6/15/30

........................................

2,860,000

3,219,359

Revenue,

2014A,

5%,

6/15/32

........................................

9,850,000

11,334,592

Revenue,

2019A,

5%,

9/01/30

........................................

2,000,000

2,627,900

Revenue,

2019A,

5%,

9/01/31

........................................

4,750,000

6,200,602

Gasoline

&

Fuels

Tax,

Revenue,

First

Lien,

2015

A,

Refunding,

5%,

5/01/41

......

3,000,000

3,500,430

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/40

...

5,000,000

6,006,650

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

2017

C,

Refunding,

5%,

5/01/45

...

10,000,000

11,894,100

Gasoline

&

Fuels

Tax,

Revenue,

Second

Lien,

C-1,

Refunding,

5%,

5/01/43

......

5,000,000

5,550,550

Terrebonne

Levee

&

Conservation

District

,

Revenue

,

2013

,

5

%

,

7/01/38

..........

2,000,000

2,187,820

Terrebonne

Parish

Consolidated

Government

,

Revenue

,

ST-2011

,

Pre-Refunded

,

AGM

Insured

,

5

%

,

4/01/32

...............................................

2,265,000

2,355,170

363,617,747

U.S.

Territories

1.0%

Puerto

Rico

1.0%

a

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

WW-RSA-1

,

5.25

%

,

7/01/33

.......

6,450,000

3,999,000

Total

Municipal

Bonds

(Cost

$349,945,564)

.....................................

367,616,747

a

a

a

a

a

Total

Investments

(Cost

$349,945,564)

97.2%

...................................

$367,616,747

Other

Assets,

less

Liabilities

2.8%

.............................................

10,416,324

Net

Assets

100.0%

...........................................................

$378,033,071

a

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Maryland

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

77

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

95.2%

Maryland

92.3%

City

of

Annapolis

,

GO

,

2011

,

Pre-Refunded

,

5

%

,

8/01/31

......................

$

1,250,000

$

1,320,475

City

of

Baltimore

,

Wastewater

Utility

Fund,

Revenue,

2011A,

5%,

7/01/41

.....................

14,435,000

15,058,159

Wastewater

Utility

Fund,

Revenue,

2017

A,

5%,

7/01/46

.....................

5,000,000

5,873,500

Water

Utility

Fund,

Revenue,

2011A,

5%,

7/01/41

..........................

7,845,000

8,160,290

Water

Utility

Fund,

Revenue,

2013A,

5%,

7/01/38

..........................

8,930,000

9,962,844

Water

Utility

Fund,

Revenue,

2013B,

Refunding,

5%,

7/01/38

.................

5,000,000

5,578,300

County

of

Anne

Arundel

,

GO,

2011,

5%,

4/01/41

..............................................

12,620,000

13,054,507

GO,

2013,

5%,

4/01/33

.............................................

3,140,000

3,481,663

a

Glenview

Housing

LP,

Revenue,

2009,

Mandatory

Put,

5%,

1/01/27

............

1,900,000

1,943,225

County

of

Baltimore

,

GO,

5%,

2/01/39

..................................................

2,900,000

3,471,445

GO,

5%,

2/01/41

..................................................

2,900,000

3,459,874

County

of

Montgomery

,

GO,

2009A,

Refunding,

4%,

11/01/20

...................................

8,000,000

8,023,440

GO,

2016

A,

4%,

12/01/33

...........................................

7,000,000

7,842,100

Revenue,

2011A,

5%,

4/01/27

........................................

1,625,000

1,688,716

Revenue,

2011A,

5%,

4/01/28

........................................

2,230,000

2,316,301

Revenue,

2011A,

5%,

4/01/30

........................................

1,935,000

2,007,388

Revenue,

2011A,

5%,

4/01/31

........................................

2,470,000

2,560,946

Water

Quality

Protection

Charge,

Revenue,

2012A,

5%,

4/01/30

...............

1,855,000

1,861,270

Water

Quality

Protection

Charge,

Revenue,

2012A,

5%,

4/01/31

...............

1,240,000

1,244,129

County

of

Prince

George's

,

COP,

2011,

5%,

10/01/30

............................................

2,060,000

2,090,694

GO,

2018

A,

4%,

7/15/35

............................................

11,405,000

13,660,225

Howard

County

Housing

Commission

,

Revenue,

2013,

5%,

10/01/28

........................................

10,000,000

11,177,500

Revenue,

2016,

4%,

6/01/46

.........................................

2,000,000

2,155,820

Revenue,

2017,

5%,

12/01/46

........................................

5,000,000

5,852,550

Maryland

Community

Development

Administration

,

Revenue,

2019

D,

3%,

7/01/39

........................................

1,500,000

1,583,475

Revenue,

2019

D,

3.2%,

7/01/44

......................................

1,000,000

1,066,110

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue,

2014

A-2,

5%,

6/01/34

......................................

3,500,000

3,926,195

Revenue,

2017

A-1,

4%,

6/01/47

......................................

2,300,000

2,531,955

Revenue,

2018A-1,

5%,

6/01/48

.......................................

1,310,000

1,608,601

Revenue,

Senior

Lien,

2019

B-1,

4%,

6/01/49

.............................

3,000,000

3,430,920

Maryland

Economic

Development

Corp.

,

Revenue,

2012,

5%,

7/01/27

.........................................

1,500,000

1,569,660

Revenue,

2012,

5%,

7/01/33

.........................................

2,495,000

2,582,699

Revenue,

2016,

Refunding,

AGM

Insured,

5%,

6/01/35

......................

4,225,000

4,831,161

Revenue,

2016,

Refunding,

AGM

Insured,

5%,

6/01/43

......................

3,305,000

3,709,928

Revenue,

Senior

Lien,

2012,

Refunding,

5%,

7/01/27

.......................

4,750,000

4,970,590

Revenue,

Senior

Lien,

2012,

Refunding,

5%,

7/01/34

.......................

2,150,000

2,223,272

Revenue,

Senior

Lien,

2013,

Refunding,

5%,

10/01/33

......................

5,000,000

5,269,450

University

Park

Phase

I

&

II

at

Salisbury

University,

Revenue,

2013,

Refunding,

5%,

6/01/34

........................................................

2,040,000

2,133,167

West

Village

&

Millennium

Hall

Student

Housing

at

Towson

University,

Revenue,

Senior

Lien,

2012,

5%,

7/01/27

......................................

1,145,000

1,205,307

Maryland

Environmental

Service

,

Revenue

,

2011

,

5

%

,

11/01/30

.................

3,935,000

4,007,758

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group,

Revenue,

2016

A,

5.5%,

1/01/46

.........

9,750,000

10,486,905

Charlestown

Community,

Inc.,

Revenue,

2016

A,

Refunding,

5%,

1/01/45

........

4,170,000

4,474,368

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

78

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority,

(continued)

Goucher

College,

Revenue,

2012A,

5%,

7/01/34

..........................

$

1,500,000

$

1,570,620

Goucher

College,

Revenue,

2017

A,

Refunding,

5%,

7/01/44

.................

7,470,000

8,258,010

Johns

Hopkins

Health

System

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

5/15/37

........................................................

10,000,000

11,463,100

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2001,

AMBAC

Insured,

5%,

7/01/27

..............................................

655,000

660,600

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2004,

AMBAC

Insured,

5%,

7/01/34

..............................................

5,000,000

5,043,000

Johns

Hopkins

Medical

Institutional

Parking

System,

Revenue,

2004

B,

AMBAC

Insured,

5%,

7/01/38

..............................................

6,200,000

6,155,980

Johns

Hopkins

University,

Revenue,

2012A,

Pre-Refunded,

5%,

7/01/37

........

5,000,000

5,484,850

Johns

Hopkins

University,

Revenue,

2012A,

Pre-Refunded,

5%,

7/01/41

........

15,000,000

16,454,550

Johns

Hopkins

University,

Revenue,

2013

B,

5%,

7/01/38

....................

5,000,000

5,548,650

LifeBridge

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

7/01/47

.....

4,000,000

4,518,080

LifeBridge

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

7/01/44

.....

2,000,000

2,303,560

Loyola

University

Maryland,

Inc.,

Revenue,

2012A,

Pre-Refunded,

5%,

10/01/39

..

5,275,000

5,847,707

Loyola

University

Maryland,

Inc.,

Revenue,

2014,

Refunding,

5%,

10/01/45

......

2,250,000

2,402,033

Loyola

University

Maryland,

Inc.,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

.....

2,000,000

2,258,260

Luminis

Health

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

7/01/39

.......

10,000,000

10,912,400

Maryland

Institute

College

of

Art,

Revenue,

2012,

5%,

6/01/29

................

1,000,000

1,056,630

Maryland

Institute

College

of

Art,

Revenue,

2016,

Refunding,

4%,

6/01/42

.......

5,325,000

5,444,280

MedStar

Health

Obligated

Group,

Revenue,

1997,

AMBAC

Insured,

ETM,

5%,

7/01/27

........................................................

9,655,000

11,248,461

MedStar

Health

Obligated

Group,

Revenue,

2013A,

5%,

8/15/38

..............

5,000,000

5,367,250

MedStar

Health

Obligated

Group,

Revenue,

2017

A,

5%,

5/15/45

..............

5,000,000

5,651,350

Meritus

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/45

.

8,535,000

9,204,998

Peninsula

Regional

Health

System

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/45

........................................................

6,330,000

6,848,554

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017

MD,

5%,

12/01/46

........

1,680,000

1,957,183

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/01/35

....................................................

2,100,000

2,382,135

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

5%,

7/01/39

............................................

10,000,000

11,594,100

University

of

Maryland

Medical

System

Obligated

Group,

Revenue,

2017

D,

4%,

7/01/48

........................................................

5,000,000

5,335,250

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/43

..............

1,100,000

1,263,581

McDonogh

School,

Inc.,

Revenue,

2019,

Refunding,

4%,

9/01/48

..............

610,000

696,047

Maryland

Stadium

Authority

,

Revenue

,

2016

,

5

%

,

5/01/46

.....................

10,085,000

11,434,373

Washington

Suburban

Sanitary

Commission

,

Revenue,

Second

Series,

2016,

5%,

6/01/37

.............................

5,000,000

6,062,950

Revenue,

Second

Series,

2016,

4%,

6/01/43

.............................

8,070,000

9,075,603

378,961,027

U.S.

Territories

2.9%

District

of

Columbia

1.4%

Washington

Metropolitan

Area

Transit

Authority

,

Revenue

,

2017B

,

5

%

,

7/01/42

.....

5,000,000

5,854,650

Puerto

Rico

1.5%

b

Puerto

Rico

Electric

Power

Authority

,

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

5,000,000

3,112,500

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Maryland

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

79

See

Abbreviations

on

page

140

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

b

Puerto

Rico

Electric

Power

Authority,

(continued)

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

$

5,000,000

$

3,100,000

6,212,500

Total

U.S.

Territories

....................................................................

12,067,150

Total

Municipal

Bonds

(Cost

$374,185,518)

.....................................

391,028,177

a

a

a

a

Short

Term

Investments

3.5%

Municipal

Bonds

3.5%

Maryland

3.5%

c

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

11/01/37

........................................................

2,875,000

2,875,000

c

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2008D

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

7/01/41

.............................................

11,650,000

11,650,000

14,525,000

Total

Municipal

Bonds

(Cost

$14,525,000)

......................................

14,525,000

a

Total

Investments

(Cost

$388,710,518)

98.7%

...................................

$405,553,177

Other

Assets,

less

Liabilities

1.3%

.............................................

5,349,351

Net

Assets

100.0%

...........................................................

$410,902,528

a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

c

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Massachusetts

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

80

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.3%

Massachusetts

98.3%

Acton

&

Boxborough

Regional

School

District

,

GO,

5%,

3/01/33

..................................................

$

2,095,000

$

2,768,752

GO,

3%,

3/01/34

..................................................

1,485,000

1,643,583

GO,

3%,

3/01/35

..................................................

2,130,000

2,339,592

Boston

Water

&

Sewer

Commission

,

Revenue,

Senior

Lien

,

2014A

,

4

%

,

11/01/28

...

4,400,000

5,022,424

City

of

Quincy

,

GO

,

2014

,

4

%

,

6/01/32

....................................

2,565,000

2,837,890

City

of

Worcester

,

GO,

2013,

3.25%,

11/01/25

..........................................

3,370,000

3,472,583

GO,

2013,

3.5%,

11/01/26

...........................................

3,000,000

3,115,710

GO,

2020

A,

3%,

2/01/42

............................................

1,685,000

1,769,621

Commonwealth

of

Massachusetts

,

GO,

2018A,

5%,

1/01/47

............................................

5,000,000

6,167,650

GO,

A,

5.25%,

4/01/42

..............................................

5,000,000

6,199,450

GO,

F,

4%,

11/01/29

................................................

6,000,000

6,463,020

Revenue,

2005,

Refunding,

NATL

Insured,

5.5%,

1/01/25

....................

5,900,000

6,968,844

Revenue,

2005,

Refunding,

NATL

Insured,

5.5%,

1/01/34

....................

11,900,000

16,226,602

Transportation

Fund,

Revenue,

2012A,

Pre-Refunded,

4%,

6/01/31

............

5,555,000

5,768,035

Transportation

Fund,

Revenue,

2016B,

4%,

6/01/45

........................

7,175,000

7,970,564

Transportation

Fund,

Revenue,

2017A,

5%,

6/01/47

........................

5,000,000

6,063,650

Transportation

Fund,

Revenue,

2018

A,

5%,

6/01/48

.......................

5,000,000

6,168,900

Transportation

Fund,

Revenue,

2019A,

5%,

6/01/49

........................

1,925,000

2,425,596

Massachusetts

Bay

Transportation

Authority

,

Revenue,

A,

5%,

7/01/40

............................................

5,000,000

5,806,800

Revenue,

A-1,

Refunding,

5.25%,

7/01/30

...............................

4,000,000

5,623,400

Revenue,

Senior

Lien,

B,

Refunding,

5%,

7/01/33

..........................

2,500,000

2,946,075

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

1999A,

5.75%,

8/01/29

......................................

250,000

251,010

Revenue,

2000-6,

5.5%,

8/01/30

......................................

195,000

195,739

Revenue,

2020,

Refunding,

3%,

8/01/38

.................................

1,580,000

1,751,888

Revenue,

2020,

Refunding,

3%,

8/01/39

.................................

1,605,000

1,773,894

Revenue,

2020,

Refunding,

3%,

8/01/40

.................................

1,635,000

1,802,555

Revenue,

7,

5.125%,

2/01/31

.........................................

260,000

260,905

Massachusetts

Development

Finance

Agency

,

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/32

2,975,000

3,380,641

Beth

Israel

Lahey

Health

Obligated

Group,

Revenue,

2015

F,

Refunding,

5%,

8/15/34

5,000,000

5,648,900

Brandeis

University,

Revenue,

2019

S-1,

Refunding,

5%,

10/01/38

.............

2,410,000

2,912,509

Broad

Institute,

Inc.

(The),

Revenue,

2011A,

Pre-Refunded,

5.375%,

4/01/41

.....

15,000,000

15,630,900

Broad

Institute,

Inc.

(The),

Revenue,

2017,

Refunding,

4%,

4/01/41

............

5,000,000

5,604,250

Dana-Farber

Cancer

Institute

Obligated

Group,

Revenue,

2016N,

5%,

12/01/46

...

6,890,000

7,818,703

Northeastern

University,

Revenue,

2014A,

5%,

3/01/44

.....................

5,000,000

5,499,800

Partners

Healthcare

System,

Inc.,

Revenue,

2012L,

Pre-Refunded,

5%,

7/01/41

...

5,000,000

5,258,900

Partners

Healthcare

System,

Inc.,

Revenue,

2016Q,

Refunding,

5%,

7/01/34

.....

5,000,000

5,861,650

Partners

Healthcare

System,

Inc.,

Revenue,

2017

S-1,

Refunding,

5%,

7/01/33

...

1,880,000

2,262,599

Partners

Healthcare

System,

Inc.,

Revenue,

2017

S-1,

Refunding,

4%,

7/01/41

...

7,500,000

8,379,675

Partners

Healthcare

System,

Inc.,

Revenue,

2020A-2,

Refunding,

4%,

7/01/41

....

1,000,000

1,144,990

President

&

Trustees

of

Williams

College,

Revenue,

2017S,

4%,

7/01/46

........

9,550,000

10,818,813

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/33

5,000,000

6,132,500

President

and

Fellows

of

Harvard

College,

Revenue,

2016

A,

Refunding,

5%,

7/15/40

1,000,000

1,541,370

President

and

Fellows

of

Harvard

College,

Revenue,

2020

A,

Refunding,

5%,

10/15/30

.......................................................

1,250,000

1,774,175

Sterling

and

Francine

Clark

Art

Institute,

Revenue,

2011,

Pre-Refunded,

5%,

7/01/41

12,900,000

13,575,186

Trustees

of

Boston

College,

Revenue,

2017T,

Refunding,

5%,

7/01/42

..........

3,750,000

4,512,900

Trustees

of

Boston

University,

Revenue,

BB-1,

4%,

10/01/46

.................

5,000,000

5,469,800

Wellesley

College,

Revenue,

2018

L,

Refunding,

4%,

7/01/44

.................

6,160,000

7,096,936

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/35

..

1,200,000

1,504,524

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

81

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Woods

Hole

Oceanographic

Institution,

Revenue,

2018,

Refunding,

5%,

6/01/36

..

$

1,000,000

$

1,248,620

Worcester

Polytechnic

Institute,

Revenue,

2012,

4%,

9/01/49

.................

4,825,000

4,877,207

Worcester

Polytechnic

Institute,

Revenue,

2017,

Refunding,

5%,

9/01/42

........

1,090,000

1,211,611

Worcester

Polytechnic

Institute,

Revenue,

2019,

4%,

9/01/44

.................

1,350,000

1,411,601

Massachusetts

Educational

Financing

Authority

,

Revenue,

2009

I,

6%,

1/01/28

........................................

1,350,000

1,351,148

Revenue,

2010A,

5.5%,

1/01/22

.......................................

3,000,000

3,002,490

Massachusetts

Health

&

Educational

Facilities

Authority

,

Southcoast

Hospitals

Group,

Inc.,

Revenue,

2009D,

5%,

7/01/39

..............

5,500,000

5,515,455

Sterling

and

Francine

Clark

Art

Institute,

Revenue,

2010B,

Pre-Refunded,

5%,

7/01/40

........................................................

5,000,000

5,019,600

Trustees

of

Boston

College,

Revenue,

M2,

5.5%,

6/01/35

....................

8,600,000

12,615,512

Massachusetts

Housing

Finance

Agency

,

Revenue,

159,

FNMA

Insured,

4.05%,

12/01/32

...........................

1,160,000

1,196,528

Revenue,

162,

GNMA

Insured,

3.15%,

12/01/32

...........................

10,905,000

11,180,351

Revenue,

1979

A,

ETM,

7%,

4/01/21

...................................

215,000

226,548

Revenue,

2009C,

5.125%,

12/01/39

....................................

1,045,000

1,046,223

Revenue,

2009C,

5.35%,

12/01/49

.....................................

2,770,000

2,773,407

Revenue,

2012F,

3.15%,

12/01/32

.....................................

105,000

105,803

Revenue,

2012F,

3.45%,

12/01/37

.....................................

45,000

45,416

Revenue,

214,

GNMA

Insured,

2.55%,

12/01/34

...........................

1,000,000

1,043,050

Revenue,

214,

GNMA

Insured,

2.8%,

12/01/39

............................

4,000,000

4,159,320

Revenue,

A,

3.25%,

12/01/27

.........................................

4,000,000

4,193,320

Revenue,

A,

3.5%,

12/01/31

..........................................

5,805,000

6,046,372

Massachusetts

Port

Authority

,

Revenue,

2019-B,

5%,

7/01/44

........................................

5,000,000

6,038,750

Revenue,

2019-B,

5%,

7/01/49

........................................

5,000,000

6,005,000

Massachusetts

School

Building

Authority

,

Revenue,

2018

B,

5.25%,

2/15/48

.....................................

2,315,000

2,878,008

Revenue,

2019A,

5%,

2/15/44

........................................

1,000,000

1,254,510

Revenue,

Senior

Lien,

2011B,

Pre-Refunded,

5%,

10/15/41

..................

10,000,000

10,663,200

Revenue,

Senior

Lien,

2016C,

Refunding,

5%,

11/15/34

.....................

5,000,000

6,151,350

Massachusetts

State

College

Building

Authority

,

Revenue,

2003

B,

Refunding,

AGC

Insured,

5.5%,

5/01/39

...................

5,000,000

7,616,300

Revenue,

2017

D,

Refunding,

4%,

5/01/38

...............................

4,350,000

5,017,377

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System,

Revenue,

2019

B-1,

Refunding,

5%,

1/01/37

......

1,015,000

1,300,591

Metropolitan

Highway

System,

Revenue,

Senior

Lien,

2019

A,

Refunding,

5%,

1/01/37

........................................................

2,750,000

3,455,732

Massachusetts

Water

Resources

Authority

,

Revenue,

2016C,

Refunding,

5%,

8/01/40

...............................

5,000,000

6,070,200

Revenue,

2018

B,

5%,

8/01/43

........................................

4,000,000

5,017,880

Revenue,

B,

Refunding,

AGM

Insured,

5.25%,

8/01/28

......................

5,490,000

7,438,511

Revenue,

B,

5%,

8/01/40

............................................

1,140,000

1,405,073

Revenue,

B,

5%,

8/01/42

............................................

3,145,000

3,859,764

Metropolitan

Boston

Transit

Parking

Corp.

,

Revenue,

2011,

5.25%,

7/01/36

.......................................

5,585,000

5,771,874

Revenue,

2011,

5%,

7/01/41

.........................................

7,500,000

7,713,600

Springfield

Water

&

Sewer

Commission

,

Revenue

,

2017C

,

5

%

,

4/15/37

...........

1,260,000

1,546,121

Town

of

Belmont

,

GO,

2019,

4%,

3/15/45

.............................................

3,020,000

3,448,206

a

GO,

2020,

3%,

6/01/33

.............................................

2,695,000

3,028,317

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Massachusetts

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

82

See

Abbreviations

on

page

140

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Massachusetts

(continued)

Town

of

Braintree

,

GO,

Refunding,

5%,

5/15/27

.........................................

$

2,000,000

$

2,591,140

GO,

2019,

3%,

6/01/35

.............................................

1,765,000

1,928,174

Town

of

Natick

,

GO

,

2018

,

4

%

,

7/15/35

...................................

4,970,000

5,801,083

Town

of

Plymouth

,

GO

,

2017

,

4

%

,

5/01/47

.................................

5,000,000

5,592,850

University

of

Massachusetts

Building

Authority

,

Revenue,

Senior

Lien,

1,

Pre-Refunded,

5%,

11/01/44

......................

3,240,000

3,911,976

Revenue,

Senior

Lien,

1,

5%,

11/01/44

..................................

760,000

865,731

University

of

Massachusetts,

Revenue,

Senior

Lien,

2017-1,

5.25%,

11/01/42

.....

5,000,000

6,230,300

University

of

Massachusetts,

Revenue,

Senior

Lien,

2019-1,

Refunding,

5%,

5/01/39

5,000,000

6,339,750

432,845,403

Total

Municipal

Bonds

(Cost

$401,456,164)

.....................................

432,845,403

a

a

a

a

Short

Term

Investments

1.1%

Municipal

Bonds

1.1%

Massachusetts

1.1%

b

Massachusetts

Health

&

Educational

Facilities

Authority

,

President

and

Fellows

of

Harvard

College

,

Revenue

,

R

,

Daily

VRDN

and

Put

,

0.02

%

,

11/01/49

...........

4,800,000

4,800,000

Total

Municipal

Bonds

(Cost

$4,800,000)

.......................................

4,800,000

a

Total

Investments

(Cost

$406,256,164)

99.4%

...................................

$437,645,403

Other

Assets,

less

Liabilities

0.6%

.............................................

2,662,286

Net

Assets

100.0%

...........................................................

$440,307,689

a

Security

purchased

on

a

when-issued

basis.

b

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Michigan

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

83

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

95.7%

Michigan

95.5%

Ann

Arbor

School

District

,

GO,

2015,

Refunding,

5%,

5/01/28

.....................................

$

1,000,000

$

1,202,320

GO,

2015,

Refunding,

5%,

5/01/29

.....................................

1,235,000

1,478,925

Byron

Center

Public

Schools

,

GO,

2017

I,

5%,

5/01/34

.............................................

1,000,000

1,232,810

GO,

2017

I,

5%,

5/01/35

.............................................

1,920,000

2,358,240

GO,

2017

I,

5%,

5/01/36

.............................................

650,000

795,450

GO,

2017

I,

5%,

5/01/37

.............................................

1,480,000

1,805,985

GO,

2017

I,

5%,

5/01/38

.............................................

1,330,000

1,618,783

GO,

2017

I,

5%,

5/01/39

.............................................

2,290,000

2,780,701

GO,

2017

I,

5%,

5/01/43

.............................................

2,250,000

2,711,768

GO,

2017

I,

5%,

5/01/47

.............................................

4,140,000

4,966,178

Caledonia

Community

Schools

,

GO

,

2015

,

Refunding

,

5

%

,

5/01/26

..............

1,000,000

1,250,750

Central

Michigan

University

,

Revenue,

2014,

Refunding,

5%,

10/01/30

................................

1,910,000

2,159,370

Revenue,

2014,

Refunding,

5%,

10/01/31

................................

1,055,000

1,188,320

Revenue,

2014,

Refunding,

5%,

10/01/34

................................

1,600,000

1,888,512

Revenue,

2014,

Refunding,

5%,

10/01/39

................................

2,000,000

2,352,220

Charter

Township

of

Bloomfield

,

GO,

2016,

Refunding,

5%,

5/01/29

.....................................

470,000

587,542

GO,

2016,

Refunding,

5%,

5/01/32

.....................................

1,000,000

1,241,570

Charter

Township

of

Commerce

,

GO

,

2016

,

Refunding

,

5

%

,

12/01/38

............

3,250,000

3,921,385

Chippewa

Valley

Schools

,

GO,

2013,

Refunding,

5%,

5/01/28

.....................................

6,075,000

6,878,115

GO,

2013,

Refunding,

5%,

5/01/29

.....................................

6,425,000

7,268,346

GO,

2013,

Refunding,

5%,

5/01/30

.....................................

6,420,000

7,254,728

GO,

2013,

Refunding,

5%,

5/01/31

.....................................

3,000,000

3,387,270

GO,

2013,

Refunding,

5%,

5/01/32

.....................................

6,590,000

7,436,551

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

5

%

,

6/01/36

...

1,300,000

1,579,253

City

of

Detroit

,

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Senior

Lien,

2012A,

Refunding,

AGM

Insured,

5%,

7/01/39

...........................

5,000,000

5,454,400

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Second

Lien,

2003-B,

NATL

Insured,

5%,

7/01/34

.........................................

25,000

25,088

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Senior

Lien,

06A,

AGM

Insured,

5%,

7/01/34

..............................................

30,000

30,109

City

of

Grand

Rapids

,

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/28

..............

1,560,000

1,810,162

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/29

..............

1,000,000

1,158,040

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/31

..............

2,095,000

2,418,824

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/32

..............

1,175,000

1,355,715

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/33

..............

1,125,000

1,296,292

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/34

..............

1,000,000

1,151,110

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/35

..............

1,500,000

1,725,510

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/39

..............

880,000

1,017,711

Sanitary

Sewer

System,

Revenue,

2014,

Refunding,

5%,

1/01/44

..............

2,000,000

2,308,360

Sanitary

Sewer

System,

Revenue,

2016,

Refunding,

5%,

1/01/36

..............

1,250,000

1,511,963

Sanitary

Sewer

System,

Revenue,

2016,

Refunding,

5%,

1/01/38

..............

1,000,000

1,204,160

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/37

.......................

1,040,000

1,297,878

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/43

.......................

1,000,000

1,230,780

Sanitary

Sewer

System,

Revenue,

2018,

5%,

1/01/48

.......................

5,000,000

6,114,800

Sanitary

Sewer

System,

Revenue,

2020,

Refunding,

5%,

1/01/45

..............

1,500,000

1,921,035

Sanitary

Sewer

System,

Revenue,

2020,

Refunding,

4%,

1/01/50

..............

3,440,000

4,080,356

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/41

...............

2,190,000

2,620,116

Water

Supply

System,

Revenue,

2016,

Refunding,

5%,

1/01/46

...............

2,525,000

2,998,463

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

84

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

City

of

Grand

Rapids,

(continued)

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/43

...............

$

1,500,000

$

1,846,170

Water

Supply

System,

Revenue,

2018,

Refunding,

5%,

1/01/48

...............

2,000,000

2,445,920

County

of

Kent

,

GO,

2016,

5%,

6/01/32

.............................................

1,305,000

1,626,291

GO,

2016,

5%,

6/01/33

.............................................

1,275,000

1,582,989

County

of

Muskegon

,

GO,

2015,

Refunding,

5%,

11/01/33

....................................

1,360,000

1,648,007

GO,

2015,

Refunding,

5%,

11/01/36

....................................

1,735,000

2,097,320

Detroit

City

School

District

,

GO

,

2001A

,

AGM

Insured

,

6

%

,

5/01/29

..............

10,000,000

12,761,300

DeWitt

Public

Schools

,

GO,

2017,

5%,

5/01/30

.............................................

500,000

634,760

GO,

2017,

5%,

5/01/33

.............................................

815,000

1,011,146

GO,

2017,

5%,

5/01/34

.............................................

1,000,000

1,237,260

GO,

2017,

5%,

5/01/35

.............................................

1,000,000

1,232,680

GO,

2017,

5%,

5/01/36

.............................................

1,000,000

1,228,180

Downriver

Utility

Wastewater

Authority

,

Revenue,

2018,

Refunding,

AGM

Insured,

5%,

4/01/34

......................

510,000

634,782

Revenue,

2018,

Refunding,

AGM

Insured,

5%,

4/01/36

......................

1,600,000

1,954,512

Revenue,

2018,

Refunding,

AGM

Insured,

5%,

4/01/38

......................

1,500,000

1,821,135

Revenue,

2018,

Refunding,

AGM

Insured,

5%,

4/01/43

......................

3,000,000

3,609,690

East

Lansing

School

District

,

GO,

2017

I,

5%,

5/01/35

.............................................

1,500,000

1,866,885

GO,

2017

I,

5%,

5/01/37

.............................................

1,100,000

1,354,419

GO,

2017

I,

5%,

5/01/42

.............................................

3,500,000

4,225,235

Farmington

Public

School

District

,

GO,

2015,

Refunding,

AGM

Insured,

5%,

5/01/27

..........................

1,000,000

1,204,460

GO,

2015,

Refunding,

AGM

Insured,

5%,

5/01/28

..........................

2,000,000

2,403,580

GO,

2015,

Refunding,

AGM

Insured,

5%,

5/01/32

..........................

4,035,000

4,819,081

GO,

2015,

Refunding,

AGM

Insured,

5%,

5/01/33

..........................

2,900,000

3,455,843

GO,

2015,

Refunding,

AGM

Insured,

5%,

5/01/34

..........................

3,000,000

3,570,240

GO,

2015,

Refunding,

AGM

Insured,

5%,

5/01/35

..........................

1,000,000

1,187,970

GO,

2018,

BAM

Insured,

4.5%,

5/01/38

.................................

7,225,000

8,674,046

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group,

Revenue,

2014A,

5%,

7/01/44

...........

2,000,000

2,181,760

Munson

Healthcare

Obligated

Group,

Revenue,

2014A,

5%,

7/01/47

...........

2,500,000

2,723,000

Munson

Healthcare

Obligated

Group,

Revenue,

2019A,

5%,

7/01/44

...........

1,110,000

1,299,855

Munson

Healthcare

Obligated

Group,

Revenue,

2019B,

5%,

7/01/39

...........

1,625,000

1,936,691

Grand

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

12/01/32

..............................

4,295,000

5,004,921

Revenue,

2018,

5%,

12/01/38

........................................

900,000

1,080,792

Revenue,

2018,

5%,

12/01/43

........................................

1,800,000

2,137,068

Grandville

Public

Schools

,

GO,

II,

AGM

Insured,

5%,

5/01/29

.....................................

750,000

899,332

GO,

II,

AGM

Insured,

5%,

5/01/30

.....................................

1,000,000

1,195,920

GO,

II,

AGM

Insured,

5%,

5/01/31

.....................................

1,150,000

1,371,639

GO,

II,

AGM

Insured,

5%,

5/01/32

.....................................

1,165,000

1,387,061

GO,

II,

AGM

Insured,

5%,

5/01/34

.....................................

1,315,000

1,558,709

GO,

II,

AGM

Insured,

5%,

5/01/35

.....................................

1,225,000

1,448,808

GO,

II,

AGM

Insured,

5%,

5/01/37

.....................................

2,915,000

3,432,325

GO,

II,

AGM

Insured,

5%,

5/01/40

.....................................

6,215,000

7,269,437

Gull

Lake

Community

School

District

,

GO

,

2018

-I

,

5

%

,

5/01/48

.................

5,000,000

6,080,050

Holly

Area

School

District

,

GO,

2014,

Refunding,

5%,

5/01/30

.....................................

1,045,000

1,221,187

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

85

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Holly

Area

School

District,

(continued)

GO,

2014,

Refunding,

5%,

5/01/32

.....................................

$

1,040,000

$

1,212,702

Hudsonville

Public

Schools

,

GO,

2017,

Refunding,

5%,

5/01/37

.....................................

1,550,000

1,902,780

GO,

2017,

Refunding,

5%,

5/01/39

.....................................

2,500,000

3,066,800

GO,

2017,

Refunding,

5%,

5/01/41

.....................................

2,500,000

3,027,150

Jackson

County

Hospital

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2006C

,

Pre-Refunded

,

AGC

Insured

,

5

%

,

6/01/26

............

10,000,000

10,000,000

Kelloggsville

Public

Schools

,

GO,

2015,

AGM

Insured,

5%,

5/01/33

...................................

1,045,000

1,245,849

GO,

2015,

AGM

Insured,

5%,

5/01/35

...................................

1,150,000

1,361,313

GO,

2015,

AGM

Insured,

5%,

5/01/38

...................................

3,815,000

4,488,042

Kentwood

Public

Schools

,

GO,

2016,

5%,

5/01/35

.............................................

1,205,000

1,465,003

GO,

2016,

5%,

5/01/36

.............................................

1,205,000

1,460,400

GO,

2016,

5%,

5/01/38

.............................................

1,210,000

1,458,038

GO,

2016,

5%,

5/01/41

.............................................

1,120,000

1,339,744

GO,

2016,

5%,

5/01/44

.............................................

1,800,000

2,143,062

L'Anse

Creuse

Public

Schools

,

GO,

2015,

Refunding,

5%,

5/01/28

.....................................

5,230,000

6,324,639

GO,

2015,

Refunding,

5%,

5/01/30

.....................................

5,560,000

6,702,802

GO,

2015,

Refunding,

5%,

5/01/32

.....................................

5,890,000

7,072,241

GO,

2015,

Refunding,

5%,

5/01/34

.....................................

6,220,000

7,441,919

GO,

2015,

Refunding,

5%,

5/01/35

.....................................

2,840,000

3,393,374

Lansing

Board

of

Water

&

Light

,

Revenue,

2011

A,

Pre-Refunded,

5.5%,

7/01/41

...........................

10,000,000

10,577,400

Revenue,

2019

A,

5%,

7/01/48

........................................

10,000,000

12,579,900

Lansing

Community

College

,

GO,

2012,

Pre-Refunded,

5%,

5/01/32

..................................

2,310,000

2,520,764

GO,

2012,

5%,

5/01/32

.............................................

690,000

749,761

GO,

2017,

Refunding,

5%,

5/01/32

.....................................

2,000,000

2,563,080

Lansing

School

District

,

GO,

2016

I,

5%,

5/01/37

.............................................

1,490,000

1,812,436

GO,

2016

I,

5%,

5/01/39

.............................................

2,125,000

2,572,695

GO,

2016

I,

5%,

5/01/40

.............................................

2,200,000

2,656,522

Lenawee

County

Hospital

Finance

Authority

,

Promedica

Healthcare

Obligated

Group

,

Revenue

,

2011B

,

Pre-Refunded

,

6

%

,

11/15/35

............................

5,000,000

5,415,100

Livonia

Public

Schools

,

GO,

2013

I,

AGM

Insured,

5%,

5/01/36

..................................

5,725,000

6,451,560

GO,

2013

I,

AGM

Insured,

5%,

5/01/38

..................................

6,000,000

6,754,020

GO,

2013

I,

AGM

Insured,

5%,

5/01/43

..................................

16,850,000

18,941,590

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment,

2017

A,

Refunding,

5%,

5/01/34

.......................

2,000,000

2,495,420

Special

Assessment,

2017

A,

Refunding,

5%,

5/01/42

.......................

7,500,000

9,081,150

Mason

County

Central

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

5/01/26

.........

1,100,000

1,330,230

Mattawan

Consolidated

School

District

,

GO,

2015

I,

5%,

5/01/30

.............................................

1,000,000

1,210,920

GO,

2015

I,

5%,

5/01/31

.............................................

1,915,000

2,314,775

GO,

2015

I,

5%,

5/01/32

.............................................

1,110,000

1,338,738

GO,

2015

I,

5%,

5/01/34

.............................................

2,325,000

2,794,162

GO,

2015

I,

5%,

5/01/39

.............................................

3,375,000

4,020,097

Meridian

Public

School

District

,

GO,

2015,

Refunding,

5%,

5/01/27

.....................................

735,000

895,200

GO,

2015,

Refunding,

5%,

5/01/29

.....................................

775,000

940,137

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

86

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Meridian

Public

School

District,

(continued)

GO,

2015,

Refunding,

5%,

5/01/31

.....................................

$

1,130,000

$

1,365,899

Michigan

Finance

Authority

,

Beaumont

Health

Obligated

Group,

Revenue,

2012,

AGM

Insured,

5%,

11/01/32

..

10,005,000

10,701,648

Beaumont

Health

Obligated

Group,

Revenue,

2012,

Refunding,

AGM

Insured,

5%,

11/01/42

.......................................................

12,000,000

12,688,800

Beaumont

Health

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/28

.....

5,585,000

6,175,223

Beaumont

Health

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/29

.....

5,865,000

6,469,857

Clean

Water

Revolving

Fund,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/28

......

3,000,000

3,333,150

Clean

Water

Revolving

Fund,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/29

......

3,000,000

3,333,150

Clean

Water

Revolving

Fund,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/32

......

2,000,000

2,222,100

Clean

Water

Revolving

Fund,

Revenue,

2016

B,

Refunding,

4%,

10/01/30

.......

2,750,000

3,277,478

Clean

Water

Revolving

Fund,

Revenue,

2018B,

5%,

10/01/38

................

8,055,000

10,062,548

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/32

.......................................................

2,725,000

3,161,599

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/37

.......................................................

4,235,000

4,831,711

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/41

.......................................................

22,015,000

24,931,327

Kalamazoo

College,

Revenue,

2018,

Refunding,

4%,

12/01/47

................

2,610,000

2,527,707

Michigan

Finance

Authority

Clean

Water

Revolving

Fund,

Revenue,

2018B,

5%,

10/01/39

.......................................................

6,000,000

7,477,440

Sparrow

Health

Obligated

Group,

Revenue,

2012,

AGM

Insured,

5%,

11/15/42

....

8,000,000

8,466,160

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

Pre-Refunded,

5%,

12/01/45

.......................................................

290,000

365,249

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2016

MI,

5%,

12/01/45

.........

19,710,000

22,038,934

Michigan

State

Building

Authority

,

Revenue,

2011

I-A,

Refunding,

5.5%,

10/15/45

............................

2,000,000

2,143,100

Revenue,

2013

A-1,

Refunding,

5%,

10/15/33

.............................

5,000,000

5,707,100

Revenue,

2013

A-1,

Refunding,

5.25%,

10/15/47

..........................

5,000,000

5,712,650

Revenue,

2016

I,

Refunding,

5%,

4/15/41

................................

13,000,000

15,640,950

Revenue,

2016

I,

Refunding,

5%,

10/15/46

...............................

9,910,000

11,830,558

Revenue,

2016

I,

Refunding,

5%,

10/15/51

...............................

1,000,000

1,197,800

Revenue,

2019

I,

Refunding,

4%,

10/15/49

...............................

2,500,000

2,880,150

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group,

Revenue,

1999B-3,

4%,

11/15/32

.............

5,000,000

5,663,950

Ascension

Health

Credit

Group,

Revenue,

1999B-3,

4%,

11/15/33

.............

5,370,000

6,067,670

Ascension

Health

Credit

Group,

Revenue,

2010F-7,

Refunding,

5%,

11/15/47

.....

10,000,000

11,686,500

Ascension

Health

Credit

Group,

Revenue,

2010F-8,

Refunding,

5%,

11/15/46

.....

5,000,000

5,847,000

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/26

........................................................

2,065,000

2,208,848

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/27

........................................................

2,285,000

2,440,403

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/28

........................................................

2,615,000

2,789,839

McLaren

Health

Care

Corp.

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

6/01/35

........................................................

2,250,000

2,373,075

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2009B,

Pre-Refunded,

5%,

12/01/48

20,000,000

21,883,000

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019B

,

3.1

%

,

12/01/44

...

15,000,000

15,643,650

Michigan

State

University

,

Revenue

,

2015A

,

5

%

,

8/15/40

......................

8,500,000

9,808,915

Michigan

Strategic

Fund

,

DTE

Electric

Co.,

Revenue,

BB,

Refunding,

AMBAC

Insured,

7%,

5/01/21

.......

3,000,000

3,178,710

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

12/31/43

...

7,000,000

7,438,270

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

87

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Technological

University

,

Revenue

,

2015A

,

5

%

,

10/01/45

..............

$

2,400,000

$

2,858,016

Northview

Public

Schools

,

GO

,

2012

,

5

%

,

5/01/41

...........................

3,000,000

3,009,720

Oakland

School

District

,

GO,

2016,

Refunding,

5%,

5/01/35

.....................................

1,500,000

1,835,160

GO,

2016,

Refunding,

5%,

5/01/36

.....................................

1,005,000

1,225,698

Oakland

University

,

Revenue,

2014,

Refunding,

5%,

3/01/27

.................................

1,000,000

1,123,960

Revenue,

2014,

Refunding,

5%,

3/01/30

.................................

1,010,000

1,126,716

Revenue,

2014,

Refunding,

5%,

3/01/31

.................................

1,260,000

1,401,309

Revenue,

2014,

Refunding,

5%,

3/01/32

.................................

1,000,000

1,108,280

Revenue,

2014,

Refunding,

5%,

3/01/33

.................................

1,285,000

1,419,629

Revenue,

2014,

Refunding,

5%,

3/01/34

.................................

1,000,000

1,102,740

Revenue,

2014,

Refunding,

5%,

3/01/39

.................................

3,000,000

3,279,510

Revenue,

2016,

5%,

3/01/47

.........................................

7,230,000

8,152,910

Revenue,

2019,

5%,

3/01/50

.........................................

3,500,000

4,140,815

Rochester

Community

School

District

,

GO,

2016

I,

5%,

5/01/32

.............................................

5,575,000

6,871,020

GO,

2016

I,

5%,

5/01/35

.............................................

6,450,000

7,891,188

GO,

2016

I,

5%,

5/01/36

.............................................

2,800,000

3,414,880

Roseville

Community

Schools

,

GO,

2014,

Refunding,

5%,

5/01/26

.....................................

1,400,000

1,695,288

GO,

2014,

Refunding,

5%,

5/01/27

.....................................

1,370,000

1,653,796

GO,

2014,

Refunding,

5%,

5/01/28

.....................................

3,040,000

3,661,558

GO,

2014,

Refunding,

5%,

5/01/29

.....................................

3,300,000

3,967,656

GO,

2014,

Refunding,

5%,

5/01/30

.....................................

1,620,000

1,944,292

GO,

2014,

Refunding,

5%,

5/01/31

.....................................

1,585,000

1,898,909

Royal

Oak

Hospital

Finance

Authority

,

Beaumont

Health

Obligated

Group,

Revenue,

2014D,

Refunding,

5%,

9/01/27

....

3,350,000

3,753,038

Beaumont

Health

Obligated

Group,

Revenue,

2014D,

Refunding,

5%,

9/01/28

....

2,500,000

2,790,075

Beaumont

Health

Obligated

Group,

Revenue,

2014D,

Refunding,

5%,

9/01/39

....

17,500,000

19,002,200

Saginaw

Valley

State

University

,

Revenue,

2016

A,

Refunding,

5%,

7/01/30

...............................

1,750,000

2,146,235

Revenue,

2016

A,

Refunding,

5%,

7/01/31

...............................

2,170,000

2,652,760

Revenue,

2016

A,

Refunding,

5%,

7/01/33

...............................

1,240,000

1,506,935

Saline

Area

Schools

Historic

Preservation

Foundation

,

GO,

2016,

5%,

5/01/34

.............................................

2,750,000

3,373,288

GO,

2016,

5%,

5/01/36

.............................................

2,950,000

3,597,820

South

Haven

Public

Schools

,

GO,

2015B,

AGM

Insured,

5%,

5/01/33

.................................

350,000

416,714

GO,

2015B,

AGM

Insured,

5%,

5/01/35

.................................

1,575,000

1,868,564

Sparta

Area

Schools

,

GO

,

II

,

5

%

,

5/01/48

.................................

5,750,000

6,963,998

Trenton

Public

Schools

School

District

,

GO,

2018,

5%,

5/01/42

.............................................

4,920,000

6,023,900

GO,

2018,

5%,

5/01/45

.............................................

11,480,000

14,021,672

University

of

Michigan

,

Revenue,

2015,

Refunding,

5%,

4/01/46

.................................

2,000,000

2,382,340

Revenue,

2017

A,

Refunding,

5%,

4/01/37

...............................

2,700,000

3,349,782

Revenue,

2017

A,

Refunding,

5%,

4/01/42

...............................

26,635,000

32,749,597

Revenue,

2017

A,

Refunding,

5%,

4/01/47

...............................

5,000,000

6,108,500

Warren

Consolidated

Schools

,

GO

,

2012

,

5

%

,

5/01/32

.......................

2,500,000

2,649,125

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2018A

,

5

%

,

12/01/43

...............................................

7,750,000

8,901,030

Wayne

State

University

,

Revenue,

2015A,

Refunding,

5%,

11/15/31

...............................

1,860,000

2,160,669

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Michigan

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

88

See

Abbreviations

on

page

140

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Wayne

State

University,

(continued)

Revenue,

2015A,

Refunding,

5%,

11/15/33

...............................

$

1,500,000

$

1,730,940

Revenue,

2018A,

5%,

11/15/43

.......................................

4,500,000

5,339,205

Revenue,

2018A,

4%,

11/15/48

.......................................

10,000,000

11,040,000

Western

Michigan

University

,

Revenue,

2015A,

Refunding,

5%,

11/15/26

...............................

1,500,000

1,805,535

Revenue,

2015A,

Refunding,

5%,

11/15/27

...............................

2,160,000

2,592,972

Revenue,

2015A,

Refunding,

5%,

11/15/28

...............................

1,635,000

1,959,220

Revenue,

2015A,

Refunding,

5%,

11/15/29

...............................

2,000,000

2,394,460

Revenue,

2015A,

Refunding,

5%,

11/15/30

...............................

2,500,000

2,983,700

Revenue,

2015A,

Refunding,

5%,

11/15/40

...............................

1,560,000

1,846,073

Revenue,

2015A,

Refunding,

5%,

11/15/45

...............................

2,000,000

2,356,200

Revenue,

2019

A,

Refunding,

5%,

11/15/49

..............................

5,100,000

6,102,558

Zeeland

Public

Schools

,

GO,

2015A,

AGM

Insured,

5%,

5/01/31

.................................

1,530,000

1,819,201

GO,

2015A,

AGM

Insured,

5%,

5/01/33

.................................

2,000,000

2,370,660

GO,

2015A,

AGM

Insured,

5%,

5/01/34

.................................

2,000,000

2,366,460

GO,

2015A,

AGM

Insured,

5%,

5/01/35

.................................

2,000,000

2,364,360

905,404,889

U.S.

Territories

0.2%

Guam

0.2%

a

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,750,000

1,938,475

Total

Municipal

Bonds

(Cost

$836,747,131)

.....................................

907,343,364

a

a

a

a

Short

Term

Investments

3.2%

Municipal

Bonds

3.2%

Michigan

3.2%

b

Green

Lake

Township

Economic

Development

Corp.

,

Interlochen

Center

for

the

Arts

,

Revenue

,

2004

,

Refunding

,

LOC

BMO

Harris

Bank

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

6/01/34

.........................................................

700,000

700,000

b

Michigan

Strategic

Fund

,

Edison

Institute

(The)

,

Revenue

,

2002

,

LOC

Comerica

Bank

,

Daily

VRDN

and

Put

,

0.08

%

,

12/01/33

..................................

3,870,000

3,870,000

b

University

of

Michigan

,

Revenue,

2008A,

SPA

Wells

Fargo

Bank

NA,

Daily

VRDN

and

Put,

0.04%,

4/01/38

9,300,000

9,300,000

Revenue,

2012B,

Daily

VRDN

and

Put,

0.06%,

4/01/42

.....................

3,000,000

3,000,000

Revenue,

2012D-1,

Daily

VRDN

and

Put,

0.04%,

12/01/24

...................

13,205,000

13,205,000

30,075,000

Total

Municipal

Bonds

(Cost

$30,075,000)

......................................

30,075,000

a

Total

Investments

(Cost

$866,822,131)

98.9%

...................................

$937,418,364

Other

Assets,

less

Liabilities

1.1%

.............................................

10,724,696

Net

Assets

100.0%

...........................................................

$948,143,060

a

Security

purchased

on

a

when-issued

basis.

b

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Minnesota

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

89

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

97.8%

Minnesota

97.8%

Alexandria

Independent

School

District

No.

206

,

GO,

2011-A,

Refunding,

5%,

2/01/37

...................................

$

11,700,000

$

12,043,629

GO,

2017

A,

Refunding,

3%,

2/01/37

...................................

29,905,000

32,090,757

Anoka-Hennepin

Independent

School

District

No.

11

,

GO,

2018A,

3.25%,

2/01/37

..........................................

5,355,000

5,799,197

GO,

2018A,

3.375%,

2/01/43

.........................................

6,020,000

6,479,447

Big

Lake

Independent

School

District

No.

727

,

GO,

2012B,

Refunding,

5%,

2/01/23

....................................

2,990,000

3,225,582

GO,

2012B,

Refunding,

5%,

2/01/24

....................................

3,000,000

3,235,830

GO,

2012B,

Refunding,

5%,

2/01/25

....................................

1,225,000

1,321,089

Brainerd

Independent

School

District

No.

181

,

GO,

2018

A,

4%,

2/01/32

............................................

3,065,000

3,596,379

GO,

2018

A,

4%,

2/01/39

............................................

10,600,000

12,049,656

GO,

2018

A,

4%,

2/01/42

............................................

1,900,000

2,147,114

GO,

2018

C,

Refunding,

5%,

2/01/28

...................................

3,735,000

4,581,837

Cambridge-Isanti

Independent

School

District

No.

911

,

GO,

2012A,

Refunding,

3%,

2/01/27

....................................

3,410,000

3,538,182

GO,

2012A,

Refunding,

3%,

2/01/30

....................................

5,585,000

5,740,821

Centennial

Independent

School

District

No.

12

,

GO,

2015A,

Zero

Cpn

.,

2/01/32

.......................................

1,450,000

1,031,457

GO,

2015A,

Zero

Cpn

.,

2/01/34

.......................................

1,600,000

1,034,592

GO,

2015A,

Zero

Cpn

.,

2/01/35

.......................................

350,000

215,940

Central

Minnesota

Municipal

Power

Agency

,

Revenue,

2012,

5%,

1/01/32

.........................................

1,150,000

1,233,088

Revenue,

2012,

5%,

1/01/42

.........................................

1,615,000

1,725,046

City

of

Bemidji

,

GO

,

2011

,

Pre-Refunded

,

5.25

%

,

2/01/38

.....................

12,055,000

12,458,601

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

4

%

,

11/01/41

........................................................

1,000,000

1,044,180

City

of

Fridley

,

Fridley

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2018

,

FNMA

Insured

,

3.75

%

,

11/01/34

............................................

9,832,334

11,173,956

City

of

Lakeville

,

GO

,

2012B

,

Refunding

,

3

%

,

2/01/30

........................

4,690,000

4,833,420

City

of

Minneapolis

,

GO,

2018,

4%,

12/01/43

.............................................

5,000,000

5,692,600

GO,

2018,

4%,

12/01/46

.............................................

3,500,000

3,948,980

GO,

2019,

3%,

12/01/28

.............................................

1,400,000

1,585,808

GO,

2019,

3%,

12/01/40

.............................................

5,000,000

5,290,350

Revenue,

2018

A,

Refunding,

AGM

Insured,

5%,

11/15/49

...................

6,000,000

6,906,060

14th

and

Central

LLLP,

Revenue,

2020,

FNMA

Insured,

2.35%,

2/01/38

.........

10,000,000

10,219,800

Fairview

Health

Services

Obligated

Group,

Revenue,

2015

A,

Refunding,

AGM

Insured,

5%,

11/15/44

.............................................

10,000,000

11,134,900

City

of

Minneapolis/St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/26

.......

2,000,000

2,458,580

Allina

Health

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

11/15/27

.......

2,000,000

2,489,620

Children's

Health

Care

Obligated

Group,

Revenue,

2004A-1,

Pre-Refunded,

AGM

Insured,

5%,

8/15/34

..............................................

1,000,000

1,009,660

City

of

Ramsey

,

GO,

2012A,

3%,

12/15/28

...........................................

1,105,000

1,140,393

GO,

2012A,

3.375%,

12/15/31

........................................

1,215,000

1,252,009

City

of

Rochester

,

Electric

Utility,

Revenue,

2013B,

5%,

12/01/43

............................

1,000,000

1,131,180

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/42

...................

2,000,000

2,409,940

Electric

Utility,

Revenue,

2017

A,

Refunding,

5%,

12/01/47

...................

9,210,000

11,028,791

Mayo

Clinic,

Revenue,

2016B,

Refunding,

5%,

11/15/33

.....................

4,425,000

6,174,645

Mayo

Clinic,

Revenue,

2016B,

Refunding,

5%,

11/15/34

.....................

10,235,000

14,463,897

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

90

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

City

of

Rochester,

(continued)

Mayo

Clinic,

Revenue,

2016B,

Refunding,

5%,

11/15/35

.....................

$

5,000,000

$

7,138,500

Mayo

Clinic,

Revenue,

2016B,

Refunding,

5%,

11/15/36

.....................

4,200,000

6,055,896

Mayo

Clinic,

Revenue,

2018,

4%,

11/15/48

...............................

6,000,000

6,691,080

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group,

Revenue,

2010A,

5.125%,

5/01/30

..

750,000

751,732

CentraCare

Health

System

Obligated

Group,

Revenue,

2016A,

Refunding,

4%,

5/01/37

........................................................

12,310,000

13,256,270

CentraCare

Health

System

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

5/01/46

........................................................

4,650,000

5,185,634

City

of

St.

Paul

,

Sales

&

Use

Tax,

Revenue,

2014G,

5%,

11/01/31

..........................

1,000,000

1,177,640

Sales

&

Use

Tax,

Revenue,

2014G,

5%,

11/01/32

..........................

1,000,000

1,180,980

Sewer,

Revenue,

2020

D,

Refunding,

4%,

12/01/23

........................

1,020,000

1,151,519

Sewer,

Revenue,

2020

D,

Refunding,

5%,

12/01/26

........................

1,165,000

1,492,947

City

of

Virginia

,

GO,

2020

A,

AGM

Insured,

4%,

2/01/36

.................................

1,000,000

1,151,680

GO,

2020

A,

AGM

Insured,

4%,

2/01/40

.................................

1,160,000

1,321,286

City

of

Willmar

,

GO

,

2012A

,

Refunding

,

3

%

,

2/01/29

.........................

500,000

506,280

Cloquet

Independent

School

District

No.

94

,

GO

,

2015B

,

5

%

,

2/01/32

............

3,615,000

4,326,974

County

of

Hennepin

,

GO,

2019

B,

5%,

12/15/33

...........................................

2,280,000

3,004,105

GO,

2019

B,

5%,

12/15/34

...........................................

1,055,000

1,384,656

GO,

2019

B,

5%,

12/15/36

...........................................

12,680,000

16,504,415

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875

%

,

12/01/33

..................................................

670,000

680,854

Dawson-Boyd

Independent

School

District

No.

378

,

GO

,

2019

A

,

3.125

%

,

2/01/40

...

2,965,000

3,198,375

Dilworth

Glyndon

Felton

Independent

School

District

No.

2164

,

GO,

2020

A,

3%,

2/01/37

............................................

1,000,000

1,056,160

GO,

2020

A,

3%,

2/01/39

............................................

1,000,000

1,051,540

GO,

2020

A,

3%,

2/01/41

............................................

1,225,000

1,287,046

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/53

...

15,900,000

17,969,862

Essentia

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5.25%,

2/15/58

...

13,035,000

14,684,710

Duluth

Independent

School

District

No.

709

,

COP,

2016

A,

Refunding,

5%,

2/01/25

..................................

1,015,000

1,202,582

COP,

2016

A,

Refunding,

5%,

2/01/26

..................................

2,740,000

3,332,470

COP,

2016

A,

Refunding,

4%,

2/01/27

..................................

3,750,000

4,327,125

COP,

2016

A,

Refunding,

4%,

2/01/28

..................................

1,500,000

1,726,905

GO,

2015B,

Refunding,

4%,

2/01/25

....................................

3,450,000

3,930,551

GO,

2015B,

Refunding,

2.5%,

2/01/26

..................................

2,840,000

3,023,379

Edina

Independent

School

District

No.

273

,

GO

,

2019A

,

3

%

,

2/01/36

.............

1,630,000

1,754,809

Elk

River

Independent

School

District

No.

728

,

GO

,

2015A

,

4

%

,

2/01/32

..........

6,130,000

6,727,736

Farmington

Independent

School

District

No.

192

,

GO

,

2016

A

,

4

%

,

2/01/28

........

3,830,000

4,494,122

Fridley

Independent

School

District

No.

14

,

GO

,

2016

A

,

4

%

,

2/01/29

............

2,220,000

2,581,127

Hastings

Independent

School

District

No.

200

,

GO,

2018A,

Zero

Cpn

.,

2/01/38

.......................................

4,685,000

2,731,870

GO,

2018A,

Zero

Cpn

.,

2/01/39

.......................................

4,685,000

2,613,527

GO,

2018A,

Zero

Cpn

.,

2/01/40

.......................................

4,685,000

2,499,354

Hennepin

County

Regional

Railroad

Authority

,

GO,

2019A,

5%,

12/01/35

...........................................

4,480,000

5,806,797

GO,

2019A,

5%,

12/01/36

...........................................

5,220,000

6,739,907

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

91

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Hermantown

Independent

School

District

No.

700

,

GO

,

2014A

,

4

%

,

2/01/29

.......

$

2,310,000

$

2,554,698

Hopkins

Independent

School

District

No.

270

,

GO,

2019A,

3%,

2/01/33

............................................

5,640,000

6,110,714

GO,

2019A,

3%,

2/01/34

............................................

2,450,000

2,645,290

Jordan

Independent

School

District

No.

717

,

GO,

2014A,

Refunding,

5%,

2/01/31

....................................

1,460,000

1,626,615

GO,

Refunding,

5%,

2/01/32

.........................................

2,000,000

2,228,240

GO,

2014A,

Refunding,

5%,

2/01/33

....................................

1,700,000

1,894,004

GO,

2014A,

Refunding,

5%,

2/01/34

....................................

1,805,000

2,010,987

GO,

2014A,

Refunding,

5%,

2/01/35

....................................

1,000,000

1,114,120

Lakeville

Independent

School

District

No.

194

,

GO

,

2012B

,

3

%

,

2/01/25

..........

3,560,000

3,707,847

Maple

River

Independent

School

District

No.

2135

,

GO,

2020

A,

4%,

2/01/45

............................................

6,000,000

7,038,420

GO,

2020

A,

4%,

2/01/50

............................................

10,000,000

11,615,700

Metropolitan

Council

,

GO,

2016

C,

Refunding,

3%,

3/01/30

...................................

3,305,000

3,644,721

GO,

2019A,

3%,

3/01/29

............................................

6,400,000

7,127,744

a

GO,

2020

B,

2.125%,

3/01/36

.........................................

4,500,000

4,509,225

a

GO,

2020

B,

2.125%,

3/01/37

.........................................

4,000,000

3,985,080

a

GO,

2020

B,

2.125%,

3/01/38

.........................................

4,000,000

3,958,880

Minneapolis

Special

School

District

No.

1

,

GO

,

2017

B

,

5

%

,

2/01/30

.............

2,590,000

3,343,794

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue,

2012B,

Refunding,

5%,

1/01/27

...............................

1,500,000

1,592,160

Revenue,

2012B,

Refunding,

5%,

1/01/28

...............................

2,250,000

2,386,417

Revenue,

2019

A,

Refunding,

5%,

1/01/44

...............................

4,750,000

5,654,305

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/34

..............................

2,870,000

3,370,356

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/35

..............................

4,025,000

4,711,987

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/41

..............................

19,655,000

22,664,770

Revenue,

Senior

Lien,

2016

C,

5%,

1/01/46

..............................

15,500,000

17,732,310

Minnesota

Higher

Education

Facilities

Authority

,

Carleton

College,

Revenue,

2017,

Refunding,

4%,

3/01/47

...................

3,575,000

4,025,521

Macalester

College,

Revenue,

2017,

Refunding,

3%,

3/01/33

.................

3,010,000

3,240,777

Macalester

College,

Revenue,

2017,

Refunding,

4%,

3/01/42

.................

900,000

1,009,791

Macalester

College,

Revenue,

SEVEN-I,

Pre-Refunded,

5%,

6/01/35

...........

5,000,000

5,000,000

St.

Olaf

College,

Revenue,

EIGHT

N,

Refunding,

4%,

10/01/33

................

1,500,000

1,666,740

St.

Olaf

College,

Revenue,

EIGHT

N,

Refunding,

4%,

10/01/35

................

500,000

552,090

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

4%,

4/01/31

..........

4,200,000

4,527,264

University

of

St.

Thomas,

Revenue,

2016

8-L,

Refunding,

5%,

4/01/35

..........

1,720,000

1,932,489

University

of

St.

Thomas,

Revenue,

2017A,

Refunding,

4%,

10/01/36

...........

750,000

801,953

University

of

St.

Thomas,

Revenue,

2017A,

Refunding,

4%,

10/01/37

...........

750,000

799,635

University

of

St.

Thomas,

Revenue,

2019,

5%,

10/01/40

.....................

3,260,000

3,855,765

University

of

St.

Thomas,

Revenue,

2019,

4%,

10/01/44

.....................

2,745,000

2,968,827

Minnesota

Housing

Finance

Agency

,

Revenue,

2009,

4%,

8/01/29

.........................................

3,675,000

3,683,232

Revenue,

2011,

5%,

8/01/31

.........................................

2,225,000

2,342,503

Revenue,

2011-E,

GNMA

Insured,

4.45%,

7/01/31

.........................

2,145,000

2,209,264

Revenue,

2011G,

GNMA

Insured,

4%,

7/01/26

............................

1,115,000

1,149,933

Revenue,

2011G,

GNMA

Insured,

4.4%,

7/01/32

..........................

1,905,000

1,958,778

Revenue,

2019

C,

4%,

8/01/39

........................................

1,000,000

1,148,730

Revenue,

2020

B,

GNMA

Insured,

2.8%,

1/01/44

..........................

4,750,000

5,007,735

Minnesota

Municipal

Power

Agency

,

Revenue,

2010-A,

5.25%,

10/01/35

....................................

12,000,000

12,192,840

Revenue,

2014A,

Refunding,

4%,

10/01/31

..............................

1,265,000

1,407,085

Revenue,

2014A,

Refunding,

4%,

10/01/32

..............................

1,200,000

1,328,412

Revenue,

2014A,

Refunding,

4%,

10/01/33

..............................

1,000,000

1,102,910

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

92

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Minnesota

Municipal

Power

Agency,

(continued)

Revenue,

2014A,

Refunding,

5%,

10/01/34

..............................

$

1,000,000

$

1,175,180

Revenue,

2014A,

Refunding,

5%,

10/01/35

..............................

1,005,000

1,181,056

Revenue,

2016,

4%,

10/01/41

........................................

4,680,000

5,195,081

Revenue,

2016,

5%,

10/01/47

........................................

4,650,000

5,599,483

Minnesota

Public

Facilities

Authority

,

Revenue

,

2010A

,

5

%

,

3/01/24

..............

17,010,000

19,986,920

Minnesota

State

Colleges

And

Universities

Foundation

,

Revenue,

2011A,

5%,

10/01/28

.......................................

2,135,000

2,264,274

Revenue,

2012A,

Refunding,

5%,

10/01/22

..............................

1,410,000

1,555,667

Moorhead

Independent

School

District

No.

152

,

GO

,

2020A

,

2.5

%

,

2/01/37

........

9,295,000

9,651,928

New

Prague

Independent

School

District

No.

721

,

GO,

2012-A,

Refunding,

4%,

2/01/22

...................................

3,090,000

3,168,053

GO,

2012-A,

Refunding,

4%,

2/01/23

...................................

3,045,000

3,115,035

GO,

2012-A,

Refunding,

4%,

2/01/24

...................................

3,245,000

3,318,110

GO,

2012-A,

Refunding,

4%,

2/01/25

...................................

2,000,000

2,044,020

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO,

2019

A,

3%,

2/01/42

............................................

5,975,000

6,296,634

GO,

2019

A,

3%,

2/01/46

............................................

23,965,000

25,076,976

Northern

Municipal

Power

Agency

,

Revenue,

2013A,

5%,

1/01/30

........................................

1,190,000

1,314,843

Revenue,

2017,

Refunding,

5%,

1/01/41

.................................

800,000

948,656

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO,

2018B,

Zero

Cpn

.,

2/01/27

.......................................

10,545,000

9,793,458

GO,

2018B,

Zero

Cpn

.,

2/01/28

.......................................

13,055,000

11,886,838

GO,

2018B,

Zero

Cpn

.,

2/01/30

.......................................

9,010,000

7,625,073

GO,

2018B,

Zero

Cpn

.,

2/01/31

.......................................

5,310,000

4,328,075

Rochester

Independent

School

District

No.

535

,

GO,

2020A,

4%,

2/01/28

............................................

4,300,000

5,350,877

GO,

2020A,

4%,

2/01/29

............................................

6,565,000

8,120,708

Rosemount-Apple

Valley-Eagan

Independent

School

District

No.

196

,

GO

,

2012C

,

Refunding

,

4

%

,

2/01/21

.............................................

1,365,000

1,400,040

Roseville

Independent

School

District

No.

623

,

GO,

2018A,

5%,

2/01/30

............................................

3,700,000

4,627,627

GO,

2018A,

4%,

2/01/34

............................................

9,535,000

10,918,529

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO,

2016B,

Zero

Cpn

.,

2/01/36

.......................................

3,000,000

1,942,140

GO,

2016B,

Zero

Cpn

.,

2/01/37

.......................................

2,820,000

1,753,420

GO,

2016B,

Zero

Cpn

.,

2/01/38

.......................................

5,220,000

3,130,538

GO,

2016B,

Zero

Cpn

.,

2/01/39

.......................................

3,020,000

1,742,993

South

Washington

County

Independent

School

District

No.

833

,

GO

,

2016

C

,

4

%

,

2/01/29

.........................................................

5,260,000

6,065,569

Southern

Minnesota

Municipal

Power

Agency

,

Revenue,

1994A,

NATL

Insured,

Zero

Cpn

.,

1/01/23

........................

4,000,000

3,926,600

Revenue,

1994A,

NATL

Insured,

Zero

Cpn

.,

1/01/26

........................

5,395,000

5,053,281

Revenue,

1994A,

NATL

Insured,

Zero

Cpn

.,

1/01/27

........................

6,600,000

6,058,206

Revenue,

2015

A,

Refunding,

5%,

1/01/46

...............................

9,345,000

11,036,912

Revenue,

2017

A,

5%,

1/01/42

........................................

1,315,000

1,603,669

Revenue,

2019

A,

5%,

1/01/32

........................................

700,000

927,500

Revenue,

2019

A,

5%,

1/01/33

........................................

560,000

736,417

Revenue,

2019

A,

5%,

1/01/34

........................................

610,000

798,282

St.Cloud

Independent

School

District

No.

742

,

COP,

2017

A,

4%,

2/01/38

...........................................

1,000,000

1,084,820

GO,

2015A,

4%,

2/01/28

............................................

2,080,000

2,370,056

GO,

2017

B,

4%,

2/01/30

............................................

4,060,000

4,695,309

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

93

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

St.Cloud

Independent

School

District

No.

742,

(continued)

GO,

2017

B,

4%,

2/01/36

............................................

$

2,500,000

$

2,824,125

GO,

2017

B,

4%,

2/01/37

............................................

2,250,000

2,535,052

St.Francis

Independent

School

District

No.

15

,

GO,

2018A,

4%,

2/01/37

............................................

1,025,000

1,087,843

GO,

2018A,

3.5%,

2/01/41

...........................................

6,350,000

6,560,947

St.Michael

-Albertville

Independent

School

District

No.

885

,

GO

,

2011-A

,

Refunding

,

4.25

%

,

2/01/32

...................................................

10,295,000

10,828,487

St.Paul

Independent

School

District

No.

625

,

GO,

2012A,

3%,

2/01/30

............................................

1,385,000

1,401,066

GO,

2012A,

3%,

2/01/31

............................................

1,195,000

1,207,751

GO,

2013B,

Refunding,

5%,

2/01/24

....................................

2,925,000

3,283,312

State

of

Minnesota

,

COP,

2014,

5%,

6/01/36

.............................................

3,615,000

4,168,203

GO,

2013F,

Refunding,

4%,

10/01/25

...................................

15,000,000

16,735,050

GO,

2016

A,

5%,

8/01/28

............................................

4,215,000

5,320,384

GO,

2018

A,

5%,

8/01/31

............................................

5,000,000

6,584,700

GO,

2019

A,

5%,

8/01/29

............................................

10,000,000

13,730,600

GO,

2019

A,

5%,

8/01/38

............................................

3,540,000

4,631,524

Revenue,

2012B,

Refunding,

4%,

3/01/26

...............................

3,000,000

3,161,520

Revenue,

2012B,

Refunding,

3%,

3/01/30

...............................

5,000,000

5,159,800

Revenue,

2014A,

5%,

6/01/38

........................................

8,500,000

9,317,615

University

of

Minnesota

,

Revenue,

2011B,

5%,

8/01/36

........................................

5,000,000

5,261,650

Revenue,

2014B,

5%,

1/01/38

........................................

4,500,000

5,149,035

Revenue,

2015

A,

Refunding,

5%,

8/01/25

...............................

5,000,000

6,084,850

Revenue,

2015

A,

Refunding,

5%,

8/01/28

...............................

7,225,000

8,624,338

Revenue,

2016

A,

5%,

4/01/41

........................................

5,000,000

6,133,850

Revenue,

2017

B,

Refunding,

5%,

12/01/30

..............................

5,575,000

7,134,160

Revenue,

2017A,

5%,

9/01/42

........................................

4,410,000

5,385,360

Revenue,

2019A,

5%,

4/01/39

........................................

1,805,000

2,303,649

Revenue,

2019A,

5%,

4/01/41

........................................

6,045,000

7,676,969

Revenue,

2019A,

5%,

4/01/44

........................................

8,505,000

10,743,006

Virginia

Independent

School

District

No.

706

,

GO,

2019A,

5%,

2/01/30

............................................

3,600,000

4,672,368

GO,

2019A,

3%,

2/01/40

............................................

3,295,000

3,522,816

Watertown-Mayer

Independent

School

District

No.

111

,

GO,

2020

A,

Zero

Cpn

.,

2/01/33

.......................................

2,470,000

1,936,283

GO,

2020

A,

Zero

Cpn

.,

2/01/34

.......................................

2,470,000

1,872,556

GO,

2020

A,

Zero

Cpn

.,

2/01/36

.......................................

1,470,000

1,039,319

GO,

2020

A,

Zero

Cpn

.,

2/01/37

.......................................

2,470,000

1,683,453

Waterville-Elysian-Morristown

Independent

School

District

No.

2143

,

GO

,

2019

A

,

3

%

,

2/01/32

.........................................................

1,995,000

2,168,545

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

197

,

GO

,

2018

A

,

4

%

,

2/01/34

....................................................

2,655,000

3,078,340

Western

Minnesota

Municipal

Power

Agency

,

Revenue,

2012A,

Refunding,

5%,

1/01/24

...............................

5,000,000

5,592,750

Revenue,

2012A,

Refunding,

5%,

1/01/25

...............................

3,370,000

3,768,603

Revenue,

2012A,

Refunding,

5%,

1/01/29

...............................

1,200,000

1,335,360

Revenue,

2014A,

Pre-Refunded,

5%,

1/01/40

.............................

8,075,000

9,419,326

Revenue,

2014A,

Pre-Refunded,

5%,

1/01/46

.............................

11,870,000

13,846,118

Revenue,

2015A,

Refunding,

5%,

1/01/35

...............................

3,000,000

3,621,480

Revenue,

2015A,

Refunding,

5%,

1/01/36

...............................

2,035,000

2,449,245

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Minnesota

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

94

See

Abbreviations

on

page

140

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Minnesota

(continued)

Western

Minnesota

Municipal

Power

Agency,

(continued)

Revenue,

2018

A,

5%,

1/01/49

........................................

$

5,000,000

$

6,167,600

1,013,857,934

Total

Municipal

Bonds

(Cost

$947,622,273)

.....................................

1,013,857,934

a

a

a

a

Short

Term

Investments

2.4%

Municipal

Bonds

2.4%

Minnesota

2.4%

b

City

of

Minneapolis/St.

Paul

Housing

&

Redevelopment

Authority

,

Allina

Health

Obligated

Group,

Revenue,

2009-B-1,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.05%,

11/15/35

.................................

1,700,000

1,700,000

Allina

Health

Obligated

Group,

Revenue,

B-2,

LOC

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.05%,

11/15/35

.....................................

2,825,000

2,825,000

Children's

Health

Care

Obligated

Group,

Revenue,

2007A-1,

AGM

Insured,

SPA

US

Bank

NA,

Daily

VRDN

and

Put,

0.05%,

8/15/37

..........................

8,500,000

8,500,000

Children's

Health

Care

Obligated

Group,

Revenue,

2007A-2,

AGM

Insured,

SPA

US

Bank

NA,

Daily

VRDN

and

Put,

0.05%,

8/15/37

..........................

8,100,000

8,100,000

b

Minnesota

Higher

Education

Facilities

Authority

,

Concordia

University

St.

Paul

,

Revenue

,

6Q

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

0.08

%

,

4/01/37

.........

3,445,000

3,445,000

24,570,000

Total

Municipal

Bonds

(Cost

$24,569,998)

......................................

24,570,000

a

Total

Investments

(Cost

$972,192,271)

100.2%

..................................

$1,038,427,934

Other

Assets,

less

Liabilities

(0.2)%

...........................................

(1,749,540)

Net

Assets

100.0%

...........................................................

$1,036,678,394

a

Security

purchased

on

a

when-issued

basis.

b

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Missouri

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

95

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

96.7%

Missouri

94.4%

Affton

School

District

No.

101

,

GO,

2017

A,

Refunding,

5%,

3/01/32

...................................

$

1,500,000

$

1,898,760

GO,

2017

A,

Refunding,

5%,

3/01/33

...................................

1,595,000

2,004,516

GO,

2017

A,

Refunding,

5%,

3/01/34

...................................

1,700,000

2,129,743

GO,

2017

A,

Refunding,

5%,

3/01/35

...................................

1,810,000

2,257,124

GO,

2017

A,

Refunding,

5%,

3/01/36

...................................

1,920,000

2,381,453

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue,

2013A,

Refunding,

5%,

10/01/33

..............................

14,425,000

15,950,732

Revenue,

2013A,

Refunding,

5%,

10/01/44

..............................

10,000,000

11,008,500

Revenue,

2019,

Refunding,

5%,

10/01/44

................................

10,995,000

14,122,308

Revenue,

2019,

Refunding,

4%,

10/01/48

................................

10,000,000

11,225,100

Cape

Girardeau

County

Industrial

Development

Authority

,

Procter

&

Gamble

Co.

(The),

Revenue,

1998,

5.3%,

5/15/28

..................

6,875,000

6,897,206

St.

Francis

Medical

Center,

Revenue,

2013A,

5%,

6/01/33

...................

5,000,000

5,284,150

St.

Francis

Medical

Center,

Revenue,

2013A,

5%,

6/01/37

...................

11,000,000

11,577,940

St.

Francis

Medical

Center,

Revenue,

2016,

Refunding,

5%,

6/01/39

...........

5,110,000

5,855,805

Cape

Girardeau

County

School

District

No.

R-2

,

COP,

2020

A,

BAM

Insured,

4%,

4/01/39

................................

1,150,000

1,308,930

GO,

2018,

4%,

3/01/32

.............................................

1,000,000

1,199,480

GO,

2018,

4%,

3/01/33

.............................................

1,000,000

1,190,370

GO,

2018,

5%,

3/01/38

.............................................

2,195,000

2,764,888

Cape

Girardeau

School

District

No.

63

,

GO,

2019,

Refunding,

4%,

3/01/38

.....................................

650,000

756,373

GO,

2019,

Refunding,

4%,

3/01/39

.....................................

500,000

580,440

Center

School

District

No.

58

,

GO

,

2019A

,

Refunding

,

4

%

,

3/01/36

..............

3,910,000

4,534,583

City

of

Kansas

City

,

Sanitary

Sewer

System,

Revenue,

2011A,

5%,

1/01/37

.....................

29,210,000

29,984,941

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/35

.....................

1,500,000

1,766,625

Sanitary

Sewer

System,

Revenue,

2018

A,

4%,

1/01/42

.....................

5,000,000

5,772,600

Water,

Revenue,

2017

A,

4%,

12/01/41

.................................

4,970,000

5,638,664

City

of

Marshfield

,

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGM

Insured,

5%,

2/01/43

......

1,305,000

1,577,771

Waterworks

&

Sewer

System,

Revenue,

2020

B,

AGM

Insured,

5%,

2/01/50

......

1,585,000

1,893,901

City

of

Peculiar

,

Water

&

Sewer,

Revenue,

2017,

AGM

Insured,

4%,

6/01/39

..................

1,000,000

1,151,510

Water

&

Sewer,

Revenue,

2017,

AGM

Insured,

4%,

6/01/42

..................

2,405,000

2,752,835

City

of

Sikeston

,

Electric

System,

Revenue,

2012,

Refunding,

5%,

6/01/20

....................

5,000,000

5,000,000

Electric

System,

Revenue,

2012,

Refunding,

5%,

6/01/21

....................

13,130,000

13,679,359

Electric

System,

Revenue,

2012,

Refunding,

5%,

6/01/22

....................

12,570,000

13,592,444

City

of

Springfield

,

Revenue,

2012,

5%,

4/01/31

.........................................

1,795,000

1,946,570

Revenue,

2012,

5%,

4/01/32

.........................................

1,885,000

2,043,811

City

of

St.

Louis

,

Airport,

Revenue,

2005,

NATL

Insured,

5.5%,

7/01/29

.......................

13,070,000

16,667,387

Airport,

Revenue,

2017A,

Refunding,

AGM

Insured,

5%,

7/01/25

..............

5,000,000

5,828,350

Airport,

Revenue,

2017C,

AGM

Insured,

5%,

7/01/42

.......................

3,930,000

4,475,288

Airport,

Revenue,

2017C,

AGM

Insured,

5%,

7/01/47

.......................

10,770,000

12,187,978

Airport,

Revenue,

2017D,

AGM

Insured,

5%,

7/01/33

.......................

1,000,000

1,157,520

Airport,

Revenue,

2017D,

AGM

Insured,

5%,

7/01/34

.......................

1,415,000

1,633,519

Airport,

Revenue,

2017D,

AGM

Insured,

5%,

7/01/36

.......................

1,125,000

1,289,126

Airport,

Revenue,

2017D,

AGM

Insured,

5%,

7/01/37

.......................

1,000,000

1,142,680

Airport,

Revenue,

2019

A,

5%,

7/01/44

..................................

600,000

694,974

Airport,

Revenue,

2019

A,

5%,

7/01/49

..................................

2,500,000

2,879,650

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

96

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

City

of

St.

Louis,

(continued)

Airport,

Revenue,

2019C,

Refunding,

5%,

7/01/27

.........................

$

1,705,000

$

2,046,835

Clay

County

Reorganized

School

District

No.

R-1

,

GO,

2017,

3%,

3/01/34

.............................................

1,670,000

1,777,882

GO,

2017,

3%,

3/01/35

.............................................

1,730,000

1,837,001

GO,

2017,

3%,

3/01/36

.............................................

1,540,000

1,630,814

GO,

2017,

3.125%,

3/01/37

..........................................

1,855,000

1,970,529

Ferguson

Reorganized

School

District

No.

R-2

,

GO,

2018,

4%,

5/01/32

.............................................

1,000,000

1,161,900

GO,

2018,

5%,

5/01/38

.............................................

2,250,000

2,740,185

Fort

Osage

School

District

No.

R-1

,

GO

,

2018

,

Refunding

,

5.5

%

,

3/01/38

.........

3,010,000

3,916,793

Greene

County

Reorganized

School

District

No.

R-2

Willard

,

GO

,

2018

,

4

%

,

3/01/30

.

1,000,000

1,210,020

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

AT

Still

University

of

Health

Sciences,

Revenue,

2011,

Pre-Refunded,

5%,

10/01/26

3,095,000

3,290,140

AT

Still

University

of

Health

Sciences,

Revenue,

2011,

Pre-Refunded,

5.25%,

10/01/31

.......................................................

1,200,000

1,279,644

AT

Still

University

of

Health

Sciences,

Revenue,

2011,

Pre-Refunded,

5.25%,

10/01/41

.......................................................

4,500,000

4,798,665

AT

Still

University

of

Health

Sciences,

Revenue,

2014,

Pre-Refunded,

5%,

10/01/39

1,250,000

1,448,163

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/40

......

1,650,000

1,619,063

Bethesda

Health

Group,

Inc.

Obligated

Group,

Revenue,

2015,

5%,

8/01/45

......

1,300,000

1,246,050

BJC

Healthcare

Obligated

Group,

Revenue,

2014,

5%,

1/01/44

...............

8,175,000

8,967,975

CoxHealth

Obligated

Group,

Revenue,

2013A,

5%,

11/15/38

.................

11,680,000

12,598,398

CoxHealth

Obligated

Group,

Revenue,

2013A,

5%,

11/15/44

.................

2,760,000

2,954,304

CoxHealth

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

11/15/39

.........

17,000,000

19,028,270

CoxHealth

Obligated

Group,

Revenue,

2019

A,

4%,

11/15/44

.................

5,000,000

5,412,600

Kansas

City

University

of

Medicine

and

Biosciences,

Revenue,

2017

A,

5%,

6/01/42

2,800,000

3,347,652

Kansas

City

University

of

Medicine

and

Biosciences,

Revenue,

2017

A,

5%,

6/01/47

4,875,000

5,791,939

Lake

Regional

Health

System,

Revenue,

2012,

5%,

2/15/34

..................

7,000,000

7,137,970

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2011,

5.75%,

2/01/31

......

1,900,000

1,932,737

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2011,

6%,

2/01/41

........

4,250,000

4,315,237

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

2/01/46

........................................................

11,575,000

11,105,749

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016A,

5%,

2/01/46

.......

4,000,000

3,837,840

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/34

.......

2,000,000

2,015,060

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2019

A,

5%,

2/01/42

.......

1,500,000

1,464,990

Maryville

University

of

St.

Louis,

Revenue,

2015,

5%,

6/15/44

.................

5,000,000

5,462,950

Maryville

University

of

St.

Louis,

Revenue,

2019A,

5%,

6/15/45

...............

4,000,000

4,570,120

Maryville

University

of

St.

Louis,

Revenue,

2020A,

Refunding,

4%,

6/15/34

.......

4,345,000

4,764,423

Maryville

University

of

St.

Louis,

Revenue,

2020A,

Refunding,

4%,

6/15/38

.......

4,885,000

5,262,757

Mercy

Health,

Revenue,

2012,

4%,

11/15/42

.............................

8,000,000

8,286,800

Mercy

Health,

Revenue,

2014F,

5%,

11/15/45

.............................

25,000,000

27,883,000

Mercy

Health,

Revenue,

2015

B,

Refunding,

5%,

2/01/45

....................

6,870,000

7,880,027

Mercy

Health,

Revenue,

2017

C,

Refunding,

5%,

11/15/47

...................

12,500,000

14,674,375

Mosaic

Health

System

Obligated

Group,

Revenue,

2019A,

Refunding,

4%,

2/15/54

4,000,000

4,306,600

SSM

Health

Care

Obligated

Group,

Revenue,

2010B,

Pre-Refunded,

5%,

6/01/30

.

16,150,000

16,150,000

SSM

Health

Care

Obligated

Group,

Revenue,

2010B,

Pre-Refunded,

5%,

6/01/34

.

7,000,000

7,000,000

SSM

Health

Care

Obligated

Group,

Revenue,

2018A,

5%,

6/01/48

.............

5,000,000

5,825,100

St.

Louis

University,

Revenue,

2015

A,

5%,

10/01/38

.......................

10,000,000

11,708,700

St.

Louis

University,

Revenue,

2017

A,

5%,

10/01/47

.......................

15,000,000

17,889,450

St.

Louis

University,

Revenue,

2019A,

5%,

10/01/46

........................

5,775,000

6,866,475

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/35

3,950,000

4,454,850

St.

Luke's

Health

System

Obligated

Group,

Revenue,

2018A,

Refunding,

5%,

11/15/43

.......................................................

2,000,000

2,271,300

University

of

Central

Missouri,

Revenue,

2013

C-2,

5%,

10/01/34

..............

5,000,000

5,631,750

Washington

University

(The),

Revenue,

2011B,

Pre-Refunded,

5%,

11/15/37

.....

10,000,000

10,696,000

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

97

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)

Webster

University,

Revenue,

2011,

Pre-Refunded,

5%,

4/01/36

...............

$

7,000,000

$

7,275,660

Jackson

County

School

District

No.

R-IV

Blue

Springs

,

GO,

2018

A,

5.5%,

3/01/36

...........................................

3,000,000

4,003,020

GO,

2018

A,

5.5%,

3/01/37

...........................................

2,000,000

2,658,940

Jefferson

City

School

District

,

GO

,

2018

,

5

%

,

3/01/38

........................

6,070,000

7,426,038

Joplin

Industrial

Development

Authority

,

Freeman

Health

System

Obligated

Group,

Revenue,

2011,

Pre-Refunded,

5.125%,

2/15/26

........................................................

6,000,000

6,205,260

Freeman

Health

System

Obligated

Group,

Revenue,

2011,

Pre-Refunded,

5%,

2/15/28

........................................................

1,150,000

1,188,330

Freeman

Health

System

Obligated

Group,

Revenue,

2011,

Pre-Refunded,

5.5%,

2/15/31

........................................................

2,055,000

2,130,706

Freeman

Health

System

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

2/15/35

4,000,000

4,385,960

Joplin

Schools

,

GO

,

2017

,

Refunding

,

4

%

,

3/01/32

..........................

4,000,000

4,690,840

Kansas

City

Industrial

Development

Authority

,

Revenue,

2011-A,

Refunding,

5.5%,

9/01/29

.............................

5,000,000

5,320,250

Revenue,

2011-A,

Refunding,

5.5%,

9/01/30

.............................

12,000,000

12,768,600

Revenue,

2011-A,

Refunding,

5%,

9/01/32

...............................

3,000,000

3,172,740

Airport,

Revenue,

2019

B,

5%,

3/01/46

..................................

29,425,000

33,882,593

Airport,

Revenue,

2019

B,

AGM

Insured,

5%,

3/01/49

.......................

3,000,000

3,482,250

Airport,

Revenue,

2019

B,

5%,

3/01/54

..................................

7,885,000

9,016,340

Liberty

Public

School

District

No.

53

,

GO

,

2018

,

4

%

,

3/01/37

...................

4,500,000

5,032,485

Metropolitan

St.

Louis

Sewer

District

,

Revenue,

2015

B,

Refunding,

5%,

5/01/38

...............................

8,770,000

10,423,671

Revenue,

2015

B,

Pre-Refunded,

5%,

5/01/45

............................

1,610,000

1,968,241

Revenue,

2015

B,

5%,

5/01/45

........................................

3,390,000

3,989,555

Revenue,

2016

C,

5%,

5/01/46

........................................

24,700,000

29,779,555

Revenue,

2017

A,

Refunding,

5%,

5/01/42

...............................

5,000,000

6,112,400

Revenue,

2017

A,

Refunding,

5%,

5/01/47

...............................

10,000,000

12,140,000

Revenue,

2019

B,

5%,

5/01/44

........................................

3,500,000

4,464,530

Revenue,

2019

B,

5%,

5/01/49

........................................

6,290,000

7,983,520

Missouri

Development

Finance

Board

,

City

of

Independence,

Revenue,

2012A,

5%,

6/01/37

.......................

5,000,000

5,355,000

Procter

&

Gamble

Co.

(The),

Revenue,

1999,

5.2%,

3/15/29

..................

3,000,000

3,952,560

Missouri

Housing

Development

Commission

,

Revenue,

2018

B,

GNMA

Insured,

4%,

11/01/38

...........................

1,380,000

1,536,851

Revenue,

2019

C,

GNMA

Insured,

3%,

11/01/44

...........................

4,000,000

4,154,480

Missouri

Joint

Municipal

Electric

Utility

Commission

,

Revenue,

2012,

Pre-Refunded,

5%,

1/01/32

..............................

3,600,000

3,699,144

Revenue,

2012,

Pre-Refunded,

5%,

1/01/37

..............................

3,400,000

3,493,636

Revenue,

2014A,

Refunding,

5%,

1/01/30

...............................

3,000,000

3,434,490

Revenue,

2014A,

Refunding,

5%,

1/01/31

...............................

2,000,000

2,286,720

Revenue,

Refunding,

5%,

1/01/32

.....................................

11,500,000

13,419,270

Revenue,

2014A,

Refunding,

5%,

1/01/33

...............................

7,500,000

8,754,150

Revenue,

2014A,

Refunding,

5%,

1/01/34

...............................

2,000,000

2,271,220

Revenue,

2015

A,

Refunding,

5%,

12/01/35

..............................

7,335,000

8,653,246

Revenue,

2015A,

Refunding,

5%,

12/01/30

..............................

4,000,000

4,783,800

Revenue,

2015A,

Refunding,

5%,

12/01/31

..............................

6,000,000

7,147,620

Revenue,

2016

A,

Refunding,

5%,

12/01/40

..............................

27,950,000

33,185,874

Revenue,

2018,

5%,

12/01/43

........................................

2,000,000

2,347,700

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority

,

State

Revolving

Fund,

Revenue,

2000

B,

5.5%,

7/01/21

.....................

60,000

60,241

State

Revolving

Fund,

Revenue,

2008-A,

5.75%,

1/01/29

....................

190,000

190,790

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

98

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Missouri

(continued)

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority,

(continued)

State

Revolving

Fund,

Revenue,

2013A,

Refunding,

5%,

1/01/26

..............

$

2,315,000

$

2,652,921

Monarch-Chesterfield

Levee

District

,

Special

Tax

,

2015

,

Refunding

,

5

%

,

3/01/40

....

4,395,000

4,925,476

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75

%

,

6/01/47

...

5,000,000

5,378,600

Pattonville

R-3

School

District

,

GO,

2018

A,

5%,

3/01/37

............................................

2,750,000

3,292,850

GO,

2018

A,

5%,

3/01/38

............................................

1,000,000

1,195,340

Raytown

C-2

School

District

,

GO,

2019A,

5%,

3/01/37

............................................

1,650,000

2,133,994

GO,

2019A,

5%,

3/01/38

............................................

2,500,000

3,218,200

GO,

2019A,

5%,

3/01/39

............................................

2,250,000

2,887,943

Riverside-

Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment,

2017,

Refunding,

5%,

3/01/26

........................

1,000,000

1,149,940

Special

Assessment,

2017,

Refunding,

5%,

3/01/29

........................

2,585,000

2,961,143

Springfield

School

District

No.

R-12

,

GO,

2013,

Refunding,

5%,

3/01/33

.....................................

1,000,000

1,121,160

GO,

2019,

5%,

3/01/37

.............................................

24,250,000

31,340,215

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

of

West

County,

Revenue,

2012,

Pre-Refunded,

5%,

9/01/42

...

3,165,000

3,496,375

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2013A,

5.875%,

9/01/43

..

7,000,000

7,111,720

Friendship

Village

St.

Louis

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

9/01/48

........................................................

7,095,000

6,256,797

St.Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

4

%

,

3/01/38

.........................................................

15,400,000

17,600,814

St.Charles

School

District

,

GO

,

2017

,

4

%

,

3/01/36

...........................

2,000,000

2,263,520

St.Louis

Municipal

Library

District

,

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/44

.........................

1,450,000

1,640,892

COP,

2020,

Refunding,

BAM

Insured,

4%,

3/15/48

.........................

4,800,000

5,404,080

University

of

Missouri

,

Revenue

,

2011

,

Pre-Refunded

,

5

%

,

11/01/27

.............

1,065,000

1,137,143

Washington

School

District

,

GO,

2019,

4%,

3/01/38

.............................................

3,000,000

3,414,390

GO,

2019,

4%,

3/01/39

.............................................

1,500,000

1,702,125

943,668,900

U.S.

Territories

2.3%

Guam

0.8%

a

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

5

%

,

1/01/50

.........

1,750,000

1,938,475

Guam

Power

Authority

,

Revenue

,

2012A

,

Refunding

,

AGM

Insured

,

5

%

,

10/01/25

...

5,420,000

5,853,546

7,792,021

Puerto

Rico

1.5%

b

Puerto

Rico

Electric

Power

Authority

,

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

19,320,000

12,026,700

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

5,000,000

3,100,000

15,126,700

Total

U.S.

Territories

....................................................................

22,918,721

Total

Municipal

Bonds

(Cost

$919,773,818)

.....................................

966,587,621

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Missouri

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

99

See

Abbreviations

on

page

140

.

Short

Term

Investments

2.5%

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

2.5%

Missouri

2.5%

c

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

St.

Louis

University,

Revenue,

2002,

SPA

US

Bank

NA,

Daily

VRDN

and

Put,

0.05%,

7/01/32

........................................................

$

1,975,000

$

1,975,000

Washington

University

(The),

Revenue,

2000

B,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

3/01/40

.................................

6,100,000

6,100,000

Washington

University

(The),

Revenue,

2003B,

SPA

US

Bank

NA,

Daily

VRDN

and

Put,

0.08%,

2/15/33

..............................................

16,985,000

16,985,000

25,060,000

Total

Municipal

Bonds

(Cost

$25,060,000)

......................................

25,060,000

a

Total

Investments

(Cost

$944,833,818)

99.2%

...................................

$991,647,621

Other

Assets,

less

Liabilities

0.8%

.............................................

8,156,828

Net

Assets

100.0%

...........................................................

$999,804,449

a

Security

purchased

on

a

when-issued

basis.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

c

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Municipal

Green

Bond

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

100

a

a

Principal

Amount

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

2.0%

Diversified

Financial

Services

2.0%

California

Housing

Finance

,

2019-N

,

A

,

2.35

%

,

12/01/35

......................

$

99,353

$

103,839

Total

Commercial

Mortgage-Backed

Securities

(Cost

$99,353)

....................

103,839

Municipal

Bonds

96.1%

Arizona

6.1%

Arizona

State

University

,

Revenue

,

2016

B

,

5

%

,

7/01/42

......................

150,000

178,251

City

of

Phoenix

Civic

Improvement

Corp.

,

Water

System

,

Revenue,

Junior

Lien

,

2020

B

,

5

%

,

7/01/44

....................................................

100,000

130,930

309,181

California

24.3%

California

Infrastructure

&

Economic

Development

Bank

,

California

State

Teachers'

Retirement

System

,

Revenue

,

2019

,

5

%

,

8/01/49

..........................

180,000

220,412

Hayward

Unified

School

District

,

GO

,

2019

B

,

BAM

Insured

,

4

%

,

8/01/20

..........

100,000

100,637

Los

Angeles

County

Metropolitan

Transportation

Authority

,

Revenue

,

2019

A

,

5

%

,

7/01/44

.........................................................

150,000

186,000

Sacramento

Municipal

Utility

District

,

Electric

System

,

Revenue

,

2020

H

,

5

%

,

8/15/30

100,000

138,974

San

Diego

Association

of

Governments

,

Revenue

,

2019

B

,

1.8

%

,

11/15/27

........

150,000

153,478

San

Francisco

Bay

Area

Rapid

Transit

District

,

GO

,

2019

F-1

,

3

%

,

8/01/36

........

150,000

163,494

Southern

California

Public

Power

Authority

,

Revenue,

2020

A,

Refunding,

5%,

7/01/20

...............................

100,000

100,376

Revenue,

2020

A,

Refunding,

4%,

7/01/38

...............................

150,000

177,426

1,240,797

Colorado

3.6%

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017A

,

5

%

,

9/15/47

.........................................................

150,000

185,511

Florida

5.8%

City

of

Tampa

,

Special

Assessment

,

2018

,

5

%

,

5/01/36

.......................

135,000

170,575

County

of

Palm

Beach

,

Water

&

Sewer

,

Revenue

,

2019

,

Refunding

,

4

%

,

10/01/31

...

100,000

125,220

295,795

Georgia

2.5%

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2019B

,

Refunding

,

5

%

,

9/01/48

.............................................

100,000

125,433

Maine

2.2%

City

of

Portland

,

General

Airport

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/35

.........

100,000

111,898

Maryland

2.2%

Washington

Suburban

Sanitary

Commission

,

Revenue,

Second

Series

,

2019

B

,

3

%

,

6/01/35

.........................................................

100,000

110,751

Massachusetts

4.6%

Massachusetts

Clean

Water

Trust

(The)

,

Revenue

,

22

,

5

%

,

8/01/36

..............

100,000

131,822

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2019

C-1

,

2.65

%

,

12/01/34

.....

100,000

104,464

236,286

Minnesota

2.1%

City

of

Minneapolis

,

GO

,

2019

,

3

%

,

12/01/40

...............................

100,000

105,807

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Municipal

Green

Bond

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

101

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

14.8%

Battery

Park

City

Authority

,

Revenue,

Senior

Lien

,

2019A

,

5

%

,

11/01/49

..........

$

100,000

$

128,233

Metropolitan

Transportation

Authority

,

Revenue,

2017B-2,

4%,

11/15/32

......................................

160,000

175,216

Revenue,

2017C-1,

3.375%,

11/15/37

..................................

105,000

95,997

New

York

State

Dormitory

Authority

,

Cornell

University

,

Revenue

,

2019

D

,

5

%

,

7/01/35

100,000

147,744

New

York

State

Housing

Finance

Agency

,

Revenue,

2019

N,

FNMA,

FHLMC

Insured,

2.6%,

11/01/34

..................

100,000

104,229

Revenue,

2019

P,

2%,

5/01/28

........................................

100,000

105,239

756,658

Ohio

5.7%

American

Municipal

Power,

Inc.

,

Revenue

,

2020A

,

Refunding

,

5

%

,

2/15/29

........

100,000

131,713

State

of

Ohio

,

GO,

2019A,

4%,

3/01/29

............................................

25,000

31,478

GO,

2019A,

4%,

3/01/30

............................................

100,000

127,832

291,023

Pennsylvania

2.6%

School

District

of

Philadelphia

(The)

,

GO

,

2019

B

,

5

%

,

9/01/29

.................

100,000

131,201

Rhode

Island

3.1%

Rhode

Island

Housing

and

Mortgage

Finance

Corp.

,

Revenue

,

2019

1-B

,

2.75

%

,

10/01/34

........................................................

150,000

160,146

Vermont

4.3%

Vermont

Educational

&

Health

Buildings

Financing

Agency

,

University

of

Vermont

Health

Network

Obligated

Group

,

Revenue

,

2016

B

,

5

%

,

12/01/38

.............

195,000

217,901

Washington

6.2%

Central

Puget

Sound

Regional

Transit

Authority

,

Revenue

,

2015S-1

,

Refunding

,

5

%

,

11/01/32

........................................................

100,000

119,775

County

of

King

,

GO

,

2017

A

,

5

%

,

6/01/20

.................................

50,000

50,000

FYI

Properties

,

State

of

Washington

Consolidated

Technology

Services

,

Revenue

,

2019

,

Refunding

,

5

%

,

6/01/21

........................................

140,000

146,576

316,351

Wisconsin

2.2%

Milwaukee

Metropolitan

Sewerage

District

,

GO

,

2020

A

,

3

%

,

10/01/35

............

100,000

109,487

U.S.

Territories

3.8%

District

of

Columbia

3.8%

District

of

Columbia

Water

&

Sewer

Authority

,

Revenue,

Sub.

Lien

,

2019

A

,

5

%

,

10/01/44

........................................................

150,000

192,218

Total

Municipal

Bonds

(Cost

$4,804,386)

.......................................

4,896,444

Total

Long

Term

Investments

(Cost

$4,903,739)

.................................

5,000,283

a

a

a

a

a

a

Total

Investments

(Cost

$4,903,739)

98.1%

.....................................

$5,000,283

Other

Assets,

less

Liabilities

1.9%

.............................................

96,730

Net

Assets

100.0%

...........................................................

$5,097,013

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Municipal

Green

Bond

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

102

See

Abbreviations

on

page

140

.

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

New

Jersey

Tax-Free

Income

Fund

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

103

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

99.1%

Delaware

2.5%

Delaware

River

&

Bay

Authority

,

Revenue,

2012

A,

5%,

1/01/42

........................................

$

6,000,000

$

6,456,900

Revenue,

2019,

Refunding,

4%,

1/01/44

.................................

13,500,000

15,177,780

21,634,680

New

Jersey

80.9%

Bergen

County

Improvement

Authority

(The)

,

County

of

Bergen,

Revenue,

2019,

4%,

10/15/37

..........................

3,600,000

4,276,836

County

of

Bergen,

Revenue,

2019,

4%,

10/15/38

..........................

3,745,000

4,430,972

County

of

Bergen,

Revenue,

2019,

4%,

10/15/39

..........................

3,000,000

3,540,000

Cape

May

County

Industrial

Pollution

Control

Financing

Authority

,

Atlantic

City

Electric

Co.

,

Revenue

,

1991

A

,

Refunding

,

NATL

Insured

,

6.8

%

,

3/01/21

...............

5,400,000

5,641,650

County

of

Hudson

,

Hudson

County

Improvement

Authority

,

Revenue

,

2016

,

5

%

,

5/01/46

.........................................................

6,000,000

7,143,540

County

of

Mercer

,

GO

,

2020

,

3

%

,

2/15/29

.................................

2,310,000

2,578,815

County

of

Middlesex

,

COP

,

1998

,

NATL

Insured

,

Zero

Cpn

.,

6/15/24

.............

1,000,000

968,600

Cumberland

County

Improvement

Authority

(The)

,

Revenue,

2014,

AGM

Insured,

5%,

9/01/39

..............................

2,000,000

2,335,320

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/36

............

955,000

1,185,193

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/37

............

1,000,000

1,236,840

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/38

............

1,020,000

1,257,956

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/39

............

1,070,000

1,316,164

County

of

Cumberland,

Revenue,

2019,

BAM

Insured,

5%,

1/15/44

............

5,725,000

6,968,928

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University

Foundation,

Inc.,

Revenue,

2015C,

AGM

Insured,

4%,

7/01/42

..

2,500,000

2,622,500

Rowan

University

Foundation,

Inc.,

Revenue,

2015C,

5%,

7/01/44

.............

3,500,000

3,800,720

Rowan

University

Foundation,

Inc.,

Revenue,

2019,

4%,

7/01/37

..............

750,000

879,630

Rowan

University

Foundation,

Inc.,

Revenue,

2019,

4%,

7/01/38

..............

700,000

818,300

Rowan

University

Foundation,

Inc.,

Revenue,

2019,

4%,

7/01/39

..............

600,000

699,360

Rowan

University

Foundation,

Inc.,

Revenue,

2019,

5%,

7/01/44

..............

4,925,000

6,083,705

Rowan

University

Foundation,

Inc.,

Revenue,

2019,

4%,

7/01/48

..............

5,250,000

6,017,392

Hudson

County

Improvement

Authority

,

Revenue

,

2019

,

Refunding

,

4

%

,

1/01/40

....

1,000,000

1,157,870

Mercer

County

Improvement

Authority

(The)

,

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/31

...................

1,545,000

1,914,780

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/32

...................

2,050,000

2,518,958

County

of

Mercer,

Revenue,

2019,

Refunding,

4%,

4/01/33

...................

1,500,000

1,829,040

Monmouth

County

Improvement

Authority

(The)

,

Revenue,

2019

B,

4%,

12/01/34

.......................................

750,000

915,083

Revenue,

2019

B,

4%,

12/01/36

.......................................

750,000

905,085

Revenue,

2019

B,

4%,

12/01/37

.......................................

500,000

601,210

Revenue,

2019

B,

4%,

12/01/38

.......................................

750,000

898,853

Revenue,

2019

B,

4%,

12/01/39

.......................................

600,000

717,234

Revenue,

2019A,

4%,

8/01/32

........................................

300,000

368,391

Revenue,

2019A,

4%,

8/01/33

........................................

350,000

426,751

Revenue,

2019A,

4%,

8/01/34

........................................

525,000

637,822

Revenue,

2019A,

4%,

8/01/35

........................................

525,000

633,680

Revenue,

2019A,

4%,

8/01/36

........................................

500,000

600,750

Revenue,

2019A,

4%,

8/01/37

........................................

275,000

329,222

Revenue,

2019A,

4%,

8/01/38

........................................

225,000

268,477

Revenue,

2019A,

4%,

8/01/39

........................................

400,000

475,932

New

Brunswick

Parking

Authority

,

Revenue

,

2016A

,

Refunding

,

BAM

Insured

,

5

%

,

9/01/39

.........................................................

5,000,000

5,864,150

New

Jersey

Economic

Development

Authority

,

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/34

........................................................

1,500,000

1,451,115

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

104

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Economic

Development

Authority,

(continued)

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/39

........................................................

$

1,250,000

$

1,168,113

Lutheran

Social

Ministries

at

Crane's

Mill,

Inc.,

Revenue,

2018,

Refunding,

5%,

1/01/49

........................................................

3,000,000

2,655,390

Middlesex

Water

Co.,

Revenue,

2019,

4%,

8/01/59

........................

6,200,000

6,916,658

Middlesex

Water

Co.,

Revenue,

2019,

5%,

8/01/59

........................

3,750,000

4,587,225

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/32

..........

640,000

632,550

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/37

..........

600,000

571,488

Provident

Group-Kean

Properties

LLC,

Revenue,

2017

A,

5%,

7/01/47

..........

1,500,000

1,369,395

Provident

Group-Montclair

Properties

LLC,

Revenue,

2010A,

Pre-Refunded,

5.875%,

6/01/42

........................................................

12,950,000

12,950,000

Provident

Group-Montclair

Properties

LLC,

Revenue,

2017,

Refunding,

AGM

Insured,

5%,

6/01/42

....................................................

6,000,000

6,886,260

Provident

Group-Rowan

Properties

LLC,

Revenue,

A,

5%,

1/01/48

.............

7,000,000

6,726,510

Rutgers

The

State

University

of

New

Jersey,

Revenue,

2013,

5%,

6/15/38

.......

5,000,000

5,539,800

Rutgers

The

State

University

of

New

Jersey,

Revenue,

2013,

5%,

6/15/46

.......

7,500,000

8,255,550

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

AGM

Insured,

5%,

6/15/22

........................................................

10,000,000

10,727,400

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

5%,

6/15/28

......

3,000,000

3,170,100

State

of

New

Jersey

Cigarette

Tax,

Revenue,

2012,

Refunding,

5%,

6/15/29

......

1,000,000

1,054,140

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2005

K,

Refunding,

NATL

Insured,

5.25%,

12/15/21

..........................................

10,000,000

10,274,500

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2005

N1,

Refunding,

NATL

Insured,

5.5%,

9/01/27

........................................

8,660,000

9,644,902

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2015

WW,

5%,

6/15/37

4,760,000

4,892,423

New

Jersey

Educational

Facilities

Authority

,

Kean

University,

Revenue,

2015H,

Refunding,

AGM

Insured,

5%,

7/01/34

........

2,205,000

2,471,143

Kean

University,

Revenue,

2015H,

Refunding,

AGM

Insured,

5%,

7/01/35

........

5,000,000

5,587,500

Kean

University,

Revenue,

2017D,

Refunding,

BAM

Insured,

4%,

9/01/38

........

1,150,000

1,237,906

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/39

................

5,000,000

5,391,900

Montclair

State

University,

Inc.,

Revenue,

2014

A,

5%,

7/01/44

................

16,380,000

17,579,671

Montclair

State

University,

Inc.,

Revenue,

2015D,

Refunding,

5%,

7/01/35

.......

2,245,000

2,481,713

Montclair

State

University,

Inc.,

Revenue,

2015D,

Refunding,

5%,

7/01/36

.......

1,210,000

1,333,989

Montclair

State

University,

Inc.,

Revenue,

2016B,

Refunding,

5%,

7/01/34

.......

1,325,000

1,494,984

Princeton

University,

Revenue,

2011B,

5%,

7/01/39

........................

15,000,000

15,710,850

Princeton

University,

Revenue,

2011B,

4.375%,

7/01/41

.....................

10,000,000

10,305,300

Princeton

University,

Revenue,

2014

A,

5%,

7/01/44

........................

15,000,000

17,066,700

Princeton

University,

Revenue,

2017

I,

Refunding,

5%,

7/01/35

................

5,800,000

7,295,820

Ramapo

College

of

New

Jersey,

Revenue,

2012

B,

Refunding,

5%,

7/01/37

......

1,000,000

1,042,140

Ramapo

College

of

New

Jersey,

Revenue,

2012

B,

Refunding,

5%,

7/01/42

......

1,000,000

1,038,510

Ramapo

College

of

New

Jersey,

Revenue,

2017

A,

Refunding,

AGM

Insured,

5%,

7/01/35

........................................................

3,955,000

4,589,857

Seton

Hall

University,

Revenue,

2015C,

Refunding,

5%,

7/01/34

...............

400,000

431,600

Seton

Hall

University,

Revenue,

2015C,

Refunding,

5%,

7/01/37

...............

1,300,000

1,392,079

Seton

Hall

University,

Revenue,

2017D,

Refunding,

5%,

7/01/42

...............

3,945,000

4,276,143

Stevens

Institute

of

Technology,

Revenue,

1998

1,

ETM,

5%,

7/01/28

...........

655,000

768,944

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/36

......

1,600,000

1,787,808

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/42

......

9,310,000

10,244,352

Stevens

Institute

of

Technology,

Revenue,

2017

A,

Refunding,

5%,

7/01/47

......

4,085,000

4,469,276

Stevens

Institute

of

Technology,

Revenue,

2020

A,

5%,

7/01/45

...............

4,000,000

4,517,240

Stevens

Institute

of

Technology,

Revenue,

2020

A,

4%,

7/01/50

...............

11,640,000

11,785,267

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.,

Revenue,

2008A,

5%,

7/01/27

........................

220,000

220,616

AHS

Hospital

Corp.,

Revenue,

2016,

Refunding,

4%,

7/01/41

.................

10,000,000

11,068,200

AHS

Hospital

Corp.,

Revenue,

A,

Pre-Refunded,

6%,

7/01/41

.................

10,600,000

11,254,868

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

105

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Health

Care

Facilities

Financing

Authority,

(continued)

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2011,

Refunding,

5%,

7/01/27

........................................................

$

2,500,000

$

2,709,475

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

7/01/37

........................................................

3,000,000

3,592,080

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

7/01/38

........................................................

3,000,000

3,582,840

Hackensack

Meridian

Health

Obligated

Group,

Revenue,

2017A,

Refunding,

5%,

7/01/39

........................................................

5,000,000

5,957,750

Hunterdon

Medical

Center,

Revenue,

2014A,

Refunding,

5%,

7/01/45

...........

2,650,000

2,867,088

Inspira

Health

Obligated

Group,

Revenue,

2016A,

Refunding,

5%,

7/01/46

.......

18,500,000

20,684,295

Inspira

Health

Obligated

Group,

Revenue,

2017A,

5%,

7/01/37

................

1,600,000

1,852,800

Inspira

Health

Obligated

Group,

Revenue,

2017A,

5%,

7/01/42

................

8,000,000

9,137,600

Inspira

Health

Obligated

Group,

Revenue,

2017A,

4%,

7/01/47

................

8,700,000

9,264,021

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2011A,

Pre-Refunded,

5.625%,

7/01/32

........................................................

5,500,000

5,818,780

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2013A,

5.5%,

7/01/43

........

4,000,000

4,320,000

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014A,

5%,

7/01/43

.........

3,650,000

3,994,159

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2014A,

Refunding,

5%,

7/01/44

15,530,000

16,941,366

RWJ

Barnabas

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

7/01/43

15,000,000

16,938,900

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/31

....

2,935,000

3,191,578

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2013,

Refunding,

5%,

8/15/34

....

1,500,000

1,620,180

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6%,

7/01/26

........................................................

1,000,000

1,032,980

St.

Peter's

University

Hospital

Obligated

Group,

Revenue,

2011,

Refunding,

6.25%,

7/01/35

........................................................

3,400,000

3,513,526

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/35

...........

1,000,000

1,110,780

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/36

...........

1,750,000

1,934,992

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/38

...........

2,000,000

2,194,720

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/39

...........

2,200,000

2,407,262

Valley

Health

System

Obligated

Group,

Revenue,

2019,

4%,

7/01/44

...........

11,000,000

11,890,560

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

1A,

Refunding,

5.125%,

12/01/27

..............................

1,845,000

1,845,000

Revenue,

1A,

Refunding,

5.25%,

12/01/28

...............................

1,850,000

1,850,000

Revenue,

2010-2,

5%,

12/01/30

.......................................

1,500,000

1,527,015

Revenue,

2010-2,

5%,

12/01/36

.......................................

1,000,000

1,016,720

Revenue,

2011-1,

5.875%,

12/01/33

....................................

2,140,000

2,245,459

Revenue,

2019

B,

Refunding,

3.25%,

12/01/39

............................

10,000,000

9,840,000

a

Revenue,

2020

C,

Refunding,

4.25%,

12/01/50

...........................

1,750,000

1,778,665

a

Revenue,

Senior

Lien,

2020

A,

Refunding,

3.5%,

12/01/39

...................

7,000,000

7,035,070

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue,

2018

A,

Refunding,

3.95%,

11/01/43

............................

1,100,000

1,212,530

Revenue,

2019

A,

Refunding,

3%,

11/01/44

..............................

510,000

534,628

Revenue,

2019

C,

Refunding,

3.95%,

10/01/44

...........................

4,300,000

4,610,503

New

Jersey

Infrastructure

Bank

,

Revenue

,

2015A-R1

,

Refunding

,

5

%

,

9/01/21

.....

8,915,000

9,454,714

New

Jersey

Institute

of

Technology

,

Revenue,

Pre-Refunded,

5%,

7/01/42

..................................

7,000,000

7,691,836

Revenue,

2015A,

5%,

7/01/45

........................................

6,000,000

6,687,720

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2006C,

AGM

Insured,

Zero

Cpn

.,

12/15/33

.......................

10,000,000

6,706,800

Revenue,

2009A,

Zero

Cpn

.,

12/15/32

..................................

10,000,000

5,696,300

Revenue,

2010A,

Zero

Cpn

.,

12/15/29

..................................

5,000,000

3,336,300

Revenue,

2011A,

Pre-Refunded,

5.5%,

6/15/41

...........................

5,000,000

5,274,150

Revenue,

2013AA,

5.25%,

6/15/31

.....................................

10,000,000

10,375,600

Revenue,

2019

BB,

4%,

6/15/44

.......................................

6,000,000

5,516,940

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

106

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Turnpike

Authority

,

Revenue,

2017

A,

5%,

1/01/34

........................................

$

6,505,000

$

7,709,270

Revenue,

2017

A,

5%,

1/01/35

........................................

3,495,000

4,129,098

Revenue,

2017B,

Refunding,

5%,

1/01/40

...............................

15,245,000

18,105,572

Revenue,

2017G,

Refunding,

4%,

1/01/43

...............................

5,000,000

5,415,200

Revenue,

2019

A,

5%,

1/01/48

........................................

15,500,000

18,336,810

Newark

Housing

Authority

Scholarship

Foundation

A

New

Jersey

Non-Profit

Corp.

(The)

,

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2017

,

Refunding

,

4

%

,

1/01/37

.........................................................

20,745,000

23,189,591

North

Hudson

Sewerage

Authority

,

COP,

Senior

Lien,

Pre-Refunded,

5%,

6/01/42

............................

17,800,000

19,475,870

Rutgers

The

State

University

of

New

Jersey

,

Revenue

,

2013

L

,

Pre-Refunded

,

5

%

,

5/01/43

......................................................

12,000,000

13,665,120

Salem

County

Pollution

Control

Financing

Authority

,

Atlantic

City

Electric

Co.

,

Revenue

,

2004A

,

Refunding

,

4.875

%

,

6/01/29

....................................

5,000,000

5,000,000

687,003,817

New

York

6.9%

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

166,

5.25%,

7/15/36

........................................

5,000,000

5,119,200

Revenue,

179,

5%,

12/01/38

.........................................

15,000,000

16,759,650

Revenue,

2014,

4%,

9/01/43

.........................................

3,000,000

3,261,420

Revenue,

2017,

4%,

11/01/49

........................................

9,000,000

9,930,420

Revenue,

TWO

HUNDRED

SIXTEENTH,

4%,

9/01/45

......................

5,000,000

5,528,550

Revenue,

First

Series,

171ST,

5%,

7/15/30

...............................

12,200,000

12,953,350

JFK

International

Air

Terminal

LLC,

Revenue,

NATL

Insured,

5.75%,

12/01/22

....

5,065,000

5,092,604

58,645,194

Pennsylvania

7.6%

Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue,

2017,

5%,

7/01/42

.........................................

19,500,000

23,857,275

Revenue,

2019

A,

5%,

7/01/33

........................................

100,000

130,957

Revenue,

2019

A,

5%,

7/01/34

........................................

150,000

195,777

Revenue,

2019

A,

5%,

7/01/35

........................................

150,000

194,841

Revenue,

2019

A,

5%,

7/01/36

........................................

150,000

193,963

Revenue,

2019

A,

5%,

7/01/37

........................................

150,000

193,281

Revenue,

2019

A,

5%,

7/01/38

........................................

150,000

192,663

Revenue,

2019

A,

5%,

7/01/39

........................................

150,000

192,116

Revenue,

2019

A,

5%,

7/01/44

........................................

760,000

961,734

Revenue,

2019B,

Refunding,

5%,

7/01/31

...............................

850,000

1,129,132

Revenue,

2019B,

Refunding,

5%,

7/01/32

...............................

1,000,000

1,317,960

Delaware

River

Port

Authority

,

Revenue,

2013,

5%,

1/01/37

.........................................

10,000,000

11,079,900

Revenue,

2018

A,

5%,

1/01/37

........................................

3,285,000

4,019,625

Revenue,

2018

A,

5%,

1/01/38

........................................

5,050,000

6,137,669

Revenue,

2018

A,

5%,

1/01/39

........................................

2,300,000

2,787,301

Revenue,

2018

A,

5%,

1/01/40

........................................

9,565,000

11,565,998

64,150,192

U.S.

Territories

1.2%

Puerto

Rico

1.2%

b

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

WW-RSA-1

,

5.5

%

,

7/01/38

........

16,620,000

10,345,950

Total

Municipal

Bonds

(Cost

$811,116,587)

.....................................

841,779,833

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

New

Jersey

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

107

See

Abbreviations

on

page

140

.

Short

Term

Investments

0.5%

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

0.5%

New

Jersey

0.5%

c

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009C

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.02

%

,

7/01/43

.........................................................

$

3,835,000

$

3,835,000

Total

Municipal

Bonds

(Cost

$3,835,000)

.......................................

3,835,000

a

Total

Investments

(Cost

$814,951,587)

99.6%

...................................

$845,614,833

Other

Assets,

less

Liabilities

0.4%

.............................................

4,098,011

Net

Assets

100.0%

...........................................................

$849,712,844

a

Security

purchased

on

a

when-issued

basis.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

c

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

North

Carolina

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

108

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

95.4%

North

Carolina

94.7%

Cape

Fear

Public

Utility

Authority

,

Revenue,

2011,

Pre-Refunded,

5%,

8/01/36

..............................

$

8,000,000

$

8,441,360

Revenue,

2014A,

Pre-Refunded,

5%,

6/01/40

.............................

2,250,000

2,672,843

Revenue,

2019A,

Refunding,

4%,

8/01/44

...............................

8,000,000

9,255,360

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group,

Revenue,

2011A,

5.125%,

1/15/37

.............

4,000,000

4,082,600

Atrium

Health

Obligated

Group,

Revenue,

2011A,

5.25%,

1/15/42

.............

10,000,000

10,198,200

Atrium

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/15/40

.......

20,000,000

23,069,800

Atrium

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

1/15/36

.......

5,000,000

6,193,800

City

of

Charlotte

,

COP,

2008A,

Refunding,

5%,

6/01/33

...................................

2,500,000

2,508,175

COP,

2019A,

Refunding,

5%,

6/01/44

...................................

8,250,000

10,199,228

Airport

Special

Facilities,

Revenue,

2010-A,

5.5%,

7/01/34

...................

3,765,000

3,777,839

Airport

Special

Facilities,

Revenue,

2010-A,

5%,

7/01/39

....................

3,000,000

3,008,430

Airport

Special

Facilities,

Revenue,

2011A,

5%,

7/01/41

.....................

10,000,000

10,348,100

Airport

Special

Facilities,

Revenue,

2019A,

4%,

7/01/44

.....................

3,550,000

3,893,675

Airport

Special

Facilities,

Revenue,

2019A,

5%,

7/01/49

.....................

4,460,000

5,296,696

Airport

Special

Facilities,

Revenue,

2019B,

4%,

7/01/44

.....................

5,515,000

5,925,095

Storm

Water,

Revenue,

2014,

Refunding,

5%,

12/01/39

.....................

7,970,000

9,343,709

Water

&

Sewer

System,

Revenue,

2009B,

5%,

7/01/38

......................

10,000,000

10,032,500

Water

&

Sewer

System,

Revenue,

2015,

Refunding,

5%,

7/01/40

..............

10,000,000

11,746,800

Water

&

Sewer

System,

Revenue,

2018,

Refunding,

4%,

7/01/37

..............

5,000,000

5,886,750

City

of

Durham

,

Water

&

Sewer

Utility

System

,

Revenue

,

2011

,

Pre-Refunded

,

5

%

,

6/01/41

.........................................................

4,000,000

4,193,240

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

4

%

,

3/01/41

4,015,000

4,603,559

City

of

Greensboro

,

GO

,

2018

B

,

5

%

,

10/01/29

.............................

5,000,000

6,713,150

City

of

Raleigh

,

GO,

2016

A,

Refunding,

5%,

9/01/26

...................................

5,000,000

6,371,950

Combined

Enterprise

System,

Revenue,

2011,

Pre-Refunded,

5%,

3/01/40

.......

11,915,000

12,346,323

Combined

Enterprise

System,

Revenue,

2013

A,

Pre-Refunded,

5%,

3/01/43

.....

10,000,000

11,308,500

Combined

Enterprise

System,

Revenue,

2016

A,

4%,

3/01/46

.................

5,000,000

5,642,950

Combined

Enterprise

System,

Revenue,

2016

B,

Refunding,

4%,

3/01/34

........

1,000,000

1,168,100

City

of

Salisbury

,

Combined

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

5

%

,

2/01/45

.........................................................

1,000,000

1,276,600

City

of

Wilmington

,

Storm

Water

Fee

,

Revenue

,

2007

,

AMBAC

Insured

,

5

%

,

6/01/33

.

225,000

225,731

City

of

Winston-Salem

,

Water

&

Sewer

System,

Revenue,

2014A,

5%,

6/01/33

......................

2,350,000

2,791,635

Water

&

Sewer

System,

Revenue,

2016A,

Refunding,

4%,

6/01/34

.............

1,350,000

1,560,263

Water

&

Sewer

System,

Revenue,

2016A,

Refunding,

4%,

6/01/37

.............

5,000,000

5,697,950

Water

&

Sewer

System,

Revenue,

2017,

4%,

6/01/47

.......................

10,000,000

11,302,700

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

,

International

Paper

Co.

,

Revenue

,

2010-A

,

5.7

%

,

5/01/34

....................

2,500,000

2,507,550

County

of

Buncombe

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/34

.................

3,000,000

3,519,090

County

of

Dare

,

Utilities

System

,

Revenue

,

2011

,

Pre-Refunded

,

5

%

,

2/01/41

......

5,000,000

5,143,800

County

of

Durham

,

GO,

2019,

4%,

6/01/36

.............................................

500,000

600,345

GO,

2019,

4%,

6/01/37

.............................................

450,000

538,362

GO,

2019,

4%,

6/01/39

.............................................

700,000

832,216

County

of

Guilford

,

GO

,

2017

B

,

4

%

,

5/01/33

...............................

5,000,000

5,892,350

County

of

Mecklenburg

,

GO,

2015A,

5%,

4/01/28

............................................

5,000,000

6,078,950

GO,

2017

A,

4%,

4/01/30

............................................

5,000,000

6,023,150

County

of

New

Hanover

,

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Refunding,

5%,

10/01/42

.

5,000,000

5,803,100

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

109

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

County

of

New

Hanover,

(continued)

New

Hanover

Regional

Medical

Center,

Revenue,

2017,

Refunding,

5%,

10/01/47

.

$

13,565,000

$

15,644,921

County

of

Union

,

Enterprise

System,

Revenue,

2015,

5%,

6/01/34

..........................

1,000,000

1,192,610

Enterprise

System,

Revenue,

2019,

4%,

6/01/41

..........................

3,200,000

3,721,152

Enterprise

System,

Revenue,

2019,

4%,

6/01/44

..........................

2,325,000

2,684,654

County

of

Wake

,

GO,

2018A,

5%,

3/01/30

............................................

8,000,000

10,521,520

GO,

2019

A,

5%,

3/01/32

............................................

7,870,000

10,510,936

Revenue,

2019,

4%,

9/01/38

.........................................

5,250,000

6,173,212

Greenville

Utilities

Commission

,

Revenue

,

2019

,

5

%

,

8/01/44

..................

4,750,000

6,020,578

Nash

Health

Care

Systems

,

Revenue,

2003,

AGM

Insured,

5%,

11/01/30

.............................

2,250,000

2,256,300

Revenue,

2012,

5%,

11/01/41

........................................

5,000,000

5,179,400

North

Carolina

Capital

Facilities

Finance

Agency

,

Davidson

College

Trustees,

Revenue,

2012,

5%,

3/01/40

....................

4,000,000

4,292,720

Davidson

College

Trustees,

Revenue,

2014,

Refunding,

5%,

3/01/45

...........

3,500,000

3,748,535

Duke

University,

Revenue,

2015

B,

Pre-Refunded,

5%,

10/01/41

..............

13,585,000

16,901,914

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

7/01/42

..................

10,000,000

12,305,800

Duke

University,

Revenue,

2016

B,

Refunding,

4%,

10/01/44

.................

5,085,000

5,747,626

Duke

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/44

.................

11,000,000

13,498,760

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/35

..............

5,000,000

5,643,250

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/38

..............

5,500,000

6,154,115

Wake

Forest

University,

Revenue,

2016,

Refunding,

4%,

1/01/39

..............

5,250,000

5,861,520

Wake

Forest

University,

Revenue,

2018,

4%,

1/01/48

.......................

20,000,000

22,551,800

Wake

Forest

University,

Revenue,

2018,

5%,

1/01/48

.......................

13,500,000

16,456,635

North

Carolina

Housing

Finance

Agency

,

Revenue,

41,

GNMA

Insured,

3.55%,

7/01/44

.............................

6,470,000

6,961,332

Revenue,

41,

GNMA

Insured,

3.625%,

7/01/49

............................

9,960,000

10,714,171

Revenue,

42,

GNMA

Insured,

2.45%,

7/01/34

.............................

1,000,000

1,037,370

Revenue,

42,

GNMA

Insured,

2.625%,

7/01/39

............................

4,000,000

4,141,200

Revenue,

42,

GNMA

Insured,

2.85%,

1/01/43

.............................

3,500,000

3,600,100

Revenue,

43,

GNMA

Insured,

2.8%,

1/01/40

..............................

6,000,000

6,204,240

Revenue,

43,

GNMA

Insured,

2.95%,

7/01/43

.............................

2,750,000

2,851,117

Revenue,

44,

3%,

7/01/46

...........................................

3,000,000

3,143,670

North

Carolina

Medical

Care

Commission

,

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2011A,

Pre-

Refunded,

6.5%,

7/01/31

..........................................

5,000,000

5,330,200

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2011A,

Pre-

Refunded,

6.625%,

7/01/34

.........................................

6,000,000

6,404,340

Duke

University

Health

System,

Inc.,

Revenue,

2010A,

Pre-Refunded,

5%,

6/01/42

8,150,000

8,150,000

Duke

University

Health

System,

Inc.,

Revenue,

2012

A,

Pre-Refunded,

5%,

6/01/42

10,000,000

10,941,500

Duke

University

Health

System,

Inc.,

Revenue,

2016

D,

Refunding,

4%,

6/01/42

...

7,000,000

7,695,380

Novant

Health

Obligated

Group,

Revenue,

2013

A,

Refunding,

5%,

11/01/46

.....

20,000,000

21,250,000

Novant

Health

Obligated

Group,

Revenue,

2019A,

4%,

11/01/49

..............

4,400,000

4,835,732

Novant

Health

Obligated

Group,

Revenue,

2019A,

4%,

11/01/52

..............

7,640,000

8,374,280

Pines

at

Davidson,

Inc.

Obligated

Group,

Revenue,

2019

A,

5%,

1/01/49

........

5,000,000

5,061,050

Presbyterian

Homes

Obligated

Group,

Revenue,

2016

C,

Refunding,

5%,

10/01/31

5,000,000

5,403,700

Rex

Hospital,

Inc.

Obligated

Group,

Revenue,

2010-A,

Refunding,

5%,

7/01/30

...

5,000,000

5,011,850

Rex

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/49

............

4,000,000

4,368,960

Scotland

Memorial

Hospital,

Inc.,

Revenue,

1999,

AGC

Insured,

5.5%,

10/01/29

...

1,220,000

1,223,441

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017A,

Refunding,

5%,

10/01/37

...........................................

200,000

199,526

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017A,

Refunding,

5%,

10/01/42

...........................................

2,250,000

2,182,140

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

110

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

North

Carolina

Medical

Care

Commission,

(continued)

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2017A,

Refunding,

5%,

10/01/47

...........................................

$

2,540,000

$

2,419,909

Vidant

Health

Obligated

Group,

Revenue,

2012

A,

Pre-Refunded,

5%,

6/01/36

....

5,000,000

5,476,050

Vidant

Health

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

6/01/40

........

5,000,000

5,583,800

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2010,

Refunding,

5%,

6/01/34

...

10,000,000

10,031,000

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019A,

5%,

12/01/32

..........

1,000,000

1,208,490

Wake

Forest

Baptist

Obligated

Group,

Revenue,

2019A,

5%,

12/01/33

..........

1,000,000

1,202,930

WakeMed

Obligated

Group,

Revenue,

2012

A,

Refunding,

5%,

10/01/38

........

5,000,000

5,269,600

North

Carolina

Municipal

Power

Agency

No.

1

,

Revenue

,

2015A

,

Refunding

,

5

%

,

1/01/32

.........................................................

4,200,000

4,967,088

North

Carolina

State

University

at

Raleigh

,

Revenue,

2013

A,

5%,

10/01/33

.......................................

5,595,000

6,401,687

Revenue,

2013

A,

5%,

10/01/42

.......................................

8,980,000

10,172,813

North

Carolina

Turnpike

Authority

,

Revenue,

2011,

5%,

7/01/41

.........................................

5,000,000

5,207,050

Revenue,

2016A,

Refunding,

5%,

7/01/47

...............................

2,500,000

2,612,600

Revenue,

2018A,

Refunding,

4%,

1/01/36

...............................

9,875,000

11,528,766

Revenue,

2018A,

Refunding,

4%,

1/01/39

...............................

9,815,000

11,317,186

Revenue,

Senior

Lien,

2017,

Refunding,

AGM

Insured,

5%,

1/01/31

............

1,000,000

1,192,910

Revenue,

Senior

Lien,

2017,

Refunding,

AGM

Insured,

5%,

1/01/39

............

1,200,000

1,390,548

Revenue,

Senior

Lien,

2019,

AGM

Insured,

5%,

1/01/49

.....................

3,500,000

4,200,910

Raleigh

Durham

Airport

Authority

,

Revenue,

2015A,

Refunding,

5%,

5/01/27

...............................

350,000

409,199

Revenue,

2015A,

Refunding,

5%,

5/01/29

...............................

1,000,000

1,163,460

Revenue,

2015A,

Refunding,

5%,

5/01/30

...............................

550,000

637,362

Revenue,

2020

A,

Refunding,

5%,

5/01/35

...............................

2,250,000

2,725,628

State

of

North

Carolina

,

GO,

2016

A,

Refunding,

5%,

6/01/25

...................................

4,000,000

4,913,560

Revenue,

2011C,

Pre-Refunded,

5%,

5/01/29

.............................

10,000,000

10,438,000

Town

of

Cary

,

Combined

Utility

Systems,

Revenue,

2013,

Pre-Refunded,

5%,

12/01/42

........

10,000,000

11,176,400

Combined

Utility

Systems,

Revenue,

2017,

5%,

12/01/41

....................

1,710,000

2,081,942

Combined

Utility

Systems,

Revenue,

2017B,

Refunding,

4%,

12/01/42

..........

8,000,000

9,183,760

Town

of

Oak

Island

,

Enterprise

System

,

Revenue

,

2017

,

Refunding

,

AGM

Insured

,

5

%

,

6/01/33

.........................................................

1,000,000

1,231,660

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue,

2012A,

Pre-Refunded,

5%,

4/01/37

.............................

12,995,000

14,129,074

Revenue,

2012A,

Pre-Refunded,

5%,

4/01/41

.............................

18,000,000

19,570,860

Revenue,

2014,

5%,

4/01/43

.........................................

5,000,000

5,567,150

Revenue,

2015,

Refunding,

5%,

4/01/45

.................................

9,450,000

10,808,343

Revenue,

2017,

5%,

10/01/47

........................................

10,000,000

11,959,400

Revenue,

2017A,

Refunding,

4%,

10/01/40

..............................

2,250,000

2,533,455

Revenue,

2020A,

Refunding,

4%,

10/01/40

..............................

290,000

335,556

Revenue,

2020A,

Refunding,

4%,

10/01/49

..............................

2,800,000

3,176,292

University

of

North

Carolina

at

Greensboro

,

Revenue,

2014,

5%,

4/01/39

.........................................

3,500,000

3,928,120

Revenue,

2017,

Refunding,

4%,

4/01/35

.................................

1,205,000

1,393,474

Revenue,

2017,

Refunding,

4%,

4/01/36

.................................

1,000,000

1,151,590

Revenue,

2018,

5%,

4/01/43

.........................................

2,500,000

3,038,175

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

North

Carolina

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

111

See

Abbreviations

on

page

140

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

North

Carolina

(continued)

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/37

.

$

3,000,000

$

3,343,800

University

of

North

Carolina

Hospitals

at

Chapel

Hill

,

University

of

North

Carolina

Hospitals

at

Chapel

Hill

,

Revenue

,

2016

,

5

%

,

2/01/46

.......................

4,265,000

4,919,166

University

of

North

Carolina

System

,

Revenue

,

2008A

,

AGC

Insured

,

5

%

,

10/01/33

..

160,000

160,509

Western

Carolina

University

,

Revenue,

2020,

4%,

10/01/45

........................................

5,980,000

6,995,284

Revenue,

2020,

4%,

10/01/49

........................................

4,255,000

4,967,713

802,298,050

U.S.

Territories

0.7%

Puerto

Rico

0.7%

a

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

XX-RSA-1

,

5.25

%

,

7/01/40

........

10,000,000

6,200,000

Total

Municipal

Bonds

(Cost

$765,257,275)

.....................................

808,498,050

a

a

a

a

Short

Term

Investments

3.3%

Municipal

Bonds

3.3%

North

Carolina

3.3%

b

Charlotte-Mecklenburg

Hospital

Authority

(

The)

,

Atrium

Health

Obligated

Group,

Revenue,

2018

G,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

1/15/48

.................................

8,590,000

8,590,000

Atrium

Health

Obligated

Group,

Revenue,

2018

H,

SPA

JPMorgan

Chase

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

1/15/48

.................................

900,000

900,000

b

North

Carolina

Medical

Care

Commission

,

Moses

H

Cone

Memorial

Hospital

Obligated

Group

,

Revenue

,

2001B

,

SPA

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.05

%

,

10/01/35

........................................................

18,900,000

18,900,000

28,390,000

Total

Municipal

Bonds

(Cost

$28,390,000)

......................................

28,390,000

a

Total

Investments

(Cost

$793,647,275)

98.7%

...................................

$836,888,050

Other

Assets,

less

Liabilities

1.3%

.............................................

10,715,767

Net

Assets

100.0%

...........................................................

$847,603,817

a

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

b

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Ohio

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

112

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

98.4%

Ohio

98.4%

American

Municipal

Power,

Inc.

,

Revenue,

2015A,

Refunding,

5%,

2/15/28

...............................

$

5,000,000

$

5,751,400

Revenue,

2015A,

Pre-Refunded,

BAM

Insured,

5.25%,

2/15/31

...............

10,000,000

10,863,400

Revenue,

2016

A,

4%,

2/15/36

........................................

1,000,000

1,104,480

Revenue,

2016

A,

5%,

2/15/46

........................................

5,000,000

5,812,600

Revenue,

2016A,

Refunding,

5%,

2/15/46

...............................

7,500,000

8,675,100

Revenue,

2017

A,

Refunding,

5%,

2/15/37

...............................

3,700,000

4,533,092

Revenue,

2017

A,

Refunding,

5%,

2/15/38

...............................

3,500,000

4,275,740

Revenue,

2019

A,

5%,

2/15/44

........................................

3,345,000

4,099,766

Revenue,

2019

C,

Refunding,

4%,

2/15/39

...............................

18,795,000

21,765,174

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

4

%

,

12/01/39

................

3,000,000

3,326,190

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

12/01/39

........

6,530,000

7,505,060

Ashland

City

School

District

,

GO

,

2013-2

,

4

%

,

11/01/49

.......................

6,685,000

6,699,774

Bath

Local

School

District

,

GO,

2012,

AGM

Insured,

4%,

12/01/44

..................................

1,295,000

1,311,757

GO,

2012,

AGM

Insured,

5%,

12/01/49

..................................

5,380,000

5,489,483

Beaver

Local

School

District

,

GO

,

2012

,

4

%

,

12/01/40

........................

3,000,000

3,132,450

Big

Walnut

Local

School

District

,

GO

,

2019

,

5

%

,

12/01/53

.....................

9,155,000

11,190,248

Bloom-Carroll

Local

School

District

,

GO

,

2018A

,

5

%

,

11/01/55

..................

7,025,000

8,573,170

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

5

%

,

6/01/42

........

3,250,000

3,714,457

Brecksville-Broadview

Heights

City

School

District

,

GO

,

2018

,

Pre-Refunded

,

5.25

%

,

12/01/54

........................................................

7,390,000

8,656,055

Brooklyn

City

School

District

,

GO,

2013,

Pre-Refunded,

AGM

Insured,

5.25%,

12/01/43

....................

3,000,000

3,076,320

GO,

2017,

Refunding,

AGM

Insured,

5%,

12/01/38

.........................

1,905,000

2,314,518

GO,

2017,

Refunding,

AGM

Insured,

5%,

12/01/49

.........................

9,000,000

10,763,010

Canal

Winchester

Local

School

District

,

GO,

2005,

NATL

Insured,

Zero

Cpn

.,

12/01/32

............................

3,955,000

3,058,916

GO,

2005,

NATL

Insured,

Zero

Cpn

.,

12/01/33

............................

2,000,000

1,496,300

Central

Ohio

Solid

Waste

Authority

,

GO,

2012,

Pre-Refunded,

4%,

12/01/32

.................................

16,945,000

18,183,978

Chillicothe

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/22

...................

1,905,000

1,881,226

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/23

...................

1,905,000

1,862,156

GO,

2006,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/24

...................

1,905,000

1,839,068

Cincinnati

City

School

District

,

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/27

......................

14,900,000

19,744,139

GO,

2006,

Refunding,

NATL

Insured,

5.25%,

12/01/28

......................

8,180,000

11,114,166

City

of

Akron

,

Community

Learning

Center,

Revenue,

2010A,

Pre-Refunded,

4.5%,

12/01/33

....

10,000,000

10,000,000

Community

Learning

Center,

Revenue,

2014,

Pre-Refunded,

5%,

12/01/33

......

4,250,000

4,659,105

Waterworks

System,

Revenue,

2009,

Refunding,

AGC

Insured,

5%,

3/01/34

......

1,000,000

1,003,430

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

12/01/37

.....................................................

5,000,000

5,825,750

City

of

Cincinnati

,

GO

,

2015A

,

Pre-Refunded

,

5.25

%

,

12/01/40

.................

6,500,000

8,069,100

City

of

Cleveland

,

GO,

2012,

Pre-Refunded,

5%,

12/01/30

.................................

2,965,000

3,321,719

GO,

2012,

5%,

12/01/30

.............................................

35,000

38,938

Airport

System,

Revenue,

2012A,

Pre-Refunded,

AGM

Insured,

5%,

1/01/30

.....

3,000,000

3,228,600

Airport

System,

Revenue,

2012A,

Pre-Refunded,

AGM

Insured,

5%,

1/01/31

.....

1,500,000

1,614,300

Water

Pollution

Control,

Revenue,

2016,

5%,

11/15/41

......................

2,000,000

2,382,500

City

of

Columbus

,

GO,

2014A,

5%,

2/15/25

............................................

5,000,000

5,841,100

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

113

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

City

of

Columbus,

(continued)

GO,

2016-3,

Refunding,

5%,

2/15/27

...................................

$

5,000,000

$

6,414,350

GO,

2018

A,

5%,

4/01/34

............................................

7,000,000

9,079,910

Sewerage,

Revenue,

2014,

Refunding,

4%,

6/01/31

........................

15,000,000

16,898,250

Sewerage,

Revenue,

2015,

Refunding,

5%,

6/01/29

........................

5,000,000

6,250,950

City

of

Marysville

,

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

4%,

12/01/40

.......................................................

3,015,000

3,267,567

Wastewater

Treatment

System,

Revenue,

2015,

Refunding,

BAM

Insured,

5%,

12/01/47

.......................................................

5,035,000

5,897,999

Wastewater

Treatment

System,

Revenue,

2016,

Refunding,

BAM

Insured,

4%,

12/01/46

.......................................................

9,370,000

10,217,235

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AGM

Insured

,

5

%

,

12/01/43

......

3,760,000

4,239,438

City

of

Toledo

,

GO,

2010,

Refunding,

AGM

Insured,

5%,

12/01/28

.........................

3,000,000

3,068,490

Water

System,

Revenue,

2012A,

4%,

11/15/36

............................

9,125,000

9,453,135

Water

System,

Revenue,

2013,

Refunding,

5%,

11/15/38

....................

19,395,000

21,651,220

City

of

Westerville

,

Revenue

,

2014

,

5

%

,

12/01/30

...........................

2,765,000

3,243,843

Cleveland

Department

of

Public

Utilities

Division

of

Public

Power

,

Revenue,

2020A,

Refunding,

AGM

Insured,

4%,

11/15/38

....................

600,000

690,408

Revenue,

B-2,

NATL

Insured,

Zero

Cpn

.,

11/15/38

.........................

10,000,000

6,124,500

a

Cleveland

Department

of

Public

Utilities

Division

of

Water

,

Revenue,

2020

FF,

Refunding,

5%,

1/01/32

..............................

1,000,000

1,343,290

Revenue,

2020

FF,

Refunding,

5%,

1/01/33

..............................

1,000,000

1,332,120

Cleveland

Municipal

School

District

,

GO,

2013,

Refunding,

5%,

12/01/25

....................................

3,600,000

4,011,660

GO,

2013,

Refunding,

5%,

12/01/27

....................................

1,000,000

1,112,760

Cleveland

Public

Library

,

Revenue

,

2019

A

,

4

%

,

12/01/45

.....................

5,000,000

5,845,500

Columbus

Metropolitan

Library

,

Revenue,

2012-1,

4%,

12/01/28

.......................................

2,970,000

3,021,856

Revenue,

2012-1,

4%,

12/01/29

.......................................

4,125,000

4,195,785

Revenue,

2012-1,

4%,

12/01/37

.......................................

6,620,000

6,723,603

County

of

Allen

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010B

,

Pre-Refunded

,

5.25

%

,

9/01/27

...................................................

7,570,000

7,664,776

County

of

Butler

,

Cincinnati

Children's

Hospital

Medical

Center

Obligated

Group,

Revenue,

2016

X,

Refunding,

5%,

5/15/29

............................................

6,750,000

8,757,180

Kettering

Health

Network

Obligated

Group,

Revenue,

2011,

6.375%,

4/01/36

.....

5,000,000

5,158,650

Kettering

Health

Network

Obligated

Group,

Revenue,

2011,

5.625%,

4/01/41

.....

5,000,000

5,117,650

UC

Health

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

11/15/45

..........

20,270,000

22,616,253

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/35

..........

2,000,000

2,158,480

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/36

..........

2,140,000

2,301,484

UC

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

11/15/37

..........

1,500,000

1,608,525

County

of

Cuyahoga

,

Revenue,

2010F,

5%,

12/01/27

.......................................

15,000,000

15,315,750

Revenue,

2015,

Pre-Refunded,

5%,

12/01/25

.............................

500,000

581,315

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

5%,

11/01/34

..

2,600,000

3,148,158

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2016

C,

Refunding,

4%,

11/01/40

..

5,000,000

5,602,350

Nationwide

Children's

Hospital,

Inc.,

Revenue,

2017A,

Refunding,

4%,

11/01/44

...

7,050,000

7,840,376

OhioHealth

Obligated

Group,

Revenue,

2015,

5%,

5/15/33

...................

6,290,000

7,247,212

Sales

Tax,

Revenue,

2018,

5%,

6/01/43

.................................

6,000,000

7,516,080

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017,

5%,

12/01/46

............

7,500,000

8,607,375

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

114

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

County

of

Hamilton

,

Sewer

System,

Revenue,

2019A,

Refunding,

5%,

12/01/33

..................

$

6,965,000

$

9,244,853

TriHealth

Obligated

Group,

Revenue,

2017A,

5%,

8/15/42

...................

5,000,000

5,703,300

University

of

Cincinnati,

Revenue,

2010,

Refunding,

AGM

Insured,

5%,

6/01/30

...

7,000,000

7,023,940

University

of

Cincinnati,

Revenue,

2010,

Refunding,

AGM

Insured,

4.75%,

6/01/39

.

7,000,000

7,020,020

County

of

Mahoning

,

Western

Reserve

Care

System

,

Revenue

,

1995

,

NATL

Insured

,

ETM,

5.5

%

,

10/15/25

...............................................

3,150,000

3,585,488

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

8/01/49

.............................................

12,000,000

13,566,360

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

5

%

,

12/01/49

............................................

5,000,000

5,759,750

County

of

Union

,

GO

,

2018

,

5

%

,

12/01/47

.................................

5,000,000

6,027,700

Coventry

Local

School

District

,

GO

,

2013

,

5.25

%

,

11/01/47

....................

5,000,000

5,321,400

Cuyahoga

Community

College

District

,

Revenue

,

2012D

,

5

%

,

8/01/32

............

2,310,000

2,532,222

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

11/01/30

................

5,000,000

6,822,150

a

Dayton

Metro

Library

,

GO

,

2013A

,

Pre-Refunded

,

4.75

%

,

12/01/38

..............

20,000,000

21,375,400

Deer

Park

Community

City

School

District

,

GO

,

2017

A

,

5.25

%

,

12/01/53

.........

3,000,000

3,550,560

Defiance

City

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/46

...............

6,635,000

7,306,329

Delaware

City

School

District

,

GO

,

2013

,

Pre-Refunded

,

5.75

%

,

12/01/49

.........

6,000,000

6,990,660

Dublin

City

School

District

,

GO

,

2019

A

,

4

%

,

12/01/44

........................

10,000,000

11,842,600

Elyria

City

School

District

,

GO

,

2017A

,

5

%

,

12/01/43

.........................

5,500,000

6,638,610

Franklin

County

Convention

Facilities

Authority

,

Revenue

,

2014

,

Refunding

,

5

%

,

12/01/35

.....................................................

20,000,000

22,822,800

Fremont

City

School

District

,

GO

,

2017A

,

5

%

,

1/15/49

........................

13,970,000

16,520,084

Grandview

Heights

City

School

District

,

GO,

2019,

4%,

12/01/51

.............................................

1,980,000

2,258,982

GO,

2019,

5%,

12/01/53

.............................................

2,150,000

2,682,598

Greenville

City

School

District

,

GO

,

2013

,

Pre-Refunded

,

5.25

%

,

1/01/41

.........

2,000,000

2,158,640

Groveport-Madison

Local

School

District

,

GO

,

2014

,

Pre-Refunded

,

5

%

,

10/01/44

...

6,205,000

6,894,065

Highland

Local

School

District

,

GO

,

2018A

,

Pre-Refunded

,

5.25

%

,

12/01/54

.......

12,000,000

13,763,280

Hilliard

School

District

,

GO,

2005,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/20

...................

4,525,000

4,519,615

GO,

2017,

4%,

12/01/46

.............................................

10,000,000

11,114,700

Hudson

City

School

District

,

GO

,

2018

,

4

%

,

12/01/45

........................

18,870,000

20,798,703

Indian

Creek

Local

School

District

,

GO,

2018

A,

5%,

11/01/55

...........................................

3,000,000

3,640,530

GO,

2018B,

BAM

Insured,

5%,

11/01/55

.................................

3,910,000

4,731,491

JobsOhio

Beverage

System

,

Revenue,

Senior

Lien

,

2013A

,

Pre-Refunded

,

5

%

,

1/01/38

......................................................

26,010,000

29,207,409

Lakewood

City

School

District

,

GO

,

2014A

,

Pre-Refunded

,

5

%

,

11/01/43

..........

10,895,000

12,134,088

Lakota

Local

School

District

,

GO,

2005,

Refunding,

NATL

Insured,

5.25%,

12/01/26

......................

2,000,000

2,580,080

GO,

2014

C,

Refunding,

5%,

12/01/30

..................................

4,035,000

4,822,632

Lancaster

City

School

District

,

GO,

2012,

Pre-Refunded,

5%,

10/01/49

.................................

10,000,000

11,121,759

Little

Miami

Local

School

District

,

GO,

2018,

5%,

11/01/43

.............................................

1,000,000

1,191,390

GO,

2018,

5%,

11/01/48

.............................................

2,460,000

2,913,845

Madeira

City

School

District

,

GO

,

Refunding

,

AGM

Insured

,

5.25

%

,

12/01/32

.......

9,605,000

13,300,716

Marysville

Exempted

Village

School

District

,

GO,

2002,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/20

...................

1,000,000

998,260

GO,

2002,

Refunding,

NATL

Insured,

Zero

Cpn

.,

12/01/21

...................

1,000,000

994,090

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

115

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Miami

University

,

Revenue,

2011,

Refunding,

5%,

9/01/31

.................................

$

4,000,000

$

4,230,320

Revenue,

2014,

Refunding,

5%,

9/01/31

.................................

2,320,000

2,734,445

Revenue,

2014,

Refunding,

5%,

9/01/34

.................................

3,500,000

4,107,565

Revenue,

2017,

Refunding,

5%,

9/01/41

.................................

5,000,000

6,000,500

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

5

%

,

12/01/44

...............

20,000,000

24,554,000

Middletown

City

School

District

,

GO,

2014,

Pre-Refunded,

5.25%,

12/01/40

...............................

2,625,000

2,953,650

GO,

2014,

Pre-Refunded,

5.25%,

12/01/48

...............................

15,000,000

16,878,000

Napoleon

Area

City

School

District

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

12/01/49

.......

11,460,000

12,563,140

New

Albany

Community

Authority

,

Revenue,

2012C,

Refunding,

5%,

10/01/23

..............................

1,100,000

1,216,897

Revenue,

2012C,

Refunding,

5%,

10/01/24

..............................

1,250,000

1,380,675

New

Albany

Plain

Local

School

District

,

GO

,

2013

,

Refunding

,

4

%

,

12/01/49

.......

10,000,000

10,488,000

Northeast

Ohio

Regional

Sewer

District

,

Revenue,

2014,

Pre-Refunded,

5%,

11/15/32

.............................

5,500,000

6,650,655

Revenue,

2014,

Refunding,

4%,

11/15/49

................................

6,000,000

6,432,780

Revenue,

2017,

Refunding,

4%,

11/15/43

................................

10,000,000

11,373,200

Revenue,

2019,

Refunding,

3%,

11/15/35

................................

4,500,000

5,015,610

Northeastern

Local

School

District

,

GO,

2018,

AGM

Insured,

5.25%,

12/01/45

...............................

5,420,000

6,846,761

GO,

2018,

AGM

Insured,

4%,

12/01/55

..................................

5,000,000

5,613,500

Northmont

City

School

District

,

GO

,

2012A

,

Pre-Refunded

,

5

%

,

11/01/49

..........

5,130,000

5,481,251

Northwest

Local

School

District

,

GO

,

2015

,

Pre-Refunded

,

5

%

,

12/01/45

..........

3,760,000

4,378,633

Norwood

City

School

District

,

GO,

2017

A,

5%,

11/01/46

...........................................

5,000,000

5,943,600

GO,

2017

A,

5.25%,

11/01/51

.........................................

7,645,000

9,209,396

Oakwood

City

School

District

,

GO

,

2019

,

4

%

,

12/01/48

.......................

6,340,000

7,261,899

Ohio

Air

Quality

Development

Authority

,

Buckeye

Power,

Inc.

,

Revenue

,

2010

,

6

%

,

12/01/40

........................................................

6,020,000

6,187,898

Ohio

Center

Local

Government

Capital

Asset

Financing

Program

,

GO

,

2003

,

Pre-

Refunded

,

AGM

Insured

,

5.25

%

,

12/01/23

...............................

445,000

446,664

Ohio

Higher

Educational

Facility

Commission

,

Case

Western

Reserve

University,

Revenue,

2016,

Refunding,

5%,

12/01/40

.....

6,000,000

6,917,340

Denison

University,

Revenue,

2012,

5%,

11/01/26

.........................

1,445,000

1,563,504

Kenyon

College,

Revenue,

2010,

Pre-Refunded,

5.25%,

7/01/44

..............

20,460,000

20,541,840

Kenyon

College,

Revenue,

2010,

Refunding,

5.25%,

7/01/44

.................

9,540,000

9,578,160

Kenyon

College,

Revenue,

2016,

Refunding,

5%,

7/01/42

...................

10,500,000

11,509,890

Kenyon

College,

Revenue,

2017,

5%,

7/01/42

............................

1,250,000

1,387,013

Kenyon

College,

Revenue,

2017,

4%,

7/01/47

............................

5,000,000

5,150,000

Summa

Health

System

Obligated

Group,

Revenue,

2010,

AGM

Insured,

5.25%,

11/15/40

.......................................................

21,805,000

21,849,482

Summa

Health

System

Obligated

Group,

Revenue,

2010,

AGM

Insured,

5.75%,

11/15/40

.......................................................

1,665,000

1,669,013

University

of

Dayton,

Revenue,

2018

A,

4%,

12/01/43

.......................

11,885,000

12,383,813

Xavier

University,

Revenue,

2010,

5%,

5/01/40

............................

10,000,000

10,016,900

Ohio

State

University

(The)

,

Revenue

,

2014A

,

4

%

,

12/01/30

...................

4,325,000

4,871,204

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

2018

A,

5%,

2/15/43

........................................

33,350,000

41,233,940

Revenue,

Junior

Lien,

2013

A-1,

5.25%,

2/15/33

...........................

4,200,000

4,644,234

Revenue,

Junior

Lien,

2013

A-2,

BAM

Insured,

Zero

Cpn

.,

2/15/38

.............

3,665,000

2,460,461

Revenue,

Junior

Lien,

2013

A-2,

Zero

Cpn

.,

2/15/43

........................

10,485,000

5,727,956

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

116

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

12/01/44

...................

$

7,000,000

$

8,407,630

Ohio

Water

Development

Authority

,

Revenue

,

2019

,

5

%

,

6/01/44

................

4,000,000

5,171,920

Ohio

Water

Development

Authority

Water

Pollution

Control

Loan

Fund

,

Revenue,

2019

B,

5%,

12/01/44

.......................................

15,000,000

19,376,850

Revenue,

2020

A,

5%,

6/01/33

........................................

7,250,000

9,838,032

Revenue,

2020

A,

5%,

12/01/38

.......................................

5,405,000

7,169,733

Revenue,

2020

A,

5%,

12/01/39

.......................................

5,000,000

6,626,000

Revenue,

2020

A,

5%,

12/01/50

.......................................

2,500,000

3,242,075

Olentangy

Local

School

District

,

GO

,

2016

,

4

%

,

12/01/46

.....................

15,235,000

16,783,638

Perrysburg

Exempted

Village

School

District

,

GO

,

2015

,

5

%

,

12/01/38

............

3,225,000

3,808,886

Princeton

City

School

District

,

COP,

2012,

Pre-Refunded,

4.5%,

12/01/41

...............................

3,000,000

3,195,090

GO,

2014,

Pre-Refunded,

5%,

12/01/39

.................................

12,000,000

14,535,480

GO,

2014,

Refunding,

Zero

Cpn

.,

12/01/40

...............................

6,000,000

3,753,900

GO,

2014,

Refunding,

Zero

Cpn

.,

12/01/41

...............................

6,000,000

3,633,480

Reading

Community

City

School

District

,

GO

,

2016A

,

5

%

,

11/01/46

..............

2,000,000

2,336,380

Revere

Local

School

District

,

GO,

2017

A,

Pre-Refunded,

5%,

12/01/42

...............................

3,025,000

3,316,186

GO,

2017

A,

Pre-Refunded,

5%,

12/01/45

...............................

2,560,000

2,806,426

Riverside

Local

School

District

,

GO

,

2017

A

,

Pre-Refunded

,

BAM

Insured

,

5

%

,

10/01/47

........................................................

5,000,000

5,890,150

Sandusky

City

School

District

,

GO

,

2017-1

,

Pre-Refunded

,

5

%

,

11/01/50

..........

6,000,000

6,547,440

South-Western

City

School

District

,

GO,

2012,

Pre-Refunded,

4%,

12/01/42

.................................

10,000,000

10,763,300

GO,

2019

A,

4%,

12/01/48

...........................................

3,500,000

4,095,840

Springboro

Community

City

School

District

,

GO,

2007,

Refunding,

AGM

Insured,

5.25%,

12/01/27

......................

5,175,000

6,734,848

GO,

2007,

Refunding,

AGM

Insured,

5.25%,

12/01/28

......................

2,000,000

2,663,360

State

of

Ohio

,

GO,

2017

A,

5%,

3/15/36

............................................

5,000,000

5,738,650

GO,

2018

A,

5%,

6/15/38

............................................

10,000,000

12,054,300

GO,

2019

A,

5%,

5/01/36

............................................

11,000,000

13,673,220

GO,

2019

A,

5%,

6/15/38

............................................

6,500,000

8,442,785

GO,

V,

5%,

5/01/33

................................................

1,000,000

1,286,670

GO,

V,

5%,

5/01/34

................................................

4,000,000

5,130,720

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2017A,

Refunding,

3.25%,

1/01/35

..................................................

10,000,000

10,758,700

University

Hospitals

Health

System,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

1/15/45

............................................

5,000,000

4,782,300

Strongsville

City

School

District

,

GO

,

2013

,

4

%

,

12/01/45

.....................

17,515,000

17,775,798

Summit

County

Development

Finance

Authority

,

University

of

Akron

(The),

Revenue,

2011,

Pre-Refunded,

6%,

1/01/42

..........

11,580,000

11,965,598

a

Switzerland

of

Ohio

Local

School

District

,

GO

,

2013

,

Pre-Refunded

,

4

%

,

12/01/37

...

5,500,000

6,111,985

Sycamore

Community

City

School

District

,

GO

,

2020

,

4

%

,

12/01/45

.............

6,500,000

7,604,610

Sylvania

City

School

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

5

%

,

12/01/36

....

9,700,000

11,507,789

Three

Rivers

Local

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/39

...........

5,885,000

6,899,339

Toledo

City

School

District

,

GO

,

2012B

,

Pre-Refunded

,

5

%

,

12/01/32

............

7,830,000

8,761,535

University

of

Akron

(The)

,

Revenue,

2015A,

Refunding,

5%,

1/01/31

...............................

4,365,000

4,951,656

Revenue,

2016A,

Refunding,

BAM

Insured,

5%,

1/01/34

.....................

6,000,000

7,053,900

Revenue,

2016A,

Refunding,

5%,

1/01/36

...............................

11,065,000

12,723,090

Revenue,

2016A,

Refunding,

5%,

1/01/38

...............................

13,225,000

15,128,607

Revenue,

2018

A,

Refunding,

5%,

1/01/42

...............................

5,725,000

6,729,909

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Ohio

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

117

See

Abbreviations

on

page

140

.

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

University

of

Cincinnati

,

Revenue,

2010-F,

5%,

6/01/32

........................................

$

140,000

$

143,075

Revenue,

Pre-Refunded,

5%,

6/01/32

..................................

5,665,000

5,797,787

Revenue,

2013

C,

Pre-Refunded,

5%,

6/01/39

............................

6,255,000

7,296,020

Revenue,

2018A,

Refunding,

4%,

6/01/48

...............................

10,000,000

11,303,500

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

5

%

,

12/01/48

.................

13,000,000

15,986,360

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/33

.......................................................

1,655,000

1,835,544

Blanchard

Valley

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

12/01/34

.......................................................

1,900,000

2,100,013

Warrensville

Heights

City

School

District

,

GO,

2019

A,

BAM

Insured,

5%,

12/01/44

................................

650,000

748,131

GO,

2019

A,

BAM

Insured,

5.25%,

12/01/55

..............................

1,740,000

2,009,230

West

Carrollton

City

School

District

,

GO,

2020

A,

3%,

12/01/44

...........................................

2,540,000

2,676,957

GO,

2020

A,

3%,

12/01/49

...........................................

1,645,000

1,725,342

GO,

2020

A,

4%,

12/01/56

...........................................

3,500,000

3,921,540

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

5

%

,

12/01/27

..

3,820,000

4,888,530

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

5

%

,

12/01/46

...

10,000,000

12,455,500

Winton

Woods

City

School

District

,

GO

,

2017

,

Refunding

,

4

%

,

11/01/43

...........

7,000,000

7,891,520

Wyoming

City

School

District

,

GO

,

2012

,

Pre-Refunded

,

5

%

,

12/01/42

............

7,250,000

7,947,885

Xenia

Community

School

District

,

GO

,

2014

,

Refunding

,

5

%

,

12/01/40

...........

7,285,000

8,432,970

1,570,995,815

Total

Municipal

Bonds

(Cost

$1,455,273,373)

...................................

1,570,995,815

a

a

a

a

Short

Term

Investments

0.3%

Municipal

Bonds

0.3%

Ohio

0.3%

b

County

of

Allen

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010-C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

0.07

%

,

6/01/34

...........................

1,900,000

1,900,000

b

Ohio

Higher

Educational

Facility

Commission

,

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2013B-1

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

1/01/39

................................................

3,365,000

3,365,000

5,265,000

Total

Municipal

Bonds

(Cost

$5,265,000)

.......................................

5,265,000

a

Total

Investments

(Cost

$1,460,538,373)

98.7%

..................................

$1,576,260,815

Other

Assets,

less

Liabilities

1.3%

.............................................

19,852,264

Net

Assets

100.0%

...........................................................

$1,596,113,079

a

Security

purchased

on

a

when-issued

basis.

b

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Oregon

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

118

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

95.7%

Oregon

94.7%

Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2012,

Refunding,

5%,

8/01/28

........................................................

$

1,325,000

$

1,413,152

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

5%,

8/01/41

......

4,250,000

4,802,245

Columbia

Lutheran

Charities

Obligated

Group,

Revenue,

2016,

4%,

8/01/46

......

1,750,000

1,850,783

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010B

,

Zero

Cpn

.,

6/15/31

...........

1,000,000

845,920

Central

Lincoln

People's

Utility

District

JATC,

Inc.

,

Revenue

,

2016

,

5

%

,

12/01/45

....

2,900,000

3,453,030

City

of

Beaverton

,

Water,

Revenue,

2020,

5%,

4/01/35

....................................

1,675,000

2,218,772

Water,

Revenue,

2020,

5%,

4/01/36

....................................

1,760,000

2,319,821

Water,

Revenue,

2020,

5%,

4/01/37

....................................

1,850,000

2,428,772

Water,

Revenue,

2020,

5%,

4/01/38

....................................

1,940,000

2,527,723

Water,

Revenue,

2020,

5%,

4/01/39

....................................

2,040,000

2,649,552

Water,

Revenue,

2020,

5%,

4/01/40

....................................

2,140,000

2,773,269

City

of

Eugene

,

Electric

Utility

System,

Revenue,

2011

A,

Pre-Refunded,

5%,

8/01/40

...........

6,745,000

7,125,283

Electric

Utility

System,

Revenue,

2017,

5%,

8/01/47

........................

3,580,000

4,360,440

a

Electric

Utility

System,

Revenue,

2020

A,

4%,

8/01/45

......................

1,750,000

2,082,255

a

Electric

Utility

System,

Revenue,

2020

A,

4%,

8/01/49

......................

2,000,000

2,365,400

Water

Utility

System,

Revenue,

2011,

5%,

8/01/40

.........................

4,425,000

4,674,481

City

of

Forest

Grove

,

Oak

Tree

Foundation,

Inc.,

Revenue,

2017,

Refunding,

4%,

3/01/37

............

3,500,000

3,087,735

Pacific

University,

Revenue,

2015A,

Refunding,

5%,

5/01/36

..................

2,500,000

2,691,075

City

of

Independence

,

GO,

2010,

Pre-Refunded,

AGM

Insured,

5%,

6/15/35

.......................

2,110,000

2,113,714

GO,

2010,

Pre-Refunded,

AGM

Insured,

5%,

6/15/40

.......................

3,975,000

3,981,996

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2

%

,

6/01/31

......................

1,660,000

1,665,893

City

of

Portland

,

GO,

2001-B,

Zero

Cpn

.,

6/01/21

.......................................

1,000,000

998,010

GO,

2011

A,

Refunding,

5%,

6/01/28

...................................

7,840,000

8,203,384

GO,

2011

A,

Refunding,

5%,

6/01/29

...................................

8,330,000

8,714,346

GO,

2011

A,

Refunding,

5%,

6/01/30

...................................

8,750,000

9,150,137

Tax

Allocation,

2010B,

5%,

6/15/27

.....................................

2,500,000

2,504,350

Tax

Allocation,

2010B,

5%,

6/15/28

.....................................

1,175,000

1,177,045

Tax

Allocation,

2010B,

4.75%,

6/15/29

..................................

1,000,000

1,001,650

Tax

Allocation,

2010B,

5%,

6/15/29

.....................................

4,250,000

4,257,395

Tax

Allocation,

5%,

6/15/30

..........................................

6,525,000

6,536,354

Tax

Allocation,

2011B,

5%,

6/15/29

.....................................

1,000,000

1,046,640

Tax

Allocation,

2011B,

5%,

6/15/30

.....................................

1,000,000

1,046,320

Tax

Allocation,

2011B,

5%,

6/15/31

.....................................

1,000,000

1,045,790

Tax

Allocation,

2012B,

Refunding,

5%,

6/15/22

............................

1,035,000

1,133,335

Tax

Allocation,

2012C,

5%,

6/15/28

....................................

1,000,000

1,090,720

Tax

Allocation,

2012C,

5%,

6/15/30

....................................

1,000,000

1,090,080

Water

System,

Revenue,

Second

Lien,

2019

A,

5%,

5/01/44

..................

5,500,000

7,072,120

City

of

Sherwood

,

GO

,

2011

,

AGM

Insured

,

5

%

,

6/01/36

......................

4,240,000

4,426,518

City

of

Tigard

,

Water,

Revenue,

2012,

5%,

8/01/37

....................................

11,050,000

12,075,329

Water,

Revenue,

2012,

5%,

8/01/42

....................................

20,915,000

22,808,226

Water,

Revenue,

2015,

5%,

8/01/45

....................................

23,545,000

27,826,658

Clackamas

Community

College

District

,

GO,

2017A,

Zero

Cpn

.,

6/15/38

.......................................

760,000

926,683

GO,

2017A,

Zero

Cpn

.,

6/15/39

.......................................

1,000,000

1,216,490

GO,

2017A,

Zero

Cpn

.,

6/15/40

.......................................

1,250,000

1,518,200

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

119

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Clackamas

County

School

District

No.

12

North

Clackamas

,

GO,

2017A,

Zero

Cpn

.,

6/15/40

.......................................

$

10,000,000

$

4,822,400

GO,

2017A,

Zero

Cpn

.,

6/15/41

.......................................

17,030,000

7,824,944

GO,

2017A,

Zero

Cpn

.,

6/15/42

.......................................

16,625,000

7,276,929

GO,

2017B,

5%,

6/15/34

............................................

8,000,000

10,017,520

GO,

2017B,

5%,

6/15/37

............................................

10,000,000

12,392,800

GO,

2018,

5%,

6/15/42

.............................................

1,750,000

2,190,615

Clackamas

County

School

District

No.

46

Oregon

Trail

,

GO,

Zero

Cpn

.,

6/15/37

.............................................

12,130,000

8,376,614

GO,

Zero

Cpn

.,

6/15/38

.............................................

12,495,000

8,334,790

Clackamas

County

School

District

No.

7J

Lake

Oswego

,

GO

,

2005

,

Refunding

,

AGM

Insured

,

5.25

%

,

6/01/25

.............................................

3,075,000

3,796,426

Clackamas

River

Water

,

Revenue

,

2016

,

5

%

,

11/01/43

.......................

1,970,000

2,324,758

Columbia

and

Washington

Counties

School

District

No.

47J

Vernonia

,

GO

,

2010

,

Pre-

Refunded

,

5

%

,

6/15/35

.............................................

5,175,000

5,184,004

Coos

County

School

District

No.

13

North

Bend

,

GO

,

2002

,

AGM

Insured

,

5

%

,

6/15/22

55,000

55,197

Coos

County

School

District

No.

9

Coos

Bay

,

GO

,

2018

,

5

%

,

6/15/43

............

5,005,000

6,253,397

Crook

County

School

District

,

GO,

2013,

Pre-Refunded,

5%,

6/15/34

..................................

4,475,000

5,114,567

GO,

2013,

Pre-Refunded,

5%,

6/15/37

..................................

8,090,000

9,246,223

Deschutes

&

Jefferson

Counties

School

District

No.

2J

Redmond

,

GO

,

2004A

,

Pre-

Refunded

,

NATL

Insured

,

5

%

,

6/15/21

..................................

85,000

85,310

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

5

%

,

1/01/48

...............................

8,440,000

9,353,546

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

,

Revenue

,

2012

,

Refunding

,

5

%

,

12/01/29

................................

3,690,000

3,748,782

Jackson

County

School

District

No.

5

Ashland

,

GO,

2019,

5%,

6/15/42

.............................................

5,970,000

7,617,899

GO,

2019,

5%,

6/15/43

.............................................

6,495,000

8,270,668

GO,

2019,

5%,

6/15/44

.............................................

6,000,000

7,620,420

Jackson

County

School

District

No.

6

Central

Point

,

GO,

2019

B,

Zero

Cpn

.,

6/15/40

.......................................

705,000

400,222

GO,

2019

B,

Zero

Cpn

.,

6/15/41

.......................................

710,000

386,922

GO,

2019

B,

Zero

Cpn

.,

6/15/42

.......................................

610,000

319,335

GO,

2019

B,

Zero

Cpn

.,

6/15/43

.......................................

820,000

412,763

GO,

2019

B,

Zero

Cpn

.,

6/15/44

.......................................

1,115,000

538,322

GO,

2019

B,

Zero

Cpn

.,

6/15/45

.......................................

985,000

457,365

GO,

2019

B,

Zero

Cpn

.,

6/15/46

.......................................

1,190,000

529,181

GO,

2019

B,

Zero

Cpn

.,

6/15/47

.......................................

1,170,000

500,280

GO,

2019

B,

Zero

Cpn

.,

6/15/48

.......................................

1,320,000

542,164

GO,

2019

B,

Zero

Cpn

.,

6/15/49

.......................................

1,270,000

501,421

Jefferson

County

School

District

No.

509J

,

GO,

2013,

Pre-Refunded,

5%,

6/15/30

..................................

1,000,000

1,142,920

GO,

2013,

Pre-Refunded,

5%,

6/15/31

..................................

1,410,000

1,611,517

GO,

2013B,

Pre-Refunded,

5%,

6/15/30

.................................

2,000,000

2,285,840

Klamath

County

School

District

,

GO,

2013,

5%,

6/15/29

.............................................

1,155,000

1,309,990

GO,

2013,

5%,

6/15/30

.............................................

1,095,000

1,241,226

GO,

2013,

5%,

6/15/31

.............................................

1,000,000

1,132,250

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

5

%

,

9/01/46

.................................

1,000,000

1,120,940

Lane

&

Douglas

Counties

School

District

No.

28J

Fern

Ridge

,

GO,

2014

A,

5%,

6/15/30

............................................

3,175,000

3,929,221

GO,

2014

A,

5%,

6/15/33

............................................

2,115,000

2,597,918

GO,

2014

A,

5%,

6/15/36

............................................

2,000,000

2,435,760

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

120

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

a

Lebanon

Rural

Fire

Protection

District

,

GO

,

2020

,

BAM

Insured

,

4

%

,

6/15/45

.......

$

5,000,000

$

5,539,400

Marion

&

Linn

Counties

School

District

No.

14J

Jefferson

,

GO

,

2017

B

,

5

%

,

6/15/41

.

1,360,000

1,655,093

Marion

County

School

District

No.

103

Woodburn

,

GO,

2015,

5%,

6/15/33

.............................................

2,930,000

3,496,750

GO,

2015,

5%,

6/15/34

.............................................

3,200,000

3,812,032

GO,

2015,

5%,

6/15/35

.............................................

2,075,000

2,464,021

Medford

Hospital

Facilities

Authority

,

Asante

Obligated

Group,

Revenue,

2005A,

AGM

Insured,

5%,

8/15/40

..........

10,050,000

10,100,752

Asante

Obligated

Group,

Revenue,

2010,

Refunding,

AGM

Insured,

5.125%,

8/15/40

25,000,000

25,132,500

Rogue

Valley

Manor,

Revenue,

2013A,

Refunding,

5%,

10/01/33

..............

1,500,000

1,567,860

Rogue

Valley

Manor,

Revenue,

2013A,

Refunding,

5%,

10/01/42

..............

9,420,000

9,756,765

Metro

,

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/42

........................

7,500,000

9,083,400

County

of

Multnomah,

Revenue,

2017,

5%,

6/15/47

........................

10,950,000

13,178,434

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO,

2017B,

5%,

6/15/37

............................................

7,885,000

9,801,528

GO,

2019A,

Zero

Cpn

.,

6/15/39

.......................................

9,500,000

5,431,720

Multnomah

County

School

District

No.

3

Parkrose

,

GO,

2011A,

Pre-Refunded,

5%,

6/30/35

.................................

2,000,000

2,103,300

GO,

2011A,

Pre-Refunded,

5%,

6/30/36

.................................

1,500,000

1,577,475

Multnomah

County

School

District

No.

40

,

GO,

2012B,

Zero

Cpn

.,

6/15/24

.......................................

1,640,000

1,600,049

GO,

2012B,

Zero

Cpn

.,

6/15/25

.......................................

1,325,000

1,276,174

GO,

2012B,

Zero

Cpn

.,

6/15/26

.......................................

2,585,000

2,436,569

GO,

2012B,

Zero

Cpn

.,

6/15/27

.......................................

2,655,000

2,455,769

GO,

2012B,

Zero

Cpn

.,

6/15/28

.......................................

2,495,000

2,266,483

GO,

2012B,

Zero

Cpn

.,

6/15/29

.......................................

2,595,000

2,305,450

GO,

2012B,

Zero

Cpn

.,

6/15/30

.......................................

1,885,000

1,628,565

GO,

2012B,

Zero

Cpn

.,

6/15/31

.......................................

2,030,000

1,707,839

GO,

2012B,

Zero

Cpn

.,

6/15/32

.......................................

2,000,000

1,632,100

Multnomah

County

School

District

No.

7

Reynolds

,

GO

,

2010

,

Refunding

,

5

%

,

6/01/35

6,605,000

6,619,069

Oregon

City

School

District

No.

62

,

GO,

2014,

Pre-Refunded,

MAC

Insured,

5%,

6/01/29

.......................

440,000

520,758

GO,

2014,

MAC

Insured,

5%,

6/01/29

...................................

560,000

655,525

GO,

2014,

Pre-Refunded,

MAC

Insured,

5%,

6/01/34

.......................

780,000

923,161

GO,

2014,

MAC

Insured,

5%,

6/01/34

...................................

990,000

1,152,063

GO,

2014,

Pre-Refunded,

MAC

Insured,

5%,

6/01/39

.......................

550,000

650,947

GO,

2014,

MAC

Insured,

5%,

6/01/39

...................................

700,000

817,600

GO,

2018

B,

5%,

6/15/49

............................................

20,000,000

24,718,000

Oregon

Health

&

Science

University

,

Obligated

Group,

Revenue,

1995A&B,

NATL

Insured,

Zero

Cpn

.,

7/01/21

........

4,500,000

4,369,680

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/42

..........................

10,000,000

11,975,800

Oregon

State

Facilities

Authority

,

CHF-Ashland

LLC,

Revenue,

2012,

AGM

Insured,

5%,

7/01/44

...............

8,910,000

9,634,739

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

4%,

10/01/26

.................

1,675,000

1,617,581

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/36

.................

1,670,000

1,550,044

b

CHNW

Clifton

House

LLC,

Revenue,

144A,

A,

5%,

10/01/48

.................

4,000,000

3,526,920

Legacy

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

6/01/46

......

8,000,000

8,844,960

Lewis

&

Clark

College,

Revenue,

2011

A,

Pre-Refunded,

5.75%,

10/01/41

.......

30,000,000

32,211,300

Linfield

College,

Revenue,

2010A,

5%,

10/01/31

...........................

2,000,000

2,016,440

Linfield

College,

Revenue,

2010A,

5%,

10/01/34

...........................

2,975,000

2,997,253

Linfield

College,

Revenue,

2010A,

5.25%,

10/01/40

........................

3,750,000

3,777,600

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2015

C,

5%,

10/01/45

..

4,000,000

4,536,400

Reed

Institute

(The),

Revenue,

2011A,

Pre-Refunded,

5%,

7/01/29

.............

1,500,000

1,505,640

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

121

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

Oregon

State

Facilities

Authority,

(continued)

Reed

Institute

(The),

Revenue,

2011A,

Pre-Refunded,

4.75%,

7/01/32

..........

$

2,000,000

$

2,007,100

Reed

Institute

(The),

Revenue,

2011A,

Pre-Refunded,

5.125%,

7/01/41

.........

10,000,000

10,038,600

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2010A,

Refunding,

5.25%,

10/01/40

.................................................

13,990,000

14,150,465

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/41

.......................................................

7,800,000

8,668,374

Samaritan

Health

Services,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/46

.......................................................

3,500,000

3,832,815

Willamette

University,

Revenue,

2016

B,

Refunding,

5%,

10/01/40

.............

1,950,000

2,168,030

Oregon

State

Lottery

,

Revenue,

2013A,

5%,

4/01/28

........................................

5,800,000

6,554,638

Revenue,

2013A,

5%,

4/01/32

........................................

5,000,000

5,614,350

Oregon

State

University

,

Revenue

,

2015A

,

5

%

,

4/01/45

.......................

12,500,000

14,321,625

Port

of

Portland

,

Airport,

Revenue,

TWENTY-

FOUR

A,

5%,

7/01/47

.........................

4,700,000

5,336,333

Airport,

Revenue,

TWENTY-

FOUR

B,

5%,

7/01/47

.........................

9,395,000

10,493,088

Airport,

Revenue,

TWENTY

SIX

B,

Refunding,

5%,

7/01/33

..................

650,000

811,486

Airport,

Revenue,

TWENTY

SIX

B,

Refunding,

5%,

7/01/37

..................

800,000

977,472

Airport,

Revenue,

TWENTY

SIX

B,

Refunding,

5%,

7/01/40

..................

675,000

816,932

Airport,

Revenue,

TWENTY

SIX

C,

Refunding,

5%,

7/01/28

..................

1,300,000

1,589,419

Airport,

Revenue,

TWENTY-FIVE

A,

5%,

7/01/49

..........................

12,425,000

14,527,310

Airport,

Revenue,

TWENTY-FIVE

B,

5%,

7/01/44

..........................

16,250,000

18,766,312

Airport,

Revenue,

TWENTY-SIX

A,

Refunding,

5%,

7/01/33

..................

500,000

624,220

Airport,

Revenue,

TWENTY-SIX

A,

Refunding,

4%,

7/01/37

..................

600,000

665,802

Airport,

Revenue,

TWENTY-SIX

A,

Refunding,

4%,

7/01/40

..................

500,000

549,445

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

.............

555,000

569,635

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

.............

500,000

503,905

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/43

.............

2,250,000

2,231,730

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

.............

2,700,000

2,644,191

Capital

Manor,

Inc.

Obligated

Group,

Revenue,

2018,

5%,

5/15/53

.............

1,000,000

970,130

Salem

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

5/15/46

.......

40,500,000

45,664,965

Salem-Keizer

School

District

No.

24J

,

GO

,

2009B

,

Zero

Cpn

.,

6/15/30

............

8,500,000

7,321,730

Santiam

Canyon

School

District

129J

,

GO,

2019,

5%,

6/15/39

.............................................

1,000,000

1,275,750

GO,

2019,

5%,

6/15/44

.............................................

2,330,000

2,926,061

Seaside

School

District

No.

10

,

GO,

2017B,

5%,

6/15/35

............................................

2,000,000

2,494,740

GO,

2017B,

5%,

6/15/36

............................................

2,500,000

3,107,025

State

of

Oregon

,

GO,

2007

A,

4.7%,

8/01/42

...........................................

3,050,000

3,056,954

GO,

2008B,

5%,

8/01/38

............................................

1,020,000

1,023,570

GO,

2015

M,

5%,

8/01/45

............................................

3,315,000

3,899,700

GO,

2015

O,

5%,

8/01/40

............................................

7,005,000

8,298,053

GO,

2017

A,

5%,

5/01/42

............................................

10,000,000

12,261,500

GO,

2017

H,

5%,

8/01/42

............................................

15,000,000

18,500,250

GO,

2019

A,

5%,

5/01/44

............................................

5,000,000

6,382,650

GO,

2019

G,

5%,

8/01/44

............................................

25,370,000

32,550,978

GO,

H,

Pre-Refunded,

5%,

5/01/36

....................................

1,000,000

1,092,250

GO,

L,

Refunding,

5%,

8/01/42

........................................

3,270,000

4,033,054

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019A,

Refunding,

5%,

11/15/37

12,500,000

16,325,750

Department

of

Transportation,

Revenue,

Sub.

Lien,

2019A,

Refunding,

5%,

11/15/42

30,000,000

38,538,600

Housing

&

Community

Services

Department,

Revenue,

2010C,

4.75%,

7/01/42

...

220,000

220,216

Housing

&

Community

Services

Department,

Revenue,

2018

B,

2.9%,

7/01/43

....

30,000,000

31,226,100

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

122

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Oregon

(continued)

State

of

Oregon,

(continued)

Housing

&

Community

Services

Department,

Revenue,

2019A,

2.9%,

7/01/43

....

$

13,905,000

$

14,546,577

Tillamook

&

Yamhill

Counties

School

District

No.

101

Nestucca

Valley

,

GO,

2018

B,

5%,

6/15/36

............................................

2,850,000

3,635,061

GO,

2018

B,

5%,

6/15/37

............................................

2,520,000

3,203,928

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue,

2012

A,

Pre-Refunded,

5%,

9/01/37

............................

11,000,000

12,191,190

Revenue,

2015

A,

Pre-Refunded,

5%,

9/01/40

............................

6,000,000

7,459,920

Revenue,

2018

A,

5%,

10/01/32

.......................................

6,865,000

8,609,740

Revenue,

2018

A,

4%,

9/01/48

........................................

7,850,000

8,894,600

Revenue,

2018

A,

5%,

9/01/48

........................................

18,505,000

22,698,788

Revenue,

Senior

Lien,

2017

A,

5%,

9/01/41

..............................

18,650,000

23,005,334

Umatilla

County

School

District

No.

16R

Pendleton

,

GO

,

2014A

,

Pre-Refunded

,

5

%

,

6/15/37

.........................................................

4,970,000

5,913,008

University

of

Oregon

,

Revenue,

2015A,

5%,

4/01/45

........................................

20,000,000

22,874,800

Revenue,

2016

A,

5%,

4/01/46

........................................

11,690,000

13,619,785

Revenue,

2020A,

5%,

4/01/50

........................................

20,000,000

25,141,400

b

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/33

.........................

250,000

307,562

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/34

.........................

200,000

244,394

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/36

.........................

750,000

905,903

Revenue,

144A,

2019

B,

Refunding,

5%,

11/01/39

.........................

700,000

838,110

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO,

2017,

5%,

6/15/36

.............................................

9,400,000

11,718,040

GO,

2017,

5%,

6/15/37

.............................................

6,000,000

7,458,360

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO,

2014B,

5%,

6/15/33

............................................

8,000,000

9,362,480

GO,

2014B,

5%,

6/15/34

............................................

11,000,000

12,849,430

GO,

2017D,

5%,

6/15/35

............................................

10,000,000

12,511,800

GO,

2017D,

5%,

6/15/36

............................................

10,000,000

12,466,000

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO,

2018

A,

Zero

Cpn

.,

6/15/38

.......................................

2,350,000

1,297,294

GO,

2018

A,

Zero

Cpn

.,

6/15/39

.......................................

3,275,000

1,726,482

Washington

County

School

District

No.

15

Forest

Grove

,

GO,

2012B,

Zero

Cpn

.,

6/15/29

.......................................

2,545,000

2,238,811

GO,

2012B,

Zero

Cpn

.,

6/15/30

.......................................

2,490,000

2,129,921

GO,

2012B,

Zero

Cpn

.,

6/15/31

.......................................

3,140,000

2,612,920

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AGM

Insured

,

5

%

,

6/15/47

.......

1,600,000

1,918,608

1,210,245,514

U.S.

Territories

1.0%

Puerto

Rico

1.0%

Children's

Trust

Fund

,

Revenue

,

2002

,

5.625

%

,

5/15/43

......................

6,000,000

6,025,200

c

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

WW-RSA-1

,

5.25

%

,

7/01/33

.......

9,690,000

6,007,800

12,033,000

Total

U.S.

Territories

....................................................................

12,033,000

Total

Municipal

Bonds

(Cost

$1,141,025,964)

...................................

1,222,278,514

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Oregon

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

123

See

Abbreviations

on

page

140

.

Short

Term

Investments

4.0%

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

4.0%

Oregon

4.0%

d

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group,

Revenue,

2018

A,

Refunding,

LOC

US

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

8/01/34

.................................

$

8,300,000

$

8,300,000

PeaceHealth

Obligated

Group,

Revenue,

2018

B,

Refunding,

LOC

TD

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

8/01/34

.................................

43,430,000

43,430,000

51,730,000

Total

Municipal

Bonds

(Cost

$51,730,000)

......................................

51,730,000

a

Total

Investments

(Cost

$1,192,755,964)

99.7%

..................................

$1,274,008,514

Other

Assets,

less

Liabilities

0.3%

.............................................

3,495,836

Net

Assets

100.0%

...........................................................

$1,277,504,350

a

Security

purchased

on

a

when-issued

basis.

b

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

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.

At

May

31,

2020,

the

aggregate

value

of

these

securities

was

$8,990,514,

representing

0.7%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Pennsylvania

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

124

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

94.7%

Pennsylvania

94.1%

Abington

School

District

,

GO

,

2017

A

,

4

%

,

10/01/42

.........................

$

12,000,000

$

13,575,600

Allegheny

County

Higher

Education

Building

Authority

,

Duquesne

University

of

the

Holy

Spirit,

Revenue,

2011A,

Pre-Refunded,

5.5%,

3/01/31

........................................................

3,000,000

3,118,650

Robert

Morris

University,

Revenue,

2016,

Refunding,

5%,

10/15/38

............

2,080,000

2,112,739

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/37

.....................

1,000,000

1,020,320

Robert

Morris

University,

Revenue,

2017,

5%,

10/15/47

.....................

1,625,000

1,627,876

Allegheny

County

Sanitary

Authority

,

Revenue,

2010,

AGM

Insured,

5%,

6/01/40

..............................

5,000,000

5,110,850

Revenue,

2018,

5%,

6/01/43

.........................................

9,785,000

11,913,237

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/42

........................................................

1,000,000

997,330

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

5/15/47

........................................................

600,000

589,524

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2017

C,

5%,

5/15/37

......

1,245,000

1,257,338

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/38

1,030,000

1,037,787

Highlands

at

Wyomissing

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

5/15/48

1,000,000

980,780

Berks

County

Municipal

Authority

(The)

,

Tower

Health

Obligated

Group

,

Revenue

,

2012

A

,

5

%

,

11/01/44

...................................................

10,000,000

10,174,100

Bucks

County

Industrial

Development

Authority

,

George

School,

Revenue,

2011,

5%,

9/15/41

.............................

5,000,000

5,285,400

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2019,

4%,

8/15/44

.............

1,500,000

1,603,950

Bucks

County

Water

and

Sewer

Authority

,

Revenue,

2010A,

Pre-Refunded,

AGM

Insured,

5%,

12/01/35

.................

2,500,000

2,560,500

Revenue,

2011,

Pre-Refunded,

AGM

Insured,

5%,

12/01/41

..................

10,000,000

10,725,100

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015A

,

Refunding

,

5

%

,

7/01/39

.......................................

1,625,000

1,716,065

Canon

Mcmillan

School

District

,

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/44

..........................

6,075,000

6,749,811

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/46

..........................

7,680,000

8,514,662

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/48

..........................

5,250,000

5,812,118

GO,

2019,

Refunding,

BAM

Insured,

4%,

6/01/50

..........................

6,000,000

6,628,980

Centennial

School

District

Bucks

County

,

GO

,

2010A

,

Refunding

,

5

%

,

12/15/37

.....

5,855,000

6,007,757

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2011

,

Pre-

Refunded

,

5.375

%

,

12/01/41

.........................................

3,000,000

3,227,280

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

11/15/42

.......................................................

1,215,000

1,417,298

Mount

Nittany

Medical

Center

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

11/15/47

.......................................................

1,840,000

1,989,684

Chester

County

Health

and

Education

Facilities

Authority

,

Main

Line

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2020A

,

4

%

,

9/01/50

.......................

4,500,000

5,090,220

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC,

Revenue,

2013A,

5%,

8/01/35

...............

500,000

507,955

University

Student

Housing

LLC,

Revenue,

2013A,

5%,

8/01/45

...............

1,500,000

1,508,340

City

of

Bethlehem

,

GO

,

2011B

,

Pre-Refunded

,

AGM

Insured

,

6.5

%

,

12/01/32

.......

4,970,000

5,260,099

City

of

Philadelphia

,

GO,

2013A,

Pre-Refunded,

5.25%,

7/15/33

..............................

5,000,000

5,282,200

GO,

2019B,

5%,

2/01/36

............................................

3,300,000

4,170,408

GO,

2019B,

5%,

2/01/37

............................................

4,950,000

6,231,209

GO,

2019B,

5%,

2/01/38

............................................

2,500,000

3,136,550

GO,

2019B,

5%,

2/01/39

............................................

2,500,000

3,127,025

Airport,

Revenue,

2010A,

AGM

Insured,

5%,

6/15/35

.......................

5,000,000

5,013,100

Airport,

Revenue,

2010A,

AGM

Insured,

5%,

6/15/40

.......................

5,000,000

5,012,300

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

125

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

City

of

Philadelphia,

(continued)

Airport,

Revenue,

2017

B,

Refunding,

5%,

7/01/42

.........................

$

10,000,000

$

11,271,300

Water

&

Wastewater,

Revenue,

Pre-Refunded,

AGM

Insured,

5%,

8/01/35

.......

7,000,000

7,055,714

Water

&

Wastewater,

Revenue,

2011A,

5%,

1/01/41

........................

13,000,000

13,273,390

Water

&

Wastewater,

Revenue,

2013

A,

5.125%,

1/01/43

....................

5,000,000

5,290,950

Water

&

Wastewater,

Revenue,

2015A,

5%,

7/01/40

........................

10,000,000

11,377,700

Water

&

Wastewater,

Revenue,

2015A,

5%,

7/01/45

........................

5,000,000

5,657,050

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/42

......................

10,000,000

12,035,400

Water

&

Wastewater,

Revenue,

2017

A,

5%,

10/01/47

......................

5,000,000

5,964,700

Water

&

Wastewater,

Revenue,

2018

A,

5%,

10/01/43

......................

5,000,000

6,132,550

Water

&

Wastewater,

Revenue,

2019

B,

5%,

11/01/49

......................

5,000,000

6,167,250

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development,

Revenue,

2010B,

5%,

6/01/32

............................

5,000,000

5,000,000

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development,

Revenue,

2015

A,

5%,

6/01/34

...........................

10,000,000

11,773,200

County

of

Allegheny

,

GO,

C-65,

Pre-Refunded,

5.375%,

5/01/31

...............................

2,840,000

2,975,468

GO,

C-65,

5.375%,

5/01/31

..........................................

2,160,000

2,254,046

County

of

Chester

,

GO,

2020,

4%,

7/15/37

.............................................

1,000,000

1,166,150

GO,

2020,

4%,

7/15/39

.............................................

1,120,000

1,299,211

GO,

2020,

4%,

7/15/40

.............................................

1,330,000

1,539,994

County

of

Lackawanna

,

GO,

2010B,

Pre-Refunded,

AGM

Insured,

5%,

9/01/30

......................

5,075,000

5,132,195

GO,

2010B,

AGM

Insured,

5%,

9/01/30

.................................

3,025,000

3,057,579

GO,

2010B,

Pre-Refunded,

AGM

Insured,

5%,

9/01/35

......................

4,765,000

4,818,702

GO,

2010B,

AGM

Insured,

5%,

9/01/35

.................................

2,735,000

2,764,100

Cumberland

County

Municipal

Authority

,

Dickinson

College

,

Revenue

,

2012

,

5

%

,

11/01/42

........................................................

4,500,000

4,872,105

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

5

%

,

5/01/37

......................................................

2,500,000

2,544,875

Dauphin

County

General

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2012A

,

5

%

,

6/01/42

.........................................................

15,590,000

16,328,654

Delaware

County

Authority

,

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/27

..............

3,040,000

3,056,021

Elwyn

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

6/01/32

..............

1,620,000

1,588,523

Neumann

University,

Revenue,

2010,

5%,

10/01/25

........................

1,250,000

1,242,987

Neumann

University,

Revenue,

2010,

5.25%,

10/01/31

......................

1,250,000

1,246,950

Villanova

University,

Revenue,

2015,

4%,

8/01/45

..........................

2,120,000

2,254,154

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

4

%

,

11/01/36

........................................................

2,005,000

2,243,174

Delaware

County

Vocational

&

Technical

School

Authority

,

Delaware

County

Intermediate

Unit

,

Revenue

,

2013

,

BAM

Insured

,

5

%

,

11/01/38

................

1,250,000

1,412,650

East

Hempfield

Township

Industrial

Development

Authority

,

Student

Services,

Inc.,

Revenue,

2013,

5%,

7/01/45

........................

3,250,000

3,256,760

Student

Services,

Inc.,

Revenue,

2015,

5%,

7/01/47

........................

3,750,000

3,758,925

Erie

City

Water

Authority

,

Revenue

,

2016

,

Refunding

,

5

%

,

12/01/43

..............

6,000,000

7,225,740

Erie

Parking

Authority

(The)

,

Revenue,

2010,

Pre-Refunded,

AGM

Insured,

5.125%,

9/01/32

...............

1,100,000

1,113,299

Revenue,

2010,

AGM

Insured,

5.125%,

9/01/32

...........................

3,150,000

3,180,114

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

126

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Falls

Township

Authority

,

Revenue

,

2011

,

Refunding

,

5

%

,

12/01/41

..............

$

2,210,000

$

2,352,457

Franklin

County

Industrial

Development

Authority

,

Summit

Health

Obligated

Group

,

Revenue

,

2010

,

Pre-Refunded

,

5.375

%

,

7/01/42

..........................

10,000,000

10,041,000

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group

,

Revenue

,

2017

A-1

,

Refunding

,

5

%

,

2/15/45

.............................................

19,055,000

22,168,396

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group,

Revenue,

2014A,

Refunding,

5%,

6/01/44

.....

11,955,000

13,188,756

York

College

of

Pennsylvania,

Revenue,

2011,

Pre-Refunded,

5.75%,

11/01/41

...

9,500,000

9,958,660

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

,

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2011C

,

5

%

,

7/01/41

........

5,000,000

5,157,050

Lancaster

County

Hospital

Authority

,

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016B

,

Refunding

,

5

%

,

8/15/46

.............

4,165,000

4,793,165

Lancaster

Industrial

Development

Authority

,

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/44

......

1,850,000

2,019,849

Willow

Valley

Communities

Obligated

Group,

Revenue,

2019,

5%,

12/01/49

......

2,300,000

2,502,699

Latrobe

Industrial

Development

Authority

,

St.

Vincent

College

Corp.

,

Revenue

,

2013

,

5

%

,

5/01/43

......................................................

4,120,000

4,220,734

Lehigh

County

Authority

,

Revenue

,

2013A

,

5

%

,

12/01/43

......................

5,240,000

5,935,086

Lycoming

County

Authority

,

Lycoming

College,

Revenue,

2013

MM1,

5.25%,

11/01/38

...................

1,400,000

1,610,126

Lycoming

College,

Revenue,

2013

MM1,

5.25%,

11/01/43

...................

1,495,000

1,715,572

Monroe

County

Hospital

Authority

,

Lehigh

Valley

Health

Network

Obligated

Group

,

Revenue

,

2012A

,

Pre-Refunded

,

5

%

,

1/01/41

.............................

4,000,000

4,291,600

Montgomery

County

Higher

Education

and

Health

Authority

,

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

9/01/43

........................................................

3,000,000

3,377,550

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

9/01/44

........................................................

10,000,000

10,529,400

Montgomery

County

Industrial

Development

Authority

,

Einstein

Medical

Center

Montgomery,

Revenue,

2010,

Pre-Refunded,

FHA

Insured,

5.375%,

8/01/38

.................................................

4,995,000

5,037,907

Main

Line

Health

System,

Inc.

Obligated

Group,

Revenue,

2012A,

Pre-Refunded,

5%,

10/01/41

...................................................

9,600,000

10,447,104

Meadowood

Corp.

Obligated

Group

(The),

Revenue,

2018A,

Refunding,

5%,

12/01/38

.......................................................

2,500,000

2,406,550

Waverly

Heights

Ltd.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

12/01/49

..

2,000,000

2,074,880

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2010B,

5.5%,

8/15/33

...........

2,200,000

2,213,860

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

8/15/46

...

10,000,000

11,201,700

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018A,

Refunding,

5%,

8/15/43

...

2,285,000

2,649,960

St.

Luke's

Hospital

Obligated

Group,

Revenue,

2018A,

Refunding,

5%,

8/15/48

...

2,500,000

2,881,475

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College,

Revenue,

2019,

5%,

5/01/44

.............................

1,000,000

1,045,050

Wilkes

University,

Revenue,

2012A,

5.25%,

3/01/42

........................

2,400,000

2,401,992

Pennsylvania

Economic

Development

Financing

Authority

,

Aqua

Pennsylvania,

Inc.,

Revenue,

2010B,

5%,

12/01/43

....................

25,000,000

25,333,000

UPMC

Obligated

Group,

Revenue,

2014A,

5%,

2/01/45

.....................

5,000,000

5,419,200

UPMC

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

11/15/42

...........

5,000,000

5,302,800

UPMC

Obligated

Group,

Revenue,

2020

A,

4%,

4/15/45

.....................

8,835,000

9,425,531

Pennsylvania

Higher

Educational

Facilities

Authority

,

Bryn

Mawr

College,

Revenue,

2014,

Refunding,

5%,

12/01/44

................

6,365,000

7,221,793

Bryn

Mawr

College,

Revenue,

2019,

Refunding,

4%,

12/01/44

................

1,000,000

1,162,550

Bryn

Mawr

College,

Revenue,

2019,

Refunding,

4%,

12/01/48

................

2,500,000

2,894,025

Edinboro

University

Foundation,

Revenue,

2010,

Pre-Refunded,

6%,

7/01/43

.....

3,500,000

3,515,610

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

127

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

Higher

Educational

Facilities

Authority,

(continued)

Foundation

for

Indiana

University

of

Pennsylvania

(The),

Revenue,

2012A,

Pre-

Refunded,

5%,

7/01/41

............................................

$

1,250,000

$

1,368,463

Gwynedd

Mercy

University,

Revenue,

2012-KK1,

5.375%,

5/01/42

.............

1,800,000

1,849,788

Shippensburg

University

of

Pennsylvania,

Revenue,

2011,

Pre-Refunded,

6.25%,

10/01/43

.......................................................

7,000,000

7,540,890

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/35

.......................................................

1,400,000

1,553,734

Shippensburg

University

Student

Services,

Inc.,

Revenue,

2012,

Pre-Refunded,

5%,

10/01/44

.......................................................

2,000,000

2,219,620

St.

Francis

University,

Revenue,

2011-JJ2,

Pre-Refunded,

6.25%,

11/01/41

......

3,840,000

4,166,707

St.

Joseph's

University,

Revenue,

2010A,

Refunding,

5%,

11/01/40

............

15,000,000

15,292,650

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2012,

5%,

4/01/42

......................................

15,000,000

15,945,000

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2015A,

Refunding,

5%,

9/01/45

........................................................

7,465,000

8,018,007

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2011A,

Pre-Refunded,

5%,

9/01/41

....................................................

25,000,000

25,895,500

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017A,

5%,

8/15/36

...

2,750,000

3,334,925

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2017A,

5%,

8/15/46

...

14,000,000

16,669,940

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2018A,

4%,

2/15/43

...

12,575,000

14,112,797

Trustees

of

the

University

of

Pennsylvania

(The),

Revenue,

2018A,

5%,

2/15/48

...

5,000,000

6,062,650

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2011A,

Pre-Refunded,

5.75%,

8/15/41

......................................

3,950,000

4,213,228

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2015,

Refunding,

5%,

8/15/40

............................................

6,475,000

7,392,702

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

4%,

8/15/42

....................................................

5,000,000

5,506,250

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2017

A,

5%,

8/15/42

....................................................

9,000,000

10,586,430

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2019,

4%,

8/15/44

....................................................

6,000,000

6,704,940

University

of

Pennsylvania

Health

System

Obligated

Group

(The),

Revenue,

2019,

4%,

8/15/49

....................................................

3,000,000

3,294,630

University

of

Sciences,

Revenue,

2012,

5%,

11/01/42

.......................

5,000,000

4,776,850

University

Properties,

Inc.,

Revenue,

2010,

5%,

7/01/42

.....................

5,500,000

5,507,205

University

Properties,

Inc.,

Revenue,

2016A,

Refunding,

5%,

7/01/35

...........

1,000,000

1,022,120

UPMC

Obligated

Group,

Revenue,

2010E,

5%,

5/15/31

.....................

9,485,000

9,505,582

Pennsylvania

Housing

Finance

Agency

,

Revenue,

2019-129,

3.4%,

10/01/49

...................................

6,000,000

6,313,740

Revenue,

2019-130A,

3%,

10/01/46

....................................

5,000,000

5,209,350

a

Revenue,

2020-132

A,

2.55%,

10/01/41

.................................

11,280,000

11,296,582

Pennsylvania

State

University

(The)

,

Revenue,

2015A,

5%,

9/01/40

........................................

10,490,000

12,351,136

Revenue,

2016A,

5%,

9/01/41

........................................

10,000,000

11,909,000

Revenue,

2017A,

5%,

9/01/42

........................................

15,750,000

19,173,577

Revenue,

2017A,

5%,

9/01/47

........................................

10,000,000

12,096,700

Revenue,

2018,

5%,

9/01/48

.........................................

5,955,000

7,354,425

Revenue,

2019

A,

5%,

9/01/45

........................................

5,475,000

6,923,794

Revenue,

2019

A,

5%,

9/01/46

........................................

5,780,000

7,303,608

Revenue,

2019

A,

5%,

9/01/49

........................................

6,720,000

8,463,706

Revenue,

2020A,

4%,

9/01/50

........................................

5,000,000

5,762,800

Pennsylvania

Turnpike

Commission

,

Revenue,

2011A,

Pre-Refunded,

5.5%,

12/01/41

..........................

5,000,000

5,132,150

Revenue,

2013

C,

Pre-Refunded,

5%,

12/01/43

...........................

7,595,000

8,859,036

Revenue,

2013

C,

5%,

12/01/43

.......................................

2,405,000

2,643,143

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

128

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Pennsylvania

Turnpike

Commission,

(continued)

Revenue,

2018A,

5%,

12/01/48

.......................................

$

18,600,000

$

22,582,632

Philadelphia

Authority

for

Industrial

Development

,

Beech

International

LLC,

Revenue,

2010A,

5.625%,

6/15/42

.................

4,000,000

4,003,760

Children's

Hospital

of

Philadelphia

Obligated

Group,

Revenue,

2014

A,

5%,

7/01/42

5,000,000

5,559,200

Temple

University-of

The

Commonwealth

System

of

Higher

Education,

Revenue,

First

Series,

2015,

Refunding,

5%,

4/01/40

.............................

5,000,000

5,695,750

Thomas

Jefferson

University

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

9/01/47

........................................................

11,150,000

12,273,363

Philadelphia

Gas

Works

Co.

,

Revenue,

14TH,

Refunding,

5%,

10/01/32

...............................

1,000,000

1,170,670

Revenue,

15TH,

Refunding,

5%,

8/01/42

................................

5,000,000

5,759,800

Revenue,

15TH,

Refunding,

5%,

8/01/47

................................

6,000,000

6,868,500

Revenue,

NINTH,

Pre-Refunded,

5.25%,

8/01/40

..........................

2,230,000

2,248,710

Revenue,

NINTH,

5.25%,

8/01/40

.....................................

3,490,000

3,517,850

Philadelphia

Housing

Authority

,

Revenue

,

2002A

,

AGM

Insured

,

5

%

,

12/01/21

......

5,000,000

5,018,150

Pine-Richland

School

District

,

GO

,

2010

,

AGC

Insured

,

5

%

,

3/01/39

.............

15,130,000

15,252,704

Pocono

Mountains

Industrial

Park

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2015A

,

5

%

,

8/15/40

........................................

5,000,000

5,514,100

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/01/37

.......................................

4,000,000

4,157,160

South

Fork

Municipal

Authority

,

1086

Franklin

-

MMC,

Inc.

,

Revenue

,

2005B

,

Pre-

Refunded

,

AGC

Insured

,

5.375

%

,

7/01/35

...............................

10,000,000

10,041,800

State

College

Area

School

District

,

GO,

2015,

5%,

3/15/40

.............................................

16,400,000

19,338,716

GO,

2018,

5%,

5/15/37

.............................................

1,075,000

1,364,240

GO,

2018,

5%,

5/15/44

.............................................

3,500,000

4,369,785

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGM

Insured,

5%,

6/01/32

....................................................

7,095,000

8,443,334

School

District

of

Philadelphia

(The),

Revenue,

2016

A,

Refunding,

AGM

Insured,

5%,

6/01/33

....................................................

3,000,000

3,554,010

Swarthmore

Borough

Authority

,

Swarthmore

College

,

Revenue

,

2013

,

5

%

,

9/15/43

..

1,000,000

1,137,120

a

Township

of

Moon

,

GO

,

2020

A

,

4

%

,

11/15/50

..............................

3,270,000

3,646,312

Union

County

Higher

Educational

Facilities

Financing

Authority

,

Bucknell

University

,

Revenue

,

2012A

,

5

%

,

4/01/42

........................................

5,000,000

5,396,350

1,018,170,180

U.S.

Territories

0.6%

Puerto

Rico

0.6%

b

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

XX-RSA-1

,

5.25

%

,

7/01/40

........

10,000,000

6,200,000

Total

Municipal

Bonds

(Cost

$983,182,625)

.....................................

1,024,370,180

a

a

a

a

Short

Term

Investments

5.4%

Municipal

Bonds

5.4%

Pennsylvania

5.4%

c

Geisinger

Authority

,

Geisinger

Health

System

Obligated

Group,

Revenue,

2005A,

SPA

TD

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

5/15/35

......................................

10,200,000

10,200,000

Geisinger

Health

System

Obligated

Group,

Revenue,

2013

A,

SPA

TD

Bank

NA,

Daily

VRDN

and

Put,

0.06%,

10/01/43

................................

36,000,000

36,000,000

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Pennsylvania

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

129

See

Abbreviations

on

page

140

.

Short

Term

Investments

(continued)

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

c

Hospitals

&

Higher

Education

Facilities

Authority

of

Philadelphia

(The)

,

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2011

B

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

7/01/41

................................

$

10,685,000

$

10,685,000

c

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University

,

Revenue

,

B

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.05

%

,

5/01/30

.....................

1,900,000

1,900,000

58,785,000

Total

Municipal

Bonds

(Cost

$58,785,000)

......................................

58,785,000

a

Total

Investments

(Cost

$1,041,967,625)

100.1%

................................

$1,083,155,180

Other

Assets,

less

Liabilities

(0.1)%

...........................................

(1,255,244)

Net

Assets

100.0%

...........................................................

$1,081,899,936

a

Security

purchased

on

a

when-issued

basis.

b

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

c

Variable

rate

demand

notes

(VRDNs)

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

Statement

of

Investments

(unaudited),

May

31,

2020

Franklin

Virginia

Tax-Free

Income

Fund

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

130

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

90.7%

Virginia

85.4%

Alexandria

Industrial

Development

Authority

,

Goodwin

House,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

10/01/45

................................

$

975,000

$

986,758

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System

,

Revenue

,

2020

,

Refunding

,

4

%

,

7/01/45

....................

2,000,000

2,165,920

Chesapeake

Hospital

Authority

,

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/39

...................

1,000,000

1,040,430

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

7/01/43

...................

4,000,000

4,122,360

Chesterfield

County

Economic

Development

Authority

,

Bon

Secours

Health

System,

Inc.

Obligated

Group,

Revenue,

2008

C-2,

Pre-

Refunded,

AGC

Insured,

5%,

11/01/42

................................

8,000,000

8,152,640

Bon

Secours

Health

System,

Inc.

Obligated

Group,

Revenue,

2008C-1,

Pre-

Refunded,

AGM

Insured,

5%,

11/01/42

................................

2,250,000

2,292,930

City

of

Bristol

,

Revenue

,

2001

,

AGM

Insured

,

ETM,

5

%

,

7/15/21

................

530,000

544,824

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

5

%

,

7/15/42

.......

4,850,000

5,054,525

City

of

Norfolk

,

GO,

2012

C,

Pre-Refunded,

5%,

10/01/42

...............................

7,825,000

8,139,878

GO,

2013A,

Pre-Refunded,

5%,

8/01/32

.................................

5,845,000

6,725,374

GO,

2016A,

Pre-Refunded,

5%,

10/01/41

................................

1,040,000

1,339,499

GO,

2016A,

Pre-Refunded,

5%,

10/01/46

................................

2,500,000

3,219,950

GO,

2019,

Pre-Refunded,

5%,

8/01/44

..................................

3,995,000

5,438,953

Water,

Revenue,

2018,

5%,

11/01/43

...................................

6,920,000

8,573,119

Water,

Revenue,

2018,

5%,

11/01/47

...................................

6,925,000

8,541,433

City

of

Portsmouth

,

GO,

2012A,

Pre-Refunded,

5%,

7/15/41

.................................

5,990,000

6,595,110

GO,

2012A,

5%,

7/15/41

............................................

4,010,000

4,370,298

City

of

Richmond

,

Public

Utility,

Revenue,

2013A,

Pre-Refunded,

5%,

1/15/43

..................

10,000,000

11,247,800

Public

Utility,

Revenue,

2016

A,

Refunding,

5%,

1/15/33

.....................

10,000,000

12,352,200

City

of

Suffolk

,

GO,

2011,

Pre-Refunded,

5%,

2/01/41

..................................

10,000,000

10,314,083

GO,

2012,

Pre-Refunded,

5%,

6/01/42

..................................

10,000,000

10,483,100

County

of

Fairfax

,

Sewer

,

Revenue

,

2017

,

5

%

,

7/15/37

.......................

2,760,000

3,448,261

County

of

Smyth

,

GO

,

2011

A

,

Pre-Refunded

,

5

%

,

11/01/31

....................

4,145,000

4,425,782

Fairfax

County

Economic

Development

Authority

,

Revenue,

2017,

5%,

4/01/42

.........................................

5,085,000

6,153,003

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/36

4,865,000

5,021,750

Goodwin

House,

Inc.

Obligated

Group,

Revenue,

2016

A,

Refunding,

4%,

10/01/42

1,500,000

1,332,825

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group,

Revenue,

2014

A,

5%,

5/15/44

..........

2,500,000

2,765,350

Inova

Health

System

Obligated

Group,

Revenue,

2018

A,

Refunding,

4%,

5/15/48

.

5,000,000

5,579,100

Fairfax

County

Water

Authority

,

Revenue,

2017,

Refunding,

5%,

4/01/43

.................................

3,510,000

4,301,049

Revenue,

2017,

Refunding,

5%,

4/01/47

.................................

5,000,000

6,112,150

Farmville

Industrial

Development

Authority

,

Longwood

Housing

Foundation

LLC

,

Revenue

,

2018

A

,

Refunding

,

5

%

,

1/01/48

...............................

5,000,000

5,061,950

Hampton

Roads

Sanitation

District

,

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/31

............................

6,200,000

7,939,038

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/33

............................

5,115,000

6,549,706

Revenue,

2016

A,

Pre-Refunded,

5%,

8/01/43

............................

11,840,000

15,161,002

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

131

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Hampton

Roads

Transportation

Accountability

Commission

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

7/01/48

................................................

$

20,000,000

$

24,637,000

Henrico

County

Economic

Development

Authority

,

Bon

Secours

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2013C

,

Pre-Refunded

,

5

%

,

11/01/30

..............

7,000,000

7,787,080

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group,

Revenue,

2017A,

5%,

1/01/42

.

2,000,000

1,933,300

Washington

&

Lee

University

(The),

Revenue,

2013,

Pre-Refunded,

5%,

1/01/43

..

10,000,000

10,762,000

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/35

....

1,105,000

1,395,626

Washington

&

Lee

University

(The),

Revenue,

2018

A,

Refunding,

5%,

1/01/48

....

1,500,000

1,854,780

Loudoun

County

Sanitation

Authority

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

1/01/29

....

4,770,000

5,735,400

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

1/01/47

.......................................

4,500,000

5,070,060

Montgomery

County

Economic

Development

Authority

,

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019A,

4%,

6/01/36

.................

1,200,000

1,433,064

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019A,

4%,

6/01/37

.................

500,000

594,960

Virginia

Tech

Foundation,

Inc.,

Revenue,

2019A,

4%,

6/01/38

.................

1,750,000

2,075,518

Norfolk

Airport

Authority

,

Revenue,

2019,

5%,

7/01/37

.........................................

1,000,000

1,162,510

Revenue,

2019,

5%,

7/01/39

.........................................

800,000

924,496

Revenue,

2019,

5%,

7/01/43

.........................................

2,925,000

3,373,929

Northern

Virginia

Transportation

Authority

,

Special

Tax

,

2014

,

5

%

,

6/01/33

.........

3,000,000

3,513,060

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

5

%

,

9/01/48

....................

2,050,000

2,365,823

Prince

William

County

Industrial

Development

Authority

,

George

Mason

University

Foundation

Prince

William

Life

Sciences

LAB

LLC,

Revenue,

2011AA,

Pre-Refunded,

5.125%,

9/01/41

.......................

3,200,000

3,394,144

Novant

Health

Obligated

Group,

Revenue,

2013B,

Refunding,

5%,

11/01/46

......

10,000,000

10,625,000

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

5

%

,

7/01/31

.........

6,215,000

7,521,579

Roanoke

Economic

Development

Authority

,

Carilion

Clinic

Obligated

Group,

Revenue,

2005B,

Pre-Refunded,

AGM

Insured,

5%,

7/01/38

........................................................

50,000

50,190

Carilion

Clinic

Obligated

Group,

Revenue,

2005B,

AGM

Insured,

5%,

7/01/38

.....

3,950,000

3,965,168

Carilion

Clinic

Obligated

Group,

Revenue,

2010,

Refunding,

5%,

7/01/33

........

10,615,000

10,656,186

Carilion

Clinic

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

7/01/51

.......

10,055,000

11,018,973

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

5

%

,

4/01/49

......................................................

925,000

999,805

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007E

,

AGC

Insured

,

5

%

,

8/01/37

...............................................

960,000

960,096

University

of

Virginia

,

Revenue,

2013A,

Pre-Refunded,

5%,

6/01/43

.............................

15,000,000

17,140,800

Revenue,

2017

A,

Refunding,

5%,

4/01/47

...............................

9,630,000

11,709,310

Upper

Occoquan

Sewage

Authority

,

Revenue

,

2016

B

,

Refunding

,

4

%

,

7/01/35

.....

6,165,000

7,091,908

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/40

............................................

1,750,000

1,839,145

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group,

Revenue,

2018,

Refunding,

5%,

9/01/44

............................................

2,215,000

2,315,295

Virginia

College

Building

Authority

,

Revenue,

2016

A,

Refunding,

5%,

9/01/27

...............................

4,000,000

5,047,040

Revenue,

2016A,

4%,

2/01/30

........................................

7,000,000

8,120,350

Revenue,

2019A,

4%,

2/01/34

........................................

5,000,000

5,932,300

Washington

&

Lee

University

(The),

Revenue,

2015A,

Refunding,

5%,

1/01/40

....

5,000,000

5,684,050

Virginia

Commonwealth

Transportation

Board

,

Revenue,

2016,

5%,

9/15/30

.........................................

2,260,000

2,838,831

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

Quarterly

Statement

of

Investments

See

Notes

to

Statements

of

Investments.

132

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Virginia

(continued)

Virginia

Commonwealth

Transportation

Board,

(continued)

Revenue,

2016,

5%,

9/15/31

.........................................

$

4,000,000

$

5,004,960

Revenue,

2019,

4%,

5/15/40

.........................................

13,060,000

15,462,779

Virginia

Housing

Development

Authority

,

Revenue

,

2018

D

,

3.8

%

,

10/01/43

........

3,805,000

4,166,285

Virginia

Public

Building

Authority

,

Revenue

,

2019A

,

4

%

,

8/01/35

................

1,250,000

1,515,887

Virginia

Public

School

Authority

,

Revenue,

2014

B,

Refunding,

5%,

8/01/24

...............................

10,000,000

11,937,100

Revenue,

2018

B,

5%,

8/01/30

........................................

5,280,000

6,891,456

Revenue,

2019A,

5%,

8/01/30

........................................

3,535,000

4,739,622

Revenue,

2019A,

5%,

8/01/31

........................................

2,625,000

3,494,820

County

of

Prince

William,

Revenue,

2018,

4%,

3/01/33

......................

5,795,000

6,902,888

County

of

Prince

William,

Revenue,

2019

A,

3%,

10/01/38

...................

5,455,000

6,040,158

Virginia

Resources

Authority

,

Revenue,

2008,

5%,

11/01/38

........................................

135,000

135,371

Revenue,

2011B,

Pre-Refunded,

5%,

11/01/41

............................

9,410,000

10,033,507

Revenue,

2015

A,

5%,

11/01/38

.......................................

5,165,000

6,168,404

Revenue,

2015B,

Refunding,

5%,

11/01/45

...............................

5,255,000

6,212,514

Revenue,

2018C,

Refunding,

5%,

11/01/48

..............................

7,655,000

9,648,362

Virginia

Small

Business

Financing

Authority

,

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2012,

5%,

1/01/40

.............

2,400,000

2,447,760

95

Express

Lanes

LLC,

Revenue,

Senior

Lien,

2019,

5%,

1/01/44

.............

2,500,000

2,547,825

Bon

Secours

Mercy

Health,

Inc.,

Revenue,

2020A,

Refunding,

4%,

12/01/49

.....

5,000,000

5,480,100

I-66

Express

Mobility

Partners

LLC,

Revenue,

Senior

Lien,

2017,

5%,

12/31/47

...

6,600,000

6,940,824

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/38

...

4,000,000

4,485,440

Sentara

Healthcare

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/39

...

8,730,000

9,763,807

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

5

%

,

1/01/44

.................................

5,000,000

5,614,200

522,714,995

U.S.

Territories

5.3%

District

of

Columbia

3.9%

Metropolitan

Washington

Airports

Authority

,

Revenue,

2010-A,

Refunding,

5%,

10/01/35

..............................

12,000,000

12,191,040

Revenue,

2019A,

Refunding,

5%,

10/01/49

..............................

5,000,000

5,904,450

Washington

Metropolitan

Area

Transit

Authority

,

Revenue

,

2017B

,

5

%

,

7/01/42

.....

5,000,000

5,854,650

23,950,140

Puerto

Rico

1.4%

a

Puerto

Rico

Electric

Power

Authority

,

Revenue,

WW-RSA-1,

5.5%,

7/01/38

...................................

5,200,000

3,237,000

Revenue,

XX-RSA-1,

5.25%,

7/01/40

...................................

8,400,000

5,208,000

8,445,000

Total

U.S.

Territories

....................................................................

32,395,140

Total

Municipal

Bonds

(Cost

$525,207,894)

.....................................

555,110,135

a

a

a

a

Franklin

Tax-Free

Trust

Statement

of

Investments

(unaudited)

Franklin

Virginia

Tax-Free

Income

Fund

(continued)

See

Notes

to

Statements

of

Investments.

Quarterly

Statement

of

Investments

133

See

Abbreviations

on

page

140

.

Short

Term

Investments

7.8%

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

7.8%

Virginia

7.8%

b

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

0.06

%

,

10/01/48

........................................................

$

31,370,000

$

31,370,000

b

Virginia

College

Building

Authority

,

University

of

Richmond

,

Revenue

,

2006

,

SPA

Wells

Fargo

Bank

NA

,

Daily

VRDN

and

Put

,

0.07

%

,

11/01/36

......................

16,620,000

16,620,000

47,990,000

Total

Municipal

Bonds

(Cost

$47,990,000)

......................................

47,990,000

a

Total

Investments

(Cost

$573,197,894)

98.5%

...................................

$603,100,135

Other

Assets,

less

Liabilities

1.5%

.............................................

9,001,369

Net

Assets

100.0%

...........................................................

$612,101,504

a

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

b

Variable

rate

demand

notes

(VRDNs)

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

Notes

to

Statements

of

Investments

(unaudited)

134

Quarterly

Statement

of

Investments

1.

Organization

Franklin

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company,

consisting

of

twenty-three

separate

funds

(Funds)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP). 

2. Financial

Instrument

Valuation

The

Funds’

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Funds

calculate

the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the

Trust’s

Board

of

Trustees

(the

Board),

the

Funds’

administrator

has

responsibility

for

oversight

of

valuation,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value. 

Equity

securities

and

exchange

traded

funds

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The

Funds’

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

The

Funds

have procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

book

values,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

3.

Concentration

of

Risk 

Certain

or

all

Funds

invest

a

large

percentage

of

their

total

assets

in

obligations

of

issuers

within

their

respective

state,

U.S.

territories,

and

the

District

of

Columbia.

Such

concentration

may

subject

the

Funds

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

those

states,

U.S.

territories,

and

the

District

of

Columbia.

Investing

in

Puerto

Rico

securities

may

expose

the

Funds to

heightened

risks

due

to

recent

adverse

economic

and

market

changes,

credit

downgrades

and

ongoing

restructuring

discussions.

In

addition,

investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Funds

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell. 

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

135

Quarterly

Statement

of

Investments

4. Novel

Coronavirus

Pandemic 

The

global

outbreak

of

the

novel

coronavirus

disease,

known

as

COVID-19, has

caused

adverse

effects

on

many

companies,

sectors,

nations,

regions

and

the

markets

in

general, and

may

continue for

an unpredictable duration.

The

effects

of

this

pandemic

may

materially

impact

the

value

and

performance

of

the

Funds, their ability

to

buy

and

sell

fund

investments

at

appropriate

valuations

and their ability

to

achieve their investment

objectives.

5.

Investments

in

Affiliated

Management

Investment

Companies 

Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies

for

purposes

other

than

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

May

31,

2020,

investments

in

affiliated

management

investment

companies

were

as

follows: 

6. Fair

Value

Measurements 

The

Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Funds’

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

a

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a

a

a

a

a

a

a

a

a

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Controlled

Affiliates

Dividends

Franklin

Liberty

Municipal

Bond

ETF

$19,265,675

$5,189,499

$—

$

—

$

(58,987)

$

24,396,187

915,000

$

155,809

Total

Affiliated

Securities

......

$19,265,675

$5,189,499

$—

$—

$(58,987)

$24,396,187

$155,809

Franklin

High

Yield

Tax-Free

Income

Fund

Non-Controlled

Affiliates

Dividends

Franklin

Liberty

Intermediate

Municipal

Opportunities

ETF

.....

$2,604,000

$—

$—

—

(109,500)

2,494,500

100,000

14,343

Total

Affiliated

Securities

......

$2,604,000

$—

$—

$—

$(109,500)

$2,494,500

$14,343

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

136

Quarterly

Statement

of

Investments

A

summary

of

inputs

used

as

of

May

31,

2020,

in

valuing

the

Funds’

assets carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Franklin

Alabama

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

$

—

$

236,613,366

$

—

$

236,613,366

Total

Investments

in

Securities

...........

$—

$236,613,366

$—

$236,613,366

Franklin  Arizona

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

932,993,521

—

932,993,521

Short

Term

Investments

...................

—

16,165,000

—

16,165,000

Total

Investments

in

Securities

...........

$—

$949,158,521

$—

$949,158,521

Franklin

Colorado

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

684,967,316

—

684,967,316

Short

Term

Investments

...................

—

20,460,000

—

20,460,000

Total

Investments

in

Securities

...........

$—

$705,427,316

$—

$705,427,316

Franklin

Connecticut

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

197,499,499

—

197,499,499

Short

Term

Investments

...................

—

1,000,000

—

1,000,000

Total

Investments

in

Securities

...........

$—

$198,499,499

$—

$198,499,499

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

3,609,805,352

—

3,609,805,352

Short

Term

Investments

...................

—

44,470,000

—

44,470,000

Total

Investments

in

Securities

...........

$—

$3,654,275,352

$—

$3,654,275,352

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

24,396,187

—

—

24,396,187

Municipal

Bonds

.........................

—

853,350,065

—

853,350,065

Short

Term

Investments

...................

—

229,770,000

—

229,770,000

Total

Investments

in

Securities

...........

$24,396,187

$1,083,120,065

$—

$1,107,516,252

Franklin

Florida

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

511,228,933

—

511,228,933

Short

Term

Investments

...................

—

19,600,000

—

19,600,000

Total

Investments

in

Securities

...........

$—

$530,828,933

$—

$530,828,933

Franklin

Georgia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

457,337,362

—

457,337,362

Short

Term

Investments

...................

—

785,000

—

785,000

Total

Investments

in

Securities

...........

$—

$458,122,362

$—

$458,122,362

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

137

Quarterly

Statement

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

High

Yield

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

$

33,837,123

$

—

$

—

$

33,837,123

Corporate

Bonds

........................

—

—

1,900,000

1,900,000

Municipal

Bonds

:

Alabama

.............................

—

174,140,514

—

174,140,514

Arizona

..............................

—

114,938,190

—

114,938,190

Arkansas

.............................

—

12,172,910

—

12,172,910

California

.............................

—

1,284,318,506

—

1,284,318,506

Colorado

.............................

—

340,834,887

—

340,834,887

Connecticut

...........................

—

24,457,086

—

24,457,086

Delaware

.............................

—

1,118,410

—

1,118,410

Florida

...............................

—

367,705,968

—

367,705,968

Georgia

..............................

—

78,001,058

—

78,001,058

Idaho

................................

—

13,611,015

—

13,611,015

Illinois

...............................

—

259,684,806

—

259,684,806

Indiana

..............................

—

61,408,455

—

61,408,455

Iowa

................................

—

54,340,240

—

54,340,240

Kansas

..............................

—

1,724,858

—

1,724,858

Kentucky

.............................

—

63,858,915

—

63,858,915

Louisiana

.............................

—

86,653,242

—

86,653,242

Maine

...............................

—

21,445,926

—

21,445,926

Maryland

.............................

—

43,852,066

—

43,852,066

Massachusetts

........................

—

80,131,641

—

80,131,641

Michigan

.............................

—

287,777,680

—

287,777,680

Minnesota

............................

—

4,439,532

—

4,439,532

Mississippi

............................

—

62,253,766

—

62,253,766

Missouri

..............................

—

69,557,304

—

69,557,304

Montana

.............................

—

6,435,931

—

6,435,931

Nevada

..............................

—

49,615,543

—

49,615,543

New

Jersey

...........................

—

199,396,527

—

199,396,527

New

Mexico

...........................

—

139,104,887

—

139,104,887

New

York

.............................

—

341,489,001

—

341,489,001

North

Carolina

.........................

—

33,854,298

—

33,854,298

North

Dakota

..........................

—

11,898,337

—

11,898,337

Ohio

................................

—

152,707,516

—

152,707,516

Oklahoma

............................

—

6,472,700

—

6,472,700

Oregon

..............................

—

20,780,939

—

20,780,939

Pennsylvania

..........................

—

149,339,048

—

149,339,048

Rhode

Island

..........................

—

8,664,611

—

8,664,611

South

Carolina

.........................

—

71,080,727

—

71,080,727

South

Dakota

..........................

—

12,511,908

—

12,511,908

Tennessee

............................

—

86,754,297

—

86,754,297

Texas

...............................

—

513,457,727

—

513,457,727

Utah

................................

—

7,715,576

—

7,715,576

Virginia

..............................

—

82,369,628

—

82,369,628

Washington

...........................

—

95,753,432

9,160,250

104,913,682

West

Virginia

..........................

—

6,804,812

—

6,804,812

Wisconsin

............................

—

68,623,136

—

68,623,136

Wyoming

.............................

—

7,987,662

—

7,987,662

U.S.

Territories

..........................

District

of

Columbia

.....................

—

183,474,195

—

183,474,195

Guam

...............................

—

30,004,321

—

30,004,321

Pacific

Islands

.........................

—

9,639,639

—

9,639,639

Puerto

Rico

...........................

—

135,720,064

—

135,720,064

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

138

Quarterly

Statement

of

Investments

Level

1

Level

2

Level

3

Total

Franklin

High

Yield

Tax-Free

Income

Fund

(continued)

Assets:

Municipal

Bonds:

Short

Term

Investments

...................

—

$

80,745,000

—

$

80,745,000

Total

Investments

in

Securities

...........

$33,837,123

$6,020,828,437

$11,060,250

$6,065,725,810

Franklin

Kentucky

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

142,302,799

—

142,302,799

Short

Term

Investments

...................

—

1,435,000

—

1,435,000

Total

Investments

in

Securities

...........

$—

$143,737,799

$—

$143,737,799

Franklin

Louisiana

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

367,616,747

—

367,616,747

Total

Investments

in

Securities

...........

$—

$367,616,747

$—

$367,616,747

Franklin

Maryland

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

391,028,177

—

391,028,177

Short

Term

Investments

...................

—

14,525,000

—

14,525,000

Total

Investments

in

Securities

...........

$—

$405,553,177

$—

$405,553,177

Franklin

Massachusetts

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

432,845,403

—

432,845,403

Short

Term

Investments

...................

—

4,800,000

—

4,800,000

Total

Investments

in

Securities

...........

$—

$437,645,403

$—

$437,645,403

Franklin

Michigan

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

907,343,364

—

907,343,364

Short

Term

Investments

...................

—

30,075,000

—

30,075,000

Total

Investments

in

Securities

...........

$—

$937,418,364

$—

$937,418,364

Franklin

Minnesota

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,013,857,934

—

1,013,857,934

Short

Term

Investments

...................

—

24,570,000

—

24,570,000

Total

Investments

in

Securities

...........

$—

$1,038,427,934

$—

$1,038,427,934

Franklin

Missouri

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

966,587,621

—

966,587,621

Short

Term

Investments

...................

—

25,060,000

—

25,060,000

Total

Investments

in

Securities

...........

$—

$991,647,621

$—

$991,647,621

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

139

Quarterly

Statement

of

Investments

7.

Subsequent

Events

The

Funds

have evaluated

subsequent

events

through

the

issuance

of

the

Statements of

Investments

and

determined

that

no

events

have

occurred

that

require

disclosure.

Level

1

Level

2

Level

3

Total

Franklin

Municipal

Green

Bond

Fund

Assets:

Investments

in

Securities:

Commercial

Mortgage-Backed

Securities

......

$

—

$

103,839

$

—

$

103,839

Municipal

Bonds

.........................

—

4,896,444

—

4,896,444

Total

Investments

in

Securities

...........

$—

$5,000,283

$—

$5,000,283

Franklin

New

Jersey

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

841,779,833

—

841,779,833

Short

Term

Investments

...................

—

3,835,000

—

3,835,000

Total

Investments

in

Securities

...........

$—

$845,614,833

$—

$845,614,833

Franklin

North

Carolina

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

808,498,050

—

808,498,050

Short

Term

Investments

...................

—

28,390,000

—

28,390,000

Total

Investments

in

Securities

...........

$—

$836,888,050

$—

$836,888,050

Franklin

Ohio

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,570,995,815

—

1,570,995,815

Short

Term

Investments

...................

—

5,265,000

—

5,265,000

Total

Investments

in

Securities

...........

$—

$1,576,260,815

$—

$1,576,260,815

Franklin

Oregon

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,222,278,514

—

1,222,278,514

Short

Term

Investments

...................

—

51,730,000

—

51,730,000

Total

Investments

in

Securities

...........

$—

$1,274,008,514

$—

$1,274,008,514

Franklin

Pennsylvania

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

1,024,370,180

—

1,024,370,180

Short

Term

Investments

...................

—

58,785,000

—

58,785,000

Total

Investments

in

Securities

...........

$—

$1,083,155,180

$—

$1,083,155,180

Franklin

Virginia

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Municipal

Bonds

.........................

—

555,110,135

—

555,110,135

Short

Term

Investments

...................

—

47,990,000

—

47,990,000

Total

Investments

in

Securities

...........

$—

$603,100,135

$—

$603,100,135

6. Fair

Value

Measurements 

(continued)

Franklin

Tax-Free

Trust

Notes

to

Statements

of

Investments

(unaudited)

140

Quarterly

Statement

of

Investments

Abbreviations

Selected

Portfolio

AGC

Assured

Guaranty

Corp.

AGM

Assured

Guaranty

Municipal

Corp.

AMBAC

American

Municipal

Bond

Assurance

Corp.

BAM

Build

America

Mutual

Assurance

Co.

BHAC

Berkshire

Hathaway

Assurance

Corp.

COP

Certificate

of

Participation

ETF

Exchange-Traded

Fund

ETM

Escrow

to

Maturity

FGIC

Financial

Guaranty

Insurance

Co.

FHA

Federal

Housing

Administration

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LOC

Letter

of

Credit

MAC

Municipal

Assurance

Corp.

NATL

National

Reinsurance

Corp.

PSF

Permanent

School

Fund

SIFMA

Securities

Industry

and

Financial

Markets

Association

SPA

Standby

Purchase

Agreement

XLCA

XL

Capital

Assurance,

Inc.

For

additional

information

on

the

Funds'

significant

accounting

policies,

please

refer

to

the Funds'

most

recent

semiannual

or

annual

shareholder

report.